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THIS IS COPY N O . - — OF THE LIMITED EDITION BOUND BY
THE NATIONAL BUREAU OF ECONOMIC RESEARCH
FOR ITS SUBSCRIBERS

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SENATE

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(DOCUMEN

NATIONAL INCOME, 1929-32
LETTER
FROM

THE ACTING SECRETARY OF COMMERCE
TRANSMITTING

IN RESPONSE TO SENATE RESOLUTION NO. 220
(72D CONG.) A REPORT ON NATIONAL
INCOME, 1929-32

JANUARY 4, 1934.—Referred to the Committee on Finance

UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON: 1934

SUBMITTED BY MR. LA FOLLETTE
IN THE SENATE OF THE UNITED STATES,

January 28 {calendar day, January 81), 1984'
Ordered, That the report of the Acting Secretary of Commerce on
national income, 1929-32, transmitted to the Senate on January 4,
1934, in response to Senate Resolution 220, Seventy-second Congress,
be printed as a Senate document.
Attest:
EDWIN A. HALSEY,

Secretary.
SUBMITTED BY MR. LA FOLLETTE
IN THE SENATE OP THE UNITED STATES,

February 28 (calendar day, March 7), 1934.
Ordered, That certain illustrations prepared in the Department of
Commerce subsequent to the transmittal to the Senate of the report
on national income, 1929-32, be incorporated as a part of said report
and printed.
Attest:
EDWIN A. HALSEY,

Secretary.

Copies of this publication may be procured from the
Superintendent of Documents, U.S. Government Printing Office
Washington, D.C., at 20 cents per copy

CONTENTS
Letter of transmittal
Acknowledgments
Chapter L Concept, scope, and method
II. National income, 1929-32..
III. Labor and entrepreneurial income
IV. Property income
_.V. Agriculture
VI. Mines and quarries
.__
VII. Electric light and power and manufactured gas
VIII. Manufacturing
IX. Construction
1
X. Transportation
XI. Communication
.
XII. Wholesale and retail trade
XIII. Finance—
_
XIV. Government
XV. Service
_
XVI. Miscellaneous
.'._
_

__
...
__

Fa*r
ix
xi
1
10
27
35
42
-51
62
68
80
86
102
107
115
125
133
154

TEXT TABLES
Table

1.'National income, paid out and produced
.
^
2. National income paid out, by types of payment.
3. Percentage distribution of national income, by types of payment
4. Number of people engaged
5. Per capita income of employees and the cost of living
6. Number of people engaged, by industrial divisions.
7. Percentage distribution of number of people engaged, by industrial
divisions
.,
8. Gross income at current prices, selected industrial divisions
9. Gross income at 1929 prices, selected industrial divisions
10. Income paid out, by industrial divisions.
11. Percentage distribution of income paid out, by industrial divisions..
12. Business savings, by industrial divisions
13. Income produced, by industrial divisions
14. Number of employees, by industrial divisions
15. Labor income paid out, by industrial divisions__
16. Per capita income of employees, by industrial divisions
17. Number of salaried employees and wage earners, selected industrial
divisions
18. Salaries and wages paid, selected industrial divisions
19. Per capita salaries and wages, selected industrial divisions
20. Number and salaries of principal officers and of other salaried employees, selected industrial divisions.
21. Compensation of corporate officers and total salaries, selected industrial divisions
22. Number of entrepreneurs, by industrial divisions
23. Income produced and withdrawals by entrepreneurs, by industrial
divisions
24. Per capita withdrawals of entrepreneurs, by industrial divisions.
25. Dividend and interest payments originated, by industrial divisions..
26. Total dividend payments, by industrial divisions
27. Dividend payments originated, by industrial divisions
28. Total interest payments on long-term debt, by industrial divisions.29. Interest payments on long-term debt originated, by industrial
divisions
ur

10
14
14
18
19
20
20
23
24
25
25
25
26
27
28
28
29
30
30
31
32
33
33
34
36
37
38
38
39

CONTENTS

Table

30* Percentage of total wages and salaries, dividends, interest, and rents
and royalties received by individuals reporting net income of over
$5,000
—
31. Number of people engaged in farming
32. Gross income from agricultural production by groups (at current
prices)
33. Indexes of gross income from agricultural production (at 1929 prices).
34. Apportionment of gross income from agricultural production
35. Income paid out and produced, agriculture
36. Percentage distribution of income paid out, agriculture
37. Labor and entrepreneurial income from agricultural production (at
1929 prices)
38. Number of people engaged, mining and quarrying industry.
39. Gross income, mining and quarrying industry
40. Income paid out and produced, mining and quarrying industry.....
41. Percentage distribution of income paid out, mining and quarrying
industry
42. Per capita income of employees, mining and quarrying industry
43. Number of employees, various branches of the mining and quarrying
industry
44. Gross income at current prices, various branches of the mining and
quarrying industry
45. Quantity of output, various branches of the mining and quarrying
industry
46. Total compensation of employees, various branches of the mining and
quarrying industry
-.
47. Property income originated, various branches of the mining and
quarrying industry
48. Percentage distribution of income paid out, various branches of the
mining and quarrying industry
49. Income paid out and produced, various branches of the mining and
quarrying industry
50. Per capita income of employees, various branches of the mining and
quarrying industry
51. Number of employees, electric light and power and gas industries
52. Gross income, electric light and power and gas industries.
53. Income paid out and produced, electric light and power industry..
54. Income paid out and produced, manufactured gas industry
55. Income paid out and produced, electric light and power and gas
industries
56. Percentage distribution of income paid out, electric light and power
and gas industries
57. Per capita income of employees, electric light and power and gas
industries
58. Number of people engaged, manufacturing industry
59. Gross income, manufacturing industry, at current and at 1929 prices..
60. Income paid out and produced, manufacturing industry
61. Percentage distribution of income paid out, manufacturing industry..
62. Per capita income of employees, manufacturing industry
63. Number of employees, various branches of the manufacturing industry
64. Gross income at current prices, various branches of the manufacturing
industry
m
65. Gross income at 1929 prices, various branches of the manufacturing
industry
66. Salaries and wages paid, various branches of the manufacturing
industry
67. Property income originated, various branches of the manufacturing
industry
_
68. Percentage distribution of income paid out, various branchesof the
manufacturing industry
69. Income paid out and produced, various branches of the manufacturing industry
70. Per capita income of employees, various branches of the manufacturing industry.
Digitized for71.
FRASER
Number
of people engaged, construction industry" " III I 11
12* ^°! a { vo J un »* o f contract construction (at current building costs)...
http://fraser.stlouisfed.org/
73. Total
of contract construction Cat 1929 building costs)
Federal Reserve
Bankvolume
of St. Louis

40
49
49
49
50
50
50
50
5S
58
58
58
59
59
59
60
60
60
61
61
61
65
65
65
66
66
66
67
75
75
75
75
76
76
76
77
77
78
78
79
79
84
84
84

CONTENTS

Table
Page
74. Income paid out and produced, construction industry
84
75. Percentage distribution of income paid out, construction industry
85
76. Per capita income of employees, construction industry
".
85
77. Number of people engaged, transportation industry
92
78. Income paid out and produced, transportation industry
92
79. Percentage distribution of income paid out, transportation industry.
92
80. Per capita income of employees, transportation industry
93
81. Number of employees, various branches of the transportation industry.
93
82. Gross income, various branches of the transportation industry
93
83. Quantity volume of activity, various branches of the transportation
industry
._
94
84. Compensation of employees, various branches of the transportation
industry
94
85. Property income originated, various branches of the transportation
industry
95
86. Percentage distribution of income paid out, various branches of the
transportation industry
95
87. Income paid out and produced, various branches of the transportation industry
—
96
88. Per capita income of employees, various branches of the transportation industry
__
96
89. Number of employees, steam railroads
97
90. Income paid out and produced) steam railroads
97
91. Percentage distribution of income paid out, steam railroads
97
92. Per capita income of employees, steam railroads
97
93. Number of employees, railway express
98
94. Income paid out and produced, railway express
98
95. Percentage distribution of income paid out, railway express
98
96. Per capita income of employees, railway express
98
97. Number of employees, Pullman Co
99
98. Income paid out and produced, Pullman Co
___
99
99. Percentage distribution of income paid out, Pullman Co
99
100. Per capita income of employees, Pullman Co
_
99
101. Number of employees, foreign and coastwise water transportation
100
102. Compensation of active employees, foreign and coastwise water
transportation
100
103. Number of employees, inland waterway transportation
100
104. Compensation of active employees, inland waterway transportation.
100
105. Number of employees, Great Lakes water transportation
100
106. Compensation of active employees, Great Lakes water transportation
_
101
107. Number of people engaged, motor transportation
101
108. Total compensation of employees, motor transportation
101
109. Per capita income of employees, motor transportation
101
110. Number of employees, communication industries
105
111. Gross income and number of messages, communication industries
105
112. Income paid out and produced, telephone industry
105
113. Income paid out and produced, telegraph industry
105
114. Income paid out and produced, communication industries
106
115. Percentage distribution of income paid out, communication industries
JL
106
116. Per capita income of employees, communication industries
106
117. Number of people engaged, wholesale and retail trade
113
118. Gross income, wholesale and retail trade
113
119. Income paid out and produced, wholesale trade
113
120. Income paid out and produced, retail trade
114
121. Income paid out and produced, wholesale and retail trade
114
122. Percentage distribution of income paid out, wholesale and retail
trade
114
123. Per capita income of employees, wholesale and retail trade
114
124. Number of employees, banking industry
121
125. Total compensation of employees, banking industry
121
126. Income paid out and produced, commercial banking
121
127. Percentage distribution of income paid out, commercial banking
121
128. Per capita income of employees, banking industry. _
122
129. Number of employees, insurance
field
122

VI
Table

130.
131.
132.
133.
134.
135.
136.
137.

CONTENTS
Pafi«

Compensation of employees, insurance
field
J 22
Income paid out, life insurance
field
-—
—122
Income paid out and produced, insurance other than life
123
Percentage distribution of income paid out, life insurance field. - - - 123
Percentage distribution of income paid out, insurance other than life.
123
Per capita income of office employees, insurance
field
123
Number of employees, real estate (inclusive of individual holdings) _.
124
Income paid out and produced, real estate (inclusive of individual
holdings)
124
138. Percentage distribution of income paid out, real estate (inclusive of
individual holdings)
124
139. Per capita income of employees, real estate (inclusive of individual
holdings).
124
140. Number of employees, government service.
129
141. Total compensation of employees, government service
129
142. Per capita income of active employees, government service..
129
143. Total interest paid, government service
129
144. Income paid out, government service
130
145. Percentage distribution of income paid out, Government service
130
146. Number of employees, Federal Government service
130
147. Salaries and wages, including payments in kind, Federal Government
service
----—
130
148. Per capita income of employees, Federal Government service
130
149. Number of employees, State and county government service (excluding education)
131
150. Salaries paid, State and county government service (excluding education)...^.
131
151. Per capita income of employees, State and county government service
(excluding education)
131
152. Number of employees, city government service (excluding education)
131
153. Salaries paid, city government service (excluding education)
131
154. Per capita income of employees, city government service (excluding
education)
132
155. Number of people engaged, service industries
141
156. Labor income paid out, service industries
141
157. Per capita income of employees, service industries.
142
158. Entrepreneurial withdrawals, service industries.
.
142
159. Average withdrawals per entrepreneur, service industries
142
160. Property income originated, service industries
142
161. Income paid out and produced, service industries
143
162. Percentage distribution of income paid out, service industries
143
163. Number of people engaged, recreation and amusement industry
144
164. Gross income, various branches of the recreation and amusement
industry
_
144
165. Income paid out and produced, recreation and amusement industry.
144
166. Percentage distribution of income paid out, recreation and amusement industry
145
167. Income paid out and produced, legitimate theaters
145
168. Income paid out and produced, motion picture production
145
169. Income paid out and produced, motion picture theaters
145
170. Income paid out and produced, radio broadcasting
146
171. Income paid out and produced, other recreation and amusement
146
172. Per capita income of employees, recreation and amusement industry.
146
173. Number of people engaged, professional service
146
174. Income paid out and produced, professional service
.
147
175. Number and compensation of people engaged, religious service
147
176. Number of employees, private education
147
177. Total compensation of employees, private education
147
178. Per capita income of active employees, various branches of private
education
._
14S
179. Number of people engaged, curative professional services (private
practice)
X48
180. Income paid out and produced, curative professional service (private
practice)
_^__
148

CONTENTS
Table

Page

181. Per capita income withdrawn, curative professional service (private
practice)
182. Number and compensation of people engaged, private hospitals
183. Number of people engaged, legal professional service
184. Income produced and paid out, legal professional service
185. Per capita income, legal professional service
186. Number of people engaged, consulting engineering service
187. Income paid out and produced, consulting engineering service
188. Per capita income, consulting engineering service
189. Number of people engaged, personal service
190. Compensation of employees, personal service
191. Per capita income of employees, personal service
192. Income paid out and produced, personal service
193. Number of employees, domestic service
194. Compensation of employees, domestic service
195. Per capita income of employees, domestic service
196. Number of people engaged, business service
197. Compensation of employees, business service
198. Per capita income of employees, business service
199. Income paid out and produced, business service
...
200. Number of people engaged and average compensation of employees,
miscellaneous service
.
201. Income paid out and produced, miscellaneous service
202. Number of people engaged, miscellaneous industries
203. Income paid out and produced, miscellaneous industries
.
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
X.
XI.
XII.
XIII.
XIV.
XV.
XVI.

VII

TEXT CHARTS
Income by type of payment, all industries
Trend of income paid out, by type of payment
Income paid out, by industrial divisions
Trend of income paid out, by major industrial divisions
....
Income by type of payment, agriculture
Income by type of payment, mines and quarries
Income by type of payment, electric light and power and gas
Income by type of payment, manufacturing
Income by type of payment, construction
Income by type of payment, transportation
Income by type of payment, communication
Income by type of payment, trade.Income by type of payment, banking, real estate, and insurance.Income by type of payment, government
Income by type of payment, service
.
Income by type of payment, miscellaneous

APPENDIXES
Appendix A. Sources and methods of estimates, by industrial divisions...
I. Agriculture
II. Mining and quarrying
III. Electric light and power
IV. Manufacturing
V. Construction
VI. Transportation
'.
VII. Communication
VIII. Wholesale and retail trade
IX. Finance
X. Government
XL Service
1
XII. Miscellaneous
Appendix B. Special tabulation of compiled receipts and expenditures of
corporation income tax returns by minor industrial divisions, 1929,1930,
and 1931

148
149
149
149
149
149
150
150
150
150
151
151
151
151
152
152
152
152
153
153
153
157
157
15
17
21
22
47
53
63
70
82
88
104
111
117
127
135
156
161
161
164
169
170
175
178
188
190
193
196
200
212
214

VIII

CONTENTS

Table
***•
1. Mining and quarrying
214
2. Transportation
217
3. Other public utilities..
220
4. Trade—Wholesale and retail.-.
223
5. Service
227
6. Amusements
230
7. Finance
233
Appendix C. Special tabulation of bonded debt and mortgages and capital
stock derived from corporation income tax returns as of calendar years
1930 and 1931 by minor industrial divisions
230
Appendix D. Numbers and salaries of policemen, firemen, and total city
employees, for cities, by population groups, 1929-32
238
Table
1. Total city employees
238
2. Police departments
_
239
3. Fire departments
241
Appendix E. Detailed tabulation of data on numbers and incomes of
professional groups
244
Questionnaire returns:
Table
1* Salaries and wages paid by private universities, colleges, and professional schools, by States, 1927/28, 1929/30, 1931/32
244
2. Gross and net income of physicians, 1929-32
245
3. Gross and net income of dentists, 1929-32
247
4. Net income and withdrawals of dentists, 1929-32
248
5. Number and compensation of dental assistants, 1929-32
249
6. Gross and net income of engineers (unincorporated), 1929-32
250
7. Net income and withdrawals of engineers (unincorporated), 1929-32..
252
8. Number and compensation of employees of engineers (unincorporated),
1929-32
253
9. Gross and net income of public accountants, 1929-32.
254
10. Net income and withdrawals of public accountants, 1929-32
256
11. Number and compensation of employees of public accountants,
1929-32
_
257
Appendix F. Employment estimates
259

LETTER OF TRANSMITTAL
DEPARTMENT OF COMMERCE,

Washington, January 3,1984*
The PRESIDENT OP THE SENATE.

SIR: I have the honor to transmit herewith a Report on National
Income, 1929-32, made pursuant to Senate Resolution 220, Seventysecond Congress, first session. This report was prepared by tne
Division of Economic Research, Bureau of Foreign and Domestic
Commerce, in close cooperation with the National Bureau of Economic Research, Inc., of New York City.
Sincerely yours,

JOHN DICKINSON,

Acting Secretary of Commerce.
is

ACKNOWLEDGMENT
The preparation of this report on national income by the Division
of Economic Research of the Bureau of Foreign and Domestic Commerce, was greatly facilitated by the splendid and close cooperation
of the National Bureau of Economic Research, Incorporated, of
New York City. In view of the previous extensive investigations in
the field of national income estimates by the latter organization, a
member of its staff, Dr. Simon Kuznets, was retained by the Bureau of
Foreign and Domestic Commerce to plan and supervise this study.
Dr. Kuznets, who was in full charge of the work, was responsible for
the preparation of thefinalestimates, as well as the organization and
the text of the report.
The collection of the underlying data in all chapters, except Finance
and Miscellaneous, as well as the corporate sample study and the
extensive surveys by questionnaire, was under the immediate charge
of Robert F. Martin, senior economic analyst of the Division of
Economic Research. He was especially responsible for the estimates
and text of the Service chapter. Mr. Robert R. Nathan is responsible
for the estimates of employment and of professional incomes; Dr.
Arthur Burnstan assisted in the early stages of the study, in connection with the estimates of Transportation, Electric Light and Power
and Gas and Government chapters. Miss Helen E. Reed, Miss Jean
L. Bennett, Miss Gladys Greer, Mrs. Anna C. Downey, and Miss
Rebecca F. Armstrong, also of the staff of the Division of Economic
Research, assisted in the statistical and clerical work.
In the analysis and reconciliation of these data and the preparation
of the final estimates, extremely generous assistance was accorded
the Bureau of Foreign and Domestic Commerce by several members
of the staff of the National Bureau of Economic Research. Particularly valuable assistance was rendered by Miss Lillian Epstein, aided
by Miss Elizabeth Jenks, both of the staff of the National Bureau of
Economic Research.
While it would be impossible to accord full acknowledgment to the
numerous agencies which contributed generously of their assistance
and data in this study, the following especially large contributors
may^ be mentioned: Tfhe Bureau of Agricultural Economics, which
furnished the basic estimates for the Agriculture chapter; the Bureau
of Internal Revenue, which made special tabulations of corporation
income data, much of which is here included in appendix B; and the
Division of Labor Statistics of the Industrial Commission of Ohio,
which furnished a mass of unpublished data relating to industries not
elsewhere included in the statistical data available.

NATIONAL INCOME, 1929-32
CHAPTER I
CONCEPT, SCOPE, AND METHOD
1. NATIONAL INCOME PRODUCED AND NATIONAL INCOME
PAID OUT

Year in, year out the people of this country, assisted by the stock
of goods in their possession, render a vast volume of work toward the
satisfaction of their wants. Some of this work eventuates in commodities, such as coal, steel, clothing, furniture, automobiles; other
takes the form of direct, personal services, such as are rendered by
physicians, lawyers, Government officials, domestic servants, and
the like. Both types of activity involve an effort on the part of an
individual and an expenditure of some part of the country's stock of
goods. If all commodities produced and all personal services rendered
during the year are added at their market value, and from the resulting total we subtract the value of that part of the nation's stock of
goods which was expended (both as raw materials and as capital
equipment) in producing this total, then the remainder constitutes
the net product of the national economy during the year. It is
referred to as national income produced, and may be defined briefly
as that part of the economy's end-product which is attributable to
the efforts of the individuals who comprise a nation.
In return for these efforts, the individuals receive some compensation, either in money or in kind. If such money receipts and the
money equivalents of the receipts in kind1 are added, the resulting
total constitutes national income paid out. This latter would equal
national income produced, in total and in parts, only if every distinguishable group of services rendered were at once compensated at the
money value which the result of these services fetches in the market.
This condition, however, rarely materializes. A manufacturing corporation whose net product (gross product minus the cost of materials
and allowance for use of durable equipment) amounts to §1,000,000,
may pay out only $900,000 in wages, salaries, rents and royalties,
dividends, and interest, and retain $100,000 as corporate savings;
or, on the contrary (as happened in 1930 and later years), it may
pay out in the forms listed above a sum in excess of its net product,
thus sustaining a loss (negative savings). Similarly, a proprietor of
an unincorporated establishment, e.g., a retail store, may withdraw
as his income an amount larger or smaller than his net product, thus
incurring a negative or positive saving. In general, the difference
1
In the case of most payments, for example, wages and salaries, income paid out measures the flow of
money or goods to individuals directly. But in the case of interest and dividends, especially the former,
we had to measure under income paid out not only payments made directly to individuals as such, but
also receipts of interest and dividends by savings organizations, which may be treated as associations of
individuals for the purpose of better management of their property incomes. Among such associations are
life insurance companies, foundations, savings banks and savings departments of commercial banks,
building and loan associations. The volume of property income received by these organizations in 1929
may be estimated as running between 2.5 and 3.0 billion dollars. (See also ch. IV, pp. 35-36.)

NATIONAL INCOME, 1929-32

between national income produced and national income paid out
is that the former does, and the latter does not, include savings by
business establishments.
In the estimates presented below an attempt is made to measure
both national income produced and national income paid out.
2. THE CLASSIFICATION OF NATIONAL INCOME

The efforts of individuals in producing commodities or rendering
ersonal services to other individuals differ in type as well as in the
eld of application. The efforts of a manual worker in a steel plant,
compensated by wages, obviously differ in character from those of a
bond-holding investor compensated by an interest payment on the
bond. Such distinctions of the type of activity yield a classification
of the national income by types of payment, i.e., wages, salaries,
dividends, interest, etc. Another distinction, that of activities of
similar type (e.g., manual labor) by the industrial fields in which they
are rendered (e.g., manufacturing, mining, etc.), is also important,
since the different weight in the nation's end-product of the various
industries constitutes an important characteristic of the national
economy. Such distinctions of the industries in which services are
rendered result in a classification of national income by industrial
sources. The details of each of these two classifications are determined largely by the relative importance of the categories distinguished and by the availability of data for each of the categories.
As adopted in the present study, these two classifications are as
follows:

A. Classification by types of payment.
I. Labor incomes.
1. Wages (money and money value of food, board, and other perquisites and gratuities).
2. Salaries (same as 1, including also commissions).
3. Other labor income.
(a) Compensation for injury (paid to employees).
(6) Pensions.
II. Property incomes (paid to individuals).*
4. Interest.
5. Dividends.
III. Entrepreneurial incomes.
6. Withdrawals by individual entrepreneurs.
7. Business savings (positive or negative). '
(a) Individual entrepreneurs.
(b) Corporations.

Items 1 through 6 constitute national income paid out; by adding
7 we obtain national income produced.
B. Classification by industrial sources:
I. Agriculture.
1. Total.
IL Mines, quarries, and oil wells.
2. Bituminous coal.
3. Anthracite coal.
4. Metalliferous mines.
5. Oil wells and natural gas.
6. Quarrying and nonmetallic mines.
* Net rents and royalties usually classified as a type of property income were denned by us as an entrepreneurial income from the industry of real estate inclusive of Individual holdings (thus falling under
item 8). Since in most cases the receipts of rents and royalties are connected with the obligation of managing
tte property in question, a great deal is to be said for classifying them not as a functional income type, but
oa a par with other functional tvoes of income originating in a specific industrial field/

CONCEPT, SCOPE, AND METHOD

B. Classification by industrial sources—Continued.
III. Electric light and power and gas.
7. Electric light and power.
8. Manufactured gas.
IV. Manufacturing industries.
9. Food, beverages, and tobacco.
10. Textiles and leather.
11. Paper, printing, and publishing.
12. Chemicals and petroleum refining.
13. Construction materials and furniture.
14. Metals and metal products.
15. Miscellaneous manufacturing.
V. Construction.
16. Total.
VI. Transportation.
17. Railroads (including Pullman and express).
18. Water transportation.
19. Street railways.
20. Motor transportation.
21. Other transportation.
VII. Communication.
22. Telegraphs.
23. Telephones.
VIII. Distributive trades.
24. Wholesale trade.
25. Retail trade.
IX. Finance.
26. Banking.
27. Insurance.
28. Real estate, inclusive of individual holdings.
X. Government.
29. Federal.
30. State and county.
31. Municipal.
XI. Service.
32. Amusement and recreation.
33. Professional service.
34. Personal service.
35. Domestic service.
36. Business service.
37. Miscellaneous service.
XII. Miscellaneous.
3. SCOPE AND CONTENTS OF NATIONAL INCOME FURTHER DEFINED

The above detailed classifications provide a fair description of the
various groups of services which are included, at their market value,
in the national income. But they are far from an exhaustive account
of the possible contents and scope of the national income measurement. The boundaries of a "nation" in "national" income are still
to be defined; and a number of other services, in addition to those
listed above, might also be considered a proper part of the national
economy's end-product. The brief discussion below attempts to
define more precisely the scope and character of the national income
measures presented in this report.
(a) 2 he boundaries of a nation.—The available data do not permit
a strictly uniform definition of the territorial scope for the diverse
parts of the national income. But, by and large, the estimates presented below refer to income produced by the inhabitants and corporations of the continental United States. To this total is added property income received by the inhabitants of this country fromsecurities
and direct investments in foreign enterprises, and from it is subtracted the property income received by foreigners from securities or

NATIONAL INCOME, 1929-32

direct investments in enterprises domiciled in the United States.
This adjustment for the international flow of property incomes can
be made only for the national income total and not separately for its
various constituent parts.
(6) Services of housewives and other members of the family.—The
volume of services rendered by housewives and other members of the
household toward the satisfaction of wants must be imposing indeed,
when totaled for the 30 million families comprising the population of
this country; and the item is thus large enough to affect materially any
estimate of national income. But the organization of these services
render them an integral part of family life at large, rather than of the
Specifically business life of the nation. Such services are, therefore,
quite removed from those which gainfully occupied groups undertake
to perform in return for wages, salaries, or profits. It was considered
best to omit this large group of services from national income, especially
since no reliable basis is available for estimating their yalue^ This
omission, unavoidable though it is, lowers the value of national income
measurements as indexes of the nation's productivity in conditions
of recent years when the contraction of the market economy was
accompanied by an expansion of activity within the family.
(c) Services of owned durable goods.—Durable goods, such as houses,
automobiles, furniture, etc., yield some net service, i.e., income, to
their possessors which is not enjoyed by a person who must hire these
goods whenever he desires to use them. There would seem to be
some ground, therefore, for including the value of such services in the
national income total. On the other hand, the net yield from the
possession of durable goods is not exactly equivalent, as most incomes
are, to a receipt of purchasing power, capable of being spent by the
recipient in any way he pleases. A stall weightier objection to the
inclusion of the value of these services in our income totals is the fact
that, as a rule, such durable goods (with the possible exception of
houses), are not bought by the household with the idea of a net yield
in mind, in the same way as bonds would be purchased. It would be
erroneous to treat the net income from durable goods as if it were
equivalent to investment income. For these reasons, and because
of difficulties in arriving at a reliable estimate of the items involved,
the net yield of all durable goods owned by the households was disregarded.
(d) Earnings from odd jobs.—Odd jobs are numerous, and the
returns they bring may amount to a substantial sum. Some of the
people engaged on such odd jobs are reported in the Census as gainfully occupied, others arc not. At any rate, the available data
permit only a most inadequate estimate of the earnings from odd
jobs; and these earnings are largely omitted from the national income
totals presented in this report. This omission results in our estimates
somewhat exaggerating the relative decline in national income from
1929 to 1932; if, as appears from all indications, the number of
people engaged on odd jobs has increased materially during the
depression and the earnings from these jobs have either increased or
failed to dechne as deeply as the other constituent parts of the
national income total.
(«) Relief and charity.—The distribution of money or goods as relief
and chanty does not usually imply the performance of any service
by the recipients; although if relief is confined only to the groups formerly employed, it may be treated as a species of compensation for

CONCEPT, SCOPE, AND METHOD

past sendees and thus a belated bona fide income. Usually, how-:
ever, relief and charity, distributed primarily according to need, may
be considered a pure draft upon other incomes and canngf be included
as part of the national income total. The one exception fo this rulej
however, is the portion of relief and charity that is paiil out of corporate or business earnings (from which they are usually deducted
as contributions in arriving at the net income figure). In such a"
case, relief and charity form one of the unaccounted for parts of the
net product of the national economy, and should be added into the.
national income total, preferably at the source where t>He funds originate. This, however, is not possible, since existing (lata do not
allow us to ascertain the precise source of relief and charity funds.
(/) Changes in the value oj assets.—Changes in the value of assets,
that are not handled in a professional capacity arise as a reflection of a
change in net income, whether actual or forecast, of a change in tha
riskless rate of return, or as a result of some general changes unrelated
to the basic course of economic life. The inclusion of gains and losses,
yielded by such changes in asset values would therefore be either a
duplication, since it would amount to counting both a change in net
income and thechange in capitalization of that income*,' or a distortion
of the national income estimate as a measure of the economic system's:
end-product. On the other hand, incomes derived from such changes,
in asset value as are caused by professional handling, are a compensation for such professional services, and thus properly a constituent part
of the national income total. The estimates in the present report
include such incomes derived by groups professionally occupied in the.
handling of assets. But in all other cases gains and losses <?n sale of
assets have been eliminated, insofar as the data permitted.'
(g) Earnings from illegal pursuits.—In determining "whieh efforts of
individuals may or may not be classified as services for the purpose
of including their value in the national income total, the estimator
must perforce follow the overt expression of social opinion as em-,
bodied in the nation's legal code. That many illegal acts are of some
benefit to one group or another and are being paid for, is no proof
that these acts constitute a service from the social point of view.
On the contrary, their very illegality, allowing for the lag of the legal
statute behind public opinion, implies their disserviceabihty to society
at large. The investigator, unless he wishes to impose his own scale
of values, cannot, therefore, treat earnings from such illegal pursuits
as burglary, theft, illicit drug traffic, bootlegging, etc., as bona fide
parts of the national income. Such exclusion does riot imply, of
course, that all lawful pursuits are necessarily serviceable from the.
social viewpoint, when the latter is defined in terms of some specific
criteria. It does mean that legality is understood as an absence of
distinct social condemnation, and that all lawful activities are to be
given that benefit of doubt which the market place is eager to bestow
upon anything that succeeds in fetching a price.
4. USES AND ABUSES OF NATIONAL INCOME MEASUREMENTS
# The valuable capacity of the human mind to simplify a complex
situation in a compact characterization becomes dangerous when
not controlled in terms of definitely stated criteria. With quantitative measurements especially, the definiteness of the result

37265—34

NATIONAL INCOME, 1 9 2 9 - 3 2

suggests, often misleadingly, a precision and simplicity in the outlines of the object measured. Measurements of national income are
subject to this type of illusion and resulting abuse, especially since
they deal with matters that are the center of conflict of opposing
social groups where the effectiveness of an argument is often contingent upon oversimplification.
From the definition of national income presented and discussed
above it is obvious that a measure of income produced sheds a good
deal of light on the productivity of the nation; that income received
measures the same productivity as reflected in the flow of means of
purchase to the nation's members; and that when total income
paid out is adjusted for changes in the value of money and apportioned
per capita, the result is illuminating of movements in the nation's
economic welfare. Comparison of such income measurements for
different nations, or for the same nation for different years, yields
valuable indications of spatial and temporal differences in national
productivity and economic welfare. Moreover, various single groups
of services or drafts may be compared with the country's total to
indicate their relative weight in or draft upon the latter.
These constitute highly valuable uses of national income measurements, but only if the results are interpreted wHh a full realization of
the definition of national income assumed, either explicitly or implicitly, by the measurement. Thus, the estimates submitted in the
present study define income in such a way as to cover primarily only
efforts whose results appear on the market place of our economy.
A student of social affairs who is interested in the total productivity
of the nation, including those efforts which, like housewives' services,
do not appear on the market, can therefore use our measures only
with some qualifications. Secondly, the present study's measures of
national income, like all such studies, estimates the value of commodities and direct services at their market price. But market
valuation of commodities and especially of direct services depends
upon the personal distribution of income within the nation. Thus
in a nation with a rich upper class, the personal services to the rich
are likely to be valued at a much higher level than the very same
services in another nation, characterized by a more equitable personal
distribution of income. A student of social affairs who conceives of
a nation's end-product as undistorted by the existing distribution of
income, yould again have to qualify and change our estimates,
possibly in a marked fashion. Thirdly, the present study's estimate
of national income produced is based in part, like most existing estimates, upon the prevalent legal and accounting distinction between
gross and net income of business enterprises. To a student of social
affairs whose concept of net productivity does not agree with the
prevailing practices of separating net from gross income, especially
by corporations, our estimates will obviously present a somewhat
distorted picture of the nation's net product.
All these qualifications upon estimates of national income as an
index of productivity are just as important when income measurements are interpreted from the point of view of economic welfare.
But in the latter case additional difficulties will be suggested to anyone
who wants to penetrate below the surface of total figures and market
values. Economic welfare cannot be adequately measured unless the
personal distribution of income is known. And no income measure*
ment undertakes to estimate the reverse side of income, that is, the

CONCEPT, SCOPE, AND METHOD

intensity and unpleasantness of effort going into the earning of
income. The welfare of a nation can, therefore, scarcely be inferred
from a measurement of national income as defined above.
The abuses of national income estimates arise largely from a
failure to take into account the precise definition of income and the
methods of its evaluation which the estimator assumes in arriving
at his final figures. Notions of productivity or welfare as understood by the user of the estimates are often read by him into the
income measurement, regardless of the assumptions made by the
income estimator in arriving at the figures. As a result we find all
too commonly such inferences that a decline of 30 percent in the
national income (in terms of "constant" dollars) means a 30 percent
decline in the total productivity of the nation, and a corresponding
decline in its welfare. Or that a nation whose total income is twice
the size of the national income of another country is twice "as well
off", can sustain payments abroad twice as large or can carry a debt
burden double in size. Such statements can obviously be true only
when gualified by a host of "ifs."
A similar failure to take into account the investigator's basic
assumptions underlies another widely prevalent abuse of national
income measures, involved in estimating the draft or " burden " which
this or that particular type of expenses^ (e.g., government expenses,
payments on bonded debt, etc.) constitutes ot the country's total
<md-product. Every payment included in the national income is
ipso facto a draft or a "burden" upon national income. For example,
net receipts by physicians from medical practice, are both an addition to national income and a draft upon individual incomes from
which such receipts originate. Since we estimate the value of personal
services or commodities at their market value it follows that any
payment for productive services contributes just as much to the
national income total as it takes away from it. No items included in
national income can, therefore, be conceived as "pure" draft.
. The full meaning of a statement that such payments as interest
on bonds or taxes for government services are a " burden" or draft
upon national income is that actually no services are being rendered
in return for these payments. That an increasing weight in the
national income of payments on fixed debt or of salaries of government officials is not hailed as an increased contribution to national
income lies in the implicit assumption, not always true, that the services contributed by creditors or government officials have not increased proportionately, and that, therefore, a heavier burden was
added upon other income recipients without an increased benefit.
Such assumptions are accepted all too easily because they are
based upon a natural but erroneous identification of national income
with business or personal income. From the standpoint of a business
firm or person, the income of employees, private or public, is
likely to appear as a draft. But from the vantage point of national
economy as a whole, which is usedby a national income investigator,
no payment that is included in national income can be considered as a
pure draft upon the country's end-product. This can be true only
of payments not included, such as charity, earnings from illegal
pursuits, and the like. All that the national income estimator can
say is that this or the other part of the national total has increased or
declined more than the others. That this rise or decline implies a
larger or smaller burden upon the national economy can be established

XATIONAL INCOME, 1929-32

only on the basis of such additional assumptions as have been
formulated above, assumptions which arc not a proper part of the
national income estimate and which are far from being self-evident.
5. METHODS OF ESTIMATE, SOURCES, AND ACCURACY OF NATIONAL
INCOME FIGURES

The discussion above has shownthat measures of national income
are clearly conditioned by the estimator's idea of productivity and
valuation; and that consequently one must be careful in interpreting
the results. In order to make intelligent interpretation possible,
national income estimates must distinguish clearly the component
parts of the total, breaking down the latter in as great detail as the
available data permit. Such a break-down will enable any student to
recast the totals and to obtain new combinations, most satisfactory
for the interpretive purpose at hand.
The desire to present the national income figures in full detail and
the lack or availability of data have largely determined the method
of estimating followed in the present report. Since a classification by
industrial sources and types of payment was requested, it was decidecl
to build up the estimate of income created in each industry as the
sum total of the component parts of its net product, that is, wages,
salaries, interest and dividend payments, etc., taking care to restrict
the figures only to the payments which were directed to individuals
and not to other business establishments* Such an estimate of
income originating in each industry by types of payment could,
theoretically, be arrived at in one of three ways: By studying commodities and services produced; by tabulating incomes received by
individuals; by measuring consumption and saving by individuals.
Since data are available primarily on the production of commodities
and services and on payments incurred in the process of such production, the first method was followed for the most part, supplemented
by the second whenever need arose. This procedure was thus
similar to that followed by the National Bureau of Economic
Research,3 except that a more detailed break-down was made possible
in the present report by additional data available for recent years.
The procedure is also quite similar to that adopted by the Federal
Trade Commission,4 but with a substantially more complete division
by tjpes of payments and industrial categories and a more precise
elimination of a possible duplication of some of the items.
The method followed and sources of data employed in deriving
each of the numerous items composing the national total are described
concisely in appendix A. As may be seen at a glance, a list of the
most important sources would include all the recent censuses,
especially those of Agriculture (1929), Mining (1929), Manufacturing
(1929 and 1931), Distribution (1929), Construction (1929), Occupations
(1929 and 1919), Electrical Industries (1927 and 1932), Educatl0n
&£ 3 °) ; t h e r e P° r t s o n Statistics of Income of the Internal Revenue Office, supplemented by special tabulations requested for the
purpose of this report; the annual reports of the Comptroller of the
Currency and the Federal Reserve Board's reports on member bank
expenditures; the reports on Receipts and Expenditures of the Federal
(jovernment, as well as the annual volumes of the Financial Statistics
Yoik^im^1 p u b l I c a t i o n i s T h e National Income and Its Purchasing Power, by W. I. King, Naif
• See National Wealth and Income, Washington, D.C., 1926.

CONCEPT, SCOPE, AND METHOD

of States and Financial Statistics of Cities; the Bureau of Labor Statistics indexes of employment and pay rolls in a number of industries;
the Department of Agriculture estimates and supporting data on
income from agriculture; the reports of the Interstate Commerce
Commission on railroads and other public utilities accounting to it;
State data on employment and compensation, especially those of
Pennsylvania, New York, and Ohio; and a multitude of other sources
too numerous to mention.
For some of the constituent parts of the total, indicated in the
classifications above, the available data are abundant and reliable;
for others both direct and indirect information is quite scanty and
the resulting estimate is subject to a wide margin of error. It is of
importance to note the areas of the national economy in which
formidable difficulties were encountered for lack of precise data:
(a) For the fields of construction, water transportation and motor
transportation, trade, almost all offinance,and of service, and even for
government proper, data are on the whole scanty. And, of course,
the miscellaneous field is by its very nature a confession of the limitations which the data impose on the national income estimator.
(b) Even for those industrial fields for which data were comparatively good, there was difficulty in measuring property income on a
basis comparable to that of labor incomes. This was due to the fact
that the industrial classification of Statistics of Income (the richest
source of data on property incomes) is necessarily quite different from
the classifications of our industrial data.
(c) Theresas general paucity of data on entrepreneurial incomes,
and the estimates relating to this income type are the ones most
subject to doubt.
(a) The estimates for 1932, especially those for property incomes,
arc preliminary in character and may be revised somewhat when
final data for 1932 become available.
The national income total is thus an amalgam of accurate and
approximate estimates rather than a unique, highly precise measurement. This difference in reliability of estimates of various parts is
one more reason why those parts should be carefully distinguished
and presented separately, rather than thrown together into a gross
total with a resulting obfuscation of the degree of accuracy to which
such a total is subject. It is recognized that in a number of the many
industrial fields distinguished in this report, the estimates are at best
only well-considered guesses. But it was thought preferable to carry
the industrial classification to the utmost possible detail, and thus
reveal, even if approximately, the different movements which are
likely to be concealed in larger group totals.
In view of the approximate character of the national income figures
caution should be exercised in interpreting differences or changes
shown by these figures. Small differences or changes in national
income estimates should not be taken as an unequivocal indication
that differences actually exist or that changes have actually occurred.
It is practically impossible to evaluate precisely the possible error
involved in each of the numerous partial estimates. But anyone
who is desirous of using thefiguressubmitted in this report is urged to
familiarize himself with the methods and sources employed in aniving
at the estimates. Only then will he be able to form a considered
judgment of the technical adequacy of the estimates from the point
of View of the prospective use to which they are to be put.

CHAPTER II
NATIONAL INCOME, 1929-32
1. NATIONAL INCOME AND ITS CHANGES

Estimates of the total national income of this country for the years
1929-32 are presented in table 1. As previously indicated, the
figures for 1932 are provisional in character, especially for property
incomes; and may be revised, when final data for the year become
available.
TABLE 1.—National income, paid out and produced
Absolute numbers (millions of
dollars)

Percentages of 19W

Item

Line

1029

1930

1931

1932

1 Income paid out.—
.-*
... 81,136 75,410 83,247 43.891
2 Business savings.......r .
...^„. 1,896 -5,065 -8,604 -9,529
Income
produced
.
.
.
.
.
a4 Bureau of Labor Statistics cost ot 83,032 70,345 54,643 39,365
living i n d e x . . . . . . . . . . . . . . . . . . . . . . .
5 Bureau of Labor Statistics whole-

1929

1930 , 1931

100.0 92.9* 7S.0

1932
00.3

100.0 81.7 1 $5.8

47.4

100.0 97.4 3*9

80.4

100.0 90.7 76.6

68.0

The movement of the totals from 1929 to 1932 exhibits clearly the
striking effect of the present depression. The volume of net income
paid out to individuals shrank by 40 percent during this period of
3 years. The longest series of authoritative annual estimates of
national income for this country, that by Dr. Willford
I. King, back
to 1909, covers only one major depression.1 The corresponding
decline, from 1920 to 1921, amounted to a drop of 14.4 percent from
the peak, as over against the shrinkage of 40 percent shown in the
present depression.
Savings by unincorporated business establishments, corporations,
and individual entrepreneurs which in 1929 were positive to the extent
of 1.9 billion dollars, have, in the years following, turned into losses
which by 1932 rose to the total of 9.5 billion dollars. Care must be
taken not to confuse the term "savings" used here with the common notion of business profits and losses. By our definition, given
in chapter I, an^ enterprise enjoys a positive saving when it pays out
in wages, salaries, interest, dividends, and other types of income
received by individuals an amount smaller than the margin between
its gross intake from industrial operations and the cost of goods (includmg in the latter all business costs not appearing as income
%ZPl- King J tofato* Asides income paid out, also Income imputed
2??A This imputed income amounted in 1927 to 4.8 bi lion dollars. See The
Research, 1930),p. 370. The

^S^S^J^T^u?
nSESffiZSiS^R
M
^
_

g*•"?•*

_ h e pi

? B t ° S ! ^ me nJ ^g etd ai n^ S f ^ S ft106!?/3 *ud%™ ~mide-~ The National Burwu of EwnoTmlc" Research
JLiJS^~Si P
******* *>r. King's series back to 1809. When this revision is completed,
a conP
tinuous series of comparable measurements from 1909 through 1932 will be available

NATIONAL INCOME, 1 9 2 9 - 3 2

streams). On the other hand, an enterprise sustains a loss (negative
saving) when the volume of its payments to various income recipients
is greater than its gross margin. The usual notion of business profit
and loss defines them as the residual share before and not after
payment of dividends or of entrepreneurial withdrawals.
It must also be noted that the measurement of business savings
is conditioned by the accounting practices of the country's business
establishments. These practices, in an attempt to provide a conservative basis for business policy, may give rise to a picture of income changes which will appear distorted to an observer looking to
criteria beyond those set by the business world itself. Thus, the
>revalent rule of valuing inventories at cost or market, whichever is
| ower, mOT, in a period of rapidly declining prices, serve to reduce the
savings of enterprises, although for logical consistency with the measurements in periods of rising prices it might be advisable to value
inventories on a cost basis only. Similarly, the prevailing practice
of straight-line depreciation based on cost of the fixed assets may
mean, in a period of declining prices, not capital preservation but
capital accumulation by the enterprise.
Another element of uncertainty in the measurement of business
savings is due to the inability of estimating accurately the volume of
actual withdrawals by individual entrepreneurs, as distinct from the
net profits or losses sustained in their business. Thus, in the case of
'culture, withdrawals by farm operators were assumed to equal
wage allowance for operators and family labor, there being no
direct information on withdrawals made by farm operators for their
living expenses; and in otlier industries entrepreneurial withdrawals
were usually estimated on the basis of a salary allowance. The error
in our estimate of business savings that can result from such crude
approximations may possibly be of considerable magnitude. Thus,
the volume of business savings in agriculture for 1929 is estimated at
1.2 billion dollars, accounting for about 60 percent of the total business savings for that year. If agriculture (the most important
industrial source of business savings of individual entrepreneurs)
is omitted, the total business savings in 1929 amount to 700 million
dollars, and negative savings in 1932 to 8.3 billion dollars.
m These are only some of the reasons why one should be careful in
interpreting the estimates of business savings as an element in the
measurement of national income produced. On the other hand, it
must be remembered that these savings are in themselves a highly
important factor in shaping policies in the business economy. Granted
that under such conditions as characterized the recent years net losses
°f enterprises may have been exaggerated by accounting practices,
yet the effect of such losses upon the activities of the entrepreneurial
class can hardly be overestimated. A large business loss in an economy so dependent upon the stimulus of the profit incentive as ours is
both a symptom of and a factor in the gravity of the present depression.
If the estimates of national income produced are accepted with all
the qualifications that attach to its measurement, the totals show a
decline considerably greater than that in national income paid out,
the percentages of the contraction from 1929 to 1932 being 53 and 40
percent, respectively. This disparity suggests at first the inference
that to some extent, possibly exaggerated by the figures in table 1,

NATIONAL INCOME, 1929-32

theflowof net income to individuals was sustained through a draft by
the business enterprises upon their capital and surplus. # But this
appears to be a misleading description of the situation during recent
years. The business losses may have resulted from a failure of
certain costs, beside those constituting direct income payments to
individuals, to decline as greatly as did the volume of business. A
partial confirmation of this interpretation may bo found in the
accounts of corporations reported in Statistics of Income. The combined items of bad debts, depreciation, and depletion, amounted to
5.4 billion dollars in each of the 3 years 1929, 1930, and 1931, while
gross sales plus gross profits from operations other than those tabulated as gross sales have declined from 147 billion dollars in 1929 to
123 in 1930 and to 97 in 1931, a total decline of about 33 percent.
Thesefiguresrefer to corporations only and do not coyer agriculture
or unincorporated trade and construction, all of which snow considerable business losses in recent years. It thus appears reasonable
to suggest that a large part of the business losses incurred in 1931
and 1932 may be imputed not to the sustention of income payments
to individuals but to the coverage of other, rather rigid costs.
The estimates presented in table 1 do not include a number of items
which have been considered by other investigators as parts of national
income. Of these, one of the most important is imputed net rental,
i.e., income accruing to people living in their own homes. For 1930,
such net rentals could be estimated as amounting to about 2.7 billion
dollars (if we allow for owned homes a gross rentalequal to the average
rental in leased homes, and a ratio of net to gross rentals of 66.7
percent); and even this large total does not include imputed rent on
owned farm homes. But there is some doubt as to the propriety of
including this item, since the ownership of a home combined with its
possession does not constitute a participation by the proprietor in the
economic activity of the nation in the same recognized fashion as does
his work for wages, profit, or salary, or his capital investment in
industry. For similar reasons, such an item as interest on durable
goods owned has also been omitted. This last
item was estimated
by Dr. King at about 3 billion dollars in 1927.2
Another item of some interest is that of relief expenditures. Recent
estimates of relief expenditures set them at 85 million dollars in 1929,3
150 million in 1930, 300 million in 1931, and 500 million in 1932.
The special report by the Department of Commerce on Relief
Expenditures by Governmental and Private Organizations, 1929 and
1931, indicates that in cities of over 30,000 the percentage of government expenditures to total expenditures on relief was about 60 in the
firat quarters of 1929 and 1931. If this percentage is true for the
country as a whole for 1932, it would appear that government relief
expenditures in 1932 amounted to about 300 million dollars. If such
expenditures were covered from taxation of business establishments
(rather than from taxation of individuals), this volume should be
considered as flowing indirectly from the business system through
the government into the hands of individuals. But the allocation
of these funds to their specific origin is a rather arbitrary task.
*See The National Income and Its Purchasing Power, National Bureau of Economic Research, New
York, 1930, p. 379.
»Charles E. Persons, Calculation of Relief Expenditures, Proceedings of the American Statistical Association, March W33, p. 71.

NATIONAL INCOME, 1 9 2 9 - 3 2

Thus, the estimates of national income presented in table 1 are
incomplete in failing to include a number of items. But these omissions are relatively minor, and in regard to most of them considerable
doubt exists as to the propriety of their inclusion. Were the measurement of these items a task easily and reliably performed with the
available data, such estimates would have been presented. But in
view of the difficulties, and often the impossibility of presenting a
reliable estimate of these items, it was considered advisable to omit
them.
The contraction of national income after 1929 was due at least in
part to a decline in the price level, and an adjustment for price changes
is obviously in order. But such an attempt to measure national
income paid out or produced in dollar volume at constant prices
could not be made in a satisfactory fashion. Net income paid out to
individuals should be adjusted Wchanges in the cost of living. But
the best available index of the cost of living, that of the Bureau of
Labor Statistics, refers only to urban wage earners, and is perhaps
unsatisfactory even4 for those, its weights being based on a survey
taken 15 years ago. For other economic groups, with the exception
of farmers, current data on the cost of living are absent. Net income produced could best be adjusted by an all-inclusive price index,
covering both commodities and services, at wholesale and at retail.
But no such all-inclusive, authoritative index is available.
If, nevertheless, it is wanted to obtain some approximate notion
of the movement in national income total adjusted for price changes,
the contraction in income paid out may be compared with the decline
shown by the Bureau of Labor Statistics index of the cost of living.
This comparison suggests that the purchasing power of net income
paid out declined slightly in 1930; that by 1931 the decline from 1929
was in the neighborhood of 10 percent of the 1929 level; and that by
1932, the contraction in purchasing power of income paid out may have
amounted to 25 percent of the 1929 volume. A similar comparison
can be made of national income produced and the Bureau of Labor
Statistics index of wholesale prices. The latter index probably shows
a larger decline from 1929 to 1932 than would have been indicated
by a more inclusive price index. The comparison suggests that the
volume of income produced, at a constant price level, must have
declined in 1930 by about 6 percent from the 1929 level; by 1931 the
decline may have been from 15 to 20 percent of the same level; and
by 1932 from 30 to 40 percent.
2. DISTRIBUTION BY TYPES OF PAYMENT

The estimates of total national income, striking as they are in
absolute volume and the extent of indicated changes during recent
years, are of little value in themselves to anyone trying to interpret
their significance. It is necessary to know their distribution by various important categories before a full understanding of their import
can be reached. We shall first consider the distribution of national
income paid out by types of payment, and then the movement of
both income paid out and produced by the various industrial sources
from which it originated.
< The Bureau of Labor Statistics Is engaged at present In revising its cost of living index, and it is hoped
that the index will be improved materially in the near future.
-*

NATIONAL INCOME,

1029-32

Tables 2 and 3 and chart I present the distribution of national income paid out into wages, salaries, dividends, interest, etc. Net
rents and royalties paid to individuals have been included with
entrepreneurial withdrawals in our general classification. But for the
benefit of those students who are inclined to define them as property
income, the estimates in question have been segregated in tables 2
and 3.
TABLE 2.—National income paid out, by types of paymentl
Absolute numbers (millions of
dollars)

Percentages of 1929

Item

Line

1929
Salaries (selected industries)'
Wages (same as in line i) s . . . . . . . . .
Salaries or wages (all other industries)
Total labor income *
•
Dividends...
Interest.....-......-...-..—..—'
Total property income «
,
Net rents and royalties
,
Entrepreneurial withdrawals...
Total entrepreneurial income.
Total income paid out

1930

1931

5,702 5.661
17.179 14,210

4,738
10,542

29,052
52,793
5,964
5,677
12,206
4,116
12,020
16,136
81,136

1932
3,383
6,840

27,794 24,622 20,302
48,582 40,896 31,533
5,795 4,313 2,588
5,815 5,649 5,491
8,472
12,226 10,498
2,752 1,865
3,475
11,127 9,102 7,024
14,602 11,853 8,890
75,410 63,247 48,894

1929

1930 1931

1B32

100.0 99.3! 83.1
100.0 82.7! 61.4

59.3
39.8

84.8
77.5
72.3
99.6
SCO
C6.9
75.7
73.5
78.0

60.9
59.7
43.4
96.7
69.4
45.3
58.4
55.1
60.3

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

95.7
92.0
97.2
102.4
100.2
84.4
92.6
90.6
i 92.9

i The grand totals in this and the following tables are obtained by an addition of the totals for each Indus,
trial field. The income subtotals by industrial fields are primarily in thousands of dollars, while the sub
totals of gainfully engaged are usually in actual numbers. But the subtotals entered in Tables 2 to 30 are
either in millions of dollars (for income) or In thousands of persons (for numbers engaged). These subtotals
do not, therefore, add up exactly to the grand totals given.
. ,
* Includes mining, manufacturing, construction, steam railroads, Pullman, railway express, and water
transportation.
* Includes also employees' pensions and compensation for injury.
* Includes also net balance of international flow of property incomes.

TABLE 3.—Percentage distribution of national income, by types of payment
Percentages of total income paid
out
Line

1
2
3
4
5
6
7
8
9
10
11

Item

Salaries (selected industries) *
Wages (same as in line 1) *
Salaries or wages (all other
industries)...
Total labor Income 3 ........
Dividends.......... . .
Interest
Total property income *
Net rents and royalties..
Total entrepreneurial income..
Total income paid o u t . . . . . .

1929

1930

1931

7.0
21.2
35.8
65.1
7.4
7.0
15.0
5.1
14.8
19.9
100.0

7.6
18.8
36.9
64.4
7.7
7.7
16.2
4.6
14.8
19.4
100.0

7.5
16.7
38.9
64.7
0.8
8.9
16.6
4.4
14.4
18.7
100.0

1932
6.9
14.0
41.6
64.5
5.3
11.2
17.3
3.8
14.4
18.2
100.0

t Includes mining, manufacturing, construction, steam railroads, Pullman, railway express, and water
transportation.
* Includes also employees' pensions and compensation for Injury.
* Includes also net balance of international flow of property incomes.

When the big functional divisions of national income are considered,
a significant difference appears between property incomes, on one
hand, and labor and entrepreneurial incomes, on the other. Thus,
total labor income declined from 1929 to 1932 by 40 percent, total
entrepreneurial income by 45 percent, but property incomes have
held up in comparison, the decline from 1929 to 1932 having been
only 31 percent. It is obvious that payments to property holders
formed a relatively increasing cost to the economic system as a whole.

NATIONAL INCOME, 1 0 2 9 - 3 2
CHART I

INCOME BY TYPE OF PAYMENT
ALL INDUSTRIES
BILLIONS
OF
DOLLARS
T90

NET RENTS & ROYALTIES [
NET INTERNATIONAL BALANCE

INTEREST
DIVIDENDS
ENTREPRENEURIAL
WITHDRAWALS
OTHER LABOR INCOMES

OTHER SALARIES
AND WAGES

, SALARIES* .
(Selected Industries)]
,
WAGES*
H
{Selected Indt/stries)\

1929

1930

1931

1932
10

EXCESS PRODUCED
EXCESS WITHDRAWN

J20
* For industries forwfikh a se^/e^^ho ofstfries *odway* is possible.

DD.7476 J&\

NATIONAL INCOME, 3 9 2 9 - 3 2

Within labor income itself, there is a significant difference in
movement between salaries and wages. For those basic industries
for which the distinction between these two types of labor income
could be made, total salaries showed a decline of 41 percent between
1929 and 1932, while total wages declined by 60 percent. It is also
to be noted that the decline in salaries began substantially only in
1931, while that in wages was already marked in 1930. The cumulative burden of the depression was thus much greater in the case of
the wage earning group than for the salary earners. A similar difference in movement between wages and salaries may be expected to
characterize other branches, where a clear distinction between the
two labor groups exists.
No less a significant difference in movement characterizes the two
types of property incomes. Interest payments increased in 1930,
and showed but an insignificant decline by 1932. This indicated
stability of interestflowmay have been exaggerated by an insufficient
allowance for defaults in some industries, but hardly to an extent to
affect the totals considerably. Dividends declined slightly in 1930,
thus lagging in movement behind wages, but were cut drastically in
1931 and especially in 1932. The resistance to contraction of interest
payments served, however2 to hold up the total property income to a
relative level in 1932 which was higher than any other functional
income type.
In entrepreneurial incomes, the least reliable group of estimates,
there is also an interesting difference in movement between net
rents^ and royalties and withdrawals by entrepreneurs, the former
showing a much more marked drop than the latter. The fact that
total entrepreneurial incomes declined even more than did labor
incomes is not surprising if it is remembered that the largest single
group of entrepreneurs are the farmers, who suffered very heavily in
the depression; and that another large group is in the field of construction, an industry in which contraction has been most severe.
The disparate trends in the various income groups appear clearly
in chart II. The relative weight of the various types of income
in total income paid out is shown clearly in the percentage' distribution in table 3. The share of labor incomes is, on the whole, fairly
constant, the result being probably due to the fact that the rise in
the proportion of salaries was offset by the decline in the share of
wages. The percentage constituted by property income rose from
1929 to 1932, thisrisebeing accounted for largely by interest payments
on fixed debt. The share of entrepreneurial incomes declined, primarily because of the drop in the relative proportion of rents and
royalties. If net rents and royalties are added to property income,
the decline in absolute volumes from 1929 to 1932 amounts not to
30 percent but to 36 percent; but the share of property incomes in
the total paid out still shows a slight rise between 1929 and 1932.
National income paid out formed an income stream flowing for the
most part directly to individuals. But only in the case of employees
and entrepreneurs can we estimate without duplication the number of
individuals who participated in the process of income creation and
who received the income paid out. These estimates are presented in
table 4.
*

CHART II

TREND OF INCOME PAID OUT
BY TYPE OF PAYMENT

PERCENT
ISO
I lO
IOO

/fit__

££"•

.0
-a.

i
|

9o
80

"**5*^Y

^
^ ^ > .

TOTAL LABOR

60
-

50
0 r_

1929
For /ndustries

S .
^ S ^

ENTREPRENEURIAL
WITHDRAWALS \

^ 7 / ^ K - . ^ NET RENTS*
^.^t&ROYAlT/ES
^*.^S-D/WDE//DS

|
.1. . " . . :

—

1930

m which this item coufd be segregated

from salaries.

_ SWAGES *

1931

1932

0 D. 7475

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 4.—Number of people

engagedl

Absolute numbers (thousands)
Line

1929
1
2
3
4
5
6

Percentage* of 1929

Item

Salaried employees (selected industries)'
.
Wage earners (same industries as in
line 1)»
^
Salaried employees or wage earnsre
All gftinfpHy employed

1930

1931

1932

1929

1930

1931

1932

70.0

2,221

2,187

1,915

1,556

100.0

98.4

86.2

12.219

10,677

8,890

7,131

100.0

87.4

72.8

58.4

20,765 20,057 18,544
35,205 32,921 29,349
9,020 8,889 8,701
44,225 41,809 38,053

16.767
25.453
8,677
34,131

100.0
100.0
100.0
100.0

96.6
93.5
98.5
91.5

89.3
83.4
96.5
86.0

80.7
72.3
06.2
77.2

Jin this table, and all subsequent tables relating to number of people employed or engaged, the annua'
estimates are averages for the calendar year. The numbers represent in some industries a full time
equivalent.
' Includes mining, manufacturing, construction, steam railroads, Pullman, railway express, and water
transportation.

Here again salary and wage earners can be segregated for only a
few basic industries; and in those the employment opportunities of
salary earners appear to have been reduced less than those of wage
earners. For all employees the decline in numbers employed amounted
in 1932 to 30 percent from the peak of 1929. The estimates of the
number of entrepreneurs engaged are much less reliable. The very
concept of employment or active participation is not quite clear in
the case of individual entrepreneurs. And for lack of availabledata, it was necessary to assume in a number of industrial groups a
constant number of entrepreneurs for the years after 1930. The slight
decline shown in the number of individual entrepreneurs is thus only
a minimum indication of the contraction in their number which would
be shown if the definition of active participation could be applied more
thoroughly.
The totals in table 4 afford some measure of the extent of unemployment resulting from the present depression. Thus, the estimate
of 41.8 million gainfully engaged shown for 1930 should be compared
with the total of 47.1 million gainfully occupied * shown by the Census
of Occupations as of April 1, 1930. These totals do not include farm,
family labor. The number of unemployed in 1930 may thus be estimated as amounting to 5.3 million; in 1931 to 9.0 million; and in
1932 to 13.0 million. These estimates take no account of the increase in the number of employables in 1931 and 1932 who may have
to be added to the number gainfully occupied in 1930 and thus to
the number of unemployed in 1931 and 1932. If this annual increase
in the number of employables be estimated at 703,000 (the annual
increment in gainfully occupied from 1920 to 1930, the totals in the
2 years having been corrected for farm family labor), the estimated
number of unemployed in 1931 rises to 9.7 million and in 1932 to
14.4 million. On the same basis, the estimated number of unemployed m 1929 would be 2.2 million. There was thus almost a sevenfold increase in the volume of unemployment during the 3 years of
the present depression.

NATIONAL INCOME, 1929-32

Labor incomes, the totals of which have been presented in table 2,
were thus paid out to or withdrawn by a greatly shrunk army of
active participants in the economic activities of the nation. It is
important to observe the movement in income paid out, when
reduced to per employee figures. The results are presented in table 5.
TABLE 5.—Per capita income of employees and the cost of living
Percentages of 1929

Absolute numbers
Line

Item

Salaried employees (selected industries) ! . . . „
Wage earners (same industries as in
line 1) i
Salaried employees or wage earners
(all other industries)
All employees
Bureau of Labor Statistics cost of
living index..

1929

1930

1931

1932

$2,667

$2,589

$2,474

$2,175

100.0 [100.9

96.4

1,406

1,331

1,186

959

100.0 94.7

84.4

68.2

1,399
1,475

1,356
1,448

1,328
1,360

1,211
1,199

99.1
98.2

94.9
92,2

86.6
81.3

88.9

80.4

trans^tJK

•

1929

1930

ioao

1931 1932

100.0
100.0 97.4
'

.ii

84.7

tal 0 *' manufacturing, construction, steam railroads, Pullman, railway express, and water.

The decline in the average income of employees has also been substantial, so that even those who remained on the pay rolls could contribute to their individual or family expenses a smaller volume of
money. ^ But this drop in average income was not any greater than
the decline in the cost of living. The comparison with the Bureau ofLabor Statistics cost of living index suggests that the average compensation has on the whole retained its purchasing power in 1930; and
that there was even a slight gain in the purchasing power of the aver-,
age compensation in 1931, the gain shrinking somewhat in 1932. It
must be remembered, however, that the per capita incomes presented
in table 5 refer largely to earners employed full time; and should not
be interpreted as an average Fpayment
made to each earner on the'
J
pav roll.
*
Moreover, in the few basic industrial divisions where salaries and
wages could be distinguished, the decline in the average wage was.
inuch more drastic than that in the average salary. In these industries,
the purchasing power of the average wage declined in 1930 and 1931,
put especially strikingly in 1932. One is led to infer that in other
industries which suffered from the depression, the average wage has,
been cut more than the average salary. The depression seems to.
nave put its greatest burden upon those who, in view of their already
low position on the economic scale, could least afford to lose.
3. DISTRIBUTION BY INDUSTRIAL SOURCES

Knowledge of the general features of economic depressions leads
one to expect that various industrial divisions have suffered unequally
in the drastic contraction which characterized the period covered by
the present report. Some industries, sheltered from the pressure of
changing conditions, have continued to give employment and pay out
only moderately changed volumes of mcome to labor and capital
e
ngaged in them. Others, more exposed to adverse changes in com-,
petitive markets and supplying services which can easily be dispensed;

NATIONAL INCOME, 1 9 2 9 * 3 2

with in bad times, must have shown shrinkages in employment and
income greatly in excess of the total for the economic system as a
whole.
The distribution of income by the industrial divisions from wliich
it originated offers little difficulty in the case of labor and entrepreneurial incomes. But in the case of interest and dividends, the
existence of intercorporate holdings of securities, the prevalence of
integrated corporations deriving income from more than one industrialfield,and the difficulty of reconciling the industrial classification
of the corporate data in Statistics of Income with that in the industrial
censuses, render the allocation by industrial sources a task that can
be solved only approximately. In using the estimates submitted in
tables 6 to 11 it must, therefore, be remembered that for a part of the
totals involved, the industrial classification could not be carried
through in a clear-cut fashion.
The differential movement in total employment, inclusive of the
entrepreneurs attached, in various industrial divisions is given in
tables 6 and 7 and portrayed graphically in charts III and IV. The
industrial classification in the present chapter distinguishes only the
12 broad divisions, the detailed grouping being presented and discussed in chapters V to XVI.
TABLE 6.—Xumber of people engaged, by industrial

divisions
Percentages of 1929

Absolute numbers (thousands)
Line

Item
1929
Agriculture
Mining
Electric light and power and gas..
Manufacturing
Construction
Transportation
Communication
Trade.
Finance
Government
Service
Miscellaneous
Total

LOGS
336
10,023
1.528
3*073
533
7,163
1,422
3.003
5,535
2.948
44,225

1930

1931

7,511
980

7,448
819
322
7,566
LOM
2,493
419
6,177
1,275
3,127
4,810
2.515
38.053

an
1.37S
2,S46
520
6,785
L3S3
3,156
5,276
2,766
41,809

1932

1929

7,288
614
283
6,257
673
2,140
402
5,619
1,135
3,122
4,283

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

2.285
34,131

1930 I 1931

98.9
.91.7
1102.3
88.4
90.2
92.0
97.5
01.7
97.6
105.1
95.3
93.8
94.5

1932

98.1 96.0
76.6 CO. 3
95.7 81.0
75.5 614
69.0 44.1
81.1 69.6
84.2 75.5
86.2 78.4
89.7 79.8
101.1 101.0
86.8 77.3
85.3 v
86.0 77.2

TABLE 7.—Percentage distribution of number of people engaged, by industrial

divisions
Percentages of total number engaged
Line

Item
1929
Agriculture
Mining
Electric light and power and gas...
Manufacturing
Construction
Transportation
*
Communication
Trade
Finance
Government
Service
Miscellaneous
Total

17.2
2.4

.8
22.7
3.5
6.9
1.2
16.2
3.2
6.8
12.5
6.7

100.0

1930

18.0
2.3
.8
21.2
3.3
6.8
1.2
16.2
3.3
7.5
12.6
6.0
100.0

1931

19.6
2.2
.8
19.9
2.8
6.5
1.2
16.2
3.4
8.2
12.6
6.6
100.0

1932

21.3
1.9
.8
18.3
2.0
6.3
1.2
16.5
3.3
9.1
12.6
6.7

100.0

NATIONAL INCOME,

1929-32

CHART JTt

INCOME PAID OUT
BY
INDUSTRIES
BILLIONS
OF
DOLLARS

H90

80
MISCELLANEOUS
COMMUNICATION ^
£L£CLGT&FO\VER6GA5
MINING
CONSTRUCTION
AGRICULTURE

GOVERNMENT

TRANSPORTATION

SERVICE

FINANCE

TRADE

MANUFACTURING

1929

1930

1931

1932
O.D7487 &\

37265—34

to
to

CHART IV

TREND OF INCOME PAID OUT BY
MAJOR INDUSTRIAL D I V I S I O N S
PERCENT

120

1929

1930

1931

1932

D o 7sii jg>;

NATIONAL INCOME, 1 9 2 9 - 3 2

The greatest reduction in the number of people engaged occurred
in three basic branches: construction, mining, and manufacturing,
especially in the former.^ The great decline in the demand for housing, industrial construction, ana durable goods in general must have
been responsible for the particular severity with which the depression
affected these three branches. If a similar decline in number of
people engaged did not occur in agriculture, it was due to the different
organization of this industry, with the large number of its small
independent entrepreneurs and the impossibility of shifting the burden to any considerable extent by passing it on to the employees in
the industry. On the other hand, two groups escaped the effects of
the depression, as far as employment is concerned. In government,
the readjustment was most delayed, due to the general, and to a
considerable extent justifiable, slowness of the government mechanism
in adapting itself to the changes in the business system proper; and,
of course, it may be questioned whether government activity should
be curtailed rather than extended during a business depression, In
electric light and power and gas employment declined but little, due
to the fact that the growth in the use of electric energy had largely
offset the effect of the depression. Moreover, the stability of the
industry's operating revenues due to the rigidity of its rate structure
prevented the decline in income and resulting unemployment from
going very far.
Table 7 reflects the shift in the proportional importance of the
industrial divisions as judged by the numbers engaged in them. Agriculture and government show the most marked rise, while construction, manufacturing, and mining account for a declining proportion
of the working population of the country.
Broadly, similar differences in the impact of the depression upon the
various industrial divisions appear when we study the other aspects
of income. This is particularly the case in gross income, which can be
measured for some of the industrial divisions in our classification.
TABLE 8.—Gross income at current prices, selected industrial divisions
! Absolute numbers (millions o i 1
dollars)
Lino

Percentages of 1929

Item
1929 ' 1930 ! 1931

1932

1929

1930 1931 1932

12,060 9,809 7,265 5,103 100.0 81.3 60, 2
1 Agriculture.............. —
3,989 3,248 2,104 1,718 100.0 81.4 52.7
2
2,383 2,438 2,402 2,244 100.0 102.3 100.8
3 Electric light and power and gas
68,468 54,741 39,973 25,796 100.0 80.0 58.4
4
6,971 5,573 3,808 1,700 100.0 79.9 54.6
5
8,009 6,903 5,628 4,377 100.0 86.2 70.3
6
1,422 1,429 1,360 1,184 100.0 100.5 95.6
7
Trade...—
. . . . . . . . . . . 118,407 102,205 87,875 72,590 100.0 86.3 74.2
*
2,219 1,916 1,688 1,459 100.0 86.3 76.1
9
, [
1
Includes only steam railroads, Pullman, common-carrier busses, street railways, and pipe lines.

42.
43.
94.
37.
24.
54.
83.
61.
65.

NATIONAL INCOME,

1929-32

TABLE 9.—Gross income at 1929 prices, selected industrial
Absolute numbers (millions of
dollars)
Line

divisions

Percentages of 1929

Item
1929
Agriculture
Mining
Electric light and power and gas
Manufacturing
Construction
Transportation •
Communication
Trade

1930

1931

1932

12,060 11,566 12,518 12,349
3,989 3,435 2,912
2,461
2,383 2,375 2.278 2,039
68,468 59.560 51,116 37,589
6,971 6,262 4,882
2,297
8,009 7,045 5,881
4,700
1,422 1,383
1,301
1,185
118,407 1110,295 111,384 105,107

1929

1930 1931 1932

100.0 95.9 103.8
100.0 86.1 73.0
100.0 99.7 95.6
100.0 87.0 74.7
100.0 89.8 70.0
100.0 88.0 73.4
100.0 97.2 91.5
100.0 93.1 94.1

102.4
61.7
85.6
54.9
33.0
58.7
83.3
88.8

J Includes only steam railroads, Pullman, common-carrier busses, street railways, and pipe lines.

Gross income is defined here in the same way as it is used in income
tax statistics, namely, as the total intake from the industrial operations
of the business establishments (sales by manufacturing, mining, and
trading concerns, operating revenues of public utility companies, sales
and value of produce retained in the case of farmers). The measurement of this volume in current prices reveals again the comparatively
favorable situation of the electric light and power and gas group, and
also that of the communication industry (telephone and telegraph).
The branches which suffered most from a decline in gross income are
agriculture, mining, manufacturing, and especially construction.
In the case of gross income by industrial divisions, some correction
for changes in prices may be attempted with somewhat greater precision than is possible in the case of net income (see table 9). When
such a price adjustment is introduced, it becomes clear how great a
of the contraction in the gross income was due to the fall of prices,
{>art
n one important industrial division, viz., agriculture, there was no
decline in quantity output altogether. In others, notably electric
light and power and gas, communication, and trade, the decline from
1929 to 1932 was not in excess of 15 percent. But in other basic
divisions even quantity output showed a marked shrinkage during the
period. The decline in mining from 1929 to 1932 was about 40 percent, in manufacturing 45 percent, in construction 67 percent, and in
the selected branches of transportation 41 percent.
Tables 10, 11, 12, and 13, which show income paid out, business
savings, and income produced by industrial divisions, confirm the
impression of the differences in movement already suggested in connection with the estimates of number of people engaged and of gross
income. The greatest shrinkage in income paid out occurred in construction, mining, manufacturing, and agriculture. The volume of
income payments by government shows again no effect of the depression. In the case of electric light and power and gas, net income paid
out again suffered but a comparatively moderate decline from 1929
to 1932.

NATIONAL INCOME,

T A B L E 10.—Income paid out, by industrial

1930

1929
1
2
3
4
5
6
8
9
10
11
12
13

Agriculture.«...
Mining
..
Manufacturing....
Construction
Transportation
Communication
Trade
Finance
Government
Service

divisions

Absolute numbers (millions of
dollars)

Item

Line

1929-32

Total

Percentages of 1929

1932

1931

1929

89.9
83.8
115.1
88.9
90.1
93.1
103.4
92.8
92.1
104.8
94.0
94.0
92.9

71.0 54.4
60.2 39.4
111.9 93.1
68.8 46.1
60.5 27.6
78.6 60.4
97.3 87.4
81.0 65.2
79.6 61.5
105.2 105.3
79.4 62.2
77.5 COO
78.0 60.3

out, by industrial

divisions

6,361 5,720 4,517 3,459
837
2,123 1,779 1.27S
1,503 1,461
1,216
1,306
. . . . . 18,157 16,141 12,490 8,373
864
. . . . . 3,135 2,825 1,897
6,660 6,202 5,236 4,020
887
912
943
797
11,238 10,424 9,103 7,326
10,054 9,265 8.006 6,183
6.456 6,763 6.792 6,796
8.479 7,968 6,731 5,273
6.255 5,877 4.850 3,750
81,136 75,410 63.247 48,894

TABLE 11.—Percentage distribution

of income paid

1932

1930 1931

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

Percentages of income paid out
Line
1
2
3
4
5
6
7
8
9
10
11
12
13

Item

Mining
Electric light and power and gas
Manufacturing
Construction

1929

...
-

Trade
Service

Total

7.8
2.6
1.6
22.4
3.9
8.2
1.1
13.9
12.4
8.0
10.5
7.7
100.0

1931

1930

7.1
2.0
2.3
19.7
3.0
8.3
1.4
14.4
12.7
10.7
10.6
7.7
100.0

7.6
2.4
2.0
21.4
3.7
8.2
1.3
13.8
12.3
9.0
10.6
7.8
100.0

1932 •
7.1
1.7
2.5
17.1
1.8
8.2
1.6
15.0
12.6
13.9
10.8
7.7
100.0

Business savings could not be established for the government,
since its whole system of accounting is such that it was impossible within the scope of the present study to segregate properly
the government's capital expenditures from its current expenditures.
Consequently, one could not treat the excess of government expenditures over revenues as a reliable indication of losses sustained and
covered from the extension of the government debt. With this
division omitted, the differences in the movement of business savings
shown in table 10, confirm the distinctions made above. The only
exception is the considerable size of business losses sustained in the
electric light and power and gas group, and the comparatively small
size of the same losses in thefieldof construction.
T A B L E 12.—Business savings, by industrial

divisions

Absolute numbers (millions of dollars)
Line
1
2
3
4
5
6
7
8
9 Finance
10
11
12

Item

1929
1,177
-247
-17
1,197
-48
360
107
115
-421
-26
-302
1,896

1930

1931

-100
-464
-278
-1,850
-181
-121
44
-939
-617
-142
-417
-6,065

-651
-546
-283
-2,813
-229
-368
10
-1,737
-1,394
-209
-383
-8,604

1932
-1,227
-310
-258
-2,601
-410
-436
-57
-1,918
-1,569
-460
-383
-9,529

NATIONAL INCOME, 1 9 2 9 - 3 2

Net income produced, shown by industrial divisions in table 13,
reflects most strikingly, and probably in a somewhat exaggerated
form, the full effect of the depression on the dollar volume of income.
In agriculture, mining, and manufacturing, the decline from 1929 to
1932 was almost 75 percent and in construction over 85 percent. The
decline in transportation, trade, and finance (the latter inclusive of
net rents and royalties) approximated 50 percent ol the 1929 level.
And only in electric light and power and gas and in communication
was the shrinkage limited to about 25 percent of the 1929 level.
Finally, in income paid to individuals by government agencies, no
decline appears at all.
TABLE 13.—Income produced, by industrial divisions'
Absolute numbers (millions of
dollars)
1929
1
2
3
4
5
6
7
8
9
10
11
12
13

Percentages of 1929

Item

Line

Mining
.......
Electric light and power and gas
Manufacturing.......,...............
Construction . .............._..
Transportation
..„ .
__„
Communication
+...
Trade
Finance
—..--—.—..-....
Service

Total

1930

1931

1032

7,533 5,620 3,866 2,232
1,876 1,315
527
732
1,239 1,225 1,178
958
19,354 14,292 9,677 5,873
3,037 2,644 1,667
454
7,020 6,082 4,868 3,583
1,019
987
740
897
11,353 9.4S4 7,366 5,403
9,633 8,648 6,612 4,614
6,456 6,763 6,792 6,796
8,453 7,826 6,522 4,813
5,953 5.460 4,467 3,367
83,032 70,345 54,643 39,365

1929
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

1930 1931 1932
74.6
70.1
05.0
73.8
85.6
86.6
97.1
83.5
89.8
104.8
92.0
91.7
84.7

51.3 20.6
39.0 28.1
91.4 74.3
50.0 30.3
54.0 117
69.4 51.0
88.5 73.2
64.9 47.6
68.6 47.9
105.2 105.3
77.1 56.9
75.0 56.6
65.8 47.4

When the movement of net income is compared with changes in
gross income (in those industrial divisions in which data permit such
comparisons), it is found that in most branches income paid out
declined during recent years less than did gross income. But in all
branches income produced declined more than did gross income,
thus suggesting the inference that the cost items not covered under
income produced (i.e., cost of goods, taxes, depreciation and depletion, bad debts, interest payments to other business establishments,
rents to other business establishments) have declined much less than
did gross incomes. This is but another confirmation of the inference
that the negative savings shown in tables 1 and 12 are only partly
to be accounted for by a sustention of net income payments. They
are to be explained to a large extent by the covering of such rigid
cost items as do not appear, at least directly, in the form of incomes
paid to individuals.

CHAPTER III
LABOR AND ENTREPRENEURIAL INCOME
The discussion in chapters III through XVI is in the nature of
refinement upon the broad conclusions established in chapter II.
The present chapter and chapter IV following deal with the broad
divisions by types of jjayment. Chapters V through XVI deal with
each of the 12 industrial divisions established in our classification of
national income by industrial sources.
1. LABOR INCOME

Individual entrepreneurs are important in but a few of the industrial divisions of the country's economic system. With the exception
of agriculture, trade, service, and to some extent transportation, industries are organized upon the principle of separation of ownership
from active participation in the process of production. The distribution of the number of employees among the various industrial
divisions appears, therefore, quite similar to the distribution of the
total number of people engaged, as may be seen from a comparison
of table 14 with table 6. For some industrial divisions, such as
electric light and power and gas, communication, and government,
the figures in the two tables are identical. Consequently, contraction of employment, which appears as a result of the depression,
tends to show the same differences in movement among the various
divisions. The constant volume of employment in the government
field, the moderate contraction in public utilities, other than transportation, the very drastic shrinkage in construction—these all confirm the observations made in chapter II.
TABLE 14.—Number of employees (full-dime equivalent), by industrial divisions
Absolute numbers (thousands)
Line

1029
1
2
3
4
5
6
7
8
0
10
11
12
13
1

Percentages of 1929

Item
1930

1931

1932

2,027 1,890 1,748 1,484
804
630
966
1,054
322
283
344
336
0,890 8,752 7,474 6,192
886
505
1,360 1,210
Transportation..............*....... 2,905 2,672 2,320 1,970
402
449
620
533
5,562 5,350 4,964 4,489
Trade 1
Finance
.
.....
. . . . . . 1.422 1,388 1,275 1,135
3,003 3,156 3,127 3,122
fln^flnrnienta*Service...
. . . . . . . . . . . . . . . . . . . . . . . . 4,858 4,596 4,148 3,628
2,255 2, OH 1,833 1,605
35,205 32,921 29,349 25,453
Total
Agriculture..........................
Mining
...................
Electric light and power and gas

1929
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

1930 1931 1932
93.2
91.6
102.3
88.5
89.0
92.0
97.5
96.2
97.6
105.1
94.6
92.1
93.5

86.2 73.2
76.3 69.8
95.7 84.0
75.6 62.6
65.2 37.2
79.9 68.1
84.2 75.5
89.2 80.7
89.7 79.8
104.1 104.0
85.4 74.7
81.3 71.2
83.4 72.3

Includes insurance agents.

Total labor income paid out, which includes, in addition to compensation paid to active employees, compensation for injury aiid
pensions (a comparatively smalf item), shows in all branches, with

NATIONAL INCOME, 1 9 2 9 - 3 2

the exception of government, a greater decline than does the number
of employees (see table 15). Here, again, the difference in the
impact of depression upon the various industrial groups stands out
very clearly. It is interesting to observe, however, that in addition
to construction, mining, and manufacturing, labor incomes in agriculture are also among those which show the greatest shrinkage since
1929.
TABLE 15.—Labor income paid out, by industrial

divisions

Absolute numbers (millions of
dollars)
1930

1029
1
2
3
4
5
6
7
8
9
10
11
1?
13
1

Percentages of 1929

Item

Line

1032

1931

523
1,112
1,313
807
677
1,413
1,024
1(639
384
550
515
531
14.9S4 12,969 10,113 6.961
Manufacturing.
.............
6S9
1,535
2,620 2,291
4,970 4,521 3,783 2,867
542
722
649
713
Communication.
...
..
8,209 7,687 6,837 5,597
Trade .1. . . . . .
2,223
3.167
2.798
3,246
finance
.
.
.
.
^
L
Government. . . . . . . . . . . . . .
- . . . 4,954 5,250 5,352 5,277
5,932 5.524 4,700 3.713
Service
..............
Miscellaneous^ * *
. . . . n . . . . 3,0)2 3.345 2,778 2,079
52,793 48,582 40.896 31,533
Total
t

Agriculture. —*
Mining..
...

........
.......

.....
...-.

1929

1030

1931

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

84.7
86.2
103.7
86.5
87.5
91.0
101.3
93.6
97.6
105.9
93.1
91.6
92.0

61.5
62.5
97.1
67.5
58.6
7a 2
91.0
83.3
86.2
107.4
79.2
76.1
77.5

1932
39.8
41.3
72. a
46.5
26.3
57.7
76.1
68.2
68.5
105.9
62.6
56.9
59.7

Includes compensation of insurance agents.

Per capita incomes of employees, shown in table 16, are interesting both for absolute differences in average compensation shown from
one industrial division to the next, and for the difference in move*
ment. The highest per capita compensation in 1929, that in finance,
is probably exaggerated somewhat by the inclusion of insurance
agents, but would neverthless remain the highest average, even omitting the latter. The low average compensation in agriculture also
conforms to our general knowledge of the various industries.
T A B L E 1 6 . — P e r capita

income

of employees,

by industrial

Percentages of 1929

Absolute numbers
Item

Line

1
2
3
4
5
6
7
8
9
10
11
12
13
14

divisions

Agriculture....-.Electric light and power and gas
Manufacturing......
Construction
Transportation............
Communication... . . . . L
, .x
Trade 1
Finance
Service
All industries
Bureau of Labor Statistics cost of

1929

1930

1931

1932

1929

1930

1931

1932

$648
1,531
1;561
1,508
1,904
1,681
1,319
1,474
2,282
1,466
1,216
1,615
1,475

$588
1,438
1,581
1,474
1,866
1,658
1,369
1,135
2,282
1,473
1,196
1,605
1,448

$462
1,248
1,580
1,344
1,695
1,596
1,419
1,375
2,193
1,483
1,126
1,507
1,360

$352
1,019
1,339
1,115
1,315
1,409
1,320
1,245
1,958
1,448
1,015
1,285
1,199

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

90.7
93.9
101.3
97.7
98.0
98.0
103.8
97.4
100.0
100.5
98.4
99.4
98.2

71.3
81.6
101.2
89.1
89.0
94.9
107.6
93.3
96.1
101.2
92.6
93.3
92.2

54.3
68.fr
85.8
73.9
69.1
83.8
100.1
84.5
85.8
98.8
83.5
79.6
81.3

100.0 97.4

88.9

80.4

t Includes insurance agents.

Marked declines in the per capita compensation of employees
occurred in agriculture, mining, construction, and manufacturing;
while per capita incomes in the communication and government

LABOR AND ENTREPRENEURIAL INCOME

groups remained comparatively unchanged. The decline in payment of farm workers cannot fie compared with the changes in the
. cost of living index of the Bureau of Labor Statistics. For the other
branches the comparison suggests that, with the exception of mining,
there was little contraction in the purchasing power of the average
income of employees in 1930 or 1931. But in 1932 the situation
changed materially. In mining, manufacturing, and construction
there occurred a drop in average compensation greater than the
decline in the cost of living, with a resulting contraction in the purchasing power of even the employed and working class.
It is somewhat misleading to speak of employees and of their
average compensation as if they formed a homogeneous group with
an equal distribution of abilityand compensation. There are obviously marked gradations in status and compensation, which ought
to be studied fully in order to learn more precisely the nature of
recent changes in theflowof labor incomes. To begin with, available data permit a distinction of the salary earning from the wage
earning group in four basic industrial divisions. The difference m
the impact of the depression upon employment and earnings of these
two groups is shown clearly in tables 17 through 19.
Table 17 indicates that m every one of the branches the reduction
in the number of employed salary earners was more moderate than
the contraction in the number of wage earners. In none of the
branches did a significant reduction in the number of salary earners
set in until after 1930, while the numbers of wage earners had already
been reduced in 1930 by at least 10 percent from the 1929 level. In
every year and in every branch, the employment index of salary
earners (in terms of the 1929 volume as 100) was higher than the
employment index of wage earners. The cumulative effect of unemployment upon wage earners, with its early increase in 1930 and
greater proportions throughout the following period, was much more
urdensome than it was upon the salary earners.
T A B L E 17.—Number

of salaried

employees and wage earners^ selected
divisions
Absolute numbers (thousands)

Line

1 Mining:
Wage earners
.......
..
Manufacturing:
Salaried e m p l o y e e s . . . . . . . . . . . . . .
Construction:
Salaried employees
Transportation:1
Salaried employees.....
..
Wage earners..
,.—
Total:

3
4
5

Percentages of 1929 *

Item
1929

industrial

1930

1931

1932

1929

1930

1931

100.0
100.0

99.5
90.8

85.1
75.4

68.8
58.8

100.0 99.2
100.0 86.6

87.9
73.4

72.1
60.9

100.0 101.2 77.0
100.0 87.4 63.7

46.9
35.9

84
721

68
562

1,321
6,152

1,084
5,108
73
433
331
1,028

100.0
100.0

94.8
89.5

84.1
74.8

71.2
61.5

1,556
7,131

100.0
100.0

98.4
87.4

86.2
72.8

70.0
58.4

1,503
8,387

98
868
1,491
7,260

155
1.205

157
1,053

465
1,672

440
1,496

119
767
391
1,250

2,221
12,219

2,187
10,677

1,915
8,890

99
956

1932

_
1

Includes only steam railroads, Pullman, railway express, and water transportation.

The same difference, only more intensified, appears in the movement of salaries and wages for the same industrial divisions (see
table 18). The volume of salary payments in 1930 was about the

NATIONAL INCOME, 1 9 2 9 - 3 2

same as in 1929 and declined by 1932 to roughly 60 percent of the
1929 volume except in construction. The volume of wages had
already suffered in 1930 a drop of almost 20 percent from tho preceding
year, and by 1932 its decline amounted to about 60 percent of the
1929 level. This greater decline of wages as compared with salaries
appeared in each of the four industrial divisions in every year.
T A B L E 18.—Salaries and wages paid, selected industrial
Absolute numbers (millions of
dollars)
1929

1 Mining:
247
Salaries—
.............
Wages...........................
1,367
2 Manufacturing:
4,013
Salaries..........................
Wages . . . . . . . . . .
. . . . . . . . . 10,899
8 Construction:

Percentages of 1929

Item

Line

divisions

Wages.-.-.—......-.....
Transportation:!
Total:
Salaries..

.....

.—..........._.....

1930

1931

243
1,146

1931

150
511

100.0 93.3
100.0 83.9

87.4
57.7

60.8
37.4

2,429
4,474

100.0 100.4
100.0 81.3

84.2
61.2

GO. 5
41.1

100.0 09.2
100.0 84.7

70.7
55.4

36.7

04.8
86.0

83.4
GS.6

64.5
48.8

100.0 99.3
100.0 82.7

83.1
61.4

59.3
3a 8

455
2,134

451
1,806

216
788
3,378
6,609
321
1,181

OSS
2,781

037
2,391

824
1,903

167
493
637
1,357

5,661 4,738
14,210 10,542

3,383
6,840

5,702
17,179

4,030
8,866

1932

1030

1932

1920

100.0
100.0

23.3

» Includes only steam railroads, Pullman, railway express, and water transportation.

Table 19 indicates that in spite of the fact that in 1929 the average
salary ran from 30 to^ 10() percent higher than the average wage in
the designated industrial divisions, the reduction in the average salary
was proportionately smaller than in the average wage. Indeed, the
average compensation of salary earners was not seriously affected
until 1932, the last year of the period studied, while tho average wage
had already been materially cut in 1931, and in mining as early as
1930. Thefiguresthus suggest rather forcibly the greater impact of
the depression upon the wage earners, the largo body of our working
population who are likely to feel most painfully any contraction in their
otherwise none-too-high incomes.
TABLE 19.—Per capita salaries and wages, selected industrial
Absolute numbers
Line

2
3
4
6

Percentages of 1929

Item
1929

divisions

Mining:
Salary.
...
Manufacturing:
Salary
...
Wage
Construction:
Salary
..
Wage
Transportation:1
WageAbove industries:
Salary . . .
Wage

...

... . „ . . M

1930

1931

$2,504 $2,474 $2,571
1,430
1,321
1,094

1932

1920

1931

1932

88.3
63.6

91.8
87.0

78.2
65.0

99.2
91.6

00.5
79.3

06.4
84.4

84.7
68.2

2,669
1,300

2,703
1,221

2,556
1,084

2,241
876

100.0 08.8 102.7
100.0 92.4 76.5
100.0 101.3 05.8
100.0 03.9 83.4

2,937
1,771
2,126
1,663

2,870
1,715

2,695
1,540

2,297
1,151

100.0
100.0

2,127
1,698

2,108
1,523

1,924
1,319

08.0
06.8
100.0 100.0
100.0 06.1

2,567
1,406

2,589
1,331

2,474
1,186

2,175
959

100.0 100.9
100.0 04.7

$2,210
900

i Includes only steam railroads, Pullman, railway express, and water transportation.

1930

84.0
67.4

LABOR AND ENTREPRENEURIAL INCOME

m A comparison of the average salary and wage in the four industrial
divisions in table^ 19 with the movement of the Bureau of Labor
Statistics cost of living index, indicates that the average salary (with
the exception of that in construction in 1932) has gained in purchasing
power. It is doubtful, however, whether this particular index of the
cost of living is a proper measure to use in the case of salary earners.
But in the case of average wages a material reduction in purchasing
power was noted in mining and manufacturing in 1931, and in all the
four industrial divisions in 1932.
It is important to consider whether the results of the comparisons
in tables 17 to 19 can be extended to the differential movement of
salaries and wages in the other industrial divisions. In some of the
latter such a distinction would not be significant (agriculture, government, and partly finance). As to thosefieldsin which there does exist
a definite cleavage between the salaried and wage earning group,
the inference should be based upon the movement of total labor income.
Where its movement is similar to that in one of the industrial divisions
in table 18, we may infer, with some plausibility, that the differential
movement of salaries and wages is also similar. In those other divisions, salary earners must have also suffered a smaller contraction of
income than did wage earners.
It would be interesting to carry the distinction somewhat further
and attempt to segregate the salaried employees themselves into
principal and others. There is little doubt that %yith the development
of big corporations and the separation of ownership from management,
the principal corporate officers remain employees only in the formal
sense of the word. They are performing entrepreneurial functions,
and by virtue of their powers, are entrepreneurs in all but the title.
The inclusion of their compensation in labor income is thus to a considerable extent misleading. And if their compensation could be
segregated, it would deserve special classification. Such a segregation
is possible, however, only for a few industrial divisions and mostly
for a single year. Table 20 presents these figures for six industries.
In all, except steam railroads, number and compensation refer to what
the Census designates as principal corporate officers. In railroads
the group includes, in addition to the latter, some of the upper managerial personnel, such as division superintendents.

TABLE 20.—Number and salaries of principal officers and ofother salaried employeesf
selected industrial divisions

Line

Item

Mining
,
Manufacturing..
Rallroads, steam
Wholesale trade.
Street railwaysTelegraph

Number
prinYear ofcipal
officers

1929
1929
1929
1929
1927
1927

Salaries
Other Average Average
Number of prinsalary of
salaries salary
cipal
of other
of other
(thou- principal
salaried officers
(thou- sands of officers salaried
emworkers
ployees sands of dollars)
dollars)

107,648
31,375
46,947
6,384
169,227 1,334,052 1,132,027
05,518
129,779
28,217
385,222 2,624,908
65,739 1,539,303
47,877
8,770
26,122
1,723
37,423
26,100
871
90

$4,915
6.6S9
4,599
5, SCO
5,090
9,678

$2,293
2, ICO
1,915
1,705
1,833
1,434

It may be seen that the average salary in the principal group is
much higher than that of all other salary earners, the ratios running
from about 7 to 1 in telegraphs, to 2.2 to 1 in mining. In point of

NATIONAL INCOME, 1929-32

numbers, the principal group amounts to about one tenth of the total,
except telegraphs, where it is less than 1 percent of the total, and in
wholesale trade where it is about 4 percent. We thus have a small
fraction of the total body of employees in receipt of average compensation running to about 4 to 10 times as high as that of the average wage
earner.
Some light on the movement of incomes of these employees may be
gathered from the item "compensation of officers" reported by corporations to the income tax authorities and tabulated in Statistics of
Income. Data are available at present only through 1931, and are
compared with the movement of total salaries for selected industrial
branches in table 21.
TABLE 21.—Compensation of corporate officers and total salaries, .selected industrial
divisions
Absolute numbers (thousands
of dollars)

Line

Percentaze* of 1929

Item

1
1929

1930

1931

1929

1930

;

1931

COMPENSATION OP OFFICERS

6
7
8
S
10

50,856
56.310
1,171.888 1,095,929
158.401
163,933
10,798
12,131
1,710
1,426

44.976
935.348
129,629
10,219
2,448

TOTAL SALARIES

Mining
Manufacturing
Construction
Water transportation
Air transportation

242.774
215.735
246,881
4,012,965 4,030,394 3,377,528
454,604
451,142
321,193
92,607
84,630
74,377
8,202
6,501
10.245

iiiil iliii <

1 Mining
2 Manufacturing
3
4 Water transportation
5 Air transportation

90.3 • 79.9
9 3 . 5 ' 79.8
96.6 ' 79.1
89.0 ! S4.5
122.0 171.7
87.4
98.3
St. 2
100.4
707
99.2
SO. 3
91.4
126.2 157.6

In most cases, compensation of officers (which includes bonuses
and other types of compensation besides salaries) shows a greater
decline after 1929 than does the volume of total salaries paid (except
in construction, water transportation, and air transportation in 1931).
The differences, however, are comparatively mild, and one wonders
whether great significance is to be attributed to them. It must be
remembered that compensation of officers is a deduction item, and
the importance of its precise statement in the income tax return
declines as a corporation incurs losses. There might be thus a bias
toward more incomplete reporting of compensation of officers. But
even disregarding this possible bias, it appears that the salaries of
the principal officers are not cut to any significantly greater proportions than are those of the salary earning body as a whole. There
is thus no tendency to distribute the burden of cconomv according
to capacity to bear.
2. ENTREPRENEURIAL INCOMES

It was suggested in chapter II, and it is obvious from the description
of sources and methods of estimates in appendix A, that our figures
on number and incomes of individual entrepreneurs, with the exception
of those for agriculture and service, are at best but well-considered
guesses. Little importance is, therefore, to be attributed to the minor
changes in numbers or incomes which appear in tables 22 through 24.
Thus, to the fact that the total number of entrepreneurs shows but
httle decline from 1929 to 1932 is not to be attributed too much sig

LABOR AND ENTREPRENEURIAL INCOME

nificance. But tliis failure of the total to contract does show that
for farmers and entrepreneurs in thefieldof service, bad business does
not bring with it an immediate separation from activity, for the
simple reason that one's economic activity is bound with the whole
pattern of life, in which changes cannot be made very easily. What
does occur is a marked contraction of income.
TABLE 22.—Number of entrepreneurs, by industrial divisions
Absolute numbers (thousands)
Line

Percentages of 1929

Item
1929

1
5,665
2 Mining, manufacturing, and con315
struction, ...........................
169
3 Transportation..
..............
4 Trade
1.601
677
5 Service............................
692
6 Miscellaneous...
..............
9,020
Total

1930

1931

1932

1929

5,621

5,700

5,804

100.0 101.0 102.4 1013

290
174
1,435
680
689
8,889

274
173
1,213
662
682
8,704

247
161
1,130
656
680
8.677

100.0 92.0 87.0
100.0 103.1 102.5
100.0 89.6 75.7
100.0 100.3 97.8
100.0 99.5 98.5
100.0 98.5 96.5

1930

1931

1932

78.3
95.6
7a 6
96.8
98.2
96.2

The estimates in table 23 indicate a very marked shrinkage in income
produced by individual entrepreneurs, the most conspicuous being
in the basicfieldsof agriculture, mining, manufacturing, construction,
and trade. That in all thesefieldsindividual entrepreneurs have been
drawing during recent years upon their capital appears plausible. It
is quite possible that the estimates exaggerate the losses sustained by
individual entrepreneurs, especially in fields other than agriculture
and service, where we had to use the corporate profit-and-loss ratio
in order to arrive at the estimates. For unincorporated establishments, with their much smaller capital per establisliment, it may have
been impossible to sustain such a relative loss (proportionately to the
volume of business) as can be sustained by a large corporation with
capital reserves. It is, therefore, important to exercise caution in
using these estimates.
TABLE 23.—Income produced and withdrawals by entrepreneurs, by industrial
divisions
Line

1 Absolute numbers (millions
of dollars)

Percentages of 1929

Item
1929

1930

1931

1932

1929

1930 1931 1932

3,218

2,460

100.0 90.6 71.2

54.4

628
295
1.817
1,868
1,275
9,102

364
240
1,512
1,428
1,021
7,024

100.0
100.0
100 0
100.0
100.0
100.0

70.8
98.6
75.7
79.7
81.3
75.7

41.9
80.3
62.9
60.9
65.1
58.4

2,567

1.233

100.0 70 2 45.1

21.6

81
272
966
1.763
1,275
6,923

-217
203
515.
1,261
1,021
4,021

100.0
100.0
100.0
100.0
100.0
100.0

4>.5
99.2
73.6
93.7
95.0
77.2.

69.8
20.5
53.7
65.1
3a 5

WITHDRAWALS

1 Agriculture
4,519 4,096
2 Mining, manufacturing, and con*
811
887
struction
313
299
3 Transportation
2.402 2,181
4 Trade
2,345 2,235
5' Service
1,668 1,489
6 Miscellaneous
12,020 11,127
Total
7

91.5
104.8
.90.8
€5.3
95.0
92.6

INCOME PRODUCED

8
9

5,696 3,996
Agriculture
*
Alining, manufacturing, and con356
766
struction..
296
298
10 Transportation
2.505 1,843
11 Trade
j 2,348 2,201
12 i Service
1.568 1,4S9
13j Miscellaneous
13,181 10,181
14 l Total
• —J

10.5
91.1
38.6
75.1
81.3
52.5

NATIONAL INCOME, 1 0 2 9 - 3 2

If the estimate of income produced rests upon insecure foundations,
the estimate of income withdrawn is still more approximate, for it
is very difficult to penetrate within the individual entrepreneur's
economy and discover how much he withdraws for his personal and
family needs. Indeed, many an entrepreneur does not know it him*
self. We had to base our estimates of withdrawals upon either the
total volume of salaries or salaries and wages, or the ratio of compensation of officers and dividends paid to the corporate volume of
business applied to the volume of business by unincorporated
establishments.
The decline in withdrawals, based as it was largely upon the movement of employee incomes, moves quite similarly to the latter. Of
more interest are the per capita withdrawals shown in table 24. The
differences in absolute size of these average withdrawals among the
various industrial divisions seem significant. The higher average in
the field of service, with its large body of professional people, and the
low return in agriculture appear to conform to our general knowledge
of the economic areas. Less importance is to bo attributed to the
differences in movement of the per capita withdrawals, although the
greater decline of thisfigurein agriculture, and in the combined groups
of mining, manufacturing, and construction, does appear of some
significance. On the other hand, the relatively favorable movement
of the average in trade may be due to an overestimate of the decline
in numbers, und a resulting overestimate of the per capita withdrawals.
TABLE 24.—Per capita withdrawals of entrepreneurs, by industrial divisions
Percentages of 1029

Absolute numbers
Line

Item
1020

1
2 Mining, manufacturing, and con*
struction...........................
3 Transportation
4 Trade...............................
6
6 Miscellaneous. . . . . . . . . . . . . . . . . .
7

1030

$812

$720

2,815
1,775
1,500
3,461
2,264
1,333

2,798
1,803
1,520
3,289
2,161
1,252

1031
$565
2,291
1,708
1,498
2,821
1,870
1,046

1032
$421
1,474
1,401
1,338
2,177
1,602
810

1020

1030 1931 1032

100.0 80.8 60.6
100.0
100.0
100.0
100.0
100.0
100.0

00.4
101.6
101.3
95.0
05.6
03.9

62.2

81.4 62.4
06.2 84.0
09.0 89.2
81.6 62.0
82.6 1 66.3
78.6 60.8

CHAPTER IV
PROPEETY INCOME
It was indicated in chapter II that the allocation of property income
paid to individuals by industrial sources from which they originate
offers difficulties for two reasons: (1) in the case of vertically
integrated corporations, the data on property income do not permit
as fine an allocation by industrial sources as is possible in the case of
data^ on production and on labor income; (2) with intercorporate
holdingsof securities, interest and dividends paid out by a given
corporation do not necessarily flow into the hands of individuals but
may be received by another corporation. The first difficulty cannot
be overcome precisely, since it is impossible, and to some extent
undesirable, to refine the property income measurement to any greater
degree than is adopted by the corporate unit itself. It is possible,
however, to solve the second problem in a satisfactory, if somewhat
cumbersome, fashion.
In the case of individual payments, the available data permit one
to distinguish for every corporate group the volume of dividends
received and that of cash dividends paid (total dividend payments).
It is then possible to establish for every corporate group the volume
of dividends originated—i.e., the volume paid out of operating
revenues as distinct from a transfer of dividends received on security
holdings. These dividends originated are not the volume of dividends paid by the given corporate group directly to individuals;
they are the contribution by the given corporate group to the total
fund of dividends which go to individuals. How much a given corporate group paid out directly to individuals in property income could be
ascertained only if the distribution of securities of this particular
roup between individuals and business establishments were known,
uch data are not available. Consequently, it is only when one adds
together the volume of dividends originated in each corporate group
that the volume of dividend payments received by individuals
becomes known.
In arriving at the volume of dividends paid to individuals the
adjustment is made for dividend receipts by corporations only.
Possible receipts of dividends by unincorporated business establishments are neglected.
In the case of interest payments two assumptions are made: (1)
That interest on short-term debt (of less than 2 years' duration), with
the exception of interest on savings deposits, is all paid to corporations or business establishments and none to individuals directly;
(2) that with the exception of holdings by public utility companies,
oond and mortgage holdings of industrial corporations are confined
primarily to government securities. Here, again, as in the case of
dividends, the estimated interest originated is equal to total interest
payments on long-term debt minus receipts of interest on bonds held
oy the given corporate group; and here, again, interest payments

NATIONAL, INCOME, 1 9 2 9 - 3 2

originated do not measure the volume of payments by the given corporate group directly to individuals, but the original contribution by
the given corporate group to the total fund of interest payments
going to individuals.
.
.
.
. .
#
When dividends and interest originated in various industrial
groups are added up, the resulting total is an estimate of propertyincome payments received by individuals. Even then, ho>yever, it
does not constitute a volume of payments made directly to individuals,
each taken singly. Part of these payments is received by savings
banks, life insurance companies, charitable and educational foundations, building and loan associations. All these organizations were
treated in this report as associations of individuals for the purpose of
a better management of their savings. The- volume of payments
going to these associations was assumed to accrue to the benefit of
the individuals and was not segregated from the total, the available
data not easily permitting such a segregation. The approximate
magnitude of this part may be gaged from the fact that m 1929 the
income from investments of banks (commercial and savings) was 900
million dollars, of life insurance companies, 800
million, and of building and loan associations about 500 million.1 Since a considerable
volume of interest payments are received also by private universities,
hospitals, charitable foundations, etc., the totals of property income
thus diverted from going directly to individuals may have amounted
in 1929 to between 2.5 to 3 billion dollars, thus constituting about 25
percent of the total property income paid to individuals. The flow
of property income to individuals may thus be divided into two
unequal streams—the largerflowingdirectly into the hands of individuals, the otherflowinginto the hands of various types of savings and
nonprofit organizations to be eventually transferred to individual
consumers.
Table 25 summarizes the movement of property incomes originating in the various industrial divisions of the country's economic
system. It may be seen that the biggest contributions to the total
property income fund come from manufacturingj transportation (i.e.,
primarily steam railroads), finance (i.e., primarily interest on mortgage debt on real estate), and government. These four groups together account for about two thirds of the total in 1929 and in 1932.
TABLE 25.—Dividends and interest payments originated, by industrial divisions
Line

Item

Absolute numbers (millions of 1
dollars)
1929

X
2
3
4
5
6
7
8
9
10
11
12
13

529
Mining..........^..
..
...
414
Electric light and power and gas—
775
2,792
Construction..............
.
79
Transportation.................... 1,390
Homniunic^tfP?I. wr „ ., _T T Tr
199
Trade
...
626
2,692
Government--.—- — . . . . . . . . . . . ! 1,472
|
202
Miscellaneous ,.._ _
_.
I 1,035
Total
1 12,206

1930

1931

1932

512
492
476
293
184
113
953
946
832
2,867 2,127 1,255
101
53
14
1,368
1,153
912
221
233
254
555
449
218
2,623 2,457 2,094
1,483 1 1,439 1,520
209 !
162
133
1,042 1 797 I 650
12,226 10,498 ! 8.472

Percentages of 1929
1929

1930

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
10O.O
100.0
100.0
100.0

06.8
70.7
122.8
102.7
127.5
93.4
111.1
88.6
97.4
100.8
103.4
100.7
100.2

1931

1932

93.0 90. a
44.5 27.3.
122.0 107.3
76.2 45.0
67.3 18.2.
82.9 65.6119.8 127.9
71.7 34.8.
01.3 77.8
i 97.8 103.2;
| 80.4 65.7
77.0 62.8.
86.0 69.4

i The estimate for banks is derived by applying an average rate of return to the item of investment
reported on the balance sheets of banks in the Annual Report of the Comptroller of the Currency* Tbft
estimate for life insurance companies is taken from the summary of their accounts in the Life Insurance
Year Books of the Spectator Co. The estimate for building and loan associations is obtained by applying*
a 6 percent rate to the volume of urban mortgage real estate debt held by them in 1929, as estimated in>
Internal Debts of the United States, Evans Clark, editor, New York, 1933, ch. 3, p. 69*

PROPERTY INCOME

In three of the industrial divisions there was an actual increase in
the volume of net property incomes originated: government, electric
light and power and gas, and communication (i.e., primarily the telephone industry). Surprisingly enough, the volume of payments
originated in agriculture declined only moderately. But this was due
t;o the preponderance of fixed deht and absence of dividend payments
in the field; besides, the estimate in this field by the Department of
Agriculture takes no account of defaults. An especially drastic contraction in the volume of payments occurred in mining, manufacturing, construction, and trade—all fields in which the funded debt is of
small magnitude as compared with capital stock, and in which, therefore, a reduction in payment was possible without throwing the enterprises into bankruptcy or exposing them to the mercy of the creditors.
It is to be noted that in these fields the decline in property incomeoriginated was more, rather than less, drastic than that in labor and
entrepreneurial incomes (with the exception of manufacturing in 1930,.
dividend payments having held up in that year). Thus, the failure*
of total property income to decline as much as did total labor and
entrepreneurial income was due partly to the sustention of property
incomes by the public utilities other than transportation, partly to the
general sustention of interest payments on bonds and mortgage debt.
Tables 26 and 27 summarize tfie estimates of the volume of dividend
payments paid by and originating in the various industrial divisions.
A comparison of the totals shows that of some 8 billion dollars of total
dividend payments, more than one quarter is received by corporations,,
and only about 6 billion dollars are paid out to individuals and savings,
associations. Comparing dividends, total and originated, branch by
branch, it may be observed that the biggest recipients of dividends,
from other corporations must be within the groups of manufacturing,,
electric light and power and gas, and especially the miscellaneous
group (which includes holding companies and lessors, investment
trusts, etc.).
TABLE 26.—Total dividend paytnents, by industrial divisions
Absolute numbers (millions of
dollars)
Line

1929
1
2
3
4
5
6
7
8
9
10
11
12

Percentages of 1929

Item

27
Agriculture
425
Mining
739
Electric light and power and gas...
3,161
Manufacturing.**.....
76
Construction.... __
...
844
Transportation
172
Communication
Trade
_
626
923
Finance
135
Service.,
1,036
8,162
Total

37205-^34-

1931

1932

1930

1931

1932

1929

1930

20
303
830
3,165
109
819
199
561
803
129
1,045
7,984

21
173
751
2,289
60
602
213
433
709
95
624
5,969

21
95
578
1.288
6
342
207
176
490
69
611

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

75.5 77.8 77.8
71.2 40.8 22.3
112.2 101.6 78.2
100.1 72.4 40.8
144.3 79.2
7.8
97.0 71.3 40.6
116.2 123.8 120.8
89.8 69.3 28,2
87.0 76.8 53.1
95.5 70.3 51.4
101.0 60.2 59.0
97.8 73.1 47. ft

NATIONAL INCOME, 1920-32

TABLE 27.—Dividend payments originated, by industrial divisions
Line

Item

Absolute numbers (millions of
dollars)
1929

1930

1931

Percentages of 1929
1929 | 1930

1932

17
17
1
13
20
72
138
249
365
2
383
506
565
413
3 Electric light and power and gas—
4
2,577 2,617 1.890 1.04S
40
62
85
5
475
240
740
693
6
200
201
182
155
7
3S6
163
497
8
1 566
691
421
665
9
775
53
103
71
' 104
10
127
-10 i - M
! 187
11
5,964 j 5.705 1 4.313 2,533
12

1931

1932

100.0 1 65.0 85.0 1 85.0
100.0 68.2 37.9 19.7
100.0 137.0 122.6 92.8
100.0 101.5 73.6 4a 7
100.0 135.8 64.0
6.3
100.0 03.7 64.2 32.5
100.0 117.0 128.6 129.7
100.0 87.8 68.2 28.9
100.0 85.8 76.6 54.3
; 100.0 ! 98.8 ! C7.8 5a 4
1 100.0 1 68.0
100.0 97.2 713 | 43.4

Dividends being the elastic part of property incomes, their movement by industrial divisions reflects the differential impact of the
depression upon the various sectors of our economic system. Tho
greatest contraction in volume originated occurred in mining, manufacturing, construction, trade, transportation, and the miscellaneous group. The basic fields of mining, manufacturing, and construction have been shown to have been affected most in tho movement of other types of income. The appearance on the list of the
miscellaneous group, trade and transportation is not very significant,
since in these branches dividend income is of auxiliary importance
and as such may have been allowed to reflect degression conditions
more than would have been the case in a substantial income stream,
EleQtric light and power and gas, and the communication fields, show
the least effects of the depression.
It is of interest to note that the decline in dividends originated
has been somewhat more drastic than in dividends paid out, especially
in 1932. While the difference is rather small, it does suggest that
corporate holders of capital stock were more fortunate in their choice
than the individual holders.
Interest payments paid and originated by industrial divisions are
shown in tables 28 and 20. There is much less difference between
thetwo measures of interest payments than there is between those for
dividends, partly because there is actually much less intercorporate
holding of Donds than of stocks, partly because of the assumption
made by us that onljr government securities are held by industrial
corporations. There is thus little difference in movement between
table 28 and table 29.
TABLE 28.—Total interest payments on long-term debt, by industrial divisions
Line'

Item

Absolute numbers (millions of
dollars)
1929

Agriculture
.-.......—.*.-—
Mining
Electric light and power and gas..
Manufacturing
Construction
.
.
Transportation
Communication
Trade
Finance
.
Government
„
Service
..-..*_..—...._.Miscellaneous
Total

609
60
365
307
21
700

71
72
2,194
1,472
99
331

6,202

1930

1931

499
54
392
327
21
722
69
76
2,215
1,483
107

475
54
443
306
17
723
61
75
2,106
1,439
93
305
6,097

358

6,323

1932
459
48
452
277
13
714

64
65
1,905
1,620
81
305
5,902

Percentages of 1929
1931 11932

1929

1930

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

98.0 93.3 90.2
89.7 89.6 80.3
107.6 121.3 123.4
106.6 99.7 90.2
98.6 83.3 64.8
103.1 103.2 101.9
97.2 80.2 90.2
105.5 104.1 89.7
100.9 96.0 86.8
100.8 97.8 103.2
108.2 93.8 81.9
108.2 92.3 92.2
102.0 98.3 95.2

PROPERTY INCOME

TABLE 29.—Interest payments on long-term debt originated, by industrial divisions
Absolute numbers (millions of
dollars)
Line

1
2
3
4'
5
6
7
A
9
10
11
12
13

Percentages of 1929

Item

Mining...
......._..
Electric light and power and gas
Manufacturing . . . . . „
Construction....
...._.._....
Transportation............. . . . .
Communication.......... . . . .
Trade...........
Finance...
Government...... . . . . . . . . . . . .
8ervico
Miscellaneous...........
....
Total

1929

1930

1931

1932

1929

1930

1931

1932

509
4S
363
215
17
650
44
61
1,917
1,472
98
2S3
5,677

499
44
3SS
250
17
675
39
5S
1,958
1.4S3
106
299
5,815

475
46
440
230
14
678
38
03
1,863
1,439
92
270
5,619

459
41
450
208
11
672
53
54
1,674
1,520
80
270
5,491

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

98.0
90.1
106.9
116.6
97.4
103.7
90.1
95.7
102.1
100.8
108.3
105.5
102.4

93.3
94.5
121.4
107.4
79.3
104.2
88.3
104.3
97.2
97.8
93.9
95.5
99.5

90.2
84.4
123.9
96.7
61.6
103.3
121.8
89. S
87.3
103.2
82.0
95.5
96.7

The biggest contributors to the total fund of interest payments
are the divisions of finance (which includes payments pn real estate
mortgage debt), government, transportation (i.e., primarily steam
railroads), and agriculture, with its farm mortgages. These four
divisions account for about 80 percent of the total.
The effect of the depression upon these interest payments is observable only in a few branches, viz., construction, mining,finance,service—
allfof which, with the exception of finance, arc not very important
in the total. The public utilities as a whole, including railroad transportation, appear not only to have sustained their interest payments
but even increased them after 1929, especially the electric light and
power and gas industry. There was scarcely any change in mterest
payments by government agencies through" 193*2, and but a slight
decline, quite possibly underestimated, in the case of agriculture. As
a result, total payment of interest to individuals shows but a slight
decline in 1932 as compared with 1929; and a similar statement can
be made in regard to gross interest payments.
Since property income declined during the period under study# to
an extent more moderate than did labor incomes, it is interesting
to ascertain how these two types of payment are distributed among
groups distinguished by the size of their total income. Are property
incomes received primarily by the richer groups in our economy, and
did, therefore, the less appreciable contraction of these income streams
tend to favor the higher income classes as against the low income
groups?
# A partial answer to this question may be obtained from the tabulation of income tax returns by individuals. These returns are classified
by the size of net income reported, and for each of the net income
groups the items of wages and salaries, dividends, interest and other
income, and net rents and royalties are added up separately. The
resulting totals are complete only for individuals reporting net income
above $5,000. It may be seen, then, what proportion of the country's
total wages and salaries, dividends, interest, and rents and rovalties
paid to individuals is accounted for by these comparatively well-to-do
groups with a net income of over $5,000. The results of this comparison are shown in table 30.

NATIONAL INCOME,

1929-32

TABLE 30.—Percentage of total wages and salaries, dividends, interest, and rents
and royalties received by individuals reporting net income of over $5,000
Line

Item

1929

1930

1931

1932

61,933

47,664

39,901

3a 62V

5,179
10.0

4,406
9.2

3,320
8.3

2,072
. 6.8-

5,9*4

6,795

4,313

2.58S-

4,247
71.2

3,709
64.0

2,684
69.9

1.51356.4

5,677

6,815

6.649

5.491

1,298
22.9

1,056
18.2

775
13.7

5359.7

4,110

3,476

2,752

1,865-

649
15.8

479
13.8

306
11.1

1608.6^

WAGES AND SALARIES

Total (millions of dollars)—
Received by Individuals reporting net income over
$6,000 (millions of dollars)....:
Percentage of (2) to (1)
,
DIVIDENDS

Total (millions of dollar*)...
Received by individuals reporting net income over
$5,000 (millions of dollars)
Percentage of (5) to (4)
INTEREST

Total (millions of dollars)
Received by individuals reporting net income over
$6,000 (millions of dollars)!
Percentage of (8) to (7)
RENTS AND ROYALTIES

Total (millions of dollars)
Received by individuals reporting net income over
$5,000 (millions of dollars)
Percentage of (11) to (10)
1

Excludes wholly tax-exempt interest.

Only a small fraction of wages and salaries is reported by this
group. A much larger proportion of dividends, ranging from 71
percent in 1929 to 58 percent in 1932, is received by individuals
with net income above $5,000. The proportion in the case of interest
is appreciably smaller than in the case of dividends, but that may
largely be due to the fact that a considerable fraction of interest
payments is retained by savings banks, life insurance companies,
foundations, private universities, building and loan associations, etc.
It may be suggested that over 2 billion dollars in interest was received
by these organizations in 1929. It is difficult to say to what particular income classes the eventual benefits from these various associations accrue. But it goes without saying that were such a study
to be made, the percentage of interest payments going to the higher
income groups would have to be raised beyond those shown in table 30.
Low percentages are shown also for net rents and royalties, but herer
again, some of them are received by the savings associations; however^
there may well be considerable receipts of rents among groups with
net income below $5,000.
It must also be noted that the net-income classes usedby Statistics
of Income are based upon a net income inclusive of gains and losses
from sale of capital assets and profit and loss from business operations.
The effect of such inclusion was during recent years to shift individuals,
in the upper income levels into low net income classes. To the declineof the percentages after 1929 is therefore not to be attributed too
much significance.

PROPERTY INCOME

Table 30 suggests rather forcibly that, by and large, a much more
•considerable proportion of property incomes than of labor incomes
*» received by individuals with net income above $5,000—a group
which constitutes thericherstratum of our income recipient population.
The fact, therefore, that property incomes showed a smaller decline
than did labor incomes allows the inference that even quantitatively
the burden of the depression, when measured by decline of income
paid out, was greater upon the'tow income'classes than upon the high
income groups. That the decline in welfare which this contraction
in incomes spelt to their recipients was much greater in the case of
the low income groups than in the higher income classes, appears
l>eyond reasonable doubt.

CHAPTER V
AGRICULTURE

While the last half century witnessed a marked decline in the
importance of agriculture in the economic system of this country,
farming still occupies a place of prominence. According to the census
for 1930, the farm population amounted to 30.4 million people out of
the country's total population of 122.8 million, thus accounting for
24.8 percent; in the same year, the number of people gainfully employed in agriculture was 10.5 million of the country's total of 48.8
million, a matter of 21.5 percent.
Farm population has increased during recent years, especially
in 1931 and 1932 (see table 31). The number of .persons leaving
farms for cities declined from an annual average of 2.15 millions
during the years 1925-29 to 1.40 millions during 1930-32; while
between the same periods the average number of persons arriving1
annually at farms from cities has risen from 1.55 to only 1.6G millions.
Thus, the data suggest that the increase in farm population was due
more to the fact that the farm-reared people remained on the farm
than to city people moving to the farm. However, the depression
not only tended to discourage the farm boy and the farm girl from
going to the city and seeking employment, but practically forced
many who had gone to the city in prosperous years to return to the
farm for subsistence. The movement back to the farm or to rural
communities was probably greater than indicated by the available
data. It is a common observation that many abandoned houses and
farmsteads throughout the country have been reoccupied. These
people probably are not adequately represented in the returns on
questionnaires sent out to farmers by the Department of Agriculture.
The number of farms has shown little change; and, accordingly,
the number
of farm operators in table 31 shows scarcely any movement.2 # What did change was the opportunity open to farmers to
engage in occupations other than farming. As a result the proportion
of farm operators' time employed in occupations other than agriculture has declined, and the theoretical number of farmers devoting
full time to agriculture has risen slightly from 1929 to 1932.
Since the increase in farm population was due primarily to a larger
proportion of the growing generation staying on the farm, and the
number of farms remained approximately the same, it was reasonable
to infer that the rise in farm population resulted in increasing numbers
» See The Agricultural Situation, U.S. Department of Agriculture, May 1033, pp. 4-5.
* These estimates tend, however, to omit subsistence farms. Although agriculture on the whole has
not been a profitable industry in the post 3 years, and there has been no encouragement for expanding
agricultural production generally by the addition or new lands under cultivation, many families have
returned to the land for aid and subsistence. Consequently, while there has been no great change in the
number of farm business units, that is, in the number of farm operating units that would classify under the
census as a farm, there probably are many more people living upon the land. It is even more difficult to
secure accurate data as to the number of farms than to determine accurately the number of people living in
the country on farms. The number of farm units of 3 acres or more of land has probably increased more
than indicated by reports from farmers. But the increase has been in subsistence farming and not in
commercial agriculture.

AGRICULTURE

of farm workers, both wage earners and family labor. The estimate
for these two groups combined shows a rise of 12 percent between
1929 and 1932, from 4.3 to 4.8 millions. This rise, of course, took
place in the number of persons in these particular occupational groups,
and not in the number of persons actually employed. In the case of
farm wage earners, the only group in the farming industry for which
employment has definite meaning, the equivalent number of fully
employed (i.e., through the complete season of a farm worker's
employment) declined from about 2 millions in 1929 to 1.5 millions
in 1932.
Gross income, that is, the money value of all goods produced by
farmers, excluding crops fed to livestock, has shown a precipitous
drop from 1929 to 1932, the total decline amounting to 58 percent of
the 1929 total (see table 32). During the past quarter of a century,
the only decline in gross agricultural income at all comparable with
the present took place between 1919 (gross income of 16,935 million
dollars) and 1921 (8,927 million dollars), a drop of 47 percent.
This decline in gross income from total agricultural production was
apportioned unequally among the various groups of farm products.
The income from some groups, such as dairy products, poultry and
eggs, fruits and vegetables, did not decline as deeply as the total.
In other groups, notably grains, and cotton and cottonseed, the decline in gross income was most marked. It is of some significance that
those groups of farm products in which gross income declined least
were largely commodities of domestic consumption, commodities
which, on the whole, are little processed before sale to ultimate consumers. On the other hand, the groups of farm products in which
the decline in gross income was most marked wore commodities of
which a large share flows to the world markets and in which a considerable volume of transportation and processing intervenes before
the product reaches the final consumer.
The drastic contraction in gross income from agriculture was not
due to any material decline in the volume of goods produced by
farmers, but almost exclusively to the decline in prices received by
farmers for their produce. This is shown clearly in table 33, which
presents indexes of the quantity volume of farm production for sale
and for consumption in the farm home, production fed to livestock or
used for seed being excluded.
In two commodity groups there was an actual rise from 1929 to
1932 in the volume produced (fruits and vegetables and dairy products), while in others there was a most insignificant drop in 1932
(poultry products and meat animals). Grains did show a decline in
the quantity of output, but even that was true primarily of 1932 as
against 1931, and the decline was only a small fraction of the steady
drop shown in the dollar value of the gross income. The total volume
of output of farm produce showed but a small decline in 1932 from
1931, and was higher than that for 1929 or for 1930.
If farmers were a self-contained group, that is, if they supplied their
needs for living and production exclusively with farm products, the
decline in the money value of their income in the face of a constant
commodity volume of their production, would imply no adverse
change in their economic position (in absence of a sharp rise in farm
population). But farmers have to buy production materials and
equipment as well as a number of necessities of life from industries

NATIONAL INCOME, 1 9 2 9 - 3 2

other than agriculture; and they are carrying financial obligations,
both to private finance and to the government. The prices of all
these goods and services supplied to the farmers by other industries
have declined much less sharply than have the prices received by
farmers for their products. As a result the residual share of farm
Avrage earners and independent farm operators has suffered a marked
decline. These facts are brought out prominently in tables 34, 35,
and 36.
Table 34 shows the apportionment of agricultural gross income
Among payments to other industries, the allowance for replacement
of farm operators' capital consumed in production, and the net income
of the group engaged in farming, i.e., farm wage earners and independent farm operators. It should be noted at the outset that the
various groups of farmers' expenses are estimated by the Department
of Agriculture not as payments actually made but as deductions that
should be allowed in proper accounting in arriving at net income.
Hence, the figures in table 34 do not take account of defaults on
rent, interest, or taxes; of failure to pay for labor or for current production expenses; or of the disparity between capital expenditures
and the charges for depreciation and obsolescence*
# Payments to other industries or economic groups include not only
disbursements to manufacturers and other entrepreneurs who supply
farmers with productive equipment and materials (current production expenses), but also those to the land-owning group (rent), to the
financial organizations or individuals who supply capital (interest),
and to the government (taxes) which supplies other services. The
deductions going into all these various channels have declined between 1929 and 1932 by the following percentages: current production expenses, 45; rent, 49; interest, only 13; and taxes, only 20.
None of these declines was as marked as that in gross income, and
as a result the share of these various expenses in gross income has
risen appreciably, especially so in the case of interest and taxes.
** The total share of payments to other industries or economic groups
in the gross income increased from 34 percent in 1929 to 49 percent
in 1932. This rise took place not because farmers were buying a
volume of commodities and services larger relatively to the quantity
irolume of their output but because the prices they were paying for
these commodities and services had not fallen as low as the prices
they were receiving for their own products. This was manifestly the
case with such payments as rent and taxes. As to interest, the Department of Agriculture estimates that the indebtedness of farm
operators declined from 9,482 million dollars at the beginning of 1929
to 8,375 million dollars at the beginning of 1932.3 The average interest rate paid by farmers has thus declined from 6.02 percent in 1929
to about 5.92 percent in 1932, a relative drop of only 1.7 percent.
Similarly, prices paid by fanners for commodities used in production
declined by only 26 percent between 1929 and 1932,4 as contrasted
with a drop of 59 percent in prices received by farmers for their products. The value of farmers' current production expenses, adjusted
for price changes, thus shows a decline of 26 percent from 1929 to 1932.
i&SffittE: wSStfEStt* ^ U n U e d S t a t e S ' m i m « * " * h • * « • b * the Bureau of Agrir ^ M d % k & i 0 M P a W a n d r e c e i v e d b * farxncrs i n ™*r™t ***** o* the Agricultural Situation or

AGBICULTURE

The allowance for depreciation and obsolescence is*an estimate of
the cost of farmers' depreciable capital (buildings used in production,
farm equipment, and tools) consumed in current farm operations.
This allowance is estimated on the basis of the average life of the
capital goods in question, and may, therefore, be at variance with
the actual situation during the recent years, deeply affected as they
were by the agricultural depression. The depression may have resulted in farmers abnormally prolonging the useful life of some of
these capital goods, and thus reducing the allowable depreciation rate.
Or, some capital goods may have been discarded completely because
of the costliness of their operation, and hence the base to which the
depreciation and obsolescence rates are to be applied may be some*
what narrower than the one used in the present estimate.
Including the depreciation and obsolescence allowance as it is
presented in table 34, the combined deductions from gross income
rose from 42 percent of the total in 1929 to 65 percent in 1932. The
residual share of net income remaining for farm laborers and independent farm operators consequently shows a drastic decline. Farm
wages have, on the whole, accounted for a fairly constant ratio of
gross income through the 4 years. But the share of independent
Farm operators has not only declined in absolute figures to less than
one fourth of the amount in 1929, but has dropped in relation to gross
income from 47 percent in 1929 to 25 percent in 1932.
The constituent parts of farm wages and farm operators' net income
appear in table 35. It is to be seen that a substantial part of net
income from agricultural production is derived in the form of commodities or services. Thus, in 1929, of the total net income produced
by farm operators and workers (compensation of employees, labor
allowance of operators, and business savings), or 7,009 million dollars,
1,751 million dollars, or about one quarter, was paid in commodities
or services (1,393 million dollars' worth of commodities retained by
farmers for own consumption, 239 million dollars' worth of commodities consumed as board
by farm workers, and 119 million dollars'
worth of perquisites6 to farm wage earners). The cash received by
farmers for their products in 1929 accounted for 76 percent of the
net income produced by them and the products retained by them
for their own consumption (excluding board of farm laborers) for
only 24 percent. By 1932, the relative importance of cash and
commodity incomes had been reversed, the percentages being 32 and
68, respectively. The same result does not appear for the income
of farm workers, the Department of Agriculture assuming a constant
proportion between the value of the board and perquisites and the
cash payment to farm wage earners.
The total net income produced in agriculture includes not only the
labor income of farm owners and the entrepreneurial income of farm
operators, but also such property income shares as interest and
dividends, almost exclusively the former. The total net income produced in agriculture, when computed on a basis comparable to net
income in other industries, includes, therefore, in addition to farm
wages and operators' net income, interest payments on mortgage
indebtedness (but not payments of interest on bank loans, which are
• Lodging, laundry, use of garage or stable when furnished* and in case of married wage earners garden
plot and lodging of family.

NATIONAL INCOME, 1929-32

considered an expense paid to another industry, and not to an incomerecipient group) and a small volume of dividend payments. The
addition of these items in table 35 changes but little the movement
of net income produced.
The full significance of the decline in income from agriculture cannot be gaged until the moneyfiguresare adjusted for changes in prices
of those products on which the money incomes are spent. An attempt
to carry through this adjustment is made in table 37.
It may be seen that the income of farm workers suffered a substantial decline, even when allowance is made for a decline in the prices
of the products upon which these incomes are spent. This decline of
35 percent in total income of farm workers appears the more so; ious
when it is considered that the number, whether employed or unemployed, must have risen during the same period about 12 percent.
It is curious that the volume of T>oard since 1929 has showed little
decline, in view of the decline in the number of farm workers fully
employed. This suggests that the adjustment of the value of board
by the index of prices received by farmers "overcorrects" the figures
for the price decline.
The drop in farm operators' net income remains most substantial,
even when allowance is made for the fall in prices paid by them for
subsistence products. This decline of over 50 percent in commodity
value of their net income is to be compared with an almost complete
absence of decline in the commodity volume of their gross income*
Here again, the increased importance of commodities in the net income is obvious, commodities accounting for 79 percent of the net
income in 1932. This change was due not only to the shrinkage of
cash receipts from sales; farmers have been retaining a larger proportion of their produce for their own consumption, obviously under the
influence of the unfavorable market situation for their goods. Thus,
the quantity volume of commodities retained by farmers for their
own consumption increased by 47 percent between 1929 and 1932,
while the quantity volume of total farm output has changed little
between these two dates.
All estimates discussed in the text above deal with the net income
roduced in the farm industry, and not with income actually withdrawn
y the farm operators. The existing information does not permit a reliable estimate of income withdrawn by farmers. The most reasonable
assumption that could be made would be to consider as income withdrawn by farmers an amount equal to the wages of operators and
family labor, as estimated in table 35. Consequently, the savings
from the farm business as such would be given by the estimates in
column 3 of table 35, which show that net losses have been sustained
in 1930,1931, and 1932.
Thefiguresin tables 35 and 37 raise the question as to how farm operators subsisted in the face of the failure to earn an income sufficient
to cover even their labor services at a hired labor hand's rate. It should
be noted that net income per farm operator, even in 1929 dollars,
amounted in 1932 to slightly less than $450, afiguredistinctly below
the minimum subsistence level for a family. The answer lies in the
fact that net income from farming is not the only source of subsistence;
that farmers receive income from occupations other than farming;
that at least during 1931 and 1932 (if not during 1930) farm operators
were drawing upon their capital; tbat numerous defaults of payment

AGBIOTJLTUBE
CHAET V

INCOME BY TYPE OF PAYMENT
AGRICULTURE
BILLIONS
OF
DOLLARS
17
DIVIDENDS
INTEREST
COMMODITY I N COME OF OPERATORS

CASH INCOME
OF OPERATORS

BOARD
WAGES

1929

1930

1931

1932

EXCESS PRODUCED
EXCESS WITHDRAWN

D. a 7S03

£>\

KATIONAL INCOME, 1929-32

of rent, interest, taxes, and other obligations have occurred. Some
partial data serve to support these statements. Thus fanners'
capital expenditures on building and equipment amounted to 1,254
minion dollars in 1929, exceeding the depreciation and obsolescence
allowance in that year by 342 million dollars. In 1932, similar capital
expenditures fell to 278 million dollars, and were short of the depreciation and obsolescence allowance for that year by 527 million dollars.
The percentage of land and buildings owned by farm operators fell6
from 70 at the beginning of 1929 to 68.7 at the beginning of 1932.
Forced sales of farms for delinquent taxes, foreclosure of mortgages,
bankruptcies,
etc., were 19.5 per thousand farms in 1929 and 41.7 in
1932.7 None of these changes is registered in table 34, which is
built upon the assumption of full pavment of the various expense items
as well as of depreciation and obsolescence.
• See Income from Farm Production in the United States, mimeographed release of the Bureau of Agricultural
Economics, April 1933, tables 4 and 8.
1
See the Farm Real Estate Situation, 1931-32. Circular No. 26l, U.S. Department of Agriculture,
January 1933, table 8, p. 37.

SUMMARY TABLES, AGRICULTURE
TABLE 31.—Number of people engaged in farming
i

Percentages of 1929

Absolute numbers (thousands)
Line

Item
1929

1 Total farm population ....,,
2
3
4
5 Managers and other salaried em*
ployees.........*._..
6 wage earners—gainfully occupied..
7
8 Wage earners—equivalent full time.

1930

1931

1929

1932

30,213 30,377 3a 913 31,742
10,427 10,484 10,669 10,955
6,029 6,012 6,009 6,031
5,495 5,547 5,622 5,722
70
2,694
1,633
2,027

74
2,738
1,660
1,890

78
2,853
1,729
1.748

1930

1932

1931

100.0 100.5 102.3 105.1
100.0 99.7 99.7 100.0
100.0 100.9 102.3 104.1
100.0 105.4 111.0 116.4
100.0 101.6 105.9 111.9
100.0 101.7 105.9 111.9
100.0 93.2 86.2 73.2

82
3,015
1,823
1,484

TABLE 32.—Gross income from agricultural production by groups (at current prices)
Absolute numbers (millions of
dollars)
Line

Percentages of 1929

Item
1929

1 Grains..
1,401
.
2
1,707
3
1,547
4 Other crops (including sugar and
OOS
tobacco).......................
A
Total c r o p s . . . . . . . . . . . . . . . . . . . . . . 5,563
1,111
6
1,531
7
1,230
8
ft Dairy p r o d u c t s . . . . . . . . . . . . . . . . . 2,323
10 Other livestock and livestock prod302
ucts (including sheep and wool)
11
Total livestock and its products- 6,497
12,060
12

1932

1929

1930

1931

258
963
417

100.0
100.0
100.0

66.0
94.0
56.2

52.9
74.5
31.6

18.4
56.4
27.0

566
3,068
681
912
809
1,614

435
2,073
502
538
603
1,260

100.0
100.0
100.0
100.0

ioao
ioao

87.4
75.4
85.6
88.2
85.4
87.4

62.3
55.2
61.3
59.5
65.8
69.5

47.9
37.3
45.2
35.1
49.0
54.2

181
4,197
7,265

127
3,030
5,103

100.0
100.0

77.2
86.4
81.3

59.9
64.6
60.2

42.1
46.6
42.3

1930

1931

925
1,605
870

741
1,272
489

794
4,194
951
1,350
1,050
2,031
233
5,615
9,809

1932

ioao

TABLE 33.—Indexes of gross income from agricultural production (at 1929 prices)
Percentages of 1929
Line

l
2
3
4
5
6

Item
1929

1930

1931

100.0
100.0
100.0
100.0
100.0

79.9
80.9
79.9
101.4
107.8
99.4
95.9

101.5
103.3
72.8
101.2
103.9
103.6
103.8

ioao
ioao

1932
50.5
108.0
85.2
97.5
97.4
103.4
102.4

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 34.—Apportionment of gross income from-agricultyral production
[Millions of dollars]
1929

1930

1931

12,060
1,949

9,809

7,265
1,350
692
524
465

Item

Line

Gross income
....
Current production expenses.
Rent...—.———.—.«—-Interest
Taxes.
Total payments to other industries
Depreciation and obsolescence
Wages
...
Operators' net income >

1,83S
911

1,110

558
489
3,790
892
1,112
4,009

571
439
4,119
912
1,313
6,716

1932

3,031
843
807

2,584

5,103
1,069
670
497
389
2,625
805
623
1,250

i Includes a small amount of compensation of farm managers and other salaried employees, also cash
dividends paid.

TABLE 35.—Income paid out and produced, agriculture
Absoluto numbers (millions of
dollars)

Percentages of W 29

Item

Line

1929
1 Cash wages (including perquisites).. 1,074
239
2
Total compensation of employees.. 1,313
3
20
45
509
5
629
1,393
7 Commodity income of operators
3,126
8 Cash labor allowance of operators
Total labor allowance of operators. 4,519
9
I 6,361
10
1 1,177
11
7,538
12

1932

1929

1930 1931 1932

1930

1931

910
202
1,112
13
499
512
1,221
2,872
4,096
5,720
-100
5,620

428 100.0 84.7 61.5 39.9
660
95 100.0 84.6 61.5 39.7
147
523 100.0 84.7 61.5 39.8
807
17 100.0 65.0 85.0 85.0
17
459 100.0 98.0 93.3 90.2
475
476 100.0 96.8 93.0 90.0
492
847 1 100.0 87.9 72.9
1,015
2,203 1,613 100.0 91.9 70.5 51.6
3.21S 2,460 100.0 90.6 |71.2 54.4
4,517 3,459 100.0 69.9 71.0 54.4
-651 -1,227
3,866 2.232 ioo.6 174.6 51.3 1 29.6

TABLE 36.—Percentage distribution of income paid out. agriculture
Percentages of income paid out
Line

Item

1
2 Dividends....-...-......._....._...............................
3 Interest on mortgage d e b t . . . . . . . . . . . — . . . . . . . . . . . . . * . . . . . . . . . .
Total property income . . - _ . . . . . . . . . _ . . . . . _ . . . _ . . . . . . . . . . . , . .
4
5 Commodity income of o p e r a t o r s . . . . . . . . . . . . . . . . . . . . . . . .
6
7
Total withdrawals of operators
.
.
8

1929

1930

1931

20.6
.3
8.0
8.3
21.9
49.1
71.0
100.0

19.4
.2
8.7
9.0
21.4
50.2
71.6
100.0 1

17.0
.4
10.5
10.9
22.6
48.8
71.2 i
100.0

1932

*.i
13.3

13.8
24.5
46.6
71.1
100.0

TABLE 37.—Labor and entrepreneurial income from agricultural production (at
1929 prices)

Line

Item

Absolute numbers (millions of
dollars)
1929

1930

1931

1,074
239

1,313

964
238
1,202

819
253
1,072

623
230
853

4,303
1,393
5,696

2,936
1,443
4,379

1,926
1,750
3,676

561
2,051
2,612

1932

Percentages of 1929
1929

1930 1931

1932

FARM WAGES

Cash and perquisites
Board
.
Total

100.0 89.8 76.3
100.0 99.6 105.9
100.0 91.6 81.7

58.0
96.2
65. C

INCOME O r FABM OPERATORS

Cash
Commodity
Total

100.0 63.2 44.8 13.0
100.0 103.6 125.6 147.2
100.0 76.9 64.6 45.0

CHAPTER VI
MINES AND QUARRIES
1. THE INDUSTRY AS A WHOLE

Mines and quarries, as defined in this report, are a collective name
for all industries engaged in the extraction of minerals and metals
and in a limited processing of these products at or near the mines in
order to make them suitable for smelting, manufacturing, or other
purposes. More substantial processes of transforming the products,
such as smelting and refining of metals, the making of cement, lime,
gypsum, etc., and processing of stone are definitely excluded, as
belonging to the field of manufacturing. This definition is the one
followed by the Census of Mines and Quarries, and the data of this
census underlie a number of the estimates presented below..
The mining and quarrying industry seems at first to be a conglomeration of separate industrial groups that have little in common
with each other. Included in it are branches whose products eventually satisfy the needs of ultimate consumers, such as anthracite and
petroleum; and branches whose products are eventually transformed
into producers' goods, such as iron and some of the nonferrous ores
which form the raw materials for our industrial machinery,. In some
mining industries the product does not require much processing
before it is ready for consumption, e.g., coal; in others it goes through
numerous transformations. Some branches of the mining industry are
regionally concentrated (e.g., anthracite), others are widely dispersed
(stone quarries). Some of the mining industries are well organized and
dominated by a few large corporations; others are in a demoralized
state, resulting from interregional competition and overcapacity.
In short, there appears atfirstlittle unity in the mining and quarrying
industry as a whole. It is therefore important to study separately
the various groups in the industry.
But it is also important.to study the industry as a whole, because
in spite of all their differences the subgroups under mining and
.quarrying do have significant elements in common. They are largely
industries supplying raw materials rather than finished products,
being in this respect in the same class with agriculture. But, unlike
fanners, the producers in mining and quarrying have much greater
technical control over the volume of output; and they do supply,
more than does agriculture, the manufacturing industries which
turn out durable goods—a highly significant section of our industrial
system. The industry is also distinguished by the fact that all its
rocesses are attached to- the location of the original resources.
, liis distinguishes mining and quarrying from some manufacturing
industries which turn out semifinished products, e.g., partly raw
materials. The location factor materially influences the institutional
organization of the mining industry and colors the life of the people
who actively participate in it.

NATIONAL INCOME, 1 9 2 9 - 3 2

As judged by the number of people engaged in them, mines and
quarries and oil wells do not constitute one of the big industrial
groups. Table 38 shows an average employment in the industry in,
1929 of about 1.1 million, including the small number of independent entrepreneurs. The Census of Occupations shows about 1.15
million gainfully employed, attached to mining. On the whole, then,
the industry accounts for between 2 and 3 percent of the total gainfully occupied population of the country.
The effects of the depression are seen in a decline in the total
number of people in the industry to 60 percent of the 1929 level,
with the result that about 400,000 men have been contributed to the
army of unemployed. The decline in employment took place unequally among the various groups of employees. In the salaried
group an appreciable drop did not occur until 1931, and even by
1932 the contraction was milder than in the total. It is in the
wage earning group that the decline assumed significant proportions
as early as 1930, and by 1932 reached the greatest magnitude, a drop
of over 40 percent from 1929. This disparity in the effects of depression on the employment of the two labor groups will be found in many
other industries.
The §ross income of the mining industry, i.e., the value of their
production, has also shown an appreciable decline during the depression, as a result of both a decline in prices and in quantity volume of
output (see table 39). The quantity volume of production dropped
by 1932 to slightly over 60 percent of the 1929 level, thus moving in
rough similarity to the number of people engaged in the industry.
The dollar value of output at current prices dropped much more; by
1932, it was less than half of the 1929 figure. Indeed, the percentage
decline in the gross income from mining was even more appreciable
than that in agriculture.
Such a decline in the quantity and dollar volume of the industry's
activity was necessarily passed on to the income of the people who
participate in the industry by rendering labor services, provide its
capital, or undertake its entrepreneurial responsibilities (see table
40 and chart VI).
The total volume of net income paid out seems to have moved
with the dollar volume of gross income, declining by 1932 to 40 percent of the 1929 level. In this movement the various groups of
income recipients have fared unequally. The salaried employees
suffered no appreciable shrinkage in total income until 1931, and
were subject to the severest cut between 1931 and 1932. Wages
were reduced as early as 1930 and dropped by 1932 to the strikingly
low level of 37 percent of the 1929 volume. As usual, interest payment on fixed debt held up well, but dividends were cut sharply in
1930 and by 1932 dwindled to less than one fifth of the 1929 total.
The groups favored in the decline were salaried employees and bondholders while the burden of the contraction fell most heavily on wage
earners and stockholders, the results being obviously much graver
in the case of the former group than in the latter. This disparity
in the contraction movement resulted in a shift in the percentage
distribution of income paid out, as shown in table 41.
While net income paid out declined as much as gross income, even
such incomes as were paid could be sustained only by drawing upon
the industry's capital and former savings. Table 40 shows that even

MINES AND QUARRIES
CHART VI

INCOME BY TYPE OF PAYMENT
MINES AND QUARRIES

MILLIONS
Of
DOLLARS

2200

INTEREST

3000
DIVIDENDS

-11800
ENTREPRENEURIAL
WITHDRAWALS
OTHER LABOR INCOME
SALARIES

-|I600
-U400
-11200
H 1000.
-J 800

WAGES

H600
H400

-Uoo

1929

1930

1931

1932

EXCESS PRODUCED
EXCESS WITHDRAWN

37265—34
ft

&D7485

£\

NATIONAL INCOME, 1929-32

in as prosperous a year as 1929, the industry as a whole had negative savings, the income paid out being larger than the total profits
made in that year. The extent of these negative savings of corporations and individual entrepreneurs increased during 1930 and 1931,
although it must be noted that the estimate of savings of individual
entrepreneurs is at best a well-considered guess. The volume of these
negative savings was cut in 1932, but this indicated change should
be considered with much reservation.
At any rate, the income produced in the industry (as distinct from
net income paid out) declined much more than did the gross income.
Income produced covers primarily labor expenses, current service on
capital debt, and entrepreneurial incomes. It does not cover such
business expenses as taxes, rents and royalties, cost of materials and
supplies,, and depreciation and depletion charges. It is obvious that
the much greater decline of income produced as compared with gross
income is an indication of the fact that these other cost items failed
to drop as much as did the value of output. This should have been
true of rents and royalties, some of the taxes, and especially of the
depreciation charges. Thus, according to Statistics of Income, corporations in the mining and quarries group paid in 1929, 91 million
dollars in taxes other than income tax, and charged off 228 million
dollars for depreciation. By 1931, taxes declined to 74 million dollars,
and depreciation charges to 195 million dollars, a drop of about 20
and 15 percent, respectively. But the decline in gross income during
this 2 year period amounted to 47 percent. The considerable weight
of the comparatively rigid cost elements in the mining and quarrying
industry must have been greatly responsible for the negative savings
shown, and must have contributed to the severe contraction in the
volume of operations, employment, and income paid out.
, The difference in the severity of the decline in the incomes of the
salaried and wage earning classes appears to be especially clear when
we compute changes in per capita salaries and wages, and compare
them with the movement of the Bureau of Labor Statistics index of
the cost of living (see table 42). It may be seen from table 42
that those salaried employees who were fortunate enough to stay on
the pay roll were enjoying an income of the same and even augmented
purchasing power (if the cost of living index may be taken as characteristic of the living expenses of the salaried class). On the contrary,
among wage earners, even the fortunate minority that remained
employed had its average compensation cut beyond the decline in the
cost of living. The resulting drop in the purchasing power of the per
capita wage was more marked in 1931 than it was in 1930, and became
still worse in 1932 as compared with 1931.
2. SUBGROUPS UNDER MINING AND QUARRYING

The differences in organization and economic characteristics of the
various subgroups under mining and quarrying suggest a significant
divergence m the movement of employment and mcomes in these
subgroups. Table 43 which presents estimates of employment indicates clearly the magnitude of this divergence.
The total number of employees shows the most drastic decline in
metal mines, with nonmetal mines and quarries a somewhat removed
second. Both of these groups supply primarily raw materials that

MINES AND QUARRIES

go into industrial machinery, construction, and generally durable
goods. On the other hand, anthracite mines and oil and gas wells,
whose products find preponderant use directly among ultimate consumers, show a smaller contraction in employment. But it is surprising that in the bituminous coal mines, which produce what is
primarily an industrial raw material, employment registers the
smallest decline of all. This suggests that in this group, more than
in any other, an attempt must have been made to retain workers on
the pay roll, possibly by reducing the.working time and sharing work.
Of the two groups of employees, the salaried workers have suffered
a smaller contraction in employment than the wage earners in every
group with the exception of bituminous coal mining. This exception
may again be due to the fact that the reduction of the working time
and the sharing of work in this industry was practiced primarily
among' the wage earners rather than among the salaried people.
At the other extreme stands the group of oil and gas wells, in which
the contraction in the number of employed wage earners appears to
have been as drastic as in the nonmetal group, while the number of
salaried employees was cut only half as much as that of wage earners.
The difference in the severity of the decline in employment in the
various mining industries was due largely to differences in the impact
of the depression upon their gross income (see table 44).
The smallest decline in gross income occurred in anthracite mining,
which group showed a drop from 1929 to 1932 slightly over 40 percent. The severest drop/occurred in metal mines in which the gross
income in 1932 was only one sixth of the total in 1929. In the oil
and gas wells group the drop in 1930 and 1931 was as great as (or
greater than) in the other groups, with the exception of metal mines;
out by 1932, their gross income, when converted into a percentage of
the 1929 level, made the second best showing. By and large then,
the movement of gross income in the mining industry showed the
expected differences between producers' and consumers' goods. The
eculiar movement of gross income in oil and gas wells may have
een due to the fact that in this part of the mining industry, under
the competitive organization that prevailed in the early years of the
depression, the individual producers could not curtail output sufficiently for fear of the loss of oil by the pumping activities of the
neighboring wells or by seepage.
When the estimates of gross income are presented in quantity units
the picture changes somewhat (see table 45). With one significant
exception, viz., gold, all mining groups show a substantial decline in
the volume of output. The decline was smallest in natural gas and
petroleum, with anthracite a somewhat distant third. In iron ore,
copper, and other metals volumes of output reached strikingly low
levels in 1932.
With such a drastic decline in money and commodity volumes of
output, there naturally came a severe contraction in the income paid
to labor, capital, and entrepreneurial activity (see table 46). The
decline in the volume of wages paid was much more severe in every
mining group than was the contraction in the volume of salaries.
Especially striking was the drop of wages in metal and the nonmetal
groups, while the anthracite group shows again the mildest decline
in income paid out. The same difference in the severity of the decline
is shown by the five branches of the industry in totaflabor incomes.

NATIONAL INCOME, 1929-32

The amount of property incomes which originated in the industry (i.e., amount paid out minus the property income derived from
security holdings of the concerns in the group) has also shown a
drastic decline, but this decline took place primarily in the elastic
area of property incomes, viz., dividend payments (see table 47). In
theflowof dividends there was the familiar difference in the severity
of decline between the more favorably situated branches, such as
anthracite and oil and gas, and the most affected branches, such as
the metal mining industry. In interest payments on fixed debt
the movement was quite different. The amount originated has
increased in anthracite and in metal mining; partly because the payments could not be reduced without throwing the enterprises into
bankruptcy, partly because of liquidation of fixed interest securities
held by the concerns (government bonds), and the consequently
greater extent to which interest payments on outstanding bonds
were made out of the results of the industrial processes proper. The
.•relative proportion of interest payments to dividend payments
seems to be highest (in 1929) in the coal mining groups, and lowest
in metal mines. It is, therefore, of significance that metal mines
were the only group in which the declme in property income was
more drastic than that in gross income (compare with, table 44). In
all other branches the tendency was for the decline in property income
to be smaller than the drop in gross income.
# It is interesting to observe the effect of the depression on the relative share of various types of income in the total volume paid out
•(see table 48). Salaries claimed an increasing proportion of that volume in practically every branch of the industry, this being especially
true in metals, nonmetal mines, and the bituminous coal group.
Wages showed a decline in most branches (anthracite, bituminous coal,
•oil and gas, and even nonmetal). Only in metal mines, which suffered
the most drastic decline in the flow of total income, the relative share
of wages shows a rise: The share of property income remained fairly
•constant in most branches, with the exception of the metal group, in
which it shows a marked decline. By and large then, it is the salaried
gfoup, and the bondholders who were favored during the general
decline in incomes. The wage earning group seems to have lost
ground; and since for them contraction was from an absolutely low
level with which the group started, there must have been a striking
increase of the economic burden carried by the wage earning group.
The decline in total income paid out in various branches of the
mining and quarrying industry ranges from 44 to 47 percent in
anthracite and oil and gas, to 84 percent in metal mines (see tablfc
.49). But great as this contraction in incomes was, it was prevented
from being still more drastic through a draft by the enterprises upon
their capital and former savings. Unstable as the income flow proved
to be in the industry, the firms did make some contribution toward
stability by drawing upon their capital and not allowing income paid
out to decline as much as did income produced. The largest absolute
amounts drawn in such fashion from capital are recorded for the oil
and gas wells and the metal mines. By 1932 the metal and nonjnetal mines were paying incomes primarily out of capital, the percentage ratio of business losses to total income paid out being over
200 in metal mines and about 90 in nonmetal mines. The smallest
relative contribution out of capital was made in the anthracite

MINES AND QUARRIES

group. It must be remembered, however, in all this discussion that
the determination of business savings is subject to all the limitations,
of corporate accounting. The only correction introduced was ta
subtract profits and losses from sales of capital assets. As a result
business savings are computed under conditions assisting preservation of the nominal value of capital; thus, e.g., the depreciation and
obsolescence charges are likely to be kept the same, since in these
years there was seldom revaluation of fixed, wastable assets. It
is thus possible to show negative savings in a situation ^vhich, if a
structural revaluation of assets were to take place, might haveshown a positive business saving.
In comparing table 49 with table 44 one sees that in every single*
branch of the mining industry, income produced has declined much
more than gross income. This indicates that the total of cost items,
other than those recorded under income produced (cost of materials
and supplies, taxes, depreciation and depletion charges, rents and
royalties, short-term interest payments, etc.) must have declined to a
smaller extent than did the industry's gross income. Even income paid
out (as distinct from income produced) has declined in most branches
as much as did gross income, if not slightly more (with the exception of
the oil and gas group).
The full oearing of the reduced incomes upon the industry's employed workers can be measured when the per capita^ salary or wage is
compared with some approximation of the cost of living. The comparison in table 50 shows that the salaried employees who remained
on the pay roll enjoyed increased purchasing power in all the branches
except nonmetals; and that the same was true of wage earners in anthracite mines and oil and gas wells. But in the other three branches,,
especially bituminous coal mines, the per capita compensation declined
much more than did the cost of living as measured by the Bureau of
Labor Statistics index. This particularly conspicuous effect of the
depression on the per capita wage in bituminous coal mines (one
would expect to see the average wage in metal and nonmetal mines
and quarries take the lowest dip) confirms the suggestion made above
concerning the possible prevalence of work sharing among wage
earners in bituminous cool mines. It is also worth noting that the
lowering of the purchasing power of the average wage in bituminous
coal, metal mines, and nonmetal mines and quarries was becoming
progressively worse from year to year. The purchasing power of the
average wage was, in each of these three branches, lower in 1930 than
in 1929, lower in 1931 than in 1930, and lower in 1932 than in 1931.

SUMMARY TABLES, M I N E S AND QUARRIES
T A B L E 38.—Number of people engaged, mining

and quarrying

industry

Percentages of 1929

Absolute numbers
Item

Line

1930

1931

1932

98,124
867,642
965,766
14,109
979,875

83,903
720,527
804,430
14,109
818,539

67,882
562,257
630,139
14,109
644,248

1929

1 Salaried employees.......... 98,613
2 Wage earners..
. . . ._ 956,547
Total number of employees. 1,054,160
3
14,109
4
Total number engaged
1,068,269
5

1929

1930 1931 1932

100.0 09.5 85.1
100.0 90.8 76.4
100.0 91.6 76.3
100.0
ioao 100.0
91.7 76.6
100.0

T A B L E 39.—Gross income, mining and quarrying

68.8
58.8
59.8
100.0
60.3

industry

Absolute numbers
Item

Line

1 Total value of production (thousands of dollars).
2
3 Index of quantity production (1929 •• 100)

1929

1930

3,989,254
100.0
100.0

3,247,912
81.4
86.1

producer \

T A B L E 4 0 . — I n c o m e paid out and

1932

1931

1,717,760
43.1
61.7

73.0

mining and quarrying industry

Absolute numbers (thousands of dollars)

Percentages of 1929

Item

Line

1930

1929
1
2
3
4

Wages—
.
Other labor i n c o m e . . . . . . . . . . . .
Total compensation of employees.................
5 Dividends
.......
6 Interest..............
Total property Income paid
7
out....
............_
8 Withdrawals of entrepreneurs.
9
Total income paid out . . . .
10 Corporate savings
~
11 Business savings of individuals.
Total income produced
12

1931

1932
60.8
37.4
62.2

62.5
37.9
94.5

41.3
19.7
84.4

292,631 184.191 112,789 ioao 7a7 44.5
73,222
69.334
46,673 100.0 104.3 98.7
1,778,774 1.277,612 836,658 100.0 83.8 60.2
-336,868 -380,528 -262,253 100.0
-127,368 -165,268 -47,294
1,314,538 731,816 527,111 ioao 7 a i 39.0

27.3
66.3
39.4

1,639,176 1,412,921 1,024,087
365,323 249,060 138,473
48,359
43,571
45,718

T A B L E 41.—Percentage distribution

1929 1930 1931
87.4
57.7
79.2

246,881 242,774 215,735
1,366,566 1,146,124 ' 787,966
25,729
24,023
20,386

413,682
70,217
2,123,075
-214,639
-32,801
1,875,635

1932

of income
industry

paid

15,031 100.0 98.3
83.9
511,261
16,004 ioao 93.4
100.0
86.2
677,296
71,964 100.0 68.2
90.1
40,825

ioao

out, mining

and

28.1

quarrying

Percentages of Income paid out
Line

Item
1929
Salaries
Wages
Other labor income
Total compensation of employees.
Dividends
Interest
Total property income paid out..,
Withdrawals of entrepreneurs
Total income paid out

11.6
64.3
1.2
77.2
17.2
2.3
19.5
3.3
100.0

1930

1931

13.6
64.4
1.4
79.4
14.0
2.4
16.6
4.1

16.9
61.7
1.6
8a2

ioao

las

3.6
14.4
5.4

1932
17.9
61.1
1.9
81.0
8.6
4.9
13.5
5.6
100.0

M I N E S A N D QUABRIES
T A B L E 4 2 . — P e r capita

income

of employees,

mining

and quarrying

Absolute numbers
1929
1
2
3
4

Percentages of 1929

Item
1930

1931

1932

Salaried employees.....
. . . . . $2,504 $2,474 $2,571
Wage e a r n e r s . . . . . . . . . . .
. . . . . . . 1,430 1,321 1,094
AH active employees.......
. . . . 1,531 1,438 1,248
Bureau of Labor Statistics cost of
living index....
.

Line

DETAILED TABLES, M I N E S A N D
T A B L E 4 3 . — N u m b e r of employees,

various branches
industry

1929

88.3
63 6
68 5

100.0 97.4 88.9

80.4

QUARRIES

of the mining

quarrying

Percentages of 1929

1930

1932

1929

1930 1931 1932

8*3701
23,6861

Wage earners, anthracite...
Wage earners, bituminous.
Wage earners, metal
Wage earners, nonmetal...
Wage earners, oil and gas...

146,603 136,927
460,192 429,819
119,76fl 99,644
96,471 81,325
132,5161 119,927

Total number of employees, anthracite.
Total number of employees, bituminous......*..................
....
Total number of employees, metal
Total number of employees, nonmetal..
Total number of employees, oil and gas.

483,87ffl
129,523
107,988^
177,79a

T A B L E 44.—<?roaa income

1931

8,411 7,803 6,361 100.01 loael 93.2
21,491 19.144 15,608 100.01 9 a 71 80.8
9,758 9,406 6,979 4,651 100.0 96.4 7L5
11,617 11,247] 9,389 7,37ffl 100.(M 97.7 81. fl
45,283 47.669 4 a 589 33,992] 100.(W 105.1 89.6]

Salaried employees, anthracite...
Salaried employees, bituminous.
Salaried employees, metal
Salaried employees, nonmetal
Salaried employees, oil and gas..

118,015
382,8HM
70,781
65,021
83,83«

91,627
310,169
43,714
47,271
69,4761

76.0
65.5
47.7
64.0
75.1

100.01 93.4 sad 62.5
100.01 93.4 83.2 67.4
100. CM 83.2 59.1 36.5
100. ty 84.9 67.4 49.0
loao) oas] 63.31 52.4

154,973 145,338 125,8171 97,968 100.01 93.8 81.21 63.2
451,31W 402,024
109,050] 77,76ffl
92,572] 74,41«
167,4961 124,419

at current prices, various
quarrying
industry

100.CM
100. q
100.(H
103.468 100. (M

325,677
48,365
54,641

branches

Absolute numbers (thousands of
dollars;

93.3 83.1 67.3
84.2 60. tf 37.3
85.7 68.3 50.6
58.2
94.21

of the mining

and

Percentages of 1929

Item
1929

1
2
3
4.
5

and

Item
1929

Titan

1930 1931 1932

100.0 98.8 102.7
100.0 92.4 76.5
100.0 93.9 81.5

Absolute numbers
Line

industry

1930

384,854 353,681
966,694 807,189
633,821 396,138
407,462 347,565
Value of production, nonmetal
Value of production, oil and g a s . . . 1,696.423 1,343,339
Value of production, anthracite—
Value of production, bituminous—

1931
295,568
597,417
224,373
263,849
732,413

1932
221,676
422,445
105,848
143,019
824,772

1929 1930 1931 1932
100.0
100.0
100.0
100.0
100.0

91.9
83.5
62.5
85.3
84.1

76.8
61.8
35.4
62.3
45.9

57.6
43.7
16.7
35.1
51.7

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 45.—Quantity of output, various branches of the mining and quarrying
industry
Absolute numbers (thousands)
Line

Percentages of 1929

Item
1930

1929
73,828
Anthracite
short tons..
Bituminous
.
do.... , 534,989
Copper.
. . . . . . . . . . . . . p o u n d s . . 12,002,863
672
Lead
short tons..
612
Zinc
do—
2.208
Gold
.
troy ounces..
61,328
Silver
do....
75,603
Iron
...long tons..
Stone
short tons.. 141,110
4,347
Clay
.
*
..—do.—.
3,761
Phosphate rock
long tons..
Sand and gravel
short tons.. .222.572
2,437
Sulphur .
long tons..
Petroleum................barrels.. 1,007,323
Natural gas
M cubic feet.. 1,917,693

1931

1932

69.385 59,646 49,900
305.667
467.526,
,394,3S9 1,042,711 544,010
255
390
574
207
292
489
2,449
2.396
2.286,
50,748 30.932 23,981
5,331,
55.201 28,516
126,996, 97,933 66,234
2,519
1,618
3,963
2,535
1,701
3,926
197,052, 153,479 89,000
1,990
1,109
1.377
898.011 851,081 781,845
1,518.000
,943,421

1929 1930 1931 1932
100.0
100.0
100.0
100.0
100.0
100.0
100.0

ioao
100.0
100.0

ioao
100.0
100.0
ioao
100.0

94.0
87.4
69.6
85.4
79.9
103.5
82.7
73.0
90.0
91.2
104.4
88.5
81.7
89.1

80.8 67.6
71.4, 57.1
62.1 27.2

58.0 37.9
47.7 33.8
108.5 nao
SO. 4
37.7 39.1
7.1
69.4 46.9
67.9 37.2
67.4 45.2
69.0
56.5 4a o
84.5 45.5
101.31 87.9 77.6
79.2

TABLE 46.—Total compensation of employees, various branches of the mining and
quarrying industry
Line

Item
Salaries, anthracite.... . . . .
.....
Salaries, bituminous. .
Salaries, metal
Salaries, nonmetal..............
..
Salaries, oil and gas
Wages, anthracite
Wages, bituminous .
.
...
Wages, metal .
.
Wages, nonmetal.....
.
.....
Wages, oil and gas
Total compensation of employees, anthracite
Total compensation of employees, bituminous
Total compensation of employees.metalJ
Total compensation of employees, nonmetal..................
..........
Total compensation of employees, oil
and gas

Absolute numbers (thousands
of dollars)
1929

1930

1931

21,282
58,647
27,342
31,765
107,845

20,121
52,095
25,518
29,928
115,1121
218,972
468,791
143,952
94,174
220,235

18,858
44,065
18,076
23,172
111,564
171,046
331,556

576,619
184,554
118,756
25a 549

1932

Percentages of 1929
1929 1930 1931 1932

14,848 100.0
34,336 100.0
11,241 ioao
15,470| ioao
74,1361 100.0
125,3621 ioao
205,276 ioao
39,864 ioao
63.416 34,677 load
139,268 106,0821 ioao

260,964 242,813 193,465 143,3591

ioao

94.5
88.8
03.3
94.2
106.7
92.8
81.3
78.0
79.3
87.9

88.6 69.8
75. if 58.5
66.1 41.1
72.9 48.7
103.4 68.7
72.5 53.1
57.5 35.6
44.8 2L8
53.4 29.2
55.6] 42.3

93.0 74.1 519

647,410 531,883 385,169 246,745 ioao 82.2 59.5 38.1
24.3
214,780 171,956 102,626 62,1291 ioao
sail 47.7
152,646 125,986 88,140 51,171 10a0 82.51 67.7 33.5
362,948 339,798 254,293 183,398

ioao

93.61 7a i

60.5

TABLE 47.—Property income originated, various branches of the mining and
quarrying industry
Line

Item

Absolute numbers (thousands
of dollars)
1929

Dividends, anthracite
| 15.607
Dividends, bituminous
26,843
Dividends, metal
, 195,077
Dividends, nonmetal
58,405
Dividends, oil and gas
69,391
Interest, anthracite
8,646
Interest, bituminous
. . . . 16,935
Interest, metal
,
2,315
Interest, nonmetal
10,615
Interest, oil and gas
9,848
Total property income paid out, anthracite
, 24,253
Total property income paid out, bituminous-............... ...
. . . t 43,778
Total property income paid out, metaCl 197,392
Total property income paid out, nonxnetaL.
69,020
Total property income paid out, oil
and gas.
79,239

1930

1931

1932

Percentages of 1929
1929 1930 1931 1932

9.420 7.067 100.0 84,6 60.4 45.3
15.584 7,528 100.0 89.4 58.1 28.0
37,788 6,427 ioao 47.6 19.4 3.3
38.479 19,882 ioao 68.9 65.9 34.0
37,202 31,060 100.0 113.9 53.6 44.8
10,523 9,269 100.0 93.2 121.7 107.2
13,103 10,996 100.0 87.1 77.4 64.9
5.587 5,405
136.2 241.3 233.5
5,534 5,562 ioao 86.2 52.1 62.4
10,971 9,593 100.0 85.8 111.4 97.4
100.0
21,263 19,943 16,336 ioao 87.7 82.2 67.4

13,202
23,998
92,571
40,245
79,044
8,061
14,762
3,153
9.151
8,454

38,750 28,687 18.524
95.724 43,375 11,832
49,396 44,013 25,444

ioao
ioao
ioao

88.5 65.5 42.3
48.5 22.0 6.0
71.6 63.8 36.9

87.498 48,173 40,653 100.0 110.4 60.8 61.3

MIKES AND QUABEEES

TABLE 48.—Percentage distribution of income paid out, various branches of the
mining and quarrying industry
Percentages or income paid out

Line
1
2
3
4
5
6
7
8
9
10

Item
Salaries, anthracite.. . . . . . . . .
..........—..-...
Salaries, bituminous......*.......
.".....
....
Salaries, m e t a l . . . . . . . . . . . .
Salaries, oil and gas
Wages, anthracite

..
..
.

......

Wages, metal...

........

.....

._.........:.

..........
..........

11 Total property income paid out, anthracite
.
.....
12 Total property income paid out, bituminous.........
.......
13
paid out, meiai......
metal.......
....
JO i Total
.total property income paia
.....
....i
14
Total property
property income
income paid
paid out,
^ . . . . . . . . n .I
14 Total
out, nonmetal..^...
nonmetal
15 J Total property income paid out, oil and gas

1931

1930

1929

1932

7.5
8.4
66
14.1
21.5

7.6
9.1
9.5
16.7
23.5

8.8
10.5
12.3
17.1
30.7

9.3
12.8
17.5
19.7
28.0

82.7
82.8
44.7
52.6
50.0

82.8
81.5
, 53.6
* 52.5
44.9

sa o

78.4
76.5
62.0
44.1
40.1

79.3
56.4
46.9
38.3

10.2
6.9
18.4
is.«
32.8
15.4

9.3
8.0
6.9
6.7
35.7 ..29.6
<w./i
».o
32.5
27.5
32.5
13.3 I
17.8 | 13.3

8.5
6.3
47.8
u
o
30.5 1
15.8

TABLE 49.—Income paid out and produced, various branches of the mining and
quarrying industry
Line

Absolute numbers (thousands
of dollars)

Item

1930 ! 1931

1929

Percentages of 1929

1932 ' 1929 .1930 1931 1932

'' i

1
285,609 • 264,446 213,755 159,969
2
'696,748 575,570 418,032 268,522
3 Income paid out, m e t a l . . . . . . . . . . . . 413,049 268,506 146,481 64,321
4
225,977 • 179,444 135,298 78,715
5 Income paid out, oil and gas. .'.. 501,264 •490,331 363,552 264,637
Savings, anthracite*....
7
8 Savings, metal
9 Savings, nonjnetal
10 Savings, oil and gas_

......

11 Income produced, anthracite
12
13 Income produced, metal...........'
14
15

92.6
82.6
65,0
794
97.8

'74.8
-60.0
35.5
59.9
72.5

56.0
38.5
,15.6
34.8
52.8

256,793 204.032 146,875 100.0 «94.S
513,446 356.542 229,442 100.0 79.4
• 155,407 38.368 -57,714 loao 4Z8
76.9
155>684 82,062 25,286
232,733 50,318 182,728 100.0 59.5
100.0

75.1
55.2
10.6
40.5
12.9

54,0
35.5

100.0
100.0
100.0
100,0
100.0

-13.783 -7,653 —9,723 -13.094
- 5 a 340 -62,124 .-61,490 -39,080
-49,834 -113,101 -108,113 -122,035
-23,602 -23,760 -53,236 -53,429
-109,881 -257,698 -313,234 -81,909
271,826
646,406
363,215
202,375
391,383

^
12.5
46.7

TABLE 50.—Per capita income of employees, various branches of the mining and
quarrying industry
Xine

Item

1929

Absolute numbers
1930

1931'

1932

Percentages of 1929

1929

1930 1931 1932'
*

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

- $2,543 $2,392 $2,417 $2,334
2,476 2,424 2,302 2,214
2,802 2,713 2,590 2,417
2,758 2,661 2,468 2.099
Average salary, nonmetal
*
2,382 2,420 2,749 2,181
Average wage, anthracite.........—. 1,810 1,599 1,449 1,368
662
866
1.253 1,091
912
Average wage! metal
. . . . . . . . . . . . . 1,541 1,445 1,168
734
975
Average wage, nonmetal............. 1,231 1,158
1,891 1,836 1,661 1,527
Average compensation of all active
1,661 1,645 1.509 1,431
Average compensation of all active
934
736
1,313 1,154
Average compensation of all active
1.636 1,554 1,296 1,057
Average compensation of all active
1,394 1,341 1,164
918
Average compensation of all active
employees, oil and g a s . . . . . . . . . . 2,016 2,002 2,016 1,742
Bureau of Labor Statistics cost of
Average salary, anthracite

95.0
93.0
92.4
89.5
115.4
90.0
69.1
75.8
79.2
87.8

91.$
89.4
86.3
76.1
91.6
85.0
52.8
59.2
59.6
80.8

100.0 99.0 90.8

86.2

100 0
100.0
100 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

94.1
97.9
96.8
96.5
101.6
99.3
87.1
93.8
94.1
97.1

100.0 87.9 71.1

56.1

ioao

646

95.0 79.2

100.0 96.2 83.5

65.9

ioao

86.4

100.0 97.4 88.9

80.4

ioao

99.3

CHAPTER VII
ELECTRIC LIGHT AND POWER AND MANUFACTURED GAS
The electric light and power industry sells the bulk of its product
to industrial and commercial consumers, while the manufactured gas
industry satisfies largely the needs of domestic consumers. We
should, therefore, expect the impact of the depression to be more
pronounced in the electric light and power industry, and to some
extent this expectation is confirmed by the estimates in tables 51 to
57. That the difference in the movement of incomes in the two
industries was not greater than that shown, appears to be due to the
contrast between the industries in the rapidity of their growth. The
increase in the use of electric light and power during recent years was
appreciably greater than the growth in the consumption of manufactured gas. Thus gross revenues
of electric light and power
stations tripled between 1919l and;1929, and the number of kilowatthours sold was, in 1929, 2.6 times the 1919 figure. On the other
hand, the value
of products of the manufactured gas industry in 1929
was only 1.62 times the 1919 value.
The Census of Occupations for 1930 shows 114,930 gainfully occupied classified under gas works, and 289,255 classified under electric
light and power plants. This yields a total of 404,185; a number
almost 70,000 in excess of the average number estimated employed
during 1929 (see table 51), the excess being shown primarily for the
manufactured-gas industry. The comparison suggests that some
unemployment characterized the latter industry even in 1929.
The decline in the number of'employees shown in table 51 is on the
whole rather moderate, and appears to have occurred later than in
most basic industries. A marked contraction of employment did not
occur until 1932, and even in that year it was mild .when, compared
with the decline of 40 to 60 percent observed in mining.
The explanation of such a comparatively favorable showing of
employment in the two industries lies in the movement of their
revenues and gross products (see table 52). In the electric light
and power field, the number of kilowatt-hours sold to domestic
consumers showed a marked rise from 1929 to 1932, while the volume
of energy sold at retail to commercial consumers was larger in 1930 and
1931 than in 1929, and only slightly below the level of the latter year
in 1932. True, the number of kilowatt-hours sold at wholesale to
commercial consumers showed an appreciable decline of 30 percent
by 1932. But since the rates to domestic service and to commercial
consumers at retail are higher than the wholesale rates, the total
revenue, as contrasted with kilowatt-hours sold, was larger in 1930
and 1931 than in 1929, and only 5 percent below the level of the latter
year in 1932. In manufactured gas, neither the revenue nor the
1

See Survey of Current Business, Annual Supplement for 1932, pp. 142-143.
' See Census of Manufactures, successive issues, 1919-29.

ELECTRIC LIGHT AND POWER AND MANUFACTURED GAS

CHART VH

INCOME BY TYPE OF PAYMENT
ELECTRIC LIGHT AND POWER AND GAS

MILLIONS
OF
DOLLARS

II600

TT*
INTEREST

[

I
I

A| . |
Kraal

|
^J

V Hi
DIVIDENDS

I400

|
I

I000

I N

IffiM

WBS&im

I
I
I
I

K^U
KP5H
«JgPM
K3£H

B^M

B ^ H
KJ3
•&»

I200

\ I
v
I
\I
\l

800

600
OTHER LABOR INCOME!

r***»J
400

SALARIES & WAGES

200

I929

I930

I93I

I932

I00

EXCESS PRODUCED

(0
EXCESS WITHDRAWN

HlOO
H200

J 300
OQ748B &\

t)4

NATIONAL INCOME, 1929-32

number of cubic feet sold, showed a marked decline until 1932, in
which year both volumes were about 10 percent below the 1929 level.
The contraction in labor incomes paid out by electric light and
power plants was moderate in comparison with the cut in salaries
and wages in other industrial fields. But in view of the very slight
decline in operating revenue, this reduction in labor incomes appears
to have been a response bjr the industry to the general fall in prices
and depressed conditions in the labor market rather than to the
pressure of declining gross incomes. This is especially true of the years
1931 and 1932. In the former, labor incomes fell to 97 percent of
1929 levels while revenues were above the 1929 total. In 1932, total
compensation of employees fell to 71 percent of the 1929figurewhile
revenues were down to only 94.5 percent of 1929.
As contrasted with labor incomes, property incomes paid out by the
electric light and power industry rose to considerable heights in 1930
and 1931 as compared with 1929, and even in 1932 were in excess of
the 1929 volume. Curiously enough this rise was taking place at the
time^ when the enterprises were drawing upon their capital and
previously accumulated surplus, this draft being especially large In
1930 and 1931.; As a, result, while income paid out rose more and
fell less than did operating revenue (except during 1932),. income
produced showed a, much greater decline than gross income.
'
Similar tendencies were characteristic of the gas industry (s£e
table 54). Here also labor incomes, while they show no appreciable
drop until 1932, declined in that year much more than did operating
revenue. Here also property incomes paid out showed a substantial
rise as compared with 1929, and in distinction from the electric light
and power industry, showed no decline even in 1932. Here also the
payments of income exceeded the volume of income produced, so
that even in 1929 a corporate negative saving appears to have been
sustained. The volume of the latter increased markedly in 1931, and
became still larger in 1932.
As a result of such movements, the relative share of labor income
in the total paid out declined materially (see table 56). In the
electric light and power industry the share of labor income declined
from about 40 percent in 1929 to about 30 in 1932; in manufactured
gas there is a similar drop from 47 percent to 37. The share of
property income paid out gained accordingly.
The per capitafiguresfor labor incomes (see table 57) indicate that
there has been no reduction in average compensation until 1932; arid
that in the latter year the reduction in labor incomes took place
primarily by a reduction in employment. Throughout the period,
but especially in 1930 and 1931, the purchasing power of the compensation paid to the employees on the pay roll was higher than thfct

SUMMARY TABLES, ELECTRIC LIGHT AND POWER AND
MANUFACTURED GAS
TABLE 51.—Number vf employees, electric light and powerand gas industries
Absolute numbers
Line

1929

1930

Number of employees-electric
light and power
„
271,796
64,639
Total number of employees in
the industry.
336,435

! § Si

l
2
3

Percentages of 1929

Item
1931

1932

1929

1930

1931 1932

259,842 225.557 100.0 103.0 95.6
62,182 56,947 100.0 99.2 96.2

83.0
88.1

322.024 282,504 100.0 102.3 95.7

84.0

TABLE 52.—Gross income, electric light and power and gas industries
Absolute numbers
Line

Percentages of 1929

Item
1929
Revenue from ultimate consumers—electric light and power
(thousands of dollars)
1,038,521
Kilowatt-hours sold—electric light
and1 power (millions):
9,774
Domestic service
Commercial, retail
13,108
Commercial, wholesale.-*.] 44,326
Railroads, street and inter5,047
urban..
„ <
,„«) Total
75,294
Revenue from ultimate consumers—gas (thousands of dollars):
Domestic.
340,449
(6) Industrial and commercial
89,685
Total.
444,115]
Cu& feet sold—gas (millions):
281,201
Domestic...
Industrial and commercial. 103,490)
401,154
Total

1930

1931

1932

1929 1930 1931 1932

100 0 102.71 101.5

,990,956 1,967,034

94,5

11,986 100.0 112.7 120.5 122.©
12,930 100.0 106.4 105.5 98.5
31,187 100.0 93.9 85.9 70.4

11,019
13,944
41,619

11,784
13,827
38,098

4,990
74,908

. 4,607
71,688

341,741
87,877
446,756

335,429
82,298
435,390

325,350 100.0 100 4
69,138 100.0 98.0
411,289 100.0 100.6

98.5 95.6
91.8 77.1
98.0 92.6

282,768
99,667
403,153

276,976
92,248
391,197

263,0201 100.0 100.6
73,929 100.0 96.3
358,876 100.0 100.5

98.5 93.5
89.1 71.4
97.5 89.5

4,175 100.0
63,762) 100.0

99.0 91.3 82.7
99.5 95.2 84.7

TABLE 53.—Income paid out and produced, electric light and power industry
Absolute numbers (thousands of
dollars)
Line

Percentages of 1929

Item
1929

1930

1931

1932

1929 1930 1931 1932

Salaries and wages
425,633 443,947 411,850 303,052 100.0
4,031 100.0
Other labor income
4,260
4,738
4,787
Totalcompensationofemployew. 429,893 448,685 «6,637 307,083 100.0
Dividends™
. . . . . . . . . 346,418 497,291 429,034 306,948 100.0
Interest
316,602 339,118 387,743 396,237 loao
Total property income paid out. 663,020 836,4W 816,777 703,185 100.0
Total Income paid out
1, 092,9131,285,0941,233,4141,,010,268 loaoj
Corporate savings
—-.
4,716 -250,373-231,032 -197,2101
Total income produced
1,097,6291,034,7211,002,382 813,058| 100.0:

104.3 96.8
111.2] 112.4
104.4 96.9
143.6 123.8
107.1 122.5
126.2 123 2
117.6 112.9
94.3

71.2
$4.6
71.4
88.6
125.2
106.1
92.4

91.3 74.1

NATIONAL INCOME, 1 9 2 9 - 3 2
T A B L E 54.—Income paid

out and produced,

manufactured

Absolute numbers (thousands of
dollars)
Line

1
2
3
4
5
6
7
8
9

gas

industry

Percentages of 1929

Item
1930

1931

1932

1929

1930

1931

99,557
1,200

100,030
1,372

96,880
1,571

75,227
1,579

100.0
100.0

100.5
114.3

97.3
130.9

76,806
98,451
100,757 101,402
75,850
76,905
67,947
66,298
53,273
52,587
46,106
48,509
112,401 116,456 129,492 129,123
213,161 217,858 227,943 205,929
- 2 1 , 5 3 8 - 2 7 , 3 7 3 - 5 2 , 2 7 5 -61,143
191,623 19a 485 175,668 144,786

100.0
100.0
100.0
100.0
100.0

100.6
102.5
105.2
103.0
102.2

97.7
116.0
114.1
115.2
106.9

76.2
114.4
115.5
114.9
96.6

loao

99.4

91.7

75.6

Salaries and ttnges
Other labor income
.
Total compensation of e m ployees.-.— ---------.
Dividends. - - - - - - - ...
Interest.
, -,, T ^ - , .
Property income paid out

TABLE 55.—Income paid out and produced, electric light and power
industries
Absolute numbers (thousands of
dollars)
Line

1932

1929

75.6
131.6

and gas

Percentages of 1929

Item
1929

1930

1931

1932

525,1901 543,977 506,7301 378,279
Salaries and wages
5,4601
6,110]
5.61CN
6,358
Other labor income
Total compensation of employees. 530.6501 650,0671 615,088 383,889
Dividends
412,7161 565,2381 605,93ffl 382,798
Interest...
............._....
362,706 387,6271 440,3301 449,51<M
Total property income paid o u t J 775,424 9 5 2 , 8 6 M 946,269'
1,306,0741 1,602,958
Total income paid out
197
-16,822) -277,746| -283,307 -258,353
Corporate s a v i n g s . . . . . . . . . . . .
1,289,2521 1.225,20611,178,05a 957,844
Total income produced
..

1929

1930 1931

103.61
111.9
103.7
137. U
ioo. a 106.W
100.0] 122.8
loan 115.1
100.01
100.0
100.01
100. W

1932

96.91 72. <L.
116.4 102.?
97.1 72.3
122.61 92.8
121.4 123.9
122.« 107.3
111.9 93.1

100.61 95.01 91.41 74.3

TABLE 56.—Percentage distribution of income paid out, electric light and power
and gas industries
Percentages of income paid out
Line

Item
1929

1930

1931

vm*

ELECTRIC U O H T A N D POWER

Salaries and wages
Other labor income
Total compensation of employees
Dividends..
Interest......
Property income paid o u t . .
Total income paid out

„

38.9
.4
89.3
31.7
29.0
607
100.0

34.6
.4
34.9
38.7
26.4
65.1
100.0

33.4
.4
33.8
34.6
3L4
66.2
100.0

3O0
.4
30.4
30.4
39.2
69.6
100.0

46.7
.6
47.3
31.1
21.6
52.7
100.0

45.9
.6
46.5
31.2
22.3
53.6
100.0

42.6
.7
43.2
33.7
23.1
6618
100.0

36.6
.8
37.3
36.8
25.9
62.7
100.0

40.2
.4
406
31.6
27.8
59.4
100.0

36.2
.4
36.6
37.6
25.8
63.4
100.0

34.8
.4
35.2
34.6
301
64. S
100.0

31.1
.5
31.6
31.5
37.0
68.4
100.0

MANUFACTURED GA3

Salaries and wages
Other labor i n c o m e . . . . . . . . . . . . . . . . . . . . . . . .
.
Total compensation of employees
..„."'/.'.'.
Dividends.
Interest
Property income paid out
Total income paid out
ELECTRIC UOHT AND POWER AND GAS

Total salaries and wages
Other labor income.
Total compensation of employees
Dividends
Interest
;...
Total property income paid out
Total income paid o u t . . . . . . .

!...

ELECTRIC LIGHT AND POWER AND MANUFACTURED GAS

TABLE 57.—Per capita income of employees, electric light and power and gas
industries
Percentages of 1929

Absolute numbers
Item
1929

4 Bureau of Labor Statistics cost of

1,561

1931

1932

$1,585 $1,344
1,558 1,321

$1,566
1,540

ill

1 All active employees—electric light
2
3 All active employees in the in-

1930

1,580

1,339

1929

1930

1931

1932

100.0 101.3 101.2
101.3 101.2

85.8
85.8

100.0 101.3 101.2
100.0 97.4 88.9

85.8

ioao

80.4

CHAPTER VIII
MANUFACTURING
1. THE INDUSTRY AS A WHOLE

The manufacturing industry, as defined in this report, covers the
same field that is covered by the Census of Manufactures, with the
following significant exceptions: (a) the manufacture of heating and
illuminating gas is discussed in chapter VII; (6) the group of railroad
repair shops is covered in the estimates for railroad transportation;
(c) moving picture production is classified with recreation and amusement. Also, some industries which the Census of Manufactures
reports but does not include in the manufacturing total, viz., power
laundries, and cleaning and dyeing establishments, are classified with
domestic and personal service. All these omissions lend greater
homogeneity to the group of manufacturing industries.
Judged by the number of people engaged, the manufacturing industry constitutes the second largest single area in our economic system.
Table 58 shows an average employment in 1929 of 9.9 million, and
the addition of the small group of individual entrepreneurs brings the
total to about 10 million people. The ascertainment of a corresponding number of gainfully occupied from the Census of Occupations is
not easy, because of lack of comparability in the classifications. However, grouping together all the industrial branches in the Census of
Occupations which correspond roughly to the industries covered in
table 58, we obtain an estimate of gainfully employed attached to
manufacturing of 11 million people. This total includes motion
picture production, excluded from manufacturing in table 58 (about
20,000 employed in1929), but, on the other hand, does not take into
account the 1.3 million gainfully occupied for whom no industrial
affiliation is shown. Rough as the comparison is, it suggests the
existence of a considerable volume of unemployment in manufacturing industries in 1929. This volume of unemployed would appear to
approximate 1 million people, if the industrial attachment of gainfully occupied shown in the Census of Occupations may be relied upon.
Since 1929 the number of unemployed has multiplied. The total
number of employees had declined by 1932 to slightly over 60 percent
of the 1929 level, with a resulting addition to the army of unemployed
of some 3.7 million men. ^ As was the case in mining, the contraction
of employment opportunities was much more drastic for wage earners
than for the salaried employees. The number of wage earners declined substantially by 1930, and was 61 percent of the 1929 level in
1932; while the number of employed salary earners showed a substantial drop only in 1931, and declined by 1932 to 72 percent of the
1929 total. Among the individual entrepreneurs the shriiikage must
have been considerable. The estimates of their number in table 58
are to be taken only as rough approximations. But the substantial
decline which they indicate appears quite plausible.
68

MANUFACTURING

The influence of the depression on gross income, i.e., volume of
sales of the manufacturing industry, is measured in table 59. A
drastic decline took place in the dollar value at current prices, the
volume in 1932 being only 38 percent of the 1929 level. When adjustment is made for the drop in wholesale prices, the extent of the
decline is diminished although it still remains substantial. It is
interesting to observe that, as in many other industries, there is some
similarity in movement between volume of employment and the
commodity volume of gross income. The relatives in line 5 of table
58 and line 4 of table 59 are close to each other through 1931, but
in 1932 output fell much more than did employment.
The movement of various parts^ of net income paid out accords
with their behavior in mining and in a number of other basic industries (see table 60 and chart VIII). Salaries declined much less than
wages, and began their downward movement only in 1931, while
wages sustained a drop of 20 percent in 1930. Dividends, the most
elastic part of property income, rose in 1930 as compared with 1929,
but declined markedly in 1931, and suffered a drop in 1932 more severe
than that in any other part of income paid out* Interest payments on
long-term debt, as may have been expected, felt the influence of the
depression very slightly in 1930 and 1931, and only the cumulative
pressure resulting in failures brought down the volume in 1932 by the
small margin of 3 percent below the 1929 level. Total property
income in manufacturing industry moved largely with dividend payments, the latter outweighing interest payments by the ratio of 10 to 1
(in 1929). Withdrawals of individual entrepreneurs appear to have
declined even more than did labor incomes, a movement to be explained largely by a drastic reduction in the number.
Income produced has declined much more than income paid out,
the latter being sustained by drafts upon the industry's capital and
surplus. These drafts, shown in table 60 as corporate and individual
business losses (negative savings), appear first in 1930, and reach
large absolute volumes by 1932. This is due partly to the presence
of such rigid costs as the allowance for depreciation and obsolescence,
taxes (other than income), bad debts, etc. But it must also be noted
that in these industries labor incomes did not decline as much as did
the volume of sales, indicating that in part they also constituted a
rigid, overhead type of costs. This was true primarily of salaries,
since the decline of wages follows pretty closely the contraction of
gross income.
The divergence in the rate of decline among various parts of income
paid out resulted in a shift in the relative weight of these parts (see
table 61). Salaries and interest on long-term debt have claimed a
greater share of the total; while the proportional weight of wages and
dividends has shown an appreciable shrinkage.
The significance of the decline in labor income for the employed
group appears in the per capitafigurespresented in table 62. It may
be seen that the per capita earnings of the employed wage earner
declined more appreciably than the cost of living, while the per
capita earnings of the salaried employee declined to a smaller extent
than did the cost of living. As a result the purchasing power of the
employed salary earner rose after 1929, especially in 1931, but declined
from 1931 to 1932. The purchasing power of the employed wage
37205—34

XATIONAL INCOME, 1929-32
CHART VIII

INCOME BY TYPE OF PAYMENT
MANUFACTURING

BILLIONS
OF
00LLARS
20

INTEREST

DIVIDENDS
ENTREPRENEURIAL.;
WITHDRAWALS
OTHER LABOR INCOME
SALARIES

WAGES

EXCESS PRODUCED
EXCESS WITHDRAWN

MANUFACTURING

earner declined after 1929, and has shown a most severe drop from
1931 to 1932, when it dropped from about 95 percent of the 1929 level
to slightly over 80 percent of that level in 1932.
2. SUBGROUPS OF MANUFACTURING INDUSTRY
The Census of Manufactures distinguishes over 300 separate
industrial branches, and a still more detailed classification could
presumably be made. But it is neither possible nor advisable to
refine our income estimates so as to be able to distinguish separate
industries. Important distinctions appear very clearly in the small
number of large subgroups which we distinguish. The main line
of cleavage runs primarily in terms of the durability of the commodity in question; secondarily, in terms of the distinction between
producers' and consumers' goods. The groups of food and tobacco,
paper, printing, and publishing, and, to a smaller extent, chemicals
and petroleum refining, produce primarily perishable goods and
supply, for the most part, the needs of ultimate consumers. The
textile and leather group turns out semidurable goods primarily
for the ultimate consumer. The construction materials and furniture, metals and machinery, and miscellaneous (primarily machinery)
groups produce goods that go both to ultimate and to industrial
consumers, but all these goods are quite durable in character. We
find, consequently, that the impact of the depression upon these
three divisions in manufacturing is quite different; that the most
drastic contraction is found in those industries that turn out durable
goods, and the mildest contraction in those industries that turn out
perishable commodities.
The difference appears clearly in the movement of employment
(see table 63). The decline between 1929 and 1932 in the total
number of employees in the food and tobacco, and paper, printing,
and publishing groups is only about 20 percent, while in construction
materials and furniture and metals and metal products it amounts
to 54 and 48 percent, respectively. The same divergence appears in
the movement of both wage earners and salaried employees. • The
number of wage earners in the perishable products groups declined
much less than did the number in the durable products groups; and
the same is true of salaried employees! Finally, it must'be observed
that the difference in contraction of employment between the salary
earners and wage earners which was observed for manufacturing as a
whole is true when the comparison is carried through by branches.
In every one of the branches and in every year (with the exception of
textiles and leather for 1932) the employment of the salary earners
shows less of a decline from the 1929 level than does employment of
wage earners.
The varying susceptibility of the different groups in manufacturing
to the influence of the depression appears also in the decline in the
dollar value of their output (see table 64). The most drastic
contraction by 1932 is shown in metal and metal products, with construction materials and furniture little better. Paper, printing, and
publishing, and food and tobacco again show the smallest decline,
although even in these branches the shrinkage in the dollar value of
output from 1929 to 1932 amounts to 44 to 46 percent. As in the
case of employment, the textiles and leather group seems to occupy

NATIONAL INCOME, 1929-32

an intermediate position, with a decline in gross income larger than
in the case of the perishable products groups but smaller than that in
the durable goods industries.
The adjustment of the dollar volume of output for price changes
indicates a much more moderate contraction than would appear from
the dollar valuefigures,but intensifies the difference in the movement
among the various branches (see table 65). Whereas in dollar
values the largest and smallest declines between 1929 and 1932 were
77 percent for metals and metal products and 44 percent for paper,
printing, and publishing, the similar range in the quantity volume of
output is between 71 percent decline for metals and metal products
and a 12 percent decline for food and tobacco. The reason is, of
course, in the greater elasticity of prices of perishable goods as
against prices of durable commodities. The dollar volume of output
in durable goods during these jrears was the product of a greatly
contracted quantity output multiplied by a price that did not fall as
much as did prices of other manufactured goods; while the dollar
volume of output of perishable commodities during the same period
was the product of a moderately reduced quantity output multiplied
by a^price that fell rather substantially.
It is interesting to compare by branches the movement of employment (table 63) and the changes in the quantity volume of output
(table 65). In textiles and leather, and construction materials and
furniture, employment and quantity output moved, on the whole,
together. In food and tobacco, through all the years, paper, printing,
and publishing through 1930, and chemicals and petroleum refining
through'1931, the volume of employment declined appreciably more
than did the volume of output, indicating an increase in output per
employee. In metals and metal products,, and in the miscellaneous
group, especially the former, employment declined much less than the
quantity volume of output, suggesting a decline in output per
employee. In short, those industries which showed least contraction
in volume of output seemed to have reduced employment more than
was indicated by the shrinkage in their production; while the reverse
was true of industries in which the fall in volume of output was
severest of all.
The movement of labor incomes paid out by the various branches
of the manufacturing industry reflects again the differences among
them in the severity of the contraction of their gross incomes (see
table 66). Again, the decline is smallest in food and tobacco, paper,
printing and publishing, and chemicals and petroleum refining; it is
most severe in construction materials and furniture, and metals and
metal products. Again, in every branch and in every year, the incomes paid to salary earners declined less from the 1929 levels than
did payments to wage earners.
Just as we compared number of employees with quantity output, so
we can compare, branch by branch, labor incomes paid out with the
dollar volume of output. This comparison shows that with the exception of construction materials in 1932, and the chemical and petroleum group m 1930, in every year the total labor incomes paid show a
smaller dechne from the 1929 level than do the dollar values of output. Lhe inference is that labor incomes have become to a considerable extent an irreducible overhead cost. The interesting part
is that this statement is true not only of salaries, but even of wages

MANUFACTURING

in a number of industries. In only two groups, construction materials and the miscellaneous group, did wages decline pari passu with
the drop in the value of output. In the others, wages formed m
every year a larger fraction of total value of output than they did
in 1929.
The "movement of property income originated in the various
branches of manufacturing shows some significant departures from
the differential pattern of gross income and labor incomes (see
table 67). It is true that the decline from 1929 to 1932 in property
incomes is greatest in the same two branches which show the severest
contraction also in other respects, viz., construction materials and furniture, and metals and metal products, and that the smallest decline
appears in the group of food and tobacco. But, on the other hand,
there is a striking contraction in the otherwise favorably appearing
groups of paper, printing and publishing, and textiles and leather;
while chemicals and petroleum refining do not show a substantial
reduction in property incomes until 1932. It would seem then that
corporate organization and the size of concerns in the industry, in
addition to the volume of business, have some effect upon the industry's dividend paying policy.
It is interesting to note that property income originated has in a
number of industries shown a smaller decline than that registered by
the dollar value of output. This was true not "only of such comparatively well-situated branches as food and tobacco, but also of
chemicals and petroleum refining, metals and metal products, and
the miscellaneous group.
The shift in the relative weight in the total net income paid out of
•the various important income types is shown by industrial branches
in table 68. In all branches the relative weight of salary payments
increased during this period, the rise being especially marked in the
metals and metal products and in the construction materials and fur*
niture groups. Wages seem to have lost ground in most industries.
With the exception of paper, printing, and publishing and textiles and
leather, the percentage of net income paid out to wage earners deV
clined, both m industries which suffered most from the depression and
in those which fared favorably as compared with others. The share
of property incomes increased in fooa and tobacco, chemicals and
petroleum refining, and somewhat in the miscellaneous group. It
showed a distinct decline in the other four groups. On the whole,
then, it was the salary earners and partly property income recipients
who gained at the expense of wage earners in the general decline of
net income paid out.
Table 69 demonstrates to what an extraordinary extent the flow
of income paid out was sustained at the expense of the industry's
capital and surplus; or, expressing it differently, to what extent other
cost items, besides those covered under income paid out, failed to
decline more than did gross income received so as to compensate for
sustained income payments. Income paid out did decline less
than the dollar value of output in every one of the branches
distinguished, especially in chemicals and petroleum refining. But
the other costs obviously failed to compensate for it; and some of
them (depreciation, bad debts, and taxes other than income taxes)
have probably remained much more rigid than income paid out
itself. As a result, negative savings appeared in every brancn in 1930

NATIONAL INCOME, 1 9 2 9 - 3 2

and increased to striking proportions in 1932. Consequently, income
produced shows astounding declines. In metals and metal products
the income produced in 1932 was less than one fifth of that in 1929,
in construction materials and furniture, one eighth. By far the best
showing was made by the food and tobacco group.
The per capita wages and salaries in the various branches of manufacturing are shown in table 70; and are instructive both in the absolute differences from industry to industry and in the divergence in
their movements after 1929. Thus, it is interesting to observe that
average salaries vary much less from industrial branch to industrial
branch than do wages. The lowest and the highest average salary
in 1929 were $2,340 and $2,879, respectively, a range of slightly over
20 percent of the lowerfigure;in wages the range in the same year was
from $1,043 to $1,562, a difference of about 50 percent of the lower
figure. Secondly, the average wage declined from the 1929 level more
than did the average salary. This was true of every branch during
every one of the years after 1929 except food and tobacco in 1930.
And, finally, average wages and salaries declined much more in the
durable goods industries than they did in the perishable goods
branches.
When the decline in .the .average wage and salary is compared with
the movement of the Bureau of Labor Statistics cost of living index,
it becomes apparent that the average compensation of the employed
salary earner retained its purchasing power in all branches, and has
increased it in some (food and tobacco, chemicals and petroleum
refining, paper, printing, and publishing). The average wage has
increased in purchasing power in the same groups (food and tobacco,
paper, printing, and publishing, and chemicals and petroleum refining). But in the others it suffered a decline in purchasing power, in
textiles and leather in 1930 and especially in 1932; in construction
materials and furniture in 1931, and especially in 1932; in metals and
metal production throughout, but especially in 1932; and in the miscellaneous group, especially in 1932. Thus, even for the wage earners
fortunate enough to remain on the pav rolls, the depression became
especially intensified in 1932.

SUMMARY TABLES, MANUFACTURING
TABLE 58.—Number of people engaged, manufacturing
Absolute numbers
Line

industry
Percentages of 1929

Itexa
1929
Salaried employees
Wage earners
w Total number of employees
Entrepreneurs
Total number engaged

1930

1931

1932

1929 1930 1931 2932

1,503,279 1,491,3551,321,4891,034,0331 100.0
8,386,738\1> 299- ?§?!& \Q ?40i5» !97» 9991100.0
9,890,0178,751,635(7,473,829 6,191,933 100.0
133,173 108,106 92,365 64,693 100.0
10,023,190 8, 859,743 7.566,194 6,256,626 100.0

99.21
86.
88.5
81.2j
88.4

87.9
73.4
75.6
69.4
75.5

72.1
60.9
62.6
48.6
62.4

TABLE 59.—Gross income, manufacturing industry, at current and at 1929 prices
Item

1929

1930

1931

1932

Value of production, at current prices (thousands
of dollars)
68,468,192 54,740,796 39,972,829 25,796,205
Value of production, at current prices (1929-100)..
58.4
100.0
80.0
37.8
Value of production, at 1929 prices (thousands of
* dollars)
68,468,192 59,559,596 51,115,915 37,588,713
100.0
. 54.9
Value of production, at 1929 prices (1929-100)
87.0
74.7

TABLE 60.—Income paid out and produced, manufacturing industry
Absolute numbers (thousands of dollars)
Line

Percentages of 1929

Item
1929
Salaries

1930

1931

4,012,965 4,030,394 3.377,528
10,898,641 8,865,751 6,669,451
65,917
72,360
72,755
Other labor income
,
Total compensation of
_ employees
, 14,984,361 12,968,505 10,112,896
2,577,121 2,616,817 1,896,142
Dividends
230,413
250,350
Interest
»....
214,619
t.
Total property income
paid out.
_. 2,791,740 2,867,167 2,126,555
r
Wil
ithdrawals of entrepre*
305,478 - v 250,516
380,6441
-*%neurs.._
12,489,967
Total income paid out... 18,156,745 16,141,150 ,{-2.607,022
1,217,924 1-1,685,420
Corporate savings
Business savings of indi-164,152 -206,440
viduals
Total income produced*. 19,354,130 14,291,578 9,676,505
Wages

1932

1929 1930 1931

1932

2,429,235 100.0 100.4 84.2 60.5
4,474,107 100.0 81.3 61.21 41.1
57,741' 100.01 99.5 90.61 79.4
6,961,0831 100.0 86.5 67.5! 46.5
1,047,917 100.0 101.5 73.6 40.7
207,536 100.0 116.6 107.4 96.7
1,255,453

loao] 102.7

76.2

45.0

156,884 100.0 80.3 65.8 41.2
46.1
8,373,420 100.01 88.9
•2,281,725
-218,928
6,872,767 100.0 73.91 50.0 30.3

TABLE 61.—Percentage distribution of income paid out, manufacturing industry
Percentages of income paid out
Line

1
2
3
4
5
6
7
8
9

Item
1929

1930

1931

22.1
60.0
.4
82.5
14.2
1.2
15.4
2.1
100.0

25.0
54.9
.4
80.3
16.2
1.6
17.8
1.9
100.0

27.0
53.4
.5
81.0
15.2
1.8
17.0
2.0
100.0

1932
29.0
53.4
.7
83.1
12.5
2.5
15.0
1.9
100.0

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 62.—Per capita income of employees, manufacturing

Percentages of 1929

Absolute numbers
Line

industry

Item
1929

1930

1931

1932

1
$2,669 $2,703 $2,556 $2,241
876
1,084
1,300 1,221
2
1,344 1,115
1,474
3 All active employees————— ~ 1,508
4 Bureau of Labor Statistics cost of

1929

1930 1931 1932
84.0
67.4
73.9
80.4

100.0 101.3 95.8
100.0 93.9 83.4
100.0 97.7 89.1
100.0 97.4

88.9
i

DETAILED TABLES, MANUFACTURING
TABLE 63.—Number of employees, various branches of the manufacturing industry
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

SALABIED EMPLOYEES

Food and tobacco
_
Paper, printing and publishing
Textiles and leather
Construction materials and furniture..
..
.....
Chemicals and petroleum refining.
Metals and metal products
Miscellaneous and rubber

81.5
85.3
72.7

144,948 142,113 132,495 118,132
238,788 246,281 227,030 203,629
178,470 171,140 152,282 129,768
119,400J 108,745 88,974 65,824
92,825 93,722 83,788 72,102
444,646 452,706 390,718 295,021
75,839 69,952 63,051i 49,327

'WAGE EARNERS

Food and tobacco
869,36ffl 816,743 746,872 687,213
Paper, printing and publishing
591,381 568,909 509,264 455,954
Textiles and leather
2,054,344 1,834,303 1,707,200 1,507,179
Construction materials and furniture
1,204,800 957,259 733,507 542,653]
Chemicals and petroleum refining. 385,019 355,950, 315.111 272,906
Metals and metal products
0,867,3402,392,736 1,865,8951,422,472
Miscellaneous and rubber
414,488 334,380' 274,491 219,623
TOTAL NUMBER OF EMPLOYEES

Food and tobacco
1,014,314 958,856 879,367 805,345
Paper, printing and publishing... , 830,169 815,190 736,294 659,583
Textiles and leather
2,232,814b, 005,443 1,859,482 1,636,947
Construction materials and furniture
1,324,200 1,066,004 822,481 608,477
Chemicals and petroleum refining. _ 477,844 449,672 398,899 345,008
Metals and metal products.„
3,311,986 2,845,442ft
256,613 1,717,493
1
Miscellaneous and rubber...
490,327 404,332r 337,542' 268,850

100.0
100.0
100.0
100.0
100.0
100.0
100.0

T A B L E 64.—Gross income at current prices, various branches of the manufacturing
industry
Absolute numbers (thousands of dollars)
Xtne

Percentages of 1929

Item
1929

1930

1931

1932

1929 1930 1931 1932

TALUS OF PRODUCTION

Food and tobacco
. 13,269,831 11,808,963 9,363,767 7,155,210 100.0
Paper, printing and publishing. 5,062,391 4,637,861 3,839,984 2,831,909 100.0
Textiles and leather
11,503,108 8,901,655 7,217,695 5,081,170 100.0
Construction materials and furniture
5,153,180 3,859,053 2,591,111 1,645,480 100.0
Chemicals and petroleum refining...
..
.....
. . . . 6,894,500 6,550,689 4,437,796 2,498,101 100.0
Metals and metal products
23,819,13916,832,15610,989,529 5,531,9641 100.0
Miscellaneous and rubber
2,766,0431 2,150,419 1,532,947 1,052,371 100.0
Total..
68,468,19254,740,79839,972,82935,796,205 100.0

89.« 70.6 53.9
01.61 75.9 55.9
77.4 62.7] 44.2
74.9

50.3

31.9

95.0
70.7
77.7
80.

64.4
46.1
55.4
58.4

23.2
38.0
37.8

36.2

MANUFACTURING

TABLE 65.—Gross income at 1929 prices, various branches of the manufacturing
industry

^n
Line

Item

Absolute numbers (thousands of dollars) j
1929

1931

1932

Percentages of 1929
1929

1930

1931

1932

VALUE OP PBODUCTION

13,209,831 13,034, 17512, 535,163 11,710,655
Food and tobacco
Paper, printing and publishing. 5,062,391, 4,570,401 4,292,908 3,670,233
Textiles and leather
11,603,108 9,934,883 9,649,325 8,155,971
Construction materials and
furniture
5,153,180 4,096.659 3,159,891 2,217,628
Chemicals and petroleum refining
_
_. 6,894,500 7,311,037 6,673,377 3,630,961
3,067,216 6,932,286
123,819,139' 18,375,71613,
Metals and metal products
1,738,035 1,270,979
.
2.766,0131 2,230,725 1,
Miscellaneous and rubber
^,588,713
68,468,19259,559,59651,1,115,91537,
Total

100.0
100.0
100.0

98.21 94.5 88.3
90.4 84.8 72.5
86.4 83.91 70.9

100.0

79.5

61.3

100.0 106.0
100.0 77.1
100.0 80.6
100.0 87.0

96.8
54.9

TABLE 66.—Salaries and wages paid, various branches of the manufacturing
Absolute numbers (thousands of dollars)
Line

43.0

52.7
29.1
62.8 45.9
74.71 519

industry

Percentages of 1929

Item
1929

1929

1930

1931

1932

298,909
551,456
409,943

246,541 100. (M 97.5
440,246 100.0] 104.9
302,619 100.0 93.9

227,062

143,365

991,642
164,626

1931

1932

SALARIES

339,191
Food and tobacco
625,061
596,000
Paper, printing and publishing.
513,759
Textiles and leather
482,444
Construction materials and
323,868) 293,720)
furniture
Chemicals and petroleum re255,67^
246,818
fining
1,199,151 1,255,354]
Metals and metal products
184,463
193,741
Miscellaneous and rubber

88.1
92.5
79.8

72.7
73.9
68.9

90,7

7a I

44.3

175,785 100.0 103.6
649,931 100,6] 1017
107,484 100.0] 95.2

92.5
82,7

71.2
612

100. (J

WAGES

802,012
650,511 100. (M
937,551
996,722
748.567
584.631 100.0
Food and tobacco
881,212
923,702
Paper, printing and publishing. 2,142,018 1,777,875 1,530,175 1,091,553 100.0
Textiles and leather
Construction materials and 1,372,200 1,034,462) 693,067 378,522 100.0
furniture
303,254 100.01
395,739
471,942
Chemicals and petroleum re4,392,050 3,337,910 2,187,808 1,265,005 100.0]
fining
200,631 100.0
312,083
424,799
548,667
Metals and metal products.
Miscellaneous and rubber

85.6] 55.6

94,1 80.5 65. a
95.4 81.0 63.3
83.0 71.4 51.0
75.4

50.5

27.6

90.21 75.6 58.0
76.6] 49.8 28. &
77.4 56.9 36,6

TOTAL COMPENSATION OF E M PLOYEES

Food and tobacco
,
Paper,printing and publishing.
Textiles and leather
'
Construction materials and
furniture
Chemicals and petroleum refining........
Metals and metal p r o d u c t s . . . .
Miscellaneous and rubber

1,344,251 1,277,611 1,110,048 906,023 100. (M 95.0
1,522,945 1,509,859 1,303,358 1,028,025 100.6] 99.1
2,660,14(9 2,264,652 1,944,078 1,397,607 100.0 85.1

82.6 67.4
85.6 67.6
73.1 52.6

527,987 100.0) 7&4

54.3] 30.9

1,710,369 1,340,765

929,309

488,559 100.0 94.7] 81.6
633,757
736,533
778,069
5,621,876 4,623,365 3,206,695 1,938,581 100.6] 82.2 57.0
311,037 100.0 8 Z 1 613
480,083
612,981
746,269

34.541.7

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 67.—Property income originated, various branches of the manufacturing
industry
Absolute numbers (thousands of dollars)
Line

Percentages of 1929

Item
1929 1930 1931 1932

1929

1930

1931

1932

401,680
189,984
216,4621

434,369
179,511
168,569

367,282
131,694
125,245

327,703 100.0 108.2
47,705 100.0 94.6
63,328 100.0 77.9

91.5 81 6
69.3 25.1
57.9 29.3
46 6, 15 7

DIVIDENDS

Food and tobacco
Paper, printing and publishing.
Textiles and leather
Construction materials and
furniture
Chemicals and petroleum refining...
.
.*
.
Metals and metal products ....
Miscellaneous and rubber

181,219

139,311

84,352

28,506 100.01 76.9

485,653
983,545
118,678

600,412
990,274
104,371

459,558
652,924
75,091

327,311 100.0 123.6
205,307 100.0 ioa

48,274
32,166
11,694

49,409
33,665
11,790]

43,404
31,311
10,406

23,962
41,097
67,166
23,261

94.61
66 4
63.3

67.4
20.9
405

43,486 100.0 102.4] 89.9
30,483 100.0 104.71 97.3
9,516 100.0 100.8 89.0

90 1
94 8
81 4

22,83d

16,333 100.0 118.4 110.9

79.4

62,8941
47,7671
21,801

44,504 100. ol 128.« 165.71 139 4
45,359 100.0 135.1 96.1 91.2
17,855 100.
114.8] 107.6 83 1

loao 87.9

INTEREST

Food and tobacco
.
Paper, printing and publishing.
Textiles and leather
Construction materials and
furniture
„
Chemicals and petroleum refining.......................^
Metals and metal products
Miscellaneous and rubber..

31,9151
49,7221
20,265

TOTAL PROPERTY INCOME PAID
OUT

Food and tobacco
__. 449,854 483,778
Paper,printing and publishing. 222,150 213,176
228,156 180,359
Textiles and leather
Construction materials and
163,2731
furniture
201,802
Chemicals and petroleum refining...............
... 517,568 641,500
Metals and metal products....! 1,033,267 1,057,440|
Miscellaneous and rubber..
138,943 127,632]

410,686
163,005
135,651

371,189 100 0 107.
78,188 100.0 96
72,844 100.0 79.1
44,859 100.0

107,182
512,452
700,687
96,892

91 3 82.5
73.4 35.2
59.5 31.9

80.91 53.1

371,815 100.0 123.9
250,666 100 0 102
65,892 100
91.

99.0
67.8
69.7

22.2

71.8
24.3
47.4

TABLE 68.—Percentage distribution of income paid out, various branches of the
manufacturing industry
Percentages of income paid out
Line

Item
- 1929

1930

1931

1932

SALARIES

1
2 Paper, printing and publishing.
-3
4 Construction materials and furniture
5 Chemicals and petroleum refining
6 Metals and metal products
7

.....

17.9
17.8 1
33.4 i 35.6
17.2
19.2
16.3 j 18 9
18.9
18.4
17.9
22.0
21.4
24.3

18 7
36.8
19.1
21.3 !
19.8 I
25.2;
27.9 j

18.6
39.1
20.0
24 3
20.3
29.4
28.0

52.6
51.8
71.7
69.2
40.0
65.6
607

60.1
50.0
71.3
65.0
34.3
55.6
53.0

49.2
52.0
72.0
64.3
35.1
57.3
52.2

25.7
26.1
12.1
10.9
7.2
6.3
10.5 1 10.1
10.2
39.6 i 46.1
44.4
18.5
16.4
17.8
16.8
16.4
15.4

28.0
6.9
4.8
7.6
43.0
11.4
17.2

WAGES

8
9
10
11 Construction materials and furniture
12
13
14

50.5
50.1
70.8
66.5
33.9
58.4
561

PROPERTY INCOME PAID OUT

16
16
17
18 Construction materials and furniture
19
20
21

I
|

23.7
12.5

7.6

MANUPAOTTTBING

TABLE 69.—Income paid out and produced, various branches of the manufacturing
industry
Absolute numbers (thousands of dollars) j
Line

Percentages of 1929

Item
1929

1931

1932 ! 1929 1930 1931 1932

INCOME PAID O V t

1,898,193 1,856,020
Food and tobacco..
...
Paper, printing and publishing—jl,1,783,883 1,757,595
Textiles and leather..
"
2,985,478 2,510,350]
Construction materials and furniture*...... . . . . . . . . . . . . . . . . . . . . 1,983,887 1,554,536
Chemicals and petroleum refining. 1,308,511 1,391,072]
Metals and metal products,
6,691,889 15,710,881
1
Miscellaneous and rubber..
904,467] 757,857

1,600,168 1,323,328 100.0 97.8 84.3 69.7
1,496,764 1,125,035 100.0] 98.5 83.91 63.1
2,146,1751,516,270 100.0 84.1 71.
50.8
1,066,385
l! 164,034 864,581
3,931,757!2,207,981
589, lid 384,131

100.0 78.4 53.7
100.0 106.3 88.21
100.0I 85.3
83.8
100.0

29.7
66.1
33.0
42.5

BUSINESS SAVINGS

Food and tobacco
__.
Paper, printing and publishing..
Textiles and leather
Construction materials and furniture~
,
Chemicals and petroleum refining.
Metals and metal products...
Miscellaneous and rubber

70,318 -53,848
100,858 -29,025
-63,353] -527,434

-14S,807| -240,0621
-113,756 -95,5401
-475,339 -449,8501

-50,828 -261,471 -348.827 -378,220
278,754 -341,938 -541,527 -313,377
901,839 -442,416
825,563
-40,196}-193,440] ~-183!336| 198.041

INCOME PRODUCED

Food and tobacco
1,968,5081,1,802,172]
Paper, printing and publishing. 1,884,741-[,728,670
Textiles and l e a t h e r . . . . . . . . . . . . 2,922,"
1,1251,1,982,916
Construction materials and furniture1,293,065
1*
Chemicals and petroleum refining.]
1,049,134
1,587;265| . .
Metals and metal products.
Miscellaneous and rubber..
564,417

1,451,361 1,033.266 100. , 91.6 73.7
1,383,008 1,029,495) 100.0] 91.7 73.4
1,670,836 1,066,420 100.0] 67.9 57.2
717,558 210,6101
612,507 551,204
2,929,887 1,382,418
405,780 186.090

100.0
100.0
100.0
100.0

66.9
66.1
69.4
65.3

55.0
54.6
36.5

37.1 10.9
38.6 34.7
38.6 18.2
47.0 21.5

TABLE 70.—Per capita income of employees, various branches of the manufacturing
industry
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1929

1930

1931

1932

100.0 99.5
100.0 101.7
100.0, 97.9

96.4
97.3
93.5

89.2
86.6
81.0

100.0
100.0
100.0
100.0

99.6 94.1
102.6 102.5
102.8 94.1
103.2 102.2

80.3
91.7
81.7
85.3

100.2
99.2
92.9

93.7
94.1
85.9

82.6
82.1
69.4

AVERAGE SALARY

Food and tobacco
- . . $2,340 $2,328 $2,256 $2,087
Paper, printing and publishing^.. 2,496 2,538 2,429 2,162
2,879 2,819 2,692 2,332
Textiles and leather
Construction materials and furni2,552 2,178
ture
.. 2,712
Chemicals and petroleum refining. 2,659 2,728 2,725 2,438
2,203
2,697 2,773
Metals and metal products.
2,555 2,637 2,611 2,179
Miscellaneous and rubber..
AVERAGE WAOB

Food and tobacco
Paper, printing and publishing....
Textiles and leather
Construction materials and furniture
Chemicals and petroleum refining.
Metals and metal products
Miscellaneous and rubber
—

1,146
1,662
1,043

1,148
1,549
969

1,074
1,470
896

947
1,282
724

100.0
100.0
100.0

1,139
1,359
1,532
1,324

1,081
1,326
1,395
1,270

945
1,256
1,173
1,137

698
1,111
889
914

100.0
100.0
100.0
100.0

94.9
97.6
91.1
95.9

83.0
92.4
76.6
85.9

6L3
81.8
58.0
69.0

1,317
1,831
1,189

1,323
1,848
1,127

1,252
1,766
1,043

1,114
1,554
852

100.0
100.0
100.0

100.5
100.9
94.8

95.1
96.5
87.7

84.6
84.9
71.7

1,281
1,612
1,688
1,514

1,246
1,618
1,614
1,507

1,119
1,564
1,409
2,412

1,388
1,115
2,146

100.0
100.0
100.0
100.0

97.3
100.4
95.6
99.5

87.4
97.0
83.5
93.3

67.0
86.1
66.1
75.7

100.0

97.4

88.9

80.4

AVERAGE COMPENSATION PER
ACTIVE EMPLOYEE

Food and tobacco
.
Paper, printing and publishing.—
Textiles and leather..
Construction materials and furni-,
ture—
Chemicals and petroleum refining.
Metals and metal products
Miscellaneous and rubber
Bureau of Labor Statistics cost of
living index..
I

CHAPTER IX
CONSTRUCTION
The construction industry, as defined in this report, includes
construction or alteration of buildings, roads, bridges, and other
engineering structures, in so far as such work is done by construction
companies, but not by industrial or government organizations with
the help of their own forces. Thus, income from a large volume of
construction by railroads, telephone companies, pipe line companies,
Federal, State, and city governments, and others, is not included in
the income estimates presented below, but forms a part of the total
income originating in steam railroads, the telephone industry, pipe
line companies, etc. The distinction thus made between construction
defined institutionally, as it is in the present report, and construction
defined functional^, results in a striking difference in the volumes
involved. Thus all construction, defined functionally, amounted in
1929 to about 11.5 billion dollars (estimated by the Federal Employment Stabilization Board), while the volume of contract construction (i.e., accounted for by construction firms) is estimated as only
about 7 billion dollars.
The Census of Construction for 1929 was the first Nation-wide
tally of the industry taken since 1900, and provides a great deal of
information underlying the estimates given below. But a comparison
of the census totals with other information available on the volume
of contract construction (reports by the F. W. Dodge Co. on the value
of contracts awarded, estimates by the Federal Employment Stabilization Board of the volume of construction, data by the Census of
Occupations on the number of gainfully occupied attached to the
industry, data from the Censuses of Manufactures and Distribution
on the volume of construction materials produced and consumed)
lead, to the conclusion that the census failed to cover the industry
completely. Instead of a volume of construction of 5.8 billion dollars
in 1929, indicated by the census, it appeared more reasonable to
assume a volume of 7 billion dollars (see appendix A, notes to
table 72). Consequently, the average number of employees in the
industry and the labor incomes, as derived from the Census of Construction, were raised by slightly over 20 percent, to take care of the
shortage in covering.
The Census of Occupations reports 2,574,968 gainfully occupied
attached to the building industry, and 454,824 classified under construction and maintenance of roads, sewers, and bridges. While
the latter figure probably includes a number of gainfully occupied
not engaged in construction or repair, this excess is more than offset
by the number of casual workers in the construction field counted
among the 1.3 million gainfully occupied for whom no industrial
attachment is given. We have thus a total of slightly over 3 million
gainfully occupied attached to the construction industry, while the
number engaged in 1929 as shown in table 71 is only slightly over
80

CONSTRUCTION

1.6 million. But the Census of Occupations totals must include a
very large proportion of construction workers engaged by the public
utilities, government, or other nonconstruction firms for work on
their own account. If we assume that all such workers were classified by the Census of Occupations under the two classifications mentioned above, the number of wage earners in table 71 should, for the
purpose of comparison, be raised by 64 percent (the percentage excess
in 1929 of total construction over contract construction). This
would raise the total number engaged in construction to 2.3 millions,
still leaving a surplus of 700,000 unemployed. This does not appear
to be an excessive surplus, since the seasonality in the industry is
considerable, and since by 1929 the volume of construction was
already on the decline from the peak of 1928.
The decline in employment in the construction industry shown by
table 71 is striking, even though for lack of data we are forced to the
somewhat improbable assumption that the number of entrepreneurs
attached to the industry remained the same. The number of wage
earners has shrunk by 1932 to slightlv more than one third of the
volume in 1929, with the result that the industry contributed about
850,000 men to the army of unemployed. As is the case in other
industries, the number of salaried employees has shown a milder
decline. But even for the latter group the contraction from 1929 to
1932 amounted to over 50 percent of the 1929 level.
Table 72 indicates the drastic decline which took place during the
period in the volume of contract construction. The drop was
especially marked in private construction, which in 1932 was about
one seventh of the volume in 1929.1 Public utility and government
construction done on a contract basis declined somewhat less, but
even there the volume in 1932 was only slightly over one third of the
level of 1929. Of course, both public utilities and the government
cut down on construction contracts much more than they did on
construction work done by their own forces. Thus the decline for
these two groups shown in table 72 is a combined result of a decline
in total public and public utility construction and of the shift in
favor of construction done on own account.
The adjustment of the dollar volume for the changes in buildirig
costs serves to reduce the decline between 1929 and 1932 (see
table 73). But even with this adjustment, the volume of contract
construction shows a total drop from 1929 of 67 percent.
I
The bearing of this striking contraction of the industry upon income
originated in it is shown in table 74 and chart IX. Labor income
had declined by 1932 to slightly more than one quarter of the 1929
volume, with the customary disparity in movement in favor of salaries appearing again. Property incomes did not begin to decline
until 1931, but suffered a drastic contraction by 1932. The estimate
of withdrawals by individual entrepreneurs is based on the movement of salaries {the only basis available in the present state of the
data), and thus reflects the changes in that particular part of labor
income. The total income paid out did not decline as much as gro&s
income produced, the latter being judged by the dollar volume 6f
total construction. But negative savings are shown for the industry
1
These estimates are based on the volume of contracts awarded, and there is some lag between actual
construction and the date of award of the contract.
I

NATIONAL INCOME, 1 9 2 9 - 3 2
CHART IX

INCOME BY TYPE OF PAYMENT
CONSTRUCTION
BILLIONS
OF
DOLLARS

INTEREST DIVIDENDS

\ **
ENTREPRENEURIAL
WITHDRAWALS

\ vV

• • •

"flHflH

OTHER LABOR INCOME
SALARIES
V

^^1

v..

•BB\
K£3$9B

WAGES

1929

1930

1931

1932

EXCESS WITHDRAWN1

DP7*76 &

CONSTRUCTION

even in 1929. They increased in 1930 and 1932. As a result, income
produced dropped much more than did income paid out. Indeed,
income produced moved in close similarity to gross income (compare
with table 72).
Labor and entrepreneurial incomes account for over 95 percent of
income paid out in the industry (see table 75). Since entrepreneurial
incomes and salaries are assumed to move similarly, and salaries
show greater resistance to the contraction than do wages, the combined
share of entrepreneurial income and salaries in the total paid out
grew from 28.4 percent in 1929 to 37.8 percent in 1932; while the share
of wages declined between the same 2 years from 68 to 58 percent.
The reduction of labor incomes to a per capita basis (see table 76)
indicates that the average compensation of a salary earner declined
to about the same extent as did the cost of living, so that the purchasing power of the average salary remained approximately the same from
1929 through 1932. The same stability of purchasing power of the
average compensation was also true of the employed wage earners,
but only through 1931. In 1932, per capita wages declined materially,
much beyond the decline in the cost of living; with the result that the
purchasing power of the average wage dropped by about 17 percent
between 1931 and 1932.

SUMMARY TABLES, CONSTRUCTION
T A B L E 71.—Number of people engaged, construction

industry
Percentages of 1929

Absolute numbers
Item

Line

1929

1931

1930

154,785
156,701 119,181
Wage earners*
. . . . . . . . . 1,204,916 1,053,097 766,930
Total number of employees 1,359,701 1,209,798 886,111
167,811
167,811 167,811
1,527,512 1,377,609 1,053,922
Total number engaged

1
2
3
4
5

1930

1931

1932

72,584 100.0 101.2
432,566 100.0 87.4
505,150 100.0 89.0
167,811 100.0 100.0
672,961 ioao 90.2

77.0
63.7
65.2
100.0
69.0

46.9
35.9
37.2
100.0
44.1

1932

1929

T A B L E 72.—Total volume of contract construction (at current building
Absolute numbers (millions of
dollars)

costs)

Percentages of 1929

Item

Line

1 Private construction...... . . . . . .
? Public utility construction
3
4

1929

1930

1931

1932

1930

1931

4,114
974
1,883
6,971

2,475
1,056
2,042
5,573

1,535
775
1,498
3,808

587 100.0 60.2
379 100.0 108.4
734 100.0 108.4
1,700 100.0 79.9

37.3
79.6
79.6
54.6

1929

T A B L E 73.—Total volume of contract construction (at 1929 building
Absolute numbers (millions of
dollars)
Line

1932
14.3
38.9
39.0
24.4

costs)

Percentages of 1929

Item

1
2
3
4

1929

1930

1931

1932

1929

1930

1931

4,114
974
1,883
6,971

2,781
1,187
2,294
6,262

1,968
994
1,921
4,882

793
512
992
2,297

100.0 67.6
100.0 121.9
100.0 121.8
100.0 89.8

47.8
102.1
102.0
70.0

TABLE 74,—Income paid out and produced, construction

Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1931

1932

Salaries
454,604 451,142 321,193 166,725
Wages
2,133,6491,806,32(N 1,180,976] 497,698
Other labor income
31,291
*"
33,591
24,851
Total compensation of employees. . . . . . . . .
. . . . „ . , . 619,544 2,291,0531,534,.703 689,274
Dividends
....
62,315 84,594 39,901
~
3,944
Interest
.
.
17,076] 16,631 13,537] 10,(28
Total property income paid out 79,391^ 101,225 53,438 14,470
Withdrawals of entrepreneurs... 436,249 , 432,759 308,428 160,103
Total income paid out
_ 3,135,184 2,825,037 1,896,574 863,847
Corporate savings
20,263 -17,18« -53,430 -95,558
Business savings of individuals.., -68,179] -164, OOW, -175,837 -314,479
Total income produced..
3,087,26^2,643,842^1" 667,307 453,810
84

1932
19.3
52.6
52.7
33.0

industry
Percentages of 1929

1929

1930

1931 1932

70. fl 36.7
loan 99.
loo. a 84.7] 55.4 23.3
104.
Oj 79.4
100. Oj 107.4
l o a d 87.6 58. d 26.3
loo.« 135.8] 64.0 6.3
100.6] 97.4] 79.3 61.6
loo. a 127. H 67.3 18.2
100.0] 99.2 70.7] 36.7
100.0) 90.1 60.5 27.6
100. (X

85.6]

54.0

14.7

CONSTRUCTION

TABLE 75.—Percentage distribution of income paid out, construction industry
Percentages of income paid out
Line

Item
1929

1
2
3
4
5
6
7
8
9

Salaries.. . . . . . . . . . . . .
..__.
..................
Wages.
._...'......—
.
......
Other labor income...
......
........ ..
Total compensation of employees....
....................
Dividends...
Interest........... . . . . .
........
...
...
Total property income paid out....
..........
...
Total income paid out

............

.....

1931

1930

14.5
68.1
1.0
83.6
2.0
.5
2.5
13.9

16.0
63.9
1.2
81.1
3.0
.6
3.6
15.3

ioao

16.9
62.3
1.7
80.9
2.1
.7
2.8
16.3
100.0

1932
19.3
57.6
2.9
79.8
.5
1.2
1.7
18.5
100.0

TABLE 76.—Per capita income of employees, construction industry
Percentages of 1929

Absolute numbers
Item
1929
1
2
3
4

1930

1931

1932

Salaried employees
...
. . . . . $2,937 $2,879 $2,695 $2,297
1,771 1,715 1,540 1,151
Wage e a r n e r s . . . . . . . . . . . . . . . . . . .
1,904 1,866 1,695 1,315
AH active employees.
.....
Bureau of Labor Statistics cost of

K7205—34

1929

1930 1931 1932

100.0 98.0 91.8
100.0 96.8 87.0
98.0 89.0

ioao
ioao

97.4 88.9

78.2
65.0
69.1
80.4

CHAPTER X
TRANSPORTATION
1. THE INDUSTRY AS A WHOLE

The transportation industry, more than most general groups distinguished so far, offers during recent years p, picture of conflicting
trends among the various branches which in common satisfy the
demand for movement across space. It includes specific industries
which differ in a large number of aspects: In the rate of their current
technical progress, in relative size, in the degree of control exercised
by the government over them, in the character of needs which they
satisfy. Transportation is a collective name that embraces steam
railroads, one of the largest industrial branches of the country, which
satisfies a diversified demand for both short- and long-distance transportation of both commodities and people; an industry closely
regulated by the government, and one in which technical progress
appears largely to be a matter of the past. On the other hand, there
is motor transportation, which is still growing rapidly and which i?
much less subject to governmental regulation. Then there is such a
small but rapidly expanding branch as air transportation, so far
confined primarily to passengers and mail; water transportation, one
of the oldest branches of the industry; and, finally, such a narrowly
specific group as pipe lines. It may be seen that the total for the
transportation industry is bound to conceal large divergences in
movement among the constituent parts. The discussion of the
industry as a whole can, therefore, be only a brief introduction to the
analysis of changes in the specific branches.
The field as covered in the present chapter fails to include all
transportation. Two minor branches had to be classified with the
miscellaneous group, because the available data did not allow even
rough estimates of net income involved. These branches were harbor
craft, in the water transportation division, and taxicabs, in the motor
transportation division. On the other hand, the estimates below
cover more than just transportation. The available data do not
permit a clear, functional segregation of industrial activity. Consequently, estimates of income produced in the steam railroad branch
include not only the value of services rendered by railroads in transporting commodities and people, but also the value of services of
steam railroad employees engaged in the construction, repair, and
maintenance of track, equipment, and buildings. Similarly, the
estimates for motor and water transportation include the income of
employees of firms engaged in these fields who spend their time in
the repair and maintenance of equipment. This is a result of that
institutional type of classification by industrial groups which is forced
upon us by the character of the available information.
The Census of Occupations lists about 2.9 million people who may
be classified as attached to the field of transportation, as the latter
86

TRANSPORTATION

is defined in the present chapter*1 This total includes gainfully occuied in the harbor craft and in the taxicab business but, on the other
and, it excludes construction workers engaged by railroads on own
account, repair men in motor transportation, etc. The addition of
this body would probably raise the number of gainfully occupied
somewhat above the 3.1 million employed in 1929, which is shown in
table 77.
The movement of employment for the various groups of people
engaged in the industry shows substantial effects of the depression,
although not as marked as those in manufacturing, mining, or construction. As in other industrial' groups, so here the employment of
salary earners has not been reduced as much as that of wage earners.
The puzzling feature at first is the absence of any material decline in
the otherwise small number of entrepreneurs in the industry. But
most of these independent employers are in the motor transportation
field, which felt the effects of the depression much less than did the
bigfield of steam railroads.
The labor income of the body of employees in the field showed a
much more drastic contraction than did their numbers (see table
78). Total compensation showed an accelerating decline from 1929
resulting in a volume in 1932 about 42 percent below the 1929 level.
Again, for those areas in the field for which the distinction of salaries
and wages was possible, the salaries declined less than wages; although
even in the former the decline from the 1929 level amounted to over
one third.
Of the property incomes, dividends showed a marked contraction
after 1930, and by 1932 were down to less than one third of the 1929
level. But interest payments, which in this group are relatively more
important than in most other industrial divisions, showed no effect
of the depression. In every year after 1929 they were at a level
higher than that for the year of prosperity; with the result that the
combined property income declined to a smaller extent than did labor
income. This comparatively favorable movement of property income
was observed also in some other industrial groups, but in the latter
the general effect of the depression on gross income and labor compensation was much less marked than in the present field.
Total income paid out declined by 1932 to 60 percent of ^ the
1929 volume, and, as in all other industries, income produced declined
more. Negative savings appeared in 1930 and reached large proportions in 1932. The contraction in income produced brought the
volume by 1932 to about one half of that of 1929. A summary of
changes in the various parts of income produced and paid out is
presented graphically on chart X.
Table 79 reflects tlic shift in the proportional weight of the various
functional types of income in total mcome paid out. Salaries, where
such could be segregated, have claimed a growing share, although the
increase was not material. On the other hand, the share of wages
declined appreciably—from 42 percent of total income paid out in
1929 to 34 in 1932. The total share of labor has also shown a decline
even though this fall was reduced somewhat by the resistance of
salaries to contraction. The most striking change, however, was the

* This total is an addition of the following numbers (in thousands): 18, air transportation; 62, express
™m.P**"«s; 25, pipe lines; 1.5S3, steam railroads; 195, street railroads; 483, truck, transfer, and cab companies; 300, water transportation; 12, other and not specific transportation and communication; and 226,

NATIONAL INCOME, 1 9 2 9 - 3 2
CHART X

INCOME BY TYPE OF PAYMENT
TRANSPORTATION
BILLIONS

<> F

DOLLARS |
1 7

INTEREST

DIVIDENDS
ENTREPRENEURIAL
WITHDRAWALS
OTHER LABOR INCOME
SALARIES OR WAGES

SALARIES'

WAGESV

1929

1930

1931

1932

EXCESS PRODUCED
EXCESS WITHDRAWN

^
ty

Steam railroads, put/man, railway express and water transportation,
Other branches of transportation.

DZ>7*79 J?\

TBANSPOBTATION

rise in the share claimed by interest payments on long-term debts,
which almost doubled between 1929 and 1932. Property income as
a whole rose slightly.
The reduction of labor compensation to a per capita basis shows
that the decline in the average income of employed workers was not
as great as in the cost of living. This was particularly true of the
average salaries, the purchasing power of which must have increased
appreciably between 1930 and 1931. The average wage, on the
whole, kept pace with the declining cost of living, indicating that the
purchasing power of the per capita income of the employed wage earners remained fairly constant throughout the period.
2. SUBGROUPS OF THE TRANSPORTATION INDUSTRY

The varying effect of the depression on the different groups which
can be distinguished in the light of available data appears quite
clearly in the differential movement of employment shown in table 81The branches which suffered the greatest decline in employment are
steam railroads, water transportation, and electric railways. In the
first two, commodity transportation is the most important part of
the business, and that is likely to decline during depression more
than would the demand for transportation of persons. In the case of
steam railroads the additional aggravating factor was the competition
of motor truck and bus transportation. And in the case of electric
railways, i.e., street cars, the competition of busses was obviously a
primary factor in their poor showing. On the other hand, air transportation shows a striking increase m the number of employees, the
case of a rapidly growing industry partially supported by government
subsidies, which aided it in withstanding the effects of even such a
severe depression as the present one. A comparatively favorable showing is made also by motor transportation, the extension of the bus business and of motor truck traffic reducing the impact of the depression
upon the total passenger and commodity traffic.
Gross income at current prices could be measured for only some of
the branches in the field (see table 82). But the figures do serve
to indicate the extent to which gross income held up in the field of
bus and motor truck transportation as compared with steam railroadsand electric railways. The significant differences appear, however,
more clearly in the measure of the quantity volume of activity in
table 83. Here, again, we have a striking rise in the activity of air
transport, and what appears to be a fairly good showing by the common-carrier busses. As against this, the drastic decline in railway
freight traffic and in waterway tonnage is a reflection of the contraction that has taken place in the volume of production in the basic
industries.
It is interesting to observe that the decline in ton-miles of revenue
freight appears to have been greater than that in the quantity output
of the three basic branches of our industrial system that supply the
pulk of commodity traffic, viz, agriculture, mining, and manufacturmg. It was observed in chapter V (table 33) that there was scarcely
any decline in the gross volume of agricultural production, when adjusted for price changes. In mining, as table 39 indicates, the decline
m quantity output from 1929 to 1932 was 38 percent. . In manufacturing, the same decline between the 2 years was 45 percent (table 59).

NATIONAL INCOME, 1 9 2 9 - 3 2

In none of these branches was the decline as great as that of 48 percent shown in ton-miles of revenue freight. (It is to be remembered
that farm products account for a considerable proportion of railroad
tonnage.) It thus appears reasonable to infer that railroad traffic
declined more than quantity production of commodities; and that the
demand for railroad transportation must have been reduced by the
competition of trucks and by the fact that freight charges, which
failed to decline with the drop in commodity prices, formed an increasing cost margin which made transportation in certain areas of the
economic system too expensive.
In the compensation of employees the same disparity appears
among the various divisions of the transportation field (see table
84). Labor incomes in railroad and water transportation fell off most.
Indeed, in the former field the decline in labor incomes, especially
wages, followed very closely the movement of operating revenue shown
in table 82. If total labor income in that field did form a slightly increasing fraction of the gross income, this was due to the comparatively favorable showing of salaries, which declined^ much less than
wages. Again, air transportation shows an appreciable increase in
labor income paid out; and the next favorable showing is made by
motor transportation.
In interest and dividends paid out, the movement of the total is
determined primarily by changes in two fields, steam railroads and
the street railways, which together accounted for about 85 percent
of the total for the group (in 1929). # In both these fields dividends
suffered a drastic contraction, but with some significant differences
in the timing of the movement. In steam railroads, dividends showed
scarcely any change from 1929 to 1930, but declined precipitously
in 1931 and 1932. In street railways, the decline was manifest as
early as 1930, with a much milder decline from 1930 to 1931, and again
an intensified drop from 1931 to 1932. In interest payments there
was even a more marked difference between the two fields. In steam
railways, interest payments originating in the field increased, and in
1932 were 6 percent above the 1929 level. In local street railways
interest payments declined in 1931 and by 1932 were 13 percent below
the 1929 volume. The differences between the two fields in both
types of income may be interpreted as a reflection of the financial
strength of steam railroads as compared with local traction, which
suffered from competition to a much greater extent and for a longer
period than did steam railways.
In the other fields there was the general reaction of dividend
payments to the depression, with the exception of the small group of
aviation companies which are closely tied up with corporations in
other fields. There was also the usual lack of response on the part
of interest payments.
As a result of the sustention of interest payments, property income
originated in the steam railroad field did not decline as drastically
as did the same payments in the field of water transportation or
street railways. The differences in this respect among the various
fields are therefore not as marked as in other types of income payments; especially so because, in the small field of air transportation,
the affiliation of corporations with corporations in other fields does
not permit a reliable study of property incomes.

TRANSPORTATION

Table 86 tends to confirm the general impression obtained in other
industrial fields as to the relative gain or loss of various income types.
The weight of salaries in total income paid out definitely increased
during these years, while that of wages declined. The share of total
labor incomes declined in steam railroads, somewhat in motor transportation, and in pipe lines. The movement in pipe lines is generally
highly similar to the movement in the oil and gas branch of mining,
and the group of chemicals and petroleum refining in manufacturing.
The share of labor incomes increased in electric railways and in air
transportation, but the results for the latter field are misleading.
Property income has gained a greater share in steam railroads and
pipe lines.
In all branches of the transportationfieldnegative savings appeared
in 1930, and income produced declined more than income paid out
(see table 87). But it is of some interest to note that the volume
of negative savings shown by the various branches of thefieldrelative
to volumes of income paid out or income produced was not as high
as that in some basic tranches of our industrial system. Thus the
ratio of negative savings to income paid out shown in 1932 runs about
10 percent (with the exception of air transportation, for which these
figures having little meaning). But the same ratio in 1932 in manufacturing industry was about 25 percent (see table 60).
The per capita compensation of employees on the pay rolls of the
various transportation branches shows a decline from 1929 smaller
than that in the index of the cost of living (see table 88). This
was especially true of salary earners, and of the labor body taken
as a whole. Where wages could be measured separately from salaries
(steam railroads and water transportation), it can be seen that the
per capita income declined pari passu with the cost of living. On
the whole, then, the influence of the depression on the average income
of the employed worker in the industry was much milder than in a
number of other basic branches of our industrial system.
Tables 89 to 109 present further details on income paid out and
produced in the various branches of the transportation field. Steam
railroads, railway express, and Pullman are each treated separately.
In the field of water transportation the tables distinguish foreign and
coastwise shipping, inland waterways, lake transportation, and
stevedoring and longshoring. In the motor transportation field a
distinction is made between sightseeing busses, common-carrier busses,
and motor-truck transportation.
Comments on all these tables would be out of place here, where
only general observations are summarized. One might note, however,
the importance in the water transportation field of the stevedoring
and longshoring branch, in point of number of employees; the fact
that as regards employment and salaries and wages, thefieldof foreign
and coastwise shipping has shown a smaller decline than did transportation on inland waterways, and appeared especially favorable as
compared with transportation on the Great Lakes. In the motor
transportation field, the preponderant importance of motor truck
transportation may be. noted; as well as the fact that as compared
with common-earner and sightseeing busses, the decline in employment and compensation of labor was much greater in the field of
motor trucking, a natural reflection of the difference between business
demand and demand by ultimate consumers.

SUMMARY TABLES, TRANSPORTATION
T A B L E 77.—Number of people engaged, transportation

industry
Percentages of 1929

Absolute numbers
Item

Line

1929
1
2
3
4
5
6

1931

1930

1932

Salaried employees *. . . . . . . . . . . . . ' 464,579 44a 331 390,696! 331,012
1,671,569 1,496,4741,249,823 1.028,154
Wage earners *
Salaried employeesor wage earners 1 . 768,417 735,652] 679,587 619,666
All e m p l o y e e s . . . — . . . . . . . . . . . . . . 2,904,565 2,672,457 2,320,10611,978,832
Entrepreneurs
. . . . . . . . . . . . . . . . . 168,503 173,773 172,764 161,130
3,073,073 2,846,2302,492,870>2,139,962
Total number engaged

1932

1931

1929

1930

100.(J
100.0|
100.0|
100.0
loo. q
100.0

94.8 84.1
89.5 74.8
95.7 88.4
92.0 79.9
103.1 102.5
92.6 81.1

71.2
61.5
80.6
63.1
95.6
69.6

i Steam railroads, Pullman, railway express, and water transportation.
> Other branches of transportation.
TABLE 78.—Income paid out and produced, transportation

Absolute numbers (thousands
of dollars)
Line

industry

Percentages of 1929

Item
1929

1931

1930

1932

987,719 936,652 823,573 636,920.
Salaries *
Wages»
12,780,542 [2,391,472 ,903,31011,,356,514
Salaries or wages *
1,115,473
4731, 104,081 975,139 794,932
86,449
78,525
Other labor income
...
86,688
89,191
166,941
Total compensation of employees. 4,970,422 4,521,306)3,788,470ft 866,
Dividends
739,7371 692,9971 474,721 240,326
650,485 674,701 677,965] 672,009
Interest
Total property income paid out..i[1,390,2221,367,6981,152,656 912,335
Withdrawals of entrepreneurs
299,121 313,356 295,067 240,279
Total income paid out
6,659,76H6,202,4505,236,223 4,1,019,555
Corporate savings.
360,569-103,23^-344,639 - 4 0 t , 2 l 0 j
Business savings of individuals^..
- 6 5 9 | - 1 7 , 2 9 9 -23,249 - 3 2 , 0 5 6
7,019,675 6,031,918 4,868,33513,i, 583,289
Total income produced

1929

1930 1931

100.0 94.8 83.4
100. <N 86. q 68.5]
99.51 87.4
ioo. q 102.9
99.7
100.0
76.2
100. Oj 91. q 64.2
100.0 93.7 104.2]
ioo. q 103.7
98.4 82.9
100.0 104.8 98.6
100.0 93.1 78.6|
100.0

ioo. q

1932
64.5
48.8
71.3
90.6
57.7
32.5
103.3
65.6
80.3
60.4

86.61

i Steam railroads', Pullman, railway express, and water transportation.
* Other branches of transportation.

TABLE 79.—Percentage distribution of income paid out, transportation

industry

Percentages of income paid out
Line

1
2
3
4
5
6
7
8
9
10

Item

Wages 1 ...

Other labor income
Total compensation of employees.
Dividends
Interest..
Total property income paid out.
Withdrawals of entrepreneurs

......

.......... ..
.....
*

i Steam railroads, Pullman, railway express, and water transportation,
s Other branches of transportation.

1929

1930

1931

14.8
41.8
16.7
1.3
74.6
11.1
9.8
20.9
4.5
100.0

15.1
38.0
17.8
1.4
72.9
11.2
10.9
22.1
5.1
100.0

15.7
36.3
18.6
1.7
72.4
9.1
12.9
22.0
5.6
100.0

1932
15.8
33.7
19.8
2.0
71.3
6.0
16.7
22.7
6.0
100.0

TRANSPORTATION

TABLE 80.—Per capita income of employees, transportation
Absolute numbers
Line

industry

Percentages of 1929

Item
1929

1930

1931

1932

1 Average salary *.. .
.....
$2,126 $2,127 $2,103 $1,924
o Average wage *
. . . . . . . . . 1,663 1,598
1,523 1,319
3 Average income per active employee
...
.. 1,681 1,658
1,596 1,409
4 Bureau of Labor Statistics cost of
Jiving i n d e x . . . . . . . . . . . . . . . . .

1929

1932

1930

1931

100.0 100.0
100.0 96.1

99.2
91.6

100.0

98.6

919

83.8

100.0

97.4

88.9

80.4

90 5
79.3

i Steam railroads, Pullman, railway express, and water transportation.

DETAILED TABLES, TRANSPORTATION
TABLE 81.—Number of employees, various branches of the transportation

Percentages of 1929

Absolute numbers
Line

industry

Item
1929

1930

1931

1932

1 Salaried employees, steam rail*

422,570 399,718 353,884 298,131
2 Salaried employees, water transportation.......
.
42,009 40,613 36,812 32,881
3 Wage earners, steam railroads * . . . . 1,418,021 1,254,862 1,047,579 853,255
4 Wage earners, water transportation. 253,548 241,612 202,244 174,899
5 All employees, steam railroads *
1,840,591 1,654,580 1,401,463 1,151,386
6 AH employees, water transporta295,557 282,225 239,056 207,780
7 All employees, motor transportation
494,875 471,744 440,390 411,865
8 All employees, street railways
246,323 236,417 213,032 184,613
9 All employees, air transportation..
5,788
5,818
4,585
3,150
10 All employees, pipe lines
. . . . . . . 24,069 22,906 20,347 17,400

1929 1930 1931 1932

100.0 94.6 83.7 70.6
96.7
88.6
95.3
89.9

100.0
100.0
100.0
100.0

78.3
60.2
69.0
62.6

87.6
73.9
79.8
76.1

100.0 95.5 80.9 70.3
100.0
100.0
100.0
100.0

95.3
96.0
145.6
95.2

89.0
86.5
1817
815

83.2
719
183.7
72.3

—«— —
x

Inclusive of Pullman and railway express.

TABLE 82.—Gross income, various branches of the transportation
Absolute numbers (thousands
of dollars)
Line

industry

Percentages of 1929

Item
1929

1930

1931

1932

1929 1930 1931 1932

Gross operating revenues, steam
[6,373,004 ,356,484 4,246,3853,170,000 100. (N
railroads
Gross operating revenues, Pullman
82,384 76,234 62,558 43,366 100.0
Co
.
Gross operating revenues, express
141,954 132,405 117,582 90,284 ioo. o]
companies
Gross revenue, common-carrier
395,00<J 400,250 370,00(J 348,800! 100.0)
busses
1,707,235 ,749,621!11,557,2391,1,245,792 100.0
Gross revenue, motor trucks
Gross revenue, street railways
907,001 831,845 726,186j 603,332 100.0I
Gross revenue, pipe lines
- 251,411 237.010J 222,944 211,789 100.0

81 Oj 66.6 49.7
92.5

75.« 52.6

91.3 81.1 62.3
101.3]
88.3
102.5 91.2 73.0
91.7 80.1 66.5
84.2
U-ty 33.7^

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 83.—Quantity volume of activity, various branches of the transportation
industry
Percentages of 1929

Absolute numbers
Line

Item

Ton-miles revenue freight, steam
450,189
railways (millions)—Passenger miles, steam railways
31,165
(millions)
Berth passengers carried, Pull21,000
man Co. (thousands)
Chair passengers carried, Pull12,400
man Co. (thousands)
B u s miles, common-carrier busses
1,750,000
(thousands)
Passengers carried, street rail"
U, 323,888
w a y s (thousands)
Barrels of oil carried, pipe lines
1,156,351
(thousands)
Number of passengers, air trans173,405
portation
Waterway traffic, Panama Canal
14,845
(thousands of long tons)
Waterway traffic, river (thousands of short tons)
42,661
Waterway traffic, ocean (thou*
31,907
ands of net tons)

1931

1929

1932

1931

1932

385,815

311,073

235,376 100.0

69.1

52.3

26,876

21,933

17,001 100. (J 86.21 70.4

54.6

18,5001

14,600|

10,200 100.01 88.1

69.5

48.6

10,900

8,400|

5,600 100. Oj 87.9

67.7

45.2

1929

85.7

825,000. 804,6001 1,797,0001 100.0[ 104.3 103.1 102.7
93.0

84.0

74.1

172,1651, 127,7961,120,848 100.0] 101.4

97.5

96.9

534,2469, 510,9488,392,441 100.0

417,505

522,345

540,681 100.0 240.81 301.21 311.8
7,7771 100.0

13,204

10,339

88.9

69.6

62.4

38,413

24,359

14,945 100.01 90.0

57.1

35. a

31,949

26,568

23,777 100.0! 100.1

83.3

74.5-

TABLE 84.—Compensation of employees, various branches of the transportation
industry
Absolute numbers (thousands
of dollars)
Line

1929

1930

1931

1932

Salaries, steam railroads 1
895,112 852,022 749,195 673,614
Salaries, water transportation.
, 92,607
84,63G1 74.377
63,306
Wages, steam railroads*
2,331,868 1,997,651 1,583,515 1,111,316
Wages, water transportation
448,674 393,821 319,795 245,198
Salaries and wages, steam railroads'. (3,226,980 12,849, 673 2,332,
— 7101 1,684,930
Salaries and wages, water transportation
541,281 478,451 394,172 308,504
Salaries and wages, motor transportation
636,002 635,734 563,74fl 466,612
Salaries and wages, street railways. 422,858 412,478 358,1351 283,643
Salaries and wages, air transportation
12,618
9,295
16,172
15,255
Salaries and wages, pipe lines
43,251
47,318
29,472
37,085
Other labor
income, steam railroads 1
Other labor income, water transportation
Other labor income, motor transportation
Other labor income, street railways. . . .
—
...
Other labor income, pipe lines

Includes Pullman and railway express.

1929

1930

100.0 95.2
100.0] 91.4
ioo. a 85.7
100.0 87.8
100.01

1931
83.71
80.3
67.9
71.3
72.3

1932
64.1
68.4
47.7
64.6
52.fr

100.0) 88.4] 72.81 57.0

100. (J 100.0
100.61 97.5

88.6
84.7

73.4
67.1

100.0 135.8 174. (J 164.1
100.0 91.4 78.4 62.3
96.8

86.0

59,776

59,7451

57,880]

9,636

10,428

10,520

9,779 100.0 108.2J 109.2 101.6

12,862

14,132

13,274

13,466 100.0 109.9 103.2 104.7

3,957
457

4,362
624

4,143

3,235 100.0 110.2 104.7 81.8
138.3
632 100.0 114.7 138.3

51,413 100.01 99.9

Total compensation
of employees,
steam railroads 1 .
3,286,75612,909,418 2,390,590 1,736,343]
Total compensation of employees,
water transportation
550,917) 488,879 404,692 318,283
Total compensation of employees,
motor transportation
648,864 649,866 577,021 480,078
Total compensation of employees,
street railways
426,815 416,840 362,278 286,878
Total compensation of employees,
9,295
air transportation
12,618
16,172
15,255
Total compensation of employees,
47,77d 43,775
pipe lines
37,717
30,104
1

Percentages of 1929

Item

100.0

88.5] 72.7

52.8

100.0

88.

73.5

57.8

100.0 100.

88.9

74.0

97.71 84.9

67.2"

100.0

100.0 135.8 174.0 164.1
100.0

91.61 78.91 63.0

TRANSPORTATION

TABLE 85.—Property income originated, various branches of the transportation
industry
! Absolute numbers (thousands
of dollars)
Line

Percentages of 1929

Item
1929

1930

1932

1931

1929

Dividends, steam railroads 1
438,771 434,889 257,131 64,477
5,934
Dividends, water transportation..,..-. 28,580 30,189 19,651
36,838 31,895 25,912 20,863
Dividends, street railways
148,214 98,987 85,258 38,165
156
202
-172
-22
Dividends, air transportation
Dividends, pipe l i n e s . . . . . . . . . .
. 87,356 97,209 86,567 110,731

1
3
4
5
6

1930

1932

1931

100.0 99.1
100.0 105.6
100.0 86.6
100.0 66.8

58.6
6S.8
?a 3
57.5

100.0 111.3

99.1 126.8

14.7
20.8
56.6
25.7

steam railroads 1
521,113 536,053 549,012 551,451 100.0 1Q2.9 105.4 105.8
water transportation... . . . . .
7,034 11,278 10,939 100.0 115.4 185.0 179.5
6,095
motor transportation.
. . . . . 17,647 19,479 18,303 17,209 100.0 110.4 103.7 97.5
street railways
103,236 109,726 96,819 90,021 100.0 106.3 93.8 87.2
-378
-361
214
235
2,931
2,750 100.0 99.7 134.4 126.1
Interest, pipe lines
2,174
2,180

7
8
9
10
11
12

Interest,
Interest,
Interest,
Interest,

Total property income paid out, steam
959,884 970,942 806,143 615,928
railroads1......
.....
Total property income paid out, water
transportation
. . _ . _ _ . . . . . . 34,675 37,223 30,929 16,873
15 Total property income paid out, motor
54,485 51,374 44,215 38,072
transportation
.
16 Total property income paid out, street
railways...
251,450 208,713 182,077 128,186
17 | Total property income paid out, air I
-205
-176
63
transportation
192
18; Total property income paid out, pipe i
lines
89,536 99,3S3 89,498 113,481

64.2

100.0 101.2

84.0

100.0 107.3

89.2

48.7

100.0

94.3

81.2

69.9

100.0

83.0

72.4

51.0

100.0 111.0 100.0 126.7

—.

1
1

Includes Pullman and railway express.

TABLE 86.—Percentage distribution of income paid out, various branches of the
transportation industry
Percentages of income paid out
Line

Item
1929

1930

1931

1932

Salaries, steam railroads»
Salaries, water transportation
Wages, steam railroads1
Wages, water transportation..

21.1
15.7
54.9
76.1

22.0
16.0
51.5
74.4

23.4
17.0
49.5
72.8

24.4
18.7
47.2
72.6

Salaries and wages, steam railroads»
Salaries and wages, water transportation
Salaries and wages, motor transportation
Salaries and wages, street railways
Salaries and wages, air transportation
Salaries and wages, pipe lines..

76.0
91.9
63.7
62.3
98.0
34.5

73.4
90.4
62.9
65.9
99.5
30.2

73.0
89.9
61.7
65.8
101.1
29.2

71.6
91.4
61.7
68.3
101.4
20.5

Property income paid out, steam railroads1
Property income paid out, water transportation.
Property income paid out, motor transportation
Property income paid out, street railways
Property income paid out, air transportation....
Property income paid out, pipe lines

22.6
5.9
5.5
37.1
2.0
65.2

25.0
7.0
5.1
33.4
.5
69.4

25.2
7.1
4.8
33.4
-1.1
70.4

26.2
5.0
5.0
30.9
-1.4
79.0

Includes Pullman and railway express.

NATIONAL. INCOME, 1 9 2 9 - 3 2

TABLE 87.—Income paid out and produced, various branches of the transportation
industry
Absolute numbers (thousands of
of dollars)
Line

1929

1930

1931

1932

1
1 Income paid oat, steam railroads . 4,240,640 3,880,360 3,196.733 2,352,271
2 Income paid out, water transportation
.» 589,235 529,432 433,546 337,648
3 Income paid out, motor transpor998,827 1,011,266 913,378 755,037
tation
..
.»-...
4 Income paid out, street railways. __ 678,265 625,553 544,355 415,064
5 Income paid out, air transportation.
9,487 12,681 15,996 15,050
6
137,311 143,158 127,215 143,585

Business savings, steam railroads K. 392,185
Business savings, water transpor10,135
9 Business savings, motor transportation...........
...—.._ -6,259
10 Business savings, street railways... -47,403
HI Business savings, air transporta-7,056
tion......... ..__.....•.....
12
18,308
7

1929 1930 1931 1932
100.0 91.4

75.3 55.1

100.0 89.9

74.4

57.3

101.2
92.2
133.7
104.3

91.4
80.3
168.6
92.6

75.7
61.2
158.6
104.6

100.0
100.0
100.0
100.0

-22,298 -232,260 -251,772
-22,758 -27,612 -43,996
-37,114 -46.287 -64,432
-10,743 -46,614 -15,512
-18,968
-8,651

-9,811 -9,811
-5,304 -50,743

13 Income produced, steam railroads'. 4,638,825 3,858,062 2,964,473 2.100,499
14 Income produced, water transportation.
..
. . 599,370 506,674 410,934 293,652
15 Income produced, motor transportation
. . . . . . . 992,56S 974,152 867,091 691,605
16 Income produced, street railways.. 630,862 614,810 497,741 399,552
17 Income produced, air transportation
2,431 -6,287
6,185
5,239
18 Income produced, pipe lines
155,619 134,507 121,911 92,842
1

Percentages of 1929

Item

100.0 83.2

63.9 45.3

100.0 84.5

68.6

49.0

100.0 98.1 87.4 69.7
100.0 97.5 78.9 63.3
100.0 80.4

78.3 59.7

Includes Pullman and railway express.

TABLE 88.—Per capita income of employees, various branches of the transportation
industry
Percentages of 1929

Absolute numbers
Line

Item
1929

1
2
3
4
5

1930

1931

1932

Average salary, steam railroads *
$2,118 $2,132 $2,117 $1,924
Average salary, water transportation. 2,204 2,084 2,020 1,925
Average wage, steam railroads *
1,644 1,592 1,512 1,302
Average wage, water transportation.. 1,770 1,630 1,581 1,402
Average pay, all active employees,
steam railroads *
. 1,753 1,722 1,664 1,463
pay, all active employees,
« Average
water transportation
1,831 1,695 1,649 1,485
7 Average pay, all active employees,
motor transportation
1,285 1,348 1,280 1,133
pay, all active employees,
* Average
street railways
...
1,717 1,745 1,681 1,536
V Average pay, all active employees,
air transportation
2,951 2,752 2,780 2,636
10 Average pay, all active employees,
1,966 1,888 1,823 1.694
11 Bureau of Labor Statistics cost of

* Includes Pullman and railway express.

1929

1930 1931 1932
100.0
91.7
92.0
89.3

90.8
87.3
79.2
79.2

100.0 98.2 94.9

83.5

100.0 92.6 90.1

81.1

100.0 104.9 99.6

88.2

100.0
100.0
100.0
100.0

100.7
94.6
90.8
92.1

100.0 101.6 97.9

89.5

100.0 93.3 94.2

89.3

100.0 96.0 92.7

86.2

100.0 97.4 88.9

80.4

TRANSPORTATION

DETAILED TABLES, STEAM RAILROADS
TABLE S9.—Number of employees, steam railroads
Absolute numbers
Line

Percentages of 1929

Item
1929

1932

1931

1930

1 Principal salaried employees.. 28,217
27,659
25,013" 20,956
2 Other salaried employees
368,368 347,159 306.5391 258,240
3
All salaried employees
396,585 374,818 331,552, 279,196
4 Wage earners
. . 1,355,877 1,196.741 998,911 812,267
5
Total number of employees. 1,752,462 1.571,559 1,330,463.. 1,091,463

1929

1930 1931 1932

100.0
100,0
100.0
100.0

98.0
94.2
94.5
88.3
89.7

loao

74.3
70.1
70.4
59.9
62.3

88.6'
83.2
83.6
73.7
75.9

TABLE 90.—Income paid out and produced, steam railroads
Absolute numbers (thousands of
dollars)

Line

1929
1
2
3
4
5
6
7
8
9
10
11
12

Percentages of 1929

Item
1930

1931

1932

Principal salaries.....
Other salaries
Total salaries...

129,779 129,416 117,458 91,652
• 705,518 666,901 582,660 445,213
835,297 796,317 700,118 536,865
2,231,916 1,906,693 1,506,3541,056,085
Other labor income
58,285 58,180 56,271 49,846
Total compeiisationofemployees. 3,125,498 2,761,190 2,262,7431,642,796
399,092 424,809 257,083 53,423
Interest
520,904 534,501 547,375 549,850
Total property income paid out 919,996 959,313 804,457 608,273
Total income paid out..
4,015,494 3,720,503 3,067,20CH2,251,069
Corporate savings
. 420,548 -17,951 -235,600-245,001
Total income produced
4,466,042 3,702,552 2,831,600^2; 006,068

wages

:.:...::::::.:::::.

1929

1930 1931 1932

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

99.7
94.5
95.3
85.4
99.8
88.3
106.4
102.6
104.3
92.0

90.5
82.6
83.8
67.5
96.5
72.4
64.4
105.1
87.4
75.8

7a 6
63.1
64.3
47.3
85.5.
52.6
14.6
105.6
66.1
55.6

100.0 82.9 63.4 44.9

TABLE 91.—Percentage distribution of income paid out, steam railroad*
Percentages of income paid out
Line

Item
1929

I
2
3
4
5
6
7
8
9
10

Principal salaries
Other salaries
Total salaries
Wages
Other labor income..
Dividends..™?..?.
Interest

'.
*
!.

"I""-."!™"-

3.2
17.5
20.7
55.2
1.4
77.3
9.8
12.9
22.7
100.0

1930
3.5
17.9
21.4
51.2
1.6
74.2
11.4
14.4
25.8
100.0

1932

1931
3.9
19.0
22.9
49.1
1.8
73.8
8.4
17.8
26.2
100.0

4.1
19.8
23.9
46.9
2.2
73.0
2,6
24.4*
27.0
100.0

TABLE 92.—Per capita income of employees, steam railroads
Percentages of 1929'

Absolute numbers
Line

Item
1929

1
2
3
4
6
6

Principal salaried employees
Other salaried employees
AH salaried employees
Wage earners
All active employees
Bureau of Labor Statistics cost of

1930

1931

1932

$4,599 $4,679 $4,696 $4,374
1,915 1,921 1,901 1,724
2,106 2,125 2,112 1,923
1,646 1,593 1,508 1,300
1,750 1,720 1,658 1,459

1929

1930

1931

1932

100.0 101. T 102.1
100.0 100.3 99.3
100.0 100.9' 100.3
100.0 96.8 91.6
100.0 98.3 94.7

95.1
90.9
91.$
79.0
83.4

ioao

80.4

97.4

88.9

BTATIOtfAL INCOME,

1929-32

DETAILED TABLES, RAILWAY EXPRESS
T A B L E 93.—Number of employees, railway

express
Percentages of 1929

Absolute numbers
Line

Item
1930

1929

1 Principal salaried employees
2' Other salaried employees.. __...__
3
All salaried employees——
4 Wage earners..... . . . . . . . . .
5
Total number of employees

2.377 2,336 2,010
17,119 15,258 12,9C6
19,496 17,594 14,976
35,816 30, on 25,100
40,076
55,312
47,635

2,300
18,185
20,485
39,609
60,094

1930

1931

100.0 103.3
100.0 94.1
100.0 05.2
100.0 90.4
100.0 92.0

101.6
83.9
85.0
75.8
79.3

1929

1932

1931

TABLE 94.—Income paid out and produced, railway
Absolute numbers (thousands
of dollars)

1932
87.4
71.3
73.1
63.4
66.7

express
Percentages of 1929

Item
1930

1929
1 Principal salaries
.
6,158
2 Other salaries...
. . . . . . . . . . 32,003
3 Commissions...,,
,,...^._.- - 9,629
Total compensation, other sala4
41,632
Total compensation, all salaried
6
47,790
employees
.
65,858
6 Wages
1,491
7 Other labor income
Total compensation of employees. 115,139
S
9 Dividends
590
....—.._
. . . . . 1,259
10 Interest..
Total property income paid out. 1,849
11
Total Income paid out . . . . . . . 116,988
12
-115
....
13 Corporate savings
116,873
Total income produced
14

1932

1931

6,143 5,682 4,549
29,597 26,551 20,000
8,155 6,513 4,804

TABLE 95.—Percentage distribution

29,353
37,103
1,567
68,023
64
1,668
1,732
69,755
-5
69,750

38,746
50,874
1,609
91,229
70
1,670
1,740
92,969
1
92,970

1930

1931

100.0
100.0
100.0

99.8
92.5
84.7

92.3
83.0
67.6

73.9
62.5
49.9

100.0

90.7

79.4

59.6

100.0
100.0
100.0
100.0
100.0
100.0
1 100.0
100.0

01.8
89.3
105.0
90.6
11.9
131.1
93.1
90.6

81.1
77.2
107.9
79.2
11.9
132. G
94.1
79.5

61.4
56.3
105.1
59.1
10.8
132.5
93.7
59.6

I 100.0

00.7

79.5

59.7

37,752 33,064 24,804
43,895
58,820
1,565
104,280
70
1,651
1,721
106,001
36
106,037

1932

1929

of income paid out, railway

express

Percentage of income paid out
"Line

Item
1929
Principal salaries
Other salaries
Commissions
..........
..
„
Total compensation, other safaried'employe^V.'
Total compensation, all salaried employees
Wages
Other labor income
Total compensation of employees
Dividends
Interest
,
Total property income paid out
Total income paid out
TABLE 96.—Per capita

ioao

6.1
28.6
7.0
35.6
41.7
54.7
1.7
98.1
.1
1.8
1.9
100.0

railway

express

1.3

98.4
.5
1.1
1.6
100.0

.1
2.4
2.5
ioao

Item
1929

1
2
3
4
5
6

97.6

Percentages of 1929

Absolute numbers
Line

6.5
28.7
6.9
35.6
42.1
53.2
2.2

5.8
27.9
7.7
35.6
41.4
55.5
1.5
98.4
.1
1.8
1.6

5.3
27.4
8.2
35.6
4a 9
56.3

income of employees,

1932

1931

1930

1931

1932

Principal salaried employees
$2,677 $2,584 $2,432 $2,263
2,289 2,205 2,167 1,913
Other salaried employees
.
All salaried employees
2,333 2,251 2,202 1,960
1,693 1,478
Wage earners
.......
. . . 1,663 1,642
All active employees...
_ 1,891 1,857
1,881
1,658
Bureau of Labor Statistics cost of

1929

1930 1931 1932

ioao 96.5 90.8
100.0 96.3 94.7
100.0 96.5 94.4
100.0 98.7 101.8
98.2 99.6

84.5
83.6
84.0
88.9
87.7

88.9

sa4

ioao
ioao

97.4

TRANSPORTATION

DETAILED TABLES, PULLMAN CO*
TABLE 97.—Number of employees, Pullman Co.
Absolute numbers
T.I no

Percentages of 1929

Item

1
2
3
4
5

1929

1930

1931

1932

1929

1930

1931

276
5,224
5,500
22,535
28,035

25$
5,146
5.404
22,305
27,709

247
4,491
4,738
18,627
23,365

246
3,713
3,959
15,888
19,847

100.0
100.0
100.0
100.0
100.0

93.5
98.5
98.3
99.0
98.8

89.5
86.0
86.1
82.7
S3.3

1932
89.1
71.1
72.0
70.5
70.8

TABLE 98.—Income paid out and produced, Pullman Co,
Absolute numbers (thousands of
dollars)

Line

1929
1
2
3
4
5
6
7
8
9
10
11

Percentages of 1929

Item

Principal salaries
.......
..
Other salaries
....
...
Total salaries
Wages
....
Total compensation of employees..
Dividends...
Interest..
..
Total property income paid out. - .
Total income paid o u t — . . . . . . . . . .

939
11,086
12,025
34,094
46,119
39,089
-1,050
38.039
84,158
-28,248
Total income produced............! 55,910

1930

1931

1932

1929

1930

1931

937
10,873
11,810
32,138
43.943
10,010
-102
9,908
53,856
-4,383
49,473

876
9,455
10,331
26,287
36,618
-21
-33
-54
36,564
3,339
39,903

742
6,654
7,396
18,128
25,524
5,990
-67
5,923
31.447
-6,766
24,681

100.0
100.0
100.0
100.0
100.0
100.0

99.8
98.1
98.2
94.3
95.3
25.6

93.3
85.3
85.9
77.1
79.4

ioo.6

26.0
64.0

43.4

15.6
37.4

88.5

71.4

44.1

100.0
100.0

1932
79.0
60.0
61.5
53.2
55.3
15.3

TABLE 99.—Percentage distribution of income paid out, Pullman Co.
' Percentages of income paid out
Line

Item
1929

1
2
3
4 Wages
5
6
7
8
9

1.1
13.2
14.3
40.5
54.8
46.4
-1.2
45.2
100.0

1931

1930
1.7
20.2
21.9
59.7
81.6
18.6
-.2
18.4

ioao

2.4
25.9
28.3
71.9
100.1
-.1
-.1
-.1
100.0

1932

2.4
21.2
23.5
57.6
81.2
19.0

-.2

18.8
100.0

TABLE lOO.—Per capita income of employees, Pullman Co.
Percentages of 1929

Absolute numbers

Line

Item
1929

l
$3,402
2
2,122
3
2,186
.1,513
4 Wage e a r n e r s . . ' . . 1 . . . . . . . . . . . . . . . . . . . .
1,645
5
6 Bureau of Labor Statistics cost of

1930

1931

1932

$3,632
2,113
2,185
1,441
1,586

$3,547
2,105
2,180
1,411
1,567

$3,016
1,792
1,868
1,141
1,286

1929

1930

1931

1932

100.0 106.8 104.3
100.0 99.6 99.2
100.0 100.0 99.7
100,0 95.2 93.3
100.0 96.4 95.3

88.7
84.4
85.5
75.4
78.2

97.4

80.4

100.0

88.9

100

NATIONAL INCOME, 1 9 2 9 - 3 2
DETAILED TABLES, WATER

T A B L E 1 0 1 . — N u m b e r of employees,

foreign

TRANSPORTATION
and coastwise

water

Percentages of 1929

Absolute numbers
Line

Item
1930

1929

TABLE

102.—Compensation

1932

1931

21,403 21,379 19,987 18,935
54,841 52,131 46,725 42,608
76,244 73,510 66,712 61,643

Salaried employees..
Wage earners
.
Total number of employees..

active employees,
transportation

foreign

Total compensation of active em-

1930

1932

1931

46,099 42,648 39,022 34,802
60.710 54,648 46,811 37,902
106,809 97,196 85,833 72,704

T A B L E 1 0 3 . — N u m b e r of employees,

inland

waterway

93.4
85.2
87.5

coastwise

88.5
77.7

sa 7
water

Percentages of 1929
1930

1931

1932;

100.0 92.5
100.0 89.9

84.6
77.1

75.5
62.4

100.0 91.0 80.4

6S.1

1929

transportation

Item
1929

1
2
3

1930

1931

1932

1929

1930

1931 1932

100.0 97.6 89.8
11,451 11,172 10,279 9,181
19,484 18,127 15,292 13,272 100.0 93.0 78.5
30,935 29,299 25,571 22,453 l 100.0 94.7 82.7

T A B L E 104.—Compensation

of active

employees,

inland

waterway

Absolute numbers (thousands
of dollars)
Line

100.0 99.9
100.0 95.1
100.0 96.4

1932

Percentages of 1929

Absolute numbers
Line

1931

Item
1929

1
2
3

1929

and

Absolute numbers (thousands
of dollars)
Line

transportation

80.2
68.1
72.6

transportation

Percentages of 1929

Item
1929

1930

1931

1932

1 S a l a r i e s . . . . . . . . . . _ . . . . . . . . . _ . . . . . . . . ; . 24,838 23,636 21,177 17,646
2
20,921 19,095 15,801 12,282
3
Total compensation of active em*
45,759 42,731 36,978 29,928

T A B L E 1 0 5 . — N u m b e r of employees,

Great hakes

water

1929

1930

1931 1032

100.0 95.2 85.3
100.0 91.3 75.5

71.0
58.7

100.0 93.4

65.4

80.8

transportation
Percentages of 1929

Absolute numbers
Item
1929
1 Salaried employees
.....
2
3
Total number of employees

1930

9,155 8,062
16,723 14,354
25,878 22,416

1931

1932

6,546
10,727
17,273

4,765
7,619
12,284

1929

1930 1931 1932

100.0 88.1 71.5
100.0 85.8 64.1
100.0 86.6 66.7

52.0
45.0
47.5

TRANSPORTATION

101

TABLE 106.—Compensation of active employees, Great Lakes water transportation

Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1932

1931

1
21,670 18,346 14,178 10,858
2 Wages
17,043 14,178 10,183 7,014
3
Total compensation of active em*
38,713 32,524 24,361 17,872

Percentages of 1929
1929

1930 1931 1932

100.0 84.7 65.4
100.0 83.2 59.7

50 1
41.2

100.0 84.0 62.9

46.2

DETAILED TABLES, MOTOR TRANSPORTATION
TABLE 107.—Number of people engaged, motor transportation
Percentages of 1929

Absolute numbers
Line

Item
1929

1 Sightseeing busses, employees..
2 Common-carrier b u s s e s , e m ployees
3
4
Total number of employees...
5 Entrepreneurs, motor trucks....
6

1930

2,592

2,248

2,560

112,000
380,283
494,875
167,979
662,854

110,000
359,496
471,744
173,255
644,999

108,000
329,830
440,390
172,289
612,679

1932

1929

1930

1931

2,422 100.0

86.7

98.8

93.4

100.0 98.2 96.4
100.0 94.5 86.7
100.0 95.3 89.0
100.0 103.1 102,6
100.0 97.3 92.4

929
80. a
83.295.7
86.4

1932

1931

104,000
305,443
411,865
160,703
572,568

TABLE 108*—Total compensation of employees, motor transportation

Line

Absolute numbers (thousands
of dollars)

Percentages of 1929

Item
1930

1929
1 Salaries and wages, sightseeing
busses
2 Salaries and wages, commoncarrier busses
3 Salaries and wages, motor trucks
4
Total salaries and wages
5 Other labor income.....
6
Total compensation of employees
— „_

1931

1932

1929

1930

1931

1932

3,070 100.0 89.6 97.2 82.9
3.600
3,321
3,705
154,891 157,183 148,176 133,744 100.0 101.5 95.7 86. a
477,406 475,230 411,971 329,793 100.0 99.5 86.3 69.1
636,002 635,734 563,747 466,612 100.0 100.0 88.6 73.4
12,862 14,132 13,274 13,466 100.0 109.9 103.2 104.7
648,864 649,866 577.021 48a 078 100.0 100.2 88.9 74. a

TABLE 109.—Per capita income of employees, motor transportation
Percentages of 1929

Absolute numbers
Item
1929

1930

1931

1932

1929

1930

1931 1932

1 All active employees, sightseeing
busses
$1,429 $1,477 $1,406 $1,268 100.0 103.4 98.4
All active employees, common-carrier b u s s e s . . . . . . . . . . . . . . . . . . . . . . . . . 1,383 1,429 1,372 1,286 100.0 103.3 99.2
All active employees, motor trucks— 1,255 1,322 1,249 1,080 100.0 105.3 99.5
All active employees in the industry.. 1,285 1,348 1,280 1,133 100.0 104.9 99.6
Bureau of Labor Statistics cost of
100.0 97.4 88.9

2
3
4
6

87266—34

88.r
93.0
86.1
88.2

sa 4

CHAPTER XI
COMMUNICATION
The field of communication, defined inclusively, covers telephones,
telegraph, and postal service. But in this country, as in manyothers, postal service is a function of the Government, and is managed on lines which do not make it comparable to an industry run
for profit. The income flowing from the postal sendee industry is
included as a separate part with the total income estimates for
the government group. The field of communication remains, therefore, limited to the telephone and telegraph industries, the latter
inclusive of radio cables.
The two are quite distinct in size, in the economic nature of the
demand which they satisfy, and somewhat in the character of their
organization. The telephone industry is by far the larger of the
two.
It satisfies primarily the demand of ultimate consumers,
while the largest part of demand for the services of the telegraph
industry comes from business enterprises. Finally, the telephone
industry in this country is dominated by an integrated corporate
system; while in the field of telegraphs there has been, during recent
years, intensive competition between two big corporations.
The Census of Occupations for 1930 shows 578,602 gainfully
occupied classified under telegraph and telephone. This figure is
quite close to that shown in table 110 as the average number employed in 1929. Since that year there has been a decline in employment, somewhat more moderate in the telephone industry than in
the telegraph field; but in both industries the contraction of employment was much more moderate than in most other basic industrial
fields. The contraction did not begin until 1931, and the number
employed in 1932 was only about 24 percent below the 1929 level,
as compared with declines of 40 to 60 percent in mining, manufacturing, and construction.
The success of the industries in withstanding the effects of the
business depression is shown especially clearly in table 111. The
operating revenue of the telephone industry showed no decline
until 1932, in which year it fell to a level about 10 percent below
that of 1929. Similarly, the number of telephone messages showed
no decline until 1932, in which year it dropped to a level about 5
percent below that of 1929. The comparison of the dollar and
quantity volume of business in the industry suggests that charges
must have held up, and that the small contraction which did occur
took place mostly in the more expensive long-distance messages.
In the telegraph field, because of the business character of the
demand, the contraction in gross income was much more material.
Operating revenue declined by 1932 to about 60 percent of the
1929 level, and only a somewhat smaller contraction occurred in
the number of messages. Also, the decline in the gross income of
the industry began in 1930, instead of being delayed until 1932 as
was the case in telephones.
The contraction in labor incomes paid by the telephone industry
was quite moderate compared with the cuts that labor sustained
102

COMMUNICATION

103

in other industrial fields (see table 112). But in view of the
fact that operating revenue did not decline until 1932, and then
by only 10 percent, the contraction of labor incomes in 1931 by
8 percent and in 1932 by 22 percent (as compared with the 1929
level) showed that the industry took advantage of the fall in the
cost of living and a depression labor market in order to reduce its
labor costs. Contrasted with this decline in labor incomes was
the marked rise in property incomes paid out. Dividends, the
most important part of property incomes in the telephone industry,
rose by 1932 to 148 percent of the 1929 level; and, as a result, total
income paid out in 1932 was only about 8 percent below the volume
for 1929.
The exceptional position of the telephone industry during the
depression is still more clearly marked in the fact that it showed
positive savings even through 1931, and only a comparatively
small volume of negative savings in 1932. However, its savings
had declined materially by 1930, and consequently the total income produced showed a marked decline in 1931. A comparison
of income produced with gross income (compare with table 111)
revealed that in telephones, as in most other industries, the former
declined more than did the latter, reflecting the rigidity of some cost
items.
The telegraph industry shows no such exceptional behavior during
this depression period. Labor incomes declined appreciably, even
though the contraction did not begin until 1931. Similarly, property
incomes, primarily dividends, fell off drastically in 1931, and by
1932 were down to one third of the 1929 level. Total income paid
out in 1932 was only 60 percent of the 1929 volume, and, as contrasted with the telephone industry, telegraphs began to show
negative savings as early as 1930. Income produced in the industry
movcd# together with operating revenue through^ 1931; but in 1932
it declined more than operating revenue, suggesting that some rigid
cost items became of greater weight as the total gross income dropped
to the low absolute levels of 1932.
A summary of changes in incomes for the field as a whole is presented graphically on chart XI.
The difference in the response to the depression in the two industries
resulted in a difference in shift which occurred in the relative proportion of various income groups (see table 115).# In the telephone
industry the share of labor incomes in the total paid out declined from
77 percent in 1929 to 65 percent in 1932, while that of property income
rose correspondingly from 23 to 35. In the telegraph industry, the
share of labor incomes showed a tendency to rise after 1930, with the
result that by 1932 labor incomes accounted for 91 percent of the total
paid out as compared with 83 percent in 1929. Correspondingly,
the share of property incomes declined from 17 percent in 1929 to 9
percent in 1932.
The per capita incomes of employees who were retained on the pay
rolls show a rise from 1929 to 1931 and a moderate decline in 1932
(see table 116). This movement indicates that there must have been
a shift among employees in favor of the higher paid group, the reduction of employment, when it occurred, taking place preponderantly
among the lower paid divisions. A comparison of the per capita
compensation with the cost of living suggests that the purchasing
power of the per capita salary has risen after 1929.

NATIONAL INCOME,

104

1929-32

CHART XI

INCOME BY TYPE OF PAYMENT
COMMUNICATION

MILLIONS
OF
DOLLARS
TIOOO

INTEREST

DIVIDENDS
OTHER LABOR INCOME

SALARIES & WAGES

EXCESS PRODUCED
EXCESS WITHDRAWN

DD74GZ j g l

105

COMMUNICATION

SUMMARY TABLES, COMMUNICATION
TABLE 110.—Xumber of employees, communication industries
Absolute numbers
Line

Percentages of 1929

Item
1929

1930

1931

1932

1929

1930 1931 1932

I Number of employees, telephone. 436,420 425,532 367,573 334,035 100.0 97.5 84.2
2 Number of employees, telegraph,. 96,314 93,999 81,019 68,348 100.0 97.6 84.2
3
Number of employees, communication industries
532,734 519,531 448,622 402,433 100.0 97.5 84.2

76.6
71.0
75.5

TABLE HI.—Gross income and number of messages, communication industries
Percentages of 1929

Absolute numbers (thousands)
Line

Item

1929

1930

1931

1929 1930 1931 1932

1932

Operating revenue, telephone.. $1,203,139
$1,193,959 $1,055,801
2 Operating revenue, telegraph.. $219,218 $1,232,076
$197,210 $165,996 $128,225
3 Operating revenue, communication industries
$1,422,357 $1,429,2S6 $1,359,955 $1,184,026
4 Number of messages, tele*
34,496,531 34,048,242 32,857,593 30,048,365
5 Number of messages, telegraph. 257,591 229,393 182,616 160,9S4

100.0 102.4 99.2 87.8
100.0 190.0 75.7 68.5
100.0 100.5 95.6 83.2
100.0 98.7 95.2 87.1
100.0 89.1 70.9 62.5

TABLE 112.—Income paid out and produced, telephone industry

Line

Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929

1930

1931

l Salaries and wages
585,864 592,787 533,070
2 Other labor income
7,803
9,051
7,653
3
Total compensation of em- 593,417 600,590 542,121
4
134,443 159,510 189,061
Dividends
39,804 33,997 33,014
5 Interest
6
Total property income paid
out
174,247 193,507 222.075
7
767.664 794,097 764,196
Total income paid out
8 Corporate savings
93,712 50,221 15,020
.
9
861,376 844,318 779,216
Total income produced

1932

1929

1930

1931

1932

455,224 100.0 101.2 91.0 77.7
8,592 100.0 103.3 119.8 113.8
463,816 100.0 101.2 91.4 78.2
198,546 100.0 118.6 140.6 147.7
47,677 100.0 85.4 82.9 119.8
246,223 100.0 111.1 127.4 141.3
710,039 100.0 103.4 99.5 92.5
-48,738
661,301 100.0 98.0 90.6 76.8

TABLE 113.—Income paid out and produced, telegraph industry
Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1 Salaries and wages
116,734 118.385
2,570
2 Other labor income.....
2,388
3
Total compensation of employees.... . — . — . . . . . . . . . - 119,122 120.955
4 Dividends
20,762 22.134
6.264
3,774
5 Interest
6
Total property income paid
24,536 27,398
7
143,658 148,353
13,748 -6,284
98
157,406 142,069

1931

1932

Percentages of 1929
1929

1930

1931

1932

75,850 100.0 101.4 88.5 65.0
2,438 100.0 107.6 116.7 102.1
78,288 100.0 101.5 89.1 65.7
2,713 100.0 106.6 50.9 13.1
5,398 100.0 139.5 1414 143.0
16,021
8,111 100.0 111.7 65.3 33.1
122,152 86,399 100.0 103.3 85.0 00.1
-4,866 -8,322
117,286 78,077 100.0 90.3 74.5 49.6
103,344
2,787
106,131
10,572
5,449

106

NATIONAL INCOME, 1929-32
TABLE 114.—Income paid out and produced, communication industries
Absolute numbers (thousands of
dollars)

Line

Percentages of 1929

Item
1931

1930

1929

1932

1930

1929

1932

1931

100.0 101.2 90.6 75.6
100.0 104.6 118.2 107.5
722,196 648,868 542,403 100.0 101.3 91.0 76.1
181,644 199,633 201,259 100.0 117.0 128.6 129.7
39,261 38,463 53,075 100.0 90.1 88.3 121.8
220,905 238,096 254,334 100.0 111.1 119.8 127.9
943,101 886,964 796,737 100.0 103.4 97.3 87.4
43,937 10,154 -57,060
987,038 897,118 739,677 100.0 96.8 88.0 72.6
711,172 636,414 531,074
11,024 12,454 11,329

1 Salaries and -wages
_ ^__ 702,598
2 Other labor income.. . .
10,536
Total compensation of em3
. ployees
.... .
— 713,134
155,205
4 Dividends
43,578
5 Interest
Total property income paid
6
198,783
dut_.
911,917
7
g
107,460
1,019,377
9

TABLE 115.—Percentage distribution of income paid out, communication
industries
Percentages of income paid out
Item

Line

TELEPHONE

1 Salaries and wages..
*
..
.....
.........
2 Other labor income
....
....
....
3
Total compensation of employees
-- • . ^
-•
4
.
*
.
.
.
5 Interest
6
Total property income paid oat
.
.
7
Total income paid out
8
9
10
11
12
13
14

1030

1931 i

76.3
1.0
77.3
17.6
5.2
22.7
100.0

74.6
1.0
75.6
20.1
4.3
24.4
100.0

69.8
1.2
70.9
24.7
4.3
29.1
100.0

64.1
1.2
65.3
28.0
6.7
34.7
100.0

81.3
1.7
82.9
14.5
2.6
17.1
100.0

79.8
1.7
81.5
14.9
3.5
18.5
100.0

84.6
2.3
86.9
8.7
4.5
13.1
100.0

87.8
2.8
90.6
3.1
6.2
9.4
100.0

77.0
1.2
78.2
17.0
4.8
21.8
100.0

71.8
76.4
1.4
1.2
73.2
76.6
22.6
19.3
4.3
4.2 |
26.8
23.4
100.0 ! 100.0

66.7
1.4
68.1
25.3
6.7
31.9
100.0

TELEGRAPH

Salaries and wages........
.
Other labor income...
...
Total compensation of employees
Dividends .
Interest . . .
Total property income paid out
Total income paid out

.
-

.....

1932

1929

COMMUNICATIONS

15 Salaries and wages
16 Other labor income
17
Total compensation of employees
18 Dividends
19
Total property income paid out
20
Total income paid out
21

TABLE 116.—Per capita income of employees, communication industries

Line

1929
l
2
3
4

Percentages of 1929

Absolute numbers

Item

1930

1931

1932

All active employees, telephone
$1,342 $1,393 $1,450 $1,363
All active employees, telegraph .. „ 1,212 1,259 1,275 1,110
All active employees in industry
1,319 1,369 1,419 1,320
Bureau of Labor Statistics cost of

1929

1930

1931

1932

100.0 103.8 108.0 101.6
100.0 103.9 105.2 91.6
100.0 103.8 107.6 100.1
100.0 97.4 88.9 80.4

CHAPTER XII
WHOLESALE AND RETAIL TRADE
For purposes of estimating labor and entrepreneurial incomes,
wholesale and retail trade are^defined in a way similar to that of the
Census of Distribution of 1930. It is therefore advisable to begin
this chapter by citing the comments of the Bureau of the Census on
the scope of its coverage in wholesale and retail trade:
Wholesale trade . . • embraces all establishments engaged in the purchase,
sale, or distribution of goods on a wholesale basis. In addition to wholesalers
of the conventional type, the census covers wholesalers rendering limited
services, such as desk jobbers or drop shippers and cash-and-carry wholesalers,
and the whole range of organizations engaged in wholesale trade or operating on
a wholesale basis, and performing wholesale functions, including brokers, commission merchants, chain-store warehouses, manufacturers' sales branches,
selling agents, etc. The term has also been used to include assemblers and
country buyers of farm products, such as elevators, country buyers, cooperative
marketing associations, and the like. While brokers, commission merchants,
manufacturers' sales branches and chain-store warehouses are in certain respects
unlike wholesale merchants, they perform wholesale functions in general and
have been classed in the wholesale field. Concerns selling goods to such industrial consumers as manufacturing plants, public utilities, oil-well companies,
mining concerns, railroads, and the like, are also regarded as establishments
engaged in wholesale trade. Thus . . . the wholesale field covers nearly all
merchandising concerns, with the exception of retail establishments. (See
Wholesale Distribution, Summary for the United States, p. 7.)

Retail distribution is the process of purveying goods to ultimate
consumers for consumption or utilization, together with services
incidental to the sale of goods. For census purposes, however, this
definition was restricted. Wholly service businesses, such as laundries, dry; cleaners, etc.; professions, such as medicine and the law;
and public utilities; such as water, gas, and electricity—all were
excluded. Also excluded were bakeries, planing mills, lumber yards
manufacturing their own lumber and millwork, power laundries,
cleaning and dyeing establishments, and hotel dining rooms, all
these groups being covered in other censuses. Finally, supply houses
and most of the machinery dealers and dealers in iron and steel
products, leather, findings, and junk, have been included with wholesale rather than with retail trade. (See Retail Distribution, Summary
for the United States, pp. 10-11.)
Property income in the distributive trades is estimated from^ corporate data, which do not allow one to establish the property income
for exactly the same area that is involved in labor and entrepreneurial
incomes. Thus, Statistics of Income (which is our richest source of
data on corporate incomes) classifies restaurants not with retail
trade, but with hotels, laundries, and other domestic services. Similarly, manufacturers' retail sales branches are likely to be classified
under manufacturing rather than under retail trade. For wholesale
trade, also, manufacturers' sales branches, warehouses, elevators,
assemblers and country buyers are likely to be classified in corporate

107

108

NATIONAL INCOME, 1929-32

statistics either under manufacturing or under transportation. The
segregation of all these groups is next to impossible, and as a result,
property incomes under wholesale and retail trade coyer a smaller
area than do labor and entrepreneurial incomes. Still, in distributive
trades pure property incomes are generally small as compared with
other types of income; and the restriction of the area for which these
property incomes are measured is likely to have but a negligible effect
upon the income totals for retail and wholesale trade as a whole.
However, even the estimates of labor and entrepreneurial incomes
in these fields are to be taken cautiously because of their tentative
character. 'The Census of Distribution for 1930 provides us with
basic materials for our estimates. But this census was the first
Nation-wide enumeration of the distributive field, and is likely to
suffer from the usual defect of first censuses, viz., incompleteness.
The estimates of labor incomes for years other than 1§29 are largely
a result of carrying forward Census of Distribution totals with the
help of employment and pay roll indexes of the Bureau of Labor
Statistics. But the Bureau's sample of retail and wholesale concerns
is too small in size and too unequal in regional distribution to reflect
faithfully the movement in so wide a field. The estimates of entrepreneurial income, which is especially important in retailing, have
to be based upon scattered samples covering only a small fraction
of the total field of trade. In 1929 over half of the total volume of
sales were accounted for by unincorporated establishments. Consequently, while the estimates presented below are probably the best
that could be derived from the available data, they are less reliable
than those for such fields as manufacturing and railroad transportation, and should be interpreted with caution.
Wholesale and retail trade combined account for a substantial
proportion of the gainfully occupied population of this country.
Table 117 shows an employment total of over 7 million in 1929, even
after the number of partially employed has been reduced to an equivalent number of full-time employed. It is difficult to establish from
the Census of Occupations the number of gainfully occupied attached
to trade, because in this census restaurants are not included with trade
but are combined with hotels and boarding houses. Omitting this
;eroup of independent restaurants (i.e., restaurants not attached to
hotels, which m table 117 are included in retail trade), we find in the
Census of Occupations a total number of gainfully occupied in trade
•of about 6.5 million,1 or about one eighth of the total number of
gainfully occupied in this country. Since the number of full time
employees in restaurants and eating places was about 420 thousand,
the number reported as employed in trade minus the restaurants
is about 6.7 million in 1929, as against 6.5 million gainfully occupied
reported as of April 1, 1930. This excess of employed over gainfully
occupied appears puzzling at first sight, but it must be remembered
that the Census of Occupations shows over 1.3 million gainfully
occupied for whom there is no industrial attachment, and that the
Census of Distribution classified as full time employees those who
Avork full time through the day, but not necessarily all through the
year. In the latter census, even though the number employed is an
t The number Is obtained by adding 5,353 thousand listed under wholesale and retail trade, 88 thousand
under other and not specified trade, 498 thousand under automobile agencies, 424 thousand under garages,
greasing stations, etc., 31 thousand under grain elevators, and 59 thousand under warehouses and cold

WHOLESALE AND RETAIL TRADE

109

average of the numbers reported on each of the four quarters, it may
still include employees whose main industrial attachment is not in
the distributive trades.
The estimates cited above suggest that in 1929 the number of
ainfully occupied but unemployed people attached to trade must have
een rather small. The developments during the following years
changed this situation materially. The number of both employees
and independent entrepreneurs has shown a material shrinkage, the
totals declining more than 20 percent from 1929 to 1932 in both retail
and wholesale trade. Contrary to what one would expect, the estimates show a greater drop in the number employed in retail as compared with wholesale trade. This result is due to the much more
appreciable decline in the number of entrepreneurs in retail trade as
compared with %vholesale. When only employees are considered, itis seen that by 1932 their number declined 21 percent in wholesale
and only 18.5 percent in the retail field.
In distributive trades, as in all other branches of economic activity,,
the decline during recent years in the number employed was both
a cause and an effect of the shrinkage in gross income. The movement of gross income, both in current prices and as adjusted for
price changes, is shown for wholesale and retail trade in table 118.
It must be noted that the estimates in lines 1 and 4 are derived from
data for wholesalers only, thus excluding the activity of agents,,
brokers, manufacturers' sales branches, etc. In 1929 sales by wholesalers accounted for only 29.6 billion dollars out of a total for wholesale trade of 69.5 billion dollars. It is therefore quite possible that
the decline in gross income for wholesale trade may misrepresent
somewhat the movement of wholesale trade as a whole, since there
might have been a shift in the relative proportion of the total wholesale business done by wholesalers proper.
This qualification is not
true of the estimates for the retail field.2 In current prices, the sales
in both branches of trade have declined steadily from the peak in
1929, the decline in wholesale trade being a shade more appreciable
than that in retail trade. The correction for price changes shows that
the drop in the quantity volume of trade was, on the whole, rather
mild. Curiously enough this decline took place mostly between 1929
and 1930, especially with regard to retail trade. One is unable to say
definitely whether this showing is due to some vagaries of the statistical
procedure followed or is a true reflection of the situation.
The movement of the various parts of income paid out in whole-sale trade shows a departure from the usual pattern (see table 119) in
that property income showed a much more material drop than did
labor incomes. This was due to a drastic contraction of dividends,
and to the fact that interest payments on long-term debt, which in
this industry as in others showed no decline, form but a small part of
total property income. As in other industries, income produced
showed a much more material drop than income paid out. One hesitates to trust this result too much, because the movement of business
savings is so much dependent upon the estimate of entrepreneurial
withdrawals—an estimate which is at best but a well-considered guess.
. ' P S « t t n » t w of the volume of retail and wholesale trade prepared by the Cost Analysis pjffeion were
available also for separate groups. But the study of these estimates by subgroups indicated that their
basis was insufficient to yield reliablefigures,and the resulting measurements show a lack rf correspondence
to such other, more reliable symptoms of volume of trade as sales by farmers, output of the manufacturing
industry, etc.

NATIONAL INCOME, 1 9 2 9 - 3 2

Table 120 shows the apportionment of income paid out and
produced in retail trade, the results being quite similar to those for
wholesale trade. Here, also, pure property incomes declined much more
sharply than did labor incomes; and, a^ain, as in wholesale trade, the
income produced fell off much more sharply than income paid out;
and the result is subject to the same doubt as in the case of wholesale
trade. The only feature that appears to distinguish the movements
of the various parts of income in retail trade from that in wholesale
trade, is the much greater decline of withdrawals by entrepreneurs
in the former. This is due largely to the more drastic decline in the
number of individual entrepreneurs in retail as compared with the
wholesale field.
Table 121 and chart XII summarize the movement of income paid
out and produced in distributive trades as "a whole. It is of some
interest to compare it with table 118, which shows the movement of
gross income in the same field. It appears from this comparison that
income paid out declined less than gross income in every one of the
3 years following 1929. Thus, total sales dropped in 1930 to
86 percent of the 1929 volume, while income paid out dropped to
only 93 percent of the 1929figure;similar percentages are 74 and 81
for 1931, and 61 and 65 for 1932. But income produced in the
industry appears to have declined more than did gross income,
especially in the later years. Thus, by 1931 income produced was
65 percent of the 1929 level; gross income, 74 percent; the same
figures for 1932 were 48 percent and 61 percent, respectively. Since
income produced forms a substantial part of the mark-up by the
distributive trades over the cost of goods (the other parte are such
items as rent, depreciation charges, payments to other business units
•except those for goods purchased for sale), it becomes obvious that
the gross margin in the distributive trades must have declined during
the depression, rather than risen. This indeed is shown by the
estimates of gross margin, provided by the Cost Analysis Division of
the Bureau of Foreign and Domestic Commerce, and used by us in
-arriving at business savings and losses. These gross margins, in
percentages of sales, show in retail trade a drop from 28.5 in 1929 to
.27.8 in 1932; and in wholesale trade (wholesalers only) a decline from
13.8 percent in 1929 to 12.7 in 1932.
This evidence, which is presented here for careful and critical
•consideration, suggests considerable doubt as to the tenability of
the assertion, made widely during recent years, that during the
depression retail prices of commodities lagged materially behind
wholesale prices. If gross margins, when expressed in percentages
of final prices, remain unchanged, then the prices charged oy retailers
and wholesalers should have moved with the prices paid by them.
The sources of a disparity in movement between prices charged by
manufacturers and prices charged to ultimate consumers by retailers
could, under the conditions described above, be only two: (a) The
increase in the number of hands through which a commodity passes
from a manufacturer to ultimate consumer, with a consequent cumulation of a larger number of gross margins; (6) since commodities
are held in stock by the distributive trades, retailers and wholesalers
may have added the mark-up to the original purchase price of the
commodities, which, in a penod of declining prices, is higher than
the current price. The first factor could hardly have been operative

111

WHOLESALE AND RETAIL TRADE
CHART XH

INCOME BY TYPE OF PAYMENT
TRADE

BILLIONS
OF
DOLLARS

n«2

INTEREST
DIVIDENDS

I11

jlO
ENTREPRENEURIAL
WITHDRAWALS

OTHER LABOR INCOME

\—I

j7
I6

r
SALARIES & WAGES

r
r
r
HI

1929

1930

1931

I93E

WCESS PRODUCED
EXCESS WITHDRAWN

1
0D.743/

Jgj

112

NATIONAL INCOME, 1 9 2 9 - 3 2

during the recent depression. The second might have exercised its
influence, but it could not have been sufficiently important to cancel
the opposite influence of a declining relative gross margin.
J
It is thus strongly suggested by the evidence of tables 118 and
121 that there was little disparity between the movement of prices
charged by producers of finished commodities and that of prices
charged for the same commodities by retailers. The general impression of such disparity between retail and wholesale prices may arise
from comparing indexes of which one is heavily weighted with
unfinished commodity prices, while the other covers only finished
products. At any rate, the estimates presented call for further,
examination of the relation between prices paid by distributive
trades and prices charged by them to ultimate consumers.
While some shifts occurred in the relative proportion of income
flowing to the various groups employed in the distributive trades,
these shifts were not very marked (see table 122). In both wholesale and retail trade, the proportion of labor incomes in the total
paid out has increased slightly, while the share of property income
has dropped materially. In wholesale trade, withdrawals of entrepreneurs accounted for a growing share of income paid out, butthe
changes should not be considered significant, in view of the precarious
basis^ of the estimates. In retail trade, entrepreneurial incomes
remained on the same level, or declined slightly.
While the total volume of labor income originating in the distributive trades has shown a substantial decline, the per capita incomes
have shown no such marked drop. (It must again be noted that
the number of part-time employees has been reduced to an equivalent
number of full-time employees.) At any rate, the decline in the per
capita income of the various employee groups in trade has not been
as great as the drop in the Bureau of Labor Statistics cost of living index.
If this latter measure may be assumed to be typical of the cost of
living .of employees in distributive trades, it appears that the real
earnings of those who had the good fortune to remain in full time
employment have increased slightly as compared with 1929.

SUMMARY TABLES, TRADE
TABLE 117.—Number of people engaged, wholesale and retail trade
Absolute numbers

! Percentages of 1929

item
1929

1930

1931

1932

1929

1930

1931

1932

[1,605,042 1,545,639 1,400,484 1,264,649 100.0
85,000
90,772
80,000 100.0
83,000
1,695,812|1,630,639|
100.0
1,483,4841,344,649

96,3
93.6
96.2!

87.3
91.4
87.6

78.8
88.1
79.3

3,956,8230,804,8103,563,046 3,224,373 100.0 96.2
1,510,607 1,350,0001,130,000
,130,0001,050,000
1
l100.0 89.4
5,467,430 5,154,810 4,693,046 4,274,373 1 0 a ( ) 94.3

90.0
74.8
85.8

81.5
09.5
78.2

96.2
89.6
94.7

89.2
75.7
86.2

80.7
70.6
78.4

"WHOLESALE TRADE

Employees
*
Entrepreneurs
Total number engaged
RETAIL TRADE

Employees
Entrepreneurs
....
Total number engaged

WHOLESALE AND RETAIL TRADE

Employees
Entrepreneurs
Total number engaged

5,561,865 5,350,449 4,963,530 4,489,022 100.0
1,601,3791,435,0001,213,0001,130,000 100.0
7,163,2446,785,4496,176,5305,613,022] 100.0

TABLE 118.—Grose income, wholesale and retail trade

Line

Absolute numbers (millions of'
dollars)
1929

1
2
3
4
5
6

Percentages of 1929,

Item
1930

1931

1932

N e t sales a t current prices, wholesale
69,292 58,205 50,375 41,090
trade
N e t sales at current prices, retail t r a d e . . 49,115 44,000 37,500 31,500
N e t sales at current prices, whole*
118,407 102,205 87,875 72,590
sale and retail trade
v
69,292 64,173 65,764 60,426
N e t sales, 1929 prices, wholesale trade
49,115 46,122 45,620 44,681
N e t safes, 1929 prices, wholesale and
retail t r a d e . . . — . . . . . .
.
.* 118,407 110,295 111,384 105,107

1929

ioao

1930

1931

1932*

100.0

84.0
89.6

72.7
76.4

59.3
64.1

100.0
100.0
100.0

86.3
92.6
93.9

74.2
94.9
92.9

61.3
87.2
91.0

100.0

93.1

94.1

88.8

TABLE 119.—Income paid out and produced, wholesale trade
Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929

1930

1931

1932

3,010,1302,880,166 2,507,6082,009,688
Salaries and wages
„_,
2,148
1,791
Other labor income
-.
1,9951
2,188)
Total compensation of employees. 3» 012, 125fc 882,354 2,509,756 2,011,479
^
177,557 131,499
14,806
199,784
Dividends
""*
6,692 18,396
17,225
15,386
Interest
32,031
„ Totalproperty income paid o u t - 215,170] 184,2491 149,895
Withdrawals of individual entre, 579,1821 646,582 495,148 , . . . .
preneurs
,154,799!2,467, 339
fc 806,477b, 613,185]3,154,799
Total income paid out
-321,511 - 2 0 6 , 0 3 2 .
Corporate savings
,^ 21,847
Business savings of individuals...
44,690) -229,744
.__,
.
-213,201
3 , 8 7 3 , 0 1 4 3 , 1 4 96022,500,59^2,048,106
,"
Total income produced

1929

1930

100. ffl 95.7
100.01 109.7.
100,01 95.7
100.01 88.9
100. (X 43.5
lOaOj 85.6

1931

1932

83.3
107.7
83.3
65.8
119.61
69.7

66.8
89.8
66.8
7,4
112.0
14.9

100. (M 94.4 85.5 73.2
100.01 94.91 82.91 64.8

ioao!

81.3

64.61 52.9

113

114

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 120.—Income paid out and produced, retail trade
Absolute numbers (thousands of
dollars)

Line

1930

1929
1
2
3
4
5
6
7
8
g
10
11

Percentages of 1929

Item
1929 1930 1931 1932

1932

1031

5,189,670 4,796,499 4,317,3773,577,300
7,542
8,619
9,377
7,735
Other labor income.
Total compensation of employees. 5,197,212 4,805,118 4,326,754 3,585,035
365,835 319,294 254,486 148,446
45,189 51,251 44,784 37,192
Total property income paid out. 411,024 370,545 299,270 185,638
1,822,8901,634,8501,322,1001,087,800
Withdrawals of entrepreneurs
Total income paid out
.
. 7,431,1266,810,5135,948.1244,858,473
Corporate savings—.
-9,980-367,349-663,857-714.677
Business savings of individuals— 58,576-108,329-518,570-783,895
Total income produced...... . 7,479,722 6,334,835 4,865,697 3,360,001

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

02.4
114.3
92.5
87.3
113.4
90.2
89.7
91.6

ioo.6

84.7

83.2
124.3
83.3
69.6
99.1
72.8
72.5
80.0

68.fr
102.6
69.0
40.6
82.3
45.2
59.7
65.4

65.1 44.9

TABLE 121.—Income paid out and produced, wholesale and retail trade
Percentages of 1929

Absolute numbers (thousands of dollars)
Line

Item
1930

1929 1030 1931 1932

1932

1931

8,199,800] 7,676,669 6,824,955
Salaries and wages
9,537
Other labor income
11,525
10,807
Total compensation of employees
8,209,337 7,687,472 6.836,510
565,61« 496,851 385,985
Dividends
60,575
57,943
Interest..
,
63,180
Total property income paid out. 626,1941 554,794] 449,165
Withdrawals of entrepreneurs. . . I 2,402,072] 2,181,432] 1,817,248
11.237,60310,423,6981 9,102,923
Total income paid out
11,867 -601,188
*"
Corporate savings
103,2661 -338,073 -851,268
Business savings of individuals.
11,352,736] 9,484,437] 7,366,287
Total income produced

5,586,988 100. Q 93.6 83.2 68.1
9,526 100.0!113.3 120.8 99.9
5,506,514
163,252
54,417
217,669
1,511,629
7,325,812
-920,609
-997,096
5,408,107

100. (A 93.6 83.3
100. (M 87.8 68.2
100.0 95.7 104.3
100.0 88.6 71.7
100. tt 90.8 75.7
100. a 92.8 81.01

68.2

28.9
89.8
34.8
62.9
65.2

100.01 83.5 64.9 47.6

TABLE 122.—Percentage distribution of income paid out, wholesale and retail trade

Line

1
2
3
4
5
6
7
8

Item

Wholesale

Retail

Percentages of income paid
out

1929

1930

1931

1932

Salaries and wages......
Other labor income
Total compensation of employees
Dividends....
Interest

79.1 79.7 79.5 81.5
.1
.1
.1
.1
79.1 79.8 79.6 81.5
5.2
4.9
4.2
.6
.4
.2
.7
.6
5.7
5.1
1.3
4.8
Withdrawals of entrepreneurs......... 15.2 15.1 15.7 17.2
Total income paid out
*
100.0 100.0 100.0 100.0

1930

1931

69.8 70.4 72.6
.2
.1
.1
69.9 70.6 72.7
4.3
4.9
4.7
.8
.6
.8
5.0
5.5
5.4
24.5 24.0 22.2
100.0 100.0 100.0

1932
73.6
,2
73.8
3.1
.8
3.8
22.4
100.0

TABLE 123.—Per capita income of employees, wholesale and retail trade
Absolute numbers
Line

Percentages of 1029

Item
1029

1
2 All employees, retail trade
•3 All employees, total trade
4 Bureau of Labor Statistics cost of

1930

1931

1932

$1,875 $1,863 $1,791 $1,589
1,312 1,261 1,212 1,109
1,474 •1,435 1,375 1,245

1929

1930 1931 1932

100.0 99.4 95.5
100.0 96.1 92.4
100.0 97.4 93.3

84.7
84.5
84.5

88.9

80L4

100.0 97.4

CHAPTER XIII
FINANCE
1. GENERAL COMMENTS

Finance is a collective name for those branches of our economic
system which engage in the issuance, disposition, or trade in monetary
funds or claims to property or income. These branches form almost
a complete economic world of their own, with numerous functional
and institutional distinctions. Among them are commercial banks
and savings-banks, commodity and security brokers, investment
houses and joint-stock land banks, installment finance companies,
and personal loan companies; all types of insurance companies; and,
finally, real estate, trading, and management companies. Were
roper data^ available for these numerous branches of the field of
§nance, an interesting study could be made of the role which they
play in the creation of the country's national income. But for a
number of important divisions of the field, data of the kind necessary
for preparation of income estimates are almost completely absent.
Tins is true of commodity and security brokerage, personal finance,
building and loan associations, investment and private banks.
Because of these forced omissions, it does not seem advisable to
treat and discuss the field of finance as a whole. A graphical summary of the estimates is presented however, in chart XIII.
If the estimates below fail to cover the complete field by a substantial margin, they, on the other hand, cover an important branch
of economic activity not usually classified as finance. Under real
estate we include the management of small individual holdings*
The primary sources of our data on corporate real estate include
not only tracling in real estate, but also the companies which manage
the property: and, besides, they cover not only real estate companies but also patent-holding companies which collect royalties.
Accordingly, our estimates in this field extend to both trading in
and managing of real estate property and to the holding and managing/>f patents. The managing functions are more of an industrial
pursuit, not usually associated with finance as such.
. In the field of finance there is a problem in the ascertainment of
income which should be discussed before any figures for separate
divisions are analyzed. The problem arises from the difficulty of
defining the source of income in the field. A commercial bank
performs various functions, each of which may yield the bank and
its stockholders net income. These activities are the advance of
short-term credit to business organizations; the supply of foreign
exchange and trade facilities; acting in a fiduciary capacity if it is a
trust company; and, finally, it may derive funds from investments
m stocks and bonds. Obviously, the bank produces or assists in
the production of services in the first three functions; but in the
last function, that of receiving interest and dividends on securities,

115

116

NATIONAL INCOME, 1 9 2 9 - 3 2

it acts largely as an association of individuals. The income which
it thus receives is either paid out^ or accrues to the individual
depositors in the banks who draw interest on their deposits (primarily time deposits). It is therefore permissible to disregard both
the receipts by commercial banks from their investments in stocks
and bonds (wnich payments have already been_ measured at their
industrial source) and the payments of banks to individuals on their
deposits (which are a duplication of the receipts by banks of investment income). #
The same view appears more clearly acceptable in the case of
savings banks and life insurance companies. Both are largely associations of individuals for a better preservation and utilization of
their sayings. In the case of both institutions interest and dividends
are received, and accrue or are paid out to the members of those
institutions, i.e., to depositors in savings banks and to policyholders
in insurance companies. In both groups some original net income
is created, viz, the services which are rendered by the personnel of
the companies, and the additional capital contributed by stockholders (the latter in joint-stock savings banks and insurance companies). But the amount received in interest and dividends does
not constitute any original income created by the companies, and
neither do their payments to depositors and policyholders. Of
course, it is quite possible that savings banks and insurance companies pay out in a given year to depositors and policyholders an
amount smaller or larger than the amount of interest and dividend
receipts minus the expenses involved (on labor and outside capital).
In this respect our failure to study the precise apportionment of the
roperty incomes originated (and tabulated by us) elsewhere, as
etween the tills and expense accounts of the banks and insurance
companies and the pockets of individuals, prevents us from saying
that the full amount originated has actually been paid to individuals. But the available data do not permit such a precise apportionment. We are forced to declare that we know the volume of
property income eventually reaching the individuals either as such,
or as banded in such savings associations as banks, insurance companies, and all other associations of individuals of this type, which
derive and spend property income in similar fashion (among them
charitable and educational foundations).
In carrying out the viewpoint just developed, the estimates below
cover for life insurance companies and all banks only labor incomes
produced and dividends paid to stockholders. In the case of banks,
since most of their business activity is in the field of short-term credit
(rather than investments), the corporate savings were also taken
into account. The other divisions distinguished, viz., insurance companies other than life (fire and marine, casualty, etc.) and real estate,
including individual holdings, were treated as regular industrial
branches, in which, therefore, receipts of property income were
considered deduction items, and in which the payments of property
income were considered fully.

2. THE BANKING INDUSTRY

The estimates for banking, presented in tables 124 to 128, while
they fail to include private banks, industrial banks, and a few banking
organizations engaged in personal finance, do cover the preponderant

117

FINANCE
CHART X m

INCOME BY TYPE OF PAYMENT
BANKING* REAL ESTATE AND INSURANCE
BILLIONS
OF
DOLLARS
10

NET RENTS TO
INDIVIDUALS

INTEREST

DIVIDENDS
OTHER LABOR INCOME'!

SALARIES ft WAGES
AND COMMISSIONS

1929

EXCESS WITHDRAWN

37265—34
9

1930

1931

118

NATIONAL INCbME, 1 9 2 9 - 3 2

part of the field. The general designation "commercial banks"
includes national and State banks, loan and trust companies, savings
banks, and joint-stock land banks. Under "other banks" are
subsumed the activities of such semigovernmental institutions in the
field as the Federal Reserve banks, the Federal farm credit banks, the
intermediate credit banks, etc. The Census of Occupations reports
625,000 gainfully occupied in the field of banking and brokerage.
Since brokerage is not covered in table 124, it may be seen that the
estimates can fail to cover only an insignificant fraction of the field.
In contrast to the stability of numbers employed in other banks,
the employment in commercial banks showed a marked contraction
after 1930, reaching bv 1932 a level about one fifth below that of
1929. This was probably a result of both a contraction in the number
of banks through failures, and of reduction in the number of employees
in the surviving banks. It is a significant symptom of the severity
of the present depression to find such a large contraction in employment in a field usually so stable as banking.
An appreciable decline occurred also in the compensation of employees of commercial banks, although the estimates, based as they
are on the movement of salaries in other industries, are but wellconsidered guesses. In respect of both employment and labor incomes, the "other" banks exhibit a marked stability.
Table 126 shows, in addition to labor income, two other income
divisions—dividends paid to bank stockholders, and corporate savings.
Both show clearly the effects of the depression. Dividends declined
by 1932 to two thirds of their amount in 1929, a substantial reduction,
but not as drastic as that prevailing in a number of industrial branches.
Corporate savings, which were positive in 1929, turned into losses in
1930, with the losses rising to striking volumes by 1932. It is also to
be considered that these are losses after payment of dividends of surviving banks, and that the figures do not reflect the losses in banks
that failed. On the other hand, the fact that negative savings shown
appear so large as compared with total income paid out, should not be
attributed much significance, since a large volume of income passing
through the hands of the banks is not included in the tables.
The percentage distribution of income paid out shows no significant
shift as between labor incomes and dividends paid (see table 127).
3. THE INSURANCE FIELD

The insurance field, one of the most stable sections of our economic
system, gives employment to about half a million people. The
Census of Occupations lists 507,000 gainfully occupied in the field, a
figure close to the 456,000 shown in table 129. The depression seems
to have affected employment but little—even of the office employees,
who are on a strictly salary basis, the moderate decline infire,marine,
and casualty insurance companies having been largely offset by the
slight increase in the number of office employees in life insurance
companies. The number of licensed agents has also increased
slightly, with the result that total employment in the field in 1932
was only 4 percent below the 1929 level.
In the movement of labor income there was a significant difference
between the compensation of office employees and that of agents
(see tables 130 and 135). In the life insurance field the compensation
of office personnel has increased even more than did their number. In

FINANCE

119

other insurance companies the decline in compensation kept pace 'with
the decline in numbers, so that per capita incomes (shown in table 135)
indicate by 1932 but a small decline as compared with those in 1929,
In both fields the average income of office employees has held up well
as compared with the decline in the cost of living, suggesting an
increased purchasing power of the average compensation. Contrasted with it is the material drop in the compensation of agents,
which amounted by 1932 to about 20 percent from the 1929 level in
life insurance, and to 30 percent in other^ insurance. This decline
appears to be a reflection of the contraction in the volume of new business and of a drop in commissions on already written insurance canceled under the pressure of bad times. Since the number of agents
in the field increased slightly, the per capita return of agents must
have suffered a contraction of about 30 percent between 1929 and 1932.
In life insurance the only other income recorded is the small volume
of dividend payments to stockholders by joint-stock companies (see
table 131). These payments dropped by 1932 to somewhat less than
two thirds of the 1929 volume, but, of course, exercised but little effect
upon the total income originated. As a result, the percentage distribution of income paid out shows little shift between labor and
property incomes (sec table 133), but it does show a substantial
change in favor of compensation of office employees as over against
payments to agents.
In the field of insurance other than life, the interesting feature is the
negative character of property incomes (see table 132) dlustrating the
well-known fact that the premiums charged do not cover fully the
underwriting risk, and are supplemented by the gains made by the
companies on their investments. These gains must have been affected
by the depression, with the result that negative savings appear in 1930
and persist in 1931 and 1932. Total income paid out declined by 1932
to the extent of one third from the 1929 level, reflecting primarily
the decline in labor incomes. Total income produced declined still
more materially, indicating that both dividends and labor incomes
were partly sustained by draft upon the capital and surplus of the companies. The proportional share of labor incomes in the totals paid
out shows a significant rise from 1929 to 1932 (see table 134), while
the negative share of interest rises, indicating that income paid
out was covered to a greater extent from the investment rather than
from the premium incomes of the companies.
4. REAL ESTATE

The field of real estate includes not only trading in real estate property but management of apartment houses, office buildings, and of
small individual holdings (among the latter those cases in which an
owner rents out a part of his house or land to other people). In addition, there is some inclusion of income from patents, held either by
individuals or by corporations. The field is therefore wide and none
too homogeneous. Also, the available data are comparatively scanty;
and while the estimates presented below are the best that we could
arrive at with the available data, the lacunae in information are
serious enough to allow the possibility of substantial error.
The number of people in the industry as shown in table 136 is estimated from the Census of Occupations, with some allowance for unem

120

NATIONAL INCOME, 1929-32

ployment. While the income estimates cover net rental receipts by
individual owners of real estate, their number is not shown as engaged
in the industry, since to most of them the management of their houses
or land is only a secondary pursuit. The movement between 1929
and 1932 is estimated on the basis of what is essentially a combined
manufacturing and trade employment index for the wage earners,
and of the movement of salary earners in manufacturing for the salaried group. These estimates are submitted as the most plausible
opinion on the changes in employment in this field.
The same is true of the estimated volume of salaries as shown in
table 137. But the volume of wages is based on a specific sample of
compensation for janitors, one of the biggest groups of wage earners
in the field. The drastic decline of the volume of wages appears
plausible, in view of the well-known severe impact of the depression
on the real estate industry. The same effect appears in the volume
of dividends originating in the industry, which declined by 1932 to
less than one third of the volume in 1929. Strikingly enougn, interest
payments on debt of corporations show no such decline, as judged by
the volumes reported to the Income Tax Bureau. But interest payments on mortgages on real estate property owned by individuals did
show a significant decline. This difference in movement of the two
groups of interest payments is due to the assumption that the defaults
of interest payments on individuals' mortgages were much larger than
were those shown by the corporate debt. Finally, there was a striking
decline in net rents and royalties received by individuals. It is possible that this estimated decline is exaggerated by the fact that insufficient allowance was made for nonreporting. But general information
relating to the real estatefielddoes not suggest any doubts but that the
decline in net income from that industry during recent years must
have been striking. The drop of total net income paid out by 1932
to 42 percent from the 1929 level does not therefore appear exaggerated. The large volume of corporate losses and the growing volume
of individual losses appears as another manifestation of the same
phenomenon.
In the percentage distribution of income paid out, the most
striking feature is the growth of the share of interest payments on
mortgage debt, both corporate and individual (see table 138).
Their combined weight has increased from 27 percent of total net
income paid out in 1929 to 41 percent in 1932. The greatest offsetting decline occurred in the share of individuals' net rents and
royalties, whose ratio to net income declined from 55 percent in 1929
to 43 in 1932.
Of the per capita incomes shown in table 139 that for wage earners
is most reliable as a specific measure of payments in the field.
Although the rather low average wage in 1929 shows a considerable
decline from 1929 to 1932, the purchasing power of that wage shows
a definite decline only in the last year of the period.

SUMMARY TABLES, BANKING
TABLE 124.—Number of employees, banking industry
Absolute numbers
Line

Percentages of 1929

Item
1929

1930

1931

1932

1929

1930

1931 1932

1 Number of employees, commercial banks
374,780 363,317 330,237 298,636 100.0 96.9 88.1
2 Number of employees, other
batiks
. . . 11,324 11,349 11,288 11,145 100.0 100.2 99.7
3
Total number of employees.... 386,104 374,666 341,525 309,781 100.0 97.0 88.5

79 7
98 4
80.2

TABLE 125.—Total compensation of employees, banking industry

Line

Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929

1930

1931

1932

1929

1931 1932

1930

1 Salaries and wages, commercial
and savings banks, joint-stock
land banks
»
648,015 629,263 560,169 455,689 100.0 97.1 86.4 70.3
2 Salaries and wages, all other
banks
20,112 20,647 20,910 20,590 100.0 102:7 1014 102.4
3
Salaries and wages in the industry..
668,127 649,910 581,079 476,279 100.0 97.3 87.0 71.3
4 Other labor income in the indust r y . . . fc
1,558
1,558 100.0 U8.4 131.3 131.3
1,187
1,406
5
Total compensation of employ669,314 651,316 582,637 477,837 100.0 97.3 87.0 71.4
ees in the industry....

TABLE 126.—Income paid out and produced, commercial banking
Absolute numbers (thousands of
dollars)
Line

1929

Percentages of 1929

Item
1930

1931

1932

1 Salaries and wages..... . . . . . . . . . 648,015 629,263 560,169 455,689
1,558
1,558
1,187
1,406
2 Other labor income....
3
Total compensation of employees. 649,202 63a 669 561,727 457,247
4 Dividends
466,755 449,831 410,790 310,827
5
Total income paid o u t . . . . . . . . . . . 1,115,957 1,080,500 972,517 768,074
132,677 -37,503 -328,627 -461,807
6
7
Total income produced.......... 1,248,634 1,042,997 643,890 306,267

1929 1930 1931 1932
100.0
100.0
100.0
100.0
100.0

97.1
118.4
97.1
96.4
96.8

86.4
131.3
86.5
88.0
87.1

70.3
131.3
70.4
66.6
68.8

100.0 83.5 51.6 24.5

TABLE 127.—Percentage distribution of income paid out, commercial banking
Percentages of income paid out
Line

—

1
2
3
4
5

Item
1929

1930

1931

58.1
.1
58.2
41.8
100.0

58.2
.2
58.5
41.6
100.0

57.6
.2
57.8
42.2
100.0

121

1932
59.3
.2
59.5
40.5
100.0

122

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 128.—Per capita income of employees, banking industry
Percentages of 1929

Absolute numbers
Line

Item
1931

1930

1929

1930

1929

1932

1 All active employees, commercial
and savings banks, joint-stock
$1,729 $1,732 $1,696 $1,526
land banks..-- , . , , . . -- 2 All active employees, all other
1,852
1,847
1,776
1,819
banks
,.. - 1,701
1,735
1,537
3 All active employees in the industry. 1,730
4 Bureau of Labor Statistics cost of

100.0 100.2
100.0
100.0

102.4
100.3

100.0

97.4

1931

1932

88.3

98.1

104.3 104.0
98.3 88.8
88.9

80.4

_
SUMMARY TABLES, INSURANCE
T A B L E 129.—Number of employees, insurance field
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1930

1929

1932

1931

1932

1 Life, office employees .
70,778 74,005 75,440 75,440 100.0 104.6 106.6 106.6
2 Fire and marine, office employees
..
..
. 48,996 47,451 43,853 40,007 100.0 96.8 89.5 81.7
3
84,707 82,835 78,160 64,075 100.0 97.8 9Z3 75.6
4
204,481 204,291 197,453 179,522 100.0 99.9 96.6 87.8
5 Licensed agents.....
. . . . . . 251,350 259,287 258,191 258,191 100.0 103.2 102.7 102.7
6
455,831 463,578 455,644 437,713 100.0 101.7 100.0 96.0
Total number of employees
T A B L E 130.—Compensation of employees, insurance

field

Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929

1930

1931

1932

1929 1930 1931 1932

100.0
100.0
100.0
100.0

LIFE INSURANCE COMPANIES

Salaries of officers and employees....
Salaries (and expenses) of agents
Commissions . . . .
.. ......
Total compensation...*!!"!.."

106,520
224,901
274,503
605,924

113,628
220,238
277,311
611,177

118,406
199,022
258,002
675,430

118,702
146,274
252,543
617,519

262,354
592,121
854,475

262,215
572,895
835,110

246,146
518,593
764,739

193,673 100.0
409,679 100.0
603,352 100.0

106.7
97.9
101.0
100.9

111.2
88.5
94.0
95.0

111.4
65.0
92.0
85.4

ALL OTHER INSURANCE COMPANIES

Salaries of employees
Agents' compensation
Total compensation.

99.9 93.8 73.8
96.8 87.6 69.2
97.7 89.5 70.6

ALL INSURANCE

Salaries of employees
Compensation of agents
Total compensation

T A B L E 131.—Income paid out, life insurance

Line

Item

Absolute numbers (thousands of
dollars)
1929

1
2
3
4
5
6

1930

1931

Salaries of officers and employees. 106,520 113,628 118,406
Salaries of agents..
224,901 220,238 199,022
Commissions
*
__._ 274,503 277,311 258,002
Total compensation of em605,924 611,177 575,430
Dividends paid..
.. .
22,260 21,917 16,984
Total income paid out
628,184 633,094 592,414

84.7
74.1
76.8

368,874 375,843 364,552 312,375 100.0 101.9 98.8
1,091,525 1,070,444 975,617 808,496 100.0 98.1 89.4
1,460,399 1,446,287 1,340,169 11,120,871 100.0 99.01 91.8

field
Percentages of 1929

1932

1929

1930

1931

1932

118,702
146,274
252,543

100.0
100.0
100.0

106.7
97.9
101.0

111.2
88.5
94.0

111.4
65.0
92.0

517,519 100.0
13,971 100.0
531,490 100.0

100.9
98.5
100.8

95.0
76.3
94.3

85.4
62.8
84.6

FIKANOE

123

TABLE 132.—Income paid out and produced, insurance other than life
Absolute numbers (thousands of
dollars)
Line

Percentages of 1929

Item
1929

1930

1929

Salaries and wages, office employees
262,354 262,215
Agents* compensation
592,121 572,895
Total compensation of employees. 854,475] 835,110]
Dividends
47.405] 39,073
Interest
-117,146j -104,957
Total property income paid o u t . -69,741 -65,884
Total income paid out
784,734 769,22ffl
Corporate savings
7,205 -84,939
Total income produced
791,939 684,287

TABLE 133.—Percentage distribution

1930

100.0
100.0
100.0
100.01

1931

1932

99.9
96.8] 87.«
97.7 89.5
82.4 92.4

73.8
69.2
70.6
59.7

100. CM 98.01 89.3

66.8

100.0

53.5

86.4

75.8

of income paid out, life insurance field
Percentages of income paid out

Line

Item

1
2 Salaries of a g e n t s . . . . .
3 Commissions... . .
.
4
Total compensation of employees..
5 Dividends paid
...
6

TABLE 134.—Percentage distribution

.....
.
.
.

....
...
..

...
...
.

1929

1930

1931

17.0
35.8
43.7
96.5
3.5
100.0

17.9
34.8
43.8
96.5
3.5
100.0

20.0
33.6
43.6
97.1
2.9
100.0

1932
22.3
27.5
47.5
97.4

2.6

100.0

of income paid out, insurance other than life
Percentages of income paid out

Line

Item

1
2
3
4
5
6
7

1929

1930

1931

33.4
75.5
10S.9
6.0
-14.9
-8.9
100.0

34.1
74.5
108.6
5.1
-13.6
-8.6
100.0

35.1
74.0
109.1
6.2
-15.4
-9.1
100.0

T A B L E 135.—Per capita income of office employees, insurance

37.0
78.2
115.1

5.4

-2a 6
-15.1
100.0

field

Percentages of 1929

Absolute numbers
Line

1932

Item

1 All office employees, life insurance
2 All office employees, all other insur3 Bureau of Labor Statistics cost of

^- _

1929

1930

1931

1932

1929

1930

1931

1932

$1,505

$1,535

$1,570

$1,573

100.0

102.0

104.3

104.5

1,962

2,013

2,017

1,861

100.0

102.6

102.8

94.9

100.0

97.4

88.9

80.4

124

NATIONAL INCOME,

1929-32

SUMMARY TABLES, REAL ESTATE
TABLE 136.—Number of employees, real estate (inclusive of individual

holdings)

Percentages of 1929

Absolute numbers
Item

Line

1932

261.264
216.260
477,524

214,378
173,008
387,386

ooo 1

l Salaried employees,.,,*_„ — ,-- 297,239 294,880
282,664 254.423
2 Wage earners
Total number of employees... 579,903 549,303
3

1929

1931

1930

1929

1930

1931

99.2
90.0
94.7

87.9
76.5
82.3

TABLE 137.—Income paid out and produced, real estate (inclusive
holdings)
Absolute numbers (thousands of
dollars)
Line

1932
72.1
61.2
66.8

individual

Percentages of 1929

Item

Salaries

1929

1930

1931

1932

793.331

797,061

667,791

480,421 100. (X
100.0)
100.0
100.0
100.0
100.0
100.0
IOO.O;
100.0

322,802) 272,741 206,961 144,289
Wages
Total compensation of employees. 11,116,133 1,069,802) 874,752 624,710
67,582
153,79fl 122,286
Dividends
_
Intereston corporate long-term debt. 358,683 405,484 407,281 366,843
Interest on individuals' mortgages.. 1,675,883 1,657,5851,,563,233 414,556
Total property income paid out- J 2,272,90512,216,865 2,092,800 848,981
Net rentals of individuals
4,116,1373,4'74,759 2.751,654 865.160]
5,719,216 338,851
Total income paid out
7,505,175 f6.761,426
"
'374,646] 286,240J-351,550 302,560
Corporate savings
Business savings of individuals... •185 946 208,275 - 6 1 3 , 4 1 3 - 704,617
16,944) 58316,266,911] 4,754,2533, 331,674
Total income produced

1930

1931

100.5 84.2
84.5 64.
95.8 78.41
64.5 51.3
113.0 113.5
98.9 93.3
97.5 92. "
84.4 66.9
90.1 76.2

IOO.O! 90.2]

68.5

1932
60.6
44.7
56.0
28.4
102.3
84.4
81.3
45.3
57.8
48.0

TOTAL 138.—Percentage distribution of income paid out, real estate (inclusive of
individual holdings)
Percentages of income paid out
Line

1
2
3
4
5
6
7
8
9

Item

Wages
Total compensation of employees
Interest on corporate long-term debt
Interest on individuals' mortgages
Total property income paid out
N e t rentals of individuals

1930

10.6
4.3
14.9
3.2
4.8
22.3
30.3
54.8
100.0

11.7
11.8
3.6
4.0
15.3
15.8
2.1
2.3
7.1
6.0
24.5 . 27.3
36.6
32.8
4S.1
51.4
100.0
100.0

TABLE 139.—Per capita income of employees, real estate (inclusive
holdings)
Absolute numbers
Line

1931

1929

1932
11.1

3.3

14.4

1.6
8.5

32.6
42.6
43.0
100.0

individual

Percentages of 1929

Item
1939
Salaried e m p l o y e e s . $2,669
Wage earners
1,142
Average income, all active employees.! 1,925
Bureau of Labor Statistics cost of
living index

1930

1931

1932

1929

1930

1931

1932

$2,703
1.072
1,948

$2,556
957
1,832

$2,241
834
1,613

100.0
100.0
100.0

101.3
93.9
101.2

95.8
83.8
95.2

84.0
73.0
83.8

100.0

97.4

88.9

80.4

CHAPTER XIV
GOVERNMENT
There may be some doubt as to the propriety of classifying government (Federal, State, county and city) as a branch of the country's
economic system, and of treating its activity^ as an economic pursuit.
Indeed, the motive of immediate profit, which characterizes private
industry, is conspicuously absent from the activity of the government.
But, on the other hand, various government agencies do perform an
important function in the economic life of the nation. Even were
government not engaged, as it so extensively is, in such obviously
industrial activities as postal service, public education, and construction; even were its activity confined to protection (army, navy, and
police),fireprevention, legislation, and judicial settlement of disputes,
we would still have to say that these purely governmental functions are
of real value in the economic life of the nation, and that they give
rise to income which should be taken into account.
But how should this income be measured? In most private industrial activities (industry being defined in the broadest sense to include
trade, professional pursuits, etc.), charges for the services rendered by
industry to consumers and payments by the industry to its labor and
capital are established on a comparatively free market. This permits
the inference that the payments made measure, if roughly, the value
of services produced. j3ut the charges by the government to business
units and to individuals are not established on the free market, since
the government has the right to and does tax, not in accordance with
services rendered but in accordance with ability to pay. Neither are
payments by government for labor and capital employed by it fixed
under conditions closely similar to those found in the case of private
enterprises. Moreover, it is not possible to reappraise the value of
government services according to the rule of the market place, for the
reason that certain activities become government functions because
they can not be left to the operation of the free market forces.
There is thus only one way out of the difficulty: To declare that
the actual payments by the government to labor and capital employed
by it measure the net volume of services rendered. Income originating in the field of government activity is thus equal to the payments to
employees plus interest payments on government debt. The other
expenses of the government on supplies, materials, etc., cannot be
counted, just as we do not count in the income originating in private
industry the value of raw materials and other commodities consumed.
Nor can we establish for the government the volume of savings—i.e.,
excess or deficiency of gross receipts over expenditures. The government may spend more than its current receipts and increase its debt,
and still this would not necessarily signify any negative saving since
the government's capital expenditures may result in an addition to
the country's tangible wealth equal to or greater than the increase in
the public debt. The data available until recently do not permit a
simple segregation of current and capital expenditures of the government. A more intensive investigation of this question, as well as a

125

126

NATIONAL INCOME, 1929-32

functional analysis of governmental activity in greater detail than is
given in the estimates below, could not be undertaken within the limits
of the present report.
The number of people engaged in government service, exclusive
of public education, in 1929 was, as shown in table 140, about 2
million, while the Census of Occupations reports only 1.33 million
gainfully occupied classified under public service and postal service.
This apparent discrepancy is accounted for by the fact that the
present estimates include a number of temporary -vyorkers, largely in
the construction field (reduced to equivalent full time). In chapter
VII the number of workers engaged m both public and public utility
construction in 1929 was estimated as about 800,000, of which number the proportionate share of public construction may be estimated
as about 250,000.
In the field of postal service the Census of Occupations lists only
284,000 gainfully occupied, while our estimates show an average of
371,000 employed in 1929 (see table 146). Again, the Census of
Occupations shows only 133,000 soldiers, sailors, and marines, ^yhile
our estimates obtained from the War and Navy Departments indicate
the number engaged in the Anny and the Navy in 1929 as 280,000
(see table 146). The discrepancy may be largely due to the number
of soldiers, sailors, and marines not residing within the continental
United States at the time of the census. A correction for all these
missing groups would bring the figures of the Census of Occupations
to 1.81 million, as against 1.93 million shown in table 140, an agreement close enough, in view of the difficulties of the industrial classification in the Census of Occupations. Finally, there are another
million employees in the field of public education. Thus, all told,
government service accounts for 3 million employees, or over 7 percent
of the total gainfully occupied population of the country.
The volume of employment in government during theso years
shows extreme stability. The only group to show a marked decline
is that of city government employees after 1930. But this decline,
which appears mild when compared with the drastic contraction of
employment in most industrial branches, is more than offset by the
slight rise in the numbers employed in other government branches.
The volume of salaries, wages, and other labor income fails similarly
to reflect any effect of the depression (see table 141). Indeed, in
some government branches, such as State, county, and city, salaries
and wages have shown a greater increase or a smaller decline than did
employment. However, the precarious basis of some of these estimates docs not warrant reliance upon such differences. What does
stand out and appears subject to little doubt is that through 1932
labor incomes paid out by all government divisions, except city,
showed, if anything, a slight rise; and that in the case of cities the
decline that began in 1931 resulted in a level in 1932 which was but
slightly below that of 1929.
Per capita income of active employees in government service
shows little change from 1929 to 1932 (see table 142). Since during the same period, especially after 1930, the cost of living appears
to have^ declined materially, there was a corresponding gain in the
purchasing power of the average compensation of government
employees.
Neither were there appreciable changes in the volume of interest
payments on government debt (see table 143). There was a
consistent rise in interest payments by State and county governments.

127

GOVERNMENT
CHART XIV

INCOME BY TYPE OF PAYMENT
GOVERNMENT

BILLIONS
OR
DOLLARS

INTEREST

OTHER LABOR INCOME

SALARIES

Jo
1929

1930

1931

193?,
0Q7484

128

NATIONAL INCOME, 1 9 2 9 - 3 2

But the absolute volume of their payments appears small as compared
with the Federal interest payments, which declined appreciably from
1929 to 1931, but rose again in 1932. As a result of these diverse
movements, total interest payments declined slightly in 1931 and rose
slightly in 1932.
Table 144 and chart XIV summarize the volume of income paid out
by the government. The imposing total of 6.5 to 6.8 billion dollars
shows the government to be one of the biggest income producing
branches of our economic system. Its failure to decline during these
years was partly due to the cumbersome nature of the mechanism
determining the economic policy of the government; and also partly
due to the fact that as distinct from other branches of activity the
demand for government services (with the possible exception of rostal
Service) shows little decline during depressions. Indeed, during such
years, when private initiative slackens and strains develop in the social
fabric, the demand for government services is likely to rise.
Table 145 indicates that the proportional allocation of net income
paid out among various types of income showed little change during
these years. ^
Tables 146 to 154 provide some detailed break-down of labor incomes originating with the various divisions of the government
organizations. Unfortunately, the data available did not permit a
more detailed functional analysis of the activity of the various
government agencies. It is interesting to note, however, that of the
total number of employees in the Federal Government service, about
one third are engaged m such a typically industrial activity as Postal
Service; that another third is comprised in the Army and the Navy;
and that civil service accounts for only somewhat less than one third
of Federal employees (see table 141). A somewhat similar
division exists in respect to salaries and wages paid by the Federal
Government, although Army and Navy pay rolls and subsistence
account for only a quarter of the total the rest being divided about
equally between postal and civil service (see table 147). The
reason for this is, of course, the lower per capita compensation of the
Army and the Navy, which appears clearly in table 148.
No such functional analysis, rough as it is, could be carried through
for State and county government activities. But tables 148 to 150
segregate State government from county. It is to be seen that the
State governments account for almost twice as many employees
as do the counties; and that State pay roll is about 80 percent
larger than that of the counties. For city government a distinction
could be made between policemen, firemen, and civil employees
proper. It may be seen that the former two groups account for
slightly over one quarter of the total number employed (see table
152), but the salaries of the same two groups account for over one
third of the total salaries and wages paid to municipal employees
(see table 153). This is due to the rather high per capita incomes of
policemen and firemen as compared with the average compensation
of civil municipal employees (see table 154).
In the various parts of income originating in government activity
there is little shift in the constituent parts which the available data
permitted us to distinguish. The impression of stability that the
estimates produce is partly a reflection of the conspicuous inertia of
the income streams for which government is responsible; but it may
be partly due to the crudity of our estimates, forced upon us by the
character of the available information.

129

GOVERNMENT
SUMMARY TABLES, GOVERNMENT
TABLE 140.—Number of employees, government service
Absolute numbers
Line

Percentages of 1929

Item
1929

1930

1931

1932

1929

1930

1 Federal
955,821
933,040
964,490
952,419 100.0
2
363.262
351,450
388,809 100.0
364,631
3 City
710,703
650.158
624,046
591,505 100.0
4 Public education
1,068,624 1,126,585 1,174,118 1,189,188 100.0
5
Total number of employees
3,003,272 3,156,371 3,127,285 3,121,921 100.0

1931

1932

102.4 103.4 102.1
103.4 103.8 110.6
109.3 96.0 91 0
105.4 109.9 111.3
105.1 104.1 104.0

TABLE 141.—Total compensation of employees, government service
Absolute numbers (thousands of
dollars)

Line

1929
1
2
3
4
5
6
7
8
9
10
11

- .

Percentages of 1929

Item

Salaries and wages:
Federal
State and county
City .
Public education
Pensions:
Federal
State and county
City (including schools)
m
Total compensation:
Federal
State and county
City
Public education

1930

1929 1930 1931 1932

1932

1931

1,397,619 1,428,137 1,437,829 1,425,401
477,516 499,865 520,339 533,841
973,851 1,078,137 981,624 895,539
1,554,060 1,643,389 1,699,500 1,664,732

102.2
104.7
110.7
105.7

100.0
100.0
100.0
100.0

102.9
109.0
100.8
109.4

102.0
111.8
92.0
107.1

418,627 453,411 517,095 548,193 100.0 108.3 123.5 131.0
72,665 75,786 78,545 79,466 100.0 104.3 108.1 109.4
89,554 101,066 117,345 129,445 100.0 112.9 131.0 144.5
1,816,246 1,881,548 1,954,924 1,973,594 100.0 103.6 107.6 108.7
550,181 575,651 598,884 613,307 100.0 104.6 108.9 111.5
1,063,405 1.179,203 1,098.969 1,024,984 100.0 110.9 103.3 96.4
1,554,060 1,643,389 1,699,500 1,664,732 loao 105.7 109.4 107.1

TABLE 142.—Per capita income of active employees, government service
Percentages of 1929

Absolute numbers
Line

Item
1929

1
2
3
4
5
6

Federal
State and county
city
„„„.
:
...
Public education
All government
Bureau of Labor Statistics cost of

1930

1931

1932

1929

$1,498 $1,494 $1,491 $1,497 100.0
1,359 1,376 1,427 1,373 100.0
1,498 1,517 1,573 1,514 100.0
1,454 1,459 1,447 1,400 100.0
1,466 1,473 1,483 1,448 100.0
100.0

1930

1931

1932

99.7 99.5 99.9
101.3 105.0 101.0
101.3 105.0 101.1
100.3 99.5 96.3
100.5 101.2 98.8
97.4

88.9

80.4

- .
TABLE 143.—Total interest paid, government service
Percentages of 1929

Absolute numbers (thousands of dollars)
Item
1929
1
2
3
4
5

- __

1930

1931

1932

652,110
Federal
609,132
671,396
637,468
111,582
111,202
State...
106,126
97,784
154,717
County.
148,037
150,843
143,087
601,399
c i t y . . : . . . ; ; : : : : : : : 560,129
570,996
589,005
Total
1,472,396 1,483,442 1,439,367 1,519,808

1929

1930

1931

100.0
100.0
100.0
100.0
100.0

94.9
108.5
105.4
105.2
100.8

90.7
113.7
103.6
101.9
97.8

1932
97.1
114.1
108.1
107.4
103.2

130

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 144.—Income paid out, government service
Absolute numbers (thousands of
dollars)

Percentages of 1929

Item

Line

1930

1929

1931

1029 1930 1931

1932

4,403,046 4,649,528 4,639,29214,519, 513
Salaries
...
—
—
' 580,846 630,263 . 712,985 757,104
Other labor income
Total compensation of employees. 14,983i 892 5,279,791 5,352,277 5,276,617
i.1,472,396.
'1,483,442!ill, 439,367 1,519,808
Interest..
Total income paid out
[6,456,288 6,763,233|6,791,644 6,796,425

100.0
100.0
100.0
100.0
100.0

105-6
103.5
105.9
100.8
104.8

105.4
122.7
107.4
07.8
105.2

1932
102.6
13a 3
105.9
103.2
105.3

TABLE 145.—Percentage distribution of income paid out, government service
Percentages of income paid out
Item

Line

1 Salaries
2 Other labor income
. ....
3
Total compensation of employees.
....
.
.
4 Interest .
5
Total income paid out
.........
._

..—
..

1029

1930

1931

68.2
9.0
77.2
22.8
100.0

68.7
9.3
78.1
21.9
100.0

68.3
10.5
78.8
21.2
100.0

1932
66.5
11.1
77.8
22.4
100.0

TABLE 146.—Number of employees^Federal Governmentservice
Percentages of 1929

Absolute numbers
Item

1
7,
3
4
5

Army...
..
.........
Navy
...
Postal service ...
Civil service.-._.
Total number of employees...

1929

1930

1931

137,360
142,507
370,988
282.185
933,040

137,472
144,396
372,718
301,235
955,821

138,648
144,466
371,483
309,893
964,490

1932

1929

1930

1931

1932

133,038 100.0 100.1 100.9 96.9
141,814 100.0 101.3 101.4 99.5
369,866 100.0 100.5 100.1 99.7
307,701 100.0 106.8 109.8 109.0
952,419 100.0 102.4 103.4 102.1

TABLE 147.—Salaries and wages including payments in kind, Federal Government
Absolute numbers (thousands of dollars)
Line

1929
1
2
3
4
5

Percentages of 1929

Item
1930

1931

1932

Army
—.._.__. 154,129
155,716
154,160
149,259
Navy..
181,864
185,638
186,199
181,366
555,252
Postal service
558,137
554,754
552,210
506,374
Civil service.528,646
542,716
542,566
Total salaries and
wages
. ..
. 1,397,619 1,428,137 1,437,829 1,425,401

1929

1930

1931

1932

101.0 100.0 96ft
102.1 102.4 99.7
100.5 99.9 99.5
104.4 107.2 107.1
100.0 102.2 102.9 102.0

100.0
100.0
100.0
100.0

TABLE 148.—Per capita income of active employees, Federal Government service
Absolute numbers
Line
1
2
3
4
5
6

Percentages of 1929

Item
1929

Postal service.
Civil service
.
All employees
Bureau of Labor Statistics cost of living
index

$1*122
1,276
1,497
1,794
1,498

1930

1931

1932

1929

1930

1031

1932

$1,133 $1,112 $1,122 100.0 101.0 99.1 100.0
1,286 1,289 1,279 100.0 100.8 101.0 100.2
1.497 1,493 1,493 100.0 100.0 99.7 99.7
1,755 1,751 1,763 100.0 97.8 97.6 98.3
1,494 1,491 1,497 100.0 99.7 99.5 99.9
100.0 97 4 88.9 f0.4
VI. *

. .

131

GOVERNMENT

TABLE 149.—Number of employees, State and county government service (excluding
education)
Absolute numbers
Line

Percentages of 1929

Item
1929

1 State
2 County
3
Total number of employees

1930

1931

1932

1929

1930

1931

1932

227,528 235,122 236,086 251,813 100.0 103.3 103.8 110.7
123,922 128,140 128,545 136,996 100.0 103.4 103.7 110.6
351,450 363,262 364,631 388,809 100.0 103.4 103.8 110.6

TABLE 150.—Salaries paid, State and county government service (excluding
education)

Line

; Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929

1932

1931

1929

1930

1931

1932

«1|

1930

1 State
2 County
3
Total salaries paid

316,944 33a 048 338,689 100.0 104,7 109.0 111.8
182,921 190,291 195,152 100.0 104.7 108.9 111.7
499,865 520,339 533,841 100.0 104.7 109.0 111.8

TABLE 151.—Per capita income of active employees, State and county government
service (excluding education)
Percentages of 1929

Absolute numbers
1929 ' 1930
1
2
3
4

State
County
All employees
Bureau of Labor Statistics cost of

1931

$1,331 $1,348 $1,398
1,410 1,428 1,480
1,359 1,376 1,427

1932

1929

i iii

Item

100.0 101.3 105.0 101.1
100.0 101.3 105.0 101.1
100.0 101.3 105.0 101.0
100.0

1930

97.4

1931

1932

80.4

88.9

TABLE 152.—Number of employees, city government service (excluding education)
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1929

1930

1932

1931

1 Policemen
104,061 110,379 110,408 110,541 100.0 106.1 106.1 106.2
$0,763 85,271 85,633 82,724 100.0 105.6 106.0 102.4
2 Firemen
465.334 515,053 428,005 398,240 100.0 110.7 92.0 85.6
3 Civil employees
4
Total number of employees... 650,158 710,703 624,046 591,505 100.0 109.3 96.0 91.0

TABLE 153.—Salaries paid, city government service (excluding education)
Absolute numbers (thousands of dollars)

Percentages of 1929

Item
1929
1 Policemen
2 Firemen
3 Civil employees
4

1930

216,861 232,397
159.613 171,176
597,377 674.564
973,851 1,078,137

1931
243,468
175,664
562,492
981,624

1932

1929

1930

1931

1932

232,437 100.0 107.2 112.3 107.2
165,574 100.0 107.2 110.1 103.7
497,528 100.0 112.9 94.2 83.3
895,539 100.0 110.7 100.8 92.0

132

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 154.—Per capita income of active employees, city government service (excluding education)
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

$2,084 $2,105 $2,205 $2,103
Policemen
1,976 2,007 2,051 2,002
Firemen
1,284
1,310 1,314 1,249
Civil employees
1,498
1,517 1,573 1,514
All employees
Bureau of Labor Statistics cost of
living index
..__.

1929

1930

1931

1932

100.0 101.0
100.0 101.6
100.0 102.0
100.0 101.3

105.8 100.9
103.8 101.3
102.3 97.3
105.0 101.1

97.4

80.4

100.0

CHAPTER XV
SERVICE
The income estimates for the service industries presented in this
chapter have two primary limitations which must be borne in mind
when the data are utilized; first, some branches of activity normally
considered as belonging in this group have been omitted for reasons
cited below, the figures therefore understating the income resulting
from all service activities; secondly, because of the economic organization, or lack of organization, in these industries it was not possible
to find as satisfactory data and bases for estimation as are available
for most other industrial groups. There
is thus a larger margin of
error in the estimates presented below.1
The field of service, as defined in this report, includes business
establishments and individuals engaged in the rendering of direct
services to final consumers. We exclude, however, services directly
connected with some other major industrial activity and dealt with
heretofore, and in addition some not previously covered but for which
fairly reasonable bases of income estimation are not available. The
two primary types of activity excluded are represented by such
services as public education and medical services of public hospitals
and of industrial establishments (excluded because already treated
under government and specific industry chapters), and such services
as hand laundering, boarding-house operation, advertising agency
operation, and the activity of a number of professional groups, all of
which were excluded because the investigators were unable to discover
satisfactory bases for a specific estimate of their incomes.
While the service industries are extremely varied, both in functions
and organization, they possess a number of characteristics in common
which justify a combined grouping. Their product is immediately
"perishable" and cannot be stored. It is the result primarily of labor
and labor-entrepreneurial activity and produces but little property
income. At the other extreme from the mining and quarrying industries, which are governed in nature and location by the natural
placement of the raw material and which yield products mainly for
use or further elaboration by other industries, the service industries
require the performance of almost all of the productive activity for,
and in close proximity to, the final consumer. Their geographic distribution therefore follows, in general, the distribution of population.
As most of them require direct contact with the final consumer, they
are characterized by organization* into a multiplicity of small independent units, responsive to individual and changing requirements.
All of these characteristics leave their imprint on the movement of
income derived from this source.
The nature of the service industries, as suggested above, renders the
classification of persons engaged and of income difficult (and in some
J It is anticipated that a great improvement in this respect can be made after the 1933 census of business
establishments, which will cover a large section of the service industries.
37265—34
10
133

134

NATIONAL INCOME, 1929-32

cases impossible). Particularly, the differentiation between entrepreneurs and employees, and between entrepreneurial income and
salaries and wages in several groups has been made approximately
or not at all, while no attempt has been made in the majority of
cases to segregate salaries and wages.
1. THE INDUSTRY AS A WHOLE

The service industries in the aggregate furnished employment in
1929 for about five million salaried employees and wage earners and
another two thirds of a million individual entrepreneurs, the group
from the employment standpoint thus ranking close to wholesale and
retail trade after manufacturing and agriculture. There was a decline
in employment of a fourth by 1932, which was somewhat greater than
in trade, but less than in the manufacturing industries. The number
of entrepreneurs has changed but slightly during the depression according to the most reliable data at hand. The result may be due
partly to a paucity of data and the assumption for some groups,
especially professional service, that the number of entrepreneurs has
remained constant after 1930. On the other hand, it does appear
reasonable to assume continued additions to the ranks of entrepreneurs to an extent sufficient to offset any departures from the field.
Total income paid out by the service industries in 1929 amounted to
eight and a half billion dollars or 10.6 percent of the total for all
industries (see table 161 and chart XV). It is interesting to note
that practically all of this income was derived from labor or laborentrepreneurial sources, property income accounting for but 2 to 3
percent of the total. The decline of about 38 percent from 1929 to
1932 was, therefore, more characteristic of the general salary and
wage decline than of the movement of total income produced or paid
out. In common with many other industries, income withdrawals
during the 4 years exceeded the amount produced.
The industries considered in this chapter have been grouped as
follows: recreation and amusement, professional, personal, domestic,
business, and miscellaneous. A comparison of the number of persons
engaged in each of these groups will be found in table 155. Domestic
servants account for nearly half of the total number, although
receiving only a fourth of the total income (see table 161). The
professions, including only independent practitioners and their
employees, claim less than a fourth in numbers, and receive almost
40 percent of the total income. In this connection the per capita
income data in tables 157 and 159 should be noted. Further analysis
is presented under each group.
2. RECREATION AND AMUSEMENT

Included in the recreation and amusement group are legitimate
theaters (including vaudeville and concert halls), motion picture
production, motion picture theaters, radio broadcasting, and other,
the latter consisting of bowling alleys, pool halls, amusement parks,
and similar establishments. Social and athletic clubs, fraternal
organizations, and such recreational or semiamusement enterprises as
are not predominantly commercial in character have been excluded
and classified with the miscellaneous services.
The commercial amusement industries have a number of general
characteristics which distinguish them somewhat from other forms

135

SERVICE
CHART XV

INCOME BY TYPE OF PAYMENT
SERVICE

BILLIONS
OF
DOLLARS

~|9

INTEREST DIVIDENDS-

r
ENTREPRENEURIAL
WITHDRAWALS

OTHER LABOR INCOK

6
5
4

SALARIES & WAGES

3
2
I
0

1929
EXCESS PRODUCED
EXCESS WITHDRAWN

1930

1931

1932

I
0
I

O.D.7S02 &

136

NATIONAL INCOME, 1 9 2 9 - 3 2

of service. The function being entertainment, there must be constantly
supplied a novelty and change, in detail if not in form; this requisite,
combined with rapid shifts in popular fancy and the luxury character
of the industty, make the business of supplying this demand
economically hazardous.
An examination of the gross income received by each of the major
groups of amusement industries as shown in table 164 brings out the
changing emphasis of popular demand with particular reference to
the years of depression since 1929. It will be noted that the dominant form of commercial entertainment in recent years has been the
motion picture, which has itself changed in form from "silent" to
"sound", thus encroaching upon part of the popular demand formerly
supplied by the legitimate theater, and has added the attraction of
stage shows, thus absorbing some of the demand formerly supplied
by vaudeville houses. The effects of the continuance of this shift
since 1929 are registered in income; while the gross income of motion
picture houses declined about 44 percent in 4 years, legitimate theater
receipts fell off 64 percent. It will also be noted in tables 167 and 169
that the comparative decline in salaries and wages paid was 32 and
71 percent, respectively, and although corporate losses exceeded
dividends each year in the legitimate field, it was not until 1932 that
this situation came about in the motion picture group. The gross
income in motion picture production increased from 1929 to 1932,
being influenced by the shift to more costly sound picture production.
The sharp drop in radio broadcasting gross income from 1929to 1930
may be caused by a reclassification of corporations; the increase
thereafter representing the actual continued expansion of a rapidly
growing new industry,
The amusement group accounts for the employment of half a
million persons, or between 8 and 9 percent of the total engaged in
service industries (see table 163). Over 60 percent of the employees are in motion picture theaters. The most striking features
of the trend since 1929 are the rise in employment in radio broadcasting and the drastic falling off in legitimate theaters, a decline of
over 65 percent by 1932. In motion picture production, the casual
employment and compensation of most of the eleven thousand odd
"extras" listed with the Hollywood central casting office have been
excluded. The number of entrepreneurs, in the absence of definite
indication of change, was assumed to remain constant throughout
the period.
About 79 percent of the total income paid out by the amusement
group as a whole in 1929 went to salary and wage earners (see
table 166). This proportion has diminished slightly to 78 percent in
1932, while property income, with interest payments larger each year,
has increased. Business withdrawals have decreased as a proportion
of the total.
The per capita income of employees as shown in table 172 indicates
wide variations as between the individual industries. The motion
picture production group received over twice the general average
and has declined the most since 1929. The average for legitimate
theaters was somewhat higher than for the group in 1929. The
general average for the group has declined in about the same degree
as the cost of living, so that the 73 percent who were still employed
in 1932 were relatively about as well off as in 1929.

SERVICE

137

3. PROFESSIONAL SERVICE

The professional services in this group include religious, private
education, private curative (including private hospitals and private
practice, medical, dental, and so forth), and private legal and engineering services. Excluded were architectural, literary, and such
services for which adequate data were lacking.
Many of the estimates in this field were derived from samples obtained from ten thousand odd questionnaires returned in a special
survey conducted for this purpose. Tabulations of these returns for
several professions will be found in appendix E.
Perhaps the outstanding characteristics of the professional services
are the long period of training required and the special qualifications
that must be possessed by those wishing to engage in practice, which
tends to make the numbers engaged rather stable. There are also the
individual nature of the services rendered and professional ethics,
which require the assumption of individual responsibility and confine
incorporation in thisfieldmainly to business aspects, such as hospital
operation.
The characteristics mentioned above make a segregation of entrepreneurs, professional employees, and other employees difficult, and
in some cases, impossible. I'he shift from the professional employee
to the entrepreneur status, and vice versa, is much more simple than
in other industries, as training rather than any large amount of capital
is the primary requirement.
The total number of persons engaged in independent professional
service was one and a third millions in 1929 (see table 173), accounting
for almost a fourth of the service industries total. The number has
remained fairly stable, with a small increase in 1930 and a slight
falling off in 1931 and 1932. A rough classification indicates a constancy in the number of entrepreneurs, with the possibility that some
of the employees dropped in 1931 and 1932 shifted to the entrepreneurial group. The oases for estimation of the comparative trends
are not sufficiently well founded however to permit more than a rough
suggestion of plausibility.
Total income paid out in the professional services amounted to
about three and a half billion dollars in 1929, or roughly 40 percent
of the total for all service industries. The decline in this income from
1929 to 1932 was about 30 percent (see table 174). Property income accounted for only 1 percent of the total* income paid out, and
although a small item, it is interesting to note that in this industry
dividends were so drastically curtailed in years following 1929 as to
change negative savings into positive.
The number of clergymen (see table 175) was assumed to increase
since 1929 at the same rate as from 1920 to 1930 shown in the Census
of Occupations, 1930, and the compensation paid was estimated from
averages in several sample studies. The figures are therefore tentative, but all evidence available supports the remarkably small decline
shown in salaries paid and the rising volume of pensions paid.
In the field of private education also, the numbers employed and
compensation paid have been remarkably well maintained during
the depression, actually increasing up to 1931 (see tables 176 and
177). Thij suggests the reflection of favor on the part of students'
parents, who chose to curtail their demands first in other fields, and

138

NATIONAL INCOME, 1 9 2 9 - 3 2

the fact that a considerable part of the gross income from which
ayments are made in this field (as in the case of religion) are derived
•om endowments and other property sources, the income from which
held up well until 1932.
The number of employees in private education is somewhat larger
than the number of clergymen. A little over a third of the total
number engaged are in universities, colleges, and professional schools,
with only a few less in the elementary grade schools. The other
private education group is made up of teachers' colleges and normal
schools, junior colleges, a few schools of reform and for the deaf and
blind, and correspondence and business schools.
Average compensation paid in private education (see table 178)
varies markedly between the different groups, the relatively low payment in elementary and secondary schools reflecting a difference in
the training required and a high proportion of denominational control and operation. Average compensation for the group increased
in 1930 and declined but slightly in 1931 and 1932, leaving those
engaged in the industry relatively better off than they were in 1929.
The curative professions provide employment for about seven
hundred thousand people (see tables 179 and 182), the largest single
group being trained nurses on private duty, followed by the physicians,
and surgeons group. There are a little over half as many dentists
in private practice as there are doctors. The "other professions"
group includes osteopaths, chiropractors, chiropodists, optometrists,
veterinary surgeons, etc., while the other semiprofessional category
covers primarily masseurs and religious healers.
The total number of persons engaged in the private practice group
was assumed to remain constant after 1930, this being the most plausible guess that could be made. Income produced and withdrawn,
however (see table 180), dropped a third from 1929 to 1932. Compensation paid in private hospitals held up better than income in
private practice, corresponding more to the trend of dentists' employees in the^ latter group. Per capita income figures (see tables
181 and 182) indicate a decline in employees' incomes of less than
the drop in living costs since 1929, but a much more drastic decline
in the incomes of independent practitioners.
There are somewhat more lawyers than doctors in the United
States (see table 183). In the absence of more precise information,
the number was assumed to increase from 1929 to 1930 at the same
rate as from 1920 to 1930, as shown by the Census of Occupations,
1930, and remain constant in subsequent years. Average compensation derived from a sample indicates a probable lower per capita
return than is the case with physicians and surgeons.
The number of consulting engineers presented in table 186 is relatively small, and represents an approximation of the number in independent private practice. A much larger proportion of employees
than in other professional services wiU be noted, as well as the high
er capita withdrawals (see table 188) in 1929 and the precipitous
ecline thereafter.

4. PERSONAL SERVICE

The personal service industries account for over a million gainfully
employed, or about a fifth of the service group (see table 189).

SERVICE

139

Included in this class are hotels, power laundries, cleaning and dyeing
establishments, and barber and beauty shops, with a fairly even distribution of persons engaged among them, if laundries and cleaning
and dyeing establishments are considered together. The number, of
entrepreneurs shown is not complete as it was found impossible to
segregate this group from employees in barber shops and beauty
shops; the number of employees in this group is, of course, correspondingly overstated.
Total income produced in the personal service industries as a whole
amounted to a billion and a half dollars in 1929 and declined nearly
40 percent by 1932. Income paid out exceeded that produced in
each year, leaving a net loss to be made up out of previously built-up
surplus and assets^ or new borrowings.
With the exception of barber and beauty shops, the industries in
this group are characterized by relatively large establishments, with
considerable capital outlay per establishment; their property income
is therefore comparativelv large and amounts to over 6 percent of
the total income paid out (see table 192). Reflecting primarily an
overdevelopment of hotel facilities as indicated in figures of room
occupancy, the industry has been in difficulty for some time, with
dividends paid out in each year from 1929 on being drawn from
surplus and assets, or from the creation of new indebtedness.
Employee compensation in hotels includes a considerable amount
of gratuities and income received in kind, and that for barber and
beauty shops includes an estimate of gratuities. Average compensation is fairly uniform throughout the separate sections (see table 191),
except for power laundries which employ a large proportion of female
help. The decline since 1929 for the group as a whole has been
slightly more than that in the cost of living, with the greatest decrease
in the hotel group and the least in power laundries where compensation was already comparatively low in 1929.
5. DOMESTIC SERVICE

Employment in domestic service is the largest in any of the major
groupings of the service industries presented in this chapter, the
almost two and a third million persons engaged in 1929 representing
42 percent of the total for all groups (see table 193). Due to the
comparatively low average compensation paid and the lack of entrepreneurial activity and property income, the total income paid out,
amounting to two and a quarter billion dollars in 1929, was only
26 percent of the total paid out by all groups. The decline in average compensation was greater than that in the cost of living, leaving
the 60 percent of this group still employed in 1932 relatively worse
oif than in 1929.
6. BUSINESS SERVICE

The employment and labor income estimates in the business service
group include only the following fields: independent private practice
accounting, trade associations, and chambers of commerce. Data for
other business services, such as employment and advertising agencies
and stenographic and mimeographing services, are included with corporation property income estimates in the miscellaneous group, however, as it was found impossible to make a segregation essential to a
strictly comparable classification.

140

NATIONAL. INCOME, 1 9 2 9 - 3 2

The business service group, as defined above, provides employment
for less than a hundred thousand persons, two thirds of whom are in
the trade association group (see table 196). Salaries and wages
paid were 112 million dollars in 1929 out of a total income paid out
amounting to just under 150 millions. The decline in salaries and
wages paid up to 193*2 was much greater than in employment, but
er capita income was only about 6 percent less than in 1929, after
aving increased in 1930. These indications, and particularly the
individual trends shown in table 198, are based on estimates subject
to a large margin of error, and cannot be accepted with a great degree
of assurance. It is in accord with all other evidence at hand, however, that salary and wage rates were well maintained up to 1932.

7. MISCELLANEOUS SERVICE

The employment and labor income estimates for this group are
based upon data for the state of Ohio raised for the country as a
whole upon the basic assumption that these services bore the same
relation to retail commodity sales in the United States as in Ohio,
with minor adjustments for comparative wage rates and so forth.
< Both the magnitude of the estimates and the trends are controlled
by the Ohio sample, and this should be borne in mind constantly with
reference to this group.
The individual industries included here are photography, undertaking, mausoleum and cemetery operation, social service agencies,
athletic, yacht, and country clubs, Y.M.C.A.'s, Y.W.C.A/s, and other
services not accounted for elsewhere. Most of these services are of a
type not easily curtailed or dispensed with, while social and welfare
agencies have had a special reason for increasing since 1929. The
number of employees was about a quarter of a million in 1929 and
probably increased, or at least did not decline greatly, during the 3
following years (see table 200). The estimated average compensation of employees is probably fairly near the actual situation for 1929
but the trend shown since that year, except that there was probably
very little per capita decline, is open to question as far as the country
as a whole is concerned.
The limitations mentioned above do not apply to the property income data for corporations, but property income in this group as in
most service industries was a small portion (about 2 percent in 1929)
of total income paid out (see table 201).

SUMMARY TABLES, SERVICE
TABLE 155.—Number of people engaged, service industries
Absolute numbers
Line

Item
|

1929

1930

Percentages of 1929

1 1931

1932

1929

1932

1931

1930

EMPLOYEES

1 Recreation and amuse*
295,691
333,055
107,105
399,115
ment.....
761,343 | 736,127
772,891
Professional"
. . . . 759,789
970,807
860,772
Personal'
1.072,477 1,041,430
Domestic.......... . . . 2,309,480 2,078,555 1,766,315 1,412,878
50,636
Business
...
43.114
56,545
57,856
265,619
278,965
247,693
Miscellaneous...
. . . 1 251,173
1 Total
| 4,857,880 4,596.229 4.147,775 3,627,547

2
3
4
5
6
7

100.0 98.0 81.8 72.6
100.0 101.7 100.2 96.9
100.0 97.1 90.5 80.3
100.0 90.0 76.6 61.2
100.0 97.7 87.5 74.5
100.0 98.6 105.8 111.1
100.0 94.6 85.4 74.7

ENTREPRENEURS

8 Recreation and amusement
9 Professional *
10 Personal *.
11 Business
. . . . . . . . ..
12 Miscellaneous..........
Total
13

34,201
659,645
29,109
5,050
27.747
655.752

100.0 89.9 76.2 71.1
100.0 102.8 102.8 102.8
100.0 90.8 78.5 73.2
100.0 100.8 100.8 100.8
100.0 89.4 74.2 69.5
100.0 100.3 97.8 96.8

14 Recreation and amusement
329,892
369,707
442,362
455,194
15 Professional..
1,304,418 1,332,536 1.32a 988 1,295,772
889,881
16 Personal.
1,112,220 1,077,499 1,002,021
17 Domestic.
2,309,480 2,078,555 1,766,315 1,412,878
48,164
18 Business
62,866
61,595
65,686
306,712
19 Miscellaneous .....__t 291,092
283,368
295,242
Total
20
5,535,270 5,275,915 14,809,959 4,283,299

100.0 97.2 81.2 72.5
100.0 102.2 101.3 99.3
100.0 96.9 9a i 80.0
100.0 90.0 76.5 61.2
100.0 98.0 88.6 76.6
100.0 97.3 101.4 105.4
100.0 95.3 86.9 77.4

48,089
544,629
39,743
5,010
39,919
677,390

36,652
559,645
31,214
6,050
29,623
662; 184

43.247
559.645
36,069
5,050
35,675
679,686

TOTAL

| Including clergymen.
J Some professional employees classified with entrepreneurs,
tiarber and beauty shop entrepreneurs classified with employees.

TABLE 156.—Labor income paid out, service industries
Line

1 Absolute numbers (thousands of dollars)
Item

1929

1930

1931

1932

Percentages of 1929
1929

1931

1930

1932

SALARIES AND WAGES

1 Recreation and amusement
690,777
2 Professional*
1,179,818
1,428,426
„
3 Personal»
2,219,031
4 Domestic
111,683
5 Business
277,080
6 Miscellaneous
5,906,815
Total
7

653,156
1,206,093
1,352,382
1,865,988
117,220
303,428
5,498,267

OTHER LABOR INCOME

8 Recreation and amusement
9 Professional!
10 Personal *
11
Total

1,062
21,003
3,255
25,320

931
21,916
3,111
25,958

408,532 100.0 94.6 76.1 59.1
525,516
! 1,149,875 1,042,189 100.0 102.2 97.5 88.3
899,094
1,172,233
94.7 8Z1 62.9
946,984 ioao 84.1 62.9 42.7
1,396,085
77,920 100.0 105.0 92.1 69.8
102; 859
308,355 100.0 109.5 117.3 111.3
325,014
4,671,682 3,683,074 100.0 93.1 79.1 62.4
100.0
929
24,764
3,013
28,696

100.0 87.7 87.5 72.5
100.0 104.3 117.9 125.5
100.0 95.6 92.6 92.4
100.0 102.5 113.3 119.0

TOTAL LABOR INCOME

12 Recreation and amusement
13 Professional!
14 Personal*
15 Domestic
16 Business
17 Miscellaneous
1
Total
I
18

770
26,354
3,008
30,132

691.839
1,200,821
1,431,681
% 219,031
111,683
277,080
5,932,135

654,087
1,228,009
i 1,355,493
1,865,988
I 117,220
303,428
5,524,225 |

409,302 100.0 94.5 76.1 59.2
626,445
1,174,629 1,068,643 100.0 102.3 97.8 89.0
902; 102 100.0 94.7 8211 63.0
1,175,246
1,396,085! 946,984 100.0 84.1 6Z9 42.7
77,920 100.0 105.0 92.1 69.8
102,859
325,014
308,355 100.0 109.5 117.3 111.3
4,700,278 3,713,206 100.0 93.1 79.2 62.6

J Excluding income of employees classified with entrepreneurs.
' Including entrepreneurial income in barber and beauty shops.

141

142

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 157.—Per capita income of employees, service industries
Percentages of 1929

Absolute numbers
Line

1
2
3
4
• 5
6
7
8

Item
1930

1929

1931

1932

$1,697 $1,637 $1,578 $1,3S2
1.416
1,553 1,560 1,510
1.015
1,207
1,332 1,299
670
898
790
961
1,807
Business..... . . . . . . . . . . . . . . . . . . . . . 1,930 2.073 2,031
1,105
1,225
1,224
1.103
Miscellaneous....... . . . . . . — . _
1,015
1.126
1.216 1,196
All service industries.
Bureau of Labor Statistics cost of
Professional _—
Personal...*... . -

......
-

T A B L E 158.—Entrepreneurial withdrawals,

service

1930

1929

100.0 96.5
100.0 100.5
100.0 07.5
100.0 93.4
100.0 107.4
100.0 111.1
100.0 98.4
100.0

1932

93.0 81.4
97.2 91.2
90.6 78.5
82.2 69.7
105.2 93.6
111.0 100.2
92.6 83.5
88.9 80.4

industries
Percentages of 1929

Absolute numbers (thousands of dollars)
Line

97.4

1931

Item
1929

1932

1931

1930

1 Recreation and amuse75,503
ment
.......
102,279
117,001
2 Professional' *........
2,015,366 1,936,209 1,636,832
3 Personal *
53,813
. .
68.315
77.221
.....
4 Business..
31,512
36,623
37,335
5 Miscellaneous ..m._.^. t *
7a 325
91,934
97,802
Total
2,344,725 2,235,360 1,867,985
6

1929

1930

1931 1932

47.6
61.3
57.4
74.7
65.2
60.9

55,737 100.0 87.4 64.5
1,235,821 100.0 96.1 81.2
44,304 100.0 8S.5 69.7
27,906 100.0 98.1 84.4
63,735 100.0 94.0 71.9
1,427,503 100.0 95.3 79.7

* Including some professional employees and salaries and wages.
' Excluding barber and beauty shop entrepreneurs and withdrawals.
T A B L E 159.—Average withdrawals per entrepreneur, service

Percentages of 1929

Absolute numbers
Line

Item
1929

1
2
3
4
5
6
7

industries

1930

1931

1932

Recreation and amusement
$2,433 $2,365 $2,060 $1,630
3,700 3,460 2,925 2,208
Professional»
Personal'—...
1,943 1,894
1,724
1,522
Business.
. . . . . . . . . . . 7.452 7,252 6,240 5,526
Miscellaneous
2.450 2.577 2,374 2,297
3,461 3,289 2,821 2,177
Bureau of Labor Statistics cost of

1932

1930

1931

100.0 97.2
100.0 93.5
100.0 97.5
100.0 97.3
100.0 105.2
100.0 95.0

84.7
79.1
88.7
83.7
96.9
81.5

67.0
59.7
78.3
74.2
93.8
62.9

97.4

88.9

80.4

1929

100.0
i Including some professional employees and salaries and wages.
' Excluding barber and beauty shop enterpreneurs and withdrawals.
T A B L E 160.—Property income originated, service

Line

Item

Absolute numbers (thousands of
dollars)
1929

1 Recreation and amusement.
2 Professional
—
3 Personal
.'
4
5
Total

1930

66,353 84,724
31,926 15.733
95,364 100,302
8,377
8,077
202,020 208,836

1931

1932

69,167
9.935
75,737
7,605
162,444

61,026
6,672
57,264
7,678
132,640

industries

Percentages of 1929
1930

1931

100.0 127.7
100.0 49.3
100.0 105.2
100.0 96.4
100.0 103.4

104.2
31.1
79.4
90.8
80.4

1929

1932
92.0
20.9
60.0
91.7
65.7

SERVICE

143

TABLE 161.—Income paid out and produced, service industries
Absolute numbers (thousands of dollars)

Percentages of 1929

Item

Line

1929

1930

875.193
3,248.113
1,604,266
2,219,031
149,018
383,259
8,478,880

841,090
3,179,951
1,524,110
1,865,988
153,843
403,439
7,968,421

1929 1930 1931 1932

1932

1931

INCOME PAID OUT

1
2
3
4
5
6
7

Recreation and amusement
Professional
Personal
Domestic
.....
Business
Miscellaneous
._..._.._..—
Total

8
9
10
11
12
13

Recreation and amusement
Professional....
. ....
Personal
Business
Miscellaneous
.
...
Total

14
15
16
17
18
19
20

Recreation and amusement.... 902,377 781,405 550,148 164,741
Professional.
.. .
. . . 3.243.730 3,191,614 2,808,010 2,330,626
Personal
1.555.680 1,434,424 1,231,871 889,143
2,219,031 1,865,98s 1,396,085 946,984
Domestic
Business...
150,641 154,212 132,609 101,902
381,612 398,447 402,818 379,680
Miscellaneous
8,453,071 7,828,090 6,521,541 4,813,076
Total

671,115 526,065 100.0 96.1 76.7 601
2.821.396 2,311,036 100.0 97.9 86.9 71.2
1,304,796 1,003,670 100.0 95.0 81.3 62.6
1,396,085 946,984 100.0 84.1 62.9 42.7
134,371 105,826 100.0 103.2 90.2 71.0
402,944 379,768 100.0 105.3 105.1 99.,
6,730,707 5,273.349 100.0 94.0 79.4 62. l

BUSINESS SAVINGS

27,184 -59,685
11,663
-4,383
-48,586 -89,686
369
1,623
-1,647 -4,992
-25,809 -142,331

-12a 967 -361.324
19,590
-13,386
-72,925 -114,527
-1,762 -3,924
-126
—88
-209,166 -460,273

INCOME PRODUCED

100.0
100.0
100.0
100.0
100.0
100.0
100.0

86.6
98.4
92.2
84.1
89.1
104.4
92.6

18.3
71.9
57.2
42.7
67.6
99.5
56.9

61.0
86.6
79.2
62.9
88.0
105.6
77.1

TABLE 162.—Percentage distribution of income paid out, service industries
Percentages of income paid out

Line

Item
1929

1930

1931

1932

COMPENSATION O f EMPLOYEES

1
2
3 Personal
4
5 Business
6
7

79.0
37.0
89.2
100.0
74.9
72.3
70.0

77.8
38.6
88.9
100.0
76.2
75.2
69.3

78.4
41.6
90.1
100.0
76.5
80.7
69.8

77.8
46.2
89.9
100.0
73.6
81.2
70.4

13.4
62.0
4.8
25.1
25.5
27.7

12.2
60.9
4.5
23.8
22.8
28.1

11.3
58.0
4.1
23.5
17.5
27.8

10.6
53.5
4.4
26.4
16.8
27.1

7.6
1.0
5.9
2.2
2.4

101
.5
6,6
2.0
2.6

103
.4
5.8
1.9
2.4

11.6
.3
6.7
2.0
2.5

ENTREPRENEURIAL WITHDRAWALS

8
9
10
11
12
13
PROPERTY INCOME ORIGINATED

14
15
16
17
18

144

NATIONAL INCOME, 1 9 2 9 - 3 2
DETAILED TABLES, RECREATION AND AMUSEMENT

T A B L E 163.—Number of people engaged, recreation and amusement industry
Percentages of 1929

Absolute numbers
Line

Item
1931

1930

1929

1932

1929

1930

1931

1932

EMPLOYEES

49,035 39,470 25,990 16,663 100.0 80.5 63.0 34.0
19,602 16,093 14,329 11,467 100.0 82.1 73.1 58.5
285,915 285,915 245,000 225,400 100.0 ioao 85.7 78.8
114.4 12L7
9,993 10,664 11,345 100.0
Radio broadcasting
.
. . 9,322
107.2
Other recreation and amusement.
_
..»
._ 43,231 47,644 37,072 30,816 100.0 110.2 85.8 71.3
Total number of employees. 407,105 399,115 333,055 295,691 100.0 98.0 81.8 72.6

1
2
3
4
5
6

ENTKEPBENEtmS

7 Total number of entrepreneurs..
I

34,201

100.0

89.9

76.2

71.1

455,194 442,362 369,707 329,892

100.0

97.2

81.2

72.5

43,247

48,089

36,652

TOTAL NUMBER ENGAGED

Total number engaged

TABLE 164.—Gross income, various branches of the recreation and amusement
industry

Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1931

1932

Legitimate theatersI 250.4941 166,0001 129,646 88.937
Motion picture production
307,768 379,129 396,478 396,500
Motion picture theaters
11,250,000; 1,000,0001 850,000 700,000
Radio broadcasting»
172,082 125,239 130,543 136.078
Other recreation and amusement.. J 238,203 245,250 181,657 137,074
Total recreation and amusement..^ 218,5471,915,618 1,688,324 1,458,589

Percentages of 1929
1929

1930 1931 1932

100. d
100. Oj
100.0]
100.0
100.0
100. d

66.3
123.2
80.«
72.8
103.0
86.3

51.8
128.8
68.0)
75.9
76.3
76.1

35.5
128.8
56.0
79.1
57.5
65.7

i The decline from 1929 to 1930 probably due to reclassification of corporations rather than actual falling off.

TABLE 165.—Income paid out and produced, recreation and amusement industry

Line

Item

Absolute numbers (thousands
of dollars)
1929

1
2
3
4
5
6
7
8
9
10
11

1930

1931

1932

Salaries and wages
69a 777 653,156 525,516 408,532
Other labor income
770
1,062
929
931
Total compensation of employees... 691,839 654,087 526,445 409,302
Dividends
*
34,617 49,554 36,141 29,263
31,736 35,170 33,026 31,763
Total property income paid out
66,353 84,724 69,167 61,026
withdrawals of entrepreneurs..
i 117,001 102,279 75,503 55,737
Total income paid out
875,193 841,090 671,115 526,065
Corporate savings
«.
25,854 -27,624 -64,195 -260,795
Business savings of individuals
1,330 -32.061 -66,772 -100,529
902,377 781,405 550,148 164,741
Total income produced

Percentages of 1929
1929 1930 1931 1932
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

ioo.6

94.6 76.1 59.1
87.7 87.5 72.5
94.5 76.1 69.2
143.1 104.4 84.5
110.8 104.1 100.1
127.7 104.2 92.0
87.4 64.5 47.6
96.1 76.7 60.1
86.6

61.0

145

SERVICE

TABLE 166.—Percentage distribution of income paid out, recreation and amusement
industry
Percentages of income paid out
Line

1
2
3
4
5
6
7
8

Item

8alaries and wages
Other labor income
Total compensation of employees
Dividends
Interest
.
Total property income paid out
Withdrawals of entrepreneurs.....
...
Total income paid out...

__
„ ..
...

T A B L E 1 6 7 . — I n c o m e paid out and

Line

1
2
3
4
5
6
7
8
91

- J
1

...

1929

1930

1931

78.9
.1
79.0
4.0
3.6
7.6
13,4
100.0

77.7
.1
77.8
5.9
4.2
10.1
12.2
100.0

78.3
.1
78.4
5.4
4.9
10.3
11.3
100.0

produced^1 legitimate

Absolute numbers (thousands
of dollars)

77.7
77 8
56
6.0
1L6
10.6
100.0

theaters
Percentages of 1929

Item

Salaries and wages
Other labor income
Total compensation of employees
Dividends
Interest
Total property income paid out
Total income paid out
Corporate savings . .
..
Total income produced

1929

1930

116,752
161
116,913
3,426
2,920
6,346
123,259
-6,496
116,763

94,255
130
94,385
2,908
2,046
4,954
99,339
-6,968
92,371

1931

1932

69,960 34,026
76
113
60,073 34,102
54
396
1,528 1,170
1,924 1,224
61,997 35,326
-6,439 -14,908
55,558 20,418

1929 1930 1931 1932
51.4
70.2
51.4
11.6
52.3
30.3
50.3

29.1
47.2
29.2
1.6
40.1
19.3
28.7
100.0 79.1 47.6 17.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0

80.7
80.7
80.7
84.9
70J
78.1
80.6

Exclusive of individual entrepreneurial income.
T A B L E 1 6 8 . — I n c o m e paid out and produced,

Line

motion picture

Absolute numbers (thousands
of dollars)
1929

1930

85,028
400
85,428
7,131
9,838
16,969
102,397
23,007
125,404

62,496
294
62,790
19,809
12,799
32,608
95,398
183
95,581

1931

Percentages of 1929

1932

1929 1930 1931 1932

61.0 37.2
73.
51,867 31,630 100.
149 100.1 73. S\ 61. Oj 37.3
244
52, 111] 31,779 100.01 73.5 61.0 37.2
12,431 7,801 100.0 277.8 174.3 109.4
12,804 13,122 100.0 130.1 130.2 133.4
25,235 20,923 100.0 192.2 148.7 123.3
77,346 52,702 100.1 93.2] 75.5 51.5
-16,193 -81,605.
61,153
100.0 76.21 48.81

T A B L E 1 6 9 . — I n c o m e paid out and produced,1

motion

picture

Absolute numbers (thousands
of dollars)
Line

production

Item

Salaries and wages
Other labor income.. *
—
Total compensation of employees—
Dividends
'
Interest
Total property income paid o u t Total income paid out
.
Corporate savings .
Total income produced

theaters

Percentages of 1929

Item
1929

1
2
3
4
5
6
7

Salaries and w a g e s . . . . . . . . . . . . . . . . . . . . .
Other labor income..
Total compensation of employees.—
Dividends
Interest
Total property income paid out
Total income paid out
—
Corporate
savings
9«
Total income produced.. . . . . . . . . .

427,443
440
427,883
13,245
14,107
27,352
455,235
2,585
457,820

•

1932

Exclusive of Individual entrepreneurial income.

1930

1931

1932

428,587 355,005 289,188
482
498
440
429,027 355,503 289,670
15,707 14,926 14,184
15,018 14,191 13,737
30,725 29,117 27,921
459,752 384,620 317,591
2,842 -13,944 -76,996
462,594 370,676 240,595

1929 1930 1931 1932
100. (X 100.3
100.« 100.0
loo. a 100.3
100.0] 118.6
100.« 106.5
100. tt 112.3
100.01101.0

io6."o| I6I.6

83.1
113.2
83.1
112.7
100.6
106.5
84.5

67.7
109.5
67.7
107.1
97.4
102.1
69.8

81.0 52.6

146

NATIONAL INCOME,

1929-32

T A B L E 1 7 0 . — I n c o m e paid out and produced,

radio

broadcasting

Absolute numbers (thousands
of dollars)
1929
Salaries and wages
Other labor income—
. Total compensation of employees—
Dividends
Interest
Total property income paid out—
Total income paid out
Corporate savings
——
Total income produced

9,605
8
9,613
3,483
-353
3,130
12,743
12,882
25,625

149.2
162.5
149.2
174.6

23,794 100.0
13l 100.0
23,807* 100.0
5.2981 100.0
152
5,450 100.0
29,257 100.0
-21,261
7,996 100.0

19,067
13
18
14,345 19.085
6,081 5,270
151
-108
5,973 5,421
20,318 24,506!
-12,050 1-10,112
8,268 14,394
14,332

198.5
225.0
198.5
151.3

247.7
162.5
247.7
152.1

190.8 173.2 174.1
159.4 192.3 229.6
32.3

and

Absolute numbers (thousands
of dollars)

56.2 31.2

amusement

Percentages of 1929

Item
1929

1
2
3
4
5
6
7
8
9

1929 1930 1931 1932

1932

1931

1930

produced,1 other recreation

T A B L E 1 7 1 . — I n c o m e paid out and

Line

Percentages of 1929

Item

Line

Salaries and wages
Other labor income
...
Total compensation of employees
Dividends
Interest
*
Total income paid out
Corporate savings..._..

1931

1930

1929 1930 1931 1932

1932

51,949 53,486 39,617 29,891
56
50
54
53
52,002 53,540 39,673 29,944
7,332 5,019 3,118
1,926
. 5,224 5,415 4,352 3,582
12,556 10,464 7,470 5,508
64,558 64,004 47,143 35,452
-6,124 -11,631 -17,507-66,025
„
53,434 52,373 29,636-30,573

103.0
101.9
103.0
68.9
103.7
83.3
99.1

76.3
105.7
76.3
42.5
83.3
59.5
73.0

100.0 89.6

50.7

100.0
100.0
100.0
100.0
100.0
100.0
100.0

57.5
94.3
57.6
26.3
68.6
43.9
54.9

> Exclusive of individual entrepreneurial income.
T A B L E 1 7 2 . — P e r capita

income

of employees,

recreation

and amusement

Percentages of 1929

Absolute numbers
Line

industry

Item
1929

1930

1931

1929

1932

1930

1931 1932
85.8

1 All employees, legitimate theaters. - $2,381 $2,388 $2,307 $2,012 100.0 100.3 96.9
2 All employees, motion picture production
4,338 3,883 3,620 2.758 100.0 89.5 83.4
3 All e m p l o y e e s , motion picture
theaters
_
1,495 1,499
1,449 1,283 100.0 100.3 96.9
4 All employees, other recreation and
amusement
1,202 1,123
1,069
970 100.0 93.4 88.9
5 All employees in the industry
1,697 1,655
1.382 100.0 97.5 93.0
1,578
6 Bureau of Labor Statistics cost of
100.0 97.4 88.9

63.6
85.8
80.7
81.4
80.4

^—_——______^_

DETAILED TABLES, PROFESSIONAL
T A B L E 1 7 3 . — N u m b e r of people engaged,

SERVICE

professional

Absolute numbers

service
Percentages of 1929

Item
1929

1930

1931

1932

1929

1 Employees 1
. . . 759.789
772,891
761,343
736,127 100.0
2 Entrepreneurs K
544,629
559,645
559,645
559,645 100.0
3
1,304,418
1,332,536
1,320,983 1,295,772 100.0
Total numberengaged.
1

Including clergymen and many small individual entrepreneurs.
* Includes legal professional employees.

1930

1931

101.7 100.2
102.8 102.8
102.2 101.3

1932
06.9
102.8
99.3

SERVICE

147

TABLE 174.—Income paid out and produced, professionalservice
Absolute numbers (thousands of
dollars)
Line

Percentages of 1929

Item
1930
Salaries and wages
Other labor income
Total compensation or employees.
Dividends
Interest
Total property income paid o u t . .
Withdrawals of entrepreneurs
Total income paid out
Corporate savings
Business savings of individuals
Total income produced

1931

1932

1929

1,179,8181, 206,0931,,149,87511, 042,189
21,003
21,916
24,754
26,354
1,200,8211, 228,009 1,174,629 1,068,543
28,718
7,321
4,292
12,489
3,208
2,614
2,380
3,244
31,926
9,935
6,672
15,733
2,015,36611, 936,2091,
,235,821
3,248,113 3, 179,951 2,821,396 2,311,036
—24,109 - 8 . 9 0 1
2,035
32,500
19,726] 20,564 -15,421, -12,910
3,243,7303, 191,614 2,808,0102,330,626

1930

1931

1932

100. (M 102.2 97. a 88.3

100. b] 104.3 117. a 125.5
97.8

89.0
14.9
74.2
20.9
61.3
71.2

100.0| 98.41 86.6

71.9

100.0 102.3
100.0 43.5

101.1
100. Oj 49.3
100.0} 96.1
100.0 97.9

ioo. q

25.5
81.5
31.
81.21
86.9

TABLE 175.—Number and compensation of people engaged, religious service
Absolute numbers
Line

Percentages of 1929

Item
1929

1 Number of clergymen
146,690
2 Salaries paid clergymen (thousands of
dollars)
*
389,156
3 Other labor Income of clergymen
17,864
(thousands of dollars)
4
Total compensation of clergymen |
407,020
(thousands of dollars)....
5 Per capita salary (dollars)
2,653

1930

1932

1931

1929 1930 1931 1932

148,84S 151,006 153,164 100.0 101.5 102.9 104.4
392,291 386,887 380,833 100.0 100.8 99.4 97.9
18,657 21,412 22,947 100.0 104.4 119.9 128. b
410,948 408,299 403,780 100.0 101.0 100.3 99.2
2,636 2,562 2,4S6 100.0 99.4 96.6 93.7

TABLE 176.—Number of employees, private education
Percentages of 1929

Absolute numbers
Line

Item
1929

1
2
3
4
5

1930

1931

1932

68,263 71,634 71,862 71,115
31,219 30,701 31,499 31,180
68,661 67,857 69,361 69,458
14.674 15,082 15,206 14,425
182,817 185,364 187,928 186,178

Universities, etc...
Secondary
Elementary
Other

1929

1930

1932

1931

100.0 104.9 105.3 104.2
100.0 98.6 100.9 99.9
100.0 98.8 101.0 101.2
100.0 102.8 103.6 98.3
100.0 101.4 102.8 101. S

TABLE 177.—Total compensation of employees, private education
Absolute numbers (thousands of
dollars)
Line

1929
1
2
3
4
5

Percentages of 1929

Item

1930

1931

1932

1929

1930

1931

1932

107,765 116,298 114.555 112,048 100.0 107.9 106.3 104.0
24,867 24,928 25,288 24,776 100.0 100.2 101.7 99.6
35,505 35,855 35,770 34,880 100.0 101.0 100.7 98.2
other....::...:::: ::::::...:.: 19,648 20,415 19,812 17,888 100.0 103.9 100.8 91.0
187,785 197,496 195,425 189,592 100.0 105.2 104.1 101.0
Total private education

Universities, etc
Secondary fc
Elementary.

NATIONAL INCOME, 1929-32

148

TABLE 178.—Per capita income of active employees, various branches of private
education
Percentages of 1929

Absolute numbers
Line

Item
1930

1929

1931

1932

1930

1929

1931

1
$1,549 $1,694 $1,563 $1,543 100.0 102.9 100.9
779 100.0 101.5 100.8
793
787
781
2
494 100.0 102.2 99.8
519
508
507
3
1,339 1,354 1,303 1,240 100.0 101.1 97.3
4 Other
1,010 1,048 1,022 1,000 100.0 103.8 101.2
5
6 Bureau of Labor Statistics cost of
100.0 97.4 88.9

1932
99.6
99.7
97.2
92.6
99.0
80.4

TABLE 179.—Number of people engaged, curative professional service {private
practice)
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1929 1930 1931 1932

1
119,324 120,865 120,865 120,865 100.0 101.3 101.3
?, Dentists
63,322 64,678 64,678 64,678 100.0 102.1 102.1
......
3 Other professions
58,896 59,564 59,564 59,564 100.0 101.1 101.1
.
......
4
142,000 149,365 149,365 149,365 100.0 105.2 105.2
5 Other semiprofessional service, curative
. . . 13,000 13,207 13,207 13,207 100.0 101.6 101.6
. . . 72,538 74,126 69,646 62,248 100.0 102.2 96.0
6 Dentists'employees.........
7
Total number engaged...........
469,080 481,805 477,325 469,927 100.0 102.7 101.8

101.3
102.1
101.1
105.2
101.6
85.8
100.2

TABLE 180.—Income paid out and produced,1 curative professional service (private
practice)

Line

Absolute numbers (thousands of
dollars)
1929

1931

Net income, physicians and surgeons
668,453 641,431 549,211
Net income, dentists..
289,698 283,354 245,388
Net income, other professions
180,410 173,309 149,182
Net income, trained nurses on private duty
- 170,400 170,724 146,975
Net income, other semiprofessions..| 16,000( 15,475 13,326
Compensation paid to dentists' employees
77,471
79,167
72,919
Total income paid out—
1,402,4321,363,4601,177,001
1

Percentages of 1929

Item
1932

1929 1930 1931 1932

416,017 100.0
180,581 100.0
111,451 100.0

96.0 82.2 62.2
95.8 82.9 61.0
96.1 82.7 61.8

109,783 100.0 100.2
9,951 100.0 96.7

83.3

64.4
62.2

94.1 78.1
100.0 97.2 83.9 63.3

60,505 100.0 102.2

Exclusive of property income.

TABLE 181.—Per capita income withdrawn, curative professional service (private
practice)
Percentages of 1929

Absolute numbers
Item
1929
1
2
3
4
5
6
7
8

Physicians and surgeons
Other professions
.
Trained nurses on private duty
Other semiprofessions
.....
Dentists' employees
Total number engaged
Bureau of Labor Statistics cost of

1930

1931

1932

$5,602 $5,307 $4,544 $3,442
4,575 4,381 3,794 2,792
3,063 2,910 2,505 1,871
1,200 1,143
984
735
1,231 1,172 1,009
753
1,068 1,068 1.047
972
2,990 2,830 2,466 1,890

1929

1930 1931 1932
81.1
8Z9
81.8
82.0
82.0
98.0
82.5

61.4
61.0
61.1
61.3
61.2
91.0
63.2

100.0 97.4 88.9

804

100.0
100.0
100.0
100.0
100.0
100.0
100.0

94.7
95.8
95.0
95.3
95.2
100.0
94.6

SERVICE

149

TABLE 182.—Number and compensation of people engaged, private hospitals
Absolute numbers
Line

Percentages of 1929

Item

1 Number engaged
2 Compensation (thousands of
3

1930

1931

227.503 230,393 231,029
268,317 271,617 258,295
1,179
1,179
1,118

1932

1929

1930

1931

1932

100.0 101.2 101.5

99.3

100.0 101.2
100.0 100.0

85.9
86.4

ill

1929

96.3
948

TABLE 183.—Number of people engaged, legal professional service
Percentages of 1929

Absolute numbers
Line

Item

1 Lawyers..*-....
2
3
Total number engaged

111

1929 j 1930

1931

1932

1929

1930

139,059 139,059 139,059
80,777 80,682 81,346
219,836 219,741 220,405

1931

1932

102.5 102.5 1015
102.7 102.6 103.4
102.6 102.5 102.8

TABLE 184.—Income produced and paid out,1 legal professional service
Absolute numbers (thousands of
dollars)

Line

Percentages of 1929

Item
1930

1929

1932

1931

1929 1930 1931 1932

561,366 541,913 439,565 351.541 100.0 96.5 78.3 62.6
2 Compensation paid to nonprofessional
employees...
. . . . . . . . . . . . . . . . . 126,936 128,597 128,768 122,588 100.0 101.3 101.4 96.8
3
Total income produced and paid o u t . 688,302 670,510 568,333 474,129 100.0 97.4 82.6 68.9

J Exclusive of property income.
' includes professional employees.

TABLE 185.—Per capita income, legal professional service
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

l Lawyers
$4,137 $3,897 $3,181 $2,528
2
1,614 1,592 1,696 1,507
3 Bureau of Labor Statistics cost of liv-

1929

1930 1931 1932

100.0 94.2 76.4
100.0 98.6 98.9

61.1
93.4

100.0 97.4 88.9

80.4

;
TABLE 186.—Number of people engaged, consulting engineering service
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1 Consulting engineers.. . . . . . . . . . . 12,393 12,907 12,907 12,907
2 Employees, professional and other.. 51,504 53,383 41,052 27,098
3
63,897 66,290 53,959 40,005

37265—24

1929

1930

1931

1932

100.0 104.1 104.1 104,1
100.0 103.6 79.7 52.6
100.0 103.7 84.4 62.6

150

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 187.—Income paid out and produced,1 consulting engineering service
Absolute numbers (thousands of
dollars)

Percentages of 1929

Item

Withdrawals of consulting engi-

Compensation paid to employ-

3
4
5

1932

1929

1930

1931

1932

1929

1930

1931

129.039

110,003

93,185

66,497

85.2

72.2

43.8

133,292
262,331
19.726
282,057

61,702
14a 184 110,923
250,187 204,108 118,199
20.664 - 1 5 , 4 2 1 - 1 2 , 9 1 0
270,751 188,687 105.289

III s

Line

105.2
95.4

83.2
77.8

46.3
45.1

96.0

66.9

37.3

i Exclusive of property income.

TABLE 188.—Per capita income, consulting engineering service
Percentages of 1929

Absolute numbers

1
2
3

Item

Employees, professional and other
Bureau of Labor Statistics cost of livtag I n d e x . - . - - - . — — . — . . . - - n r , . . * - -

1929

1930

1931

1932

1929

$10,412
2,588

$8,523
2,626

$7,220
2,702

$4,377
2,277

Line

1930

1931

81.9 69.3
101.5 104.4
97.4

88.9

1932
42.0
8S.0
80.4

DETAILED TABLES, PERSONAL SERVICE
TABLE 189.—Number of people engaged, personal service
Percentages of 1929

Absolute numbers
Line

Item
1930

1929

1931

Number of employees, hotels
377,148 374,131 346.976
Number of employees, power laund r i e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 255,151 247.790
Number of employees, cleaning and
dyeing establishments..
.......
71.812J 66,193 59,720
Number of employees, barber and
beauty shops *
368,366 353,316 329,308
Total number of employees.
1. 072,47711.041,430| 970,807
Number of entrepreneurs....
31,214
39; 7431 36,069
Total number engaged.
l , U 2 , 2 2 d 1,077,49911,002,021

1932

1929

1930

1931

1932

297,947 100.01 99. a 92.0

79.0

216,270 100.0

97.1

92.0

84.8

48,780 100.0

92.2

83.21 67.9

297,775 100. (J
860,772 100.0
29,109 100.0
889.881 100.0

95.9
97.1
90.8
96.91

89.4
90.6
78.5
90.1

80.8
80.3
73.2
80.0

»Includes m a n y individual entrepreneurs.

TABLE 190.—Compensation of employees, personal service

Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1931

Salaries and wages, hotels
I 511,529] 486,188 410,863
Salaries and wages, power laundries. 278,684 268,612
Salaries and wages, cleaning a n d
241,445
dyeing establishments
101,135
91,519
Salaries and wages, barber and
74,190
beauty shops».
.
.
637,078 506,063
Total salaries and wages
1,428,426 1,352,3821,172,233
445,735
Other labor income, hotels.
l, 629
1,811.
1,874
Other labor income, power laundries.
1,526
1,046
1,202
Other labor income, cleaning and
951
92
A dyeing establishments
Other labor income, barber and
beauty shops
Total other labor income
3,255
3,111
3,013
Total compensation, hotels
513,158 487,999 412,737
Total compensation.power laundries. 280,210 269,814 242,491
Total compensation, cleaning and
dyeing e s t a b l i s h m e n t s . . . . . . . .
101,230 91,611
74,276
Total compensation, barber and'
beauty shops >
537,083 , 506,069 445,742
Total compensation
|1, 431,681 1,355,493 1,175,246
* Includes income of m a n y individual entrepreneurs.

1932

Percentages of 1929
1929

1930 1931 1932

296,685 100. CM 95.0 80.3 68.0
IOO.0] 96.4 86.6 72.1
200,982
100.0 90.5 73.4 51.8
52,360
100. (J 94.» 83.0 65.0
349,067 100.0 94.7 82.1 62.9
107.2
899,094 100.0 111.2 115.0 76.4
100.01 78.8 68.6
1,747
1,166 100.01 96.8 90.5 917
90
100.0 120.0 140.0 ioao
3,008 100.0 95.6 92.6 92.4
298,432 100.0 95,1 80.4 58.2
202,148 100.0 96.3 86.6 72.1

100. ol

90.6

73.4

61.8

349.072 100.0 94.3
902,102 100.01 94.7

83.0
82.1

65.0
63.0

52,450

SERVICE
T A B L E 1 9 1 . — P e r capita

income

151

of employees,

personal

Absolute numbers
Line

Percentages of 1929

Item
1929

1
?,
3
4
ff
6

service

Hotels.....

1930

1931

$1,356 $1,300 $1,184
1,092
1,028
1,084
1,408
1,383 1,242
1,458
1,432 1,354
1,332
1,299 1,207

Cleaning and dyeing establishments.
Barber and beauty s h o p s ( . . . . . . . . . . .
Total
.
Bureau of Labor Statistics cost of Hv-

1932

1929

1930 1931 1932

$996
929
1,073
1,172
1,045

100.0
100.0
100.0
100.0
100.0

95.9
99.3
98.2
98.2
97.5

87.3
94.1
88.2
92.9
90.6

73.5
85.1
76.2
80.4
78.6

100.0 97.4 88.9

80.4

Includes many individual entrepreneurs.
T A B L E 192,—Income

paid out and produced,

Absolute numbers (thousands of
dollars)

Item

Line

personal

1930
Salaries and wares
Other labor Income
Total compensation of employees.
Dividends...
.....
Interest...
Total property Income paid out..
Withdrawals of entrepreneurs
Total income paid out
Corporate savings
Business savings of individuals....
Total income produced

1,428,426 1,352,382
3, 111
3,255
1,431,681 1,355,493
34,903 35,489
60,461 64,813
95,364 100,302
77,221 68,315
|1,604,266 1,524,110
—29,279 -66,235
-19,307 -23,451
1,555,680 1,434,424

1931

Percentages of 1929

1932

1929 1930 1931 1932

172,233 899,094 100.0
3,013 3,008 100.0
175,246 902,102 100.0
21,387 12,889 100.0
54,350 44,375 100.0
75,737 57,264 100.0
53,813 44,304 100.0
304,796 1,003,670 100.0
-41,516 -65,200.
-31,409 -49,327
231,871 889,143 loaol

DETAILED TABLES, DOMESTIC
T A B L E 1 9 3 . — N u m b e r of employees,

—

1930

62.9
92.4
63.0
36.9
73.4
eao
57.4
62.6

92.2 79.2 57.2

service
Percentages of 1929

1932

1931

1929 1930 1931 1932

C h a u f f e u r s . . . . . . . . . . . . . . . . . . . . . . . 93,726 84,355 71,683 57,339
Cooks, female.. . . — . . — . 255,828 230,248 195,660 156,509
9,903
16,188 14,569 12,381
Cooks, m a l e . . . . .
...............
Housekeepers—......—.-...——* 194,679 175,213 148,892 119,099
L a u n d r e s s e s . . . . . . . . . . . . . . . . . . . . . . . 351,505 316,358 268,835 215,042
Nurses, not t r a i n e d . . . . . . . . . . . . . . . . 152,558 137,304 116,678 93,331
954
763
1,123
Waiters...
1,248
9,732
6,615
8,270
10,813
Waitresses
754,277
942,962
1,232,935
1,109,653
Other servants..
......„,*-,.T^T
2,309,480 2,078,555 1,766,315 1,412,878 100.0 90.0
Total...
mm
T A B L E 1 9 4 . — C o m p e n s a t i o n of

Line

Item

Chauffeurs
Cooks, female
Cooks, male

Laundresses
Nurses, not trained
Waitresses
Other servants
.
10
Total

employees,

1930

76.5 61.2

domestic service

Absolute numbers (thousands of
dollars)
1929

1
2
3
4
5
6
7
8

82.1
92.6
82.1
61.3
89.9
79.4
69.7
81.3

Item
1929

1
2
3
4
6
6
7
8
9
10

94.7
95.6
94.7
101.7
107.2
105.2
88.5
95.0

SERVICE

domestic

Absolute numbers
Line

service

1931

120,250 99,201 73,332
260,433 217,124 162,693
27,487 22,247 16,170
199,741 167,854 128,494
313,191 275,864 206,885
135,014 111,079 81,091
731
1,003
1,179
5,309
7,328
8,942
1,152,794 964,288 719,480
2,219,031 1,865,988 1,396,085

Percentages ofi929

1932

1929 1930 1931 1932

48,681
112,530
11,329
89,920
134,616
54,879
463
3,532
491,034
946.984

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

ioao
100.0

82.5
83.4
80.9
84.0
88.1
82.3
85.1
82.0
83.6
84.1

61.0
62.4
58.8
64.3
66.7
60.1
62.0
59.4
62.4
62.9

40.5
43.2
41.2
45.0
43.0
4a 6
39.3
39.6
42.6
42.7

152

NATIONAL INCOME, 1929-32
TABLE 195.—Per capita income of employees, domestic service
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

$1,283 $1,176 $1,023
831
943
1,018
1,698 1,527 1,306
863
958
1,026
777
872
891
695
809
885
766
893
945
642
753
827
763
869
935
790
898
961

1
2
3
4
5
5
7
8
9
10
11 Bureau of Labor Statistics cost of

1932

1929

1930 1931 1932

$849
719
1,144
755
626
588
607
534
651
670

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

91.7
92.6
89.9
93.4
97.9
91.4
94.5
91.1
92.9
93.4

79.7
81.6
76.9
84.1
87.2
78.5
81.1
77.6
81.6
82.2

66.2
70.6
67.4
73.6
70.3
66.4
64.2
64.6
69.6
69.7

100.0 97.4 88.9

80.4

DETAILED TABLES, BUSINESS SERVICE
TABLE 196.—Number of people engaged, business service
Percentages of 1929

Absolute numbers
Line

Item
1929

1 Number of employees, accounting *_.
2 Number of employees, trade associations'..«
.......
.
3 Number of employees, chambers of
commerce........................
4
5 Number of entrepreneurs, accounting.
6
Total number engaged.............

1930

1931

1932

1929

1930 1931 1932

9,070

100.0 101.8 90.5

79.6

41,463 40,118 35,570 29,403

100.0 96.8 85.8

70.9

6,000 4,833 4,759 4,641
57,856 56.545 50,636 43.114
5,010 5,0.10 5,050 5.050
62,866 61,695 55,686 48,164

100.0
100.0
100.0
100.0

11,393 11,594 10,307

96.7
97.7
100.8
98.0

95.2 92.8
87.5 74.5
100.8 100.8
88.6 76.6

» Estimated full-time equivalent.
TABLE 197.—Compensation of employees, business service

Line

Item

Absolute numbers (thousands of
dollars)
1929

1930

1931

1932

Percentages of 1929
1929

1931 1932

1930

1 Salaries and wages, accounting
26,648 27,408 23,644 19,346 100.0 102.9 88.7
2 Salaries and wages, trade associ- 77,635 82,562 72,315 52,249 100.0 106.5 93.3
Salaries and wages, chambers of
3
commerce.........
...
. 7,500
7,250
6,900 6,325 100.0 96.7 92.0
4
111,683 117,220 102,859 77,920 100.0 105.0 92.1

72.6
67.4
84.3
69.8

TABLE 198.—Per capita income of employees, business service
Absolute numbers
Line

1929
1
2
3
4
5

Percentages of 1929

Item
1930

1931

1932

1929

1930

1931

Accounting
..„_
. . $2,339 $2,364 $2,294 $2,133 100.0 101.1 98.1
Trade associations
. . . . . . . . . . . . . 1,870 2,058 2,033 1,777 100.0 110.1 108.7
1,500 1,500 1,450 1,363 100.0 100.0 96.7
Total
1,930 2,073 2,031 1,807 100.0 107.4 105.2
Bureau of Labor Statistics cost of
100.0 97.4 88.9

1932
91.2
95.0
90.9
93.6
80.4

SERVICE

153

TABLE 199.—Income paid out and produced,1 business service
Absolute numbers (thousands
of dollars)
Line

1929
1
2
3
4
6
1

Percentages of 1929

Item

Total Income paid out

111,683
37,335
. . . . . . . . . . . 149,018
1,623
150,641

1930

1931

1932

1929 1930 1931 1932

117,22(J
36,623
153,843
369
154.212

102,859
31,512
134.371
-1.762
132; 609

77.920
27.906
105.826
-3,924
101,902

100.0 105.0 92.1 69.8
100.0 98.1 84.4 74.7
100.0 103.2 90.2 71.0
100.0 89.1 88.0 67.6

Exclusive of property income.

DETAILED TABLES, MISCELLANEOUS SERVICE
TABLE 200.—Number of people engaged and average compensation of employees,
miscellaneous service
Percentages ot 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1929 1930 1931 1932

1 Number of e m p l o y e e s . . . . . * . . . . . . . . . . . 251.173 247.693 265,619 278,965 100.0 98.6 105.8
2
39.919 35.675 29,623 27,747 100.0 89.4 74.2
8
291.092 283.368 295,242 306,712 100.0 97.3 101.4
4 Average compensation of employees
1.103 1.225 1,224 1,105 100.0 111.1 111.0
6 Bureau of Labor Statistics cost of living
100.0 97.4 88.9

111.1
69.6
105.4
100.2
80.4

TABLE 201.—Income paid out and produced, miscellaneous service
Absolute numbers (thousands
of dollars)
Line

Percentages of 1929

Item

1
2 Dividends.
3
4
Total property income paid out.—..
6
6
Total income paid out
....
7
8

1929

1930

1931

1932

277,080
6,210
2,167
8,377
97,802
383,259
-1,647
381,612

303,428
6,678
2,399
8,077
91,934
403,439
-4,992
398,447

325,014
6,941
1,664
7,605
70,325
40% 944
-126
402,818

308,355
6,216
1,462
7,678
63,735
379,768
—88
379,680

1929 1930 1931 1932
100.0
100.0
100.0
100.0
100.0
100.0

109.5
91.4
110.7
96.4
94.0
105.3

117.3
95.7
76.8
90.8
71.9
105.1

111.3
100.1
67.6
91.7
65.2
99.1

100.0 104.4 105.6 99.6

CHAPTER XVI
MISCELLANEOUS INDUSTRIES
In any estimate of national income by parte, the investigator sets
up some controlling figures which will permit him at the end to ascertain, if only approximately, whetherhe has covered completely all
economic activities of an income creating type.# In the present report
such controlling figures are the number of gainfully occupied shown
by the Census of Occupations and the totals of property incomes
shown by corporations reported in Statistics of Income. If from the
total number gainfully occupied we subtract the estimated number
of unemployed and thus obtain the number of gainfully employed,
the complete totals of labor and entrepreneurial incomes should refer
to this latter number. Similarly, all corporate groups reported in
Statistics of Income should be included in the estimated income
totals. Of course, even then there is no assurance that the resulting
estimates are all inclusive; but at least they are complete in the light
of the most inclusive statistical surveys available.
The estimates for miscellaneous industries are then a measure of
the residual which has not been accounted for heretofore under the
various industrial divisions. The items entered in this miscellaneous
group are partly specific and partly undefined. The specific items
include fishing, forestry, taxicabs, brokerage, personal finance, miscellaneous professional groups (such as architects, sculptors^ artists,
authors, etc.), private water companies; and for property incomes,
the net balance of the international movement of dividends and
interest. But there is also a large undefined group, which appears
because in the Census of Occupations about 1.3 million gainfully
occupied are not distributed by their industrial affiliation; and because
in Statistics of Income there is a small group of corporations which
are not classified by any industrial grouping.
The estimates of number of people actually employed in these
miscellaneous pursuits (as distinct from the number gainfully occupied) had to be made primarily on the basis of a tentatively assumed
similarity between the miscellaneous group and some other industrial
division for which precise observation is possible. The same method
had to be used in connection with labor and entrepreneurial incomes
of the groups in question. On property incomes the data available
in Statistics of Income and other sources permit a much more exact
measurement.
While the estimates of number employed and various types of
income in the miscellaneous industries have been prepared by parts
(some six subgroups have been distinguished), it was considered
advisable to present only the totals for the group as a whole.
Table 202 indicates that some 2.9 million people were engaged in
the miscellaneous industries in 1929; that about 70 percent of them
can be classified as employees and the rest as entrepreneurs; that
154

MISCELLANEOUS INDUSTRIES

155

total employment declined by 22 percent from 1929 to 1932, there
having occurred a 30 percent decline in the number of employees
engaged, and only a slight contraction in the number of entrepreneurs.
Total income paid out and produced in the group are shown in table
203 and chart XVL The group accounts for 6.3 billion dollars, or
about 8 percent of the national income paid out. There is a rather
substantial volume of property and entrepreneurial incomes, the combined percentage of the two m total income paid out being higher
than the customary figure in most industrial divisions. The decline
in total income paid out was almost exactly the same as for industry
as a whole, equal by 1932 to about 40 percent of the 1929 level. Both
property income and entrepreneurial income appear to have declined
more moderately than did total income. But it is doubtful whether
one should attribute much significance to the testimony of estimates
in this group. A miscellaneous group is, after all, a confession of
inability on the part of the investigator to measure adequately a certain sector of the economic system. While it is valuable to have
those missing parts measured, if only very roughly, the resulting
measurements are more important as pieces needed to complete the
picture of the total than as a reliable indication of the internal movements within the miscellaneous group itself.

156

NATIONAL INCOME, 1 9 2 9 - 3 2
CHART XVI

INCOME BY TYPE OF PAYMENT
MISCELLANEOUS

BILLIONS
DOLLARS |
7

DIVIDENDS * INTEREST (international)
INTEREST
DIVIDENDS

ENTREPRENEURIAL
WITHDRAWALS

OTHER LABOR INCOME

SALARIES 6 WAGES

1929

1930

1931

1932

EXCESS WITHDRAWN

J I
aa748€

SUMMARY TABLES, MISCELLANEOUS INDUSTRIES
TABLE 202.—Number of people engaged, miscellaneous industries
Percentages of 1929

Absolute numbers
Line

Item
1929

1930

1931

1932

1929 1930 1931 1932

1 Employees
................ 2,255,292 2,076,715 1,832.6401,605,103 100.0 92.1 81.3 71.2
2 Entrepreneurs...
. . . 692,395 6S9.515 081,870 679,834 100.0 99.5 98.5 98.2
3
2,947,687 2.765.760 2,514,5102,284,937 100.0 93.8 85.3 77.5
Total number engaged......

TABLE 203.—Income paid out and produced, miscellaneous industries
Absolute numbers (thousands of
dollars)

Percentages of 1929

Item
1929
Salaries and wages
Other labor income
Total compensation of em*
ft,651,991
{rioyecs
dends
Interest
Dividends and interest (international)
Total property income
withdrawals of entrepreneurs
Total income paid out
.
Corporate savings
Total Income produced

1930

1931

1932

B, 641,258 3,332,161 2,762,3862,063,314
10,733 13,228 15,568 15,568
3,345,3892,777.954 2,078.882
186,966 127,173 -9,800 -13,742
283,123 298,804 270,359 270,359
565,00W 616,000] 536,00d 393,000
1,035,089 1,041.977 796,559 649,617
1,567,873 1,489,3311,275,184 1,021,377
6,254,953,'5,876,697 4,849.697 3,749,876
-301,64fl -417,1701 -382,913-382,913
5,953,306 5,459,527 4,466,784 3,366,963

1929 1930 1931 1932
IOO. q 91.5] 75.91 56.7

100.0 123.2] 145.0] 145.0
load 91.6 76.1 56.9
100.01 68.0.
loaol 105.5| "9575 *95.*5
94.9 69.6
100. (J 109.
100.01 100.71 77.01 62.8
loo. a 95. ffl 81.31 65.1
loaoj 94.51 77.5| 60.0
100.0 91.7 75.0 56.6

157

APPENDIXES

159

APPENDIX A
SOURCES AND METHODS OP ESTIMATE BY INDUSTRIAL
DIVISIONS
Per capita salaries and wages are obtained by dividing salaries and wages,
inclusive of subsistence, commissions, and gratuities, by the number of salaried
and wage workers. The cost of living index used in the tables relating to per
capita income (in industries other than agriculture) is derived from the United
States Bureau of Labor Statistics semiannual index as given in the Monthly
Labor Review, February 1933. The average index for the calendar year is
obtained by taking an average of the December figure for the preceding year,
December figure and June figure of the given year, the latter given double weight.
Tables 1 to 30, inclusive, are based upon data given in the detailed tables
presented in the industrial divisions. Wherever additional data are used specific
references are given in the text.
L AGRICULTURE
TABLE 31

i w « f.—Figures for population are taken from Agricultural Situation, May
1933, table 2, page 5. Averages for the year are computed.
Line 2.—The number gainfully employed is given for 1930 in the Census of
Occupations, Gainful Workers by Industry and Occupation, table 2, page 412.
The estimates for the other years are based upon the ratio in 1930 of the gainfully employed to total farm population.
Line S.—The number of farmers and tenants is given for 1930 in the Census of
Occupations, Gainful Workers by Industry and Occupation, table 2, page 412.
For the other years the estimates are based upon the ratio in 1930 of the number
of farmers to the number of farms other than those operated by managers, applied
to the estimated number of such farms. The total number of farms is estimated
by the Department of Agriculture as is the number of managed farms in 1929.
The number of managed farms in later years is estimated on the basis of the
average annual increase in the number of farm managers from 1925-30 as
reported in the Census of Agriculture. The number of other farms is taken as
the difference between the total and the managed farms.
Line 4.—The number of equivalent full-time farmers is obtained for 1929 by
subtracting from the total given in line 3, the estimated number of full time
equivalents of farmers working part time in other occupations. The latter
figure is a weighted average of the number of farm operators working for pay 25
days or more as reported in table 45, page 601, of the Abstract of the Fifteenth
Census.
# Line 5.—The number of managers and other salaried employees in 1930 is given
in the Census of Occupations, table 2, page 412, and estimated for the other years
on the basis of the ratio in 1930 of the number of managers and other salaried
employees to the number of managed farms, applied to the estimated number of
managed farms in the other years.
Lines 6 and 7.—The number of wage earners gainfully employed and the number of unpaid family laborers are both given for 1930 in the Census of Occupations, table 2, page 412. The difference between the total number of gainfully
employed and the estimated number of farmers and managers and other salaried
employees is divided into wage earners and unpaid family labor, on the assumption that the ratio between the two in 1930 holds for the other years.
Line 8.—The number of full time wage earners is obtained by dividing total
cash wages and an allowance for board by the average full time wage without
board (excluding perquisites). This latter average is derived from the estimate
by the .Department of Agriculture of wage compensation of farm operators. See
table 8, Income from Farm Production in the United States, April 1933. The
total wage compensation is divided by the number of farms.
161

162

NATIONAL INCOME, 1929-32
TABLE 32

Data on gross income are from the Income from Farm Production, mimeographed release of the Bureau of Agricultural Economics, April 1933; and for
calendar years from a special tabulation by the Department of Agriculture. See
memorandum from the Bureau of Agricultural Economics attached at the end of
these comments.
TABLE 34

Line 1.—Data on gross income are from a special tabulation by the Department
of Agriculture. See memorandum attached at the end of these comments.
Lines 2, 7, and 9.—Gross income, current production expense, depreciation and
obsolescence, and the net income of operators are all from table 6 in the Income
from Farm Production, mimeographed release of the Bureau of Agricultural
Economics, April 1933.
Line 8,—The estimates for rent were supplied by C. M. Purves of the Department of Agriculture, by letter.
Line 4*—The estimates are equal to 75 percent of interest paid on mortgage
debt (after allowing 10 percent for debt on farm dwellings) plus total interest on
bank loans. Both of these estimates were supplied by Mr. Purves of the Department of Agriculture.
Line 5.—Taxes paid are given in table 5 of the Income from Farm Production.
It is assumed that 70 percent of all taxes are paid by farm operators.
Line 8.—Cash wages paid are taken from table 5 of the Income from Farm
Production. The figures are equivalent to cash wages paid plus an allowance
of 25 percent for board and an additional 12H percent for perquisites furnished
to hired labor.
TABLE 35

Line 4-—Dividends are net originating in the industry and are estimated as
the difference between total dividends paid and dividends received. Table 16,
Statistics of Income for 1929 and 1930 shows gross income of agriculture and
related industries and of agriculture only. The ratio of the agriculture figure to
the total is applied to total dividend figures as given in table 14 (1929-30) and
table 13 (1931), Statistics of Income to obtain agriculture dividends. The 1932
net dividends are assumed to be the same as for 1931.
Line 5.—Interest on mortgage indebtedness is estimated at 90 percent of the
total interest on mortgage indebtedness (10 percent on farm homes) as given in
a letter from Mr. Purves of the Department of Agriculture.
Line 7.—The total value of products retained for consumption is given in
Table 2, Income from Farm Production. The value used by farm operators is
the difference between this total and the estimate of the allowance for board
furnished to hired labor.
Line 5.—The difference between line 9 and line 7.
Line P.—Total wages of operators and family labor are given in table 8 of
Income from Farm Production.
Line 11.—The difference between operators' net income and withdrawals is
net income available for dividends. The subtraction of dividends from this
item leaves business savings.
TABLE 37

lanes 1 and 4-—Cash income items are adjusted for price changes by means
of the Department of Agriculture index of prices paid by farmers for commodities
used in living.
Lines 2 and 5.—Board and commodity items are adjusted for price changes
by means of the Department of Agriculture index of farm prices.
ESTIMATES OF GROSS FARM INCOME ON A CALENDAR YEAR BASIS, 1929-32

[From the Division of Statistical and Historical Research, Bureau of Agricultural Economics]
In order to place the estimates of gross farm income from agricultural production on a calendar year basis, it is only necessary to revise the incomes derived from
those crops which are only partially marketed in the calendar year in which they
are produced and partially in the following calendar year, as estimates of income
from livestock and from most perishable crops are already on a calendar year
basis. The most important crops that are not all marketed in the calendar
year when produced are grains, cotton and cottonseed, apples, citrus fruits, pota

APPENDIX A

163

toes, sweetpotatoes, and tobacco. Farm marketings are the principal source of
data by which such a revision can be made. In setting up a method of estimating monthly farm income from marketings of agricultural products available
data have been used to measure monthly fluctuations in marketings and adjusted
to represent total marketings of each commodity. For example, the monthly
marketings of wheat have been measured by the receipts at primary markets
east of the Continental Divide and inspections of wheat at far northwestern
markets. If for any given crop year these equaled 80 percent of all wheat
estimated to be sold, the monthly marketings were multiplied by 1.25 so they
would equal the total annual sales of wheat for the crop year. Then multiplying
these adjusted monthly marketings by the monthly price received by producers
for wheat gave the value of wheat marketed each month, from which cash income
on a calendar year basis was determined.
For most of the important crops the monthly marketing data are sufficient for
making a fairly reliable estimate of the sales of particular crops within the
calendar year. In some cases, however, satisfactory data are not available. In
the case of grain sorghums, for example, data as to monthly marketings are not
available and the distribution of income within the calendar year had to be determined by other methods. As grain sorghums are harvested in the fall about the
same time as corn, the sales of this grain were distributed monthly the same as
for corn. The determination of the calendar year income of some of the other
crops was made in a similar manner.
The proportion of the crops consumed by the farm family also had to be considered in estimating gross income. In 1929 this amounted to 10 percent of
total income from crops. However, a large proportion of this income was from
perishable fruits and vegetables, most of which are consumed in the calendar year
in which produced, the value of farm gardens alone amounting to nearly 50
percent of the imputed income from crops consumed on the farm. The only
crops which were not primarily consumed in the same calendar year as produced
are corn, wheat, potatoes, and forest products. In estimating the human food
consumption of corn, wheat, and potatoes it was assumed that consumption
was the same each month. Thus multiplying the annual consumption by the
unweighted average of monthly prices for a calendar year gave the value of com,
wheat, and potatoes consumed on the farm each year. Having no definite basis
upon which to make monthly estimates, the value of forest products (firewood)
for any crop year was divided evenly between the calendar years.
The combined estimates of cash income and income from crops consumed by
the family are shown on a calendar year basis in the accompanying table. The
most marked changes are in the income from grains, cotton and cottonseed,
where a large proportion of the crops is carried over into the following year or
years. No adjustment was made for sugar crops as they are practically all
marketed in the calendar year. The items included in "other crops" were also
left unadjusted, except for imputed income from home consumption of forest
products, as so little information is available on the monthly marketings of the
commodities falling in this group that no accurate adjustments could be made.
A significant point to be observed in using estimates of farm income on the
calendar year basis is that the income from some crops produced in a particular
year remains to be realized through consumption and marketing within the next
calendar year. The perishable crops are produced, marketed, and/or consumed
mostly within the calendar vear. About 75 percent of the wheat crop is marketed
in the year in which produced, and about 80 percent of the cotton crop, but only
30 percent of the corn crop. Consequently, the production of the calendar
year should not all be directly related to income of the same, but also in part to
the following calendar year. It is mainly on this account that the Bureau of
Agricultural Economics of the Department of Agriculture has in the past estimated income from crops on a crop year basis.
The inventory of supplies of crop products on hand becomes of more significance in estimating the income on a calendar year basis than it does upon a crop
year basis; the supply on hand at the end of the crop year is at the lowest level
for the season and ignoring the changes in stocks from that at the beginning to
that at the end of the season is, as a rule, of no great consequence, but breaking
the season at the end of a calendar year finds the supplies of corn and some other
crops on hand at nearly the peak of the season. The difference between the supplies on hand at the beginning and end of the calendar year may be much greater
than would be the case at the beginning and end of the crop marketing season.
Furthermore, in the case of feed grains the proportion of supply to be marketed
or consumed as food is indeterminate, and may vary considerably from year to
year. This point also was considered important in originally deciding to use the
crop year rather than the calendar year in estimating crop income.

164

NATIONAL INCOME, 1 9 2 9 - 3 2

Although the shifting of our estimates of farm income to a straight calendar
year basis does not involve a change in our method of handling income from livestock, it should be observed that the inventory problem is also of some importance
with reference to livestock. The end of the calendar year breaks into the season
of the heaviest slaughter of hogs, just a little past the peak. The hogs, lambs,
and cattle on feed at the end of the season to be marketed for slaughter within a
few months are mainly, of course, products of the calendar year and represent
accumulations of consumable goods. As in the case of crops, the significant point
is how much these stocks or inventories, at the end of the year, may vary from year
to year; but that variation may be a small percentage of the total production of
the year. In livestock there is also a problem similar to that in the case of corn
in that the number of animals on hand at the end of the year intended for slaughter for consumption within a few months cannot be easily determined.
Changes in the number of animals intended for breeding or to be fed out
mainly within the next calendar year present a real problem in handling inventories and in analyzing the marketings of a year in relation to the production of
that year. For example, when cattle herds are being built up, the proportion of
the animals on hand at the beginning of the year that are intended for production
urposes will be high in relation to the total, but in years in which the herds are
eing decreased that proportion will be low. The marketings in years in which
the herds are being built up will be short of production, and in years in which they
are being reduced, in excess of production.
In using estimates of agricultural income on a calendar year basis, some of the
points discussed above should be taken into consideration, to avoid some of the
confusion that may arise in using the data without observing the important limitations as to their utility. These estimates on a calendar year basis are likely
in themselves to give rise to some confusion because of the fact that the official
estimates of agricultural income have been upon a different basis. The Department of Agriculture is considering replacing its previous estimates on the crop
year basis with estimates on the calendar year basis, recognizing the need of a
calendar year estimate to fit in with such estimates of income from other sources.
Agricultural income has already been included in many unofficial estimates of
national income on the calendar year basis, but should estimating annual national
income become a function of the Government, and these estimates including
agriculture begin to be widely used as official estimates, it will raise some doubt
as to the advisability of a Department of Agriculture publishing currently an
independent and perhaps different figure, even though it may be the more useful
in analyzing agricultural conditions.

Estimates of gross income from farm production, by groups of commodities, on a
crop year and calendar year basis, 1929-32
[Millions of dollars]
1929
Crop

Crop
year

1930

Calendar Crop
year
year

1932

1931

Calendar Crop
year
year

Calendar
year

.......

1,283
706
1,132
85
1,389
286
540

1,401
691
1,016
85
1,547
282
541

779
567
943
94
751
212
453

925
578
1,027
94
870
244
456

474
453
724
69
528
132
334

741
456
816
69
489
156
341

322
340
596
68
431
111
245

258
349
614
68
417
118
249

.......

5,421
6,497

5,563
6,497

3,799
5,615

4,194
5,615

2,714
4,197

3,068
4,197

2,113
3,030

2,073
3,030

Grand t o t a l . . . . . . . . . . . . 11,918

12,060

9,414

9,809

6,911

7,265

5,143

5,103

Grsfp? . . , .

-r,._ T

Fruits and nuts .. . _ . , * . . . . . . .

Sugar crops...

Total crops.

Source: Division of Statistical and Historical Research, Bureau of Agricultural Economics.

H. MINING AND QUARRYING
Estimates of income from mining have been made for the five branches separately. These are (1) anthracite, (2) bituminous coal, (3) metal mines, (4) nonmetal mines and quarries and (5) oil and gas wells. A small group, containing
data for lessors and holders, is included with the nonmetal mines and quarries.

APPENDIX A

165

# Thefiguresfor all mining are summations of the individual items for the derivation of which explanations are given below. The methods used in estimating
several items, not shown separately for the various branches, follow immediately.

TABLE 38

Line 4—(fl) Anthracite mines,—The number of entrepreneurs in 1929 is given
in table 2, page 254, of the Census of Mines and Quarries, 1929, and assumed to
be the same in 1930, 1931, and 1932.
(b) Bituminous coal mines.—The number of entrepreneurs in 1929 is given in
table 2, page 254, of the Census of Mines and Quarries, 1929, and assumed to be
the same for 1930, 1931, and 1932.
(c) Metal mines.—The number of entrepreneurs is given for 1929 in table 30,
page 44 of Census of Mines and Quarries, 1929, and assumed to be the same for
1930, 1931, and 1932.
§ {d) Nonmetal mines and quarries.—The number of entrepreneurs in .1929 is
given in table 30, page 44, of the Census of Mines and Quarries, 1929, and assumed
to be the same for 1930, 1931, and 1932.
(e) Oil and gas welts.—In the Census of Occupations, 1930, page 423, a figure for
the number of owners, operators, and proprietors of oil and gas wells is given. This
is assumed to be the number of entrepreneurs for each of the years 1929-32.
TABLE 39

Line 1.—Total value of production is a summation of the values for the five
branches as given in table 44.
Line 8.—The index of mineral production is that of the Federal Reserve Board,
published in recent issues of the Federal Reserve Bulletin,
TABLE 40

Line 3.—Other labor income includes compensation for injuries and pensions.
Compensation for injuries is estimated separately for each of the branches as
follows: on the basis of data for sample States the ratio of compensation for
injuries to wage payments is derived for 1929 and applied to the total wage bill
to give a preliminary estimate of compensation for injuries in 1929 for each of
the branches. This estimate is adjusted to the estimate for all mining by the
ratio of the estimate for all mining to the added total for the various branches.
For all mining in 1930, 1931, and 1932, estimates are based upon the trend of
compensation payments by the sample States. The figures for various branches
are estimated on the basis of the ratio of compensation of injuries to wage payments, adjusted in each year to the estimated total for all mining. Pension estimates are those by M. W. Latimer of the Industrial Relations Counsellors, Inc.
They are given for 1931 and estimated by us for 1929 and 1930 at the same ratio
to total unclassified pensions as for 1931. Pension payments in 1932 are assumed
to be the same as in 1931.
Line 8—(a) Anthracite mines.—For 1929, withdrawals of individual entrepreneurs are an average of two estimates. The first is obtained as the product of
the number of entrepreneurs and the estimated average annual salary of salaried
employees. The second is based upon the withdrawal ratio for corporate mines,
i.e., the ratio of dividends plus compensation of officers to total sales as reported
in the special break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income. This ratio is applied to the value of production for noncorporate
mines as reported in table 12, page 270, of the Census of Mines and Quarries,
1929. The final estimate for 1929 is extrapolated for the years 1930, 1931, and
1932, with the total salary payments used as index.
(6) Bituminous coal mincs\—Withdrawals of entrepreneurs in 1929 are obtained as the product of the estimated annual average withdrawal and the number of entrepreneurs. The average withdrawal is equal to the average of the
annual wage and salary as derived from the census. For 1930, 1931, and 1932,
withdrawals are estimated with the salary bill in the industry used as index.
(c) Metal mines.—In 1929 the total withdrawals of individual entrepreneurs
are estimated as the product of the number and the average salary paid in the
industry. Withdrawals for later years arc estimated with total salaries used
as index.
(d) Nonmetal mines and quarries.—Withdrawals of individual entrepreneurs
in 1929 are computed as the product of the estimated number of entrepreneurs
37265—34

166

NATIONAL INCOME, 1929-32

and the estimated average salary. The later years are based on total salaries
as index.
(e) Oil and gas wells.—Withdrawals of individual entrepreneurs in 1929 are
based upon two estimates of the average withdrawal per entrepreneur. In the
first estimate the average withdrawal is assumed to be equal to the average
salary paid in the industry. The second is based upon the withdrawal ratio for
corporations, i.e., the ratio of dividends plus compensation of officers to total
sales, derived from the special break-down of table 14 (1929-30) and table 13
(1931), Statistics of Income. This ratio is applied to the estimated noncorporate
sales (total value of production as given in Mineral Resources minus gross sales
of corporations as given in Statistics of Income) to give a figure for total withdrawals in 1929. The total is divided by the estimated number of entrepreneurs
to give the average withdrawal. The "final estimate of average withdrawal is
an arithmetic average of the two figures. For 1930, 1931, and 1932 total withdrawals are extrapolated on the basis of the total salary bill for the industry.
TABLE 43

Line 1.—For 1929 the number of salaried employees in anthracite mining, including those at producing mines and in central administrative offices, is reported
in the Census of Mines and Quarries, 1929, tables 19 and 20, page 279. For
1930, 1931, and 1932 the number of salaried workers in Pennsylvania reported
annually in the Report on Productive Industries, issued by the Department of
Internal Affairs of the State of Pennsylvania, is used as an index for extrapolation.
Line 2.—For 1929 the number of salaried employees in bituminous coal mining
includes those at producing mines and in central administrative offices as reported
in tables 19 and 20, page 279, of the Census of Mines and Quarries, 1929. Extrapolation for 1930,1931, and 1932 is based upon the ratio of the number of salaried
workers to the number of wage workers. This ratio is derived from the census
in 1929 and extrapolated for 1930 and 1931 on the basis of the ratio of the combined numbers of salaried workers and wage workers for Pennsylvania, West
Virginia, and Illinois. The Pennsylvania data are given in the Annual Report
on Productive Industries; the West Virginia data in the Annual Reports of the
Department of Mines; and the Illinois data in the Coal Report published annually by the Illinois Department of Mines and Minerals. For 1932 only the
data for Pennsylvania and Illinois are available for use as an index of the ratio
of the number of salaried workers to wage workers.
Line 8.—The number of salaried employees in metal mines includes those at
reducing mines, nonproducing mines, and in central administrative offices and
i given for 1929 in the Census of Mines and Quarries, 1929, table 17, page 23,
for central administrative offices; in table 28, page 42, for nonproducing mines,
and in table 30, page 44, for producing mines. Estimates for 1930, 1931, and
1932 are on the basis of the ratio of salaried workers to wage workers, given in
the census in 1929 and extrapolated for the later years on the basis of the ratio
of number of salaried workers to wage workers in nonmetal mines and quarries.
Line 4:—The number of salaried employees in nonmetal mines and quarries
is given in the same tables as the number in metal mines in the 1929 census. It
is estimated for 1930, 1931, and 1932 on the basis of the ratio of the number of
salaried workers to the number of wage workers, derived from the census for
1929 and extrapolated on the basis of the ratio for Pennsylvania. The Pennsylvania data on employment are given in the Annual Report on Productive
Industries, issued by the Department of Internal Affairs.
Lines 6 and 10.—For 1929-32, the totals for oil and gas wells are based upon
sample data covering approximately 40 percent of the industry (on the basis of
value of production). The sample employment figures are raised by the ratio
of total value of production to value of production of the sample companies.
Lines 6 to 9.—For each branch of mining the number of wage earners employed
directly by the mine owners is given in the census of Mines and Quarries, 1929.
The numbers in coal mines are given in table 28, page 42, and in table 19, page
279, and those in metal and nonmetal mines and quarries in table 28, page 42,
and table 30, page 44. To these figures an allowance for the number of wage
workers engaged in contract work is added. In the census, the total expenditure for contract work is also given in tables 28 and 30. According to F. EBerquist of the Coal Division of the Bureau of the Censtis, 90 percent of total
contract work can be assumed to be wages. On this basis the estimate for wages
paid in contract work is computed. The number of wage workers in contract
work is estimated by dividing into the total wage figure the average annual wage,

APPENDIX A

167

derived from the census data on wages and the number of wage workers. The
resulting figure is added to the number of wage earners reported in the census
to give the estimated total of the number of wage earners in 1929. The estimates for 1930, 1931, and 1932 are based upon the United States Bureau of
Labor Statistics index of employment as reported in recent issues of Trend of
Employment.
TABLE 44

Lines 1 to 4*—Value of production is given in the Census of Mines and Quarries,
1929, table 30, page 44, and extrapolated for 1930, 1931, and 1932, using as an
index the mineral resources data for the same products.
Line 5.—The value of production of oil and gas wells is a total of value of
petroleum and natural gasoline, as given in Mineral Eesources for 1931 and
Minerals Yearbook, 1932-33, and value of natural gas as estimated by applying
to the quantity the average value at the well per cubic foot. The price data were
supplied by G. R. Hopkins of the Bureau of Mines.
TABLE 45

The quantity figures for 1929 and 1930, are taken from Mineral Resources,
1931 summary. For 1931 and 1932, they are taken from Minerals Yearbook,
1932-33. In all cases, except for sulphur and iron, they are production figures.
The sulphur and iron data are for shipments only.
TABLE 46

Lines 1 and 2.—Total salaries paid in coal mines in 1929 are taken from the
Census of Mines and Quarries, 1929, table 20, page 279, and table 27, page 286,
and include salaries paid in central administrative offices and at producing mines.
For 1930, 1931, and 1932, the figures for salaries in Pennsylvania as given in the
Annual Report on Productive Industries, issued by the Department of Internal
Affairs are used as a basis of extrapolation for anthracite figures. For bituminous coal figures in 1930, 1931, and 1932, two estimates are made and averaged
to obtain the final estimate. The first is based upon the ratio of salaries to value
of production, given for 1929 and extrapolated on the basis of the Pennsylvania
ratio. The Pennsylvania ratio is derived from figures for salaries and value of
production given in the Annual Report on Productive Industries, issued by the
Department of Internal Affairs. In the second estimate, salaries are obtained
as the product of the number of salaried employees multiplied by their estimated
average annual salary. The average annual salary is derived for 1929 from the
census data and extrapolated for the later years on the basis of the average
salary paid in Pennsylvania. Average salary in Pennsylvania is based upon the
total salary bill and number of salaried workers given in Report on Productive
Industries issued by the Department of Internal Affairs.
Line S.—The 1929 figure for total salaries is a sum of the figures for salaries
in producing and nonproducing mines and central administrative offices as given
in table 17, page 23, table 28, page 42, and table 30, page 44 of the Census of
Mines and Quarries, 1929. It is estimated for 1930, 1931, and 1932 on the basis
of the estimated total number of salaried employees and their average annual pay.
Average annual pay in 1929 is derived from the census and in the later years based
upon the average salary computed for coal and nonmetal mines.
Line 4.—Total salaries for 1929 are taken from the same sources as salaries
in metal mines (line 3). For 1930, 1931, and 1932 the estimate is equal to
the product of the number of salaried employees and their average annual
compensation. Average annual salary is derived from the census in 1929 and
extrapolated on the basis of Pennsylvania data. The Pennsylvania figures are
given in the Report on Productive Industries, issued by the Department of Internal Affairs.
Line 6,—The salary figures reported by sample companies are used as a basis
for estimating totals. They are raised by the ratio of total value of production
to value of production of the sample companies.
Line 6.—Total wages for 1929 are reported in table 2, page 254, of the Census
of Mines and Quarries, 1929, and to this figure is added 90 percent of the amount
of contract work also reported here, which 90 percent is assumed to be wages
paid. For 1930, 1931, and 1932, two preliminary estimates of wages are made.
The first is based upon the United States Bureau of Labor Statistics index of
Pay rolls as reported in recent issues of Trend of Employment, and the second is
based upon the wages reported annually in the Report on Productive Industries

168

NATIONAL INCOME, 1929-32

issued by the Pennsylvania Department of Internal Affairs. The final estimate
is an average of the two.
^ ^^.
Xrt'na 7.—Total wages in 1929 are taken from the Census of Mines and Quarries,
1929. Wages for nonproducing mines are given in table 28, page 42, for producing mines in table 2, page 254. To these two items, 90 percent of the amount of
contract work, also reported in table 2, page 254, is added, to yield an estimate of
total wages paid in 1929. For 1930, 1931, and 1932, the estimates are based on
the United States Bureau of Labor Statistics index of pay rolls, reported in recent
issues of Trend of Employment.
Lines 8 and P.—Total wages paid in 1929 are equal to the sum of those in producing mines, given in table 30, page 44, those in nonproducing mines, given in
table 28, page 42, and 90 percent of the value of contract work in both producing
and nonproducing mines as reported in the same tables. For 1930, 1931, and
1932. the figures are extrapolated by means of the Bureau of Labor Statistics
index of pay rolls, published in recent issues of Trend of Employment.
Line 10.—The wage totals reported by sample companies are used as basis for
estimating totals. They are raised by means of the ratio of total value of production to value of production of sample companies.
TABLE 47

Lines 1 to S.—Dividends are net, originating in the industry, and arc estimated
as the difference between total dividends paid and dividends received. Thejr
are taken from a special break-down of table 14 (1929-30) and table 13 (1931),
Statistics of Income. For 1932, total dividends paid are estimated on the basis
of the 1931-32 change in dividends of a corporate sample, and net dividends are
assumed to have the same ratio to total dividends as in 1931.
Lines 6 to 10.—Interest is that on long-term debt and is also a net figure. For
mining it is assumed that the only long-term investments of corporations are the
Government holdings, and the interest on these bonds, reported in the special
break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income, is
therefore deducted from the estimated total interest item. Total interest paid
is computed in 1929, 1930, and 1931 as the product of total funded debt and an.
average interest rate. The interest rate is derived from a group of sample corporations. Long-term debt for anthracite corporations filing balance sheets is
given for 1931 in a special break-down of table 19 (1929-30) and table 15 (1931),
Statistics of Income, and assumed to be the same percent of all mining debt in
1929 as in 1930. These figures are raised to include the debt of corporations not
filing balance sheets, on the basis of the ratio of the number of income tax returns
to the number of balance sheets reported separately for corporations having
net income and those having no net income. The estimate of total interest for
1932 is made on the basis of the 1931-32 change in the corporate sample, and net
interest is assumed to have the same ratio to total interest as in 1931.
TABLE 49

Lines 1 to 5.—Total income paid out is a summation of total compensation of
employees, property income, and withdrawals of individual entrepreneurs.
Lines 6 to 10,—Business savings include the savings of both corporations and
individual entrepreneurs.
(a) Corporate savings in 1929, 1930, and 1931 are estimated as the difference
between net profit after taxes and total dividends paid. Net profit after taxes is
given in a special break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income, and adjusted for gains and losses from the sale of real estate, stocks,
bonds, and other assets. In 1929 the losses from these sales arc assumed to bo
zero. For 1932 corporate savings are estimated on the basis of preliminary
Statistics of Income data for all mines on statutory net income plus interest
received on Government holdings minus Federal taxes and net profit from tho
sale of assets, which is assumed to be equal to the 1931 figure. The distribution
among the various branches is made on the basis of preliminary estimates for
each branch derived by means of a corporate sample.
(6) Business savings or losses of individuals are estimated as the difference
between their estimated net income and their withdrawals. Net income in 1929,
1930, and 1931 is estimated by applying to the value of production of noncorporate
mines the ratio of total long-term interest paid plus corporate statutory net income (adjusted for net profit from sale of real estate, stocks, bonds,' and other
assets) plus compensation of officers to gross sales as derived from the special
break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income.

APPENDIX A

169

The value of coal production of noncorporate mines is given for 1929 in the
census and assumed to be in the same ratio to total production in the later years.
The noncorporate value of metal and nonmetal mine production is derived from
the census. In table 30, page 44, of the census, the total value of production is
iven and is extrapolated with the Mineral Resources value figures as index,
rem table 10, page 14, a ratio of noncorporate to total value of production is
derived and applied to the estimated total value in 1929 and later years, to give
the value of production by noncorporate metal and nonmetal mines and quarries.
The noncorporate value of oil and gas production is equal to the difference between
the total value of production as given in table 44 and the corporate sales reported
in the special break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income. The estimate of individuals1 business savings in 1932 is based upon the
percentage change from 1931 to 1932 in corporate savings applied to individual
savings in 1931.

i n . ELECTRIC LIGHT AND POWER AND GAS
TABLE 51

Line /.—A preliminary release of the Census of Electrical Industries for
Electric Light and Power Stations for 1932 shows the total number of employees
in that year. The Bureau of Labor Statistics index of employment found in
recent issues of Trend of Employment is converted to a 1932 base and is used to
extrapolate the total figure bact through 1929.
9 Line 2.—On pages 751-763 of volume I I of the 1929 Census of Manufactures is
given the number employed in 1929 in the manufactured gas industry. Annual
Statistics of the American Gas Association indicate the number of employees
for the^ears 1929-32. The number of employees in all establishments and those
in municipal companies as shown in the census are both extrapolated on the
basis of the American Gas Association figures, and the number of employees in
municipal plants is subtracted from the total for the final estimates of employees
in commercial plants.
TABLE 52

Lines 1 to 7.—Data are from recent issues of the Survey of Current Business,
the yearly figures being totals of the monthly.
Lines 8 to 16.—These data are from Annual Statistics of the American Gas
Association.
TABLE 53

Line 1.—Total salaries, wages, and number of employees for 1927 appear on
pages 7 and 8, respectively, of the 1927 Census of Electrical Industries for Central
Electric Light and Power Stations. From these data an average compensation
is computed for this year. A special release of the same census showing comparable data for 1932 permits the computation of average compensation for
1932. The Bureau of Labor Statistics indexes of pay rolls and employment, as
given in recent issues of Trend of Employment have been divided, one by the
other to provide an index of average compensation. I t has been assumed that
the average compensation for 1929 is the same as that for 1927. It is to be noted
that in manufactured gas the average compensation per employee showed a change
smaller than 2 percent between 1927 and 1929. The 1929 figure has been carried
through 1931 by means of the index of average compensation. The product of
the average compensation and the number of employees yields total salaries and
Wages.
Line £.—Other labor income consists of pensions and compensations for injuries.
M. W. Latimer of the Industrial Relations Counsellors, Inc., has made estimates
of pensions for public utilities for 1929, 1930, and 1931, and for the electric light
and power industry for 1931. The ratio of the electric light and power pensions
to all public utility pensions in 1931 is assumed to hold for the earlier years; 1932
pensions are considered the same as for 1931.
. Replies to questionnaires sent to the States provide data on compensation for
injuries for electric light and power establishments and for electric railways.
The 1929 ratio of salaries and wages in the sample States to total salaries and
wages is applied to the compensation payments of the sample States to obtain
total compensation figures. This 1929 total is carried through 1932 by means of
an index of compensation payments in sample States. A break-down of the total
into payments by the electric light and power industry and by electric railways is
made on the basis of the ratio of salaries and wages of each industry to the total.
Line 4.—Dividends are net, originating in the industry, and represent the difference between total cash dividends paid and dividends received. Both these

170

NATIONAL INCOME, 1929-32

items are given in a special break-down of table 14 (1929-30) and table 13 (1931),
Statistics of Income, furnished by the Treasury Department. Total dividends
for 1932 are estimated on the basis of the 1931-32 percentage change in a corporate sample selected from Moody's Manual of Public Utilities. The ratio of net
to total dividends in 1932 is assumed to be the same as in 1931.
Line 5.—Interest is net, originating in the industry. The rate of interest
obtained for a corporate sample taken from Moody's Manual of Public Utilities is
applied to total long-term debt of the industry. This latter figure is arrived at
by raising the long-term debt for corporations submitting balance sheets, as
reported in special data from the Treasury Department for 1929, 1930, and 1931,
to cover long-term debt of all corporations. The raising coefficient used is based
upon the ratio of the number of income tax returns to the number of balance sheets
for net income and deficit classes for transportation and other public utilities
corporations as shown in table 19 (1929-30) and table 15 (1931), Statistics of
Income. Total interest paid on long-term debt in 1932 is estimated on the basis
of the 1931-32 percentage change in the corporate sample. From total interest
paid is deducted interest received, which item is found in a special break-down
of table 14 (1929-30) and table 13 (1931), Statistics of Income. For 1932 it has
been assumed to represent the same percent of the total interest paid as in 1931.
Line 8.—Corporate savings or losses are the difference between net income and
total dividends paid. Net income is obtained by adding to compiled net profit,
after taxes, the loss from sale of real estate, stocks, bonds, and other assets and
deducting profit from sale of same. In 1929, where the loss is not shown, it has
been regarded as zero. Items mentioned are given in a special tabulation of
table 14 (1929-30) and table 13 (1931), Statistics of Income. The 1932 net income
figure has been estimated on the basis of the 1931-32 percentage change in a
corporate sample as taken from Moody's Manual of Public Utilities.
TABLE 54

Line 1.—Total salaries and wages and number of employees for municipal and
other gas establishments are given on pages 751-763 of volume II of the 1929
Census of Manufactures. Data for commercial companies are obtained by subtracting from the total figures those for the municipal concerns. An estimate of
the average compensation in 1929 is extrapolated through 1932 by means of an
index of the average compensation of electric light and power employees. Total
salaries and wages for all years are the result of multiplying the number of employees by the average compensation payment.
Line 2.—Other labor income is a total of the item for pensions and that for
compensation for injuries.
The 1931 figure for pensions is an estimate made by M. W. Latimer of the
Industrial Relations Counsellors, Inc. Figures for other years have been computed by a procedure similar to that followed in making the electric light and
power estimates.
Estimates on compensation for injuries are based on wage data. These are
given for 1929 on page 26, volume I, of the 1929 Census of Manufactures and in
the preliminary release of that census for 1931. By using an index of wages in all
other chemical manufacturing, wages in gas manufacturing have been estimated
for all years. Computation of compensation for injuries for gas establishments
has been made on the assumption that the proportion of such payments by gas
companies would be the same as the ratio of gas wages to all chemical wages.
Lines A, 5t and 8.—Same methods and sources are used as for table 53, lines
4, 5, and 8. Treasury data are for artificial and natural gas, but the percentage of natural gas is assumed to be negligible. Corporate samples are taken
from Moody's Manual of Industrials.
IV. MANUFACTURING
The manufacturing industry has been divided into seven groups. These
groups represent, to a large extent, combinations of groupings as given in the
1929 Census of Manufactures, pages 336^345.
1. The food and tobacco group combines the census group 1 and cigars and
cigarettes and tobacco from group 16.
2. The paper, printing, and publishing group combines the census groups 4
and 5.
3. The textile and leather group combines the census groups 2 and 9, with an
addition of the following items from group 16: Artificial and preserved flowers

APPENDIX A

171

and plants; feathers, plumes, and manufacturers thereof; fur goods, dressed
furs, hair work, and men's straw hats.
4. The construction materials group combines the census groups 3 and 10.
5. The chemicals and petroleum refining group combines the census groups 6
and 7 with the exclusion from the latter group of manufactured gas, illuminating
and heating.
6. The metals and metal products group is a total of the census groups 11, 12,
13, and 14 with the addition of brooms and brushes, other than rubber, from
group 16 and the exclusion from group 14 of aircraft and parts.
( 7. The miscellaneous and rubber group combines the census group 8 and all
items included by the census in group 16 not allocated to other groups. The
item for motion pictures, not including projection in theaters, has been excluded
entirely from manufacturing.
The census group 15, railroad repair shops, has also been excluded from the
manufacturing industry.
Tables for total manufacturing are, in most part, summations of totals for the
various groups.
For items to which this statement does not apply or for which there is no breakdown of the industry into its various groups, a description of methods and
sources follows immediately.
TABLE 58

Line 1.—To the summation of the number of salaried employees in the various
groups is added the number of employees in central administrative offices. Since
this item is not allocable to the various groups, it appears only in the total for
manufacturing. It is given for 1929 on page 43 of the Census of Manufactures,
1929, volume I, and estimated for 1930, 1931, and 1932 on the basis of the other
salaried employee figures.
Line 4.—The number of proprietors and firm members engaged in 1929 in the
manufacture of each product is given in the Census of Manufactures, 1929,
volume I, pages 310-323. The total number for each group is obtained by adding
together the industries comprising that group as outlined above. The estimates
for 1930 and 1931 are based upon the number of establishments given in the
census and extrapolated by means of one of several indexes. The choice of index
depended upon the comparison of the trend of the index to be used with the trend
of the number of establishments. The procedure used for each of the subgroups
is given below.
(a) Food and tobacco.—An index of the value of production has been obtained
by multiplying the Federal Reserve Board index of production for food (1932
Annual Supplement of the Survey of Current Business, p. 11 and Federal Reserve
Bulletin, February 1933, p. 108), by the Bureau of Labor Statistics index of
wholesale prices (Wholesale Prices, December and year, 1932, U.S. Department
of Labor, p. 1). The number of establishments in 1929 and 1931, respectively,
18 given in the 1929 Census of Manufactures, pages 96-105 and 1931 Census of
Manufactures preliminary release dated December 30, 1932. The number of
establishments in 1930 and 1932 have been estimated by applying to the number
in 1931, the percentage change from 1930 to 1931 and from 1931 to 1932 in the
index of the value of production.
The number of establishments owned by corporations in 1929 is also shown in
the 1929 Census of Manufactures, pages 96-105. The number of corporations is
considered to be the same as the number of income tax returns filed with the
Treasury Department. This information is given in table 16 (1929-30) and
table 14 (1931). Statistics of Income, and in the preliminary release for 1932. The
number of establishments per corporation in 1929 has been estimated and applied
to the number of corporations in the later years to obtain the number of establishments owned by corporations in these years.
The difference between the total number of establishments and the establishments owned by corporations is assumed to represent the number of establishments owned by individuals, partnerships, etc.
The number of individually owned establishments per proprietor in 1929 has
been estimated and the result applied to the number of individually owned establishments in 1930, 1931, and 1932 to obtain the number of entrepreneurs.
(6) Paper, printing, and publishing.—The same method and sources have been
used as in the food and tobacco group, with the exception that the number of
establishments has been interpolated in 1930 and extrapolated for 1932 on the
basis of the percentage change in the Federal Reserve Board index of production
from 1930 to 1931 and from 1931 to 1932, respectively.

172

NATIONAL INCOME, 1929-32

(c) Textiles and leather.—Same method and sources as in paper, printing, and
publishing. In the matter of the index of production, it has been necessary to
combine the textile index and the leather index. A weighted average of the
two is obtained by using the 1929 number of establishments as weights throughout.
(d) Construction materials and furniture.—Instead of estimating the total number of establishments on the basis of the percentage change in the index of production 1930-31, the number of construction materials establishments is based
on the percentage change in gross sales of corporations. These data are given
in table 14 (1929-30) and table 13 (1931), Statistics of Income.
In other respects the procedure and sources are the same as those outlined for
textiles and leather, with the further exception that the 1932 estimate of the
number of entrepreneurs is based on the assumption that the percentage change
from 1931 to 1932 is equal to that from 1930 to 1931.
(e) Chemicals and petroleum refining.—The methods and sources are the same
as those used in the construction materials estimates.
if) Metal and metal products.—Same methods and sources as those outlined in
construction materials are used here.
(g) Miscellaneous and rubber.—Same sources and methods as in construction
materials are used here.
TABLE 60

Line 1.—To the summation of total salaries are added the salaries paid at
central administrative offices as shown for 1929 on page 43, of the 1929 Census
of Manufactures. This item does not permit of allocation to the various branches
of manufacturing and so appears only in totals for the industry. It is estimated
for 1930,1931, and 1932 with the total of other salaries used as index.
Line 3.—This item is a total of pensions and compensation for injuries.
(a) Pension estimates have been made by M. W. Latimer, Industrial Relations
Counsellors, Inc., for the entire manufacturing industry for the years 1920-31, and
for each group of the industry for 1931. The ratio of each group to the total in
1931 has been applied to the totals for the earlier years to obtain estimates of
pensions paid in each of the various grouiis. In each instance it has been assumed
that pensions for 1932 are the same as for 1931.
Basic data for the estimates of compensation for injuries have been furnished
by questionnaires sent out to the State governments. The ratio of compensation payments to wage payments in the entire industry and in the various groups
has been computed for all reporting States. The ratio obtained has then been
applied to wage payments for the United States to arrive at total compensation
payments. Owing to the fact that a greater number of States reported data for
all manufacturing than for the various groups, there is a discrepancy between
the total obtained by multiplying the ratio of compensation to wages by wages
for the whole industry, and the added total of the product of this ratio and the
wages in the separate groups. This discrepancy is distributed among the seven
groups of the industry in proportion to each group's share of the added total.
The final compensation figure for each group is a total of that originally obtained,
plus the amount of the discrepancy apportioned to it. On the basis of this final
compensation figure, the adjustment is made separately for each year.
Total compensation payments are estimated by means of an index of total compensation payments in all reporting States. By this index, the 1929 estimate of
total compensation is extrapolated through 1932.
Line 8.—Total entrepreneurial withdrawals have been estimated in different
ways for the various subgroups of manufacturing, the choice being made after
consideration of the reasonableness of the average withdrawal when compared
with the average volume of business of the noncorporate establishments.
(a) Food and tobacco.—Total entrepreneurial withdrawals are estimated by
multiplying the number of entrepreneurs by the average compensation of salaried
employees.
(&) £aP?*7 printing, and publishing.—Same method as for food and tobacco.
(c) Textiles and leather.—Dividends paid by corporations and the compensation of officers of corporations (table 14 (1929-30) and table 13 (1931), Statistics
of Income) have been totaled as an approximation of the withdrawals in corporations in 1929. The ratio of this figure to the value of the product of corporate
enterprises (1929 Census of Manufactures, pp. 96-103) has been applied to the
value of the product of individual enterprises (1929 Census of Manufactures, pp.
96-103) to obtain an estimate of the withdrawals of individuals. The average
withdrawal per entrepreneur has been extrapolated through 1932 with the average
compensation of salaried employees as an index and multiplied by the number of
entrepreneurs to give total entrepreneurial withdrawals in 1932,

APPENDIX A

173

(d) Construction materials and furniture.—Same method as for food and tobacco.
(e) Chemical and petroleum refining.—Total withdrawals are based on the 1929
estimates of average withdrawal per entrepreneur. The first estimate is that
outlined under textiles and leather and the second is that used in food and
tobacco. An arithmetic average of the estimates is extrapolated on the basis
of the average compensation per salaried employee and multiplied by the number
of entrepreneurs.
if) Metal and metal products.—Same method as for food and tobacco.
(g) Miscellaneous and rubber.—Same method as for textiles and leather.
TABLE 63

Lines 1 to 6.—The total number of salaried employees for 1929 is given on
pages 310-323 of the 1929 Census of Manufactures. In estimating figures for
the later years, the following method has been used: the ratio of salaried employees to wage earners in 1929 is estimated and extrapolated through 1932 on
the basis of the ratio of salaried employees to wage earners in Pennsylvania,
New York, and Ohio. The ratio obtained has been applied to the number of
wage earners for 1930, 1931, and 1932 to give the number of salaried workers for
these years. Pennsylvania data are from the Pennsylvania Bureau of Statistics
in their Report on Productive Industries for respective years. New York data
are for a number of representative factories as given in the November issues of
the New York State Industrial Bulletin for respective years. From the total
number of employees in New York factories is subtracted the number of office
employees to obtain the number of wage earners. The 1929 Ohio figures are
taken from Bulletin on Bates of Wages, etc., of the Industrial Commission of
Ohio. Figures for later years are from special data furnished by the Industrial
Commission. The number of superintendents and managers in Ohio is not
available for inclusion in the computations.
Line 7.—Same method and sources as for lines 1 to 6, with the exception that
the 1929-32 extrapolation of the ratio of salaried workers to wage earners has
been based on figures for Pennsylvania and Ohio only, there being no comparable
miscellaneous manufacturing group for New York.
Lines 8 to 14.—The number of wage earners in 1929 and 1931 is given in the
1929 Census of Manufactures, pages 21-34 and the 1931 Census of Manufactures preliminary release dated December 30, 1932. The index of these figures
has been interpolated for 1930 and extrapolated for 1932 by means of the Federal
Reserve Board index of employment (Federal Reserve Bulletin, recent issues)
on the assumption that the percentage change from 1930 to 1931 and from 1931
to 1932 would be the same for both indexes. The resulting index has been used
to extrapolate the 1929 number of wage earners. Wherever a manufacturing
group is in itself a composite of two or more groups, each lesser group has been
estimated separately and the results combined for a final total; e.g., the number
of wage earners in food factories has been based on the index of employment in
food factories. Wage earners in tobacco factories have been estimated by
using the index of employment in tobacco factories. A summation of both
figures gives the total number of wage earners in the food and tobacco group.
TABLE 64

Lines 1 to 7.—The value of the product of each group of manufacturing for 1929
and 1931 is found in the Census of Manufactures, 1929, pages 96-103 and the
Census of Manufactures, 1931, preliminary release dated December 20, 1932.
The 1930 interpolation is based upon the proportionate change from 1929 to
1930 and from 1929 to 1931 in gross sales of corporations for each group as reported in table 14 (1929-30) and table 13 (1931), Statistics of Income.
TABLE 65

Line 1.—The estimated value of production has been adjusted for price changes
by means of the United States Bureau of Labor Statistics index of wholesale
prices of foods.
Line 2.—The index of production in paper and printing is that of the Federal
Reserve Board as given in recent issues of the Federal Reserve Bulletin. It was
applied to the 1929 dollar value as given in table 64.
Line S.—The index of prices used for adjustment is a weighted average of
textiles and leather goods.

174

NATIONAL INCOME, 1929-32

Line 4.—The index of prices used for adjustment is a weighted average of
brick and tile, portland cement, lumber, and other building materials.
Line 5.—The price index used for adjustment is a weighted average of the
indexes for petroleum products, paints, chemicals, and drugs.
Line 6.—The price index used for adjustment is that for metal and metal
products.
Line 7.—The price index used for adjustment is a weighted average of those for
auto tires and tubes and other miscellaneous products.
TABLE 66

Lines 1 to 6.—Total salaries for 1929 are obtained by adding salaries as shown
in the 1929 Census of Manufactures, pages 310-323. The average salary paid
in 1929 is computed and extrapolated through 1932 on the basis of the index of
the average salary payments in Pennsylvania, New York, and Ohio. The resulting estimate of the average salary is multiplied by the number of salaried workers
to give the figures for total salaries. Pennsylvania data are taken from the
Report on Productive Industries of the Pennsylvania Bureau of Statistics for
respective years. The New York data are for a number of representative factories and the total salary figure is estimated by multiplying the weekly average
salary by 52 and by the number of salaried workers as given in the November
issues of the New York State Industrial Bulletin. The Ohio figures appear in the
1929 Bulletin on Rates of Wages, etc., and in special tabulations furnished by
the Industrial Commission for the subsequent years. Salaries of superintendents
and managers are not included in the Ohio computations.
Line 7.—Same sources and methods are used as in lines 1 to 6 with the exception that the 1929 average salary payment is extrapolated through 1932 on the
basis of the index of the average salary payments in Pennsylvania and Ohio,
there being no comparable miscellaneous group for New York factories.
Lines 8 to 14.—Wages for 1929 and 1931 are found in the 1929 Census of Manufactures, pages 310-323 and the 1931 Census of Manufactures preliminary
release dated December 20, 1932. These figures, first converted to indexes
have been interpolated for 1930 and extrapolated for 1932 by the use of the
Federal Reserve Board indexes of pay rolls, on the assumption that the percentage change from 1930 to 1931 and from 1931 to 1932 would be the same for
both indexes. By means of the resulting index, the 1929 figure for wages has
been extrapolated through 1932. Wherever a manufacturing group is in itself a
composite of two or more subgroups each subgroup has been estimated separately; e.g., wages in food factories have been estimated separately. Wages in
tobacco factories have likewise been estimated separately. The summation of
the two represents total wages in the food and tobacco group.
TABLE 67

Lines 1 to 7.—Dividends are net originating in the industry. Net dividends
represent the balance of total cash dividends paid and dividends received. Both
items are found for 1929,1930, and 1931 in table 14 (1929-30) and table 13 (1931),
Statistics of Income. Total cash dividends paid in 1932 have been estimated by
applying to the 1931 total the ratio of the change from 1931 to 1932 in a corporate
sample (taken from Moody's Manual of Industrials). Net dividends for 1932
have been estimated by applying to total dividends the 1931 ratio of net to total.
Lines 8 to 14.—Interest is net interest on long-term debt originating in the
industry. Net interest represents the difference between total interest paid and
interest received. For manufacturing corporations it is assumed that all longterm interest received is that on Government bond holdings. This item is reported in table 14 (1929-30) and table 13 (1931), Statistics of Income. Table 19
(1929-30) and table 15 (1931), Statistics of Income show total long-term debt
of corporations submitting balance sheets. This figure is raised to allow for longterm debt of all corporations, by applying the ratio of the number of companies
filing income tax returns to those submitting balance sheets for classes reporting
net income and those reporting no net income. The interest rate derived from
a corporate sample (taken from Moody's Manual of Industrials) is applied to the
estimated total long-term debt to give total interest paid. Total interest for 1932
is estimated on the basis of the 1931-32 percentage change of total interest payments m the corporate sample. It is assumed that the ratio of net interest
to total interest in 1932 is the same as for 1931.

APPENDIX A

175

TABLE 69

Total business savings are a sum of the savings of corporations and those of
individuals. The corporate savings have been estimated as the difference between net income and total dividends paid. The methods used for each subgroup are given below.
Lines 8 to 14—(a) Corporate savings.—The difference between net income of
corporations and total cash dividends paid represents savings. Table 14 (192930) and table 13 (1031), Statistics of Income, show net profits after taxes and
profit and loss from sale of real estate, stocks, bonds, and other assets. The
net profit figure has been adjusted by subtracting the difference between the
profit and loss items from sale of assets. In 1929 where the loss is not reported, it
has been considered as zero. The 1932 estimate of net income is based on the
preliminary Statistics of Income data for statutory net income of corporations
plus estimates of interest and dividends received as computed with a corporate
sample as index, minus estimated Federal taxes and net profit from the sale of
assets (assumed to be the same as in 1931).
(6) Individuals* savings*—The difference between net income of entrepreneurs
and entrepreneurial withdrawals gives savings of individuals. Net income of
entrepreneurs is estimated as follows: Total long-term interest paid plus the
compensation of officers of corporations plus corporate statutory net income
(table 14 (1929-30) and table 13 (1931), Statistics of Income), the latter figure
adjusted by subtracting the difference between profit and loss from sale of real
estate, stocks, bonds, and other assets, where reported divided by gross sales
(table 14 (1929-30) and table 13 (1931), Statistics of Income) gives an approximation of a profit ratio for individuals. This ratio is then applied to the estimated value of the product of factories owned by individuals, partnerships, etc.,
to give the estimate for net income of entrepreneurs. The value of the product
of factories owned by individuals, partnerships, etc., in 1929 (1929 Census of
Manufactures, pp. 96-103) is divided into the total value of the product in
that year and the resulting ratio applied to the total value for 1930 and 1931 to
give the estimated value of product of noncorporate factories. To obtain the
1932 entrepreneurial savings, the ratio of the 1931-32 change in corporate savings
has been applied to the 1931 entrepreneurial savings.
V. CONSTRUCTION
TABLE 71

Line 1.—The number of salaried employees in 1929 is not reported by all
establishments in the Census of Construction. The figures for reporting establishments for number and total salaries are given in table 5, page 88. From these
an average salary is derived which, divided into the estimated total salary bill of
establishments with an annual volume of $25,000 or more as given in table IX,
page 23, results In the estimated number of employees in establishemts with an
annual volume of $25,000 and over. On the basis of the ratio of work done by
own force reported for establishments with annual volumes of over $25,000 and
under $25,000 in table VII, page 20, this estimate is stepped up to include all establishments reporting to the census. The resulting figure is raised on the basis of
the ratio of the estimated total contract construction volume to the census
volume to give the total number of salaried employees in 1929. It is extrapolated
for 1930, 1931, and 1932 on the basis of the ratio of salaried workers to wage
workers in nonmetal mining, applied to the ratio for construction in 1929.
Line &—The number of wage earners in establishments with annual volume
of $25,000 or more is given for 1929 in table XVI, page 32 of the Census of Construction. The number in the smaller establishments is derived by dividing into
total wages as given in table VII, page 20, the average wage derived from the
data for the larger concerns. The total is raised by the ratio of the estimated
total volume of construction under contract to the volume reported in the census
to give total number of wage earners employed in 1929. Estimates for 1930,
1931, and 1932 are averages of two preliminary estimates. The first is based on
a six-State employment index compiled by the Federal Employment Stabilization
Board and the second on an index of the value of construction contracts adjusted
for changes in building costs. The F. W. Dodge Corporation contract figures
and the Turner Construction Co. index of construction costs are used in this
adjustment.
Line 4.—The number of entrepreneurs for 1930 is taken from the Census of
Occupations and is a total of builders and building contractors and owners, operators, and proprietors of the building industry, and of contractors, builders, and

176

NATIONAL INCOME, 1929-32

proprietors of concerns in construction and maintenance of roads, streets, sewers,
and bridges as given in table 2, pages 424 and 544. It is assumed to be the
same for the other years.
TABLE 72

Line im—The estimate of private contract construction is a total of the Dodge
contract figures for residential, commercial, factory, and religious and memorial
buildings for 37 States, raised by the Federal Employment Stabilization Board to
include the other 11 States, plus farm contract construction. Total farm construction is estimated by the Department of Agriculture. The ratio of contract
to total farm construction is assumed to be 50 percent in 1929 and is extrapolated
for 1930, 1931, and 1932, the ratio of contract to total construction for State,
county, and city work being used as index.
Lines 2 and S.—The estimate of total public and public utility contract construction for 1929 is based upon the Census of Construction. In table 2, page 73,
the public and public utility total may be segregated from all business, under
general contract or done directly for owner, distributed by class. The ratio of
public and public utility to the total is thus derived, and applied to the total
volume of construction by establishments with more than $25,000 annual volume,
to obtain public and public utility contracts by companies with annual volume
of $25,000 or more. For construction by establishments with less than $25,000
annual volume, table 12, page 165, a break-down of general contracts by class,
shows that 90 percent of the volume is for buildings. The other 10 percent is
public and public utility construction. Of the building construction it is assumed
that the same percentage is public and public utility as in the group of larger
establishments. These ratios applied to the total volume of construction under
eneral contract or directly for owner by establishments with annual volume of
JSS than $25,000, given in table VII, page 20, yield an estimate of total public
and public utility construction by the smaller establishments in 1929. The total
for all establishments is then derived and extrapolated for 1930, 1931, and 1932
on the basis of the F. W. Dodge figures for volume of contracts awarded in the
public and public utility fields. The break-down of the total into public and
public utility construction is made on the assumption that the public construction done directly for the Government is in the same proportion to the total,# as
the Government figure for total construction, by general contractors, including
subcontracts let, is to that total (table 2, page 42). This 1929 estimate of public
construction is extrapolated for 1930, 1931, and 1932 by the same index as total
public and public utility contract construction. Public utility contract construe*
tion is the difference between the total public and public utility construction and
the estimated public construction.

TABLE 73

The volume of contract construction is adjusted for price changes on the basis
of the Turner Construction Co.'s index of construction costs.
TABLE 74

Line i.—Total salaries paid in 1929 are based upon the figures for establishments with annual volumes of $25,000 or more as given in Census of Construction*
table IX, page 23; and raised on the basis of the ratio of total volume of
contract construction to the volume of those establishments with annual volumes
of $25,000 or more. The estimates for 1930, 1931, and 1932 are based upon the
average salary paid and the estimated number of salaried employees. The average salary in 1929 is derived from the Census, and for the later years is based upon
the average salary in nonmetal mines.
Line *.--Total wages in 1929 are based on the Census of Construction figure
given in table VII, page 20, and raised to include all contract construction. Estimates for 1930, 1931, and 1932 are an arithmetic mean of two preliminary estimates. The first is the product of the average wage and the number of wage
earners. The average wage is the Census figure extrapolated on the basis of the
Ohio index of average wage, adjusted to the six-State employment index. The
second estimate is made with the F. W. Dodge figures on value of contracts
awarded used as index.
LineS.—Other labor income includes compensation for injuries only. There
are no figures available on pensions in the construction industry. Compensation
for injuries to employees is based on data obtained by questionnaires from sample
States. These figures on compensation in 1929 are raised by the ratio of wages
paid in the United States to wages paid in the sample States as reported in the

APPENDIX A

177

Census of Construction. Estimates for 1930, 1931, and 1932 are based on the
trend indicated by the sample data.
lAne 5.—Dividends are net originating in the industry, i.e., the difference
between the total paid and dividends received. Thev are taken from table 14
(1929-30) and table 13 (1931), Statistics of Income, after an adjustment for shipbuilding dividends has been made. In the present industrial classification shipbuilding is included with metals and metal products in the manufacturing group
while in the Treasury Department's classification it is included with construction.
The estimates of shipbuilding figures for 1929, 1930, and 1931 are based upon the
ratios of shipbuilding gross income to total construction gross income for net
income and deficit classes as reported in table 16 (1929-30) and table 14 (1931),
Statistics of Income. The estimates for construction proper are the differences
between the total construction and shipbuilding figures. The estimate of dividends paid in 1932 is based upon sample corporation data.
Line 6.—Interest is a net interest originating and it is assumed that in the
construction field the only holdings of corporations are Government securities.
Total interest is estimated for 1929, 1930, and 1931, by applying to the value of
long-term debt (reported in table 19 (1929-30) and table 15 (1931), Statistics of
Income), and raised by the ratios of the number of income tax returns to the
number of balance sheets submitted by net income and deficit classes and adjusted for shipbuilding as explained above) the interest rate derived from a
sample of construction corporations. Interest receipts on Government securities
are given in table 14 (1929-30) and table 13 (1931), Statistics of Income, and
adjusted for shipbuilding also. The 1932 estimates of total and net interest
payments are based on sample data.
Line 8.—The withdrawals of entrepreneurs in 1929 are based upon the average
withdrawal estimated separately for proprietors of establishments with annual
volumes of more than $25,000 and those with less. The total number of entrepreneurs is broken down into the two groups on the basis of the data in the
Census of Construction on the number in each size group. The number of proprietors of reporting establishments with over $25,000 annual volume is given in
table 5, page 88. Their number is raised on the basis of the ratio of the total
number of establishments to the number reporting. The total number of establishments with less than $25,000 annual volume is given in table VII, page 20.
From this figure is subtracted the difference between the total number of active
construction corporations reported in table 16 (1929-30) and table 14 (1931),
Statistics of Income, and the number of corporations reported in table 1, page 12
of the Census of Construction. It is assumed that there is one entrepreneur per
establishment. The total number of entrepreneurs is broken down in the ratio
derived from the Census of Construction of those with establishments of less than
$25,000 annual volume and those with more. To the estimated number of entrepreneurs with the larger volume is applied the average salary reported in table
5, page 88, and to the smaller entrepreneurs is applied the average of the average
Jjage and the average salary in construction to give total withdrawals in 1929.
This total is extrapolated for 1930, 1931, and 1932, with total salary payments
as index.
Line 10.—Corporate savings in 1929,1930, and 1931 are estimated as the difference between net profits after taxes and total dividends paid as reported in table
14 (1929-30) and table 13 (1931), Statistics of Income. Net profits are adjusted
for profits and losses from the sale of assets. In 1929, when losses are not reported,
they are assumed to be zero. Allfiguresare exclusive of shipbuilding. The estimate of corporate savings in 1932 is based upon the preliminary Statistics of Incomefigurefor statutory net income, stepped up to the total, plus interest received
on Government holdings minus Federal taxes and net profit from the sale of assets
(assumed to be equal to the 1931 figure). The difference between the resulting
figure and net dividends paid is assumed to be corporate savings for 1932.
Line 11.—Business savings of individuals for 1929, 1930, and 1931 are estimated as the difference between net income and withdrawals of entrepreneurs.
Net income is estimated by applying to the volume of noncorporate business
the ratio of net profit derived from corporate data. From a special tabulation
of the Census of Construction the volume of corporate business by establishments of more than $25,000 is obtained. To this is added an estimate of corporate business of smaller concerns made by multiplying the number of corporations with less than $25,000 volume (the difference between the total reported in Statistics of Income and the number reported in the Construction
Census) by the average volume of business done by these small concerns. Noncorporate business is the difference between total contract construction and corporate business and the ratio to the total is assumed to be the same for all 4 years.

178

NATIONAL INCOME, 1929-32

The ratio of net profit to sales is derived from gross sales plus profit from operation other than sales and total long-term interest paid plus corporate statutory
net income plus compensation of oflicers, all adjusted for shipbuilding. From
statutory net income is subtracted the profit from sale of real estate, stocks,
bonds, and other assets, and to it is added the loss from same. The estimate of
individuals' business savings in 1932 is based upon the percentage change from
1931 to 1932 in corporate savings applied to individuals' savings in 1931.
VI. TRANSPORTATION
All items, except gross revenue, shown in the summary tables for steam railroads, Pullman, and express are the sums of tables 89 to 100, inclusive; for water
transportation, the sums of tables 101 to 106, inclusive, plus stevedore and longshore operations; for motor transportation, they are the sums of tables 107
to 109, inclusive.
TABLE 77

Line 5.—It is assumed that there are individual entrepreneurs only in the
motor trucking and water transportation industries and that the other fields
are entirely corporate. After much discussion with men familiar with the motor
trucking industry it was estimated that about 30 percent of the trucks in this
industry are owned by corporations and the other 70 percent by individuals and
partners. It was further estimated that the assumption of an average of two
trucks per individual owner or partner would be fairly accurate and on this basis
it was estimated that there were 35 percent as many entrepreneurs as trucks,
the number of which is given in the notes on motor transportation.
The Census of Occupations of 1930 reports 518 owners, operators, and proprietors in the water transportation industry. This figure is projected for the
other years on the basis of the number of corporation officers for each year as
shown in the special analysis of the Interstate Commerce Commission data on
inland water transportation.
TABLE 78

Line 9.—Entrepreneurial withdrawals are estimated for the motor trucking and
water transportation industries only. For motor trucking it consists of only two
parts. One is the return to owners for their labor contribution, i.e., assuming
that each owner is a driver and his labor income is equal to the average wage for
drivers. To estimate the withdrawal of owners, the compensation paid to
corporation officers plus dividends paid are multiplied by the ratio of receipts of
other than corporations to receipts of corporations. The difference between the
estimated total receipts and receipts by corporations, furnished by the Treasury
Department, equaled the receipts by other than corporations.
The 1926 Census of Water Transportation shows that 8.9 percent of the tonnage
capacity of the industry was owned by other than corporations. This ratio has
been gradually declining from the time of the 1916 Census and roughly projecting
the trend, it is estimated that for the 4 years under study the proportion of
capacity owned by individuals and partnerships probably varies around 8 percent
of the capacity owned by corporations. This 8 percent is applied to the total
compensation of corporation officers plus dividends paid to arrive at an estimate of
withdrawals
of entrepreneurs in 1929. Compensation of corporation oflBcers in
5 £ 8 m £ S ? t r y I s m a d e bailable by the Treasury Department for the first 3 years.
The 1929 figure is extrapolated through 1932 by means of the index of total
salaries paid.
TABLE 81

Line J.—The Bureau of Marine Development of the United States Shipping
Board has an estimate of stevedore operations in Great Lakes and coastal ports,
based on Cargo Handling and Longshore Labor Conditions, published by the
Department of Labor and Commercial Statistics—Water-Borne Commerce of
the United States, published by the War Department. The former publication
is the result of a thorough study of labor conditions among stevedores and
longshoremen and of labor costs of loading and unloading various types of cargo,
lne latter publication consists of statistics of cargo handled in various ports by
types of cargo. From these two studies the Bureau has estimated the total costs
of loading and unloading cargo for each year and also the labor required and men
engaged m the work, based on expert opinions of the extent of part time employment. These estimates included coastal and Great Lakes ports only and on the
basis of tonnage handled in inland portB relative to all other ports, the estimate

APPENDIX A

179

was raised to include all ports in the United States. Total number was adjusted
to full time equivalent on the basis of the number of man-years required in this
industry.
Line 8.—Basic data for number of employees are given for 1927 in the Census
of Electric Railways, 1927, pages 153 and 179 and for 1932 in a preliminary release
of the Census of Electric Railways, 1932. Interpolations for the intervening years
are made proportionate to the change from year to year in the number of employees as estimated by the American Transit Association.
Line 9.—The data on the number of employees other than officers of corporations are from the Air Commerce Bulletin, May 1,1933. Officers are estimated
on the basis of returns from questionnaires sent to air transport corporations.
Line 10.—Total number of employees is equal to the sum of employees of
interstate and intrastate pipe lines. For interstate companies the figures are
given in Selected Financial and Operating Data from Annual Reports of pipe line
companies, a mimeographed release of the Interstate Commerce Commission.
The number employed by intrastate companies is a total of the replies to questionnaires sent to public service commissions of Kansas, Montana, New Mexico,
and Texas.
TABLE 82

Line 1.—Data for 1929, 1930, and 1931 are given in Statement 53 of Statistics
of Railways. The 1932 figure for gross revenue is based upon class I data as
reported in summary 1 of Preliminary Abstract of Statistics of Common Carriers
for 1932. The 1932 figures for ton and passenger miles are based on class I data
reported in Monthly Revenue Traffic Statistics.
Lines 2 and 3.—Figures are given in Summaries 3 and 4 of Preliminary Abstract
of Statistics of Common Carriers for 1929,1930, and 1931 and 1932.
Line 4>—These data are reported in Bus Facts for 1933, a publication of the
National Association of Motor Bus Operators.
Line 6.—This is an estimate based upon the ratio of profit to expenses as
derived from corporate data and applied to Mr. Tufts' estimates of total costs in
1930. Profits plus costs equal gross receipts. For the other years the estimates
are based on the change in the corporate receipts for the different years. Further
explanation of this item can be found in the general description of the procedure
followed in arriving at the motor transportation estimates.
Line 6.—The data on operating revenues and number of passengers carried are
compilations made by the American Transit Association, appearing in recent
issues of the Survey of Current business.
Line 7.—These data are for interstate companies only and are given in Selected
Financial and Operating Data from Annual Reports of pipe line companies.
TABLE 83

Lines 1 and 2.—Same source as table 82, line 1.
Lines S and 4*—Same source as table 82, line 2.
Line 6.—Same source as table 82, line 4.
Line 6.—Same source as table 82, line 6.
Line 7.—Same source as table 82, line 7.
Line 8.—Same source as table 81, line 9.
Lines 9,10, and 11.—Series appearing in Survey of Current Business.
TABLE 84

Line 4.—This item represents the labor cost of loading and unloading cargo,
i.e., stevedoring and longshoring costs, as estimated by the United States Shipping
Board and explained in table 81, line 4.
Line 8.—Same source as table 81, line 8.
Line 9.—Salaries paid to the operating and office personnel are estimated as
the product of the number and the average salary, the latter as reported by
sample companies. Salaries paid to pilots are a product of the number and their
average salary as reported in Air Commerce Bulletin, May 1, 1933. All other
employees' salaries are estimated on the basis of their number and their average
wage. Their average weekly wage in 1931 is given in the Monthly Labor Review
of August 1932 and extrapolated by means of mechanics' wages as reported in
the Air Commerce Bulletin, May 1, 1933.
Line 10.—Same source as table 81, line 10.
.
# .
Line 12.—The United States Employees' Compensation Commission administers the Longshoreman Act which concerns the payment of compensation for

180

NATIONAL INCOME, 1929-32

injuries to longshoremen while working on vessels. Those working on the docks
are not covered by this act but are included in the scope of State compensation
acts. The Commission has furnished data on the amount of payments for each
year. Generally there are about as many workers on the docks as on the vessels
for loading and unloading cargo, but the danger of injuries is greater on vessels.
For this reason it is assumed that those on the docks received half as much
compensation as those on the boats. Estimates are made for regular vessel
employees on the basis of the ratios of number of vessel employees to the number
of longshoremen and stevedores for each year. The estimate of pensions paid
was provided for 1929, 1930, and 1931 by M. W. Latimer of Industrial Relations
Counsellors, Inc. Pensions for 1932 are assumed to be the same as for 1931.
Line 14*—Other labor income includes compensation for injuries and pensions.
Data on compensation for injuries are from replies to questionnaires sent to the
various States which provide such figures for electric light and power establishments and electric railways. The 1929 ratio of salaries and wages in the sample
States to total salaries and wages is applied to the compensation payments in
the sample States to obtain total compensation figures. This 1929 total is
extrapolated through 1932 by means of the index of compensation payments in
the sample States. The break-down of the total into payments by the electric
light and power industry and by the electric railways is made on the basis of the
ratio of the salaries and wages in each field to the total. Pensions paid by the
electric railways have been provided by M. W. Latimer of the Industrial Relations
Counsellors, Inc., for 1931 and are assumed to be in the same ratio to his estimates
of payments bv all public utilities other than steam railways for that year and for
1929 and 1930. The pensions paid in 1932 are carried at the same figure as in
1931.
Line IB.—Other labor income in the pipe line industry consists of pensions
only. M. W. Latimer of the Industrial Relations Counsellors, Inc., has prepared
an estimate for pensions paid by pipe line companies in 1931 and estimates for all
public utilities other than railways for 1929,1930, and 1931. The ratio of pensions
paid by pipe lines to pensions paid by public utilities is assumed to be the same in
1929 and 1930 as in 1931. Total pensions paid by pipe line companies are
carried at the same figure in 1932 as in 1931.
• TABLE 85

Line 2.—Dividends are net, originating in the industry, i.e., the net difference
between the dividends received and the dividends paid as obtained from special
analyses furnished by the Income Tax Division of the Treasury Department.
In 1932, the figure is an estimate based on the change in dividend disbursements
of a sample of corporations in this field.
Line 8.—Dividends are net, originating in the industry, i.e., dividends paid
minus dividends received by the reporting companies. For the first 3 years, the
figures are those obtained from the Income Tax Division of the Treasury Department. For 1932, it was assumed that the 1931-32 decline was the same as the
1930-31 decline for motor trucks, and for bus transportation the data are based
on a corporate sample.
Lines 4 and 5.—Dividend payments are net originating in the industry and are
equivalent to the difference between total dividends paid and dividends received.
Both items are reported for in the special break-down of table 14 (1929-30) and
table 13 (1931), Statistics of Income, and extrapolated for 1932 on the basis of a
corporate sample.
Line 6^Total dividends for 1929-32 are taken from the Interstate Commerce
Commission release, Selected Financial and Operating Data from Annual Reports
for interstate companies and from replies to questionnaires sent to various State
public service commissions for intrastate companies. Dividends received in
1929, 1930, and 1931 are estimated on the assumption that they are in the same
ratio to dividend receipts of "all other public utility companies" as total cash
dividends of pipe line companies are to total cash dividends of "all other public
utility companies." Data for this latter group are given for 1929,1930, and 1931
in a special break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, and contain the pipe line companies. The 1932 net dividends originating
are assumed to be in the same ratio to total dividends as in 1931.
Line 8.—The interest presented represents that paid on long-term debt less the
interest received from holdings of Government securities. The funded debt
totals for the first 3 years are from the Treasury Department (raised to cover
corporations not submitting balance sheets), whereas the 1932figurehas been esti

APPENDIX A

181

mated on the basis of a sample of corporations in the field. This sample also
furnishes the rates of interest, which, applied to the funded debt, yield estimates
of interest payments. The ratio of interest originating in the group to total
interest paid in 1931 applied to total interest paid in 1932 gives the interest
originating
in the industry for 1932.
v
Line 9.—Interest represents the total paid on long-term debt less interest
received from holdings of Government bonds. The volume of long-term debt is
equivalent to the figures reported in a special break-down of table 19 (1929-30)
and table 15 (1931), Statistics of Income, adjusted up to the total on the basis
of the ratio of the number of income tax returns to the number of balance sheets
for net income and deficit classes for the entire transportation group. The rate
of interest is assumed to be 6 percent each year. The 1932 figure for bus transportation is estimated on the basis of a corporate sample and that for motor trucking is estimated as the result of the assumption that the 1931 to 1932 percentage
change is the same as the 1930 to 1931 percentage change.
Lines 10 and 11.—Interest is net, originating in the industry, and is estimated
from total interest payments and estimated interest receipts on long-term debt.
Total interest on long-term debt is equal to the product of the average interest
rate, derived from sample data, and the estimated total long-term debt for the
industry. Figures for long-term debt are given in the special break-down of table
19 (1929-30) and table 15 (1931), Statistics of Income, and adjusted up to the
total on the basis of the ratio of the number of income tax returns to the number
of balance sheets for net income and deficit classes as given in Statistics of Income for the transportation and other public utility group. From the Census of
Electric Railways, 1927, pages 110 and 151, total interest payments on funded
debt and interest receipts are taken, net interest payments derived and their
ratio to total interest payments computed. This ratio is applied to the estimates
of total interest paid in *1929-32 to give net interest.
Line 12.—Total interest is estimated for interstate companies on the basis
of the value of funded debt reported in Selected Financial and Operating Data
from Annual Reports and average interest rates computed from sample data
appearing in Moody's. For intrastate companies the data are totals of replies
to questionnaires. Net interest originating in the industry is considered equivalent
to total interest.
TABLE 87

Line 8.—Corporate savings for the first 3 years are obtained from a breakdown of table 14 (1929-30) and table 13 (1931), Statistics of Income supplied by
the Treasury Department. They are equivalent to net profits after taxes (adjusted for profit and loss from sale of assets) minus dividends paid. The 1932
estimate is based on the results of a sample of corporations in the industry.
Business savings of individuals are assumed to be proportionately the same as
for corporations and the 8 percent used in line 9, table 78, is applied to the corporate figures just described.
Line 9.—Corporate savings for the first 3 years are estimated as the difference
between net profit after taxes after adjusting for profit and loss from sale of assets,
reported in the special break-down of table 14 (1929-30) and table 13 (1931).
Statistics of Income, and dividend payments. For 1932, it was assumed that
the 1931 to 1932 and the 1930 to 1931 percentage changes are similar for motor
trucking. For bus transportation the 1932figureis based on a corporate sample.
The business savings of individuals in the motor trucking industry are derived
by applying to the corporate savings, the ratios of noncorporate receipts to corporate receipts following the same method as used in line 9, table 78.
Line iO.^Corporate savings are equivalent to net profits after taxes minus
dividends. These data are given in a special break-down of table 14 (1929-30)
and table 13 (1931), Statistics of Income. The net-profit item is adjusted for
profit and loss from the sale of real estate, stocks, bonds, and other assets. Loss
from such sales in 1929 is assumed to be zero. The estimate of corporate savings
for 1932 is based upon the percentage change from 1931 to 1932 in a corporate
sample.
Line 11.—For 1929, 1930, and 1931 the derivation of corporate savings is the
same as in electric railways. The estimate for 1932 is assumed to be equal to
the 1931 figure.
Line 12.—Corporate savings are equal to the difference between net income and
total dividends paid. Net income is taken from the same sources as total dividends (see comment on line 6, table 85).
87266—34

-13

182

NATIONAIi INCOME, 1929-32
A. STEAM RAILWAYS, PULLMAN AND EXPRESS
TABLES 89, 93, AND 97

Lines 1 to 5.—Railway total employment is given for 1929, 1930, and 1931 in
statement 16-A of Statistics of Railways. For 1932, the estimate is based on
class I railway data in Monthly Wage Statistics. The break-down into principal
salaried workers, other salaried workers, and wage workers is based on the classification of class I data as given in Monthly Wage Statistics. The Pullman
Co. and express companies data are given for 1929, 1930, 1931,. and 1932 in
Preliminary Abstract of Statistics of Common Carriers, summaries 3 and 4.
Averages are taken of figures reported for beginning and end of year.
TABLES 90, 94, AND 98

Lines l-#.—For 1929 and 1930, compensation for class I railways is given in
statement 16 of Statistics of Railways. Compensation for class I switching and
terminal companies is taken from Monthly Wage Statistics. Compensation
for class II and III railways and switching and terminal companies is based
on ratio of the number of class II and III employees to the number of class I
employees. For 1931, compensation for class I railways is given in statment 16
of Statistics of Railways; all other compensation figures have been obtained
directly from Mr. Casey of the Interstate Commerce Commission. v The 1932
total compensationfigurefor railways is based on class I data reported in Monthly
Wage Statistics. The break-down into principal salaried workers, other salaried
workers, and wage workers is based on class I data in Monthly Wage Statistics.
Express companies data are given in Preliminary Abstract of Statistics of Common Carriers, 1929, 1930, 1931, and 1932. Pullman Co. data have been
obtained from Mr. Casey of the Interstate Commerce Commission.
TABLE 94

Line 3.—Commissions paid by express companies are reported in Preliminary
Abstract of Statistics of Common Carriers, 1929, 1930, 1931, and 1932.
TABLES 90, 94, AND 98

Line 4 {line 6 in table 94)*—Same sources as for lines 1-2 are used here.
Gratuities to waiters are estimated at 15 percent in 1929 and 1930 and 10
percent in 1931 and 1932 of the gross revenue from dining and buffet-car
service and hotel and restaurant service for class I railways and switching and
terminal companies. The class I figures are assumed to be totals. For 1929,
1930, and 1931 they are given in Statistics of Railways, in statement 35 for class I
railways and in statement 35-A for class I switching and terminal companies.
The 1932figurefor class I railways is given in summary I of Preliminary Abstract
of Statistics of Common Carriers. Gratuities to Pullman Co. porters are
derived from questionnaires and represent the total of average tips per berth and
chair passenger derived from questionnaires applied to the number of such passengers reported in Preliminary Abstract of Statistics of Common Carriers.
Line 5 (line 7 in table 94).—Other labor income consists of (a) compensation for
injuries and (6) relief and pensions. The small item of operating expense of
relief departments of railways is included here also.
(a) The employees' share of compensation for injuries is taken at 67.28 percent of the total, which is the percentage given by C. A. Luty, of the Railway
Express Agency. For 1929, 1930, and 1931 the total compensation for injuries
to which this ratio is applied is based upon compensation for injuries by class I
railways reported in statement 37 of Statistics of Railways. Figures for class I
railways are stepped up on the basis of the ratio of operating revenues for all
railways and switching and terminal companies to operating revenues for class I
railways. The operating revenues for 1929 for class II railways are given on
page 170, for class III on page 180, and for switching and terminal companies on
pages 192-3 of Statistics of Railways. For 1930 and 1931 they are given in
statements 55A, 55B, and 55C, respectively. For 1932, the compensation for
injuries for class I railways is taken from summary 1 of Preliminary Abstract of
Statistics of Common Carriers, and stepped up by the ratio of total operating
revenue to class I operating revenue in 1931. The total for express companies is
given in summary 3 of Preliminary Abstract of Statistics of Common Carriers
for 1929, 1930, 1931, and 1932.
(6) Pensions and relief department expenses are given for class I railways
for 1929, 1930, and 1931 in statement 37 of Statistics of Railways and for 1932

APPENDIX A

183

in summary 1 of Preliminary Abstract of Statistics of Common Carriers. They
are stepped up to include all railways on the basis of the ratio of total compensation to class I compensation. Pensions for express companies are given in
Preliminary Abstract of Statistics of Common Carriers for 1929, 1930. 1931. and
1932.
Line 7 (line 9 in table 94, and line 6 in table 98).—Dividends are net, originating
in the industry, i.e., difference between total dividend appropriations and dividend
income. Figures for these two items for all railways for 1929, 1930, and 1931 are
given in statement 34 of Statistics of Railways. The 1932 figures are estimated
on the basis of class I dividend appropriations and income reported in summary 1
of Preliminary Abstract of Statistics of Common Carriers. Pullman and express
company data are given in summaries 3 and 4 of Preliminary Abstract of Statistics of Common Carriers, for 1929, 1930, and 1932.
t Line 8 (line 10 in table 94 and line 7 in table 98).—Interest is net long-term
interest originating in the industry. Short-term interest is considered a business
expense item and not included here. For 1929, 1930, and 1931 interest paid on
funded debt and interest received on funded debt by railways are given in statement 34 of Statistics of Railways. For 1932 they are based on the figures for
class I railways reported in summary 1 of Preliminary Abstract of Statistics of
Common Carriers. Pullman and express company data are given in summaries
3 and 4 of Preliminary Abstract of Common Carriers.
Line 11 (line 18 in table 94 and line 10 in table 98).—Corporate savings
are estimated as the difference between net income and total dividends paid.
Total dividends paid are computed in connection with line 7 above (and line 9
in table 94 and line 6 in table 98). Net income is given for railways for 1929,
1930, and 1931 in statement 34 of Statistics of Railways and estimated for 1932
on the basis of class I railways data for net operating income, other income, and
total income deductions as reported in summary 1 of Preliminary Abstract of
Statistics of Common Carriers for 1929, 1930, 193*1, and 1932.
B. WATER TRANSPORTATION

This industry was at first divided into six groups, to show operations by foreign
carriers, coastwise carriers, inland-waterway carriers, lake carriers, harbor craft
and stevedores and longshoremen. Later the foreign and coastwise groups were
consolidated for expediency in making the estimates. Data on harbor craft
and harbor operations are so sparse and capricious that it was not possible to make
any estimates which would be substantiated in fact. Therefore, estimates were
made for four groups and the harbor group was omitted and will be included in
the miscellaneous group.
One of the major problems involved concerns the element of duplication.
Many water transportation companies engage in traffic operations in more than
one of the above-defined groups. An effort has been made to place these companies in that group in which their activities are dominant. Many companies
employ their own stevedores, while others contract this type of work to concerns
engaged only in loading and unloading the cargo. For this reason stevedoring
and longshoring are considered as one separate and distinct group and eliminated
from the other groups.
Assistance in gathering the statistics was rendered by the shipping section,
Transportation Division of the Bureau of Foreign and Domestic Commerce;
the United States Shipping Board: the Bureau of Navigation of the Department
of Commerce: and the Interstate Commerce Commission. The Interstate Commerce Commission Annual Report on Water Carriers consists mostly of inland,
Great Lakes, and coastwise carriers, about 120 companies reporting annually.
In a specially prepared analysis these reports are broken down into number and
pay of workers in specific occupations and in different shipping operations, i.e.,
on vessels, on shore, in offices, etc. Thus it is possible to determine the relationship between the number of salaried workers and wage earners on vessels and on
shore and also the relationship between salaries and wages of the same.
In tables 81-8S the estimates for Great Lakes, inland, and foreign and coastwise
snipping and stevedoring are combined. Harbor craft are not included, nor do
the totals include the data for operations of vessels under 1,000 gross tons capacity
engaged in foreign and coastwise water transportation. These groups are necessarily omitted here due to an absolute lack of data.
(a) Foreign and coastwise water carriers.—The Bureau of Marine Development
of the United States Shipping Board has compiled data on the total number of
employees, pay rolls, and subsistence costs for all foreign and coastwise vessels of
I>000 gross tons and over, whinh include most of the vessels engaged in this group.

X84

NATIONAL INCOME, 1929-32

No data are available on vessels under this size, and therefore the estimates are
exclusive of this group.
.
m
This same Bureau has also furnished an itemized list of various costs and expenses of a sample of companies in this group. From this sample, it is found that
in 1932 for foreign and coastwise shipping, the shore pay rolls equal 38.55 percent
of the vessel pay rolls, whereas for all shipping, this ratio is 110.48 percent. The
ratio for all shipping, extrapolated through 1929 on the basis of the Interstate
Commerce Commission special analysis, furnishes a trend from which the foreign and coastwise ratio can be projected through 1929. By applying the resulting ratios to the vessel pay rolls, the shore pay rolls are determined and the sum
of the two equals the total pay rolls on vessels and on shore of all foreign and coastwise carriers.
As regards employment, the Interstate Commerce Commission report shows
that for all water transportation the number of shore employees in 1932 is equivalent to 61.53 percent of the vessel employees. Assuming that the above relationship between vessel and shore employees' wages holds in this case, in 1932 the
number of shore employees is found to equal 21.47 percent of the vessel employees of foreign and coastwise companies. For earlier years the trend of the Interstate Commerce Commission ratios of shore to vessel employees is used. As a
result of this procedure, the total number of employees on vessels and on shore
is obtained.
TABLE 101

Line i.—To compute the breakdown between salaried workers and wage
earners both on vessels and on shore, the Interstate Commerce Commission
special analysis is used, i.e., the ratios of salaried workers to all employees on
vessels and on shore are applied to the total number of vessel and shore employees.
Line #.—The same method as in line 1, using ratio of wage earners to total.
Line 3.—This represents the total of vessel employees as given by the United
States Shipping Board plus the number of shore employees estimated by the
above-described method.
TABLE 102

The ratios of salaries and of wages to total pay rolls for both vessel and shore
personnel are obtained from the Interstate Commerce Commission special analysis and applied to the total pay rolls for each group.
To salaries and wages is added subsistence of vessel employees. The figure for
total subsistence is provided by the United States Shipping Board and broken
down into payments to salaried workers and wage earners on the basis of the ratio
of the numbers of same obtaining in the Interstate Commerce Commission Special
Analysis. Included also with wages are gratuities, data for which are likewise
furnished by the United States Shipping Board.
(6) Inland waterway carriers,—For this group, the only available data consist
of the Interstate Commerce Commission Annual Reports and "Inland Waterway
Freight Transportation Lines in the United States", United States Department of
Commerce, Domestic Commerce Series No. 32, which includes a list of all inland
carriers as of 1930 and their capacity. About 40 companies listed in the Interstate Commerce Commission Annual Reports are included in this census of the
industry.
The general method followed here is to determine what proportion of the total
capacity of all inland carriers is represented by the 40 companies mentioned above
and then to raise the compensation and employees of these 40 companies to include all the inland carriers. For this purpose it is necessary to determine a
common measurement of capacity, since capacity has been reported in gross registered tons, net tons, cases, and gallons.
Propelling equipment all being in gross and net tons separately, the net tons
are used. Barges are presented in net tons, gallons, and cases. No one seems to
know what is meant by "cases." We have, therefore, ascertained the cubic foot
capacity of the boats reported on this basis; and by using another sample, obtained
the number of cubic feet in a ton and in this manner converted case capacity to
ton capacity. Data obtained from the United States Shipping Board supply a
basis for converting gallon capacity to ton capacity.
The next step is to raise the compensation and employment figures for the 40company sample to include all inland carriers.
It happens that for all inland water carriers the net tonnage of propelling equipment is around 200,000 and the net tonnage of barge equipment over 500,000.
In the sample the amounts are about 54,000 and 31,000, respectively. There is
no crew expense attached to the operation of barges, but only to propelling equip

APPENDIX A

185

ment. Therefore, we cannot merely add both tonnages in the sample for comparison with both tonnages for all the carriers.
While barges do not add to crew costs, at least not to an appreciable extent,
nevertheless the more business a carrier handles the more will be its office expense, not absolutely but relatively. If a company runs a 1,000-ton vessel and
then adds a barge of the same capacity its crew expenses will not be increased
but its shore personnel, disregarding longshoremen, will be added to. We have
arbitrarily assumed that in such a situation the administrative, office, traffic, etc.,
expense would increase by a figure approximating 33H percent. It seems fairly
reasonable that if the carrier's business was doubled, the shore employee costs
would tend to increase by about one third. The ratio should not be any greater
because most barge cargo is of a large scale nature. If it should be less, then the
excess compensates for a possibly necessary addition to the propelling equipment
crew for pulling a barge.
The Interstate Commerce Commission Annual Reports show that of all employee
pay rolls, an average of 49.72 percent goes to those on vessels and 50.28 percent
to those on land, exclusive of stevedores. One third of this shore employee
pay roll will equal 16.76 percent. Therefore, for the estimates of salaries and
wages the tonnage of barge equipment is given a weight of 16.76 and the tonnage
of propelling equipment a weight of 100 in combining the two. The ratio of
the total tonnage to the sample tonnage is the basis for stepping up the salaries
and wages in the sample to include salaries and wages of all inland waterway
employees.
TABLE

103

Lines 1 and 2.—From the Interstate Commerce Commission special analysis
the ratios of salaried workers and of wage earners to all employees are obtained
and applied to the estimate of all employees in the industry.
Line 3.—The total number of employees of which lines 1 and 2 are the component parts is the estimate arrived at by raising the total number of employees
in the sample companies to include all companies. The method used is similar
to that outlined for the estimate of salaries and wages. Here, however, barge
equipment is given a weight of 12.04 which is one third of 36.12 percent, the
proportion of all employees on shore.
TABLE 104

The ratios of salaries and of wages to total pay rolls, as determined from the
Interstate Commerce Commission special analysis, are applied to the estimated
total pay rolls. To salaries and wages is added subsistence cost of vessel employees which is based on the subsistence cost reported by Great Lakes carriers.
The average subsistence per officer and per crew member, applied to the number
of inland waterway officers and crew, yields subsistence to salaried workers and
wage earners, respectively.
, .
(c) Lake carriers.—A report submitted by the Lake Carriers Association
presents complete income and employment data for those employed on the vessels of its members. The Association submitted a list of nonmembers to whom
questionnaires were sent and from about one third of whom complete reports
were received. By using a shipping directory, it is possible to determine the
tonnage capacity of all vessels of nonmembers and the tonnage capacity of
vessels of those nonmembers who submitted reports. On the basis of tonnage
capacity it is possible to raise the figures of the reporting firms to include figures
for those who did not report. These estimates added to the report of the Lake
Carriers Association give an estimate for the vessel operations of all lake carriers*
TABUS

105

Line 1.—Having obtained the data for vessel operations as described above, it
is then necessary to make estimates for shore personnel and income. The Interstate Commerce Commission special analysis distributions of employees and
compensation for each of the 4 years, as between vessels and shore, are applied
to obtain the totals for those not on vessels. This analysis permits a further
break-down of shore employees and their pay into salaried and wage classes.
Therefore, this line represents the number of salaried workers on vessels as
determined from the Lake Carriers Association report and the questionnaires to
nonmembers, plus the salaried workers on shore, as estimated by applying the
distributions in the Interstate Commerce Commission special analysis.
Line 8.—For determining the number of wage earners, the same method as
used in line 1 is followed.

186

NATIONAL INCOME, 1929-3 2
TABLE

106

, The same method is followed as in the preceding table, using the Lake Carriers
Association report, questionnaires to nonmembers, and the Interstate Commerce
Commission special analysis on salary and wage data. The Lake Carriers
Association report and the questionnaires to nonmembers include data on subsistence cost of officers and crews on vessels, which item, adjusted to include
subsistence of all nonmembers, is added to the estimate of salaries and wages.
C. MOTOR TRANSPORTATION

Motor transportation includes common carrier busses, sight-seeing busses, and
motor trucks, the labor income for each of which is estimated separately and
totaled. The property income includes a small amount of dividends and interest paid by taxicab companies which could not be segregated. This is true also
of corporate savings.
Greatest difficulty was encountered in estimating income in the motor truck
industry. A general description of the methods used is given here in addition
to specific notes which follow.
In Facts and-Figures of the Automobile Industry, published by the National
Automobile Chamber of Commerce, the total truck registration in the United
States is given for each year. In 1930 the Bureau of Public Roads of the Department of Agriculture made a highway survey in 11 Western States determining
the type of traffic on the highways. The proportion of for-hire trucks to all
trucks was obtained and this percentage when applied to total truck registrations
gives an estimate of the total number of for-hire trucks in the country for the 4
years 1929-32, in rounded numbers, of 480,000, 495,000, 493,000, and 459,000,
successively. In the American Transportation Problem, published by the
Brookings Institution, it is estimated that the number of for-hire trucks in the
United States in 1930 was about one half million, while the American Trucking
Association estimates for the past 3 years vary around the same figure, so that
the above estimates seem to be fairly accurate.
Warner Tufts, a close student of the motor transportation industry, has
developed some formulas on mileage, costs, and pay rolls for trucks of varying
sizes. These formulas are based on actual data which he has been able to compile from a number of different sources and are representative of the year 1930.
In order to apply Mr. Tufts' formulas it is necessary to estimate the number of
for-hire trucks of different sizes. For this purpose the Facts and Figures of the
Automobile Industry lists of the annual production of trucks in eight size classifications are used. The production for the 7 years from 1926 to 1932, inclusive, has
been totaled for each class and distribution of the aggregate into these classes
was taken to represent the size distribution of for-hire trucks. This distribution,
applied to the estimated total number of for-hire trucks for each year, yields an
estimate of the number of for-hire trucks in each of the eight size classes.
Mr. Tufts' formulas provide a basis for converting capacity to gross weight
per truck and finding the average annual mileage per truck, total cost per
mile, and the average annual pay roll per truck. Thus for each of the classes of
truck capacities as determined above the gross weight and the annual mileage
per truck are determined. The cost per mile times the average annual mileage
in each size group resulted in an estimate of cost of operation per truck in each
size group. This figure multiplied by the number of trucks in each group in
1930. gives the total cost for each group and when aggregated give an estimate
of total cost of for-hire motor truck operation in the United States in 1930.
These cost estimates include all costs of running the concerns from gasoline and
wage expenses to provisions for depreciation of equipment.
To arrive at estimates of gross receipts in the industry it is necessary to revert
to the Treasury Department's corporate statistics in the cartage and storage
industry as described above. This is accomplished by applying the ratio of
profit to expenses in 1930 in the corporate group to the estimated total costs to
determine the estimated profit for the industrv. This when added to the total
costs yields an estimate of total receipts. For years other than 1930 total receipts
are based on the change that takes place in the corporate group receipts for
those years.
The formulas provided by Warner Tufts also permit the finding of the total
pay roll per truck of different size, and having estimates of the number of trucks
in each size class, it is possible to make an estimate of the total pav roll in the
industry in 1930. The ratio of pay rolls to total receipts in that year is applied
to total receipts in the other 3 years to get total labor cost estimates, which vary

APPENDIX A

187

from 687 million dollars in 1929 to 502 million dollars in 1932. Total estimated
receipts for the 4 years, 1929-32, are 1,707 million dollars, 1,557 million dollars,
and 1,246 million dollars, respectively. The ratio of pay rolls to receipts was
40.26 percent, which compares favorably with the 39.27 percent figure in Motor
Truck Freight Transportation, United States Department of Commerce,
Domestic Commerce Scries 66, a survey of costs of for-hire motor truck operations.
For employment and employee income there are very little data available and
some of the assumptions are based merely on the opinions of the expert authorities
who could be located and questioned. Various sources estimate that in 1930
there were approximately 90 percent as many drivers, including owner-drivers,
as trucks in the industry. This ratio is estimated to be 95 in 1929, and 85 in
both 1931 and 1932. At the present time, December 1933, the Bureau of
Labor Statistics of the Department of Labor is conducting a survey of this industry and from a preliminary sample it is found that currently there are
approximately 82 drivers per hundred trucks in the industry.
TABLE 107

Line 1.—The number of employees in sight-seeing bus companies is estimated
by assuming that for every bus in operation there are 1.1 times as many drivers,
conductors, lecturers, etc., as there are busses; that there are one quarter as
many general garage men; and that there are two fifths as many repair men. The
number of administrative and office personnel is based upon the ratio of number
of such to number of busses operated, as given for common-carrier busses. The
data on personnel are from the National Association of Motor Bus Operators.
The number of busses in operation are reported in Bus Facts for 1933. They
are averages for the year. The employees of sight-seeing busses work only 6
months of the year. We therefore convert the estimated number to full time
equivalents by dividing by 2.
Line &—The number of employees in common-carrier bus companies is from
estimates by Warner Tufts, of the National Association of Motor Bus Operators.
Line 3.—This is a sum of the estimated number of officers, other salaried
workers, drivers, and helpers on trucks. The individual estimates have been
made as follows: The number of corporation officers is estimated on the basis
of two such persons for each of the corporations included in this group by the
Treasury Department. The number of other salaried workers, as described
above, is obtained by arriving at a total sum paid to such workers and assuming
their salary is equivalent to that estimated for drivers. It is assumed that for
every 100 trucks in the industry there were 95 drivers in 1929, 90 in 1930, and 85
in both 1931 and 1932, with 1 other wage earner for each 10 trucks throughout
the period.
Line £.—For explanation see notes on line 5, table 77.
TABLE

108-

Line 1.—Salaries and wages are estimated as the product of the number of
full time equivalents and the average salary and wage for the various occupational groups as reported for common-carrier busses by Warner Tufts, of the
National Association of Motor Bus Operators.
Line 2.—For 1929 and 1930, the estimates are based on labor costs per bus for
city and intercitv busses and the number of each type in operation. These
figures are from tflr. Tufts, who also estimates that for 1931 and 1932 the average
wage fell 4 percent from 1930 to 1931 and 10 percent from 1930 to 1932. With
the estimated average wage and the number of employees in these years the total
wage and salary bill is calculated.
Line 8.—As explained in the general note above, total pay roll is estimated on
the basis of its ratio to gross receipts.
Line 5.—This item includes pensions and compensation for injuries. The
estimate for pensions has been prepared for 1931 by M. W. Latimer, of the
Industrial Relations Counsellors, Inc., and estimated for 1929 and 1930 by us
on the assumption that the ratio of pensions paid by motor transportation
companies to pensions paid by all public utilities other than steam railroads is
the same for all 3 years. Pensions paid in 1932 are assumed to be the same as
in 1931. The item of compensation for injuries is based on sample State data
for motor trucking only, several States report the sum of the compensation
payments in this industry, and the ratio of the total number of truck drivers in
the United States, as reported in the 1930 Census of Occupations, to the number
in these reporting States is applied to the compensation payments in these

18g

NATIONAL INCOME, 1 9 2 9 - 3 2

States in this industry. The resulting estimate is stepped up to include the entire
motor transportation industry on the basis of total pay rolls.
VH. COMMUNICATIONS
TABLE 110

X^ne 1.—The number of employees in 1927 is given on page 3 of the 1927
Uensus of Electrical Industries, Telephones, and in 1932, in a preliminary release
for that year. The Interstate Commerce Commission in its Selected Financial
and Operating Data for telephone companies for 1927 and later years also shows
the number of employees. The 1927 and 1932 ratios of the Census figures to the
Interstate Commerce Commission figures are connected by a straight line interpolation and applied to the Interstate Commerce Commission figures for the
intervening years to obtain the number of employees in those years.
Line 8.—The total number of telegraph employees is a summation of employees
in land and ocean cable systems and wireless systems. The number of employees, exclusive of those in wireless systems, is found for 1927 on page 11 of the
1927 Census of Electrical Industries, Telegraphs. On page 26 of the same source
is given the number employed in wireless systems in 1927. A preliminary release
of the 1932 Census of Electrical Industries, Telegraphs, indicates the number of
employees in land and ocean cable systems for 1932. On the basis of the 1927
ratio of wireless workers to other than wireless workers, a 1932 figure for wireless
employees is estimated. Annual reports of the Interstate Commerce Commission
giving Selected Financial and Operating Data for telegraph companies show
figures for the number of telegraph employees for the years 1927-32. The ratios
of the Census data to the Interstate Commerce Commission data in 1927 and 1932
are connected by a straight line yielding ratios for the intervening years. These
ratios are applied to the Interstate Commerce Commission totals for these
years to yield the final estimate of number employed.
TABLE 111

Line J.—Page 10 of the 1927 Census of Electrical Industries, Telephones, and
the 1932 preliminary release show the operating revenue of the industry for
those years. Figures for the intervening years are estimated by applying to the
operating revenue of the Bell System as given in Bell Telephone Securities for
respective years, the straight line interpolated ratios of the Census data to those
for the Bell System.
Line 8.—The Census of Electrical Industries, Telegraphs, for 1927 and the
preliminary release for 1932 give the operating revenue for land and ocean cable
systems for these years. The 1927 Census also shows operating revenue for wireless systems. The 1932 wireless figure is estimated on the basis of the 1927-32
change in the land and ocean cable totals. A summation of revenue for land and
ocean cable systems and wireless systems gives the total for the telegraph industry.
The yearly Interstate Commerce Commission publication of Selected Financial
and Operating Data for telegraph companies gives operating revenues for the
years 1927-32. The ratio of the Census data to the Interstate Commerce Commission data is the same for 1927 as for 1932, and on this basis the Interstate
Commerce Commission data are stepped up for 1929,1930, and 1931.
Line 4-—The number of messages for 1927 appears in the 1927 Census of Electrical Industries, Telephones, on page 10 and for 1932 in the preliminary release
of the census for that year. The number has been interpolated for the intervening
years by using the 1927 and 1932 ratios of Bell System calls to all calls and connecting the two ratios on a straight line basis. Data for the Bell System are
contained in the annual publication, Bell Telephone Securities.
Line 6.—The number of wireless messages plus the number of land and ocean
cable messages represents the total number of telegraph messages. The ratio of
wireless messages to land and ocean cable messages is assumed to be the same in
1932 as in 1927. The data for these years are given in Census of Electrical
J2«ustrJS?» Telegraphs, for 1927, pages 6 and 25 and the preliminary release for
1932. The ratio in 1927 and 1932 of these Censusfiguresto those of the Interstate
Commerce Commission as found in Selected Financial and Operating Data of
telegraph companies for respective years is connected by a straight line. The
resulting ratios are applied to the Interstate Commerce Commission figures
for 1929, 1930, and 1931.

APPENDIX A

189

TABLE 112

Line 1.—Total salaries and wages for 1927 as given in the 1927 Census of
Electrical Industries, Telephones, have been adjusted by subtracting the Census
figure for the Bell System and adding salaries and wages of the Bell System as
obtained from the American Telephone & Telegraph Co. By using the Bell
System salaries and wages as an index for the later years, the 1927 final figure
of total salaries and wages is extrapolated through 1932.
Line 2.—Annual reports of the American Telephone & Telegraph Co. list the
amounts paid by the telephone industry in pensions, sickness and accident disability benefits, anc) death benefits, all of which have been summated to obtain
other labor income.
Line 4.—Dividends are net, originating in the industry. From total cash
dividends paid are subtracted dividends received, the balance being the net
figure. The ratio of operating revenue of the Bell System to that of the entire
industry is applied to total dividends of the Bell System to obtain total dividends
paid by the industry. Total dividends received are given for 1922 on page 49 of
the Census of Electrical Industries, Telephones, for that year. This 1922 figure
is extrapolated through 1932 by using the index of the nonoperating revenue of
the Bell System as given annually in Bell Telephone Securities.
Line 5.—Interest is net, originating in the industry. From total interest paid
on long-term debt is subtracted interest received on long-term debt. Methods
and sources used in making the estimates are the same as those used in line 4.
Line £.—Net income minus total dividends paid represents corporate savings.
The 1922 ratio of the net income of the Bell System to that of the entire industry is
applied to the net income of the Bell System for 1929 and subsequent years. The
1922 Census of Electrical Industries, Telephones, gives the net income for the
industry in that year. Bell System statistics appear in Bell Telephone Securities
for respective years.
TABLE 113

Line 1.—On pages 11 and 26, respectively, of the 1927 Census of Electrical
Industries, Telegraphs, are shown salaries and wages for land and ocean cable
systems and for wireless systems. To obtain the 1932figurefor wireless systems,
the 1927 ratio of salaries and wages of wireless systems to those of other than
wireless systems is applied to the 1932figuresfor land and ocean cable telegraphs,
as it appears in the 1932 preliminary release of the Census of Electrical Industries, Telegraphs. A total of the figures for each system represents salaries and
wages for the entire industry. The 1929,1930, and 1931figuresrepresent an arithmetic average of two estimates. For thefirstestimate 1927 and 1932 ratios of total
salaries and wages to salaries and wages of the Western Union Telegraph Co. are
connected by a straight line, and the resulting ratios applied to the intervening
years. Western Union Telegraph Co. data are from J. W. Rahde of that company
and represent monthly compensation multiplied by 12.
The second estimate is based on average compensation. The method followed
in estimating total salaries and wages is employed in estimating average compensation. The average, multiplied by the number of employees, yields total
salaries and wages.
Line 2.—Pensions and disability benefits paid by the Western Union Telegraph
Co., as reported by J. W. Rahde, are raised to include all pensions and benefits, on
the basis of the ratio of the number of employees in the Western Union to the total
number in the industry.
Line 4.—Dividends are net, originating in the industry, constituting the difference between total cash dividends paid and dividends received. The 1927
Census of Electrical Industries, Telegraphs, pages 6 and 10, respectively, gives
total dividends paid and dividends received in 1927. Annual reports of the
Interstate Commerce Commission on Selected Financial and Operating Data of
telegraph companies show total dividends paid 1929-32. The ratio of the Census
figure for dividends paid to the Interstate Commerce Commission figure for
same in 1927 is applied to the Interstate Commerce Commission data for the
later years. The 1927 ratio of net dividends to total dividends is then applied
to the estimates of total dividends.
Line 6.—Interest is net, originating in the industry. The rate of interest paid
on long-term debt of the Western Union Telegraph Co. is applied to the longterm debt for all companies. Basic data are given in the Interstate Commerce.
Commission Annual Reports of Selected Financial and Operating Data on telegraph companies. Interest received is considered negligible since it is practically
all on short-term loans.

190

NATIONAL INCOME, 1929-32

Line 8.—Net income minus total dividends paid represents corporate savings.
The 1927 ratio of net income as given in the Census of Electrical Industries,
Telegraphs, to net income as given in the Interstate Commerce Commission reports on Selected Financial and Operating Data of telegraph companies is applied
to Interstate Commerce Commission figures for later years.
TABLE

114

Line £.—In addition to pensions and benefits this item includes compensation
for injuries, basic data for which are from replies to questionnaires sent to State
governments. The 1927 ratio of the total number of telephones to the number
in the sample States reporting compensation is applied to the 1929 figure for compensation in the sample States, to obtain a total compensation figure for 1929.
Total compensation for the later years is arrived at by using an index of compensation payments in the sample States for 1929-32.
VIII. WHOLESALE AND RETAIL TRADE
TABLE 117

Line 1.—The number of employees has been estimated in two parts, principal
salaried officers and other employees. For 1929, the number of principal salaried employees is the figure for "executives" given on page 100 of the Census of
Wholesale Distribution, Summary for the United States. Extrapolation for
1930 and 1931 is based upon the estimated number of active corporations engaged in wholesale trade. The number of active wholesale corporations is derived
from the number of corporations filing income tax returns as reported in table 16
(1929-30) and table 14 (1931), Statistics of Income. The mixed groups of trade
corporations, e.g., "Wholesale and retail" and "All other" are divided in the
same ratio as the allocable wholesale and retail gross sales. The 1932 figure for
principal employees is estimated on the assumption that the ratio of principal to
all other employees in 1931 applies in 1932.
For 1929, the number of other employees is taken as the difference between
the total number and the number of executives, reported on page 100 of the
Census of Wholesale Distribution, Summary for the United States. Estimates
for 1930, 1931, and 1932 are based upon the United States Bureau of Labor
Statistics index of employment in wholesale trade as reported in Trend of
Employment.
Line #.—For 1929, the number of entrepreneurs is equal to the number of
proprietors and firm members, given on page 100 of the Census of Wholesale
Distribution, Summary for the United States. The estimates for 1930, 1931,
and 1932 are those of the Cost Analysis Section of the Bureau of Foreign and
Domestic Commerce.
Line 4-—The total number of employees is a sum of the estimated number of
principal officers and of other employees. The number of principal salaried employees for 1929,1930, and 1931 is estimated on the basis of the number of active
retail corporations. The number of corporations is derived from table 16 (192930) and table 14 (1931), Statistics of Income. It is assumed, on the basis of a
sample, that there are two officers to a corporation. The 1932 estimate is made
by applying to the 1932 figure for other employees the ratio of principal to other
employees for 1931.
The number of other employees in retail trade in 1929 is taken as the difference
between the total number of employees (full and part time) as given in table 1A,
page 47, of Census of Retail Distribution, part I, and the estimated number of
principal employees. The number of part time employees is adjusted to the
equivalent number of full time employees on the basis of the ratio of full time
to part time salary. The estimates for 1930, 1931, and 1932 arc based upon the
United States Bureau of Labor Statistics index of employment in retail trade as
given in Trend of Employment.
Line 5.—The number of entrepreneurs is given for 1929 in table 1A, page 47,
of Census of Retail Distribution, part I, and estimated for 1930, 1931, and 1932
by the Cost Analysis Section of the Bureau of Foreign and Domestic Commerce.
TABLE 118

Line A--Total wholesale sales for 1929 are given in Table 1, page 69, of the
Census of Wholesale Distribution, Summary for the United States. The estimates for 1930, 1931, and 1932 are based upon the figures for sales by wholesalers only, provided by the Cost Analysis Section of the Bureau of Foreign and
Domestic Commerce.

APPENDIX A

191

Line £.~The figures for net sales in 1929 are given in table 1A, page 47, of the
Census of Retail Distribution, part I, and for 1930, 1931, and 1932 estimated
by the Cost Analysis Section of the Bureau of Foreign and Domestic Commerce.
Line 4-—Total sales are adjusted for price changes by means of the general
wholesale price index of the United States Bureau of Labor Statistics, published
in the Wholesale Price Bulletin.
Line 5.—Total retail sales are adjusted by a weighted average of the indexes
of retail prices of food, clothing, and house furnishings (see the United States
Bureau of Labor Statistics cost of living indexes as given in the Monthly Labor
Review for February 1933).
TABLE 119

Line /.—Total salaries and wages are a sum of principal salaries and other
salaries and wages. Principal salaries for 1929 are given in table 10, page 100,
of the Census of Wholesale Distribution, Summary for the United States. Figures for the compensation of officers of wholesale trade corporations derived
from a special break-down of table 14 (1929-30) and table 13 (1931), Statistics of
I ncomc, are used as an index to extrapolate the salaries of principal employees
from 1929 through 1931. The 1932 figure for principal salaries is estimated on
the assumption that the ratio in that year, of principal salaries to other salaries
is the same as in 1931.
Other salaries and wages for 1929 are given in table 10, page 100, of the Census
of Wholesale Distribution, Summary for the United States. Estimates for 1930,
1931, and 1932 arc based upon the United States Bureau of Labor Statistics
index of pay rolls in wholesale trade, reported in Trend of Employment.
Line 2.—Other labor income consists of (a) pensions, and (6) compensation for
injuries.
(a) Pensions for 1929, 1930, and 1931 are derived from estimates supplied by
Murray W. Latimer, of Industrial Relations Counsellors, Inc. For 1931 he has
figures for pensions paid in wholesale trade and for 1929, 1930, and 1931 figures
for pensions in a group of miscellaneous industries. The ratio in 1929 and 1930
of pensions in wholesale trade to pensions in all miscellaneous industries is assumed
to be the same as the ratio for 1931. Pensions for 1932 are estimated at the
same figure as for 1931.
(6) Compensation for injuries to employees in 1929 is based upon the ratio of
compensation payments to wage payments for sample States applied to estimated
total wage payments for the country. The sample data are the results of a
sent out by the Bureau of Foreign and Domestic Commerce,
Questionnaire
department of Commerce. On the basis of sample data, indexes of compensation payments are computed for total trade, wholesale trade, and retail trade
and applied to the 1929 estimates of compensation for all trade, wholesale trade,
and retail trade. The wholesale and retail trade estimates are then brought in
line with the figures for all trade.
Line 4.—Dividends paid are net, originating in the industry, i.e., the difference
between total dividend appropriations and dividend income for 1929, 1930, and
1931. The data for total dividend payments and dividend receipts in the wholesale trade group are derived from a special break-down of table 14 (1929-30) and
table 13 (1931), Statistics of Income. The 1932 figure for net dividends paid is
based upon the total dividend payments to a sample group of corporations, and
the assumption that the ratio of net dividends to total dividends is the same as
that for 1931.
Line 5.—Interest is net long-term interest originating in the industry. The
only interest income received considered here is that on Government securities
held by wholesale trading corporations. For 1929, 1930, and 1931 total interest
paid is computed by applying the average interest rate, derived from data for
sample companies in the field to the estimated total long-term debt. A breakdown of table 19 (1929-30) and table 15 (1931), Statistics of Income, is available
for these years and shows the value of long-term debt reported, which figure is
stepped up on the basis of the ratio of the number of income tax returns to the
number of balance sheets reported separately for those corporations having net
income and those having no net income. The 1932 figure for net interest is
based upon the total interest payments of a sample group of corporations and
the assumption that the ratio of net interest to total interest is the same as for
1931.
Line 7.—Withdrawals by individual entrepreneurs are estimated for 1929,
193p, and 1931 by applying to the estimated sales by individuals the ratio of
dividends plus compensation of officers to corporate sales as derived from the
break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income.

192

NATIONAL INCOME, 1929-32

The volume of noncorporate sales is estimated on the assumption that the ratio
of corporate to total sales, given in the Census of Wholesale Distribution for
1929 remains the same in the later years. The 1932 figure for withdrawals is
estimated by using the product of the average withdrawal and the number of
entrepreneurs as an index. The average withdrawal is based on the 1929 census
figure and the Bureau of Labor Statistics indexes of employment and pay rolls.
Line 9.—Corporate savings for 1929, 1930, and 1931 are derived from the
break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income.
They are equivalent to the net profit after taxes, adjusted for the gains and
losses from the sale of real estate, stocks, bonds, and other assets, minus total
dividends paid. In 1929 it is assumed the losses from the sale of assets are
zero. The 1932 corporate loss figure is estimated on the basis of the preliminary
Statistics of Income figure for all trade for statutory net income, stepped up
to the total, plus interest received on Government holdings minus Federal
taxes and net profit from the sale of assets (assumed to be equal to the 1931
figure). The difference between the resulting figure and net dividends paid
is equal to corporate savings for 1932 for a'U trade. The division into wholesale and retail trade is made on the basis of preliminary estimates derived by
means of a corporate sample.
Line 10.—Business savings of individuals are estimated as the difference between
net income and withdrawals. Net income for 1929, 1930, and 1931 is estimated
by applying to the estimated noncorporate sales the ratio of total long-term
interest paid plus corporate statutory net income (adjusted for gains and losses
from sale of assets) plus compensation of officers to corporate sales as derived
from the special break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income. The estimate of loss of individual entrepreneurs for 1932 is made
by applying to the 1931 figure the percentage change in corporate loss from 1931
to 1932.
TABLE

120

Line f.—Salaries and wages are estimated as the sum of principal salaries and
of other salaries and wages. Principal salaries in 1929, 1930, and 1931 are
assumed to be equivalent to compensation of officers as derived from the breakdown of table 14 (1929-30) and table 13 (1931), Statistics of Income. In 1932
it is assumed that the ratio of principal salaries to other salaries is the same as
in 1931.
Other salaries and wages in 1929 are estimated as the difference between total
salaries reported in table 1A, page 47, of the Census of Retail Distribution, part
I, and the estimated principal salaries. The figures for 1930, 1931, and 1932 are
averages of two estimates. The first is based upon the Bureau of Labor Statistics index of pay rolls, applied to the 1929 pay roll figure. The second estimate is based upon the percentage "wage cost", as estimated by the Cost Analysis
Section of the Bureau of Foreign and Domestic Commerce. These percentages
are adjusted to exclude the principal salaries and applied to the estimated sales
figures to give the second estimate of salaries and wages paid.
Line £.~-Other labor income consists of (a) pensions and (&) compensation for
injuries. For the derivation of these estimates see above. Wholesale Trade,
table 119, line 2.
Line ^.--Dividends paid are net originating in the industry, i.e., the difference
between total dividends paid and dividends received. For 1929, 1930, and 1931
the data for total dividend payments and dividend receipts in the retail trade
& r 2 2 R a ^ d ^ r i V e d ' " S * a 8 P eci »l breakdown of table 14 (1929-30) and table 13
(1931), Statistics of Income. The 1932 figure for net dividends paid is based
upon the total dividend payments of a sample group of corporations, and the
assuniption that the ratio of net to total dividends is the same as that for 1931.
Line 6.—Interest is net long-term interest originating in the industry. The
only interest on long-term securities considered as income received is that on
holdings of Government securities. For 1929, 1930, and 1931 total interest on
long-term debt is estimated by applying to the estimated total par value an
average interest rate derived from a group of sample corporations in the field.
The estimated total long-term debt is computed by stepping up the figure derived
from a breakdown of table 19 (1929-30) and table 15 (1931), Statistics of Income, on the basis of the ratio of the number of income-tax returns to the number of balance sheets tabulated, reported separately for corporations having
net income and those having no net income. The 1932 figure for net interest is
based upon the total interest payments of a sample group of corporations and the
assumption that the ratio of net interest to total is the same as in 1931.

APPENDIX A

193

Line 7.—Withdrawals of individual entrepreneurs are estimated as the product
of the average annual withdrawal per proprietor in retail trade and the estimated
number of entrepreneurs. The 1929 withdrawal is estimated from the total as
given in table 2A, page 51, of the Census of Retail Distribution, part I, and
extrapolated on the basis of the Bureau of Labor Statistics indexes of employment and pay rolls.
Line 9.—For 1929, 1930, and 1931, corporate savings are derived from the
breakdown of table 14 (1929-30) and table 13 (1931), Statistics of Income.
They are equivalent to net profit after taxes, adjusted for gains or losses from the
sale of real estate, stocks, bonds, or other assets, minus total dividends paid.
It is assumed that the losses on the sale of assets in 1929 are zero. The 1932
figure for corporate loss is estimated in the same manner as the wholesale figure,
for which see the explanation of table 119, line 9.
Line 10.—Business savings of individuals are estimated as the difference
between their net income and withdrawals. Net income of individuals in retail
trade is based upon estimated profit ratios and the estimated noncorporate sales.
The profit ratios are equal to the sum of the ratio of net profits to sales and the
ratio of the salary equivalent of proprietors to sales, both of which have been
supplied by the Cost Analysis Section of the Bureau of Foreign and Domestic
Commerce. The net sales of noncorporate establishments are estimated for 1929,
1930, and 1931 as the difference between total sales, as computed by the Cost
Analysis Section, and corporate sales, given for 1929 in table 12A, page 89,
Census of Retail Distribution, part I, and extrapolated for 1930 and 1931 on
the basis of the corporate sales derived from the breakdown of table 14 (1929-30)
and table 13 (1931), Statistics of Income. The 1932 estimate for noncorporate
sales is based upon the assumption that the ratio to the total retail sales is the
same as in 1931.
IX. FINANCE
A* BANKING

The estimates of the number of employees and of their salaries refer to all
national and State banks, loan and trust companies, stock and mutual savings
banks, joint-stock land banks, Federal Reserve banks, Federal land banks, and
Federal intermediate credit banks.
Estimates for all other items are given in the table for commercial banks only,
i.e., exclusive of Federal Reserve banks, Federal land banks, and Federal inter*
mediate credit banks.
TABLE

124

Line 1.—The number ot employees in commercial banks other than jointstock land banks in 1929 is estimated by dividing into the total salary bill the
estimated average annual compensation. The average compensation figure used
in 1929 is that for Federal Reserve banks, data for which are found on page 155
of the 1929 Federal Reserve Board Annual Report. For the later years it is
extrapolated by means of the arithmetic average of the per capita payment to
salaried workers in steam railways and the per capita payment to all employees
in wholesale trade. The figures for joint-stock land banks are from Russell
Engberg of the Federal Farm Credit Administration.
Line &—Banks included here are the Federal Reserve banks, Federal land
banks, and Federal intermediate credit banks. Figures for Federal Reserve
banks are taken from the annual reports of the Federal Reserve Board, 1930,
page 13, and 1932, page 33, and are exclusive of employees engaged on work for
the Reconstruction Finance Corporation. Data for the other banks are from
Mr. Engberg.
TABLE

125

Line 1,—This item is a total of salaries and wages in commercial banks, savings banks, and joint-stock land banks. Salaries and wages for commercial
banks are estimated on the basis of their ratio to loans and investments as reported for Federal Reserve member banks for 1929,1930, and 1931 in the Federal
Reserve Bulletin of July 1931, pages 424, 428, and June 1932, pages 394, 399.
This ratio is applied to the total loans and investments as given in the Annual
Report of the Comptroller of the Currency, 1929, pages 112-119; 1930, pages
94-101: 1931, pages 129-137; 1932, pages 77-85. The 1932 ratio for member
banks is assumed to be the same as for 1931. For savings banks, salaries and
wages are estimated on the basis of the ratio of salaries to total deposits for mutual
savings banks in 10 States, applied to the total deposits for all savings banks.
The sample data for the 10 States are taken from various State banking reports
on file at the Department of Commerce. Total deposits are published in the

194

NATIONAL INCOME, 1 9 2 9 - 3 2

Annual Report of the Comptroller of the Currency, 1929, pages 680-687; 1930,
ages 724-731; 1931, pages 986-993; 1932, pages 530-537. Total salaries paid
y joint-stock land banks are reported by Mr. Engberg. They include a small
amount of directors' fees.
Line 2.—This item includes the salaries and wages of Federal Reserve banks
given in the Annual Report of the Federal Reserve Board; 1929, page 155; 1930,
page 162; 1931, page 156; and 1932, page 88; and the salaries and wages of Federal
land banks and Federal intermediate-credit banks as reported by Mr. Engberg.
The latter figures also include a small amount of directors' fees.
Line 4-—Other labor income in banking consists of pensions only. M. W.
Latimer, of the Industrial Relations Counsellors, Inc., has estimated the pensions
paid in all finance in 1929. 1930, and 1931. For 1931 Mr. Latimer has provided
an estimate of pensions for banks separately and on the basis of the ratio of
bank pensions to total finance pensions, bank pensions are estimated for 1929
and 1930. The 1932 pensions are assumed to be the same as those for 1931.

TABLE

126

Line 2.—Since commercial banks, savings banks, and joint-stock land banks
comprise the major part of the banking industry, and the item for pensions is
not allocable to the various kinds of banks, it is considered as being paid entirely
by the above-mentioned group.
.
Line 4.—Dividends are totals and for 1929, 1930, and 1931 for commercial
banks, are from a break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income. Total dividends paid in 1932 are estimated by applying to
the 1931 dividend figure the percentage change in total dividends obtained as
follows: Total dividends are computed by applying to the value of capital stock
paid in, as given in the Annual Report of the Comptroller of the Currency, 1929,
pages 112-119; 1930, pages 94^101; 1931, pages 129-137; 1932, pages 77-85, the
estimated dividend rate, derived for 1931 from member bank data reported for
1931 in the Federal Reserve Bulletin, June 1932, pages 394-399, and extrapolated
for 1932 on the basis of the bank dividend rate, compiled by Moody's and published in the Survey of Current Business.
Line 6.—Net income less total cash dividends paid shows corporate savings.
Both items are taken from special tabulations of income tax data made by the
Treasury Department for 1929, 1930, and 1931. The final net income figure is
the result of adding to net profit after taxes, the loss from sale of real estate, stocks,
and bonds, and subtracting profit from the sale of same. Computation for stock
savings banks, corporate savings,figuresfor which are included in the income tax
data, are made on the basis of the ratio of resources of stock savings banks to
total resources of national, State, loan and trust, stock savings, and joint-stock
land banks, applied to the estimated corporate savings of this group. This is
done on the assumption that corporate savings of savings banks are an accrual
to the credit of depositors and therefore a transfer item. Estimates for 1932 are
based on the increase in the surplus and undivided profits accounts of national,
State, loan and trust, and joint-stock land banks as reported by the Comptroller
of the Currency.
B. INSURANCE
TABLE

129

Line 1.—Figures for 1929, 1930, and 1931 are from the Association of Life
Insurance Presidents. Their estimates for 1932 are not available; it is assumed
that the number of office employees remains the same as for 1931.
Lines 2 and S.-~The number is derived by dividing the total salary bill by the
average salary, the latter based on the replies to questionnaires sent to sample
companies.
Line 5.—The basic figure for 1930 is taken from the Census of Occupations,
1930, chapter V, table 2, page 564, and extrapolated by the series of licensed
agents reported by the Association of Life Insurance Presidents.
TABLE

130

Lines i, 2, and 3.—Data are taken from" the Life Insurance Yearbook, published by the Spectator Co. for respective years.
Line 6.—Total salaries paid are estimated separately for fire and marine, and
casualty and all other insurance companies on the basis of replies to questionnaires sent to sample companies regarding total salaries. The sample total is
stepped up on the basis of the ratio of all premiums received to premiums re

APPENDIX A

195

ceiyed by the sample companies. Data on premiums are reported in the Fire
and Marine Insurance Yearbook and the Casualty and Miscellaneous Insurance
Yearbook for respective years.
Line 6.—-Agents' compensation is estimated on the basis of the ratio of agents'
compensation to total premiums written by companies reporting to the National
Board of Fire Underwriters. This ratio is applied to the total premiums received. The data are given in the insurance yearbooks.
TABLE

131

,.•&§*£ ^""Dividends P a i d a r e totals paid to stockholders only, and are given in
the Life Insurance Yearbook for the respective years.
TABLE

132

Line 4*—Dividends are net, originating in the industry, and are equivalent to
the difference between dividends paid and dividends received. For 1929, 1930,
and 1931 the data are taken from a break-down of table 14 (1929-30) and table 13
(1931), Statistics of Income. The 1932 estimate is made with total dividends
** reported in the Fire and Marine Insurance Yearbook and in the Casualty
and Miscellaneous Insurance Yearbook as an index.
Line 6.—Interest is net, originating in the industry, and equal to the difference
between total interest on long-term debt paid and interest received. Interest
paid in 1929-31 is based on the amount of funded debt reported in a break-down
of table 19 (1929-30) and table 15 (1931), Statistics of Income, and an average
interest rate for insurance companv bonds. Interest receipts in 1929-31, for
insurance companies other than life are taken as the total interest receipts
given in the break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, on the assumption that the short-term interest receipts are negligible.
The 1932 figure for net interest is assumed to be the same as the one for 1931.
Line 8.—Corporate savings are equal to net profits after taxes, adjusted for
profit and loss from the sale of real estate, stocks, bonds, and other assets, less dividends paid. These data arc given for 1929-31 in the break-down of table 14
(1929-30) and table 13 (1931), Statistics of Income. Loss on the sale of assets
is considered zero in 1929. The amount of corporate savings in 1932 is assumed
to be equal to the 1931 figure.
C. REAL ESTATES
TABLE

136

Line 1.—The number of salaried people in 1930 is taken from the industrial
classification of the Census of Occupations, 1930, chapter V, table 2, pages
564-566, and is equal to the total of the proprietory, professional, and clerical
groups under real estate, and those under domestic service who may be classified as engaged in care and maintenance of buildings. Extrapolations for the
other years are made with the use of the number of salaried workers in manufacturing as index.
-' - Line &—The source of the number of wage workers in 1930 is the same as for line 1,
and the total is the sum of those in the skilled and unskilled groups of the real estate
industrial branch and those in the same groups under domestic service which
may be classified as engaged in care and maintenance of buildings. An adjustment for unemployment is made on the basis of the ratio of numbers employed
to total gainfully occupied for the domestic service group. Extrapolations for later
years are made with the combined index of employment derived from the employment estimates explained in appendix F.
TABLE

137

F Line 1.—Total salaries are estimated as the product of the average number
and the average annual salary. The average annual salary used is that derived
from the manufacturing data.
1
Line £.—Total wages are estimated as the product of the average number and
the average annual wage. The average annual wage is a figure for janitors based
on data obtained by questionnaires from public and private employment agencies
throughout the country.
„ . , x
, , „„„„ . A f l .
Line 4.—Dividends are net, originating in the industry, and for 1929,1930, and
1931 are estimated similarly to the dividends paid by insurance companies other
than life. The 1932 figure is based on the percentage change from 1931 to 1932
in the net manufacturing dividends paid.

196

NATIONAL INCOME, 1 9 2 9 - 3 2

l£ne &—Interest on corporate debt is a net figure also, and for 1929-31 both
total interest payments and interest receipts as given in the break-down of table
14 (1929-30) and table 13 (1931), Statistics of Income, are used to arrive at the
net figure. It is assumed that the short-term interest in both items is negligible.
The 1932 estimate is made with the net interest item for the manufacturing
industry as an index.
Line 6.—Interest payments on mortgages on individually owned property are
based on the estimated total mortgage debt as given in The Internal Debts of the
United States, publication of the Twentieth Century Fund, Inc., from which the
corporate long-term debt for the real estate field, as given in a break-down
of table 19 (1929-30) and table 15 (1931), Statistics of Income, is subtracted.
To the remainder, the average interest rate for various industrial fields is applied
to yield the total interest payments on individual urban mortgage debt. Those
industrial fields are chosen in which the interest rate on corporate debt in 1929
approached 6 percent. The interest paid on mortgages of farm homes is estimated by the Department of Agriculture.
Line 8.—In 1929 the net rentals paid to individuals are estimated as the sum of
(1) total agricultural rents minus rents received by agricultural corporations and
after an allowance of. 25 percent to cover expenses; (2) mining, construction,
retail and wholesale trade rent items, as reported in the various censuses; and
(3) estimated rent paid on urban leased homes as derived from tho Bulletin on
Families in the Census of Population, 1930. The gross items in groups (2) and
(3) are reduced by the rent receipts of corporations, as given in Statistics of
Income, and adjusted to give a net figure for rent received by individuals on the
assumption that the ratio of net to gross is two thirds. Extrapolation for the
later years is made with the rents and royalties received by individuals (adjusted
on the basis of the ratio of dividends reported by individuals to net dividends
paid by corporations) and reported in table 7 of Statistics of Income as index.
Line 10.—Corporate savings for 1929, 1930, and 1931 are estimated similarly
to corporate savings of insurance companies other than life. The 1932 estimate
is made by extrapolating the net profit before dividends on the basis of the preliminary data on net income for the finance group, contained in the advance
Statistics of Income data for 1932, and subtracting from the resulting figure the
total dividends as estimated above.
Line 11.—The estimate of business savings of individuals for 1929, 1930, and
1931 is made by applying to the gross rentals of individuals the ratio of profits
to gross rental for corporations. The estimate for 1932 is based on the percentage change from 1931 to 1932 in the corporate savings figure. The gross
rental receipts of individuals in 1929, 1930, and 1931 arc estimated on the basis
of the net rents and royalties (for method of estimation see line 8, above) to gross
rentals. The ratio of net rental to gross rental is assumed to be two thirds in
1929 and extrapolated by the ratios given for 1929, 1930, 1931, and 1932 for
office buildings in the Accounting Experience and Exchange Report (annual)
of the Association of Building Operators and Managers.
X- GOVERNMENT
The derivation of estimates of number and compensation of employees in
Federal, State and county, and city service is described in the notes to tables
146, 147, 149, 150, 152, and 153.
TABLE

140

Line 4.—The number of employees in public education includes both the
teaching and the administrative staff. For public elementary and high schools
the estimates are based upon figures for a large sample of city school systems,
which report to the National Education Association every other school year the
number of employees of each type and their median salaries. It is estimated by
the National Education Association that these sample cities make up 80 percent
of all city white schools. The totals for these sample cities are stepped up to
include all city school systems. The raising to totals for all elementary and high
schools is carried through on the basis of the ratio in the 1930 Survey of Education
of the total number of teaching positions to the number in the city schools. The
resulting
estimates are for the school years 1928/29, 1930/31, and 1932/33. Interpo
J?l 1 2 n ^ f f? ^ 2 ? / 3 0 a n * 1M1/32 are made along a straight line. For the
year 1930/31 the National Education Association obtained data from the colored
schools also and estimates for the other years are made with the number of
employees m white schools as index. These two figures are totaled and estimates

APPENDIX A

197

for the calendar years obtained by weighting the given year three and the following
year one and averaging. To the resulting total an estimate of the number of
school bus drivers is added. (They are not included in the National Education
Association surveys.) From the United States Office of Education the number
of bus drivers in 1930 is obtained. It is estimated for the other years on the
basis of the number of school busses in operation as reported in Bus Transportation Census, published by McGraw Hill.
For higher public education, i.e., junior colleges, normal schools, teachers'
colleges, and universities, data for total expenses are obtained from the United
States Office of Education, Biennial Survey of Education 1928-30 for the school
years 1927/28 and 1929/30, and by special tabulation for 1931/32. The intervening years are interpolated. Salaries and wages and the ratios of salaries to
total expense for private colleges in 1929-30 have been obtained by special tabulation. These ratios applied to the total expense item for all public schools above
high school give total wages and salaries paid, for four groups of employees (1)
teaching staff, (2) research staff, (3) plant, and (4) administrative and control.
The number of teaching staff is reported by the United States Office of Education
in the Biennial Survey and is interpolated for other years. The number on the
research staff is obtained by dividing the total salaries paid to the group by the
average teacher's salary. The total of plant and administration salaries is divided
by the average salary obtained by questionnaire from seven colleges and universities to give the estimated number of employees in the branches. School years
are averaged to give calendar years by giving the school year ending in the
calendar year double weight and the following year, single.
TABLE 141

Line 4*—The sources and methods used here are similar to those used in estimating the number in public education. For elementary and high schools the
stepping up ratio is derived from the 1930 Survey of Education figures for total
salaries (teaching staff) and for salaries in city school systems. The compensation
of bus drivers is obtained by applying to the estimated number the average
annual wage estimated in the section on Motor Transportation. The derivation
of salaries in the public schools above high schools is explained in detail in notes
to table 140, line 4.
Line 6.—Pensions paid by the Federal Government are reported for fiscal years
by the Administrator of Veterans' Affairs. Estimates for calendar years are
obtained by averaging the fiscal years.
Line 0.—Pensions paid by States are given for fiscal years in the Financial
Statistics of States for 1929, 1930, 1931 and derived from reports for 33 States
for 1932. Estimates for calendar years are derived by averaging two fiscal years.
The 1932 calendar year figure is assumed to be equal to the fiscal year amount.
County pension payments are estimated by applying to the State pensions the
ratio of county to State total salary figures.
Line 7.—Pensions by city governments include the pensions paid in the public
school system. For cities of 30,000 or more the figures are reported in Financial
Statistics of Cities for 1929, 1930, and 1931 (preliminary release) and estimated
for 1932 on the basis of data for 70 cities already available. These figures are
stepped up to include all cities and schools on the basis of the ratio of total salary
payments of cities to the salary payments of cities of 30,000 or more.
TABLE 143

Line J.—Total interest paid by the Federal Government on long-term debt is
given for fiscal years in the Report of the Secretary of the Treasury on the State
of the Finances. To this is added the interest paid depositors in the Postal
Savings System, as given in the Annual Report of the Comptroller of the Currency for fiscal years 1929,1930,1931, and 1932 and in a letter from the Director
of Postal Savings for 1933. Averages are derived for calendar years.
Line £,—Interest payments by State governments are reported for fiscal years
in Financial Statistics of States for 1929, 1930, and 1931. The figures for the
fiscal year ended June 30, 1932, are based upon interest payment by 33 States
only, and the calendar year estimate is assumed to be the same as the fiscal year.
Line 8.—Interest payments by county governments are based upon the ratio
of county interest payments to State and city interest payments in 1029. For
1929 the National Industrial Conference Board has an estimate of total interest
paid by States and local governments in its bulletin dated February 20, 1933.
From this total. State and city interest payments are subtracted, the ratio of
87265—84—-14

198

NATIONAL INCOME, 1929-32

•county to State and city interest computed and applied to the total of State and
, city interest payments in later years to obtain county interest payments in these
years.
XAne 4.—From Financial Statistics of Cities for 1929, 1930, and 1931, interest
payments for cities with population of 30,000 or more are given. The 1932 estimates are based upon figures for 70 cities already available. On the basis of the
per capita interest payments for these cities of 30,000 or more and the estimated
total urban population, total interest payments by city government are computed.
TABLE 146

Line 1.—The number in the Army military personnel on June 30 of each year
was reported to the Bureau of Foreign and Domestic Commerce by the personnel
officer of the War Department.
Line 0.—The number in the Navy military personnel includes the Navy,
Marine Corps, and Coast Guard. The number in the Marine Corps and Coast
Guard was reported by the personnel officers of the respective departments by
telephone. The number in the Navy proper, is obtained by averaging the average
numbers for the fiscal years as reported by Rear Admiral C. J. Peoples, Paymaster General of the Navy.
Line 3.—The number in postal service does not include those in temporary
field service. These latter are employed by individual postmasters and no^ report
on their number is made. Their compensation, however, is included with the
total salaries paid. The estimates here given are a total as of June 30, of the
number listed by the Civil Service Commission and those excluded from the list.
These figures are obtained from the Annual Report of the Civil Service Commission.
Line 4-—The number in executive civil service is also for June 30, and is obtained from the Civil Service Commission's reports for 1929,1930,1931, and 1932.
To these figures are added the numbers in the legislative and judicial branches,
the estimates for which for 1929, 1930, and 1931 are from the Congressional
Record of March 17,1932. The estimates for the legislative and judicial branches
on June 30, 1932, are derived from the average numbers for the fiscal year
ended June 30, 1932, as given in a tabulation made December 6, 1932, by the
Bureau of the Budget, and those for the fiscal year ended June 30, 1933, as
contained in the President's message transmitting the Budget, January 3, 1934.
TABLE 147

Line 1.—The compensation of the Army is a total of cash payments and the
allowance for subsistence. Figures are originally given for fiscal years and
averaged. The cash payments for the fiscalyears 1929, 1930, 1931, and 1932
were provided in a letter from Maj. Gen. F. W. Coleman, Chief of Finance, War
Department, and extrapolated for the fiscal year 1933 on the basis of the change
in the pay of the Army from 1932 to 1933 as reported in the Combined Statement
of the Receipts and Expenditures, etc., of the United States for 1932 and by letter
from the Treasury Department for 1933. The figures for value of subsistence for
the ttecal years are taken directly from the Combined Statement of the Receipts
and Expenditures, etc., and the totals of pay and subsistence for fiscal years are
averaged to give totals for calendar years.
Line #•;—The pay of the Navy includes that of the Marine Corps and the Coast
Guard. The figures for the Marine Corps and Coast Guard cash pay are taken
from the Combined Statement of Receipts and Expenditures, etc., of the United
btates and averaged to obtain estimates for calendar years. The figures for cash
???nmt o S r % I S n t a ^ n A s u b s i s t e n c e allowance for the Navy for fiscal years 1929,
1930,1931,1932, and 1933 were provided in a letter from C. J. Peoples, Paymaster
General of the Navy. In Rear Admiral Peoples' letter figures for the value of
subsistence of the Navy are also given for the fiscal years 1929-33. The value of
subsistence of the Marine Corps is based upon the per capita figures for the Army
And Navy and the estimated number in the Marine Corps.
Line S.—The total pay of the Postal Service for the fiscal years 1929, 1930,
1961, and 1932 is a summation of the personal service items given in the special
table Audited Expenditures—Service of the Post Office Department in Combined
Statement of Receipts and Expenditures, etc., of the United States. Averages of
?SoT ye£l8 a r ? . t a l i e n $<> obtain estimates for the calendar years 1929, 1930, and
19*U. The estimate of total pay for 1932 is made by applying to the number of
employees on June 30,1932, the average annual salary derived for 1931 from total
pay and number of employees.

APPENDIX A

199

Line 4.—Total civil service pay is a total for executive, legislative, and judicial
branches and includes the pay of the Public Health Service and Coast and
Geodetic Survey. The total pay of the judicial and legislative branches for the
fiscal years 1929, 1930, and 1931 is taken from the Congressional Record of
March 17, 1932. For the fiscal year 1932 the items are taken from a tabulation
made by the Bureau of the Budget on December 6, 1932. For all other civil
service the total salaries for the fiscal year 1932 (given in this same table) including those of temporary employees, are considered basic; and extrapolated back to
1929 on the basis of a list of salary payments recorded as such in the Combined
Statement of Receipts and Expenditures, etc., of the United States for the respective years. Fiscal yearfiguresare averaged and estimates for calendar years 1929,
1930, and 1931 derived. From the 1931 data on total pay and number of
employees in civil service an average annual figure is derived and multiplied by
the number of employees on June 30,1932, to yield an estimate of total salaries
in civil service in 1932.
TABLE 149

Line 1.—The number of employees in State government includes the full time
•equivalent of part time employees. On the basis of data given in the National
Municipal Review supplement, Extent, Costs, and Significance of Public Employment in the United States, by W. E. Mosher and S. Polah, the estimated
full time average annual salary in 1926 is computed and estimated for 1929,1930,
1931, and 1932 using as index the average full time annual salary for city employees (see notes to table 152). The number of employees is computed by dividing
the total wage and salary bill (the derivation of which is given below (see table
150)) by this average full time salary.
Line $.—The number of employees in county government is the average of two
estimates. The first is derived from the total wage and salary bill estimation of
which is given below (see notes to table 150), and the average full time salary for
State employees. The second is based upon the total compensation and the
average full time salary of city employees.
TABLE 150

Line 1.—Total salaries paid by State governments are computed first for fiscal
years ending June 30, the period for which 32 of the 48 States file reports. From
basic data given in the National Municipal Review supplement, Extent, Costs
and Significance of Public Employment in the United States, bv W. E. Mosher
And S. Polah, the ratio of total salaries including full and part time work to the
operating budget, exclusive of education, for each State in 1926 is computed.
This ratio is assumed to remain constant for the entire period studied. From
Financial Statistics of States for 1929, 1930, and 1931 the figures for operating
budgets, excluding education, arc taken. Total salaries are computed for each
State and summated. Financial Statistics of States for 1932 arc available for
only 33 States. Estimates of the total operating budget for the United States in
1932 are made on the basis of this sample, and total salaries computed. Figures
for calendar years are averages of the two overlapping fiscal years. The estimate
for the 1932 calendar year is assumed to be equivalent to the figure for the fiscal
year ending June 30, 1932.
Line £.—Total salaries of county government are based upon State data also.
In the 1932 Census of Debt and Taxation, for which data for 27 States are available at present, figures for both county and State expenditures are given. The
ratio of county to State expenditures is computed from these data and applied to
the total operating budgets of all States for the calendar years (as derived for
line 1 above) to give the estimated operating costs of county government for
calendar years. From data published in the supplement to the National Municipal Review, Extent, Costs, and Significance of Public Employment in the United
States, by W. E. Mosher and S. Polah, the 1926 ratio of total salaries (full and
part time) to the operating budget is derived and assumed to be constant for 1929,
1930, 1931, and 1932. This ratio, applied to the estimated total operating cost,
yields an estimate of total salaries for the 4 years.
TABLE

152

Line 1.—The number of policemen is estimated on the basis of data for sample
cities of various population groups (see tabulation of data in appendix). The
sample data were obtained by questionnaire, and have been stepped up on the
basis of the ratio of the total population for each group to the population of the
sample cities in the group.

200

NATIONAL .INCOME, 1 9 2 9 - 3 2

IAne2.—Same method as for line 1.
.
t
m
im
Line 8.—The number of full time civil employees in 1929 is estimated in the
same way as the number of policemen and firemen, on the basis of sample data.
To the resulting number, however, is added the full time equivalent of the part
time employees. The ratio of part time years to full time years in 1929 is assumed
to be the same as in 1926 for which year William S. Mosher and Sophie Polah in theNational Municipal Review 1932, Supplement volume XXI, no. 1, Extent, Costs,,
and Significance of Public Employment in the United States computed the ratio.
This ratio is applied to the number of full time employees in 1929 and the total'
number of employees (including the full time equivalent of part time employees)
is derived. On the basis of this number and the total wage and salary figure
(for the derivation of which see the notes for table 153) the average full time
salary for 1929 is computed and extrapolated with the average salary for police
and firemen as index. The total number of employees in 1930, 1931, and 1932 is
estimated by dividing the total wages and salaries by the average annual full time
salary.
TABLE

153

Lines J,2, and 4.—Estimates of total salaries are totals for full and part time
employment. They are based upon sample data, secured by questionnaire and
stepped up on the basis of the ratio of total population to population of the samplecities. The analysis of the returned questionnaires indicates that the cities tended
to report total salaries and wages paid, inclusive of compensation to temporary
employees; but that in reporting the numbers they tended to exclude temporary
emplovees.
XI. SERVICE
A. RECREATION AND AMUSEMENTS
TABLE 163

Line 1.—Retail trade in Canada, 1930, Preliminary Summary, reports the
average salary and wage in theaters other than motion picture, which figure is
raised by the ratio of the average salary and wage in retail trade in the United
States Census of Distribution, Retail Trade, United States Summary, to the same
for Canada and divided into the total salaries and wages, as shown in table 167,
line 1.
Line 8.—The number of salaried employees and wage earners listed in the 1929*
Census of Manufactures is extrapolated by means of the index of employment in
motion picture production and developing. This index, which appears in California State Unemployment Commission's Report and Recommendations,
November 1932, page 168, is adjusted for changed base year.
Line 3.—From the Motion Picture Almanac, 1931, page 7, is derived the number
of employees for 1931 which is extrapolated by an index of total employment in
all branches obtained from Motion Picture Statistics, Motion Picture Section,
United States Department of Commerce.
Line 4*—This represents the estimated total number of regular duty employeesderived from National Association of Broadcasters, The Economics of Broad, casting (manuscript), 1933.
Line J.—The number of superintendents and managers in bowling alleys, pool
rooms and amusement parks (assuming one per establishment) as reported in
Fluctuation in Employment, Ohio, has been raised to a total for the United State*
by the ratio of Ohio retail employees to all retail employees, basic data for which
ratio are given in Census of Distribution, Retail Trade, United States Summary.
To the resulting number is added the number of bookkeepers, stenographers,
onice clerks, salesmen, and wage earners raised to a United States total and ad J
justed to full time equivalent by the ratio of the average salary and wage paid to
the average salary and wage paid full time employees, as derived from Census.of
Distribution, Retail Trade, United States Summary.
Line 7.—This is a total of the number of individual theater owners as estimated
by Motion Picture Section, United States Department of Commerce and the
number of billiard room, dance haD, pleasure resort, race track, etc., keepers*
Census of Occupations, Gainful Workers by Industry extrapolated by an index
of retail trade entrepreneurs, as provided by the Cost Analysis Section, Bureau of
Foreign and Domestic Commerce.

APPENDIX A

201

TABLE 164

Line i.—The estimated gross receipts of 1930, are taken from J. F. Steiner's
Americans at Play, Recent Social Trends Monographs, 1933 extrapolated by an
index of gross income of legitimate theater corporations, data for which appear in
special tabulations of Statistics of Income.
Line £.—This item equals gross profits from operations shown in table 14
(1929-30) and table 13 (1931), Statistics of Income. Motion Picture Section,
United States Department of Commerce estimated that there was no change
from 1931 to 1932.
*
Line 8.—These estimates have been furnished by the Motion Picture Section,
United States Department of Commerce.
Line 4.—Gross income is taken from Statistics of Income, special tabulations,
and has been extrapolated for 1932, assuming the same percentage change from
1931 to 1932 as between 1930 and 1931.
Line S.—Salaries and wages paid as shown in table 171 have been raised by the
ratio of receipts to salaries and wages in amusements, as reported in Retail Trade
in Canada, 1930, and adjusted for the United States by the comparative ratios of
salaries and wages to receipts from commodity sales, derived from Census of
Distribution, Retail Trade, United States Summary, 1930, to the same for Canada.
TABLE 165

Line 7.—Withdrawals of entrepreneurs are the product of the estimated number and their average salary. The average salary is that derived from data
•on the compensation of officers given in the break-down of table 14 (1929-30)
and table 13 (1931), Statistics of Income, and their number is the result of an
-estimate of two to each theater corporation and one to each other amusement
corporation. The 1930-31 percentage change in total withdrawals is applied to
the 1931 figure for the estimate of 1932 total withdrawals.
Line 10.—Business savings of individual entrepreneurs are estimated as the
difference between their net income and withdrawals. Net income is based on the
ratio of statutory net income, adjusted for net nrofit from sale of assets, plus the
compensation of officers plus total long-term interest paid to gross income of
corporations applied to noncorporate volume of business, estimated as the difference between the total (see table 164) and the corporate figures supplied by the
Income Tax Bureau. The figure for 1932 is estimated on the basis of the 1930-31
percentage change applied to the 1931 figure.
TABLE 167

Line L—The ratio of salaries and wages to receipts in theaters other than
motion picture, Retail Trade in Canada, 1930, Preliminary Summary, adjusted
by the comparative ratios of salaries and wages to receipts in retail trade in
Canada and in the United States, Census of Distribution, Retail Trade, United
States Summary, is applied to the estimated gross receipts in legitimate and
vaudeville theaters in the United States (Recent Social Trends, vol. II, p. 949).
Tin's yields an estimate for 1929. The ratio of this estimate to salaries and wages
paid in motion picture theaters, table 169, line 1, extrapolated by an index of
the ratio of compensation of officers in legitimate theaters to the same for motion
Picture theaters (taken from break-down of table 14 (1929-30) and table 13 (1931),
Statistics of Income) is applied to the estimated salaries and wages in motionpicture theaters, table 169, line 1, to yield an estimate for the other years.
Line £.—Compensation for injuries is estimated by applying the ratio of such
compensation to salaries and wages in service industries (adjusted for amusements
by the Now York State ratio) as determined by a special survey, to the salaries
And wages, line 1.
Line -{.--Table 14 (1929-30) and table 13 (1931), Statistics of Income, show
cash dividends paid and dividends received. The difference equals net dividends
paid, with 1932 extrapolated on the basis of a corporate sample.
Line 5.—The volume of bonded debt and mortgages for all recreation and
amusement shown in a break-down of table 19 (1929-30) and table 15 (1931),
Statistics of Income, was raised to total with ratio of returns reporting balance
sheets (with net and with no net income) to total returns (with net and with no
net income) and multiplied by the average interest rate paid determined from a
corporate sample, less interest received from Federal, State, and municipal bonds,
Statistics of Income, table 14, with 1932 resulting from the extrapolation of the
above items. The distribution among the subgroups is based on the distribution
of gross income as given in table 16 (1920-30) and table 14 (1931), Statistics of
Income.

202

KATIOKAL INCOME, 1 9 2 9 - 3 2

Line £.-—A break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income, shows compiled net profit after taxes, from which were deducted net
gain from sale of assets and cash dividends paid for 1929, 1930, and 1931. Estimates for 1932 are based on the preliminary Statistics of Income figure for all
service for statutory net income, stepped up to the total, plus interest received on
Government holdings minus Federal taxes and net profit from the sale of assets
(assumed to be equal to the 1931 figure). The difference between the resulting
figure and net dividends paid is equal to corporate savings for 1932 for all service.
The distribution among the various subgroups is made on the basis of preliminary
estimates derived by applying to the 1931 figure the 1930-31 percentage change.
TABLE 168

Line 1.—The Census of Manufactures shows total motion picture production
salaries and wages. These were extrapolated by using motion picture production
and developing pay roll index, California State Unemployment Commission,
Report and Recommendations, November 1932, page 168, adjusted for changed
base year.
Line &.—Compensation for injuries was estimated by applying the ratio of such
compensation to salaries and wages in all manufactures, determined in a special
survey, to the total line 1.
Line 4.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, shows cash dividends paid and dividends received. The difference
equals net dividends paid, with 1932 extrapolated on basis of a corporate sample.
Line 6.—The sources and methods used are the same as those outlined above
for table 167, line 5.
Line £.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, shows compiled net profit after taxes. From this was deducted net profit
from sale of assets and cash dividends paid. Estimates for 1932 arc made similarly
to those for legitimate theaters.
TABLE 169

Line 1.—Number of employees, table 163, line 3, was multiplied by average
salary and wage in "theatres", Fluctuation in Employment, Ohio.
Line #.—Compensation for injuries was estimated by applying the ratio of such
compensation to salaries and wages in service industries (adjusted for amusements by the New York State ratio) as determined by a special survey, to the
salaries and wages, line 1.
Line 4-—From a break-down of table 14 (1929-30) and table 13 (1931), Statistics of Income, cash dividends received were deducted from cash dividends
paid with 1932 extrapolated on the basis of a corporate sample.
Line 6.—The sources and methods used are the same as those outlined above
for table 167, line 5.
Line £.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, presents compiled net profit after taxes from which was deducted net
gain from sale of assets and cash dividends paid. The estimate for 1932 is made
similarly to that for legitimate theaters.
TABLE 170

Line 1,—The estimated total pay roll of individual stations plus network
stations was reported by National Association of Broadcasters, The Economics
of American Broadcasting (manuscript) 1933.
Line 2:—The ratio of compensation for injuries to salaries and wages in the
communications industry, derived from a special survey, was applied to the
salaries and wages, line 1 above.
Line ^.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income, shows cash dividends paid and dividends received. The difference
represents net dividends paid, with 1932 extrapolated on basis of a corporate
sample.
Line 5.—A break-down of table 19 (1929-30) and table 15 (1931), Statistics of
Income, shows bonded debt and mortgages which are raised to total with ratio
of returns reporting balance sheets (with net and with no net income) to total
returns (with net and with no net income) and multiplied by the average interest
rate paid determined from a corporate sample. From this was deducted interest
received on Federal, State, and municipal bonds, with 1932 resulting from extrapolation of above items.
Line 5.—A break-down of table 14 (192&-30) and table 13 (1931), Statistics
of Income, shows compiled net profit after taxes from which was deducted net

APPENDIX A

203-

profit from sale of assets and cash dividends paid in 1929, 1930, and 1931. The
1932 estimate is made similarly to that for legitimate theaters.
TABLE 171

Line 1.—Salaries paid superintendents and managers of bowling alleys, pool
rooms, and amusement parks in Ohio, Fluctuation in Employment, Ohio, were
raised to total for the United States by the ratio of commodity sales, Census of
Distribution, Retail Trade, United States Summary for Ohio to the same for
the United States, and adjusted by the ratio of the average wage paid in retail
trade in Ohio to that in the United States. To this were added salaries paid
bookkeepers, stenographers, office clerks, and salesmen and wages derived in a
similar fashion from the Ohio reports.
Line 2.—Compensation for injuries was estimated by applying the ratio of
such compensation to salaries and wages in service industries (adjusted for
amusements by the New York state ratio) as determined by a special survey,
to the salaries and wages, line 1.
Line 4*—A break-down of table 14 (1929-30) and table 13 (1931), Statistics
of Income, shows cash dividends paid and dividends received. The difference
represents net dividends paid, with 1932 extrapolated on basis of a corporate
sample.
Line 5.—The sources and methods used are the same as those outlined above
for table 167, line 5.
Line 8.—A break-down of table 14 (1929-30) and table 13 (1031), Statistics of
income, shows compiled net profit after taxes for 1929, 1930, and 1931. From
this was deducted net profit from sale of assets and cash dividends paid. The
1932 estimate is made similarly to that for legitimate theaters.
B. PROFESSIONAL SERVICE
TABLE

174

Line 4>—This represents cash dividends paid less dividends received from stock
of domestic corporations, both shown in a break-down of table 14 (1929-30) and
table 13 (1931), Statistics of Income, with 1932 extrapolated on the basis of the
percentage change from 1930 to 1931.
Line J.—A break-down of table 19 (1929-30) and table 15 (1931), Statistics of
Income, shows bonded debt and mortgages, which were raised to total with the
ratio of returns reporting balance sheets to total returns (with net and with no
net income), and multiplied by the average interest rate paid as determined in a
corporate sample. From this was deducted interest received on Federal, State,
and municipal bonds, with 1932 resulting from extrapolating above items.
Line P.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, shows compiled net profits after taxes for 1929, 1930, and 1931. From
this was deducted net profit from sale of assets and cash dividends paid. The
1932 estimate is made similarly to that for legitimate theaters.
TABLE 175

Line 1.—The number of clergymen, reported in the Census of Occupations,.
1930, was estimated for the other years by applying the average annual increase
sinco 1920.
Line 2.—The salaries paid in cash to Catholic clergymen were estimated from a
survey of the dioceses raised to totals by the ratio of clergymen in the reporting
dioceses to the total for the United States given in The Official Catholic Directory.
For non-Catholic clergy the number of Catholic clergy was deducted from the
total, line 1, and the resulting number multiplied by the average salary derived
from reports from the Congregational, Christian, Protestant Episcopal, Methodist Episcopal, South and Southern Baptist churches. To this was added the
sum of other cash income and income in kind of Catholic clergymen derived the
8ame as for Catholic clergy salaries, and the rental value of parsonages furnished
non-Catholic clergy as estimated as a ratio to salaries paid by the Protestant
Episcopal Church.
t Line 8.—Pensions of non-Catholic clergy were estimated by the ratio of pensions to salaries in the Congregational and Christian Churches applied to estimated non-Catholic salaries paid, line 2.
TABLE

176

Line 1.—The number of teachers was reported in the Biennial Survey of Education 1928 and 1930, volume II chapter IV, pages 11-12 and special tabulations.
Intervening years were interpolated along a straight line, 1932/33 decline from

204

NATIONAL INCOME, 1 9 2 9 - 3 2

College Salaries, 1932-33. Other employees are derived from the salaries and
wages paid for administration and general control and for plant maintenance
(table 177, line 1) divided by the average pay of a sample of seven large colleges
and universities.
Line 2.—The number of principals in Catholic high schools and academies was
taken as equivalent to one per establishment, as reported in the Directory of
Catholic Colleges and Schools, extrapolated on the basis of an index of the
number of principals in Catholic elementary schools shown in a special survey of
the Catholic dioceses. To this was added the number of principals in nonCatholic private high schools derived by applying the ratio of principals to
teachers in Catholic elementary schools to the estimated teachers in non-Catholic
secondary schools. The number of teachers in Catholic high schools and
academies reported in the Directory of Catholic Colleges and Schools was
extrapolated by an index of the number of elementary school teachers reported
in a special survey of the Catholic dioceses. Teachers in non-Catholic schools
were estimated by deducting the above from the number of teachers in all private
high schools reported in the Biennial Survey of Education, Bulletin 1931, No. 20,
table 5, extrapolated by the same index as above. The total number of administrative and plant employees in non-Catholic schools was derived from the salaries
and wages paid such employees (estimated by the ratio of such salaries and
wages to the same for teachers in a sample of seven large colleges and universities
applied to the teachers' salary and wage estimate for non-Catholic secondary
schools) divided by the average salary and wage of administrative and plant
employees in a sample of seven large colleges and universities. To the number
of wage earners thus obtained was added the Catholic school estimate derived
from the ratio of other employees (excluding principals) to teachers given in a
special survey of Catholic dioceses, applied to the total number of Catholic
teachers derived above.
Line 8.—The number of principals in Catholic elementary schools was derived
from a special survey of Catholic dioceses and the Directory of Catholic Colleges
and Schools. The number of principals in non-Catholic elementary schools was
taken at a rate of one per school of this type reported in Statistics of Private
Elementary Schools, United States Office of Education, Bulletin 1933, No. 2,
advance pages, extrapolated by an index of the number of principals in Catholic
elementary schools. The number of teachers in Catholic elementary schools
was derived from the number reported in the Directory of Catholic Colleges and
Schools extrapolated by an index of teachers reported in a special survey of
Catholic dioceses. For non-Catholic schools, the number of teachers in this
type of school reported in Statistics of Private Elementary Schools was extrapolated with the same index as for Catholic school teachers. The number of
wage earners in Catholic elementary schools was derived from a ratio
of such employees to teachers reported in a special survey of Catholic
dioceses applied to the total estimate for teachers. The same ratio was applied
to the estimate of non-Catholic school teachers to obtain the number of nonCatholic school wage earners*
Line 4*—The ratio of the number of instructors and other employees in a special
survey of four large commercial schools to the total reported in Statistics of
Private Commercial and Business Schools was applied to the data for each year
in the special survey. An estimate for correspondence schools was derived by
raising the salaries and wages paid in a large representative school on the basis
of the ratio of its gross income to the estimated total gross income of all correspondence schools as given by the National Home Study Council. The average
salary and wage paid by the sample school was divided into the total salary and
wage estimate to obtain the number of employees. The number of teachers in
private teachers colleges and normal schools and in private junior colleges was
reported m the Biennial Survey of Education (special tabulation) and of instructors in all schools for delinquents, mentally deficient, deaf, and blind persons were
reported in United States Office of Education Circulars 70, 75,76, and 83 (1933),
in each case adjusted for private schools only with the ratio of expenditures for
education and salaries in private as compared with public schools. Intervening
years were interpolated and academic years converted to calendar year basis.
The number of other employees was derived from the salaries paid for administration and for plant maintenance in private teachers' colleges and normal schools
and in private junior colleges reported in the Biennial Survey of Education (special
tabulation) and divided by the average salary and wage of other than teaching
employees in a sample of seven large private colleges and universities. The
number of other employees in other private schools was estimated by applying
the ratio of these to instructors in teachers' colleges, etc., to the estimated number

APPENDIX A

205

of instructors in other schools. The intervening years were interpolated and
academic years converted to calendar year basis.
TABLE 177
# Line f.—A special tabulation of the Biennial Survey of Education was made to
give salaries paid for administration and general control. Intervening years were
interpolated. Teachers' salaries were obtained from a special tabulation of the
Biennial Survey of Education. Intervening years interpolated; 1932 change
from College Salaries, 1932-33. To these totals were added pensions derived
from the ratio of pensions to salaries and wages in a sample of seven large colleges
and universities applied to the total above.
Line 2.—The average cash salary paid principals in Catholic elementary schools
found in a special survey of Catholic dioceses was applied to the total estimated
principals in Catholic high schools and academies. To this was added the
estimate for non-Catholic schools based on the number of principals and an
average salary derived from the average salary of public elementary school
teachers, raised by the ratio of principal to teacher average salaries in Catholic
secondary schools. For teachers, the average cash salary paid teachers in Catholic elementary schools found in a special survey of Catholic dioceses was applied
to the total estimated number in Catholic high schools and academies. To
this was added the estimate for non-Catholic schools based on the number of
teachers and the average salary of public elementary school teachers. For
wage earners, the ratio of cash wages paid to teachers' cash salaries in a special
survey of elementary schools in Catholic dioceses was applied to the estimated
salaries paid teachers. To this was added the estimate for non-Catholic secondary schools based on the salaries and wages for administration and for plant
maintenance reported in the Biennial Survey of Education, interpolated and
adjusted for calendar years, less the salaries paid principals of non-Catholic
secondary schools, line 1 above. For payments in kind, to the estimated number
of Catholic secondary school teachers was applied the average payment in kind
received by elementary teachers reported in a special survey of Catholic dioceses.
Line 3.—The cash salaries paid principals in Catholic elementary schools reported in a special survey of Catholic dioceses raised to the total on the basis
of the number of principals was added to salaries paid in non-Catholic elementary
schools based on the number of principals applied to the average teacher salary
in public elementary schools raised by the ratio of principal to teacher average
salaries in Catholic elementary schools reporting in a special survey. For
teachers, the cash salaries paid teachers in Catholic elementary schools reported
in a special survey of the Catholic dioceses raised to the total on the basis of the
ratio of number of teachers in the survey to the number given in the Directory
of Catholic Colleges and Schools was added to salaries paid non-Catholic elementary school teachers derived from the number reported in Statistics of Private
Elementary Schools applied to the average salary of public elementary school
teachers. *For wage earners, the ratio of cash wages paid to teachers' salaries
paid determined from a special survey of Catholic dioceses was applied to the
estimated teachers' wages above. For other income, the income in kind of
Catholic elementary school employees derived from a special survey of the Catholic
dioceses raised as for cash salaries, above, was added to the pensions paid in all
private elementary schools estimated by applying to the estimated total salaries
and wages the ratio of pensions to salaries and wages in public elementary schools.
Line 4.—The salaries of teachers in commercial and business schools given in
a sample of four large schools was raised to a total by applying the ratio of instructors in all reporting schools in Statistics of Private Commercial and Business
Schools to the number In the sample schools. For other employees, the salaries
and wages of other employees in a sample of four large schools raised to a total
as above were added to the salaries and wages paid in a large representative
correspondence school raised to a total by a ratio of the gross volume of business
of all correspondence schools estimated by the National Home Study Council to
that of the sample school. To this were added the salaries of teachers in private
teachers' colleges and normal schools and private junior colleges reported in the
Biennial Survey of Education (special taoulation), with intervening years interpolated, and the expenditures for education (almost entirely salaries) in private
residential schools for blind, deaf, delinquent, etc., reported in United States
Office of Education Circulars Nos. 70, 75, 76, and 83 (1933) and interpolated.
Academic years were converted to calendar years. To this were added salaries
and wages paid for administration and for plant maintenance, as for teachers
above, added to the same for other private schools based on the approximate

206

NATIONAL INCOME, 1 9 2 9 - 3 2

Tatio of such salaries and wages to salaries of teachers. Adjustment was made
from academic to calendar years.
TABLE 179

Line 1.—The American Medical Directory listed the number of physicians and
surgeons in the United States iri 1929 and 1931 and the average of these 2 years
was assumed to be representative of 1930. Due to advance employment opportunities, tending to offset the normal increase, it was assumed that the number
of physicians was the same in 1931 and 1932 as in 1930. It was estimated by
Maurice Leven in The Income of Physicians, publication no. 24 of the Committee
on the Costs of Medical Care, that at the end of 1929 the number of private practitioners equaled 78.24 percent of the total number of physicians and surgeons.
This ratio when applied to the total number for each year gave the number engaged
in private practice.
Line 2.—The total number of dentists for 1930 was taken from the 1930 Census
of Occupations and interpolated for 1929 on the basis of the change from the 1920
census to the 1930 census. Here also the number was assumed constant after
1930. In Medical Care and the American People, publication no. 28 of the
Committee on the Costs of Medical Care, it was estimated that in 1929 the private
practitioners equaled 91.03 percent of the total number of dentists and this
percentage when applied to the above estimates of the total number for each
year yielded the number of private practitioners for the years 1929 to 1932,
inclusive.
Line 8.—Other professions in the field include osteopaths, veterinary surgeons,
chiropractors, chiropodists, optometrists, naturopaths, etc. The number of
osteopaths and veterinarians was taken from the Census of Occupations for 1930
and estimated for 1929 on the basis of the 1920 to 1930 change. In Medical
Facilities in the United States, by Allon Peebles, abstract of publication no. 3
of the Committee on the Costs of Medical Care, the number of persons engaged in
these other professions are estimated for 1929. The estimates for the 3 succeeding years were based on the trend in the number of physicians, dentists, osteopaths, and veterinarians.
Line 4.—The Census of Occupations for 1930 lists the total number of trained
nurses and the estimate for 1929 was based on the change between the 1920
census and the 1930 census and the number assumed constant from 1930 to
1932, inclusive. In Medical Care and the American People, publication no. 28
of the Committee on the Costs of Medical Care, the number of trained nurses on
private duty was estimated at 142,000 for 1929. The ratio of this figure to the
above estimated total in the same year was applied to the estimated totals in
the other years to arrive at annual estimates of trained nurses on private duty.
Line 5.—This group consists of masseurs and religious healers, and the 1929
figure was taken from Medical Facilities in the United States, by Allon Peebles,
abstract of publication no. 3 by the Committee on the Costs of Medical Care.
For the later years the estimates were based on the trend in the number of
physicians, dentists, osteopaths, and veterinarians.
Line 6.—The Bureau of Foreign and Domestic Commerce sent questionnaires
to a sample of dentists all over the United States. Information on the number of full time and part time employees was obtained for each year from 1929
through 1932. The ratios of full and part time employees to the number of
dentists as obtained from the sample were applied to the number of dentists
jachyear. The part time workers were converted to a full time equivalent on
the basis of their average salary compared to full time salaries. Some professional assistants are undoubtedly included in this number but there was no
basis for estimating their number. No data were available for estimating the
number of persons employed by the other professional persons in this field.
TABLE

180

Line 1.—The Bureau of Foreign and Domestic Commerce sent questionnaires
to a sample group of physicians and doctors all over the United States requesting
data on their gross and net income for each year from 1929 to 1932, inclusive.
The average net income thus obtained for each vear was multiplied by the number engaged in private practice in each year.
Line 2.—The net income of dentists for the year 1929 was assumed to be the
estimated income as presented by Maurice Leven in the Income of Physicians,
publication no. 24 of the Committee on the Costs of Medical Care. A large number
of questionnaires was sent to dentists but the sample appeared to have a marked

APPENDIX A

207

bias so the average income from this sample was not used, but the trend of the net
income for the 4 years was used and applied to the above figure.
Line 3.—In Medical Facilities in the United States, by Allon Peebles, abstract
of publication no. 3 of the Committee on the Costs of Medical Care, the average
income in 1929 was obtained for osteopaths, chiropodists, and chiropractors.
Prom these estimates an estimated average income for the rest of the group was
made except for veterinarians. The report of the committee on education of
the American Veterinary Medical Association included an estimate of the average
income of practicing veterinarians in 1931. The average incomes for the professional classes in this group were estimated for other than 1929 (1931 for
veterinarians) on the basis of the trend in the average incomes of physicians and
•dentists. The average income for the entire group for each year was multiplied
by the estimated number employed in each year.
Line 4-—In Medical Care and the American People, publication no. 28 of the
Committee on the Costs of Medical Care, the average income for trained nurses was
-estimated at $1,200 for the year 1929, based on various sample surveys. The
trend in the average income for the succeeding years was assumed to be the same
•as the trend in the average income of physicians and dentists. The average
income for each year was multiplied by the number employed each year.
Line 5.—In Medical Facilities in the United States, by Allon Peebles, abstract
of publication no. 3 of the Committee on the Costs of Medical Care, the average
income in 1929 for those in this group was estimated and the estimates for the
•succeeding years were based on the trend of incomes of physicians and dentists.
The estimated average income each year was multiplied by the estimated number
•employed each year.
Line 6.—The dental survey furnished the average incomes for full time
•employees and for part time employees in each year and these were multiplied by
the estimated number of full and part time employees.
TABLE 181

Line 1.—Thisfigurerepresents the average net income of physicians, which was
•obtained from the survey described in the preceding table.
Line 2.—The per capita net income of dentists was derived from the Income of
Physicians for 1928, which average was assumed to be representative of 1929 and
"projected on the basis of the trend in the income of dentists included in our survey.
Line 8.—The derivation of the average net income for this group was explained in line 3 of the preceding table.
Line 4,—As explained in line 4 of the preceding table, the average income of
trained nurses was taken from Medical Care and the American People for 1929
and projected on the basis of the trend in the average net income of physicians
•and dentists.
Line 6.—The per capita income for this group was explained in line 5 of the
preceding table.
Line 6.—Obtained in the dental survey.
Federal, State, and municipal hospitals having been included in the data on
governments, these estimates are only for private hospitals, i.e., operated by
individuals, corporations, fraternities, churches, and independent hospital associations. Most of the basic material used in making the estimates was derived
from various publications of the Committee on the Costs of Medical Care. A few
•additional studies on hospital costs and operations were also used.
On page 5 of Medical Care and the American People, publication no. 28 of the
Committee on the Costs of Medical Care, the number of hospital beds for nonGovernment hospitals was reported for 1930. This number was extrapolated
for 1929, 1931, and 1932 on the basis of the trend in the number of hospital beds
an Ohio, as shown in the annual reports of the Ohio Department of Health, and in
*he hospitals included in the annual reports of the United Hospital Fund of New
York. These latter two publications also included average operating costs per
"bed for the 4 years, 1929-32, and these two samples were combined to arrive at
an estimated operating cost per bed in the United States for the 4 years. The
•estimated number of beds times the average operating cost per bed gave an
"estimate of total operating costs.
Ratios of pay rolls to operating costs were available from two sources, i.e., the
reports of the united Hospital Fund of New York and a special study of 16 hospitals published on page 56 of the March 1932 issue of Hospital Management.
From these two sources ratios of pay rolls to operating costs were estimated and
when applied to the estimated total operating costs yielded estimates of total
pay rolls for the 4 years.

208

NATIONAL INCOME, 1929-32

A study of wages and personnel in 1928 in 279 hospitals was made by theUnited States Personnel Classification Board and published as Document 602,
Seventieth Congress, second session. The given occupations were regrouped intothe following six classes: Principal officers and professional employees; other
salaried workers; graduate nurses on the hospital staff; wage earners; internes,,
and student nurses. The distribution of the total pay roll as between these
groups was applied to the estimated total pay roll for 1929 in the United States.
For the following years the distribution was varied arbitrarily, based on the
characteristics found in other industries, i.e., relatively larger portions of the total
pay roll going to the salaried groups as the depression continued to force total
pay rolls downward. Applying those distributions, the pay rolls to each of the
6 groups for each of the 4 years were determined.
Average wages and salaries by occupations were available from the above
survey of the United States Personnel Classification Board and from two studies
in Hospital Management, August 1931, page 19, and November 1931, page 51.
With these three sources as a basis, arbitrary average wages and salaries were
determined for each of the occupational groups for the 4 years and when divided
into the total pay roll for each group, gave the estimated number employed.
TABLE

182

Line 1.—See general description above for method of derivation.
Line 2.—The distribution of total pay rolls for 1929 was taken from the United
States Personnel Classification Board's publication and applied to the estimates
of total pay rolls in all non-Government hospitals in the United States as
described above. Estimates of maintenance are included here. The results of a
survey of 17 hospitals in 13 States, published on page 17 of the August 1932 issue
of Hospital Management, included data on the number of employees in different
occupations who received maintenance from the hospitals in addition to money
compensation. The ratios of the number in each class receiving maintenance to
the total reported in each class were applied to the estimated total number
employed in the United States by classes. This gave the number of hospital
employees getting maintenance along with their salary.
In connection with the domestic and personal service group, questionnaires
were sent to public and private employment offices all over the country to get
wages paid, including maintenance and wages paid without maintenance. The
difference between these two figures was taken as representative of costs of maintenance and as a weekly rate it was $6.30 for both 1929 and 1930; $5.71 in 1931,
and $5 for 1932. These weekly rates were placed on an annual basis by using
50 weeks, assuming the hospital employees left the hospitals an average of two
weeks each year. This procedure assumes the maintenance costs of an employee
in a household to be the same as an employee in a hospital and may be high.
TABLE

183

Line i.—The 1930 Census of Occupations lists the total combined number of
lawyers, judges, and justices. The number in this group was estimated for 1929
on the basis of the change from the 1920 census to the 1930 census and assumed
the same for 1931 and 1932 as for 1930. In the statistics of occupations by
industries, the 1930 Census of Occupations gave the number of lawyers in the
professional service field, and the ratio of this group to the total number of lawyers, judges, and justices for 1930 was applied for each year.
The Bureau of Foreign and Domestic Commerce sent out over 6,000 questionnaires to a sample group of lawyers taken from the Martindale-Hubbell Lawyers
Directory. From the results of this survey the number of both full and part
time professional and nonprofessional employees was obtained. The i>art
time professional and nonprofessional workers were converted to a full time
equivalent on the basis of the ratio of their average salaries to the average salaries
of full time workers. The number of professional employees per partner or
individual practitioner was used to estimate the total number of independent
lawyers in the professional service field and the number of lawyers who worked
for other lawyers in this field.
Line 2.—-From the survey of lawyers described in line 1, the number of nonprofessional employees per partner or individual practitioner was ascertained for
each year and applied to the total number of partners and individual employers*

APPENDIX A
TABLE

209

184

Line i.—To obtain an estimated average net income for lawyers, various sources
"were studied and the average income for lawyers who were graduated from land
jrant colleges was used as a base after being adjusted by the ratio of the net
income of physicians formed from our survey to the net income of physicians who
were^ graduated from land grant colleges. This average representing 1928 was
•obtained from the Survey of Land Grant Colleges and Universities in the United
States, published in 1930 by the United States Department of the Interior, Office
of Education. The 1928 average was assumed to be the same in 1929 and was
projected forward on the basis of the trend of accountants' net income derived
from the questionnaire returns.
Line 2.—From the questionnaires received from lawyers, the average salary for
nonprofessional employees was taken and this average was multiplied by the
number of nonprofessional employees as given in the preceding table.
TABLE

1S6

Line /.—Four classes of engineers are listed in the 1930 Census of Occupations,
namely, civil, electrical, mechanical, and mining. In the industrial classification
of occupations is listed the number of each of these groups in the professional
service field. The latter figures represent those engineers who were unattached
to other industries and presumably were mostly engaged in consulting activities.
The Bureau of Foreign and Domestic Commerce sent questionnaires to over
3,000 consulting engineers selected from various association directories. The
number of full and part time employees was requested on these schedules. The
number of part time workers was converted to a full time equivalent from the
ratio of their average salary to the average salary of full time employees. Thus
the number of full time employees per partner or individual employer was obtained. This number was divided into two groups—professional and nonprofessional. Having the total number of engineers in professional service in 1930
find the ratio of professional employees to employers for each year it was thus
possible to apply the ratio to the total and determine how many of the total
were partners or individual employers and how many were salaried employees in
1930. The number of employers was estimated for 1929 on the basis of the
1920-30 trend derived from the Census of Occupations, while no change was assumed for 1931 and 1932 due to lack of employment and unemployment data
in this field.
Line 2,—The survey of engineers supplied the data for the ratio of employees
to employers for each year and these ratios were applied to the estimated number
of consulting engineers for each year as shown in line 1 of this table.
TABLE

187

Line !.—From the questionnaire replies, the average net income and the
average withdrawals per partner or individual were calculated. A larger group
reported net income than reported both net income and withdrawals. From
the schedules reporting both, the ratio of withdrawals to net income was obtained
find applied to the average net income derived from the entire group reporting.
This line represents the average withdrawal per consulting engineer multiplied
by the estimated number of consulting engineers as given in the preceding
table.
Line 2.—The questionnaires sent to engineers also included requests for information on the average salary paid to employees. The average so obtained was
multiplied by the number of employees as given in the preceding table.
Line 4.—Business savings represent the difference between net income and withdrawals, both of which were included on the questionnaire.
C. PERSONAL SERVICE
TABLE

189

Line 1,—This was taken from the Census of Hotels, special tabulations for
full time and part time hotels with estimates for hotels not covered therein
(under 25 rooms), with duplication in employment in part time hotels eliminated by a ratio estimated from the same source, and extrapolated with the
Bureau of Labor Statistics index of employment in hotels.

210

NATIONAL INCOME, 1 9 2 9 - 3 2

Line £.—From the Census of Manufactures, Power Laundries, the number
of salaried officers and employees was extrapolated by ratios to wage earners,
laundrv and dry cleaning, Fluctuation in Employment, Ohio, applied to estimated "wage earners and added to the number of wage earners given in the same
census "source, extrapolated by the Bureau of Labor Statistics index of employment in power laundries adjusted to 1931 census data.
Line S.—From the Census of Manufactures, Cleaning and Dyeing, the number
of salaried officers and employees was obtained and extrapolated by ratios to
wage earners, as reported in laundry and dry cleaning, Fluctuation in Employment, Ohio, applied to estimated wage earners and added to the number of wago
earners given in the same census source, extrapolated by Bureau of Labor Statistics index of employment in establishments adjusted to 1931 census data.
These were raised by the ratio of total volume of business including plants under
$5,000 to the census total estimated by N. I. Stone, unpublished report, Research
and Planning Division, National Recovery Administration.
Line 4.—The number of gainfully occupied barbers, hairdressers, and manicurists in the Census of Occupations, 1930 was adjusted for employment with
the Census of Unemployment, 1930 and extrapolated with the adjusted Bureau
of Labor Statistics index of employment in retail trade.
Line 6.—The number of full time and part time hotel proprietors and firm
members taken from the Census of Hotels, 1930, was added to the estimated
number of hotels not covered, same source, and extrapolated by the index of
entrepreneurs in retail trade, table 117, line 5. To this was added the number
of proprietors and firm members in power laundries and in dyeing and cleaning
establishments, given in the Census of Manufactures, 1929, extrapolated with
an index of the decline in the number of establishments, Census of Manufactures,
1931, preliminary report, interpolated for 1930 and extrapolated for 1932 on a
straight line.
TABLE

190

Line 1.—From the Census of Hotels, special tabulations for full time and part
time hotels with estimates for hotels not covered therein (under 25 rooms) were
extrapolated with the Bureau of Labor Statistics index of pay rolls in hotels.
Gratuities and the value of board and lodging furnished were estimated as ratios
to total sales from a survey of representative hotels by Horwath and Horwath.
Line 2.—From the Census of Manufactures, Power Laundries, the salaries
paid were extrapolated by the ratio to wages paid reported in laundering and
dry cleaning, Fluctuations in Employment, Ohio, and applied to estimated
wages and added to wages paid given in the same census source, extrapolated
by the Bureau of Labor statistics index of pay rolls in power laundries adjusted
to 1931 census data.
Line 5.—From the Census of Manufactures, Cleaning and Dyeing, the salaries
paid were extrapolated by ratio to wages paid reported in laundering and dry
cleaning, Fluctuations in Employment, Ohio, and applied to estimated wages and
added to wages paid given in the same census source, extrapolated by the Bureau
of Labor Statistics index of pay rolls in cleaning and dyeing establishments adjusted to 1931 census data. The totals were raised by the ratio of the total
volume of business including plants under $5,000 to the census total estimated
by N. I. Stone, unpublished report, Research and Planning Division, National
Recovery Administration.
Line 4.—The average wage paid barbers and hairdressers given in Fluctuations
in Employment* Ohio, 1929, was raised to the average for the United States
with the ratio of average wages in retail trade in the United States to the average in Ohio reported in Census of Distribution, Retail Trade, United States
Summary, 1929, adjusted by the ratio of average wages similarly estimated in
laundering and cleaning and dyeing to the average wage in these industries for
the United States in the Census of Manufactures, 1929. Gratuities were estimated by a ratio to salaries and wages as supplied by the Division of Research
and Planning, National Recovery Administration.
Lines 6 to 0.—Compensation for injuries was based upon the ratio of compensation to salaries and wages paid in sample reports from State compensation
commissions applied to the total salary and wage estimate for the United States.
TABLE

192

Line 4.—Cash dividends paid less dividends received from stock of domestic
corporations, were obtained from a break-down of table 14 (1929-30) and table 13
(1931), Statistics of Income, with 1932 extrapolated, assuming the same percentage change from lp31 to 1932 as from 1930 to 1931

APPENDIX A

211

Line 6.—A break-down of table 19 (1929-30) and table 15 (1931), Statistics
of Income, reported bonded debt and mortgages, which were raised to total with
ratio of returns reporting balance sheets to total returns and multiplied by the
average interest rates paid determined in a corporate sample. From this was
deducted interest received on Federal, State, and municipal bonds, with 1932
resulting from extrapolation of above items.
Line 7.—Total withdrawals of entrepreneurs were estimated as the product
of their number and the average income of salaried workers in laundries and
cleaning and dyeing establishments and of all employees in hotels.
Line 9.—A break-down of table 14 (1929-30) and table 13 (1931), Statistics of
Income, showed compiled net profits after taxes from which was deducted the net
profit from sale of assets, and the cash dividends paid for 1929, 1930, and 1931.
The 1932 estimate is made similarly to that for legitimate theaters.
Line 10.—The ratio of statutory net income, adjusted for realized changes in
value of assets plus compensation of officers plus long-term interest paid to corporate volumes of business was applied to unincorporated volume of business, less
withdrawals, line 7. The 1932 estimate was based on the percentage change in
corporate savings.
D. DOMESTIC SERVICE
TABLE

193

Lines 1 to 9,—The number of employees in the different classes of domestic
service from the Census of Occupations, 1930, was adjusted for employment by
the Census of Unemployment, 1930, and extrapolated with an index based on the
trend of the ratio of unemployment from above and from the Census of Unemployment, 19 Cities, 1931. See appendix for further explanation.
TABLE

194

Lines 1 to 9.—The average wages paid, with room, with board or with both,
were obtained by a special survey of governmental and private employment
agencies. From a total of 35 returns the average wage reported in each geographic
region was weighted by the number of that class of employee in each region to
obtain an average for the United States. These averages were applied to the
estimated number of employed as given in table 193 to give total wages paid.
E. BUSINESS SERVICE
TABLE

196

Line L—The number of accountants and auditors in professional service is
given in Census of Occupations, 1930, and estimated for 1929 by the average
annual increase from 1920 to 1930, same source, and assumed constant thereafter.
Proprietors are segregated from employees by ratios derived from a special survey.
(See appendix E, table 11.)
Line &—The average salary and wage paid was obtained from a special survey
of commercial organizations and was applied to the estimated total salaries and
wages, table 197, line 2.
Line 8.—The average salary and wage estimated by the commercial organization division, United States Chamber of Commerce, was applied to the estimated salaries and wages, table 197, line 3.
Line 6.—See line 1, above.
TABLE

197

Line i.—The average salary and wage of employees was obtained from a special survey of accountants, appendix L, table 11, and applied to the estimated
number of employees, table 196, line 1.
Line £.—The ratio of salaries and wages to gross expenditures was derived from
a special survey of commercial organizations and was applied to gross expenditures
of all trade associations estimated by the Trade Association Section, United
States Department of Commerce, and extrapolated with an index of the trend in
the special survey above.
.
Line 8.—The ratio of salaries and wages paid to gross income was derived from
a survey of chambers of commerce by the Commercial Organization Division,
United States Chamber of Commerce, and was applied to gross income derived from
the same survey.

212

NATIONAL INCOME, 1929-32
TABLE

199

Lines 2 and 4.—The average income and withdrawal of accountants were
derived from a special survey, appendix E, table 9, and applied to their number.
F. MISCELLANEOUS SERVICE
TABLE

200

jj(ne xt—xhe number of employees in each group given in Fluctuations in
Employment, Ohio, 1929, and special tabulations for subsequent years was raised
to the total for the United States by the ratio of retail trade employees in the
United States to the same in Ohio, reported in the Census of Distribution, Retail
Trade, United States Summary, 1929, adjusted by the ratio of similarly estimated
employees in laundering and cleaning and dyeing to the numbers given in these
industries for the United States in the Census of Manufactures, 1929.
Line 2.—From the numbers of photographers in professional service and of
undertakers and cemetery keepers given in Census of Occupations, 1930, was
deducted the estimated number of employees in these occupations determined as
in line 1 above.
TABLE

201

Line 1.—Same sources as table 200, line 1.
Lines 2 and 3,—Same source as table 192, lines 4 and 5.
Line 5.—The average income of salaried employees in Fluctuations in Employment, Ohio, adjusted for the United States by the ratio of salaries and wages
in retail trade, United States to Ohio, reported in the Census of Distribution
1929, United States Summary, was applied to the estimated number of individual
entrepreneurs for 1929 extrapolated with an index of entrepreneurs in retail trade.
Line 7.—Same source as table 192, line 9.
XII. MISCELLANEOUS
TABLE

202

The number of employees and entrepreneurs in forestry is taken from the
Census of Occupations, 1930, chapter 7. The estimate of employees is adjusted
for unemployment with the Census of Unemployment, 1930, and extrapolated by
means of the Federal Reserve Board index of employment in sawmills and millwork. The number of entrepreneurs is kept constant.
The basic figure of 50,000 for all persons engaged on harbor craft is derived
from the Census of Occupations, 1930, after making several adjustments in the
total water transportation group. Extrapolation for the other years is on the
basis of the water transportation employment index. It is assumed that one
third of the number are entrepreneurs and the others, employees.
The total number of people engaged in the taxicab field is estimated on the
assumption that there are tyi people for each cab. The total number of cabs is
based on registration in various cities, persons per cab, and the total urban
population. Of the total number engaged it is assumed, on the basis of a New
York City survey, that 25 percent are entrepreneurs. The 1932 figure is estimated to be the same as in 1931.
The number of employees engaged in the brokerage business is derived from
the total for banking and brokerage reported in the Census of Occupations, 1930.
From this total, our estimate of banking employees is subtracted. It is assumed
that the number of entrepreneurs in the brokerage field in all years is 30,000
(based on the number of individual returns from finance business in Statistics of
Income). The net figure after subtracting entrepreneurs is adjusted for unemployment and extrapolated on the basis of an index of the trend of unemployment based on data in the Census of Unemployment, 1930, and from the Census
of Unemployment, 19 Cities, 1931.
This also includes all persons engaged in professional pursuits in the professional service industry not included in the preceding analysis. In the 1930
Census of Occupations, the occupation by industry break-down in this field permits a break-down between the number of persons in independent professional
service and the number of employees in this field. From these totals it is necessary to exclude all those employees included in other fields, such as school teachers, college presidents, etc., and all those previously accounted for such as lawyers,
physicians, dentists, engineers, etc. The balance represents the number of employers or individual practitioners for 1930. The number for each of the other

APPENDIX A

213

years is based on the trend in the professions previously covered, i.e., lawyers,
engineers, physicians, etc. This group includes architects, authors, chemists,
inventors, artists, etc. The number of ail other employees in the professional
service industry is estimated for 1930 by the same method as used in line 1, for
employers and individual practitioners.
The total number listed under "not specified industries and services" in the
Census of Occupations, 1930, chapter 7, is adjusted for unemployment and
extrapolated by means of an index compiled after estimating the trend in unemployment from the Census of Unemployment, 1930, and the Census of Unemployment, 19 Cities, 1931.
The number of fishermen is reported in the Census of Occupations, 1930,
chapter 7, and assumed to be constant for all years. The number of individuals
in hand trades is reported in the Census of Occupations, 1930, chapter 7, and
assumed to be constant for all years.
TABLE 203

Line 1.—See explanation of line 8, below.
Line 2.—Other income includes unclassified pensions, pensions paid by finance
other than banking, and nonallocable pensions, as estimated by M. W. Latimer
of the Industrial Relations Counsellors, Inc., for 1929, 1930, and 1931. The
1932 figure is assumed to be equal to the 1931 estimate.
Line 4-—Dividends paid are net originating in the industry and estimated as
the difference between total paid and total received. Included here are the
figures for fishing and forestry, public utilities not covered elsewhere, stock and
bond brokers, loan and financing companies, business service, and corporations
not elsewhere classified. The data are taken from a break-down of table 14
(1929-30) and table 13 (1931), Statistics of Income, and 1932 assumed to be the
same as 1931.
Line 5.—Interest is net interest paid and estimated as the difference between
total interest on long-term debt and interest receipts on Government holdings.
The industries covered arc the same as for dividends. Long-term debt, as given
in the break-down of table 19 (1929-30) and table 15 (1931), Statistics of Income,
is stepped up to the total on the basis of the ratio of the number of income tax
returns to the number of balance sheets reported separately for corporations having net income and those having no net income. An average interest rate of 6
ercent is used. Interest payments in 1932 are assumed to be equal to the 1931
gure.
Line 6.—This is the net balance of international interest and dividend payments as reported in The Balance of International Payments of the United
States in 1932, issued by the Bureau of Foreign and Domestic Commerce.
Line 8,—All income figures for individuals, employees, and employers, are a
product of the estimated number and an average income. The average pay in
lumber factories is assumed to be the average income of employees in forestry.
The average salary paid in lumber factories is used for entrepreneurial income.
The average pay in water transportation is used for both employees and entrepreneurs in harbor craft. The average pay of truck drivers is used for both
employees and entrepreneurs in the taxicab business. The average salary paid in
manufacturing is used for brokerage business. The average salary paid to dental,
legal, and engineering employees is used for miscellaneous professional employees.
The average pay of all manufacturing employees is used for unclassified. A
memorandum from the Bureau of Fisheries gives income and number of fishermen for 1929, 1930, and 1931, from which an average income is derived. The
1932 figure is assumed to be equal to the 1931 estimate. The average pay of all
manufacturing employees is used here for independent hand trades. The average income of entrepreneurs from the finance business is estimated on the basis
of Statistics of Income data on individual returns and extrapolated for the later
years with average legal withdrawals as index. For miscellaneous professionals
the average withdrawals of legal, engineering, and curative professions is used.
Line 10.—Corporate savings are estimated as the difference between net income
after taxes, adjusted for net profit from sale of assets, and total dividends paid.
They include thefiguresfor the industrial fields listed in the note on line 4, above.
The data are given in the special break-down of table 14 (1929-30) and table 13
(1931), Statistics of Income, and assumed to be the Bame in 1932 as in 1931.

37205—34

APPENDIX B
T A B L E Incorporation
income tax returns for 1929,1930, and 1981 filed by concerns whose predominant business is classified under the following
subdivisions of "Mining and Quarrying"—Metal mining, anthracite, bituminous coal, and oil and gas; showing analysis of compiled
receipts and statutory deductions, also net profit (or net loss), statutory net income less statutory deficit, tax, and net profit after deducting tax
{Composite for returns showing net income and no net income but excluding returns filed for inactive corporations]
Distribution

Metal mining

1920
A. Receipts, taxable Income:
Qross sales
..
.
. . . . . . $1,124,816,101
Profit or loss from sales:
423,186,681
Returns showing profit...
...
1,419,523
Returns showing loss
....—
421,767,158
Profits less lossesi
—
Qross profits from operations other than amounts tabulated as gross
31,839.202
sales...._...........................................—.......—..——.
13,397,887
Interest
.
—
—
2,003,712
Rents
4,807,429
Profits from sale of real estate, stocks, bonds, and other capital assets—
10,365,813
Miscellaneous receipts
B. Roceipts, tax-exempt income:
23,744,785
Dividends on capital stock of domestic corporations
4,118.086
Interest on Federal, State, and municipal bonds—
1,215,693,105
0 . Total compiled receipts *
D. Statutory deductions:
703,049,033
Cost of goods sold
.
6,212,002
Compensation of officers
......
29,747,607
Interest paid
31,281,623
Taxes paid other than income tax
1,775,553
Bad debts
49,089.871
Depreciation
.—
——
80,488,928
Depletion
Loss from sale of real estate, stocks, and bonds'
120,961,351
Miscellaneous deductions
1,022,605,968
E. Total statutory deductions
103,087,137
F. Compiled net profit less net loss
G. Less tax-exempt interest and dividends on capital stock of domestic corpora*
27,862,871
tions to arrive at statutory net income..
165,224.266
H. Statutory net income less statutory net deficit
--.-.
6,523.797
1. Net loss for prior year deducted by concerns reporting net income for 1929..
158,700.469
J. Statutory net income (H) less statutory net loss for prior year (I)
20,053,890
K. Total tax...
....
——
..—........——..—.—.—..—
173,033,247
L. Compiled net profit (F) less total tax (K)

Anthracite

Bituminous
coal

0 0 and gas

Nonmetallio
and others

Total

$292,237,453

$885,346,412

$796,705,383

$453,509,967

$3,552,616,400

70,263,106
130,453

163,915,029
2,180,343
161,734,686

337,764,150
4,987,636
332,776,514

192,532,757
533,258
191,999,499

1,187,661,813
9,251,213
1,178,410,600

7,865,745
1,741,035
4,656,410
621,869
3,728,083

51,670,040
13,952,936
6,174,100
19,898,550

74,238,968
13,438.558
2,861,674
29,180,040
45,744,323

48,960.723
5,787.626
6,070.496
7,780,285
17,460,651

214,474,678
44,857,439
30,145,258
48,563,723
97,197,320

4,085,121
1,226,971
317,062,717

4,973,105
2,725,702
005,133,178

11,561,630
1,652,574
975,383,159

14,470,427
1,754,807
555,794,882

69,735,077
11,478,140
4,059,067,041

222,104,710
1,767,005
10,230,153
14,498,753
1,275,036
17,705,451
7,250,456

723,611,726
15,001,693
27,839,929
19,600,464
2,819,809
49,127,898
18,483,467

463,928,869
I4.8S8.959
22,913,687
14,892,535
3,107,710
80,519,988
106,484,593

261,510,468
18,439.907
20,532.453
11,182,533
2,661,082
31,886,576
30,045,769

2,374,204,800
50,309,626
111,263,829
91,455,908
11,539,190
228,329,784
242,753,213

33,596,824
308,428.388
8,634.329

142,253.238
998,738,224
4 3,605,046

225.830,471
932.566,812
42,816,347

117,268,250
493,427,098
62,367,784

639,910,134
3,755.766,490
303,300,551

6,212,092
2,422,237
659,720
1,762,517
1,339,793
7,294,536

7,698,807
«11,303,853
2,628,807
«13,932,660
3,940,062
* 7,645,108

13,214,213
29,602,134
7,371,675
22,230,459
10,437,571
32,378,776

16,225,234
46,142,550
3,301.031
42,838,519
8,547,482
53,820,302

71,213,217
232.0S7.334
20,488.030
211,599.301
44,318,708
258,981,753

70,132,743

i
I
to
to
CO

idends distributed:
Cash dividends.
Stock dividendss

i
.

20,692,358
75,650

31,815,442
433,575

80,952,900
7,354,872

72,875,124
7,116,871

425,058,202
39,449,798

20,668,008

32,249,017

88,307,772

79,991,995

464,508,000

290,916,093

790,083.614

426,394,693

396,112,930

2,625,537.600

66,808,110
203,291
60,604,819
2,2-18,191
1,480,094
4,435,661
2,528,484
5,673,135

142,682,536
3,679,106
139,003,430
37,022,545
8,660,894
14,124,149
3,676,815
16,855,209

217,284,143
5,391,389
211,892,754
43,690,427
7,602,857
6,107,330
50,823,200
20,022,471

165,481,636
1,881,298
163,600,338
36,619,325
6,478,703
6,935,337
6,991,021
9,044,677

760,102,028
15,247,151
744,854,877
120,680,472
29,939,361
32,932,271
65,791,444
64,998,072

8,196,623
903,938

4,459,756
2,699,939
877,482,921

24,091,028
1,759,529
579,391,535

8,759,228
1,652,003
471,503,224

63,580,883
10,100,821
3,009,566,921

651,080,184
14,611,268
25,277,672
16,824,996
45,900,807
15,982,625
12,548,652
125,894,262
912,394,268
^34,911,347

214,501,939
11,892,565
17,762,039
12,118,889
3,165,315
63,171,853
76,687,550
10,423,607
164,379,532
603,003,289
16,388,246

232,522,182
17,634,864
18,671,220
11,300,648
3,181,172
31,636,607
23,711,280
7,418,040
95,008,579
441,145,004
30,448,220

1,880,692,813
50,856,497
85,410,756
82,089,737
11,277,977
194,444,464
182,605,522
33,698,515
469,089,907
2,990,226,218

7,159,695
4 42,071,042
1,868,829
«43,939,871
2,637,057
4 37,548,404

25,850,657
4 9,462,311
3,873,661
4 13,335,972
7,723,934
8,664,312

10,411,231
20,036,989
2,026,614
18,010,375
6,656,145
23,792,075

63,681,701
4 44,340,998
8,776,954
4 53,117,952
21,474,495
4 2,133,789

28,458,405
304,972

103,135,313
3,493,349

49,003,677
2,720,684

302,641,370
12,614,082

1030

A. Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit.
Returns showing loss
Profits less losses i
Gross profits from operations other than amounts tabulated as gross salesInterest
Rents
,
Profits from sale of real estate, stocks, bonds, and other capital assets
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
Interest on Federal, State, and municipal bonds..
C. Total compiled receipts«
D. Statutory deductions:
Cost of goods sold
,
Compensation of officers
—
Interest paid..
.——
—.
Taxes paid other than income tax
Bad debts
Depreciation
Depletion
Loss from sale of real estate, stocks, and bonds
Miscellaneous deductions......
E. Total statutory deductions
F. Compiled net profit less net loss
G. Less tax-exempt interest and dividends on capital stock of domestic corpora*
tions to arrive at statutory net income
H. Statutory net income less statutory net deficit
I. Net loss for prior year deducted by concerns reporting net income for 1930...
J. Statutory net income (H) less statutory net loss for prior year (I)
K. Total tax
It. Compiled net profit (F) less total tax (K)
Cash and stock dividends distributed:
Cash dividends
Stock dividends

316,382,210

224,311,274
1,471,075
10,259,838
12,950,694
1,007,567
11,153,431
6,365,136
119,513
31,527,853
299,172,381
17,209,838
9,100,561
8,109,277
666,619
7,442,758
1,269,900
21,398,833

3,473,802

19,340,706

28,763,377
106,740,219 |
21,398,833
106,628,662
51,724,361
316,266,452
Total dividends distributed..
i " Gross sales" less "cost of goods sold" (shown under statutory deductions).
* Includes net profit from the sale of real estate, stocks, bonds, etc., and othei capital assets, but not gross receipts from tbese items. Excludes nontaxable income reported in
schedule L of the return, except interest on tax-exempt obligations and dividends ion stock of domestic corporations.
* Not available.
< Deficit.

TABLE 1,—Corporation income tax returns fbr 1989,1980, and 1931filedby concerns whose predominant business is classified under the following
subdivisions of "Mining and Quarrying"—Metal mining, anthracite, bituminous coal, and oil and gas; showing analysis of compiled
receipts and statutory deductions, also net profit (or net loss), statutory net income less statutory deficit, tax, and net profit after deducting
tax—Continued
Distribution

Metal mining

Anthracite

Bituminous
cool

Oil and gas

Nonmetallio
and others

Total

1931
$439,6*1,335

$323,634,889

$508,902,744

$366,200,423

$283,127,906

$1,981,517,387

08,750,071
0,441,783
92.308.2S8
8,656.072
4,483,803
2,155,553
1.657,834
fi.550.7G3

60,924,669
199,836
66,721,833
3.872,000
2,467,565
5,030,465
541,007
3,323,105

06,882,242
3,492,541
93,3S0,701
21,820,002
0.855,777
11,820,801
889,272
10,357,655

133,282,805
2,488,116
130,704,600
41,385,305
6,488,838
2,060,810
12,242,077
8,641,360

111,313,690
1,752,657
109,591,142
32,240,376
4,056,982
3,733,723
3,311,222
9,279,505

507,183,486
14,374,832
492,808,654
107.073,854
21.352,965
24,810,355
18,642,312
37,152,478

4,003,645
2,145,063
468,304,06S

8,171,131
436,868
347,478,029

4,016,249
2,169,490
626,861,003

13,808,612
1,780,270
452,700,704

4,721,747
1,389,144
341,860,695

34,841,384
7,920,814
2,237,211,579

347,343,047
4,793,186
13,303,030
22,523.720
1,229,355
34,280,268
33,026,584
2,459,613
73,486,014
533,345,417
• 65,041,349

256,910,056
1, CCU, 674
12,641,546
14,631,480
815,461
12,588,082
6,448,857
2,044,050
32.733,655
340,484,370
6,993,650

475,613,043
12,382,611
21,197,174
14,^04,358
3.042,763
43,009,130
10,219,845
0,389,310
82,142,786
668,391,020
M l , 520,027

235,405,733
0,065,886
23,548,156
12,002,355
3,170,350
74,859,461
41,436,821
•
13,930,223
143,492,701
557,010,701
« 105,203,007

173,636,864
16,165,138
15,328,076
10,183,808
5,959,959
29,521,027
10,348,633
5.861,200
70,215,857
349,126,661
• 7,265,866

1,488,703,733
44,976,4%
86,018,682
73,925,721
14,226,897
104,261,568
108,380,743
30,688,314
408,071,016
2,419,258,069
•212,046,490

6,148,708
• 71,100,057
786,244
«71,976.:-:01
1,003,377
«66.p46,72G_

8,607,990
• 1,614,340
526,383
• 2,140,723
622,315
6.371,344

0,215,730
«47,744,760
586,526
•48,331,292
1,038,874
•42,567,901

15,678,801
•120,SS2,7SS
2,521,425
•123,404,223
1,033,622
MOO. 237.529

6,110,891
•13,376,757
1,830,712
•15.207,469
3,511,008
•10,776,874

4i,762.228
•254,808,718
6,251,290
•201,060,003
7,211,106
•219.257,086

51,100,785
301,513
61,402,208

43,201,485
4,214,722
47,446,207

173,314,951
4,080,205
178,205,156

41,791,701
774
41,792,475 I

17,590.856
17,700
17,608,556

19,630,124
415,496 |
20,045,620 1

i"Gross sales" less "cost of goods sold" (shownunder statutory deductions.)
* Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross receipts from these items. Excludes nontaxable income reported in
schedule L of the return, except interest on tax-exempt obligations and dividends on stock of domestic corporations,
»Not available*
• Deficit.

NATI

A. Receipts, taxable income:
Gross sales
-.
Profit or loss from sales:
Returns showing profit
,
Returns showing loss
Fronts less losses«
Oross profits from operations other than amounts tabulated as gross sales.
Interest
—
-.
Rents
Profits from sale of real estate, stocks, bonds, and other capital assets.
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
...
Interest on Federal, State, and municipal bonds
C. Total compiled receipts «
D. Statutory deductions:
Cost of goods sold
!
Compensation of ofllcers
Interest paid
Taxes paid other than income tax
Bad debts
1
Depreciation.....
..—
!
Depletion
I
Loss from sale of real estate, stocks, and bonds
Miscellaneous deductions
—...... f
E. Total statutory deductions
F. Compiled net profit less net loss
......
0 . Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
H. Statutory net income less statutory net deficit
1. Net loss for prior year deducted by concerns reporting net income for 1931....
J. Statutory net income (H) less statutory net loss for prior year (I)
K. Total tax
L. Compiled net profit (F) less total tax (K)
Cash and stock dividends distributed:
Cash dividends
Stock dividends
*
Total dividends distributed..

S
P
%
a

o
£*
B
V-i
CO

to
o
1
w
to

T A B L E 2.—Corporation income tax returns for 1929, 1930, and 1931 filed by concerns whose predominant business is classified under the following subdivisions of u Transportation and Other Public Utilities'*—water transportation, aerial transportation, autobus lines, cartage and
storage, telephone and telegraph, radio broadcasting, water companies, and all other public utilities; showing analysis of compiled receipts
and statutory deductions, also net profit (or net loss), statutory net income less statutory net deficit, tax, and net profit after deducting tax
[Composite for returns showing net income and no net income but excluding returns filed for inactive corporations]

Distribution

Steam railroads

Electrio railways

Water transportation and
related Indus*
tries

Aerial transportation

Autobus lines,
taxicabs, and
sightseeing
companies

Cartago and
storage

1029
A. Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit..
Returns showing loss....
Profits less losses....
$782,604,217
$978,675,084
Gross profits from operations other than amounts tabulated as gross sales.. $6,692,730,358
$476,684,745
$228,781,055
$33,746,284
12,451,472
23,197,357
Interest
7,200,002
8-10,446
1,662,507
111,359,015
23.325,001
60,619,793
A, 490,921
2,461,840
Rents
89,256,101
354,788
12,398,306
4,174,295
3,824,455
22,339,301
2,803,779
Profits from sale of real estate, stocks, bonds, and other capital assets
331,677
17,056,454
11,999,204
140,052,780
8,577,792
5,279,773
Miscellaneous receipts—
......
.
1,692,161
B. Receipts, tax-exempt income:
1,838,399
281,498
4,388,225
4,824,829
12,759.037
214,008,308
Dividends on capital stock of domestic corporations
827,522
25,604
30,245
3,316,365
14,953,236
Interest on Federal, State, and municipal bonds.
1,745,637
853,142,100
7,285,569,198
242,031,706
1,094,742,035
38,099,160
O. Total compiled receipts *
509,348,381
D. Statutory deductions:
Cost of goods sold
35,088,353
1,426,312
9,483,169
7,093,839
12,130,088
8,840,547
Compensation of officers
—
22,016,736
3,358,490
479,748
12,166,767
608,013,186
130,461,608
Interest paid
5,570,103
17,085,632
320,462
4,491,236
330,895.924
47,822,076
Taxes paid other than income tax
4,164,777
1,438,044
70,137
3,455,573
882,634
Bad debts
45,039,452
31,020,111
33,356,279
5,777,957
189,791,283
SO. 441,514
Depreciation
68,265
72,877
42,000
11,870
20,587
3,956,453
Depletion
—
Loss from sale of real estate, stocks and bonds * — .
674.027,068
185,033,354
36,180,695
393,321,697
5,150,867,640
693,813,316
Miscellaneous deductions
799,290,283
44,276,181
235,229,003
456,047,001
060,535,574
E. Total statutory deductions
— 6,296,723,606
53,851,817
* 6,177,021
62,401,380
6,802,703
988,875,592
134,206,461
F . Compiled net profit less net loss
Less
tax-exempt
interest
and
dividends
on
capital
stock
of
domestic
corpora*
G.
5,215,747
311,743
1,864,003
6,570,466
16,075,402
229,861,634
tions to arrive at statutory net income
48,636,070
4,038,700
45,830,914
16,488,764
118,131,059
759,013,958
H . Statutory net income less statutory net deficit.
2,014,009
041,966
387,680
5,354,306
715,066
16,103,186
I. Net loss for prior year deducted by concerns reporting net income for 1929—..
46,621,161
3,006,824
«6,876,441
40,476,518 1
117,415,093
742,910,772
J. Statutory net income (H) less statutory net loss for prior year (I)
» Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross receipts from these items. Excludes nontaxable income reported In
« Deficit.
' Not available.
Schedule L of the return, except interest on tax-exempt obligations and dividends on stock of domestic corporations.

T A B L E 2.—Corporation income lax returns for 1929,1980, and 1981 filed by concerns whose predominant business is classified under the following subdivisions of " Transportation and Other Public Utilities"—water transportation, aerial transportation, autobus lines, cartage and
storage, telephone and telegraph, radio broadcasting, water companies, and all other public utilities; showing analysis of compiled receipts
and statutory deductions, also net profit (or net loss), statutory net income less statutory net deficit, tax, and net profit after deducting tax—
Continued

Distribution
1929
K. Total tax . . .
.
—
h. Compiled net profit (F) less total tax ( £ ) . .
Cash and stock dividends distributed:
Cash dividends
Stock dividends
Total dividends distributed.
1930
A. Receipts, taxable income:
Qross s a l e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Profit or loss from sales:
Returns showing profit
Returns showing loss..
.
.
—
Profits less losses
Gross profits from operations other than amounts tabulated as gross sales.
Interest
Rents
v-1
Profits from sale of real estate, stocks, bonds, and other capital assets—
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
Interest on Federal, State, and municipal bonds
C. Total compiled receipts»
D . Statutory deductions:
Cost of goods sold
Compensation of officers....
Interest paid
Taxes paid other than income tax
-—-«
Bad debts
.
—
Depreciation
.
.
—.—
Depletion
..—.•
Loss from sale of real estate, stocks, and b o n d s . . . — . . . . . . .
Miscellaneous d e d u c t i o n s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
E . Total statutory deductions
P. Compiled net profit less net loss
—---..-O. Less tax-exempt Interest and dividends on capital stock of domestic corporations to arrive at statutory net Income

railSteam railroads Electric
ways

Water transportation and
related Indus*
tries

Aerial transportation

Autobus lines,
taxicabs, and
sightseeing
companies

$36,100,687
902,678,905

$16,402,620
117,743,841

$5,787,972
46,613,403

$288,304
* 6,465,325

$1,075,409
5,727,384

502,810,096
4,592
502,814,688

160,972,653
277,835
161,250,488

33,404,887
213,139
33,618,026

259.490
48,728
308,224

6,577,040
360,017
6,937,057

5,619,289,020
98,914,897
46,782,541
4,275,339
87,959,489

888,699,817
20,746,094
62,010,007
3,773,293
12,349,374

407,917,927
4,850,185
5,054,778
3,376,065
10,009,869

44,276,930
2,192,278
602,254
1,109,981
1,669,605

233,239,021
915,125
3,145,996
663,048
6,354,417

203,675,536
12,934,141
6,073,730,963

17,724,738
2,488,610
997,791,933

5,458,667
1,463,861
438,132,152

443,833

5U 323,761

3,580,693
23,947
247,922,246

9,018,906
610,609,220
309,326,792
1,811,502
180,303,980
8,101,250
5,258,769
4,478,739,180
6,603,169,601
470,561,362

5,710,901
115,161,557
41,309,532
1,487,638
74,560,110
1,255,525
635,031,257
874,516,520
123,276,413

10,708,338
11,035,522
4,144,265
657,311
30,173,548
8,396
4,909,368
359,343,443
421,070,191
17,061,961

1,739,927
2,069,410
572,017
410,300
7,619,567
800
1,269,907
55,320,983
69,002,911
•18,679,150

8,760,080
4,567,478
7,261,802
608,595
30,191,668
46,114
2,389,188
196,607,145
250,432,079
» 2,509,833

216,509,677

20,213,348

6,922,428

472.713

3,604,640

H.
I.
J.
K.
L.

Statutory net income less statutory net deficit
Net loss for prior year deducted by concerns reporting net income for 1030. I
Statutory net income (H) less statutory net loss for prior year (I)
Total tax
Compiled net profit (P) less total tax (K)
Cash and stock dividends distributed:
Cash dividends...:..
,
Stock dividends...
Total dividends distributed..
1031

254,051,685
756,004
253,295,691
41,024,053
420,537,300

103,062,005
330,051
102,723,014
14,788,030
108,486,483

1Q139,533
376,816
0,762,717
4,017,743
13,014,218

110,151,863
631,540
MO, 783,403
177.255
•18,856,405

» 6,114,473
533,300
•6,647.782
650.255
• 3,160,088

20,047,209
1,725,301
18,321,008
4,128,016
20,063,700

540,915,920
10,378,400

116,711,085
518,380

35,647,886
0,362,550

271,749
65,100

6,824,147
426.054

32,283,434
2,770.037

551,201,326

217,230,365

45,010,436

326,810

7,251,101

35,063,371

4,664,157,623
82,318,108
44,257,340
3,418,164
20,370,028

735,760,600
0,338,037
12,401,164
056,713
0,700,301

330,151,080
6,057,823
4,899,075
540,803
5,205,778

66,825,787
2,351,235
606,712
174,546
078,034

210,063,760
1,351,300
2,226,397
663,170
2,436,650

713,927,701
4,214,131
14,621,871
1,597,722
12,045,737

113,670,644
4,851,710,450

14,470,553

17,220,203
2,011,510
787,610,627

2,005,263
1,778,746
300,520,567

557,873
72,085,086

3,010,220
25,407
220,686,111

6,067,340
436,661
753,811,232

6,854,041
624,244,007
323,078,368
1,709,592
216,535,013
5,187,462
14,632,426
3,700,139,370
4,803,372,160
* 41,661,710

5,205,500
05,513,740
36,755,773
476,220
73,770,082
7,645
1,764,004
608,75a 605
722,253,748
65,356,870

10,218,850
13,630,731
4,331,312
708,110
35,550,226
0,822
8,528,838
205,855,306
368,062,213
• 8,432,646

0,031,424
1,850

4,869,378
65,373,680
85,546,629
* 13,461,543

7,630,260
4,403,767
7,225,364
878,297
30,710,734
4,144
2,503,780
170,560,441
224,023,796
• 3,337,685

31,692,497
20,464,600
17,115,976
6,758,532
40,807,250
44,405
3,541,658
607,243,608
739,728,566
14,082,666

128,150,107
* 160,811,007
1,071,237
«170,883,144
12,514,330
* 64,176,040

10,261,722
46,005,157
336,408
45,758,740
10,200,774
55,057,105

4,774,000
»13,206,655
846,140
• 14,052,795
2,475,014
* 10,008,560

1,148,772
«14,610,315
383,053
* 14,093,368
250,427
•13,711,970

3,044,726
• 6.382,411
745,415
• 7,127,826
486,750
• 3,824,435

7,401,010
6,678,656
2,209,299
4,460,357
3,319,076
10,763,500

324,678,100
358,500

102,478,225
15,241

22,646,101
013,472

702,070

30,680,577
500,668

325,036,600

102,403,466

23,550,663

703,012

6.217,052
111,237
5,328,280

A. Receipts, taxable income:
Oross sales

B.
O.
B.

E.
P.
0.
H.
1.
J.
K.
L.

Profit or loss from sales:
Returns showing profit.
Returns showing loss
Profits less losses
Oross profits from operations other than amounts tabulated as gross sales..
Interest
Rents
Profits from sale of real estate, stocks, and bonds, and other capital assets.
Miscellaneous receipts
.......
Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
Interest on Federal, State, and municipal bonds. —
Total compiled receipts».
Statutory deductions:
Cost of goods sold
Compensation of officers..
Interest paid
........._..._..
...
Taxes paid other than income t a x . . .
Bad debts
.
Depreciation
.
,
Depletion
.....—......—.
Loss from sale of real estate, stocks, and bonds
.
. .
Miscellaneous deductions
Total statutory deductions
.
Compiled net profit less net loss.
Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
Statutory net income less statutory net deficit
Net loss for prior year deducted by concerns reporting net income for 1031...
Statutory net income (H) less statutory net loss for prior year ( I ) . .
Total tax
Compiled net profit (F) less total tax (K)
Cash and stock dividends distributed:
Cash dividends...
. .
Stock dividends
.
Total dividends distributed.,

2,448,084
2,265,102
650,074
303,110

ft
w

31,181,245

i Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross receipts from these items. Excludes nontaxable income reported in
• Deficit.
Schedule L of the return, except interest on tax exempt obligations and dividends on stock of domestic corporations
* Not available.

to
CO

TABLE 3.—-Corporation income-tax returns for 1929, 19S0, and 1981 filed by concerns whose predominant business is classified under the following
subdivisions of "Transportation and other public utilities"—Water transportation, aerial transportation, autobus lines, cartage and storage,
telephone and telegraph, radio broadcasting, water companies, and all other public utilities; showing analysis of compiled receipts and statutory
deductions, also net profit {or net loss), statutory net income less statutory net deficit, tax, and net profit after deducting tax

[Composite for returns showing net income and no net income but excluding returns filed for inactive corporations]
Distribution

1020
A. Beceipts, taxable income:
Gross sales
Profit or loss from solos:
Returns showing profit
Returns showing loss
Profits loss losses
Gross profits from operations other than amounts tabulated
as gross sales
.—
•
Interest
Rents
Profits from sale of real estate, stocks, bonds, and other capital
assets
—
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
Interest on Federal, State, and municipal bonds
C. Total compiled receipts«
D. Statutory deductions:
Cost of goods sold
Compensation of officers..
Interest paid
Taxes paid other than income tax
Bad debts
Depreciation
•
Depletion
Loss from sale of real estate, stocks, and bonds K
Miscellaneous deductions
E. Total statutory deductions
F. Compiled net profit less net loss
G. Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
H. Statutory net income less statutory net deficit
I. Net loss for prior year deducted by concerns reporting net income
for 1929
-----..
J. Statutory net income (II) less statutory net loss for prior year (I)..J
K. Total tax
----L. Compiled net profit (F) less total tax (K).

Electric light
and power
companies

Telephone and
Gas companies,
artificial and Water companies telegraph companies
natural

public
Radio broadcast- All other
utility
ing companies
companies

I
$2,217,128,174
85,591,960
40,991,378

$468,491,262
12,382,027
3,893,864

$79,032,273
2,025,150
1,234,872

$1,856,067,153
35.274,362
20,456,535

$172,081,654
692,193
334,288

$847,797,580
40,269,106
31,772,186

25.391,447
35,859. 580
263,431,068
1,931,521
2,675,325.134

1,240,640
10,581,948

435,470
1,703,168

2,576,041
446,868,336

3,428
0,963,404

27,342,562
11,753,438

58,246,939
175,371
555,012,051

175.215
101,744,648

17,138.500

176,177,076
3,555,830
2,540,976,233

1,146,931
503,131
184,625,080

71,689,311
2,210,601
1,032,864,784

4,740,870
57,021.455
23.096.SC8
2,064.848
45,346,349
7,718,179

2,365,404
14,036,702
6,510,263
350,276
8,911,420
2,335

5,007,S83
107,519,010
75,013,850
8,808,747
208.55S.5S9
5,909

l t 679,458
413,544
957,091
295,927
3,249,636

6,938,414
123,617,170
45,586,791
2,815,193
83,939,200
7,343,118

1,200,184,094

1,983.685,579
691,639,555

303,860,665
443,849,243
111,162,808

32.90S, 898
65,175,383
36,569,260

1,669,082,955
2,074,896,943
466,079,290

158,457,192
165,052,848
19,672,241

55-1,435,639
824,575,431
208,289,353

270.362.5S9
421,276,966

58,422,310
52,740,493

17,313,715
19,255,545

179,733.806
286,345,484

1,650,062
17,022,179

73,929,912
134,359,441

13,703.094
407,573,S72
46,683,366
644,956,189

1,288,311
51,452,187
6,915,638
104,217,170

1,116,948
18,138,597
2,022,647
34,546,613

845.020
285,499,555
31,465,513
434,613,777

581,027
17,340,252
2,057,628
17,514,613

4,709,970
129,049,471
17,366,284
100,023,069

12,340,592
370,710,017
136,932,002
6,972,357
247,227,381
0,319,136

o
I

Cash and stock dividends distributed:
614,818,588
Cash dividends
«.
234,396.535
4,629,683
344,193,491
29,601,192
124,545,137
Stock dividends
„
13.626,269
20.063,986
97,047
11,030
2.372.501
131,3S4
248,022,854
4,6-10,768
Total dividends distributed....
346,566,052
631,912,574
29,701,239
121,676,521
1030
A. Receipts, taxable Income:
Cross sales...
.
Profit or loss from sales:
Returns showing profit..
I
Returns showing l o s s . . . .
Profits less losses
Cross proflts from operations other than amounts tabulated
770,675,859
2,425,921,529
as gross sales
125,238,677
1,851,009,984
88,422,382
553,981,893
46,466,010
Interest
96,413,474
908,187
42,089,328
19,705,369
1,129,018
20,708,879
Rents
793,472
28,141,758
7,793,269
35,955,879
955,909
Proflts from sale of real estate, stocks, bonds, and other capital
2,417,892
27,501
2,594,340
assets
2,512,379
13,492,895
1,201,958
21,888,134
22.170,634
Miscellaneous receipts.
58,833,203
587,981,450
1,047,213
7,200,217
B. Receipts, tax-exempt income:
61,861,004
118,752
71,441,231
166,732,428
12,813,216
192,849,625
Dividends on capital stock of domestic corporations
1,9S5,554
6,733,766
4,110,706
388,974
Interest on Federal, State, and municipal bonds
269,697
59,799
935,003,332
2,827,677,313
2,685,201,093
C. Total compiled receipts»
149,626,820
668,105,293
2,105,029,495
D. Statutory deductions:
Cost of goods sold
6,720,295
4,370,566
2,831,675
12.357,772
Compensation of officers..
1.879,955
4,874,352
129,070,718
125,542,838
1,777,936
423,160,525
Interest paid
15,650,219
73,003,450
34,438,085
1,741,184
81,134,657
162,533,835
Taxes paid other than income tax
, 6,149,750
28,212,307
1,085,211
860,437
11,092,547
2,366,578
7,830,984
Bad debts
.175,318
69,696,334
0.407,603
233,937,167
277,687,538
Depreciation.........
.
8,722,353
58,054,623
4,049,349
18,573
Depletion
6,384.730
964
8,016,391
2,213,756
215,790
1,197,459
Loss from sale of real estate, stocks, and bonds
11,817,898
14,638,891
2,337,320
554,096,149
141,455,507
1,820,907,041
1,442,390,222
Miscellaneous deductions
.
39,365,393
370,830,273
801,168,897
155,290,122
2,278,200,848
2,344,163,504
86,488.843
647,700,194
E. Total statutory deductions
133,834,435
* 5,763,302
407,000,245
19,140,652
120,405,099
483,413,809
P. Compiled net profit less net loss
Q. Less tax-exempt interest and dividends on capital stock of domes63,846,658
388,340
173,466,194
12,873,015
71,830,205
196,960,333
tic corporations to arrive at statutory net income
09,987,877
> 6,151,651
233,534,051
6,267,637
48,574,894
286,453,476
n.Statutory net income less statutory net deficit
i. Net loss for prior year deducted by concerns reporting net income
2,695,430
187,014
161,069
94,672
985,201
5,123,633
for 1930.
07,292,447
• 6,338,665
233,372,982
6,172,965
47,589,693
281,329,843
J. Statutory net income (H) less statutory net loss for prior year (I)...
10,437,809
274,985
28,410,603
2,549,613
8,132,798
41,971,281
K. Total tax.......
..............
.......................
123,396,626
16,038,287
378,589,642
16.591,030
112,272,301
441,442,528
L. Compiled net profit (F) less total tax (K)
Cash and stock dividends distributed:
223,103,792
6,200,223
368,668.365
63,719,348
690,140,758
139,388,371
Cash dividends
.
3,388.829
45,000
757,334
2,743,436
3,376,832
6,411,657
Stock dividends
.
.
226,492,621
369,425,699
6,245,223
66,462,784
142,765,203!
696,552,415
Total dividends distributed.,
«Includes net profit from the sale of real estate, stocks, bonds, etc. , and other capital assets, but not gross receipts from these items, Excludes nontaxable income reported in
schedule L of the return, except interest on tax-exempt obligations and dividends on stock of domestic corporations.
' Not available.
* Deficit.

to
to

to
TABLE ^^Corporation income-tax returns for 1929,1980, and 1931 filed by concerns whose predominant business is classified under the following
subdivisions of "Transportation and other public utilities"—Water transportation, aerial transportation, autobus lines, cartage and storage, INS
to
telephone and telegraph, radio broadcasting, water companies, and all other public utilities; showing analysis of compiled receipts and statutory
deductions, also net profit (or net loss), statutory net income less statutory net deficit, tax, and net profit after deducting tax—Continued
Distribution

1031
A. Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit
,
Returns showing loss
Profits less losses
Gross profits from operations other than amounts tabulated
as gross sales
•
Interest
Rents
Profits from sale of real estate, stocks, bonds, and other
capital assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations
Interest on Federal, State, and municipal bonds
C. Total compiled receipts *
D. Statutory deductions:
Cost of goods sold
Compensation of officers
Interest paid
Taxes paid other than income tax
Bad debts
Depreciation
Depletion
Loss from sale of real estate, stocks and bonds
Miscellaneous deductions
E. Total statutory deductions
F. Compiled net profit less net loss
0 . Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
II. Statutory net income less statutory net deficit
1. Net loss for prior year deducted by concerns reporting net in*
come for 1931
J. Statutory net income (H) lgss statutory net loss for prior year (I).
K. Total tax
L. Compiled net profit (F) less total tax (K)

Electric light
and power
companies

Telephone and
Gas companies,
Water companies telegraph comartificial and
panies
natural

public
Radio broadcast- All other
utility
ing companies
comp

$600,828,715
14,570,629
17,555,020

$?, 468,003,328
113,459,203
30,343,238

$514,688,377
26,680,783
3,717.078

$123,415,375
2,418,887
1,389,561

$1,660,312,671
35,511,878
25,122,605

$130,542,560

8.047,848
22,868,043

429.439
6,055,419

959.368
702,705

1,230,475
30,243,221

73,506
3,566,440

4,287,320

172,810,120
1,887,622
2,825,329,392

72,457.716
421,814
055,250,020

18,874.190
65,383
147,915,460

161.832,022
0,703,069
1,923,961,841

963,031
103.556
137,092,063

43,465.414
1,570,100
682,890,509

11,611.723
540,706.432
168,473,289
18,283,285
314,435,246
5.634,942
23,182,546
1,352.005,935
2,435.266.398
390,062,001

4,537,266
80.072.373
30,403,888
2,864,135
64,003,916
8,455,097
3,311,224
359.748,691
554,207.493
100,953,133

1,850,118
18,871,317
6,678,604
603,371
12,330.848
25,179
388,273
83,115,570
123,863,370
24,052,009

3,558,100
120,797,070
96,185,370
12,110.805
246,425,832
5,391
8,846,991
1,071,373,531
1,559,312,168
364,649,673

3,034,038
1,573,861
1,707,536
1,255.184
7,829,948
6,235
537,308
125,000,753
140,945,763
« 3,852.800

4,750,018
103,761,407
40,263,080
1,627,108
61,166,417
3,613,000
0,074,208
400,806,669
625,953,707
56,936.862

174,706,742
215,356.252

72.879,530
28,073.603

18,939,573
5,112,526

171,540,991
193,106,682

45,044,613
11,802,249

3,242,897
212,113,355
31,377,204
355,6S5,790

735,316
27,338,287
6,747,022
94,206,111

63,727
5,048,799

113,982
102,091.700
21,358,090
340,201,583

1,066,587
* 4,010,387
106,393
15,025,780
480,072
* 4.341,872

1,460,061

22,592,038

758,810
1,084,994

932,856
10,059,393
8,807,580
48,120,273

I
3

I
to
to

I
09
to

Cash and stock dividends distributed:
Cash dividends
....
Stock d i v i d e n d s . . . . . . . . . . . . . . . . . . . . . . . . . .

...

601,853,232
2,894,820

149.382, 594
1,040,376

41,732,010
173,793

379,227,550
330,147

6,232,732
42,535

131,613,814
9,807,162

Total dividends d i s t r i b u t e d . . . . . . . . . . . . . . . . . . . . . . . . . .

604,748,052

150,408,970

41,906,717

379,557,607

6,275,267

141,420,970

i Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross receipts from these items. Excludes nontaxable income reported in
schedule L of the return, except interest on tax-exempt obligations and dividends on stock of domestic corporations.
* Not avaiable.
' Deficit.

T A B L E 4.—Corporation income tax returns for 1929, 1980, and 1931, filed by concerns whose predominant business is classified under "Trade—
wholesale, retail, wholesale and retail, and commission;" showing analysis of compiled receipts and statutory deductions, also net profit (or
net loss), statutory net income less statutory net deficit, lax, and net profit after deducting tax
[Composite for returns showing net Income and no net income, but excluding returns filed for inactive corporations]
Distribution

A. Receipts, taxable income:
Gross sales

Wholesale and
retail

Total trade

Wholesale

Retail

$14,956,300,218

$18,880,062,617

$4,577,572,256

$1,835,565,786

$1,910,849,694

$42,190,350,571

1,876,136,060
7,676,377
1,868,460,583

4,684,147,522
2,776,056
4,681,371,466

084,276,857

453,023
983,822,834

155,122,353
685,241
154,437,100

449,230,662
2,388,815
446,841,847

8,148,913,354
13,970,515
8,134,033,830

88,856,125
41,888,378
17,039,191

169,234,402
67,618,118
105,939,433

25,445,373
15,030,684
13,664,071

180,230,746
10,786,221
2,428,731

51,984,065
7,719,440
15,072,067

618,750,711
152,042,853
164,143,493

Commission

All other

1929

Profit or loss from sales:
Returns showing profit
Returns showing loss
^.
Profits less l o s s e s * . . . . . . . . . . . . . . . .
............
Gross profits from operations other than amounts tabulated as
gross sales
Interest
Rents
—
Profits from sale of real estate, stocks, bonds, and other capital

56,979,434
4,171,074
6,028,161
4,269,997
21,927,341
20,582,861
362,000,128
10,755,072
10,171,298
183,210,143
35,570,408
104,391,307
Miscellaneous receipts
B. Receipts, tax-exempt Income:
50,257,482
5,134,776
9,014,371
4,594,306
20,341,382
20,172,647
Dividends on capital stock of domestic corporations..
11,776,238
393,007
576,073
055,770
3,355,054
6,496,334
Interest on Federal, State, and municipal bonds
43,506,308,010
2,048,080,104
2,071,052,226
4,679,761,029
16,252,754,510
19,454,661,035
C Total compiled receipts >.
D. Statutory deductions:
34,055,416,732
1,494,007,847
1,681,128,677
3,593,740,422
13,087,839,635
14,198,691,151
Cost of goods sold
057,230,301
76,197,712
66,014,175
06,411,158
266,665,449
451,050,897
Compensation of officers
276.857,281
19,703,754
18,782,519
20,005,587
87,328,290
122,037,131
Interest paid
204,811,234
12,722,080
4,734,802
27,182,978
43,142,919
117,028,455
Taxes paid other than Income tax
243,803,084
14,064,766
14,162,509
24,798,884
88,752,384
102,035,351
Bad debts..
209,841,179
25,348,128
6,207,757
45,300,602
61,315,521
161,579,181
Depreciation
2,084,702
285,656
23,289
298,559
503,569
973,629
Depletion
6,665,383,637
366,953,205
220,844,838
753,788,899
1,395,888,036
3,918,908,659
Miscellaneous deductions
("Gross sales" less "Cost of goods sold" (shown under statutory deductions).
. . * . . ,
« . „
* ^, ,
_* J t
* Includes net profits from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross receipts from these items. Excludes nontaxable income reported In
Schedule h of the return, except interest on tax-exempt obligations and dividends on stock of domestic corporations.

to
to
CO

to
TABLE 4.—Corporation income tax returns for 192911930, and 1931, filed by concerns whose predominant business is classified under "Trade—
wholesale, retail, wholesale and retail, and commission;" showing analysis of compiled receipts and statutory deductions, also net profit (orto
net loss), statutory net income less statutory net deficit, tax, and net profit after deducting lax—Continued
Distribution

Wholesale and
retail

Commission

All other

Total trade

Wholesale

Retail

$15,031,435,803
221,313,713

$19,072,304,454
382,356,581

$1,570,626,079
109,134,950

$2,021,788,656
49,263,570

$2,009,283,148
33,796,956

$42,705,438,140
800,870,770

23,600,436
107,622,277

26,668,981
355,687,600

5,550,076
103,584,874

9,590,444
39,673,126

6,527,783
33,269,173

71,033,720
729,837,050

11,817,673
185,774,604
30,450,981
190,807,729

17,221,544
338,466,056
52.438,841
320,917,740

6,643,378
96,911,496
12,791,835
96,343,115

2.506,855
37,166,271
5.775,545
43,488,025

4,033,542
29,235,631
5,691,443
33,105,513

42,252,092
687,584,058
107,148,048
093,722,122

167,312,529
28,583,756

331.016,010
50,626,345

65,855,902
9.475,445

31,751,092
4,906,193

25,910,881
4,119,972

624,876.414
97,711,711

195,893,285

384,672,355

75,331,347

36,657.285

30,030,853

722,5S8,125

12,488,554,223

16,601,884,007

4,137,323,203

1,590,719,653

1,259.292,221

30,033,773,317

1,015,232, COO
10,366,327
1,595,866,279

4,154,843,496
15,338,691
4,139,504,8a1)

894,784,519
2,061,609
892,722,910

144.238.401
4.130,039
140,153,362

313,586,656
2,705,973
310,880.683

7,122,735,678
43,602,639
7,079,133,039

66,150,883
40,520,883
15,928,511

132,837,620
62,313,767
106,796,047

15,044,346
15,832,296
13.6S6.8U

159,328,726
18,027,016
3,094,613

47,465,218
5,707,363
14,945,853

420,826,793
142,401,325
154,451,865

7,633,660

9,185,917
188,126,441

4,937,933
32,624,480

1,297,092
17,573,483

1,391,812
14,884,972

24,446,364
318,836,073

31,667,856
3,234,375
12,719,310,979

15,001,311
3,223,847
17,119,368,957

5,403,775
902.050
4,225,754,938

8,701,883
10,576,046
1,815,318,522

3,212,947
417,983
1,347,318,369

63.987,777
18,354,301
37,227,077,815

10,892,687,914
252,170,892
78,509,360
57,147,349

12,462,379,202
419,609,727
120,048,936
121,764,243

3,214,600,298
91,552,278
28,827,925
30,268,320

1,456,661,296
63,692,216
17,070,176
4,920,041

952,281.024
61,293,811
13,440,811
9,649,661

1020
E. Total statutory deductions
,
F. Compiled not profit less net loss
,
Q. Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
H. Statutory net income less statutory net deficit
I. Net loss for prior year deducted by concerns reporting net income
for 1929
J. Statutory net income (H) less statutory net loss for prior year (I).
K. Total tax
L. Compiled net profit (F) less total tax (K)
Gash and stock dividends distributed:
Cash dividends..
Stock dividends..
Total dividends distributed

3
O

1030

A. Receipts, taxabteltacome:
Gross sales.....
........................•.........-..•.—...
Profit or loss from soles:
Returns showing profit
.—.
Returns showing loss
Profits less losses •
Gross profits from operations|pther than amounts tabulated as
gross sales..
——
—.....—
Interest
Rents
Profits from sale of real estate* stocks, bonds, and other capital
Miscellaneous receipts... .
.—
B. Receipts, tax-exempt income:
Dividends on capital stock of domestic corporations.
Interest on Federal, State, and municipal bonds—
O. Total compiled receipts *
D. Statutory deductions:
Cost of goods sold
Compensation of officers
Interest paid
Taxes paid other than income tax

29,008,509,764
888,318,924
257,006,208
223,749,014^

o
I
o»
to

E.
F.
G.
H.
I.
J.
K.
L.

Bad debts
Depreciation
Depletion
,
Loss from sale of real estate, stocks, and bonds
Miscellaneous deductions
..
Total statutory deductions
Compiled net profit less not loss
Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
Statutory net income less statutory net deficit
Net loss for prior year deducted by concerns reporting net income
for 1030.
Statutory net income (H) loss statutory net loss for prior year (I) J
Total tax
'
Compiled net profit (F) less total tax (K)
Cash and stock dividends distributed:
Cash dividends...
Stock dividends...
Total dividends distributed.
1031

08,210.891
63,756,517
576,735
15.840,176
1,275.513,510
12.734.422,374
'15.105.395

\
i
|

102,413,103
169,534,071
552,412
26,506,473
3.696.436.355
17,119,335.422
33.535

27,939.055
49,852.506
721,078
3,452,928
743.261,146
4,220,476,524
5,278,464

14,746,096
5,773,164
21,543
4,083,543
233,911,180
1.800,788.255
14,530,267

12,201,017
10,787,212
167,510
3,536,649
284,052, 020
1,357,310,615
'9,092,246

255,511,062
308.704,460
2,040.178
53,518,769
6,231,074,211
37,232,333,190
'5,255,375

34,902.231
'50,007.626 |

18,225,158
'18,191,623

6,305,825
'1,027,361

19,277,034
'4,747,667

3,630,930
'13,623,176

82,342,078
'87,697,453

6,457,999
'56,465,625 i
17,367,314
'32.472.709

7,611,878
'25,803,501
33,567,284
'33,533,749

2,087,472
'3,114.833
7,555,104
'2,276,640

1,395,290
'6,142.957
3,366,279
'11,163,988

2,739.798
'16.362,974
2.309.799
'12.302.045

20,202,437
'107,889,800
64,165,780
'60,421,155

100,245, aw i
15,052,468 |
175,208,325

289,479,070
28,455,501

65,752.545
9,648,008

29,344,236
6,842,087

16,017,228
1,706,663

560,838,936
61.704,727

317.934,671

75,400.553

36,186.323

17,723,891

622,543.663

. Receipts, taxable Income:
Gross sales
14,165,475,506
10,091,027,325
29.504.426,008
3.290,133,349
1,054,151,790
003,638.929
Profit or loss from sales:
Returns showing profit
5,008,913.330
1,367,837,847
261,030,103
3,573,460,257
81,801,100
714,784,023
Returns showing loss
44.933,241
20,027,391
3,037,727
14,987,493
3,337.208
2,603,422
Profits less losses •
5,953,030,080
267,002,376
3,558,472.764
1,347,810,456
78.463,892
712,090,601
Gross profits from operations other than amounts tabulated
as gross sales
366,314,012
' 69,333,457 1
42,543,063
12,568,542
106,131.663
135,737,287
Interest
120,252,071
38,765,240
4,250,172
11,570,610
54.751.960
10,897,089
1
Rents
144,541,406
2,355,230
14,073,700
11,486,577
105,016,893
11,009,006
Profits from sale of real estate, stocks, bonds, and other capital
assets
.
40,480,587
1,345,505
606,334
4.957,3..
2,138,418
31,432,935
Miscellaneous receipts
370,088,013
14,041,618
86,333,583
13,686,452
228,297,517
27,729,743
B. Receipts, tax-exempt income:
47,340,701
2,003,049
Dividends on capital stock of domestic corporations
6,508,164
24,082,620
12,497,333
3,248,725
12,107,886
278,816
_
Interest on Federal, State, and municipal bonds
479,747
2,084,790
7,728,190
636,343
30,605,653,474
1,130,110,400
C. Total compiled receipts'
1,073,591,653
3,358,061,215
14,711.331,997
10,331,558,110
D. Statutory deductions:
23,550,406,819
707,059,423
Cost of goods sold
10,607,002.742
825,175,037
8,743,216,869
2,678,042,748
775,306,573
56,431,161
Compensation of officers
.
363,846,652
51,799,459
220,670,198
82,559,113
217,846,381
12,720,508
107,000,083
Interest paid.. . . . . . . . . . . . . . . . . . . . . . . . . . .
............
9,537,376
65,915,886
22,672,528
206,145,106
9,240,514
122,153,012
3,684,910
Taxes paid other than income tax
46,472,119
24,585,551
264,108,704
12,821,822
106,611,079
13,064,424
09,116,391
32.685,078
Bad debts
21,578,403
312,593,268
174,269,004
4,035,465
62,252,705
49,556,611
Depreciation
124,122
6,341,660
I
1,189,222
20,350
4,313,521
Depletion.......
..
i "Gross sales" less "Cost of goods sold" (shown under statutory deductions).
' Includes net profits from the sale of real estate, stocks, bonds, etc.. and other capftal assets, but not gross receipts from these Items. Excludes nontaxable Income reported in
Schedule L of the return, except interest on tax-exempt obligations and dividends on sitook of domestic corporations.
'Deficit.

to
to

TABLE 4.—Corporation income tax returns for 1929,1980, and 1981, filed by concerns whose predominant business is classified under "Trade—to
wholesale, retail, wholesale and retail, and commission"; showing analysis of compiled receipts and statutory deductions, also net profit (or
net loss), statutory net income less statutory net deficit, tax, and net profit after deducting tax—Continued
Distribution

Wholesale

Retail

Wholesale and
retail

Commission

All other

Total trade

1031

D. Statutory deductions—Continued
Loss from sale of real estate, stocks, and bonds....
Miscellaneous deductions
„
E. Total statutory deductions...
.
F. Compiled net profit less net loss
G. Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income..
..
H. Statutory net income less statutory net deficit
I. Net loss for prior year deducted by concerns reporting net income
for 1931..........
J. Statutory net Income (H) less statutory net lossforprior year (I)..
K. Total tax
h. Compiled net profit (F) less total tax (K)
..
Cash and stock dividends distributed:
• Cash dividends
Stock dividends—
Total dividends distributed.,

$87,170,501
1,109,321,012
10,524,831,007
1193,272,897

$32,572,030
8,395,896,351
14,010,441,165
1100,109,168

$5,056,803
612,760,401
3,412,231,534
153,270,319

$6,683,325
172,646,038
1,087,646,303
113,054,740

$8,613,275
267.863.022
1,176,451.330
146,340,831

$140,095,114
6.038.477.814
31,111.601.429
1605.947,066

27,067,410
1220,340,307

20,225,523
1210,334,601

3,885,068
157,155,387

5,087,011
119,942,651

2,282.765
148,623.596

60,448,677
1665,396,632

7,602,629
1227,942.936
10.142,176
1203,415,072

1220,506,164
27,825,578

7,170,473

1226,034,746

1,630,883
168,786,270
4,670,003
157,850,222

1,459.740
121,402.391
1.843,837
115.708,577

1,315,892
140,939,488
1,316.643
•47,657.474

19,170,617
1684,676,249
45,708,136
1651,650.091

128.480.020
6,097,291

235,898,144
6,340,303

40,294,078
1,038,740

16,640,692
1,424,686

13,002.671
1.713.263

433,325,505
16,614,282

133,686,311

242,238,447

42,233,718

17,065,377

14,715,034

449,839,,787
—

i Deficit.

—

•

I
a
o
K
M
to
JO

w
to

APPEITDIX B

227

T A B L E 5.—Corporation income-tax returns for 1929, 1980, and 1931 filed by con-

cerns whose predominant business is classified under "Service—Domestic, Amusements, Professional, and Business;1' showing analysis of compiled receipts and
statutory deductions, also net profit (or net loss), statutory net income less statutory
net deficit, tax, and net profit after deducting tax
[Composite for all returns]
Distribution

Domestic

Amusements

Professional

Business

All other

1020
A. Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit
Returns showing loss..
Profits less losses
Gross profits from operations
other than amounts tabu$1,665,274,085 $1,003,903,542 $329,596,464 $627,278,414 $172,812,672
lated as gross sales..
12,192,451 5,230,999 11,308,2761 2,577,451
9,400,374
Interest
.
50,212,874 4,797,815 3,262,321 4,089,846
Rents
96,384,923
Profits from sale of real estate,
stocks, bonds, and other
14,500,267 6,863,651 4,410,669 2,972,029
5,690,638
capital assets
43,978,363 12,638,778 8,940,615} 6,577,737
28,401,390
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of
14,430,6331 8,597,917 30,194,363 1,123,083
5,266,678
domestic corporations
.
Interest on Federal, State, and
208,895
395,98ffl
225,737
225,282
415,00M
_
municipal bonds
1,810,833,097 1,139,443,412 367,951,361 685,790,638 189,361,713
C. Total compiled receipts i
D. Statutory deductions:
Cost of goods sold
26,210,504 41,924,864 53,450,292 19,499,995
76,878,618
Compensation of officers*......
7,389,932 4,956,745 4,015,177
43,266,030
73,186,9931
Interest paid
Taxes paid other than income
23,051,493 4,010,644 4,275,075 2,645,449
43,173,109
tax
3,179,702] 3,969,378 5,345,658 2,642,734
5,771,545
Bad debts
68,366,1931 10,703,850] 10,686,931 6,455,900
96,434,291
Depreciation..
59,862
29,985
22,163
107.597
207,163
Depletion..
Miscellaneous deductions . . . 1,491,719,303 894646,124 275,685,393 527,831,378 144,275,988
w
179,595,105
606,535,064
343,706,224
1,054,827,643
1,787,371,025
E. Total statutory deductions
,
84,615,769 24,245,137 79,205,574 9,766,608
23,462,072
F. Compiled net profit less net loss—I
G. Less tax-exempt interest and divi- '
dends on capital stock of domestic corporations to arrive at stat14,655,915 8,823,654 30,590,343 1,331,978
5,681,678
utory net income
H. Statutory net income less statutory
69,959,854 15,421,483 48,615,231 8,434,630
17,784394
net deficit
I. Net loss for prior year deducted by
concerns reporting net income
865,119
6,671,722 1,024,7701 2,388,796
5,925,426]
for 1929
J. Statutory net income (H) less
63,288,132 14,396,713 46,226,435 7,569,511
11,854,968
statutory net loss for prior year (I).
11,578,249 4,173,878 6,891,581 1,108,829
6,879,762
K, Total tax
L. Compiled net profit (F) less total
20,071,2591 73,313,993 8,657,779
73,037,5201
16,582,310
tax (K)
Cash and stock dividends distributed:
7,333,189
45,564,267 37,316,37a 46,151,710
40; 169,595
Cash dividends....
901,662 1,037,563
1,060,683
948,738
3,420,9401
Stock dividends...
Total ^dividends dis*
tributed
*

.
tn
43,590,535]

46,513,005| 38,377,059| 47,053,372|

dividendsTon stock of domestic corporations as reported in schedule L of the return.

8,370,752

228

NATIONAL INCOME,

1929-32

T A B L E 5 . — C o r p o r a t i o n income-tax returns for 1929, 1930, and 1931 filed by concerns whose predominant
business is classified under "Service—Domestic,
Amusements, Professional,
and Business;"
showing analysis
of compiled receipts
and
statutory deductions, also net profii (or net loss), statutory net income less
statutory
net deficit, tax, and net profit after deducting
tax—Continued
Distribution

Domestic

Amusements

Professional

Business

All other

1930

C.
D.

E.
F.
G.
H.
I.
J.
K.
L.

Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit
Returns showing loss..
Profits less lossesGross profits from operations
other than amounts tabulat$1,658,869,674 1$1,0*4,967,880 $299,715,505 $620,977,780 $162,536.709
ed as gross sales—.
11,450,934 3,475.758 10,738,889 2,212,355
8,126,849
Interest
„_.„
45,368,509 4,744,013 3,410,580 3,888,741
Rents
:
99,189,004
• Profits from sale of real estate,
stocks, bonds, and other
2,037,046
2,371,253
capital assets
2,203,833
5,037,719
12,204,365
4,658,944
Miscellaneous receipts
9,471,471 27,807,923
36,599,194
29,636,187
Receipts, tax-exempt income:
Dividends on capital stock of
423,408
domestic corporations
4,428,845 27,515,296
15,869,531
4,929,0411
Interest on Federal, State, and
293,203
municipal bonds
,.
494,253
443,291
199,059
446.60SI
Total compiled receipts»
1,806,235,082 1,166,659,472 324,533,678 693,265,012 176,050,406
Statutory deductions:
Cost of goods sold
Compensation of officers
25,707,741, 40,314,5Sb 54,273,0011 19,020,145
76,525,811
Interest paid
76,859,594
48,133,814
5,488,748 4,671,108 3,717,589
Taxes paid other than income
tax
46,808,636
24,228,509 3,424,759 3,808,191 2,650,301
Bad debts
10,759,602
2,952,956 5,081,449 5,797,375 2,636,313
Depreciation
102,517,591'
61,987,067 10,019,079 11,641,813 6,291.222
19,679
Depletion
22,728
54,505]
57,18G|
2,427
Loss from sale of real estate,
610,071
stocks and bonds
..
8,003,288
7,270,088 2,836,497 2,654,409
Miscellaneous deductions....... 1,507,809,56! 938,108,543 216.628,892 548,565,802 137,698,278
Total statutory deductions
1,829,428,591 1,108,445,931 314,747,310 631,418,089 172,663.598
Compiled net profit less net loss | 8 23,193,509
58,213,538 9,786,338 61,846,923 3,386,808
Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at
statutory net income
716,611
5,375,649
16,068,590 4,923,098 27,958,587
Statutory net income less statutory
net deficit
4,863,240 33.888,336] 2,670,197
42,144,948
* 28,569,158
Net loss for prior year deducted by
concerns reporting net income
for 1930
425,744
4,324,065 1,175,127 1,598,936
2,406,583
Statutory net income (H) less
statutory net loss for prior year
37,820,883 3,688,113 32,239,400 2,211,453
T o t a T t a x " ! " ™ " ™ " " " ™ " * 30,975,741
881,2.76
9,510,030 2,402,442 5,317,518
Compiled net profit (F) less total
5,594,487
tax (K)
48.703.508 7,384,896 56,529,405 2,505,532
'28,787,996
Cash and stock dividends distributed:
Cash dividends..
Stock dividends.
Total dividends distributed

40,412,671
6,437,781

59,342,472 16,918,405 43,304,376
1,292,890
284,368 2,637,980

6,100,872
626,773

46,850,352,
60,635,362 17,202,7731 45,942,3561 6,727,645
- J L ^ V0S1 t1P1 fl f e?s roit*?nts from
Jfhe sale of real estate, stocks, bonds, etc., and other capital assets, but not gross
s
WtPj
? ? 5 ? " Excludes nontaxable income, other than interest on tax-exempt obligations and
dividends on stock of domestic corporations as reported in schedule L of the return.

229

APPENDIX B

TABLE 5.—Corporation income-tax returns for 1929, 1980, and 1931 filed by concerns whose predominant business is classified under "Service—Domestic, Amusements, Professional and Business;" showing analysis of compiled receipts and
statutory deductions, also net profit (or net loss), statutory net income less statutory
net deficit, tax, and net profit after deducting tax—Continued
Distribution

Domestic

Amusements

Professional

Business

All other

1931
Receipts, taxable income:
Gross sales.
Profit or loss from sales:
Returns showing profit
Returns showing loss..
ProfUsless losses...
Oross profits from operations
other than amounts tabulated as cross sales
»1,460.658, 830 $1,1,017,981,263 $226,265,3463521,817,330 $167,766,229
8,906,895
15,854,457 2,484,086 8,518,925 3,209,282
Interest...
....
80.648,844
42,882,299 2,724,376 2,543,705 3,070,003
Rents
Profits from sale of real estate,
stocks, bonds, and other
489,737 1,762,320
1,830,016
capital assets
753,330
2,850,952
19,511,160] 27,770,346 4,412,264 8,513,415 4,276,324
Miscellaneous receipts
B Receipts, tax-exempt income:
Dividends on capital stock of
642,189
3,343,613
domestic corporations . . . . . . .
17,801,605| 1,304,7751 18,925,895]
Interest on Federal, State, and
327,641
365,071
291,078
414,095
179,807
municipal bonds
C. Total compiled receipts ». . . . .
.. 1,575,218,943 1,125,120,789 238,235,255 561,136,648 181,091,418
D. Statutory deductions:
Cost of Roods sold
22,163,312 31,770,047 '49,"03^l72rl9,"374,"i78
69,818,632
Compensation of officers..
51,557,041 4,830,418 5,152,184 3,764,351
70,458,315
Interest paid
Taxes paid other than income
27,179,3721 2,943,919 3,477, SOS 2,826,243
44,913,064,
tax.!
3,749,701 4,196,103 6,225,802 3,255,416
8,920,920
Bad debts
62,431,458 9,328,913 10,740,341 6.434,046
101,674,704
Depreciation..
58,003
54,079
44,637
59,461
398.912
Depletion.
Loss from sale of real estate,
4,710,330
2,872,102
13,362,581
8,356,371
20,375,881
stocks, and bonds
—
Miscellaneous deductions—..* 1,340,066,875 957,045,134 189,887,375 453,616,825 143,432,563
1,656,627,303 1,132,541,850 245,873,514 541,667,692 183,855,100
E. Total statutory deductions.*
* 7,421,061 '7,638,259 19.468,956 '2,763,682
F. Compiled net profit less net loss.... '81,408,360
G. Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at stat1,007,260
1,595,853 19,253,536
17,981,472
3,763,208
utory net income
H. Statutory net income less statutory
215,420 '3,770,942
* 85,171,668 * 25,402,533 '9,234,112
net deficit
I. Net loss for prior year deducted by
concerns reporting net income for
370,672
742,222
1,049,896
3,166,033
1,617,932
„ 1931
J. Statutory net income (H) less stat'834,476 '4,141,614
_ utory net loss for prior year ( I ) — * 86,789,500 '28,568,566 '9,976,334
2,545,796
745,594
903,503
3,496,432
K. Total tax
1
'
3,389,259
L. Compiled net profit (F) less total
t84.797.619 M0,917,493 '8,541,762 16,923,160 '3,509,276
tax(K)
I.......
Cash and stock dividends distributed:
48,671,522 8,625,744 27,104,766 6,582,513
24,735,532
Cash dividends..
246,8S2
284,101 8,871,960
829,121
253,157
Stock dividends..
Total dividends distributed
1

25,564,653

48,924,679

8,909,845 35,976,726

6,892,395

Includes net profits from the sale of real estate, stocks, bonds, etc. and other capital assets, but not gross
receipts from these items. Excludes nontaxable income, other than interest on tax-exempt obligations and
dividends on stock of domestic corporations as reported in schedule L of the return.
'Deficit.

87265—34

230

NATIONAL INCOME, 1 9 2 9 - 3 2

T A B L E 6.—Corporation
6.-

income-tax returns for 1929, 19S0, and 1931 filed by concerns: whose mpredominant business is classified under the following subdivisions of
"Amusements"—Theaters,
legitimate, vaudeville; motion-picture
producers,
motion-picture theaters; and other amusements; showing analysis of compiled
receipts and statutory deductions, also net profit (or net loss), statutory net income
less statutory net deficit, tax, and net profit after deducting tax

[Composite for returns snowing net income and no net income but excluding returns filed for inactive
corporations]

Distribution

Theaters—^ Motionlegitimate picture
and vaude- producers
ville

Motionpicture
theaters

Other
amuse*
ments

Total
amusements

1920
Receipts, taxable income:
Gross sales
Profit or loss from sales:
Returns showing profit....
Returns showing loss
Profits less losses
Gross profits from operations other
than amounts tabulated as gross
sales
—
$91,395,666 $307,767,907 $441,335.143 $163,404,826 $1,003,903,542
Interest
731,052 2,383,278 7,830,756 1,247,365
12,192,451
Rents
—--—
4,768,291 10,435,363 26,926,663 8,082,557 50,212,874
Profits from sale of real estate,
stocks, bonds, and other capital
assets
2,014.053 8,940,143 2,481.9431 1,064,128
14,500,267
Miscellaneous receipts
3,799,714 9,675,645| 22,162,788 8,340,216
43,978,363
B. Receipts, tax-exempt income:
Dividends on capital stock of
domestic corporations
14,430,633
1,100,921 4,242,448 7,701,638 1,385,626
Interest on Federal, State, and
municipal bonds..1
225,282
55,474
8,426
138.070
23,312
C. Total compiled receipts
103,947,767 343,453,210' 508,462,243 183,680,192 11,139,443,412
D. Statutory deductions:
Cost of goods sold
.
Compensation of officers
. . . . . 2,464,922 4,117,980 9,610,741 10,016,861
26,210,504
Interest paid
, 3,527,510 9,296,319 24,293.820 6,148,381
43.266,030
Taxes paid other than income tax..] 2,900,935 3,317,647 10,876,775
23,051,493
6,956,138
Bad debts
3,179,702
972,501
117,899
450,868 1,638,434
Depreciation
68,366,193
4,276,993 27,346,046 24,040,855 12,702,299
Depletion
44,651
107,697
M20
770
61,056
Loss from saleJ of real estate, stocks,
and bonds
.
Miscellaneous deductions
89,918,638 250,273,174 407,821,986 142,632,3261 890,646,124
E.' Total statutory deductions
103,208,017 294,802,804 478,343,667 178,473,1551,054,827,643
F. Compiled net profit less net loss
6,107,037 84,615,769
739,750 48,650,406 30,118,576
O. Less tax-exemptinterest and dividends
on capital stock of domestic corporations to arrive at statutory net income
1,441,100 14,655,915
1,238,991 4,250,874 7,724,950
Statutory net income less statutory
net deficit
69,959,854
3,665,937
»499,24l| 44,399,532 22,393,626
Net loss for prior year deducted by
concerns reporting net income for
1929
6,671,722
1,095,212
1,402,614 2,202,126 1,971,770
J. Statutory net income (H) less statutory net loss for prior year (I)...
2,570,725^ 63,288,132
M, 901,855 42,197,406 20,421,856
K. Total tax..
.
......
.........
694,252 5,330,474 4,104,616
1,448,907 11,578,249
L. Compiled net profit (F) less total tax
3,658,130 73,037,520
45,498 43,319,932 26,013,960
lash and stock dividends distributed:
Cash dividends..
8,717,720 45,564,267
4,526,819 11,373,014 20,946,714
Stock dividends
948,738
206,340
89,500
27,592
625,306
Total dividends distributed.] 4,616,319] 11,400,6061 21,572,020] 8,924,0601 46,613,005
i Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross
receipts from these items. Excludes nontaxable income reported in schedule L of the return, except interest
on tax-exempt obligations and dividends on stock of domestic corporations.
»Not available.
»Deficit.

231

APPENDIX B

T A B L E 6 . — C o r p o r a t i o n income-tax returns for 1929, 1930, and 1931 filed by concerns whose predominant
business is classified under the following subdivisions
of
"Amusements"—Theaters,
legitimate,
vaudeville;
motion-picture
producers,
motion-picture
theaters; and other amusements;
showing analysis
of
compiled
receipts and statutory deductions, also net profit {or net loss), statutory net
income
less statutory net deficit, tax, and net profit after deducting
tax—Continued

Distribution

Theaters—|
.legitimate Motionpicture
and vaude- producers
ville

Motionpicture
theaters

Other
amusements

Total
amusements

1930
Receipts, taxable Income:
Gross sales
Profit or loss from sales:
Returns showing profit.
Returns showing loss
Profits less losses. . . .
Gross profits from operations other
than amounts tabulated as gross
sales
*
.
$60,582,636 $379,128,539 $444,832,219 $160,424,486 $1,044,967,880
Interest
476,1001 2,038,341 7,873,678 1,062,815 11,450,934
4,074,539 12,682,806 21,271,424 7,339,740] 45,368,509
Rents
Profits from sale of real estate,
stocks, bonds, and other capital
756,431 12,204,365
488,741 1,241,459 9,717,734
Miscellaneous receipts
. . . 1,416,821 8,920,857 21,448,723 4,812,793] 36,599,194
Receipts, tax-exempt income:
Dividends on capital stock of do667,781
552,568 6,688,302] 7,960,8801
mestic corporations
15,869,531
Interest on Federal, State, and
78,761
60,26a
i4,ooq
199,059
municipal bonds..
..........
Total compiled receipts*
. . . . 67,651.6671 410,714,310] 513,183,419 175,110,076U, 166,659,472
Statutory deductions:
Cost of poods sold
Compensation or officers
. 2,032,393 4,658,694 9,840,751 9,175,904 25,707,741
Interest paid
. 2,086,616] 15,760r523 23,922,760 6,363,945 48,133,844
11,463,162 6,289,223 24,228,509
1,652,738
Taxes paid other than income tax
667,967 1,435,806
59,856)
2,952,956
789,327
Bad debts
3,039,314 20,244,275 24,193,629 14,504,849 61,987,067
Depreciation
12,395|
67,186
44,791
Depletion
Loss from sale of real estate, stocks,
7,270,088
1,256,401 1,521,269 3,057,961, 1,434,457
and bonds
61,468,237 332,826,568 402,236,838 141,576,900 938,108,543
Miscellaneous deductions
71,595,554 380,624,042 475,400,463 180,825,8751, 108,445,934
Total statutory deductions
» 3,943,887] 30,090,268 37,782,956 * 5,715,799 58,213,538
Compiled net profit less net loss
Less tax-exempt interest and dividends
on capital stock of domestic corporations to arrive at statutory net in713,811 16,068,590
612,83(M 6,702,308 8,039,641
come
Statutory net income less statutory net
H W6,717] 23,387,9601 29,743,315 » 6,429,610] 42,144,948
deficit
Net loss for prior year deducted by con749,114
4,324,065
871,486 2,217,685
435,780
cerns reporting net income for 1930
Statutory net income (fi) less statutory
» 5,042,4971 22,516,474 27,525,63<J 17,178,724 37,820.883
net loss for prior year (I).*
»
876,670
4,612,031
9,510,030
330,597
Total tax
Compiled net profit (F) less total tax
48,703,508
* 4,274,484 26,400,4361 33,170,025 * 6,592,469
ash and stock dividends distributed:
3,460,521 26,496,891 23,668,078 5,716.982 59,342,472
Cash dividends.
189,163
1,292,890
448,056
24,006
631,665
Stock dividends
Total dividends distributed..! 4,092,1861 26,520,8971 24,116,1341 5,906,1451 60,635.362
Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not
Cross receipts from these items. Excludes nontaxable income reported in schedule L of the return, except
interest on tax-exempt obligations and dividends on stock of domestic corporations.
• Deficit.
1

232

NATIONAL INCOME,

1929-32

T A B L E 6.—Corporation income-tax returns for 1929, 1930, and 1931 filed by concerns whose predominant business is classified under the following subdivisions of
"Amusements*1—Theaters,
legitimate,
vaudeville;
motion-picture
producers,
motion-picture theaters; and other amusements; showing analysis of compiled
receipts and statutory deductions* also net profit (or net loss), statutory net income
less statutory net deficit, tax, and net profit after deducting
tax—Continued

Distribution

I Theaters—J Motionlegitimate picture
and vaude- producers
ville

Motionpicture
theaters

Other
amuse*
xnents

Total
amusements

1931
A. Receipts, taxable income:
Gross sales
.—.
.
Profit or loss from sales:
Returns showing profit
Returns showing loss
Profits less losses
Gross profits from operations other
than amounts tabulated as gross

C.
D.

E.
F.
G.

H.
I.
J.
K.
L.

$47,320,019 $396,478,284 $439,414,047 $134, 768,013 1$1,017,981,263
16,654,457
993,482
Interest
'
481,777 4,411,393' 9,767,805
42,882,299
5,074,910
Rents
2,602,941 13,589,267 21,615,181
Profits from sale of real estate,
stocks, bonds, and other capital
2,850,952
800,816
1,767,412
179,347
103,377
Miscellaneous receipts
845,834 14,785,784 7,678,962 4,459,766 27,770,346
Receipts, tax-exempt income:
Dividends on capital stock of do17,801,605
mestic corporations
*.
481,821 12,579,162 4,408,225
332,397
Interest on Federal, State, and
179,867
municipal bonds l
70,884
38,857
52,488
17,638
Total compiled receipts
51,982,623 441,964,905 484,704,120 146,469,141 1,125,120,789
Statutory deductionsCost of goods sold
Compensation of officers.
— 1,458,808 3,235,603 9,233,558 8.235,343 22,163,312
Interest paid
1,312,912 20,531,388 22,904,403 6,608,338 51,557,041
Taxes paid other than income tax. 1,303,565 7,743,100 11,744,565 6,388,142 27,179,372
3,749,701
Bad debts....
945,783
94,362
1,961,360
748,196
Depreciation
2,469,970] 22,133,602 24,931,880 12,896,006 62,431,458
Depletion
34,556
69,461
1»5U
8,517
14,877
Loss from sale of real estate, stocks,
8,356,371
and bonds
329,326 5,315,503
1,799,754
911,788
Miscellaneous deductions.
50,593,133 378,326,258 404,118,117 124,007,626 957,045,134
Total statutory deductions
57,563,587 438,042.167 475,820,548 161,115,548 1,132,541,850
Compiled net profit less net loss
15,580,964 3,922,738 8,883,572 '14,646,407 '7,421,061
Less tax-exempt interest and dividends
on capital stock of domestic corporations to arrive at statutory net income
17,981,472
371,254
552,705 12,596,800 4,460,713
Statutory net income less statutory net
deficit
I
'6,133,669 '8,674,062 4,422,859 '15,017,661 '25,402,533
Net loss for prior year deducted by
concerns reporting net income for
1931
3,166,033
111,745
644,652
2,365,226
44,410
Statutory net income (H) less statutory net loss for prior year (I)
'6,245,414 '8,718,472 2,057,633 '15,662,313 '28,568,566
3,496,432
Total tar.
130,216
318,401' 2,638,115
409,700
Compiled net profit (F) less total tax
'6,711,180 3,604,3371 6,245,457 '15,056,107 '10,917.493
Casha^a'Sock'SvideiT^
uted:
877,591 25,009,553 19,333,918 3,450,460 48,671,522
Cash dividends
253,157
3,600
15,066
69,725
164,766
Stock dividends
' Total dividends distributed.

881,191

25,079,278

19,498,684

3,465,626

48,924,679

»Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not
gross receipts from these Items. Excludes nontaxable income reported in schedule L of the return, except
Interest on tax-exempt obligations and dividends on stock of domestic corporations.
' Deficit.

APPENDIX B

233

T A B L E 7.—Corporation income-tax returns for 1929, 1930, and 1931, filed by con-

cerns whose predominant business is classified under the following subdivisions of
"Finance"—Stock and bond brokers, real estate and realty holding companies,
life insurance, other insurance and loan companies; showing analysis of
compiled receipts and statutory deductions, also net profit (or net loss), statutory
net income less statutory net deficit, tax, and net profit after deducting tax
[Composite for returns showing net income and no net income but excluding returns filed for inactive
corporations]

Distribution

and
Heal estate
insur- Other insur- Loan
financing
Stock and and realty Life
ance com- ance com- companies
bond brokers holding
panies
panies
companies

1929
A. Receipts, taxable income:
Qross sales
Profit or loss from sales:
Returns showing profit.
Returns showing loss..
Profits less losses—;
Qross profits from operations
other than amounts tabulated as gross sales..
• $3,403,822,869 $591,241,015 $3,076,4391$1,740,063,241 $1,521,656,733
Interest
- 100,050,384 145,430,129' 727,807,037 92,145,615 510,934,058
14,183,088 1,341,954,696] 21,516,963 10,667,272 63,857,836
Rents
Profits from sale of real estate,
stocks, bonds, and other capi48,286,686 385,204,814
245,431
194,721,004 187,363,737
tal assets..
52,637,600 87,527,226 4,707,735 47,609,795 116,256,753
Miscellaneous receipts.........
B. Receipts, tax-exempt income:
Dividends on capital stock of
147,289,868 94,948,588 15,041,103 53,177,641 614,758,997
domestic corporations.
Interest on Federal, State, and
11,795,834
7,222,125 40,374,607 31,982,528 32,616,616
municipal bonds
3,924,501,547112,455,637,516 812,769,315[2,023,933,778 3,245,285,807
C. Total compiled receipts *
D. Statutory deductions:
Cost of goods sold
18,812,884 133,843,571
673,038
44,685,074 146,240,329
Compensation of officers
7,203,613 335,467,513
103,579,437 511,335.177 9,811,473
Interest paid
Taxes paid other than income
11.320,831 303,408,967 9,596,467 43,646,217 41,206,416
tax...................—.-—
50,959,048
2,351,001
9,801
13,986,893 52,384.344
Bad debts
27.827,789
3,569,024
193,889,859 8,827,696
Depreciation...
.
3,259,991
2,758,372
24,902)
Depletion
Loss from sale of real estate,
stocks, and bonds'
3,527,519,077 ,1,066,688,707 623,876,058 1,771,360,208 1,572,560,936
_,
Miscellaneous deductions.
3,709,417,082,,2,276.705,755 652,694,633 1,846,947,947 2,165,125,264
E. Total statutory deductions
1
P. Compiled net profit less net loss... 215,081,465 178,981,761 160,074,782 176,985,831 1,080,160,543
O. Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at
__
statutory net income
— 169,085,702 102,170,713 55,415,710 85,160,169 647,375,613
H. Statutory net income less statutory
55,993,763 76,811,048 104,659,072 91,825,662 432,784,930
net deficit
-----I. Net loss for prior year deducted by
concerns reporting net income for
8,269,805
2,522,808
2,991
2,825,519 24,859,761
1929
Statutory net income (II) less
statutory net loss for prior year
51,951,2871 104,656,081 89,302,854 424,515,125
53,173,244
(D32,976,140 12,096,590 20,911,130 67,741,520
34,996,168
Total tax
-.
Compiled net profit (F) less total 180,088,297 146,005,621 147,978,192 156,074,701 1,012,419,023
tax (K)
---.Cash and stock dividends distributed:
147,449,568 333,287,576 20,856,594 100,582,684
Cash dividends—.
20,202,483 420,225,672
25,165,623 106,179,970
Stock dividends
Total dividends distrib- 172,615,191! 439,467,546! 20,856,594} 120,785,16711,114,178,605
uted
1
Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross
receipts from these items. Excludes nontaxable income reported in schedulo Lof the return, except interest
on tax-exempt obligations and dividends on stock of domestic corporations.
1
Not available.

234

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 7.—Corporation income-tax returns for 1929, 19S0, and 1981, filed by con*
cerns whose predominant business is classified under the following subdivisions of
"Finance"—Stock and bond brokers, real estate and realty-holding companies,
life insurance, other insurance, and loan companies; showing analysis of
compiled receipts and statutory deductions, also net profit (or net toss), statutory
net income less statutory net deficit, tax, and net profit after deducting tax—Contd.
Distribution

Real estate
insur- Other insur- Loan and
Stock and and realty Life
ance com* ance comfinancing
band brokers holding
panies
panies
companies
companies

1930
A. Receipts, taxable income:
Gross sales..
Profit or loss from salesL
Returns showing profit.
Returns showing losses.
Profits less losses.
Gross profits from operations
other than amounts tabulated as gross sales
.
. $2,729,704,953 $405,640,883 $70,845,732$1,632,124,322 $814,334,309
Interesjt
100,253,027
. . , 134,898,2201 807,775,553 92,276,139 499,144,648
Rents
*
25,189,8721,476,266*408 24,824,998 12,339,1601 62,983,304
Profits from sale of real estate,
stocks, bonds, and other
84,861,181 105,545,328
capital assets
79,864
10,853,105 102,207,014
29,601,9361 58,890,2571 2,413,977 91,623,309 101,012,780
Miscellaneous receipts
Receipts, tax-exempt income:
Dividends on capital stock of
domestic corporations
] 180,517,926 74,693,458 26,767,469 64,002,843 669,901,101
Interest on Federal, State, and
municipal bonds
12,093,747,
5,412,477 36,126,381 24,130,190 43,893,377
Total compiled receipts i „—.._... |3,162,225,642 2,262,347,031 968,833,974 1,927,249,068'2,283,476,533
Statutory deductions:
Cost of goods sold.
Compensation of officers
44,451,465 131,718,622
391,043 26,133,830 128,381,131
Interest paid97,772,966 545,793,929 12,0S7,470| 12,664,176
Taxes paid other than income
tax
39,605,942
42,026,993
15,103,521 311,985,226^ 13,754,039
Bad debts
65,264,134
3,923,219
24,781,313
15,622,978
226,836!
Depreciation
27,406,612
7,987,885 218,759,929
4,603,729
9,605,7941
Depletion
56,630)
1,823,841
2,169,548
Loss from sale of real estate,
stocks, and bonds
, 194,216,821 86,225,454
643,248 24,408,485 228,962,932
Miscellaneous deductions
3,035,045,563 957,291,8W 774,968,039 1,798,438,534 850,778,906
E . Total statutory deductions
,0,411,157,829 2,278,725,721 811,677,069 1,912,198,966 1,670,153,855
F. Compiled net profit less net loss-. Jr« 248.932,187 '16,378,69ffl 157,156,905] 15,050,102 607,322,678
G . Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at statutory net income
192,611,673 80,105,9351 62,893,850] 88,133,033 713,794,478
H. Statutory net income less statutory net deficit
441,543,8601 * 96,484,625) 94,263,055J «73,062,931| »106,471,800
I. Net loss for prior year deducted by
concerns reporting net income
for 1930
8,835,406
4,696,722 21,966,5151
3,690,567
551
Statutory net income (H) less statutory net loss for prior year (I)... • 446,240,582 '118,451, U« 94,262,501 »76,773,498 1115,307,206
Total tax
7,110,™ 22,052,60a 12,843,2061 10,469,054 20,105,763
Compiled net profit (F) less total
tax (K)
4,581,0481 678,126*915
1256,042,957 138,431,293 144,313,639
Cash and stock dividends distributed:
Cash dividends
144,198,006 228,488,8901 22,589,288 103,075,559 698,632,356
Stock dividends
7,203,0001 40,529,612
84,090,935
9,097,621
725,0001
Total dividends distributed
228,288,9411 237,586,6111 23,314,2881 110,278,5591 739,161,968
1 Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross
receipts from these items. Excludes nontaxable income reported in schedule L of the» ret
*
return, except interest
on tax-exempt obligations and dividends on stock of domestic corporations.
* Deficit. *

APPENDIX B

235

TABLE 7.—Corporation income-tax returns for 1989, 1930, and 193 (, filed by concerns
whose predominant business is classified under the following subdivisions of
u
Finance"—Stock and bond brokers, real estate and realty holding companies,
life insurance, other insurance and loan companies; showing analysis of
compiled receipts and statutory deductions, also net profit (or net loss), statutory
net income less statutory net deficit, tax, and net profit after deducting tax—Contd.

Distribution

Ileal estate
insur- Other insur- Loan and
Stock and , and realty Life
ance com- ance com- financing
bondbiokers holding
companies
panies
panies
companies

1931
A. Receipts, taxable income:
Oross sales
Profit or loss from sales:
Returns showing profit
Returns showing loss.
Profits less losses—
Gross profits from operations
other than amounts tabulated as gross sales...
. . . $1,827,152,343 $311,054,210 $22,749, 124&1,
1,662,946,555 $599,402,594
1
Interest
72,345,834 116,028,903 843,774,704] 93,793,004 335,840,932
Rents
14,444,777 1,400,431,035 25,603,9881 15,405,166 42,052,313
Profits from sale of real estate,
stocks, bonds, and other capi19,514,789 55,378.636
3,211,763 30,230,984
40,551
tal assets
16,008,292 68,014,532 1,984,691 21,318,622 75,286,127
Miscellaneous receipts
B. Receipts, tax-exempt income:
Dividends on capital stock of
112,321,2401 47,603,654 27,280,254 67,051,745 478,849,337
domestic corporations
Interest on Federal, State, and
10,332,944'
6,740,635 50,846,869 21,512,565 , 22,242,791
municipal bonds
2,072,170,219 2,005,251,605 972,280,181 1,890,239,420 11,583,905,078
C. Total compiled receipts'
D. Statutory deductions:
Cost of goods sold
560,115
34,402,876 109,677,678
17,963,405 110,163,437
Compensation of officers
19,953,496 234,340,146
64,765.655 530,050,983 14,020,018
Interest paid
Taxes paid other than income
40,682,176 29,843,327
10,343,841 335,223,575 14,219,950
tax
6,409,616 76,647,580
29,442,295
149,223
52,518,025
Bad debts
5,926,956 27,580,893
7,236,167 231,501,523 10,867,235
Depreciation
1,291,942
1,430
798
130.800
1,821,031
Depletion..
Loss from sale of real estate,
358,367,476 160,117,238 2,305,778 73,357,955 368,977,089
stocks, and bonds
2,012,446,570 856,592,663 794,860,050 1,778.625,991 679,902,381
Miscellaneous deductions..
E. Total statutory deductions
,.2,517,135,680 12,277,502,716 836,983,167 1,942,921,025 1,528,746,795
1444,965,461 '» 272,251, 111 135,297,014 *52,681,605 55,158,283
F. Compiled net profit less net loss
0 . Less tax-exempt interest and dividends on capital stock of domestic corporations to arrive at stat122,704,184 54,344,289 78,127,123 88,564,310 501,092,128
„ m utory net income
H. Statutory net income less statutory
> 567,669,645 '326,595,400 57,169,891 * 141,245,915 1445,933,845
net deficit
1. Net loss for prior year deducted by
concerns reporting net income
6,474,138
1,708,129
271
9,303,468 13,329,570
for 1931
J. Statutory net income (H) less statutory net loss for prior year ( I ) — •576,973,113 1339,924,970 57,169,620 U42.954.044 • 452,407,983
6,897,448 13,434,666
1,949,127 14,146,882 10,348,096
K. Total tax
L. Compiled net profit (F) less total
41,723,717
•
69,579,053
124,948,018
•
286,397,993
1446,914,588
tax (K)
Cash and stock dividends distributed:
76,554,501 169,889,741 18,250,508 110,841,045 469,418,305
Cash dividends
.
14,926,665
4,076,933
1,598,245
6,313,154]
626,339
Stock dividends
Total dividends distrib484,344,970
114,917,978
18,876,847
7*152,746
176,202,905
uted
- .—
1
Includes net profit from the sale of real estate, stocks, bonds, etc., and other capital assets, but not gross
receipts from these items. Excludes nontaxable income reported in schedule L of the return, except interest
on tax-exempt obligations and dividends on stock of domestic corporations.
•Deficit.

APPENDIX C
Corporation income-tax returns for 1980 and 1931 filed by concerns whose predominant
business is classified under certain subdivisions of the following major industrial
groups: Mining and quarrying; transportation and other public utilities; trade;
service, and finance; showing the number of balance sheets tabulated, the bonded
debt and mortgages, and capital stock
[Composite for returns showing net income and no net income but excluding returns filed for inactive
corporations]

Disposition

Num- Bonded debt
ber of
balance and mortsheets

Capital stock
Preferred

Common

1930
Mining and quarrying:
Metal mining—iron, copper, lead, zinc, gold,
silver, quicksilver
Coal:
Anthracite
Bituminous, lignite, and peat
Oil and gas
...
Transportation and other public utilities:
Transportation and related activities:
water transportation and related activitiesOcean and fresh-water lines, canals, docking, drawbridge operating, lighterage, salvaging, piloting, wharfing, lessors
Aerial transportation..
Autobus lines, taxicabs, and sightseeing companies....
...
Steam railroads
Electric railways
Electric ltent and power companies..........
Gas companies, artifical and natural
Cartage and storage; food storage; packing and
shipping; local transportation and related
industries, n.e.c
Other public utilities:
Telephone and telegraph companies
Radiobroadcasting companies
...........
Water companies
All other public utilities—Terminal stations,
pipe lines, toll bridges and toll roads, irri_ .
gation systems, etc
...
Trade:
Wholesale....
Retail
Wholesale and retail
Commission
.
All other
Service:
Domestic service—laundries, hotels, restaurants,
etc
..
Total amusements
Professional service—curative, educational, engineering, legal, e t c
Business service—detective bureaus, trade shows,
mimeographing, publishing directories, advertising, e t c . . . .
._.
Finance:
Banking and related industries:
Stock and bond brokers, investment brokers,
investment bankers, and investment trusts.
Real estate and realty holding companiesrealty development, holding, or leasing;
realiy trust, etc
Insurance companies:
Life insurance—mutual or stock companies I
Other insurance—accident, casualty, fire,
marine, title, etc
Other finance:
Loan companies—building and loan associations; mortgage, note, or pawn brokers;
insurance agents, promoters, stock syndicates, foreign exchange, and finance, n.e.c..

236

624 $114,491,343 $103,428,485 [$1,629,925,417
99
1,962
3.169

174,493,695
307,018,234
176,706,562

16,653,935
115,754,512
88,169,046

183,156,042
997,728,126
1,293,294,809

1,483

155,941,597
4,243,814

70,140,842
7,138,815

330,425,019
122,019,642

45,901,025
33,960,148
1,740
524 ,14,127,002,1861 768,282,093
331,158,484
687 2,296,634,714
802 6,521,695,167 2.389,303,790
303,055,508
428
938,353,681

106,210,277
9,385,135.197
1,821,825.213
4,606,587,155
1,354,995,786

288,062,176

88,543,645

418,933,777

2,007 1,583,814, C83
271
3,075.693
1,023
457,16ft 576

313,158,547
37,616,295
179,786,845

2,869,274,101
71,449,619
196,771,940

896 [2,329,338,023

863,736,926

1,663,160,069

294,563,644
745,745,180
169,658,444
24,961,796
95,935,358

669,100.566
800,703,759
220,961,361
73,971,799
74,924,591

2,232,711,388
3,510,988,906
841.423,201
346,363,144
396,928,232

11,431 1,022,892,163
5,815
553,203,304

267,349,009
114,268,810

724.993,206
749,753,594

58,318,650

280,476,875

57,233,412

192,712,334

22,276
71,059
9,825
6,215
10,417

5,045

58,387,023

4,576

41,924,769

4,127

476,664,279

711,152,746

2,378,991,870

63,412 |7,837,535,667

786,461,077

5,338,860,571

482

129,513

1.227

254,426,419

185,411,447
8,540,050

729,772,216

23,333 [2,270,747,575 12,292,078,631 | 7,712,792,045

237

APPENDIX 0

Corporation income-tax returns for 1930 and 1931 filed by concerns whose predominant
business is classified under certain subdivisions of the following major industrial
groups: Mining and quarrying; transportation and other public utilities; trade;
service, and finance; showing the number of balance sheets tabulated, the bonded
debt and mortgages, and capital stock—Continued

Disposition

Num- Bonded debt
ber of
balance! and mortsheets

Capital stock
Preferred

1031
Mining and quarrying:
Metal mining—Iron, copper, lead, sine, gold,
silver, quicksilver ._»
548 $145,348,333 $117,903,411
Coal:
Anthracite
78 212,423,131
16,212,562
Bituminous, lignite, and peat
1,801 274,383.650 115,854,502
Oil and gas
3,016 220,685,854 158,433,892
Transportation and other public utilities:
Transportation and related activities:
water transportation and related activities—
ocean- and fresh-water lines, canals, docking, drawbridge operating, lighterage, salvaging, piloting, wbarflng; lessors
. . . 1,441 239,145,945
72,112,215
Aerial transportation
15,837,284
4371
2,903,028
Autobus lines, taxicabs, and sightseeing com32,651,809
panies
. . . . . 1,647
49,296,215
510 12,337,212,824 1,024,665,776
Steam railroads....
637 1,983,364,278 300,817,670
Electric rail ways
.
6S7 7,403,384,049 2,969,032,504
Electric light and power companies
379 1,025,397,340 306,302,291
Gas companies, artificial and natural
Cartage and storage; food storage; packing
and shipping; local transportation and
-I 6,785
82,580,386
related industries, n.e.c...........«
269,225,365
Other public utilities:
Telephone and telegraph companies.......... 1,792 (1,463,839,650 294,235,071
37,591,411
4,840,342
266
Radiobroadcasting companies.......... . . .
88,841,601
1,015 505,168,384
Water companies
All other public utilities—terminal stations,
pipe lines, toll bridges and toll roads, irri560,639,024
861 1,757,047,339
^
gation systems, etc
.
Trade:
607,442,483
335,915.052
21,325
Wholesale.
760,545,658
725,940,663
66,788
Retail
Wholesale and retail
.
.
.
.. 9,990 134,723,078 181,456,823
60,573,348
24,963,096
Commission..
.
. . . . 5,612
72,762,985
93,323,873
10,171
All other
.
.
m
Service:
Domestic senrlce—laundries, hotels, restaurants,
264,066,849
932,327,768
11,173
etc
95,691,130
677,890,196
5,390
Total amusements.....
Professional service—curative, educational, en4,453
gineering, legal, etc...
27,476,019
50,299,563
Business service—detective bureaus, trade shows,
mimeographing, publishing directories, adver4,251
„,
tising, e t c . . . .
....50,776,283
40,727,074
Finance:
Banking and related industries:
Stock and bond brokers, investment brokers,
investment bankers, and investment trusts. 3,264 405,867,330 559,634,235
Real estate and realty holding companies—realty
development, holding, or leasing; realty trust,
etc
. ..........
—
. . . . . . 61,862 (7,743,297,729 807,471,202
Insurance companies:
437
Life insurance—mutual or stock companies—
Other insurance—accident, casualty, fire,
8,082,500
1,221
marine, title, etc
.
.
Other finance:
Loan companies—building and loan associations: mortgage, note, or pawn brokers; insurance agents, promoters, stock syndicates, foreign exchange, and finance, n.e.c. - - 22,067 2,054,446,208 2,105,187,453

Common

|$1,318,393,811
207,812,454
878,359,615
1,326,360,916

367,766,120
104,382,178
102,694,443
7,753,727,734
1,800,430,156
4,672,257,488
1,390,422,702
406,286,306
2,848,529,796
45,312,821
238,244,540
1,010,194,695
2,095,339,740
3,272,514,305
791,589,650
295,705,739
382,352,910
719,454,759
730,985,283
226,025,928
176,083,095
1,694,086,674
5,259,758,862
177,599,349
764,564,141

6,156,186,862

APPENDIX D
TABLE 1.—Returns from questionnaires on grand total of city employees; includes
municipal public utilities, excludes schools
GROUP 1.—CITIES WITH POPULATION OP OVER 500,000

City

1932

1931

1930

1929

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total salaber
ries
ries
ber
ber
ries
ries
ber
31,045
24,667
16,406
8,918
9,442
6,695
7,133

Chicago, ID
Los Angeles, Calif
Cleveland, Ohio.
Pittsburgh, Pa
Buffalo, N.Y

$59,792,033 31,801 $57,368,147 19,997 $40,727,492 20,412 $55,160,000
23,732 60,464,203 23,000 67,514,638
61,519,795
32,952,164 16,816 33,152,489 16,680 33.054,431 17,430 29,777,125
15,731,949 8,990 15,994,724 11.172 16,031,687 9,531 14,875,977
14,278,759 9,735 15,110,238 10,139 15,367,772
11,079,234 6,875 12,624,393 6,493 12,980,755 6,049 10,597,915
12,951,108 6,956 13.381,067 7,358 13,423,882 6,831 12,451,029

GROUP 2.-CITIES WITH POPULATION OF 300,000 TO 500,000
4,097 $6,248,737
6,184 11,459,921
6,229 11,889,011
3,885 6,153,305
3,122 4,230,183
2,340 4,584,258

Newark, N.J
Rochester, N.Y
Louisville, Ky

4,358 $6,317,518
6,420 11,687,708
6,305 11,964,720
3,973 6,415,234
3,314 4,414,018
2,369 4,610,252

4,494 $6,541,613
6,867 12,130,538
5,965 12,184,235
4,111 6,657,476
3,227 4,324,754
2,375 4,611,893

4,339 $6,322,827
6,663 12,517,403
9,903,402
MZ?
4,033 6,151,962
2,191 3,339,586
2,277 3,811,083

GROUP 3.—CITIES WITH POPULATION OP 100,000 TO 300,000
Columbus, Ohio....
Houston, Tex
Oakland, CalifProvidence, R.I
Birmingham, Ala..,
Yonkers, N.Y

2,119 $3,623,215
2,227 2,951,063
1,985 3,735,745
2,984 4,598,934
1,665 2,143,868
2,100 3,478,084

2,117 $3,582,441
2,203 3,067,616
2,165 4,095,038
3,339 4,874,842
1,619 2,105,061
2,150 3,821,795

2,043 $3,558,744
2,180 3,262,233
1,895 3,748,342
3,500 4.886,084
1,500 1,843,627
2,150 4,124,042

1,893
1,849
2,168
3,229
1,267
1.850

GROUP 4.—CITIES WITH POPULATION OF 50,000 TO 100,000
Allentown, Pa
Savannah, Ga......
Saginaw, Mich
Manchester, N . H . .
Lincoln, Nebr
Huntington, W.Va
Pueblo, Colo
Binghamton, N.Y

395
989
574
961
246
250
219
611

$595,500
1,206,538
923,952
1,134,839
406,823
401,738
353,773
1,096,399

375
998
613
1,175
254
259
217
648

$571,000
1,223,648
950,026
1,122,044
407,606
406,760
358,031
1,161,260

421
1,001
627
1,377
275
271
205
656

510
938

$613,000
1,228,604
955,677
1,244,036
445,611
414,558
343,612
1,166,984

867
606

671

GROUP 5.-CITIES WITH POPULATION OF 30,000 TO 50,000
Pittsfleld, Mass
Waterloo, Iowa
Port Arthur, Tex..,
Dearborn, Mich
Phoenix, Ariz
Wichita Falls, Tex

376
275
134
299
584
308

$366,224
326,538
235,433
702,577
916,500
415,902

467
268
142
335
665
303

$399,765
343,678
243,477
852,408
954,482
429,287

580
389
175
356
607
225

$429,934
344,604
297,273
859,913
1,004,958
335,032

1,981
229
120
619
539
190

GROUP 6.-CITIES WITH POPULATION OF 10,000 TO 30,000
Alhambra, Calif.
Bangor, Maine.......
Great Falls, Mont...
Salem, Oreg.
Albuquerque, N.MexJ
H u n t i n g t o n Park,
W.Vo
Mason City, Iowa
Pittsburg, Kans
Medford, Oreg

219
367
235
112
94
81
113
75

238

$361,091
410,241
267,826
133,284
172,767
125,347
186,870
123,850
81,952

240
381
234
120
94

$392,077
440,901
272,100
146,552
186,126

236
383
226
124
94

$379,654
448,079
277,246
147,393
172,598

90
117
73
74

133,490
194,034
119,596
98,330

105
119
64
72

155,459
193,940
103,622
96,569

189
274
97
157
130
67

239

APPENDIX D

TABLE 1.—Returns from questionnaires on grand total of city employees; includes
municipal public utililiest excludes schools—Continued
GROUP 7.—CITIES WITH POPULATION OP 5,000 TO 10,000
1929
City

1932

1931

1930

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total sala
ries
ber
ber
ber
ber
ries
ries
ries

Antlgo, Wis.
Athens, Ohio
Fredericksburg, V a . . .

109
77
60

$91,100
85,999
70,795

29
63
21

32,933
64,416
27,316

110
77
67
70
26
69
25

$98,564
84,061
72,269
63,576
32,396
68,915
35,840

103
77
60
65
25
70
32

$102,494
86,659
69.347
59,556
31,567
68,931
58,240

91
80
58
66
50
76
37

$83,858
88,967
57,099
52,751
50,903
62,075
59,680

20
15

$20,992
15,820

18
13
31
21
31

15,113
12,876
9,902
20,695
9,956

GROUP 8.—CITIES WITH POPULATION OP 2,500 TO 5,000
Crisfield, Aid
Port Townsend, Wash.
Cooperstown, N.Y
Lebi, Utah
Forest City, N.C.

$20,602

19
17
14
30
25
34

20,122
23,799
13,953
8,083
22,105
19,273

$20,992
18,247
26,110
23,890
14,513
9,830
23,796
18,246

20
16
19
17
14
32
25
34

$20,992

19
18
12
32
25
31

26,313
23,611
13,322
10,658
25,560
16,218

TABLE 2.—Returns from questionnaires on police departments
GROUP 1.—CITIES WITH POPULATION OF OVER 500.000
1929
City

1930

1932

1931

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total salaries
ber
ries
ber
ber
ries
ries
ber

17,954 $42,714,230 18,905 $44,896,067 19,664 $56,557,817 19,716 $58,071,554
6,464 16,360,262 6,719 16,522,861 6,681 16,544,220 6,478 12,706,108
5,652 9,921,041 5,712 11,203,564 5,714 11,626,543 5,493 10,625,814
3,942 9,895,220 4,096 10,353,603 3,800 8,786,649 4,011 7,831,368
2,595 6,615,652 2,672 6,244,734 2,658 6,273,082 2,680 5,773,728
Los Angeles, Calif1,444 3,712,286 1,444 3,676,907 1,560 3,713,584 1,585 3,414,281
1,867 4,771,005 1,850 4,779,649 1,868 4,791,815 2,284 4,779,532
St. Louis, Mo
1.883 4,201,484 1,886 4,224,930 1,886 4,236,915 2,046 4,479,536
Baltimore, Md
5,281,992 2,621 5,331,139 2,622 5,240,625
Boston, Mass....**... 2,485 5,059,562 2,620 3,126,315
1,268 3,366,893 1,141 2,514,880
1,288 2,683,013 1,376
1,366 3,391,215 1,351 3,296,327
San Francisco, Calif...
1,023 2,076,507 1,077 2,176,352 1,125 2,436,370 1,133 2,433,894
1,306 2,958,865 1,294 2,908,755 1,290 2,904,263 1,265 2,878,458
Buffalo, N.Y
Chicago, 111
Philadelphia. Pa.

GROUP 2.-CITIES WITH POPULATION OF 300,000 TO 500,000

Minneapolis, Minn
Cincinnati. Ohio
Newark, N J
Seattle, Wash
Louisville, Ky

1,262 $2,740,700
551 1,131,468
676 1,239,153
1,323 3,282,776
779 1,060,749
636 1,377,603
478 1,029,709
813,692
496
997,440
435

1,262 $2,722,110
544 1,197,733
644 1,262,839
1,417 3,281,413
685 1,209,125
639 1,394,713
483 1,041,112
845,057
509
456 1,016,023

1,265 $2,725,080
546 1,188,720
651 1,247,631
1,416 3,426,649
678 1,099,924
677 1,490,700
490 1,045,421
834,243
495
458 1,031,177

1,335 $3,170,814
500 1,062,880
624 1,169,325
1,410 3,450,077
845,942
619
666 1,345,288
480 1,039,287
809,655
481
462 1,042,165

240

NATIONAL INCOME, 1929-32

TABLE 2.—Returns from questionnaires on police departments—Continued
G R O U P 3.—CITIES W I T H P O P U L A T I O N O F 100.000 T O 300,000
1932

1931

1930

1929
City

Denver, Colo

Atlanta, Ga
Providence, R . I

Number

Total salaries

Number

Total salaries

Number

Total salaries

Number

Total salaries

361
420
362
399
340

$697,584
813,560
623,131
966,095
633,831

361
421
342
393
348

$698,292
820,929
575,755
993,060
636,064

342
413
348
365
334
427
612
416
403
336
167
272
314
286

$680,307
821,505
621,556
948,468
602,547
830,000
1,268,065
962,579
796,893
705,601
340,116
493,628
931,115
700,883

338
403
328
365
361
430
566
430
454
334
138
232
325
280

$652,997
793,587
473,312
917,634
640,233
744,162
1,262,198
969,673
789,868
706,800
185,340
317,605
934,741
692,768

122
101
162
93

$282,098
178,810
234,578
126,968

113
52
74
48
126

225,531
87,463
119,032
85,681
254,691

66
44
64
33
11
117

$133,853
73,811
118,451
65,676
17,268
266,293

"""588" ""i,*225r758"
916,553
389
707,626
352
679,253
313
366,252
171
551,619
294
781,715
305
716,725
291

Flint, M i c h
Yonkers, N . Y ._

602" "*1,"258,"809"
414
942,266
403
773,742
325
696,753
174
376,008
292
565,333
313
854,907
288
707,173

G R O U P 4.—CITIES W I T H P O P U L A T I O N O P 60,000 T O 100,000
Sacramento, C a l i f . . . .
Allentown, P a
._,
Savannah, Ga
Rockford, HI
Saginaw, Mich
Manchester, N . H
Lincoln, N e b r . Huntington, W.Va
I
Pueblo, Colo
Binghaznton, N . Y -

120
96
163
76
105
123
48
68
55
102

$285,081
171,000
245,777
152,042
191,372
237,077
71,180
122,484
102,237
218,747

123
98
163
75
117
119
60
63
55
123

$289,244
178,924
257,948
152,916
207,503
216,458
72,208
120,977
103,346
218,090

124
98
165
83
116
124
68
73
51
127

$292,450
180,000
247,979
161,537
199,716
246,401
81,552
129,287
104,011
218,779

G R O U P 5.—CITIES W I T H P O P U L A T I O N O F 30,000 T O 60,000
Pittsfield, Mass
N e w Castle, P a
Stockton, Calif.
Waterloo, Iowa
Port Arthur, Tex.—,
Dearborn, M i c h .
Jackson, Miss . . . . .
Phoenix, Ariz
Clifton, N J
Jamestown, N . Y
.
Portsmouth, Va
Wichita Falls, T e x .

$136,969
86,078
121,316
54,639
40,313
270,971
87,215
140,428
111,816
98,403
81,381
69,420

61
45
54
32
22
113
45
71
59
63
45

$138,716
85,000
122,145
65,242
41,336
297,788
93,175
141,692
142,006
112,138
81,115
70,135

61
46
64
33
24
118
45
76
67
61
45
34

$140,910
84,560
123,535
57,035
42,972
307,529
92,318
160,951
148,752
116,580
79,759
63,428

131,024
152,687
96,460
81,350
48,246

GROUP 6.—CITIES WITH POPULATION OF 10,000 TO 30,000
Alhambra, Calif.
Bangor, Maine
I
Great Falls, Mont....!
Salem, Oreg
Albuquerque, N.Mex.
Appleton, Wis
Johnson City, Tenn
H u n t i n g t o n Park,
Calif
Marion, Ind
Mason City, Iowa
St. Cloud, Minn
Berlin, N.H
Findlay, Ohio
.,
Pittsburg, Kans
Cheyenne, Wyo . . . .
Grand Forks, N.Dak..
Modesto, Calif
Atchison, K a n s . . . .
Medford, Oreg
Hudson, N.Y

£63,182
67,653
50,153
33,206
36.817
32,410
24,851

42
36
26
22
21
21
21

$72,567
71,045
66,988
34,376
3S.797
34,000
26,847

44
42
27
23
21
22
15

$73,915
72,693
55,737
34,408
43,876
36,895
28,868

$60,432
74,081
40,402
31,620
43,876
37,393
24,000

63,888
46,836
36,217
30,000
43,457
26,025
19,110
22,7*0
27,300
27,094
21,906
12,811

31
30
22
18
25
16
It
15
17
25
14
8

54,508
51,562
37,447
30,240
46,400
26,687
19,140
28,078
27,300
29,042
23,158
14,352

33
28
22
18
24
16
8
14
17
20
14
8
18

62.714
46,000
38,485
30,240
43,873
24,419
14,100
24,095
27,300
27,742
22,633
14,439
32,800

47,910
47,750
38,481
30,779
41,943
18,197
14,100
30,380
24,765
27,607
19,920
12,931
32,800

241

APPENDIX D

TABLE 2.—Returns from questionnaires on police departments—Continued
GROUP 7.-CITIES WITH POPULATION OF 5,000 TO 10,000
1929
City

1930

1931

1932

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total salaber
ries
ries
ber
ber
ber
ries
ries

Ottawa, Kans
....
Red Wing, Minn ...
Carthage, M o . * . . . . . . .
Antigo, Wis
Twin Foils, Idaho
lola, Kans.
........
Athens, Ohio . . . . . . .
Fredericksburg, V a . . .
Brigham City, Utah.j

11
7
10
4
3
7
7
7
3
5
6
7
6
fi!
4

$22,035
9,191
13,146
5,220
5,200
9,700
8,731
8,460
4,585
7,800
9.954
8,700
5,084
11,460
4,253

$22,584
9.286
13.099
5,220
5,200
10.1SS
14,583
7,760
5,541
7,800
9,289
8,530
5,754
15,600
4.221

11
7
10
4
3
7
8
6
3
5
6
6
6
7
4

12
7
10
4
3
6
8
6
3
6
6
5
6
9
4

$23,633
8,972
13,191
5,220
5,200
9,773
14,635
6,910
5,5SO
9,300
9,491
6,595
7,034
18,600
4,250

10
7
8
5

$17,447
8,880
12,489
6,063

6
8
6
7
5
6
5
5
12

8,889
9,600
6,258
6,142
7,800
9,278
6,400
5,936
25,800

3
3

GROUP 8.—CITIES WITH POPULATION OF 2,500 TO 5,000
coco

Geneva, III . . . . . . .
Dunn, N.C
Carthage, N.Y
Roanoke, A l a . . . . . . . . .
Camas, W a s h . . . . . . . . .
Lamar, Colo
Ben wood, W.Va
Port T o w n s e n d ,
Wpsh
Crisfield, Md
Glendale, Ariz . . . . . . .
Bowie, T e x . . . . . .
..
Cooperstown, N.Y
Lehi, Utah
Perry, Fla.. . . . . . . . .
Dillon, S.C

$3,900
4,6S0

•ft

5,520
6,273
3,840
3,420
3,4S0
3.734 !
7,740

3
2
4

3,710
2,300
3,493

3
3

3,697
4,680
2,662

*
2
o

2
2

1,381
2,280

2,944 |
4,065 j
3,900

Paso Robles, Calif

33
4
4 I

*
2
2

3
2
4
3
3
3
2
3
2 1
2
3
3
2H\
2

$3,900
4,920
9,095
5,537 i
6,539
3,840
3.420
3,480
3,564
9,193

3
3
6
4
4
4
2
3
2H
5

$3,900
4,920
9,495
4,615 !
6,414
3.840
3,420
4,140
3,024
9,317

4
3

$3,983
4,920
8,193
4,632
4,544

3
2
6

4,000
2,132
6,000

4,280
2,300
3,882
4,200
4,133
4,680
3,368
3,020
2,090
2,280
2.880
2,465
4,129
3,900

3
2
4

4,310
2,300
3,803

2
4

2,433
3,344

3
3
1

3,699
4,680
1,800

2
2
1

3,825
2,192
1,372

2
2

2,600
2.2S0

2
2

2,380
2,040

27471
4,194 1
3,900

2
4
2

2,182
5,460
3,600

TABLE 3.—Returns from questionnaires onfiredepartments
GROUP 1.—CITIES WITH POPULATION OF OVER 600,000
1930

1929
City

New York, N . Y , . . ..
Chicago, 111
Philadelphia. Pa
Los Angeles, Calif.
Cleveland, Ohio
St. Louis, Mo
San Francisco, Calif—
Milwaukee, Wis
Buffalo, N.Y

Num- Total sala- Numries
ber
\ ber
7,295 $18,860,053
2,657 1 7,377,562
2,168 4,197,977
2,010 5,072,003
1,620 4,099.556
1,058 2,660,066
903 2,001,960
1,446 2,568,860
1,643 3,575,812
938 1,994,119
779
986:

1,631,680 j
2,283,905

1931

1932

Total sala- Num- Total sala- Num- Total salaries
ber
ries
ber
ries

7,621 $19,615,088
2,802 7,506,734
2,152 4,545,798
2,045 5,121,336
1,732 4,230,268
1,049 2,642,505
907 1,999,980
1,447 2,716,685
1,735 3,749,710
996 2,409,958
799 1 1,692,076
988 2,286,886

7,668 $23,332,839
2,720 7,217,920
2,065 4,666,089
1,702 4,136,523
1,733 4,293,193
1,059 2,622,896
931 2,055,360
1,447 2,718,635
1,745 3,768,940
903 2,402,578
1,205 3,036,697
803 1,801,234
984 2,280,017

7,638 $23,181,848
2,627 5,660,219
1,971 3,765,823
1,672 3,267,939
1,751 3,914,897
1,051 2,394,736
958 1,994,575
1,447 2,548,835
1,747 3,742,504
889 1,842,095
1,212 2,973,918
792 1,789,363
932 2,204,690

____

242

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 3.—Returns from questionnaires onfiredepartments—Continued
GROUP 2.—CITIES WITH POPULATION OF 300,000 TO 500,000

City

1932

1931

1930

1929

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total salaries
ber
ries
ber
ries
ries
ber
ber

Minneapolis, Minn. - .
Cincinnati, Ohio
Newark, N.J
Seattle, Wash

884 $1,865,842
555 1,183,394
684 1,253,963
898 2,298,131
894.525
489
744 1,570,946
517 1,123,467
574,523
340
519 1,246,808

884 $1,867,439
656 1,250,661
683 1,267.708
906 2,315,296
481
798,083
752 1,589,927
618 1,125,576
345
590,289
519 1,262,146

884 $1,897,000
557 1,249,270
673 1,254,015
936 2,328,441
490
801,083
765 1,613,940
521 1,136,376
341
576,510
520 1,255,264

872 $2,154,883
500 1,126,782
644 1,197,675
915 2,292,909
749,354
488
690 1,438,553
517 1,126,672
5S7,165
342
521 1,252,122

GROUP 3.—CITIES WITH POPULATION OF 100,000 TO 300,000
Denver, Colo....
Houston, Tex. . . . . .
St. Paul, Minn—
Atlanta, Ga
.
Worcester, Mass
Hartford, Conn
Springfield, Mass
Flint, Mich
Yonkers, N.Y
Bridgeport, Conn

371
417
340
397
463

$733,277
793,550
563,252
985,221
820,384

370
415
350
3S2
465

$729,041
811,838
649,231
991,841
825,039

486
470
288
345
150
300
179
258

1,022,749
828,990
657,423
794.224
332,412
606,618
442,535
645,334

486
472
288
349
160
301
179
266

1,055,475
839,839
682,694
781.849
354.300
603,469
403,375
659,285

353
417
356
376
462
346
487
495
289
362
160
291
179
260

$711,863
819,128
664,880
977,052
842,537
743.000
1,056.551
852,774
692,950
812,760
338,112
549.968
530,839
658,482

353
414
371
378
476
331
478
365
330
374
157
265
175
245

$688,546
813,584
616,850
969,226
868,320
628,036
1,063,801
854,410
697,161
829,369
206,927
374,027
517,052
637,762

186
63
131
100

$454,703
105,776
195,675
150,655

118
102
90
52
146

163,557
146,608
93,158

64
42
105
49
22

$134,233
73,521
217,303
81,509
24,852
183,702

GROUP 4.-CITIE9 WITH POPULATION OF 50,000 TO 100,000
Sacramento, Calif
|
Allentown, Pa
Savannah, Ga.
Rockford, HI *._,
Saginaw, Mich
Manchester, N.H
|
Lincoln, Nebr.
Huntington, W.Va...
Pueblo, Colo
...
Binghamton, N.Y

181
54
130
100
108
131
86
91
58
136

$451,910
93,500
205,365
201,874
197,638
235,690
137,344
157,266
103,305
272,309

183
54
130
100
114
132
94
89
58
146

$451,114
105,000
205.235
202,067
204,596
216,982
141,408
157,473
107,084
297,181

192
56
131
100
114
133
103
89
62
146

$468,510
108,000
206.550
202,770
199,604
238,976
162,946
156,853
103,040
299,493

GROUP 5.—CITIES WITH POPULATION OF 30,000 TO 50,000
Pittsfield, Mass....
Newcastle, Pa
Stockton, Calif
Waterloo, Iowa
Port Arthur, Tex—
Dearborn. Mich
Jackson, Miss
Phoenix, Ariz
Clifton, N.J
Jamestown, N.Y..Portsmouth, V a —
Wichita Falls, Tex.

58
40
124
49
42

$118,408
76,429
242,847
85,246
71,647
179,851
92,733
129,380
77,677
120,534
73,938
101,120

58
42
105
49
42
79
53
64
48
71
39
63

$119,558
77,156
85,238
71,982
203,239
100,461
138,680
113,088
128,056
74,919
101,099

64
41
104
49
40
80
63
64
47
70

$128,279
227,202
85,010
69,105
209,487
99,811
138,082
119,489
127,135
74,691
81,360

122,372
142,369
115,637
75,628
62,944

APPENDIX D

243

TABLE 3.—Returns from questionnaires onfiredepartments—Continued
GROUP 6.—CITIES WITH POPULATION OF 10,000 TO 30,000
1929
City

1930

1931

1932

Num- Total sala- Num- Total sala- Num- Total sala- Num- Total salaries
ber
ber
ries
ber
ries
ber
ries

Great Falls, Mont
Salem, Oreg
.....
Albuquerque, N.Mex.
Appleton, Wis
Johnson City, Tenn...
Huntington P a r k ,
Calif
..
Marion, Ind
..
Mason City, Iowa
St. Cloud, Minn
Berlin, N.H
FJndlay, Ohio.-. . ..
Pittsburg, Kans
Grand Forks, N.Dak.

34
44
31
37
29
32
19

$73,832
67,982
60,128
55,291
45,648
36,149
12,229

37
48
30
39
29
32
20

$78,447
79,653
60,625
62,511
48,544
40,000
18,743

38
49
30
46
29
33
27

$78,438
80,870
62,628
69,492
48,064
57,260
19,431

36
47
30
37
28
33
14

$59,976
74,520
51,803
65,520
48,064
95,120
24,300

10
50
19
27
64
21
18

18,412
80,978
32,503
45,600
33,196
34,648
29,460
31,162
25,740
27,039
32,427
11,536

10
50
19
27
64
21
18
18
16
30
23
8

22,050
81,259
33,184
45,600
38,201
36,005
29,460
30,817
25,920
27,568
32,108
13,370

20
50
21
27
64
21
14
18
16
30
23
8

28,863
81,000
35,075
45,600
39,860
35,785
23,220
32,484
25,920
27,421
32,200
13,757

20
50
18
23
61
21
14
19
16
30
21
8

32,414
81,589
34,952
42,555
38,670
27,579
23,220
31,318
23,408
25,595
31,298
11,902

7
11
10
9
8
4
3
2
4
2

$9,317
16,484
12,660
12,867
9,600
4,440
3,540
3,137
6,126
2,200

4
1
2
1

$4,650
1,560
2,148
1,549

1
2

1,860

1
5
2

915
6,973
1,357

1
1

1,020
720

16
30
22
8

GROUP 7.-CITIES.WITH POPULATION OF 5,000 TO 10,000

Red Wing, Minn
Carthage, Mo..—.
Antigo,Wis
Twin Falls, Idaho
Iola, Kans
Athens, Ohio...
Fredericksburg, V a —
Monterey, Calif

7
13
10
10
7
4
2
2

$9,350
17,833
12,660
14,780
11,972
4,920
2,520
3,019

7
13
10
10
8
4
2
2

$9,379
18,007
12,660
14,788
12,393
5,105
2,520
3,185

7
13
10
10
8
4
2
2

$9,230
18,045
12,660
15,025
12,064
4,770
2,520
3,117

GROUP 8.-CITIES WITH POPULATION OF 2,500 TO 5,000
Martinsville, Ind
Glassboro, N.J

4
1
1
2
1
2
1M

$4,650
1,560

Camas, wash
Lamar, Colo
...
Benwood, W.Va
Port Townsend,Wash.
CrisQeld, Md
Wallace, Idaho..

1,664
2,000
780
3,320
1,714
1,040
7,244

Lehi, Utah

900

4
1
1
2
1
2H
2H
8
1
1

$4,650
1,560

4
1

$4,660
1,560

1,702
3,000
780
3,500
2,992
1,040
7,320

1
2
1
2

1,675
3,000
600
3,237
3,053
1.025
7,384

900
900

^SS

APPENDIX E
TABLE 1.—Biennial survey of education, special tabulation of salaries and wages paid, private universities, colleges and professional schools
Administration and general
control

Instruction

Physical plant operation and
maintenance

Total salaries and wages

State
1927-28

1920-30

1931-32

1929-30

1931-32

1929-30

1931-32

1929-30

1931-32

Alabama.. . . . . . . . . . . . . . . . . . . . . .

$500,735

$499,750

$489,698

$146,992

$125,668

$55,610

$49,147

$702,352

$664,413

Arkansas.......................
California........ . . . . . . .
Colorado.......................
Connecticut....................

270,639
3,818,150
375,445
2,706,953

223,838
4,171,790
470,915
2,607,708

137,321
2,105,935
482,690
3,362,665]

60,081
818.945
103.625
400.464

45,181
376,618
118,899
655,192

8,"677
369.524
41,044
318,407

9,534
298,247
38,468
546,531

293,496
5,360,259
615,584
3,326,579 1

192,036
2,779,800
640,057
4,464,388

District of Columbia...
Florida

964,813
305,753
1,161,043
69,709
6,413,868
1,633,252
1,493,914
829.426
648,451
939,379
434.874
2,148,027
5,001,207
934,996
1,009,140
344,872
1,713,447
27,000
671,038

1,299,962
394,034
863,356
83,252
6,863,811
1,613,478,
1,300,920
844,090
695,965
932,784
451.609
2,220,111
10,132,954
856,015
1,037.062
358,406
2,182,645
28,390
650,733

1,621,651
379,760
1,285,261
87,225!
4,753,713
1,920,736 j
1,095,092
751,106
387,619
962,691
506,273
2,192,049
11,686,818
992,202
1,213,550
305,384
1,763.399
42,711
560.927

246.689
64.217 !
676.447
19,662
2,237.019
214,496
238,534
171,711
162,609
183,147
71,529
240.5-12
1,135,006
170,237
264,145
77,881
277.287
5,900
104,126

157,036
20,347
236,811
7,462
324.242
382,481
95.754
87,385
51,701
68,815
87,402
199,825
1,696,181
69,007
132,573
31,609.
229,055
1,800
64,754

96.188
24,622
90,540
9.371
518.617
73,205
101,102
70,041
39.040
77,443
49.820
170,157
1.843,965
73,052
157,795
14,112
223.597
1.924
68.750

1,703,687
478,698
1,776,614
110,366
9,426,102
2,210,455
1,635,208
1,103,186
910,535
1,184,746
610,540
2,660,478
12,964,141
1,095,259
1,433,780
467,896
2,688,987
36,090
819,613

2,017,380
509.367
1,631.027
119.417
6,273,541
2,397,617
1,422,639
980,905
543,109
1,226,135
641,691
2,655,303
15,151,660
1,256,770
1,641,769
397,483
2,265,249
56,995
765,402

New Hampshire................

851,743
1,342,108

1,014,230
1,498,784

1,053,660
2,090,272

145,999
165,246

144,641
254,553

15.151
412,501

1,160,229
1,972,797

2,757,389

New Y o r k . . . . . . . . . . . . . . . . . . . . . .

14,452,670
1,387,933
61,294
4,971,821
267,625
363,813
10,176,281
'571,921

2,919,285
298,770
4,500
1,026,601
60,272
67,861
1,364,197
108,459

3,116,555
313,410
4,800
1,057,780
56,506
76,907
1,300,392
115,870

2,182,368
176,459
5,693
532,278
12,547
27,779
1,066,850
102,257 I

1,932,687
72,112
6,629,524
431,877
422,322
12,734,832
692,544 I

2,260,658
76,600
6,746,182
350,279
505,391
13,298,490
946,703

Idaho...........................
Illinois . . . . . . .
............
Indiana........................
Louisiana......................
Maine..........................
Maryland .
.
Massachusetts..................

Ohio
Oklahoma.......... . . . . . . . . . . . .
Pennsylvania..-,...

19,955,104
1,498,324
67,612
5,161,953
349,703
332,570 1
10,651,381
578,085 I

17,599,391
1,770,789
66,107
6,156,124
281,226
401,645
10.925,248
728,576 1

299,541
105,085
249.226
22,821
1,001,211
403,676
226,385
159,758
116,450
186,101
85,598
293,102
1,620,877
191,616
270,424
77,987
278,253
12,360
135,725

308,767
2,295,545
135,593
440,970
21,897
21,801 1
719,254
6,000

I
I

Q
O

g
<©
CO

South C a r o l i n a . . .
South D a k o t a . . . . . . . . . . . . . . . . . .
Tennessee......
...........
Texas.........
..........
Utah
Vermont.
...................
Virginia
Washington....................
W e s t Virginia
Wisconsin......................
Total

637,645
281,195
1,450,413
1,669,824
225,524
228,141
1,019,060
245.996
202,207
1,155,755

725,321
217,990
1,723,990
1,817,053
214.696
248,469
1,121.513
228,768
258,443
1,205,138

53a 294
268,803
1,431,564
1,616,321
220,484
274,193
1,118,299
338,013
237,655
1,299,579

136,414
39.545
296.576
362,491
14,400
59,536
246,150
70,363
74,096
195,751

105,946
74,151
288,110
273,569
16,000
72.215
237,055
89,863
41,804
211,639

33,341
13,605
235,707
176,295
19,011
38,182
71,773
45,796
19,764
73,498

76,059,105

89,652,738

86.494,524

15,748,908

14,813,480

9,414,471

34,469 1
23,762
121,374
142,966
17,809
12,349
105.612
67,726
13,243
06,596
9,824,080

JHM.fl7A
271,140
2.256.273
2.355,839
248,137
346,187
1,439,436
344,930
352.303
1,474,387

670,709
366,721
1.844.01S
2,032,856
254,293
358,757
1,460,966
495,602
292,702
1,007,814

114,816,117

111,132,084

TABLE 2.—Gross and net income of physicians, 1929-82
ISoinple survey of members of American Medical Association]
N e t income from practice

Gross Income from practice
State

Returns,
1929

Arizona

California...
Colorado....

.....
.

fiOnnPCtiCtlt.r.,

..
..
........

..
„. . n . . , . . . . . . . .

District of Columbia
Florida
...

Illinois....

.....

..*

. . . , . ^ „

....
..........

..
.

.......

.
I

47
10
20
204
20
25
2
24
30
32
3
163
76
57
30
27
22
19
28 [
78
85
45
21
63
7 1

$252,239
78,763
92,349
2,415,135
125,679
291,716
6,820
219,300
276,043
271,262
24,772
1,646,434
661,506
420,529
287,143
229,484
225,988
176,603
369,897
701,247 1
1,270,609
433,818
146,660
665,841
32,469 1

1930
$197,045
76,736
67,601
2,344,779
125,143
272,575
6,701
187,752
310,948
245,027
20,279
1,539,559
611,111
388,528
257,580
194,665
216,636
175,637
328,690
666,870
628,679
415.916
123,901
660,347
35,017

1931
$172,448
68,109
61,515
2,181,690
114,588
260,735
6,797
224,419
283,569
217,208
14.95S
1,348,793
530,319
352,369
212,854
172,848
196,306
145,793
307,557
630,227
521,487
361,412
98,631
585,336
23,920

1932
$138,967
53,694
53,861
1,747,118
89,519
205,385
6,086
206,668
231,218
186,403
9,090
1,024,218
389,816
274,404
163,603
143,188
165,939
124,157
249,119
573,480
392,691
281,958
75,340
491,753
22,525

1929
$129,464
59,609
56,257
1,328,680
82,112
172,791
4,515
142,066
176,551
161,103
12,416
950,727
390,211
262.379
195,982
138,999
137,465
117,930
230,028
426,775
236,549
265,648
79,428
390,642
17,128

1930
$106,882
50,460
38.439
1,250,566
78,021
156,081
4,410
134,287
204,031
139,058
9,433
874,908
357,022
216,643
171,218
117,194
136,325
116,235
196,903
395,339
363,871
244,883
65,161
566,661
16,792

1931
$88,676
43,264
32.539
1,169,084
70,773
128,675
4,671
144,951
169,350
107,19-1
6,179
752,581
299,957
199,083
130,703
103,307
120,504
90,947
180,630
365,005
287,690
208,189
48,113
327,668
7,689

1932
$61,901
30,362
30,609
886,632
48,357
103,653
4,314
129,576
131,360
95,654
4,107
521,155
197,678
164,569
105,684
83,685
91,056
72,795
138,956
319,210
199,947
147,332
38,457
266,487
7,463

T A B L E -2.—Oross and

Returns
1029

Nebraska
Nevada

....

Now Jersey
.
Now Mexico
......
New York
._.
North Carolina
North Dakota
Ohio
Oregon.....

.
...._...._...

...

..
.....
.....................
.
...........
.......
.

....................

South Dakota
Utah
Virginia
West Virginia

Total

^
o

Net income from practice

Gross Incomefrompractice
State

!£

net income of physicians,. 1929-82—-Continued

...
.....
...
....

...............

26
5
13
56
3
217
25
12
123
33
29
183
17
18
10
36
133
0
7
45
41
13;
46
3
22
2,263

$313,050
35,442
142,002
667,477
6,237
2,287,507
135,054
56,299
1,081,034
191,392
210,743
1,727,707
220,445
132,316
121,902
371,372
1,415,454
80,132
49,502
392,051
681,655
106,212
336,829
10,100
180,723
22.302,592

1930
$312,038 !
24,910
132,943
640,895
4,282
2,166,915
128,112
49,826
971,872
182,656
205,469
1,604,610
197,405
116,531
104,830
331,174
1,352,589
73,559
48.016
366,617
727,100
95.604
331,455
18,800
171.184
20,458,173

1031

1032

1029

1930

1931

1932

$261,215
24,713
113,424
600,735
3,209
2,070,231
110,460
34, £40
865,908
156.073
102.083
1,461,188
200,776
107,282
85,179
200.212
1,201,492
59,515
42,799
329.777
632,519
81,737
317,974
16,300
153,008

$209,466
18,004
08,834
487,502
1,842
1,748,261
08,832
28,617
701,768
129,604
143,410
1,180.777
175.800
02,109
56,082
230,110
051.240
46,070
37,028
272,225
496,731
66,465
237,600
15,100
138,802

$165,486
25,737
107,409
395,218
5,629
1,347,025
83,501
40,763
619,853
117,402
124,475
1,108,140
156,810
73,643
69,340
201,324
825,851
30,528
26,016
240.002
352,703
63,071
207,808
11,800
100,480

$159,345
20,426
06,163
377,527
3,262
1,257,500
77,272
32,127
629,586
07,774
111, 148
064,453
130,222
69,866
58,083
180,511
760,180
34,511
31,548
219,887
400.676
56,316
210,678
11,700
92,818

$131,748
14,425
79,284
342,352
2,830
1,173,143
67,648
19,658
448,586
06,066
94,181
833,797
134,637
59,066
42,509
148,266
Oil, 123
24,010
27,415
190,023
318,840
45,583
177,749
10,500
82,038

$95,300
13,060
64,181
250,425
1,891
889,185
54,429
16,659
336,721
66,006
63,189
598,646
115,764
51,710
26,230
112,022
483,623
16,780
23,812
148,666
225,777
34,103
145,051
0,400
64,074

18,515,307

14,967,410

12,676,401

12,009,501

10,284,009

7,789,462

3
>
Hi
M

sa
o

I
CO

247

APP£KDIX E
T A B L E 3.—Gross and net income of dentists,

1929-32

[Sample survey of members of American Dental Association]
Gross incomefrompractice
Returns

State

Alabama. . . . . . . . . . .
Arizona..... . . . . . . . .
Arkansas...........
California
Colorado
..
District of Columbia
Florida
Georgia.............
Idaho
..... ...
Illinois
Indiana........
.
Iowa
..........
Kansas.............
Kentucky..........
Louisiana..... . . .
Maine........
Maryland.....
Michigan..
.
Minnesota
Mississippi.........
Montana. . .
Nebraska.......
Nevada
....
New Hampshire
New Jersey.........
New York-...
.
North Dakota
Ohio
Oklahoma....—....
Oregon.......
..

West Virginia.. J
Wisconsin
Wyoming
.....
Total

1930

1931

1932

6 $36,643 $32,583 ! $26,344 $18,223
34,608 33,430 28,186
4
42,932
66,680 60,608 47,595
77,729
13
108 1,049,304 1,066,133' 920,911 712,562
26 163,736 169,441 154,247 120,850
25 219,707 214,458 188,699 15a 040
27,750 21,S43 20,501
30.568
3
10 107,353 101,596 95,577 83,639
18 128,392 131,303 122,938 98,749)
15 107,483 103,841 92,626 74,027
34,244 29,649 19,983
37,222
4
121 1,020,430 982,874 838,453 632,082
28 147,791 136,039 . 118,427 95,7S9
43 261,793 261,817 215,748 154,986
23 147,267 139,558 121,934 88,771
87.326 72,533 61,465
16
92,742
32,560 34,549 28,580
30,687
3
12 121,912 123,217 130,174 101,627
13 139,291 126.385 119,727 99,433
48 469,003 439,855 426,766 356,824
42 337,254 285.569 261.589 199,227
62 404,600 428,186 353,096 263,649
11
60.387 51,572 38,310
67,992
40 217,820 213,260 184,278 147,256
47,482 42,396 33,679
51,627
7
14 158,786 138,181 125,992 88,859
35,679 33,670 24,743
39,636
5
16 110,670 106,218 104,395 89,415
51 574,066 562,199 493,936 392,100
26,800 27,543 19,436
3
21,404
127 1,752,323 1,706,796 t, 506,992 1,270,078
83,549 68,875 46,809
12
91,239
75,S22 C4,439 49,644
13
83,461
100 715,313 696,955 587,547 467,055
17 145,638 129,518 108,622 77,826
18| 142.416 134,936 114,297 80,481
86 813,965 751,905 646,089 500,716
48,063: 42,524 35,619
46,701
43,988 35,817 31,234
44,439
115,095 119,469 100,809 77,602
14 105,505
92,541 85,149 66,584
313,295 269,890 199,522
N 338,837
9,416
13,476 13,235
13,000
7,624
35
9,233
7,770
10,434
2 152.426 146.2451 138,213! 121,669
3 236,344 215,224 175,789 130,863
98,489 81,792! 62,023
W 105,368
28 109,249 107,49^ 89,376 74,426
28,643 29,468 19,705
25,625
14
64,770j 62,680 55,115
66,994
14

Tennessee..........
Texas
Utah
Vermont...........
Virginia
...

1929

Net income from practice
1929
$21,403
26,441
44,390
584,116
94,171
132,472
19,144
61,402
67,552
56,761
22,863
005,705
89,831
161,658
82,835
52,256
14,444
59,455
82,922
266,370
207,178
249,060
38,013
124,581
31,604
94,165
24,585
67,197
321,242
16,139
988,312
54,091
46,236
443,969
86,202
87,213
477,240
26,663
24,035
71,785
52,067
192,446
8,860
6,673
87,972
131,791
65,945
69,791
14,968
45,310

1930

1931

1932

$21,815
2a 240
4a 728
600.816
99,739
13a 337
18,011
57,506
82,546
53,187
21,145
582,359
82,045
168,992
82,282
49,778
13,151
69,116
76,665
253,434
169.451
229,158
33,612
123,112
28,267
78,537
22,942
63,158
305,006
19,097
951,501
44,937
45,849
410,280
79,688
82,386
440,418
27,516
23,047
75,419
49,570
181,681
9,298
5,905
85,914
113,034
59,915
61,670
17,325
46,029

$15,006
19,649
35,480
510,600
90,343
116,745
13,290
51,578
68,840
48,553
17,182
490,947
71,933
128,069
75,823
40,947
15,145
70,627
73,951
23a 348
159,733
202,866
32,241
106,730
24,900
71,195
20,784
61,339
259.181
19,054
844,864
37,388
37,098
347,041
61.669
69,011
378,252
22,924
17,647
62,361
40,497
147,316
7,921
4,698
80,840
93,634
48,057
48,570
16,227
39.538

$17,754
15,271
24,747
33a 641
70,213
79,951
12,133
43,173
53,181
32,944
10,671
348,740
63,648
84,049
50,644
32,502
10,892
52.906
59,974
187,587
118,645
146,885
20,899
76,435
17,983
47,674
14,509
51,096
194,030
13,487
638,459
39,020
29,487
262,247
27,797
43,697
269,428
19,048
15,616
45,190
30,758
107,176
6,837
1,979
66,448
70,410
36,029
11,108
33,176

1,333 11,533,245 11,096,643 9,793,023 7,674,596 6,691,524 6,407,614 5,548,632 4,083,307

248

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 4.—Net income and withdrawals of dentists,

1929-82

[Sample survey of members of American Dental Association]
N e t income from practice
State

Returns
1929

Alabama..
Arizona
Arkansas
California
Colorado.....——
Connecticut
..
Delaware
District of Columbia.
Florida
.
Georgia...
Idaho..——.
Illinois....
-.
Indiana
Iowa
—
Kansas.—.——
Kentucky.*
Louisiana
........
Maine
Maryland....—....
Massachusetts
Michigan
Minnesota
Mississippi...
.
Missouri
.
Montana.
......
Nebraska...
......
Nevada
N e w Hampshire
N e w Jersey
N e w Mexico
N e w York
North Carolina.
North Dakota
.
Ohio
Oklahoma....
....
Oregon
....
Pennsylvania........
Rhode Island
...
South Carolina
South D a k o t a . . . .
Tennessee
..
Texas
Utah................
Vermont
Virginia
Washington
West Virginia
Wisconsin..
...
Wyoming
.
Miscellaneous
Total

1
1
10
87

"
24
2l
6
10
9
11
70
16
231
12

101

1;
7
24|
6
25
4
4
10
37
3
74

68
601

$5,000'
10,100
37,954
438,155
40,802
129,259
12,710
29,351
38,528
43,435
5,200
362,243
55,001
82,440
41,322
30,409
3,876
30,062
49,407
176,629
113,745
185,577
16,397
81,436
19,953
51,923
21,654
39,785
245,613
17,139
647,646
12,371
32,280
335,617
63,582
59,274
295,705
25,389
13,213
53,620
19,189
144,524
3,500
5,472
69,092
82,972
50,385
32,062
11,168
16,347

N e t income withdrawn

1930

1931

1932

$6,500
8,112
34,730
447,013
39,368
127,670
11,163
28,560
40,246
40,327
4,261
343,754
48,72l|
78,4411
42,668
29,849
4,154
32,426
45,563
170,301
92,791
175,196
16,563
85,423
16,396
46,275
20,230
38,437
234,228
19,097
559,834
10,699
34,717
310,587
58,148
54,899
270,343
26,048
12,867
57,327
20,830
129,262
3,500
4,905
65,594
67,704
44,795
31,254
13,125
15,010

$5,000
7,670
30,3871
384,4181
38,107
114,305
7,512
25,472
39,211,
34,939
2,756
288,143
44,001
58,740]
39,035.
25,124
4,544
34,051
41,446
152,081
81.127,
152,610
15,670]
70,271
14,791
41,160
18,099,
34,118
199,900
19,054
496,456
7,877,
28,324
255,385
44,010
50,723
238,411
21,413,
13,749
46,939
14,400
114,979
3,000]
3,798,
60,971
54,223,
35,323
25,307
11.727
13,887

$3,000 $5,000
7,160
10,000
21,213
36.581
270,515 396,119
28,512 39,703
78,252 123,947
6,591
12,330
21,345
19,684
29.084 36,453
21,712 41,658
5,200
1,783
209,929 346,736
39,7171 54,451
69.166
28,201
35,499
20,411, 25,412
2,966
500
23,212
26,531
35,246
47,988
121,028' 172,109
59,794 109,625
113,795; 174,322
11.653
15,919
52,934
79,053
11,112
18,425
28,360 48,191
12,292 21,654
27,231
39,785
148,840, 203,204
13,487
16,96',
358,226 584,070
7,7611 11,828
22,919
29,249
201,656! 319,058
16,377
63,582
29,577
54,321
158,810 276,007
21,921'
18,489
11,521
7,549
35,852. 45,612
19,187
10,754
77,636 133,832
2,280
3,300
3,622
5,472
47,316 65,226
40,328
74,867
26,068
45,772
22,714
31.563
7,808
10.900
11,562
13,885

1929

1930
$6,500
8,000
33,730
409,026
38,470
121,959
11,163
21,171
38,683
40,070
4,261
336,303
48,278
71,573
39,672
25,212
1,000
28,217
45,552
162,744
84,123
164,935
16,562
82,934
16,171
43,467
20,230
38,437
216,450
18,610
525,481
10,012
33,346
300,915
57,448
50,531
262,809
22,184
12,359
50,637
20,829
117,580
3,300
4,905
62,082
63,829
41,281
29,144
12,884!
15,325

1931

1932

$3,000
$5,000
7,000
7,500
29,370, 20,103
353,446 250,069
36,186 27,998
110,482 76,274
6,498
7,612
16,928
19,730
29,058
38,880
21,620
34,101
1,783
2.756
278,188 194,532
43,132 32,439
35,799
50,726
25,631
35,776
18,092
21,083
300
1,000
30,402 21,934
34,024
41,115
149,237 119,303
58,841
79,605
106,386
11,435
14,834
68,510! 52,304
10,501
14,136
28,270
36,843
12,292
18,099
27,231
34,118
182,821 136,237
13,022
18,536
457,232 333,628
7,031
7,309
19,417
20,066
249,591 196,445
15,982
44,010
27,179
47,195
222,508 154,486
16,628
19,746
8,915
10,466
35,762
42,771
10,754
14,400
74,066
106,775
2,000
2,800
3,622
3,798
46,156
58,014
49,530 38,569
19,860
30,016
22,078
24,911
7.807
11,663
10,843
13,764

823 4,388.63314,119,9110,564,644 2,595,148 4,053,285 3,890,284 3,351,678 2,450,122

TABLE 5.—Number and compensation of dental assistants, 1929-38
[Sample survey of members of American Dental Association]

Returns

State

Number of assistants, Number of assistants,
full time
part time
1929 1930 1931 1932 1929 1030 1931 1932

Alabama..........................
Arizona..........
.....
Arkansas..........................
California..............
Colorado..................
..
C o n n e c t i c u t . . . . . . . . . . . . . . . . . . . . . __
Delaware....
................
District of C o l u m b i a . . . . . . . . . . .
Florida............................

4
3
10
75
18
10
2

Idaho.............
Illinois
Indiana—.................. . . . . . . . . .
Iowa..............................
Kansas........
Kentucky.........................
Louisiana...... .
..
......
Maine.............................
Maryland.........................
Massachusetts.....................
Michigan..........................
Minnesota..................
Mississippi...... . . . . . . . . .
Montana....
Nebraska..........................
Nevada.......... . . . . . . . . . . . . . . .
Now H a m p s h i r e . . . . . . . . . . . . . . — . .
New J e r s e y . . . . . . . . . . . . . . . . . . . . . . . .
New M e x i c o . . . . . . . . . . . . . . . . . . . . . . .
New York
North Carolina............—...... 1
North D a k o t a . . . . . . . . . . . . . . . . . . . . .
Ohio
Oklahoma.........................
Oregon............................

3
8
79
17
15
3
• 117
12
12
9
2
3
63
67
6
10
22
26
11
11
6
8
4
3
16
8
9
7
31
31
24
27
41
46
5
4
14
18
3
3
11
10
1
1
10
10
38
34
1
2
85 116 ,
8
i<>
5
8
62 1
61 | 14
12
12
63 1
54
4 1
4
i
I
4
5

•
3
•

•

3
01
77,
85
18
17
17
16
1 1 2
7
7!
11
11
11
12
1
2
55
63
5
5
20
23
11
13
5
5
4
4
17
17
9 - 8
30
28
20
19
38
35
5
5
14
14
3
3
11
8
1
1
11
10
38
34
1
1
118 111 i
8
8
4
5
50
53
12 i 12 1
65
64
3
4
4I
41

6
3
69
14
17
2

1
3
3
22
1
9
1

12
10
1
46
4
12
9
5
4
14
8
26
16
29
4
13
3
7
1
11
29
1
103 i
1
4
43 i

5
4
1
20
6
6
4
4

2
3
4
23
3
12
4
1

3
1
22
6
7
4
3

1
3
12
7
7

1
3
12
8
12

8
1
5
1
7
8

29
3
4
18
11 i 41
46 1 24
3
2
31 4

1
I
1
I

6
1
3
1
6
9
I
25
2
3
23
2
4
IS 1
2
4•

3<
3
3
21
1
8
1
1
5
2
2
25
6
11
4
3
2
3
13
11
14
6
1
5
1
5
10
1
26
2
5
23
2 1
19 1
3 1
41

Salaries and wages paid assistants, full
time
1929

$2,275
3,690
3,503
99,027
18,243
18,218
1,562
6,831
8,760
9,575
2,804
09,711
9,654
14,413
10,114
3,284
2,648
19,162
2
13,062
5
31,024
14
14
25,326
17
30,456
3,643
13,840
6
1
3,224
4
18,968
800
7,721
6
10
47,893
1
1.200
32 162,613
2
8,650
4,856
4
22 | 39,000
10,605
3
8,093 !
4
77,305
21
3,614
3
3 1 3,147 1

3
3
23
3
9
1
5
3
2
23
4
12
2
3

1930
$2,508
3,391
2,610
100,999
18,766 j
16,612
346
7,371
9,377
9,708
2,600
69.391
8,975
15,541
0,756
2,902
3,657
16,152
11.998
30.715
19,442
31,117
3,457
13,860
3,154
11,070
800
7,744
49,141
1,210
182,809
9,005
4,656
41,392
9,813
7,686
79.074
4,086
3,185 1

1931
$2,168
3,615
2,687
88,917
17,512
14,635
1,320
7,835
8,670
8,964
1,662
61,122
7,255
13,362
6,208
2,732
3,893
16,188
9,802
29,974
18,151
28,058
2,922
13,862
2,706
9,680
800
8,483
42,113
1,296
181,761
8,515
3,361
34,457
9,060
7,010
61,548
. 2,947
3,282 1

1932
$1,771
3,183
2,470
72,778
11,500
14,812
1,320
0,306
8,693
7,986
975
42.478
6,168
7,950
3,292
2,712
4,203
13,636
9,189
26.849
12,980
21,642
1.807
11,950
2,310
7,066
800
7,924
34,846
921
160.607
6,879
3,166
27,419
7,403
5,951
48,766
2,572
2,902

Salaries and wages paid assistants, part
time
1932

1930

1931

3,119
612
189
10,499
1,926
2,224
823
1,006

$156
1,200
1,320
7,922
553
8,008
1,230
624
3,337
1,347
192
11,307
1,879
2,477
473
876

$174
1,000
860
7,673
228
7,061
207
520
2,031
806
648
11,687
1,627
4,074
953
382

4,527
704
296
8,392
1,284
3,628
302
357

320
1,567
3,398
2,242
1,359

226
1,464
3,110
2,676
2,381

816
1,234
4,268
4,621
6,150

722
2,020
4,818
3,296
4,666

1,168
53
5,016
300
2,183
2,757

960
164
2,972
300
1,985
3,387
300
11,075
1,920
890
11,921
1,496
1,242
6,120
416
3,207

670
164
3,482
300
1,484
3,439
300
11,754
1,500
1,280
10,156
923
1,770
8,620
741
3,100

880
164
2,116

1920
$39
1,200
812
6,077
177
9,403
37

12,777
2,400
1,082
11,911
600
1,302
7,817
416
3,301

$900
861
7,582
052
3,557
140

i
I

1,776

Mi
X
300

11,099
1,450
860
9,280
1,021
458
10

»!5!
741
1,947

to
CO

TABLE 5.—Number and compensation of dental assistants, 19&9-8&—Continued
Number of assistants,
full time

Re! turns

State

Number of assistants,
part time

1929 1930 1931 1932 1920 1930 1031 1932
South Dakota... . . .
.....
Tennessee.............
.
Texas..............................
Utah
Vermont....
Virginia
Washington.
...................
West Virginia
Wisconsin...
Wyoming.........................
Miscellaneous.....................
Total

11
7
29
2
1
11
19
8
9
2
3
835

8
7
33
1

30
7
36
1

10
8
28
1

0
8
25
1

9
19
G
7
2
3

9
16
6
7
2
3

9
12
6
8
2
3

8
10
4
8
2
3

849

850

783

694

4
3
8
1
1
6
7
3
3

1
3
7
1
1
6
8
2
4

1
1
8
1
1
0
10
2
3

6
1
1
7
11
1
2

274

278

293

301

Salaries and wages paid assistants, full
time

CJl
o

Salaries and wages paid assistants, part
time
1930

1931

1932

1929

1930

1931

1932

1929

$7,407
11,180
23,560
150

$8,763
8,388
24,365
277

$8,304
7,880
19,758
615

$6,613
6,334
15,987
540

7,821
24,332
3,942
4,880
1,076
5,448

8,151
20,894
4.155
4,725
1.076
5,174

7,856
13,081
3,558
5,191
1,076
5,233

5,912
10,797
2,675
4.701
1.056
4,982

$1,603
650
4,406
200
175
1,400
4,856
405
842

$370
738
3,022
200
175
1,477
5,072
346
1,704

$365
108
4,025
100
100
1,572
5,914
909
1,094

2,633
100
100
2,081
5,797
136
715

906,316

907,844

819,885

674,791

114,715

114,117

121,690

100,598

$343

I
I
I

TABLE 6.—Gross and net income of engineers, unincorporated, 1929-8B
{Sample survey of unincorporated consulting engineers]

Be*
turns

State

Number of partners or
individuals
1929

1930

1931

Net income from practice

Gross annual receipts

1932

1929

1930

1931

1932

1929

1030

1931

1932

District of Columbia
.........
Florida........ . . .
.............
Georgia..............................

1
l
3
55
4
9
1
9
4
4

1
2
5
66
4
12
2
10
4
4

1
2
5
69
4
12
2
10
4
4

1
2
5
69
4
13
2
10
4
5

1
2
5
69
4
13
2
9
4
5

$8,177
11,917
64,246
976,201
22.595
93.856
16.000
102,352
40.880
73,794

$8,120
7,417
48,734
876,012
11,410
74,235
14.000
143.556
28.985
90,632

$8,970
3.206
17,712
697,031
14,345
72,268
10,000
149,678
14,168
37,311

$6,600
3,376
4.237
462,327
10,856
37,708
15,000
102,520
7.800
10,743

$6,454
5,099
24,403
487,650
20,457
55,122
5,800
61,750
9,236
35,755

$6,146
1,631
14,710
395,445
9,200
40,767
4.600
74,489
9.644
46.813

$7,092
876
6,451
293,035
12,328
43,750
5,300
68,219
6,092
18,415

$5,405
673
1,078
182,685
9,131
23,787
4,000
26,038
4,478
6,318

Illinois.... . .

892,674

628,621

406,886

235,757

165,352

113,069

137,410

68,183

Arkansas...
.........
.......
California.............
........
Colorado.......
.................
Connecticut . . . . . . . . . . . . . . . . . . . . .

.r,^

2
1
2
1
4
37
16
5
1
19
1
4
1

2|
1

Iowa................................

Louisiana...........................!

Massachusetts.......................
Michigan............................
Minnesota.............
...........

1
12
1
3
1

Missouri................
.........
Montana............................
Nebraska.
.......................
Nevada...............................

2
1
2
1
4
30
15
0
l
10
1
4
1

2
1
1
1

2
1

45,554
4,800

39.72S
4,500

47,800
5,248

1
1

28,000
59.200

21,000
18,565

4
35
15

4
33
15
®
1

76.120
1,152.331
229.690
122.727
4,850
516,927
6.332
55,532
6,000

78.315
1,224,991
221.962
118.316
3,000
605,674
5,481
57.758
6,400

1
10
1
3
1

i!
3
1

4,200 f
2,850

8,500
25,60S

44,757
2,614
3,800
4,409

1,800
3,500

74,612
752.592
175,294
108,925
2,400
421,610
3,927
35,818
1,400

45,937
445,553
66,589
57,360
2,400
318,896
1,369
14,690
500

40.436
418.013
84,919
38,077
3,600
115,242
1,265
11,499
5,300

4,500 1
2,700

10,313 1
2,230

16,296
1,367

3,500

5,000

-1,462

41,019
367,162
67,699
33,504
3.000
130,467
986
13,950
4,700

34,728
175,746
£3,836
37,492
2,400
95,847
285
9,344
1,025

19,198
86,918
26,088
7,839
2,400
74,032
167
2,985
400

433,173

319,320

193,913

128,698

201,470

113,229

38,327

35,201

00
3

139
3

141
3

139
3

137
3

7,658,616
39,353

6,609.651
33,346

4,293,250
14,578

2,232,510
17,029

2,886,975
6,841

2,664,452
8,326

1,338,921
1,556

633,050
6,356

Ohio
Oklahoma...........................
Oregon..............................
Pennsylvania........................

13
2
3
25

15
3
4
34

317.905
26,174
88,739
789,667

233,669
14,504
105,705
718,222

226,159
19,588
44,763
623,842

147,238
17,076
10,817
439,990

145,508
13,199
31,832
327,560

107,494
6,706
30,242
255,712

97,650
12,658
13,365
218,039

50,438
12.982
7,242
131,005

South Carolina
.................
South Dakota.....
...............
Tennessee.....
...
Texas...............
....
Utah

1
1
3
4

10
1
7
8

10
1

9
1
0
9

501.021
3,000
259,608
128,328

325,058
3,700
221,897
101,844

273,691
1,500
181,881
91,025

175,029
500
51,866
62.790

205,809
2,000
73,222
44,975

42,777
2,000
40,981
36,944

1,099
1,000
13,271
21,937

51,700
17,813
27,993

Virginia
Washington.........
West Virginia

1
5
1
4

10
1

1
10
1

16"
l
5

21,000
42,928
41,000
200,709

30,000
38,292
8,700
125,270

2,000
20,363
5,700
98,468

7,252
8,400
83.279

10,000
30,417
36,000
70,005

12,000
26,344
8,000
51,340

1,700
17,023
5,200
24,957

6,609
7,500
23,602

77,047

48,601

14,008

19,502

17,057

8,979

3,858

4,472

460 [ 15,145,103 13,180,200

9,205,038

5,316,774

5,713,849

4,805,227

2,837,778

1,573,757

New J e r s e y . . . . . . . . . . . . . . . . . . . . . . . . . .
New York
North Carolina........

......

............

1
Total

i1
330

2 1

470

10
l
5 1
2

475 \

471

to
CJt

252

NATIONAL INCOME, 1 9 2 9 - 3 2

TABLE 7.—Net income and withdrawals of engineers, unincorporated, 1929-32
[Sample surrey of unincorporated consulting engineers]
N e t Income withdrawn

N e t income from practice
Returns

State

1929

1930

1931

1932

1929

1930 i

1931

1932

Arkansas......... rr *

1
3
20

$5,099
24,403
226,837

$1,631
14,710
212,550

$876
6,451
163,886

$673
1,078
105,860

$5,099
24,403
221,518

$1,631
14,710
235,665

$864
6,451
183,523

$689
1,078
125,106

Connecticut..........
Delaware..
........
District of Columbia.
Florida...........
Georgia.........

5
1
4
3
2

32,570
5,800
29,733
9,236
13,267

31,037
4,600
48,429
9,644
28,023

33,730
5,300
35,367
6.092
10.495

23,798
4,000
11,558
4,478
6,537

35,343
6,200
26,823
9,236
12,103

32,039
5,800
38,056
9,644
24,963

36,798
4,700
35,257
6,092
8,552

23,793
4,600
19,186
4,478
6,008

Fl'nois

6 100,232

61,848

53,202

11,201

90,300

57,898

45,302

19,626

2,"700

2,230

1,367

2,850

2,700

2,230

1,367

15,000

5,566

5,000

5,148
52.35S
22,488
7,839
2,400
66,464
157
2,985
400

24,186
264,037
56,892
12,564
3,600
115,541
1,265
7,469
5,300

19,935
294,634
54,311
19,855
3,000
97,491
986
7,150
4,700

14,888
220,168
42,887
29,154
2,400'.
117,331
285
8,294
1,025

5,148
107,806
23,416

25,"il6

156,657

1337339

Iowa

....
...

.....
..—

Kentucky
Maryland

...

Michigan.....
....
Minnesota
....
Mississippi..
..__
Missouri...
Montana.........
Nebraska
...
Nevada . . . . . . . . . . .
N e w Jersey..

....

N e w York...
North Dakota
Ohio
Oklahoma............
Oregon...........
Rhode Island.South Carolina
South Dakota
Texas
Utah
Washington..
West Virginia

Total

27850

1,800

24,186
2
9 328,545
4
62,922
2
38,077
1
3,600
7
80,540
1!
1,265
2
7,469
1
5,300

19,935
291,960
49,516
33,504
3,000
117,224
986
7,150
4,700

14,888
118,715
49,942
37,492
2,400
83,067
285
8,294
1,025

5 177,133

91,362

21,935

52 2,420,103 2,'249,193 1,035,325
4,536
1|
1,239
4,127
5 i 106,457
11
5,250
3
34,882
14 227,362

71,414
4,228
3 a 242
157,267

1 205,899
73,222
44,975

3
4

7. RIM

2-400
76,274

157

3,396
400

73,948

40,795

494,192 2,027,861 1,919,153 1,095,044
1,239
4,536
4,127
773

673,759
773
39,130
7,279
7,387
110,260

70,636
7,102
13,365
148,154

42,072
7,279
7,242
85,446

105,254
5,250
28,399
160,092

62,059
4,228
35,911
190,405

70,864
7,102
17,545
146,380

42,777

1,099

51,700

219,002

192,056

110,779 1

58,881

40,981
36,944

13,271
21,937

17,813
27,993

53,208
34,475

40,591 1
35,994

36.311
28,230

15,172
24,193

23,594

18,984

10,506

2,526

16,620

18,969

13,506

3,485

i6,~300

11,600

8,800

7,400

lMOO

11,600

8,800

7,400

168 4,343,444 3,702,266 1,987,156 1,100,341 3,767,383 3,588,600 2,380,949 1 426 267

TABLE 8.—Number and compensation of employees, engineers (unincorporated), 1929-$$
[Sample survey of unincorporated consulting engineers]
Salaries and wages, part time

Salarios and wages, full time

Employees, part time

Employees, full time
State

Alabama.......
Arizona............ .
Arkansas...............
California.....
.......
Colorado.. .
Connecticut............
Delaware
...........
District of Columbia
!
Florida........
Georgia .
Illinois
Iowa....

Maryland..............
Michigan..........
Missouri................
Montana
.
.

New Jersey
New York.

..........

Oblo
.
Oklahoma..............
Oregon............... . .

1
3
36
7
1

7
79
13
4

79
15

3
63

6
10

20
2
1

o
12

17
10

11
11

12
6

1
1

2
4

14
133
33
16
1
99
3
9

15
137
41
15

14
96
27
14

10
58
11
9

98
2
10

83
2
6

4
20
6
6
1
11
1
3 ,

1
1

150

109

711
19

711

535
13

362 |
8

13
1
3
20
1
1

........
1
85
62

l
81
69

28
1
2
72
45

23
1
53
26
I

$1,200
20,700
186,385

$995
16,100
183,375

$978
4,600
167,628

1929

1932

$1,200 1 $2,494
6,800
35,873

1030

1031

1932

$1,631
5,250
33,670

$2,"200
49,521

$50
200
29,780

57 j
5
2
1
3
6

3
2
4
3
6

35.261
4.000
10,244
16.931
19,780

26.275
2,900
13,945
8.153
22,447

21,741
2,200
31,164
1,978
11,061

15,330
3,400
28,691

2*694
1,500
4,535 I
9,437
3,763

1,023
1,000
6,399
6,278
7,656

27636
1,000
6,145
2,280
1,802

712
1,000
5,946
1,458
900

32, GOO
22,883

30,300
22,120!

26,'893
21,078

35,590 1
12,095

6,960

4,909

7,854 j

4,527

1,200

1,050

2,151

660

2,000

3,000

1,377
20,833
6,341
5,353
200
31,374
387
3,019

548
18,276
12,936
3,014

1,552
10,086
15,459
1,583

1,912
6,642
2,362
0,013

21,711
256
2,091

14,753
169
604

16,497
67
566

4,860

21,000

* fsoo

6,000

28,864
347,292
95,586
31,193

29.735
208.540
61,322
30,025

21,451
98,610
19,232
23,851

234,722
4,297
17,300

208,053
3,579
11,900

111,202
3,080
2,406

239,416

166,913

83,492

126 2.178,497 2,198,672 1,724,796
29,500
36,413
56,753
5

915,510
16,200

5
29
13
6
2
32

3
35
21
5

4
23
27
2

2
16
6
8

24
3
5

20
1 1
3

18
i
2

30,236
313,156
82,270
32,797
1,000
240,310
6,008
17,100

289,642

6
6

210
8

344 1
7

12
307
6

93,181
1,600
6,200
176,874

74,529
73*252
1,600 ,
1,600
3,700
10,600
177,560 1 153,506

160,537

151,711 ' 119,158

- 1 26

10 1

4
56

11
49

23
1

80,618

21,000
9,000

9 1
90 1
4

1931

6
2
4
13
8

1930

1929

13
82

8
3
7 '
20
8

4
4

1032

1931

12
14
67

7
4 j
13

11
3
13 |
1
6

o
o

1930

1920

1032

1931

1930

1929

3,252

5,041

12,371

184,636 343,580
3,219 i 4,115

279,453
3,057

115,418
6,902

4,748 , 3,460
848
4,025
9,500
3,000
33,600
32,800

4,666
128
4,300
35,807

4,157
303
2,110
2i, 273

55,811
1,600 ,

1567634

j 66,119

7,687
200 I

7,658
200

337703 | 31,405

to
GO

TABLE 8.—Number and compensation of employees, engineers (unincorporated), 1929-32—Continued
Employees, full time
1929.
Tennessee
Texas
....
Utah

Virginia
Washington
W e s t Virginia
Wisconsin

Miscellaneous...
Total

Salaries and wages, full time

{Salaries and wages, full time

Employees, part t i m e

Returns

State

1930

1931

1932

1929

1930

1931

1932

1929

1930

1931

1932

1929

1930

1031

1932

3
0
1

38
16

45
15

22
10

12
9

14
12
1

12
10
1

14
9
1

8
9
1

$61,904
60,722

$96,184
37,989

$43,750
37,218

$15,740
19,400

$7,624
4,610
212

7,994
2,575
37

$4,571
3,030
221

$2,042
3,740
188

1
8
2
5

6
10
10
40

14
7
8
26

3
4
24

3
2
21

6
10
17

6
8
11

3
6
6

3
4
2

7,600
12,642
10,000
112,183

12,000
7,241
8,000
62,917

1,200
8,000
60,897

1,200
6,000
47,233

1,883
4,250
6,427

3,251
4,250
7,151

861
2,250
941

624
2,250
340

1,300

1,130

1,040

24,736

15.843

3,356

6,040

307

1,670

1,608

1,208

784!

652

762

649

406 4,321,490 4,221,949 3,261,582 1,785,341

440,987

577,021

501,780

287,362

TABLE 0.—Gross and net income of public accountants, 1929-32

{Sample survey of public accountants]

Alabama
........
Arizona.... . . . . . . . . . . . .
Arkansas
..
California....
.....
Colorado..........
...
Connecticut........
.
Delaware
...
District of Columbia
Florida....
Georgia...........
...
Idaho....
...
Illinois
Indiana....
.
..
Iowa....................

5
3
5
52
9
12
1
10
8
9
3
41
10
8
2

III

State

Returns

Offices
reported

5
3
5
52
9
12
1
10
8
12
4
53
10
13
3 i

5
3
5
52
9
12
1
10
8
11
4
53
10
13
2

Partners or firm members

N e t income from practice

Qross annual receipts

to
1929
6
5
9
81
14
14
2
16
8
15
3
75
15
11
4

1930
6
5
9
77
15
14
2
15
8
15
3
77
15
11
4

1931
7
5
9
75
15
15
2
15
8
14
3
75
15
11
4

1932
7
5
9
73
15
15
2
16
8
14
3
76
34
11
4

1929
$56,783
90,368
177,439
1,029,455
135,034
357,907
15,910
223,221
176,236
203,729
24,094
1,953,411
407,586
153,275
62,025

1930
$50,607
69,181
131,016
986,956
136,831
338,127
17,048
250,428
130.675
181,057
25,882
1,707,147
430,130
155,305
45,606

1931
$52,352
58,189
143,752
913,506
140,933
284,411
13.767
271,522
102,234
135.756
22,833
1,408.70S
417.886
157,009
60,185

1932
$52,063
42,032
10-1.213
691,698
122,227
245,093
18.828
216,053
85.566
102.640
17.46U
1,203,0-15
372,795
151,604
54,827

1929
$32,8S9
50,052
102,351
481.623
80,659
168,328
10,518
117,029
69,526
73,088
11,375
495,136
147,617
65,625
25,146

1930
$30,369
34,528
57,205
476,172
82.656
154,511
U.4S2
152,728
60.000
60,727
10,245
412,060
136.327
60,768
17,845

1931
$34,460
27,417
74,150
417,823
71,903
114,553
9,-631
166,305
45,039
54,563
5,660
301,574
152,505
50.4S6
27,358

1932
$34,745
18,563
43,199
312,501
61,480
107,601
13,984
110,062
37,624
48,133
3,824
307,449
183,247
55,216
20,051

eo
to

Kentucky..—
Louisiana .
Maryland
Massachusetts
Michigan
Minnesota......
Mississippi
Missouri.......
Montana
Nebraska.
.

i
1
.

Virginia
Washington...
West Virginia
Wisconsin.
Wyoming
Miscellaneous

._
!

13
5
3
2.5
1
126
6
2
19
9
6
32
4
3
1
8
15
3

4
4

4 1
12 j
16 i

Total

618

11 !

731

18
14

IS*
14

17
17

260,196
150,714

267,774
137,227

7
74
34
13
7
18
6
8

7
73
36

7
70
36
14
7
IS
6
8

7
70
36
13
7
IS
6
8

90,709
1,272,559
605,212
124,739
63,594
395,097
79,395
88,951

3
37
3
242
10
3
38
17
7
47
10
3
1
8
29

3
36
3
210
10
3
37
18
7
45
8

18
14

3
31
1
173
7
o
24
16
6
35
5
3
1
9
18

8f
9
48
27

4
16
7
5

North Dakota
Ohio
Oklahoma..............
Pennsylvania
..
Rhode Island......
South Carolina
South Dakota
Tennessee..
Texas..
Utah

5
48
27

43
29
7

....
.
.....1

New Hampshire
New Jersey........
New Mexico.....
New York...

8
9

8|
9

3
31
1
175
7
2
24
15
6
31
5
3
1
9
19
4

102,702
1,202,261
530,396
136,678
HS. 642
400,446
63,8S2
70,041

211,670
113,568
85,073
1,016,408
421,569
125,113
46,946
379,184
50,212
75,653

27,412
3
3
821, G56
35
35
3
3
23,361
244 6,673,198
247
10
127,143
11
3
25,807
3
661,847
39
39
231,266
17
19
30,568
7
7
vStff tf45
45
48
147,056
8
8
47,533
3
3
5,000
1
1
1
102,405
8
8
28
1 286 1 276 1 435,647
75,174
6 1

32,741
764,930
31,451
6,849,464
145,840
25,124
642,057
265,566
30,946
806,819
149,334
41,176
5,700
97,207
407,272
83,770

140,851
257,039
69,902
187,75S
58,258
.100,989

152,284
231,961
70,073
188,762
58,684
102,384

18
6
8

1
I

12
21
10
26
6
7

726 1,021

1,015

12
16 1
7
11
5
4

12
21 i
10
25

12
21 i
10 1
26

12
21
10
26 1
5
7

1,021 , 1,031 19,407,914

149,845
78,002

115,358 1
(VI, 137 !

6S,320
864,193
335.435
108,183
32,956
312,431
47,392
53,899

144,782
88,951
38,311
566,701
295.711
67,095
34,385
153,919
30,285
61,1S9

42,845
4S5,755
210,452
74,232
49,414
143,736
28,032
32,470

33,278
397,300
191,166
60,469
22,392
125,071
24,488
42,068

30,298
317,461
146,135
47,731
22,120
105,707
20.372
28,078

30,601
724,8S3
26,602
5,521,542
161,302
18,361
657,702
209,339
21,987
310,522
125.191
40,558
3,000
67,409
433,178
99,338

29,115
619,307
20,576
4.439,443
104,88S
9.028
503,008
122,465
23,928
279,741
111,691
41,025
2,000
57,800
330,320
74,975

17,506
351,442
8,736
2,619,321
29,702
10,894
221,702
72,008
22,237
417,494
71,327
26,087
2,500
34,396
172,419
32,295

18,850
296,582
13,880
2,643,315
29,337
9,511
200.740
61,629
22,310
358,342
61,634
18,392
3,400
32,167
162,239
36,981

15.951
284,447
9,211
1,976,888
33.937
7,315
150,068
55,851
17,313
275,462
48,851
18,007
2,000
18,723
145,429
49,326

14,986
216,485
8,231
1,450,510
11,135
4,177
135,890
40,321
16,984
255,581
37,715
21,932
1,500
15,726
140,663
27,664

141,561
203,461
67,1&2
173,351
48,399
81,400

122,815
157,040
45,744
142,444
46,299
65,283

68,561
130,939
47,534
88,829
34,161
47,734

67,622
100,420
49,970
83,483
39,203
40,800

19,022,680 15,911,481

12,988,788

7,939,135

7,434,407

173,213
96,639

50,157
84,202
49,360
70,841
31,475
34,716 1

92,627
65,093

48,975
61,541
31,977
60,576
27,999
26,091

6,061,682 | 4,895,046

to
en

256

NATIONAL INCOME, 1 9 2 9 - 3 2
TABLE 10.—Net income and withdrawals of public accountants,

Withdrawals by firm members

Net incomefrompractice
State

Returns
1929

Alabama
.
Arizona
....
Arkansas.............
California
...
Colorado...
...
Connecticut •
Delaware
.....
District of Colombia.
Florida
Georgia
.....
Idaho
Illinois
Indiana
Iowa. . . . . . . . . . . . . . . . .
Kansas
...........
Kentucky
Louisiana.
.........
Maine
......
Maryland
Massachusetts
Michigan
Minnesota
.........
Mississippi
......
Missouri
Montana
Nebraska
Nevada
......
New Hampshire.
New Jersey
.....
New Mexico
New York
North Carolina.
North Dakota
Ohio
Oklahoma
........
Oregon
.
Pennsylvania...
Rhode Island
South Carolina
South Dakota
Tennessee...
....
Texas
....
Utah
Vermont
........
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Miscellaneous
Total

1930

$28,259 $25,643
60,052 34,528
57,205
102,351
394,758 407,284
74,357 78,047
166,328 152,314
11,482
10,518
100,179 137,241
36,667
47,498
73,088 60,627
7.807
452,107 372,930
65,634 93,485
58,461
53,587
25,146
17,845
136,811 141,225
43,985
56,129
25,357
464,992
261,463
61,176
34,385
132,023
34,585
43,097

1931

1932

$29,03«
27,41fl
74,15(H
356,653
69,382
112,153
9,638
151,446
28,601
54,563
3,339
240,482
110,207
43.419
27,358
108,408
42,035

$28,588 $27,759
18,566 44,481
43,199 92,803
262,955 364,859
57,462 73,5411
105,001 142,468
10,518
13,984
109,800 88,598
42.328]
20,407
48,133 76,8241
10,10ffl
2,157
281,012 491,358
93,411
67,944
46,837
49,489
14.54S
20,051
87,796 133,632
53,992
57,583

17,984
27,566
387,488 321,129
219,772 175,847
53,667
67,086
49,444 22,392
125,842 114,020
25,832 21,488
27,124 37,371

19,087
240,572
131,278
42,691
22,120
89,531
23,372
22,925

1929

31.080
441,869
231,421
59,265
31,473
118,564
30,030
33,850

1930

1931

1932

$25,143 $28,536
30,483
36,395
74,401
58,249
346,219 323,101
65,979
78,197
139,539 121,721
9,638
11,482
137,994 160,996]
29,435
33,120
01,871
78,198
6,750
8,600
448,185 406,542
88,505
85,018
46,558
48,128
19,634
13,403
196,538 104,019
41,768
44,576

$28,088
19,923
45,674
250,709
58,257
106,285
13,984
68,213
21,473
50,701
5,865
381,110
195,771
42,880
16,397
83,689
57,932

27,521
341,444
182,033
56,506
25,608
104,506
25,359
40,446

23,060
287,605
142,419
40,452
17,066
89,731
27,677
25,758

29,543
418,175
220,557
66,079
43,134
110,305
29,725
28,680

17,506
18,850
3
302,810 250,651
22
8,736, 13,880
1 ,
101 2,340,894 2,350,398
27,622
29,045
5
10,894
2
9,511
215,702 195,240
17
64,859
7
54,205
13,487
3
14,510
335.019 289,799
24
3
67,548 58,359
2
18,977
14,500
1
2,500
3,400
6
30,040] 27,362]
149,271 135,504]
12
33,295) 36,981
3

15,951,
242,635
9,211
780,694
33,531
7,315
145,068
49,806
10,913
240,967
38,064
12,759
2,000
15,296
134,084
49,326

15,125
14,986
183,259 257,096
8,281
7,
,285,940 ,191,1581
11,008
44,324
4,177
8,476
131,090 253,712
34,733
74,790
10,034
13,396
215,287 317,769
35,443
65,591
18,771
18,977
1,500
2,500
12,110] 25,558
126,842 152,204
27,604
27,253

18,929
234,489
8,788
,186,019
43,763}8,506
265,735
89,803
13,218
285,3621
53,256
14,600
3,400
25,093
130,320
28,121

55,647
94,999
33,468
74,983]
37,703
38,072]

39,142
81,248
35,136
62,841
30,375

37,623 47,143
53,787 109,198
20,42(M 30,346
53,076 107,950
27,149
19,000
21,454
37,616

49,908
109,864
30,084
108,648
16,000
34,392]

55,351
113,491
30,843
79,829
32,251
42,785

1929-82

16,240
15.497
186,996 207,773
9,874
6,213
849,741 11,558,692
42,523
66,188
4,054
6,213
195,888 195.609
49,200
74,630
7,596
10,905
249,947 217,367
38,411
45,976
18,771
12,759
1,500
2,000
15,250
134,211 123,495
24,655
41,276
50,147
85.673
33,058
01,167
15,000
31,454

42,636
70,268
20,307
84.717
14,000
23,922

480 6,902,750J6,497,70CJ5,321,815 4,200,346 6,615,602 6,433,3SCJ5,636,4894,887,579

TABLE 11.—Number and compensation of employees, public accounting, 1929-82

1929

9
3
41
10
8
2
8
9

4
3
4
52
» 1
12
1
10
8
12
4
53
10
13
3
8
9

4
3
4
52
9
12
1
10
8
11
4
53
10
13
2
8
9

8
13
75
15
51
1
23
23
27
2
153
54
27
17
29
21

5
43
29
7
4
13
4
5

5
48
33
9
4
16
7
5

5
43
33
9
4
16
7
5

13
187
80
36
5
55
10
14

3 i
25
\1
126
6 i
2

3
31
1
175
7
2
23
16
6

Alabama.......
..
Arizona
.....
'
Arkansas..............
California
Colorado.............. J
Connecticut
..
Delaware
.
..
District of C o l u m b i a . .
Florida
Georgia..-..
...
Idaho...........
Illinois
Indiana
.
.....
Iowa.....
.
....
Kansas
.
.
Kentucky.............
Louisiana..............
Maryland....

Michigan.......
Minnesota......
Mississippi
Missouri........
Montana.........

..
..

52
12
1
10

New Jersey—..........
New Mexico...........
N e w York
......
Ohio
Oklahoma.............
Oregon..
..........
Pennsylvania.... . . . . . .
Rhode Island .

Employees, full time '

Offices] Offices
oper- 1 reated | ported

Returns*

State

u
20

3
1
6

3
1

Employees, part time

Salaries and wages, full time

1930

1931

1932

1929

1930

1931

1932

1929

1930

1931

1932

6
6
13
74
15
51
1
23
19
22

5
5
12
70
16
46
1
24
16
21

5
5
10
60
15
37
1
19
11
17

2
9
2
41
4
2

4
8
2
41
4
2

$6,868
3,923
24,314
115,664
28,705
85,822
1,412
38,374
30,775
31,096

110
37
25
16
26
11

8
6
8
1
77
16
32
3
11
9

$12,116
19,597
32.269
352.806
27.847
130.901
2,070
44,040
68,745
65,701
2,400
400,953
162,984
46,878
28.015
81.678
40,685

$7,482
14,296
29.823
143,206
32,268
118,929
1,381
48,013
40,652
46.289

124
69
31
14
27
18

9
4
16
2
80
22
29
1
14
13

3
5
1
44
4
3
1
2
8
6
1
102
18
30
2
14
8

$9,978
15,345
32,543
147,328
23,595
131,042
1.20S
45,536
48,089
53,721

140
57
29
13
27
22

2
17
2
41
4
2
1
10
16
16
4
90
22
25
1
15
14

395,226
176,979
66,853
21.199
82,926
38,649

318,834
168,007
62,003
26,456
63,089
32,007

14
178
71
30
13
59
9
13

14
164
58
23
4

13
166
46
24
3
52
6
8

7
107
68
15
6
23
21
5

8
109
54
8
8
26
14
6

7
81
48
10
3
23
10
7

5
72
46
10
3
23
13
7

26.100
390,708
174.743
54.442
18.100
142,679
15.633
25,862

33,312
393,972
161,388
49,522
44,100
152,344
16,399
22,048

30.598
359,530
119,208
38,386
14.200
150,697
10,283
16,016

18
2
141
2

28
2
82
3

27
9
3
42
2
2
1
12

24
8
3
30
2
3
1
8

6
3 i
3
111
31
109
5
6
1
629
175 ; 609
30
7 1 21
5
2
«
80
22
91
44
15
39
5
2
2
31
103
6
100 i 24
22
6
3
6
1
0 I 13 1 10

CO
8
9
6

105
4
569
32
3
79
31
1
98
25
5
10

1
5
97 j 20
4
2
480
221
22 i
2
2
79
25
10
20
3
1
34
69
3
23
2
4
1
8 1 11

Salaries and wages, part time
1929

1930

1931

1932

$1,844
4,169
1,747
17,441
4,229
600

$1,950
3,468
1,183
13,197
4,993
1,000

288.343
77. I l l
50,718
26,223
54,923
14,498

$1,491
8,360
1,349
21,370
2,026
COO
288
3,635
8.43S
8,062
1,750
33,306
12,571
10,699
50
8,920
4,066

2,"929
1,680
16,844
1,652
27,798
13,022
8,296
50
8,666
2,946

2,790
1,789
6,958
1.143
19,895
10,028
16,241
150
5,183
2,302

$2,078
1,573
43
15,470
5,121
1,700
286
1,660
3,012
2,378
459
31,746
12,673
11,733
75
6,765
3.233

23,524
297.529
94,320
34,490
9,100
113,432
8,813
12,043

6,254
59,306
34,755
6,165
3,927
35,521
5,713
1,567

9,665
62,155
27,601
3,282
11,464
37.308
4.106
2,181

3,439
31,344
20,737
4,480
1,529
35,757
3,610
3,340

1.596
25,895
18.862
3,846
6,335
28,790
2,309
3,262

8,791
8.634
8,427
4.400
236,558
244.004
266,752
17
286.275
8,667
11.463
14,277
2
10,209
92 1,497,306 1,535,042 1,338,401 1,075,572
39,635
61,901
52,587
2
41,541
2,720
8,438
12,143
11,935
164,213
196,554
186,807
16
212,701
38,264
80,241
118.931
7
83,970
1,603
2,720
3,449
3
2,999
198,270
215.527
228,575
254,485
23
48,625
53,231
61,619
53,348
1
11,800
14.600
14,470
13,600
3

672
10,527
500
104,637
176

11,232
500
64,879
447

11,945
500
45,952
380

563
7,589
500
69,181
178

15,767
17,949
1,000
40,083
3,000
490
800
10,326

12,681 j
12,132 !
900
39,050
3,000'
300
2,200
15,214 |

9,309
9,075
800
29,649
3,000
1,099
50
7,415 |

23, ii§

19,750

14,562

137619

4,882
4,424
1,603
31,825
3,000
462
5,810

TABLE 11.—Number and compensation of employees, public accounting, 1929-82—Continued

00
Employees, full time
Employees, part time
Offices
Re- Offices
reoperturns
ated ported 1929 1930 1931 1932 1929 1930 1931 1932

State

Toxas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Miscellaneous

.
...

Total

14
3

19
4

44
15

45
10

40
15

33
15

9
14
5
7
3
4

12
16
7
11
5
4

22
34
2
19
9
16

25
33
2
19
6
17

25
27
2
18
5
10

20
23
1
17
6
14

599

737

728 2,132 2,124 1,9-15 1,0S6

31
9
14
15
6
9

Salaries and wages, full time
1929

1930

1931

40
0

33
10

40 $114,459 $121,619 $111,501
36,473
34,122
30,304
9

20
15
5
10

10
12
0
10

6
11
6
14

900

858

707

41,678
09,088
2,318
29,708
12,499
32,415

52,761
66,139
3,886
31,510
12,971
32,757

55,892
00,872
1,830
28,019
11,120
24,763

1932

Salaries and wages, part time
1929

1930

1931

1932

$85,019 $15,444 $22,438 $17,144 $18,563
3,658
3,954
2,286
3,098
H&33
46,244
48,821
1,200
28,405
10,433
19,130

7,352
10,863
3,584
12,935

4,355
13,887
3,228
13,583

4,026
10,068
3,777
14,054

2,391
7,672
3,326
8,343

1,823

3,940

2,265

2,818

3
S

098 4,086,368 5,021,980 4,462,135 3,590,153 541,306 487,829 371,873 307,093

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APPENDIX F
EMPLOYMENT ESTIMATES
The only available monthly estimates of unemployment for the United States
are those prepared and published by the American Federation of Labor, and these
are not broken down by any industrial classification. The study requires estimates of the number employed in each of many industrial groups, and for a number of these there are no prevailing indexes of employment. Therefore, it was
necessary for the purpose of this study to make employment estimates for the domestic and personal service group and others for which employment data are
lacking.
The particular industries for which these estimates were prepared were not
covered in any of the censuses of 1929, i.e., Manufacturing, Construction, and
Distribution. It was, therefore, necessary to use the 1930 Census of Occupations
and 1930 Census of Unemployment as the basis for the estimates. It must be
recognized at the outset that taking a house-to-house census is inherently different from taking a census of industrial establishments, as far as the results are
concerned. For instance, the 1929 Census of Manufactures gave the number of
persons engaged by manufacturing concerns producing more than an established
minimum of products, which result included over 99 percent of all workers in
manufacturing. The 1930 Census of Occupations reported the number of persons
who said that their industrial connection was in the field of manufacturing. It
was found that the number of gainful workers in manufacturing, shown in the
Census of Occupations industrial classification, less the number reported unemployed in this group, as shown in the 1930 Census of Unemployment, was not
comparable to the number engaged in manufacturing in 1929, as shown by the
Census of Manufactures, carried forward to April 1930 by employment indexes.
Even more accentuated was the difference found by comparing the 1929 Census
of Construction and the 1930 Census of Occupations data on construction.
The above material is presented for the purpose of pointing out the possibility
of error in using the Census of Occupations industrial classification. It is natural
that when an individual is questioned about his industrial connection, he will cite
the nature of his immediate work. Thus a man may state that he works in a
garage when actually it is the garage of a large wholesale trade or construction or
steel concern and would appear among the latter in a census of industrial establishments. In the service industries the errors in this regard are not likely to be
as great as in manufacturing, trade, or construction and our interest lies primarily in the service group. Although cognizant of the error involved, there was
no other choice for us but to use the 1930 Censuses of Occupations and Unemployment as a basis.
THE UNEMPLOYMENT CENSUSES
The first requirement was to determine the number of persons employed as of a
certain date. The United States census in April 1930 reported the number of gainful workers in each industry on the first of that month and also the number unemployed in each group on the same date. The unemployed persons were classified
into seven categories, A to G, inclusive. For our purposes it was necessary to
find out how many of those listed as gainful workers were not receiving pay nor
were on the pay roll of any firm at the time of the enumeration.
Class A consisted of persons out of a job, able to work and looking for a job
and all of this group were regarded as being unemployed.
Class B were persons having jobs but on lav-off without pay, excluding those
sick or voluntarily idle. This group includes those working part time and those
who were promised to be recalled when business picked up. All those idle under
1 week were considered as working part time and the balance were counted as
unemployed.
Class C included persons out of a job and unable to work and all of these were
counted as unemployed.
259

260

NATIONAL INCOME, 1 9 2 9 - 3 2

Class D was composed of persons having jobs but idle on account of sickness
or disability. Undoubtedly all of this group were not being retained on the
company pay roll and all those idle over 2 weeks were regarded as unemployed.
Class E includes persons out of a job and not looking for work and all were
classed as unemployed! There might be a question as to whether persons in this
class and also class D should have been considered as gainful workers, but since
they were included in the number of gainful workers, it was necessary to regard
them as unemployed.
Class F included those who had jobs but were voluntarily idle, without pay.
They may have been vacationing on their own time. Only those unemployed for
over 2 weeks were counted as unemployed, for if idle for that long, it is likely that
they were not included as employed in the employment index for the month.
Class G consisted of persons having jobs and drawing pay, though not at work
on the day prior to the enumeration. For the purposes of this study the entire
group was regarded as being employed.
While these decisions are somewhat arbitrary, nevertheless they appear to# be
well founded for defining the number of persons unemployed from our viewpoint.
By this process, it was possible to determine the number of persons reported unemployed by the census in the United States in April 1930, the number in the
special enumeration area of 19 cities, covered in the January 1931 Unemployment
Census, and also in the same special enumeration area in April 1930. For the
special enumeration area in April 1930 and January 1931, break-downs for duration of idleness were limited to classes A and B so that the United States data for
April 1930 had to be applied in determining what proportions were idle over 2
weeks in classes D and F. The number of unemployed was then deducted from
the number of gainful workers on these dates and in these areas to arrive at the
number of persons employed.
ADJUSTING THE BASE NUMBER OF EMPLOYED
Because of the United States census data available for April 1930 it was decided to use that month as the basis of the estimates. When the results of the
April 1930 Census of Unemployment were made public there was a great deal of
discussion among statisticians regarding the reliability of the figures. Many
persons believed there was a deficiency in the number* reported as unemployed
and this situation was at least in part the reason for the Unemployment Census
being taken in January 1931 in 19 selected cities.
The Bureau of Labor Statistics and Federal Reserve Board Indexes of Employment in most industries are generally accepted as being indicative of employment changes. If these indexes are accepted as accurate then it is possible to
study the accuracy of the April 1930 or the January 1931 Unemployment Census
by using the same areas in April 1930 as those used in January 1931.
Using six indexes of employment generally comparable to similar classifications
in the census, it was possible to check the accuracy of one census against the
other. The indexes used were the Federal Reserve Board unadjusted factory
employment index; Bureau of Labor Statistics wholesale and retail trade emindexes combined by proper weighting; and the Bureau of Labor
§loyment
tatistics indexes of telephone and telegraph, steam railroad, street railroad, and
hotel employment. These indexes covered approximately 57 percent of all the
gainful workers in the special enumeration area.
According to the censuses, employment in the special enumeration area in
April 1930 was 116.49 percent of what it was in January 1931 in the industries
covered by the six indexes used. The indexes showed that April 1930 employment should have been only 114.75 percent of January 1931.
These indexes represent only wage earners in most cases, so that it was necessary to make adjustments for salaried employees also. Ohio and Pennsylvania
publish annual data on employment of both salaried workers and wage earners.
An analysis was made of the employment index of wage earners and the index of
salaried workers and wage earners combined and the relationship between these
two indexes was applied to the above results. With this adjustment it was found
that employment in April 1930 should have been 113.66 percent of the employment in January 1931. Therefore, if the January 1931 census was correct, the
number reported employed in April 1930 had to be reduced to 97.799 percent of
its previous level.
By applying the above methods we come to the necessary conclusion that if
the employment indexes are accurate either the April 1930 Census of Unemployment was deficient or else the January 1931 Census of Unemployment
reported an excessive number of unemployed persons. One or the other must be

APPENDIX F

261

accepted as being correct if we are going to proceed with unemployment and
employment estimates. As previously stated, this is a highly controversial
matter but probably the weight of authority would tend toward accepting the
January 1931 Census of Unemployment as being the better of the two, particularly due to the method of enumeration used in the two censuses. Thus, assuming
the January 1931 census as accurate and the employment indexes revealing the
correct changes between the two dates, the April 1930 census results have been
corrected accordingly.
Applying the correction ratio of 97.799 to the number reported employed in
Apnl 1930, we find that the number reported unemployed is increased from
3,388,360 to 4,388,587, an increase of approximately 1 million, or 29.52 percent.
While this correction appears to be very large and is subject to some degree of
error, it has not been arrived at without careful and prolonged analysis and
thought. It is granted that the 57 percent of gainful workers covered by the
indexes may not reflect what happened in the remaining 43 percent but there are
no indexes for checking the other 43 percent to the special enumeration area.
Then, also, it may be stated that these six indexes reflect employment changes
for the whole country and the changes may be different for the special enumeration area. The investigator realizes these shortcomings but is also cognizant of
the need for making the best use of all available material in order to get results;
THE ESTIMATES
What has been explained so far covers only the work and methods involved in
establishing a basis for estimating employment for the years 1929-32 in certain
industries for the purpose of this study. There were nine industries involving over
12 million gainful workers for which either no employment indexes or only
indexes for part of the period were available. Because of this lack of data it was
necessary to resort to new methods of estimating the trend of employment for
these industries and it was for this purpose that the present study was undertaken.
There were three factors available for consideration in making the estimates:
1. The percentage of unemployment in April 1930.
2. The employment decline from April 1930 to January 1931.
3. General knowledge of the varying incidence of unemployment among the
various industrial groups as the depression continued and unemployment
increased.
Prior to making any estimate, a combined index of the retail trade, wholesale
trade and factory employment indexes was prepared and corrected for seasonal
variations by use of a 12 month moving average. The same was done for a
combined retail and wholesale trade index.
Each of the industries under consideration was taken separately and its extent
of unemployment in April 1930 and the decline of employment from that date to
January 1931 were studied in relation to other single or combined series for which
indexes were available. In the domestic service field, employment opportunities
tend to vary directly with the change in general business activity and general
employment conditions. Probably during the early part of a depression the
adjustment in this field of activity takes place in wage rates rather than in the
number employed. As the depression continues, the adjustments become more
significant in employment. It was found that the percentage of unemployment
in April 1930 in this field was lower than in the combined fields of trade and
manufacturing, but the April 1930 to January 1931 decline in employment was
greater in the former than in the latter. These figures tend to substantiate the
above statement about the lagging tendency in this field.
Thus, for estimating the employment trend and the annual index in the
domestic service group, the combined trade and manufacturing employment
index was used as a base. On the basis of the above described data and deductions, it was assumed that, as the depression continued, the employment decline
in this field was more rapid than was the decline in trade and manufacturing.
The resulting employment index for the group was assumed to be representative
of each occupation in the group.
This method was used in the employment estimates made in the miscellaneous
industries as presented in the final chapter of the text. For these miscellaneous
industries the employment trend in the combined trade and manufacturing industries was used without further revisions. The same method was also used in
several other service industries.

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