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DEPARTMENT OF COMMERCE
BUREAU

OF

THE

CENSUS

WASHINGTON

WEALTH, PUBLIC DEBT, AND TAXATION: 1922

ESTIMATED NATIONAL WEALTH
COMPILED AS PART OF THE DECENNIAL REPORT ON
WEALTH, PUBLIC DEBT, AND TAXATION

PRICE 10 CENTS
Sold only by the Superintendent of Documents, Government Printing Offlc«
Washington, D. C.




WASHINGTON
GOVERNMENT PRINTING OFFICE
1924

R E P O R T S

ESTIMATED
PUBLIC
TAXES

WEALTH,

NATIONAL

DEBT:

OP S T A T E




DEBT,

AND

TAXATION

1922.

1922.

VALUATION

IX

WEALTH:

PUBLIC

1922.

COLLECTED:

ASSESSED
DIGEST

O N

AND

LAWS

TAX

LEVIES:

RELATING

1922.

TO T A X A T I O N

AND

REVENUE:

1922.

LETTER OF TRANSMITTAL

DEPARTMENT

OF

BUREAU

COMMERCE,
OF T H E

CENSUS,

Washington, D. C., June 20, 1924.
SIR:

I transmit herewith a decennial report on the estimated
national wealth in 1922, as measured by the value of tangible
property in the United States at the close of that year. The
tables of the report present the data under a number of principal heads, with comparative data taken from the census
estimates for the years 1912, 1904, 1900, 1890, 1880, 1870, 1860,
and 1850. The estimates for 1922 were made in connection
with the decennial investigation of wealth, public debt, and
taxation authorized by the permanent census act.
The reports for 1922 are issued under five titles, as follows:
(1) Estimated national wealth, (2) Public debt, (3) Assessed
valuation and tax levies, (4) Taxes collected, and (5) Digest
of State laws relating to taxation and revenue.
The report was prepared under the direction of Starke M.
Grogan, chief statistician in charge of wealth, public debt, and
taxation. Acknowledgment is made of the services of Dr. Willford I. King, of the National Bureau of Economic Research
(Inc.), who contributed the foreword and assisted in planning
the methods of compilation of data and the form of presentation; and of Morris J. Hole, who had immediate charge of
the preparation of the report.
Respectfully,
W.

M.

STEUART,

Director of the Census,
H o n . HERBERT




HOOVER,

Secretary of Commerce.
hi




CONTENTS
Page

Foreword
VII
Introduction
1
Scope of this report
1
Increase in estimated national wealth
2
Date to which statistics relate.
3
Classification of property
3
Primary classification
3
Real property and improvements
3
Taxed real property and improvements
3
5
Exempt real property and improvements
Livestock
7
Farm implements and machinery
..
8
Manufacturing machinery, tools, and implements.
9
Railroads and their equipment
10
Motor vehicles
11
Street railways, shipping, waterworks, etc
11
Street railways_ _.
11
Telegraph systems
12
Telephone systems
12
Pullman and other cars not owned by railroads
12
Pipe lines
12
Shipping and canals
12
Privately owned waterworks
13
Privately owned central electric light and powder stations
13
Stocks of goods, etc
13
Agricultural products
13
Manufactured products
14
Imported merchandise
15
Mining products
15
Clothing, personal adornments, furniture, horse-drawn vehicles,
and kindred property
15
Gold and silver coin and bullion
16
National wealth: 1850 to 1922
16
Estimated wealth in 1922, by classes of property
16
Bases used in estimating national wealth
17
Estimates for 1922, 1912, 1904, and 1900
17
Estimates for 1890 and 1880
19
Estimates for 1850, 1860, and 1870
20
Comparative data for classes of property for specified years
20
TABLE
1.—Estimated wealth, by classes of property: 1922, 1912, 1904, and
1900
18
TABLE
2.—Estimated wealth, by classes of property: 1890
19
TABLE
3.—Estimated wealth, by classes of property: 1 8 8 0
20
TABLE
4.—Estimated wealth, by principal classes of property and by geographic divisions and States: 1922
21
v




CONTENTS

VI

Page
TABLE

TABLE
TABLE
TABLE
TABLE
TABLE
TABLE
TABLE

TABLE

5.—Estimated value of street railways, shipping, waterworks, etc.,
by classes of property and by geographic divisions and
States: 1922
6.—Estimated value of " All other" property, by classes of property
and by geographic divisions and States: 1922
7.—Estimated value of all property, by geographic divisions and
States: 1850 to 1922
8.—Per capita estimated value of all property, by geographic divisions and States: 1850 to 1922
9.—Estimated value of taxed real property, by geographic divisions
and States: 1922, 1912, 1904, 1900, and 1890
10.—Estimated value of livestock, by geographic divisions and
States, 1922, 1912, 1904, and 1900
11.—Estimated value of farm implements and machinery, by geographic divisions and States: 1922, 1912, 1904, and 1900
12.—Estimated value of manufacturing machinery, tools, and implements, by geographic divisions and States: 1922, 1912, 1904,
and 1900
13.—Estimated value of railroads and their equipment, by geographic
divisions and States: 1922, 1912, 1904, and 1900




23
24
25
28
30
31
32

33
34

FOREWORD
THE DIFFICULTIES OF WEALTH MEASUREMENT

When the statistician attempts to measure the wealth of a nation, he encounters two distinct difficulties: First, it is hard to define the term "wealth";
second, it is by no means easy to secure the needed data. Let us first consider
the question of definition.
The term "wealth" is used to cover two widely divergent ideas—first, private
wealth; second, social wealth. The term "private wealth" takes in a field almost
coextensive with that of private property. Property, however, is the legal
concept and refers to the title to the wealth. It is possible, then, for one to
have wealth and yet to have no property. A burglar, for example, may possess
stolen goods which constitute part of his wealth, but he might be wholly unable
to establish legal title to the same, and if so, they would not constitute part of
his private property. In modern society, however, wealth held merely by
possession and not by legal title constitutes but a small fraction of the total.
It is for this reason that, as we have stated, private property and private wealth,
are, in a country like the United States, practically coextensive and nearly
equal in value.
Private wealth, then, in the main consists of property rights based upon
social wealth. These property rights are not necessarily located in the same
place as the social wealth which they represent. Thus, wheat on a farm in
North Dakota constitutes tangible social wealth located in that State, but it
may be the property of a resident of Illinois with the legal title or property
right subject to the jurisdiction of the latter State. This title may move from
State to State without in any way affecting the location of the wheat. It is
easy to see, then, that there may be little resemblance between the figures representing the total value of the private property of the citizens of a State and
the total value of the social wealth located in the State.
Property rights are commonly evidenced by pieces of paper called stocks,
bonds, notes, money, or the like. These papers certify that a certain person
or organization owns the whole or some fractional part or some claim upon a
collection of tangible physical objects. A silver certificate, for example,
entitles its holder to call upon the Government of the United States for one
silver dollar. A Government bond constitutes for its possessor a claim against
the goods of the taxpayers of the country, and, similarly, a railroad bond gives
its owner a lien upon all the railroad corporation's assets, consisting of such
things as rails, locomotives, cars, roadbeds, bridges, stations, and other physical
property. A share of stock in a railroad corporation does not give a lien, but
an actual title to the physical possessions of the railroad except such part of
their value as is required to cover the debts of the company. Yet the stockholder
has no right to any particular rail or wheel or tie. He owns merely a fraction
of the whole. His property right is distinct, then, from the physical wealth
upon which it is based.
Most private property rights which people take the trouble to maintain have
a market value. One might find the total value of the private property in a
nation by adding together the net values, of the private property rights held by




VII

VIII

FOREWORD

all the individuals. The net value of a man's property is, of course, obtained by
subtracting the amount of his debts from the gross value of his property. The
total obtained by summating the net values of the private property rights of all
individuals has the distinct advantage of being specific, and also of being expressible in terms of dollars and cents.
There are certain peculiarities in the values which the market places upon the
private property of the people of a nation that it is desirable to take into consideration at this point. Values commonly have the habit of fluctuating not
only in response to variations in immediate supply and demand or because of
changes in the quality of the objects dealt in but also in accordance with the
pjretailing belief as to the outlook for the future. For this reason, fluctuations
in the total value of private property do not necessarily indicate that any changes
have occurred either in the quantity or in the physical characteristics of the
wealth upoil which the private property is based. It is not improbable, in fact,
that oscillations amounting to many billions of dollars occur in the total value
of the private property in the nation at times when the changes in the physical
wealth arfc negligible. That this may be the case will perhaps be more clear to
the reader if he considers what happens to the prices of stocks and bonds. It
is not unusual for the value of the securities of a company to increase or decline
by 10 or 20 per cent within a few days' time. Rarely, indeed, however, are such
oscillations due to changes in the physical wealth belonging to the concern.
Land, buildings, machinery, and other equipment may remain intact at the
s&me time that the value of the securities is sliding rapidly downhill. Security
values rise or fall, not so much because of what is, but rather because of what one
expects is going to happen. If prospective buyers and sellers of the securities
are generally led to believe that future earnings will be less satisfactory than
had previously been expected, the security values will at once shrink. If, on
the next day, a rumor gains general credence that prosperity is ahead for the
company, the prices of its stocks and bonds are likely to rise sharply. In brief,
then, security values depend upon what people think is going to happen, upon
optimism or pessimism concerning the future; in other words, they are largely
psychological.
Since it is much easier to change the popular view of what is going to happen
in the future than it is to manufacture physical wealth, it follows that property
values tend to fluctuate much more freely than do the quantities of physical
assets, if these quantities are measured in terms of length, area, volume, or
weight.
Pessimism concerning the outlook for the future is not the only force that may
eause property values to decline at times when the amount of physical property
remains constant or is even growing larger. This happens when collective or
public ownership is substituted for private ownership. Let us imagine, for
example, that in the future, in all the factories of the country, the total income
above operating expenses was to be distributed to the employees. Under such
circumstances it would be wholly useless for anyone to own stocks or bonds, for
they would bring in no income, and hence would have no value. Yet the factories
might be able to turn out just as many goods as before, thus apparently serving
the public as well as ever. Similarly, let us suppose that the railways of the
country were transferred from private to public ownership without compensating
either the stockholders or the creditors for their losses. Under such circumstances private property in railway lines would have no value whatsoever, but
the railways might have more miles of track and more cars and locomotives than
ever before. If we were to total the value of the private property of the Nation,
however, we would find that this transfer of the railways from private to public
ownership had caused a distinct fall in the aggregate.




FOREWORD

IX

In contradistinction to the idea of private property stands that of social wealth.
Social wealth includes all objects having utility, that is, all things which people
believe will minister to their wants either immediately or in the not too distant
future. In this category are included not only those goods which are scarce
or which cost money, but also those which are free, as, for example, water, air,
the sun, beautiful scenery, and all those gifts of nature which gratify our desires.
This is the kind of wealth to which we generally refer when we say that a nation
is wealthy or opulent. It is the criterion that should be used if we wish to
ascertain whether a nation is becoming richer or poorer. No other concept of
wealth is more definite or more real, yet, from the standpoint of the statistician,
this definition of wealth has one very serious drawback—-no one has yet devised
a satisfactory unit which can be applied practically in measuring the quantity of
social wealth.
How can we go about it, for example, to add the utility of California sunshine,
of the grandeur of the Rockies, of the oil wells of Texas, of the orange groves of
Florida, of the steel works of Pennsylvania, and of the skyscrapers of New York
City, in order to arrive at one harmonious total of social wealth? How many
units of utility does any one of these items contain? Since no one has yet beea
able to give a satisfactory answer to this question, the Bureau of the Census has
not been able to measure the changes that have occurred in the social wealth of
the United States.
For comparative purposes, it is essential that the figures for the different censuses stand for the same ideas. It is difficult to attain this end unless the same
definitions are used and the same methods are followed at every census* It is
also essential that wealth be measured in tangible units. The problem confronting the Bureau of the Census, when it started to ascertain the wealth of the
United States on December 31, 1922, was how it could maintain comparability
with previous censuses while at the same time defining all units so precisely and
devising methods so logical that there would be no room for just criticism.
Experience showed that it was impossible to reach this ideal goal. The best
that could be done was to approach it as closely as possible.
One of the first questions which it was necessary to decide was what kind of
units would give the total most serviceable to the people of the country? Since
it seemed impracticable to measure directly the aggregate social wealth of the
Nation, was there any other method which would yield reasonably satisfactory
results?
The first impulse naturally was to estimate the Nation's wealth 011 the basis
of a summation of the value of the private property rights of the people of the
country. There are, however, certain serious objections to the adoption of this
procedure by the Bureau of the Census. The chief ones are as follows: First,
the concept is not the one that has been used by the Bureau of the Census in the
past, and hence the figures thus arrived at would not be comparable with those
secured for earlier censuses. This would be especially true in the apportionment
of the wealth among the different States, for the geographical distribution of
private property rights is probably radically different from that of physical
wealth. For example, the mines of Arizona and Montana may, to a large
extent, be the property of citizens of New York. It is presumed that a census
of private property would show much greater concentration in the larger cities
than would a census of the physical wealth of the Nation. Second, owing to the
fact that the total value of the private wealth reflects the prevailing optimism or
pessimism of the period, the aggregate figure for December 31, 1922, might
well be either distinctly above or decidedly below normal, its position depending
upon the general psychology prevailing at that particular date. Third, a trend
toward public or collective ownership would cause the estimates of the wealth




X

FOREWORD

of the Nation, as computed in this manner, gradually to diminish in amount, and
such figures would presumably lead the public to believe that the physical
wealth of the country was diminishing even though it might be steadily growing
in terms of area, volume, or weight.
In view of the difficulties involved, t\\e Director of the Census, after consulting
with the advisory board, decided that it would be the wisest policy to adhere
rather closely to the methods previously used by the census in the computation
of the wealth of the country.
In the past the Bureau of the Census had taken very much the point of view
of the business man in making up his inventory, namely, that of recording items
more commonly at cost prices than at what they would sell for at current prices.
There are serious objections to the use of such cost figures as representatives of
present value; in fact, it is doubtful whether one can ever refer legitimately to
cost as "value." Many things that cost a great deal of money may now be
worth little on the market. The merchant w^ho keeps seasonable goods until
they go out of style has this fact forcefully called to his attention. Many articles
wear out as they grow older and others become obsolescent even though their
physical form remains unchanged. A few objects, such as rare paintings, are
likely to increase in value as time passes even though they may be deteriorating
physically, this increase being due to the fact that they are irreplaceable and are
gaining added prestige as the years pass.
Another serious objection to using cost figures as a basis of wealth measurement
lies in the fact that gifts of nature have no social cost. An attempt is frequently
made to obviate this difficulty by considering the cost of these objects as what
the present owners paid for them at the time of purchase. This course is, however, not highly logical. For example, there is no reason to value one piece of
land at $200 an acre because the owner paid that much for it last year and an
adjoining piece of equally good land at only $10 an acre because the owner
bought it 50 years ago before land values had risen.
Even if one decides to assign to property a value equal to its cost or expense
to the present owner, it is still necessary to decide how to treat some troublesome
details. Is it desirable to use as a figure representing the present value—
1. The original purchase price?
2. The original purchase price less some arbitrary depreciation charge?
3. The expense of reproducing the article new?
4. The expense of reproduction in existing condition—that is to say, the
expense new less an arbitrary allowance for depreciation?
Of these four concepts the last named seems to be the most logical, but it is
by no means easy to apply in practice. How can the census secure satisfactory
data? What rates of depreciation shall be allowed on the various items and why?
It is often easier to ascertain the original cost of an article to its present owner
than to find the cost of reproducing it at the present time. During the last
decade, however, the purchasing power of money has changed so radically as to
render figures of original cost almost valueless unless one knows the date at
which the article was purchased and the extent of the change that has occurred
in its price since that time. The above-mentioned difficulty arising from the
fact that land and other natural resources have been growing scarcer and increasing in value is even more serious when original cost figures are used than when
calculations are based upon the cost of reproduction under existing conditions.
The chief merit of the method actually followed by the census of 1922 in evaluating the wealth of the people of the United States is its continuity with the
methods used in earlier censuses. The total for the country is a composite of
the values of the separate categories arrived at in several different ways. The
details are described specifically in the text which follows this foreword and will




FOREWORD

XI

be but touched upon here. The valuation placed on private real estate is based
upon assessment rolls. No effort has been spared to determine and utilize the
correct multiplying factors—factors which, when applied, will bring the assessor's
figures up to the true values for December 31, 1922. These adjustment ratios
are, however, based largely upon information furnished by local and State tax
departments. Tax officials are usually conservative and assessments are not
made every year. It seems probable, therefore, that, despite the corrective
factors applied, the calculated figures often represent the market values current
at dates preceding the census by a considerable interval.
The value of real property and improvements exempt from taxation—property
which is, in the main, devoted to governmental, public, or charitable purposes—
is, presumably, rated at cost, and it is probable that, in the case of Government
holdings, little or nothing has been added for land, inasmuch as much of it has
belonged to the Government for a long time, and hence the cash paid for it was
trivial in amount. Livestock and the products of factories, farms, and mines
have, on the other hand, been valued at approximately what they would sell
for at the close of 1922. The values placed upon farm implements, motor cars,
and consumption goods presumably represent, in the main, original cost less
depreciation charges, and much the same may be said concerning the basis of
evaluation used for machinery, tools, and implements in the factories of the
United States, and for the railways and public utilities as a whole.
Do the values as arrived at approximate what the wealth of the country was
worth on the market on December 31, 1922? It may he worth while to consider
seriatim a few of the major items. Taxed real estate constitutes nearly one-half
of the total, and thus dominates everything else. Is the valuation of this item
presumably too high or too low? We know that the price of farm land fell
sharply during the period 1920-1922. If, therefore, for the reasons previously
mentioned, the assessed valuation tended to lag behind, the result would be to
make the census estimates somewhat higher than the situation at the close of
1922 would justify. On the other hand, of course, it is probably true that some
assessments were too far behind even to take cognizance of the rise in the value
of farm land occurring between 1916 and 1920. In .such cases, the assessed values
in 1922 might actually not be high enough, but such instances are probably the
exception rather than the rule. It is likely, however, that the 1918-1920 boom
was too short to have its effects registered fully in the tax records. On the whole,
therefore, the census figures for farm lands are presumably not far from the
current market figures for the close of 1922, but with a tendency to be too high
rather than too low. There is every reason to believe that city real estate has
increased in value rather steadily since 1916; hence, in so far as the assessment
rolls, with adjustments, failed to keep pace with the actual movement of real
estate prices, the census estimates are too low. Although the value of agricultural
real estate constitutes roughly but one-third of that of all realty in the United
States, the sharpness of its decline between 1920 and 1922, in comparison to the
slower rise in the value of urban real estate during the same period, was perhaps
sufficient to make the total decline in the agricultural field roughly equivalent to
the total increase in the cities. Under such circumstances, since any errors present
in the figures for these different fields presumably tend in opposite directions, they
may well cancel each other. If this assumption is correct, the figure of 156
billions reported as the value of taxed real estate on December 31, 1922, may
approach rather closely to the actual market value of the land and buildings
of the country not exempt from taxation at that date.
While, then, there is no reason to believe that the census estimate of the value
of taxable real estate is either materially higher or materially lower than the
market value at the end of 1922, there is, nevertheless, a probability that the




XII

FOREWORD

reported values for real estate exempt from taxation are lower than the market
values at the specified date. The reason for believing that this is the case is
that the records are largely taken from governmental or institutional reports of
the cost of the property, arid, since the land was, for the most part, bought
many years ago, and the buildings, on the average, were constructed before the
sharp rise in the price level began, it necessarily follows that these cost figures
would be, on the whole, much lower than the cost of reproducing the property
new at the present date. On the other hand, some buildings have deteriorated
greatly since they were built, but as most of them are of very durable construction, it is by 110 means certain that the depreciation in value due to such deterioration would be sufficient to offset the enhanced value of real estate arising
both from the increase in land values and from the sharp rise in the price level
since 1914. However, since the errors are compensating, the net result may not
be far below the truth.
The status of the railways and some of the public utilities is peculiar. The
figures shown in the census record represent original costs after depreciation
allowances have been made. The railways have been building for a long period;
hence these cost figures are taken from records of many different years. To reconstruct the railways at the present time would call for a much larger dollar
outlay than their cost when they were built. Hence, on the cost of reproduction
basis, the census figure distinctly undervalues the railways and public utilities
of the country. On the other hand, owing to the fact that rates have been
regulated and have not been allowed to rise as rapidly as the increase in the general price level, the value of the railways and the public utilities to their ownershas, in general, tended to decline very sharply. As a result, the census estimates
of the value of these types of property are far higher than the total current market
value of all the securities to their owners.
Since, then, some of the items in the census total of wealth have been estimated at values higher than the market prices prevailing in 1922 and others at
lower values than those prevailing at that date, it may well be true that the
aggregate of $320,803,862,000 is not far from what the total mass of goods in
the United States wrould have cost if bought piecemeal on December 31, 1922.
The figure, therefore, has no little merit for comparative purposes, even though
the value definitions used for the separate items making up the total differ from
each other materially.
The census figures show that the wealth of the country increased from
$186,299,664,000 at the close of 1912 to $320,803,862,000 at the close of 1922, a
rise of 72.2 per cent. Now, everyone knows that the value of the dollar diminished greatly during this decade, and hence that these dollar values must not
be interpreted to mean that during the 10 years, the physical possessions of the
people of the United States increased in quantity by more than two-thirds.
Certain students of the subject have contended that there was no increase whatever during this period. Are they right in their views?
If we had an accurate index of the prices of each of the various kinds of wealth
it would be easy to divide the dollar figures by these index numbers, and thus
arrive at a fair comparison between the two years. Unfortunately, however,
index numbers suitable for measuring the changes in the prices of the items composing the country's wealth are not available. The best that we can do is to
compare the changes in such index numbers as we have with the 72.2 per cent
rise indicated by the census estimates of wealth. The United States Bureau
of Labor Statistics index number of wholesale prices of all commodities rose
during this period by 56 per cent. The Federal Reserve Board index of the
prices of producers' goods indicates an increase of about 35 per cent, while their
index of the prices of consumers' goods shows a rise of 57 per cent, and their index




FOREWORD

XIII

of the prices of raw materials a rise of 67 pfer cent. The National Bureau of Economic Research estimates that the prices of goods used by families spending for
consumption purposes around $5,000 per annum increased by 60 per cent, while
the prices of goods consumed by those having a $25,000 scale of living rose by
63 per cent. Articles consumed by farmers were 49 per cent higher at the close of
1922 than at the end of 1912, while agricultural laborers paid only 39 per cent
more for the same amount of commodities of the type that they purchased.
Urban employees, on the other hand, according to the United States Bureau of
Labor Statistics, had to pay 71 per cent more for the same articles at the close
of 1922 than they did at the end of 1912. According to the Department of Agriculture, the value of plowland per acre rose 45 per cent during the same period.
Urban residence rent is shown by the United States Bureau of Labor Statistics
to have climbed in price 65 per cent. It is hard to say just what weighting of
these index numbers would best represent the increase in the index number of
all wealth in the United States. Perhaps a simple arithmetic average of all those
listed would be as close to the truth as one computed by much more complex
methods. The average increase in all of these index numbers is slightly over
55 per cent. If, then, wealth increased 72 per cent, while the index of prices
increased only 55 per cent, we would conclude that the actual increase in the
physical wealth of the United States was in the ratio of 172 to 155, which would
indicate a growth of about 11 per cent during the decade. This increase seems
modest in comparison to the large increase shown in the figures when expressed
in terms of money value. Owing to the roughness of the data, the actual growth
may have been considerably more or less than 11 per cent, but the evidence
seems to indicate that the change was not startling, and, presumably, wealth
increase during the decade showed little tendency to outrun population growth.
When we consider that during 2 of these 10 years a large part of the productive
activities of the Nation were devoted to the production of materials destroyed in
war, we need not consider an increase of even 11 per cent at all discreditable.
On the other hand, we are not justified in assuming that the figures indicate that
the decade 1912-1922 was marked by any considerable increase in the wealth
of the average inhabitant of the Nation.




WILLFORD

I.

KING.




ESTIMATED NATIONAL WEALTH
INTRODUCTION
Scope of this report.—Since 1850 Congress in authorizing decennial censuses
has directed that statistics of the aggregate wealth of the Nation be compiled
and published as a part of the census report. In authorizing this compilation
Congress has sought to secure for the Nation an approximation to what the
business man prepares for his guidance when he takes an inventory of the values
represented by his possessions. The data here presented necessarily rest largely
upon estimates. The methods employed in arriving at the estimated values
are briefly described in the pages that follow.
The estimates contained in this report cover the material wealth or value of
tangible propertj^ located within the limits of continental United States, including, however, all the vessels of the United States Navy and merchant marine,
whether in home ports, on the high seas, or in foreign waters. These properties
approximately represent the accumulations or savings of the American people,
the products of industry that have not been consumed in maintenance nor
destroyed. Upon these values rest much of the so-called intangible wealth
represented by stocks, bonds, notes, and mortgages, which measure the degree
of the holder's participation or equity in the property and the income derived
from it. These evidences of participation in the value of a property have not
been taken into account in estimating the wealth of the country. Their inclusion
as bases for estimation would result in a distribution of wealth among individuals
or groups of individuals, a task not contemplated in this inquiry. The values
given in the report were computed without reference to ownership, and in that
way the total holdings of all owners, whether in definite amount or residuary,
have been included.
The value of properties within the United States do not constitute an exact
measure of the wealth of the American people. In the estimates of wealth there
are included the holdings or interests of the citizens of foreign governments in
properties in this country. At former censuses the value of these interests was
greater than that of American interests abroad, and for that reason the estimated
national wealth was somewhat greater than the wealth of the American people.
In 1922, however, the situation was reversed, as careful writers have shown that
during the World War the United States ceased to be a debtor nation and became
a creditor nation, so that the estimates for 1922 somewhat understate the wealth
of the American people in that year. Likewise, the estimate for a given State
measures, to such a degree of exactness as could be attained, the value of properties within the State. The per capita amount based on this valuation should
not be regarded as measuring the average participation by the individual citizen
of a State in the wealth of the State. If the interests of citizens of the
State in property in other States or abroad were exactly balanced by the
interests of nonresidents in properties within the State, the per capita average
as shown could be accepted as a fairly accurate measure of the average wealth
of the individual citizen. This condition may be approximated in some States,
but in most States the variations are so great as to considerably exaggerate or
diminish the individual wealth as calculated on the basis of the population.




2

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

In certain of the Western States there are large values in the forest reserves
and the public domain which belong to the people of the United States as a
whole and in which the people of the State have only a participatory interest.
In such cases the per capita figures very materially exaggerate the individual
wealth. In some of these States, also, as in some other States, there is doubtless
a preponderance of nonresident ownership over ownership of residents in properties
outside the State, and this introduces an additional factor leading to error in the
same direction. The Bureau of the Census has not the facilities for ascertaining
the degree of error in the per capita averages as presented, but is satisfied that
they should be used only with a full understanding that while some of them
may approximately measure the individual wealth, many of them, for reasons
just given, are far from accurate in that particular.
Increase in estimated national wealth.—From 1912 to 1922 the national
wealth, as shown by the estimates, increased 72.2 per cent. It should be borne
in mind, however, that the increase in money value is to a large extent due to
the rise in prices that has taken place in recent years, and so far as that is the
case the increase as shown does not represent a corresponding increase in the
quantity of wealth.
Index numbers showing the purchasing power of the dollar of 1913 as expressed in commodities in subsequent years have been prepared by the Bureau
of Labor Statistics, Federal Reserve Board, and other agencies. The index
numbers, if applied to the estimated total wealth of the United States or any
State, would not produce results which would accurately convert the values of
1912 to those of 1922, inasmuch as they are not equally applicable to all the
categories of wealth. The values assigned to railroads and other public service
enterprises, as stated elsewhere, are book values, and may vary considerably
from the market values or from reconstruction costs. Market values of these
properties are governed by many influences, some related and others not related
in any direct way to the properties or their operation; reconstruction costs could
be determined only through a careful survey of the properties and of the costs
of materials and labor required to construct them in 1922 with allowance for
depreciation, an engineering problem which would involve expenditures not
contemplated in the act in accordance with which the estimates were made,
Livestock values per head in 1922 had receded from levels of war prices to about
those of 1912 on some classes of animals and to very much lower levels on other
classes, so that the domestic animals of the principal classes on farms in 1922
were worth considerably less at the 1922 prices than they would have been at
the 1912 prices.
In addition to the categories mentioned, there are others the values of which
did not fully respond to the influence of the unstable purchasing power of the
dollar. It is not likely that the reproduction costs of buildings, except possibly
in the case of those recently constructed, are included in the estimated value of
real property, which represents the value of land and the improvements thereon.
It is true, of course, that during a period in which new construction introduces
numerous innovations in style and equipment, the depreciation due to obsolescence is very rapid. This depreciation, as well as that due to the removal of
business to locations regarded as more favorable or the changing fortunes of
residence sections, can not be accurately measured. As these conditions affect
the income on properties they are presumably taken into account by tax officials
in charge of assessment for purposes of taxation. To the extent that depreciar
tion and appreciation were accurately measured in the assessments and that the
estimates relative to the basis in practice represent actual conditions, and to
that extent only, do the estimates properly measure the commercial value of real
property in 1922 as compared with that of 1912. An attempt to write up real




ESTIMATED NATIONAL, W E A L T H

3

property values of 1912 on the basis of increase in prices of commodities with
corrections for depreciation would probably lead to erroneous results.
Date to which statistics relate.—The statistics presented in this report are for
the year 1922, with total amounts for 1912, 1904, 1900, 1890, 1880, 1870, 1860,
and 1850, and certain details for the later of those years.
CLASSIFICATION OF PROPERTY
Primary classification.—For the purposes of this report objects of value are
classified under 22 different heads, as shown in Table 1 for the years 1922,
1912, 1904, and 1900. For purposes of comparison with the data of former
reports, as shown in Table 7, the classification of all property under two heads,
"Taxable" and "Exempt," is retained. Under the heading "Taxable" are included the total value of all taxed real property; and of all other tangible property,
a considerable part of which is taxed while the remainder is not taxed (1) because
the laws, in some States, do not require that it be listed for taxation, (2) because
it is specifically exempted by statute, in stipulated amounts per person or per
family, or (3) because of faulty assessment whereby property subject to taxation
escapes listing through oversight, the purpose of the owner to evade taxation,
or lack of thoroughness on the part of the assessor. Under the heading
1 'Exempt" are included the value of real properties exempted bv statute from
assessment for the purpose of taxation.
The classes of property included in each of the 22 categories of wealth, as
shown in Table 1, and the processes by which the estimates for 1922 were made
are briefly stated in the paragraphs wThich follow.
Real property and improvements.—For the purposes of this report the term
"Real property and improvements" is used as descriptive of lands and the
structures and fixed improvements thereon, exclusive of those used for the
purposes of steam railroads, electric railways, telegraph and telephone systems,
and privately owned street railways, central electric light and power enterprises,
and waterworks, the operative properties of enterprises of these classes being
classified under the respective heads as separate categories of wealth.
Taxed real property and improvements.—The estimates for taxed real property
and improvements are based on the valuations as assessed for taxation under
the statutes of the several States and the District of Columbia relating to general
property taxes. As the units for which estimates were made are the States
and the District of Columbia, it was necessary to use assessed valuations common
to the entire State. The county assessments were therefore used. In certain
cities the city corporation, through a board of assessors independent of the
county board, makes a separate assessment on which municipal taxes are levied.
These valuations could not be used in connection with the estimates without
leading to State totals varying somewhat from those on which State and county
taxes were levied. Their use would, however, have resulted in the same amount
of estimated true value, provided the bases of assessments were accurately established for property within the city and for property in the county but outside
the city. The method followed in this report in this particular is the same as
that used in making the former census estimates of national wealth.
The basis in practice, or the percentage of the true value represented by the
assessed valuation of real property, was reported as 100 per cent for nearly half
of the States, as shown on schedules prepared by agents of the bureau in the field.
The acceptance of the 100 per cent basis of assessment wrould have resulted in
showing a great decrease since 1912 in the estimated true value of real property
and improvements in a number of States. Such a conclusion was in every case
2216—24f
2




4

WEALTH, PUBLIC DEBT, AND TAXATION : 1922

contrary to the generally accepted belief that real property in the State had
increased in market value during the period from 1912 to 1922. In view of the
difficulties known to be encountered by assessing officials in their efforts to assess
property at its full value, where required by law to do so, and the likelihood of
error through underassessment in attempting to avoid overassessment, the
Bureau of the Census was unwilling to accept the preliminary reports without
careful verification.
Correspondence with State and local tax officials proved to be very helpful in
establishing the bases of assessments as finally adopted for the purposes of these
estimates. Apparently the returns relative to the basis in practice, as recorded
on many of the schedules, were statements of the legal basis father than a measure
Of the extent to which the practice approached the legal requirements. An
assessed valuation is necessarily an estimate on the part of the assessor. A sale
price of yesterday may vary considerably from the consideration that a purchaser
may pay to-day or to-morrow. The average ratio between the assessed and sale
value of properties was an essential element in the computation of the true value
of real property, and the bureau requested the State and county officials to
supply this information, based on sales made in 1922. In a few of the States
the officials had already made comparisons of assessed and sale values of properties that had been sold; in other States these comparisons were made to a
limited extent and the results were communicated to the bureau. Many of the
officials merely stated their general belief as to the relation of assessed to sale
values. Not all of the officials supplied the information requested of them, but
such data as were secured were utilized in arriving at the basis of assessment as
used in making the estimates. As was to be expected in a matter of this kind,
the testimony was variable and in some instances conflicting. Lack of adherence
to a fairly uniform basis results from a number of causes, one of the principal of
which is the assessment of real property only at stated intervals. In a State
where full valuation is required and the assessment is made only every second
year or every fourth year, with annual corrections for new construction and for
losses by fire or on account of the razing of buildings, the valuations remain
adequate throughout the period only where property values remain at the same
price level, a condition that did not prevail during the last few years prior to 1922.
In certain States a recession in assessed valuations was found to have occurred
from 1920 to 1922. In particular counties it was claimed that the drop in sale
values had been so rapid that they were considerably below the assessed valuation.
During a period of rising prices of real property the proportion of assessed to true
value becomes smaller from year to year until corrected by reassessment, and
on a declining market the proportion increases until similarly corrected.
A sound policy of assessment would not be expected to follow all the fluctuations
of the market as shown by the sale prices of real property. Assessed valuations
can only approximately represent the market values and in the nature of the case
they will lag behind in case of a continued movement of the market whether
prices increase or decrease. In a period of extraordinary price fluctuations such
as took place during the years immediately preceding 1922, a full compliance
with legal requirements relative to assessments is practically impossible, and even
if accuracy were attained at the time of assessment the valuations would be
found to vary considerably from sale values by the time any adequate test could
be made.
From such facts and probabilities as were discoverable in this field abounding
in uncertainties and even in confusion of thought on the part of officials most
intimately concerned with assessment, the Bureau of the Census was charged
with the task of determining an exact figure to represent the average proportion
of the true or free sale value that was represented by the assessed valuations of




5

ESTIMATED NATIONAL, WEALTH

1922 upon which taxes were extended. The statement which follows presents
the proportions determined upon and used in arriving at the estimated value of
taxed real property.
P E R C E N T OF E S T I M A T E D T R U E V A L U E OF R E A L P R O P E R T Y AND
REPRESENTED BY ASSESSED VALUATIONS

1922

1912

1904

1900

Alabama
Arizona
Arkansas
California
Colorado

47.7
81.0
22.6
46.6
73.6

40.0
50.0
28.0
45.1
25.0

45.9
33.5
38.7
49.2
40.4

46.7
34.6
39.4
51.1
30.8

Connecticut..
Delaware.
District of Columbia.
Florida
Georgia

63.2
77.5
90.8
20.0
37.9

66.7
56.7
66.7
35.5
52.5

80.7
56.7
66.7
35.5
52.5

Idaho
Illinois
Indiana
Iowa
Kansas

50.0
24.1
80.2
12.7
65.7

85.0
18.0
45.0
11.7
72.4

Kentucky
Louisiana
Maine
Maryland
Massachusetts

71.0
68.9
52.0
64.0
77.5

Michigan
Minnesota
Mississippi
Missouri
Montana

85.2
34.7
44.5
59.1
28.7

1

IMPROVEMENTS

1922

1912

1904

Nebraska..
Nevada
N e w Hampshire
N e w Jersey
N e w Mexico

70. J
50.0
79.5
63.2
43.0

15.0
30.0
100.0
54.1
25.7

17.7
37.7
65.4
54.1
25.7

13.7
36.5
65.4
54.1
35.4

80.2
56.6
66.7
35.7
54.0

New York
North Carolina
North Dakota
Ohio
Oklahoma

84.8
75.7
76.0
70.2
62.3

66.7
60.0
17.2
90.0
50.0

90.1
60.0
3a 6
46.4
25.1

64.6
54.2
30.5
47.6
24; 5

41.8
14.7
60.3
19.8
22.9

41.7
14.1
62.1
20.1
24.4

Oregon
Pennsylvania.
Rhode Island
South Carolina
South Dakota

43. 5
57.8
80.0
20.3
82.6

63.5
58.6
75.2
33.3
46.2

30.1
58.6
75.2
46.5
46.2

29.8
57.5
75.3
47.1
45.8

62.2
40.0
73.8
65.8
90.6

62.2
53.3
73.8
65.8
90.6

62.8
53.8
73.6
65.5
90.4

Tennessee
Utah
Vermont
Virginia

57.8
40.2
61.4
55.0
40.7

60.0
50.0
33.3
70.0
50.8

61.1
48.5
42.8
71.8
55.3

61.8
49.3
44.0
71.7
58.1

58.7
37.1
54.8
40.0
43.5

62.7
37.7
54.8
40.5
43.5

62.7
36.6
54.2
42.0
45.7

Washington
West Virginia
Wisconsin...
Wyoming.

28.0
40. 0
85.3
72.4

42.3
49.7
75.0
100.0

46.0
49.7
71.0
31.4

47.7
51.2
36.9
30.2

STATE

...

1900

Revised basis; in the report for 1912 the basis used was 25 per cent.

The estimated value of taxed real property and improvements in Oklahoma in
1922 is based on an assessment of 62.3 per cent of the true value, as computed
from data received from tax officials in Oklahoma
In making the estimates for
1912 it was assumed that property was assessed at 25 per cent of its true value
and the resulting estimate of the true value for that year was $2,878,815,000.
On that basis the figures for 1922 would show a loss of 40.7 per cent of the estimated value in 1912. It is apparent that the basis used in 1912 was too low.
The estimate for that year is now revised, putting the assessment on the basis
of 50 per cent of the true value, with the resulting estimated true value of
$1,439,407,000. On this basis the estimated value of taxed real property and
improvements increased 18.6 per cent from 1912 to 1922.
Exempt real property and improvements.—Real property exempt from general
property taxes consists of (1) the lands, buildings, and other structures and
public works of the National, State, and local Governments, including cemeteries,
waterworks, and other municipal enterprises; (2) the lands and improvements
belonging to religious, charitable, educational, and fraternal organizations,
when used for the purposes of the organizations, that by the laws of the several
States are declared to be exempt from taxation; and (3) properties of comparatively trifling value owned by clergymen, soldiers, and other individuals, which,
because of their character or the source of the purchase money, the laws of a
number of States exempt from taxation.
A number of writers on public wealth have contended that the value of
exempt properties should not be included in an inventory such as is presented in
this report, because such properties were acquired through the expenditure of
moneys derived from the communities and their values are reflected in the higher




6

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

market value of taxable real property. It has been urged that the acquisition
by the public of an interest in these forms of public or community possessions is
an important factor in causing the advance in the value of privately owned real
property. This contention loses a part of its force, however, because of the fact
that the proximity to certain classes of exempt property, such as refuse-disposa*
plants, and charitable and correctional institutions, and at times even to school
buildings and playgrounds, results in depreciated values of privately owned
real property. Municipal authorities have frequently been hampered in their
efforts to determine the proper location for such an institution because of the
protests of owners of property in the vicinity of the proposed location and of
civic organizations particularly interested in the section of the city where the
officials have contemplated the erection of such an institution. It must be conceded, however, that the improvement of taxed real property is frequently accompanied by a rise in the market value of adjoining property, and that provisions
for transportation have an effect upon land prices far out of proportion to the
cost of installing the services. The census has at no time attempted to determine values other than those based on market prices or construction costs, nor
to measure the unearned increment of value in any of the categories of wealth.
Accordingly, in this report, as in all census reports on the estimated national
wealth since 1880, the estimated value of exempt real property is added to that of
taxable property, the resulting total representing approximately, at least, the
value of the national wealth.
The values of such public improvements as street pavements and sewer systems
are omitted from the tables for the reason that such properties, as a rule, have
value in use only and not in exchange, and because of the fact that in most cities
a part or all of the cost of such improvements is assessed against property presumably benefited by the improvement, such presumption doubtless being taken
into account by officials in determining assessed valuations for purposes of
taxation.
The estimates for exempt real property are based on information received
from Federal, State, and local reports and officials. The census schedule on
which the agents of the bureau reported the data relative to taxation in counties
contained one inquiry on the subject of exempt property: "Value of real property and improvements exempt from taxation, 8
. " Under this inquiry
was the instruction: "Include all publicly owned property, and privately owned
educational, charitable, and religious institutions, etc., exempt from taxation. "
The inquiry proved to be adequate in only a few States, where exempt properties
were carefully listed and their values were determined by tax officials by practically the same methods that were employed in determining the value of assessed
real property. In most of the States no such records were available, and the
amounts reported, where data were secured, represented estimates made from
hastily assembled information that was necessarily inadequate as a basis for an
accurate presentation of the true value of exempt real property within the
county. For a number of years the Bureau of the Census in the preparation of
its annual reports on the financial statistics of States and cities has compiled
valuations of State and municipal properties most of which are exempt from
taxation; at 10-year intervals the bureau has issued reports on religious bodies,
including the values placed on churches and parsonages, and on various classes
of charitable institutions, including the values placed upon the buildings and
the lands upon which they are located. The valuations shown in these reports
were very helpful and were freely used for States that have not on their own
account compiled the values of real property and improvements of the classes
that are exempt from taxation. Free use was made of valuations of public
schools, colleges, and universities, shown in the reports of the Bureau of Educa-




ESTIMATED NATIONAL, WEALTH

7

tion, and these valuations were used, also, as a basis for estimates of the value
of private schools that do not report to the Bureau of Education. The values
of properties belonging to the National Government were secured from the
various departments, bureaus, and independent services having charge of the
properties. All of these sources of information were drawn upon in making
the estimates of exempt property, the State being the unit for which the estimates
were made. In comparatively few instances the agent of the bureau, in preparing the county schedule above referred to, was able to secure and express in a
note an itemized statement of the value of the different classes of exempt property, such as Federal, State, county, municipal, churches, hospitals, etc., but in
most cases it was impossible to determine from the schedule what classes of
property had been included or how authentic were the sources from which data
were secured. To secure information on this point from some places and 011 all
classes of exempt property from other places, more than 6,000 letters were
addressed to county and municipal officials. The replies which were received
were very helpful, but after this source of information had been exhausted it
was necessary to make many estimates for counties based on per capita averages
of other counties of similar situation and characteristics, a method conceded to
be far from satisfactory but the only one available. The data shown in the
report for exempt real property represent the results of the research undertaken
in that field, drawn from the sources which have just been enumerated. No
accurate estimate of the value of such properties can be made until the State and
local officials undertake to assemble the data with the same care that they undertake the assessment of property for taxation. Exempt properties in a way
represent community holdings, and it would seem that the communities, large
and small, should be supplied with an inventory setting forth in detail the values
of the several properties classified by ownership and by purpose to which devoted.
Livestock.—The values of animals of the principal classes on farms were secured
from the report of the Bureau of Agricultural Economics of the Department of
Agriculture. The values of animals of those classes not on farms and of other
classes of livestock were estimated by the Bureau of the Census.
The classes of animals covered by the estimates of the Bureau of Agricultural
Economics for each of the States were horses, mules, milk cows, other cattle,
sheep, and swine; and the values, compiled from data received during the latter
part of 1922, were announced as of Januan^ 1, 1923. The estimated values of
animals of these classes not on farms were computed by assuming that their
numbers were the same in 1922 as in 1920, when they were enumerated at the
decennial census, and that their values per head were the same as was estimated
by the Bureau of Agricultural Economics for animals of the several classes on
farms. These assumptions are probably in error to a slight extent, but the errors
are doubtless in different directions and may be not far from counterbalancing.
It is probable that animals of some of the classes not on farms were fewer in
number in 1922 than in 1920, and also that the average value per head was greater
for animals not on farms than for those on farms. While these elements of error
are recognized, this method was adopted as the only feasible one, and it is
believed that in this way a fair degree of accuracy was secured.
The classes of livestock for which the estimates were made entirely by the
Bureau of the Census were asses and burros, goats, poultry, and bees.
To the census value in 1920 of asses and burros and goats on farms was added
an amount computed upon the basis of the number of animals not on farms and
the average value of those on farms. This total value in 1920 was then reduced
iu the same proportion as the total value of horses, mules, cattle, sheep, and swine
was-shown to have declined from the census of 1920 to the estimates of the
Bureau of Agricultural Economics in 1922.




8

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

The estimated value of poultry was based on the census of 1920 and data compiled by the Bureau of Agricultural Economics relative to the number of chickens
on January 1, 1923, and the prices per pound in different years. It was found
that from 1920 to 1922 the number increased 19 per cent and the price per pound
decreased 24.3 per cent. It was then assumed, as no enumeration had at any
time been made, that the value of chickens not on farms wras 5 per cent of the
value of chickens on farms, an assumption employed in some of the estimates of
wealth in former years. The resultant of the several influences, 94.6 per cent,
was then applied to the value of all poultry on farms in the several States as
reported to the census in 1920, there being no available data on which to base
separate estimates of the value of poultry of classes other than chickens.
The estimated value of all bees was secured from the Bureau of Entomology of
the Department of Agriculture and distributed to the States in proportion to the
values of bees on farms as reported to the census in 1920.
The computations above described resulted in values being assigned to the
different classes of livestock in 1922, as follows:
CLASSES OF LIVESTOCK

Estimated
value

Total-

$5,807,104,000

Horses
Mules
Milk c o w s . .
Other cattle.

1,455,644,000
507,693,000
1,298,727,000
1,096,133,000

CLASSES OF LIVESTOCK

Sheep
Swine
Asses and burros.
Goats
Poultry..

Estimated
value
$282,162,000
756,601,000
6,053,000
10,859,000
353,232,000
40,000,000

Farm implements and machinery.—The estimated value of farm implements
is based on the values reported to the census on January 1, 1920, less the estimated
value of motor vehicles, with additions for domestic sales in 1920, 1921, and 1922,
and deductions for depreciation and corrections for price levels.
The amount deducted from the value of farm implements and machinery,
as reported to the census of 1920, on account of automobiles and trucks was calculated by assuming an average value of $460. The census of 1920 reported
that there were on farms 2,146,362 automobiles and 139,169 trucks, a total of
2,285,531 machines. At an average value of $460, these machines were estimated
to be worth $1,051,344,000. The value of farm implements and machinery,
including these machines, was reported as $3,594,773,000; deducting the estimated value of these machines left $2,543,429,000 as the census value of farm
implements and machinery other than automobiles and trucks.
After consultation with officials of the Division of Farm Management of the
Department of Agriculture and inspection of the results of surveys made by
them relative to depreciation of farm implements and machinery, a depreciation
rate of 10 per cent per annum was adopted for use in making these estimates.
It was recognized that the rate is greater in some States and less in others, but
it was not practicable, with the limited data at hand, to establish a specific rate
for each State. The uniform rate of 10 per cent was, therefore, used for all
States; depreciation being placed at 30 per cent on values reported to the census
in 1920 and on domestic sales in 1920, at 20 per cent on domestic sales in 1921,
and at 10 per cent on domestic sales in 1922, the equipment purchased in 1920,
1921, and 1922 having been in use practically three seasons, two seasons, and
one season, respectively, prior to the close of 1922.
Domestic sales are reported to the census by manufacturers, but to secure the
value of the equipment on the farms it was necessary to discover, as nearly as
possible, the ratio between the manufacturers' sale prices and the retail price.
This ratio, as determined from prices of the principal classes of agricultural




ESTIMATED NATIONAL, W E A L T H

9

implements, was applied to the total amounts reported as domestic sales, resulting
in an addition of 34.8 per cent to the 1920 sales, 51.3 per cent to those of 1921,
and 46.5 per cent to those of 1922.
Average price levels for the different years were determined from retail quotations on the principal classes of farm implements and machinery. To reduce
the values to the price level of 1922, the following per cents were applied to the
amounts determined by the processes above described for the years prior to 1922:
To the value reported to the 1920 census, 92 per cent; to the domestic sales of
1920, 87 per cent; and to the domestic sales of 1921, 99 per cent.
The bases, processes, and results of the computations above described are
shown in the statement which follows:
ESTIMATED

VALUE

OF F A R M

IMPLEMENTS AND

BASIS

1922

CORRECTING FACTOR F O R —

Item

Amount

Census valuation of 1920, less value of
motor vehicles..
Domestic sales in 1920
Domestic sales in 1921
Domestic sales in 1922

$2,543,429,000
471,442,000
247,252,000
214,917,000

Total

MACHINERY:

Retail
price

1.348
1. 513
1.465

Depreciation

0.70
0.70
0.80
0.90

Price
level

0.92
0.87
0.99

Estimated
value, 1922

$1,637,968,000
387,021,000
296,281,000
283,368,000
2,604,638,000

The total estimated value shown in the statement, $2,604,638,000, exceeds
by 2.4066 per cent the value of farm implements and machinery reported to the
census in 1920. This rate of increase has been applied to the amounts for the
individual States as reported in 1920, to secure a distribution of the value as
estimated for 1922.
Manufacturing machinery, tools, and implements.—The value of manufacturing machinery, tools, and implements has not been separately reported by
the census since 1905, and the total capital has not been separately reported
since 1919. It was necessary, therefore, to project the figures for total capital
to represent values as of the close of 1922, and to ascertain the percentage of
such value that would fairly represent the value of machinery, tools, and im^
plements at that time.
Values of land, buildings, and machinery for the years 1919, 1920, and 1921
were obtained for 60 selected corporations from their financial statements as
shown in Poor's and Moody's Manual for 1922. These companies were assumed
to be fairly representative of all manufacturing enterprises. In order to obtain
the percentage of increase from 1912 to 1922 for these companies, it was necessary
to estimate a figure for 1922. This was accomplished by increasing the 1921
value by 1.98 per cent, the rate of increase from 1920 to 1921. This estimated
figure for the 60 corporations as of December 31, 1922, was 18.05 per cent greater
than the total obtained from the balance sheets as of December 31, 1919. The
total capital reported by the Bureau of the Census for the year 1919 was
$44,566,593,771. Increasing this by 18.05 per cent gives a total of $52,610,863,947 as the estimated value in 1922.
Census reports for 1890, 1900, and 1905 show that the value of manufacturing
machinery, tools, and implements constituted 24.3 per cent, 25.9 per cent, and
27.5 per cent, respectively, of the total capital of manufacturing corporations.
These figures presumably measure the accelerated progress in mechanical equipment during the period from 1890 to 1905. It is probable that this tendency




10

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

continued from 1905 to 1922, though allowance should be made for equipment
that at the close of 1922 was obsolete, or nearly so, because of the passing of the
war, on account of which it was installed. In view of these conditions the
bureau determined on 30 per cent as the ratio to be used in these estimates.
Applying this ratio to the total capital as estimated for all manufacturing industries, the value of machinery, tools, and implements was estimated to be $15,783,260,000. This estimated value was distributed to the States in proportion to
the total capital invested in manufacturing plants, as reported by the Bureau of
the Census for the year 1919.
Railroads and their equipment.—The estimates for railroads and their equipment cover the value of steam railroads, and switching and terminal properties,
and are based on the reports of the carriers to the Interstate Commerce Commission, and, in the case of private roads, information received from their officials
and that secured from reports of State tax commissions and Moody's Manual.
The value of each road reporting financial data to the Interstate Commerce
Commission was arrived at by adding to its investment in its own road and
equipment the amount representing the cost of its improvements on leased railway property, and deducting from this total the accrued depreciation on road
and equipment. The value thus determined was distributed to the States
traversed by the road in proportion to the miles of line in each. It is recognized
that the number of miles of line in a State traversed by a road as compared with
the total miles of line does not represent the exact proportion of value within that
State, but no better basis of distribution was found. The reports of the carriers
show the number of miles of track operated in each State, but not the number
owned. Because of the almost universal practice of leasing roads and operating
trains under joint trackage agreements, the number of miles operated could not
be used as a basis of distribution. The method of distribution employed in
making the estimates for 1922 differs somewhat from that employed in distributing the values to the States in the estimates for 1912, when the total value of the
roads in all of the States appears to have been distributed approximately in proportion to the total number of miles of road in each State, which resulted in
allocating too little value to States having a large proportion of miles with two
or more tracks and heavy equipment, and too much value to States with a large
proportion of single trackage and light equipment. The method employed in
making the estimates for 1922 results in the elimination of a part, but not all,
of the error due to the method of 1912. In view of the evident error in the distribution of railroad values to the States in the estimates for 1912, the distribution shown in the report for that year has been revised for purposes of comparison
upon the basis of mileage in 1922. This revision, though resulting in data only
approximately correct, was thought to yield data of greater accuracy than was
reported for the individual States for 1912. A distribution as exact as that
made for the year 1922 would have required the same search for data in the
carriers' reports to the Interstate Commerce Commission for 1912 as was made
in the reports for 1922 in the preparation of the estimates for that year.
In the case of private roads and switching and terminal properties listed with
the Interstate Commerce Commission but not engaged in interstate commerce,
and from which no financial report is required by the commission, the Bureau of
the Census made inquiry through correspondence with the officials of such as
were incorporated to ascertain the value of their properties. Through this correspondence and with the aid of Moody's Manual of Corporations and reports
of State tax commissions data wrere secured for about three-fourths of the properties, the value being $150,422,000.
The estimated value of railroads does not include the value of supplies and
materials on hand, as these values are presumably included in the estimated




ESTIMATED NATIONAL, WEALTH

11

value of stocks of goods which are shown under separate heads. In comparing
the census estimates with the valuations 011 which the railroads are entitled to
earn income as determined by the Interstate Commerce Commission, it should
be remembered that the commission includes with the value of road and equipment an allowance for supplies and materials and for cash in quantities sufficient
to insure continuous operation, these being as essential to operation as the permanent equipment of the road.
Motor vehicles.—The estimated value of motor vehicles is here included for
the first time as a separate category in the bureau's estimates of the national
wealth. Because of the importance of the automobile in its various forms, as
shown by data of production and cost and by the rapidly increasing service it
renders in the transportation of passengers and freight, it was thought that the
value of equipment of this character should be shown as a separate item in the
estimates for 1922.
The estimated value of motor vehicles is based on the reported production
during a period of years covering the average life of automobiles, trucks, and
motor cycles, and statistics of registration prepared by the Bureau of Public
Roads and other agencies, with allowances for depreciation, and valuation in
accordance with prices prevailing in 1922.
After conferring with officials of organizations representative of the industry,
the average life in use of the passenger cars was assumed to be seven years and
that of trucks was assumed to be six years. On this basis cars that went into
service in 1916 and trucks that went into service in 1917 were regarded as out of
use at the close of 1922, the former having lost one-seventh and the latter onesixth of their value each year. Applying these proportions to the number of cars
going into service in the United States each year, it was found that the numbers
available for use on December 31, 1922, were equivalent to 5,070,974 new cars
and 556,698 new trucks.
From such information as could be secured relative to retail prices of new cars
in 1922, an average price of $770 was adopted for passenger cars and $1;050 for
trucks. Cars manufactured in 1915 and trucks manufactured in 1916 were
given a junk value of $25 and $50, respectively. As computed in accordance
with the above method, the value of passenger cars was estimated at
$3,942,026,000, and the value of trucks was estimated at $592,317,000. By
similar methods the values of trailers and motor cycles were estimated at
$8,945,000 and $24,119,000, respectively, completing the total estimate of
$4,567,407,000 for motor vehicles, as shown in the table. The estimated value
of each class of motor vehicles was distributed to the States in proportion to the
number registered in 1922 as reported by the Bureau of Roads.
Street railways, shipping, waterworks, etc.—In the tenth column of Table 4
is given the aggregate of the estimated value of street railways, telegraph and
telephone systems, Pullman and other cars not owned by railroads, pipe lines,
shipping and canals, privately owned waterworks, and privately owned electric
light and power systems. The values of these enterprises are separately shown
in Table 5. The value of irrigation enterprises to which a column was accorded
in the estimates for 1912 is not separately shown in this report, the value of these
enterprises being included in the value of real property, being classified as taxed
or exempt according to their character in this particular.
Street railways.—The estimated value of street railways, including interurban electric roads, is based on reports made to the Bureau of the Census by
the corporations, as shown in the bureau's published report on electric railways
for the year 1922. The value represents the investment in road and equipment,
less depreciation reserves. The depreciation reserves appear riot to have been
deducted in making the estimates for 1912.




12

WEALTH, PUBLIC DEBT, AND TAXATION : 1922

Telegraph systems.—The estimated value of telegraph systems, including
wireless systems, is based on the bureau's published report on telegraphs for
the year 1922, the data having been secured from financial reports of the telegraph companies to the Interstate Commerce Commission and through correspondence with the companies and interviews with their officials. The value
of the plant and equipment, less depreciation reserves, of each company was
distributed to the States in proportion to the number of miles of wire in each.
The depreciation reserves appear not to have been deducted in making the estimates for 1912. The value of telegraph equipment owned by railroads is not
included here, as it is included in the estimated value shown for railroads.
Telephone systems.—The estimated value of telephone systems is based on
the bureau's published report on telephones for the year 1922, the data for which
were secured by the bureau through correspondence and from financial reports
made by telephone companies to the Interstate Commerce Commission. The
value of the plant and equipment, less depreciation reserves, of each company
was distributed to the States on a composite basis in which the number of miles of
wire, the number of telephones, and the number of central stations were given
equal weight. The depreciation reserves appear not to have been deducted in
making the estimates for 1912. In the estimates for that year, however, there
were included only the values of telephone systems with a gross income of $5,000,
or more, while in the estimates for 1922 there are included the values of all telephone systems, regardless of their income.
Pullman and other cars not owned by railroads.—The estimated values of
cars belonging to the Pullman Co. and express companies are based on reports made by the companies to the Interstate Commerce Commission. The
investment in express cars, less reserves for depreciation thereon, was distributed
to the States in proportion to the car mileage reported for each. The value of
Pullman cars, less depreciation reserves, was distributed to the States in proportion to the estimated value of steam railroads in each. The estimated value of
privately owned cars other than Pullman and express cars is based on the number of such cars as shown in the Equipment Register of January, 1923, and the
average value of such cars as estimated from such information as could be secured. The estimated value of these cars, as in the case of Pullman cars, was
distributed to the States in porportion to the estimated value of steam railroads
in each. The estimated values of the three classes of cars are combined into a
single item in this report.
Pipe lines.—The bureau was unable to secure entirely satisfactory data on
which to base an estimate of the value of pipe lines. The amount shown, $500,000,000, was furnished by the Bureau of Mines as an estimate made by an official of that bureau for a general purpose, with the statement that it should not
be regarded as an official figure put out by the bureau. A search for a more
authentic figure failed to discover data for a more exact estimate, and that estimate is therefore used in this report. Complete data on which to base the distribution of this value to the States were not found, but the Geological Survey
furnished figures, admittedly incomplete and not up to date, showing the number of miles of pipe line in 20 States. On the basis of these mileage figures the
amount was distributed.
Shipping and canals.—The estimated value of shipping, other than vessels of
the Navy, is based on the tonnage reported by the Bureau of Navigation of the
Department of Commerce, and information as to the value per gross ton of vessels of the different classes and age groups secured through consultation with
officials of the Shipping Board; the value of the floating equipment of the
United States Navy was secured from the Navy Department; and the values




ESTIMATED NATIONAL, WEALTH

13

of canals and investments in canalized rivers were taken from a report of the
Bureau of the Census for 1916.
Privately owned waterworks.—After search for data relative to the value of
•privately owned waterworks and failure to find even a list of such enterprises or
the cities in which they are located, it was determined to base their estimated value
on a report of the Bureau of Internal Revenue, which placed the fair taxable
value of privately owned waterworks in the United States in 1922 at $198,486,715.
By comparison of the values assigned by that bureau to privately owned gas
works with the value assigned to those properties by the Bureau of the Census
in 1919, it was found that the former constituted 55 per cent of the latter. On
this basis the value of the waterworks would be $360,885,000 and this amount
was adopted as the estimated value.
Since 1900 the bureau has included in its successive estimates a value for
waterworks based on the estimated value for that year. In making the estimate
for 1904 the estimate of 1900 "plus a small increase" was adopted as the value
of privately owned waterworks; and the estimate for 1912 was made by adding
to that of 1904 an increase computed at the rate used in computing the estimated
value in 1904. The continuation of this method would result in an increasing
exaggeration of any error in the addition made in 1904, even if the actual increase
in value were at a uniform rate. If this method had been used in making the
estimate for 1922 the amount would have been $317,500,000. The amount
given in the table exceeds this by only 13.7 per cent, a very small increase in
view of the appreciation of values from 1912 to 1922, which indicates that the
rate of increase adopted in former estimates since 1900 has not been maintained.
The acquisition of privately owned waterworks by municipalities and the tendency to initiate such services as public enterprises tend to offset to a considerable
degree the increase in the wealth represented by privately owmed waterworks,
and to render inadequate any assumed increase based on the additional demand
for such service. A distribution, by States, of the value on which the estimate
was based could not be secured.
Privately owned central electric light and power stations.—The estimated
value of privately owned central electric light and power stations is based on
data contained in a report of the Bureau of the Census for the year 1922 relative
to electric-light plants. The figures represent the investment in plant and equipment, no deduction being made for depreciation reserves as the amount of such
reserves was not separately shown.
Stocks of goods, etc.—In the last column of Table 4, under the heading " A l l
other/* are included the value of stocks of agricultural, manufactured, and
mining products; imported merchandise; clothing, personal adornments, furniture,
horse-drawn vehicles, and kindred property; and gold and silver coin and bullion.
The sources of information relative to these objects of value and the methods
used in computing their value are briefly set forth in the paragraphs which follow.
Table 6 shows the distribution, by States, of the values of the several classes of
property, with the exception of that of gold and silver coin and bullion.
Agricultural products.—The estimated value of agricultural products in the
United States at the close of the year 1922 is based partly on official reports and
partly on an assumed proportion of the year's production as in stock at that
time.
The values of corn, wheat, oats, barley, rye, rice, potatoes, sweet potatoes, and
hay on hand on December 31,1922, were computed on the basis of information
secured from the Department of Agriculture; and the values of cotton, cottonseed, and tobacco were computed on the basis of information published periodically by the Bureau of the Census. The value of these crops constituted nearly
75 per cent of the total value of all crops raised in 1922. The remaining value




14

W E A L T H , PUBLIC DEBT, AND T A X A T I O N : 1922

was that of crops which are principally of a seasonable or perishable nature. It
was thought that 40 per cent of the value of the year's production of these crops
was a fair percentage to assign as the value of stocks of this class on.hand at the
close of the year. To the values of crops on hand there was added the values of
stocks of animal products classed as wool and hides and skins, which were based
on published reports of the Bureau of the Census, and of eggs, based on reports
of the Department of Agriculture. The estimated values assigned to stocks
of these classes of products at the close of 1922 are as follows:
CHOPS

Corn
Wheat
Oats
Barley
Rye
Rice
Potatoes
Sweet potatoes
Hay
Cotton and cottonseed
Tobacco
All other (seasonable, etc.)

$1,458,470,000
419, 193, 000
290, 768, 000
39, 834, 000
27, 123, 000
11, 754, 000
91, 914, 000
16, 898, 000
535, 737, 000
1, 042, 356, 000
489, 885, 000
864, 021, 000

Total

$5, 287, 953, 000
ANIMAL

PRODUCTS

Wool
Hides and skins
Eggs
Total..
Total crops and animal products

85, 077, 000
54, 455, 000
38, 311, 000
177, 843, 000
5, 465, 796, 000

The method outlined above differs somewhat from that employed in making
the estimates for 1912, when the computation was based on the assumption that
90 per cent of all agricultural products of the year was on hand at its close.
The crop values listed above constitute only about 60 per cent of the total value
of crops produced in 1922.
In distributing these values to the States, the value of cotton and cottonseed
was distributed as nearly as possible in accordance with the amounts actually
held by mills and public warehouses, as reported to the Bureau of the Census;
and the value of tobacco was assigned to the States in proportion to the production, as shown in the Agricultural Yearbook, 1922. The values of the other
selected crops and of the seasonable crops were assigned to the States in proportion to the total values produced as reported by the Department of Agriculture.
Manufactured products.—The estimated value of manufactured products in
stock at the close of 1922 is based on the Census Report on Manufactures for the
year 1919. That report shows the value of manufactured products under 14
general heads. The value of products of railroad repair shops was omitted from
consideration in connection with the estimate of the value of manufactures, because practically all their products are included in the value of railroads, which
constitute one of the categories of wealth separately set up in this report.
The first process in the computation of the value of stocks on hand at the close
of 1922 was the determination of the production of that year. No complete




ESTIMATED NATIONAL, WEALTH

15

•data were available. The Survey of Current Business, issued by the Department of Commerce, reported for certain products the unit production in 1922
and former years, together with index numbers showing the relative production
in units of the product and the relative price per unit. For each of the 13 general
classes of manufacture, calculations were made by applying the production and
price index numbers in deriving values of 1922 from those of 1919. This was
done in the case of all products for which index numbers were found,which covered from 50 to 80 per cent of the total value of products listed under each of the
general classes. The value of the products of 1919 for which index numbers
were not found were reduced to estimated values of 1922 by applying the average correction applied in the case of those products for which index numbers were
found.
Having arrived at the total value of each of the 13 general classes of products
in 1922, it was assumed that 25 per cent of the year's production of foodstuffs
and kindred products and two-thirds of other products were in stocks at the
close of the year. The total estimated value of the stocks on hand was distributed
to the States in proportion to the amount manufactured in each.
Imported merchandise.—-The estimated value of imported merchandise in
bonded warehouses and in the hands of traders on December 31, 1922, was
assumed to be one-half of the. value of goods imported in 1922, this being the
basis on which the estimate for 1912 was made. The value of the goods held in
bonded warehouses was assigned to the States in which the warehouses were
located in the proportions in which they were received, and the remainder was
distributed to the States in proportion to the other forms of wealth reported for
them.
Mining products.—The estimated value of mineral products in stock on December 31, 1922, is based on reports of the Bureau of the Census, the Bureau of
Mines, and the Geological Survey. In making the estimates for 1912 it was
assumed that a year's supply of coal was in stock. The interruption of production
in 1922 resulted in reduced stocks at the end of the year, and it was evident that
the method of 1912 should not be followed in making the estimates for 1922.
The principal data on stocks of coal were secured from the report of January 1,
1923, setting forth the results of an inquiry as to commercial stocks, undertaken
by the Bureau of the Census and the Geological Survey under authority of the
Federal fuel distributor. Officials of the Bureau of Mines were consulted relative
to coal prices. The values of the mineral products other than coal, in 1922,
were taken from the report of the Geological Survey for that year, and in conformity with the method employed in 1912 it was assumed that 10 per cent of
the year's production was on hand at the close of the year.
The distribution by States of the value of bituminous coal was made in proportion to the quantities consumed as shown in the report of the Geological
Survey for 1918, and that for anthracite in proportion to quantities sold as shown
in the survey's report of 1917, these being the latest reports covering this subject.
In the distribution of the value of other mineral products the bureau used the
percentages shown in the report of the Bureau of the Census relative to smelting
and refining in 1921.
Clothing, personal adornments, furniture, horse-drawn vehicles, and kindred
property.—The estimated value of clothing, jewelry, furniture, and household
equipment of all kinds is based on replies to questionnaires sent to individuals
in all of the States, both directly and through employers. An effort was made
to secure returns from those engaged in agriculture and other industries and
occupations that might represent a fair cross section of the American people.
Separate estimates were made for horse-drawn vehicles and books in public
libraries. The sampling method, by means of a questionnaire, can yield results




16

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

only approximating those sought, and the figures are presented with full knowledge of the inadequacy of the basis on which the estimates restIn making the estimates of former years attention was given to statistics of
production, exports, and imports, with assumed periods of usefulness and riates
of depreciation, and values were distributed to the States on a composite basis
In which values of other classes of property and population were given equal
weight. The method adopted In making the estimates for 1922 is, therefore, a
departure from that employed in making the estimates for 1912 and former
years. It was urged that greater accuracy could be secured by using the sampling
process than by the use of the former method, which necessarily requires a number
of assumptions relative to both the quantity of goods in use and their distribution
among the States. The questionnaire sent out by the bureau asked for the
total fair value of household equipment and wearing apparel, including furniture,
books, pictures, musical instruments, silver plate, dishes, kitchen and bedroom
furnishings, trunks, clothing, watches, jewelry, etc., and the number of persons
in the family participating in their use. About 37,000 replies were received in
response to more than 100,000 questionnaires sent out relative to the value of
clothing and household equipment. The returns were tabulated by States, and
the estimate for each State was based on the per capita amounts thus secured.
Estimates of the value of horse-drawn vehicles were based on and distributed to
the States in proportion to the number of horses and mules; and estimates for
books in public libraries were based on the number of volumes so held in the
several States.
Gold and silver coin and bullion.—The value assigned to gold and silver coin
and bullion on December 31, 1922, is based on the report of the Treasury Department of January 1, 1923. To the value of the gold coin and bullion there was
added the market value of the silver bullion, silver dollars, and subsidiary silver
coins. In computing the value of the silver, the bureau reduced the coinage
value as given in the report to the market value by determining the number of
ounces of silver contained in the coins and bullion and applying the market
value per ounce as shown in the quotations of the New York market for silver
not subject to the Pittman Act. That act provided for the purchase by the
United States Treasury of domestic silver at $1 per ounce in such amount as was
necessary to replace the bullion sold to Great Britain for her eastern coinage.
Inasmuch as this arrangement was special in its character and had only about
six months longer to run, it was thought best to hold to the world price of silver
as shown on the New York market.
In the estimates for 1912 the total value was apportioned among the States^
the process being described as follows: " T o each State was assigned an amount
equal to the value of the coin and gold and silver certificates in. the possession
of the banks of that State,, as shown by the report of the Comptroller of the
Currency. The remainder, including the free coin and bullion in the United
States Treasury and the amounts estimated by the Director of the Mint as being
in the hands of the people, was apportioned among the several States according
to population." In preparing the estimates for 1922 it was thought any distribution must be arbitrary as no really satisfactory reason for this or any other
method could be developed. For this reason no distribution was attempted for
1922.
NATIONAL WEALTH: 1850 TO 1922
Estimated wealth in 1922, by classes of property.—The estimated value of
tangible property in 1922 is set forth under the nine separate heads of Table 4,
the data of the last two columns being analyzed in Tables 5 and 6. The signifi-




ESTIMATED NATIONAL, W E A L T H

17

canee of each of the column titles in the three tables is set forth in the preceding
pages.
Bases used in estimating national wealth.—Table 7 presents the estimates of
the aggregate wealth of the Nation, as prepared by the United States censuses
from 1850 to 1922, inclusive, and the per capita averages of the same are shown in
Table 8. These estimates have been prepared upon two different bases and by
a number of different methods. The estimates for 1850, 1860, and 1870 wTere
confined to taxable real property and the personal property of private individuals,
firms, and corporations. They did not include any estimates of the value of the
public domain nor of other exempt realty, nor of the value of the furniture or
equipment of public buildings of governments nor of charitable, religious, or
educational institutions, all of which were included in the estimates for 1880,
1890, 1900, 1904, 1912, and 1922.
In order to present the totals and per capita averages for the several years in a
form which approximates comparability, Tables 7 and 8 give separately the total
and per capita values of taxable and exempt property as estimated for 1922, 1912,
1904, 1900, and 1890. The columns headed " E x e m p t " include, however, only
the exempt real property; all personal property—including the furniture and
equipment mentioned in the preceding paragraph, which by law are exempt from
taxation—is included in the columns headed ."Taxable." No separation into
these two classes is given for 1880, since the only information with respect to
exempt property given in the Tenth Census report is the statement that the aggregate reported for that year included an estimate of $2,000,000,000 for exempt real
property. This amount was not distributed by States in the report for 1880, and
can not be separated at this time save by a more or less arbitrary method; hence
no separate statement of the taxable and exempt property is made for that year.
For 1870 two values are given, one on a currency basis and the other on a gold
basis; the former is the one returned by the census of that period and the latter is
80 per cent thereof. To make the figures comparable with those of earlier and
later censuses, the currency values reported at the time are reduced by one-fifth,
the average value of gold in 1870 being approximately 125 per cent of the value of
currency. It should be noted, however, that this arbitrary reduction of the values
of 1870 will not fully eliminate from the statistics of the series of years the effect
of the currency inflation of 1862 to 1878, because the influence of that inflation
period, so far as prices and values are concerned, continued until after 1880, and
therefore necessarily affected the figures for that year, so that a comparison of
the value reported for 1880 wTith that obtained for 1870 by reducing to a gold basis
does not furnish an exact measure of the additions to our national wealth resulting from human labor during the intervening period.
In making comparisons between the several censuses the 1870 figures, computed
on a gold basis, should be compared with the totals for each of the earlier years,
and with the column "Taxable" for 1890, 1900, 1904, 1912, and 1922. In comparing the value of 1880 with those for the earlier years an allowance of about 5
per cent should be made for the $2,000,000,000 of exempt real property in the
estimate for 1880. Comparisons of the values for 1880 with those for later years
can be made only by the use of the totals for those years. For the years 1890,
1900, 1904, 1912, and 1922 a threefold comparison can be made—for all property,
for taxable property, and for exempt property.
Estimates for 1922, 1912, 1904, and 1900.—Table 1, which follows, affords a
ready means of comparing the total values of the several classes of wealth in 1922
with those of 1912, 1904, and 1900; it shows, also, the relation of each item to the
total and the rate of increase in the different periods. The classification followed
in this table is more detailed than that of Tables 2 and 3, but by certain simple




18

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

combinations of the figures of Table 1 the comparison may be extended to cover
the values of 1890 and 1880. The amounts given in the first column of Table 1 are
the values of property as given in Table 4, with additional details of the total
values shown in the columns of that table headed " Street railways, shipping,
waterworks, etc." and " All other." The amounts given in the three remaining
columns of Table 1 were taken from preceding reports of this bureau.
TABLE

1.—-ESTIMATED

WEALTH,

B Y C L A S S E S OF P R O P E R T Y :
AND 1 9 0 0

1922,

1912,

1904,

TOTAL
FORM OF WEALTH

!

I ,

[Expressed in thousands]

_

i
j
1904
i
i
$320,803,862 i $186, 299, 664 $107,104,194
1912

1922

Total
Real property and improvements taxed
Real property and improvements exempt
LivestockFarm implements and machinery
Manufacturing machinery, tools, and implementsRailroads and their equipment
M o t o r vehicles

i 96,923,406
12, 313,520
6, 238,389
1,368, 225
6, 091,451
16,148, 532

155,908,625
20, 505,819
5,807,104
2, 604, 638
15, 783,260
19, 950,800
4, 567,407
!

Street railways, shipping, waterworks, etc
Street railways
Telegraph systems
Telephone systems
Pullman and other cars not owned b y railroads.
Pipe lines
Shipping and canals
Irrigation enterprises
Privately owned waterworks
Privately owned central electric light and
power stations
All other

-

Agricultural products
___
Manufactured products
Imported merchandise
Mining products
Clothing, personal adornments, furniture,
horse-drawn vehicles, and kindred property.
Gold and silver coin and bullion...
(See footnotes at end of table.)




1900
$88, 517,307

55, 510, 228
6,831, 245
4,073, 792
844, 990
3,297, 754
11, 244, 752

46,324,839
6, 212, 789
3,306,473
749, 776
2,541,047
9,035,732

j

15,414,447

10,265,207 j

4,840,547

3,495,228

4, 877, 636
203,896
1,745, 774
545,415
500,000
2 2,951,484 |

4, 596, 563 !
223,253 i
1,081,433 i
123,363

2,219, 966
227,400
585,840
123,000

1, 576,197
211,650
400,324
98,837

3 1,491,117
360,865
290,000

846,490

537,849

275, 000

267, 752

4,229,357

2,098, 613

562, 851

402, 619

80, 281, 762

36. 950. 934

20. 460. 886

16,851,423

5,465, 796
28, 422,848
1, 548, $66
730,296

5,240,020 1
14, 693,862
826, 632
815, 552

1,899,880
7,409, 292
495, 544
408,067

1,455,069
6,087,151
424,971
326,852

39,816,001
4, 278,155

12,758,225 !
2,616,643 |

8,250,000
1,998, 603

6,880,000
1,677,380

360,885 !

19

ESTIMATED NATIONAL, WEALTH
TABLE

1.—ESTIMATED

WEALTH,

B Y C L A S S E S OF P R O P E R T Y : 1 9 2 2 , 1 9 1 2 ,

AND 1900—Continued

PER CENT OF

PER CENT INCREASE

TOTAL

FORM OF WEALTH

1923

100.0 I 100.0

Total.
Real property and improvements taxed
Real property and improvements exempt.
Livestock
Farm implements and machinery
Manufacturing machinery, tools, and implements
Railroads and their equipment
Motor vehicles

1900

1913

19121922

19001904

19041912

1.8
0.8
4.9
6.2
1.4

100.0

100.0

72.2

73.9

21.0

51.8
6.4
3.8

52.3
7.0
3.7

3.1
10.5

2.9
10.2

0.8

60.9 |
66.5
* 6.9
90.4
159.1
23.5

74.6
80.3
53.1
61.9
84. 7
43.6

19.8
10.0
23.2
12.7
29.8
24.4

3.9

48.6
6.4

50.2

112.1

38.5

2.1
0.2
0.1

1.8
0.2
0.5.
0.1

6.1
^8.7

107.1
84.6
0.3

40.8
7.4
46.3
24.4

0.8

0.6

57.4

52.0

6.6

3.3
0.7
3.3
8.7

0.8

Street railways, shipping, waterworks, etc.
Street railways
Telegraph systems
Telephone systems
Pullman and other cars not owned b y railroads.
Pipe lines
Shipping and canal
Irrigation enterprises...
Privately owned waterworks
Privately owned central electric light and
power stations

1904,

1.5

0.1
0.2
0.2
0.5

0.9

2.5

0.1
0.6
0.1
0.8
0.2
0.2

0.5

^ 1.8

61.4
342.1
97.9

76.2

"24." 4

" 0. 2

5." 5
272.9

0.5

Agricultural products
Manufactured products
Imported merchandise
Mining products
Clothing, personal adornments, furniture,
horse-drawn vehicles, and kindred property.
Gold and silver coin and bullion

1.7
8.9
0.5

0.2
12.4
1.4

101.5

19.8

All other .

0.5

19. 1

19.3

117.2

80.6

21.5

2.8

1.8

1.6

0,5
0.4

6.9
0.5
0.4

4.3
93.4
87.3
4 10.5

175.9
98.3
99.9

30.5
21.7
16.6
24.8

7.7
1.9

7.8
1.9

212. 1
63.5

54.6
30.9

19.9
19.2

7.9
0.5
0.4

6.8
1.4

39.8

1 Differs from estimate as published in 1912 because of revision of estimate for taxed real property in
Oklahoma.
2 Includes $1,445,992,000 value of ships belonging to the United States N a v y .
3 Includes $402,352,000 value of ships belonging to the United States N a v y .
4 Decrease.

Estimates for 1890 and 1880.—The census reports for 1890 and 1880 estimated the value of the various forms of national wealth as shown in the tables
which follow.
TABLE

2.—ESTIMATED

WEALTH,

BY

CLASSES

OF P R O P E R T Y :

1890

[Expressed in thousands]

FORM OF WEALTH

Total

$65,037,091

Real property and improvements
taxed
Real property and improvements
exempt
Livestock on farms, and farm implements and machinery
Machinery of mills, and product on
hand, raw and manufactured

2216—24f




1890

3

35, 711, 209
3,833,335
2, 703, 015
3,058, 593

FORM OF WEALTH

Mines and quarries, including product
on hand
Gold and silver coin and bullion
Railroads and equipment
Street railways
Telegraphs,
telephones,
shipping,
canals, and equipment
Miscellaneous

1890

$1,291,292
1,158, 775
8, 296,050
389, 357
701, 756
7,893, 709

20

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922
TABLE

3.—ESTIMATED

WEALTH,

BY

CLASSES

OF P R O P E R T Y :

1880

[Expressed in thousands]

FORM OF WEALTH

Total
Heal property and improvements
taxed:
Farms.
Residence and business real estate,
including water power
Real property and improvements
exempt
Livestock, whether on or off farms,
and farming tools and machinery....
Mines (including petroleum wells)
and quarries together with one-half
the annual product reckoned as the
average supply in the hands of producers or dealers

1880

FORM OF WEALTH

$43,642,000

Specie
Railroads and equipment
Telegraphs, shipping, and canals
Three-quarters of the annual product
of agriculture and manufactures and
of the annual importation of foreign
goods, assumed to be the average
supply in the hands of producers or
dealers
Household furniture, paintings, books,
clothing, jewelry, and household
supplies of food, fuel, etc
Miscellaneous items, including tools
of mechanics

10,197,
9,881,
2,000,
2,406,

1880
$612,000
5, 536,000
419,000

6,160,000
5,000,000
650,000

781,000

Estimates for 1850, 1860, and 1870.—No details of the estimates for the years
1850, 1860, and 1870 were reported, and it would be impossible at the present
time to exhibit even approximately the distribution of the values for those years
among the several forms of wealth shown above for 1880, 1890, 1900, 1904, 1912,
and 1922. The estimates for 1850 and 1860 included the value of the slaves in
the Southern States in those years.
Comparative data for classes of property for specified years.—Tables 7 and 8
show, by States, the total and per capita wealth in 1922, 1912, 1904, 1900, 1890,
1880, 1870, 1860, and 1850.
Tables 10, 11, 12, and 13 present, by States, for the years 1922, 1912, 1904,
and 1900 the estimated values, as determined for those years, of (1) livestock;
(2) farm implements and machinery; (3) manufacturing machinery, tools, and
implements; and (4) railroads and their equipment.




21

ESTIMATED NATIONAL, WEALTH
TABLE

4 . — E S T I M A T E D W E A L T H , BY P R I N C I P A L CLASSES OP P R O P E R T Y
G E O G R A P H I C D I V I S I O N S AND S T A T E S : 1 9 2 2

AND

BY

[Expressed in thousands]
REAL PROPERTY AND IMPROVEMENTS
GEOGRAPHIC DIVISION AND STATE

Total

$320, 803, 862

GEOGRAPHIC DIVISIONS:

New E n g l a n d . .
Middle Atlantic
East North Central..
West North Central.
South Atlantic
East South Central..
West South CentralMountain
Pacific.

$176, 414, 444

24, 414, 316
77, 663,196
68, 823, 014
46,018, 882
29,168,459
12,990, 375
19, 860, 889
12, 206,101
23, 573, 598

UNITED STATES .

NEW

Total

173, 296
522, 524
400, 645
199, 775
662,387
923,148
047, 953
777,184
707. 532

ENGLAND:

006, 531
374,135
842, 040
980, 839
924, 326
286, 445

Maine
N e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut

MIDDLE ATLANTIC:

1,019,946 I
664,968
395, 370
7,156,110
912, 419
3,024, 483

Taxed

Exempt

$155,908,625 $20, 505,819
11,311.155
35, 217,174
34. 093,995
27, 260, 427
14, 755, 335
6, 281, 303
10, 024, 223
5, 025, 741
11, 939, 272

1,862,141
6, 305, 350
3, 306, 650
1,939, 348
1,907,052
641, 845
1, 023, 730
1, 751, 443
1, 768, 260

932, 221
574,145
352, 521
6, 070, 427
801, 799
2, 580,042

87, 725
90, 823
42, 849
1, 085, 683
110, 620
444,441

035, 262
794,189
833, 745

20, 757, 834
5. 850, 567
14,914,123

16, 741, 770
5, 225,946
13, 249, 458

4, 016, 064
624, 621
1, 664, 665

489,
829,
232,
404,
866,

552
726
794
861
081

10,176, 297
4,654, 789
12, 568, 726
5, 790, 479
4, 210, 354

9, 239,962
4,161, 777
11, 526, 881
5, 275, 505
3, 889, 870

936, 335
493, 012
1, 041, 845
514, 974
320, 484

Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas

547, 918
511, 682
981,409
467, 772
925, 968
320, 075
264, 058

5, 204, 208
7,173,551
5, 796, 306
1, 625,963
2, 072, 618
3, 530, 655
3, 796, 474

4, 893, 375
6,858, 269
5, 426, 340
1,325,430
1, 890, 843
3, 338, 929
3, 527, 241

310, 833
315, 282
369, 966
300, 533
181, 775
191, 726
269, 233

Delaware.
Maryland
District of Columbia
Virginia
West Virginia.
North Carolina
South Carolina
Georgia
Florida

625, 765
990, 730
697, 270
891, 570
677, 919
543,110
404, 845
896, 759
440, 491

328, 375
1, 968, 289
1, 274, 899
2, 772, 373
3, 250, 693
2,371, 365
1,189, 944
1, 954, 736
1, 551, 713

290, 241
1, 719, 338
796, 475
2, 422,957
3,019,133
2, 209, 432
1, 073, 758
1, 783, 798
1, 440, 203

38,134
248, 951
478, 424
349,416
231, 560
161, 933

Kentucky
Tennessee
Alabama.
Mississippi

582, 391
228, 251
002, 043
177, 690

1, 864, 939
2,499, 378
1, 419, 872
1,138, 959

1, 683, 911
2, 246, 710
1, 308, 247
1, 042, 435

181, 028
252, 668
.111, 625
96, 524

Arkansas
Louisiana
Oklahoma
Texas

599, 617
416, 860
993, 524
850, 888

1,481,157
1, 531, 235
2, 072, 955
5, 962, 606

1, 401, 328
1,351,902
1, 706, 556
5, 564, 437

79, 829
179,333
366, 399
398,169

Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada

223,189
533, 941
976, 239
229,412
851,836
314, 291
535,477
541, 716

1, 223, 935
898,175
589, 746
1, 758, 446
440, 772
815, 594
795, 047
255, 469

990, 777
621, 819
263, 216
1,388, 818
326, 232
659,158
620, 856
154, 865

233,158
276, 356
326, 530
369, 628
114,540
156, 436
174,191
100, 604

122,405
419,459
031, 734

3, 257, 299
2,089, 511
8, 360, 722

2, 831, 228
1, 729,357
7, 378, 687

426, 071
360,154
982, 035

New York
New Jersey
Pennsylvania

EAST NORTH CENTRAL:

Ohio..
Indiana—
Illinois
Michigan
Wisconsin

-

W E S T NORTH CENTRAL:

SOUTH ATLANTIC:

EAST SOUTH CENTRAL:

W E S T SOUTH CENTRAL:

MOUNTAIN:

PACIFIC:

Washington
Oregon
California

-

-

-

15>

116,186

170, 938
111, 510

i T n n i n ^ < 1 445 992 000 value of ships belonging to the United States N a v y , $360,885 000, value of
&
of g 0 l d a n d silVer C ° m a G d bUlll°n' QOt
priv™^^^^
distributed b y States.




22

WEALTH, PUBLIC DEBT, AND TAXATION : 1922

TABLE

— E S T I M A T E D W E A L T H , B Y P R I N C I P A L C L A S S E S OF P R O P E R T Y A N D B Y
G E O G R A P H I C D I V I S I O N S AND S T A T E S : 1 9 2 2 — C o n t i n u e d
[Expressed in thousands]

1
ManufacFarm
Railroads
turing
Motor
implements
machinery, and their
] vehicles
and
tools, and equipment
machinery
implements

GEOGRAPHIC DIVISION AND
STATE

$2,604, 638 $15,783,260 $19,950,800

UNITED STATES

j

GEOGRAPHIC DIVISIONS:

96, 371
42, 521
43,621
530,538
65,130
205,787

533,638
403, 272
232,675
3,784,642
668,495
1,349, 951

2,133,897 1 1,479,682
999,080 !
532,263
2,193,873
1,902,737

384,113
132,323
308,136

2, 594,070
414,776
1,268,165

9,326,138
3, 809,280
7,915, 866

1,330,529 !
473,498
1,194, 793
831,778
482,967

1,009,197
790,298
1,221,143
571,827
396,746

324,733
176,518
292,664
216,492
141,083

754,071
358,930
982,060
442,679
225,930

4,560,300
2,091,690
5,494,828
3, 299,922
2, 030,185

132,862
228,773
98,586
94,095
85, 646
104,500
104,275

241,484
143,628
333,027
9,470
11,048
86,808
126,266

554,570
583,887
612,795
305,530
229, 631
380,413
666,315

141, 553
183,655
145,789
36,036
46,076
95,067
120,422

285,818
246, 538
404,419
34,387
37,190
110,217
150,016

1, 758,738
1,484,848
2,342,431
264,066
291,167
761,550
1,081,438

52,085
219,387
22,097
164,146
119,953
238,327
132, 579
159,411
74,181

21,919
183,100
21,231
501,972
441,524
251,694
160,166
319,619
233, 548

8,916
61, 561
19,996
63,113
41,297
67,779
35,098
53,489
44,106

26,630
257,354
77,745
178,308
133,319
81,257
83,227
169,070
62, 406

175,692
1,238,211
280,694
1,083,429
619,935
1,395,438
708,959
1,098, 762
427,125

34, 593
42,982
26, 821
32,900

Ohio
Indiana
Illinois
Michigan
Wisconsin

W E S T NORTH CENTRAL:

Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas

-

-

SOUTH ATLANTIC:

Delaware
Maryland
District of Columbia
Virginia.
West Virginia
North Carolina
South Carolina
Georgia
Florida

E A S T SOUTH C E N T R A L :

Kentucky
Tennessee
Alabama
Mississippi—.

W E S T SOUTH C E N T R A L :

-

Washington
Oregon
California

35,044
18, 380
16,170
146,249
25, 297
58,321

4,910
20,007
66
35, 576
13,155
33,853
32,945
39,908
8,696

E A S T N O R T H CENTRAL:

PACIFIC:

119,353
104,699
53,953
268,013
34,671
179,075

86,177
80,633
159,557
84,200
122, 652

New York
N e w Jersey
Pennsylvania

Montana
Idaho
Wyoming
Colorado
N e w Mexico
Arizona
Utah
Nevada

261, 762

299,461
824,572
1,151,490
768,598
395, 355
170,162
349,397
160,400
447,972

97,856
145,206
160,989
55, 242

314,731
269,323
295,534
213,021

57,337
50,734
33,496
28, 595

161,468
148,390
138,895
42, 757

939,377
957,179
841,718
580, 584

36,264
28,139
57,031
105, 892

48,928
164,146
97,857
208,339

278,425
264,484
441,267
640, 968

31,302
38,439
89,925
189, 731

60,667
143,488
171,752
385, 077

588,360
1,181,418
942,601
2, 030,468

45,353
30, 635
8,624
35,059
6,866
6, 365
9, 493
2, 828

48,928
34, 723
28,410
• 86,808
4, 735
36,302
50. 507
6,313

318,993
159,946
128,700
364,963
207,660
105,831
177,314
172,202

23,308
19,934
11,397
59,893
9,184
13,736
18, 575
4,373

111,834
53,933
25,039
143,485
16,671
30,469
101,497
20,162

351,934
266,184
124,641
680,094
118,880
248,336
329,989
53,210

203,604
83,651
438,775 !

390,042
365,252
710,573

79,904
50,373
317,695

247,806
184,070
1, 057, 560

842,416
540,184
3,852, 669

20,830
6,911
17,605
13, 775
1,557
9,025

M I D D L E ATLANTIC:

MOUNTAIN:

3$80,

134,379
18,028
127,321

ENGLAND:

Maine
N e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut

Arkansas
Louisiana
Oklahoma
Texas

2$15,414,447

All other

!
759,764
1 3,914,682
! 3,989,211
! 3, 333,141
2,134,773
1,092,609
1,625,144
I 1,635,609
I 1,465,867

69, 703
279, 728
533, 219
848, 737
189,116
137,296
227,326
145,223
174, 290

New England
M i d d l e Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific

NEW

$4, 567,407

Street
railways,
shipping,
waterworks, etc.

-

40,416
31, 242
102, 632

2,007, 629
5,326, 850
4,313,565
951,731
1,182,166
459,293
519,270
296, 726
726,030

148,362
116, 796
47, 350
1,046,430 1
211,496 5
437,195 |

983,968
6,972,673
4,277,011
21,051,284
2, 763, 670
17, 476,925
1, 268, 585
7,984,238
1,069,316
7,028, 245
491,510
3, 318, 858
760,984
4,742,847
503, 090
2,173, 268
1,489,436 1 5,235, 269

2 Includes $1,445,992,000, value of ships belonging to the United States N a v y , and $360,885,000, value of
privately owned water-supply systems, not distributed b y States.
3 Includes $4,278,155,000, value of gold and silver coin and bullion, not distributed b y States.




23

ESTIMATED NATIONAL, WEALTH

TABLE 5 . — E S T I M A T E D
VALUE
OF S T R E E T
RAILWAYS,
SHIPPING,
WATERW O R K S , E T C . , B Y C L A S S E S OF P R O P E R T Y A N D B Y G E O G R A P H I C D I V I S I O N S A N D
STATES: 1 9 2 2
[Expressed in thousands]

GEOGRAPHIC DIVISION
AND STATE

UNITED S T A T E S .
GEOGRAPHIC DIVISIONS'.

Total

Street
railways

Telegraph
systems

Telephone
systems

Pullman
and
other
cars not
owned
b y railroads

Pipe
lines

Privately
owned
Shipping central
and
electric
canals
light and
power
stations

'$15,414,447 $4,877, 636 $203,896 $1,745,774 $545,415 $500,000 2$2,951,484 $4, 229,357
148,196 20, 731
395,392 107,684 108,293
386,194 107, 550 86,088
253, 274 91, 754 56,115s
6,479
123,172 58,140
86, 633 29,987 13, 348!
126, 378 44, 657 186, 072'
8,110
69,108 44,963
157,427 39, 949 35,495

63, 438
698,192
192, 420
55,885
165, 512
48,741
77, 768
14
203, 522

364,417
983, 968
4, 277, Oil 1, 800,087
2, 763, 670; 1, 097, 743
365, 368
1, 268, 585
435, 510
1, 069, 316j
124,120
491, 5101
156,877
760, 9841
89,887
503, 0901
443, 627
1,489, 436

10, 772
32,172
48, 865
29,190
27,093
12,343
19, 835
13, 981
9,645

96,371
42, 521
43,621
530, 538
65,130
205, 787

30, 504
5, 673
5,824
205, 374
25,215
91,827

1, 844
836
862
3,962
404
2,864

15,195
9,997
7,412
79,040
9,083
27, < '

3,290
2,878
1,483
7, 201;
954
4,925

New York
N e w Jersey
Pennsylvania

2, 594,070
414, 776
1,268,165

1,173,324
184,367
442, 396

16,498
4, 324
11, 350

203, 536
52,181
139,675

40, 715
14, 649
52,320

20,127
5,716
82,450

536,453
11,920
149,819

Ohio...
Indiana...
Illinois..
Michigan
Wisconsin...

754,071
358,930
' 982,060
442,679
225, 930

286,872
171, 365
451, 561
128, 325
59,620

13, 548
9,129
15,300
5,157
5, 731

105, 538
51, 560
124,540
63,326
41, 230

27, 753
21,761
31,814
15,382
10,840

38,727
22,446
23,194
1, 721

72,716
241
81,119
31,877
6,467

Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas...

285, 818
246, 538
404,419
34, 387
37,190
110,217
150,016

55,864
73,009
178,439

4,464
6,995
6,902
2,488

51, 558
49,614
62,880

15,191
16,094
16,873

32, 247

23,220

28,433
27, 350

3, 559
4,782

32,614
33, 388

14, 751
10,485
18,360

22,970

Delaware
Maryland
District of C o l u m b i a .
Virginia
West Virginia.
North Carolina
South Carolina
Georgia
Florida

26,630
257,354
77, 745
178,308
133, 319
81,257
83, 227
169,070
62,406

167,205

3, 946

38,439

6,222

74,455

66,650
48,170
13.649
27,201
97.650
14, 985

5,138
1,374
3,959
3,476
6,012
3,188

18, 540
14, 317
12,042
8, 662
21,222
9, 950

13,793
12,059
6,911
4,412
8, 329
6,414

53,236
4,507!
5,040j
2, 246
7, 786
18, 242

Kentucky
Tennessee
Alabama
Mississippi

161,468
148,390
138,895
42, 757

38, 792
44, 287
34, 846
6,195

2,227
3,127
3, 676
3,313

31,
25,
13,
15,

Arkansas
Louisiana
Oklahoma
Texas

60,667
143,488
171, 752
385,077

13, 748
47,214
19,035
76,880

111, 834
53, 933
25, 039
143,485
16, 671
30,469
101, 497
20,162

N e w England
M i d d l e Atlantic
East North C e n t r a l West North C e n t r a l South Atlantic
East South C e n t r a l West South Central-.
Mountain..
Pacific

NEW

ENGLAND:

Maine
N e w Hampshire
Vermont
Massachusetts..
Rhode Island
Connecticut

M I D D L E ATLANTIC:

EAST NORTH CENTRAL:

W E S T NORTH CENTRAL:

SOUTH ATLANTIC:

E A S T SOUTH C E N T R A L :

W E S T SOUTH C E N T R A L :

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
N e w Mexico
Arizona
Utah
Nevada

PACIFIC:

Washington
Oregon
California

247,806
184, 070
1,057, 560

6, 278
1,475
183
46, 983
1, 460
7,059

53, 523
69
2,179
77
37

372
356
926
979

8,662
7,318
8,138
5,r~

13,348

18,956
2, 829
25, 337
1,619

2,656
3, 252
3, 556
10, 371

15,847
15,679
28, 880
65, 972

7,644
7,285
12,148
17, 580

4,489
18,675
74, 248

2,633
40, 976

5,160

1,725

10, 599

8,736

3, 959

2, 764

13,677

7,955

7,721

49,003

3, 353

25,469

10,054

389

4,755

3,277

27, 010

2, 862

10,330

9, 615

59,412
79,849
304, 366

1,718

6,246

29,019
19,802
108,606

10,685
9,893
19,371

1,681

34,159
14

8,603

35,495

60,670
36,177
106,675

1 Includes $1,445,992,000, value of ships belonging to the United States N a v y , and $360,885,000, value of
privately owned water-supply systems, not distributed b y States.
1 Includes $1,445,992,000, value of ships belonging to the United States N a v y , not distributed b y States.




24

WEALTH, PUBLIC DEBT, AND TAXATION : 1922

TABLE

6.—ESTIMATED
PROPERTY

VALUE

AND

BY

OF

" A L L

GEOGRAPHIC

OTHER"

PROPERTY,

DIVISIONS

AND

BY

STATES:

CLASSES
1922

[ E x p r e s s e d in t h o u s a n d s ]

GEOGRAPHIC DIVISION AND
STATE

UNITED STATES
GEOGRAPHIC DIVISIONS.
N e w England
M i d d l e Atlantic
East N o r t h C e n t r a l West North Central.
South Atlantic
East South Central..
West South Central.
Mountain
Pacific
N E W ENGLAND:
Maine
N e w Hampshire..
Vermont
Massachusetts
R h o d e Island
Connecticut
M I D D L E ATLANTIC:
New York
N e w Jersey
Pennsylvania
E A S T NORTH CENTRALOhio
Indiana
Illinois
Michigan
Wisconsin
W E S T NORTH CENTRAL:
Minnesota.
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas.
SOUTH ATLANTIC:
Delaware
Maryland
D i s t r i c t of C o l u m b i a .
Virginia
West Virginia.
North Carolina..
South Carolina
Georgia
Florida
EAST SOUTH CENTRAL:
Kentucky
Tennessee
Alabama
Mississippi
W E S T SOUTH CENTRAL:
Arkansas
Louisiana.
Oklahoma
Texas
MOUNTAIN:
Montana.
Idaho...
Wyoming
Colorado
New Mexico
Arizona
Utah.
Nevada.
PACIFIC:
Washington
Oregon
California
1

Total

1

Manufactured
products

Agricultural
products

$80,261,762

283,769
359,910
876, 794
1,183,226
1, 018,057
644, 854
625,651
181, 902
291,633

533,638
403,272
232,675
3,784, 642
668,495
} , 349,951

30,021
25,993
20,079
135,280
33,404
38, 992

$28,422,848 |$1, 548,666

$5,465,796

6,972,673
21,051,284
17, 476,925
7, 984,238
7,028, 245
3,318,858
4, 742, 847
2,173,268
5,235, 269

Imported
merchandise

3,271, 470
9,046,992

Mining
products

$730,296

2,356,254
2,026, 549
747, 521
1,034, 592
420, 658
1,438,196

176, 339
534, 796
405,094
118, 567
105, 569
37,069
59, 257
21,204
90, 771

39,922
241,871
195,007
61,770
59, 557
31,391
13,239
51, 384
36,155

I
j
!
I
!
!

207,486
184, 749
76, 742
1,827, 589
341,074
633, 830

11, 425
9,124
5,496
101,422
17, 293
31, 579

2,298
2,019
1, 467
22,452
3,017

9, 326,138
3,809,280
7,915,866

162, 758 I
35, 560 I
161, 592

4,041, 729
1, 671, 263
3, 334,000

280,204
82, 537
172,055

61, 707
56,161
124,003

4, 560,300
2,09.1,690
5,494,828
3,299,922
2,030,185

179,615 !
145,421 |
279,480
113, 528 I
158,750

2,324,989
864,055
2,472, 788
1, 577, 468
841,316

115, 367
42, 745
124,318
80, 968
41,696

51,279
31,083
68, 256
32, 279
12,110

1, 758,738
1,484,848
2, 342, 431
264, 066
291,167
761, 550
1,081,438

162,275 |
308,489 I
168,435 1
113,162 ;
105, 780 J
161,854 |
163,231 :

554,245
338,232
724,783
25, 580 !
28,423
270,017
414, 974

28,188
16, 713
36,122
2,286
1, 404
13,360
20, 494

9,875
11,057
17, 596
2,229
1, 7 "
12, 770
6, 497

175, 692
1, 238, 211
280,694
1,083,429 I
619,935
1, 395,438
708, 959 I
1,098, 762 I
427,125

7,829
41,965
499
157,045
38,118
340,815
183, 152
214,003
34,631

73,899
397,920
31, 265
292, 755
216,014
429,185
173, 379
315,494
96,638

3, 650
22, 466
1, 544
14, 979
10, 668
21, 541
8,868
16,239
5, 614

21, 691
2,223
9,881
15, 060
3, 232
2,039
3, 613
552

939, 377
957,179
841, 718
580, 584

222,537
165,764
126,531
130,022

1

179,064
252, 963
224, 541
90, 953

8,862
12, 509
11, 206
4,492

8,022
7,153
14, 833
1, 383

588, 380
1,181,418
942, 601
2, 030, 468

121,843
85,069
107, 799
310,940

1

90,
306,
181,
454,

953
967
906
766

4, 492
21, 214
8,984
24, 567

1, 8!
1,488
4, 534
5,327

76, 742
36, 950
36, 950
125, 060
8, 527
54, 003
71,057
11, 369

3, 974
1, 825
1,825
6,207
421
2, 875
3, 515
562

11,144
3,000

369,497
167,695
901,004

28,463
8,648
53,660

12, 481
525
23,149

351,934
266,184
124, 641
680, 094
118, 880
248, 336
329, 989
53, 210
842,416
540,184
3, 852,669

8,080,616

;
!
:
i
:
i
;

;

43, 003
34,187
11,100
51,829
8, 759 S
13,139
15,222 L
4,663
62,976 !
42,479 !
186,178 |

1,266

1,002

11,885

1,8 "

7,636
13,679
1,178

I n c l u d e s $4,278,155,000, v a l u e of g o l d a n d s i l v e r c o i n a n d b u l l i o n , n o t d i s t r i b u t e d b y S t a t e s .




OF

ESTIMATED NATIONAL, WEALTH
TABLE

7.—ESTIMATED

V A L U E OF A L L P R O P E R T Y , B Y
A N D S T A T E S : 1 8 5 0 TO 1 9 2 2

25

GEOGRAPHIC

DIVISIONS

[Expressed in thousands]
GEOGRAPHIC DIVISION
AND STATE

UNITED

N e w England
M i d d l e Atlantic
East North Central...
West North Central..
South Atlantic
East South Central.._
West South C e n t r a l . .
Mountain
Pacific

New York
N e w Jersey
Pennsylvania

CENTRAL:

WEST NORTH

CENTRAL:

Minnesota
Iowa
Missouri,.
North Dakota
South Dakota
Nebraska
Kansas

SOUTH ATLANTIC:

Delaware
Maryland
District of C o l u m b i a Virginia
West Virginia. -•
North Carolina
South Carolina
Georgia
Florida

E A S T SOUTH

CENTRAL:

Kentucky
Tennessee
Alabama.
Mississippi

W E S T SOUTH

Arkansas
Louisiana
Oklahoma
Texas

CENTRAL:

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
N e w Mexico.
Arizona
Utah
Nevada

PACIFIC:

Washington
Oregon
California

Exempt

24,414,316
77,663,196
68,823, 014
46,018,882
29,168,459
12,990, 375
19,860,889

Total

Taxable

...

Exempt

$186,299,664! z$173,986,144 $12,313, 520

23, 573,598

22, 552,175
71, 357,846
65, 516,364
44,079, 534
27,261,407
12, 348,530
18,837,159
10,454,658
21,805,338

1,862,141
6, 305, 350
3,306,650
1,939,348
1,907,052
641,845
1, 023, 730
1, 751,443
1, 768,260

11, 917, 922!
47,901,2651
39,607,6051
30,610, 362
14, 588,821
7,410, 703
13,208,851
6,584,801
13, 776,982

11,034,679
43,101,417
37,656,428
29,019, 780
13, 522,750
7,093, 515
12,461, 388
6, 332,104
13,071, 731

1, 918, 806
1,283, 312
799,191
11,895,156
1, 813, 706
4,842,004

87, 725
90,823
42, 849
1, 085, 683
110, 620
444,441

1,017, 739
657,904;
504,818!
6, 381,142!
986, 596
2,369, 723

978, 511
622,025
474,492
5,813, 384
908, 487
2,237,780

37, 035, 262j
11,794,189
28,833, 745!

^IIDDLE ATLANTIC:

Ohio
Indiana
Illinois
Michigan
Wisconsin

Taxable

2,006, 531
1,374,135
842, 040
12,980,839
1, 924, 326
5, 286,445

ENGLAND:

Maine
N e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut

EAST NORTH

Total

1912

i $320,803,862 i $300,298,043 $20,505,819

STATES-

GEOGRAPHIC DIVISIONS:

NEW

1922

33, 019,198
11,169, 568
27,169,080

4, 016,064
624,621
1, 664,665

25,664,002
6,011,310
16, 225, 953

22, 565,526
5, 630,195
14, 905, 696

18, 489, 552,
8,829, 726|
22, 232, 794
11,404,861
7, 866, 081

17, 553, 217
8, 336, 714
21,190, 949
10, 889,887
7, 545, 597

936,335
493,012
1,041, 845
514, 974
320, 484

9,123, 301
5,358, 951
15, 500,164
5, 297, 419
4, 327, 770

8, 766, 999
5,115, 330
14, 612,181
5, 039,419
4,122,499

8, 547, 918
10, 511, 682
9, 981,409
2,467, 772
2,925,968
5, 320,075
6, 264,058

8, 237, 085
10,196,400
9, 611,443
2,167,239
2, 744,193
5,128, 349
5, 994, 825

310, 833
315, 282
369,966
300, 533
181, 775
191, 726
269, 233

5,432, 278
7, 708,967
5, 727,948
2,112, 939
1,327, 215
3,720,813
4, 580, 202

5,151, £02
7, 277,608
5, 432,424
2, 008,938
1, 259,335
3, 530,960
4, 358, 613

625, 765
3, 990, 730
1, 697, 270
4,891,570
4, 677, 919
4, 543,110
2, 404, 845
3, 896, 759
2, 440, 491

587, 631
3, 741, 779
1,218, 846
4 , 542, 154
4, 446, 359
4, 381,177
2, 288, 659
3, 725, 821
2, 328, 981

38,134
248,951
478,424
349, 416
231, 560'
116,186
170,938
111,510

304, 918
2, 235,483
1,171, 704
2,402,412
2, 427,930
1, 685, 408
1, 261, 048
2,163, 033
936, 885

290,691
2,059, 741
765,164
2, 287,183
2, 303, 887
1, 623, 068
1,211,054
2, 079, 630
902, 332

3, 582, 391
4, 228, 251
3,002,043
2,177, 690

3,401, 363
3, 975, 583
2. 890, 418
2, 081,166

181, 028
252, 668
111, 625
96, 524

2, 277, 004
1,883, 698
2, 015, 430
1, 234, 571

2,161, 324
1, 797, 705
1,938, 390
1,196,096

2, 599, 617
3,416, 860
3, 993, 524
9,850,888

2, 519, 788
3, 237, 527
3, 627,125
9,452,719

79,829
179,333
366, 399
398,169

1, 721, 900
1, 989,813
3 3,117, 546
6, 379, 592

1, 649, 912
1,881,947
3 2, 857, 604
6, 071,925

2, 223,189
1, 533, 941
976, 239i
3, 229,412
851, 8361
1,314,291
1,535,477 j
541, 716;

1,990,031
1, 257, 585
649, 709
2, 859, 784
737,296
1,157, 855
1, 361, 2861
441,112

233,158
276,356
326, 530
369, 628
114, 540
156,436
174,191
100, 604

1,132, 758
578,999
355, 732
2, 315, 310
495,118
456, 726
796, 300;
453,858j

1,096, 033
561, 768
346, 722
2, 214,865
483,012
441,973
749, 499
438, 232

5,122, 405
3,419,459
15, 031, 734

4, 696, 334*
3,059, 305;
14, 049, 699

426,071
360,154
982,035

3,183,058!
2,057,439;
8, 536, 485

3,019, 388
1, 956, 627
8,095, 716

12,206,101

161, 9331

1 Includes $1,445,992,000, value of ships belonging to the United States N a v y , $360,885,000, value of privately owned water-supply systems, and $4,278,155,000, value of gold and silver coin and bullion, not d i s tributed b y States.
2 Differs from estimate as published in 1912 because of revision of estimate for taxed real p r o p e r t y i n
Oklahoma. Includes $402,352,000, value of ships belonging to the United States N a v y , and $290,000,000,
value of privately owned water-supply systems, not distributed b y States. Items for geographic d i v i s i o n s
and States differ from estimate as published in 1912 bacause of redistribution of railroad values i n a c c o r d ance with the principle of distribution adopted for 1922.
3 Differs from estimate published in 1912 because of revision of estimates for taxed real property.




26

WEALTH, PUBLIC DEBT, AND TAXATION : 1922

TABLE 7.—ESTIMATED

VALUE

OF A L L

AND S T A T E S :

1850

P R O P E R T Y , BY

TO

GEOGRAPHIC

DIVISIONS

1922—Continued

[Expressed in thousands]
1900

1904
GEOGRAPHIC DIVISION
AND STATE

U N I T E D STATES
GEOGRAPHIC DIVISIONS:

New England..
M i d d l e Atlantic
East North Central..
West North Central.
South Atlantic
East South Central..
West South Central.
Mountain
Pacific

NEW

ENGLAND:

Maine
N e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut..

M I D D L E ATLANTIC:

New York
N e w Jersey
Pennsylvania

EAST NORTH CENTRAL:

Ohio
Indiana
Illinois
Michigan
Wisconsin

_

W E S T NORTH CENTRAL:

Minnesota
Iowa
Missouri
North D a k o t a . .
South Dakota
Nebraska
Kansas

SOUTH ATLANTIC:

Delaware
Maryland
District of Columbia.
Virginia.
West Virginia
North Carolina
South Carolina
Georgia
Florida

E A S T SOUTH C E N T R A L :

Kentucky
Tennessee
Alabama..
Mississippi...

W E S T SOUTH C E N T R A L :

Arkansas
Louisiana
Oklahoma
Texas

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
New Mexico..
Arizona.
Utah
Nevada

PACIFIC:

WashingtonOregon
California

i Includes Indian Territory.




Total

Taxable

Exempt

Total

$107,104,194 $100,272,949 $6,831,245

$88, 517,307

Taxable

Exempt

$82,304, 518 $6,212, 789

8, 823, 307
29,478, 282
23, 990,405
16, 830,267
7, 936, 883
4, 284, 974!
5, 767, 494!
3,973, 366
6, 019, 216j

8,178, 248
27,275,995
23,102, 206
16,228,307
7, 245, 211
4,117, 934
5, 205, 559
3, 286, 594
5, 632, 895

645,059
2, 202, 287
888,199
601,960
691, 672
167, 040
561, 935
686, 772
386, 321

7, 752, 420
24, 554,063
19, 661, 609
13, 785, 340
6, 679,190
3, 654, 067
4, 553,108
3, 244, 458
4, 633, 052

7,186, 279
22, 780, 806
18, 842, 419
13, 215, 995
6,011,964
3. 499, 880
3, 952, 656
2, 547, 047
4, 267, 472

566,141
1, 773, 257
819,190
569, 345
667, 226
154,187
600,452
697,411
365, 580

775, 6231
516, 789!
360, 331!
4, 956, 579'
799, 350|
1, 414, 635

748, 935
493, 266
341,663
4, 533, 118
744,481
1, 316, 785

26, 688
23, 523!
18, 668!
423, 461j
54, 869
97, 850

682,134
472.146
329, 917
4, 358, 904
710, 565
1,198, 754

656, 472
449, 570
311,779
4, 001, 437
659,194
1,107, 827

25, 662
22, 576
18,138
357,467
51,371
90,927

14, 769, 042!
3, 235, 620
11, 473, 620

13,439, 858
3,022, 496
10,813, 641

1, 329,184
213,124
659, 979

12, 505, 330 11,514, 494
2, 733, 593 1 2, 539, 844
9, 315,140
8, 726,468

990,836
193, 749
588, 672

5, 946, 970
3,105, 782
8, 816, 556
3, 282, 419
2, 838, 678

5, 693,118
2,992, 348
8, 534, 009
3,149,117
2, 733, 614

253,852
113,434
282, 547
133, 302
105,064

5, 019,004
2, 606, 493 j
6, 976,476
2, 654, 282
2,405,354

4, 779, 752
2, 500, 910
6,719,615
2, 533, 307
2, 308,835

239,252
105, 583
256,861
120, 975
96, 519

3, 343, 722
4, 048, 516
3, 759, 597
735,803
679,841
2, 009, 564
2, 253, 224

3, 220,812
3,943, 315
3,598,131
703,010
628, 536
1,948,809
2,185, 694

122,910
105, 201
161,466
32,793
51,305
60, 755
67, 530

2,513,621
3, 367,869
3, 244, 533
542,381
552, 733
1, 626, 203
1,938, 000

2, 396, 776
3, 271, 560
3,105, 275
503, 589
499,002
1, 565,112
1,874, 681

116,845
96, 309
139, 258
38, 792
53, 731
61, 091
63, 319

230, 261
1,511,488
1, 040,383
1, 287, 970
840,000
842, 073
585,853
1,167,446
431,409

221,332
1, 417, 290
645, 355
1, 235, 308
814,340
811,870
565,823
1,121,464
412,429

8,929
94,198
395,028
52, 662
25,660
30, 203
20,030
45, 982
18,980

211,711
1, 317, 373
928, 740
1,102, 310
659,653!
681, 982|
485,678'
936, 000
355, 743

203,207
1, 228, 239
540,815
1, 053, 683
635,608
653, 382
466,657
893, 336
337,037

8, 504
89,134
387,925
48, 627
24,045
28, 600
19,021
42, 664
18, 706

1,527,486
1,104, 225
965,014
688, 249

1,449,855
1, 058,106
935, 226
674, 747

77,631
46,119
29, 788
13, 502

1,365,1311 1
956, 672
774,682
557, 582

1, 291, 802
916, 434
747, 218
544, 426

73, 329
40, 238
27,464
13,156

803, 908
1, 032, 229
i 1,095, 035
2, 836, 322

780, 660
979, 711
i 708, 235
2, 736,953

23, 248
52, 518
i 386,800
99,369

604, 218
815,158
i 811, 580
2, 322,152

580, 642
764, 752
i 388, 265
2, 218, 997

23, 576
50,406
i 423, 315
103,155

746,311
342, 872
329, 572
1,207, 542
332,263
306,302
487, 7691
220, 735|

636,190
276, 769
255,824
1,100,772
244,949
225, 649
406, 773
139, 668

110,121
66,103
73,748
106, 770
87, 314
80,653
80,996
81,067

613,897
276,375
281,432
938,171
268, 285
263,015
412, 656
190,627

500, 906
209,591
207,583
835,262
180, 753
173, 778
333,082 j
106,092

112, 991
66, 784
73,849
102, 909
87, 532
89, 237
79,574
84,535

1,051, 672
852,053
4,115, 491

986,170
765,910
3,880,815

65, 502
86,143
234, 676

781, 599
632,880
3, 218,573

722,825
547,366
2,997,281

58,774
85,514
221,292

27

ESTIMATED NATIONAL, WEALTH
T A B L E 7 . — E S T I M A T E D V A L U E OP A L L P R O P E R T Y , B Y G E O G R A P H I C
A N D S T A T E S : 1850 TO 1922—Continued

DIVISIONS

[Expressed in thousands]

1890
GEOGRAPHIC
DIVISION AND
STATE

U.

Total

Taxable

Exempt

4, 861, 983
NewEngland. 5, 222,757
Mid.Atlantic. 16, 212, 734 15, 364,133
E . N . Central J 15, 041,636 14, 473, 521
W.N.Central.) 10, 214,280
9, 833, 864
S. A t l a n t i c . . . ! 5, 132, 980 4, 721, 614
E. S. Central. 1 3, 137, 205 3,021, 945
W . S. Central; 3, 264, 076 2, 984, 627!
Mountain
; 2, 926, 594 2, 337, 9091
Pacific
| 3, 884, 829
3, 604,1601
j

Maine.
j
N e w Hamp__j
Vermont
i
Mass
j
R hod e Island
Connecticut..!

M I D . ATLANTIC. |

N e w York
Newr J e r s e y , .
Pennsylvania.

E. N.

CENT.:

Ohio...
Indiana
Illinois
Michigan
Wisconsin

W . N . CENT.:

Minnesota...
Iowa
Missouri
N. Dakota.-.
S. Dakota
Nebraska
Kansas

S . ATLANTIC:

Delaware
Maryland
Dist. of C o L .
Virginia
W . Virginia,.
N . Carolina,.
S. Carolina...
Georgia
Florida

E . S.

CENT.:

Kentucky
Tennessee
Alabama
Mississippi...

W.

S.

CENT.:

Arkansas
Louisiana
Oklahoma
Texas

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
N e w Mexico .
Arizona
Utah
Nevada

PACIFIC:

1870
(Taxable)
Currency
basis

Gold
basis

1860
(taxable)

1850

(taxable)

$65,037, 091 $61, 203, 756 $3,833,335 $43,642,000 $30,068, 518 $24,054,818 $16,159,616 $7,135,779

S.

G E O G . DIVS.:

N . ENGLAND:

1880
(taxable
and
exempt)

WashingtonOregon
California

4,039,875 3,231,901
4,978, 000
360,774
848, 601 12, 555, 000 11, 250,157 9,000,126
7,046,807 5,637,444
568,115 10,848,000
2,495, 247 1, 996,
5, 338,000
380,416
2,249,280 1, 799,425
411, 366 3,759,000
115, 260 2, 389, 000 1, 513, 609 1, 210, 888
638, 573
510,859
1,493, 000
279,449
131, 082
104,866
723, 000
588, 685
703, 888
563, 111
280, 669 1, 559, 000

1,863,849
3, 727, 759
3,125,429
841,305
2,883,372
2, 262, 509
1,186, 576
26,410
242,407
190,212
156, 311
122,477
815, 237
135,338
444, 274

489.134
325,129
265, 567
2, 803, 645
504,162
835,120

20,123
469, Oil!
19, 652
305,477,!
11,823
253, 744;
2, 578,060 225, 585
26,168
477,994
57,423
777, 697

511, 000
363,000
302, 000
2, 623, 000
400,000
779, 000

348,156
252, 624
235,349
2,132,149
296,966
774, 631

278, 525
202, 099
188, 280
1, 705, 719
237,573
619, 705

8, 576, 702
1, 445, 285
6,190, 747

8, 009, 685
1, 372,651
5, 981, 797

567, 017
72,634
208,950

6,308,000
1,305, 000
4, 942,000

6, 500,841
940, 976
3,808, 340

5, 200, 673 1,843,339
752,781
467,918
3, 046, 672 1, 416, 502

3,951,382
2,095,177
5,066, 752
2,095,016
1,833,309

3,795, 566
2, 013,097
4,880, 751
2, 026, 354
1, 757, 753

155,816
82, 080
186,001
68, 662
75, 556

3,238, 000
1, 681, 000
3, 210,000
1, 580,000
1,139,000

2,235,430
1,268,181
2,121,681
719, 208
702,307

1, 788,344 1,193,!
1, 014, 544
528,835
1,697,344
871,860
575, 366
257,164
561,846
273,672

1, 691,852
2, 287,348
2, 397, 903
337, 007
425,141
1, 275, 686
1, 799, 343

1, 613,322
2,226,117
2, 316,038
289,801
391, 688
1, 230,800
1, 766, 098

792, 000
78, 530
1, 721, 000
61, 231
1, 562, 000
81,865
47, 206 - i 118, 000
33,453
385, 000
44,886
760,000
33, 245

228, 910
717,645
1, 284, 923

183,128
574,116
1, 027,938

i 5, 600

i 4, 480

69,277
188,892

55, 422
151,114

9,131
31,328

4,439
171, 240
929,180 156,293
198, 644 144, 953
21,080
841, 238
12,068
426,887
18, 784
565, 365
8, 349
392, 562
32, 339
820, 070
13,061
376, 4281

136,000
837,000
220,000
707,000
350,000
461, 000
322,000
606, 000
120,000

97,181
643, 749
126,874
409, 588
190,651
260,757
208,147
268,169
44,164

77, 745
514,999
101,499
327,671
152, 521
208,606
166, 518
214, 535
35,331

46,242
376,920
41,085
793, 250
"358,"739
548,139
645,895
73,102

175, 679
1,085,473
343, 597
862, 318
438, 955
584,149
400, 911
852,409
389, 489

52,294
247, 338
501, 214

1,172,232
887,956
622, 774
454, 243

1,112, 6071
863, 3811
604, 243 j
441, 714

59,625
24, 575
18, 531
12, 529

902,000
705,000
428,000
354, 000

604,318
498,238
201,856
209,197

483,455
398, 590
161,485
167,358

666,043
493,904
495.237
607, 325

455,147
495, 302
2 208,050
2,105,577

19, 295
435, 852!
462,483| 32,819
2 70,791 2 137,259
2,015,501
90,076

286,000
382, 000

156,395
323,126

125,116
258, 501

219,256
602,119

825,000

159,052

127, 242

365, 201

453.135
207,897
169, 774
1,145, 712
231,460
188,881'
349,411
180, 324

355,037!
140,629
103, 674
1, 060, 649 j
155, 612
118, 705
290, 331
113, 272|

67, 268
66,100
85,063
75,848
70,176
59,080
67, 052

40, 000
29,000
54,000
240, 000
49, 000
41,000
114,000
156, 000

15,184
6,553
7, 017
20,243
31, 350
3,441
16,160
31,134

12,148
5, 242
5, 613
16,195
25,080
2, 753
12, 928
24, 907

760,699
590,396
2, 533, 734

710, 790!
515,184!
2, 378,186!

49,909
75,212
155, 548

62,000
154,000
1,343,000

13, 562
51,559
638, 767

10, 850
41,247
511, 014

i Dakota Territory.




2 Includes Indian Territory.

20,814
5, 596
5, 601
28,931
207,875

28

WEALTH, PUBLIC DEBT, AND TAXATION : 1922
TABLE

8.—-PER

CAPITA

ESTIMATED

1922
GEOGRAPHIC DIVISION
AND STATE

VALUE

op

ALL

PROPERTY

R

1912

Total

Taxable

Exempt

Total

Taxable

Exempt

Total

$2,918

$2,731

$186

i $1,950

$1,820

$129

$1,318

3,186
3,352
3,063
3,588
2,005
1,437
1,857
3,435
3, 934

2,943
3,080
2,915
3,437
1,874
1,366
1, 762
2, 942
3, 639

243
272
147
151
131
71
96
493
295

1,761
2,374
2,112
2, 567
1,159
861
1,422
2,312
3,002

1,631
2,136
2,008
2,433
1,074
825
1,342
2, 223
2, 848

131
238
104
133
85
37

1, 498
1,763
1,416
1,546
716
536
796
2, 228
2,290

Maine
N e w Hampshire
Vermont.
Massachusetts
R h o d e Island
Connecticut

2, 586
3,074
2, 389
3, 243
3, 086
3, 614

2,473
2,871
2,268
2, 972
2,909
3,310

113
203
122
271
177
304

1,351
1,513
1,407
1,827
1, 737
2,041

1,299
1,431
1,323
1,665
1, 599
1, 928

52
83
85
163
137
114

1,096
1, 214
1,035
1, 672
1,702
1,453

New York
N e w Jersey
Pennsylvania

3, 436
3, 524
3,187

3, 064
3, 337
3,003

373
2,694
187 i i 2,240
184 H 2,036

2, 369
2,098
1,870

325
142
166

1,868

Ohio
Indiana
Illinois
Michigan
Wisconsin

3,048
2, 942
3,295
2,899
2, 887

2, 894
2,778
3,141
2, 768
2, 770

154
164 I
154
131 <
118 :

1, 861
1,954
2, 663
1,828
1,808

1,788
1,865
2,510
1,739
1,723

Minnesota
Iowa..
Missouri
North Dakota
South Dakota
Nebraska
Kansas

3,442
4, 274
2,903
3, 692
4, 482
4, 004
3, 493

3,317
4,146
2, 795
3, 242
4,204
3,860
3,343

125 1 2, 529
1
128 i 3, 465
108 ;i 1,717
3, 329
450
278 2,125
144 i 3,049
150 i j 2, 632

2, 398
3, 271
1,629
3,165
2,016
2,893
2, 505

Delaware.
Maryland
D istr ict of C olumbi a.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida

2, 728
2, 665
3, 879
2, 050
3, 040
1,703
1, 385
1,306
2, 358

2, 562
2, 499
2, 785
1,904
2, 890
1,642
1,319
1,248
2, 250

1,478
1,694
3,418
1,140
1,897
740
811
802
1,167

1,409
1,561
2, 232
1,085
1,800
713
779
771
1,124

Kentucky
Tennessee
Alabama
Mississippi

1,459
1,773
1,244
1,216

1,385
1,667
1,198

1,162

74 |
106 j
46
54 j

848
913
667

931
809
878
646

Arkansas
Louisiana
Oklahoma
Texas

1,439
1,855
1,864
2,010

1,394
1, 757
1, 693
1,929

44
97
171
81

Montana...!
Idaho
Wyoming
Colorado
N e w Mexico
Arizona
Utah.
Nevada

3,
3,
4,
3,
2,
3,
3,

691
301
663
285
299
512
247

3, 304
2, 706
3,103
2, 909
1,990
3, 094
2, 879
5, 699

387 !
595
1,560
376
309
418
368
1,300

Washington
Oregon
California

3, 600
4, 182
4, 007

3, 300
3, 742
3, 745

299 !
441 i
262 j

Total..
GEOGRAPHIC

DIVISIONS:

N e w England
M i d d l e Atlantic
East North CentralWest North Central .
South Atlantic
East South Central.
West South Central.
Mountain
Pacific

NEW

ENGLAND:

MIDDLE ATLANTIC:

EAST NORTH CENTRAL:

W E S T NORTH CENTRAL:

SOUTH ATLANTIC:

EAST SOUTH CENTRAL:

W E S T SOUTH CENTRAL:

MOUNTAIN:

PACIFIC:

166 |

166 i
1,093
146
150
61
67
57
108 j

I
|
- 3
i

1, 547
1,707
1,367
1,174
1,689
1,297 ;
1,292 |

153
89

1,729 !

131
194
89
164
109
156
127

1,828 !
1,147
1,771
1,530
1,882
1,468

55
97
27
32
31
43

1,204
1.213
3,491
666
810
420
414
493
729

50
39
35
21

675
520
494
416

69
133

1,186

'
i
;
'
j!
i!
|
;

1,054
1,158
1,684
1,561

1,010
1,096
3 1, 544
1,486

44
63
140
75

2, 792
1, 598
2, 253
2, 702
1,388
2. 052

2, 701
1,551
2,196
2, 584
1,354
1,986
1,898
4, 831

91
48
57
117
34
66
119
172

2,633
1,795
3,297
2,046
1,587
2,239
1,609
5.214

2, 356
2, 678
3,141

128

1,806 i i 1,693
1,886 h 1,695
2,582 ij 2,435

2, 016

5, 003
2, 484
2,816

3,312

138
171

4

580 ;!
694 :
1
1,092
841 j!
I
;j
i
|
|j
!
!
ii

1 Differs from estimate as published in 1912 because of revision of estimate for taxed real property in Oklahoma. Items for geographic divisions and States differ from estimate as published in 1912 because of
redistribution of railroad values in accordance with the principle of distribution adopted for 1922,




ESTIMATED
BY

GEOGRAPHIC

DIVISIONS

Exempt

Total

Taxa^
ble

$1,165

$1,083

1,386
1,589
1,230
1,332
640
484
697
1,925
1,917

1,285
1,474
1,179
1,277
576
464
605
1,666
1,766

101
115
51
55
64
20
92
260
151

1,111
1,277
1,117
1,149
579
488
691
2, 250
2,076

982
1,147
960
1, 554
1,658
1, 320

945
1,092
907
1,426
1, 538
1, 220

37
55
53
127
120
100

1, 720
1,451
1,478

1, 584
1,348
1, 385

136
103
93

1,207
1, 036
1,447
1,096
1,163

1,150
994
1.394
1, 046

1,435
1, 509
1,044
1,699
1, 376
1, 525
1,318

1,368
1,466 |
1,000 j
1,578 I
1,243 i
1,468 !
1, 275

1,146
1,109
3,332
594
688
360
362
422
673

1,100

636
473
424
359

602
454
409
351

4

461
590
1,027
762

443
554
491
728

Total

42
53
50
47

Taxable

1 8 5 0 TO

Exempt

1860
(taxable)

$514

$61

$870

1,034

533
470
632
1, 963
1,926

77
67
42
43
46
18
59
287
150

1,241
1,196
968
867
495
428
448
1,291
1,399

1,158
1, 277
772
647
384
334
315
843
1,043

927
1,021
618
518
307
275
252
674
834

594
500
451
388
537
563
679
434
546

740
863
799
1, 252
1,459
1,119

709
811
763
1,151
1,383
1,042

30
52
36
101
76
77

787
1,046
909
1,471
1,447
1,251

555
794
712
1,463
1,366
1,441

444
635
570
1,170
1,093
1,153

303
479
389
662
775
966

210
326
294
577
546
420

1,430
1,000
1,177

1, 335
950
1,138

95
50
40 |

1,241
1,154
1,154

1,483
1,038
1,081

1,187
831
865

475
696 [
487

349
409
313

1,076
956
1, 324

1,034
918
1,276
968
1,042

42
37
49
33
45

j
I
|
|
j

1,012
850
1,043
965

839
755
835
607
666

671
604
668
486
533

510
392 !
509
343 1
353

255
205
183
150
138

I

1,014
1,059
720
2 873
851

521
601
746

416
481
597

304
366
424

123
201

316
451
415

317
292

928
895
1,239
467
566
329
323
393
445

777
824
963
334
431
243
295
226
235

32
14
12
10

547
451
339
313

17
29
567
40

356
406

1,001
1,087

1,210
1,074
1,106

1,300
1,196
895
1,844
1,293
1, 205

1,239
1,164
864
1,586
1,191

1, 261

1,238

60
32
31
258
102
42
23

46
75
,392
26
25
15
14
19
35

1, 043
1,041
1, 491
521
575
381
348
464
995

1,016
891,
862
508
560
349
341
446
962

26 !
150
629
13
16
12
7
18
33

34
20
15

631
502
412
352

536
34

1922

1870
(taxable)
1880
(taxable
and
Currency Gold
exempt)
basis
basis

67
43
45
122
134
57
43

4

29

WEALTH

$975

$1,036

1,116

4

AND S T A T E S :
1890

1900

1,034
1,940
568
663
345
348
403
638

NATIONAL

4

403
443
860
942

1,162

599
488
399
343

4

386
413
292
902

4

I
j
!
!
|
!

$780

2

563
518

622
660
771
267
345
195
236
181

412
549
547
497

202
253

366
317
162
202

576
445
514
767

323
445

258
356

504
850

361
779
611
521

518

2, 523
1, 708
3,041
1,738
1,374
2,140
1,491
4,503

2,059
1,296
2,243
1, 548
925
1, 414
1, 204
2,506

464
413
798
191
448
726
288
1, 997

3, 429
2,464
2, 796
2, 780
1, 507
3,168
1, 681
3, 941

2,686
1, 667
1, 708
2,573
1, 013
1, 991
1, 396
2,475

742
793
1,089
206
494
1,177
284
1,465

1, 022
890
2, 596
1,235
410
1,014
792
2, 506

737
437
770
508
341
356
186
733

590
350
616
406
273
285
149
586

1, 509
1,530
2,167

1.395
1,324
2,018

113
207
149

2,177
1,882
2, 097

2,034
1, 642
1,968

143
240
129

825
882
1,553

566
567
1,140

453
454
912

223
"139"
483
551
547

2 Dakota Territory.
3 Differs from estimate as published in 1912 because of revision of estimate for taxed real property.
Includes Indian Territory.

4




30

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

TABLE

9 . — E S T I M A T E D V A L U E OF T A X E D R E A L P R O P E R T Y , BY G E O G R A P H I C
D I V I S I O N S AND S T A T E S : 1 9 2 2 , 1 9 1 2 , 1904-, 1 9 0 0 , A N D 1 8 9 0
[Expressed in thousands]

GEOGRAPHIC DIVISION AND STATE

UNITED

STATES.

GEOGRAPHIC DIVISIONS:

New England
Middle Atlantic
East North Central..
West North Central.
South Atlantic
East South CentraL.
West South Central .
Mountain
Pacific

NEW

ENGLAND:

Maine
N e w Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

MIDDLE

ATLANTIC:

N e w York
N e w Jersey
Pennsylvania

EAST NORTH

Ohio
Indiana
Illinois
Michigan
Wisconsin

CENTRAL:

W E S T NORTH

CENTRAL:

Minnesota
Iowa
Missouri
North Dakota..1
South Dakota
Nebraska.Kansas...

SOUTH

ATLANTIC:

Delaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia.
Florida

E A S T SOUTH

CENTRAL:

Kentucky
Tennessee
Alabama
Mississippi

W E S T SOUTH

Arkansas
Louisiana
Oklahoma
Texas.

CENTRAL:

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
N e w Mexico
Arizona
Utah
Nevada

PACIFIC:

Washington
Oregon
California

1922
$155, 908,625

1912

1904

i $96,923,406 $55,510,228

1900
$46,324,839

11,311,155
35, 217,174
34, 093,995
27, 260,427
14, 755,335
6, 281, 303
10, 024, 223
5, 025, 741
11, 939, 272

6, 364,800
25, 515, 853
21, 797, 267
17,099, 707
6,470, 254
3, 064,443
6,479, 916
2, 547.150
7, 584, 016

4, 861, 431
15, 441,021
13, 425, 552
9, 079, 956
3, 655, 210
1,975, 974
2,454,164
1, 250, 808
3, 366,112

4,387, 434
13, 223, 774
10,946, 931
7,394, 647
3,207, 220
1, 782,934
1,919, 587
950, 932
2,511, 380

932, 221
574,145
352, 521
070, 427
801, 799
580, 042

446, 631
299, 333
225, 668
3, 550, 458
522, 638
1, 320, 072

395,003
249,087
176, 264
2, 820, 038
468, 548
752, 491

364,037
235, 328
166,015
2, 559, 378
425, 526
637,150

741, 770
225, 946
249, 458

13,811,787
3,475,800
8, 228, 266

7, 822, 795
1, 687,149
5, 931, 077

6, 981, 550
1,432, 786,
4,809,438

239, 962
161, 777
526, 881
275,505
3, 889, 870

4,817, 406
2, 714, 246
9,158, 336
2,809, 378
2, 297,901

3,129, 982
1, 646, 625
5,185, 946
1, 885,994
1, 577,005

2, 679, 709
1, 394, 701
4, 008, 676
1,497, 852
1, 365, 993

4,893, 375
426, 340
325,430
890,843
338, 929
527, 241

3,111,239
4, 679, 871
2,968, 535
1,157, 387
571, 782
2,126,998
2,483, 895

1, 859, 643
2, 386, 073
2, 072, 299
338, 510
330,131
1, 025,825
1,067, 475

1, 340, 451
1,956, 047
1, 862, 445
240, 417
261, 740
813,980
919, 567

290,241
719, 338
796,475
422,957
019,133
209, 432
073, 758
783, 798
440,203

157,922
1,169, 742
495,484
1,060,875
1,275,146
637, 960
456, 614
821, 580
394, 931

125, 502
810,271
435,217
621,883
338,646
369, 364
232, 737
517,174
204, 416

116, 973
737,824
358,704
546,003
309,623
310,450
219,180
439,869
168, 594

683, 911
246, 710
308,247
042, 435

1,023, 754
745, 921
856, 620
438,148

781,617
511,386
416,959
266,012

722, 511
471,814
346, 427
242,182

818,988
921,124
1,439,407
3, 300, 397

373,991
436,777
188,050
1,455,346

284,156
363,835
65,328

1,206, 268

990, 777
621,819
263,216
388,818
326,232
659,158
620,856
154,865

413, 547
125, 970
81,270
1,123,067
134,952
168,656
329,207
170, 481

218,433
81,669
57,881
530,893
67,331
75,772
177,599
41, 230

163,722
64,916
44,247
402, 784
47,159
53,411
149,839
24,854

!, 831,228
,729,357
378,687

1,725,180
1,062, 782
4,796,054

481,001
455, 315
2,429,796

372, 929
295,053
1,843, 398

401,328
351,902
706,556
564, 437

2

1 Differs from estimate as published in 1912 because of revision of estimate for taxed real property in
Oklahoma.
2 Differs from estimate as published in 1912 because of revision of estimate for taxed real property.




31

ESTIMATED NATIONAL WEALTH
TABLE

10.—ESTIMATED
V A L U E OF L I V E S T O C K , BY G E O G R A P H I C
AND S T A T E S : 1 9 2 2 , 1 9 1 2 , 1 9 0 4 , AND 1 9 0 0
[Expressed in thousands]

GEOGRAPHIC DIVISION AND STATE

ENGLAND:

147, 822
466, 545
194, 289
664, 077
507,101
397,499
587, 968

152,412
519, 253
1,301,592
1, 838, 987
485,664
439,418
722,173
460, 554
318, 336

123,877
382,172
849, 433
1, 238, 013
282,103
285,161
508, 293
254, 670
150, 070

32, 745
16, 015
30,651
43,149
6,875
22, 977

26,203
16, 046
22, 586
35, 986
5,605
17, 451

225,
37,
203,

263, 578
45. 848
209, 827

189, 662
32, 320
160,190

248,
203,
319,
167,
256,

273, 612
227, 006
386, 701
184, 783
229,490

173,
151,
268,
123,
131,

228,
466,
248,
98,
152,
250,
218,

217, 832
491,614
308,101
125,614
145,815
265,474
284, 537

126, 353
335, 681
204, 030
65, 583
89,193
188, 528
228, 645

7,
42,

8, 794
45, 904
1,795
85, 954
55,993
85,068
61,304
106,430
34, 422

6, 554
31, 397
1,050
53, 777
36.387
48, 658
31,457
57, 294
15,529

112,

136, 524
126,175
86,921
89,798

91,
76,
50,
66,

74,
65,

88,302
64, 773
174,194
394, 904

54, 957
45, 001
I 121, 644
286,691

47,
57,
53,
27,

91, 708
58, 399
54,434
88,059
55,004
43, 997
39,302
29, 651

53,168
25, 944
35,965
57, 363
30, 295
16, 583
20,435
14, 917

75,
191

68, 242
74, 362
175, 732

30, 621
36, 011
83, 438

514, 601
327, 202

16,

M I D D L E ATLANTIC:

—

EAST NORTH CENTRAL:

—

W E S T NORTH CENTRAL:

Minnesota.-.
Iowa
Missouri
North Dakota
South Dakota.
Nebraska
Kansas.

SOUTH ATLANTIC:

DelawareMaryland
—
District of Columbia.
Virginia..
West Virginia
North Carolina
South Carolina
Georgia
Florida

EAST SOUTH CENTRAL:

Kentucky
Tennessee..
Alabama
Mississippi

92,
58,
103,

61,
101,
38,

115,

W E S T SOUTH CENTRAL:

Arkansas..
Louisiana
Oklahoma
Texas

$4, 073, 792

32,

Maine
N e w Hampshire
Vermont
Massachusetts.
Rhode Island
Connecticut

Ohio
Indiana
Illinois
Michigan
Wisconsin..-

$6, 238, 389

35,
35,
5,
22,

New England.
Middle Atlantic
East North Central..
West North CentralSouth Atlantic
East South Central..
West South CentralMountain
Pacific

New~ York
New Jersey
Pennsylvania.

—

120,
327,

MOUNTAIN:

MontanaIdaho..
Wyoming
Colorado.
New Mexico
Arizona
Utah..
Nevada

—

70,
59,

100,

PACIFIC:

Washington
Oregon
California

i Includes Indian Territory.




1912

$5,807,104

UNITED STATES
GEOGRAPHIC DIVISIONS:

NEW

1932

847
798
732
265
791

490
206
747
718

DIVISIONS

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

32
TABLE

11.—ESTIMATED
GEOGRAPHIC

VALUE

DIVISIONS

OF

AND

FARM
STATES:

IMPLEMENTS
1922,

1912,

AND
1904,

MACHINERY,
AND

[Expressed in thousands]

GEOGRAPHIC DIVISION AND STATE

UNITED STATES.
GEOGRAPHIC DIVISIONS:
N e w England
M i d d l e Atlantic
East North Central-.
Wpst North CentralSouth Atlantic
East South Central__
West South C e n t r a l Mountain
Pacific
N E W ENGLAND:
MaineN e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut
MIDDLE ATLANTIC:
New York.
N e w Jersey.
Pennsylvania
EAST NORTH CENTRAL:
Ohio...
Indiana
—
Illinois
Michigan
Wisconsin
W E S T NORTH CENTRAL:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
SOUTH ATLANTIC:
Delaware
Maryland
D i s t r i c t of C o l u m b i a . .
Virginia
West Virginia
North Carolina..
South Carolina
Georgia
Florida
EAST SOUTH CENTRAL:
Kentucky
Tennessee
Alabama
Mississippi
W E S T NORTH CENTRAL:
Arkansas
Louisiana.
Oklahoma
Texas
MOUNTAIN:
Montana
Idaho
Wyoming
Colorado
New Mexico
ArizonaUtah
Nevada...
PACIFIC:
Washington
Oregon..
California
i Includes Indian Territory.




1922

1912

1904

$2, 604,638

$1,368,225

$844,990

69,703
279,728
533,219
848, 737
189,116
137, 296
227,326
145,2^3
174,290

53,648
177,726
289,229
403, 249
107,213
80, 654
128, 079
55,555
72,872

38,379
122,779
180,230
223, 505
59,614
56,675
101,266
24,217
38,325

10,695
12,111
1,884
7,310

9,243
5,421
7,915
9,270
1,334
5,196

134,379
18,028
127,321

89,173
13,865
74,688

58,806
9,797
54,176

86,177
80,633
159, 557
84,200
122,652

54,181
43, 733
79,473
54,141
57, 701

38,550
29,375
48,593
31,364
32,348

132,862
228,773
98,586
94,095
85,646
104,500
104,275

56,775 I
102,981
55,328
49,878
38,101
48,112
52,074

35,673
64,499
32,138
18,261
13,841
27,125
31,9 R

4,910
20,007
66
35,576
13,155
33,853
32,945
39,908
8,696

3,417
12,509
84
19,757
7,406
20,315
15,605
23,177
4,943

2,287
9,176
143
10,985
5,787
10,332
7,412
11,153
2,339

34, 593
42,982
26,821
32,900

21,962
22,504
17,813
18,375

17,61
17,414
10,251
11,327

36,264
28,139
57,031
105,892

18,487
17,065
30,404
62,123

10,238
32,623
L 21,025
37,3 R

45,353
30,635
8,624
35,059
6,866
6,365
9,493
2,828

11,913
11,912
4,129
14,401
4,717
1,992
4,777
1,714

5,321
4,782
1,785
5,353
1,272
1,134
3,598
972

40,416
31,242
102,632

18,798
14,545
39,529

7,531
7,462
23,332

20,830
6,911
17,605
13,775
1, 557
9,025

15,628 J

6,020 !

1000

BY

33

ESTIMATED NATIONAL WEALTH
TABLE
AND
AND

12.—ESTIMATED
IMPLEMENTS, BY
1900

VALUE

UNITED STATES

N E W ENGLAND:
Maine
N e w Hampshire
Vermont
Massachusetts
R h o d e Island
Connecticut
MIDDLE ATLANTIC:
New York.
N e w Jersey
Pennsylvania
EAST NORTH CENTRAL:
Ohio
Indiana
Illinois
Michigan
Wisconsin
WEST NORTH CENTRAL:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
SOUTH ATLANTIC:
Delaware.Maryland
District of C o l u m b i a .
Virginia
W e s t Virginia
N o r t h Carolina
South Carolina
Georgia
Florida
EAST SOUTH CENTRAL:
Kentucky
Tennessee
Alabama
Mississippi
W E S T NORTH CENTRAL:
Arkansas
Louisiana
Oklahoma
Texas
MOUNTAIN:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada...
PACIFIC:
Washington
Oregon
California
i Includes Indian Territory.




MANUFACTURING

MACHINERY,

AND STATES:

1922,

1912,

[Expressed in thousands]

GEOGRAPHIC DIVISION AND STATE

GEOGRAPHIC DIVISIONS:
N e w England
Middle Atlantic.
East North Central-.
West North CentralSouth Atlantic
East South Central..
West South Central..
Mountain
Pacific

OF

GEOGRAPHIC DIVISIONS

1933

1913

1904

$15,783,260

i, 091,451

$3,297,754

2,007, 629
5,326,850
4,313, 565
951, 731

1,182,166
459,293
519, 270
296, 726
726, 030

766,480
1,994,416
1,415,243
363,455
545, 734
222,239
250, 666
163, 747
369,471

477,138
1,182,933
702,948
218,924
283,966
116,497
113,842
71,089
130,417

148,362
116,796
47,350
1,046,430
211,496
437,195

69,941
38,562
19,089
377,873
93,860
167,155

40, 224
26, 518
14,305
239,267
58,141

2,133,897
999,080
2,193,873

813,601
303,596
877, 219

486, 775
180, 212
515, 946

1,330, 529
473,498
1,194, 793
831, 778
482, 967

423,068
178,385
451,299
199, 266
163, 225

216, 948
84,079
227,543
87,255
87,123

241,484
143,628
333, 027
9,470
11,048
86,808
126, 266

83,648
58, 520
125,038
5,245
6,044
35,084
49,876

45,122
30,414
92,525
1,910
2,723
24,804
21,426

52,085
219,387
22,097
164,146
119,953
238,327
132, 579
159,411
74,181

16,694
85,043
13,785
66, 657
60, 272
85,120
98,943
90,429
28,791

12,472
54,751
7,6
36, 040
25,466
42,238
48,145
46, 757
10,429

97.856
145, 206
160,989
55, 242

41,219
50,650
95,250
35,120

30,907
24,109
42,387
19, 094

48, 928
164,146
97.857
208,339

30,525
88,308
21,965
109,868

15,870
48, 584
I 5, 9 ~
43,462

48,928
34, 723
28,410
86,808
4, 735
36,302
50, 507
6,313

6,199
18, 598
3,044
91,354
3,665
12, 610
24, 491
3,786

7,843
3, 314
986
44,521
1, 639
3, 598
8,471
717

203, 604
83,651
438, 775

111, 049
38,108
220,314

32,069
13,655
84,6"

TOOLS,
1904,

34

W E A L T H , PUBLIC DEBT, AND TAXATION : 1922

TABLE

1 3 . — E S T I M A T E D V A L U E OF R A I L R O A D S AND T H E I R E Q U I P M E N T ,
G E O G R A P H I C D I V I S I O N S AND S T A T E S : 1 9 2 2 , 1 9 1 2 , 1 9 0 4 , AND 1 9 0 0

BY

[Expressed in thousands]
1922

GEOGRAPHIC DIVISION AND STATE

UNITED

STATES.

$19,950,800

GEOGRAPHIC DIVISIONS:

759,764
914, 682
989,211
333,141
134,773
092,609
625,144
635,609
465,867

N e w England
M i d d l e Atlantic
East North Central..
West North Central.
South Atlantic
East South Central _.
West South Central..
Mountain
Pacific

N E W ENGLAND:

119,353
104,699 s
53,953 !
268,013 :
34,671 i
179,075 !

Maine
N e w Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut

MIDDLE

ATLANTIC:

WEST NORTH

613, 892
3,190,418
3,184, 542
2, 715,448
1, 721, 552
887,937
1,321,078
1, 330, 859

1,182,806

578,383
2.652, 398
2,432, 502
1,913,911
994,035
545,033
643,818
875,480
609,192

97, 342
85,204
43,895
213,277
28,277
145,897

80,146
79, 786
37,311
250,052
25,719
105, 369

MOUNTAIN:

Montana
Idaho
Wyoming
Colorado
N e w Mexico
Arizona
Utah
Nevada

PACIFIC:

Washington...
Oregon
California..

689,797
375, 541
805,057
277, 597
284, 510

449,603
476,208
499,477
249,183
187,283
310,258
543,436

466,734
344,847
309,768
123,390
49,646
263,170
356,356

17,876
149,116
17,315
408,626
357,238
204,606
130, 580
246,422
189,773

17,285
132, 342
5, 578
211,315
201,799
113,146
75, 500
156,603
80,467

256,492
216,745
240, 989
173,711

155, 772
131,166
150, 211
107,884

226,202
215, 562
359,550
519,764

124,626
123,401
2 158,073
237,718

258, 561
130,449
104,966
297, 625
169,032
85, 531
144,270
140,425

196, 209
91,877
100, 307
198, 261
86,400
68,356
90, 325
43, 745

390,042
365, 252
710, 573

CENTRAL:

821, 906
644,519
942,118
455, 281
320,718

318,993
159,946
128, 700
364,963
207,660
105,831
177,314
172,202

Kentucky
Tennessee
Alabama
Mississippi

898, 222
333,568
1,420, 608

278,425
264,484
441, 267
640,968

E A S T SOUTH C E N T R A L :

1,206,211

314,731
269,323
295, 534
213,021

Delaware
Maryland
District of Columbia..
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida

434,057
1, 550,150

21,919
183,100
21,231
501,972
441,524
251,694
160,166
319,619
233,548

SOUTH ATLANTIC:

Arkansas
Louisiana
Oklahoma
Texas

$11,244, 752

554, 570
583,887
612, 795
305, 530
229,631
380,413
666,315

CENTRAL:

Minnesota
Iowa
Missouri
North Dakota
•South Dakota
Nebraska
Kansas

W E S T SOUTH

$16,148, 532

009,197
790, 298
221,143
571, 827
396,746

CENTRAL:

Ohio
Indiana
Illinois
Michigan
Wisconsin

1

1904

479,682
532,263
902, 737

New York
N e w Jersey
Pennsylvania

EAST NORTH

1912

316,244
293,002
573, 560

182,837
75,661
350,694

1 Items for geographic divisions and States differ from estimates as published in 1912 because of redistribution of railroad values made in accordance with the principle of distribution adopted for 1922.
2 Includes Indian Territory.




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