(navigation image)
Home American Libraries | Canadian Libraries | Universal Library | Community Texts | Project Gutenberg | Biodiversity Heritage Library | Children's Library | Advanced Microdevices Manuals | Linear Circuits Manuals | Supertex Manuals | Sundry Manuals | Echelon Manuals | RCA Manuals | National Semiconductor Manuals | Hewlett Packard Manuals | Signetics Manuals | Fluke Manuals | Datel Manuals | Intersil Manuals | Zilog Manuals | Maxim Manuals | Dallas Semiconductor Manuals | Temperature Manuals | SGS Manuals | Quantum Electronics Manuals | STDBus Manuals | Texas Instruments Manuals | IBM Microsoft Manuals | Grammar Analysis | Harris Manuals | Arrow Manuals | Monolithic Memories Manuals | Intel Manuals | Fault Tolerance Manuals | Johns Hopkins University Commencement | PHOIBLE Online | International Rectifier Manuals | Rectifiers scrs Triacs Manuals | Standard Microsystems Manuals | Additional Collections | Control PID Fuzzy Logic Manuals | Densitron Manuals | Philips Manuals | The Andhra Pradesh Legislative Assembly Debates | Linear Technologies Manuals | Cermetek Manuals | Miscellaneous Manuals | Hitachi Manuals | The Video Box | Communication Manuals | Scenix Manuals | Motorola Manuals | Agilent Manuals
Search: Advanced Search
Anonymous User (login or join us)
Upload
See other formats

Full text of "Work materials ..."

BOSTON PUBLIC LIBRARY 

Illlllllllllllill I 
3 9999 06317 352 8 



OFFICE OF NATIONAL RECOVERY ADMINISTRATION 
DIVISION OF REVIEW 



STATISTICAL BACKGROUND OF THE NRA 
By 
Victor 3. von Szeliski 



WORK MATERIALS NO. SEVEN 



STATISTICS STUDIES SECTION 
MARCH, 1936 



- ■ 



{ I 



9820 



OFFICE pF NATIONAL RECOVERY ADMINISTRATION 
DIVISION OF REVIEW 



STATISTICAL BACKGROUND CF TEE NEA 

by 

Victor S. vm Szelislci 



STATISTICS STUDIES SECTION 
MARCH, 1936 



SUMMARY DATA RELATING TO OPERATION OF THE NRA 

The statistical exhibits are arranged according to the following 
classification of objectives and problems. 

I. The_ Obje ctive of Increased production, and re em - Page 
ployment Through Increased production . 1 

"It is hereby declared to be the policy of 
Congress ... to promote the fullest pos- 
sible utilization of the present productive 
capacities of industries . . . and to reduce 
and relieve unemployment." 1 

A. Data on Production and Employment 1 

1. Production records, U.S. and Foreign ... 1 

2. U.S. industrial Production vs. Capacity . 1 

3. Output of consumers' goods. Monthly in- 
dex 9 

4. Output of capital goods and construction, 
materials. Sources of spending power for 
this class of goods. 12 

5. Employment and unemployment, number (em- 
ployed in NRA Industries) 20 

6. Employment in manufacturing, railroads 

and agriculture 22 

7. Relief, number and costs 24 

B. The Problem of Change. 25 

1. Technological displacement of labor ... 25 chart p. 28 

2. Industrial migrations 31 tables pp. 32-47 

Regional wage differentials 

C. The Problem of Out -of -Balance Prices 48 

Demoralized prices, and price disparities, 
particularly between rigid-prices and flex- 
ible prices goods, are said to hrve contri- 
buted to the contraction of business acti- 
vity. 

1. Price indexes for most flexible and least 
flexible prices, and relations between 

them 48 chart p. 54 

2. Price index by commodity groups, and re- 
lations between them 48 charts pp. 51-57 

3. Prices and other series related to build- 
ing 49 charts pp. 57-79 

D. Economic Behavior 80 

1. Interrelation between Production, prices 

and wages charts pp. 81-84 

2. Price and production in various industries. charts pp. 84-92 



9820 -ii- 



Page 

E. The Problem of Purchasing power 93 

In general, recovery in consumers' goods in- 
dustries is said tc "be keyed to the amount 

ef meney consumer's have available to satis- 
fy their accumulated wants. "It is hereby 
declared to be the policy of Congress . . to 
increase the consumption of industrial and 
agricultural products by incrersing purchas- 
ing power. " Demand for goods - desire plus 
purchasing power. 

1. National income figures, and relation to 
cost of living; weekly wages, hourly 

earnings 96-106 

2. Cost i>f living 94 

3. The special problem of lower bracket in- 
comes; Low wage industries, low wage 
regions, sub-average wages 95 

F. TThe problem of Industrial Concentration and 

the Small Firms problem. "Codes shall not 

permit monopolies or monopolistic practices," 

or eliminate "or oppress small enterprizes. " 107 

1. Profits in large corporations vs. prof- 
its in others Ill 

2. Data on total assets and cash position . 112-113 

3. Various data classified by size of firm . 114-119 

II. The Temporary Objective of Work-S ha ring. (Reem- 
ployment by work-sharing may be distinguished 
from reemployment by recovery.)" ...more men to 
do the existing vork by reducing the wcrk-i:ours 
of each man's week." 120 

A. Man-hours used in manufacturing: Compari- 

sions 121 

3. Hours-per-week in manufacturing and principal 

manufacturing industries 122 

C. Hourly earnings and hours 'worked per week in 

specified industries 122-126 

III. The Objective of Stabilized Output 127 

A. The problem of adjustment of supply and de- 
mand. (Ho statistical exhibits) 

B. The problem of seasonal instability; season- 
al indexes of employment and/or payrolls in 
irregular industries. Hign peaks and low 

valleys 128-131 



9820 -iii- 



Page 
IV. The Obje ctive of Fair Competition . Classifi- 
cation of trade practice provisions in codes 132 

V . T nc Objective of Cooperative Action of Labor 
and management . (No statistical exhibits) 

V T , Th e Ob j e c t ive of C onservation 

"It is' hereby declared to be the policy of 
Congress ...to conserve natural resources". 
(No statistical exhibits) 



9820# -iv- 



-1- 

I . THE 0?JEC T IVE OF INCR EASE D PRO DU CTION, AMD REB.iPLOYI.IENT THROUGH 
II'CllE/iSBD PRODUCTION 

A. PRODUCTION ARD USE 0? CAPACITY 

"It is hereby declared to be the policy of Congress to 

promote the fullest possible utilization of the present pro- 
ductive capacities of industries. ..." 

Table 1 and Chart 1 show the general course of depression and re- 
covery for the United States, and other important countries, by years 
through 1932 and by months for 1933-35. The depth of depression varied 
from country to country. ■ Some adjusted themselves to the shocks of 
deflation and succeeded in maintaining a relatively high rate of activity, 
while others did not. The problem of recovery presented itself to each 
with different intensity. 

Economic activity in the United States in 1932 and early 1933 had 
sunk farther relative to pre-depression levels than that of any of these 
countries, and unemployment was more acute. The recovery problem pre- 
sented itself with greater insistence here than in most, if not all, 
other countries. 

The drop in the world position of the United States in sixteen 
commodities- is shown in table 2. This compares the ratio of U.S. output 
to world output in 1929 and 1934. The comparison would have been still 
more unfavorable in 1933. In two cases the position of the United States 
showed an increase, but,, for most, and the most important, commodities 
the loss of the United States was severe. The extreme drop was in copper, 
in which the United States fell from ,52fo of the world's output in 1929 to 
19$ in 1934. 

Use of Physical Resources. The physical plant of the United States 
was partly idle even during the '20's. The obvious fact of idle machinery 
standing ready to produce goods of which millions were in need has caused 
a number of studies to be made of the producing capacity of the country. 
The most conservative of these is "America's Capacity to Produce." pub- 
lished by the Brookings Institution. The amount of this unutilized 
capacity is indicated in Chart 3. 

Amount of capacity being used in 29 manufacturing industries in 1925 - 
29, and in' 23 mineral industries, 1929, are shown in charts 4 and 5. This 
shows American industry operating at its best; at its worst, in 1932 and 
earl 1 / 1933, some industries were down below 15$. of capacity. Hence the 
obvious reasonableness of Congress's objective of "maximum possible 
utilization of present productive capacity." 



9820 



-3- 

TA3LE 1 

DTDUSTBIAL PHODUCTIOi: 117 SIX COUITTRIES 

1923 - 1935 

Indexes 1938 = 100 



U.S. 



Un.X. 



Canada 



Prance 



Janan 



Sweden 



1928 


100 


100 


100 


■ 100 


100 


100 


1929 


107.2 


106.0 


108.1 


109.4 


111.4 


105. S 


1930 


86.5 


97.9 


91.7 


110.2 


105.6 


101.9 


1931 


73.0 


8o» 8 


76.7 


97.6 


102.1 


89.4 


1932 


57.7 


88.4 


62.8 


75.6 


109.0 


05.7 


1933 














Jan . 


5S.6 




52.8 


78.7 


119.3 


03.7 


Feb. 


. 56.8 


)— 89.6 


51.7 


81.1 


115.6 


05.6 


Mar. 


54.1 




53.1 


82.7 


125.7 


05.6 


Apr. 


59.5 




55.3 


84.3 


124.5 


80.8 


May 


-70.3 


)— 91.5 


61.7 


85.8 


123.5 


83.7 


June 






67.7 


87.4 


112.6 


01.7 


July 


90.1 


1 * 


70.1 


08.2 


127.9 


83.7 


Aug. 


82.0 


)~ 91.5 


75.0 


87.4 


153.3 


87.5 


Sept. 


75.7 




76.6 


86.6 


130.1 


86.5 


Oct. 


68. 5] 




74.2 


85.0 


155.2 


89.4 


Nov. 


64.9] 


99.1 


71.2 


84.3 


136.6 


95.1 


Dec. 


67.6] 




72.2 


U«J, O ' 


134.4 


97.1 


1934 




• 










Jan. 


70.31 




71.7 


83.5 


132.1 


99.0 


Feb. 


73.0] 


104.8 


71.3 


03.7 


129.4 


100.0 


Mar. 


75.7] 




78.1 


01 . 9 


140.1 


102.9 


Apr. 


76.6] 




77.6 


01.1 


140.3 


105.3 


May 


77.5] 


104.6 


84.8 


79.5 


140.6 


105.7 


June 


74.8] 




80.8 


78.0 


142.6 


107.7 


July 


68, 5; 




81.2 . 


77.2 • 


142.8 


102.9 


Aug. 


65.8] 


100.5 


84.7 


76.4 


145.5 


107.7 


Sept . 


64.0] 




82.3 


74.8 


138.7 


107.7 


Oct. 


65.8] 




81.1 


74,0 


152.6 


10S.7 


l T ov. 


66.7] 


110.0 


82.3 


74.0 


153.2 


109.6 


Dec. 


76.6] 




77.2 


73.2 


162.9 


109.6 


1935 














Jan. 


32.0] 




85.0 


75.2 


146.6 


111.5 


Feb. 


80.2] 


111.1 


85.8 


73.2 


145.8 


113.5 


Mar . 


79.3] 




79.2 


75.2 


• 159. C 


115.4 


Apr. 


77.5] 




82.9 


73. 2 


159.3 


113.5 


May 


76.6] 


109.9 


83.6 


72.7 


159.4 


115.4 


June 


77.0] 




84.6 


72.4 


153.9 




July 


74. 




88.3 




157.8 




Aug. 


77. 




93.6 








Sept. 


79. 




87.0 








Oct. 


86. 













Source: League of ITations, "Monthly 3ullotin of Statistics" 

Indexes (excent Japan and United Kingdom) arc adjusted for seasonal variation. 

3820 



-3- 

TABLE 2 

U. S. PRODUCTION DATA FROM 
NATIONAL BUREAU OF ECONOMIC RESEARCH 
Bulletin 58, Not. 15. 1935 

THE" SHARE OF THE UNITED STATES IN WORLD OUT- 
PUT OF SELECTED COMMODITIES, 1929 AND 1934- 





RATIO OF 


DOMESTIC TO 


1934 


RATIO AS A 




WORLD 


OUTPUT 


PERCENTAGE OF 


COMMODITY 


(in percentages) 


1929 RATIO 




1929 


1934 






Copper 


52.3 


18.8 




36 


Oats 


23.7 


13.2 




56 


Wheat' 


19.1 


10.9 




57 


Cement 


39.0 


23.6 




61 


Silver 


23.0 


14.5 




63 


Steel 


47.5 


32.2 




68 


Maize (corn) 


56.3 


38.1 




68 


Cotton 


55.9 


41.0 




73 


Coal 


41.4 


34.2 




83 


Artificial silk 1 


27.8 


23.1 




83 


Motor cars 


84.8 


74.2 




88 


Tobacco 


30.2 


26.7 




88 


Petroleum 1 


67.1 


59.6 




89 


Woodpulp 


25.8 


23.0 




89 


Gold 1 


11.0 


11.8 




107 


Sugar beets 1 


10.8 


12.0 




111 



Commodities the world output of which increased between 1929 and 1934. 

PHYSICAL VOLUME OF PRODUCTION AND POPULATION, UNITED STATES, 1927-1934 

(1927=100) 



YEAR 


FARM PRODUCTS 


MINERALS 


MANUFACTURES 


CONSTRUCTION 


TOTAL PRODUCTION 


POPULATION 
100.0 


1927 


100 


100 


100 


100 


100 


1928 


105 


100 


108 


105 


106 


101.2 


1929 


102 


109 


116 


99 


110 


102.2 


1930 


102 


97 


98 


90 


98 


103.1 


1931 


108 


82 


83 


75 


87 


103.9 


1932 


101- 


68 


66 


50 


71 


104.5 


1933 


98 


73 


75 


38 


75 


105.2 


1934 


92 


78 


80 


44 


78 


105.9 


1935 (8 mos.) 


(95) 


(81) 


(90) 


(45) 


(85) 


(106.6) 


PERCENTAGES OF 


1929 ► 












1929-32 


—1 


-38 


—43 


-49 


-35 


+2.3 


1932-33 


-3 


+ 5 


+ 8 


—12 


+ + 


+0.7 


1933-34 


-6 


+ 5 


+ 4 


+ 6 


+ 3 


-1-0.7 


1934-35 (est.) 


+3 


+ 3 


+ 9 


+ 1 


+ 6 


+0.7 



CHANGES IN THE PHYSICAL VOLUME 1 OF MANUFACTURING PRODUCTION, 1927-1935 
ANALYZED ACCORDING TO THREE CLASSIFICATIONS OF COMMODITIES 

CHANGES AS PERCENTAGES OF 1929 





-1927 


1928 


1929 


1930 


1931 


1932 


1933 


1934 


1935 

(8 mos.) 


1929- 
1932 


1932- 
1933 


1933- 
1934 


1934- 
1935 


All manufactures 


100 


108 


116 


98 


83 


66 


75 


80 


90 


-43 


+ 


8 


+ 4 


+ 9 


A. Durable goods 


100 


114 


122 


95 


67 


44 


52 


61 


77 


—64 


+ 


7 


+ 7 


+ 13 


"Semi-durable goods 


100 


102 


107 


90 


90 


80 


92 


91 


101 


-25 


+ 11 


- 1 


+ 9 


Non-durable goods 


100 


105 


112 


108 


101 


90 


93 


96 


9+ 


-20 


+ 


3 


+ 3 


— 2 


B. Consumption goods 


100 


107 


115 


101 


93 


80 


88 


90 




-31 


+ 


7 


+ 2 




Capital equipment 


100 


115 


126 


96 


66 


45 


52 


65 




— 64 


+ 


6 


+ 10 




Construction materials 


100 


104 


106 


83 


59 


35 


42 


46 




-67 


+ 


7 


+ 4 




"C. Consumption goods 






























Durable 


100 


122. 


132 


105 


80 


56 


66 


77 




-58 


+ 


8 


+ 8 




Other 


100 


103 


109 


100 


96 


87 


94 


94 




-20 


+ 


6 







Capital equipment and 






























construction materials 


100 


110 


117 


90 


63 


40 


47 


56 




—66 


+ 


6 


+ 8 





*82e 



ro 



0> 



M 

<r 

So 

§2 

z • 

ooo 



4 
CHART I 



o 



o 

M 



o 
o 



o 
co 



o 



o 

CM 




ll 






<u. 



Jig 

am 



CO 

a o 

2 OO 
Z a>- 

CJ 

x en 
o 



o 



o 

CO 



8 



s 



o 

10 



o 



o 

CM 



o 




IO 




en 


<0u 




l-K 




<« 








"1= 




|t§9 




z< 




*20T 




K s 




u > 




l«l 


en 

CM 


• 22 


en 


=>o 




V V) 




=Jo< 






s 5 " 






.'55 








.< 




<fl~>o 




Z Ul 




Ol-k 




h a- to 


CO 
CM 


<wo 


ZO-, 




o 




w 10 

Si 




UJ 








IT 




3 




O 



9820 



-5- 




9620 



6 

CHJLEC 3 




9830 



7 

CHAHT 4 



UTILIZATION OF MINERAL CAPACITY. 1929 



PERCENTAGE OF CAPACITY UTILIZED 

not 




Most of the mineral industries operated within 
a range o{ from 77 to 87 per cent of practical 
capacity in 1919. The percentage of utilization 
in various representative divisions is shown in 
Figure 6. The weighted average was about 83. The 
divisions which fell furthest below the average 
were mostly small in sire, whereas two large divi- 
sions rose to about 95 per cent. 

it. Anthracite collieries 

1 j. Clay mines 

14. Lead smelters.Missouri 



1. Copper refineries, elec- 
trolytic 
1. Byproduct coke plants 

3. Iron blast furnaces 

4. Copper mines 

5. Petroleum refineries 

6. Lead mines 

7. Bituminous coal mines 

8. Cement industry 

9. Lead refineries 

10. Crude oil production 



15. Carbon black plants 

16. Zinc mines 

17. Fuel briquet plants 

18. Zinc, electrolytic plants 

19. Zinc smelters 

so. Gypsum calcining 
plants 
Natural gasoline plants 



(east of California) t«. Beehive coke plants 
namite mills «« Bl»«* oowder mills 



11. Dynamite mills 



REPRODUCED FROM "THE TROUBLE WITH CAPITALISM IS THE CAPITALISTS", 
FORTUNE, NOVEMBER, 1935, BY PERMISSION OF DR. HAROLD Q. MOULTON. 



9820 



3 
CHAET 5 



UTILIZATION OF MANUFACTURING CAPACITY. 1925-29 



PERCENTAGE OF CAPACITY UTILIZED 

WOr 




Among manufacturing industries as in the min- 
erals, there was wide variation in the ratio of 
actual production to practically attainable capac- 
ity, averaging roughly around 80 per cent. In this 
chart some industries supplying a product with a 
growing demand, such as full-fashioned hosiery, 
are shown to have operated in 19*9 well above 
that level, but others could have more than 
doubled their output if they had been able to sell 
the enlarged product. Thus, the locomotive in- 
dustry was operating at a bare 40 per cent. Such 
important industries as automobiles, cotton manu- 
factures, and shoes were around 80 per cent al- 
though if the consumptive needs of the people 
could have been translated into purchasing power 
the market demand would have exceeded capac- 
ity. In surveying manufacturing capacity, as in 
other divisions of production, full allowance was 
made for practical factors of operation. 



1. Full-fashioned hosiery 
1. Dairy products 
j. Steel 

4. Paper 

5. Printing and publish- 

ing 

6. Meat packing 

7. Silk and rayon manu- 

factures 

8. Automobile tire 

9. Pig iron 

10. Plate glass 

11. Automobile 

is. Fruit and vegetable 
canning 

13. Cotton manufactures 

14. Boot and shoe 



15. High explosives 
ib. Men's clothing 

17. Chlorine and allied 

products 

18. Wire 

19. Rolled (steel) prod- 

ucts 
10. Lumber 
si. Machine tool 
»». Beet sugar 

13. Wool manufactures 

14. Tin plate 

15. Window glass 

*6. Textile machinery 
17. Black powder 
iR. Flour milling 
19. Locomotive 



REPROOUCEO FROM "THE TROUBLE WITH CAPITALISM IS THE CAPITALISTS" 
FORTUNE, . NOVEMBER, 1935, BY PERMISSION OF DR HAROLD 6. MOULTON. 



933^ 



-9- 



OUTPU? 07 GO'::nj, ' 



good s 



The output of consumers ' *oods is, in the last analysis, what the 
population lives on, and v/aat determines a country's standard of living. 
General production indexes, heavily weighted as they are with construc- 
tion materials and semi-finished materials destined for capital goods, 
will not measure what is made for direct consumption. 

Chart 6 - presents a monthly index of consumer's goods production 
adjusted for -oopulation growth (as the population has increased about 
12/o since the 1923-25 raeriod used as base, 100 today no longer means 
what it meant in 1923-25. The "normal" is no longer 100, hut about 112). 

The per capita supply receded below 75$£ (of 1923-25 = 100) in 1932 
and early in 1933, This was including passenger automobiles. The 
supply of goo ds other than automobiles receded below 80Jo 

This contraction occurred in spite of a capacity more than ample 
to continue turning out consumers ' goods at the 1929 rate. 

The money spent for consumers' goods originates (mostly) in pay- 
rolls, salaries, and farm and other entrepreneurial income, and to a 
lesser extent in dividends and interest received by individuals. 

Another, and more comprehensive index, on an annual basis, is 
that the National Bureau of Economic Research, reproduced herewith. 

OUTPUT OF COITSUitPTION GOODS, 1929-1934 



Manufactured Consumption Goods 
Automotive 
Foods Clothing Products Other Total 



No n-Manuf a c tur e a_ 
Consumption Goods Total 



1929 


100 


100 


100 


100 


100 


100 


100 


1930 


98 


|7 


71 


90 


88 


105 


91 


1931 


92 


89 


59 


74 


81 


107 


86 


1932 


82 


81 


45 


58 


69 


103 


75 


1933 


84 


93 


52 


66 


76 


102 


81 


1934 


86 


88 


62 


70 


78 


104 


83 


Change as a 
















percentage 
















of 1929 
















1929-32 


-18 


-19 


-55 


-42 


-31 


/3 


-25 


1932-33 


/2 


/l2 


/ 7 


/8 


/? 


- 1 


■/• 6 


1933-34 


7^2 


- 5. 


fio 


/ 4 


/ 2 


/2 


4- 2 


Source: 


Bulletin 58, 


November 15, 


1935. 


National 


Bureau of 


Economic 


Research. 

















The classification of non-manufactured consumption goods includes all 
or a part of the following: fruits, vegetables and truck crops; milk; 
poultry products; fresh fish; anthracite coal; natural gas; electricity. 



9820 



-10- 



Th is is divided into gro'ups. Clothing output fell from 100 in 1929 
to 81 in 1932. Foods fell almost as much. Hon-manufactured goods (mostly 
farm produce, and including anthracite coal and electricity) increased 
from 100 to 103. This reflects the partial switch from processed to 
'plain foods because of decreased income. Automobile products, "being 
durable, and their purchase "being postponable, fell off most. 

There is another important consumers' good that might "be included 
with as much justification as passenger automobile production, namely 
residential building. This practically ceased at the bottom of the 
depression. Of course, in the case of consumers' durable goods such as 
automobiles and residences, what the consumer consumes is transportation 
and shelter from the accumulated stock of such goods. The country's 
stock of motor vehicles declined from about 23,600,000 as the end of 
1929 to 22,177,000 at the end of 1952, or 6fo, while the putput of auto- 
mobile products was down 45fo. 



Consumer Inventory of Motor Vehicles 



1928 
1929 
1930 
1931 

1932 
1933 



Motor Ve- 




Motor Ve- 


hicles in use 




hicles per 


e'nd of year 


Pormlation 


1000 nersons 


22,122,000 


120,690,000 


184 


23,601,000 


122,358,000 


193 


23,771,000 


123,630,000 


192 


23,078,000 


124,446,000 


185 


22,177,000 


124,256,000 


177 


20,710,000 


126,088,000 


164 



Calculated from registration figures published by the U.S. 
Bureau cf Public Roads. Motor vehicles in use end of 1928 
equals all vehicles registered during 1929 less new vehicles 
sold and registered during 1929, plus government vehicles 
not registered. 1IACC "Facts and Figures". 

While the supply of essential consumers' goods per head was not 
seriously contracted, the distribution became worse as the depression 
deepened. Many may have consumed as much or more of the- essentials 
of those still employed in 1932 as in 1929, but the unemployed could 
fill onl- r a portion of their usual wants. 



9820 



11 



CHART 6 



CO 

z: 
o 



a. 
cr 

bJ 
Q_ 



Oro 



o 
o 
o 



2} 
i 

ro 
c\J 
CO <D 
CC — 

UJ 

=> 

CO 

o 
o 

o 
o 

a 
o 
a: 






w 








111 








_l 








in 








o 




,' 




z 




,-* 




g 




* 




3 
< 








z 
a 

3 
-I 


s, 


i 












Z 





4 


S 



o 

x°S 

UjUJSO 

qcqS 10 
Zg 



*? 

Z I 

•I 

i- n 

3 d 

<o > 
*o . 
z a 
O >o 
u o» 
j - 

i»y 

$ 






?320 



-12- 
CAPITAL EQUIPIIEFT AHD COI t STR t "CTIC'" MATERIALS 



Production of capital goods and construction materials fell in 
1932 to 40;', of its 1927 level and 35^ of its 1329 level, according to 
the national Bureau of Economic Research. Here was where the depression 
was focussed. These industries, by and large, exist only to "build and 
install capacity for producing consumers ' goods. i.Ieanwhile, existing 
capacity to produce consumers' goods was ample to continue supplying 
them at the 1929 rate. 

When demand for consumers' goods shrinks even moderately, even 
maintenance work can "be postponed, and acturl new capacity will "be re- 
quired only in exceptional industries. Under these conditions capital 
goods demand may go almost to zero. An extreme example is railroad 
locomotives. Only two were ordered in 1932 compared to 1,044 in 1929 
and 2,604 in 1922. 

Table 3 includes production records for a number of capital goods 
industries. The volume contraction in 1932 was double or triple the 
contraction in consumers' goods. 

The situation of these industries is generally so desperate at 
depression lows, as to entitle then to se _ mrate consideration. Hence, 
the Durable Goods Problem: How can the violent swings in production 
be smoothed out? How can these industries be quickly reactivated in a 
depression? 

The funds for purchasing capital goods and construction materials 
for maintenance and additional capacity came mainly from 

(1) Current profits of corporations not disbursed as 
dividends 

(2) Cash balances of corporations (Over and above working 
capital requirements) 

(3) Savings of individuals invested in new corporate 
securities and mortgages through insurance companies, 
savings banks, and the investment market. 

Data on corporation profits are given in Table 4. The ca,sh 
position of large corporations in 1932 (Table 32 a.nd 33) was sub- 
stantially as gcod a£ in 1923 ani 1929. Hot a few companies have re- 
cently been able to exnand out of accumulated cash reserves and current 
profits, without recourse to the ca.pitr.1 markets. Public flotation of 
new capital issues (including refunding) have shown little recovery 
so far (spring of 1936). 



9820 



-13- 
TABIE 3 



PRODUGTir;- 07 GSRTAIil C0::.0DITIE3 









Per cent 


Page 


1929 
9,609 


1932 
8,395 


chan; ;e 


159 


- 13 


169 


398,059 


309,713 


- 22 


147 


129,835 


140,517 


/ 8 


147 


38,355 


45,053 


f IG 


149 


150,411 


150 ,442 






161 



393,965 



366,171 



1929 - 1932 
(All fibres are monthly averages unless otherwise specified) 



C0i:3UlSHS' PERISHABLE GOODS 
tfheat flour (occ'O of Vols.) 
Sugar meltings, G ports, long tons 
3utter (apparent consumption) 

thousand pounds 
Cheese (apparent consumption) 

thousand pounds 
Evaporated nil 1 .: (thousand lbs.) 
3eef and Veal, inspected (thousands 

of pounds) 
Pork, inspected slaughter (thousands 

of pounds) 
Lard (thousands of pounds) 
Lamb and Mutton (thousands of lhs.) 
Canned Salmon, shipments (cases) 
Candy, sales by mfrs. ($000) 
Cigarettes, withdrawals (.000' s) 
Anthracite coal (thousand shorttons) 
Gasoline, at refineries (thousand 

barrels) 
Gasoline, at natural gr,s plants 
Electricity, million Irwh. 
iiewsprint ( consumed by publishers) 
short tons 

cofsuuers' ski -durable goods 

Gloves and ilittens (dozen pair) 
Shoes (thousands of pairs) 
Pneumatic casings (thousand's) 
Inner tabes (thousands) 
Rubber and Canvas foctrear (thousand 

pair) 
Cotton textiles (weekly average) 

thousand yards 
Rubber heels (thousand pair) 
Silk Deliveries (bales) 
Wool Consumption (thousand lbs.) 

COESUuERS' DURABLE GOODS 

Passenger Automobiles 

Vacuum CI eaner s ( shipment s ) 

Residential Eu.il din;; : 
Projects, number of 
Floor snace, thou. sq. feet 
Valuation ($000) 



241 



190,244 



141,325 



253 

!6i 
25 5 
267 
269 



7,410 

67,917 
19,344 
51,646 
48,797 



3,930 

52,937 
12,937 
46,152 
32, 127 



- 7 



163 


702,527 


652,545 


- 7 


163 


146,929 


131,122 


- 11 


165 


45,458 


56,793 


/ 25 


169 


456,825 


481,238 


, 5 


169 


28,868 


17,330 


- 41 


171 


9,919,904 


8,632,157 


- 13 


173 


6,152 


4,155 


- 23 


179 


36,257 


32,719 


- 1Q 


179 


4,256 


3,023 


- 4 


143 


815 


999 


/ °3 



- 26 



187 


261,396 


162, C03 


- 33 


187 


30,117 


26,107 


- 15 


251 


4,581 


2,672 


- 58 


251 


4,589 


2,459 


_ 47 



- 46 

- 22 

- 33 

- 10 

- 34 



275 


330,818 


94,531 


- 75 


231 


104,426 


37,255 


- 54 


33 


9,208 


3,171 


- 65 


33 


32,306 


6,134 


- 81 


33 


159,644 


23,339 


- 35 



982C 



-14- 
TABLE 5 - Cont'd. 

Te.;-:c 1929 1953 



315 


1,303,897 - 


765,892 


- 42 


215 


1,500 


304 


- 80 


219 


189.8 


31.1 


- 89 


221 


285 


38 


- 87 


223 


1,595 


184 


- 88 


231 


169,728 


20,760 


- 88 



127 


40,383 


18,959 


- 53 


127 


589,409 


218,987 


- 63 


127 


180,565 


79,383 


- 58 



CAPITAL GOODS 

Steel barrels, number . 

Steel boilers, new orders, thousand 

square feet 
Foundry equipment, shipments index 

numb er 
Machine tools, shipments, index no. 
Woodworking machinery » shipments • 

(thousand dollars) 
Power switching equipment (dollars) 

PRODUCERS' RA17 LIATIPJALS Ai'D INTER! EEDI ATE PRODUCTS 

Chiefly for Producers'. Goods 
Explosives (new Orders) 
Sulphur quart av. (loiv. tons) 
Sulphur i c acid ( sho r t t o n s ) 
Electric power, wholesale (million 

kwh.) 143 3,694 2,599 - 30 
Bituminous coal (thousand short 

tons) 
Lumber, F. JR.. B. index 
Iron ore, consumption (thousand 

long tons) 
Pig Iron, (Thousand long tons) 
Steel Ingots (thousand long tons) 
Steel Sheets (short tons) 
Fabricated structural steel 
Track work 
Copper, refined, domestic ship- • 

ments (short tons) 
Lead, production (short tons) 
Zinc (short tons) 

Chiefly for Consumers' Goods 
Chemical wood pulp 
Book paper (short tons) 
Mechanical wood pulp 
Box board 
Writing paper (short tons) 

UNCLASSIFIED 

Electrical goods, quarterly, new 

orders ($000) . 231 266,376 70,666 - 73 



173 


44,582 


25,809 


- 42 


11 


91 


25 


- 72 


199 


5,304 


857 


- 84 


201 


3,524 


724 


- 80 


213 


4,526 


1,110 


- 76 


217 


323,948 


93,423 


- 71 


217 


299,819 


79,000 


- 74 


217 


13,510 


2,273 


- 83 


227 


93,284 


27,997 


- 70 


227 


59,737 


23,831 


- 60 


229 


52,633 


17,794. 


- 66 


235 


26,027 


20,543 


- 23 


239 


124,826 


78,828 


- 37 


237 


136,471 


100,254 


- 37 


241 


250,278 


179,537 


- 28 


243 


50,633 


38,350 


- 24 



9820 



-15- 

TA3LE ?■ - Cont'd . 

Per cent 

Fa,.,c 1929 1953 change 

KEKAIL ■JPJU3B 

Five-ard-Ten Chain, index number 

(Variet;- Chain) 107.1 130.8 

A. ,'. P. Tea Company ($000) value 47 35,660 7?, 890 

« " " (tonnage) 47 39?, 148 442,420 

Three rcstnurrnt chains ($000) 47 4,968 3,667 

W. T. Grant ($000) 49 5,433 6,109 

Department store sales, index 49 111 69 

Mail order srles ($000) 51 61,248 30,344 

J. C. Penney 49 17,474 12,939 



- 24 


- 15 


/ 11 


- 26 


/ 11 


- 38 


- 37 


- 26 



Source: Survey of Current Business. Col. 2 is page reference to the 1932 
Base Boo]:. 

ITote of classification: Assignment of produces tc one class cr another. is on 
the oasis cf its predominant use. Thus, some bituminous coal is used 
for house— heating by con i^raers, hut as most is used ~b:/ railroads, 
factories and power houses, it is classified as a producers' non-durable 
Good. Some goods which receive further processing, as cotton textiles 
and newsprint, are raw materials frc. ■ standpoint of some producers, but 
arc c~Ll ssificd ir the same class as the -oroduct the; will ultimately be- 
come. Thus, since cotton dresses a;d domestic ''linens" pre consumers' 
goods, cotton textiles are sc classified. 

9820 



-16- 



TABLE 4 



SCI.EE SOURCES OF PURCHASING 

POT/ER FOR CAPITAL GOODS 
AED COITSTRUCTIO!! I1ATERIALS 





Corporation 


Cash and 




Admitted 


Increase 




Profits 


Equivalent 


Few 


Assets of 


in 




657 Indus- 


418 Indus- 


Capital 


Life Insur- 


Admitted 




trial Cos. 


trial Cos. 


Issues 


ance Cos. 


Assets 




bJ 


V 


si 


a/ 




1926 ' 


1919 




5754 


10,432 




1927 


1872 , 


307C 


4657 


11,597 


1165 


1928 


2207 * 


3731 


5346 


12,889 


1292 


1929 


2595 


3618 


8002 


14,094 


1205 


1930 


1528 


3608 


4483 


15,253 


1159 


1931 


715 


3544 


1551 


16,324 


1071 


1932 


25 


3326 


322 


16,917 


593 


1933 


568 


3160 


160 


17,217 


300 


1934 


844 




175 


18,040 


823 


1935, Sept. 








18,887 


847 



a/ Standard Trade and Securities Service, r.Iay 17, 1955. p. 546 

b/ Standard Earnings Bulletin, July 12, 1934 

c/ Compiled by Division of Review, Statistics Section, from Survey of 
Current Business. 

d/ Assets . f larn,e life insurance companies. Scries revised in 1929; 19°8-29 
comparison not exact. 



9820 



. -17- 
EMFLOYI.IENT 



"It is hereby declrred to be the policy of Congress .... to reduce 
and relieve unemployment". 

Unemployment is the evil of the depression which calls most urgently 
for solution. It out weigh 6 all other features of the situation. 

Unemployment is the' human side of the unused physical capacity figure, 
unused human resource, idle hands end idle brains. It' is a loss to the 
nation as well as to the individual unemploved. The man-hours that have gone 
to waste during the depression could have duplicated' the entire railroad 
system not once, but twice cr more. 

Table 5 shows unemployment in the United States and foreign countries. 
The foreign countries J data are for manufacturing and other mechanical 
industries, Their representativeness ranges from very good for the United 
Kingdom down to poor for Poland and Japan. Unemployment in the United 
States for the twelve months ending April, 1933, was about 35$ among all 
non-agri cultural workers, and almost 50$ among employees in manufacturing, 
transportation and construction. Unemployment figures in no other country 
were as high as this. 

Chart 7 shows the magnitude of the problem. At the bottom of the 

depression there were about 50 million employables, (not including wives 

and other individuals not normally working for wages or salaries, but 

forced into the labor market for the time being), of which roughly 35 million 

either employed by others or self-employed, and 15 million out of work. 

The number employed rose rapidly in 193^, then levelled off and even dipped 

once or twice. It has since been advancing again, but there still remains 

a large number to reabsorb. 
I 

Chart 8 shows indexes of employment in manufacturing, agriculture 
end railroads. The agricultural employment includes hired labor only. 
Relative to pre-depression levels railroj-ds have given least employment 
during the depression, agriculture most, and factories an intermediate 
amount. Factory employment has now recovered aoout naif way, and now gives - 
at least as good a showing as agriculture, and possiblv better. Agri- 
cultural labor (as reported) and railroad employment have not recovered 
very much as yet, both still being near the levels of 1932-33, 

Where is the unemployment? Some industries may actually have 
employed more in 1932 than in 1929; gold mining and electrical refrigerators, 
for instance. At the other extreme there were probably some which employed 
less than one-tenth of their 1929 labor force. Most of the unemployment 
was and is in the capital goods and allied industries. 

Table 7 shows employment and man-hoars in a number of manufacturing 
industries, and residential building. Trie six highest ranking are non- 
durable goods industries; the six lowest ranking, durable gouds industries. 

Rayon and residential building represent the t«"0 extremes, the one, 
even in January - April, 1933, employing almost as many as in 1929, the 









Hill 
PI if 

5 § 1 HI 






Jen j; 



U S 



i-,3 i-i'i .f'-'"» ii ■ u 



• ' pit'-. 

■ ■- ■ j UlitMl 

- '• ..If J; 

■lit 

- 

' rJrtl 






;J 






' 





















-19- 

TA3LE 5 
UNEMPLOYMENT IN VARIOUS COUNTRIES 

Per Cent of Workers Unemplo yed 



United St ates 
All workers 

N on- agricultural workers 
Manufacturing, ) 
Railraadg, Construction) 

Germany 

Australia 

Austria 

Belgium 

Canada 

Denmark 

Japan 

Norway 

Netherlands 

Poland 

United Kingdom 

Sweden 

Switzerland 

Czechoslovakia 



1929 


1932 


1932-33* 


3.7 


25.8 


27.6 


4.8 


32.2 


34.6 


5.7 


42.7 


45.3 




30.2 


29.9 


11.1 


29. C 

24.8 


28.6 


1.3 


19.0 


19.2 


5.7 


22.0 


23.1 


15.5 


31.7 


33.1 




6,9 


6.6a/ 


15.4 


30.8 


33. 2 


7.5 


29.9 


31.2 


4.9 


11.9 


10.8a/ 


8.2 


17.6 


17.8 


10.7 


22, 8 


24.2 


1.7 


9.1 


10.5 


2.2 


13.5 


15.3 



*May, 1932 to April, 1933, inclusive. 
Scarcest A.F-of L Estimate, revised (discontinued in 1934), 
League of Nations 
Monthly Bulletin of Statistics 

a/ Coverage said to be po^r 

Unemployment figures for foreign countries cover manufacturing 
and other non-agricultural industries. 



9820 



20 

CHART 1 



fc 


•o 


-J 


UJ 


< 


ft. 


fc 


3 
( ) 


H 
f 


8 




V 


5 


_i 


n 


3 


UJ 
ft 


u. 

z 


* 


< 

■O 


2 


5" 


8 


b 




_j 


UJ 


^ 


u 


rr 


o 
o 


s 


< 


-1 


cr 


1 


z 


£ 


o 


a 

UJ 


z 
< 


h- 

O 
u 


to 

UJ 


u. 


cr 


u. 


h- 


< 


</> 




-> 


> 
-J 
>- 


D 

Z 


u 




UJ 


-I 


<r 


-1 


o 


< 


3e 


z 


o 


(0 


z 


or 




UJ 


</> 


z 


ft.* 


ct 


UJ 


< 


£ 


UJ 




SNOsaad jo 



9820 



Jan. 1 


iprll 1 




Par Cant 


,-1330 


1930 
122.775 


fihangc 
17. ©64 




105.711 


16.1 


>ll. 61* 


48,830 


7.216 


17.3 


10.936 


10,722 


-214 


-2.0 


1.090 


984 


-106 


-9-7 


7>4 


622 


-112 


-15.3 


86 


105 


19 


22.1 


270 


257 


-13 


-4.8 


AM3?_ - 


It, 110 


i.278 


10.0 



-21- 
TABLE S 

SHUTS IH GAINFULLY OCCUPIED l^J-1930, COMPILE) ROM TEE CXNSDS Of OCC0PATIOM 

(Unit: Thousands) 



POPULATIOH 

Q&AHD TOIil. GAIHTOLLT OCCUPIED 
AQHICULTUBB, PISHIKG, POHBSTBT 
BXTBACTIOH OP ULKEBiLS 

Coal 

Oil A Oas 

Others 

masTCactueih» abb mbchabical ietxjstries 

(Including building and 
hand trades) 

(jfoabor at work In factories, eetlaatad from 
BLS Index and Census of Manufac tores) 
TBANSPOBIATIOH & CCaMDHICAT IOH 

Motor Vehicle Drivers 

Laborers, road and street transportation 

Steam railroads, seleoted occupations 

(Huiiber at work In steam railroads, according 
to Interstate Commerce Commission) 

Telephone Operators 

Others 

nun 

Bankers, brokers, insurance agents, etc. 

Heal estate agents 

Betall dealers 

Salesmen A saleswomen 

■Clerks" In stores 

Laborers and helpers in stores 

Other 
PUBLIC SXBVICI 
PBOPBSSIONAL 

Lawyers and Judges 

Musicians 

Teachers 

Technical engineers 

Trained Bursas 

Others 
DOMESTIC AHD FEBSOXAL SEB71CE 

Barbers, beauty shops, etc. 

Laundry operatives 

Cooks and ether servants 

Others 
CLHUOAL OCCUPATIOHS 

Bookkeepers, cashiers, accountants 

Clerks 

Stenographers A typists 

Others 



EOTEs gainfully occupied, according to Census usage, does not mean j£ work , but includes, 
"all persons 10 years and over who usually fellow a gainful occupation, area though 
they may not have been employed when the census was taken.* 

Of the H8,a30,000 gainfully occupied as of iprll, 1930, approximately 4,386,000 were 
unemployed. 

Pigores in ( ) not Included in totals. 



(9.610) 
3.097 


(8.090) 
3.843 


(-1,520) 
746 


( U:? 


285 
116 


972 


687 


241.1 


290 


17* 


150.0 


1.218 


1,120 


-35 


-7-4 


(1.960) 


(1.635) 
8M 


(-325) 


(-16.6) 


190 


59 


31.1 


l,06l 


. 1.946 


885 


83.4 


4,258 


6,081 


1.823 


43.0 


297 


506 


211 


71.0 

bl.l 


149 


240 


91 


1.328 


1.704 


57- 


28.3 


1.192 


2.069 


877 


73.6 


414 


402 


-12 


-2.9 


125 


209 


84 


67.2 
26.0 


753 


949 


196 


738 


856 


118 


16.0 


2,171 


3.254 


1.063 


49.9 


123 


161 


38 


30.9 


130 


165 

1,044 


35 


26.9 


752 


292 


38.8 


136 


226 


x? 


66.2 


149 


294 


97-3 


881 


1.364 


483 


54.8 


3.380 


4,952 


1.572 


^• 7 


216 


374 


58 


♦26.9 


121 


24l 


120 


99.2 


1.271 


1.999 


s 


57-3 


1.674 


2.338 


S* 


3.111 


4.025 


914 


735 


931 


196 


26,7 


1.U88 


1.997 


9 


34.2 


615 


811 


31.9 


273 


286 


13 


4.8 



-22- 



oo 

h 

a. 

< 
i 
o 




Q 



9820 



-23- 



TABLE 7 



Indexes of Employment in Major Industries in January-Arjril, 1935* 

Compared to 1939 - 100 



As Lie?. sure d By 
numbers Employed 
Index, Loss 
1929 = 100 



As Measured By I.fen- 
Hours of Employment 



from 1929 



Rayon 

3oots and Shoes 

Meats 

Cotton Goods 

Knit Goods 

Wollen and Worsted 

Leather 

Petroleum Refining 

Paper and Pulp 

Fertilizer 

Chemicals and Drugs 

Railroads 

Bituminous Coal 

Anthracite Coal 

Motor vehicles 

Furniture 

Auto Tires and Tubes 

Cement 

Iron and Steel 

Lumber 

Agricultural 

Implements 
Brich, Tile, etc. 
Residential Building 

(*) Seasonal Variation allowed for. 

Index numbers calculated from data published by Bureau of Labor 
Statistics, with following exceptions: Railroad data based on number 
employed and man-hours worked as published by the Interstate Commerce 
Commission; residential building indexes are approximate and based on 
building contracts awarded, as reported by F. W. Dodge, and building 
costs as estimated by Engineering ITews Record. 

As hours-per-weelc from which to calculate total man-hours are not 
available from the Bureau of Labor Statistics for all industries in 
1929, estimates bases on National Industrial Conference Board or other 
available data were used in some cates. 



98.6 


1.4 


84.0 


16.0 


79.5 


20.5 


74.2 


25.8 


81.7 


18.3 


76.3 


23.7 


75.4 


24.6 


76.1 




75.0 


25.0 


61.8 


38.2 


66.2 


33.8 


57.8 


42.2 


67.6 


33.4 


54.3 


54.7 


47.1 


52.9 


46.3 


53.7 


47.2 


52.3 


40.3 


59.7 


45.1 


54.9 


26.1 


73.9 


25.2 


74.8 


23.8 


75.3 


9.0 


91.0 



Index 


Loss 


19 29 = 100 


From 1929 


91 


9 


74 


26 


70 


30 


68 


32 


68 


32 


68 


32 


67 . 


33 


62 


38 


57 


43 


57 


43 


53 


47 


52 


48 


41 


59 


39 


61 


33 


67 


32 


68 


27 


73 


27. 


73 


22 


78 


20 


80 


15 


85 


15 


85 


Q 


91 



9820 



Selected Months 



March, 1933 
November, 1933 
June, 1934 
September, 1934 
January, 1935 
September, 1935 



-24- 



TA3L3 8 



3M3RG3LTCI RELIEF 
From 
PUBLIC FHIDS 



Families 

4,560 
3,365 
3,767 
4, 075 
4,615 
3,254 



Humber of Families and Persons 
(thousands) 
Single Persons Total Persons 



461 
561 
657 
850 
666 



a/ Not including those transferred to Rur^l Rehabilitation 
Program in J\ i .ly, 1935 

Total Obligations Incurred for Relief 
from all Public Funds 

(millions of dollars) 



15,080 
16,886 
18,316 
20,654 
14,192 a/ 



1933 
1934 
1935* 



Federal 


State 


Local 


Tot; 


Amount fi 


Amount p 


Amount /j 


. .. . 


481 60.6 


113 14.3 


199 25.1 


793 


1066 72.2 


185 12.6 


225 15.2 


1476 


1179 73.4 


■163 10.6 


198 12.8 


1540 



(*) 9 Months 

Source: Report of the Federal Emergency Relief Administration. 



9820 



-25- 

3. THE PROBLEM OF ADJUSTMENT TO CHANGE 

Two types of change Fere brought to the attention of IT.R.A. These 
were, the displacement of labor oy labor-saving devices, and industrial 
migrations from one region to another. Some very broad measures of 
change are provided in Table 9, taken from "The Gross National Product 
and its Components", by Clark ITarburton, Journal of the American Sta- 
tistical Association, December, 1934.1/ The amount of consumers' ex- 
penditures, relative as well as absolute, flowing into each of the 
broad classes of goods and services shows pronounced shifts during the 
ten year period 1919 - 1929. Food, attire and social organizations 
grew scarcely at all, while shelter, transportation, education, re- 
creation and stimulants increased markedly, es23ecially the last two. 

TECHNOLOGICAL DISPLACEMEN T 
OF LABOR 

To the unemployment due to decline in production is added the 
unemployment due to elimination of workers by labor-saving machinery 
from some industries faster than they can acquire new skills and be 
absorbed by other industries. Chart 9 brings out clearly a striking 
contrast between the relation of factory production and employment 
before and after 1920. 

3efore 1920, manufacturing production and employment moved up to- 
gether fairly well, after 1920 they pulled apart. 

Chart 10 presents some factors in manufacturing. Production 
(Federal Reserve Board Index), employment and payrolls (Biireau of 
Labor Statistics are shown, a.nd an index of average hourly wages, as 
estimated by the (National Industrial Conference Board. Dividing the 
index of payrolls by the index of hourly earnings gives a rough estim- 
ate of maji-hours. Dividing production by man-hours gives an output 
per man-hour, the topmost line on the chart, rising rapidly throughout 
the period. The labor cost per unit of output may be approximated by 
dividing payrolls by production. Although this procedure, on account 
of unavoidable imperfections in the basic data, may not be right in 
detail, it reveals highly interesting trends. 

Output per man-hour showed a rapid advance during the twenties, 
and labor cost per unit a rapid decline. The period showed a net loss 
in employment, apparently workers eliminated from one manufacturing in- 
dustry by technological improvements were not all reabsorbed by other 
manufacturing industries. At the three principal peaks of manufacturing 
activity in 1920, 1923 and 1929 there were progressively fewer at work 
in factories. 



1/ These amounts are considerably larger than the national income 
figures issued by the Department of Commerce, being prepared on 
a different basis, and including certain items not included in 
the Department ' s compilation, such as "imputed income." 



9820 



-2ft- 

TABLE 9 

The Gross National Product and Its Components 

TABLE a 

VALUE OF THE GROSS NATIONAL PRODUCT, 1919-1929 * 
(Millions of dollars) 

A. Consumers' goods and services 



Food and non-alcoholic beverages 

Shelter and home maintenance 

Attire 

Transportation 

Communication 

Health and medical care 

Protective and civil services 

Education and reading matter 

Social organisations 

Recreation and art goods 

Stimulants 

Total consumers' goods and services t ■ ■ 



1929 1927 1925 



20,055 

22,356 

13,669 

8,122 

935 

3,556 

1,652 

3,626 

1,458 

3,658 

6,230 



85,317 



19,413 

22.515 

13,046 

7.123 

789 

3,179 

1,396 

3,234 

1.411 

2.831 

6.227 



79,997 



18.731 

23,123 

12,714 

6,928 

748 

2,788 

1,297 

2,883 

1,449 

2,392 

5,227 



77,704 



1923 



16,626 

21,900 

13,153 

6,051 

659 

2,503 

1,269 

2,524 

1,353 

2,016 

5.183 



71.918 



1921 



15,151 

19,744 

10,001 

4,646 

646 

2,059 

1,166 

1,733 

1,441 

1.478 

2,585 



61,479 



1919 



19,664 

15.671 

12,367 

4,475 

639 

2,123 

1,092 

1.410 

1,308 

1,010 

3,034 



60,003 





B. Capital goods 












1929 


1927 


1925 


1923 


1921 


1910 


Structures and equipment 


17,442 
571 
221 


16,941 

.156 

405 


16,866 

3,164 

520 


13.840 

2.784 

-21 


8,324 

-4,469 

875 


10,872 


Changes in inventories 


6,810 


Change in foreign investment . . 


2,236 






Total capital goods 


18,234 


17,502 


20,550 


16,603 


4,730 


19,927 






Value of gross national product — all items 


• 103.551 


97,499 


98.254 


88,521 


66,209 


79.930 



* Figures for 1929 built up from detailed items. Estimates for other years based on index number* 
especially prepared for this purpose. 

f Except for 1929 the sum of the consumers' goods and services as itemised does not exactly equal 
the figure given for the total. This is because adjustments have been made in the total which cannot 
be made in the separate items 

Table b is a first approximation to a measurement of the flow of 
income and other funds available for purchasing final products. 



TABLE b 
TOTAL AMOUNT OF FUNDS AVAILABLE FOR PURCHASING FINAL PRODUCTS. 

1919-1929 
(Preliminary estimates — millions of dollars) 





1929 


1927 


1925 


1923 


1921 


1919 


Aggregate income of individuals * 


92,950 

9,004 

9,204 

2.127 

-28 


86.874 

7.265 

8.529 

1,685 

525 


83,712 
8,285 
7,893 
1,374 
1,751 


73,193 
7,196 
7,228 
1,203 
1,177 


61,089 

-314 

6.603 

951 

-2.583 


64,701 
T.123 




6,376 




887 


Credit expansion || 


2,999 






Total 


113,257 


104,878 


103,015 


89,997 


66,746 


82,086 







* Figure for 1929 from Maurice Leven, America'* Capacity to Contwne, p. 206. Estimates for other 
years based on the King- Leven estimates of national income and on capital gains as reported in Sta- 
tiatia of Incom*. 

t Includes corporate surplus, income of endowed institutions, and governmental revenue drawn 
from business enterprises but used in providing services to persons or for capital purposes. 

t Includes depreciation and depletion allowances, and crude allowances for bad debts in retail ac- 
counts and for goods and services furnished free to employees and customers but not included in in- 
dividual incomes. 

; Payments to policyholders by insurance companies. 
| Change in outstanding volume of means of payment. 



y«^0 



■27- 



Manuf acturinr Envoi oymcnt and Prod.ncti.on 





Average 




Uumber 




Employed 




(000' s) 


1919 


9,041 


1929 


9,145 - : 


1923 


8 , 788 


1929 


8,839 



E 



FEB Index of 
Manufacturing 

Production 



84 

87 

101 

119 



exce-ot for a slight pick-up in 1929. 

The National Bureau of Economic Research presents in Economic 
Bulletin 58 the following estimates of out out oer rage earner and per 
man hours during 1929 - 1934. 

OUTPUT PER UAG-E EARNER AND PER MAI! HOUR III MANUFACTURING 
ESTIMATES* OF CHANGES, 1929 - 1934. 

(1) 



Year 

1929 
1930 
1931 
1932 
1933 
1934 



Physical 


Ave 


rage Ho. 


Average 




Output 


Per 


Outout Per 


Out out of 


of 


wage 


Hours 




7age 




Hour 


Manufacture 


earners 


TJorkec. 


Han 


Earner 




Man 










Hours 
















(3) x (4) 


(2) 4 


(3) 


(2) 4 (5) 


100 




100 


100 


100 


100 




100 


84 




87 


93 


31 


97 




104 


72 




74 


87 


54 


97 




112 


57 




52 


77 


48 


91 




118 


65 




59 


75 


53 


94 




123 


59 




78 


70 


55 


88 




125 



In the light of apparent trends in the above factors how far would a 
recovery in production have to go to restore manufacturing employment to 
the pre-depression level? 

Associated with this movement away from manufacturing was a movement 
into the so-called service occupations; real estate, finance, retail trade, 
the professions, other "white collar" occupations, and domestic and personal 
services. See Table 5. It should he added that "gainfully occupied" in 
Census usage does not mean "at work", hut includes "all persons 10 years 
old and over who usually follow a gainful occupation, even though they may 
not have been employed when the census was taken." It is estimated that 
over 4,000,000 of the 48,350,000 gainfully occupied as of April, 1930, 
were out of work. How many of the several million additions to those gain- 
fully occuoied in the above service occupations were firmly absorbed and 



These figures, which must not be accented as precise measurements, 
aoply only to activity in manufacturing industries as a whole. 



9820 



Id 
£ 

>- 
O 
_J 
Q_ 

UJ 

Q 
< 

X 

Q 

O 

Q 
O 

cr 

Q. 

>- 
tr 
o 
i- 
o 
< 




< 

a. 

z 



° in 




9820 



ffR 



FACTORS OF MANUFACTURING PRODUCTION 



CHART (O 



INDEX 
NUMBERS 
1920- 100 

ieo 




40 



4o 



20 



°I920 "21 SF" 



73 74 75 76 7"> '28 29 '30 31 3.' 33 34 



140 



120 



^ 



H0U3S WORKED PER *EEK 



100 




40 



'3- '3 5 193^ 



.920 '2l 72 73 7A 75 76 7? 78 29 30 31 32 33 



SOURCES "FEDERAL SESE-w? BOA-ID 

•"9JREAU GF ^ABGR STATISTICS. RE. 'SET ?E=.E3 
'NA T '0NAL "CJSTW'Al COHERENCE BCARl 
"•RAvROLuS - PRCD JC'ION 
"HoURL* EARNINGS- tvT LABOR CCST 



NR A 
■.!«; l\ ^ c -E..E-' 
STAT l TIC " ."ECTIC". 

NC -5; 



9820 



-30- 

established therein? And in how many cases not? 

The very large number engaged in personal service occupations 
directly dependent on consumer purchasing power, should warn one 
against overemphasizing the durable goods problem. Production of 
consumers goods and services in 1929 was more than four times the 
production of capital goods, in terms of value. 



9820 



-31- 

REGIOhAL SHIFTS 



Industrial migration imposes obvious problems on the region from 
which the Industry is migrating - loss of employment to the residents, 
los.s of taxes to the community, total or almost total paralysis of the 
capital goods industry in the evacuated regions. Quite apart from 
ultimate longtime benefits, to the country as a whole, the question 
arises whether these shifts do or do not impose strains on the economy 
which represent a net loss for a short time, at any rate. 

One such shift, which has been widely observed, is the movement 
to the suburbs for residence purposes made possible by the automobile 
and express highways. Values in the partially abandoned urban areas 
were affected, and in turn mortgages and bank deposits bached by mort- 
gage s . 

Two important industrial migrations arc the migration of the Cotton 
Textile Industry from hew England to the South, and the migration of 
the Boot and Shoe Industry fron New England to the Atlantic and Middle 
Western States. Tables' 10-20 present certain data regarding these 
industries. Table 9a shows value of product, pay-roll and mill balance 
cotton single hours in the Northeastern and Southeastern states in 1919 
and 1933. Between 20 and 25$ of the value, payrolls and mills balance 
was involved in the shift. 

Table 10 shows shoe production in Massachusetts, once the main 
center of the shoe industry. In 1899 Massachusetts produced 47 per cent 
of all shoes produced in the United States. This percentage fell stead- 
ily to 35 per cent in 1919 and continued to fall thereafter until 20 
per cent was reached in 1934. 

Several causes have been adduced to explain these migrations. 
There arc possible savings in transportation charges from locating 
nearer the sources of raw materials and/or markets. Rents and taxes 
may be lower in the new locations. Labor costs per unit of outputs 
may differ. Some aata on regional differences in hourly wage rates 
are presented, to which the reader is referred. It should be noted 
that these hourly wage rates arc not necessarily good measures of 
labor cost. Advantages of certain regions in this respect nay be more 
apparent than real. Low efficiency may more than offset low hourly wage 
rates and result in labor cost even higher than in nigh wage regions. 



9820 



CROP YE AR 
19- 



-32- 
TABLE 10 

SHIFT OF THE COTTON TEXTILE INDUSTRY 

FROM NEW ENGLAND TO THE SOUTH 
ACTIVE SFIITDLE HOURS 



PERCENT III 



United States a/ New England Cotton South Nevr England Cotton Stat* 

States 
(Millions of 
spindle hours) 



1921-22 


89,307 


36,733 


47,541 


41.2 


53.6 


1922-23 


101,931 


41,271 


55,776 


40.5 


54.7 


1923-24 


84,360 


30,102 


50,599 


35.7, 


59.9 


1924-25 


91,055 


51,201 


55,912 


34.3 


61.4 


1925-26 


93,941 


31,541 


53,518 


33.6 


62.3 


1926-27 


106,605 


33 , 052 


65,865 


32.2 


64.1 


1927-28 


96,451 


27,362 


65,272 


28.9 


67.7 


1928-29 


99-604 


28 ,2oo 


68,361 


28,3 


68.6 


1929-30 


87,515 . 


23,038 


61,873 


26.3 


7C.7 


1930-31 


75,263 


13,757 


54,482 


24.9 


72.4 


1931-32 


68,755 


13,260 


53,613 


19.3 


73.0 


1932-33 


85,265 


17,231 


66,366 


20.2 


77.8 


1933-34 


80,419 


19,290 


59,291 


24.0 


73.8 


1934-35 


72,526 


15,245 


54,643 


22.4 


75.4 



a/ Includes states other than New England or Cotton States. 

Source: Cotton Production and Distribution, 
Bureau of the Census. 



982© 



-33- 

TAJ3LE 11 
GEOGRAPHICAL S-IPTS 
OF COTTON TEXTILE INCOME 



Northeastern States .a/ 

Southeastern States b_/ 
Other States 

Total United States 



Value of Product 

(millions) 
1919 1933 



1,114 


217 


882 


583 


125 


61 



2,121 



861 



Per 


Cent 


of 


Total 


1919 


1933 


52.5 


25.2 


41.6 


67.7 


5.9 


7.1 


.00.0 


100.0 



Northeastern States .a/ 

Southeastern States b/ 
Sther States 

Total United States 



Northeastern States a/ 
Southeastern States b/ 
Other States 
Total United States 





Pay 


Roll 




(millions) 


1919 




1933 


199 




63 


134 




138 


22 




15 


355 




216 




Mill 


Balance c/ 




(mi! 


Lliens) 


1919 




1933 


248 




44 


212 




110 


41 

501 




14 
168 



Per Cent 
of Total 
1313 1933 



56.0 

37.8 

6.2 

100.0 



29.3 

63.8 

6.9 

100.0 



Per Cent 

of Total 

1919 1933 



49.5 

42.4 

8.1 

100.0 



26.1 
65.7 

8.2 

100.0 



Soxurcttt 
a/ 



by 



Compiled from Census of Manufacturers. 

Connecticut, Massachusetts, New Hampshire, New York, 

Pennsylvania, New Jersey, Rhode Island, Maine and Vermont 

excluded he cause data for 1919 not readily available. 

Alabama, Georgia, Mississippi, North Carolina, South Car', 1 -in a, 

Tennessee, Virginia. 

Value added by manufacture less wages. 



9820 



-34- 

TABLE 12 

BOOT AITE SHOE PRODUCTION IK 1 "ASSACHUSETTS 







Index of 


Per Cent of 




Pairs Produced 


.ssachusetts 


Massachusetts 




in 


Production, 


Production to 


Year 


Massachusetts 
102,732,545 


13 29-100 


National Production 


1899 


100. c 


47.13J8 


1904 


107,259,876 


104.4 


44.30 


1909 


118,009,926 


■ 114.9 


41.40 


1914 


115,224,383 


112*2 


39.37 


1919 


116,992,912 


113.9 


T TO 


1921 


'■85,815,586 


83.5 




1923 


89,517,331 


37.1 


25.50 


1925 


72,266,595 


70.3 


22.34 


1926 


72,851,015 


70.9 


22.45 


1927 


78,152,264 


76.1 


22 . 75 


1928 


83,310,625 


81.1 


24.19 


1929 


3,539,555 


SI. 3 


23.12 


1930 


69,510,470 


67.7 


22.35 


1931 


72,793,702 


70.9 


23.02 


1932 


73,998,038 


72.0 


23.62 


1933 


74,981,699 . 


73. 


21.40 


1934 


71,614,123 


69.7 


20.05 



Kote: Figures given above for years 1899 to 1921, .inclu- 
sive, were taken from Census of Manufacturers, while those for 
years 1923 to 1934 were taken from Bureau of the Census Reports. 
F»r the years 1923 to 193©, inclusive, the following note appeared 
an the Census report: "Statistics for Massachusetts. . .include a few 
plants located in ether states, "but such plants are not Relieved to 
"be ©f sufficient importance to materially influence cornsarisons." 



9820 



-d- 



I 



•35- 



WJ- M to tx".[ — U3 O 
• •■••••• 

H(TiK-\ir\WHWO 

H rH r^u) r~- to o^o 



(A 

EH 

CO 



i-H 

g 

I 
3 



I ! 
1-1 
n 

EH 

t-i 

EH 



o 

E-i 
E-i 
O 
O 



SP 

•H 

tJ 

u 
o 
o 
o 
<>} 

0) 
Q) 



(D 
PL, 



w fd 




f-i d 




d rt 




o 




Sr! <d 




-d 




■d o 




d o 




id 




a> 




w r d 




t\Q-P 




d 




■H (1) 




r ?h 




fn O 




d «h 


• 


W <d 


CD 


& 


-d 


>? 


O 


■H - 


CJ 


U co 




d <U 


(!) 


O -P 


r d 


W d 


;p 


Td 




t>. 


ttf; 


rO o 


f| 



CD p 

CD U <d 

O <H 



d 
o 

•H 

W) 
CD 
U 



o 



d 
o o 

•H -P 

-P 

d 

■H 

(h 
-p 

CO 
•H 
(=1 



o 

to 



'X 

EH 

o 



rn 

CT1 



3 



cn 

H 



tui 



CO 

' n 

EH 

o 

a, 



d 


H 


<U 


<rf 




i-l 




P 


!*•> 




K^ 


b 


Cn 


o 



ud o w^inn cn r-- cm i — r— 

1^ J H J- (T\W NMU3 inri 
H H ri H t\l W r<n jrt r— to 



rH 



vr> ur\ cm l^ to o> m o 



r~- o o r— inoNO 
h cy r, lo'vD en o 



cm ro r— i ' co cm LfMr\" to cm r-^> r — ■" 
• •••••••••• 

v£) r— o rH J- en ir-'-d- to vo <h 

rH i-H rH rH CM . I*"MT\ to CA 





g 












cn cn 


H 














rH rH 


d 


CO 






O J 






d 


H 


^! 




CM 


cm CM r^ r^ J- J- ^- ir\ lovjd 




V *• 


•P 


d fn 


CD 










^ • 


O 


o a) 


CD 




(H 






r-^ hD 


=>1 


,d P, 

-d 

fn 

en 

• 
-p 


- " 




CD 

■d 

B 






3 

i-j ■=»! 

r. 

o = 

«H 

-p 




CO 






o 

■ 


LT'irHI-— OHOVCrHCM 
»•••••••■ 




d 

o = 




d 






o 


o vd vx> cn cm to r— J- to 

dvo i — to cn cn 




CO 




-=4 










(D 


rH 1^- 




ro 










i-H • 


K>J- 




r^n 










•h un 


CM 1^. 




en 










+J r-rN| 


M p. 




rH 










V. CT\ 


r^J- 








co 


i-H 


r— cm un to cm^H-H/^d 


CD rH 
EH 

1 rT 


CM VO 




£ 




K> cm '^o cn r<nu3 to o~\ en en 


Tj 




rH 




Tl 


rH 


r~- to to o~> o^ cr\ cn cn cn 


d = 




d 




! : h 






d 


a) 




r3 










g g 










r4 






rd 








o 






•P rQ 


-P 




J" 




rt 






■P CD 


^ = 




rH 




M 






O fa 


o 




Cn 




P-i 






o 


[' ; 




H 




g 






CO n 


^ 




-P 










O 1-H 


0) 




CO 




i-H 






•H rH 


CD 




d 

hn 




Eh 

,1 


O 


,d cm cn J- J- J- cnino 


-P 

CO •* 


CD 




3 




o 


O rH rH rn CT\ K> Cn Cn rH 


•H I-H 


O s: 




■=<! 




|5 




cm lt\ud r— cn 


-P l-l 

-P » 






t-n 




o 






CO I-H 


CD 




r*"\ 
















en 










U to 


O 




rH 










O -P 


ro lt> 










Le> a. 


■? h 


VJD LP. 




« 










r cS 


« O 




t^ 






CM 


f^. to o t — cm er, ro r— cr> 


id ri, 


J- - 




rH 








rn ir\ r— r— to to cn cn cn 




H l-T' 




d 










«M I 


rn 




•-3 










o 

■ CO 

d 5h 

CD O 

b p 
d m 


ased on 

and 










IfMfilAOinoOOOO 


pi rr 


m 




CO 






CM 


CM h- O CM LP. o U"> o o 






CD 


W> 


CO 




H 


CM CM t^. r^, nd J- tOVD 


• • 




tifl 


^ d 


-p 













Pj 


rH .H 


d 




h 




o 




U 


^ d 


C) 




TJ 




u 




CD 


d Jh 


u 




nri 




d 




> 


o d 






d 




o 




«l 


w m 






!-3 




to 





o 

CM 
to 
cn 



-36- 
IABLE 14 

BOOT AJffi SHOE IEDU3TRY 
Average H ourly Earnings by States, 1934, 1932, 193 



Li a 1 e Female 

1934 a 1932 13 1930 b 1934 a 1932 1d 1930 13 



Massachusetts 57. 5e? 55.7 67.1,5 42.4^ 35.4^ 44.6rf 

lieu Hampshire 58.7' .43.9 . 50.5 . 45.0 29.1 34.9' 

Maine 49.7 44.7 51.1 33.9 29.9 36.0 

Hew York 61.4 53.6 66.6 44.9 34.0 41.1 

Ohio 54.2 48.5 59.0 39.3 

Pennsylvania 47.4 40.8 51.2 35.9 

Wisconsin 56.5 48.-1 60.2 41.0 

Missouri 52.2 47.3 '54.8 37.7 

Illinois 50.5 42.7 62.4 37.4 

Hie spread between the high and low States was less in 1934 than in 



29.2 


56.1 


24.8 


33.1 


33. 6 


40.9 


27.3 


32.1 


27.2 


37.6 



1930: 



Male Female 



Low High Range Lor; ' High Range 

1934 47.40} hr 61.4,,5hr 14. 0^ 35.9^1ir. 45.0^hr. 9.1£ 

1952 40.3 55.7 14.9 24.8' 35.4 10.6 

1930 50.5 67.1 16.6 32.1 44.6 12.5 

Ei ere has also been a narrowing of- the- differential hourly earnings 
as between male and female: 

Lowest State for Highest State for 
Males Exceeds Lowest Males Exceeds Highest 
for Eemp l es by For Females by 

1934 _ 11.5$* hr ... 16.4j5 hr. 

1932 16.0 20.3 

1950 18.4 22.5 



a. See Report of Survey Committee on the operation of- the Code for 
the Boot and Shoe Industry, MA Division of Review, July 16, 1935. 

b. Bulletin No. 579, Bureau of Labor Statistics: Wages and Hours, 
Boot £ nd Shoe Industry, 1932, p. 22. 



9820 



-37- 

TABLE 15 
BOOT AED SHOE INDUSTRY 



PERCENTAGE DISTRIBUTION OP THE NUMBER OF MALE EMPLOYES 
BY AVERAGE HOURLY EARNING WAGE GROUPS, SEGREGATED BY THE 
POPULATION CLASSIFICATIONS PRESCRIBED IN THE CODE, FOR 
EACH OF THE PRINCIPAL SHOE PRODUCING STATES, BASED ON 
DATA FURNISHED BY MEMBERS OF THE INDUSTRY FOR ONE WEEK 

IN OCTOBER, 1934 

Percentage of Employes Earning, Per Hour 



In Cities of over 


40(* 


250,000, including 




18,587 Em-oloyees 




Massachusetts 


19.37$ 


New York 


18.20 


Ohio 


15.46 


Pennsylvania 


14.31 


Wisconsin 


9.97 


Missouri 


15.04 


Illinois 


20.13 



40p to 
50<* 



>5 to 

mi 



19.65$ 


15.29$ 


18.04 


14.90 


22.49 


19.36 


20.37 


20.05 


23.27 


19.11 


14.28 


14.96 


16.19 


9.15 



60^ to 
70c* 



Over 
70cf 



22.71$ 


22.98$ 


11.98 


36.88 


17.46 


25.23 


18.07 


27.20 


19.38 


20.27 


25.22 


30.50 


46.48 


8.05 



In cities of 20,000 
to 250,000, includ- 
ing 25,413 Employe s 



Mas s achus e 1 1 s 


14 '.98$ 


Nen Har.ro shire 


11.54 


Maine 


27; 98 


Net? York 


15.32 


Ohio 


24.15 


Pennsylvania 


43.27 


Wisconsin 


12.93 


Missouri 


27.74 


Illinois 


36.16 



20.34$ 


19.70$ 


16.49 


15.44 


20.90 


23.51 


18.96 


23.32 


22.45 


21.98 


29.68 


15.39 


26.68 


19-.75 


25.21 


27.21 


20.79 


23.05 



18.82$ 


26.16$ 


15.94 


40.59 


11.95 


15.66 


18.71 


23.69 


16.07 


15.35 


8.46 


3.20 


20.09 


20.55 


12.24 


7.60 


13.51 


6.49 



In Cities and Toms of 
Less than 20,000, Includ- 
ing 45,840 Employes 



Massachusetts 


24.87$ 


Nen Hampshire 


41.13 


Maine 


37.07 


Nev; York 


9.31 


Ohio 


35.93 


Pennsylvania 


48.34 


Wisconsin 


29.30 


Missouri 


31.38 


Illinois 


32.89 



21.57$ 


19.77$ 


19.18 


17.17 


24.04 


16.55 


18.10 


20.13 


26.02 


20.15 


24.96 


14.48 


25.51 


21.66 


26.95 


20.98 


26.73 


21.08 



15.69$ 


18.10$ 


11.00 


11.52 


11.14 


11.20 


20.84 


31.62 


12.11 


5.79 


7.12 


5.10 


14.26 


9.27 


13.40 


7.29 


13.14 


6.16 



Source: 



9820 



Report of the Survey of the Committee on the operation of the Code 
for the Boot and Shoe Industry, NRA Division of Review, July 16, 
1935. Compiled from Monthly Report to the Bureau of the Census. 



-38- 
TABLE 16 

BOOT AND SHOE INDUSTRY 

PERCENTAGE DISTRIBUTION 01 THE NUMBER Or FEMALE EMPLOYES 

BY AVERAGE HOURLY EARNING WAGE GROUPS, SEGREGATED BY THE 
POPULATION CLASSIFICATIONS PRESCRIBED II" THE CODE, FOR 
EACH OE THE PRINCIPAL SHOE PRODUCING STATES. BASED OH 
DATA FURNISHED BY MEMBERS OF THE INDUSTRY FOR ONE WEEK 

IN OCTOBER, 1934 

Percenta.ee of Em-ploy e s Earning, Per Hour 





Less than 


In Cities of over 


35<£ 


250,000 including 




13,573 Employes 




Massachusetts 


25.67$ 


Neu Yor 1 : 


35.30 


Ohio 


28.14 


' Pennsylvania 


28.99 


Wisconsin 


19.84 


Missouri 


31.06 


Illionis . 


35.94 



35(£ to 40^ to 

40^ 45,5 



22.28$ 


18.02^ 


25.19 


12.16 


21.99 


19.06 


20.03 


13.29 


2165 


19.76 


16.71 


21.73 


13.50 


39.51 



45 : Ho 
50<i 



Over 
! 



13. 27fa 


20.76^ 


10.51 


13.84 


11.99 


10.82 


10.90 


26.79 


17.67 


21.08 


11.13 


19.37 


5.42 


5.35 



In Cities of 20,000 
to 250,000, includ- 
ing 18,928 Enrol oyes 



Mas sachus e 1 1 s 


26.26$ 


Neu Hanpshire 


10.14 


Maine 


40.51 


Neu York 


31.97 


Ohio 


40.52 


Pennsylvania 


58.44 


Wisconsin 


40.89 


Missouri 


67.21 


Illinois 


54.32 



21.65$ 


17.94$ 


13.11 


12.57 


15.82 


13.29 


23.26 


14.87 


25.48 


16.84 


25.23 


7.79 


23.51 


18.02 


21.28 


6.70 


22.94 


10.43 



13.14$ 


21.i 1< 


12.46 


43.72 


5.06 


25.32 


13.45 


16.45 


10.02 


7.14 


5.38 


5.16 


8.52 


9.06 


2.48 


2.35 


7.09 





In Cities and Towns of 
Less than 20,000, in- 
cludi nr; 54,150 Employes 



Massachusetts 


3o.61fj 


Neu Hanpshire 


43.30 . 


Maine 


46.52 


Neu York 


18.14 , 


Ohio 


64.64 . 


Pennsylvania 


68.90 


Wisconsin 


51.81 


Missouri 


58.82 


Illinois 


53.62 



21.69$ 


17 . 02$ 


19.47 


13.00 . 


21.28 


11.05 


13.64 


15.85 


18.69 


10.42 


15.52 


7.91 


18.98 


13.03 . 


19.74 


12.42 . 


20.15 


13.27 



9.81$ 


15. V 


3.60 


10.03 


8.76 


12.39 


16.53 


• .34 


3.03 


3.22 


4.21 


3.46 


8.45 


7.75 


5.32 


3.70 


6.89 


6.07 



Sottrce: Same as Table 15. 



9820 



-39- 






LP 
LO K^ 

ro cr 
co rH 



o H 



o 

W Ft 



o 

EH 



3 



c5 -=f 
3 ro 

(-H C7\ 

Ft rH 
Pi 

O - 



3 

>H CO 



O 



<d 

s 



H CO 
CD 

•h .jrj -h 



o to 

CO 



d 

5 

en 
CD 
■rl 



C! 



tS d 
O C 
EH £> 



w O 
CD O 



H O 

o o 

O O 

CO » 4J 

CD O 

H OJ 



! 



o 



1— I 



o 
o 
o 

o 

LO 
OJ 



o 

o 
o 

o 

LO 
OJ 



rH 
03 

O 
EH 



s 

ft 



O 

9 £j 

Ph 9 Ft 
o 

WHO 

to 



m 



p 



eh M Ft 



i— i 



3 



o to 
c5 O 



r^ 



EH 






C_3 O 

pci n 

W Eh 

ph -■; 

> 



o 

EH 



o 



u 

CD 

-P 
O 

to 



■d 

crj 



CO o 
CD Eh 



!h O 
CD O 
■d O 

a - 

F> O 

OJ 



<H O 

o o 
o o 

CO - +3 

o 

•rH OJ 



o 
o 

o 

o 

LO 
OJ 



I 

■H 

o 



o 

H o 

CD O 



Ph 

o 

EH P. 



O 



n3 
o 

EH 



O 

LO 

• 

rO 



OJ 



to 

LO 



o 



OJ 



OJ 



,3 s . 



Co 
ro 

i 
ro 



LO 



ro 
ro 






to 

CT. 



ro 



t — 
ro 



o 

OJ 



VO 



t — 



VD 
OJ 



to 



LO 






I — 
ro 



to 

VO 



ro 



O 
O 

CTi 



o 

VO 



V£> 



CO 
ro 



CTi 
to 



OJ 
CTi 



OJ 

OJ 

60 






CT\ 



o 
ro 



co 
co 



o 
r— 



o 
o 



VD 


to 


OJ 


o 


ID 


LO 


to 


r-f 


C5 


J" 


• 


• 


% 


3 


W) 


CVJ 


VO 


1" 


r> 




co 


cn 




o 

rH 


J- 





O 

rH 


O 


60 


O 


r— 




6^ 
l>r> 




rH 


60|c 


rH 


. f^ 




60 

H 


60 

OJ 


' 60 


i — 


I — 


60 


CTi 


Is 



•^ 




















> 


f- 


^D 


UD 


LTi 


J- 


60 


VJD 


60 


OJ 


J- 


60 


60 


r-{ 


60 


o 


CJ^ 


U^ 


r*> 


r-\ 




• 


• 


• 


• 


• 


* 


• 


• 


• 


rH 


T-{ 


OJ 


LO 


ro 


ro 


cn 


60 


r-i 


rH 








rH 


OJ 


K-, 


J- 


VD 


60 


C^ 


^v 




















r- 


UD 


r*~s- 


LO 


H 


H 


60 


O 


cr> 


6^v 


o 


OJ 


UD 


vjD 


rH 


UT\ 


LT\ 


I-— 


U5 


CTi 




• 


•' 


• 


• 


o 


& 


• 


» 


• 


OJ 


r- 1 


LT\ 


OJ 


ro 


^r'^ 


OJ 


to 


60 


J" 




rH 


r-i 


OJ 


6^i 


^d- 


^£> 


r— 


M 


CT\ 



J" 






o 



OJ 



LT\ 



rH 
J" 






OJ 



g 






J" 



60 

r-rN 



6^1 






OJ 
OJ 



6°l 

i 



to 



CM 



o 

VJD 



H 



CT\ 

60 



OJ 



c 






OJ 



OJ 



OJ 



60 
60 



OJ 
OJ 



OJ 



60 



=1- 


o 


o 


H 


r-i 


OJ 


OJ 


LP 


OJ 


K> 


• 


• 


■ 


• 


• 


OJ 


^t 


I"— 


VX) 


Lf> 






rH 


. OJ 


• rn 



OJ 






60 
O 



60 



LO 



TO 

r— 






LPv 
60 






OJ 



60 
60 



U5 






CTv 



ro 


u 


& 

rt 










W 


3 


^H 




-fe- 


t». 




rl 


o 


-|J 


-». 


n|>* 


h|c\' 


-f--. 


rl 


m 




LP 


VD 


r— 


C ) 


n 




CO 


l-P 


rp 


rP 


J" 


tl 


fn 


CO 










a 


CD 


CD 











-t\ -*v -fA "v na~ -fe. 
LO. o o o o o 

^X ST\ \D h- to CT\ 



60 
60 



TO 



M 
o 

LO 



o 

o 



o 

o 



o 
o 

o 

o 

H 



to 


o 


o 


n 




m 


^t 


VL) 


o 


LO 


• 


• 


• 


• 


OJ 


r— 


CTA 




o 


rH 


CT\ 


a> 




o 

rH 


LO 



6^ 
OJ 



Mo 
" o 



60 



LO 


UJ 


.=* 


n 


O 


UD 


LO 


--j- 


o 


to 


o 


• 


• 


• 


CT> 


to 


OJ 


l — 


C 5 


•- 


60 


CTv 




O 
rH 


o 

0J 























.-.o 


cr> 


r-i 


O 


en 


OJ 


r-^ 


OJ 


P— 


LO 


LO 6 


o~. 


OJ 


O 


to 


o 


^-t 


LO 


LO 


O 


oi 


O 


ro 


CT"! 


r — 


h~ 


to 


VJD- 


r^ 


o 


<JD 


to 


O 


^ 


r-{ 


OJ 


K*\ 


J- 


VJO 


to 


CTv 


CT. 







LO 

rH 
rO 

'lo 



LO 
r-{ 
CD> 

60 
.OJ 



60 
60 

cr> 

LO 
OJ 



o 



o 



O r- 
o r— 
ro 
o 

O 60 



cn 

r— . 
o 
O vo 

rH OJ 



O 



w PhIfi 



r( 

CD 

> 

o 

a - u 

aj J CD 

^LH § 

o o 3 

CTiEH T-H 



O 
rH 



<H CO 
O CD 

CD 






CO 

CO 
CD 



CTJO 

R 



CD 
O 
CD 

1H 
CO 

CD 

o 



E 

CD 

CH 

o 

U 
CD 

r9 






Ch 
O 



& 



C 

CD 

O 

CD 



CD 



O 



CD 



^1 



ch 
o 

co 

CD 
^> 

E 
CD 

E 

^ 
-d 

CD 
-P 

•H 
S 

■3 

CO 

cd 
-d 

CD 

W) 
cd 
& 

f>jj 



H 

03 



co 

CO 

r! 

CD 

o 



ai cd o 

•H 3* H 

& n! 

x) CD 

(1) S h 

rt 3 d 

•h E pq 



C Cm 

•rH O 



CO 
+3 
H 
O 

Pi 



CO 
CD 

hO >:, CD 

Cfl rH M 
4j> CD 

a -^ e 

O (J o 
OEM 

CD X 

Ph O tH 

H 

P rH 

•• D -H 



EH 

O 



g 

M o 

o o 

i 

+3 



.a 
+3 
a 

o 

E • 

LO 

Si r-H 

o 

Ci (D 

0) rH 

■H EH 

X CO 

CD Cfl 
<D 

•3 rj 

r 

CD cr. 

C t/: 
O 

h •• 

O CD 

ch o 

H 

h ^ 

H O 

-P CO 

co 

a 



o 

OJ 

to 



•40* 



to 



i 



LP 

rp 

r-> 

LP 

W cr 

O rH 



o 
« 

f -' 
EH 



8 

o 

% 

to 

o 

p-i 

EH 

to w 

h-4 f 1 
F*< 

w 

O F-h 
W O 
to 



rp 

Cn 



8 



g 






o 

F*. 

n 
o 
o 

p 

w 

o 

Fa 

FO 



8 



o 

E-i 



O 



-p 3 
•h rt 
o 

0} 

fl o 



I 

-P <H 

•H O 

o 

n 

fl CO 

rH .H 



I 
•P 

•H 

o 



o 

CO J" 

. Ph Cn 

FhP.H 



F^ 


to 


o 


& 


W 


o 


c^ 


P=! 


•-(' 


C>5 


EH 




ro 


-1 


O 


HI 


M 


EH 


i 


tl 


F^ 


i'i 


»> 


< ) 


M 




M 




-1) 


M 


M 


i 


r^ 




o 





u 



o 



c 






























G 


u 


























a> 


o 


\&. 
























fl Jfl 


+3 


OJ 


sS 


(P 


O 


rp 


r— 


-fl- 


LP 


rH 


J* 


O 


o 


v_/ 


•n -p 


03 


r— 




C7> 


i-l 


OJ 


rH 


OJ 


^t- 


to 


OJ 


r— 


r<^ 


o 


fl 


-p 




























o 


to 


<X> 


r<-> 


CT> 


OJ 


Cn 


rp 


rH 


O 


IP 


CTi 


en 




o 


to 






J- 


.fl" 


VX> 


<o 


r— 


6u 


CTi 


en 


CA 


en 




a 

rH 


W U 


O 


o 
























o fl 


o 


rH 


>JD 


rH 


LP 


r— 


ro 


.fl- 


to 


(j 


LP 


rp 


r~ 


O 


o 


I s - 


o 


r— 


cn 


LP 


to 


OJ 


rH 


to 


OJ 


o 


cr 


o 


o 


A 


OJ 


r— 


r— 


ZT 


TO 


r— 


o 


to 


VX> 


en 




o 




rvj 




rp 


rp 


J- 


LP 


LP 


vx> 


to 


N, 


(Ti 


en 




u 

rH 




o 


























O 

o 


o 
o 


'<£ 


r^ 


<T 


LP 


Cn 


OJ 


u> 


OJ 


VX) 


OJ 


3 


vx> 


O 


o o 




r— 


rp 


*X> 


LP 


CT> 


A 


rH 


rp 


to 


to 


LP 


o 


. +> 


o 


• 


• 


• 


• 


* 


• 


« 


• 


• 


• 


* 


• 


• 


o 


IX 


OJ 


LP 


VX> 


UD 


OJ 


r— 


\£> 


rH 


rH 


OJ 


r— 


OJ 


o 


OJ 


CVJ 






OJ 


rp 


-=f 


.fl- 


LP 


r— 


60 


CT\ 


kn 




o 




o 


























C) U 


o 


























io a> 


a 


LP 


r— 


J? 


vx> 


K\ 


rp 


to 


V£> 


t^ 


J- 


VX) 


J" 


o 


•H j> 




O 


ro 


LP 


J- 


H 


r-l 


H 


OJ 


J" 


r— 


<-> 


CT> 


o 


o 


o 


• 


• 


• 


• 


* 


• 


• 


• 


« 


• 


t 


• 


• 




LP 


C\J 


OJ 


LP 


60 


.fl" 


to 


to 


to 


rH 


rp 


to 


rH 


o 




CM 








OJ 


rp 


rp 


J- 


VX> 


CO 


a^ 


en 




o 

rH 




H 


■?R. 


























a 


Cn 


K> 


OJ 


r— 


r* 


rp 


rp 


O 


LP 


•o 


r-* 


cn 


o 




-p 


VX> 


•.o 


LP 


rp 


r— 


^j 


to 


r— 


VX 


CT\ 


J- 


LP 


S 




o 

EH 


rP 


en 


tO 


rH 


r— 


OJ 


o 


IP 


LP 


£t 


to 


rH 


o 








H 


OJ 


^t 


.=r 


LP 


VX) 


r^ 


to 


CTi 


rf^ 




3 



I/) 


fl 

R 




6 


LP 


,fl- 


r^ 


r- 


VD 


VD 


o 


UD 


\D 


cn 


rH 


O 


rj 


.a 


-P 


LP 


P<^ 


r^ 


^r 


OJ 


^JJ 


en 


Lf^ 


rH 


IP 


to 


rH 


O 


P C 


•p 


cd 




























O -H 


fl 


•P 


o 


OJ 


to 


>j> 


LP 


cn 


LP 


rp 


r— 


(T\ 


cn 




o 


EH 


o 


KJ 


rH 


iTi 


LP 


VX 


r— 


r— • 


to 


cn 


on 


cr, 


cn 




: 

rH 


rfl 






























fl w 


u 


O 


\-S> 
























cd fl 


(0 


o 


r*S 


O 


*X> 


to 


H 


U3 


LP 


c 


rp 


^i- 


rH 


en 


o 


E- 


Tj 


o 


r— 


-fl" 


OJ 


o> 


rH 


r— 


r- 


LP 


rp 


rH 


rp 


<x> 


o 


w o 


pj 




• 


• 


• 


• 


• 


• 


• 


• 


• 


• 


• 




• 


<U rH 


>3 


o 


r— 


to 


_rt 


J- 


rH 


xt 


OJ 


r^ 


O 


r— 


cn 




o 


•H 




OJ 




r^ 


3 


LP 


^ 


U3 


r— 


to 


cn 


cn 


cn 




o 

rH 






o 


























«H O 




o 


• c t 
























O O 




o 


<D 


to 


rH 


rP 


LP 


r— 


rp 


rp 


cn 


o 


cn 


rH 


o 


o 


o 




CT\ 


rp 


rH 


rH 


V£) 


OJ 


o 


rp 


cn 


LP 


OJ 


r— 


o 


































iD O 




lr > 


r~ 


ro 


OJ 


OJ 


to 


rp 


sa 


LP 


A 


.=* 


ro 


H 


o 


•|H OJ 




OJ 






rp 


J" 


^r 


LP 


vt» 


r— 


ro 


cn 


cn 




o 

rH 


1 




o 


























+J w 


rn 


o 


^ 
























•h as 


© 


o 


rp 


a 


\JD 


rH 


LP 


§ 


^t 


r— 


j* 


o 


O 


o 


O «H 


[> 




LP 


UD 


<X) 


a- 


J- 


rp 


rp 


O 


cn 


3 


U3 


o 




o 


o 


• 


• 


• 


• 


• 


• 


• 


• 


• 


• 




• 


• 


£ 




LP 


OJ 


rp 


LP 


rH 


r- 


rH 


OJ 


OJ 


.fl- 


2t 


ro 


rH 


o 


M 




OJ 








r^ 


rp 


J* 


LP 


r— 


co 


cn 


e^ 




o 

r-l 








N^- 




r } 
























rH 


LP 


rp 


O 


a 


8 


OJ 


rp 


ro 


a 


OJ 


cn 


rH 


o 






a 


to 


rp 


LP 


en 


O 


W 


MD 


o 


rH 


to 


rH 


o 






-p 


• 


• 


. • 


• 


• 


• 


• 


• 


* 


• 


• 


• 


■ 






o 


LP 


X 


a- 


r- 


^ 


to 


>x> 


cn 


to 


U) 


to 


rH 


8 






EH 




OJ 


rp 


-d- 


LP 


LP 


VX> 


r— 


to 


cn 


cn 





cn 

OJ 



OJ 
OJ 
VX» 



3 

rp 

LP 
OJ 



r— 
cn 

LP 



cn 
.fl- 
ro 

cn 

ro 



LP 

ro 

OJ 

J- 



cn 

OJ 
OJ 

Q 



rp 
to 

OJ 

rp 

OJ 



o 

rH 

* 

LP 



r^ 

LP 

cn 

OJ 



n 


Fi 


hf) 


9 


fl 


o 


•H 


cn 


e 


M 


m 


o 


w 


P, 



^3 


•«». 


•^. 




+» ■> 


4* 


H|03 


■O 


o 


rH 


OJ 


LP 


w rp 


rp 


rp 


rp 


m 








a) 








rH 























fp rH ro 
















01 
















fe- 
















es Hh w 
















O 0) 


-t> 


-^>- 












<fl (1) 


Hh# 


Hcu 


-** 


■^- 


•<i. 


-*v 


•<>. 


fl • M >. 

CO (-H fc O 

«4rQH 


vij 


r— 


Q 


LP 


Vu» 


o 


© 


fP 


rp 


if 


J* 


LP 


VX) 


r— 
















-*» eh a p 
© o 3 e 
















r-rH J3 W 



o 



u 

CO 



W3 
fl 
•H 
> 
•H 
CO 

o 

tH 

CO 
CO 



i' 

CO 



fl 

■p 

c 

CO 

u 

>H 



0) 
.fl 
-p 



CO 

o 
■fl 

C 

•H 

•fl 

d) 
fl 



tH tj 

-fl & 



co B 

Q) -H 
V) fl 

c6 -h 

•p p 
fl 

0) d) 
O ,fl 

CO 

Ph S 

H 

1) 
•• -P 

Fa fl 



-p 

«H 

o 

M 
Fh 

CO 

-i 

E3 

•n 
co 
•p 
•p 

•H 

£ 

CO 



tUJ 
fl 



N • 

•H LP 

U rH 
fl 

r co 



o 



■p 

Fh fl 

O .H 
P 

CO JsJ 

tn 0) 

CO 

t?. 



Eh 

o 



'fl 

CO F. 
rH o 
•H <h 

I I? 

CO 

fl 



O 
OJ 

ro 

cn 



TO H 


n- 


TO 


tP 


=t 


LP O .rj- 


r— I 


o 


lp 


CM <T\ 


i — 


i-l 


TO 


rH 


tp cm o 


rH 1 


o 


U3 


• • 


• * 


• ■ 


• 


• 


• • • 


• 


• 


O 


1 — >»£> 


r— 


1 — 

[-P 


CM 


r— 






o 
o 


A 



to 


o 


LP rH 
LP 60 


CM 


rp ^D 

J- lp 


o o 


CM 


lp 
o 


CM 
O 


LP 


O 
O 


\D 


r— 


to lp 


to 


LP J" 

r-p 


H 

rH 










O 
O 



CM 



o 



Gr- 
-4" 



O 

to 



to, 

CM 



to 

CM 



LP 

o 



LP 

o 



CM 






o 
o 



O 
O 

O 
O 
rH 































w 


LP 


r— 


l — 


o 


=t 


H 


TO 


CM 


CT» 


-=f 


LP 


CM 


-* 


o 


rp 


LP 


to 


1 — UD 


r— 


UD 


O 


lp 


LP 


CM 


O 


(_J 


o 


u 


r-\ 


\o 


f- 


r^ 


ip 


i — 


V£> 


J" 


rH 












o 


rH 












rp 




r-H 












u 

rH 





>-" 


O 


ro 


«^J 




s 




r> 


M 




FH 




C_) 


>-< 




m 


to 


l-H 






B 


M 




fT 


, — i 


o 


> 


L-i 


H 


n 


tu 


Pi 


Cj 


W P* 


>H 


o 


^-1 


H 


O 


w 


I^H 


hH 


51 


to 


FH 


n 


& 


H 




, H 


w 


W 




M 


W 


P 






5 p 


o 

r3 


CO 

P^ 




EH 

O 

O 


o 
i-q 

Pi 


E 

CO 


'J 

P 
O 



rp 


r-p 

v^5 


r— 


LP I — 
to VD 


r— 

to 


rp 

r-\ 


rp 

LP 


to 

LP 


r-\ 

to 


CTi TO 

rp cm 


rp ^n 

CM LP 


o 

o 


o 

rH 


UD 


i — 


lp r~- 


CP 


r— 

tp 


r^ 


to 








o 
o 

r-\ 




o 

o 



CM -D 

J- ^ 

- +3 

to 

rp <•"! 
o 

to ^ 

rP CD 
r— rCJ 

- E 

CM CO 
CM E 



rp^d 

I — CD 
"• +> 

LP P. 

H O 

■ p. 

0) 

rl 

LP cfi 
*.£> -t-> 

°:^ 

o 



to 



w 

rl 

Pi 

o 
o 

LP M 

O « 

« -H 

LP N 



to 
to 

rp w 

- ^ 

1 — w 

J- £ 

o 
o 

CM Sh 
^D O 



E 
E 

W LP 



■3 

EH 

w 



VJD pi CD 
CM c3 E 

rl 00 
tO «H • 

CM O & 

r— 

•• m 
CM -P 

c 
P 



CM 



•p 

o 

a 

si 



<D 

TO «h 

I — JvJ 

« rrj CD 

rH CD CD 

O r-\ & 



U 

CD 

E o> 

3 CD 



I' 
O 

o 



O EH 
CD rH O 

r. H 
CD 

> «H 

<J O 





P! 
o 

'rl 

o 

t)H 



rT 



•P 

w 

•H 



-42- 



9^ 

-=r i< <n 
rpH n 
cp , \r> 

H Pi O 

, O W 

•; <j 3 to 
O M rq <D 

Fh Jh EH H 
H fcj to 



1 



Ph 



r-3 L-| co <d 

1 1-' a 

ri m r i 

WHO 

m 

n n J 

p O -aj 

ra ri 
en, r-1 p 
ri ph n 

ori» 
■ ' ■ - £5 

H f-T 
f'l (H 

CO <d 

FH § P 

r -l »-< 

O > EH 
Pi g S 

r-i N hh 

_ Pi 

It 



flg 



!-; o to 
O rH H 

g £ ^ 

Eb F-3 ;:2 w 

r i cd 

H f.o Fr H h 

ri ri o rf 

ri q .1 

co ^ eh 

n ri 3 

RgFj 

n ' ' m 
u :< o 
• -■) o hi 

f-;^pi 

i 1 b N 

O n 

;';io 

Pi O 

Oi EH 

ri a a 
R n r-3 



in c3 

[•> in ri 

\p tis rp 

b: ; . 

t-H CP 

f2 

CO 



| 

to 

o g 

•H O 
>P EH 

•H 

o 



I 



r! 

f . (A 

CD CD 

/h -P 

fl -P fi3 

•H d -P 

O CO 
CO 



t ^ 



p a) o 

p r cJ O 

u o S i 

(0 EH t> O 

H OJ 



I 

-p <h o o 

•H o o o 

o o o 

w « -P o 

c (U o i. 

H -H CM CO 



o 

. ° 

fH O P 

<B • O 
!> OP4 

o lp 

CM 



r-l <U 

cs h : 

O V. H O 

Eh <D H 

r-i P 



-d 








w 




a) 


CD 


m 


£ 




.c, 


4 = 


CD 


P 


rj 


•p 


Cj 


•H 


o 


•ri 


2 


•P 


•P 


EH 




o 


CO 


•H 






CO 




o 
t 


r d 








•p 


FJ 


w 


u 


O 


•H 


CJ 


£ 


0) 


o 


o 




!"" 


>d 


o 



f o 

CM 



o 

■P «H O O 

■n O O O 

o o o 

W •> -P o 

fl 0) O LO 

I-H -H CM CJ 



H 

rj 
o 

EH 



o 

o 

O • 

» o 
o o 

LT. PL, 
00 



'd 




0) 




u 


1 1 






»H 


'. 





CD 


r^ 


1- 


w 


f. 


!h 


o 


3 


Fh 


O 




w 





CM 

•• 
-M- 
H 



to 

♦• 

O 



U) 

H 



to 



C\J 

•• 

H 
H 






to 
r— 



CM 

O 
H 



in 
o 



CM 



H 



CO 

OJ 



to 






l-H 






H 



to 



H 






H 









to 



H 



CM 



H 



H 
LP. 



H 



o 






CM 



CTi 



CM 






CM 



h- 



LP. 

CM 



LC> 
CM 



H 



cn 



LP. 



CM 



•U5 

OJ 



CM 



•■ 

CM 



Fh 


h 


fn 


<D 


0) 


0) 


o 


'd 


'J 


1 


s 


2 

3 



t? 3 c 

Cb ij Co 






o 

CM 



LP. 

CM 



O 






to 

♦• 

To 



r— 

LP 



H 



LP 



rp 
rp 






o 

r-P 



LP 



to 



60 

CM 



rp 



O 
rp 



•■ 
o 
rp 



U 

CD 
rj 

p 

-d 

fl 

LP 

• 
CJ 

rp 



LP 


CP 


r— 


o 


J- 


o^ 


CT\ 


m 


o 


rp 


o 


CJ 


H 


CM 


LP 


r— 


to 


o 


•■ 


•■ 


•• 


» 


• 


* 


•• 


•■ 


• 


^ 


CM 


<y\ 


OJ 


CP 


CP. 


o-\ 


CT\ 


o 


W\ 


to 


CTv 


U\ 


CP 


CP 


O^ 


o 



CVJ 
CP 



to 
rp 



o 
3 



CJ 

•■ 
rp 



rp 



CJ 



to 
rp 



CM 

r— 



rp 
rp 



.rl- 



to 
rp 



en 
o 



LP 

rp 



O 

LP 

•• 

LT\ 

rp 



P. 

0) 

-d 



-d 

LP 

rp 



to 

rH 
•- 

r— 



Ol 



to 



rp 



CM 



LC^\ 

to 



CP 



to 

^1- 



rp 

rH 



CP 



V.Q 



CTN 
LP 

•■ 
CM 



f-i 

a) 
■J 



CJ 



r- 
rp 






CM 

to 



to 

CJ 



LP 

to 



to 
rp 



to 



U5 

•■ 

rp 

to 



CJ 
U3 



LP 

to 



CJ 
LP 



H 

ID 



rH 



LP 

to 



rH 

to 



H 

to 



rp 
r~ 

•• 

CJ 

to 



r) 

a) 



Pi 
CJ 



O 



r— 
to 



CJ 

o 

•• 
to 
to 



IP 

LP 






LP 

«- 

r~ 
to 



H 



CP 

to 



CM 
CM 



V0 

to 



to 
to 



r— 
to 



r-t 



to 



to' 



u 
■d 



-d 

o3 
LP 

CJ 

_H" 



r— 
o 



en 

c •> 



Lc^ 

rH 



to 

•• 
to 



'JO 

o 



CP 



rp 
r— 



r— 



rp 

o 



to 

CP 






o-\ 



LP 

to 



r— 



to 
to 



r— 



u 

CD 

'd 



-d 

a 

LP. 



r— 






CO 

•■ 
CP 
CP 



•• 
CP 
CP 



LP 



CP 
CP 



LP 

•■ 

to 

CP 






to 

CP 



CO 

rp 

•■ 
to 

CP 



CP 

•vr> 



ro 

CP 



LP 



to 

CP 



U 

CD 

'd 



'J 

cj 
LP 

r— 



to 
to 

CP 



O 

•■ 
CP 



OJ 
CP 



CP 

CP 



CP 

to 



CP 
CP 



rp 

CP 



CP 



CP 

o 



to 

CP 



CP 



to 



rH 

rp 



CP 



o 

H 



CP 



Q> 



-d 



o 

LC> 



LP 

CP 



CP 



co 

CP 



J- 

• ■ 
CP 



CD 

-d 



■J 



CO 
LP 



r- 

01 






rp 



CP 
CP 



to 

LP 



CP 
CT\ 



-d 



■d 

P! 
S 

LP 
LP 



\A 




Q 


LP 


CI 


VU 


• 


o 


f> 


« 


o 


— i 



rp 


LP 


IT 


b 


• — t 


CP 


CP 


U 


o 


CJ 


CP' 


o - i 


. • 


• 
o 




CP 


CP 




o 
H 


to 
rp 



w 



r^ 
O 



O 

o 



to 
rp 



o •> 

O CO 
H CO 



W 



r— 


to 


CO 


o 


CP 


o 


CP 


o 


o 


rp 


•• 


•- 


• • 


• 


1*- 


CP 


CP 




o 


•* 


o-> 


CP 




o 

H 








^< 




^t 


UD 


^t 


O 


LP 


o^ 


CP. 


o 


O 


VJD 


•- 


fr 


• • 


• 


CP 


C". 


CP 




o 


» 


CP 


CTI 




o 

i — ! 


o 
to 






^^. 




H 


i 


VD 


o 


o 


CJ 


LT 


o 


LP 


4. 


a. 


• 


• 


o 


CP 


CP» 




o 


* 


CP 


CP 




o 


LP 



H 



o 

o 
• 

CD 
O 
H 



Vi. 



CO 
H 

tOrQ 
tO R) 

rPEn 

• 
r— vi 
J- cd 



LP 


rp 


r- 


O 


o S 


H 


rp 


'.D 


o 


CI CO 


•• 


•■ 


• • 


• 


VJD 


CP 


CP 




<D 


• 


CP 


CP 




O 
H 


coo 

CO 



CO 



^5. 

o 
o 

• 

o 

o 

rH 



to o 
cos 
r— 

O0H 
CV'^3 

EH 



MD 


CM 


to 


o 


r-o 


CM 


J" 


LT 


o 


to-p 


•• 


•• 


• t 


• 


r— 


CP 


CP 




o 


• QJ 


o> 


o~i 




o 


H P 

° 9 





rl 0) 

CD CO 

r Q W 
Q CD 

3>s.. 

HEH 
LPg Mg^ 

U O fH 

0) FH d^H 

> >o 
o -=«! 



LP, 



O 

CJ 

to 



-43- 



CHART II 




PeoasylT&aia *>.xi Wisc^ojln. 
South: jfeiyi*^ , Cvorjla, Ksntuo>-y, Korth (Vurellaa, T«uji» . a«e 

and Virginia. 
tffce Ker*h - Scuth ula«8iflc&ticn *.» 3! /»5i '.n the c.<xlr for tb« 
Furniture Iadvp'tty differe eU'jthtly from the above claaslficbties 
since ihera Maryland is in tTis Northern ciaeelflcatlcn. 

Sour-sept 1S29 - X93X rUta: B. L. S, Wag»o in* Hour* Study #671 

1933 d&tai SpeolaA tebuUtloa \tf £. !>. 3. MRA-685 



9820 



-44- 

CHART It 

AV2RA".E BOORLI WAGE HATES IE 
THE LUMBER IKDDSTRT (SAWMILLS) II 
WEST AID SOOTH, 192S - 1084 



75 



60 
50 
40 
30 
20 
10 



W S 



WAGE RATES IS CENTS PER HOUR 




FERTOJUNE WV TO AUG 

1*25 1928 1930 1932 



w s ws ws 



JULY DEC 1*10 **, 

1933 1934 



RATIO OF SOUTHERN WAGE RATES 
TO WESTERN WAGE RATES 



JUNE FEB-TTOJUNE ' MAYTOAUC 

1923 1925 1928 1930 1932 



'JULY DEC." |2)0 MOS 

1933 1934 



Source: Data for pre-code years compiled from B.L.S. state averages; 
for post-code dates from Lumber Code Authority data for the Southern 
Pine and West Coast Divisions. See attached table 1 

Division of Research and Planning, NRJ 



9820 



-45- 



CHART /3 

ACTUAL HOOKLY EARNIUQS-BOOT AND SHOE IMDTETKT 



South—Male ami male Employees. Percentage Distribution by 
Hourly gainings . 

The height of each column shows the percentage of employees 

whose earnings fall In the Interval represented by the base of 

the column. Percentages are based on reports to the Bureau of 

Census oovering 5125 male and 4285 female employees for a w»« v 

In March, 1634. 



36 
32 
28 

24 

20 

IS 

12 

8 

« 



■ELI 



MtT.tt — SOOTH 






I i 



48 



44 
40 
36 
32 
28 
24 
20 
16 
12 
8 



» 30 / 40 50 

Code Minimum 



60 70 



80 



90 100 



UMALE — SOUTH 



20 30V *° 50 60 70 

Code Minimum 
Aottal Earnings In Cents Per Hour 



9820 



-46- 



CHART 14- 

AOTOAL HOURLY EARNING* -BOOT AND SHOE IKDC8'Hff 

gorth — Male Employees. Percentage Distribution by Hourly Earnings 
In Cities of Large, Medium and Small Sizes. 



The height of each column shows the percentage of employees whose 
earnings fall in the Interval represented by the base of the column. 
Percentages are based on reports to the Bureau of Census covering 
96,076 male employees for a week in March, 1934. 



12 

10 

8 

6 

4 



16 

14 

12 

10 

8 

6 

4 

2 



^ 



pwaaragn row be au.wu warn ■giayei 

1n cities over 2SQ,0QQ » 



TT 
I i 



_u 






20 

18 

16 

14 

12 

10 

8 

6 

4 

S 



20 



30 ^40 50 

Code Minimal 



60 



70 



80 



90 



100 110 







• 




Above the 


Percentages based on 26 t 719 male employees 
In oiti*! tfld ' vv > tt ?!*Q nlv ) Jn»1i7lYw- 


minimum — 








Below the 


L 




1 

1 

1 
1 






1 


i 






minimum *>^^ 


; 1 : 

i • i 
■ • ' 






. 




I ! 1 1 1 : 1 1 ■ ■ I . 



20 



30/40 50 

Code Minimum 



60 



70 



80 



90 



100 



110 



Parn e nlagBB based uu 48,377 amylu.y e ns (mal e ) 
in altlsa less than 20.000. 



TTT 

i i i 



It 



3ZC 



20 



30/40 50 

Code Minimum 



60 



70 



80 



90 



100 



110 



Actual Earnings in Cants par Hour. 



9820 



-47- 



CHART 15 

kcwki Hoirnu eabjihos— boot abd shob arosTOT 

Horth — Female Employees. Percentage Diotri out Ions "by Hourly earnings In 
Cltlee of Large, Medium and Small Sliee. 



The height of each column ehows the percentage of employees 
whose earnings fall In the lnterra! representee by the Das* 
of the column* Percentages are based on reports to the Bureau 
of Census corerlng 78,672 female employees for a week in liar eh, 
1934. 



28 

24 

20 

16 

12 

8 

4 



28 

24 

20 

16 

12 

8 

4 



36 
32 



20 



Percentages cased en 15,160 female 
employees in oltles orer 260.000. 




30\ 40 50 
Code Minimum 



60 



70 



80 90 



Percentages based on 23,283 female employees 
In oltles of 20,000 to 250,000, lnclnslre. 



Above the mlnlmnm 



Below the 




:liiir-r 



16 86 M 



20 SOlf 



«F. 



Code Minimum 



28 
24 
20 
16 
12 
8 



Percentages based on 40,229 female 
employees In cities lees than 20,000. 




20 30\4C 

code Mlnimnra 



60 70 80 

actual Earnings in Cents per Hour, 



-48- 

C. THE PROBLEM OF OUT- 0?- BALANCE PRICES 

Whatever the explanation, it is a fact that some prices dropped 
precipitously during the depression, while others receded but little 
from the 1929 levels. Chart 16 shows indexes for ten groups of com- 
modities, flexible, intermediate and rigid. The "basis of classification 
is the number of month-to-month changes out of 94 opportunities for 
change during January, 1936, through November, 1933. 

Group I includes those commodities which remained unchanged, Group 
II, those which changed I to 4 times, and so on, to Group X, which in- 
cludes those commodities changing price at least once a month. (Source: 
Industrial Prices and their Relative Inflexibility, Senate Document 
No. 13, 74th Congress) 

One qualification is necessary. Particularly in the" rigid" groups 
the "basic data are sometimes nominal or price list quotations, and the 
actual net price to purchasers after discounts, terms and allowances, 
may "be fairly flexible. Nevertheless, in its main outlines, the picture 
is substantially correct. 

Chart 17 shows per cent deviations of price indexes principal of 
commodity, groups from the all- commodity index. As the statistician 
would say, each has "been "deflated" by the wholesale price index. Me- 
tals and metal products, chemicals and drugs, and building materials, 
dropped less than the average during the depression, and accordingly 
their "deflated" indexes measure above 10<\ Textiles and their pro- 
ducts, farm prices, and food products fell much faster and farther than 
the average, and so their "deflated" indexes go well below 100. 

Chart 18 shows the ratio: of flexible prices to rigid prices. The 
Federal Reserve Board Index of Production is included for comparison. 

Many economists have said that lack of balance, maladjustment bet- 
ween groups of prices, was a contributing, or at least an aggravating 
cause of the depression. Some assert that prices of flexible - priced 
goods (chiefly farm products') must be brought up into line with other 
prices if goods were to interchange in volume. Others claim that price 
reductions, particularly for manufactured products, would bring these 
goods within reach of an ever-widening circle of consumers. An expan- 
sion of volume would follow, which would increase work opportunities. 

Still others say that price cutting starts a vicious circle of 
wage cutting, lessened purchasing power, lessened volume decreased em- 
ployment, and finally around to more price cutting. Demoralized prices, 
they say, sap the power of an industry to carry a reemployment load. 

What constitutes a healthy, in-balance price structure? When are 
prices in adjustment? Where should individual prices go in order to 
unblock the flow of trade? If pre-depression relationships represent 
adjustment, then the last thirty months have witnessed a restoration 
of balance. Deflated price indexes for important groups, notably me- 
tals and metal products, and farm products, have returned towards the 
zero line. Raw materials, after getting 20f$ "out of line" with respect 
to the all-commodity index, are now only 3 or 4$ "out of line." 



9820 



-49- 

Some would deny that the above constitutes a good measure of 
price adjustment. Many changes in costs, quality, demand and suoply 
have taken place in the last six years which may call for new price re- 
lationships. The relation of price to costs may be a better measure 
of adjustment than the relation to an average of all prices. 

A classification of code provisions dealing with prices will be 
found in "Content of N.R.A. Administrative Legislation, Part C." 

The building industry has often been singled out as one in which 
prices are allegedly out of line, to such an extent, so it is said, as 
to be a serious bar to recovery. Chart 21 shows some statistical series 
related to building, and charts 22-43 the course of prices of imoortant 
building materials from 1919 to 1934. 



9820 



-DO- TABLE 21. 

PRICE S, q x t VARIOUS PRODUCTS AND SERVICES IK 1929, A] 3 IN FEB. 1933 a/ 

SOME RIG ID AND SEmI-RIGID PRICES 1929 F eb. 1955 f 3 Change 

Freight rates 
Passenger rates 

Postal rates, first class 2>p Z<p 4- 50$ 
Postal rates, other 

Domestic electricity (l") 6.5^ 5.6 - 14 

" " (2) 83.3 80.2 - 4 
Telephone rates 

Manufactured gas per 1000 $1.21 1.15 - 5 

Motor Vehicles a/ 106.7 90.9 - 15 

Agricultural Implements a/ 98.7 83.1 - 16 

Cement 91.8 81.8 - 11 

Structural Steel 98.1 81.7 - 17 

Nickel 35f* 35$£ 

Aluminum, per lb. 23. 90.* 22.90^ - 4 

Antracite coal 90.1 88.7 - 2 

Bituminous Coal 91.3 79.4 - 13 

Coke 84.6 75.2 - 11 
PRICES OF INT IMMEDIATE FLEXIBILITY 

Furniture 96.0 71.9 - 25 

House Furnishings 97.5 72.9 - 25 

Building materials, n.e.s. 106.9 59.9 - 35 

Brick and Tile 91.1 75.1 - 18 

Paper and Pulp . 87.9 72.1 - 18 

Drugs and pharmaceuticals 71.5 54.8 - 23 

Boots and Shoes 106.3 83.3 - 22 





seme decreases 




some decreases 


2$ 


3* 




many increases 


6.5f 


5.6' 


83.3 


80.2 




some decreases 


$1.21 


1.15 


106.7 


90.9 


98.7 


83.1 


91.8 


81.8 


98.1 


81.7 


35^ 


35^ 


23.90.* 


22.90^ 


90.1 


88.7 


91.3 


79.4 


84.6 


75.2 


96.0 


71.9 


97.5 


72.9 


106.9 


59.9 


91.1 


75.1 


87.9 


72.1 


71.5 


54.8 


106 . 3 


83.3 


94.9 


77.3 


99.1 


79.0 


97.4 


32.7 


106.1 


40.1 


106 . 6 


44.2 


109.1 


50.2 


97.8 


52.4 


88.0 


60.4 


112.7 


40.9 


113.2 


55.3 


99.4 


49.1 


80.1 


25.6 


97.0 


53.2 


88.5 


40.3 


90.0 


61.2 


71.3 


34.3 


106.1 


46.2 


94.5 


56.4 


91.3 


59.4 


95.0 


59.4 


97.2 


62.4 


92.1 


61.5 


55.6 


42.6 


42.3 


6.1 


Frice In 


ide xe s ; S tandar d 



Iron and Steel 94.9 77.3 - 29 

Chemicals 99.1 79.0 - 20 
SOME FLEXIBLE PRICES 

Grains 97.4 32.7 - 64 

Live Stock and Poultry 106.1 40.1 _ 62 

Other Farm Products 106.6 44.2 - 59 

Meats 109.1 50.2 - 54 

Fruits and Vegetables 97.8 52.4 - 46 

Cereal Products 88.0 60.4 ~ 41 

Hides and Sk.ns 112.7 40.9 - 64 

Leather 113.2 55.3 - 51 

Cotton Goods 99.4 49.1 - 51 

Silk and Rayon 80.1 25.6 - 68 

Woolen and Worsted 97.0 53.2 - 45 

Knit Goods 88.5 40.3 - 45 

Clothing 90.0 61.2 - 32 

Petroleum products 71.3 34.3 - 52 

Non-ferrous metals 106.1 46.2 - 57 

Lumber 94.5 56.4 - 40 

Paint Materials 91.3 59.4 - 35 

Plumbing and Heating 95.0 59.4 - 38 

Mixed fertilizers 97.2 62.4 - 36 

Fertilizer Materials 92.1 61.5 - 33 

Automobile tires 55.6 42.6 - 23 

Crude Rubber 42.3 6.1 - 06 

Sources: Bureau of Labor Statistics Frice Indexes; Standard Statistics 

Base Book. (l V ' Read from chart published in "Business Week" 

for Sept. 29, 1934. (2^ Monthly Labor Review, Aug. 1934, p. 510. 

a/Accurate measurement of price changes of articles which change markedly in 

quality is difficult if not impossible. Adjustment of these figures for 

quality variations would show larger price decreases. 
9810 



-51- 



CHART 16 



UJ 




O 




Z) 




t- 




z 




o 


X 


< 


o 


5 


z- 






Q 




Z 


< Z 


£« 


u o 


UJ * 




<UI 


< UJ 


"1 


x oc 


uj O 


<->,,. 


"Jif 


*¥ 


^ 


U. 3 


zo 


OQ 


UJ 2 
O ui 


>- UJ 


3 3 
-ICT 


II 


z a 

— u. 




E* 




?5 


za 


o 

OC (J 

ou 


w .. 


u. < 


%° 


IflO 


UJ UJ 

XQ- 


i— 


UI-) 


UJ 


°y 


CD 


-O 




U 


z 


u 


o 


0. 


H 




< 




UJ 




cc 






OOOOPQOOOO 

oooooooooo 



in o 
0> o 



IAI © 
CO 00 



mou-ioi/iomo 



£ "J 

51 

2 Z 

UJ (J 

*b 

UJ - 

or or 
u. a 



— U1 m J N UJ - CO 0> 
- (\J CI UP CO 



U. IS) 

9^4- r-u9r\ju?covoinoro 
ojr— r» j» to en co co co co to 



o 



" ti E) H m S g | H H 



& 



I 



9820 



52 

CHART 17 
COMPARISON OF COMMODITY GROUP AVERAGE PRICES 
WITH GENERAL WHOLESALE PRICE LEVEL. 

(S L S CROUP INDEX COMPARED TO ALL COMMODITIES INDEX ) 



PER CENT 
-^+20 




FUEL & LIGHTING 

i ■ --20 

1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 



SOURCE -BUREAU Cf- LAOCR STATItTICS 



PRICE UETT 

N. R. A - 63S 



9820 



53 

CHART \7(C0H1.) 

COMPARISON OF COMMODITY GROUP AVERAGE PRICES 
WITH GENERAL WHOLESALE PRICE LEVEL. 

(B.L.S. GROUP INDEX COMPARED TO ALL COMMODITIES INDEX) 



PER 

CENT 

+ 30 



~i i r — T ~ I 

METALS & METAL PRODUCTS 




MISCELLANEOUS 
1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 

SGUPCE - PuRf.AU OF LABOR STATISTICS 



PRICE UNIT 
N R A - 819 



9320 



54 
CHART 16 



COZ 
LUO 

q:o 

0-3 
Q 

9° 

p| 

J ^ 

9? -^ 
x — 

UJ, 

GIO 

£s 



if) 

ro 
i 

CO 
OJ 
CD 




» Si N 



O v» 

> »- 



9820 



-56- 
CHART 19 



o 
at 



s 



* 



o 

co 



I 

CO 



UJ 



Z 



< 

z 



V), 



o 



a: 
O 



X 

Z 

o 

c/) 

Hi 

y 
or 

D_ 

UJ 

_J 

y 

o 



o <" 
o 

F 

V) 

to 













.... 








in 


10 

o 
2 


! 










f*. ^^v 


r 


> 

< 




u 












r / 
%J 




3 ^^ 


i.S - 






a 




•* 












^ 


! VV' 






> 




n 








< \ 




« 


-V^ 






0; 




0) 








\J 




S A 


? > 






t 












X 


"»» 


3 V 








!l 


















J-V 


; C^_. 


£ 

B 




C 












^ - 






^■**^*~^r 


. _ _ s . • 


2 








1 






ftln 






./ 




— --_ °> 
• 








1 




1 








^1 




— >— 

co 








I 




i 


' 


V^ y^ V 


-■> / 


> vO 


i" 


<■- 2! 








•4 
*> 

si 




' F ' 






\ 


U-^- 












1 


.• 






,J 


[£-- — 


'^? 




0) 








'J' 






/-'' 
















' ^ 






*" 






















/ 
















*"' .A^ 




.*-■■ 
















y 























''r~^i 
















at 




f' 






' 
















_•' 




• 


/-|f 




















* 


r 














, 






/ 


V a 














/ 




\ 

1 


\ 














0) 

cvj 


#** 


















a> 






i 




V!? 














> 




j 


, 


.-- >i 
















\^1; 


/ 

1 


* 
















^H '* 


v 


3 












00 




>./ 1 IX. 




N i^ 












CVJ 




y\;/\y 




\ k 












01 




jr 


I 




> 
















$b 






















y 


\i 


> 














S 








,..*» 
















v// 




















A'L* 


i" 




















^sf$j^ 


i 


















*"" "^ 


tf^ ** 




















\« 


Jr j,-* 




















\> 


m' 


















(0 

CVJ 

en 


y * JF '"** 


















- • 


-''Wl//' 




















//h 



















oW 
coy 

UJ 

?s 

<UJ 
U -I 
(TO 
31 
CDJ 

ui 
o 

CE 

o 



O 
O 



O 
CD 



o 

00 



? 



o 

CO 



o 

in 



001=9261 -S3X30.NI 



9820 



-56- 





(VI 



< 

I 
U 



- 1 a 




21 



- - 2 M 



K </) cfc 

<.. 2 

(to at . 

Z. 



' z F z 

o w 



*|5 

I I HI 

«o« 

J O "- 

in o 
U g oc 

WHO 
.12 



j « 3 

" UJ 

« OT fc 

U UJ " 



IJ UJ 

as 

HI UJ 

X I 



»g> gg 



< < o 

P i- ir 
in v) uj 

OOJ 
cd m o 

< < o 
-J -1 

o o £ 

3 3 (/) 

< < or 
uj uJ ul 

is 

CD £ 

I ■ 

. eg <*> 



i 



9820 



57 



o 




z 




Q 




-J 




3 




GQ 




_J 




< 




1- 




Z 




LU 




Q 




(/> 


lO 


LlI 


ro 


<s 


a 


* 


i 




o 


o 


CM 


H- 


0) 


O 




LU 




1- 




< 




_l 




LU 




cr 




CO 




cr 




o 




h- 




o 




< 




Li. 






< 

or 



a < 



9830 



se 



— 3n 

Za 







-s* 



If) 

a 

q: 
< 

O 
<\j 
H 

Q. 

U 

(0 

I 



uJ -. 



Q 

UJ 

or 

UJ 

> 



y 

a: 
q. 



UJ 

cr 

y 

CD 

Z 

o 

O 

o 



-J 

UJ 

o 



u 



r- ** c- '.o ^*« in ** m ■* co cv ~* .->j k, c*j co co 



*-* d 1 4 H> 0.' 1< i' i' Qj C <L> Aj H/ 4j *-* ■ ■ 

trt*-a'-3 , -> , -j^'-3 , -i , -»*-3 , -3»-i»-3»-awjQS 



II 8 




* s 



y 



8 8 8 8 8 

• • • • • 

n w to ^j •- 



- 1.Q 



-&o- 



CHART 



a.4 



Dollars 

t» cubic v«ne 



CRUSHED STONE RETAIL PRICES SEPT 1921 -MAR.1935 

^4/NCHES, L.C.L. DELIVERED 



3O0r 



| 2.00 



Sent. 


1921 


$ 2.91 


June 


1922 


2.65 


June 


1923 


2.60 


June 


1924 


2.99 


June 


1926 


2.39 


June 


1926 


2.51 


June 


1927 


2.39 


June 


192B 


2.20 


June 


1929 


2.17 


June 


1930 


1.97 


June 


1931 


2.05 


June 


1932 


1.84 


June 


1933 


1.74 


June 


1934 


2.06 


Sent. 


1934 


2.18 


Dec. 


1934 


2.37 


Mar. 


1935 


2.35 




■ ■ ' ■ ■ ' I ... 1 I I ' ■ I i .1 ' „ 

1921 1322 1923 1924 1925 1926 1927 U2B 1929 1930 1931 I9J2 l«M 195" "55 I93C. 1937 

Sourcei BUREAU of STAN0AROS, DIVISION .. BUILDING »~o HOUSING. 

"Building materials and prices", .September i92i - jumi 193s r« p a 

CODE AUTHORITY FORTHE BUILOCR8' SUPPLIES TRADE SEPT 1935-DEC l»M """ 

REPORTS TO NBA FROM BUILPERS SUPPLIES RETAILERS MARCH l93f REStABCK A«D PLANNING 



£>)- 



CHART ZS 

BUILDING SAND RETAIL PRICES-SEPT. 1921 - MAR. 1935. 



L.C.L. DELIVERED 



DOLLARS 
PER CUBIC YD. 



?.50p 




2.30 



SeDt. 


1321 


$ 2.40 


Jane 


1922 


2.22 


June 


1923 


2.13 


June 


1924 


2.11 


June 


192;; 


2.22 


June 


1926 


2.02 


June 


1927 


1.73 


June 


192e 


2.08 


June 


1929 


1.85 


June 


1930 


1.57 


June 


1931 


1.75 


June 


1932 


1.54 


June 


19S3 


1.44 


June 


1934 


1.69 


Sent. 


1934 


1.76 


Dec. 


1934 


1.93 


Mar. 


1935 


1.92 



rlJSOHJJOMJSOMJSO NJt B«JS(HJI(HjllrtJIO»JH(IJf'"J"HJ«(«l»ll>IJ»»KJII«IJl 

l»ZI l»22 1923 192* !9I5 1926 I9Z7 1926 1929 1930 1931 1932 1933 |934 I93S 1936 1937 

SOURCE' .BUREAU OF STANDARD*. DlyieiON Of BUILDING ANO H0U3INS , 



"BUILOINQ MATERIAL PRICES' SEPT. 19ZI TO JUNE 1933. 
COOtT AUTHORITY FOR THE BUILDERS SUPPLIES TRADE SEPT 1935 TO DEC 193* 
REPORTS TO N. R A. FROM BUILDERS SUPPLIES RETAILERS. MAR 1935 



NRA. 
RESEARCH A.ND PLAHNIKS 



-62- 





ir> 




co 




<£ 




od 




< 




?o 




— u 




(XI QC 




CD i*J 




— > 




1— * -■ 




CL q 




U ■ 




CO -1 




*o 




CO J 




u 




y« 


^Q 


occr 


c* 


CL U 




z 




§8 


o 




or 




o 




h-z 




Z5 




U D 




Sd 




UJ x 




O U 



nDnnNOJNNNNWNWOJNCM^ 



S 9 § § I § § § § 9 § § § § ? S & 



— I" 



QC 

O 

0- 




CO 

D Q 



z 

z 
z 
< 

_l 



4 

■en 



•8 

> 

I - 



'(fl 



It) 



s— 
— as; 

CVJ 5-3 

o A • 

»— z 5 



in 

« 

-u 
-J 

< 



3 

CL 

a. 

3 



a 
m 

a 

J 



iysui 



*S,* 



s-§qc>- e 

fPfcp 

„m<n«CC P 
04 50<i r 



:w 



n 






— id 
MO 



><n 



982.0 






-frV 



w-wr- 9 



CHART 2. 7 

HOLLOW TILE RETAIL PRICES SEPT. 192 1 -MAR. 1935. 

DELIVERED 




M J 5 DMJSP>tJ S 

1930 *93f 1932 



HJ?r«(J9 0MJ3 0»IJtOMJSOMJ50MJSO*1jSOMj» 

1921 1922 1923 1924 1925 I92& 192 7 1925 1929 

SOURCE* OUtWAU OF STANDARDS, DIVISION OF BUILDING AND HOUSING 
"BUILDING MATERIALS PRICES;' SEPT. I9ZI TO JUNE (933 
CODE AUTHORITY TORS THE BUILDER'S SUPPLIES TRADE, 
SEPT l»39 TO OE.C, IBS'* 
REPORTS TO N.R.A. FROM BUILDERS SUPPLIES RETAILERS, MAR. 1635 



m j s o ~m j g hj jmjs "iji » 
,933 1934 1935 1936 193? 



N.R.A. 

RESEARCH AND PLANNING DIVISION 



-6t- 



CHART fcft 

GYPSUM PLASTER RETAIL PRICES-SEPT 1921 TO MAR. 1935 

GROUND, L.C.L. DELIVERED 



20.60 






























Sept. 1921 $20.60 
































June 1923 20.00 
June 1924 19.30] 
June 1925 17.95 


20 00 






K 
























June 1926 17.65 
































June 1928 15.32 
June 1929 15.30 
June 1930 17.81 


19.50 






\ 
























June 1931 16.36 






\ 


\ 






















June 1933 1-.14 








\ 


/\ 






















June 1934 i- .90 








\ 


' \ 






















Sent. 1934 18.90 


19.00 






J 


' \ i 






















Dec. 1934 18. SB 








V 






















Mar. 1935 


IB. OB 


18.50 
18.00 
17.50 
17.00 












































• 










>\ 
























k 












1 


















i_ 






' 


\\ 


p 








i 
















lfl.50 
16.00 
15.50 
15.00 




I. 










i 










\ 
















I 






i 


i 












\ 


^ 














i 










i 


























































. 1 i 
























i _^ 















jj i 


, i , 


, l i 


1 1 , 


i , 


1 1 . 


• i • 


, i , 


, i , 


. 1 1 


, 1 1 


, i , 


, i , 


, 1 1 


1 1 1 


,1. 




I 4 1 


i-'-'tO'JitmjftUjiO'Jttllii C « - S « J J a ^ b 0HJ1DK J J 5 ■ .' i r ■ J i ■ J 1 :>■.'---.'* 




1921 


192? 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 




Sourc 


«: Uwra*« of 3t«n«arOs, Dlvlllon of Building tnd N. R. A. 

Housing. "Buirdlny Mttarlalt •»!<:••", S«pt. I9JI RFSFARCH AND PLANNING 
to duno I93J. 

Co«» Author It/ for th. tuil«»r> Supplit* Tr.*«, 

toft. 1991 U toe. 1*91. 

«»porti to N.K.A from tulldora Suppl !<• Rotation, 

Mar. low. 











































-<o5"- 



CHART Z& 

GYPSUM BOARD RETAIL PRICES -SEPT. 1921- MAR. I9S3 
% INCHES, L.C.L. DELIVERED 




Sept. 


19a 


$39.20 


June 


1922 


36.60 


June 


1923 


38.60 


June 


1924 


35.10 


June 


1920 


37.35 


June 


1926 


42.35 


June 


1927 


40.95 


June 


1928 


25.95 


June 


1929 


30.30 


June 


1930 


30.81 


June 


1931 


25.00 


June 


1932 


28.50 


June 


1933 


27.19 


June 


1934 


41.50 


Sept. 


1934 


41.50 


Dee. 


1934 


41.20 


Mar. 


1935 


39.63 



J 5 

1921 
SOURCE 



M J « C W J 3 

1931 1932 



MJSDMJ3DMJSDMJSDMJSDMJSDMJ5 0MJ3DMJ5P 

1922 1923 1924- 1925 1926 1927 1926 1929 1930 
BUREAU OF 9TANDARDS, DIVISION OF BUILDING AND HOUSING, 
"BUILDING MATERIAL 9 PRICES" SEPT. 1921 TO JUNE 1933. 
CODE AUTHORrTY FOR RETAIL LUMBER AND BUILDING MATERIALS 

PRODUCTS INDUSTRY SEPT. 1933 TO DEC. 193*. 

REPORTS TO NRA FROM Bl/fLO/NG MATERIALS RETAILERS MAB. 1935 



MJSD*1J*DMJ3DMJSO»iJ«t 

1933 1934- 1935 1936 1937 

N.R.A. 

RESEARCH AND PLANNING 



-c>& - 





iT) 






ro 






91 






a: 






< 






2 






O 






H 


Q 




(\l 


rr 




o> 


UJ 


o 




> 


JT> 


H 


_i 
hi 




Q_ 


Q 


h 


ixJ 


_j 


£ 


(0 


i j 


< 

I 


1 


J 


O 


bJ 


Q 




U 


Ul 

1- 




rr 


< 




Ql 


> 




_i 


I 




fS 






UJ 






tr 






UJ 






5 






-67- 



CHART 3/ 

WHITE LEAD RETAIL PRICES -SEPT. 1921 TO MAR. 1935 

IN OIL, L.C.LJ5ELIVERED 




11.50 



in. so 



J i ► • 4 1 • i S a J. } ■ J 5 ■ J 1 . j , o » j Sf 



■ J I ■ J i IN J | ■ J i . J ! o 



1921 1922 1923 1924 1925 1926 1927 1929 1929 1930 1931 1932 1933 1934' ' iW ' 1936* " 1937 ' 



Source: Bureau of Standards. Oivislon of Bullainy and 

Housing, "Building Materials Prices", Sept. 1921 
to June 1933. 

Code Authority of the Lead Industry, Sept. 1933 
to Mar. I93«. 



N. R. A. 
RESEARCH AND PLANNING 






-68- 



CHART 3fc 

ROSIN SIZED SHEETING RETAIL PRICES-SEPT I92I-MAR. 1935 



DOLLARS 

R 500SQ. rr. 

2.10 



3 PLY 50 POUNDS PER ROLL, L.C L DELIVERED 




Sent. 


1921 


J 2.00 


June 


1923 


.92 


June 


1923 


1.36 


June 


1924 


1.31 


June 


1925 


1.70 


June 


1926 


1.56 


June 


1927 


1.63 


June 


1928 


1.19 


June 


1929 


1.25 


June 


1930 


1.33 


June 


1931 


1.20 


June 


1932 


1.10 


J 'one 


1933 


1.05 


June 


1934 


1.16 


Sent. 


1934 


1.16 


Dec. 


1934 


1.45 


Mar. 


1935 


1.27 



MJI1 

I9ZI 

SOURCE'- 



KJ*BHJ5DMj5OHJj0WJ*DHJSDMJSDMJ*»HJE-OMJSOMJS0MJ50MJ5DMJSOMJ-50HJ5D 

\»ZZ I9Z3 1924 I9ZS i»2<- 1917 l»*fi I9Z9 193© 1931 I93Z 1933 (934 1935 1936 1937 
BUREAU OF STANDARDS, OIVISION OF building AND HOUSING, "BUILDING 
' PRICES, SEPT. 1921 TO JUNE 1933 



MATERIALS 



CODE AUTHORITY 
INDUSTRY, SEPT 
REPORTS TO N. 



FOR 
1933 
R A. 



1921 

RETAIL LUMBER 

TO DEC 1934 

FROM BUILDING 



N RA 



AND BUILDING MATERIALS PRODUCTS 
MATERIALS RETAILERS, MAR. 193 5. 



RESEARCH AND PLANNING 



-69- 



u 
u 

Q. 



15 lj 
*) cr 

fe to 

< LU 

I -I 

o O 

z 



< 

x 

Q_ 
CO 
< 



Q 
U 

a: 
uj 

> 



u 



a 

z 
z> 
o 
a 

in 
o 



en 
o> 

< 

I 2 
UJ 

2>g 



Q. £ 

to v 

D 

< 

Q 

Z 

01 



m 

X 

o 



* rH r- o n to 

IO lO * 'D 'X) 'i) '£ ifl iD lO ID tO ifl <0 iC 'C ID 



w « n w n :: w n w k c; f j n c, r. n t-i 

5l W 01 iH 5i ;> o> at 5l C. Ol (?• Jl 31 0^ Ol Oi 



•'UCIlllilltittlJ. 
<S}-*'->-3 , -> t -)-}'-}-} t ->'-3-i-3-iin(^ZI 




U'DS ooi d3d sdvmoa 



96*0 



-70- 



10 



ifl O "J o 

01 iH 


J ■; r< m ": o 1! Cg J) N '. x at 


rH -J 1 


.. T) IC Ki N 10 fl) H O O 3> O 


r-< :j fj -t 

M ") \ -■. 
Jin ■ ffi 


K ) Ci .* W C W CO fj C-j fi K> c-j 

.' -. O- T- <T. (J, (J: fT! CTi fi Ol 







■g 

6 

0J 



o 
o 

OS 



o 
o 



o 


o 


o 


o 


o 


o 


o 


o 


o 


o 


<£> 


If) 


•<f 


<r> 


CM 



o 
o 



8 

<3 



o 
o 

en 









7/- 



CHART JJ5 

WINDOW GLASS RETAIL PRICES -SEPT. 1921 TO MAR. 1935 

SINGLE A 10X12 L.C.L. DELIVERED 



5.20 



5.00 



a.Ho - 



4.60 



4.10 



4.20 



4.00 



3.80 



3.60 



3.40 



3.20 



3.00 



Sept. 


1S21 


$ 4.84 


June 


1*22 


4.83 


June 


1923 


4.91 


June 


1924 


4.59 


June 


1925 


4.81 


June 


1926 


4.28 


June 


1927 


4.27 


June 


1928 


3.58 


June 


1929 


3.91 


June 


1930 


4.02 


June 


1931 


3.91 


June 


1933 


3.73 


June 


1933 


3.61 


June 


1934 


3.81 


Sect. 


1934 


3.14 


Sec. 


1934 


3.19 


Mar. 


1935 


3.43 




*•>* ■ - i o ■ «- : ; - j i o ■ j . o ■ , s f> • j i r> ■ j j d « •> i 5 ■ ^ s e ■ *< i 0-* 

1921 1922 r923 1924 1925 I92fi 1927 1928 1929 1930 1931 1932 1933 1994 IM l«8€ ,WT 

Sourca: Bur.au of Standards, Division of Building and N. R. A 

Houalng, "Building UatarlalS ■rlcaa", Sspt. 1911 RESEARCH AND PLANNING 

to June 1933. 

Rsports to K.R.A. frea Ratal l«rs, Sa»i. *933 to 

Uarch 1939. 



H,* 



~7*r 



in 
en 

cr 
< 

I 

0) 



< 

I 



D 
UJ 
QC 
UJ 

> 

_l 

UJ 

Q 



Ul o 
I 



(0 

u 
o 

QC 
Q_ 

_J 

UJ 

oc 

Id 
0. 



_l 
UJ 
UJ 



Q 
UJ 
N 

z 

< 

© 

I 
o 

z 



Ul 
iflUl 

Qui 



00-iWOOOOCDt^<M^OWr-t.-i.-< 

OmmanooionNNMNHMDOiij 






















HdiHdoododdddoiooo 


o 




^h m fj ^* --1 -f) r- aa en o r^ cm i*. >t »*■ v in 

rj oj n « N w w n (M to rj n f. i-j « r; cj 
o. oi oi o» tji oi cr> cr. ct> o> ff> Oi o a-, cr- o> cr. 




















\ 


ijqiqj^Ii^VQiIU(1i&iQjO'$^ • 






« 3 9 
w -i >-s ►■ 


> >-S *-3 ^> •" 


51 S § 

•-S *-! •-> 'TJ 


§ § £ S 

>-3 -^ w a 


s 


















| 




























































i 






































■•* 




















































< 


i 






























i 


























































^ 


i 






















































































































j 
















5 


t 




























1 



































r 



r^ 









•a 

C- 
o 






r2 



2* 



T 

in 



n O 



r — 



r - 






- -"O 






o 

«1 



m 


o 


io 


o 


<n 


r-; 


"l 


« 


o 




o 


o 


o 


o 





o 

«) 

cri 






S 



<3 

I S 

0) • iij 

omy 

§"* 

Z « 

Q. Ul : 
zto : 
on J < 

amp" 



iT o< 






= > 









7 3 







_." * - ■ 

— I * ff q: 



- -- -- 





O l 

o. 








O 10 




«t « 


% 


~ « 




. M 




ft 




r> a 






8! 


m — 






















8 


— 



- - Si 



3 h. C 

"> O u 

a. k. 



9Sio 



14 




is 



s 

a. 
< 

2 



8! s 



uj uj 
tn J 



H 

< 

x 



Q 
Z 
D 
O 
CC 

(0 
UJ 

I 

u 

z 



cr 
a. 

UJ 

t 

_j 
o 

X 

< ui 

CQ -J 

_l 

_j a 

UJ 
UJ $ 

K w 

C/l z 

o 

z 

u 
a: 

o 



z 

UJ 

















1 


p 


NNWRBPSP-NnOMNNMNNN 


*o 






















-r -r «j 
W Pj W 
dcna 
























































- 
























- 
























_ 
























— 
























- 
























- 
























- 
















/[ 






_ 
















^T 






— 






















" 
















































- 
























- 
























- 
























- 
























- 
























- 












^^__y 


































_ 
























— 
















































- 
























- 








•^-^^j" 














_ 
























— 
























" 
















































I 
























l — 






















1 
























- 












































— 














^*>- 








" 














^«J 








_ 

























'8 



o 

& 



o- 



--8 



- : s ; 



i 5 . 



3 — 



o 



i ' 2 



3§£ 
2£' 






-76- 















■ — -i 




! 


r 


■ 

: 1 
: ? 
:i 

- « 

■■ r. 
a> 

<n 

. s 

■* P~, 

. £- 

: i 

c 

■ £ 

:| 

<r 

. z 

:$ 
: 9 
:l 
i| 

il 
:| 






<?> (ft CT> CTi O* O". OiCT>a><JiCn<TiOiai 


inn 








8 

a: 
< 

2 


5 & to 








1 




2 


. 










-< 




W'-s'-s'-s'-s'-s'^'^'^'-s^Ti'^'-a 


» a 3 

■ 








1 



















K 
< 

UJ 

to 

UJ 

a: 


P 


















^»-— ""^"^ 




0) 










ir 








s^X i 

^ 




CHART ^O 

TAIL PRICES- SEI 


UJ 

<r 

UJ 

> 
_) 

UJ 






^ 














^ 








Q 
J 














H 

C ■ 
• 


O 

J 












<^ 






, 


a* •* 

« * 

— t 

3 • 












V 


■ 


U 


8 i 

e 
o • 

• m 


UJ 

a: 




















c - 

. 3 

• 


to 




' 












• — 

C — 

• — 
— 3 
*» B 

I 


< 

z 














o 

3 C 

: i 

fc, 3 
3 O 

e x 


UJ 














■ 
u 

3 

1 


£ 




^r 












a: ujr 

< K 


! S 

r * 


i r 


> c 

- 


r 


5 C 


C 


c 
r 

p 


c 

- 


s 


s ° 


o 







i 






2 : 



t> — Ck w 

5 15 1 



96XC 



-77- 






Qomooiowooototooom^i^f 






-s? 



ti u v v 



§§ 



1, 1 1 l li 



, § § § § § § § § g s s 




— — « 



2s 2 



13 



H 

< 
I 
U 




c a 

- I 

X k 
i 1 

.•I 
I I 



— o 

■ - * 

- • c 

* ; 

1 I £ 
til 



& 



" 



7^- 



cc 



I 

q: 
< 

i 

CO 

UJ 

g 



X 

li. 

o 

z 

2 
D 

a! 



UJ 

or 

u. 

o 




9 e X. c 



-80- 

D. ECONOMIC BEHAVIOR 



Preceding sections have presented price, production and employment 
jdata separately. But they are interrelated in fact, and one cannot be 
changed wit: .out affecting the others, and there are -.any other factors 
'beside these. How these factors wor'^ together to encourage expansion of 
Jan industry or compel contraction, how the industry reacts to them, may 
be called the economic behavior of that industry, or its operative char- 
acteristics. 

Remedial measures which take cognizance of these operating charac- 
teristics should have a better chance of obtaining their objectives. 

An industry is an instrument through which goods and services are 
supplied. In the last analysis, its purpose is to provide -oroducts of 
one sort or another for consumers. But under the capitalist system this 
purpose is attained as a by-product of the quest for profit, and is rare- 
ly envisaged as an end in itself. Each business decision, whether to 
expand production or contract it, to follow an erratic seasonal natter in 
production or regularize it, to lower prices or raise them, to advertise, 
to improve duality, to introduce new products, or abandon old, to employ 
a large research staff, to install new machinery, to build a new plant, 
is made for the purpose of increasing profits or cutting deficits. 

No industry is static. There are vast numbers of economic relation- 
ships with outside factors and among internal elements which are contin- 
ually in a state of change. Profit opportunities are always changing. 
New products force out old, foreign nations put up tariffs, there is a 
deflation of the general price level, bank credit expands or contracts, 
there is general prosperity or depression, and so on. Pressure on the 
profit motive forces the industry to bow to the new trend. The usual 
conception of the dynamics of adjustment is that it occurs through the 
market place where any change reflects itself on price, under the spur 
of competition. But the extent of truth in this hypothesis is a matter 
for inquiry in each case. How does this particular industry adjust it- 
self? In some industries certain factors are extremely inflexible and 
the burden of any necessary adjustment must be taken up elsewhere. 

The significance and strength of various external and internal 
elements vary tremendously. There are areas of flexibility and others 
of inflexibility which accept or shift the burdens imposed by the process- 
es of change. An economic analysis must regard an industry as a living 
organism and analyze (l) the external and internal sources of distur- 
bance, (2) the processes whereby the industry makes its adjustments to 
these factors and (3) the effects of the procedure upon the many interested 
parties. 

The following charts present for som a important industries a few of 
the factors whose interrelations require stud - ". Employment, payrolls, 
prices and production are shorn for agriculture manufacturing and rail- 
roads. Price and production charts are given for bituminous coal, cement, 
cigarettes, cotton, cotton goods, newsprint, plate glass, sulfuric acid, 
and zinc. 



9820 



-81- 



CHART 44- 




I I o U ni uj 
(C (0 CD ~ 



9820 



-82- 



CHART 4-5 




9820 



-83- 



(CO 
WO 



zo 



CHART 46 



o 

(VJ 



o 
o 



o 

CO 



o 



3 



o 



en 

_i 
_i 
o 
o: 

I 

Q 
Z 
< 

K 

Z 
U 

>- 
O. 



UJ 

</> 

UJ 

k 

CC 



u. 

< 



< 

CC 



UJ 

g 

Q 

P 

CO 
CM 

DC 
< 

D 
Z 

3 



-I - «! 



ito 
&2 

si 

IS 1 









1 



























.V 


















<5) 


















3 — 
















J 


«in 


















.(0 


















01 














— 


s — 






1 




IN 












1 




1 i 
• ; 




• * 








1 




1 '. 






(0 








i 




1 \ 






'<J> 






/ 


1 : 




: 


I - 








, / 




1 
^! 1 "J* 




1 


«i|0 








-1*' 




1 1 


_J 
-1 






\ 


'0) 

3 — 






S^ 


* 


V 




j. 


«(M 








i 

i 






— z 


«) 
-•a 


























i 










» — 










Fi 








(0 








• > 










'<J» 

I - 








' y '' 
















)// 








J 10 








jV^ / 








: 


J o> 






/r /* 










> — 
















■ 1 » 
















. i • 












■»m 






n 




















i ? 2 

J • o 

1/2 












i — 








' 










AGO 






i 


















I: li 












(iN 








i 


















'I 
















O 


f * 


l! 
















li- 




| 










»<0 






lt, 




H 










->M 






< 












(51 






C 




II 










1 — 






" h m 








-_ 


»lO 






ic- 








— 


-,N 






ii' 








. 


W 






Vt. 








: 


I- 














. 


o 






I r 








— 


* * 














— 


->w 
















m 














: 


s— 






//V 








. 


o 






| 








-i 


•>(T) 

-•Si 



2 



o 
CVJ 



o 
o 



o 

<0 



o 



o 



o 

CM 



h 

< m — 

Z ZH Z 

O tf> 

li 

5" 



SKI 

£ S ■ 

O O j 

i »'«' 
i ^ 

5 III 
J 1 ! 

ISfef 

«E z 

jwjo 



Jo 

5 • r 

!«2r 

ills 

! ? oi 

y O O O 
"2 O 

O O 111 
- 5 I O 

n «« 
o? o 



h 

4 O 



o2 



o " Si 



5o 



- ^ o 

«S «" 

o 5 -- 

"2 I 

-I O z 

UJ > 

OK • 

ffi o *- 

?5 ," 



II 

y u 



9820 



84 
CHAET 47 



* 



I 



Z' 

c 

i- 
o 

O 

o 

Q. 
<rf 
UJ 

O 

or 
a. 



0O/-9ei5/V7ff'OO/-tt-e76/ 9yy ^J9qu/n^ x»pu/ 



o 
o 







oo/>9?6iviv'oo; ^ . w P<yy £j*gu">/</ *»pu/ 



9820 



85 

CHART 48 






Z 

o 

»- 
o 

Q 

o 
tr 



u 
o 

CL 






5* 



M § $ ^ s 



^ 




00/=9?6/ S~7ff 'OO/.-ff-ftt/ ff&j/ s-JSfu/w x»pu/ 



9820 



86 



CHART 49 



t 



* 






I 






z 
o 

i- 
o 

D 

o *^ 

u *^ 
u U 

tr 
a. 



§ 



S 




00/*9?6/ SI 9 ^WW >opuf 



9820 



87 

CHART 50 



t 

i s 






1 
1 

I 

z 
o 

v- 
u 

i i 

o o? 

cr *> 5 

w, •-I 

Id 
o 

cr 
Q- 


| 




















t, 






n 
n 

* 

r 
m 

9> 

* 
• 

» 

e 

M 

at 

r» 
N 

pi 

•n 

N 

•> 

i 

•> 
■n 

N 

•> 

1 

« 


/ 






















^^ 4 


*-», 




























•>.J 


**.*. 


N 


X 




^ 


















«-«* 


^ > 




>* 


















^^ 


i 1 












^ 








. -<•' 


^' 




N. 


















> 


> 


-* 






i 










<»5 

5 






*■'' 


** 




V 






1i 
















s 

V.,- 










\ 
















^ 


>• 


P*»c- 


«*"** 
















L 




s< 


#* 






■ 

X 




H 












1 


i 


k 1 








• 
• 




si 












jj 




\ 


T"3 


>« 








•4 












jj 






J*- J 








ife 


— 
















ZSU** 






















r™ 
\ 




7k 
















3 


oo/-zr-6t6/ 






I I 



9820 






88 
CHART 5f 



$ 



I 



O M 

i= * 

u o 

5 ° 

So 

QC 

°" C 

u O 

ft U 

Q. 



* 3 



&/Pg jio spuecncqjL w uoydcuneiuoj 



s> S> S 



S> .^ 5 ^ 



Hi n i 






§ 




9 



9 



9 



9 



9 



O 

n 

9 



ft 

9 



<0 
IM 

9 



(M 

9 









00/-9W P70 fJ*<ru">N **P"t 



9820 



89 
CH&BS 52 



I 



coo/ J**x& jo spuer/101/j o/ uo/^rfpojc/ 




% 



\ 



00/ - 9SS/ rig AMqu/w **P"/ 



9820 



90 
CfflLBT 53 



r 



z 
o 

5 s 

I S 

a. O 

Q. 
Id 

S S 

0l 



OO/ -9*6/ C7W '00/-S?-e*S/ V&J CJ*fu#W **/** 



3 



s 




$ % 






I 



$ 



00/. 9*8/ r?V "OO/'Sr-etV/ V&J/ eu*qu//w x*>"/ 



9820 



»91 

CHART 54 



t 



cuqi /Jvypje cptmtnoqi at uoyonpajd 



% 1 






? I 1 * S * % 



s "< 




00/'9?6f r7 V -&#7""W *¥>"/ 



y820 



92 

CHAHT 55 



Z 

o 

h- 
o 

D 
Q 
O 

cr 



u 
o 

Q. 



N 



00/ =9?6/ £7V 'OOt '&-£*£/ VMJ CJ*<?wr>H y*pu{ 



5 ^^^^<*>n vo 



§ 




5 5 § § § 



§ S 



00/* 9X1 S"79 'OO/Sr&Sl V#J CJ»qcuw x*p<4 



\ 



•9830 



«-93- 

E* TH3 PROBLEM OF PURCHASING POV. r "R 

Congress declared as a policy "to increase the consumption of in- 
dustrial and agricultural products - b y l:v j-,-eo?ing: pu rcha sing powgr." 
An increase in purchasing power is a pre-requisite for recovery. What 
makes demand is desire plus money; demand equals want plus purchasing 
rower. 

Purchasing power is not a phrase of one meaning. A widely accepted 
meaning makes it eauivalent to the current case incomes of consumers - 
what they receive currently in the form of wae;es, salaries, dividends 
and interest, and entrepreneurial profits, farm income "bains "the largest 
single constituent of the last. A "better definition 'would be, the power 
to "buy consumers' goods and services. This varies directly as the in- 
come, and inversely as the price, "both "being of eaual importance. Pur- 
chasing power in this sense can "be taken away "by a price rise as surely 
and as unavoidably as "by a drop in income. 

The test measure of the purchasing power of a group is therefore, 
the ratio of the dollar amount of its income in the form of wages, et 
cetera, during an interval, to _ the level of prices of the goods it nor- 
mally purchases. According to this definition, purchasing power can "be 
created "by a fall in the cost of living, even though tho. dollar income 
remains unchanged, and purchasing power can he destroyed by a sharp in- 
flationary rise in the cost of living. 

. The principal means selected by the ERA for increasing purchasing 
power of the laboring class were, the setting of minimum rates of pay, 
eauitable adjustment of rates above the minimum, and decreased hours of 
work. It was recognized that raising - wages would raise costs, but' manu- 
facturers were asked to delay price increases as lone: as possible, and 
then to increase, them only by the amounts necessary to recoup the wage 
rise. The problem of the ERA was, to establish those minimum and above- 
the-minimum wage rates, which would bring about, or allow, the greatest 
increase in the total dollar volume of wage payments relative to the 
cost of living. 

The most authoritative estimates of the cash incomes of the 40 to 
50 million income recipients are those of the Bureau of Foreign and 
Domestic Commerce. These show a total of $78.6 billion in 1929, shrink- 
ing to $48.4 billion in 1332 and *44.9 billion in 1933. Total labor in- 
come went down from $51.5 billion to $30.9 and $29.4 billion in the same 
years. Percentagewise, this is about the same shrinkage as the total; 
both showed a 43$ decline in 1933 compared to 1929. Total labor income 
held up as well as it did because of salaries of government employees, 
But wages in manufacturing, mining, construction and steam railroads, 
et cetera, the hard-hit areas, declined 58$. 

Recovery in income paid out to individuals started to recover in 
the second quarter of 1933, but the starting point was so low that even 
with continued recovery the 1933 total did not equal 1932 (see tables). 
However, 1934 . exceeded 1933 by a wide margin. 



3820 



-94- 

It is interesting to note that total labor income in 1934 was a 
larger proportion of the total than previously, and that wages in raining, 
manufacturing, et cetera were a materially larger fraction of the total 
than in 1932. 

The tables also show total income paid out "by each major industrial 
group. 

The month-by-month course of wage payments in manufacturing, rail- 
roads and farming is shown in chart 56. All three fell about equally 
from 1929 to 1932, From the low Tooint, factory payrolls have recovered 
more than half their loss, while farm and railroad -Dayments have ad- 
vanced scarcely at all. 

Annual Incomes 

What are the annual incomes of workers? These have been estimated 
on a rough basis for seventeen important industries, by multiplying 
average weekly wages as reported by the Bureau of Labor Statistics by 40 
and 50. (See Table 25.) Thus in the automobile and automotive parts 
industry weekly wages in 1934 and 1935 were $22.97 and $26.56 respective- 
ly. On the basis of 40 weeks' work per year these figures indicate annual 
incomes of $919 and $1062 respectively, and on the basis of 50 weeks per 
year, $1143 and $1328 respectively. 

In 1935, assuming 40 weeks' work on the average, annual incomes 
ranged from $513 for cotton textiles to ^1205 for printing and publishing. 

These, of course, are averages. Many employees receive substantially 
less. Thus in cotton textiles, South, August 1934, 22.9$ of the males 
and 37$ of the 'females received $8 or less. This was on a 30-hour week 
basis, during a curtailment. The code minimum was $10 a week, which 
amounts to $400 a year if the mills provide 40 full weeks of work. 

COST OF LIVING ' 

The other, and just as important element of purchasing power is the 
cost of living. The Index of the National Industrial Conference Board 
shown in Table 24 is the best one available on a monthly basis. In terms 
of 1929 equals 100 this fell to 69.0 in May, 1933, and has since risen to 
79.0 in October, 1935. 



9820 



-95- 
DISTPJBUTION OF INCOME 



The summary of findings of "America's Ca-oacity to Consume," 
"by The Brookings Institution, in reference to distribution of income 
in 1929 are reported as follows: 

"Nearly six million families, or more than twenty one ner cent 
of the total, had incomes less than $1,000. 

"About twelve million families, or more than forty two ter cent, 
had incomes less than $1500. 

"Nearly twenty million families, or seventy one per cent, had 
incomes less than $2500. 

"Only a little more than two million families, or eight r>er cent, 
had incomes in excess of $5,000. 

"About 600,000 families, or twenty three ner cent, had incomes 

in excess of $10,000" (Source, America's Capacity to Produce and 

America's Capacity to Consume, a digest, the Falk Foundation of Pitts- 
burgh, Pa., p. 41). 



9820 



TABLI 32 

NATIONAL INCOME PAID OUT, BY TYPES OF PAYMENT (Millions of do llars 



Item 


1929 

78,632 

51,487 

5,664 

17,197 

. 
| 27,690 

937 

11,218 

5,964 

5,104 

12,503 

3,424 


1930 


1931 

61,704 

39,758 

4,606 

10,608 

| 23,461 


1932 


1933 


1,934 


Total income paid out 

Total labor income 

Salaries (selected industries) 1/ 
Wages (selected industries)l/ 
Salaries and wages (all other 

industries) .. 

Work relief wages 2/ 


72,932 

47,198 

5,548 

14,251 

| 26,409 


48,362 

30,920 

3,387 

7,017 

1 19,417 


44,940 

29,420 

3,048 

7,189 

17,591 
619 
973 
6,969 
2,208 
4,592 
7,306 
1,245 


50,189 

33,538 

3,250 

8,944 

19,046 
1,389 
899 
7,227 
2,549 
4,584 
8,052 
. 1,382 


Other labor income 


990 

11,302 

5,795 

5,305 

11,666 

2,766 


1,083 
9,764 
4,312 
5,169 
10,086 
2,096 


1,099 
7,980 
2,754 
4,975 
7,992 
1,470 


Total dividends and interest 3/ 

Dividends 

Interest 

Entrepreneurial withdrawals 
Net rents and royalties 






Percentaees of 1929 


Total income paid out 

Total labor income i 


ioo 

100 
100 
100 

100 


92.8 
91.7 

98.0 
82.9 

95.4 

105.7 

100.7 

97.2 

103.9 

93.3 

80.8 


78.5 
77.2 
81.3 
61.7 

84.7 

115.6 
87.0 
72.3 

101.3 
80.7 
61.2 


61.5 
60.. 1 
59.8 
40.8 

70.1 

117.3 
71.1 
46.2 
97.5 
63.9 
42.9 


57.2 
57.1 
53.8 

41.8 

63.5 

103.8 
62.1 
37. Q 
90.0 
58.4 
36.4 

1 


63.8 

65.1 ] 

57.4 J 
52.0 | 

J 

68.8 | 

1 

95.9 | 

64.4 

42.7 | 

89.5 j 
64.4 | 
40.4 I 


Salaries (selected industries)!/ 

Wages (selected industries) 1/ 

Salaries and wages (all other 

industries) 

Work relief wages 2/ 


Other labor income 


100 

100 
100 
100 
100 
100 


Total dividends and interest 3/ 
Dividends 


Interest 


Entrepreneurial withdrawals 

Net rents and royalties 





1/ Includes mining, manufacturing, construction, steam railroads, Pullman, railway ex- 
press, and water transportation. 

2/ Includes pay rolls and maintenance of Civilian Conservation Corps enrollees and 
pay rolls of Civil Works Administration and Federal Emergency Relief Administration workpro- 
jects plus administrative pay rolls outside of Washington. 

3/Includes also net balance of international flow of property incomes. 



9820 



Source: The National Income Paid Out, Department of Commerce, 1935. 



-97- 

TAT3L3 23 

LAlOP.'S SET" IN NA TIONAL INCOME . 1929 -..1934 
(millions of dollars) 



Year Total rational Labor Income Payrolls in finning, Manu- 
Income Amount Percent of facturing ^nd Construction. 



Total Amount Percent of 

Total 



1929 


78 , 632^/ 


51,4872/ 


65.5 


17,1973./ 


21.9 


1930 


72,932 


47,198 


64.7 


14 , 251 


19.5 


1931 


61,704 


39,758 


54.4 


10,608 


17.2 


1932 


48,362 


30 , 920 


63.9 


7,017 


14.5 


1933 


44,321 


28,801 


65.0 


7,189 


16.2 


1934 


48 , 800 


32,139 


65.9 


8,944 


18.3 



Source: Bureau of Foreign and Domestic Commerce. See Table 22. 
a/ Exclusive of eraergenc and relief income, 
b/ M ~Xges in selected industries." 



9820 



-M- 

TABLI 24 
NATIONAL INCOME PAID OUT . gY INDUSTRIAL DIVISIONS (Millions of dollars) 



lias 



Total income paid out 

Agriculture 

Mining ! 

Electric light, power, and gas 

Manufacturing 

Construction 

Transportation 

Communication 

Trade 

Finance 

Government, including work relief 
wages ! 

Government, excluding work relief 
wages 

Work relief wages 

Service 

Miscellaneous 



Total income paid out 

Agriculture 

Mining 

Electric light, power, and gas 

Manufacturing 

Construction 

Transportation 

Communication 

Trade 

Finance 

Government, including work relief 
wages 

Government, excluding work relief 
wages 

Work relief wages 

Service 

Miscellaneous 



1929 



78,632 
6,157 
2,080 
1,304 

18,013 

3,257 

6,847 

914 

10,852 
8,334 

6,805 

6,805 



9,271 
4,798 



1930 



1951 



72,932! 
5, 495 1 
1.732| 
1,4751 

15, 940 1 

2,939| 

6,327 I 

947 1 

10,296 J 
7,469| 



61,704 
4,271 
1,213 
1,408 

12,364 
1,969 
5,362 
894 
9,027 
6.428 



7,043 7,189 



7,0431 7,189 



8,767 I 
4,502l 



7,673 
3,906 



1932 



1933 



1934 



48,362! 
3, 181 1 

826 1 
1,275 1 
8, 543 1 

948 1 
4, 266 1 

801 1 
7, 074 1 
5,130| 

1 
7,1481 7,330| 8,381 



44,9401 
2, 976 1 

814 1 
1 , 094 1 
8,514| 

786 1 
3,909! 

726 1 
6, 132 1 
4, 274 I 



50,1891 
3,282| 
1.T42I 
1.0851 

10.258| 

874 1 

4,2161 

749 1 

6,691 I 

4,454i 



7,148 



6,056 
3,114 



Percentag es of 1929 



100 1 
100 1 
100 1 
100 1 
100 1 
IOC I 
lOOl 
100 1 
100 1 
100 I 

I 

100! 
! 
100 1 
- I 
100 1 
100 1 



92.8| 
89. 2 1 
83. 2 1 

113.li 
88. 5 1 
9Q.2I 
92. 4 1 

103.61 
94. 9| 
89.61 



78. 5 1 
69.41 
58. 3 1 
108.0 J 
68.61 
60. 5 1 
78.31 
97.81 
83. 2 1 
77.1 1 
I 



61. 5 1 
51.7| 
39. l\ 
97. 8 J 
47.41 
29. ll 
62.31 
87.61 
65. 2l 
61.6| 



57. 2 1 
48. 3 j 
39. lj 
83.9 j 
47. 3l 
24. ll 
57. ll 
79. 4l 
56. 5 1 
51. 3 1 



103.51 105.61 105. 0| 

I I I 

103. 5 1 105.61 105.0 1 

- I - I - I 

94.6| 82.81 65. 3| 

93.81 81. 4| 64.91 



Source: See Table 22 



6,74l! 6 , 9S2 I 

619 1 1,389 1 

5,4621 6,150l 

2,893l 3,007! 



63.81 
53. 3 1 
50.1 1 
83. 2 1 
56.91 
26.8! 
61.61 
81.9J 
61.7-1 
53 . 4 I 



108. 2 I 123.21 

I I 

99. ll 102. 7| 

- I - I 

58.9| 66.31 

60. 3 1 62.71 



9820 



-99- 



CHART J6 



CO 

_J 
_l 
O 

i 

< 

O 

z 
< 

\- 
z 

u 

1 

UJ 

CD 

I 

cr 

CO 



2 

O 

I- 



OC-v 

Id O 

ill O 
3-0 

DO® 
Zw 

x<o 

ui (VI 

Q 0> 
Z^ 



o 



o 



o 
o 



o 
to 



o 



s 



o 



Lig 



R 



< 



< 

01 






< 

D 
Z 

3 



Q 

t- 

to 

D 
Q 



en 

a.^ 
hj o 
m o 

\l 

2 N O 
XrtS 

u <u 

Q 01 
Z"=" 



















a 

m 

3 












^ 

■. •> 




_ 




-in 
3 










Oi /N. 


< sf 




1 
1 










If 

0. 

> 


1 n. 


j 




m 
'fll 

F 










o 

h 
o 

2 


L^ 


_ 


■N 
(0 

1 
















_r 


CO 

'9! 

i 








g<^ 








_ 




i 














~ 


01 

cm 

'2 






,>\ L* DC 

j. — p v 










•00 

•a 






'St i 

— In- a 








-i 


a 

"N 

81 

■ 




UJ 




«sJl 










1 

1 




CD 
1 












1 


in 
2 




5 

(X 

< 

u. 


gf- 








-3 


-4 

in 

2 

1 






^"Tl 










"to 
M 

2 



z 
59 

UI I- 

> 4 

u u N 

Ctu. « N 

z ° y° 

o 2 

^!? 



o 
1 



o 

N 



o 
o 



o 
00 



o 

<0 



o 

CM 



5 
iu5 

KO 

OO 

\- 

Oui 

Ou 

it 
it 

30° 

Q 

? |- 

"* u i? 

1- H 2 
« 5 a: 

H Hi z 

gsl 

Son 
5 or u. 

°|S 

3 

< U O 

2^« 



, cm n 



5 
3 



9820 



-no- 

TABLE <5 



o 

10 



COlONriHOOt-HCOCgrtWHIOlO'i'N 
Wt-H*0)0lNU)HOI0e0HOIOT|IO 
nOOllOOOlOeOHOrtOlOiOOlMIl 



C0OHO00t-r-l«0«ON00O«>Wt-WO 
•<J«0><OlOOOt~OWCVJCT>0)tOtOO>«*tO 

HOffliDOof-eooit-oiDOi^fflMo 



o 



o 



CM 

9 



to 




































tO 


e>» 


fH 


o 


to 


to 


m 


C\! 


iH 


m 


CM 


lO 


to 


rr> 


Ui 


■* 


to 


C\J 


o> 


to 


tO 


to 


rH 


C~ 


t- 


<o 


CO 


o> 


<# 


O 


0") 


O 


O 


to 


CT> 


C\! 


iH 


s 


CO 


t- 


ID 


CO 


co 


to 


to 


CO 


to 


c-^ 


C- 


CO 


CO 

rH 


c- 


UJ 


c- 


* 




































^ 


<7> 


0-1 


<J> 


^ 


to 


to 


c- 


<^ 


lO 


c- 


CD 


CM 


•T) 


o 


rr 


•* 


^ 


W 


rH 


c- 


CO 


o 


o 


o 


rH 


rt< 


to 


c~ 


c~ 


l-l 


^ 


t-- 


rH 


en 


to 


<J> 


Cft 


<T> 


to 


LO 


CO 


on 


to 


CO 


t> 


If) 


<D 


c~ 


t> 


rH 


c- 


LO 


to 


i-i 


<» 


























<-\ 









(OW^NNt-*NNIO«<ONWOO)lO 
10lOWCOeoO)IOO»0»<ONHHtOO 



<OHCO«HH(OSN10N!!)000) 
NNHrlNNHHNHNHCMWH 



■* CO 



35 



soi«o>to<jiNHNn<oonw^ioH 

O>t>PJU)rHrHTjtrHrHTjtO)00t>-WCr!CC'O 

<NJrHlt^eMOO l «tOcn»j<rHt-COCnt--'»JltO 
CMNrHrHCOCMrHrHrHiHevJrHr-IMrHrHrH 



CO 
T3 
O 

Pk 



" 


- 1 « 


" 


& 




§ "cu 




o 




+> -H 




co 




3 3 




t 




«< tr 




• J3 




» 




w en m o 




T3 




D Ct> - eB 




s* 






CO 




"UtH* 

TJ o ■ to 




4!t 




M 


•h at 




fl Eh O O 


« 


& P-. 




^ 


2 


u 


(H r. rl 


17) 


6 o 


d 


o O 4> t) 


& 


o f» 


•rl 


■p -p © rt 

O -P • 3 


» 


-P -H 


9 


s; 


3 +> 


O O rH O 


M 


< 


pi 


nuHh 



u 

t> 

(0 -rl 

• Eh 

■P 

W •« 

r?«8 U 
» • 

to o S 

O r. 3 

W M rl 



tjfl p«,o 





d 


t-\ 


£ 




CO 


to 


I 


•ri 


s, 


• a 

bOrH 


CO 




P 




•a 


•• 


•rl 


•H 


o 

rH 


no 

3 


Vi 


uu 


<ri 


t> 


5 







CO 


Uh 






u 


EH 


H 




a 


^ 


p 


4) 






•p 


M 


© 


a 


,£ 


M 


r-< 


ci 


rl 


P< 


t 


^> 


r* 


O 


<t> 


ep 


* 


£ 


•H 





aaco. 


CO 


?= 



o o 



«« 



o 



o 
to 






CO 

3 



P) 
O 

« 



9820 



-101- 
Table 26 

PSB CAPITA WEEKLY WAGE IN ALL MANPPACTUBINS INDUSTHUS 



1932 



January 

Pebruary 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 



1933 



January 

Pebruary 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 



1934 



January 

Pebruary 

March 

April 

May 

June 

July 

August 

September 

October 

November 

December 



1935 



January 

Pebruary 

March 

April 

May 

June 

July 

August 

September 

October 





(1929 - 100) 






N. I.C.B. 


Deflated 


Per Capita 


Cost of Living 


Per Capita 


Weekly Wage 


Index 




sJ 






$ 19.89 


83.8 


23.74 


20.01 


82.8 


24.16 


19.61 


82.3 


24.07 


18.90 


81.1 


23.30 


18.69 


79.9 


23.39 


17.97 


78.7 


22.83 


17.32 


77.9 


22.23 


16.93 


77.4 


21.87 


17.03 


76.6 


22.23 


17.48 


75.7 


23.09 


17.08 


74.7 


22.86 


16,99 


73.4 


23.15 


16.68 


72.2 


23.10 


16.53 


71.1 


23.25 


15.75 


70.2 


22.44 


16.32 


69.6 


23.45 


17.40 


69.0 


25.22 


17.99 


68.9 


26.11 


18.04 


68.7 


26.26 


18.93 


68.7 


27.55 


18.67 


69.1 


27.02 


18.81 


68.7 


27.38 


18.02 


68.3 


26.38 


18.03 


68.3 


26.40 


18.07 


68.2 


26.50 


19.08 


68.3 


27.94 


19.48 


68.6 


28.40 


19.96 


69.2 


28.84 


19.81 


69.8 


28.38 


19.51 


70.2 


27.79 


18.62 


70.3 


26.49 


18.89 


71.1 


26.57 


18.57 


71.7 


25.90 


18.89 


72.2 


26.16 


18.86 


72.4 


26.05 


19.73 


72.6 


27.18 


19.98 


72.7 


27.48 


20.93 


73.3 


28.55 


21.09 


73.8 


28.58 


21.17 


74.7 


28.34 


20.78 


75.7 


27.45 


20.54 


76.0 


27.03 


20.12 


76.6 


26.27 


20.85 


77.7 


26.83 


21.14 


78.4 


26.96 


21.64 


79.0 


27.39 



Note : Per Capita Weekly Wages are not Comparable from One Month to the Other. 



9820 



a/ Bureau of Labor Statistics, Trend of Employment 






-102- 
TABLE 27 

AVERAGE WEEKLY EARNINGS III SUNDRY U. R. A. INDUSTRIES 



Industry 



June, 1953 June, 1934 Oct., 1934 Oct., 193^ 



Agricultural Implements 




*16.99 


$19.88 


$21.75 


$24.00 


Aluminum Manufactures 




17.64 


18.74 


19.06 


22.28 


Automobiles 




23.05 


22.54 


21 . 94 


27.93 


Baking 




21.17 


21.89 


21.37 


22.10 


Bolts, Nuts, Washers and 


Rivets 


18.17 


19.61 


15.41 


22.38 


Brick, Tile and Terra Cotta 


12.00 


14.70 


14.64 


17.50 


Brass, Bronze, and Copper Products 


19.04 


20.74 


19.59 


24.22 


Boots and Shoes 




15.68 


17.20 


15.48 


17.13 


Cpns (tin 1 ! and other tinware 


19.97 


19.96 


18.36 


21.08 


Confectionery 




12.46 


14.95 


16.14 


16.17 


Canning and Preserving 




11.45 


11.90 


12.23 


13.61 


Carpets and Rugs 




17.55 


19.35 


16.72 


19.44 


Cast Iron Pipe 




12.85 


14.41 


14.27 


15.49 


Chemicals 




23.86 


24.01 


24.03 


25.23 


Chewing and Smoking Tobacco, Snuff 


13.43 


13.70 


13.26 


14.94 


Corsets and Allied Produc 


its 


14.37 


14.84 


15.43 


15.19 


Cotton Goods 




11.11 


11.17 


13.21 


15.56 


Electrical Machinery, Apparatus 










and Supplies 




20.70 


21 . 61 


21.21 


23.85 


Fertilisers 




12.29 


12.89 


12.46 


12.95 


Forgings, Iron and Steel 




18.44 


21.45 


18.35 


23.59 


Furniture Manufacturing 




13.46 


15.43 


16.51 


19.35 


Glass 




18.97 


18.42 


18.83 


21.86 


Iron and Steel 




18.33 


23.86 


16.30 


24,15 


Jewelry 




17.55 


18.18 


20.09 


22.67 


Fnit Goods 




12.89 


15.29 


16.64 


17.39 


Leather 




19.92 


20.16 


20.18 


22.00 


Locomotive 




18.82 


22.09 


21.91 


23.48 


Lumber: Sawmills 




12.07 


14.62 


14.74 


18.68 


Lumber: ''illwork 




14.36 


15.19 


16.0"i 


19.52 


Machine Tools 




19.87 


23.59 


21.83 


27.12 


Marble, Granite, Sl-^te and 










Other Products 




18.81 


21 . 39 


20.32 


23.13 


Men's Clothing 




12.72 


15.73 


16.90 


18.56 


Paints and Varnishes 




22.59 


22.13 


21 . 55 


24.16 


Paper Boxes 




17.59 


18.08 


18.19 


2''). 19 


Paper and Pulp 




18.64 


18.38 


19.61 


21.71 


Petroleum Refining 




27 . 57 


26.43 


27.18 


28.32 


Printing and Publishing: 


look 










and Job 




25.00 


26.06 


26.29 


27.35 


Printing and Publishing: 


News- 










papers and Periodicals 




31.00 


32.49 


32.97 


53.41 


Pottery 




15.33 


15.97 


17. .29 


20.87 



9820 



-103- 



AVERAGE T1EKLY EARNINGS IF SELECTEE N. R. A. INDUSTRIES (continued' 



Industry 



June, 1933 June, 1934 Oct. 1934 Oct., 1935 



Rayon and Allied Products ^17.05 
Rubber Goods, other than Boots 

and Shoes and Tires and Tubes 18.26 

Rubber Tires and Inner Tubes 24.28 

Shipbuilding 20.09 

Shirts and Collars 1C.39 

Silk and Rayon 12.75 

Silverware and platedware 17.80 

Soap 21.47 
Structural and Ornamental 

Metal "or!-: 15.24 

. Textile Machinery and Parts 20.95 

"oolen Textiles 16.85 

Wxaen's Clothing , 14.26 

NON-I lAMUFACTURlilG 

Banks, Brokerage and Real Estate 32.97 

Bituminous Coal 12.45 

Dyeing and Cleaning 17.12 

Hotels (Cash Payments Onlv) 12.41 

Laundries "14.70 

Retail Trade . , 18.97 

Wholesale Trade 25.60 



$19.26 

18.49 
23.48 
22.71 
12.76 
14.60 
19.80 
21 . 23 



20. 


23 


20. 


90 


16. 


07 


16. 


24 


31, 


94 


18 


54 


18 


39 


13 


.22 


15 


.30 


20 


.03 



26 . 38 



*18.79 

18.08 
22.76 
23.07 
13.24 
15.47 
20.68 
21.83 

19.92 
20.37 
15.59 
19.52 



18.80 
18.11 

13.43 
14.89 
20.41 
26.49 



$19.56 

21.00 
26.70 
25.58 
13.32 
16.09 
23.43 
23.34 

21.80 
23.16 
18.42 
19.66 



24.19 
18.60 
13.59 
15.56 
20.05 
27.07 



Source: Bureau of Labor Statistics (Trend of Envoloyment) 



9820 



-104- 



M 



I 



OS 



I 



h-CntO ITYI-— .rf CT\KM — tO 
• ••••■•••«••• 

r — to r^s^f i — to to o^ en en 

r^>vD to Cn Cn Cn Cn Cn OS CT\ 



o 

rn 



l"n 

\ 
H 



O CM LOCnvJD CM LOr— to CPv 
«•.•••••••■••• 

1^-tO rHVJD to Cn Cn en Cn Cn 

itm-— cn cn cn cn cn cn en cn 



to 

CM 



p 



!>H 

t3 



>j 


<4 


rt 


P 


eh 


EH 


CO 


O 


[3 


< 




i — i 


o m 


t— i 


EH P 




o 


ci 


CD O 


t-j 


S3 r»l 


Pi 


p . -: 


[75 


In Eh 


fcH 


O 


o 


o a 


-si 


O |25 


p 


-*a 


I '-H 


CO p 


SJ 


n n 




p -3 


p 
3 


n 


ft) , -, 


P 


33 

o 


EH 


P P 




O P 


.—1 


, . m 


O 


f-H 


EH 


O CO 


EH 


1-H tj5 


O 


El & 


O 


p H 




f-H !3 




£3 




EH P 




to 




n 




p 



P 



r-n 

Cn 



P 



o 



p 
3 



r-n 

us 



Pa 
H 

p 1 
I -J 



.=f" 



I 



r<n 

Cn 
H 



I 



r-n 

Cm 






r-n 

hn 
Cn 
H 



I 



Cm to to LTN <m r~— m bo rH C\J 
C\l I — CM GM~— O CM LPi r~- to 

cm ^t vd r— to cn en as as as 



m cni-n o its as cm h 



cm 



o r— »=i" t — Lento rH u^r— to 
r^^H- wd i — to to en cn cn en 



^t ^t h cn to *-o en v\^f J- 

*••.•••■•••-•• 

,■ t to to o ^t cn oj ^o to en 

rH c\j^t i — to to en en en en 



o. 



h en o r*n i — locm i — 



,,-f h vo o e.j lp>v_d to en en 
cm <=j- v_o to en on en en en en 



CM CM to i- ! V.O LT\ bO CM H LT\ 
• ••••••••■•# 

to lp> r— v^O O^ilTiO OVD o 
rH cm j- unvjo r— to to en 



rH r—^t- how inwr-in 
• •••-•••••••• 

jt o -=r to h r— cm c^ J- en 
m cm t^^ U5 v.o r— i^- to to 



fl 




o 




-p 




•P 




O 




o 




£ 




o 




en 




■P 




5-< 


• 


O 


m 


■ i, 


i^n 


. 


. 


( 


H 


a 


>3 


o 


^1 


•-{ 


cti 


CO 


1 


•H 


r O 


+= 


05 


ctf 


Fh 


-p 




CO 


•» 




1-1 


^H 


l-l 


o 


t-H 


o 








rt 


«■ 


^ 


M 




l-H 


CH 




o 


n 




l-H 


p' 




s 


to 


(U 


+= 


fn 


^ 


£ 


Ph 


« 


w 


o 


o 




H 


'd 


•rH 


(D 


+3 


W 


(J 


ri 


05 


Ph 


EH 


• • 




0) 




o 




J( 




pi 




o 




to 





o 

CM 

to 
en 






to ocm^J-vo r— to o cjj- 

•tOHHHHHHCMCMCM 



CD 



to 
o 



< • 

'1 




d 


CO 


1 i 


n 


1 1 


cb 


Ph 


a 


n 


. -i 

1 1 


\ 


o 


! 


ri 


i > 


l i 


T 


Ph 


! 1 


B 


i > 


E 1 






1 


i 

o 


o 




«aj 





.=)- 




r*~\ -p 


OA 


VJ 


H 


CO 




U 


• 




W) 


HI 


3 


G 


■5 


Ph 



l^i 




r-n 




oa -p 


H 


C 




CO 


rv 


C) 






K 




H 


: . 


pi 


CO 


1-3 


Ph 



-1 ■'■■ 



CM KT> I--.3- nOW H CM CM .rl- vj3 



I 



H fiLTiO ^O CT\ LTN O I C'\ GA CT> 

rH h cm m r-- r— c ^ cr\ c i cri cr\ 



riWO 3 CM CM >=t IT> H O l-~\ O^d'Q 
CM 



^o h- o^ h Kvr- h r— r— o ga LOi 

H H ri(\l (MKMTiNl j 



1 





[ -i 


a 










fc3 

13 


o 
o 










O 












1 H 


Fa 

l-H 










n 


EH 










e> 












3 


! 1 
Ph 








Ph 


g 


EH 

Ph 








EH 


-4 «i 








p 


o 


9 




, 




e 


EH 












-1 








l-H 


tl3 










w 


1 "» 
rH 

M 


Ph 








l3 


8 


o 








l-i 


o 


n 




, 




1 


o 

O 


rn 








EH 


-t! 


•* 








6 


CO 

i 


@ 


to 

C3 


co 

; 1 


^C 


EH 
EH 


i — i 

l-H 


■a] 


ro -p 


O 


O 


a 


i—J 


I ' 


iH CO 


O 


1-1 


^i 


| ; 


O 




Ph 


Ph 


M 


q 


M Hi 




N 


to 






d co 






£ 


!>H 


f i 


<! Ph 




o 


P 


p 


Ph 

[1 






S 




O 


i ^ 






o 


1 


a 


HH 






1— 1 




Ej 






EH 


w 








P 




ci> 


i-1 






rq 




3 


p 






l-H 




W 




no 




Ph 




[-1 


P 


K^ 




EH 




t=> 


O 


CA-P 




CO 




<! 




rH S 




t-H 








0) 




n 






• 


« o 

H H< 

pi CD 

>-3 Ph 



o 



i-H 
?! 
O 



u u 

O CO 

I - : Ph 



to r j vjd o ^J 

H rH : CM CM KA KA 

U 

o 

r C : c r: — rr c 
P 



CO CMv •-> O^i" to OJVT) o 



O CM rH^t O to tO LT-ibO 

«• • •• O' « •• ■ • • 

O O IT'. OA C\ LT> to CT\ CTi 
U3 to G^ cn O^ G^ 



K"\VD O O yO UAtO O^ CTv 

• •• •• «. •■ • •■ • • 

CM tO CM U~\ to C-\ OCAOi 

j3r to G."-v G^ 0'\ G i.G~, OA 



LOi LPvVO 






CO 




H 




■H 


El c " 


-P 




l A 




CO 




EH 




P! 




o 




. +3 • 




-H> LT\ 




o ro 




O CA 




H 




CO 




o ;>-, 




•H J-. 




H^ CS 




03 d 
•H S 




H^ ,0 




C3 03 




■P P--I 




CO 




U hh" 




O l-l 




r Q HH 




ri 




^ - 




1— 1 




tH HH 




O 




d m" 




h3 




O 03 




Th -p 




d u 
n cd 




, Ph 




r-! 




O " 




HJ 




-d !-. 




CO o 




03 p. 



ra r 



HI 



03 


0-3 


' ] H-> 










H 


>;^ 


: : 


o 


in 




c 


rt 



ooooooooo 
ooooooooo 

H TO r^-r.*- LTAU3 h- to GA 

fH 

CO 



i 1 

o 

I 

to 



o 
a 
to 



1934 



-106- 
T. HLE 30 

Hof.rl" and "eekly E rni'ags in the Boot nnd Shoe Industry 

Average Hours Aver, ce Fm rl y Earr_,.ng--' Aver-pe "eekly Earnings 
"brked Weekly, All Em- All 3m- 

All Employees ployees ] ..;les Eei.tcles ployees L".les Fea, les 



anurry 36. o 50.458 $0,534 $0,355 $16.50 $19.00 $13.35 



38.6 


.470 


V 1 - 3 

• '.J J.. .J 


.383 


• 13. 16 


20.93 


14.59 


38.0 


.433 


.559 


.355 


18.36 


21.53 


14.52 


36.4 


.436 


.557 


. 555 


17.72 


20.66 


14.10 


33. 5 


.491 


.560 


.40? 


17.45 


20.25 


13.55 


33.5 


.491 


.564 


70 


15 . 55 


19.23 


13.15 


35 .'9 ' 


. :91 


.567 


.35 3 


' 17.67 


20.51 


14.19 


35.5 


.491 


. 565 


.339 


17.46 


20.15 


14.14 


3o. 3 


.495 


.535 


.406 


16.57 


19.10 


13.15 


30.8 


.496 


. 555 


.412 


15.59 


17.55 


12. 


?Q Q 


.489 


. 555 


.397 


14.64 


16.96 


11.59 




.487 


.554 


.401 


16.26 


13.75 


13.16 



I [arch 
April 

Lay 

June 

July' • ' 

A .jos t 

September . 

:to ii j 

'ove:"fc 3r 

Oece: ;3er 

Aver;- e (1334) 34.7 $0,486 $0,557 $0,395 $16.90 $19.56 $13.55 

1955 

Jaa.-ur.ry 35.6 $0,489 $0,562 $0,397 $17.43 $20.15 514.07 

Bebruary 37.5 .491 .550 .397 18.33 21.29 14.71 

i.5ar .8 .493 .559 .409 18.14 20.93 14.72 

April 55. 2. . . .503 . ,575 .403 17.71 20.56 14.14- 

Average (4 : :onthc 

1935) 36.3 $0,494 $0,566 $0,403 $17.91 $20.74 $14.4; 

Average (first 

-.,1334) 37.2 $0,475 $0,540 $0,353 517.72 ,,50.58 $14.13 

ilOTE: Based on Beports cor-ipiled by Bureau of the Census covering 
_one --eel: in each month. 

Source: See Table 15. 



9820 



-107- 



f. THE PHOBLEI.t Or IFDUSTPJAL CONCENTRATION 

AND THE S'iALL FI~iiS PPOBLZi: 

The National Recovery Administration began operations in an economy 
in ' . -aic-i the large corporation ha< o cone the dominant form of economic 
enterprise, and at the close of a period in which the trend to lar-ce or- 
sjanizations had r ;one on at an accelerated pace. It "as especially directed 
by Congress not to permit coder, "designed to •oromote monopolies or to 
eliminate or oppress small enterprises." 

Statistics on small firms are difficult to procure for the verr rea- 
sontthat, being small, their fortunes 50 unrecorded. It is, lov-ever, 
possible to study large firms, and infer what hapnend to the small. The 
size ranve in business enterprises is ver' lar^e. 



Statistics of Incom r = for 1931 and 1932 published distributions of 
corporations by size of assets, of v.iiich the following is an abstract. 
ALL GENERAL INDUSTRIAL 
CORPORATIONS FILING 



BALANC: 



a^J'-l-a 



CORPORATIONS REPORTING TOTAL 
ASSETS 0? $50 ,.^0.000 OR NORE EACH 



Number 



?otal Arrets 
(Millions) 



Number Percent Total Percent 

of Assets of 

Total (millions) Total 
Number Assets 



1931 
1932 



256,739 
270,333 



$103,117 
97,130 



200 .078 $53,333 37.2 

171 .053 35,213 36.3 



Qualifications necessary to mention are, (l) that the above takes 
no account of unconsolidated as ets of subsidiary or controlled affilia- 
ted companies, where these have assets less than 3^0,000,000; (2) that 
not all corporations file balance sheets; out those that do not are in 
general smell companies, so that the total asset comparison would not be 
be changed appreciable "'ere all balance sheets available. 

The ten largest general industrial coroorations in terms of number 
of employees 'ere (1329) 

TEN LARGEST INDUSTRIAL CORPORATIONS 

in terms of :tm-3er employed in 1929 



Com ^any 

General hotors 

United States Steel 

Ford 

General Electric 

Bethlehem Steel 



over 







A"oioro::imate 






Numb 


er of states 






in w 


lich estab- 


Number em-olo - 


red 


1 i sh 


nents are 


in 1929 




O'jer 


ated 


233, 2bS 




14 


224,980 






12 


130,000* 








87,933 






10 


64,316 






9 



9820 



-103- 







Approximate 






ITumber of states 






in '7iiich estab- 


I T umber enrol o - 


•ed 


lishments are 


in 1929 




operated 


60,000 




24 


58,000 




16 


44,700 




14 


40,000 




8 


39.735 




6 



)52,950 



Corroarr- 

Armour 

S-ift 

Standard Oil of Ner Jersey 

International Hrrvester 

Goodyear 

Total over 

* Exact f i mre is confidential. 
Sources: G-eneral Motors ) 

United States Steel )- - Standard Corporation Records 

G-eneral Electric ) Records 

Bethlehem Steel ) 

Ford - rough estimate 

International Harvester - Estimate in "Fortune" 

Armour, ) 

Svift )- - Moody's Manual of Industrials 

Standard Oil of lien Jersey ) 

G-oodyear ) 

dumber of States compiled from Standard Corporation Records 
( S t andard S tat i s.t i c s Co.). 

The large corporation is a comparativelv recent phenomenon. The 
following table shous the largest manufacturing firms as of various dates 
from 1300 to 1929: 

INCREASE Iil SIZE 0? COiTCERI 



Date 



1000 



1810 



1810 

1811 

1815 



1839- 
1860 



9820 



Industry or 
companies 



Household industriesa/ 



Iron furnace sb/ 



Bloomeriesb/ 

"Jool factory cj 
Merino wool factoryd/ 



Size (number 
of errrolo^ees) 

"Household" 



30 (?) 



2 or 3 

150 
50 



Brady's Bend Iron Companye/ 538 laboring 

families 



Remarks 



Often part-time 
employment of 
farmers. 
Highest plaus- 
ible average 
figure. Esti- 
mated. 

Average, esti- 
mated . 
"Largest" . 
"One of the 
largest of 
this class. " 

"Among the lar- 
gest in America 
befor e the Civil 
Jar". 



~] '..- 



Datt 



1929 f/ 
1929f/ 



Industry o] 

com ornies 



S i ,? . e ( ir un b e r Renerhs 

°_f_.0_l • ■■ - iV - -^) 



United States Steel Corp. 254,930) 
C-erer-1 Actors Corp. 233,235) 



The t"o largest 
manufacturing cor > 
orations. 



i a/ Clark, Victor 3., Kistorv of : ienufactures in the United States, Vol. 
I, p. 438 ff. 

"of Rough estimates based or data given by Cirri:, ibid., p. 500. 

c_/ I Jic . , o. 562. 

d/ I oid. , o. 563. 

e/ I oid. , o. 446. 

f/ Standard Corporation Records, published by the Standard Statistics Co, 



Corporations have gro :n in si^e mostl" r by reinvestment of earnings, 
but also by mergers and acquisitions, particularly since the "7orld 'Tar. 
The folloring data on mergers -re taken from Recent Economic Changes, I, 
186. 

MERGERS AND ACQUISITIONS III WAKUPACTURI1 T G AND MISTING 

1919 - 1908 



1919 
1920 
1921 
192.0 
1923 
1924 
1925 
1926 
1927 
1920 



Mergers 


Cor c ems 


Rejorled 


her red 


39 




170 


474 


39 


373 


57 


000 


67 


218 


96 


263 


121 


. 


159 


597 


207 


678 


221 


637 



Concerns Fet Concerns 
Accuired Disappearing 



235 


438 


459 


750 


203 


437 


156 


309 


160 


311 


200 


360 


342 


554 


398 


856 


399 


870 




1038 



Profits of the large corporations have apparently grown more rapidl^ 
than the earnings of small corporations. Table 09 presents profits of 
general industrial corporations from Stc ! ;i r tic-, of Income, comprising the 
following groups: 

Agriculture 

Mining 

L'anuf ac tur i ng 

Construction 

Trade 

Service 

i [iscellaneous 

The next column shors the net income of 657 industrial corporations, 
to rr Iiich is added changes in net worth of the Eoro Motor Company (the 
only available indication of its profits) in the third column. This gives 



9820 



-110- 



approximately, profits of 658 'large companies (column 4), which may be ' 
compered, with the profits of the approximately 200,000 general industrial 
corporation. These 558 companies earned 41.4,5 of the profits of the en- 
tire -roup in 1925 and 47.7' 3 in 1929 - almost as much as all the others 
-out together. 



A similar comparison is worked out using profits of 163 industrial 
corporations compiled by the Federal Reserve Bank of Her? York, to which 
the changes in net worth, of the Ford hotor Company have been added. This 
'■■roups had 17? of the profits of all general industrial coroorations in 



192 



and 27,o in 1929. 



Although the above trands are very clear-cut, the ratios mav not be 
craite correct, because the 553 corporations may represent certain indus- 
trial groups more heavily than others, and because tax returns may not 
be identical with -published income statements. 

The same trend is shown by comparison of a.sset items. Table 32 
presents a comparison of the total assets of 4] S industrial corporations 
with total as c ets of all general industrial corporations filing balance 
sheets with the Bureau of Internal Revenue. It also shows data on the 
cash assets andTorking capital of these 41C industrial cooorations com- 
pared vith those of all general industrial corporations. 

As mentioned before, direct statistics on smell firms are very few; 
and those that ere available do not appear to throw any light on T..R.A. 
problems. 

".That is a small firm? Is the number of employees a satisfactory 
index? Two hundred employees would represent a very small rayon esta- 
blishment, where the average establishement employed 1,348 in 1929. But 
in the paint and varnish industry over 40: of the establishments had 
five employees or less, and there were no establishments r ith over 100 
employees. . Table 34 gives some idea of the estrerae variations existing, 
and the difficulty of drawing a dividing line beti een small and large. 

Classification of commercial failures by size o^ liability ■proved 
useless. The published figures include only those where petitions in 
bankruptcy' 1 '"ere filed and co not even hint at the multitude of small 
firms that were liquidated without loss to creditors in the holocaust 
of 1930-51-32, or where creditors failed to institute legal proceedings; 
and in any event the size of liability to creditors may be a ipoor mea- 
sure of size. 

Are higher wages a burden on small firms because they normally pay 
ldwer rates than large? Table 3j5 presents 1935 da.ta for a number of in- 
dustries in which the smaller firms paid out in wages a smaller propor- 
tion of value added by manufacture than the large, and Table 37_ presents 
data for other industries in which the reverse was true. TaOle 38 \ghows 
average monthly ' ages in 1933 for come industries in which the smaller 
paid higher average wages than the larger, and Table 39 gives average 
monthly wages for some industries 'here the reverse was true. 



9820 



-111- 

TiBLI 31 



I « K ■ 






P.» T3 

irs a 

£ >.X) Q. 



he r^-io f-r— r— r— k\ 



r— .-« osr-« cm r— o t 

vOnmnO^hJ r-w ks 

r'NN K\KM^ KSJ* i-< CM 



h-O^ Ks 



S 



n u 



3 -1 *j o 

rH h <d O 

ft. • O U I 



a J ® i 



P o 
a a B 1 



O cm oscm j* h r-^,-t 

rvt OS,:* » .fi j3- K\ 
W r-* 0~»OS»-« ON* 
CM CM CM CM I CM CM 



omoooj)ON 



i^mh i-ih or— \r\-D \r\-ji o 



J3 
w a> *» 

SB U t. 

O CO 

fis 5 . 

o « K ■» 



in O BO 

*> US 

o a •— - 



♦» r— ■■-< (7 o 



«> h flj 

"-> J ■- '■ 

a « w o 

Be r p 
a <m d o 

I M O W O 



^1 



) o asiy ^ M f\ 

j-3 jt j* ^ 



on cm *-\ r— r- -0 i?\3> J 
os io r-f -o u~> 3 i ir\w 



oscm r— ii^eo mm to. 



co mmtpjd' 



O K\«0 ITNBO CM r-t.* r-t -^ OS 60 



CM -O ,- ( 0>W r^i-i) W (^nH ( 
' J* i"-\ I r*-*3 r>,ir .* K\ iTMfS ,-t ,h CM 



W Q K\r— 
» p OSt— ■ 

r-S^J r— 



ff^ 3 U o 3 

O t- W ifi TltO 






s a 



SH CM K\J- lT\,Or— K)OSOr-ICM fV* 
C\JOJCMCMCMCMOrCMCMK>r*M^t*%K\ 
OS O"* OS OS 0"\ OS OS ON OS OS O^ CTs ON ^ OS 



9820 



-112- 



























1 
-P 


! 












.rt VO l-O CO LO rH 




r— O O rO O O 






rouD 


CM 


O 


•H 












LO PO CTv I-— to LO 




ro i-ovjd aMnto 






• 


• 


• 


CD 


H 










1-0 
co 


OJ j- o 


LO 1 — UD 




1£> O <-\ r-1 LOJ- 






OJ -H- VJD 


Pi 
CO 
CO 


•H 
-P 
P 1 










v£> H t"- OJ O O 




i — mn^ r-f r-- 






l~O^J" 


' 1 


^J" 








rH 


to r°> 


iH rH OJ 




OJ 












CD 

rj 


o 

•rl 
rH 
rQ 


ro 
CO 










hO LIOrH 


OJ OJ rO 




I — tOVD J- to LO 






O^ IT 




P 


rO 










O rH rH VD r— „:* 




VJD OJ OJ rH OJ CO 






• 


• 


• 


!h 


Pi 


H 








OJ 


1 — .=)- roro LOCO 




oj to r-o to e^jjr 






rH 


LO^D 


O 












ro 












co 


r-o^t- 


ro 


tH 


rl 


K^J 








cr\ 


LO rH 1 — r- 




to to ro ro rH r— 




r-j 










CD 


rH 








rH 


tO hO 


rH rH OJ 




OJ 




b 

•H 

-p 
r3 

H 

o 








CD 

H 

CD 


•p 

O 


CO 

'd 










Ol H4 J 




OW4 LO r-- rH 

oj h J- r— ro to 




Oi 


MD 


to 


<-i 


CD 


R3 


rH 










V-D K.O LO O H J" 




CO 


M 


• 


• 


• 


fH 




o 








r-V-- 

rO* 

CTf — 


ino cm 


tO CO rH 




LO H LOJ- LO LO 


Oj 


o 

C3 


rH tO 


to 


H 

R5 


O 


o 

01 








vjd LOr-nH n 


^-^ 


O O nJ- r-{ to 


CO 


r^~\ 










H 


CO K> 


H rH OJ 


# 


ro rH 


fl 


rH 








£ 


•H 










co 






* 




O 


Ri 








H 


-P 


fi 








fl 






x„ * 




•H 


• H 











h5 


o 




CO 




o 










-P 


Sh 








-P 


■p 


■H 




& 




•H 






co 




Rj 


4^ 








d 


^1 


-P 




o 




-P 






fi 




fn 


co 








n 


o 


Ri 




M 




r! 


o (\no 


LOlH rH 


o 


H roto LO rH OJ 


o 


rf 


j- 


r-t 


to 




o. 


H 




EH 




Jh 


r— rO T— CTv OJ rH 


■rl 


VJ3 ^D O ^J" LO rH 


Pi 


r o 


• 


• 


• 


tH 


CO 


O 




O 




o o 

r^Pi 

CO H 


CO J- H 


O H to 


-P 


OJ LOM3 ro O LO 


fi 
o 
o 


h- 1 


» 


-+■ l^-V 


o 


Ri 


o 






ITiH W 


r— ,-j- r-— 


co i-h ro lo oj cr> 


—4 


1- 1 


2 




9i 


CO 
in 


H o 
o 


r-i 


rH rH OJ 


o 
Pi 


ro r-\ 


rH 


rH 
Rj 








R? 
CD 


+5 


o 




• o 


cd 








h 




Rj 


U 








U 


M 


r d 




oj o 


H 


rH 






o 




•H 


01 








H 


fi 


f-l 




ro 


i — ' 


Rj 






O 




^l 


fl 








n 


•H 


Rj 




% 


O 


•H 










-P 


01 










r d 


^d 




r d 


u 


OJ h-r^o^D H 


rH 


CO CTitO.3- CTiO 


CO 


c5 








^ 


P 


fi 




pq 1-1 




tT\H° 


J" O LOCO COrH 


r5 


r-i Jt r-1 ^0 to VX) 


rf 










>2 rH 


Ri 




pq eh 

=aj CO 


o 


OJ w 

cop; 


J- OJ-VD r-ovio 


•rH 

fi 

-p 


OJJ- VD to LOtO 


'3 
i— i 


<H 

o 


j- 


to 


OJ 


H 

P 
CO 




-P 
CO 




CO VD tO 


CO LO O 


OJ f u ro LO OJ G~\ 


O^OJ 


oj 


CD 




EH ;o 


m 


fi 


o -=l- 


H rit^ 


CO 


ro r-t 




CO 


OJ j- 


ro 


Ri 




~ 




S 
, — i 


fi 


i—( 


rH 




d 




to 


4-5 








CD 


CO 


fi 




o 








T3 




<-\ 


CD 








rH 


fi 


■H 




i— I 


•H 
H 


rH 

03 






n 




^t 


CO 
CO 








EH 


o 

•H 


-P 

ai 




r-H 


rH 


fi 










tH 


■=>! 








• 


-P 


r-t 




o 


•H 


to v 


CTi U>W 


to O CO 


to 


tO CTvrH CTvP— OJ 


o 










co 


Ri 


rH 






a 


OJ fi 


to LOvO 


C?)0 io 


rH 


r— i — nn to co 




«1H 










fH 


P 




CO 




CO® 


oj oj r— 


KjWO 


J" 


r— >03 1 — CM rO OJ 


co 


o 


vn vj: 


CO 


• 


o 


ft 




EH 




rHCb 










-p 




• 


• 


• 


13 


& 






w 






."J" LOtO 


to LOO 




co rH ro lo oj co 


CD 


-p 


to 


CM 


o 




CO 




CO 






O J" 


rH rH to 




OJ rH 


CO 


a 


OJJ 


r^\ 


n 


o 


M 




CO 






H 








CO 


CD 








CD 


o 


fi 




<! 














< 


o 
u 








5 
O 


H 

rH 


■H 
fi 










to O O^D ^t VD 




to rH to rO rO,rJ- 




CD 








£ 


Ri 


CD Rj 








r— 


,~t LOVD 


tAKN 




C\ tO 1 — I^O r-\ yO 




PM 








IH 




O H 








OJ 
CO 
H 


J" H H 


r- j- ^d 




OMAO O r-H <=f 






PO i>- LT> 


tH 
O 


f-l 
O 

tH 


rj 

fi fH 








OJ K>,to 


to J" 50 




r-- o ro lo oj to 






•>- r— co 










o J- 


rH H OJ 




OJ rH 






CM 


to 


OJ 






■H Ri 










H 


















CO 

u 

■H 
-P 
CO 


CO 
■H 

A3 
-P 


and JT 
Stand 










-P 


CO 




-P CO 








•P 




•H 


Ri 












r-j 


01 




n cd 








F! 




•P 


n 


oi^j- 










b 


•H 




CD -H 








CD 




Ri 




o r*-\ 










H 


-P 




r-\ -p 








r-t 




-P 




•H CO 










Ri 


•H rH 




Ki -H r-\ 








R 


r-i 


CO 


• 


H^ 


VQ 








co > 


rH 05 




V> i> r-i CJ 








!> 


R5 




Kl 


K> 








-P -H 


•rH -P 




-P -H -H +3 








•H 


4J 




f-l 


01 .. 










01 0) ;i 


r O .H 




CO CD rj r O -H 






CO 


d 


•H 


• • 


Ri 


CO CD . 


LO 








-p co o 


o5 p.. 




-P CO C 1 fj p| 






•p 


& 


°l 


0) 


CD 


O CVJ 


OJ 








(l) oi H 


•n rJ 




01 co pq tH ci 






CD 


W 


r5 


o 


>, 


- u 


— ^ 








M <3j 


rDrl O 




CO •< >3 r-H O 






CO 




o 


H 




C0 p 01 


OJ 








co 'd 


^ 




CO rcJ U 






CO 


r i^> 




pi 


CD 


01 O &0 










<a; -p rt 


o -p t\o 




<tj H^ « O -P &JJ 






<A 


£ 


M 


o 


t> 


•H CO Rj 










C Ri 


-pas 




S cj -p fl rJ 








cd 


fi 


to 


•H 


-p Pi 


OJ 








rH OJ 


fi CD -H 




rH CD £ CD .H 






<-{ 




■H 








I 






fn 


Ri ih ,1 


CD M M 




Ci rl ^ ffl h ^! 






Rj 


r-{ 


M 






^-^ 


% 






Ri 


-P fi CO 


> u u 




■P h 10 ^ !h rl 






H^ 


w 


Th 


^ — ^ 




* 






ID 


o p c5 


fi p o 




O rj Cfj rj rj 






o 


fu 


o 


# 




* 


rH 


^1 




>H 


EH O O 


nor?: 




EH O O rH O r- 






EH 


o 


t3 






N -^ 




to 

CO 






- 

























-US- 
EABLE 33 

ASSETS OF IEDUSTRTAL CORPORATIONS 
(Continued) 

(millions of dollars) 

91 Leading Industrial Corporations 1/ 

19S8 1929 193c 



Assets of Above as Per Cent of 
Assets of^All General Industrial Corporations 



1933 



Total Assets 


18,602 


20,098 


18,946 


18,798 


Total Current A SS ets 


6,883 


7,525 


5,723 


5,851 


Cash & Equivalent 


2,333 


2,363 


2,411 


2,302 


Inventory 


3,038 


3,470 


2,283 


2,543 


Working Capital 


5,431 


5,941 


4, 776 


4,782 



Total Assets 


17.8 


18.3 


21.4 


21.8 


Total Current Assets 


15.2 


16.3 


18 = 2 


16.6 


Cash & Equivalent 


26.6 


28.0 


33.0 


32.4 


Inventory 


16.1 


17.6 


20.1 


20.2 


Working Capital 


18.0 


19.4 


22.9 


23.1 



1/ The largest one or two companies in each principal industry group, 
as classified by Standard Statistics. See "Composite of Financial 
Statements", Aug. 16, 1935, Standard Earnings Bulletin, July, 1934. 
Thus in Steel group U. S. Steel and Bethlehem were included; in 
Electrical Equipment, General Electric and Westinghouse, and so on. 



9820 



-114- 
TXBUE 34 



EH 


DO 




C) 


W 




H 


B 




fe 


O 




O yjj 




W 


g 




rt 


H 




<l 






eh 


§ 




C5 


« 




£ 


W 


co 
w 


tu 


§ 


rH 


w 


5 


H 


23 




CO 

3 




'/i 


H 


CO 

H 


p 


H 


S 


o 






« 


w 


i 


-J 


F-i 


K 


w 


o 


f-H 


N 


w 


i-l 

3 


H 

CO 


co 


H 


60 




r/1 


p 


« 


W 


O 


O 




H 


Ct, 


3s 




H 


> 




b 






H 


H 




&-, 






5 


EH 




W 


g 




■a] 


1 




H 


c ) 






1 








Pn 





h 






























CD 






CO 


r-\ 




O 






B 






























• 








• 




• 




• 






HJ- S> 






























<* 








o 




M 




CO 






o 




























LO 








CO 




X> 




CT) 






o 




















































O x) 




















































m s3 




























■* 






LO 




y> 












0) 




























• 








• 




• 






































^ 






t- 




t- 


LO 




































































CO 




IO 




CO 




co 




>* 




6- 




co 




o 




«* 




CD 
















• 




• 




• 




• 




• 




• 




• 




• 




• 




« 






o 










«*l 




c- 




CD 




to 




•* 




CT> 




CO 




CM 




LO 




LO 






o 










LO 




CD 




t» 




t» 




E- 




CM 




CO 




t-^ 




rH 










IS 
1 








XI 




CO 




* 




CD 




CD 




C- 




CM 


CO 




t~ 




LO 








rH 








• 




• 




• 




• 




• 




• 




• 




• 




• 




• 








o 








O 




rH 




CO 




CM 




CT) 




>* 




CO 




o 




CT) 




o 








rH 








rH 




rH 








r-t 




CM 




rH 




^ 


i-H 




CO 




CM 












CD 


to 




CD 




CO 




r* 




rH 




CM 




o 




CO 




CO 




CD 




>* 






o 
o 




O) 


"*< 




CD 




>* 




co 




CM 




LQ 




t>- 




CD 




CM 




rH 










rH 
1 
H 




LO 






rH 




rH 








rH 




rH 


























CO 


r 


■< 


H 




CD' 




to 




CM 




t- 




LO 




CD 




«* 




CM 




r-t 








IO 


• 

o 

rH 


C 

r 


• 

H 


• 
CM 
rH 




■ 

o 

rH 




• 
CD 




• 
rH 
rH 




• 
rH 
CM 




• 

o 

rH 




• 
10 

rH 






« 

IO 

rH 




• 

4 












CO 


CM 




■* 




LO 




c- 




CT) 




CO 




CM 




e>- 




CM 




CO 




t~ 






o 




o 


■* 




-=f 




rH 




CD 




t- 




C- 




LO 




CO 




CM 














LO 




CM 


to 




rH 




rH 






































1 . 

rH 


to 


U 


■) 


c\> 




CO 




in 




to 




CO 




0") 




o 




■* 




** 




CM 








C\J 


LO 


c 
c 


3 




i-H 




CO 
rH 




H 

rH 




LO 
rH 




rH 
CM 




CD 

rH 




CT) 

rH 




CO 
rH 




rH 
rH 




C- 
r-i 












i-H 

in 


LO 




to 

CD 




LO 

LO 




rH 




CM 




to 

CM 




co 

CM 




rH 
rH 




CT) 

rH 




rH 




CO 






o 

CM 
1 




rH 


rH 














































LO 


L 


M 


LO 




CM 




ID 




CD 




CD 




CT; 




t- 




rH 




>* 




CM 








CO 


• 
CM 

CO 


c 
c 


• 
O 


• 
CO 




• 
CD 
CM 




• 

LO 

CO 




« 
CM 
CO 




• 
rH 




• 
CD 
CM 




• 
rH 




• 
CO 




« 
LO 




• 

E- 

rH 












LO 


to 




CD 




to 




a> 




CM 




to 




t- 




rH 




■* 


















■* 


CM 




rH 




r-i 




rH 




rH 






























IO 




















































o 


CM 


c 


M 


•* 




CD 




CM 




t- 




CT) 




CD 




LO 




rH 




<* 












rH. 


< 


J5 


to 




CM 




CO 




r~ 




CT) 




CO 




C~ 




CD 








CD 










>* 


r 


H 


CM 




to 




to 




CM 








CM 








CM 


















«s|x> 


a jo 


« 


X> 


OS 


X> 


cd 


X> 


a 


rQ 


CSlrO 


as 


rQ 


cd 


£> 


<d 


.o 


<d 


^3 


cd 


XI 






• •* 


t> 


3 


■* 


LO 


CO 


CT) 


CO 


CO 


CO 


o 


CM 




• rH C\l 


CM 


in 


LO 


CO 


CD 


o 


CD 


O 


CM 


O 




£ B< 














rH 


r^ 


CM 


CD 


CO 




• 


















































«! o 










10 

-p 




>3 
U 










• 




XI 






a 


rH 


© 




c 








hfl 




CI 






o 


cd 


e 




•H 




10 




^ 




•H 






•p 


-P 







X! 


ID 


-P 






B 







M-P 


CD 


rH 




o 


CD 


U 


r-\ 








o 


<3 o 


3 


P- 


u 


■3! 


O 


O a) 


• 


B 




cd 




•H 


•H O 




6 


s 


A 


rH PL, 


: CD 


rH 




> 




<w 


x; 


10 


M 


•rl 




CO 


o 


-P 


O 








Cm 


-P B 


P 




.c 


rH 




•H T3 


CO 


•H 




13 


>! 


O B 


o ta 


o 


• 




OS 


T3 


JS fl 




J3 




6 


Sh 
<D 


•B P 


3£ 


Sh 


-P 
r-i 


O 

^H 


S 


(D cd 

> 


T3 

s 


<D 

> 






a 


-P 




CD (0 


P 


O 


U, 




CO 






+3 


•rl 


» -H 


(0 I-. 


Pen > 







•P 


CO 


U CD 




h 




(3 


rH 


S-, C 


- CD 


1 o 


iH 


M 


o 


-p 


O -H 


S3 


P 




•ri 


t-H 


o (-. 


P. x: 


(3 rH 


u 


u 


CD 


O 


H-> 13 


p 


■P 










cd 

Ph 


a 


•p 
to 


£ 


CD 


g 


O 

ft 


rH 








o 

r= 








O 

CO 


o 


O 

pq 




l— l 




s 





p 

C-H 



cd 
•p 
p 

■p 



<D 
"P 

3 







hH 


CO 






rH 


to 

CD 






rH 


rH 






cd 








•P 


1 






fi 








P 


• 






M 


CO 






•H 


U 






t< 


M 






P 
J3 


3 






X 


<« 






P 


p 






aS 








B 


10 






.9 


• CO 

•p « 

B B 






6 


M O 

o 

aS 1 
U 






•H 


XI B 






<H 


o 

-p fc, 






13 


as p 






S 


x; p 






-P CO 






X! 


B 






•P 


t> 






JS 


P 


10 




MX) 


-p 




•rl 


cd 


13 




Si 




CD 






m 


% 


CO 


•P 
(0 


e 


at 


CD 


as 


•ri 


•H 


CD 


r-t 


<H 


i-t 


>. 






r" 


p 


CD 


rH 


a) 


i-H 


X! 


rH 


•P 


PL, 


H 


al 


CO 


R 






e 


S 


1 




i-H 


r-t 


.. 




cd 


at 


B 




•P 


■p 


-P 




p 


p 


P 




4* 


-p 


53 




«H 


4h 






P 


p 






•fes. 


tS?. 






1 


1 






<d 


rO 







983D 



-115- 



rn 



9 

n 
-=1! 

EH 



W 
CD 



■d 

CD 

> 

H 
o 



H 

•H W 

Cj CD 

p., -H 

-P 

H -rH 

tS H 

.rH -H 



£3 

c3 

•H 
HH 



o o 
o -P 



o 



3 



Sh 

O 

J o 
£ ■*! 

rd 

0) 
O-, 

d 

o 



in 
CD 



O 
O 
O 

O 

O 
rH 

re- 



CD 



J 



O 

o 
o 



a) o 
■d o 



o 

rH O 

CD O 
Q in - 
r CD in 

pJ !> c\J 
o <* 



>§ 



o 

J-i o 
0) fn O 

g "d m 
3 £ OJ 



U O 

G O 

rC> ?H O 

a o) •> 

3 > in 

|S o </> 



^ o 

CD U O 
r Q CD O 

B 'Sin 



d 

CD 
U +> 

i- J CD !h 
(jfl O 

-P P-i 
o p q 



rH 

CD 



to 



-i- 

r— 



m 
m 



OJ 



m 
G^ 

m 



CO 

to 



m 

I — 

m 
H 



CPi 

r— 
o 



o 

H 



OJ 

to 

m 

c\i 



CO 

c\i 
g> 
H 



r- o 

in ! in 

0\ I O 



m 

rH 

cvi 



CI 



b0 

G> 



O 



t-n 
H 



C^ 



in 

OJ 



a> 



to 
r~- 

m 

H 

OJ 



OJ 

o: 

0J 



tn 

m 



in 

OJ 



in 
m 

OJ 
OJ 



G^ 



O 






to 

H 

rH 

m 

OJ 



CP. 

in 



VJD 

m 
r— 



o 

H 



O 



i , 

r-n 



CO 
-~J- 

in 

Cd 



o 

VX> 

O 
OJ 



CTi 

r— 



to 

OJ 

t-n 

G^i 
H 



VJD 

G^ 
CO 

m 



rH 

.rj- 



H 






OJ 
rH 



OJ VJD 
VD J" 



OJ 
H 





m 


in 


o 


in 


to 


G^ 


h^ 


OJ 


•t 


•» 


•» 


OJ 


v_o 


to 


ou 


rvj 


CM 


CA 


O 


H 


OJ 


m 


m 


O^ 


CT\ 


G^i 


H 


rH 


r-l 



H 



OJ 
OJ 

to 
m 



I-— 



r— 

o 
m 

o 

OJ 



oj m 
m m 

H rH 



m 
i — 

m 



to 
o 

oj" 



to 
o 



o 



m 



OJ 

in 



^1- 



in 
to 
H 

OJ 

rH 



.rt 

m 

CT> 
H 



I 

EH 
CO 



pi 



i -i 



O 

n 

o 

CO 



-no- 



vo 

9 
IS 



(I) 




'■ 




7 




> 


H. 




p 


o 


u 


-p 


r; 




c '-i 


CO. 


; : 


(D 


1 


»» 






>: 


«H 


rU 


O 






Ti 


o 


m 


•H 


d 


p 


T) 


cti 


•ij 



in 



1 

o 






































o 






































rH 






































Fn 


VX> 


O" 










C 




J" 








rH 


jt 


VD 


O 


I s - 


OJ 


(U 


• 


• 















• 




















> 


CO 


o 










rp 




J" 








O 


o 


LP 


rH 


K - 


I-V-, 


o 


LP 


UD 


O 


•• 






LP 


LP 


LP 




Lf 




LT 


LP 


LP 


IP 


J- 










JL; 










f- 






F+1 




















c 










<D 






CD 














100 






i". 


rr! 
-1 




4 




> 
O 






l 


















I s - 


K s 


J-fjl- 


tc 


r— 


o.l 


I s - 


VD 


I s - 


*.o 


N-, 


rH 


V-O 


^ 


_=t 


^ 


o 


i 


r^ 


LP 


•■ . 


.- 


rp 


b3| r-t 


'-D 


I s - 


r— 




LTJ 


-H 


OJ 


I s - 


H 


^ 


H 


zt 


-'■ 


;v 


K' 


JnT 


^J- 


•=J-|lp 


LP 


CJ 


j- 


|V 


^3" 


J" 


LP 


VO 


^ 


K^ 


LP 










.. 




I 
1 






















O 














1 






















LP 








































H 


VD 


I — { 


-~" 


cr 


t-P 


0J 


I s - 


J" 


OJ 


H 


s , 


to 


IPI 


I s - 


o 


O 


f— 1 


1 


O s 


LP 


LO 




lc 


I s - 


: 


V ') 


00 


o 


I s - 


to 


H^ 


.- 


-■■ 


*H 


C£ 


L., 


H 


• 1-^ 


.=* 


r^ 


J.,-. 


CJ 


rp 


-t 




LP 


.— ;• 


J" 


cv 


^i" 


OJ 


LP 


LP 


^~ 


K" 


OJ 






































O 






































C\J 








































LP 


I s - 


>jn 


J" 


LT 


to 


rH 


c- 


to 


to 


a> 


o 


OJ 


s 


J" 


J" 


: — 


to 


] 


• 


• 


» 


o 


• 


• 


s 




• 


• 





• 


V 


• 


• 


• 


• 


B 




LP 


I s - 


t— 


cr 


H 


o 


f*"> 


|W 


to 


to 


o 


1 — 1 


1^ 


Jt 


I s - 


I s - 


I^> 


VX> 


r^ 


J- 


OJ 


OJ 


"\J 


r-p 


rH 


J" 


-=j" 


OJ 


H 


OJ 


OJ 


H 


LT 


J" 


ip 


r^ 


LP 




LP 


^J - 


H 


* 


V.O 


I s - 


I s - 


CT 


cr 


WJ 


IV 


^ 


U s 


IP 




i— 


i j 


. 


to 


VO 


^1* 


(^ 


1.0 


to 


V£> 


K> 


rr^ 


c 


LP 


0,1 s - 


r— 


i ■' s 


G> 




O 




CJ 


OJ 


OJ 


CJ 


i-l 


rH 




r-~ 


i s *> 


H 




H 






i — ! 


OJ 


OJ 


CJ 


H 




























s~^ 






































Pi 








































































p 












to 




















, s 






p 












+} 




















Pi 






O 












C 




















b 






U 












cd 




















-p 


















e? 




















-p 






Pi 












US 




















o 






Cu 












rH 




CO 
















o 






.C 












a 




y 


















' : 




n 












E 




R 






go 












Pi 
















h-i 




•H 






-d 
o 












■H 




P! 












rH 




co 






o 






C5 




•H 


+= 




•H 








en 




Co 




■H 






e> 






nri 


t> 


^H 


o 




^ 








•d 




Fn 




Pi 




Fn 








O 


■s 


P 


r-i 




+= 








o 




Pi 




Fh 




CD 


M 




>s 


O 


'y.~ 


o 


O 




o 








o 




P 




£ 




N 


3 




u 


e 


o 


r-i 




: iH 




4J 




o 


H 


!> 


03 


• H 


•H 




CD 




C) 


o 


ul 


di o 


K^ 


<H 


Pi 




P 


pj 


Fn 




+5 


rH 


^ 


00 


c 


Pi 


CQ 




•- 


<d| 


In" 


r 


O 


Sh 


05 


o 


CD 


CD 


0) 


•H 


0J 


J - 1 


•H 


o 




to 


P! 


p w 


CD 


m 


,r. 


CD 


d 


■H 


-p 


go 


i- ; 


+3 


■H 


M 


i — 1 


r-l 


rH 


>. 


tu 


Ui 


■_ 


•H 


c 


-i- 1 


Q 


-d 


Fn 


+= 


;: 


' 


u 


c 


■H 


i — 1 


O 


O 


P! 


B 


u 


r-; 


W 


h 


cv 


,a 


c 


>X 


o 


o 


d 


CD 


•H 


cj 


•H 


o 


o 


CD 





z 


CD 


O 


•1- 


(l) 


r^ 


i— i 


. r 


in 


ffi 


o 


Fn 


Eh 


53 


f-^ 


^ 


. 


?-!, 


^ 


I— 1 


1- 


K 


( 


i-l 







•H 






> 






CD 






r J 






«H 






O 






c 






o 






■H 






OJ 






•£ 






■ p 1 






R 






!>s 






rQ 


rp 






i-p 




- 


C)^ 




r<-\ 


H 
1 




Oi 
rH 


rr> 




Sh 






O 


g 




tu 


& 




CJ 


R 




C 


O 

1 




r~i 


:o 




+3 
o 






r. 


•i 






Hr-, 




3 


O 




. •■ 


CO 




«H 


in 




O 


ryj 






.^ 




01 


N 


• 


p 


C ) 


w 


00 




CD 


a 


1 


CD 


CD 




lv 


o 


Ih 


O 




c ■> 


rH 


CD 


5 


Pi 


rCl 


M 


+J 


( i 


o 




cj 




Vl 




C J 


O 




o 






H 


C. 
P 




Th 


[ 




o 






> 






o 


o 

■H 




-p 


0* • 




Pi 


.J Pi 




CD 


a o 




^ 


•H 
S P 




m 


o o 




■H 


fn CD 




rH 


t|-! CO 




rd 






ct 


rd CO 




-p> 


CD O 




0) 


+J> -|H 




CD 


crj +J> 

rH CO 




rH 


? H 

O -P 




■d 


rH a 




CD 


ci P 




■d 


o co 




^ 






rH 






O 


• > 




PI 


CD 




*H 


pi 




^J 


o 

CO 



9820 



-117- 



CD 




p 1 




H 


CD 


cj 


u 


i-^" 


p 1 




+-> 


c 


o 


-(J 


rj 




<M 


00 


P 1 


CD 


S 


t|( 


Cfi 


ctf 


'~ J 


S^- 
















Ch 


^-> 


n 






X) 


o 


(1) 


■H 


^ 


-P 


Ti 


cO 




rt 








to 



o 
o 

rH 

fn 
CD 
> 

o 

o 

o 

H 

1 

-i 
IX> 

o 



o 

CM 

1 

*X> 

LO 
1 

rH 
f-l" 

co 

rj 

n 


r— 

rH 

rH 

• 
rH 
CM 

. & 

OJ 
CM 

ir. 

cm 

HH 

CO 

<C 

o 
o 
o 
ttj 

r 6 

El 


CM 

d 

rH 

h~ 

O 

3- 

co 

CD 

-p 

4^> 

CD 
fn 
CC 

•iH 

o 


cS 
CM 

• 
» 

CVi 

iH 

00 
CD 

•H 
CD 

• H 
rd 
O 

-P 
C 
CD 

+2 
Ct 


LP 

CM 

rH 

LT 

t— ! 
i — i 

• 
rH 

I- 

Q- 
rH 

m 

•H 
CD 

o 

CD 

V. 

'.-; 
%\ 
CD 

P-l 


-4- 

H 
rH 

0- ' 

rH 

7h 

LP 

rH 

H 

CTi 

rH 

oo 
o 

■H 

-p 

cd 

crj 
p. 
CD 
U 

to 

4-^ 

'/ 
•H 

S 


ix-> 

r-t 

r— 

to 

60 

t*r~ 

r—1 

K^ 

rH 

b 

1- 


cm 

H 

to 

r>- - 

LP 

l"- 

LO 
LP 

CI 
4^ 
■H 

CO 
•H 

I 


ix- 

H 

i— ■ 

rH 

rH 

O 

CM 

<m 

rH 

CD 
U 
O 

<o 
o 
n 


LP 

rj 
" 

to 

LP 

rH 

CO 

-I-' 1 

o 
ni 

rH 

l' i 

C 

•H 
fn 
O 
> 

rH 


LP 
rH 

to 
.cm 

d 
to 

rH 

00 
rH 

O 

-rH 

4^ 

cd 
' i 

Ph 

rH 

3) 

?4 

CD 
O 


to 

• 

to 
cr 

.rH 

r— 

o 

rH 

• 

rH 
CM 

CM 

■O 
CD 
CD 



IX> 
cr. 

rH 



CO 



EH 

O 



to 



H 
-P 
O 
Cj 

<;< 

a 

TO 



«IH 

o 

oo 

g 

CD 
O 

o 



CO 

rQ. 







o 

•H 


1 1 




+3 


o 




o 
a 
ro 


[T) 


. 




to 


CO 


CO 


K-r- 


CD 


o 


w 


CD 


•H 


o 


V. 


4-^ 




o 


00 


I 


rH 


•H 




p ] 


4^> 


0) 


B 


a 


o 


CD 


4^ 


f-f 




r/) 


rj 


O 




o 


o 


•. 


CO 


rH 


CD 




rH 


■ H 




CD 


> 




> 


co 




o 





Ci. 


o 




~ 


•H 
CO 




4-= 


•H 




C 


> 




CD 


H 




j:* 


n 




r-i 












00 


t> 




•H 


rQ 




rH 






rO 


X) 




cfi 


CD 




4-" 1 


+= 


r^ 


OO 


cd 


r^ 


CD 


H 


CT> 




p 


rH 


r-l 


o 






rH 


^i 


"d 


0j 


O 


CD 


o 


MH 


Ti 






Fl 






rH 


■ • 




O 


CD 




c 


O 




•H 


H 




•^1 


O 

to 





3820 



-118- 



to 
m 



H 

n 

EH 









1 




CM ^Ol 1 


1— 


Lfj 


o 


LP 


C 1 




CM 














r- 


n 


c 


aS 


LT 


r° 


o 




CM 














• 


. 




> • 


• 


• 


• 




• 












o 


ro 


cn 


rH lp 


O 


CO 


H 




CM 












o 


\r> 


^ 


y.o ^o 


r- 


LP 


U 




LP 












H 




i 
I 




















• 

H 






— M 
























CD 






co cu 


















1 






r^ 






cu > 


VO 


i 




















o 






o o 


to 


1 




















H 






>. 


• 


! j 




















Pi 






o 


f~> i 


o]o, oi 




















£• 






rH 


ir 1 




















CD 






R 


1 


LPjLPj LP 




















to 






w 




M rH rH 








1 












r-H 










d) ; 0) o 








j 












CD 






o 




> > > 




















J_l 






a o 

H H 




' Ol o o 








| 




d 








O 






CD 


I— J"! LP 


^o| r— | r--> lt 


too^ 


o 


LP 




^t 


r<-< 


1- 




[3 


CD 




9 1 


rH LPbt 


o to x> 


u • 


CM 




VJD LP 


o 






rCl 




Pi 


• • *i 


• • • • 


# 


• • 


• 


• 




•I 


• 


• 




C .H 


-p 




O H 


rH! J" (Ml 


CI CT LP LP 


<£) VjO to 


r^ 


LP 




r— 


cr 


CO 


• 


o 






O LPi. 


vo: cop- 


rKvD »JD ^t 


LP VI 


3 >.D 


r— 


LP 


CO 


UD 


vx 


t- 


CO 

rH 


Tn 


!+H 

o 




=H 


! 


| 










CM 








£J 


CD 






O 


1 


! 










• 

r^ 








[H 


B 


Kl 

-p 




CD 








I 






LP 










cd 




M O 


CO LP <0\ O^ 


,-t-OQW 


J- C 


3 [^ 


o 


CT 


o 


vn 




r^ 


<H 


6 


t3 




•rH LP« 


r— i cp toi o- 


VO Ol LP tO 


M r~ 


-Jo 


H 


J" 




to 


[-- 


VD 


O 






ntf 




CO 1 
























0) 


o 


CD 






oS r ■> J- a- 


,-+ M^-O LP 


CM C 


CT 


U3 


C J 




H 


to 


CT 


co 


■H.0 


•H 


H^ 




r- 1 . 


IT| IT N U" 


CO U-)l 


>--' 


LT 




r- 


ir 


r— 


d 


c3 


CO 


a 




C\l 




















co 


rH 


Cj 


r - 


CD 






j 






| 






' 








p! 


O 


r° 


n 


H 

o 












1 
1 














s 


> 

u3 


r' 


r o 


CO 






1 
























5 


•rH 




• 








1 


| 














m 


CD 


Ph 




O 






't 


j 




1 
















ro 


+3 


<H 


Cm 


CT 






-=J-| O'H CM 


VO rH VO| tO 


r^r- 


~i cm 
Dl O 


J- 


CT 




r- 


to 


LP 

r~- 


H 




» 


co 




H 




o 


o lpi m r- 


to 'Xi 'o r^ 


C\J v. 


L! 


H 




co 


rH 




a 


Pi 


cu 


•1-D 






CM 






















1 


CD 


o 


K 


£ 


I 






H CO H ^ 


[— CM HI to 


O v. 


D M 


J" 


VJ 




LP 


.=1- 


UD 




rH 


•H 


c3 


CD 






1 1 


uDi l;^ iH^d 


LPito r--ko 


G 1 v - 


u^ 


H 


VO 


r- 


V.O 


i— 


pq 


i> 


-P 






10 

a) 




VO 


i 


1 


i 

i 








1 






q 

■ H 


-d 


CJ 
CD 


>- 


CD 


•rH 










t 








' 








'-) 


• Pi 


CO 


H 


•H 


Ph 


























o 


CO Co 




..<3 


i — ' 


-P 






i 




i 








CT 








to 


CD 


co 


-p 


rQ 


CO 






i 




| 








CM 










CD - 


o 


a 


Co 


d 










I 








• 










: » cd 


•H 


g 


-P 


■3 






| 


i 


1 








a 








o > 


H^ 




CO 

PI 


pj 

H 






I 

1 


' 


i 








cr 








H H 
Pi CD 


CO 
•H 


0) 










1 


















*_; 


-P 


M 


[ , , 






i 


1 ^ 


















CD HJ 


d 


cfl 


o 






Hi C\J O l~- 


H O Oi-rt 


HI C 


ALP 
^1 ° 


rv-> 


„ 

■£ 




J-lo 


to 






H-> 


Pi 






ltS 


vjDir 


LP 


tr 




r~- 


VO 


a- 




O >» 


C/3 


(D 


CD 


























O rQ 




> 


tsi 




I 


LPI tO LP V.O 

vo|^d to r~ 


O^r- to o" 


•JD| C 


M CT 


LP 


^r 




J- 


o 


- 




H 


M 


■5 


•H 






to tOVD CO 


ajt 


H 


CO 


VD 




r~ 


r— 


to 




H 


' r • 


00 




rH 




H 
















rH H 


CD rv^ 






1 




1 


















CD O 


•H ro 






i 


1 




i 
















> !H 


> O^ 








i 




















O ^ 


CD H 






1 






















cj 


PI 








1 


















| 


'J Pi 


Pi 






I 




i 








t 








pj 


'h O 






j 


• 1 




r~ 














•H r-l 


O <H 










i 


' O 












> cd 














-P 






i 

i 








| 


S ^ 


p! m 






■( 




1 


+J 














1 


,q C 


O CD 












O 












1 


Pl 


•H Ph 








1 


i 
i 


1" 














1 

j 


hj c: 


CO rj 

•H -P 










i 


1 P 
















CD tj 


t> o 










1 


1 
















5 b 


•H CC 






I 






' _"J 










i" 






.3 -H 


n 'h 








\^~~ 




-p 
















CO rrj 


pj 








& 


i 


















•H -H 


r ) Pl 








c 




i rH 
















h r> 


r ° .^ 








-^ 




a 
















r O .H 










• h 3 




. - 
















n3 'd 


r •' '"' 








i c 




-r= 












CO 




+i 


CD tlH 






CO 


1 c 




c 




«H 








+= 




CO >2 


•P O 






I ' 




y 






^ 




a 




'- 




CD pO 


cj 






• : v 


1 


s 








a 




n 






H CO 






•H -V 


■ h 


•H 


t 




^ 




p 1 




u 




H 'd 


g g 






,-d c 


>' p 




p 




cia 




•r 




-1. 




CD 






CO 


) ' t- 


'-!J 


•1- 


i 






C 




• • 




CO -P 


H P! 






•rH d 


:-i ' 


O 


rt 


'C 


r^ 




•H 




; 




CD Ki 


Cj CD 






Pi 


■d: -h; 


H 


1 H- 


■ 


P 


w 


■d 








'd H 


o o 






rH 6 


; h r J c 


C3 


c 


c 


I 


cu a 




u 




d d 






>J 


P F 


! Th O r- 




( 1 — 


cl 




■p' :~ 


05 


d 




rH 5 






M 


r- P"{ W -r 


h . a) ,£j c 


> to 


■O C 




c 


HJ 




+= 


•i 




O H 


. . 




-P 


rH +=^ 


! co rl co 


' — 


CD 


5- 


c 


<l 


-r= 


■H 


rH 




Pi cci 


ri 


. 


co 


0) O 0) 


} +-> -rH a 


rt 


P 


■" 


c 


Th 


£ 


d 


c 




n O 


o 




pi 


-P CO ,:.! -r 


H rH H lH - 


CD 


CO - 


£2 


K 


n 


a 


c 


[ 






g 




■3 


+> -fi m p 


J H H O C 


rl 


u r 


Q 


j: 




H 


05 


. 








fi 


o b R> T 


H ^ -H o a 


,6 


o 


: 


c 


• H 


c. 


•r 


1 




cSiS-. 

<|rO| 


o 




O 






n 


im u:l o p. 










i 


c 


PH 


r-'l 


r-- 




to 



CM 
CO 
CTi 



-llC- 









N 






,'-• 




id 


u\ 


m 


•H 


O 


m 


C,i 


h^i 


a> 


PL, 


-P 


H 


03 


C 


i 


o 


(D 




' 


F 1 


01 


ri 


£ 


0) 


h= 


to 


•h 




•H 




>j 


H 


4-3 


H 


r" 


CO 


rH 


Ri 


^ 


+= 


4-> 


■o 


C 


to 


pj 


o 


N 


i— i 


'^ 








<H 


-ci 


0) 


C 


■P 


ri 


Q) 


u 


^ 


N 


<u 


Q) 


•H 


H 


> 


CO 


<u 


< 




00 



w 



o 
o 

H 

h 

0) 
i> 

o 



o 
o 

H 



O 



H 
C\J 



O 

rj 
I 

U3 



LOv 

I 

H 






to 
d 



-00- 



ML' 



o o 



MN 



•o 



^t o- to 

j- to oi 



Hi H IT 

oSoC LT 



1--00 



vr> 






cvji oi i\, 

J-kD LT 



O" 



C\J 
-G' 



rH 



I ) LT 

Lrito 



o; cr 



h| boLd 



cvi'vdi c- 

MM3 



C\J 

to| 

H o| 



H 






C\J] 0-1 LP 

o'to o 



d 



oi r*-jv..o] to! i 



OO LO 



Oi Lf 

o-|bo 



bO LT VD 






Z | t 
• ■ 

oN-o 



crl r— I c\jjv£>j c:' -3-\d 

"dicHbolbO' " 



#|i 



HIh"! ^ 



< 1 



to 
to! H Mbol r— I i i' d 

i i i 

! i i i 

i i 



i 



V.OI f\ 

4#T 



£4 


5- 


r-j 


0) 


+3 


t : 


H 


■H 


d 


H 


O 


•H 


•H 


-P 


fH 


u 




<n 


<! 


1 ■ 



I 



M bOUj- 

.1 .i . 

. oto 

u~i to i r- 



irl oj o 

to ■ oi r - 

, .) . 

..t c.i ai 
H to r-~ 



IS 

I ° 

03] -P 

O ri 
•h| m 
P Ci 

0)1 p. 

S O 

w! r4 

o|FM 

0)1 C3 



.3 






OI 



I 



vo to! 



MrH 
bO f- 



00 

O 

■H 
+3 
CJ 

l& 

i 

d u 

0) ' 

MH 

O ri 

J 2 

Ol o 
H O 



o 






U 


CH 




r-J 


o 




•ii 






c; 


ri 




cS 


4J 




Vh 


ri 




^ 


Td 




a 






.'ii 


o 






03 




tH 


ri 




O 


r^ 




CO 


ri 




P" 


6 




03 


Fh 




f-' 


ch 




b 






O 


s 




r^ 


o 




i- 1 


•H 




ro 


4-3 




H 
1 


o 

o 
to 

03 

o 




f i 


•r-( 




o 


4J 




n 


03 




p 


•H 




o 


4-> 




CO 


4-3 

o 

•H 






0) 


• 




rt 


03 
0) 




tH 


fn 




O 


d 

4J 




H 


O 




b 


ri 




•H 


Cr4 




03 


rf 




•H 


SJ 




r* 


ri 




■H 


]r^ 




o 


>H-! 




13 


o 




r° 


03 




. -J 


r-; 




O 


to 




4^ 


c 




ri 


0) 




H 


o 




d 






o 


l-^l 




t H 


ro 




ri 


CPi 




o 


H 




# t 






P4 






O 






S 






o 






to 





0226 



-12 - 

II. THE TOSK-SHAHIliKS 03JECTIVE 

Fending recovery in production, considerable reemployment could 
take place by employing ".... more men to the existing work "by reducing 
the work of each man's week." 

Table 40 presents an estimate, "based on certain assumptions, of the 
reemployment effected by work- sharing. Column 4 of the table presents 
an estimate of man-hours in manufacturing. There were some 398 million 
used per week in 1929, and 130 million per week in March, 1933. From 
mid-1933 to September, 1935, the number used averaged about 236 million, 
ranging from 207 to 262 million. Just before the N.H.A. went into effect, 
industry operated on a 42.5 hour week. If this work week had continued, 
and if the number of man-hours had been as in the fourth column, then 
the fifth column shows the number of men that would have been employed. 
This shows very little recovery. Hot until 1935 does the number advance 
much above the panic levels of early 1933 and hold the gain. In Sep-- 
ptenber,. 193R,vith a demand for 282 million man-hours, a 42.5 hour aver- 
a ■ week would have employed only 6,164,000 compared with 7,004,000 
actually at work. The difference, 640,000, represents the number at 
work who might have been unemployed were it not for work-sharing. The 
hypothetical reemployment due to the work- sharing program ranges up to 
1,360,000. 

This calculation is suggestive and arresting, but it cannot be 
stranger than the basis on which it was made, viz, that other factors 
would have been as they were. 3ut no one knows whether they would or 
not. Would production have been greater or less, and demand for the 
services of labor have been greater or less without the work-sharing pro- 
gram? If greater, would it have been great enough to take up to a mil- 
lion off the lists of unemployed? 

Although these remoter implications are not directly indicated by 
the statistics, the immediate fact remains that the work week was short- 
ened substantially. Table 41 shows average hours worked per week in 17 
important manufacturing industries. It will be noticed that in some in- 
dustries hours dropped sharply in 1931 and 1932. These industries are 
chiefly durable goods industries, where volume fell unprecedentedly low 
and work-sharing was voluntarily adopted. The problem here was, not to 
have a cut in hours, but merely to aboid a return to the pre-depression 
work-week. In others, chiefly consumers' and non-durable goods indus- 
tries, hours were not far below 1929 levels. Examples are boots and 
shoes, cotton textiles, hosiery, meat packing and paper and pulp. Hours 
in these industries dropped sharply when the cod.es were instituted in 
the summer and fall of 1953. 

In general, industries do not succeed in operating at the code max- 
imum. Thus the textile industries, which had a 40 hour maximum work week, 
rarely succeeded in averaging more than 36 hours' work for their em- 
ployees. The averages are pulled down by individual firms and employees 
whose operations fall far short of the code maxima. Trie extent of this 
disparity in working times, with and without the codes is illustrated by 
frequency distributions of working time for the Lumber and Leather Indus- 
tries (1932), Silk and Rayon (1933-34), and Woolen and Worsted (1932-33- 
34) Tables 42, 45, 44; also for the Cotton Textile Industry (1933-34) in 
the section on hourly wages. (Table 39) 
9820 



-1^1- 



I \. I 



Indus trial 

Production 

(Unadjusted) 

19 29 - inn 



VTESKLT HOURS A"? I1EE; PLOY ] 

ir all iiz^n.'c inrjsmiES 

Average Actual Total B •■ "ypothetical * 'Hypothetical ' 

flTpekly Employment Man Employment Reeimloynent 

lours "lours if -'ork-TOelc Under 

(onnig) (nnn's) had Wn F.R.A. 

42.5 hrs. (nnn's) 



J 
r 

r 

A 

i: 

Jn 

J 

A 

s 


21 
D 



F 

i: 

A 

i.: 

Jn 

J 

A 

S 

G 

D 



i: 

A 
V 

J 

Jn 

A 

S 



a) 
b) 
c) 



inn 

54 

54 
54 

sn 

56 
65 
76 

81 
76 
71 
56 
61 



65 
7n 
73 
74 
75 
71 
51 
52 
51 
65 
62 
6o 

74 
7.. 
75 
75 
75 
72 

?n 

72 
75 



45.3 

57.9 

57.5 
58.1 
36. 5 
38. n 
40. 8 
42.6 
42.5 
38.5 
36.2 
35.8 
34.4 
34.2 

33.7 
3t. 8 
36.3 
36.2 
35.4 
34.9 
33.4 
35.9 
33.4 

54. 3 
34.1 
35.7 

35.2 
36.4 
36. 5 

5r. J 
35.4 

55. 3 
36.6 
37.4 



?36 



5,374 

5,n42 
5,123 
4,524 
5,019 
5,244 
5,504 
5,951 
6,4n3 
S,7n2 
5,672 
6,385 
6,234 



6,146 

5,514 
6,7 70 
6,905 
5,913 
6,80n 
6,594 
6, 665 
6,552 
6,57n 
6,435 
5, 555 

5,595 
6, £09 
5,905 
6,905 
6,755 
5,553 
5 , u55 
6,859 
7,004 



205 

139 
195 
180 
190 
213 
238 
254 
245 
245 
233 
219 
213 

207 
233 
245 
249 
244 
237 
220 
225 
212 
225 
219 
233 

232 

247 
252 
251 
243 
235 
235 
251 
261 



Employment and Hours - U.S. Bureau of 
Industrial production - Federal Reser 
Employment x average weekly hours 
And if all other f-ctors remain the s 



(l.;an - 

hours 
42.5) 



575 

075 
185 
218 
722 
955 
730 
518 
515 
512 
858 
544 
203 

120 
201 
751 
997 
720 
320 
240 
977 
157 
351 
434 
555 

179 
848 
750 
378 
297 
035 
274 
038 
950 

Labor Statistics 
"9 Bo ard 



5, 


517 


5, 


991 


5, 


800 


O] 


70S 


5i 


520 


5 j 


158 


5, 


017 


4 


873 


5 


437 


o 


782 


5j 


380 


5, 


758 


5, 


534 


5 


132 


5 


,317 


4 


99? 


5 


302 


5 


163 


5 


430 


5 


,453 


5 


,333 


5 


947 


5 


315 


5 


725 


5 


,555 


5 


556 


5 


507 


6 


164 



603 

953 

1,052 

1,217 

1,217 

1,273 
1,073 
988 
1,026 
1,155 
1,216 
1,412 
1 , 349 
1 , 360 
1,268 
1,272 
1,046 

1,133 

377 

353 

531 

1,071 

1,114 

1,129 

952 

840 



ame, production efficiency, and so on 
Actual employment less hypothetical emoloynent under 42.5 hours Tree 1 .:. 



* H ■»* 



M J. b 

Q) P P 



-< on 

*» * -H 

a as 






Sou) 

» rH (J 

a O -4 



iaa 









■*> M F 

o 0) - 
O Eh ' 



> x) V 

o 3 x: 



J) J- ao^t 



o W fti r**» 



3* h r— -O 



HPJ WW 



MOOW 



r— r*>fti cv 
jj ^ J J 



^ M CA rH 



- a o a) 

3 9 



m K\ao O 



-i?a- 

TJlBLK 41 
fti r— K\fti j* kmd fti i-r <r\ eo k\w_ «n d r i^pj h n 1 o w inr»(r it o\c winw NN-qr^J> 

IT.-J^KIPJ CM CM Q ,H t*~\ .O 



Wt^O^HXWWt-WHtOr-JO W^eTN,OCrift]a'<r— W J IT O .zf-O-OCTiCNCAr— 0>in.O f*\ 

(AO^NCTmm r-tJ tfMnKSHr-H m.4- t^iW c\) p: h M r^^ Jf r*-i j3'.d-.3 , r*\ftlftirr'inm.O J* 
r"\.J KM*-\mit ^t i^KNr^iKM^r^i^ r*\rn^p">t^r--\(^W i*-\r*\rr( r*-\ r*-\r*-\r*>K\K%f"\mr'-t K"\K% K"» 



ftiK>*oma>cr>cxvr*"»r'"\:r*oma%fn o o«p -o w nr-w ir^m &\ jjj (m^ownomon 
unhi — (Tii — c\i j* a> .D .£> in .© w iTi m-i> m^t .o k\j- cm j* xt *o ^ 



CwrcOMKMPN^P' 



tn .O en ,-h m rH t^it .* .* in 



il WW^4 »HSCANUM^TiK> 60 CM-H C\ CT* r— h H (M ITiH 



h no co inini — oomt^h wp*\ J «-• to,o.£>ooo~*eoeoK , > in^t in 

r— rH Q CT. £ 



1 CVJ I^HWOMAWCl^ 



r— in ct\ h h mw c\'r-l0 



rr\r«~ir r 'ir'"\r'"'\rr>mr<"\r*"\i 



«> a\xt o t*- ~o rf*. r— ^ 



3 3 



■ m p*%.o co cm r^r«-\ o r— cr. fti r— a. ft- .o * 



> r"S f*~\0 O O rH r 



nrAKM^j; 



jjca^nj' ONJ)»>o Ji^ r^cn wcrir-wHjj^MC'J-i^ 



a>» K10>Q C 1 QO OH 
r«"\m m KX*VJ3- J ^ zr ^t 



r-\0>J)lTNCrO-Dl^d-00 M^ 60 CM jf -£• CM ' 
NNWN F*-. K-*.=J- m K\ f*-, ft. KN K\ CM 



t r* r— rH J3" 



i r— j- w in a" mnzf 



r^«(^iK\t*M^f>KM*N; 



r-f-PINlMJP-(T.Cin 



JilnOI'-NHXOftliriM -O0"N ^rONrtf- r— it ^ fMTMO 



S» 



N^rlNjtCJHWW 

■ inr— ■ 



■t«-\r— oo^r— cr\H^r*-oCNO » J r-mi 1 -O J? k\w inh-w r^ 



H~\ CT* .* rH r— O CTi O r— .d- Oftl 



in w k\J3itiO ropjcr>H cnw 



WW XU'tfD^J-Jl^fOO 



in **■* h r- w c 4> -* in J- in c m 
rr\ in K\K\J" -* J- m K\^a d- J: in 



OMnan w w^ho^n Oirowniri eo h a*, c d iri«Or|NOj^o;ir> 

r^-trizt st iTMr.rAir\t^ir>o\J> J)iriJi^i <-h it .* in m h eo o <r» £\ j- £s in 



J OJdWWSHNOMOr- CO CT« iMOCTvNWffMTinP-d-O 



xt C\ o -O co h— cm oin<T\oeo 



eo cm ofti OJ- h w rn» in .o it 



•^P=.a-^3^>^<»0»:0 



on in oMnJ- r— (T» o m ^ -D r— 



j- in in o on r-v eo on r— r 



^t«a^a-.^<<«czQ 



r-»^t oca\r-t- moo 

inf fc -ooto^r—-cpft. l '**» 
m k*« r^ m m i^ r" it ii ^t 



ff>(na>H»KM-i f^r- 



r»- j* eo r— ^) wi h cr\<rxt in 



W^HKNt HitWrH^t 



tr\£t p— K\in h fti » 



k\h o<t»cm tnr— r-j* fti 



J)f— X)C\JHitsDftlft'm 



bha^a^^^wo 



•c ^*; 



•^ 2 

£ 



0\OHl\l 

cm p^r.1^ 



"I 
•a* 
*•» 

•St: 



s a) 



** ^ : 

B> fti tj) 

-H O^ <M 

rH 3 

a) 

** <ll rl 

•SI 

a 3 >» 



-123- 

TAELZ K 



CO 

O 






in g 
© a 



bO-d 

a « 
r 1 ■** 

> a) 

•H O 

© .H 
O "O 

? C 



a) a 

W -P 

>> V 

H O 
fc — ' 
3 
O 

w 



w. 



4NIOIOOlflIOUrilI)IOO><0 
• ♦••••••••••• 



^ O 03 00 t- to 



tO t- 00 •* to 00 

« io to oo oi o) m 



OOON^tOCOOlOOOQOO 



J-i 

I 



!e r see seeessc -a 



5 S 



c e e c s e 



o 
t- 





m a 








U tH 








© 








>» rt 








o 3 








<H .3 








Q.-P 








, <o a 


fes. 




o 


*H ^H 


mwwa. o>«*o>(OW®*^ 


O 


• 


O r-l +3 


• ••••••••••• 


a 


o 




WWOlOllOOttllOIONOtO 
HN^^IONCOOIO) 


o 


o 


+> bO-O 


o 


iH 


a c © 




H 




o AJ a) 








f-. ^ o 








® P -H 








cu ? -o 







5 

CO 

o 
W 



© 

u 

® 

Oh 



OIOOIOOUOI0O4O 
HHNMlOW'*<JllJ3lO(0 



tO 
00 

to 



«£!e C *: 
+> 

i 

© r c e t 

►3 



e s e s e s 



s c c e s 



Pi O 
© to 

t> , 

O J* 

© 

CO O 



03 
CO 
CO 



(0 

o 

(0 

fl 

•H 
•P 
® 



6i 

►J 

S3 

a 

S3 

o 



Pi 



a 



CO 3 
w 6 
® £ 



faO-3 
■H O 



iooi(otTiioo*Hn(«oo 



OOHNHrl 



CM N O) CO N CO O 
CMW^«U5t--Cr>030 



If 
t 

as - 
w ■ 



OliHtOWOlOOlOOOO 

r-ttMcacMeoeo^^iotot^ 



.CscsEsscesc 
+3 



© 

o- 



S "O 



a 



Eccccccrccc 



O 

co 



© -i-l 
© 

■-I * 

I 

4h 

o 



CO 

r-l +> 



+> b0"O 



# 2 



ioN©toioo^no 
• •••••••• 

WC-COtONOOCONO 

H WW COl- O) O 

f-l 



3 M 

U 9 

II 

09 u 

u © 

3 Pi 
o 

« 



r-tCMCO^-^^IIOlO 

St 
.gsesrsse 

a 
a 
©ccctcee 



8 

o 

S 



3 

m 

a 



to 

w 

3 

00 



to 



9820 



-124- 

TABLK A3 



a 






vo to i-« r-j* O cu oito r— ir>r^ O 



* 



0. 






I I I I I I I I I I -g g 
S 33 3 8^^^33 



cr* I 






CO O iH en Cf\ «0 t\l 10 o to I— o 



u*Mr\iri0if»OOO000 

l-lcu r^-d «3 ir\Q (OQ 9 P_ . 

1 ... 8 



id uMTiiniriO ir\o o o o o 8 



IOKMOO>HnWJt*y>H 






a 



H 



K\ msvsuM t~^ j- bo o « • 
J riiAdcf.ojiAiAw g ^V 

a M 



to co cr> to f— ir\ t*» UMTM*^ o 
J rltow^^wcjiftg 



m^ w to om*\o inoj h.» o> 

.* cr>o w to ir\Ov^> "i-iteX ^ 
rn\S x>Co i—» to oVoSoNO-.g 



fiinwifiomoooooo m 

I 1 

s 

S p 



9820 



: 



I 



> 



O H 






UWtCt<>C '*0 U) DO u'A^f o r— o 



r— t*\ r— <=f O r*"\ r-» m- C <-« 



HHt^oww irvx o>o>roo 



mo er» if*i-* r- trs o -rf ,a- 



** ,-i cm j j^wi^aitor- 
• ••••••••• 

3 CM t^\X\-X> ^H rH r-\X) 60 

i[ 

old. 



■o3 
JB b 

■ us 



•o = 
a 



«5 



^rH h H ITiW J5 K\WJ- F--^X> r-t J* iT \ CO ^t r-- O 



NtOCTNrHj'^ t-t CO O"* CM <T* W) CM -3" r-i O 

cu cmoj crv^ovo k\^-^ km^oj cm j» q 



<m^o i-ij^^O eo r~t— CMrnO c\j ir» to iTMr\r— 10 o 
w\-D r-co CM CM CO vO kv=T ro"sO ^i^NrtOOQ 



inou>o tf> o ix> o mo oooooo 



o . 



a> o tr»o mo if»o u\o ific oooooo^ 

s 



C iT\ r— O C\J IT) r— O CM lT» r— o iTiOlOO 



-** r-t CM KV3" CMr— tr\-£> J3- BOIAH (V J) H(^K> 






r-t CM fv^O-3" K\j- oo CM m»H O CM to -u in CM O 



rn oo irij* r«M**\cy to oj r— o •£ Q^ r^ to cm o 

rH rH CM h^\J* IT\VD VD h- f— 60 W CM (M CM CM CM O 

Hi 



omomomomomooooo oo 



-126- 



CHART 57 



Id 
















Q 


• 


o 


O 


o 


n 










<o 


U 


^r 


\ 

i 












Q 


cc 


\ 
\ 












LU 


LU 












« 


> 

o 


\ 
i 










m 


\ 










m 


O 




V 












U- 


(/) 


\ 












Z 


a: 


\ 
\ 












UJ 


D 
O 

I 


> 


v 








o 


_J 




X 








m 


_l 
lj 


cr 
o 

Lu 




N 
\ 
\ 

\ 


. 








L_ 


Q 

a: 

I 






S 






«o ^ 


o 

z 

o 






\n 






UJ 


H 


* 






«, , 




a: 


H 


LU 

Z 








^ nr\m x 


tW aaoo 




D 








\ * 




00 
CH 


o 






"^3003^ 


\ 




(0 


h 


Z 








\ \ 




o 


(/) 


< 








\ 




«o * 




2 








\ 

> 


\\ 


<n 


LU 
UJ 


f- 












£ 


01 










\\ 


o 










\\ 
\\ 


<«) 




LU 
Q 












o 


> 

8 

Q- 












•n 












\\ 


CM 


2 
















O 


I 
















y 












h- 


i 












u 

LU 


£ a 












o 


o b o o c 


3 <M 


Ll 


o 


<c 


1 <£ 


> ^ 


1" t\ 


t 





LJ 



M33M «3d S80OH JO W39^0N 031VNOIS3a 
NVHJ. SS31 ONIXbOAA SUSXYJOM dO IN 30 U3d 



9820 



-127- 



III. Tm: OBJECTIVE OF STABILIZED OUTPUT. 

Stable, steady operation of the nation's industrial plant, 
rf. th a view to spreading employment more evenly throughout the year, was 
a secondary hut nevertheless important objective of certain II. R. A. codes. 
The problem is threefold. 

(1) Cyclical irregularity of production associated with 
corresponding irregularity in demand; the problem of capacity operation. 

(2) Cyclical irregularity of production due to maladjustments 
of supply to demand over a period of a. year or more; production in peak 
years in excess of demand, production in depression years belov demand. 

(5) Seasonal irregularity of production *n d employment. 
Seasonal stability generally to be attained, by building up inventories in 
the season of lowest consumer demand, and depleting inventories in the 
season of peak consumer's demand, so far as practicable. 

Some industries furnish very regular employment throughout the year; 
others are very erratic. A chart is presented showing typical seasonal 
movement of employment in various industries arranged in order from least 
stable to most stable. Among the irregular industries are women's cloth- 
ing, cement, and automobiles; among the most regular are -oetroleum 
refining, baking, foundries, blast furnaces, and newspapers and periodicals. 

Monthly employment indices for 1932-1935 are shown for automobiles 
and cement, and monthly production indices for boots and shoes, 1923 - 1924 
and 1S33 - 1934. 

In 1955 - 1936 the automobile industry made a determined attempt to 
narrow the seasonal swings of the employment curve by moving forward the 
introduction of new models to ITovember. 



9820 



128 

CHART 58 



to 



to 

Q 



O 



QC 




3 




1- 




O 




,< 




u. 




3 




z 




< 




2 






o 


(O 


o 


3 


■ 


O 


< 


rr 


u 


< 


.>- 


> 


UJ 




X 


z 


H 


™ ~ 


cc 




o 


i- 


U. 


z 


III 


UJ 


to 


2 


< 


>- 


UJ 


3 


$ 


a. 




2 

UJ 


05 
UJ 
X 




Ui 




Q 


u_ 


Z 



CD 



O 
tO 
< 
UJ 
CO 





3 ! 


£ 

H \ 

ui V 

" \ 



§ 



V : 




uG 












z\ 




st! X 




*- 




















UJ 




5~ 


/ 


« 




© 




Z 




E- 




UJ 








I 




r> /• 








01 








i J" 




C 






z 


iv 




o 






0) 


* i 




4 


-h 






3 




3 






4 






2 






il. 






"* 



S 8 S 




1 




_±J 






i 


v 


s^: 


- ! 


I s * i 




09 








u 




Z 1 > 

* — Vr — 

in V 














*l 






3 



1 ! 1 








■ 


1 ■ \ 








i* 


° >i 








o 


£. X^ 








OT 


\ 








< 


3 






*" -» 










*■» 


z " 


>. 








3 


1 










<* 


? 










X 












H. 


r 










^ 



V 




— i 


— 


■ /i 






















V 








^ 


























v-l 











O £ 




: E±zz 

-» L_\__ ._TE1 



S 8 



8 

UJ 

u. 

i 



9820 



129 



EMPLOYMENT IN TWO SEASONAL INDUSTRIES 



INOEX 
(923-1925-100 
140 



120 



100 



80 



60 



40 



20 



1932-1935 

CHART 5S 
AUTOMOBILES 






INDEX 
(1923-1925-100) 
140 



120 



100 



80 



60 



40 



20 



120 



100 



80 



60 



40 



2C 



CEMENT 








l^J. 



1932 

- EAJ " c _ ABCR STATIST, CS 

9320 



1933 

'£ 3 SERIES 



M J S 

1934 



120 



100 



80 



60 



40 



20 



i I i i I 



M J S D 

1935 

N.R A 

DIVISION OF REVIEW 

STATISTICS SECTION 

NO 4 51 



-130- 



>TT.I.Tn»B 

01 
EilBfl 



PBO0UCTION OP MBN'S AMD 

HT MDN1W TOR THE 

msa 1933.1934 « 

1933,1*34 

Chart CO 



•S SHOBS 







14 




13 






: — 


13 




11 JL 


_ji_ 


IT 

/ \ 

' 1 \ 

10 ■ | _L . 


/l 


. '/\a_M- 


_ M / J_ 






7 ' 1 


h i '' 


1 
6 


\i 


5 




* -4- 




I 

: 3 .... . _ 1 




2 _. 




1 _ 








IJfUtHJJiSOllO 

1 192 J 


J'***JJk30*L 

1934 




Sourcei Bureau, of the Census 



9820 



•131- 



Milium: A12D MJjZlMUll MC1TTHLI pHCDJC'TlGi; OF J.1,N«S Z73 WcS-SsW 1 S 
SEGiilS 22?. 233A2S 1223-1924 AED PE3 C^ilT MIITIIEJM PP.G3T.TCTIL3 

is o? maximum produc'iicm hacs yjsuj 



?n«s Shoes 



Production, Production Per Cent 

Minimum i axinum Mininun 

; oath Month ! iontli 

is of 

Month 





Pairs 


Pairs 


Percent 


1923 


6,773,217 


10,054,434 




67.4 


IS 24 


5,646,670 


8,333,007 




3i ; j 


1.925 


6,147,294 


3,401,395 




■ 
• - 


1926 


5,560,720 


, 376, 150 




• 


1927 


6,927,902 


2,137,533 




7 . 3 


1928 


6,360,089 


3,215,987 




S9.0 


1929 


6, 321 , 167 


9,535,199 




3S.4 


1920 


4,739,699 


7,57o,044 




b c • o 


1921 


5,106,892 


3,245,424 




31.9 


1952 


2, 135,461 


O,043,63 r : 




i .: 


1932 


5,763,501 


9,133 ,18b 




63.1 


|L934 


g, ;jo.rI, ooo 


■in o T C\ 




. . 


Source: 


Monthly Re - 


oorts of th a 


Bureau of 



jjorien' s Sho c s 



Production, Proc action 

I'ini' u "i.rur. 



Per Cent 

' 'inimun 

Month 

is o' 

Maximum 

Month 



Pairs Pn.irs Per C°nt 

5,831,703 11,535,925 59.2 

6,310,150 11,107,745 62.2 

7 , 241 , 43 4 10 , 742 , 256 67.4 

■ , 171,213 11,207,521 65.7 

3,918,289 12,930,859 53,5 

5,8^3,5o9 15,128,274 51.9 

7,129,599 14,212,503 50.2 

5,032,573 11,355,527 42.5 

3,362,763 13,103,437 29.5 

. .3,594 13,570,175 40.0 

6,76' ,212 14,521,371 46.6 

5,147,475 15,025,410 40.9 



9320 



•132- 



IV. THE OBJECTIVE G" FAI? COMPETITION . 

TJhat is fair competition? The trade ^notices of the codes show 
what some, at least, in each coded industry considered fair and unfair, 
as regards: production quotas, plant and machine hours, additional "pro- 
ductive capacity inventory control, open prices and bid filing- terms, 
and so forth. 

A classification and sum.iar/ of trade practice provisions "ill be 
found in Work Kate-rials Fo. 35, "Content of IT IB A, Administrative 
Legislation, Part C. " 



9820' # 



OFFICE OF THE NATIONAL RECOVERY ADMINISTRATION 
THE DIVISION OF REVIEW 

THE WORK OF THE DIVISION OF REVIEW 

Executive Order No. 7075, dated June 15, 1935, established the Division of Review of the 
National Recovery Administration. The pertinent part of the Executive Order reads thus: 

The Division of Review shall assemble, analyze, and report upon the statistical 
information and records of experience of the operations of the various trades and 
industries heretofore subject to codes of fair competition, shall study the ef- 
fects of such codes upon trade, industrial and labor conditions in general, and 
other related matters, shall make available for the protection and promotion of 
the public interest an adequate review of the effects of the Administration of 
Title I of the National Industrial Recovery Act, and the principles and policies 
put into effect thereunder, and shall otherwise aid the President in carrying out 
his functions under the said Title. I hereby appoint Leon C. Marshall, Director of 
the Division of Review. 

The study sections set up in the Division of Review covered these areas: industry 
studies, foreign trade studies, labor studies, trade practice studies, statistical studies, 
legal studies, administration studies, miscellaneous studies, and the writing of code his- 
tories. The materials which were produced by these sections are indicated below. 

Except for the Code Histories, all items mentioned below are scheduled to be in mimeo- 
graphed form by April 1, 1936. 

THE CODE HISTORIES 

The Code Histories are documented accounts of the formation and administration of the 
codes. They contain the definition of the industry and the principal products thereof; the 
classes of members in the industry; the history of code formation including an account of the 
sponsoring organizations, the conferences, negotiations and hearings which were held, and 
the activities in connection with obtaining approval of the code; the history of the ad- 
ministration of the code, covering the organization and operation of the code authority, 
the difficulties encountered in administration, the extent of compliance or non-compliance, 
and th6 general success or lack of success of the code, and an analysis of the operation of 
code provisions dealing with wages, hours, trade practices, and other provisions. These 
and other matters are canvassed not only in terms of the materials to be found in the files, 
dux also in terms of the experiences of the deputies and others concerned with code formation 
and administration. 

The Code Histories, (including histories of certain NRA units or agencies) are not 
mimeographed. They are to be turned over to the Department of Commerce in typewritten form. 
All told, approximately eight hundred and fifty (850) histories will be completed. This 
number includes all of the approved codes and some of the unapproved codes. (In Work 
Materials No 18, Content s of Code Histries, will be found the outline which governed 
the preparation of Code Histories.) 

(In the case of all approved codes and also in the case of some codes not carried to 
final approval, there are in NRA files further materials on industries. Particularly worthy 
of mention are the Volumes I, II and III which constitute the material officially submitted 
to the President in support of the recommendation for approval of each code. These volumes 
9768—1 



-11- 

set forth the origination of the code, the sponsoring group, the evidence advanced to sup- 
port the proposal, the report of the Division of Research and Planning on the industry, the 
recommendations of the various Advisory Boards, certain types of official correspondence, 
the transcript of the formal hearing, and other pertinent matter. There is also much offi- 
cial information relating to amendments, interpretations, exemptions, and other rulings. The 
materials mentioned in this paragraph were of course not a part of the work of the Division 
of Review. ) 

THE WORK MATERIALS SERIES 

In the work of the Division of Review a considerable number of studies and compilations 
of data (other than those noted below in the Evidence Studies Series and the Statistical 
Material Series) have been made. These are listed below, grouped according to the char- 
acter Of the material. (In Work M a , terl ajs M- II. Tentative Outlines and Summaries of. 
Studies ijj Process , these materials are fully described). 

I ndustry Studies 

Automobile Industry, An Economic Survey of 

Bituminous Coal Industry under Free Competition and Code Regulation, Economic Survey of 

Electrical Manufacturing Industry, The 

Fertilizer Industry, The 

Fishery Industry and the Fishery Codes 

Fishermen and Fishing Craft, Earnings of 

Foreign Trade under the National Industrial Recovery Act 

Part A - Competitive Position of the United States in International Trade 1927-29 through 

1934. 
Part B - Section 3 (e) of NIRA and its administration. 
Part C - Imports and Importing under NRA Codes. 
Part D - Exports and Exporting under NRA Codes. 

Forest Products Industries, Foreign Trade Study of the 

Iron and Steel Industry, The 

Knitting Industries, The 

Leather and Shoe Industries, The 

Lumber and Timber Products Industry, Economic Problems cf the 

Men's Clothing Industry. The 

Millinery Industry, The 

Motion Picture Industry, The 

Migration of Industry, The: The Shift of Twenty-Five Needle Trades From New York State, 
1926 to 1934 

National Labor Income by Months, 1929-35 

Paper Industry, The 

Production, Prices, Employment and Payrolls in Industry, Agriculture and Railway Trans- 
portation, January 1923, to date 

Retail Trades Study, The 

Rubber Industry Study, The 

Textile Industry in the United Kingdom, France, Germany, Italy, and Japan 

Textile Yarns and Fabrics 

Tobacco Industry, The 

Wholesale Trades Study, The 

Women's Neckwear and Scarf Industry, Financial and Labor Data on 

9768—2 



- Iii - 

Women's Apparel Industry, Some Aspects of the 

T rade P ractic e St udies 

Commodities, Information Concerning: A Study of NRA and Related Experiences in Control 
Distribution, Manufacturers' Control of: Trade Practice Provisions in Selected NRA Codes 
Distributive Relations in the Asbestos Industry 
Design Piracy: The Problem and Its Treatment Under NRA Codes 
Electrical Mfg. Industry: Price Filing Study 
Fertilizer Industry: Price Filing Study 

Geographical Price Relations Under Coues of Fair Competition. Control of 
Minimum Price Regulation Under Codes of Fair Competition 
Multiple Basing Point System in the Lime Industry: Operation of the 
Price Control in the Coffee Industry 
Price Filing Under NRA Codes 
Production Control in the Ice Industry 
Production Control, Case Studies in 

Resale Price Maintenance Legislation in the United States 

Retail Price Cutting, Restriction of, with special Emphasis on The Drug Industry. 
Trade Practice Rules of The Federal Trade Commission (1914-1936): A classification for 
comparison with Trade Practice Provisions of NRA Codes. 

Labor Studies 

Cap and Cloth Hat Industry, Commission Report on Wage Differentials in 

Earnings in Selected Manufacturing Industries, by States, 1933-35 

Employment, Payrolls, Hours, and Wages in 115 Selected Code Industries 1933-35 

Fur Manufacturing, Commission Report on Wages and Hours in 

Hours and Wages in American Industry 

Labor Program Under the National Industrial Recovery Act, The 

Part A. Introduction 

Part B. Control of Hours and Reemployment 

Part C. Control of Wages 

Par'. D. Control of Other Conditions of Employment 

Part E. Section 7(a) of the Recovery Act 
Materials in the Field of Industrial Relations 
PRA Census of Employment, June, October, 1933 
Puerto Rico Needlework, Homeworkers Survey 

Administrative Studies 

Administrative and Legal Aspects of Stays, Exemptions and Exceptions, Code Amendments, Con- 
ditional Orders of Approval 
Administrative Interpretations of NRA Codes 
Administrative Law and Procedure under the NIRA 
Agreements Under Sections 4(a) and 7(b) of the NIRA 
Approve Codes in Industry Groups, Classification of 
Basic Code, the — (Administrative Order X-61) 
Code Authorities and Their Part in the Administration of the NIRA 

Part A. Introduction 

Part B. Nature, Composition and Organization of Code Authorities 

9768—2. 



Part C. Activities of the Code Authorities 

Part D Code Authority Finances 

Part E. Summary and Evaluation 
Code Compliance Activities of the NRA 
Code Making Program of the NRA in the Territories, The 
Code Provisions and Related Subjects, Policy Statements Concerning 
Content of NIRA Administrative Legislation 

Part A. Executive and Administrative Orders 

Part B. Labor Provisions in the Codes 

Part C. Trade Practice Provisions in the Codes 

Part D. Administrative Provisions in the Codes 

Part E. Agreements under Sections 4(a) and 7(b) 

Part F. A Type Case: The Cotton Textile Code 
Labsls Under NRA, A Study of 

Model Code and Model Provisions for Codes, Development of 

National Recovery Administration, The: A Review of its Organization and Activities 
NRA Insignia 

President's Reemployment Agreement, The 

President's Reemployment Agreement, Substitutions in Connection with the 
Prison Labor Problem under NRA and the Prison Compact, The 
Problems of Administration in the Overlapping of Code Definitions of Industries and Trades, 

Multiple Code Coverage, Classifying Individual Members of Industries and Trades 
Relationship of NRA to Government Contracts and Contracts Involving the Use of Government 

Funds 
Relationship of NRA with States and Municipalities 
Sheltered Workshops Under NRA 
Uncodified Industries: A Study of Factors Limiting the Code Making Program 

Legal Stud ies 

Anti-Trust Laws and Unfair Competition 

Collective Bargaining Agreements, the Right of Individual Employees to Enforce 

Commerce Clause, Federal Regulation of the Employer-Employee Relationship Under the 

Delegation of Power, Certain Phases of the Principle of, with Reference to Federal Industrial 
Regulatory Legislation 

Enforcement, Extra-Judicial Methods of 

Federal Regulation through the Joint Employment of the Power of Taxation and the Spending 
Power 

Government Contract Provisions as a Means of Establishing Proper Economic Standards, Legal 
Memorandum on Possibility of 

Industrial Relations in Australia, Regulation of 

Intrastate Activities Which so Affect Interstate Commerce a§ to Bring them Under the Com- 
merce Clause, Cases on 

Legislative Possibilities of the State Constitutions 

Post Office and Post Road Power — Can it be Used as a Means of Federal Industrial Regula- 
tion? 

State Recovery Legislation in Aid of Federal Recovery Legislation History and Analysis 

Tariff Rates to Secure Proper Standards of Wages and Hours, the Possibility of Variation in 

Trade Practices and the Anti-Trust Laws 

Treaty Making Power of the United States 

War Power, Can it be Used as a Means of Federal Regulation of Child Labor? 

9768—4. 



- V - 

THE EVIDENCE STUDIES SERIES 

The Evidence Studies were originally undertaken to gather material for pending court 
cases. After the Schechter decision the project was continued in order to assemble data for 
use in connection with the studies of the Division of Review. The data are particularly 
concerned with the nature, size and operations of the industry; and with the relation of the 
industry to interstate commerce. The industries covered by the Evidence Studies account for 
more than one-half of the total number of workers under codes. The list of those studies 
follows: 



Automobile Manufacturing Industry 
Automotive Parts and Equipment Industry 
Baking Industry 

Boot and Shoe Manufacturing Industry 
Bottled Soft Drink Industry 
Builders' Supplies Industry 
Canning Industry 
Chemical Manufacturing Industry 
Cigar Manufacturing Industry 
Coat and Suit Industry 
Construction Industry 
Cotton Garment Industry 
Dress Manufacturing Industry 
Electrical Contracting Industry 
Electrical Manufacturing Industry 
Fabricated Metal Products Mfg. and Metal Fin- 
ishing and Metal Coating Industry 
Fishery Industry 

Furniture Manufacturing Industry 
General Contractors Industry 
Graphic Arts Industry 
Gray Iron Foundry Industry 
Hosiery Industry 

Infant's and Children's Wear Industry 
Iron and Steel Industry 



Leather Industry 

Lumber and Timber Products Industry 
Mason Contractors Industry 
Men's Clothing Industry 
Motion Picture Industry 
Motor Vehicle Retailing Trade 
Needlework Industry of Puerto Rico 
Painting and Paperhanging Industry 
Photo Engraving Industry 
Plumbing Contracting Industry 
Retail Lumber Industry 
Retail Trade Industry 
Retail Tire and Battery Trade Industry 
Rubber Manufacturing Industry 
Rubber Tire Manufacturing Industry 
Shipbuilding Industry 
Silk Textile Industry 
Structural Clay Products Industry 
Throwing Industry 
Trucking Industry 
Waste Materials Industry 
Wholesale and Retail Food Industry 
Wholesale Fresh Fruit and Vegetable -Indus- 
try 
Wool Textile Industry 



THE STATISTICAL MATERIALS SERIES 



This series is supplementary to the Evidence Studies Series. The reports include data 
on establishments, firms, employment, payrolls, wages, hours, production capacities, ship- 
ments, sales, consumption, stocks, prices, material costs, failures, exports and imports. 
They also include notes on the principal qualifications that should be observed in using the 
data, the technical methods employed, and the applicability of the material to the study of 
the industries concerned. The following numbers appear in the series: 
9768—5. 



- vl - 

Asphalt Shingle and Roofing Industry Fertilizer Industry 

Business Furniture Funeral Supply Industry 

Candy Manufacturing Industry Glass Container Industry 

Carpet and Rug Industry Ice Manufacturing Industry 

Cement Industry Knitted Outerwear Industry 

Cleaning and Dyeing Trade Paint, Varnish, and Lacquer, Mfg. Industry 

Coffee Industry Plumbing Fixtures Industry 

Copper and Brass Mill Products Industry Rayon and Synthetic Yarn Producing Industry 

Cotton Textile Industry Salt Producing Industry 

Electrical Manufacturing Industry 

THE COVERAGE 

'"he original, and approved, plan of the Division of Review contemplated resources suf- 
ficient (a) to prepare some 1200 histories of codes and NRA units or agencies, (b) to con- 
solidate and index the NRA files containing some 40,000,000 pieces, (c) to engage in ex- 
tensile field work, (d) to secure much aid from established statistical agencies of govern- 
ment, (e) to assemble a considerable number of experts in various fields, (f) to conduct 
approximately 25% more studies than are listed above, and (g) to prepare a comprehensive 
summary report. 

Because of reductions made in personnel and in use of outside experts, limitation of 
access to field work and research agencies, and lack of jurisdiction over files, the pro- 
jected plan was necessarily curtailed. The most serious curtailments were the omission of 
the comprehensive summary report; the dropping of certain studies and the reduction in the 
coverage of other studies; and the abandonment of the consolidation and indexing of the 
files. Fortunately, there is reason to hope that the files may yet be cared for under other 
auspices. 

Notwithstanding these limitations, if the files are ultimately consolidated and in- 
dexed the exploration of the NRA materials will have been sufficient to make them accessible 
and highly useful . They constitute the largest and richest single body of information 
concerning the problems and operations of industry ever assembled in any nation. 

L. C. Marshall, 
Director. Division of Review. 
9768—6.