BsiHiBgJi Harvard Business School 9-798-093 April 24, 1998 Data Supplement for The US Financial Crisis of 1931, Note on Franklin D. Roosevelt and A Keynesian Cure for the Depression Professor Willis Emmons prepared this supplement as the basis for class discussion. The data are excerpted from Michael Rukstad's Macroeconomic Decision Making in the World Economy (New York: The Dryden Press, 1992), pp. 600632. Reprinted with permission. Copyright © 1998 by the President and Fellows of Harvard College. To order copies or request permission to reproduce materials, call 1-800-545-7685 or write Harvard Business School Publishing, Boston, MA 02163. No part of this publication may be reproduced, stored in a retrieval system, used in a spreadsheet, or transmitted in any form or by any means—electronic, mechanical, photocopying, recording, or otherwise—without the permission of Harvard Business School. 1 798-093 -2- Exhibit 1 Gross National Product in Current Dollars: 1919 - 1941 (All figures in dollar ($) columns are in billions of current dollars. a All figures in percent (%) columns are percentage annual compound growth rates.) Government Gross Private Net Exports Purchases Gross Consumption Domestic of Goods of Goods National Year Expenditures Investment and Services and Services Product 12 34 56 78 9 10 1919 53.8 % $12.4 % $4.9 % $9.5 % $80.0 % 1920 62.8 16.7 17.5 41 1 3.5 -27 7 5.9 -37 6 89.7 12 1 1921 58.3 -7.2 7.8 -55 4 2.1 -40 0 6.3 6 8 74.5 -16 1 1922 57.4 -1.5 10.1 29 5 1.0 -52 8 5.9 -5 5 74.4 -0 1 1923 63.9 11.3 15.7 55 4 0.8 -16 0 6.2 4 0 86.6 16 4 1924 67.8 6.1 12.2 -22 3 1.3 60 7 6.7 8 2 88.0 1 6 1925 67.3 -0.7 16.2 32 8 1.1 -19 3 7.3 8 4 91.9 4 4 1926 73.1 8.6 17.0 4 9 0.8 -23 9 7.3 0 6 98.3 7 0 1927 72.7 -0.5 15.1 -11 2 1.1 28 9 7.9 7 8 96.7 -1 6 1928 75.0 3 2 14.1 -6 6 1.4 29 0 8.2 4 1 98.7 2 1 1929 78.8 5 0 16.2 12 5 1.1 -16 7 8.5 3 9 104.6 6 0 1930 70.8 -10 2 10.3 -36 4 1.0 -10 4 9.2 8 2 91.2 -12 8 1931 61.1 -13 7 5.6 -45 4 0.5 -49 5 9.2 0 2 78.5 -13 9 1932 49.1 -19.6 0.9 -82 9 0.4 -21 2 8.0 -12 3 58.6 -25 4 1933 46.2 -5.9 1.4 45 8 0.4 -12 2 8.0 -0 5 56.1 -4 3 1934 51.8 12 1 3.3 137 8 0.6 66 6 9.8 21 5 65.5 16 7 1935 56.2 8 5 6.4 92 5 0.1 -78 3 10.0 2 2 76.5 16 8 1936 62.6 11.4 8.4 32 4 0.1 -7 7 12.0 20 0 83.1 8 2 1937 67.2 7 3 11.8 39 0 0.3 150 0 11.9 -0 8 91.2 9 7 1938 64.6 -3 8 6.4 -45 0 1.3 330 0 13.0 9 2 85.4 -6 3 1939 67.6 4 6 9.2 42 9 1.1 -17 0 13.3 2 3 91.2 6 8 1940 71.7 6 1 13.1 41 5 1.7 70 8 14.0 5 3 100.5 10 2 1941 80.0 11 6 17.9 36 6 1.3 -25 0 24.8 77 1 124.7 24 1 Source: Joseph Swanson and Samuel Williamson, "Estimates of National Product and Income for the United States Economy, 1919-1941," Explorations in Economic History, X: 1 (Orlando, Florida: Academic Press, Fall 1972), 55. aSome of the estimates in this exhibit will not correspond exactly with those of Exhibit 2 since different estimations methods were used here to make the figures compatible with the pre-1929 data. 798-093 -3- Exhibit 2 Gross National Product, by Type of Expenditure, in Current and Constant (1958) Prices: 1929-1941 (Billions of Dollars) (Note: Exhibit 2 continues over four pages.) Personal Consumption Expenditures Gross Private Domestic Investment Fixed Investment Nonresidential Residential Structures Gross Non- Producers' National Durable durable Durable Year Product Total Goods Goods Services Total Total Total Structures Equipment Total Nonfarm Farm 1 2 3 4 5 6 7 8 9 10 11 12 13 Current Prices 1929 103.1 77.2 9.2 37.7 30.3 16.2 14.6 10.6 5.0 5.6 4.0 3.8 0.2 1930 90.4 69.9 7.2 34.0 28.7 10.1 10.6 8.3 4.0 4.3 2.3 2.2 0.1 1931 75.8 60.5 5.5 29.0 26.0 5.6 6.7 5.0 2.3 2.7 1.7 1.6 0.1 1932 58.0 48.5 3.6 22.7 22.2 1.0 3.4 2.7 1.2 1.5 0.7 0.7 Z 1933 55.6 45.9 3.5 22.3 20.1 1.4 2.9 2.4 0.9 1.5 0.5 0.5 z 1934 65.1 51.3 4.2 26.7 20.4 3.3 4.2 3.3 1.1 2.2 0.9 0.8 0.1 1935 72.2 55.7 5.1 29.3 21.3 6.4 5.3 4.1 1.2 2.9 1.2 1.1 0.1 1936 82.5 62.0 6.3 32.9 22.8 8.5 7.2 5.6 1.6 4.0 1.6 1.5 0.1 1937 90.4 66.5 6.9 35.2 24.4 11.8 9.2 7.3 2.4 4.9 1.9, 1.8 0.1 1938 84.7 64.0 5.7 34.0 24.3 6.5 7.4 5.4 1.9 3.5 2.0 1.9 0.1 1939 90.5 66.8 6.7 35.1 25.0 9.3 8.9 6.0 2.0 4.0 2.9 2.8 0.1 1940 99.7 70.8 7.8 37.0 26.0 13.1 11.0 7.6 2.3 5.3 3.4 3.2 0.2 1941 124.5 80.6 9.6 42.9 28.1 17.9 13.4 9.5 2.9 6.6 3.9 3.7 0.2 Z = Less than $50 millions. Exhibit 2 Gross National Product, by Type of Expenditure, in Current and Constant (1958) Prices: 1929-1941 (Billions of Dollars) (Note: Exhibit 2 continues over four pages.) Personal Consumption Expenditures Gross Private Domestic Investment Fixed Investment Nonresidential Residential Structures Gross Non- Producers' National Durable durable Durable Year Product Total Goods Goods Services Total Total Total Structures Equipment Total Nonfarm Farm 1 2 3 4 5 6 7 8 9 10 11 12 13 Constant (1958) Prices 1929 203.6 139.6 16.3 69.3 54.0 40.4 36.9 26.5 13.9 12.6 10.4 9.9 0.4 1930 183.5 130.3 12.9 65.9 51.5 27.4 27.5 21.2 11.3 9.9 6.3 6.0 0.3 1931 169.3 126.2 11.2 65.6 49.4 16.8 19.2 14.1 7.5 6.6 5.1 4.9 0.2 1932 144.2 114.7 8.4 60.4 45.9 4.7 10.8 8.2 4.4 3.8 2.6 2.5 0.1 1933 141.5 112.9 8.3 58.6 46.0 5.3 9.7 7.6 3.3 4.3 2.1 1.9 0.2 1934 154.3 118.0 9.4 62.5 46.1 9.4 12.1 9.2 3.6 5.6 2.9 2.7 0.2 1935 169.5 125.5 11.7 65.9 47.9 18.0 15.6 11.5 4.0 7.5 4.1 3.8 0.3 1936 193.0 138.4 14.5 73.4 50.5 24.0 20.8 15.7 5.4 10.3 5.1 4.8 0.3 1937 203.2 143.1 15.1 76.0 52.0 29.9 24.6 18.9 7.1 11.8 5.7 5.3 0.4 1938 192.9 140.2 12.2 77.1 50.9 1.7 19.4 13.7 5.6 8.1 5.7 5.4 0.3 1939 209.4 148.2 14.5 81.2 52.5 24.7 23.5 15.3 5.9 9.4 8.2 7.8 0.4 1940 227.2 155.7 16.7 84.6 54.4 33.0 28.1 18.9 6.8 12.1 9.2 8.6 0.6 1941 263.7 165.3 19.1 89.9 56.3 41.6 27.0 17.3 3.1 14.2 9.7 9.1 0.6 Exhibit 2 (Continued) Year Gross Private Domestic Investment-Cont. Net Change in Business Inventories Total Nonfarm Farm Net Exports of Goods and Services Total Exports Imports Government Purchases of Goods and Services Federal Total Total National Defense Other State and Local 14 15 16 17 18 19 20 21 22 23 24 1929 1930 1.7 -0.4 1.8 -0.1 -0.1 -0.3 1.1 1.0 7.0 5.4 Current Prices 5.9 4.4 8.5 9.2 1.3 1.4 7.2 7.8 1931 1932 1933 1934 1935 -1.1 -2.5 -1.6 -0.7 1.1 -1.6 -2.6 -1.4 0.2 0.4 0.5 0.1 -0.2 -0.9 0.7 0.5 0.4 0.4 0.6 0.2 3.6 2.5 2.4 3.0 3.3 3.1 2.1 2.0 2.4 3.1 9.2 8.1 8.0 9.8 10.0 1.5 1.5 2.0 3.0 2.9 7.7 6.6 6.0 6.8 7.1 1936 1937 1938 1939 1940 1.3 2.5 -0.9 0.4 2.2 2.1 1.7 -1.0 0.3 1.9 -0.8 0.8 0.1 0.1 0.3 0.1 0.3 1.3 1.0 1.8 3.5 4.6 4.3 4.4 5.4 3.4 4.3 3.0 3.4 3.6 11.9 11.9 13.0 13.3 14.0 4.9 4.7 5.4 5.1 6.0 1.2 2.2 3.9 3.8 7.0 7.2 7.6 8.2 8.0 1941 4.5 4.0 0.4 1.3 5.9 24.8 16.9 13.8 3.1 7.9 Exhibit 2 (Continued) Gross Private Domestic Investment-Cont. Net Exports of Goods and Services Government Purchases of Goods and Services Net Change in Business Inventories Federal National State and Year Total Nonfarm Farm Total Exports Imports Total Total Defense Other Local 14 15 16 17 18 19 20 21 22 23 24 Constant (1958) Prices 1929 3.6 3.6 Z 1.5 11.8 10.3 22.0 3.5 — — 18.5 1930 -0.6 -0.4 -0.2 1.4 10.4 9.0 24.2 4.0 - - 20.2 1931 -2.4 -3.9 1.5 1 8.9 7.9 25.4 4.3 — — 21.1 1932 -6.2 -7.0 0.8 0.05 7.1 6.6 24.2 4.6 - - 19.6 1933 -4.3 -3.8 -0.5 0 7.1 7.1 23.3 6.0 - - 17.3 1934 -2.7 0.3 -3.0 0.2 7.3 7.1 26.6 8.0 - - 18.6 1935 2.4 1.0 1.4 -1 7.7 8.7 27.1 7.9 - - 19.2 1936 3.1 4.7 -1.6 -1.1 8.2 9.3 31.8 12.2 __ __ 19.6 1937 5.5 3.7 1.8 -0.7 9.8 10.5 30.9 11.5 - - 19.4 1938 -2.4 -2.6 0.2 1.9 9.9 8.0 33.9 13.3 - - 20.6 1939 1.2 0.7 0.5 1.3 10.0 8.7 35.2 12.5 - - 22.7 1940 4.9 4.2 0.7 2.1 11.0 8.9 36.4 15.0 - - 21.4 1941 9.7 8.6 1.1 0.4 11.2 10.8 56.3 36.2 — — 20.1 Source: Historical Statistics, Series F 47-70. Z = Less than $50 million. 798-093 -7- Exhibit 3 Average Annual Growth Rates of Real GNP: 1909-1940 (P ercent) Terminal Initial Year Year 1909 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1910 28 - - - - - - - - - - - - - - 1911 27 2.6 1912 37 4.1 5.7 - - - - - - - - - - - - 1913 30 3.0 33 0.9 - - - - - - - - - - - 1914 1.5 1.1 0.7 -1.7 -4.3 - - - - - - - - - - 1915 1.1 0.7 0.3 -1.4 -2.6 -0.8 - - - - - - - - - 1916 20 1.9 1.7 0.8 0.7 3.4 7.9 1917 1.9 1.7 1.6 0.8 0.7 2.5 4.2 0.7 - - - - - - - 1918 30 3.0 30 2.6 29 4.9 6.8 63 12.3 - - - - - - 1919 23 2.2 22 1.7 1.8 3.1 4.1 29 4.1 -35 - - - - - 1920 1.7 1.5 1.4 0.9 0.9 1.8 2.4 1.0 1.2 -39 -4.3 - - - - 1921 0.8 0.6 0.4 -0.1 -0.3 0.3 0.4 -0.9 -1.3 -5.5 -6.5 -86 1922 1.8 1.8 1.7 1.3 1.3 2.1 2.5 1.6 1.8 -0.5 0.4 28 15.8 - - 1923 25 2.5 25 2.2 24 3.1 3.7 31 3.5 1.8 3.2 5.8 13.9 121 - 1924 24 2.3 23 2.0 21 2.8 3.2 27 2.9 1.5 2.5 43 9.0 5.8 -0.2 1925 27 2.7 27 2.5 26 3.3 3.7 33 3.6 24 3.5 5.1 8.9 66 4.0 1926 20 2.9 29 2.7 29 3.5 3.9 35 3.9 29 3.8 5.2 8.3 64 4.6 1927 27 2.7 27 2.5 27 3.2 3.6 32 3.5 25 3.3 44 6.8 5.1 3.4 1928 26 2.6 26 2.4 25 3.0 3.3 30 3.2 23 3.0 40 5.9 4.3 29 1929 28 2.8 28 2.7 28 3.3 3.6 33 3.5 27 3.4 43 60 4.7 35 1930 22 2.1 21 1.9 20 2.4 2.6 23 2.4 1.6 2.1 27 4.1 27 1.5 1931 1.7 1.7 1.6 1.4 1.4 1.8 1.9 1.6 1.6 0.8 1.2 1.7 2.9 1.5 0.3 1932 0.9 0.8 0.8 0.5 0.5 0.8 0.9 0.5 0.4 -0.3 0.0 0.3 1.1 -0.2 -1.5 1933 0.8 0.7 0.6 0.4 0.4 0.6 0.7 0.3 0.3 -0.4 -0.1 0.1 0.9 -0.3 -1.5 1934 1.1 1.1 1.0 0.8 0.8 1.0 1.1 0.8 0.8 0.1 0.4 0.7 1.5 0.4 -0.6 1935 1.4 1.4 1.3 1.2 1.2 1.4 1.6 1.2 1.3 0.7 0.9 1.3 2.0 1.1 0.2 1936 1.9 1.8 1.8 1.7 1.7 2.0 2.1 1.8 1.9 1.3 1.6 20 2.8 1.9 1.2 1937 20 2.0 1.9 1.8 1.8 2.1 2.3 20 2.1 1.6 1.8 2.2 29 2.1 1.5 1938 1.7 1.7 1.7 1.5 1.5 1.8 1.9 1.7 1.7 1.2 1.5 1.8 2.5 1.7 1.0 1939 20 1.9 1.9 1.8 1.8 2.1 2.2 20 2.0 1.5 1.8 21 2.8 2.1 1.5 1940 22 2.2 21 2.0 21 2.3 2.4 2.2 23 1.9 21 2.5 31 2.4 1.9 Source: Historical Statistics, Series F-31. Note: To find the growth rate between any two years shown, locate the column for the initial year at the top of the table and read the figures in that column opposite the desired terminal year at the left. 798-093 -8- Exhibit 3 (Continued) Terminal Initial Year Year 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 1925 8.4 - - - - - - - - - - - - - - - 1926 7.2 5.9 1927 4.7 29 0.0 - - - - - - - - - - - - - 1928 3.6 21 0.2 0.6 - - - - - - - - - - - - 1929 4.2 32 2.3 3.6 67 - - - - - - - - - - - 1930 1.7 0.5 -0.8 -1.0 -1.9 -9.8 - - - - - - - - - - 1931 0.3 -0.9 -2.2 -2.7 -38 -8.7 -7.6 1932 -1.6 -30 -4.4 -5.3 -67 -10.8 -11.3 -147 - - - - - - - - 1933 -1.6 -28 -4.0 -4.7 -5.7 -86 -82 -8.5 -1.8 - - - - - - - 1934 -0.6 -1.6 -2.5 -2.8 -3.4 -5.3 -41 -3.0 34 9.1 - - - - - - 1935 0.2 -0.5 -1.2 -1.3 -1.6 -2.9 -1.5 0.0 5.5 9.5 9.9 - - - - - 1936 1.3 0.7 0.2 0.2 0.1 -0.7 0.8 27 7.6 10.0 11.8 13.9 1937 1.6 1.0 0.6 0.7 0.7 0.0 1.5 31 7.1 9.5 9.6 9.5 5.3 - - - 1938 1.1 0.6 0.1 0.1 0.1 -0.5 0.6 1.9 5.0 6.4 5.7 4.4 0.0 -5.0 - - 1939 1.6 1.1 0.8 0.8 0.8 0.3 1.5 27 5.5 6.8 63 5.4 28 1.5 86 - 1940 20 1.6 1.4 1.4 1.5 1.0 2.2 33 5.9 7.0 67 6.0 42 3.8 85 8.5 Data Supplement 798-093 Exhibit 4 GNP, Total and Per Capita, in Current and 1958 Prices: 1919-1941 (Totals in Billions of Dollars; Per Capita in Dollars) Implicit Current Prices 1958 Prices Price Index Year Total Per Capita Total Per Capita (1958 = 100) 1 2 3 4 5 1919 84.0 804 146.4 1,401 57.4 1920 91.5 860 140.0 1,315 65.4 1921 69.6 641 127.8 1,177 54.5 1922 74.1 673 148.0 1,345 50.1 1923 85.1 760 165.9 1,482 51.3 1924 84.7 742 165.5 1,450 51.2 1925 93.1 804 179.4 1,549 51.9 1926 97.0 826 190.0 1,619 51.1 1927 94.9 797 189.8 1,594 50.0 1928 97.0 805 190.9 1,584 50.8 1929 103.1 847 203.6 1,671 50.6 1930 90.4 734 183.5 1,490 49.3 1931 75.8 611 169.3 1,364 44.8 1932 58.0 465 144.2 1,154 40.2 1933 55.6 442 141.5 1,126 39.3 1934 65.1 514 154.3 1,220 42.2 1935 72.2 567 169.5 1,331 42.6 1936 82.5 643 193.0 1,506 42.7 1937 90.4 701 203.2 1,576 44.5 1938 84.7 651 192.9 1,484 43.9 1939 90.5 691 209.4 1,598 43.2 1940 99.7 754 227.2 1,720 43.9 1941 124.5 934 263.7 1,977 47.2 Source: Histroical Statistics, Series F 1-5. 9 Exhibit 5 Sources and Uses of Gross Savings: 1929-1941 (In Billions of Current Dollars) Gross Savings and Statistical Discrepancy Private Saving Government Surplus or Deficit (-) Gross Business Savings Capital Corporate Capital Grants Gross Undistrib- Inventory Consump- Received Private Net uted Valuation tion State by the Statistical Domestic Foreign Personal Corporate Adjust- Allow- and United Discrep- Invest- Invest- Year Total Savings Total Profits ment ances Total Federal3 Local States ancy Total ment ment 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1929 15.3 4.2 11.2 2.8 0.5 7.9 1.0 1.2 -0.2 - 0.7 17.0 16.2 0.8 1930 12.1 3.4 8.6 -2.6 3.3 8.0 -0.3 0.3 -0.6 - -0.8 11.0 10.3 0.7 1931 8.0 2.6 5.3 -4.9 2.4 7.9 -2.9 -2.1 -0.8 _ 0.7 5.8 5.6 0.2 1932 2.5 -0.6 3.2 -5.2 1.0 7.4 -1.8 -1.5 -0.3 - 0.3 1.1 1.0 0.2 1933 2.3 -0.9 3.2 -1.6 -2.1 7.0 -1.4 -1.3 -0.1 - 0.6 1.6 1.4 0.2 1934 5.6 0.4 5.2 -1.0 -0.6 6.8 -2.4 -2.9 0.5 - 0.5 3.8 3.3 0.4 1935 8.6 2.1 6.4 -0.2 -0.2 6.9 -2.0 -2.6 0.6 - -0.2 6.4 6.4 -0.1 1936 10.3 3.6 6.7 0.4 -0.7 7.0 -3.1 -3.6 0.5 _ 1.2 8.4 8.5 -0.1 1937 11.5 3.8 7.7 0.6 Z 7.2 0.3 -0.4 0.7 - Z 11.8 11.8 0.1 1938 8.7 0.7 8.0 -0.2 1.0 7.3 -1.8 -2.1 0.4 - 0.6 7.6 6.5 1.1 1939 11.0 2.6 8.4 1.8 -0.7 7.3 -2.2 -2.2 Z - 1.3 10.2 9.3 0.9 1940 14.3 3.8 10.5 3.2 -0.2 7.5 -0.7 -1.3 0.6 - 1.0 14.6 13.1 1.5 1941 22.4 11.0 11.4 5.7 -2.5 8.2 -3.8 -5.1 1.3 - 0.4 19.0 17.9 1.1 Source: Historical Statistics, Series F, 552-565. aThe federal government surplus or deficit is measured on the basis of the National Income Accounts Budget and thus will not correspond to the surplus deficit shown in Exhibit 22, which is calculated on the basis of an Administrative Budget. 798-093 -10- Gross Investment Z = Less than $50 million or -$50 million. 798-093 -11- Exhibit 6 Value of New Private and Public Construction Put in Place: 1920-1940 (Millions of 1957-1959 Dollars) Private Construction Total Public Utilities Total Non- - Resi- resi- Total dential dential New Buildings Buildings Farm Electric Telephone All Construc- (Including (Excluding Nonresi- Petroleum Light and and Other Year tion Total Farm) Farm) dential Total Railroad Pipeline Power Gas Telegraph Private 1 2 3 4 5 6 7 S 10 11 12 1920 14,753 12,333 5,101 4,657 609 1,770 468 103 752 215 232 196 1921 16,167 12,745 6,208 4,441 346 1,525 523 90 520 200 192 225 1922 22,524 18,420 10,611 4,813 409 2,284 630 129 757 508 260 303 1923 25,011 21,415 12,386 5,040 459 3,222 961 157 1,358 443 303 308 1924 28,022 23,796 14,360 5,004 430 3,659 930 199 1,497 639 394 343 1925 31,323 26,366 15,793 6,246 435 3,552 1,013 160 1,365 550 464 340 1926 33,113 28,038 15,856 7,569 413 3,860 1,232 106 1,191 810 521 340 1927 33,238 27,528 14,908 7,712 505 4,025 1,239 238 1,220 860 468 378 1928 32,113 26,127 13,752 7,812 459 3,774 1,223 160 1,119 735 537 330 1929 29,213 23,157 10,096 8,144 417 4,194 1,398 289 1,105 631 771 306 1930 24,511 17,200 5,999 6,437 233 4,273 1,506 93 1,255 620 799 258 1931 19,559 11,998 4,856 4,001 119 2,826 951 253 769 420 433 196 1932 12,350 6,111 2,309 2,078 46 1,531 485 130 398 258 260 147 1933 9,232 4,570 1,763 1,725 71 847 342 24 208 137 136 164 1934 10,815 5,089 2,145 1,738 95 993 455 39 213 150 136 118 1935 12,780 6,764 3,555 1,809 206 1,102 449 64 277 166 146 92 1936 18,938 9,771 5,268 2,609 266 1,552 549 129 434 256 184 76 1937 19,051 11,504 5,690 3,443 318 1,963 633 196 620 243 271 90 1938 18,775 10,361 5,800 2,477 278 1,719 437 62 766 197 257 87 1939 22,379 12,600 7,676 2,567 324 1,946 534 103 861 188 260 87 1940 23,217 14,105 8,366 3,200 289 2,149 585 88 873 275 328 101 Exhibit 6 (Continued) Public Construction IN onresidential Buildings Conser- Sewer vation Public Hospital Highways, and and Service All Indus- Educa- and Insti- Military Koaas, ana Water Develop- Enter- Other Year Total3 Total trial tional tutional Other Facilities Streets Systems ment prises Public 13 14 15 16 17 18 19 20 11 11 23 14 1920 2,420 685 - 459 80 146 321 783 372 134 112 13 1921 3,422 1,223 _ 866 126 231 122 1,228 544 159 133 13 1922 4,104 1,641 - 1,167 205 269 66 1,384 676 161 155 21 1923 3,596 1,464 - 1,053 167 244 38 1,141 594 190 148 21 1924 4,226 1,522 - 1,087 185 250 22 1,459 770 232 210 11 1925 4,957 1,801 - 1,258 192 351 20 1,681 836 219 389 11 1926 5,075 1,896 _ 1,255 214 427 27 1,725 858 184 367 18 1927 5,710 1,874 - 1,154 251 469 30 2,004 935 188 644 35 1928 5,986 2,007 - 1,189 340 478 39 2,260 902 216 520 42 1929 6,056 2,072 - 1,223 318 531 50 2,296 751 341 478 68 1930 7,311 2,250 - 1,241 402 607 81 2,958 1,038 415 521 48 1931 7,561 2,346 _ 1,093 421 832 124 2,951 869 502 714 55 1932 6,239 1,827 - 572 366 889 123 2,623 573 551 490 52 1933 4,662 1,028 9 228 218 573 122 1,819 330 1,101 225 37 1934 5,726 1,451 40 584 208 619 145 1,899 511 1,422 165 130 1935 6,016 1,342 7 628 155 552 115 1,681 540 1,932 213 164 1936 9,167 2,743 14 1,441 289 999 88 2,497 943 1,794 465 441 1937 7,547 1,843 6 853 246 738 104 2,396 798 1,513 330 295 1938 8,414 2,228 37 1,037 323 831 177 2,893 879 1,397 349 393 1939 9,779 3,220 76 1,555 434 1,155 354 2,877 946 1,441 353 414 1940 9,112 1,913 481 484 182 766 1,055 2,797 855 1,336 337 290 Source: Historical Statistics, Series N 30-60. aThe total of public construction includes a small amount of public residential construction after 1934 that is not itemized in the detail of the table. Exhibit 7 Price Indexes: 1919-1941 GNP Implicit Consumer Wholesale Price Indexes3 Price Price All Industrial Farm Year Deflatorb Percent0 Indexa Percent0 Commodities Percent0 Commodities Percent0 Commodities Percent0 1 2 3 4 5 6 7 8 9 10 1919 57.4 - 51.8 - 71.4 - 68.4 - 96.4 - 1920 65.4 13.9 60.0 15.8 79.6 11.5 85.7 25.3 92.2 -4.4 1921 54.5 -16.7 53.6 -10.6 50.3 -36.6 55.7 -35.0 54.1 -41.3 1922 50.1 -8.1 50.2 -6.3 49.9 -0.8 54.4 -2.3 57.4 6.1 1923 51.3 2.4 51.1 1.8 51.9 4.0 55.6 2.2 60.4 5.2 1924 51.2 -0.2 51.2 0.2 50.5 -2.7 53.1 -4.5 61.1 1.2 1925 51.9 1.4 52.5 2.5 53.3 5.5 54.6 2.8 67.1 9.8 1926 51.1 -1.5 53.0 0.9 51.6 -3.2 53.2 -2.6 61.3 -8.6 1927 50.0 -2.2 52.0 -1.9 49.3 -4.5 50.0 -6.0 60.8 -0.8 1928 50.8 1.6 51.3 -1.3 50.0 1.4 49.3 -1.4 64.8 6.6 1929 50.6 -0.4 51.3 0 49.1 -1.8 48.6 -1.4 64.1 -1.1 1930 49.3 -2.6 50.0 -2.5 44.6 -9.2 45.2 -7.0 54.2 -15.4 1931 44.8 -9.1 45.6 -8.8 37.6 -15.7 39.9 -11.7 39.7 -26.8 1932 40.2 -10.3 40.9 -10.3 33.6 -10.6 37.3 -6.5 29.5 -25.7 1933 39.3 -2.2 38.8 -5.1 34.0 1.2 37.8 1.3 31.4 6.4 1934 42.2 7.4 40.1 3.4 38.6 13.5 41.6 10.1 40.0 27.4 1935 42.6 0.9 41.1 2.5 41.3 7.0 41.4 -0.5 48.1 20.3 1936 42.7 0.2 41.5 1.0 41.7 1.0 42.2 1.9 49.5 2.9 1937 44.5 4.2 43.0 3.6 44.5 6.7 45.2 7.1 52.9 6.9 1938 43.9 -1.3 42.2 -1.9 40.5 -9.0 43.4 -4.0 42.0 -20.6 1939 43.2 -1.6 41.6 -1.4 39.8 -1.7 43.3 -0.2 40.0 -4.8 1940 43.9 1.6 42.0 to 40.5 1.7 44.0 1.6 41.4 3.5 1941 47.2 7.5 44.1 5.0 45.1 11.3 47.3 7.5 50.3 21.5 Source: Historical Statistics, Series F 5 and E 1, Series E 135, and Series E 23-25 a1967 = 100 bGNP Implicit Price Index: 1958 = 100. 0 Annual growth rate percentage 798-093 Data Supplement Exhibit 8 Population, Income Distribution, and Unemployment: 1920-1941 Share of Year Population (in Thousands) Disposable Income Held by: Top 1% Top 5% % Civilian Labor Force Unemployment 1 2 3 4 1920 106,466 11.8 23.9 4.0 1921 108,541 14.2 29.3 11.9 1922 110,055 14.3 29.0 7.6 1923 111,950 13.0 27.0 3.2 1924 114,113 14.2 28.7 5.5 1925 115,832 16.5 31.0 4.0 1926 117,399 16.2 30.7 1.9 1927 119,038 17.2 31.9 4.1 1928 120,501 19.1 34.0 4.4 1929 121,770 18.9 33.4 3.2 1930 123,077 15.3 30.9 8.7 1931 124,040 14.5 31.2 15.9 1932 124,840 12.6 30.4 23.6 1933 125,579 13.0 30.2 24.9 1934 126,374 12.8 28.9 21.7 1935 127,250 12.7 27.8 20.1 1936 128,053 13.5 27.9 16.9 1937 128,825 12.8 27.0 14.3 1938 129,825 12.0 26.8 19.0 1939 130,880 12.1 26.8 17.2 1940 131,954 11.3 25.4 14.6 1941 133,121 9.8 22.9 9.9 Source: Historical Statistics: Colonial Times to 1957, Series A 1-3, Series D 46-47, Series G 337-352 14 Data Supplement 798-093 Exhibit 9 Earnings, Hours, and Production Index in Manufacturing: 1919-1941 Federal Reserve All Manufacturing Board Index of Average Average Average Manufacturing Hourly Weekly Weekly Production ar Earnings Hours Earnings (1967 = 100) 1 2 3 4 5 6 7 8 1919 $0.47 46.3 $21.76 — 15 -- 1920 0.55 17.0 47.4 2.4 26.07 19.8 15 0.0 1921 0.51 -7.3 43.1 -9.1 21.98 -15.7 12 -20.0 1922 0.48 -5.9 44.2 2.6 21.22 -3.5 15 25.0 1923 0.52 8.3 45.6 3.2 23.71 11.8 18 20.0 1924 0.54 3.8 43.7 -4.2 23.60 -0.5 17 -5.6 1925 0.54 0 0 44.5 1.8 24.03 1.8 19 11.8 1926 0.54 0.0 45.0 1.1 24.30 1.1 20 5.3 1927 0.54 0.0 45.0 0.0 24.30 0.0 20 0.0 1928 0.56 3.7 44.4 -1.3 24.86 2.3 21 5.0 1929 0.56 0.0 44.2 -0.5 24.75 -0.5 23 9.5 1930 0.55 1.8 42.1 -4.8 23.16 -6.5 19 -17.4 1931 0.51 -7.3 40.5 -3.8 20.66 10.8 15 -21.1 1932 0.44 -13.7 38.3 -5.4 16.85 -18.4 12 -20.0 1933 0.44 0.0 38.1 -0.5 16.76 -0.5 14 16.7 1934 0.53 20.5 34.6 -9.2 18.34 9.4 15 7.1 1935 0.54 1.9 36.6 5.8 19.76 7.8 18 20.0 1936 0.55 1.90 39.2 7.1 21.56 9.1 22 22.2 1937 0.62 12.70 38.6 -1.5 23.93 11.0 23 4.5 1938 0.62 0.00 35.6 -7.8 22.07 -7.8 18 -21.7 1939 0.63 1.60 37.7 5.9 23.75 7.6 22 22.2 1940 0.66 4.80 38.1 1.1 25.15 5.9 25 13.6 1941 0.73 10.60 40.6 6.6 29.64 17.9 32 28.0 Source: Historical Statistics: Series D 802-804 and Series P13 aAnnual growth rate percentage. 15 798-093 Data Supplement Exhibit 10 Labor Union Membership and Work Stoppages: 1919-1941 Average Membership- Duration Workers All Unions Work of Stoppages Involved Year (Thousands) Stoppages (Day) (Thousands) 1 2 3 4 1919 4,046 3,630 - - 1920 5,034 3,411 - - 1921 4,722 2,385 - - 1922 3,950 1,112 - - 1923 3,629 1,553 - - 1924 3,549 1,249 - - 1925 3,566 1,301 - - 1926 3,592 1,035 - - 1927 3,600 666 26.5 319 1928 3,567 620 27.6 323 1929 3,625 924 22.6 286 1930 3,632 651 22.3 182 1931 3,526 796 18.8 346 1932 3,226 852 19.6 325 1933 2,857 1,672 16.9 1,144 1934 3,728 1,817 19.5 1,480 1935 3,753 2,003 23.8 1,102 1936 4,107 2,156 23.3 710 1937 5,780 4,720 20.3 1,950 1938 6,081 2,772 23.6 688 1939 6,556 2,639 23.4 1,180 1940 7,282 2,493 20.9 573 1941 8,698 4,314 18.3 2,360 Source: Historical Statistics, Series D 935 and 940, D 977, D 981, and D 982. (U.S. Bureau of Labor Statistics compiled union membership data through 1934 and the National Bureau of Economic Research compiled data from 1935.) 16 798-093 -17- Exhibit 11 Money Stock - ■ Currency, Deposits, Bank Vault Cash and Gold: 1916-1941 (Billions of Dollars; Annual Averages) Money Deposits at Nonbank Supply Thrift Institutions Deposits Adjusted, (Currency + Money % Annual Currency Commercial Banks Demand % Annual Supply (Ml + % Annual Bank Change in Mutual Savings and Held by Deposits) Change Time Deposits) Change Vault Monetary Monetary Savings Loan Year the Public Total Demand Time (Ml) in Ml (M2) in M2 Cash Gold Stock Gold Stock Bank Associations 1 2 3 4 5 6 7 8 9 10 11 12 13 1916 2.17 18.68 12.53 6.15 14.70 — 20.85 __ 1.55 2.48 4.13 1.06 1917 2.17 22.20 14.91 7.29 17.08 26.2 24.37 16.9 1.40 3.11 25.4 4.33 1.16 1918 2.76 23.97 16.20 7.77 18.96 11.0 26.73 9.7 1.01 3.16 1.6 4.39 -1.27 1919 4.02 26.99 17.77 9.22 21.79 14.9 31.01 16.0 1.01 3.13 -0.9 4.71 -1.39 1920 4.48 30.32 19.25 11.07 23.73 8.9 34.80 12.2 1.02 2.88 -8.0 5.15 -1.60 1921 4.04 28.81 17.47 11.34 21.51 -9.4 32.85 -5.6 0.90 3.29 14.2 5.48 1.85 1922 3.69 30.03 17.98 12.05 21.67 0.7 33.72 2.6 0.87 3.80 15.5 5.72 2.09 1923 3.96 32.64 18.97 13.67 22.93 5.8 36.60 8.5 0.90 4.06 6.8 6.18 2.42 1924 3.96 34.62 19.71 14.91 23.67 3.2 38.58 5.4 0.92 4.44 9.4 6.59 2.89 1925 3.96 38.09 21.70 16.39 25.66 8.4 42.05 9.0 0.93 4.38 -1.4 7.02 3.48 1926 4.00 39.68 22.18 17.50 26.18 2.0 43.68 3.9 0.95 4.45 1.6 7.44 4.09 1927 3.98 40.75 22.12 18.63 26.10 -0.3 44.73 2.4 0.93 4.56 2.5 7.97 4.70 1928 3.89 42.53 22.49 20.04 26.38 1.1 46.42 3.8 0.91 4.21 -7.7 8.53 5.39 1929 3.90 42.70 22.74 19.96 26.64 1.0 46.60 0.4 0.90 4.28 1.7 8.83 6.00 1930 3.73 42.00 22.03 19.97 25.76 -3.3 45.73 -1.9 0.85 4.47 4.4 9.09 6.27 1931 4.16 38.53 19.98 18.55 24.14 -6.3 42.69 -6.6 0.83 4.70 5.1 9.81 6.11 1932 4.92 31.13 16.19 14.94 21.11 -12.6 36.05 -15.6 0.75 4.24 -9.8 9.89 5.62 1933 5.09 27.13 14.82 12.31 19.91 -5.7 32.22 -10,6 0.73 4.35 2.6 9.65 5.04 1934 4.63 29.73 17.23 12.50 21.86 9.8 34.36 6.6 0.78 7.74 77.9 9.63 4.60 1935 4.80 34.27 21.08 13.19 25.88 18.4 39.07 13,7 0.84 9.06 17.1 9.78 4.36 1936 5.23 38.25 24.32 13.93 29.55 14.2 43.48 11.3 0.95 10.58 16.8 9.93 4.22 1937 5.59 40.09 25.32 14.77 30.91 4.6 45.68 5.1 0.94 12.15 14.8 10.11 4.14 1938 5.55 39.96 24.97 14.99 30.52 -1.3 45.51 -0.4 1.02 13.25 9.1 10.19 4.08 1939 6.04 43.23 28.11 15.12 34.15 11.9 49.27 8.3 1.10 16.08 21.4 10.39 4.10 1940 6.76 48.44 32.89 15.55 39.65 16.1 55.20 12.0 1.24 19.85 23.4 10.58 4.22 1941 3.40 54.11 38.12 15.99 46.52 17.3 62.51 13.2 1.37 22.54 13.6 10.58 4.50 Source: Historical Statistics, Series X 410-419 798-093 Data Supplement Exhibit 12 Selected Federal Reserve Assets: 1919-1941ab (Annual Averages of Daily Figures; Millions of Dollars) Federal Reserve Credit Outstanding U.S. Total, Bills Bills Government including Gold Year Discounted Bought Securities All Others Stockc 1 2 3 4 5 1919 1,906 324 254 2,625 2,842 1920 2,523 385 324 3,390 2,582 1921 1,797 91 264 2,198 3,004 1922 571 159 455 1,226 3,515 1923 736 227 186 1,205 3,774 1924 373 172 402 996 4,152 1925 490 287 359 1,195 4,094 1926 572 281 350 1,258 4,165 1927 442 263 417 1,175 4,277 1928 840 328 297 1,505 3,919 1929 952 241 208 1,459 3,996 1930 272 213 564 1,087 4,173 1931 327 245 669 1,274 4,417 1932 521 71 1,461 2,077 3,952 1933 283 83 2,052 2,429 4,059 1934 36 25 2,432 2,502 7,512 1935 7 5 2,431 2,475 9,059 1936 6 4 2,431 2,481 10,578 1937 14 3 2,504 2,554 12,162 1938 9 1 2,565 2,600 13,250 1939 5 — 2,584 2,628 16,085 1940 4 — 2,417 2,487 19,865 1941 5 — 2,187 2,293 22,546 Source: U.S. Board of Governors, Federal Reserve System, Banking and Monetary Statistics, 1943, 368. aBecause these are only selected assets, they will not add to liabilities in Exhibit 13 bThese assets are analogous to the assets of an individual bank that has loans (Bill Discounted), investments (Bills Bought and U.S. Government Securities), and cash (gold). Compare columns 3, 4, 5 of Exhibit 14. cNotice that these are the same numbers given in column 10 of Exhibit 11 for the monetary gold stock. 18 Data Supplement 798-093 Exhibit 13 Selected Federal Reserve Liabilities: 1919-1941a (Annual Averages of Daily Figures; Millions of Dollars) Money Member Bank Reserves Year in Circulationb Totalc Excessd 1 2 3 1919 4,729 1,719 — 1920 5,191 1,835 — 1921 4,663 1,671 — 1922 4,248 1,781 — 1923 4,535 1,873 — 1924 4,592 2,023 — 1925 4,582 2,167 — 1926 4,645 2,209 — 1927 4,605 2,290 — 1928 4,496 2,355 — 1929 4,476 2,358 43 1930 4,245 2,379 55 1931 4,672 2,323 89 1932 5,328 2,114 256 1933 5,576 2,343 528 1934 5,403 3,676 1,564 1935 5,585 5,001 2,469 1936 6,101 5,989 2,512 1937 6,475 6,830 1,220 1938 6,510 7,935 2,522 1939 7,058 10,352 4,392 1940 7,879 13,249 6,326 1941 9,594 13,404 5,324 Source: U.S. Board of Governors, Federal Reserve System, Banking and Monetary Statistics, 1943, 368. aBecause these are only selected liabilities, they will not add to the assets in Exhibit 12. bThis is larger than the amount of Currency Held by the Public in Exhibit 11, since it also includes currency held by banks and the Treasury. cTotal reserves equals the sum of required and excess reserves. dFigures for member bank excess reserves were not available prior to 1929. 19 798-093 -20- Exhibit 14 All Banks—Number of Banks and Principal Assets and Liabilities: 1919-1941 (Millions of Dollars, except Number of Banks; as of June 30 or Nearest Available Date) Assets Liabilities Number Total of Assets or Total Total Total Total Bank Capital Year Banks Liabilities Loans Investments Cash Deposits Notes Accounts 1 2 3 4 5 6 7 8 1919 29,767 47,603 25,132 12,024 8,286 37,982 677 5,409 1920 30,909 53,094 31,189 11,043 8,489 41,838 688 6,019 1921 31,076 49,633 29,236 11,169 6,980 38,934 704 6,385 1922 30,736 50,368 28,000 12,328 7,830 41,227 725 6,599 1923 30,444 54,144 30,734 13,474 7,595 44,376 720 6,818 1924 29,601 57,420 32,030 13,843 9,034 47,961 729 7,073 1925 29,052 62,232 34,378 15,056 9,903 52,301 648 7,384 1926 28,350 65,079 36,658 15,562 9,806 54,416 651 7,841 1927 27,255 67,893 37,949 16,649 10,156 56,700 650 8,301 1928 26,401 71,121 39,946 18,146 9,454 58,138 649 8,954 1929 25,568 72,315 41,944 17,305 9,222 58,269 649 9,750 1930 24,273 74,290 40,990 18,090 11,201 60,365 649 10,372 1931 22,242 70,070 35,416 19,973 10,405 57,187 636 9,872 1932 19,317 57,295 28,071 18,406 7,407 45,569 649 8,525 1933 14,771 51,359 22,337 18,123 7,793 41,684 727 7,388 1934 15,913 55,915 21,309 21,262 10,158 46,480 695 7,865 1935 16,047 59,951 20,240 24,176 12,318 51,270 222 7,815 1936 15,884 66,854 20,640 27,857 15,038 58,068 _ 8,016 1937 15,646 68,402 22,435 27,212 15,520 59,485 — 8,123 1938 15,419 67,730 21,033 26,267 17,374 59,000 _ 8,107 1939 15,210 73,193 21,300 28,339 20,550 64,303 — 8,236 1940 15,076 79,729 22,311 29,040 25,603 70,854 8,252 1941 14,975 87,324 25,273 32,667 26,785 78,212 — 8,441 Source: Historical Statistics, Series X 580-587. 798-093 -21- Exhibit 15 Bank Suspensions—Numberand Deposits of Suspended Banks: 1921-1940 Number o f Suspens io n s Depo s it s o f S u s p e nde d B a nk s (M ill io ns o f D o 11a rs ) F e d e ra 1 R e s e rv e Federal Res e rv e State Co m m e rc ia 1 S ys t e m State C i a m m e rc ial S ys t e m P riv ate P riv ate Losses In c o r- (Unine o r- M utual Non- Incor- (Ui n in c o r- M utual Non- Borne by Year T o tal N atio nal po rate d po rate d) S a v ing s M ember member Total N atio nal porated po rate d) S a v ing s Member member Depositors 1 2 3 4 5 6 7 8 9 1 0 1 1 1 2 1 3 1 4 1 5 1921 505 52 409 44 — 71 434 173 21 143 9 — 38 134 60 1922 346 49 294 2 1 62 305 93 20 69 2 2 27 66 38 1923 646 90 533 23 — 122 524 150 34 114 2 — 47 103 62 1924 775 122 616 37 — 160 615 211 65 138 8 — 79 132 79 1925 618 118 461 39 — 146 472 168 56 104 8 — 65 102 61 1926 976 123 801 52 _ 158 818 260 44 207 9 — 67 193 83 1927 669 91 545 33 — 122 547 199 46 149 4 — 63 136 61 1928 499 57 422 19 1 73 426 142 36 103 3 Z 47 96 44 1929 659 64 564 31 — 81 576 231 42 181 8 — 58 173 77 1930 1,352 161 1,181 58 2 188 1,164 869 170 668 15 16 373 496 237 1931 2,294 409 1,804 80 1 516 1,778 1,690 439 1,230 21 Z 733 958 391 1932 1,456 276 1,140 37 3 382 1,125 725 214 494 8 9 269 456 168 1933 4,004 1,101 2,790 109 4 1,275 3,729 3,601 1,611 1,975 13 2 2,394 1,207 540 1934- 1940 449 45 383 19 2 61 388 477 59 412 2 4 232 245 9,173 Source: HistoricalStatistics, Series X 741-755. Z = Less than S50million. E xhibit 16 MoneyMarket Rates: 1916- 1941 (Percent per Annum; Open Market Rates inNewYorkCit^ F e de ral R e s e rve Stock P rim e Stock Exchange P rim e U.S. Government S e c uritie s B a nk o f N Y Exchange C o m m e rc ial C all Lo ans B anke rs ' 3-M o nth B ills 1 D is c o unt Rate Time Loans P aper, 4 to Acceptances , R ate o n M a rk e t Year 9 0 D ays 6 Months New Rene wals 90 days New Is sues Yield Low High 1 2 3 4 5 6 7 8 9 1916 3.25 3.84 - 2.62 - - - 3.00 4.00 1917 4.62 5.07 - 3.43 - - - 3.00 3.50 1918 5.90 6.02 - 5.28 4.19 - - 3.50 4.00 1919 5.83 5.37 6.70 6.32 4.37 - - 4.00 4.75 1920 8.06 7.50 8.07 7.74 6.06 - - 4.75 7.00 1921 6.15 6.62 5.97 5.97 5.28 4.50 7.00 1922 4.53 4.52 4.36 4.29 3.51 - - 4.00 4.50 1923 5.14 5.07 4.87 4.86 4.09 - - 4.00 4.50 1924 3.64 3.98 3.10 3.08 2.98 - - 3.00 4.50 1925 4.23 4.02 4.20 4.18 3.29 - - 3.00 3.50 1926 4.60 4.34 4.52 4.50 3.59 3.50 4.00 1927 4.35 4.11 4.05 4.06 3.45 - - 3.50 4.00 1928 5.86 4.85 6.10 6.04 4.09 - - 3.50 5.00 1929 7.75 5.85 7.74 7.61 5.03 - - 4.50 6.00 1930 3.26 3.59 2.87 2.94 2.48 - - 2.00 4.50 1931 2.15 2.64 1.74 1.74 1.57 1.402 1.40 1.50 3.50 1932 1.87 2.73 2.05 2.05 1.28 0.879 0.88 2.50 3.50 1933 1.11 1.73 1.14 1.16 0.63 0.515 0.52 2.00 3.50 1934 0.90 1.02 1.00 1.00 0.25 0.256 0.26 1.50 2.00 1935 0.55 0.75 0.56 0.55 0.13 0.137 0.14 1.50 1.50 1936 1.16 0.75 0.91 0.91 0.15 0.143 0.14 1.50 1.50 1937 1.25 0.94 1.00 1.00 0.43 0.447 0.45 1.00 1.50 1938 1.25 0.81 1.00 1.00 0.44 0.053 0.05 1.00 1.00 1939 1.25 0.59 1.00 1.00 0.44 0.023 0.02 1.00 1.00 1940 1.25 0.56 1.00 1.00 0.44 0.014 0.01 1.00 1.00 1941 1.25 0.53 1.00 1.00 0.44 0.103 0.13 1.00 1.00 treasury bills were first offered in 1929, but series begins in 1931. Data Supplement 798-093 Exhibit 17 Basic Yields of Corporate Bonds, by Term to Maturity: 1916-1946 (Percent per Annum) Years to Maturity Year 1 Year 5 Years 10 Years 20 Years 30 Years 1 2 3 4 5 1916 3.48 4.03 4.05 4.05 4.05 1917 4.05 4.05 4.05 4.05 4.05 1918 5.48 5.25 5.05 4.82 4.75 1919 5.58 5.16 4.97 4.81 4.75 1920 6.11 5.72 5.43 5.17 5.10 1921 6.94 6.21 5.73 5.31 5.17 1922 5.31 5.19 5.06 4.85 4.71 1923 5.01 4.90 4.80 4.68 4.61 1924 5.02 4.90 4.80 4.69 4.66 1925 3.85 4.46 4.50 4.50 4.50 1926 4.40 4.40 4.40 4.40 4.40 1927 4.30 4.30 4.30 4.30 4.30 1928 4.05 4.05 4.05 4.05 4.05 1929 5.27 4.72 4.57 4.45 4.42 1930 4.40 4.40 4.40 4.40 4.40 1931 3.05 3.90 4.03 4.10 4.10 1932 3.99 4.58 4.70 4.70 4.70 1933 2.60 3.68 4.00 4.11 4.15 1934 2.62 3.48 3.70 3.91 3.99 1935 1.05 2.37 3.00 3.37 3.50 1936 0.61 1.86 2.64 3.04 3.20 1937 0.69 1.68 2.38 2.90 3.08 1938 0.85 1.97 2.60 2.91 3.00 1939 0.57 1.55 2.18 2.65 2.75 1940 0.41 1.28 1.95 2.55 2.70 1941 0.41 1.21 1.88 2.50 2.65 1942 0.81 1.50 2.16 2.61 2.65 1943 1.17 1.71 2.16 2.61 2.65 1944 1.08 1.58 2.20 2.60 2.60 1945 1.02 1.53 2.14 2.55 2.55 1946 0.86 1.32 1.88 2.35 2.43 Sources: Historical Statistics, Series X 487-491. 23 798-093 Data Supplement Exhibit 18 Bond and Stock Prices: 1916-1941 Bonds (Price per $100 Bond) Standard and P00r's Standard and Poor's Index of Common - Stocks (1941-1943 = 10) State U.S. and Local Govern- Govern- Corporate Indus- Year ment ment Aaa Total trial Railroad Utilities 1 2 3 4 5 6 7 1916 - 100.9 90.7 9.47 6.62 28.35 20.26 1917 - 97.3 87.6 8.50 6.15 24.89 18.24 1918 - 93.5 82.3 7.54 5.57 22.40 14.70 1919 91.9 93.9 81.9 8.78 7.13 22.94 14.79 1920 85.9 87.7 75.2 7.98 6.50 20.86 18.36 1921 88.2 86.5 76.6 6.86 5.07 20.15 14.18 1922 96.6 96.9 85.5 8.41 6.35 23.71 17.39 1923 95.9 96.7 85.0 8.57 6.54 23.45 18.11 1924 99.3 97.4 86.6 9.05 6.83 25.02 19.34 1925 101.7 98.8 88.3 11.15 8.69 29.21 23.28 1926 103.8 99.0 90.1 12.59 10.04 32.72 24.11 1927 108.1 100.3 91.6 15.34 12.53 38.17 27.63 1928 108.3 99.3 91.8 19.95 16.92 40.40 36.86 1929 104.8 96.5 89.1 26.02 21.35 46.15 59.33 1930 108.8 99.0 90.9 21.03 16.42 39.82 53.24 1931 92.8 100.0 92.8 13.66 10.51 23.72 37.18 1932 88.9 91.7 84.4 6.93 5.37 8.75 20.65 1933 93.1 91.0 91.2 8.96 7.61 12.75 19.72 1934 95.4 99.7 98.2 9.84 9.00 14.05 15.79 1935 99.5 108.6 105.5 10.60 10.13 11.78 15.15 1936 100.8 113.8 109.6 15.47 14.69 17.71 22.47 1937 100.1 113.3 110.2 15.41 14.97 16.86 19.07 1938 101.8 116.6 111.7 11.49 11.39 9.15 14.17 1939 104.5 119.0 114.7 12.06 11.77 9.82 16.34 1940 106.6 123.6 116.3 11.02 10.69 9.41 15.05 1941 109.5 130.9 117.7 9.82 9.72 9.39 10.93 Source: Historical Statistics, Series X 492-498. 24 798-093 -25- Exhibit 19 Balance of International Payment: 1919-1940 (Millions of Dollars; Calendar Years) (Continued on following page) Exports of Goods and Services Imports of Goods and Services Income on Invest- Income ments Abroad on Direct Foreign Mer- Trans- Other Mer- Trans- Military Invest- Other chandise porta- Govern- Trans- chandise porta- Expendi- ments Trans- Year Total Adjusted tion Travel Private ment actions Total Adjusted tion Travel tures in U.S. actions 1 2 3 4 5 6 7 8 9 10 11 12 13 14 1919 10,776 8,891 1,109 56 544 175 1 5,908 3,995 818 123 757 130 85 1920 10,264 8,481 1,119 67 588 8 1 6,741 5,384 848 190 123 120 76 1921 5,505 4,586 394 76 405 40 4 3,383 2,572 334 200 65 105 107 1922 4,954 3,929 286 61 544 126 8 3,957 3,184 341 243 42 105 42 1923 5,494 4,266 302 71 676 164 15 4,652 3,866 332 260 33 130 31 1924 5,911 4,741 315 77 602 160 16 4,560 3,684 361 303 36 140 36 1925 6,348 5,011 318 83 752 160 24 5,261 4,291 391 347 39 170 23 1926 6,381 4,922 370 110 793 160 26 5,555 4,500 415 372 43 200 25 1927 6,456 4,982 360 114 821 160 19 5,383 4,240 417 400 38 240 48 1928 6,842 5,249 372 121 922 158 20 5,465 4,159 460 448 44 275 79 1929 7,034 5,347 390 139 982 157 19 5,886 4,463 509 483 50 330 51 1930 5,448 3,929 325 129 876 164 25 4,416 3,104 477 463 49 295 28 1931 3,641 2,494 247 94 674 92 40 3,125 2,120 366 341 48 220 30 1932 2,474 1,667 171 65 460 67 44 2,067 1,343 255 259 47 135 28 1933 2,402 1,736 108 66 417 20 55 2,044 1,510 154 199 41 115 25 1934 2,975 2,238 133 81 437 - 86 2,374 1,763 196 218 34 135 28 1935 3,265 2,404 139 101 521 - 100 3,137 2,462 206 245 41 155 28 1936 3,539 2,590 158 117 567 2 105 3,424 2,546 247 297 38 270 26 1937 4,553 3,451 236 135 576 1 154 4,256 3,181 366 348 41 295 25 1938 4,336 3,243 267 130 583 2 111 3,045 2,173 303 303 41 200 25 1939 4,432 3,347 303 135 539 2 106 3,366 2,409 367 290 46 230 24 1940 5,355 4,124 402 95 561 3 170 3,636 2,698 334 190 61 210 143 798-093 Exhibit 19 (Continued) U.S. Capital Flows, _Net [Outflow of Funds(-)]_ Transactions Balance Unilateral Transfers, Govern- Foreign Capital in U.S. on Net [to Foreign ment, Private Flows, Net Official Errors Goods Countries (-)] Long- Direct Other [Outflow of Funds (-)] Reserve and and Govern- and Long- Long- Short- Long- Short- Assets, Net Omissions, Year Services Private ment Short-Term Term Term Term Term Term [Increase (-)] Net 15 16 17 IS 19 20 21 22 23 24 25 1919 4,868 -832 -212 -2,328 -94 -75 - -215 - 166 -1,278 1920 3,523 -634 -45 -175 -154 -400 - -278 - 68 -1,905 1921 2,122 -450 -59 30 -111 -477 _ -4 -735 -316 1922 997 -314 -38 31 -153 -669 - 7 - -269 408 1923 842 -328 -37 91 -148 -235 -82 338 49 -315 -175 1924 1,351 -339 -25 28 -182 -703 -109 185 228 -256 -178 1925 1,087 -373 -30 27 -268 -603 -46 301 -60 100 -135 1926 826 -361 -20 30 -351 -470 -36 95 455 -93 -75 1927 1,073 -355 -2 46 -351 -636 -349 -50 934 113 -423 1928 1,377 -346 -19 49 -558 -752 -231 463 -117 238 -104 1929 1,148 -343 -34 38 -602 -34 -200 358 196 -143 -384 1930 1,032 -306 -36 77 -294 -70 -191 66 -288 -310 320 1931 516 -279 -40 14 -222 350 628 66 -1,265 133 99 1932 407 -217 -21 26 -16 267 227 -26 -673 -53 79 1933 358 -191 -17 -7 32 -80 42 125 -454 131 61 1934 601 -162 -10 -5 -17 202 104 15 126 -1,266 412 1935 128 -162 -20 1 34 82 427 320 648 -1,822 364 1936 115 -176 -32 3 -12 189 52 600 376 -1,272 157 1937 297 -175 -60 2 35 241 43 245 311 -1,364 425 1938 1,291 -153 -29 -9 16 24 36 57 317 -1,799 249 1939 1,066 -151 -27 -14 9 104 226 -86 1,259 -3,174 788 1940 1,719 -178 -32 -51 32 36 177 -90 1,353 -4,243 1,277 Source: Historical Statistics, Series U 1-25 Data Supplement 798-093 Exhibit 20 Summary of Federal Government Finances -- Administrative Budg 1916-1939 (Millions of Dollars; Fiscal Years Ending June 30) Budget Surplus or Total Budget Expendi- Deficitc Public Year Receipts" turesb (-) Debtd 1 2 3 4 1916 761 712 49 1,225 1917 1,100 1,953 -853 2,975 1918 3,645 12,677 -9,032 12,455 1919 5,130 18,492 -13,362 25,484 1920 6,648 6,357 291 24,299 1921 5,570 5,061 509 23,977 1922 4,025 3,289 736 22,963 1923 3,852 3,140 712 22,349 1924 3,871 2,907 964 21,250 1925 3,640 2,923 717 20,516 1926 3,795 2,929 866 19,643 1927 4,012 2,857 1,155 18,511 1928 3,900 2,961 939 17,604 1929 3,861 3,127 734 16,931 1930 4,057 3,320 737 16,185 1931 3,115 3,577 -462 16,801 1932 1,923 4,659 -2,736 19,487 1933 1,996 4,598 -2,602 22,538 1934 3,014 6,644 -3,630 27,053 1935 3,705 6,497 -2,792 28,700 1936 3,997 8,421 -4,424 33,778 1937 4,955 7,733 -2,778 36,424 1938 5,588 6,764 -1,176 37,164 1939 4,979 8,841 -3,862 40,439 Source: Historical Statistics: Series Y 335-338. ^Excludes receipts from borrowing. bExcludes debt repayment. cReceipts compared with expenditures. dAs of end of period. 27 798-093 Data Supplement Exhibit 21 Outlays of the Federal Government, by Major Function: 1918-1939 (Millions of Dollars; for Fiscal Years Ending June 30) Inter- Veterans' Major national Services National Affairs and and All Year Total Security Finance Benefits Interest Others 1 2 3 4 5 6 1918 12,662 7,110 4,748 235 198 371 1919 18,448 13,548 3,500 324 616 460 1920 6,357 3,997 435 332 1,024 569 1921 5,058 2,581 83 646 999 749 1922 3,285 929 10 686 991 669 1923 3,137 680 14 747 1,056 640 1924 2,890 647 15 676 941 611 1925 2,881 591 15 741 882 652 1926 2,888 586 17 772 832 681 1927 2,837 578 17 786 787 669 1928 2,933 656 12 806 731 728 1929 3,127 696 14 812 719 886 1930 3,320 734 14 821 697 1,054 1931 3,578 733 16 1,040 628 1,161 1932 4,659 703 19 985 619 2,333 1933 4,623 648 16 863 701 2,395 1934 6,694 540 12 557 770 4,815 1935 6,521 711 19 607 826 4,358 1936 8,494 914 18 2,350 756 4,456 1937 7,756 937 18 1,137 872 4,792 1938 6,792 1,030 19 581 933 4,229 1939 8,858 1,075 20 560 950 6,254 Source: Historical Statistics, Series Y 466-471. 28 798-093 -29- Exhibit 22 Social Welfare Expenditures under Public Programs, by Source of Funds: 1890-1941 (Millions of Dollars) From Federal Funds _From State and Local Fundsa Health Health and Veter- and Veter- Social Medical ans' Other Social Medical ans' Other Insur- Public Pro- Pro Educa- Hous- Social Insur- Public Pro- Pro Educa- Hous- Social Year Total ance Aid grams grams tion ing Welfare Total b ance Aid grams grams tion ing Welfare 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1890 115 - - - - - - - 203 - - - - - - - 1913 196 - - - - - - - 804 - - - - - - - 1929 798 56 _ 47 658 37 1 3,123 286 60 304 2,397 - 75 1930 817 60 - 47 668 40 - 2 3,628 301 78 331 - 2,483 - 76 1931 911 69 _ 51 744 45 2 3,290 299 164 355 - 2,394 - 77 1932 1,022 75 - 55 825 46 - 2 3,301 281 256 379 - 2,306 - 79 1933 1,339 81 345 52 819 41 - 2 3,123 263 344 366 - 2,063 - 87 1934 2,771 95 2,004 48 530 93 Z 2 3,061 267 527 352 - 1,821 - 94 1935 3,207 119 2,374 50 598 53 13 2 3,341 287 624 378 - 1,955 - 97 1936 6,506 133 2,310 55 3,826 139 42 3 3,678 323 770 399 - 2,089 - 97 1937 3,788 193 2,494 70 880 143 3 4 4,070 352 942 430 12 2,232 - 101 1938 3,255 295 2,075 73 615 188 4 5 4,669 553 1,158 497 12 2,376 - 103 1939 3,987 358 2,871 79 596 73 3 7 5,226 823 1,359 496 10 2,431 - 107 1940 3,443 394 2,243 97 620 75 4 11 5,351 878 1,353 519 9 2,487 - 106 1941 3,660 470 2,188 232 605 136 9 22 5,293 860 1,336 493 8 2,482 - 114 Source: Historical Statistics, Series Y32-47 includes expenditures from state accounts in unemployment trust fund; excludes federal grants-in-aid. bIncludes payments by private insurance carriers and self-insurers of benefits payable under state workmen's compensation and temporary disability insurance laws. Z = Less than $500,000. 798-093 Data Supplement Exhibit 23 Demographic Statistics-Birth Rate, Death Rate, and Marriage Rate: 1919-1933 Birth Death Marriage Year Ratea Rateb Ratec 1 2 3 1919 26.1 12.9 NA 1920 27.7 13.0 12.0 1921 28.1 11.5 10.7 1922 26.2 11.7 10.3 1923 26.0 12.1 11.0 1924 26.1 11.6 10.4 1925 25.1 11.7 10.3 1926 24.2 12.1 10.2 1927 23.5 11.3 10.1 1928 22.2 12.0 9.8 1929 21.2 11.9 10.1 1930 21.3 11.3 9.2 1931 20.2 11.1 8.6 1932 19.5 10.9 7.9 1933 18.4 10.7 8.7 aEstimated total live births per 1,000 population. bNumber of deaths, excluding fetal deaths, per 1,000 population. cNumber of marriages per 1,000 population. NA = Not available Exhibit 24 Electoral and Popular Vote Cast for President: 1920-1932 Political Electoral Popular Year Party Vote Vote 2 3 4 1920 Republican 404 16,143,407 Democrat 127 9,130,328 Socialist - 919,799 1924 Republican 382 15,718,211 Democrat 136 8,385,283 Progressive 13 4,831,289 1928 Republican 444 21,391,993 Democrat 87 15,016,169 1932 Democrat 472 22,809,638 Republican 59 15,758,901 Socialist - 881,951 aMinor party candidates receiving less than 500,000 votes not included. 30 Data Supplement 798-093 Exhibit 25 Vote Cast for Representatives, by Political Party: 1920 - 1932 (Thousands) Year Total Republican Democrat Other 1 2 3 4 1920 25,214 14,773 9,038 1,403 1922 20,409 10,548 9,131 730 1924 26,884 14,932 10,854 1,098 1926 20,435 11,643 8,284 508 1928 33,906 19,163 14,361 382 1930 24,777 13,032 11,044 701 1932 37,657 15,575 20,540 1,542 Source: Historical Statistics, Series Y 211-214. 31