National Wealth of the United States in the Postwar Period 9781400879731

Table of contents :
CONTENTS
PREFACE
1. SUMMARY OF FINDINGS
2. SCOPE AND CHARACTER OF ESTIMATES
3. THE ELEMENTARY ALGEBRA OF NATIONAL WEALTH ESTIMATION
4. GROWTH OF TOTAL NATIONAL WEALTH
The Postwar Period
A Longer Perspective
5. CHANGES IN THE STRUCTURE OF NATIONAL WEALTH
Reproducible and Nonreproducible Tangible Wealth
Wealth for Production Versus Wealth for Consumption
Structures, Equipment, and Inventories
Domestic and International Wealth
Military and Civilian Wealth
Ownership of National Wealth
Current Versus Constant (1947-49) Prices
GrossandNetStockofWealth
Capital Stock of the Main Industries
6. RELIABILITY OF THE ESTIMATES
Residential Real Estate
Commercial and Industrial Real Estate
Corporate Depreciable Assets
Farm Machinery
Private Land
State and Local Highways, Roads, and Streets
Reproducible Tangible Wealth of the Federal Government
Conclusion
7. SOME INTERNATIONAL COMPARISONS
Structure of National Wealth
Ratio of Net to Gross Wealth
Rate of Growth of National Wealth in the Postwar Period
Changes in the Structure of Wealth during the Postwar Period
APPENDIX A
APPENDIX B
INDEXES

Citation preview

THE NATIONAL WEALTH OF THE UNITED STATES IN THE POSTWAR PERIOD

NATIONAL BUREAU OF ECONOMIC RESEARCH STUDIES IN CAPITAL FORMATION AND FINANCING

1. Capital Formation in Residential Real Estate: Trends and Prospects Leo Grebler, David M. Blank, and Louis Winnick 2. Capital in Agriculture: Its Formation and Financing since 1870 Alvin S. Tostlebe 3. Financial Intermediaries in the American Economy since 1900 Raymond W. Goldsmith 4. Capital in Transportation, Communications, and Public Utilities: Its Formation and Financing Melville J. Ulmer 5. Postwar Market for State and Local Government Securities Roland I. Robinson 6. Capital in Manufacturing and Mining: Its Formation and Financing Daniel Creamer, Sergei P. Dobrovolsky, and Israel Borenstein 7. Trends in Government Financing Morris A. Copeland 8. The Postwar Residential Mortgage Market Saul B. Klaman 9. Capital in the American Economy: Its Formation and Financing Simon Kuznets io. The National Wealth of the United States in the Postwar Period Raymond W. Goldsmith

The National Wealth of the United States in the Postwar Period RAYMOND W. GOLDSMITH

A STUDY BY THE NATIONAL BUREAU OF ECONOMIC RESEARCH, NEW YORK

PUBLISHED BY PRINCETON UNIVERSITY PRESS, PRINCETON

1962

Copyright (c) 1962, by National Bureau of Economic Research London: Oxford University Press All Rights Reserved L.C. CARD 62-11952

Printed in the United States of America

This report is one of a series emerging from an investigation of postwar capital market develop­ ments in the United States. The costs of the study were financed by a grant to the National Bureau from the Life Insurance Association of America and from general funds of the National Bureau. The Life Insurance Association is not, however, responsible for any of the statements made or views expressed in the report.

NATIONAL BUREAU OF ECONOMIC RESEARCH 1962 OFFICERS

Harold M. Groves, Chairman Arthur F. Burns, President Albert J. Hettinger, Jr., Vice President Donald B. Woodward, Treasurer Solomon Fabricant, Director of Research Geoffrey H. Moore, Associate Director of Research Hal B. Lary, Associate Director of Research William J. Carson, Executive Director DIRECTORS AT LARGE

Robert B. Anderson, New York City Wallace J. Campbell, Nationwide Insurance Erwin D. Canham, Christian Science Monitor Solomon Fabricant, New York University Marion B. Folsom, Eastman Kodak Company Crawford H. Greenewalt, Ε. I. du Pont de Nemours if Company Gabriel Hauge, Manufacturers Hanover Trust Company A. J. Hayes, International Association of Machinists Albert J. Hettinger, Jr., Lazard Freres and Company Nicholas Kelley, Kelley Drye Newhall Maginnes & Warren H. W. Laidler, League for Industrial Democracy George B. Roberts, Larchmont, New York Harry Scherman, Book-of-the-Month Club Boris Shishkin, American Federation of Labor and Congress of Industrial Organizations George Soule, South Kent, Connecticut Joseph H. Willits, Armonk, New York Donald B. Woodward, A. W. Jones and Company Theodore O. Yntema, Ford Motor Company DIRECTORS BY UNIVERSITY APPOINTMENT

V. W. Bladen, Toronto Harold M. Groves, Wisconsin Arthur F. Burns, Columbia Gottfried Haberler, Harvard Lester V. Chandler, Princeton Walter W. Heller, Minnesota Melvin G. de Chazeau, Cornell Maurice W. Lee, North Carolina Frank W. Fetter, Northwestern Lloyd G. Reynolds, Yale R. A. Gordon, California Theodore W. Schultz, Chicago Willis J. Winn, Pennsylvania DIRECTORS BY APPOINTMENT OF OTHER ORGANIZATIONS

Percival F. Brundage, American Institute of Certified Public Accountants Harold G. Halcrow, American Farm Economic Association Theodore V. Houser, Committee for Economic Development S. H. Ruttenberg, American Federation of Labor and Congress of Industrial Organizations Murray Shields, American Management Association Willard L. Thorp, American Economic Association W. Allen Wallis, American Statistical Association Harold F. Williamson, Economic History Association DIRECTORS EMERITI

Oswald W. Knauth, Beaufort, South Carolina Shepard Morgan, Norfolk, Connecticut Ν. I. Stone, New York City RESEARCH STAFF

Moses Abramovitz Gary S. Becker William H. Brown, Jr. Gerhard Bry Arthur F. Burns Phillip Cagan Joseph W. Conard Frank G. Dickinson James S. Earley Richard A. Easterlin Solomon Fabricant

Milton Friedman Raymond W. Goldsmith Challis A. Hall, Jr. Millard Hastay Daniel M. Holland Thor Hultgren F. Thomas Juster C. Harry Kahn Hal B. Lary Robert E. Lipsey Ruth P. Mack Jacob Mincer

Use Mintz Geoffrey H. Moore Roger F. Murray Ralph L. Nelson G. Warren Nutter Richard T. Selden Lawrence H. Seltzer Robert P. Shay George J. Stigler Norman B. Ture Herbert B. Woolley

RELATION OF THE DIRECTORS TO THE WORK AND PUBLICATIONS OF THE NATIONAL BUREAU OF ECONOMIC RESEARCH 1. The object of the National Bureau of Economic Research is to ascertain and to present to the public important economic facts and their interpretation in a scientific and impartial manner. The Board of Directors is charged with the responsibility of ensuring that the work of the National Bureau is carried on in strict conformity with this object. 2. To this end the Board of Directors shall appoint one or more Directors of Research. 3. The Director or Directors of Research shall submit to the members of the Board, or to its Executive Committee, for their formal adoption, all specific proposals concerning researches to be instituted. 4. No report shall be published until the Director or Directors of Research shall have submitted to the Board a summary drawing attention to the character of the data and their utilization in the report, the nature and treatment of the problems involved, the main conclusions, and such other information as in their opinion would serve to determine the suitability of the report for publication in accordance with the principles of the National Bureau. 5. A copy of any manuscript proposed for publication shall also be submitted to each member of the Board. For each manuscript to be so submitted a special com­ mittee shall be appointed by the President, or at his designation by the Executive Director, consisting of three Directors selected as nearly as may be one from each general division of the Board. The names of the special manuscript committee shall be stated to each Director when the summary and report described in paragraph (4) are sent to him. It shall be the duty of each member of the committee to read the manuscript. If each member of the special committee signifies his approval within thirty days, the manuscript may be published. If each member of the special com­ mittee has not signified his approval within thirty days of the transmittal of the report and manuscript, the Director of Research shall then notify each member of the Board, requesting approval or disapproval of publication, and thirty additional days shall be granted for this purpose. The manuscript shall then not be published unless at least a majority of the entire Board and a two-thirds majority of those members of the Board who shall hare voted on the proposal within the time fixed for the receipt of votes on the publication proposed shall have approved. 6. No manuscript may be published, though approved by each member of the special committee, until forty-five days have elapsed from the transmittal of the summary and report. The interval is allowed for the receipt of any memorandum of dissent or reservation, together with a brief statement of his reasons, that any member may wish to express; and such memorandum of dissent or reservation shall be published with the manuscript if he so desires. Publication does not, however, imply that each member of the Board has read the manuscript, or that either members of the Board in general, or of the special committee, have passed upon its validity in every detail. 7. A copy of this resolution shall, unless otherwise determined by the Board, be printed in each copy of every National Bureau book. (Resolution adopted October 25, 1926, as revised February 6, 193}, and February 24, 1941)

CONTENTS PREFACE 1. SUMMARY OF FINDINGS 2. SCOPE AND CHARACTER OF ESTIMATES

XXVii 3 8

3- THE ELEMENTARY ALGEBRA OF NATIONAL WEALTH ESTIMATION

17

4.

29

GROWTH OF TOTAL NATIONAL WEALTH

The Postwar Period A Longer Perspective 5.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

Reproducible and Nonreproducible Tangible Wealth Wealth for Production Versus Wealth for Consumption Structures, Equipment, and Inventories Domestic and International Wealth Military and Civilian Wealth Ownership of National Wealth Current Versus Constant (1947-49) Prices GrossandNetStockofWealth Capital Stock of the Main Industries 6. RELIABILITY OF THE ESTIMATES

Residential Real Estate Commercial and Industrial Real Estate Corporate Depreciable Assets Farm Machinery Private Land State and Local Highways, Roads, and Streets Reproducible Tangible Wealth of the Federal Government Conclusion 7. SOME INTERNATIONAL COMPARISONS

Structure of National Wealth Ratio of Net to Gross Wealth Rate of Growth of National Wealth in the Postwar Period Changes in the Structure of Wealth during the Postwar Period

29 36 47

48 50 54 59 60 62 68 71 74 79

80 82 83 86 86 87 88 91 93

94 100 101 105

APPENDIX A

lOg

APPENDIX B

22¾

INDEXES

426

TABLES ι. Relations Between Capital Expenditures, Gross Stock, and Net Stock, on Assumption of Continuous Growth of Expendi­ tures, Straight-Line Depreciation, No Retirement Distribu­ tion, and Zero Scrap Value 2. Maximum Deviation of Sinusoidal Gross Stock from Geo­ metric Trend Gross Stock 3. Results of Estimation of Stock by Actual Cumulation and by Formula, End of 1945 and of 1956 4. Average Rate of Growth of Real (Deflated) National Wealth, Variant Definitions, Selected Periods, 1946-58 5. Distribution of Growth of Reproducible Tangible Wealth, Excluding Military, Among Increase in Population, Change in Price Level, and Growth of Real Wealth, Selected Periods, 1805-1958 6. National Wealth Per Head, Selected Years, igoo-58 7. Rate of Growth of Total Reproducible Tangible Assets over NBER Reference Cycle Phases, 1896-1958 8. Reproducible and Nonreproducible Net Wealth, Selected Years and Periods, 1945-58 9. Share of Land in National Wealth, Selected Years, 1805-1958 10. Civilian Wealth for Production and Welfare, Selected Years and Periods, 1945-58 11. Main Categories of Civilian Wealth, Selected Years and Periods, 1945-58 12. Distribution of Ownership of National Wealth Among Main Sectors, Selected Years and Periods, 1945-58 13. Percentage Change in Share of Main Types of Tangible Assets in Net National Wealth, 1945-58 14. Comparison of Ratios of Growth of Gross and Net Capital Stock, 1945-58 15. Fixed Assets of Manufacturing, Mining, and Public Utilities, Selected Years, 1899-1956 16. Percentage Distribution of Net Fixed Capital of Manufac­ turing, Selected Years, 1900-56, 1929 Prices 17. Percentage Distribution of Net Plant and Equipment of Public Utilities, Selected Years, 1899-1956

19 22 23 33

37

42 45 49 51 53

55 64 69 73 75

76 77

TABLES

18. Comparison of Estimates of Value of Nonfarm Residential Real Estate, Based on Census and Perpetual Inventory Fig­ ures, 1950 and 1956 81 19. Comparison of Original Cost of Corporate Depreciable Assets, NBER Estimates and Tax Returns, 1945-57 84 20. Comparison of Estimates of Gross and Net Structure Value of State and Local Highways, Roads, and Streets, Selected Years, 1929-52 89 21. Comparison of NBER and Federal Property Inventory Esti­ mates of Federal Reproducible Assets, 1956 90 22. Share of Land in National Wealth, Selected Countries and Years, 1950-56 95 23. Ratio of Equipment to Structures, Selected Countries and Years, 1950-55 96 24. Distribution of Ownership of Reproducible Tangible Wealth, Selected Countries and Years, 1950-56 99 25. Ratio of Net to Gross Reproducible Tangible Wealth, Se­ lected Countries and Years, 1952-56 101 26. Rates of Growth of Real National Wealth in Postwar Period, Selected Countries and Periods, 1945-58 102

APPENDIX A Alternative Aggregates and Rates of Change A-i. National Wealth of the United States, Excluding Mili­ tary Assets, Alternative Main Aggregates, Current Prices A-a. National Wealth of the United States, Excluding Mili­ tary Assets, Alternative Main Aggregates, Constant (!947-49) Prices A-3. National Wealth of the United States, Annual Percent­ age Rates of Change, Current Prices A-4. National Wealth of United States, Annual Percentage Rates of Change, Constant (1947-49) Prices

114

116 117 118

Main Components of Wealth A-5. Net Stock of Main Types of Tangible Assets, Current Prices 119 A-6. Net Stock of Main Types of Tangible Assets, Constant (!947-49) Prices 121 A-7. Gross Stock of Main Types of Tangible Assets, Current Prices 123 A-8. Gross Stock of Main Types of Tangible Assets, Constant A-g. A-10. A-i 1. A-12. A-13.

A-14.

(J947-49) Prices Percentage Distribution of Net Stock of Tangible Assets, Current Prices Percentage Distribution of Net Stock of Tangible Assets, Constant (1947-49) Prices Percentage Distribution of Gross Stock of Tangible As­ sets, Current Prices Percentage Distribution of Gross Stock of Tangible Assets, Constant (1947-49) Prices Annual Percentage Rates of Change in Main Compo­ nents of Net Stock of Tangible Assets, Constant (194749) Prices Annual Percentage Rates of Change in Main Compo­ nents of Gross Stock of Tangible Assets, Constant (194749) Prices Xlll

125 127 129 131 133

135

137

TABLES

Distribution of Wealth Among Sectors A-15. Total Net Tangible Wealth, by Sector, Current Prices 139 A-16. Total Net Tangible Wealth, by Sector, Constant (194749) Prices 141 A-17. Total Gross Tangible Wealth, by Sector, Current Prices 143 A-18. Total Gross Tangible Wealth, by Sector, Constant A-19. A-20. A-21. A-22. A-23. A-24. A-25. A-26. A-27. A-28. A-29. A-30. A-31. A-32. A-33. A-34.

(!947-49) Prices Percentage Distribution of Total Net Tangible Wealth, by Sector, Current Prices Percentage Distribution of Total Net Tangible Wealth, by Sector, Constant (1947-49) Prices Percentage Distribution of Total Gross Tangible Wealth, by Sector, Current Prices Percentage Distribution of Total Gross Tangible Wealth, by Sector, Constant (1947-49) Prices Annual Percentage Rates of Change in Total Net Tan­ gible Wealth, by Sector, Constant (1947-49) Prices Annual Percentage Rates of Change in Total Gross Tan­ gible Wealth, by Sector, Constant (1947-49) Prices Total Net Reproducible Tangible Wealth, by Sector, Current Prices Total Net Reproducible Tangible Wealth, by Sector, Constant (1947-49) Prices Total Gross Reproducible Tangible Wealth, by Sector, Current Prices Total Gross Reproducible Tangible Wealth, by Sector, Constant (1947-49) Prices Percentage Distribution of Total Net Reproducible Wealth, by Sector, Current Prices Percentage Distribution of Total Net Reproducible Tan­ gible Wealth, by Sector, Constant (1947-49) Prices Percentage Distribution of Total Gross Reproducible Tangible Wealth, by Sector, Current Prices Percentage Distribution of Total Gross Reproducible Tangible Wealth, by Sector, Constant (1947-49) Prices Annual Percentage Rates of Change in Net Reproducible Tangible Wealth, by Sector, Constant (1947-49) Prices Annual Percentage Rates of Change in Gross Repro­ ducible Tangible Wealth, by Sector, Constant (1947-49) Prices

145 147 149

151 153

155 157 159 161 163 165 167 169 171

173 175

177

TABLES

Distribution of Components of Wealth Among Sectors A-35. A-36. A-37. A-38. A-39. A-40. A-41. A-42. A-43. A-44. A-45. A-46. A-47. A-48. A-49.

Net Stock of Residential Structures, by Sector 179 Net Stock of Nonresidential Structures, by Sector 181 Net Stock of Producer Durables, by Sector 183 Net Stock of Consumer Durables, by Sector 185 Inventories, by Sector 186 Residential Land, by Sector 188 Nonresidential Land, Excluding Forests and Subsoil Assets, by Sector 190 Forests, by Sector 192 Subsoil Assets, by Sector 193 Monetary Metals, by Sector 194 Net Foreign Assets, by Sector 196 Gross Stock of Residential Structures, by Sector 198 Gross Stock of Nonresidential Structures, by Sector 200 Gross Stock of Producer Durables, by Sector 202 Gross Stock of Consumer Durables, by Sector 204

Wealth Structure of Main Sectors A-50. Net Stock of Tangible Assets of Nonfarm Households A-51. Net Stock of Tangible Assets of Nonprofit Institutions A-52. Net Stock of Tangible Assets of Unincorporated Business A-53. Net Stock of Tangible Assets of Agriculture A-54. Net Stock of Tangible Assets of Corporations A-55. Net Stock of Tangible Assets of State and Local Governments A-56. Net Stock of Tangible Nonmilitary Assets of Federal Government A-57. Gross Stock of Tangible Assets of Nonfarm Households A-58. Gross Stock of Tangible Assets of Nonprofit Institutions A-59. Gross Stock of Tangible Assets of Unincorporated Busi­ ness A-60. Gross Stock of Tangible Assets of Agriculture A-61. Gross Stock of Tangible Assets of Corporations A-62. Gross Stock of Tangible Assets of State and Local Governments A-63. Gross Stock of Tangible Nonmilitary Assets of Federal Government

205 206 207 208 209 211 212 213 214 215 217 218 220 221

TABLES

A-64. Ratio of Net to Gross Stock of Main Types of Repro­ ducible Tangible Wealth, Current Prices 222 A-65. Ratio of Net to Gross Stock of Reproducible Tangible Assets, by Sector, Current Prices 223

APPENDIX B B-i. Expenditures on Private Nonfarm Residential Building B-2. Expenditures on Private Nonfarm One- to Four-Family Homes B-3. Speculative Builders' Margin on One- to Four-Family Nonfarm Homes B-4. Dealers' Commissions on Sales of One- to Four-Family Nonfarm Homes B-5. Net Investment in One- to Four-Family Nonfarm Homes B-6. Expenditures on Private Nonfarm Multifamily Dwellings B-7. Net Investment in Multifamily Dwellings B-8. Net Investment in Nonhousekeeping Structures B-g. Cost Indexes of Residential Construction B-10. Value of Private Nonfarm Housekeeping Units, Exclud­ ing Land B-i 1. Ratio of Average Values of Land to Structures B-12. Value of Private Nonfarm Housekeeping Units, Includ­ ing Value of Underlying Land B-13. Value of Private Nonfarm Nonhousekeeping Real Estate B-14. Value of Private Nonfarm Residential Real Estate B-15. Net Investment by Individuals in One- to Four-Family Nonfarm Homes B-16. Value of Individuals' Share of Private Nonfarm House­ keeping Units, Excluding Land B-17. Value of Vacant Lots B-18. Nonfarm Individuals' Expenditures on Main Types of Consumer Durable Goods, Original Cost B-19. Nonfarm Individuals' Expenditures on Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-20. Depreciation on Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Original Cost B-21. Depreciation on Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Constant (1947-49) Prices

225 226 227 228 229 230 231 232 233 233 234 235

236 237 237

238 239

240 241 242

243

TABLES

B-22. Depreciation on Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Replacement Cost B-23. Nonfarm Individuals' Net Investment in Main Types of Consumer Durable Goods, Original Cost B-24. Nonfarm Individuals' Net Investment in Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-25. Nonfarm Individuals' Net Investment in Main Types of Consumer Durable Goods, Replacement Cost B-26. Expenditures on New Passenger Cars B-27. Expenditures on New Passenger Cars, by Sector B-28. Dealers' Margin on Used Cars B-29. Dealers' Margin on Used Cars Sold to Households B-30. Consumer Purchases of Passenger Car Accessories B-31. Life Expectancy of Consumer Durable Goods B-32. Nonfarm Consumers' Saving Through Dealers' Margin on Used Cars B-33. Indexes of Prices of Consumer Durable Goods B-34. Value of Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Original Cost B-35. Value of Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-36. Value of Nonfarm Individuals' Holdings of Main Types of Consumer Durable Goods, Current Prices B-37. Calculation of Dealers' Margin on Used Cars Purchased by Nonfarm Consumers B-38. Net Investment by Nonprofit Nonfinancial Institutions in Buildings, Excluding Social and Recreational Build­ ings B-39. Net Investment by Nonprofit Nonfinancial Institutions in Social and Recreational Buildings B-40. Net Investment by Nonprofit Nonfinancial Institutions in Equipment B-41. Value of Nonprofit Nonfinancial Institutional Real Estate, Excluding Social and Recreational Buildings B-42. Value of Social and Recreational Buildings Owned by Nonprofit Nonfinancial Institutions B-43. Value of Nonprofit Nonfinancial Institutional Equip­ ment

244 245 246 247 248 249 250 251 251 252 253 254 258 259 260 261

262 263 264 265 266 266

TABLES

B-44. Share of Unincorporated Business in Total Business Plant and Equipment Expenditures, Using A Study of Saving . . . Allocations B-45. Unincorporated Business Expenditures for Nonresiden­ tial Construction, Constant (1947-49) Prices B-46. Expenditures on Social and Recreational Buildings, by Major Ownership Group B-47. Net Investment by Unincorporated Business in Indus­ trial, Commercial, and Miscellaneous Nonresidential Buildings B-48. Net Investment by Unincorporated Business in Under­ ground Mining Construction B-4g. Net Investment by Unincorporated Business Through Purchase of Equipment, Excluding Passenger Cars B-50. Net Investment by Unincorporated Business Through Purchase of Passenger Cars B-51. Business Saving Through Dealers' Margin on Used Cars B-52. Net Investment in Multifamily Dwellings: Unincorpo­ rated Business Share B-53. Net Investment by Unincorporated Business in Nonhousekeeping Structures B-54. Value of Unincorporated Business Share of Private Nonfarm Housekeeping Real Estate B-55. Value of Unincorporated Business Structures, Current Prices B-5gA. Value of Unincorporated Business Structures, Constant (!947-49)

Price s

267 269 269

270 271 272 273 274 275 275 276 276 277

B-55B. Value of Unincorporated Business Structures, Original Cost B-56. Value of Unincorporated Business Share of Underground Mining Construction B-57. Value of Dealers' Margin on Used Cars Purchased by Business B-58. Value of Unincorporated Business Share of Equipment and Cars B-59. Value of Unincorporated Business Land B-60. Farmers' Net Investment in Dwellings B-61. Farmers' Net Investment in Service Buildings B-62. Commissions Paid to Real Estate Dealers in Connection with Sale of Farms xvUi

277 278 279 280 281 282 283 284

TABLES

B-63. Net Investment and Accumulated Values of Dealers' Commissions for Sale of Farms B-64. Farmers' Net Investment in Farm Machinery B-65. Farmers' Net Investment in Tractors B-66. Farmers' Net Investment in Used Passenger Cars B-67. Farmers' Net Investment in New Trucks B-68. Farmers' Net Investment in Used Trucks B-69. Farm Capital Expenditures Charged to Current Expense B-70. Farmers' Share in Disposable Income B-71. Farmers' Expenditures on Main Types of Consumer Durable Goods, Original Cost B-72. Farmers' Expenditures on Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-73. Depreciation on Farmers' Holdings of Main Types of Consumer Durable Goods, Original Cost B-74. Depreciation on Farmers' Holdings of Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-75. Depreciation on Farmers' Holdings of Main Types of Consumer Durable Goods, Replacement Cost B-76. Farmers' Net Investment in Main Types of Consumer Durable Goods, Original Cost B-77. Farmers' Net Investment in Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-78. Farmers' Net Investment in Main Types of Consumer Durable Goods, Replacement Cost B-79. Price Indexes of Agricultural Durable Goods B-80. Value of Farm Buildings B-81. Value of Farm Machinery and Tractors B-82. Value of Farm Trucks and Passenger Cars B-83. Value of Farm Capital Expenditures Charged to Current Expense B-84. Value of Farmers' Holdings of Main Types of Consumer Durable Goods, Original Cost B-85. Value of Farmers' Holdings of Main Types of Consumer Durable Goods, Constant (1947-49) Prices B-86. Value of Farmers' Holdings of Main Types of Consumer Durable Goods, Current Prices B-87. Livestock Inventories: Number of Head on Farms B-88. Livestock Inventories: Price Per Head on Farms B-89. Livestock Inventories: Value on Farms, Current Prices iyi Λ iv*

286 287 288 289 290 290 291 292 293 294 295 296 297 298 299 300 301 302 303 303 304 305 306 307 308 309 310

TABLES

B-90. Livestock Inventories: Value on Farms, Constant (194749) Prices B-91. Value of Farm Land and Buildings B-92. Crop Inventories: Quantity on Farms B-93. Crop Inventories: Price Per Unit on Farms B-94. Crop Inventories: Value on Farms, Current Prices B-95. Crop Inventories: Value on Farms, Constant (1947-49) Prices B-g6. Corn and Wheat Inventories B-97. Livestock and Crop Inventories: Value on Farms B-98. Business Expenditures on Plant Construction B-gg. Expenditures by Nonfarm Producers on New Durable Goods B-100. Business Expenditures on New Plant and Equipment, by Type of Business B-101. Net Investment in Industrial Structures B-102. Net Investment in Commercial Structures B-103. Net Investment in Miscellaneous Nonresidential Struc­ tures B-104. Net Investment in Public Utility Construction B-105. Net Investment in Social and Recreational Buildings B-106. Cost Indexes of Business Plant Construction B-107. Net Investment Through Capital Expenditures for Petroleum and Natural Gas Well Drilling, Based on Department of Commerce Expenditure Estimates B-108. Net Investment Through Capital Expenditures for Petroleum and Natural Gas Well Drilling, Based on Adjusted Department of Commerce and Other Expendi­ ture Estimates B-109. Net Investment Through Expenditures for Mining Development B-i 10. Expenditures on Mining Development B-i 11. Expenditures by Nonfarm Producers on New Durable Goods, Constant (1947-49) Prices B-i i2. Depreciation on Nonfarm Producers' Holdings of Dura­ ble Goods, Original Cost B-i 13. Depreciation on Nonfarm Producers' Holdings of Dura­ ble Goods, Constant (1947-49) Prices B-i 14. Depreciation on Nonfarm Producers' Holdings of Dura­ ble Goods, Replacement Cost

311 312 313 315 317 319 321 322 322 323 325 326 327 328 329 330 332

334

335 336 337 338 340 341 342

TABLES B-115. Net Investment in Producer Durable Goods, Original Cost 343 B-116. Net Investment in Producer Durable Goods, Constant (1947-49) Prices B-117. Net Investment in Producer Durable Goods, Replacement Cost B-118. Price Deflators for Producer Durable Goods B-119. Nonfarm Producer Durable Goods, 1955-58 B-120. Net Investment by Corporations Through Purchase of Passenger Cars B-121. Value of Business Structures, Original Cost B-122. Value of Business Structures, Constant (1947-49) Prices B-123. Value of Business Structures, Current Prices B-124. Value of Business Land B-125. Value of Social and Recreational Real Estate B-126. Value of Underground Mining Construction B-127. Value of Stock of Producer Durable Goods, Original Cost B-128. Value of Stock of Producer Durable Goods, Constant

344 345 346 348 350 351 351 352 352 354 355 356

(1947-49) P«ces Value of Producer Durable Goods, Current Prices Nonfarm Business Inventories, Book Values Nonfarm Business Inventories, Constant (1947-49) Prices Value of Private Nonfarm Forest Land Value of Subsoil Assets Value of Oil and Gas Reserves Distribution of Ownership of Subsoil Assets Capital Outlay of State Governments Net Investment Through Outlays for Construction by

357 358 359 360 360 361 362 363 364

State Governments B-138. Net Investment and Accumulated Stock of Federal Aid Highway Construction B-139. Net Investment Through Outlays for Equipment by

366

State Governments B-140. Capital Outlay of Local Governments B-141. Net Investment Through Outlays for Construction by

368 369

Local Governments B-142. Net Investment Through Outlays for Equipment by Local Governments B-143. Cost Indexes for Government Construction

370

B-129. B-130. B-131. B-132. B-133. B-134. B-135. B-136. B-137.

PC PCt

367

371 372

TABLES

B-144. Net Investment and Accumulated Stock of State and Local Residential Dwellings, Nonwar Housing B-145. Net Investment in Veterans Re-Use Housing B-146. Net Investment in Veterans Re-Use Housing, Trans­ ferred to Private Ownership B-147. Net Investment in Veterans Re-Use Housing, Retained Under State and Local Ownership B-148. Value of Government Structures, Original Cost B-149. Value of Government Structures, Constant (1947-49) Prices B-150. Value of Government Structures, Current Prices B-151. Value of Public Land, Current Prices B-152. Value of Public Land, Constant (1947-49) Prices B-153. Value of Government Equipment, Original Cost B-154. Value of Government Equipment, Constant (1947-49) Prices B-155. Value of Government Equipment, Current Prices B-156. Inventories of Government Corporations and State and Local Governments B-i57. Civilian Capital Outlay of Federal Government B-158. Net Investment Through Outlays for Civilian Construc­ tion by Federal Government B-159. Net Investment Through Outlays for Civilian Equip­ ment by Federal Government B-160. Net Investment in Construction by Government Corpo­ rations and Credit Agencies B-161. Net Investment in Equipment by Government Corpora­ tions and Credit Agencies B-162. Net Investment and Accumulated Stock of Federally Owned Nonwar Housing B-163. Net Investment in Federal War Housing, Twenty-Year Life B-164. Net Investment and Accumulated Values of Federal War Housing Transferred to Private Ownership B-165. Net Investment and Accumulated Values of Federal War Housing Retained Under Federal Ownership B-166. Expenditures on Military Durables, Current Prices B-167. Expenditures on Military Durables, Constant (1947-49) Prices B-168, Investment in Maritime Commission Vessels

373 374 375

376 377 378 379 380 381 382 382 383 384 385 386 387 388 389 390 391 392 393 394 394 396

TABLES

B-169. Federal Government Net Investment in Military Assets, Original Cost B-170. Federal Government Net Investment in Military Assets, B-171. B-172. B-172A. B-172 B. B-172 C. B-173. B-174. B-175. B-176. B-i77. B-178. B-178A. B-179. B-180. B-181. B-182. B-183. B-184.

Constant (1947-49) Prices Federal Government Net Investment in Military Assets, Replacement Cost Stock of and Investment in Military Assets Main Components of Gross Stock of Military Assets, Original Cost Main Components of Gross Stock of Military Assets, Constant (1947-49) Prices Main Components of Gross Stock of Military Assets, Current Prices Main Components of Net Stock of Military Assets, Original Cost Main Components of Net Stock of Military Assets, Constant (1947-49) Prices Main Components of Net Stock of Military Assets, Current Prices Atomic Energy Commission Investment in Fixed Assets Atomic Energy Commission Investment in Housing Atomic Energy Commission Investment in Other Struc­ tures Atomic Energy Commission Investment in Equipment Atomic Energy Commission Inventories Federal Government Investment in Strategic Stockpile Deflators for Military Durables Monetary Gold and Silver Distribution of Silver and Minor Coin, Current Prices Distribution of Silver and Minor Coin, Constant (1947-

49) Prices United States Investments Abroad Foreign Assets in the United States Sectoring of Net Foreign Assets, Current Prices Conversion Index from 1929 to 1947-49 Prices Number of New Privately Financed Nonfarm Dwelling Units Started, 1946-58 B-190. Average Valuation of Urban Building Authorized, by Type of Building, 1946-56

B-185. B-186. B-187. B-188. B-i8g.

398 398 399 400 401 402 402 403 404 405 406 408 409 410 411 413 414 415 416 417 418 420 422 423 424 425

CHARTS ι. Gross and Net Total Wealth, 1945-58 30 2. Annual Rate of Change of Net and Gross Reproducible Wealth, 1946-58 31 3. Net-Gross Stock Ratio of Selected Assets, 1945-58 35 4. Share of NonreproducibIe Constituents in Total Wealth, Selected Years, 1900-58 38 5. Total Net Wealth, Excluding Military, Selected Years, 1900-58 39 6. Annual Rate of Change of Net Reproducible Wealth, Se­ lected Periods and Years, 1900-58 40 7. Growth of National Wealth, Alternative Definitions, Selected Years, 1900-58 44 8. Distribution of Net Reproducible Wealth Among Main Assets, Selected Years, 1900-58 56 9. Distribution of Total Nonmilitary Wealth Among Sectors, Selected Years, 1900-58 63 10. Average Annual Rate of Growth of Real National Wealth per Head in Postwar Period, Selected Countries and Periods, 1945-58 i°3

PREFACE THE estimates of national wealth that are presented and briefly

described in this study, like the national balance sheets to be presented in another book, serve a double purpose. Their first objective is to furnish a statistical basis for some parts of the Postwar Capital Market Study. Their second purpose is to serve as a continuation of the esti­ mates of national wealth in Volume III of A Study of Saving in the United States,1 to preserve for use by economic statisticians and analysts the only current series of estimates of tangible wealth in the United States, a series now running back in reasonably comparable form to the turn of the century. Nobody can be more conscious of the limitations and shortcomings of the estimates presented here than the author, at least nobody who accepts the possibility of, and even the need for, estimates of national wealth and of national balance sheets as part of a system of social accounts. Many of these limitations can be traced to the simple fact that adequate estimates of national wealth are now beyond the power of an individual student; and that the era of shoestring operation in this field is, or should be, past. The time has arrived, I am convinced, for an organized venture on a fairly large scale—within or outside the federal government—a venture that will systematically explore all the basic data available for the construction of national wealth state­ ments; that will experiment with alternative approaches and assump­ tions; and that will use modern computers in order to put these experiments on a sufficiently broad basis. It is only because nobody seems to be ready to take even the first steps in this direction that I rather reluctantly have made these estimates, and still more reluctantly present the results in their present form. Even in that form the figures shown here may be useful, I hope, for a preliminary exploration of the terrain. Although in need of improvement in many respects, they are not likely to mislead so far as the main conclusions that can be drawn from them are concerned. The estimates should be used only to study the broad outlines of the structure of national wealth in the United States and of changes in it over the postwar period, not for the analysis of fine-structure or of short-term changes. The study here presented, however, suffers also from shortcomings beyond those that are almost necessarily inherent in a small-scale proji Special Studies, by Raymond W. Goldsmith, Dorothy S. Brady, and Horst Mendershausen, Princeton University Press, 1956, Part I. XXVtt

PREFACE

ect in this field. Many of these result from its being written over a period of more than two years in intervals between other more pressing assignments. I am well aware that the text would profit greatly by thorough rewriting, by the expansion of some parts and possibly by the pruning of others. Time and resources—and energy—for such a thorough revision are unfortunately missing. The choice thus is be­ tween making available the study as it is, or consigning it to the library of unpublished manuscripts. My impression that the material will be of some use to economists and statisticians even in its present form, and my hope that it will stir some of the users to do better, may be mis­ taken, but they are the reasons for permitting the study to go to press as it stands. The original manuscript included two chapters dealing respectively with the conceptual and statistical problems of capital-output ratios and with the interpretation of the actual ratios that can be derived for the United States, primarily for the postwar period, on the basis of the national wealth estimates presented in this study. Similarly, the international comparisons now found in Chapter 7 were supplemented by a comparison of capital-output ratios in the mid-1950's for one to three dozen countries. All this material was finally eliminated—not without regret—from the published version, partly to reduce its bulk; partly because it was somewhat extraneous to the main objective of the study; partly because it proved unfeasible within the limitations of time and resources to break down the nationwide capital-output ratios consistently into sectoral ratios, a breakdown essential for a satis­ factory analysis of the whole complex of problems arising in this field; and, finally, because those chapters needed more additional work than could be done without unduly delaying publication of the report. The text of this book includes only summary tables which, it is hoped, will suffice for the general reader. More detailed tables that should enable users who wish to do so to rearrange the figures to suit their own needs will be found in Appendix A. Appendix B, which probably will be consulted only by specialists, contains the basic data from which the estimates have been built up, and a description of their manipulation in sufficient detail to permit an appraisal of the limita­ tions and validity of the estimates by readers familiar with statistics of this character. Most of the estimates used in this study were completed in 1959 and the text finished by mid-1960. This will explain why the figures do not extend beyond the year 1958.

PREFACE

In the preparation of the estimates for the postwar period used in this study I have had the patient assistance of Milton Kelenson, while I could not have completed Chapter 3 without the help of Hyman Kaitz. So many statisticians, particularly in the federal government, have been helpful, either with advice or by making available unpub­ lished data, that it would be invidious to mention only a few of them. This, moreover, is the type of debt best discharged not by acknowl­ edging it but by repaying it in kind so far as one is able. I wish to acknowledge the careful attention given the manuscript by George Soule, Frank W. Fetter, and Theodore W. Schultz of the Na­ tional Bureau's Board of Directors. The staff reading committee, Frank G. Dickinson, Richard A. Easterlin, and Robert J. Lampman, provided comments and suggestions that were of great value. Acknowledgment is also made to the members of the Advisory Com­ mittee on the Study of the Postwar Capital Market for its assistance in drafting plans for this investigation: W. A. Clarke, George T. Conklin, Jr., W. Braddock Hickman, Norris O. Johnson, Arnold R. LaForce, Aubrey G. Lanston, Robert P. Mayo, Roger F. Murray, James J. O'Leary, Winfield W. Riefler, Robert V. Roosa, R. J. Saulnier, William H. Steiner, Donald B. Woodward, and Eugene C. Zorn, Jr. The task of editing the manuscript was fulfilled ably by Margaret T. Edgar. The charts were carefully prepared by H. Irving Forman. RAYMOND W. GOLDSMITH

July ιρόι

THE NATIONAL WEALTH OF THE UNITED STATES IN THE POSTWAR PERIOD

CHAPTER 1

Summary of Findings i. STOCKS and flows are two basic categories in all economic analysis. The figures on national product, on output in different sectors of the economy, and on the production of different types of commodities, which have come to be used increasingly not only by economists but also by policy makers and in business, must therefore be supplemented by estimates of the stock of tangible assets of different types in the main sectors of the economy. To be comparable among themselves and with flow estimates, these figures must be expressed in the common denominator of market value, for some purposes current value and for others constant value in prices of a given base period. In the absence of a continuous set of official estimates by the federal government of the value of the stock of tangible assets—excluding only agriculture—the National Bureau has prepared such figures because they were needed as one of the statistical bases of the Bureau's study of the postwar capital market. These estimates are herein made gen­ erally available, as they may serve as one of the building bricks of economic analysis of the postwar period. 2. The estimates for reproducible tangible assets follow the "per­ petual inventory method," by which the stock of a given category of assets is derived as the cumulation by past expenditures on that cate­ gory in current or constant prices depreciated in accordance with the average length of life of the asset. The value of nonreproducible assets is estimated independently either on the basis of data of the census type, as for agricultural and public land; or by the application of a typical ratio of land-to-structure value, as in the case of land under­ lying residential and commercial structures. Throughout the report estimates are provided on a net (depreciated) and a gross (undepreciated) basis, and on two valuation bases—con­ stant (1947-49) prices and current (replacement) value—and occa­ sionally also on the third basis of original cost. In this summary whichever of these concepts appears to be most relevant in a particular case is used. Neither the gross nor the net stock as here calculated is a direct measure of the productive capacity of the stock of tangible assets. Such a measure will generally lie somewhere between the esti­ mates of the gross and the net stock. 3. The national wealth of the United States (i.e., the aggregate value

SUMMARY OF FINDINGS

of all tangible nonmilitary assets located in the United States plus net foreign balance), measured so far as possible by the market value of the assets or the nearest approximation to it, has increased in the post­ war period from about $575 billion at the end of 1945 to just over $1,700 billion at the end of 1958, or at an annual rate of fully 8]/s per cent. Wealth per inhabitant thus has more than doubled from $4,100 to $9,800, a rise by almost 7 per cent per year. 4. More than one-half of the expansion in the market value of aggregate national wealth and about three-fourths of the increase in wealth per head is a reflection of the rise in the price level during the postwar period. In constant prices of 1947-49, aggregate national wealth has increased from almost $790 billion to nearly $1,250 billion, while wealth per head has risen by one-fourth from about $5,600 to $7,100. The average annual rate of growth thus amounts to about 3¾ per cent for aggregate wealth and to 1¾ per cent for wealth per head. 5. As a measure of economic growth, reproducible tangible wealth, which excludes land and subsoil assets, is more appropriate than total wealth. For the entire postwar period the average annual rate of growth of reproducible tangible wealth in constant prices is approximately 4 per cent, and of wealth per capita is 214 per cent. These rates are slightly higher than those for total national wealth, because once price fluctuations are eliminated the value of nonreproducible wealth changes but very slowly. 6. The rate of growth of gross reproducible tangible wealth is slightly lower than that for net wealth (which has been used heretofore): 3.5 per cent per year in constant prices for total wealth and 1.7 per cent for wealth per head. As a result, the ratio of the net to the gross value of structures and equipment increased from 0.53 at the end of World War II to 0.57 in 1958, much of the increase occurring during the first part of the period. This increase in the ratio is an indication of a de­ cline in the average age of the stock of reproducible wealth during the postwar period, a decline which in turn reflects a relatively high rate of new investment. 7. Fluctuations in the annual rate of growth of the capital stock— net or gross—clearly reflect the business cycle. Thus, the highest rates of growth were registered in 1948, 1950, and 1955, and the lowest ones in 1949, 1954, and 1958. Average rates of growth over full cycles do not show a definite trend. In each of the three trough-to-trough cycles within the period (on an annual basis 1946-49, 1949-54, and 1954-58), the average aggregate rate of growth of net reproducible wealth in

SUMMARY OF FINDINGS

constant prices was just under 4 per cent per year, and the rate per head slightly in excess of 2 per cent. The rate o£ growth in the gross stock of reproducible wealth was at a lower level (about 314 per cent per year for aggregate wealth and 1¾ for wealth per head), but again no considerable difference can be observed among the three full-cycle averages. 8. Although the postwar period is limited to not much more than one decade, considerable changes occurred in the structure of national wealth. These changes reflect differences in the rate of growth of the volume of the different components of national wealth and also changes in the relationship among prices of different types of tangible assets. Most marked and significant among these changes are the decline in the share of nonreproducible wealth and the increase within repro­ ducible wealth of equipment, both producer and consumer durables. These two movements continue trends observable over most of the past century. 9. No sharp change occurred during the postwar period in the share of government in civilian wealth. Business and households each owned, on the basis of current market valuations, slightly more than two-fifths of reproducible tangible wealth, leaving about one-sixth for the gov­ ernment. If military assets are included, the level of the share of government increases, but its relation to total national wealth more broadly defined shows a sharp decline from 30 per cent in 1945 to one-fifth in 1958. 10. Throughout the postwar period, and particularly during the first half of it, the share of owner-operated properties appears to have increased slightly at the expense of rented wealth. Tangible assets rented accounted for only about one-seventh of total national wealth and for about one-sixth of privately owned wealth and were generally limited to three fields: residential real estate, commercial structures, and agricultural land. The share of rented properties shows a marked decline in the case of residential real estate, but no definite trend for agricultural land. 11. The ratio of reproducible tangible assets that are used in the production of commodities for sale to those that are destined for direct nonbusiness use by consumers and public authorities has not changed substantially during the postwar period, if we assume that the second category includes residential structures, structures of nonprofit organizations, consumer durables (except one-half of passenger cars), and one-half of government structures. In that case, about one-half of

SUMMARY OF FINDINGS

reproducible wealth has been used in production while the other half has served consumers and public authorities directly. 12. The outstanding change in the structure of reproducible wealth used in business (production) is the rise in the share of equipment (including livestock) from 27 to 37 per cent, mainly reflecting making up for deficiencies in expenditures on equipment during the period from 1930 to 1945. The share of structures declined only slightly during the postwar period, but that of inventories fell from 23 to 19 per cent. Substantial changes also occurred in the structure of reproducible wealth used directly by consumers. The share of consumer durables rose from 19 per cent in 1945 to 22 per cent in 1958, even though that movement failed to bring the share back to the level of 1929. On the other hand, the share of residential structures in reproducible wealth used directly by consumers declined from 66 to 62 per cent while that of government structures remained at the level of one-eighth. 13. The share of foreigners in assets situated in the United States remained insignificant throughout the postwar period. Additions to national wealth represented by net foreign assets (excluding monetary gold) were likewise very small: ii/2 per cent of national wealth in 1958 against i/2 per cent in 1946, and foreign assets were responsible for only 2 Y2 per cent of the increase in domestic national wealth during the postwar period. 14. Military assets—excluded from previous figures—have acquired considerable importance since World War II if valued like civilian reproducible wealth on the basis of replacement cost. So valued, they have represented on the average about 8 per cent of civilian repro­ ducible wealth. Since military assets consist largely of equipment, they are much more important if compared only with their civilian counter­ parts. The average value of military equipment for 1946-58 was equal to one-fifth of total civilian equipment and to as much as two-fifths of civilian producer durables. 15. The structure of the national wealth of the United States and its development during the postwar decade show in general the same characteristics and tendencies that can be observed in the few developed foreign countries for which comparable data are available. Abroad, as in the United States, the share of land in national wealth has tended to decline, and the share of equipment to rise, over the postwar period. The ratio of net to gross national wealth has been similar abroad to the level observed in the United States—around 60 per cent for repro­ ducible tangible assets. A point of difference, not yet satisfactorily ex-

SUMMARY OF FINDINGS

plained, is the higher level of the equipment-structure ratio in foreign countries. Another difference, explainable by the large size and the relative economic self-sufficiency of the United States, is the lower ratio of foreign assets and liabilities to national wealth. 16. The rate of growth of national wealth among developed foreign countries during the postwar years, and even after the period of recon­ struction, appears to have been at least as rapid as in this country.

CHAPTER 2

Scope and Character of Estimates No SYSTEM of national accounts can be regarded as complete without balance sheets for the nation and for the main sectors distinguished in the accounts.1 No theory of economic fluctuations or growth— whether based primarily on broad statistical aggregates or derived from cross-section studies of behaviorally significant magnitudes—is likely to succeed unless it incorporates stock variables in addition to the flow variables that have constituted the sole tools for constructing earlier theoretical or econometric models. Awareness of this fact is reflected in the stress in the recent literature on the Pigou effect, intro­ duction of stock variables into the consumption function, controversies about the capital-output ratio following its introduction into the dis­ cussion by Harrod and Domar, and attempts to dynamize input-output tables by the addition of stock-flow coefficients. If these assertions are correct—and they would probably find accept­ ance among the majority of economists—there is urgent need for a set of estimates of economic stocks (real and financial assets, liabilities, and net worth) in about the same detail and of the same quality as the flow data that are now available. Yet very little has been done in developing such estimates. There are no official estimates of stocks of tangible assets with the exception of a few types (e.g., inventories) and of one sector (agriculture). The resources devoted inside and outside the government to work on national wealth statements and balance sheets are trifling compared with those used in the methodological, statistical, and analytical study of flows. This disparity between the need for comprehensive and detailed information on stocks and the scanty data available in official or other statistics may justify the publication of the annual estimates of national wealth in the postwar decade that are presented here, notwithstanding their methodological and statistical limitations which are pointed out throughout this report. Companion estimates of intangible assets, of liabilities, and of net worth of the main sectors of the economy have also been completed. In conjunction with the estimates of national wealth, they permit the preparation of national and sectoral balance sheets and will be presented and discussed in a forthcoming National Bureau book. ι See, for instance, National Accounts Review Committee, The National Economic Accounts of the United States: Review, Appraisal, and Recommendations, New York, National Bureau of Economic Research, 1958, p. 112.

SCOPE AND CHARACTER OF ESTIMATES

It is to be hoped that comprehensive estimates of national wealth will not again depend upon individual effort, albeit aided in this study by clerical assistance and by the cooperation of some government agencies producing the relevant basic data. The time has come for lifting the derivation of national balance sheets and of national wealth state­ ments to the same level of intensity that for years has been accepted in national income estimation, in flow-of-funds work, and in input-output analysis. This means the organization of a large-scale project, within the government or outside of it, having at its disposal specialists in the different fields of economic statistics who are essential for building up the estimates, and equipped with the facilities and the authority to collect primary data on the many aspects of measurements of stocks where they are now lacking. It will be years, even under the best circumstances, before an ade­ quate and up-to-date set of stock estimates can be prepared and be carried back far enough to permit the study of long-term trends. Until then theorists, econometricians, and students of national accounts must work with the rough estimates which can now be put together. The set presented here was developed as part of the National Bureau's Postwar Capital Market Study and is intended to continue similar, often still rougher, estimates for the period i8g6 to 1945, published in Volume III of A Study of Saving in the United States, and to supersede the preliminary figures for 1945-49 in the same publication. 2 The figures should, however, serve many other purposes, as the earlier estimates of national wealth and national balance sheets apparently have done. 3 Respect for the presumed needs of one's fellow workers in the field and of the users of the estimates prompts the desire to give full explana­ tion of sources and estimating procedures. The following pages briefly summarize the main methods and sources and—more important—point to a number of conceptual or statistical weaknesses in the figures. A set of annotated tables which permit those interested to follow in reasonable detail every step in the construction of the estimates will be found in Appendix B of this volume. Some material bearing on the reliability of the estimates will be found in Chapter 5. The exact scope of tangible assets included in an estimate of national 2 Special Studies, by Raymond W. Goldsmith, Dorothy S. Brady, and Horst Mendershausen, Princeton University Press, 1956. 3 Preliminary figures for some dates after 1949 have been published in Statistical Abstract of the United States (e.g., 1959, pp. 324-325), in Historical Statistics of the United States (i960 ed.), and in the Thirty-Seventh Annual Report of the National Bureau of Economic Research (1957, p. 34). These figures should be regarded as superseded by the present estimates, wherever there are differences.

SCOPE AND CHARACTER OF ESTIMATES

wealth is not of great importance so long as the figures are shown in sufficient detail to enable each user to isolate or to combine those types of assets that seem best fitted for his analytical purposes. The estimates presented here are based upon a rather broad definition of national wealth and therefore include separate figures—often unavoidably rough—for categories not always covered by estimates of national wealth, such as consumer durables, government civilian structures, military equipment, forests, and subsoil minerals. No figures, however, are shown for a few other categories of tangible assets, because there is no basis for even rough estimates, particularly on an annual basis: for instance, consumers' holdings of semidurable and nondurable com­ modities, works of art and collectors' items. There is, however, enough evidence about the order of magnitude involved to conclude that they are very small in proportion to total tangible assets of the nation or of major sectors.4 The omission of any estimates for the value of three important natural resources (air, sunlight, water) and of human re­ sources, on the other hand, is based both on the unavailability of a basis for calculation, and on the conviction—not shared by all students of this problem—that these items have no place in an estimate of national wealth of an economy where these resources cannot be appropriated and hence have no market price in an economy in which slavery does not exist. The present estimates constitute essentially a continuation of the series for the period 1896 to 1949 previously published in slightly varying versions.5 For reproducible tangible wealth the estimates are derived by the "perpetual inventory" method; the estimates of the stock of each type of reproducible tangible assets are obtained by cumulating the capital expenditures for that type of assets for a num­ ber of years equal to the assumed length of the asset's useful life. New capital expenditures, equal to gross expenditures less retirements * See Goldsmith, "A Perpetual Inventory of National Wealth," Studies in Income and Wealth, Vol. 14, New York, National Bureau of Economic Research, 1951, pp. 36-38. 5 (1) Ibid.; (2) idem, "The Growth of Reproducible Wealth of the United States of America from 1805 to 1950," Income and Wealth of the United States; Trends and Structure, Income and Wealth Series II, International Association for Research in Income and Wealth, London, Bowes and Bowes, 1951; (3) A Study of Saving in the United States, Vol. Ill, Tables W-i to W-8. For discussion of the general approach and of methodological questions, the reader is referred to the first two publications above, and to Goldsmith, "Measuring Na­ tional Wealth in a System of Social Accounting," Studies in Income and Wealth, Vol. 12, New York, NBER, 1950. A description of the figures for the years before 1946 will be found in the tables of (2) and (3) above. Detailed estimates for 1945-58 are given in the annotated tables of Appendix B of this book. IO

SCOPE AND CHARACTER OF ESTIMATES

during the same period, are used in the estimation of the gross stock and net expenditures, equal to gross expenditures less depreciation in the calculation of the net stock. Three sets of estimates have been pre­ pared for each type of asset, based respectively on (i) original cost, (2) constant (1947-49) cost, and (3) replacement cost; but only the constant and current (replacement) value estimates are shown, since original cost figures are of very limited value for economic analysis. The constant cost estimates are obtained from the original expenditure figures by means of a price index (1947-49 = 100) appropriate to the type of expenditure. The replacement cost estimates are derived from the constant cost figures by reflation (multiplication of the constant value figures) with the same indexes. The elements in the calculation of capital stock are shown in the tabulation below. For every type of reproducible asset being distin­ guished estimates of the nine separate flows are listed in columns 1 and 2, the cumulation and combination of which yield estimates of the six desired concepts of capital stock of column 4. Here k designates gross capital expenditures; r, retirements; d, capital consumption allowances; m, new capital expenditures; n, net capital expenditures; G, gross capi­ tal stock; and N, net capital stock; the one and two bars above the symbols, indicate, respectively, values expressed in constant (1947-49) prices and current (replacement) costs rather than original cost (un­ barred); and the subscripts ν and t stand for the length of life of an asset and for the date to which the estimate refers. Capital Concept and Valuation Base

! Ej tures

Capital Capital Capital sumption Formation Stock

Gross

Original cost Constant (1947-49) cost

k k

k k

Replacement cost

%

k

New

Original cost Constant (1947-49) cost

k

r

k

r

k - r k — f

G G

Replacement cost

%

r

Tz-f

d N JV

Net

Original cost Constant (1947-49) cost

k

d

k

a

k - d Tc — d

Replacement cost

%

d

%-=d ft

SCOPE

AND

CHARACTER

OF

ESTIMATES

T h e derivation of the different stock estimates is summarized in the following simple formulas:

T h e subscripts indicate, respectively, the date to which the estimate refers t; the beginning of time o; the period during which the expenditures were made j; the length of life of the asset v; and the base period of the price indexes b. T h e symbol irjb stands for the price index for period j on the basis of prices in period b. T h e relationship between the periods for which expenditures are cumulated in deriving gross and net stocks is indicated in the following equations, which are valid for calculation in original cost or constant prices:

SCOPE AND CHARACTER OF ESTIMATES t

= yZk t—v N

t

- ^ n

O = b - i O O t

=

d

I t—v

t

\

Σ — [ ς + i/ ) k

ο

—

\ ο

(1 — a) 2

k

a

t-υ

k

J

k

t—v

(where a is the average ratio of accumulated depreciation to original t— V

cost of assets still in the stock, and

k are assets fully written off)

ο Thus, both gross and net stock estimates require expenditure esti­ mates only for the period t-v, which of course varies in length from asset to asset, though the estimates can also be obtained—theoreti­ cally—by summing new or net capital expenditures since the beginning of time. (There is no practical point to this alternative since all new or net capital expenditures for periods more than ν years ago are zero.) For nonreproducible and foreign assets no similar standardized method of calculation is available. (None is needed for inventories as these can be estimated directly.) For these assets we must try to find other methods approximating market value in current or constant (1947-49) prices. In the case of nonagricultural privately owned land, the largest component of nonreproducible assets, the estimates are usually based on land-structure value ratios for which some quantita­ tive evidence is available, although its comprehensiveness and accuracy leave much to be desired outside the field of single family homes. For agricultural land, census figures and estimates based on them, both representing close approaches to market value, can be used. For public land, vacant lots, forests, and for all subsoil assets, very rough estimates of presumed market value are all that can now be contrived.6 β Because o£ the method of estimation—tying land to the values of structures— which we are forced to use owing to the paucity of direct data, it is possible that the increases in the values of undeveloped land during the postwar decade have been understated. There are many reports about large relative increases in the value of land of this type, particularly on the outskirts of cities and along highways. Unfortu­ nately no sufficiently systematic and comprehensive investigation appears to have been made to permit a direct estimate of the value of nonfarm land not underlying

SCOPE AND CHARACTER OF ESTIMATES

The fact that the estimates for most components of reproducible tangible wealth—specifically for structures and equipment—are built up from gross capital expenditure series makes it very difficult to take account of changes of ownership of reproducible tangible wealth that occur among sectors after an asset has come into existence. To do so it would be necessary to have, for each type of asset, figures on the balance of transactions between each pair of sectors, or at least a figure for the net balance of trade for each sector and each type of asset. Such figures generally are not available for either reproducible tangible wealth or for nonreproducible assets. As a result, the estimates presented here for the wealth of individual sectors reflect in most cases a picture of reproducible tangible wealth originally acquired by the different sectors—subject to errors as these figures may be—rather than a record of assets held at a given point of time. This specific source of error becomes more important as one sector's net acquisition or sale of a given type of tangible assets from or to other sectors becomes larger compared with its original capital ex­ penditures. For sectors as broad as designated here, net balances are probably small compared with original acquisitions, particularly for long periods of time. There have, however, been types of transactions in tangible assets among sectors—apparently dealing mostly with non­ reproducible assets—that were relatively substantial and that tended continuously in the same direction. Probably the most important example is the sale of agricultural land by the farm sector to the nonfarm, household, and business sectors. One of the few cases involving reproducible assets and transfers of substantial size, though occurring over a relatively short period, is the sale of government owned plants, equipment, and residences to private business, local governments, and households after World War II. The acquisition of large stockpiles of agricultural and mineral products by the federal government may be regarded as another example, although such transactions are treated here as original acquisitions by the government. Some of these transfers have been taken into account in the estimates, while most of them had to be ignored because no figures were available or because estimation was too time consuming in view of the magnitudes involved. It thus should be recognized that the estimations of wealth by sector are subject to errors that do not affect estimations of aggregate national structures. This is a field in which a systematic nationwide investigation is urgently needed.

SCOPE AND CHARACTER OF ESTIMATES

wealth or of wealth by type of assets, both of which of course are invariant to changes of ownership among domestic sectors. There is one problem bearing upon the scope and character of the estimates used in this study which apparently has been disturbing many users of national wealth estimates—the possibility of double counting, which is presumed to be present in particular when the value of government assets, primarily nonreproducible assets such as land, is included in national wealth. The argument is that to include government assets, such as roads and streets in addition to the value of adjoining private properties already included at market value, constitutes double counting, since part of the market value of those private properties reflects the proximity of roads and streets and other government structures. Hence, it is argued, the value of roads and streets is already implicitly included in the value of the adjoining private properties and must not be added separately to the estimates of aggregate national wealth. It is difficult to accept this argument for reproducible tangible assets if national wealth is regarded as the sum of the market values of all separate tangible assets, or an approximation of market values such as replacement cost. Obviously, the replacement cost of roads and streets, i.e., their original cost of construction adjusted for capital consumption and changes in construction cost, does not differ in any essential way from the replace­ ment cost of other reproducible tangible assets. The argument, therefore, must be limited to the value of govern­ ment nonreproducible assets, particularly land. Since the market value of all land, whether privately or government owned, is affected by many factors and in turn affects other components of national wealth, the value of land underlying roads and streets, or more generally of government owned land, cannot be excluded simply because its exist­ ence affects the value of adjoining private land. Private structures also affect the value of adjoining private land, but this does not lead to the exclusion of the value of land underlying these structures from national wealth. The value of the land underlying railroad tracks or structures like universities or Rockefeller Center is not excluded from national wealth, although the existence of the structures is likely to affect the value of adjoining properties, and specifically the land element in their values. The fact that many types of government land, including land underlying roads and streets, have no easily ascertaina­ ble market value has practical importance, and is a reason for caution in interpreting the estimates. It is not a sufficient reason, however, for

SCOPE AND CHARACTER OF ESTIMATES

excluding the value of these types of government land, the more so since such values are often actually ascertained when private land is condemned for government use.7 The practical solution of these controversies is the same as that proposed in the case of several other points in dispute. It is to present separate estimates for the disputed items, and then let the users adjust the totals in accordance with their taste, since it is impossible to show in one table figures for all possible concepts of national wealth, let alone to indicate in each case when analysing the figures how the interpretation would be affected if a different concept had been used. In accordance with this principle the values attributed to government owned properties, and to the land underlying them specifically, are shown separately in the aggregate in the text and Appendix A tables and in more detail in the Appendix B tables. 7 So far as actual quantitative relations go, the question whether or not the land under roads and streets should be included separately in an estimate of national wealth and, if so, how its value should be estimated is of secondary impor­ tance. The site value of roads and streets does not constitute a separate element in our estimation of the value of all land owned by state and local governments. However, since our estimates are tied to the bench-mark estimate for 1946 (A Study of Saving in the United States, Vol. Ill), they implicitly include an allowance for the site value of roads and streets. This value can be put roughly at about 2 per cent of total net national wealth (excluding military assets) in 1946, and at about 1 per cent in 1958. The importance of the site value of roads and streets is still smaller for gross national wealth. On the other hand, the implicit allow­ ance for the site value of roads and streets is not negligible in comparison with the estimated value of all public land (about one-half in 1946 and two-fifths in 1958) or with the total net wealth of state and local governments. Therefore, it may make a difference whether or not separate allowance is made for the site value of roads and streets. Even in this narrow field it is not likely, however, that any major trends during the postwar period would be affected by the choice between including and excluding the site value of roads and streets.

CHAPTER 3

The Elementary Algebra of National Wealth Estimation IN A static economy in which gross capital expenditures are the same every year and net capital formation (as well as new capital formation) is zero,1 the value of the gross stock of reproducible tangible wealth is equal to the product of a year's gross capital expenditures and the weighted average life of reproducible tangible assets, disregarding changes in distribution of expenditures within the stable total and ignoring the existence of a retirement distribution and possible changes in it. In the same situation the net stock is equal to one-half the gross stock. So long as changes in the distribution of gross capital expendi­ tures among items of differing life span occur, but no account is taken of the retirement distribution and changes in it, the ratio of net to gross stock will deviate from 0.50, but it will return to this value ultimately after the distribution has become stabilized, more specifically after a period equal to the life span of the longest lived type of assets. The common situation is one in which both total capital expendi­ tures and their distribution among types of durable assets change continuously; in which actual retirements are distributed around their actuarial dates; and in which total capital expenditures have an upward trend. In such a situation the gross stock will be smaller than the product of current capital expenditures and their weighted average life, while the ratio of net to gross stock will exceed 0.50. Formulas are helpful for an analysis of estimates of reproducible tangible wealth, particularly of structures and equipment, and are sometimes useful as a preliminary check on the calculations.2 Formulas were developed for the relations between gross capital expenditures, k, gross stock, G, net stock, N, and for the ratio of net to gross stock at t under simplified assumptions—initially on the assumptions, later to be relaxed, of a stream of capital expenditures continuously increasing (or decreasing) at a rate of 100 χ g per cent per year;3 for straight-line depreciation; 1 W e recall that net capital formation equals gross capital expenditures minus capital consumption allowances, and new capital formation equals gross capital expenditures minus retirements. 2 I am greatly indebted to Hyman Kaitz for assistance in developing the formulas, particularly the more complicated ones. 3 The correct expression for a continuously increasing (or decreasing) rate of 1

I

ALGEBRA OF NATIONAL WEALTH ESTIMATION

for zero scrap value ratio, s; for a constant length of life, v; and for no retirement distribution (i.e., retirement of all assets at exactly the time their assumed life expires). In these formulas, the rate of capital expenditures, the growth rate, and the value of the gross and net stock may be regarded as representing either aggregate or per head values, and as expressed in original cost, current prices or constant (deflated) prices. We then have for every type of capital expenditure and the repro­ ducible tangible assets4 resulting from them:

(1)

(2) (3)

iV((1) Gt

1 1- e'

1 J 0

gu

Under these simplified conditions gross and net stock depend upon only three factors: (i) the current level of capital expenditures k t , which may also be understood as a cycle average of k or as the trend value of k at t—; (2) the rate of growth of expenditures, g; and (3) the product of the rate of growth and the length of life, gu. The ratio of net to gross stock is determined solely by the third factor, the product of rate of growth and length of life. Table 1 shows for selected values of rate of growth and length of life, that should encompass most of the situations actually encountered, first, gross and net stock at a given date as multiples of the rate of capital expenditures at that date, and second, the ratio of net to gross stock. The ratio of gross and net stock to the current rate of expenditures will vary widely among different types of structures and equipment. It is larger for a given rate of growth of expenditures, the longer the life of the asset; and smaller for a given length of life, the higher the rate of growth of expenditures. Differences in the ratio of net to gross stock among various types of assets, on the other hand, are likely to expenditures is (e' — 1) X 100 rather than 100 χ g per cent per year, but the difference is minor for the rates of growth usually encountered. 4 The formulas are also applicable with appropriate conceptual modifications to intangible assets. Gross capital expenditures, for example, become new issues or loans made, and net capital expenditures become changes in amounts outstanding or net flows.

ALGEBRA OF NATIONAL WEALTH ESTIMATION TABLE 1 RELATIONS BETWEEN CAPITAL EXPENDITURES, GROSS STOCK, AND NET STOCK, ON ASSUMPTION OF CONTINUOUS GROWTH OF EXPENDITURES, STRAIGHT-LINE DEPRECIATION, NO RETIREMENT DISTRIBUTION, AND ZERO SCRAP VALUE

Growth of Capital Expenditures

(per cent per year)

Length of Life (years) (1)

Gross Stock

Net Stock

as Multiples of Current Rate of Capital Expenditures» (3) (2)

Net Stock to Gross Stock (per cent) (4)

0

5 IO 20 50 100

5.00 10.00 20.00 50.00 100.00

2.50 5.00 10.00 25.00 50.00

50.0 50.0 50.0 50.0 50.0

1

5 10 20 50 100

4.90 9.50 18.15 39.35 63.20

2.50 4.85 9.35 21.30 36.80

50.4 50.8 51.6 54.1 58.2

2

5 10 20 50 100

4.80 9.15 16.65 31.90 43.70

2.45 4.70 8.85 18.50 28.70

50.8 51.6 53.3 58.2 65.7

3

5 10 20 50 100

4.70 8.75 15.30 26.15 32.15

2.40 4.60 8.40 16.25 23.10

51.2 52.5 55.0 62.1 71.9

5

5 10 20 50 100

4.50 8.05 12.95 18.80 20.35

2.35 4.35 7.55 12.95 16.40

52.0 54.1 58.2 68.9 80.7

10

5 10 20 50 100

4.15 6.65 9.10 10.45 10.50

2.25 3.85 6.00 8.45 9.45

54.1 58.2 65.7 80.7 90.0

a Rounded to nearest 0.05.

be much less pronounced. Most actual values for this ratio will lie between 0.50 or slightly less, and approximately 0.70. In actual life capital expenditures, of course, do not follow the strict exponential path which is assumed in the formulas. Even if the fluctua­ tions are regular in proportion to the trend value—say sinusoidal—

ALGEBRA OF NATIONAL WEALTH ESTIMATION

there remains a discrepancy between gross or net stock calculated by the perpetual inventory method on the basis of annual figures and that calculated approximately by the formulas, particularly if length of life is not an integral multiple of the length of the cycle in expenditures. Deviations of gross and net stock and of the net-gross ratio approxi­ mated by the formulas and calculated on the basis of annual capital expenditures are likely to be small, so long as fluctuations of capital ex­ penditures around the trend are fairly regular. They are likely to be modest, with a maximum deviation of not more than, say, one-fifth from their trend value, and to have relatively short wave lengths, say, three to five years. During and immediately after large irregular or protracted deviations from trend, gross and net stock and the net-gross ratio calculated by formula may differ significantly from the comparable values derived by more detailed calculations. It is therefore inadvisable, for instance, to use the formulas for the war and first postwar years. Insofar as expenditures in constant prices show less marked deviations from their growth trend than expenditures in current values, as is usually the case, calculation by formula will be more reliable for the former than for the latter. One mathematical model of a sinusoidal movement about a basic straight-line logarithmic trend is

where y is the sum of the continuous growth value and the sinusoidal component; g is the rate of growth per year; ί is a point of time speci­ fied (in years); c is the maximum percentage deviation of expenditures from their straight-line trend; and d. is the period of the cycle (in years).5 This leads to

(5)

Λ=

5 A is a constant whose numerical value is determined within the framework of a particular set of values for the other terms in the equation. It disappears from any ratio, such as the ratio of net to gross stock, or the ratio of net stock calculated under one set of specifications to that derived under another set.

Alternatively, A =

^ where k , is the capital expenditure in the reference

year calculated from the logarithmic straight-line trend.

ALGEBRA OF NATIONAL WEALTH ESTIMATION

The formula shows (to mathematicians, at least) that the deviations from the straight-line logarithmic trend are smallest for an asset life which is an exact multiple of the cycle length, and are greatest for asset life which deviates from an integral multiple of the cycle length by one-half the cycle length. The formula also indicates that the gross stock calculated on the basis of a sinusoidal movement is most pro­ nouncedly below that calculated for a straight-line logarithmic trend when the calculation is made for a date midway between a trough and a peak; and is most pronouncedly above the straight-line logarithmic trend at a date midway between the peak and the trough. It can further­ more be seen from the formula that the percentage deviations between alternative gross stock calculations are independent of asset life length, so long as the latter is an integral multiple of the cycle life. When the asset life is not an integral multiple of the cycle length, the percentage deviation of the sinusoidal gross stock from the logarithmic straightline trend is also a function of the length of the asset life and decreases with increasing asset life. The relationships inferred in general terms from the formula are illustrated in Table 2 for a particular case in which it is assumed that gross capital expenditures increase at an annual rate of 4 per cent; that the cycle lasts for four years; and that the maximum deviation of an­ nual capital expenditures from their trend is 10 per cent, 50 per cent, and ioo per cent, respectively. It is then seen that the maximum deviation of the gross stock from its straight-line logarithmic trend rapidly decreases with the length of life of the asset. In the case of an asset of ten years' life, for instance, the maximum deviation is not much over 6 per cent if the cyclically fluctuating amounts of gross capital expenditures range from one-half to one and one-half times their trend value. For long-lived assets the deviations become practically negligible. If asset life is as long as fifty years, which is not unusual for many types of structures, the maximum deviation of the stock is less than 2 per cent if gross capital expenditures swing from 50 per cent to 150 per cent of trend, and are not much in excess of 3 per cent if the assumption is made that expenditures fluctuate between zero and twice their trend value. These figures illustrate the fact that the danger in approximating capital stock estimates on the basis of the trend in gross capital expenditures lies not so much in the cyclical movements of capital expenditures around their trend as in sharp, discontinuous, or long deviations from the trend.

ALGEBRA OF NATIONAL WEALTH ESTIMATION

TABLE 2 MAXIMUM DEVIATION OF SINUSOIDAL GROSS STOCK FROM GEOMETRIC TREND GROSS STOCK

(four year cycle length; 4 per cent annual growth) Limits of Swing

(per cent of trend values)

Asset Life

(years)

90 to 110

50 to 150

0 to 200

2 3 4 5 6 7 8 9 10

6.4 2.3 0.2 1.4 2.1 1.1 0.2 0.8 1.3

31.9 11.5 1.2 6.8 10.7 5.3 1.2 4.1 6.4

63.8 23.0 2.5 13.7 21.3 10.6 2.5 8.2 12.9

19 20 21

0.5 0.2 0.4

2.4 1.2 2.2

4.8 2.5 4.4

47 48

0.3 0.2

1.5 1.2

3.0 2.5

50

0.3

1.7

3.3

In Table 3 estimates of the capital stock are given for two important items—industrial machinery and residential structures—using both the formulas and the cumulation of annual expenditure figures. For both items comparative data are provided for two years (the end of 1945 and of 1956), for two price bases (original cost and 1947-49 prices), and on the basis of the indicated year's actual value as well as its trend value. These two items have been selected as representatives of very long-lived items (residential structures, 80 years) and rather short-lived ones (industrial machinery, 20 years). The choice of the two bench­ mark years was guided by the desire to test the effects of the simplified method of calculation in periods when actual expenditures were con­ siderably below (1945) or above (1956) their trend value. It will be seen that, as would be expected, the estimates of gross and net stock based on the formulas are much closer to the figures derived by the accumulation of annual actual expenditure data when the trend values of the last year's expenditures are used rather than that year's actual expenditures. For trend values, all of the sixteen ratios lie

ALGEBRA OF NATIONAL WEALTH ESTIMATION

TABLE 3 RESULTS OF ESTIMATION OF STOCK BY ACTUAL CUMULATION AND BY FORMULA, END OF 1945 AND OF 1956 (cumulated stock = 1.00) GrossStock Based on Year's

NetStock Based on Year's

Actual Value (1)

Trend Valuea (2)

Actual Value

Trend Valuea

(3)

(4)

Industrial Machineryb End of 1945 Original cost Base period cost

1.62 1.59

0.92 0.94

1.61 1.60

0.91 0.95

End of 1956 Original cost Base period cost

0.80 0.82

0.96 0.97

0.83 0.83

0.99 0.99

Residential Structures^ End of 1945 Original cost Base period cost

0.30 0.23

0.83 0.86

0.30 0.23

0.83 0.86

End of 1956 Original cost Base period cost

2.02 1.72

0.69 0.85

1.87 1.65

0.65 0.82

NOTE: Cumulated stock is estimated on the assumption of no retirement distribu­ tion, no scrap value; and by straight-line depreciation. Formula stock is estimated on the assumption of exponential growth, and no scrap value; and by straight-line depreciation. a Straight-line logarithmic trend over lifetime of asset. *> 20-year life. « 80-year life.

between 0.65 and 0.99, and eight of them do not deviate by more than 10 per cent from the value obtained by full cumulation of actual annual data. The difference between the two estimates using expendi­ ture trend values is considerably smaller for the shorter-lived industrial machinery than for the long-lived residential structures. It will also be noted that the ratio is highest in all cases for base period than for current prices, the differences being particularly pronounced for resi­ dential structures in 1956 when actual expenditures were much farther above their trend values in current than in constant prices as a result of the sharp rise in construction costs. The deviation of the estimates obtained by formula on the basis of the indicated single year's actual expenditures vary widely from those

ALGEBRA OF NATIONAL WEALTH ESTIMATION

obtained by annual cumulation. The large size of most of the deviations makes it clear that formula estimates can be used only if the indicated year's expenditures that enter the formulas represent a trend rather than an actual value. The ratios for the estimates of gross to net stock are almost identical for both items, both years, both price bases, and actual as well as trend values. It is now necessary to look at the effect of abandoning some of the simplifying assumptions made in the basic formulas. Allowance for scrap value affects only the net stock and is relatively simple to incorpo­ rate into the formulas. Designating the ratio of scrap value to original cost by s, we have (6)

JVf > = (1 — N™ -

s ) N + s G t ;

or

= s(Gt - NP)

The ratio of the net to the gross stock is affected proportionately and becomes VT( 2)

(7)

Jy(I)

-=

--0 + * /

Np

-gr

+

ΛΓ(°>\

'('-sr)

The difference between the net-gross ratio with and without allow­ ance for scrap value is not likely to be very substantial. For an asset with a life of twenty years and a scrap value of io per cent, on which expenditures increase at an average annual rate of 3 per cent, for example, the ratio of net stock to current expenditures will be 9.10 instead of 8.40 without allowance for scrap value. If the net-gross ratio without scrap value allowance is 0.50 and the ratio of scrap value to original cost is 0.10, the net-gross ratio with allowance for scrap value will be 0.55. Similarly, the ratio rises from 0.60 to 0.64 and from 0.80 to 0.82 if allowance for a scrap ratio of one-tenth is made. The differ­ ence thus is less important the higher the net-gross ratio without scrap value allowance and, of course, the smaller the scrap value in propor­ tion to original cost. A considerable modification, on the other hand, is introduced into the formulas for net stock and for the net-gross ratio, if use is made of declining balance instead of straight-line depreciation, in which case allowance must be made for scrap value. Here we have, if d—more

ALGEBRA

OF NATIONAL

precisely

WEALTH

ESTIMATION

is the ratio of declining balance depreciation

allowance to the value of the stock at the beginning of the period, and if s', the scrap value appropriate to declining balance depreciation, is

and

T h e ratio of the net stock under declining balance straight-line method (s' and s being the respective scrap value ratios)6 is

T h e value under declining balance will thus be considerably lower. In the case of an annual growth rate of 5 per cent, a useful life of ten years, scrap values of 10 per cent, and depreciation rates of 10 per cent (straight line) and ao per cent (declining balance), the declining balance net worth at three times the current rate of capital expenditures is equal to about 70 per cent of the straight-line stock.7 6 In the straight line case, s and v (and hence the depreciation rate) may be specified independently, but under declining balance depreciation the value o£ s' and d are jointly determined. 7 In one of the few cases in which the net stock of reproducible wealth has been calculated by both methods on the basis of the same set of capital expenditure figures—Australia for 1947 to 1956—the following ratios were obtained:

Scrap Value Ratio Dwellings Other private structures Agricultural equipment Nonfarm equipment Public works Five categories

Annual Depreciation Rate (per cent) Straight Line

Declining Balance

N,(

3)

IV(1)

a

1947

1956

w

4

2.80

0.62

0.68

.06

2

5y>

2.75

.63

.65

.09

5

2.30

.74

.76

.09

5

m 11V2

2.30

.69

.75

.05

2Y2

2.90

.58

.68

.62

.69

0.05

—

ALGEBRA OF NATIONAL WEALTH ESTIMATION

Another simplification implicit in the formulas is likewise of small quantitative importance. This is the assumption that all reproducible tangible assets of a given type have identical lives, i.e., that those acquired during a given period are actually retired or scrapped simul­ taneously after the number of years corresponding to their assumed length of life. Actually, of course, the members of a given "cohort" of structures or machines of a given type—to apply the term familiar from population statistics to assets originating in the same year—are retired after having lasted for a varying length of time which may be assumed to center around the assumed length of life for the entire cohort. As a result, gross and net stock and net-gross stock ratios will deviate from the values indicated by the formulas, but the differences are likely to be small for the usual combinations of length of life and rate of growth of expenditures. If account is taken of the distribution of actual retirement dates— assumed to be normal, i.e., symmetrical and bell-shaped—the gross stock will be above the value found by the formulas which disregard retire­ ment distribution, but the difference will not be much above 5 per cent and will be below 3 per cent if gv is below 0.5 or above 4.5.8 The netgross ratio will be slightly below the value of 0.50 expected according to the formula (with stable capital expenditures and binomially symmetri­ cal retirement distribution) because of the increase in gross stock value resulting from the allowance for retirement distribution, and will differ less from 0.50, less the longer the life of the asset.9 For example, for assets with a ten-year life, the net-gross ratio, allowing for retirement distribution, will be 0.43, while it will rise to 0.46 for assets with twenty-year life and to 0.485 for those with a life of fifty years.10 If there is good reason to assume that the length of life of a type of reproducible durable asset has changed in regular fashion, this change can be allowed for in the formulas, even though at the cost of cons Eric Schiff, "Gross Stocks Estimated from Past Installations," Review of Eco­ nomics and Statistics, May 1958, p. 176. 9 Schiff, "Reinvestment Cycles and Depreciation Reserves under Straight-Line Depreciation," Metroeconomica, April 1957. The author does not investigate the effect of an increasing trend in expenditures, but it does not appear likely that this would substantially affect the results derived on the assumption of constant expendi­ tures. 10 Neither the basic formulas nor the more detailed calculation based on annual expenditure data, which are used in this paper, make allowance for retirement distribution. Such an allowance is, however, made in the capital stock estimate of the Machinery and Allied Products Institute.

26

ALGEBRA OF NATIONAL WEALTH ESTIMATION

siderable complication. We will then have, introducing the symbol b to indicate the annual rate of change in v, (11) ^

J

g JV«> - k P ~ e~9V I (e~SV{v[g ~ h) + i L l - e-° + v{g - b)A ' 1-e-'

13

JJ

and, since gross stock is unaffected (provided length of life either increases or decreases by less than

(12)

per cent per year),

, , S fr'Wg-6)+ _ = l + __^

J

The net stock obviously will be larger or smaller than under the con­ stant life calculation depending upon whether length of life is assumed to have increased or decreased during the period covered by the calculation. Thus, fortunately, two deviations from more carefully calculated figures that are introduced by the use of simplifying formulas—the disregard of scrap value and of retirement distribution—tend in oppo­ site directions. They will partly cancel each other, though usually the offset will not be complete. There are no similar offsets to two other deviations—the variations of actual capital expenditures around their exponential trend, and changes in length of life—but there is no reason to assume that these two factors will lead to a systematic difference between estimates of gross and net stock and of the net-gross ratio approximated by simplified formula and calculated in a more detailed fashion. The estimates of national gross and net stock of reproducible tangible assets are nothing but sums of the estimates for stocks of different types of such assets—the estimates discussed so far in this section—while the national net-gross ratio is a weighted average of the ratios for the constituent types of structures and equipment.11 If we are willing to make the same simplifying assumptions for aggregate national capital expenditures that were made for expenditures on individual assets— exponential growth of expenditures, unchanged length of life, and n In principle, the same method can be applied to inventories. However, there is no information on capital expenditures for inventories, i.e., inventory purchases, and the margin of error in estimating the average life of inventories is relatively great. Since we have a reasonable basis for estimating inventories on original cost and for adjustment to other valuation bases, applying the perpetual inventory method to inventories is unwarranted. Indeed, figures for expenditures on inventories would probably have to be derived by multiplying the estimated inventory holdings at a given date by the reciprocal of the assumed length o£ the inventory period.

ALGEBRA OF NATIONAL WEALTH ESTIMATION

simultaneous retirement of all assets installed during one period—the same formulas can be applied to obtain national gross and net stock estimates and the national net-gross ratio from aggregate national capital expenditures. Deviations of actual capital expenditures, life spans, and retirement distribution from the underlying simplifying assumptions are likely to lead to smaller differences between the calculations based on annual figures and those obtained by applying the summary formulas to national aggregates or averages than is the case for many individual assets. The reason is that national capital expenditures show milder and more regular swings around their trend than the expenditures on many individual assets show, because there is more scope on a national scale for the offsetting effects of variety in the movements of com­ ponents. Similarly, the retirement distribution may be more sym­ metrical—although it will have a wider time range—than for many individual types of assets. If these were the only factors, the formulas could be applied to aggregate national capital expenditures with more confidence than to individual assets. There is, however, one characteristic of national capital expenditures which makes the formula for gross and net stock more hazardous to use on a national scale. This is the much greater physical and economic variety in the assets that result from capital expenditures. True, even the narrowest category of capital expendi­ tures with which we must operate in actual statistical work covers structures or equipment differing considerably with respect to the trend and variability of expenditures and the length of life and the retirement distribution. This variety, however, is magnified in the national aggre­ gates. The length of life, for instance, will stretch all the way from as little as three years to as much as one hundred years. Average length of life may therefore vary more for the national aggregate, as the composition of total expenditures changes, than is the case for capital expenditures on specific types of assets.12 12 This statement does not apply to all types of capital expenditures. For example, the length of life of automobiles changed more during the last thirty years—and in a different direction—than is probably the case for aggregate national capital expenditures.

CHAPTER 4

Growth of Total National Wealth The Postwar Period ACCORDING to the estimates presented in this report—from now on qualifications will be omitted unless there is a specific reason for them—the net civilian national wealth1 of the United States in current prices increased from a total of about $575 billion at the end of 1945 to $1,700 billion thirteen years later (Chart 1). The annual average rate of growth for the decade thus is slightly above 8.5 per cent. As the prices of tangible assets rose considerably during that period—slightly more than the general price level represented by the gross national product deflator—the average rate of growth in constant (1947-49) prices was substantially lower, averaging 3.5 per cent a year for the period as a whole. The rate of increase is further reduced to 1.8 per cent per year if account is taken of population growth. As a result of the somewhat more rapid growth of reproducible than of nonreproducible tangible wealth, all rates of growth are slightly higher if attention is limited to reproducible wealth. For this, the major part of national wealth, which comprises structures, equipment, and inventories, the rate of growth after adjustment for price changes averaged 3.9 for the period. Real reproducible wealth per head of the population increased at the rate of 2.1 per cent for the thirteen-year period as a whole. The year-to-year movements in the rate of growth of real wealth, shown in Chart 2, reflect, as would be expected, the cyclical fluctua­ tions during the period. Growth was particularly rapid in 1948, the peak year, with a rate of 4.9 per cent compared with the average of 3.5 per cent for the entire period; for 1950 and 1951, 4.3 per cent; and for 1955, 4.5 per cent. The smallest increases were registered in the three recession years since the end of World War II, in 1958, 2.3 per cent, in 1949, 2.6 per cent, and in 1954, 2.9 per cent.2 For the three trough-to-trough cycles occurring within the period the rate of growth in total civilian deflated national wealth averaged3 1 The difference between net national wealth and gross national wealth, which will be discussed later, is that reproducible tangible assets are included at their depreciated value in net national wealth but are carried at their undepreciated value in the estimates of gross national wealth until their assumed useful life expires. 2 These figures are taken from Table A-4. 3 First and last year of cycle assigned weight of one-half.

GROWTH

OF

TOTAL

NATIONAL

WEALTH

CHART 1 Gross and Net Total Wealth, 1945-58

Source: For underlying data, see Tables A-5, A-6, A-7 and A-8.

30

GROWTH OF TOTAL NATIONAL WEALTH

CHART 2 Annual Rate of Change of Net and Gross Reproducible Wealth, 1946-58 Net Stock

Per cent

Current Prices

Constant (1947-49) Prices

1946

'47

'48

'49

'50

'51

'52

'53

'54

'55

'56

'57

'58

'55

'56

'57

'58

Gross Stock

Per cent

Current Prices

10 Constant (1947-49) Prices

1946

'47

'48

'49

'50

'51

'52

'53

'54

Source: Underlying data from Tables A-3 and A-4.

GROWTH OF TOTAL NATIONAL WEALTH

3.9 per cent, 1946-49; 3.7 per cent, 1949-54; and 3.5 per cent, 1954-58. A similar slight decline is shown for the two peak-to-peak cycles of !948-53, 3.8 per cent, and 1953-57, S-6 Per cent· The rates of growth for the postwar period are only slightly different if a somewhat broader or narrower concept of national wealth is adopted. This is evident from Table 4. Using the broadest concept, for which estimates have been made—total civilian wealth including con­ sumer durables plus military assets—the average rate of growth of deflated wealth for the period 1945-58 is 3.0 per cent, noticeably lower than that for civilian wealth (3.5 per cent) because of the relatively small increase in military assets over the period as a whole. Inclusion of military assets, moreover, reverses the position of the two halves of the period. If military assets are included, the rate of growth in the first half—practically entirely before the Korean War—is considerably lower with 2.6 per cent than it is in the second half, when it reaches 3.4 per cent, just the opposite of the relationship for civilian wealth for which the rates are 3.9 per cent (1946-51) and 3.3 per cent (1952-58). Under the narrowest concept of national wealth—a concept rarely explicitly used—which may be regarded as equivalent to business wealth, and which excludes not only consumer durables but also all durable assets of government and nonprofit institutions and all hous­ ing, the rate of growth of deflated wealth averages 3.4 per cent for the entire postwar period, compared with 3.5 per cent for the standard concept (total civilian wealth). Taking trough-to-trough cycles, the growth rate for business wealth shows a continuous decline—from 3.9 per cent for the 1946-49 cycle to 3.4 per cent and 3.2 per cent in the two following cycles. This is similar to, but more pronounced than, the reduction in the rate for total civilian wealth from 3.9 per cent to 3.5 per cent. Using peak-topeak cycles, the rate of growth of business wealth falls from 3.6 per cent in 1948-53 to 3.1 per cent in 1953-57, while that for all civilian wealth declines only slightly from 3.8 per cent to 3.6 per cent and that for nonbusiness wealth (mainly housing, consumer durables, and government structures) increases from 3.8 per cent to 3.9 per cent. The trend of growth of national wealth thus depends on the scope of assets included. There is some indication of a decline in the rate of growth over the postwar period for business wealth, but none for household and public wealth. A longer time span is needed before one can be sure that the movements over the years since the end of World War II reflect long-time trends.

2.61 3.38

2.16 3.49 3.45

3.32 3.57

2.74 2.33 3.09

2.04 2.72 3.38

2.52 3.29

1946-51 1952-58

1946-49" 1949-54» 1954-58»

1948-53» 1953-57»

1946-58 1946-51 1952-58

1946-49 1949-54 1954-58

1948-53 1953-57

(5)

(4)

3.63 3.05

3.91 3.39 3.16

4.12 2.80

3.46

2.54 2.95 2.95 3.00 2.98

3.57 3.74

3.50 2.89

3.27 3.36 2.80

3.12 3.59 2.71

3.60 4.24

3.32 3.68 4.26

3.71 3.31 4,06

3.84 3.94

3.82 3.78 3.81

3.73 3.67

3.70

Included

Business

B . G R O S SI W E A L T H

2.81 2.76 2.85

3.28 3.56 3.73

3.50 3.40 3.58

3.18 3.19

3.10 3.10 3.23

3.86 3.71 3.54

3.76 3.58

3.16 3.02

3.09

3.89 3.32

3.50

SOURCE: For basic figures, see Tables Α-6 and Α-8. a First and last year weighted one-half (in cols. 1-6).

3.03

(3)

(2) A. NET WEALTH

Excluded

Included

3.26 0.58 1.54

1.78 1.69 1.75 1.69 1.75

2.46 2.87 3.32 2.80 3.32

2.60 3.04

2.06 2.70 2.97

2.57 2.15 2.95

0.82 1.44

3.26 0.58 1.54

1.78 1.69 1.75 1.69 1.75

1.81 3.04 0.76 1.73 1.74 1.72

0.82 1.44

3.04 0.76

2.38 3.23

1.74 1.72

(8)

1.81

(7)

Population Employment

1.73

2.84

(6)

Excluded

Consumer Durables

(1)

HOUSEHOLD AND PUBLIC

CIVILIAN

Consumer Durables

(per cent per year)

Total Including Military

1946-58

PERIOD

TABLE 4

AVERAGE RATE OF GROWTH OF REAL (DEFLATED) NATIONAL WEALTH, VARIANT DEFINITIONS, SELECTED PERIODS, 1946-58

GROWTH OF TOTAL NATIONAL WEALTH

During the postwar period, the rates of growth of gross national wealth, adjusted for price changes, are considerably lower than those for net national wealth (except in the case of civilian wealth including consumer durables), reflecting the relatively rapid rise of capital ex­ penditures and the consequent reduction of the average age of the stock of reproducible assets. For aggregate gross reproducible tangible wealth excluding inventories—and it is only for this segment that gross and net stock differ—the average rate of growth is 3.5 per cent a year against 4 per cent for the net stock of structures and equipment.4 The difference is relatively small for consumer and government durables, but very pronounced for the reproducible assets of business. This difference reflects the sharp rise in expenditures on business structures and equipment, within the postwar period and also in comparison with the prewar decades, an acceleration which results in a large excess of depreciation allowances over retirement.5 As a result the rate of growth averages 3.6 per cent for the gross stock of business structures and equipment compared with a rate of 4.1 per cent for the net stock. The relative difference between the rates of growth of net and gross stock are, of course, more pronounced when allowance is made for growth in population or labor force. The per-head rates of growth for deflated gross stock are then about one-fifth lower than those for net stock, if all reproducible assets are taken together (1.8 per cent against 2.2 per cent a year); but they are almost halved in the case of business structures and equipment (1.4 per cent against 2.4 per cent). When national wealth estimates, adjusted for price changes, are used in economic analysis, neither gross nor net stock can be regarded as a measure of productive capacity or changes in it. While much de­ pends on the technique used to deflate current capital expenditures and on other peculiarities of the data and their manipulation, it is likely that, in general, productive capacity in the sense of output at practically full utilization of resources will grow at a rate somewhere between the rates indicated by net and gross wealth. An important characteristic of national wealth is thus provided by the ratio of its net value (net of depreciation) and its gross value (net of retirements) which is shown in Chart 3. This ratio, which applies only to structures and equipment, is an indicator of the proportion of 4 For basic figures see Tables A-6 and A-8. 5 Both series, as used in this report, are based on conventional length-of-life assumptions. There is little doubt, however, that the excess would persist if informa­ tion were available on actual retirements.

GROWTH OF TOTAL NATIONAL WEALTH

CHART 3 Net-Gross Stock Ratio of Selected Assets, 1945-58 (current prices) Ratio

0.62

0.60

Residential structures

0.58

0.56

0.54

Producer durables

Nonresidential private StructureSi

-/

0.52

'Vi

Consumer durables/' 0.50

0.48

0.46

0.44

0.42

1945

'46

'47

'48

'49

'50

'51

'52

'53

Source: Underlying data from Tables A-5 and A-7.

'54

'55

'56

'57

'58

GROWTH OF TOTAL NATIONAL WEALTH

the original investment in structures and equipment which is still unrecovered on the basis of the length-of-life assumption and the depreciation schedule that are applied. To the extent that both, as well as the adjustment for price changes, are realistic, the ratio measures the proportion of useful life expired and provides an indication of the proportion of original investment still available for use in production. The ratio (which would be 0.50 in a static economy in which the amount of gross capital expenditures is the same, year after year6) stood—on the basis of current prices of the net and gross stock—at 0.53 at the end of 1945, advanced gradually to 0.57 in 1956 and 1957, and then dropped slightly to 0.56 in 1958. Producer durables and structures both show ratios of about 0.59 for 1958 in contrast to only 0.47 for consumer durables. The levels of and changes in the net-gross ratios for individual types of assets can be followed, on an annual basis, in Table A-65. The level for the two main constituents, business plant and equipment, and household and public structures and consumer durables, started at about the same level—50 and 56 per cent, respec­ tively, in 1945—but the ratio advanced to about two-thirds in 1958 for business plant and equipment while remaining practically stationary for the second category. A Longer Perspective

In a question such as the rate of growth of a nation's capital stock, long-range perspective is essential. How does the rate of growth of national wealth in current prices observed during the postwar decade compare with American experience in the past? And how does its distribution among changes in the price level, in population, and in real capital per head compare? Table 5 tries to answer this question insofar as a few summary figures can do so.7 In comparison with three semicentennial periods before World War II—1805 to 1850; 1850 to 1900; and 1900 to 1945—the growth of wealth during the postwar period is characterized by the following features:8 1. The decline in the share of nonreproducible assets, particularly farm land, continued (Chart 4). This will be discussed in the first section of Chapter 5. What follows is limited to reproducible wealth. 6 Cf.

Chapter 3. is haMly necessary to stress that the wealth estimates for the nineteenth century are considerably weaker than those for the last sixty years, imperfect as the latter are. The very broad comparisons made here may not, however, be seriously affected. 8 The margin of error in the figures, of course, increases as we go back in time. 7 It

GROWTH OF TOTAL NATIONAL WEALTH TABLE 5 DISTRIBUTION OF GROWTH OF REPRODUCIBLE TANGIBLE WEALTH, EXCLUDING MILITARY, AMONG INCREASE IN POPULATION, CHANGE IN PRICE LEVEL, AND GROWTH OF REAL WEALTH, SELECTED PERIODS, 1805-1958 (per head)

Successive Periods

Periods Ending 1958

1945 to 1958

1929 to 1945

1900 to 1929

1850 to 1900

1805 to 1850

(1)

(2)

(3)

(4)

(5)

j

1958

1900 to 1958

1850 to 1958

1805 to 1958

(6)

(7)

(8)

(9)

1929

to

A. ANNUAL PERCENTAGE RATE OF GROWTH»

1. NonnJiilitary wealth, current value Population Wealth per head') Price levelc Real wealth per hcad'l 6. Real wealth 2. 3. 4. 5.

8.80 1.73 7.07 4.93

2.17 0.86 1.31 1.98

5.91 1.62 4.29 2.62

5.20 2.40 2.80 0.30

4.40 3.00 1.40 -0.80

5.21 1.25 3.96 3.19

5.56 1.43 4.13 2.91

5.31 1.89 3.62 1.74

5.21 2.20 3.01 1.02

2.14 3.87

-0.67 0.19

1.67 3.29

2.50 4.90

2.20 5.20

0.77 2.02

1.22 2.65

1.88 3.77

1.99 4.19

B. PER CENT OF TOTAL GROWTH RATE 1. Nonmilitary wealth, current value 100.0 2. Population 19.7 3. Wealth per headb 80.3 4. Price levelc 56.0 5. Real wealth per head'l 24.3 6. Real wealth 44.0

100.0 39.7 60.3 91.2

100.0 27.4 72.6 44.3

100.0 46.2 53.8 5.8

100.0 68.2 31.8 -18.2

100.0 24.0 76.0 61.2

100.0 25.7 74.3 52.3

100.0 34.3 65.7 31.6

100.0 42.2 57.8 19.6

--30.9 8.8

28.3 55.7

48.1 94.2

50.0 118.2

14.8 38.8

21.9 47.7

34.1 68.4

38.2 81.4

SOURCE: Data from Income and Wealth Series II, p. 306; and Tables A-I and A-2, below. a Calculated from ratio between value at beginning and at end of period. b Line 1 less line 2. c Implicit; calculated as difference between lines 3 and 5. Λ Line 6 less line 2.

s . The current value of reproducible tangible wealth grew very rapidly (Chart 5). The rate of almost 9 per cent a year is well in excess of that for any of the three semicentennial periods. It is at least as high as that observed for any ten-year period for which we have separate estimates, including the decades 1860-70 and 1912-22 which cover the two preceding war and postwar inflations.9 a The rate of growth for the period 1860-70 was only 4 per cent for the aggregate and 1.7 per cent for the current value of reproducible wealth per head if Willford I. King's estimates are used (The Wealth and Income of the People of the United States, New York, Macmillan, 1919, pp. 256-259). The rate of growth for the period 1912-22 is estimated at 8 per cent for aggregate reproducible wealth in current prices and 6.5 per cent for wealth per head. If we select for this comparison the

GROWTH OF TOTAL NATIONAL WEALTH

CHART 4 Share of Nonreproducible Constituents in Total Wealth, Selected Years, 1900-58 (current prices) Per cent

40

35

30

20

1900

'12

'22

'29

'45

'58

Source: Underlying data from Table A-5.

3. Rising prices accounted for a high proportion of the growth of the current value of reproducible wealth (Chart 6). For the postwar period 1939-48 which is more appropriate in its location relative to the years of actual warfare, the rate of growth (9 per cent in the aggregate and 7.5 per cent per head) during the World War II decade equals the partly overlapping postwar period.

GROWTH OF TOTAL NATIONAL WEALTH

CHART 5 Total Net Wealth, Excluding Military, Selected Years, 1900-58 Billions of dollars

2,000

Ratio scale

1,000 900 800 700

Constant (1947-49) prices/

600 500 Current prices 400

300

200

100- / 90, Λ

80

1900

1

'12

1

'22

1

'29

1

'33

'39

'45

'51

'58

Source: Underlying data from Tables A-I and A-2.

period as a whole almost three-fifths of the total increase in the current value of tangible wealth is attributable to the price factor. It is, how­ ever, worth notice that the share of the rise of prices in the growth of the current value of wealth during the decade 1946-55 is not much above that for the average of the entire period 1900-45 in which the absolute

GROWTH OF TOTAL NATIONAL WEALTH

CHART 6 Annual Rate of Change of Net Reproducible Wealth, Selected Periods and Years, 1900-58 Constant (1947-49) Prices

Current Prices 1900-12 1912-22 1922-29 1929-33 1933-39 1939-45 1945-46 1946-47 1947-48 1948-49 1949-50 1950-51 1951-52 1952-53 1953-54 1954-55 1955-56 1956-57 1957-58

0 Percent

+5

-10

+5

+10

+ 20

+25

Per cent

Source: Underlying data from Tobies A-3 and A-4.

rate of growth of the current value of wealth was considerably smaller. During the nineteenth century as a whole, on the other hand, only a negligible part of the growth of the current value of reproducible wealth was attributable to a rise in the price level of durable goods. 4. The growth of population showed a relatively low share in the increase of real reproducible wealth. During the postwar period, more than two-fifths of the increase in total real wealth was absorbed by the increase in the number of people, compared with a share of almost three-fifths in the preceding half-century, a share of one-half for the second half of the nineteenth century, and a share of three-fifths for the period 1805 to 1850. 5. The rate of growth of reproducible wealth per head of 2.2 per cent per year—for the economist, probably the most relevant of all these measures—is slightly above the average for the entire period from 1805

GROWTH OF TOTAL NATIONAL WEALTH

to 1945; only slightly below the average for the entire nineteenth century; and far above the average for the period 1900-45 as a whole. What is more significant, the rate is slightly above the average for the first three decades of the twentieth century (1.7 per cent), although somewhat below the average for the new era of the twenties (1922-29, 2.5 per cent). 6. The relation between the rates of growth of national wealth in the postwar period, comparing concepts of different scope, is partly similar and partly different from what it had been in the 1900-45 period and—possibly more relevantly—in the 1900-29 period (Table 6 and Chart 7). The postwar period resembled the first three decades of the century, in that the rate of growth of household and public wealth (including consumer durables) was higher than that of business wealth (3.7 per cent against 3.5 per cent, both adjusted for price changes but before adjustment for population growth). On the other hand, the first three decades do not exhibit the marked excess within household wealth of the rate of growth of consumer durables over that of housing and government structures that characterized the postwar period. Finally, the difference between the rates of growth of total and civilian wealth was, of course, absent in the 1900-29 period (though it was even more pronounced in the 1929-45 period), since military assets were of negligible size until World War II. 7. Because of the existence of long swings in many basic economic series, one must be very careful to interpret the level of the rate of growth of national wealth or components of it, during the postwar period, as indicating a change in trend. The existence of such swings in the case of reproducible tangible wealth is indicated in Table 7, which shows the average annual rate of change of reproducible tangible wealth in constant (1929) prices for the fifteen reference cycles since 1896 distinguished by the National Bureau. Taken alone, the average rate of growth for the three postwar cycles of about 4 per cent per year is high, since the same average for the preceding twelve cycles is slightly below 3.5 per cent. However, the high rate for the three postwar cycles, particularly the second and third, may well reflect the top of a long swing rather than a change in trend, similar for example to cycles 8 to 10 (1921-32), which showed an average rate of growth of 3.5 per cent a year; or to cycles 2 to 4 (1900-11), with an average of 3.75 per cent. 8. On the whole, when attention is limited to broad aggregates, the similarities between the growth of national wealth in the postwar

2,444 4,291 5,671

1,935 2,354 2,746 3,553 3,427 3,390 3,174

3,324 3,738 4,246

4,097 7,480 9,781

4,094 4,826 5,382 6,352 5,886 5,699 5,429

5,608 6,364 7,097

1945 1951 1958

1900 1912 1922 1929 1933 1939 1945

1945 1951 1958

(5)

(4)

(3)

2,115 3,504 4,566

410 577 1,200 1,593 1,278 1,532 2,020 1,653 3,189 4,111

656 1,001 1,577 1,650 1,139 1,237 1,680 3,249 5,964 7,873

772 1,135 2,136 2,559 1,914 2,329 3,144

A. NET DOLLARS PER HEAD, CURRENT PRICES

Total

Excluded

1,736 2,808 3,678

1,736 3,594 3,678

2,283 2,626 2,851

2,915 3,030 3,336

(continued)

2,159 2,473 2,636 2,799 2,459 2,309 2,255

1,654 2,014 2,400 3,085 3,032 2,952 2,738 4,429 5,126 5,830

2,888 3,486 3,921 4,673 4,334 4,358 4,202

2,793 3,133 3,628

1,482 1,817 2,013 2,620 2,518 2,655 2,525

2,384 2,425 2,719

1,201 1,477 1,668 2,153 2,123 2,217 2,090

288 404 800 1,062 875 1,161 1,567

(Ό

Excluded

367 545 1,083 1,407 1,079 1,416 1,567

Included (6)

B. NET DOLLARS PER HEAD, CONSTANT (1947-49) PRICES

488 718 1,484 1,937 1,482 1,779 2,382

Included (2)

1,144 1,718 3,061 3,587 2,621 3,015 4,062

Total (1)

Consumer Durables Business Wealth

Consumer Durables

1900 1912 1922 1929 1933 1939 1945

END OF YEAR

REPRODUCIBLE TANGIBLE NONBUSINESS WEALTH

ALL NONBUSINESS WEALTH

NATIONAL WEALTH PER HEAD, SELECTED YEARS, 1900-58

TABLE 6

1,636 1,993 2,202

1,405 1,669 1,908 2,052 1,816 1,703 1,677

1,183 2,370 3,090

405 590 1,053 1,152 835 920 1,215

Business Wealth (8)

(3) (4)

Business Wealth Total (5)

(6)

Included (7)

Excluded

Consumer Durables Excluded

NONBUSINESS WEALTH

Consumer Durables

WEALTH

Included (2)

REPRODUCIBLE TANGIBLE

ALL NONBUSINESS

2.13 1.57 1.83

1.53 0.38 0.95

1945-51 1951-58 1945-58

1900-29 1929-58 1900-58

2.12 0.62 1.36

1.98 1.84 1.90

1.65 1.55 3.75 -0.91 -0.18 -1.10

2.17 0.27 1.22

0.65 1.38 1.04

1.65 1.77 3.65 -0.43 -0.45 -1.26

Source: Based on data in Tables A-I and A-2.

1.38 1.10 2.40 -1.92 -0.54 -0.81

0.90 0.06 0.48

2.36 1.18 1.72

1.14 0.64 0.86 -3.29 -1.05 -0.40

1.67 0.77 1.22

2.47 1.86 2.14

1.58 1.18 2.54 -1.90 0.09 -0.61

1.98 1.13 1.55

1.93 2.12 2.03

1.71 1.02 3.83 -1.00 0.78 -0.84

2.03 0.81 1.42

0.28 1.65 1.02

1.73 1.22 3.61 -0.35 0.72 1.00

C. AVERAGE PERCENTAGE RATE OF CHANGE PER HEAD, NET WEALTH IN CURRENT PRICES

(1)

Total

1900-12 1912-22 1922-29 1929-33 1933-39 1939-45

YEAR

END OF

TABLE 6 (concluded)

1.31 0.23 0.78

3.34 1.42 2.30

1.44 1.35 1.04 -3.10 -1.07 -0.30

Business Wealth (8)

GROWTH

OF

TOTAL

NATIONAL

WEALTH

CHART 7 Growth of National Wealth, Alternative Definitions, Selected Years, 1900-58

Source: Underlying data from Tables A - l and A-5. 44

•fe.

1896 1900 1904 1908 1911 1914 1919 1921 1924 1927 1932 1938 1946 1949 1954

1. 2. 3. 4. 5. 6. 7.

1899 1903 1907 1910 1913 1918 1920 1923 1926 1929 1937 1944 1948 1953 1957

(1)

Peak

1900 1904 1908 1911 1914 1919 1921 1924 1927 1932 1938 1946 1949 1954 1958

Trough

227.0 239.5 273.5 308.2 201.5 333.6 368.9 464.7 552.4

208.6

112.8 129.0 149.8 169.2 186.4

(2)

Expansion

120.4 138.6 161.8 177.8 195.6 221.2 230.8 255.3 292.8 319.5 311.1 337.0 398.0 510.1 590.5

(3)

Contraction

114.7 131.4 152.8 172.1 189.5 211.1 228.9 244.8 279.9 315.0 303.1 334.5 378.6 473.8 561.9

(4)

Full cycle

+3.8 +7.1 +5.3 —5.6 +7.2 +9.5 + 16.8 +8.3

+6.6 +2.6

+7.1 +8.1 +4.6 +4.8

(5)

Expansion

+ 1.7 +6.6 +7.1 +3.7 +3.2 + 1.0 +7.9 +9.8 +6.9

+6.0

+6.7 +7.4 +8.0 +5.1 +4.9

(6)

Contraction

Per Cent Change from Preceding Phase

+ 10.1 + 11.4 +8.4 +6.9 +14.3 + 12.5 —3.8 + 10.4 + 13.2 +25.1 + 18.6

+12.6

+ 14.6 + 16.3

(7)

Total

+2.4 +2.8 +4.8 +3.1 -0.2 + 1.5 +2.3 +5.8 +3.9

+2.8

+3.6 +3.9 +3.6 +3.4

(8)

Per Year

Per Cent Change from Preceding Cyclea

+2.5 +4.7 +3.5 — 1.4 +2.1 +4.6 +6.4 +4.1

+2.6 +2.6

+3.6 +4.0 +3.1 +3.2

(9)

Expansion

+3.4 +3.7 +4.0 +3.4 +3.3 +2.4 + 1.7 +4.4 +4.7 + 1.5 — 1.1 +0.2 +5.2 +3.8 +3.4

Contraction (10)

Per Cent Change Per Year from Preceding Phase

SOURCE: 1896-1945, A Study of Saving . . . , Vol. I l l , Table W-3. 1946-58, Table A-26 below (converted to 1929 prices), a Base average of preceding cycle.

9. 10. 11. 12. 13. 14. 15.

8.

Trough

Line

Dates of Reference Cycles

Average Yearly Standing ($ billion of 1947/49)

RATE OF GROWTH OF TOTAL REPRODUCIBLE TANGIBLE ASSETS OVER N B E R REFERENCE CYCLE PHASES, 1 8 9 6 - 1 9 5 8

TABLE 7

GROWTH OF TOTAL NATIONAL WEALTH

period and that observed in the preceding century are much more pro­ nounced than the differences. The growth of national wealth in the years 1946-58 has followed the pattern of the preceding two or three generations. Differences in detail naturally exist, and there will be occasion to point out some of them in greater detail in Chapter 5.

CHAPTER 5

Changes in the Structure of National Wealth THE revival of interest in national wealth estimates during the past decade has been accompanied by a realization that the value of these figures for economic analysis resides much less in broad national aggre­ gates than in breakdowns which permit comparisons among types of wealth or among groups of wealth holders, and breakdowns which also enable the analyst to relate the wealth estimates to the income derived from the same type of assets or by the same groups of holders. Of the two breakdowns, changes in the structure of national wealth among its components have been given more attention by economists, probably because analysis of the distribution of national wealth among groups requires the simultaneous consideration of tangible assets, financial assets, liabilities, and net worth. This chapter deals primarily with the breakdown of tangible assets by type and secondarily with the distribution of the ownership of tangible assets among the various sectors of the economy. Changes in the relations between components of national wealth differ, depending on whether the analysis is conducted on the basis of original cost, current (market or replacement), or constant (base period) values. What is more disturbing, changes in the structure of national wealth also depend to some extent on the choice of the price basis. This may be true even if the base periods are only twenty years apart, as seen from a comparison of the distribution of national wealth by type during the first part of the postwar decade in 1947-49 prices, given in this report, with a similar distribution based on 1929 prices, derived from previously published estimates.1 In order not to complicate the discussion unduly, we shall concen­ trate in this chapter on changes in the structure of national wealth as reflected in current values (replacement cost for reproducible tangible wealth), drawing attention only occasionally to instances of changes in the structure of national wealth that differ significantly in pattern when NOTE: The discussion in this section is based for the period beginning with 1900 on the estimates shown in the relevant Appendix tables, which in turn are taken for the period igoo to 1935 from A Study of Saving in the United States, Vol. Ill, Special Studies, 1956. For the nineteenth century the rough estimates in "The Growth of Reproducible Wealth of the United States of America from 1805 to 1950," Income and Wealth Series II, London, 1952 (pp. 2478.), were used. I A Study of Saving . . . , Vol, III, Table W-3.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

deflated figures are used. The interested reader, however, can follow the movements on both bases in summary form in Tables 6 to 12, and in detail with the help of Tables A-9 to A-14 and A-19 to A-24. Reproducible and Nonreproducible Tangible Wealth

The primary distinction usually made in the analysis of the structure of national wealth is that between nonreproducible assets, represented chiefly by land, and reproducible assets, which consist chiefly of struc­ tures, equipment, and inventories. During the postwar decade the ratio of the current value of non­ reproducible tangible assets declined only very slightly from almost 21 per cent to 191/2 per cent, as shown in Table 8. The drop was fairly regular, amounting on the average to nearly one-tenth of a percentage point or about 3/8 per cent of its own level per year. It reflected pri­ marily the relatively slow increase in the aggregate current value of farm land—the quantity of which, of course, hardly changed in the face of a considerable expansion of the physical volume of reproducible tangible wealth, however measured. As a result the share of agricul­ tural land in national wealth declined from about 8 to 6 per cent.2 This decline thus was not due to either of two factors which may be thought responsible. It was not due, first, to the lag in an increase in the price of agricultural land. In fact, the price of agricultural land advanced slightly more between 1945 and 1958 than the price level of all reproducible tangible wealth increased, measured by the ratios of current to its deflated values, that is, by about 115 per cent against 2 An explanation of the substantial increase in the value of land at constant prices, which is shown in Table 8, is appropriate, since it might be presumed that the value of land at constant prices should by definition remain unchanged. This increase is the result of the method of estimating the value of nonagricultural land, particu­ larly land underlying residential and nonresidential buildings. The value of these categories of land in constant (1947-49) prices at any one date is obtained by apply­ ing, to the constant price values of structures, land-structure ratios derived from the relationship between land and structure values in current prices at the same date. Hence, if the constant price value of structure increases relatively more than the land-structure ratio declines, and of course if the land-structure ratio remains unchanged, the value of land in constant prices will rise. This is not unreasonable economically. In an expanding economy land is often upgraded, that is, its value is increased in constant prices even in the absence of improvements. Thus, the trans­ formation of farm acreage into urban land increased the value of total land between, say, 1900 and i960, whether we use the 1900 prices or the i960 prices or any inter­ mediate years' prices of land of a given type. The increase in the aggregate value of land in constant prices shown in Table 8 is thus the effect of what may be called the change in the "mix" of different types of land that occurred during the period of observation.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

TABLE 8 REPRODUCIBLE AND NONREPRODUCIBLE NET WEALTH, SELECTED YEARS AND PERIODS, 1943-58 Total Wealth

Viilitary Assets luded Excluded (1) (2)

Reproducible Wealth

Nonreproducible Wealth

Military Assets Included Excluded (3) (4)

Military Assets Included Excluded (5) (6)

A. ABSOLUTE VALUES, CURRENT PRICES ($ billion)

1945 1951 1958

649 1,220 1,791

576 1,165 1,702

530 984 1,456

457 929 1,367

119 236 335

119 236 335

B. ABSOLUTE VALUES, CONSTANT (1947-49) PRICES ($ BILLION)

1945 1951 1958

889 1,037 1,308

1945 1951 1958

100.0 100.0 100.0

1945 1951 1958

100.0 100.0 100.0

788 991 1,244

723 844 1,086

622 798 1,022

166 193 222

166 193 222

18.3 19.3 18.7

20.7 20.3 19.7

C. PERCENTAGE SHARES, CURRENT PRICES 100.0 100.0 100.0

81.7 80.7 81.3

79.3 79.7 80.3

D. PERCENTAGE SHARES, CONSTANT (1947-49) PRICES

100.0 100.0 100.0

81.3 81.4 83.0

78.9 80.5 82.2

18.7 18.6 17.0

21.1 19.5 17.8

E. PERCENTAGE RATE OF GROWTH PER YEAR, CURRENT PRICES

1949-51 1951-58 1945-58

11.09 5.64 8.12

12.46 5.56 8.69

10.86

5.76 8.08

12.55 5.67 8.79

12.09 5.13 8.29

12.09 5.13 8.29

F. PERCENTAGE RATE OF GROWTH PER YEAR, CONSTANT (1947-49) PRICES

1945-51 1951-58 1945-58

2.60 3.37 3.02

3.89 3.30 3.59

2.62 3.66 3.18

4.24 3.60 3.89

2.54 2.02 2.26

2.54 2.02 2.26

SOURCE: Data from Tables A-5, A-6, A-25, and A-26.

85 per cent. Second, it was not due, or due only to an insignificant degree, to the declining share of the value of agricultural land in total tangible assets of agriculture. This share was approximately the same in 1958 as twelve years earlier—about one-half. Among nonfarm sectors, the share of land (including forests and subsoil assets) held up until 1951 and declined very slightly, from 16 to 15 per cent over the entire decade.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

The decline in the share of land in total national wealth during the postwar decade continued a trend that can be observed as far back as national wealth estimates reach. From 1900 to 1945, for instance, the share of land was almost cut in half from 35 per cent to about 20 per cent. This meant a decline by about one-third of one percentage point per year, or by approximately 1.25 per cent of its average level. Thus, the decline in the share of land during the postwar decade was con­ siderably smaller in absolute terms than the diminution that had been experienced over the preceding half century. During the nineteenth century the decline in the share of land in national wealth had proceeded quite regularly at the rate of about one-fifth of one percentage point per year so far as the very rough estimates utilized in Table 9 can be trusted. As during the postwar decade this continuous decline in the share of land reflected primarily the diminishing importance of agriculture within the American econ­ omy and was not due, or only to a minor extent, to a decline in the share of land in total tangible assets of agriculture3 or in total tangible assets of the other sectors of the economy. Wealth for Production Versus Wealth for Consumption

Another significant division of tangible wealth is by assets used for production and those devoted directly to individuals' welfare (con­ sumption). The separation—which of course is not identical with the distinction between profit-making and nonprofit-making assets—is not entirely unambiguous conceptually or statistically. However, the result cannot be very far off quantitatively from what more precisely allo­ cated figures would yield, if we regard as tangible wealth used for consumption residential and institutional structures and the land underlying them; consumer durables, except one-half of the stock of passenger cars;4 one-half of government civilian structures;5 and— 3 The share of land in the tangible assets of agriculture may be put very roughly at close to three-fifths in 1805, 1850, and 1900, although the share probably was somewhat above that level in 1805, and somewhat below it in 1880. The figures per­ mit only the tentative conclusion that the ratio of land to total tangible assets in agriculture failed to show an obvious or marked trend during the nineteenth century. * The exclusion of one-half of the stock of passenger cars is intended as a rough recognition of the fact that a substantial proportion of intracity and interurban transportation between home and place of work depends on consumer owned and operated passenger cars. To that extent at least passenger cars are direct substitutes for trolley cars, buses, and railroad coaches; and indirect substitutes for part of railroad track, coaches and locomotives. 5 Only one-half of government structures is allocated to wealth used for consump-

1.23 7.2 37.7 87.7 439.1 576.2 1702.3

Year

1805 1850 1880 1900 1929 1945 1958

(4)

(3)

0.53 0.42 0.36 0.35 0.26 0.21 0.18

Landb (2)

0.65 3.0 13.0 30.9 113.5 121.2 310.8

0.95 4.1 13.5 24.5 64.4 86.7 182.6

Tangible Wealth

0.60 2.5 7.6 14.5 34.9 43.5 87.6

(5)

Land

Source: 1805-80: Goldsmith, "The Growth of Reproducible Wealth of the United States of America from 1850 to 1950," Income and Wealth Series XI, Tables I, II, IV and V. 1900 and 1929: A Study of Saving . . . , Vol. Ill, Table W-l. 1945 and 1958: Tables A-5 and A-52.

Tangible» Wealth (1) 0.63 0.61 0.56 0.60 0.54 0.50 0.48

Share of Land (6) 0.28 3.1 24.2 63.2 374.7 489.5 1519.7

(7)

Tangible Wealth

0.05 0.4 5.4 16.4 78.6 77.7 223.2

Land (8)

Other Sectors

0.18 0.13 0.22 0.26 0.21 0.16 0.15

(9)

Share of Land

a Including consumer durables and net foreign assets, but excluding military assets. b Including forests and subsoil assets.

Agriculture

(current values in billions of dollars)

Share of Land

T o t a l

TABLE 9

SHARE OF LAND IN NATIONAL WEALTH, SELECTED YEARS, 1805-1958

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

rather arbitrarily—one-half of government land. Thus, all nonresi­ dential structures and the land underlying them, all producer durables, all private inventories, farm land, and one-half the stock of passenger cars and of government structures and land are regarded as assets for production. Such an allocation, in which tangible assets of a given type are assigned either to wealth for consumption or to wealth for production throughout the entire period, cannot take account of the shift of cer­ tain activities between household and business that occurred during the period. For instance, a larger proportion of passenger traffic facili­ ties of railroads may have served immediate consumption—for pleasure travel—in 1900 than in i960. If so, a larger share of the reproducible tangible assets of railroads should have been allocated to wealth for consumption in 1900. (Actually no such allocation was made in either year, all tangible assets of railroads having been allocated to wealth for production throughout the period.) It is unlikely that these shifts, not all of which tended in the same direction, were large enough to change the general outlines of the distribution of national wealth between production and consumption use. The distribution of tangible wealth between assets for welfare and for production has hardly changed over the postwar decade, keeping close to a 45-55 per cent division, as Table 10 shows. This stability, however, is the result of an increase in the share of consumer durables large enough to offset a moderate decline—-in proportion to its starting level—in the share of residential structures. The absence of a trend in the distribution of tangible wealth between assets for welfare and for production is in contrast to the trend in the preceding half-century, tion because a considerable part of the reproducible tangible wealth owned by the government, particularly state and local governments, serves what are under any reasonable definition productive functions and has a close counterpart in the private sphere. This applies particularly to water and sewerage facilities, gas and electric plants, reclamation and flood control work, and river and harbor improvements. These categories accounted in 1946 for more than one-fifth of the total value of reproducible government assets (J. E. Reeve, et al., "Government Component in the National Wealth," Studies in Income and Wealth, Vol. 12, New York, NBER, 1950, pp. 5i4ff.). If only one-half of roads and streets are added, as primarily serving business transportation or substituting for facilities of the business type like rail­ road tracks, the share of tangible government assets used for productive purposes rises to above two-fifths. Allocation of parts of nonresidential buildings and miscel­ laneous structures, which together represent about three-tenths of reproducible government assets, would bring the share of productive assets to at least one-half. It would be considerably in excess of one-half if city streets were also regarded as productive assets.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

TABLE 10 CIVILIAN WEALTH FOR PRODUCTION AND WELFARE, SELECTED YEARS AND PERIODS, 1945-58

(values in billions of dollars) N E T

W E A L T H

Total

Produc­ tion Welfare (1)

(2)

311 642 961

265 523 741

G R O S S

W E A L T H

Reproducible

Total

Reproducible

Produc­ tion Welfare

Produc­ tion Welfare

Produc­ tion Welfare

(3)

(4)

(6)

(7)

(8)

450 870 1,259

384 757 1,131

414 804 1,170

621 765 980

525 632 802

572 709 913

49.0 48.4 47.8

48.1 48.5 49.2

51.9 51.5 50.8

47.9 47.1 46.8

52.1 52.9 43.2

12.23 5.90 8.92

11.70 5.51 8.32

3.14 3.46 3.31

3.54 3.68 3.66

(5)

A. ABSOLUTE VALUES, CURRENT PRICES

1945 1951 1958

227 471 700

230 458 667

468 927 1,377

B. ABSOLUTE VALUES, CONSTANT (1947-49) PRICES

1945 1951 1958

422 537 661

367 454 583

1945 1951 1958

54.0 55.1 56.5

46.0 44.9 43.5

304 400 505

318 398 517

642 769 957

c. PERCENTAGE SHARES, CURRENT PRICES 49.7 50.7 51.2

50.3 49.3 48.8

51.0 51.6 52.2

D. PERCENTAGE SHARES, CONSTANT (1947-49) PRICES

1945 1951 1958

53.5 54.2 53.1

46.5 45.8 46.9

48.9 50.1 49.4

51.1 49.9 50.6

50.8 50.1 49.4

49.2 49.9 50.6

E. PERCENTAGE GROWTH PER YEAR, CURRENT PRICES

1945-51 1951-58 1945-58

12.84 5.93 9.07

12.00 5.10 8.23

12.94 5.82 9.05

12.16 5.52 8.53

12.06 5.82 8.70

11.61 5.37 8.18

F. PERCENTAGE GROWTH PER YEAR, CONSTANT (1947-49) PRICES

1945-51 1951-58 1945-58

4.10 3.01 3.50

3.61 3.64 3.62

4.60 3.45 3.98

3.81 3.81 3.81

3.29 3.16 3.12

3.77 3.60 3.79

SOURCE: Data from Tables A-5 and A-6.

when the share of tangible wealth serving consumption increased noticeably from only about 30 per cent in 1880 and more than 35 per cent in 1900 to close to 45 per cent in the 1930's.6 6 So far as the rough estimates permit a conclusion, the share of tangible assets used for consumption was fairly stable between 1805 and 1880. In fact, if attention is limited to reproducible tangible wealth, the share of assets for consumption seems to have declined between 1805 and 1850. This trend indicated by the rough esti­ mates is not unreasonable, as one would expect that during most of the nineteenth

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

Structures, Equipment, and Inventories

This division shown in Table 11 and Chart 8 is of significance primarily for productive reproducible tangible wealth. It is to some extent arbi­ trary, particularly with respect to the distinction of some types of equipment from the structures in which they are installed, and to the classification of livestock which may be regarded as a form of either inventory or equipment.7 The outstanding change during the postwar decade is the increase in the share of producers' durable equipment in productive repro­ ducible wealth shown in Table xi. It rose between 1945 and 1958 from 22 per cent to 29 per cent if livestock is excluded, although the ad­ vance was only from 26 to 31 per cent if it is included, because the share of livestock alone in productive reproducible assets declined from 4 to 3 per cent.8 This increase in the share of equipment (pro­ ducer durables) was offset partly by the fall in the proportion of inventories from 23 to 19 per cent including livestock, and from 19 to 16 per cent excluding livestock. The share of nonresidential private structures increased slightly from 34 to 36 per cent. These movements, however, can be regarded as reflecting to only a relatively small extent significant long-term trends. They are largely the result of postwar readjustments and of the very low level of expenditures on equipment from 1930 through 1945. It was only around 1950 that equipment (excluding livestock) regained its share of 1929 in productive repro­ ducible wealth. The increasing share of equipment observed during the postwar decade, however, continues a trend visible at least since 1880.9 At that time about one-sixth of productive reproducible wealth consisted of equipment (excluding livestock), a figure apparently little changed over the preceding three-quarters of a century. The share then rose to century the share of tangible assets used for production increased with industrializa­ tion, but that this increase ceased when consumer durables began to gain in im­ portance, beginning with the introduction of the automobile early in the twentieth century. On the basis of these considerations one might have expected the share of tangible assets used for production to increase until about the turn of the century, but the figures, such as they are, place the turning point near the end of the third quarter of the nineteenth century. 7 The test probably should be the length of useful life of the individual livestock unit. From that point of view, the classification probably should be changed from inventories to equipment, as the relatively long-lived dairy cattle came to account for an increasing proportion of the total value of livestock. sDetailed data from Table A-5. 9 Goldsmith, Income and Wealth Series II, p. 306.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH TABLE IL MAIN CATEGORIES OF CIVILIAN WEALTH, SELECTED YEARS AND PERIODS, 1945-58 (values in billions of dollars) N e t

W e a l t h

Structures (1)

Equipment (2)

1945 1951 1958

286 545 833

95 246 379

1945 1951 1958

408 466 593

Inventories (3)

W e a l t h a

G r o s s

"

Nonreproducible (4)

Inventories (7)

Nonreproducible (8)

53 110 130

121 222 311

255 381 572

74 94 110

168 181 203

21.8 24.4 27.4

5.8 6.1 4.9

13.2 12.4 11.8

5.9 6.1 5.7

13.3 11.8 10.5

12.94 2.42 7.15

10.64 4.93 7.53

4.07 2.27 3.10

1.25 1.65 1.47

EquipStructures ment (S) (6)

A. ABSOLUTE VALUES, CURRENT PRICES 53 110 130

121 222 311

522 983 1,424

200 439 721

B. ABSOLUTE VALUES, CONSTANT (1947-49) (PRICES 119 214 297

74 94 110

168 181 203

746 841 1,011

C. PERCENTAGE SHARES, CURRENT PRICES 1945 1951 1958

49.7 46.8 48.9

1945 1951 1958

51.7 47.0 47.7

16.5 21.1 22.3

9.2 9.4 7.6

21.0 19.1 18.3

56.9 54.7 54.0

D. PERCENTAGE SHARES, CONSTANT (1947-49) PRICES 15.1 21.6 23.9

9.4 9.5 8.8

21.3 18.3 16.3

59.1 54.8 52.2

20.2 24.8 29.5

E. PERCENTAGE GROWTH PER YEAR, CURRENT PRICES 1945-51 1951-58 1945-58

11.38 6.25 8.57

1945-51 1951-58 1945-58

2.24 3.50 2.92

17.18 6.37 11.23

12.94 2.42 7.15

10.64 4.93 7.53

11.13 5.44 8.03

14.00 7.34 10.37

F. PERCENTAGE GROWTH PER YEAR, CONSTANT (1947-49) PRICES 10.27 4.79 7.29

4.07 2.27 3.10

1.25 1.65 1.47

2.02 2.67 2.37

6.92

5.98 6.41

SOURCE: Data from Tables A-5, A-6, A-7, and A-8. a Not including monetary metals and net foreign assets.

over one-quarter in 1929, gaining about two percentage points every decade, or advancing every year on the average by 1 per cent of its own level. If this trend had continued at the same absolute intensity after 1929 it would have led in 1958 to a share of equipment in reproducible productive wealth of about 30 per cent. Continuation of the trend at the same relative intensity would have led to a ratio between 33 and 34 per cent in 1958. The actual level of 34 per cent is thus right

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

CHART 8 Distribution of Net Reproducible Wealth Among Main Assets, Selected Years, 1900-58 (current prices) Percent

100

Consumer durables

ixm

Inventories

Producer durables

Nonresidential structures

Residential structures

1900

1912

1922

1929

1933

1939

1945

1951

1958

Source: Underlying data from Table A-5.

in line with the extrapolated trend.10 This is what the general observa­ tions of the tendency toward the use of more and more complicated machinery would lead one to expect. A similar shift occurred among components of reproducible wealth used for consumption, taking the form of an increased share of con­ sumer durables compared with residential structures. In 1958 the value of consumer durables amounted to 44 per cent of that of residential structures, a substantial advance from the 30 per cent of 1945. As in the case of producer durables, this advance was partly a reflection of the low level of purchases between the Great Depression and the end of World War II, and partly a continuation of long-term trends. In 10 The figures are virtually the same if constant prices are used. The actual level of 32 per cent in 1958 then compares with extrapolated values of 30 per cent and 34 per cent, respectively.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

1939, for instance, consumer durables accounted for 44 per cent of the value of residential structures, the same proportion that prevailed in 1958. At the turn of the century, however, the ratio had been around 35 per cent.11 For many purposes of analysis it is desirable, and sometimes even essential, to break down the aggregate stock of producer durables by type of equipment. The available figures, unfortunately, are far from satisfactory for this purpose. Expenditures on producer durables are given for only about one dozen broad classes of equipment, and even this limited breakdown is available only through 1954.12 Many of the price indexes used to deflate the expenditures series leave much to be desired. Finally, the estimates of the useful length of life of the different types of equipment are rough, and can be applied only to the total of all different items that are combined in each of these classes. There­ fore, the estimates of net and gross stock of the different types of producer durables must be interpreted with great caution. The fact that the tendencies they show for the postwar decade agree well with what is known from other sources may, however, increase confidence in the figures. The main changes in the distribution of the stock of producer dura­ bles in the postwar decade are increases in the share of electrical machinery, instruments, office equipment, and motor vehicles, and sharp declines in the share of railroad equipment and ships. The largest category, industrial machinery and equipment, which accounts for almost one-half of the total stock of all producer durables, showed only a small decline.13 Electrical machinery, office machinery, and instruments, together, represented at the end of 1954 almost one-fourth of the total value, in 1947-49 prices, of producer durables, against a share of not much over one-sixth at the beginning of the period. This increase, most of which is attributable to electrical machinery, though the rise is proportionately sharpest for instruments, is in line with the technological changes during the period. Unfortunately, separate fig­ ures cannot yet be provided for types of machinery particularly closely 11In constant prices the shares are 50 per cent in 1900, 47 per cent in 1929, 27 per cent in 1945, and 53 per cent in 1958. 12 In order to continue estimates of stock figures for the entire postwar decade, a necessary assumption was that total expenditures on producer durables were dis­ tributed in the same proportions among types for the years 1955-58 as for the pre­ ceding seven years. 13 These statements are based on estimates in constant prices. They are valid also if current price estimates are used, except that on that basis the share of industrial machinery shows a small increase, as can be seen from Tables B-128 and B-129.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

connected with the process of automation, or even a distinction between old and new types of machinery, both of which would be particularly valuable for economic analysis. The sharp increase in the share of trucks, buses, and passenger cars owned by business—from 4 per cent in 1945 to 9 per cent of all producer durables in 1954—reflects pri­ marily the replenishment of a stock depleted by low replacements during the war period but is also indicative of the expansion of the intercity truck fleet. Hence, only part of the increase may be regarded as reflecting a long-term trend. The sharp decline of the share of rail­ road equipment and ships from more than 17 per cent to only slightly over 10 per cent mirrors the declining relative importance of the two industries that use such equipment. A similar breakdown is equally important in the case of consumer durables, the aggregate for which grew during the postwar period by as much as 180 per cent (1947-49 prices), or by more than 8 per cent per year. This aggregate is a compound of one group of consumer durables—automobiles and household appliances, mostly electrical, including radio and television sets—the stock of which grew at the astonishing average rate of 14 per cent per year after adjustment for price changes; and of another group—consisting of furniture, house furnishings, jewelry, watches, and books—which showed an average rate of growth of the net stock of only 4.5 per cent per year. The reasons for these differences are fairly obvious. The extraordinary increase in the value of the net stock of passenger cars—at a rate of 15 per cent per year in 1947-49 prices—reflected primarily the replace­ ment of a stock that had been run down far beyond customary stand­ ards as a result of unavailability of new cars during the war years, but was also influenced by a spread of car ownership, due to the general high level of income, and by an upgrading among types of cars, made possible by the same favorable income experience. The almost equally sharp rise in the stock of what may be called household machinery, averaging about 12.5 per cent a year, on the other hand, may be attributed primarily to the introduction of entirely new types of com­ modities (for example, television sets and air conditioning equipment') or the sharp decline in the relative price of others (such as radios, wash­ ing machines, and heaters). These are typically "new products," and their rapid growth is in sharp contrast to the much slower increase of furniture (5 per cent per year) and particularly house furnishings (only about 1.5 per cent per year). Although furniture basically must be classified, like the other items showing relatively lower rate of growth,

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

as an "old product," changes in style preferences together with the high level of new household formation may have lifted furniture into a somewhat intermediate position between the slowly and the very rapidly expanding types of consumer durables. Domestic and International Wealth In many countries the growth and structure of reproducible tangible wealth cannot be understood without considering the country's inter­ national financial relations, primarily the ebb and flow of its capital imports and exports. In the United States during the postwar decade these relations have been statistically of small importance, if attention is concentrated, as it must be here, on the share of domestic tangible wealth owned by foreigners or of the foreign assets held by U.S. residents. The share of foreign ownership of tangible assets situated in the United States is negligible, even if we assume that the total foreign direct investment in nonfinancial businesses is represented by tangible assets, and if we regard foreign holdings of shares in American nonfi­ nancial publicly owned corporations as equivalent to a pro rata owner­ ship of their tangible assets. In that case foreign ownership, although rising in current value from about $5 billion in 1946 to $12 billion in 1958, accounted in both years for only a little over 0.5 per cent of total national wealth. This figure, because of its derivation, is almost certainly an overstatement of the actual ownership by foreigners of tangible assets situated in the U.S. What is more relevant, there does not seem to be any major type of tangible assets for which foreign ownership is more than marginal. If foreign investments by American owners are treated similarly, we have to account at the end of 1946 for about $6 billion of direct invest­ ments in nonfinancial businesses operating abroad, and for holdings of stocks in publicly owned foreign corporations of about $1 billion. This total of $7 billion was equivalent to about 1 per cent of the national wealth of the United States. Notwithstanding a sharp increase in the value of these types of foreign investments, which rose in 1958 to nearly $30 billion, about nine-tenths of which consisted of direct investments in nonfinancial enterprises, they were equivalent to less than 2 per cent of total national wealth.14 ι* While these figures, which are based on estimates made by the Department of Commerce in connection with its studies of the balance of payments, understate the current value of direct foreign investments, reflecting as they do book values rather

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

In considering the international aspects of national wealth we may, however, also want to take account of the net balance of intangible claims and liabilities, including the claims of the United States Treas­ ury against foreign governments, insofar as they are definite enough to permit valuation. In 1946 the net balance of claims was very small, liabilities offsetting most of the claims. Twelve years later the net credit balance had risen to about $6 billion, but yet amounted to less than 0.5 per cent of national wealth. Even the most liberal interpretation of net foreign assets, including both tangible and intangible assets, would thus add only about 1.5 per cent to total domestic national wealth in 1958 and would leave it virtually unchanged for 1946. This reduction in foreign assets and liabilities to almost insignifi­ cance in the over-all picture of the national balance sheet of the United States is a rather recent phenomenon, although foreign investments have never been statistically very important since the turn of the cen­ tury. In 1929, when the relative importance of foreign investments for the U.S. probably reached its statistical peak, they accounted for about 3 per cent of domestic national wealth. Throughout the nineteenth century the U.S. had been a debtor country on balance. However, net foreign investments in the U.S. apparently were never in excess of 5 per cent of total national wealth, and showed a declining trend throughout the century, falling to about 3 per cent in 1850 and fluctu­ ating around that level during the second half of the century. The share of foreign investment is, of course, higher when net foreign investments are compared, not with total national wealth but—-what is economically more appropriate—only with reproducible tangible assets, since most of the foreign investments found their way into assets other than land. In that case, net foreign investment may have ac­ counted for almost 10 per cent of domestic reproducible tangible wealth at the beginning of the nineteenth century and for as much as 5 per cent even in 1850, further slowly declining to about 4 per cent in 1900 and, of course, becoming negative rather than positive from World War I on. Military and Civilian Wealth

Military durable assets have become too important and the change in their absolute and relative value too pronounced during the postwar than market values, a tentative adjustment would still leave the share for 1958 not much above a per cent and would not substantially affect it for 1946.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

decade to be ignored altogether in an analysis of national wealth. The discussion whether durable military assets are an intrinsic part of na­ tional wealth or only an intermediary item in a complete accounting for all stocks of physical assets will, of course, continue. Furthermore, however military assets are treated from the conceptual point of view, the user must be aware that the estimates which can be contrived at the present time, in the absence of a comprehensive or statistically satisfactory inventory in current or constant prices compiled by the federal government, are affected by a very substantial margin of uncer­ tainty. This results mainly from the uncertainty about the length of life that should be assigned to some of the most important types of military equipment in a period of rapidly changing military technology, and the consequent high incidence of obsolescence. There are, how­ ever, two developments which are sufficiently well established not to be unduly affected by these uncertainties, and at the same time are relevant for an analysis of national wealth during the postwar decade. The first is the fact that, however estimated, military assets have ceased to be of negligible size compared with civilian wealth, and indeed have become larger than several types of civilian assets that would be regarded as important in any analysis. For the average of the period 1946-58 military assets were equal, on the basis of current or replacement values, to at least 6 per cent of total civilian wealth. Their share was somewhat higher (8 per cent) if attention is limited to reproducible tangible assets and, of course, was considerably more important if the comparison is made between military and civilian equipment (excluding in both cases structures and inventories). In that comparison it appears that the value of military equipment was equal, for the average of the postwar decade, to about one-fifth of total civilian equipment, but to almost two-fifths of producer durables alone. The second fact is that, unlike the upward trend in civilian tangible assets, the net value of the stock of military durables diminished markedly between the end of World War II and 1950. As a result, the share of military in total tangible assets declined from 13 per cent to 5 per cent. The substantial increase in the stock during the 1950's—at least in current prices—was just sufficient to prevent a further decline in the share of military assets. Because of its large size and still more because of the sharp fluctua­ tions in its value, the inclusion of the stock of military assets in na­ tional wealth produces a change in the level and particularly in the

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

movements of the rate of growth of wealth during the postwar decade. Thus the average annual rate of growth of reproducible tangible wealth in constant (1947-49) prices is reduced by the inclusion of military assets from 3.9 per cent to 3.2 per cent. The effect, of course, is relatively more pronounced on the rate of growth per head, which is lowered by the inclusion of military assets from 2.2 to 1.5 per cent per year. This effect, however, is entirely limited to the first half of the decade for which the rate of growth of civilian wealth of 4.2 per cent is reduced to 2.6 per cent by the inclusion of military assets. For the second half of the period the rate is hardly affected, actually being increased from 3.6 per cent to 3.7 per cent. Thus, the most spectacular effect of the inclusion of military durables is in the comparison be­ tween the two halves of the postwar decade. For civilian wealth alone the rate of growth is substantially higher for the first than for the second half—4.2 per cent against 3.6 per cent. If military assets are included, the relationship is reversed, and the rate of growth appears to have risen from 2.6 per cent in the first half to 3.7 per cent in the second half of the decade. Any interpretation of the over-all rate of growth of national wealth in the postwar decade depends decisively on whether or not military assets are included, that is, on the decision whether or not military structures and equipment should be regarded as a part of a nation's stock of assets. That decision, in turn, will depend on whether, in the world of today, military assets are regarded as a necessary complement to civilian wealth. Ownership of National Wealth

Since ownership is a financial concept and national wealth a real concept, the analysis of the ownership of tangible assets alone is of limited significance, but there is considerable interest in the extent to which tangible assets used for production or consumption are owned by their operators or must be rented by their users.15 The distribution of ownership of total national wealth or of repro­ ducible tangible assets did not change significantly during the postwar decade, if attention is limited to the three very broad groups of busi­ ness enterprises, households, and government, as can be seen from Table 12 and Chart 9.16 Throughout the period, business enterprises 15 The distribution of ownership of tangible assets, of course, is not identical with the distribution of net worth because the debt-asset ratio differs among sectors. The difference is particularly pronounced in the case of the federal government. 16 For details, see Tables A-29 to A-32.

CHANGES IN THE STRUCTURE OF NATIONAL WEALTH

CHART 9 Distribution of Total Nonmilitary Wealth Among Sectors, Selected Years, 1900-58 (current prices) Percent

Military! pederal Civilian J government State and local governments

Corporations

Unincorporated business Agriculture

Nonfarm households

1900

1912

1922

1929

1933

1939

1945

1951

1958

Source: Underlying data from Table A-19.

owned, on the basis of current valuations, almost one-half of total civilian tangible wealth, while households owned slightly more than one-third, leaving about one-sixth for the government.17 If military assets are included, the level of the share of government increases, but its relation to total national wealth in the broader definition shows a sharp decline from 30 per cent in 1945 to about 20 per cent in the 17 Nonprofit institutions are included with households. The business sector includes all of agriculture and hence also farm residences and farmers' consumer durables. If these are shifted to the household sector—a shift which produces more homogeneous figures—the share of business is decreased by between 2 and 3 per­ centage points and that of households increased accordingly. Trends are not affected by this shift.

Agriculture

(2)

87 153 183

113 124 132

15.0 13.2 10.6

Nonfarm Households*

(1)

204 418 638

277 362 486

35.4 35.9 38.1

1945 1951 1958

1945 1951 1958

1945 1951 1958

N e t

31.6 35.2 36.1

(4)

(5) (6)

Nonfarm Householdsa

242 209 263

CONSTANT

177 239 351

483 606 927

(1947-49)

354 699 1,064

18.1 15.8 15.3 (continued)

30.7 20.5 20.4

38.6 38.9 40.4

C. PERCENTAGE SHARES, CURRENT PRICES

142 163 200

VALUES,

106 184 262

A. ABSOLUTE VALUES, CURRENT PRICES

ABSOLUTE

257 342 559

B.

182 410 620

(3)

Government, Military Assets Business Excluded Included

W e a l t h

(values in billions of dollars)

12.6 11.5 9.8

151 170 188

PRICES

116 206 257

0)

Agriculture

G r 0 ss

33.2 35.0 35.6

429 526 638

305 629 939

(8)

15.6 14.6 14.2

200 233 285

143 262 375

32.0 25.0 22.8

408 388 437

294 449 601

Government, Military Assets Excluded Included (10) (9)

W e a I t h

Business

1945-58

WEALTH

A M O N G M A I N SECTORS, SELECTED YEARS AND PERIODS,

DISTRIBUTION OF O W N E R S H I P OF N A T I O N A L

T A B L E 12

tn tu l-i S ft!

h

tu H 1-1 o 55

>51

O

to to

C3 n H C!

to

as tM 05 H

o EC Eu 5S O » CO ^l-t

IN THE

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&

3

«

"W 8

u


, U0-34 S C 3 c 0 "o 0 E

•d

3

•u C

Governmei Military Assets

H

-SS

«

•8 •d rtT" w x W 0 10 < CM OCO 50

eo to to M 0^ TH (p-(

50 M 10 to iri

« COi> 10 0 0' 11

M to 0 to w t-; 0 J>

00 tM to >0 o> N C-j

(M cn 00 X O 10 OJ — t*

0 O 00 — eo tsi eo

VI K O 2 01 10 O •—' (-A 0 eo 01 t-; H « FH CJ 01—100 to £ f H Ol Z w R-M CT) eo m 00 00 to N l-H 3 O W CO to IO 00 c4 to g < h V) ia Z 0 >< u eo K , to tt; PS Th eo to W < a, m in 10 w < 1 g n1 » S S «0 00 00 ttX 0 to 0 01 •-H eo s eo w oi r^ c4 w ri 0 < s h 0 Z «J O aw O cn a> < 00 i> — •1 10 0 CO H 00 M to TH to ai Z w ^ t^ to § H M B. b to 0 0 o> o> 00 10 00 >J0 en OJ ^ oi (M 10

£V

3 .5

id., PP- 244-245· β This is the sum of the estimates for residential land ($55 billion), vacant lots ($21 billion), private nonresidential land ($42 billion), farm land ($74 billion), and forest land ($15 billion). 7 F. B. Farrell and H. P. Paterick, "The Capital Investment in Highways," Pro­ ceedings of the Thirty-Second Annual Meeting of the Highways Research Board, January 1953; and J. E. Reeve, et al., "Government Component in the National Wealth," Studies in Income and Wealth, Vol. 12, New York, NBER, 1950, p. 520.

RELIABILITY OF THE ESTIMATES

throughout on a length of life of thirty years, Farrell and Paterick use separate estimates for the main components of expenditures which, when averaged, increase over the period from somewhat over twentyfive years in 1914-19 to about thirty-five years in 1947-52. For this reason Farrell and Paterick's estimates for 1952 should be above those developed here, disregarding other differences, and the discrepancy should increase with time. Reeve's estimate, the derivation of which is not known in the same detail, also uses basic series and assumptions which differ slightly from those utilized in our estimate. For example, depreciation is set at 3 per cent for the first twenty-two years and 0.67 per cent for the next fiftyone years, but he follows the same basic approach. The comparison of the actual estimates presented in Table 20 shows that the Farrell-Paterick estimates are virtually identical with those used here for gross stock and are moderately above those for net stock and slightly more so in 1952 than in 1945, both these differences being in the expected direction. The Reeve estimate, which is available only on a net basis, is practically the same as the Farrell-Paterick figure for 1939, but is somewhat above the other two estimates in 1945. Reproducible Tangible Wealth of the Federal Government

Comparison is possible here also only on the basis of original cost; moreover it can be made only for gross rather than net values. The basis for comparison is provided by the Federal Property Inventory, which has been compiled for the last few years and which, in the case of reproducible tangible assets, is in principle based on original cost of acquisition to the federal government. This should make the figures conceptually comparable with the original cost estimates derived by the perpetual inventory method, at least for structures and equipment. Table 21 shows that, for total reproducible assets of the federal government as well as for structures and equipment, the perpetual inventory estimates used in this study are slightly above the figures of the Federal Property Inventory. For structures and equipment together, the difference at the end of 1956 amounts to about $13 billion, or 8 per cent. The relatively small difference between the two figures, con­ sidering the numerous possible sources of discrepancy, may be taken to indicate that the perpetual inventory method has in the past allo­ cated approximately the correct amounts to capital expenditures by the federal government. It indicates, too, that the assumptions about

RELIABILITY OF THE ESTIMATES TABLE 20 COMPARISON OF ESTIMATES OF GROSS AND NET STRUCTURE VALUE OF STATE AND LOCAL HIGHWAYS, ROADS, AND STREETS, SELECTED YEARS, 1929-52

(billions of dollars; replacement cost) Gross Year

1929 1939 1945 1949 1952

N t·• t

Value

NBER

FarrellPaterick

(1)

(2)

34.0 46.9 59.7

8.0 19.0 35.0 45.0 60.7

(1): (2) (3)

0.97 1.04 0.98

NBER (4)

18.9 23.6 30.5

FarrellPaterick (5) 6.5 14.0 22.0 28.5 36.9

Valui

Reeve (6)

14.3 25 >

(4): (5) (7)

0.86 0.83 0.83

(4): (6) (8)

0.74

SOURCE, BY COLUMN

(1 and 4) 1929-39: Fr o m w o r k s h e e t s f o r A S t u d y o f S a v i n g . . . . 1945-52: Gross values from cumulation of constant (1947-49) expendi­ tures for highway construction, Table B-138; original expenditures, Tables B-136 and B-140, converted to constant (1947-49) values by applying annual average highway index from Table B-143. Replacement cost then derived by multiplying cumulative gross values in constant prices by year-end deflation from Table B-143. Net values from Table B-138 and from state and local portion of Table B-150, less value of "other construction" from statistical worksheets. (2 and 5) 1929-45: Values in 1953 prices read off from Figure 4 of Farrell and Paterick, op.cit., and adjusted to current prices by construction cost index in its Table 1. 1952: Ibid., pp. 7 and 10. These figures exclude expenditures made before 1914 which are included in cols. 1 and 4. (6) J. E. Reeve, et al., op.cit., p. 487. a 1946.

length of life of the different types of assets made in applying the perpetual inventory method correspond roughly to the actual lives, since the federal inventory includes—at full undepreciated original cost—all items of structure and equipment not actually discarded. The reasonably good correspondence in the aggregate figure may, of course, hide offsetting differences of considerable size for different types of assets. Table si indicates that this is so, even when only a few broad categories of assets are distinguished. The correspondence re­ mains satisfactory for military equipment, the item for which a sub­ stantial discrepancy would have been the least surprising. For both civilian and military structures, however, the perpetual inventory estimates are considerably higher—by about one-half and one-fourth respectively—than the Federal Property Inventory figures. The dis-

RELIABILITY OF THE ESTIMATES TABLE 21 COMPARISON OF NBER AND FEDERAL PROPERTY INVENTORY ESTIMATES OF FEDERAL REPRODUCIBLE ASSETS, 1956

(billions of dollars; original undepreciated cost) Federal Property Inventory (1) Civiliana Structures Equipment Inventories Total Military Structures Equipment Inventories Total Total

Hubbell

NBER

(2)

(3)

6.1

25.1 5.8 12.6

41.6

35.1

43.5

21.8 j 109.5

22.9 97.2 6.3

26.7 107.6 5.9

131.3

126.4

140.2

173.1

161.5

183.7

16.5 10.6 14.5

j 29.0

SOURCE, BY COLUMN

(1) Averages of figures for June 30, 1957 and 1956 from Federal Real and Personal Property Inventory Report . . . as of June 30, 1958 (Committee on Government Operations, U.S. Congress, 1959), pp. 11 and 139. Structures outside the U.S. are excluded. (2) Robert Hubbell, unpublished estimates. (3) Civilian: Cumulation of original cost gross expenditures from Tables B-158 to B-162, and B-165, plus AEC gross stock from Table B-172A, plus inventories from Tables B-156 and B-173. Military: Table B-172A. a Including government corporations and the Atomic Energy Commission.

crepancy may be due to an overestimation in our calculations of either capital expenditures made by the federal government or the length of life of structures or of both. On the other hand, the perpetual inven­ tory estimate of civilian equipment is considerably lower—by about two-fifths—than the Federal Property Inventory figure. This may reflect an underallocation of the proportion of total produced equipment that is bought by the federal government, or an underestimation of its actual life. The fact that the combined totals for civilian structures and equipment are considerably closer in the two estimates than the totals are for either of the two components suggests that the definitions of structures and equipment in the two series may differ considerably. The comparison of the perpetual inventory estimates of federal reproducible assets with the bench mark provided by the federal inventory thus suggests that, while the estimates for structures and 9ο

R E L I A B I L I T Y OF T H E E S T I M A T E S

equipment together seem to be of the correct order of magnitude, great care must be taken in using the perpetual inventory estimates for any one of the components of federal reproducible assets. The Federal Property Inventory figures are not yet complete, refined, and reliable enough for us to be sure that they are in all respects superior to the estimates derived by the perpetual inventory method, but the sub­ stantial differences between the two series undoubtedly suggest caution in the use of the latter.8 Since the fiscal year 1952, an alternate estimate of the capital ex­ penditures of the federal government (excluding stockpiles but includ­ ing acquisition of land and structures) has been available from the Census Bureau.9 These figures are in the aggregate slightly above the estimates used in this report. For the entire period from 1952 to 1957 the excess amounts to about 6 per cent. However, the census figures are considerably above ours for construction—which accounts for only about one-fifth of the total capital expenditures of the federal govern­ ment—and exceed them for 1952-57 by almost one-fifth. On the other hand, the census figures for other capital expenditures, mostly military equipment, are about one-tenth below our estimates, probably be­ cause of some differences in classification. Differences for individual years, of course, are sometimes substantially larger. Since the census figures are not given in sufficient detail to permit the application of the perpetual inventory method, since they are provided only for fiscal years and are not available before 1952, they have not been used in the derivation of our estimates. The effect, if used, on our estimates of the stock of structures and equipment of the federal government be­ tween 1952 and 1958 would be small, particularly in the case of the net stock. Conclusion

For all assets examined, the available bench-mark figures corrobo­ rate the order of magnitude of the perpetual inventory estimates used in this study, at least for broad asset categories. This gives some assur8 A third estimate (Table 21, col. 2), which came to our attention only after the calculations were completed, is in the aggregate slightly (7 per cent) below the Federal Property Inventory figures and somewhat more (15 per cent) below our own estimates. This is a result chiefly of higher estimates on our part for civilian inventories and military structures. Hubbell's and our figures are almost identical for civilian structures and equipment, and are only 13 per cent apart for the largest item, military equipment. a See Census of Government, /957, Vol. IV, 3, p. 14; and Annual Summary of Government Finances (Bureau of the Census), various issues.

RELIABILITY OF THE ESTIMATES

ance that the perpetual inventory method can be used to derive such estimates, and that no large-scale mistakes have been made in its application to the national wealth of the United States in the postwar period—provided we accept the census data used here for comparison as sufficiently accurate. We do not yet have satisfactory bench-mark figures for either narrower asset categories, or for holdings of tangible assets cross-classified by sectors. Even here, however, the comparisons that can be made do not clearly point to a distortion, at least, in the perpetual inventory estimates.

92

CHAPTER 7

Some International Comparisons UNDERSTANDING of the structure of the national wealth of the United States, of its growth, and of its relation to income would be considera­ bly deepened if we could compare our situation with that of other countries, particularly countries similar to the United States in their economic and institutional structure. Comparison of the present situa­ tion of foreign countries in different stages of their economic develop­ ment with that of the United States in earlier stages of its history might be particularly interesting and suggestive. Unfortunately, ade­ quate comparisons of this type are not yet possible and cannot be presented here. Limitations of time and resources have ruled out the thorough exploration, examination, and adjustment of the data availa­ ble for foreign countries, necessary for an adequate international comparison. Moreover, the relative scarcity of reliable and sufficiently detailed estimates of national wealth for foreign countries and the disparity in the methods of estimation used would make such com­ parisons both difficult and precarious. We must therefore be satisfied with a much less ambitious approach. All that is attempted in this chapter is the comparison of a few basic structural characteristics of national wealth for varying groups of countries—sometimes less than ten, sometimes as many as forty—during the 1950's. Even this limited comparison has been made possible only by the recent publication in Income and Wealth Series VIII of national wealth estimates for a number of countries for which they were not previously available, and by the inclusion in the introduction to that volume of a set of comparative tables based on these country papers.1 Any attempt to go beyond the countries and dates covered in Income and Wealth Series VIII does not in the present situation promise an increase in information commensurate with the effort required, except in the analysis of marginal capital-output ratios, omitted from this report. The comparisons center on three basic aspects of national wealth: 1 The Measurement of National Wealth, "Introduction," by Raymond W. Gold­ smith and Christopher Saunders; "Statistics of National Wealth for Eighteen Coun­ tries," by Th. van der Weide (Income and Wealth Series VIII, London, Bowes and Bowes, 1959).

SOME INTERNATIONAL COMPARISONS

i. The structure o£ net national wealth in current prices, i.e., the distribution of total national wealth among the main types of tangible assets s. The distribution of net national wealth among the three main economic groups—business enterprises, households, and govern­ ment 3. The ratio of net to gross reproducible tangible wealth Structure of National Wealth THE SHARE OF IAND

For broad international and historical comparisons one of the two or three crucial ratios characterizing the structure of national wealth, and possibly the one most revealing of a country's economic status, is the proportion of land (particularly agricultural land) to total national wealth. This share now stands at about 17 per cent in the United States, after having declined fairly steadily from 25 per cent in 1929, 35 per cent in 1900, and 45 per cent in the middle of the nineteenth century.2 The shares are remarkably similar for most European countries for which the figures are available, as shown in Table 22. They are slightly below the United States level for Belgium and the Netherlands, and slightly above it for West Germany and Luxemburg, lying for all countries between one-seventh and one-fifth of the value of total tangible wealth. For Sweden, the ratio is substantially below that of the United States, about one-eighth. It probably would still be somewhat lower for the United Kingdom, for which no current estimate is available. Unfortu­ nately, only one underdeveloped and primarily agricultural country, India, is included in the comparative tabulations of Income and Wealth, Series VIII. Here the land-tangible assets ratio is, of course, much higher and amounts to close to 50 per cent, indicating an approxi­ mate equality between the value of land and of reproducible tangible assets. Ratios of this magnitude will probably be found in many of the predominantly agricultural countries in Southeast Asia, the Middle East, Central America, and Africa.3 Such ratios are not at all surprising 2 The estimates for the United States are taken (unless otherwise indicated) for the period since igoo, from the appendix tables to this report, and for the nineteenth century, from R. W. Goldsmith "The Growth of Reproducible Wealth of the United States of America from 1805 to 1950," Income and Wealth Series II, London,

'95"· 3 For Honduras, an estimate not utilized in Table 22 (E. Tosco, La Riqueza de Honduras, mimeographed, September 1957) puts the share at 44 per cent.

SOME INTERNATIONAL COMPARISONS TABLE 22 SHARE OF LAND IN NATIONAL WEALTH, SELECTED COUNTRIES AND YEARS, 1950-56

Land as Per Cent of All Tangible Assets Country

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

United States Sweden Belgium Netherlands Australia West Germany France Yugoslavia Norway Luxemburg South Africa India

Date

1955 1952 1950 1952 1956 1955 1954 1953 1953 1950 1955 1950

Land as Per Cent of Tangible Assets Excluding Consumer Durables

Total

Agricultural

Total

Agricultural

(1)

(2)

(3)

(4)

17 11 14 15 17 20

5 2

18 12 16 18 18 22

6 2

26

12 9 14 23

29 20 28 51

15 10 15 25 2 10 45

SOURCE: Van der Weide, op.cit., Table I.

if it is recalled that we need look back only about a century to find in the United States equally high shares of land in total tangible wealth. Yugoslavia and South Africa, two countries ranking in their economic development between the industrial countries of Europe and North America and the agrarian countries of the tropics and subtropics, show land-wealth ratios of about 30 per cent. The ratio of agricultural land to total wealth in the United States of 6 per cent, a ratio which is more characteristic of economic develop­ ment than the all-land ratio since the latter includes urban land of high locational value, is among the lowest in the world. It is, however, above that for some Scandinavian countries and probably for Great Britain, and compares with ratios of approximately 15 per cent in France and the Netherlands, 25 per cent in Yugoslavia, and 45 per cent in India. The ratio of all land to total national wealth thus combines two main components. The first is the ratio of agricultural land to na­ tional wealth shown in columns 2 and 4 of Table 22. This ratio is likely to decline in the course of economic development, as agriculture gradually accounts for a declining share of labor force and output. The second component is the ratio of nonagricultural (mainly urban) land to national wealth. It is not evident that this ratio will have a

SOME INTERNATIONAL COMPARISONS

definite long-term trend. In some phases of economic development, particularly during rapid urbanization, the ratio may rise. During others it may fall, particularly when improvements in transportation reduce the scarcity value of land in urban centers. It is, however, to be expected that the second component of the land-national wealth ratio, reflecting locational advantages, will increase in importance in com­ parison with the first component, which is largely the result of differ­ ences in physical characteristics such as soil fertility, though locational factors also play an important role in it. THE EQUIPMENT-STRUCTURES RATIO

A second important ratio is the relation of the value of equipment (producer and consumer durables) to structures shown in Table 23. TABLE 23 RATIO OF EQUIPMENT TO STRUCTURES, SELECTED COUNTRIES AND YEARS, 1950-55

(per cent)

Country

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

United States Belgium Luxemburg Netherlands West Germany Norway Yugoslavia Canada Union of South Africa Colombia Japan India

Ratio of Total Ratio of Enterprise Equipment to Structures, Equipment to Structures, Consumer Durables Dwellings Date Included Excluded Included Excluded (1) (2) (3) (4) 1955 1950 1952 1952 1955 1953 1953 1955 1955 1953 1955 1950

50 75 88 70 58 71

81

29 47 69 42 42 38 37 39 34 29 38 25

35 54 81 58 47 46 38 49 36a 33 43 27

85 265 165 124 105 88 71 95 53a 47 72 57

SOURCE: Van der Weide, loc.cit. a Excluding government corporations and public enterprises.

While this ratio now stands at about 50 per cent in the United States, it is substantially higher for each of the few countries for which the information is available: about 70 per cent for Canada and West Ger­ many; 75 per cent for Belgium; fully 80 per cent for Japan; and almost 90 per cent for the Netherlands. If consumer durables are excluded, in all but two of the eleven countries the ratio of producer durables to

SOME INTERNATIONAL COMPARISONS

all structures is higher than in the U.S. The median ratio for these eleven countries of slightly less than 40 per cent compares with an American ratio of slightly less than 30 per cent. For purposes of analysis, it is probably preferable to limit the com­ parison to business and government enterprises, excluding dwellings as well as consumer durables. The picture then is somewhat different. The United States with a ratio of producer durables to enterprise structures of 85 per cent is close to the median for the eleven foreign countries for which the information is available. The ratio is con­ siderably higher than in the U.S. in all Western European countries for which it can be calculated—Belgium, Luxemburg, the Nether­ lands, and West Germany—and slightly higher in Canada and Norway. It is lower only in definitely underdeveloped countries—in descending order, Japan, Yugoslavia, India, Union of South Africa, and Colombia. It is not easy to explain these relationships, particularly in view of the well-known status of the U.S. as a highly mechanized country with an ample stock of consumer durables. In only a few countries, par­ ticularly in Japan and to a lesser extent in West Germany, does the relatively small value of the stock of dwellings explain the high ratio of equipment to structures. Relative costs—particularly the relatively high cost of building construction in the U.S.—may provide part of the answer. Incompatibilities in coverage and completion as well as differ­ ences in length of life probably are all responsible for some of the difference. Much more data and analysis, as well as a detailed examina­ tion of the derivation of the estimates underlying Table 23, however, are needed before a satisfactory explanation can be attempted. THE SHARE OF FOREIGN ASSETS

There is at least one point at which the structure of the national wealth of the United States differs from that of many, if not most, foreign countries—the share of both foreign assets and foreign liabilities in total national wealth. This statement unfortunately cannot be docu­ mented in detail, since only a few foreign countries have sufficiently accurate or continuous estimates of their foreign assets and liabilities for comparison with those of their domestic wealth. In the United States, foreign assets represented only 5 per cent of domestic tangible wealth including monetary metals, and not more than 3.5 per cent excluding them, even at the end of the first postwar decade (1956). Foreign liabilities (including all foreign investments in the U.S.) amounted to over 2 per cent of domestic tangible wealth,

SOME INTERNATIONAL COMPARISONS

leaving a net balance of 3 per cent including monetary metals and of not much over 1 per cent excluding them. These ratios are apparently considerably below those that can be inferred for many foreign coun­ tries, both developed European and underdeveloped non-European countries. In Belgium and the Netherlands, for instance, the net for­ eign balance constitutes 10 and 7 per cent, respectively, of national wealth. In the countries which in the past have been heavy importers of foreign capital, the net foreign balance is usually negative, since foreign liabilities, in the form of both borrowing abroad and foreign ownership of domestic assets, are larger than those countries' foreign assets, including their holdings of monetary metals. In Canada, for instance, the net foreign balance is equal to about 12 per cent of national wealth; in Latin America (as a whole) somewhat less than 10 per cent; in Australia 5 per cent (the result of foreign assets of 2 per cent and foreign liabilities of 7 per cent of national wealth); and in Norway to 1.5 per cent.4 There is little doubt that net foreign liabilities are in similar or even larger proportions of national wealth for a num­ ber of underdeveloped countries in Southeast Asia, Africa, and Latin America, although exact statistical calculations are not feasible, chiefly because of the lack of estimates of national wealth. OWNERSHIP OF TANGIBLE ASSETS

The distribution of reproducible tangible assets among business enter­ prises, households, and governments—which, of course, is not identical with the share of these three groups in national equity—shows con­ siderable international differences. In the United States in 1955 nearly one-half of tangible assets were operated by business enterprises (if farms are included); two-fifths represented dwellings and consumer durables operated by households; and a little over one-eighth were operated by the government. These ratios would not be substantially changed by the inclusion of nonreproducible assets, particularly land. Of the countries for which the necessary data are available (Table 24) two—Belgium and Canada—show a share of the government in reproducible tangible wealth only slightly higher than the ratio found in the United States. A few other countries show a markedly higher ratio, averaging one-fifth of total reproducible tangible wealth—the Netherlands, West Germany (partly estimated), and Japan. Of the 4 Most o£ these ratios are derived from information in the country papers in Income and Wealth Series VIII.

1. 2. 3. 4. 5. 6. 7. 8. 9.

76 77 66 75 65 76 71

1955 1950 1952 1955 1954 1953 1955 1956 1955

64

Total (1)

Date

20 47 2

43 51 42 40 30+ 34 35 41 34

13 15 22 15 13 12 16 10 20

Dwellings Includeda Excluded (5) (6)

REPRODUCIBLE WEALTH OF HOUSEHOLDS

42 59 15 30 22

13 14 18

(7)

16

11 8 12 10 22 12 13

(8)

Government Owned Enterprises Included Excluded

REPRODUCIBLE WEALTH OF GOVERNMENTS

e Collective peoples' ownership included in cols. 3, 7, and 8.

28 7 50 29 44

2 5 5

30 36 20 25 17b 22 19 31 14 6

44 36 41

Government (3)

Dwellings» (2)

Private Nonresidential (4)

REPRODUCIBLE WEALTH OF ENTERPRISES

SOURCE: Van der Weide, op.cit., Table III. a Includes all dwellings; hence cols. 1, 2, and 5 overlap, b Excluding farm dwellings.

United States Belgium Netherlands West Germany France Yugoslavia» Canada Australia Japan

TABLE 24

DISTRIBUTION OF OWNERSHIP OF REPRODUCIBLE TANGIBLE WEALTH, SELECTED COUNTRIES AND YEARS, 1950-56 (per cent of reproducible tangible wealth)

SOME INTERNATIONAL COMPARISONS

countries for which the ratio can be calculated—all basically free-enter­ prise countries—the share of the government is highest in France, where the available estimates put it at approximately two-fifths. Almost as high a ratio would probably be obtained for Australia. The share of households in the ownership of tangible wealth in the Netherlands and West Germany is similar to the American level of two-fifths. It is somewhat lower—in the order of one-third—in Australia and Japan, chiefly because of the relatively low share of dwellings in national wealth. On the other hand, the ratio is substantially above the American level in Belgium because of the high proportion of dwellings in the estimates of national wealth. The share of private business enterprises (including farms but excluding government owned enterprises) is not very different from the American ratio of somewhat below one-half in most of the other countries for which estimates are available. Ratio of Net to Gross Wealth

The ratio of the net to the gross value of reproducible tangible assets— the significant ratio, since there is no difference between the two components for inventories and for land—is astonishingly similar for the few countries for which estimates are available, as Table 25 shows. The four foreign countries for which the ratio can be calculated— West Germany, Netherlands, Yugoslavia, and Australia—all show a ratio of net to gross reproducible tangible wealth of very close to 60 per cent which is the figure obtained for the United States.5 The ratios are also very similar for most of the main components of reproducible tangible assets such as dwellings and producer durables. Substantial differences appear only in the ratios of nonresidential pri­ vate structures, government structures, and consumer durables, but they are not systematic. For private nonresidential structures as well as consumer durables, the net-gross ratio for the United States is low 5 Such a ratio can be the result of numerous combinations of rates of growth of expenditures and their average length of life. It may, for instance, represent the combination of a a per cent growth and a life of slightly more than 60 years, an unlikely high value for the average of all capital expenditures; of a growth of 3 per cent and a life of slightly more than 40 years; of a growth of 4 per cent and a life of a little over 30 years; or, again a less likely combination, of 5 per cent growth and 25 years' life. Hence, several countries may show the same net-gross ratio although capital expenditures have increased at considerably different rates in the past, provided only that there are offsetting differences either in the distribution of capital expenditures among items of differing durability or because similar items are retained in the stock for longer or shorter periods.

IOO

SOME INTERNATIONAL COMPARISONS TABLE 25 RATIO OF NET TO GROSS REPRODUCIBLE TANGIBLE WEALTH, SELECTED COUNTRIES AND YEARS, 1952-56

(per cent)

1. Reproducible tangible wealth, including item 9 2. Reproducible tangible wealth, excluding item 9 3. Structures, private 4· Structures, dwelling 5. Structures, other private 6. Structures, government 7. Equipment, private, including item 9 8. Equipment, private, excluding item 9 9. Consumer durables

United States (1956)

West Germany (1955)

Netherlands (1952)

Yugoslavia (1953)

Australia (1956)

(1)

(2)

(3)

(4)

(S)

60

60

61

62 58 56 53 59

59 57 60 55 50

61 61 61 61 50a

55

61

59

60 50

58 67

57 61

59 62 58 51 66 57a

61 56 57 53 57a 53

56

SOURCE: Col. 1, Tables A-5 and A-7.

Cols. 2 to 5, Van der Weide, op.cit., Table II. a Includes government equipment.

compared with most of the other countries for which data are available, while it is high for government structures. In view of our limited information about the foreign data's relia­ bility and scope, and of the many factors that could be responsible for differences in the net-gross ratio for individual types of assets, no at­ tempt to explain each of these differences will be made. It is more remarkable that, notwithstanding the differences of five countries' structure of reproducible tangible assets, length of life of the different types of assets, and time shape of the capital expenditure streams which underlie the ratio, the over-all ratio of net to gross reproducible tangi­ ble wealth is practically identical. This near identity, of course, may be, and probably is, at least in part, the result of offsetting differences in the various factors that determine the national over-all ratio. Rate of Growth of National Wealth in the Postwar Period

The number of countries for which the rates of growth of real national wealth during the postwar period can be calculated is so small that not much can be concluded from a comparison of the figures shown in IOI

56 49

SOME INTERNATIONAL COMPARISONS

Table 26 and Chart 10, with the rate of growth o£ national wealth in the United States.® It is fairly evident, however, that unless the foreign countries for which the data are available are entirely untypical of the world outside, the rate of growth of real reproducible wealth per head, during the postwar decade and after, was at least as rapid abroad as in the United States. In Europe and the (former) British Dominions, the stock of tangible wealth apparently has grown faster than in the U.S., a relation partly explained by the rapid reconstruction in a number of European countries. The rate of growth in the underdeveloped coun­ tries, about which unfortunately little is known outside of Latin America, seems to have been, at best, as rapid and generally somewhat slower than in the U.S. TABLE 26 RATES OF GROWTH OF REAL NATIONAL WEALTH IN POSTWAR PERIOD, SELECTED COUNTRIES AND PERIODS, 1945-58

(per cent per year) AGGREGATE REPRODUCIBLE WEALTH

COUNTRY

1. United States

2. 3. 4. 5. 6. 7. 8. 9.

Argentina Colombia Australia United Kingdom South Africa Canada West Germanya Norway

Period

1945-58 1945-55 1945-53 1947-56 1947-57 1945-55 1947-55 1948-55 1945-55

Consumer Durables Included Excluded (1) (2) 3.9

4.6

6.8

3.4 2.9 3.6 4.6 3.4 5.2 6.2 5.4 5.6

REPRODUCIBLE WEALTH PER HEAD

Population

Consumer Durables Included Excluded

(3)

(4)

(5)

1.7 2.2 2.2 2.4 0.4 2.0 2.9 1.9 1.0

2.2

1.7 0.7 1.4 2.2 3.0 3.2 3.3 3.5 4.6

3.9

SOURCE: Country papers in Income and Wealth Series vm, except for United States (Table A-2) and for United Kingdom (National Income and Expenditures, U.S. Department of Commerce, various issues). a Only fixed reproducible assets.

The calculation of rates of growth of reproducible national wealth by means of the comparison of estimates of (deflated) wealth at two points of time, or of the comparison of a period's cumulated net capital expenditures with the stock of capital at the beginning of the period, is limited by scarcity of data for the nine countries listed in Table 26. It is, however, possible to derive rough approximations of β Cf. Chapter 4. I02

SOME INTERNATIONAL COMPARISONS

CHART 10 Average Annual Rate of Growth of Real National Wealth Per Head in Postwar Period, Selected Countries and Periods, 1945-58

Norway

West Germany

Canada

South Africa

Australia

Columbia

Argentina

0

12

3

4

5

Per cent

Source: Underlying data in Table 26.

the rates of growth of reproducible tangible wealth in the postwar period for another half-dozen countries for which bench-mark estimates of national wealth in the postwar period are available. One of two approaches must be accepted for reducing the available estimates of gross capital expenditures (in prices that underlie the bench-mark estimates of national wealth) for the postwar period to a net basis. One is using the ratio of depreciation allowances to gross capital expenditures derived from the countries' official national accounting statements; the other is by applying a standard ratio, based on the theoretical relationship between gross and net capital expenditures,

SOME INTERNATIONAL COMPARISONS

that corresponds to a given rate of growth of capital expenditures in the past and an assumed length of life of reproducible tangible assets.7 Most of the countries for which additional rough estimates thus become available show a rate of growth per head of reproducible tangible wealth (excluding consumer durables) during the postwar period—usually between 1950 and 1957—which is definitely above the rate of 1.75 per cent observed for the United States. This is undoubtedly so for Japan, with a rate of growth of real reproducible assets per head of at least 4 per cent, and for Belgium, with the rate of about 3 per cent. For France, the Netherlands, Luxemburg, and India, the rate of growth seems to have been at about the same level as for the United States. Only in Sweden does the growth of real reproducible tangible assets per head seem to have been definitely below the U.S. level. The inclusion of these additional countries, notwithstanding the lesser reliability of the estimates that can be derived for them, thus seems to reinforce the conclusion drawn from Table 26, that the rate of growth of reproducible wealth in the United States during the entire postwar period, and still more during the 1950's, was at best as rapid as in the rest of the non-Communist world and may well have proceeded at a slightly slower rate than in those countries. The com­ parable rates in Communist countries were probably in most cases well above the U.S. level, although the absence of published bench-mark estimates of the stock of reproducible tangible assets makes documenta­ tion difficult.8 This relationship—the absence of a lead in the American rate of growth—probably is in contrast to the experience in the prewar period, but it is in line with the fact that real income per head also increased more rapidly in many foreign countries during the postwar period (again excluding Southeast Asia) than in the United States. However, the position of foreign countries compared with the U.S. appears to have been more favorable with respect to the rate of growth of repro­ ducible tangible wealth than with respect to income, with the result that, insofar as a judgment is possible, the capital-output ratio rose more (or fell less) in the rest of the world than in the U.S. 7 Cf.

Chapter 3. the gross investment rates of between 20 and go per cent encountered in most Communist countries, the high net-gross capital expenditure ratios, and the rapid rate of growth, in real per head terms, of the volume of national product and capital expenditures, the stock of capital is bound to increase by much more than 3 per cent a year, even if the average reproducible capital-output ratio at the beginning of the postwar period had been very high in international comparison— which is unlikely. 8 With

IO4

SOME INTERNATIONAL COMPARISONS

Changes in the Structure of Wealth During the Postwar Period

There is not enough statistical material available for foreign countries to permit a statistically founded comparison between the changes in the structure of national wealth that have taken place in the United States during the postwar period with those that have occurred abroad. The figures at hand for a few countries (Germany, Canada, Aus­ tralia) and fragmentary material for a few others make it likely, however, that the changes were in the same direction abroad as those observed in the United States after World War II. Thus, the share of reproducible tangible assets appears to have continued its increase at the expense of the share of land. Within reproducible tangible assets, the share of equipment has increased substantially. While it advanced in the postwar decade from 13 to 19 per cent in the U.S., it rose during approximately the same period from 24 to 30 per cent in Germany, from 23 to 29 per cent in Canada, and from 17 to 18 per cent in Australia. Similar changes appear to have taken place also in a number of underdeveloped countries, where they accompanied the increase in the share of manufacturing in national output, but figures are missing to document statistically the shift in the structure of national wealth.

IO 5

APPENDIXES

Appendix A APPENDIX A contains the detailed tables on the components of national wealth of the United States during the postwar period on which much of the text of Chapters ι and 4-6 is based. All tables show annual fig­ ures for the period 1945 through 1948. In many, figures

for a few

bench-mark years back to the turn of the century (1939, 1929, 1922, 1912, and 1900) are also given for comparative purposes, but that was not possible in all tables because some estimates, particularly those for gross national wealth, were not available for years before 1945. In the tables, two values for 1945—usually differing but little—are shown. The first of these in each table, taken from A Study of Saving . . . ,1 is comparable with the bench-mark date estimates back to 1900; the second belongs to the set of annual estimates for the postwar period. Figures are shown in hundred—or ten—million-dollar units (billions of dollars, with one or two digits) for the convenience of users who want to perform further calculations with them. There is not, of course, any implication that the estimates are accurate to the nearest ten or hundred million dollars. Indeed, in most cases the last digit or the last two digits shown are not significant. The sources and methods of estimates are described briefly in Chapter 2 of the text. Detailed notes on the derivation of the figures, together with the underlying data from which the estimates were derived, will be found in the Appendix B tables. Appendix A consists of five sets of tables. The first tables in each set present absolute figures,

and are followed in some sets by tables

showing percentage distributions and annual and period rates of change to facilitate the use of the material by analysts. The first set (Tables A-1-A-4) presents estimates of the alternative main aggregates of national wealth in current and constant (1947-49) prices, on a net and a gross basis and in absolute figures,

as well as in

the form of year-to-year percentage changes. One of the purposes of these tables, besides providing a summary of the estimates, is to permit users to see the effects on the estimates of alternative concepts of national wealth. The second set (Tables A-5-A-14) may be regarded as the core of Appendix A. It consists of ten tables showing the estimates for the 1 Raymond W. Goldsmith, A Study of Saving in the United States, 3 vols., Princeton University Press, 1955-56.

iop

APPENDIX A

fourteen main components of wealth from which the aggregate figures have been built up. Estimates are again given in current and constant prices; on a net and a gross basis, in absolute figures as well as in per­ centages; and in the form of year-to-year rates of changes. Some addi­ tional breakdowns, particularly for more than a dozen categories of producer durables and of consumer durables, for military assets, and for foreign assets and liabilities are given in the Appendix B tables. The third set (Tables A-15-A-34) is devoted to estimates of the total wealth of the seven main sectors and certain combinations of them. Separate tables are provided for total and for reproducible wealth alone. They permit comparison of the distribution of national wealth, on different valuation bases and in accordance with different defini­ tions, among the main sectors, and are intended to facilitate the study of cyclical and trend movements in the wealth of different sectors. In the fourth set (Tables A-35-A-49) the distribution of wealth among sectors is shown for each component of national wealth. Usually, of course, only a few sectors show holdings of a given form of wealth, in particular because relatively minor holdings often of necessity were ignored in the preparation of the estimates. The fifth set (Tables A-50-A-64) presents information on the wealth structure of the seven main sectors by showing, for bench-mark years from 1900 to 1945 and then successively for each year end from 1945 through 1958, all the types of tangible assets held by each sector. These tables constitute the basis for the study of the tangible wealth structure of each sector and the changes therein.

no

Appendix A Tables

31.5 55.5 31.2 195.1 161.2 201.5 284.2

297.5 351.6 425.4 459.1 456.0 512.1 545.6 575.4 598.7 623.7 671.7 720.7 761.0 802.3

37.5 69.1 162.2 237.3 186.9 234.0 335.1

343.7 411.2 498.8 544.4 547.2 623.5 668.1 703.1 733.5 762.4 822.5 884.0 934.6 981.1

87.9 165.4 334.5 439.4 330.5 396.8 571.4

576.2 700.9 843.5 928.4 932.0 1,067.1 1,164.6 1,214.1 1,259.3 1,306.3 1,401.9 1,518.1 1,629.8 1,702.8

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

Totala

232.5 289.7 344.7 383.9 384.7 443.6 496.5 511.0 525.7 543.9 579.4 634.1 695.1 721.7

50.4 96.4 172.4 202.1 143.6 162.7 236.3

(4)

Business

Total

457.0 556.2 668.4 736.5 742.2 851.8 928.6 972.9 1,015.3 1,052.6 1,130.4 1,226.2 1,311.3 1,367.6

59.3 109.3 233.4 313.5 241.3 307.4 442.3

(5)

244.3 284.4 340.0 367.1 364.8 409.5 437.1 463.8 463.7 503.9 543.5 583.1 613.5 646.4

22.1 38.9 87.3 130.1 110.3 152.8 220.5

(continued)

290.5 344.1 413.4 452.4 456.0 520.9 559.5 591.4 618.4 642.6 694.3 746.5 787.1 825.1

28.2 52.5 118.3 172.3 136.0 186.3 271.5

Nonbusiness Consumer Durables Included Excluded (6) (7)

Nonbusiness Consumer Durables Included Excluded (2) (3)

1900 1912 1922 1929 1933 1939 1945

End of Year

Reproducible Tangible Wealth

NET STOCK

All Wealth

(billions of dollars)

166.5 212.1 255.0 284.2 286.2 331.0 369.0 381.2 396.8 409.9 436.1 479.7 524.1 542.4

31.1 56.8 115.1 141.1 105.3 121.1 170.9

Business (8)

798.8 967.9 1,153.2 1,265.2 1,270.9 1,444.5 1,560.5 1,636.6 1,708.3 1,771.1 1,897.5 2,049.7 2,190.7 2,300.7

Total (9)

509.4 608.9 731.8 800.6 800.1 908.2 971.3 1,025.4 1,069.6 1,111.5 1,197.0 1,285.8 1,360.4 1,436.0

(10)

401.2 477.2 575.3 623.1 613.7 690.9 734.7 777.7 806.4 836.4 898.8 960.2 1,003.8 1,052.2

(H)

Nonbusiness Consumer Durables Included Excluded

Reproducible Tangible Wealth

GROSS STOCK

TABLE A-I NATIONAL WEALTH OF THE UNITED STATES, EXCLUDING MILITARY ASSETS, ALTERNATIVE MAIN AGGREGATES, CURRENT PRICES

289.4 359.1 421.3 464.6 470.8 536.3 589.2 611.2 638.7 659.6 700.4 763.8 830.3 864.8

(12)

Business

Col. 3 plus Table A-38, col. 1. Col. 7 plus Table A-50, cols. 3,4, 7; Table A-51, col. 3; Table A-52, col. 4; Table A-54, col. 4; Table A-55, col. 4; Table A-56, cols. 4 and 8. Col. 8 plus Table A-52, cols. 5, 9, 10; Table A-53, col. 4; Table A-54, cols. 5, 9 to 11. Sum of cols. 6 and 8. Col. 7 plus Table A-38, col. 1. Table A-35, col. 1; Table A-50, col. 6; Table A-51,cols. 2 and 4; Table A-55, cols. 3, 5 to 7; Table A-56, cols. 3, 5 to 7. (9) (10)

Table A-54, cols. 3, 6, 7, 8. Sum of cols. 10 and 12. Col. 11 plus Table A-49, col. 1. (Π) Table A-46, col. 1; Table A-57, col. 6; Table A-58, cols. 2 and 4; Table A-62, cols. 3, 5 and 6; Table A-63, cols. 3, 5 to 7. (12) Table A-59, cols. 3, 6 to 8; Table A-60, cols. 3, 5, 7 to 9; Table A-61, cols. 3, 6 to 8.

(8) Table A-52, cols. 3, 6 to 8; Table A-53, cols. 3, 5, 7 to 9;

SOURCE, BY COLUMN

a Totals for bench-mark years from 1900 to 1945 differ slightly from those shown in Table A-5, col. 2, and in Raymond W. Goldsmith, A Study of Saving in the United States (3 Vols.,PrincetonUniversity Press,1955-1956), Vol.Ill,Table W-l, because of rounding.

(5) (6) (7)

(4)

(2) (3)

(1) Sum of cols. 2 and 4.

467.2 476.3 497.5 517.4 538.5 561.3 582.0 601.3 623.6 646.6 677.8 702.6 726.3 748.4

314.6 464.7 588.2 778.0 742.2 748.4 763.7

788.1 812.7 845.9 882.6 910.4 949.2 990.8 1,022.5 1,055.3 1,086.3 1,131.6 1,174.6 1,216.3 1,244.4

1900 1912 1922 1929 1933 1939 1945

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

320.9 336.4 348.4 365.2 372.0 387.9 408.8 421.3 431.7 439.7 453.8 472.0 490.0 496.0

165.9 238.1 288.1 342.9 310.1 303.9 317.2

W

Business

622.3 644.1 669.2 702.3 726.4 761.9 798.2 828.0 858.9 887.0 928.2 965.2 998.9 1,022.3

392.5 398.5 412.4 429.8 448.4 469.9 487.7 505.9 526.9 547.8 576.4 599.3 620.4 640.0

113.9 174.9 220.0 320.9 317.5 347.9 355.2 334.9 333.8 338.6 339.7 358.0 367.0 377.5 390.1 403.6 418.0 435.1 449.8 464.1 480.3

92.3 142.2 182.3 263.7 267.7 290.2 293.9

Nonbusiness Consumer Durables Included Excluded (6) (7)

229.8 245.6 256.8 272.5 278.0 292.1 310.5 322.1 332.0 339.2 351.8 365.9 378.5 382.3

108.0 160.7 208.5 251.4 229.0 224.1 235.8

Business (8)

Reproducible Tangible Wealth

221.9 335.6 428.5 572.3 546.5 572.0 591.1

Total (5)

NET STOCK

(billions of dollars)

SOURCE: Same as for Table A-l, using figures in constant (1947-49) prices.

409.7 411.6 423.7 435.3 448.1 458.4 471.8 485.5 500.3 516.7 536.5 553.1 570.0 588.8

127.1 193.9 262.4 377.8 382.3 386.9 385.2

148.7 226.6 300.1 435.1 432.1 444.5 446.5

Total (1)

All Wealth

Nonbusiness Consumer Durables Included Excluded (2) (3)

End of Year

TABLEA-25(concluded)

1,096.7 1,124.6 1,159.2 1,207.1 1,241.2 1,291.0 1,340.8 1,384.6 1,434.7 1,482.7 1,546.0 1,603.8 1,663.0 1,715.0

Total (9)

695.7 709.1 732.8 762.2 787.1 818.2 845.6 874.2 909.9 946.2 991.4 1,031.5 1,075.6 1,117.4

558.5 563.8 574.7 589.3 603.7 618.2 634.2 651.8 671.6 692.0 715.6 736.5 756.3 777.8

Nonbusiness Consumer Durables Included Excluded (10) (11)

Reproducible Tangible Wealth

GROSS STOCK

401.0 415.5 426.3 444.9 454.1 472.8 495.2 510.5 524.7 536.6 554.6 572.3 587.4 597.6

Business (12)

NATIONAL WEALTH OF THE UNITED STATES, EXCLUDING MILITARY ASSETS, ALTERNATIVE MAIN AGGREGATES, CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

6.57 5.01 5.79 8.40 8.55

19.53 21.30 9.14 0.51 13.94 7.15 5.23 4.32 3.94 7.88 7.47 5.72 4.98

5.22 8.91 5.59 -6.15 3.83 6.16

6.49 4.99 5.74 7.91 8.06

18.18 20.98 7.92 -0.68 12.30 6.54 5.46 4.04 4.17 7.69 7.29 5.59 5.43

4.84 8.98 5.83 -4.89 3.80 5.89

Nonbusiness Consumer Durables Included Excluded (2) (3)

4.91 4.49 4.70 9.11 9.31

24.60 18.99 11.37 0.20 15.31 11.92 2.94 2.87 3.46 6.52 9.44 9.61 3.82

5.55 6.00 2.30 -8.99 2.15 6.41

6.45 5.55 6.00 8.38 8.49

18.45 20.13 9.43 0.79 14.23 7.41 5.70 4.56 3.91 8.04 7.51 5.41 4.79

5.34 8.45 5.55 -6.09 5.34 6.51

6.30 5.68 5.99 7.76 7.88

16.41 19.54 7.97 -0.63 12.25 6.73 6.10 4.29 4.17 7.85 7.28 5.17 5.29

4.82 8.42 5.86 -4.22 5.58 6.30

Nonbusiness Consumer Durables Included Excluded (6) (7)

5.35 4.75 5.05 9.51 9.75

27.38 20.22 11.45 0.70 15.65 11.48 3.30 4.09 3.30 6.39 9.99 9.25 3.49

5.15 7.31 2.94 -7.59 2.32 6.19

Business (8)

Reproducible Tangible Wealth

8.48 8.63

21.19 19.14 9.71 0.45 13.65 8.03 4.87 4.38 3.67 7.13 8.02 6.87 5.02

Total (9)

GROSS STOCK

8.30 8.44

19.53 20.18 9.40 -0.06 13.51 6.95 5.57 4.31 3.92 7.69 7.42 5.80 5.55

7.70 7.85

18.94 20.55 8.30 -1.51 12.57 6.33 5.85 3.69 3.72 7.46 6.83 4.54 4.82

Nonbusiness Consumer Durables Included Excluded (10) (11)

Reproducible Tangible Wealth

8.79 8.95

24.08 17.32 10.27 1.33 13.91 9.86 3.73 4.49 3.27 6.18 9.05 8.70 4.15

Business (12)

" Calculated from value at beginning and end of period except for last line, which is the average of annual rates of change. First line refers to period 1901-12. " Average anhual rates of change.

5.91 5.21 5.56 8.80 8.96

21.70 20.17 10.18 0.77 14.71 9.01 4.77 4.35 3.67 7.39 8.47 6.91 4.27

5.23 7.88 4.30 -6.76 4.06 6.30

Total (5)

NET STOCK

Business (4)

SOURCE : Computed from figures in Table A-1.

5.71 4.78 5.24 8.69 8.86

21.64 20.35 10.07 00.39 14.50 9.14 4.25 3.72 3.73 7.32 8.29 7.36 4.48

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900-29 1929-58 1900-58 1945-58 1945-58"

5.41 7.29 3.97 -7.38 3.09 6.27

Total (1)

1912a 1922 1929 1933 1939 1945

Year or Period

All Wealth

T A B L E A-3 NATIONAL WEALTH OF THE UNITED STATES, ANNUAL PERCENTAGE RATES OF CHANGE, CURRENT PRICES

2.54 1.31 1.92 3.47 3.41

-0.33 1.44 0.32 5.39 2.51 2.86 3.34 3.46 3.57 4.09 3.38 3.18 3.49 3.68 2.08 2.87 2.75 2.82

3.64 2.39 2.01 3.79 3.84

3.33 2.03 2.68 3.89 3.88

2.54 3.08 4.14 2.82 4.01 3.86 3.27 3.61 3.35 4.27 3.74 3.69 3.13

3.50 3.50

1.00 2.96 1.50 2.22 4.07 4.01

6.88 4.56 6.11 2.02 5.07 6.23 3.80 3.07 2.17 3.71 4.01 3.44

(9)

(8) 3.37 2.64 2.70 -2.36 -0.36 0.86

Total

Business

3.67 2.51 5.38 0.45 1.44 0.13

(7)

1.53 3.49 4.22 4.33 4.79 3.79 3.73 4.15 3.97 5.22 3.97 3.52 3.16

3.64 1.35 6.98 -0.27 1.60 0.28

(6)

3.50 3.90 4.95 3.43 4.89 4.64 3.73 3.73 3.27 4.64 3.99 3.49 2.34

3.53 2.47 4.22 -1.16 0.80 0.50

(5)

Total

3.71 3.71

1.92 3.36 4.00 3.26 3.96 3.34 3.38 4.09 3.99 4.77 4.04 4.27 3.88

(10)

a

SOURCE: Computed from figures in Table A-2. Calculated from value at beginning and end of period except for last line, which is the average of annual rates of change. 6 Average annual rates of change.

3.77 1.87 2.82 3.65 3.70

3.17 1.64 2.40 3.58 3.58

1900-29 1929-58 1900-58 1945-58 1945-58B

3.83 1.52 2.67 2.78 2.84

4.83 3.57 4.82 1.86 4.27 5.39 3.06 2.47 1.85 3.21 4.01 3.81 1.22

0.46 2.94 2.74 2.94 2.30 2.92 2.90 3.13 3.28 3.83 3.09 3.06 3.30

1.95 4.45 4.00 4.08 4.23 3.69 3.32 3.78 3.69 4.83 3.66 3.37 3.04

0.47 0.07

-0.11

3.06 1.92 2.52 -2.55 -0.34 0.72

(4)

Business

3.58 3.07 5.35 0.29 0.20 -0.07

(3)

3.57 2.85 5.45

(2)

3.12 4.09 4.34 3.15 4.26 4.38 3.20 3.21 2.94 4.17 3.80 3.55 2.31

3.30 2.39 4.08 -1.18 0.14 0.34

Total (1)

2.58 2.58

0.96 1.94 2.54 2.44 2.40 2.59 2.78 3.03 3.03 3.41 2.93 2.68 2.85

(11)

3.12 3.12

3.62 2.60 4.37 2.07 4.10 4.75 3.00 2.79 2.25 3.38 3.19 2.64 1.74

(12)

Business

Nonbusiness, Consumer Durables Included Excluded

Nonbusiness, Consumer Durables Included Excluded

Nonbusiness, Consumer Durables Included Excluded

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1912 1922 1929 1933 1939 1945

A

Year or Period

Reproducible Tangible Wealth

Reproducible Tangible Wealth

GROSS STOCK

PRICES

All Wealth

NET STOCK

T A B L E A-4 NATIONAL WEALTH OF UNITED STATES, ANNUAL PERCENTAGE RATES OF CHANGE, CONSTANT ( 1 9 4 7 - 4 9 )

vi

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-16

648.9 775.4 911.7 991.7 986.3 1,121.5 1,219.5 1,276.9 1,330.6 1,380.9 1,481.2 1,602.5 1,716.2 1,791.7

576.2 700.9 843.5 928.4 932.0 1,067.1 1,164.6 1,214.1 1,259.3 1,306.3 1,401.9 1,518.2 1,629.7 1,702.8

87.7 165.2 334.3 439.1 330.2 395.6 570.4

152.4 178.5 216.7 234.2 231.6 267.4 286.0 301.7 313.5 324.8 351.4 375.5 392.1 411.3

17.4 28.4 63.2 95.9 74.3 91.2 133.6

(continued)

77.9 99.0 116.9 127.9 128.4 144.4 156.2 165.6 176.0 184.0 199.2 215.4 241.2 254.2

15.5 28.3 55.8 70.6 59.0 63.5 80.8

Private Nonresidential (4)

Military Included Excluded (2) (1)

Residential (3)

Structures

Total

55.3 67.9 81.1 87.3 86.1 95.5 103.2 111.4 116.2 122.5 133.1 145.7 156.9 168.2

2.0 5.9 15.5 23.4 26.2 33.8 50.7

Public Civilian (5)

(billions of dollars)

3.3 3.1 3.0 2.9 2.9 3.0 3.3 3.6 3.9 4.2 4.7 5.0 5.5 5.9

0.1 0.2 0.2 0.6 0.6 0.8 3.4

6.4 13.6 30.7 37.8 28.6 33.4 46.7 45.3 55.4 70.7 84.6 94.0 107.0 120.3 128.4 136.9 145.3 152.1 172.4 187.6 194.0

(7)

Public

(6)

Private

Producer Durables

N E T STOCK OF MAIN TYPES OF TANGIBLE ASSETS, CURRENT PRICES

42.9 56.3 66.7 71.6 66.7 79.4 90.9 92.1 96.0 95.9 102.6 111.2 112.7 111.8

6.8 11.0 27.2 31.5 18.7 25.3 42.5

3.1 5.7 5.4 6.5 3.2 5.1 9.7 9.7 11.9 13.3 14.4 12.9 17.1 19.5 14.8 11.8 11.2 10.7 11.1 14.1 18.1

Inventories (9)

Livestock (8)

46.3 59.6 73.4 85.3 91.2 111.3 122.5 127.6 134.8 138.7 150.8 163.4 173.6 178.8

1945 1946 1974 1948 1949 Co 1950 1951 1952 1953 1954 1955 1956 1957 1958

46.6 50.3 55.9 59.5 59.2 70.3 80.6 80.2 76.2 79.0 84.0 88.7 95.0 101.3

16.1 33.6 45.0 38.0 25.0 26.1 48.1

Agricultural (11)

(1) Cols. 2 plus 17. (2) Sum of cols. 3 to 16. (3) Table A-35, col. 1. (4) Table A-36, col. 1 minus cols. 6 and 7. (5) Table A-36, cols. 6 and 7. (6) Table A-37, col. 1 minus cols. 6 and 7. (7) Table A-37, cols. 6 and 7. NOTE: Agricultural land includes forests.

6.1 13.6 30.9 42.2 25.7 32.5 51.0

1900 1912 1922 1929 1933 1939 1945

End of Year

Consumer Durables (10)

SOURCE, BY COLUMN

31.9 39.4 46.7 54.4 53.0 56.4 61.2 65.5 69.7 75.0 82.0 90.3 101.8 108.0

6.5 10.2 19.8 36.1 22.1 22.2 24.9

Nonresidential (13)

23.9 24.4 26.7 28.2 28.5 26.8 26.8 27.4 26.3 26.0 26.1 26.5 27.5 25.4

20.5 25.9 29.7 30.4 29.6 35.5 37.6 36.6 36.0 36.5 38.4 39.7 41.0 40.8

(16) (17)

-2.3 2.8 10.9 12.9 13.8 13.4 14.4 14.7 15.9 15.4 15.4 17.9 22.8 24.3

-2.3 -2.1 8.2 12.4 8.1 1.7 1.7

Net Foreign Assets (16)

72.7 74.5 68.2 63.3 54.3 54.4 54.8 62.8 71.3 74.6 79.3 84.3 86.6 88.9

Military Assets (17)

Table A-41, cols. 7 and 8. 1900-45, Study of Saving, Table W - l , col. 18; 1945-58, Table A-44, col. 1. Table A-45, col. 1. Table A-15, col. 10.

1.6 2.5 4.4 4.8 4.7 19.6 22.9

4.0 7.5 12.6 15.3 15.4 17.4 24.0

(14) (15)

Monetary Metals (15)

Public Land (14)

(8) Table A-53, col. 8. (9) Table A-39. col. 1 minus Table A-5, col. 8. (10) Table A-38, col. 1. (11) Table A-41, col. 5 plus Table A-42, col. 1. (12) Table A-40, col. 1. (13) Table A-41, cols. 2, 3, 4, 6 plus Table A-43, col. 1.

22.6 26.3 31.9 34.6 34.2 39.6 42.2 44.4 46.2 47.8 51.8 55.4 57.9 60.7

4.4 7.0 15.4 24.1 18.7 22.9 31.1

Residential (12)

Private Land

TABLE A-5 (concluded)

it-

to £

"a ^tq

211.1 213.2 216.8 222.7 228.2 236.5 243.9 251.2 259.1 267.2 277.9 287.3 295.6 303.9 (continued)

82.7 81.6 81.5 82.3 84.8 87.9 90.5 93.5 96.7 100.7 105.3 110.0 115.3 121.9

114.0 116.3 118.5 121.4 124.0 127.2 131.2 135.2 139.7 144.4 150.2 155.8 161.9 166.9

788.5 812.7 845.9 882.7 910.4 949.8 991.0 1,022.4 1,055.4 1,086.4 1,132.1 1,175.0 1,216.4 1,244.4

888.8 897.0 915.7 941.5 961.8 995.1 1,036.7 1,073.8 1,113.2 1,146.6 1,192.7 1,236.2 1,278.6 1,308.0

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

9.5 21.0 28.2 44.5 56.3 66.5 69.6

75.6 109.6 138.2 200.0 192.4 189.5 184.5

59.6 93.1 111.1 138.5 134.6 122.3 111.7

313.9 463.5 587.0 778.8 743.0 747.5 760.6

Public Civilian (5)

Private Nonresidential (4)

Military Included Excluded (2) (1)

Residential (3)

Structures

(billions of dollars)

Total

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-16 PRICES

57.1 63.0 72.4 82.0 87.8 94.0 100.7 106.4 112.2 116.3 120.3 126.1 131.8 133.3

20.9 38.1 49.6 60.4 51.9 53.1 62.1

(6)

Private

4.2 3.6 3.1 2.8 2.7 2.7 2.8 3.0 3.2 3.4 3.5 3.7 3.9 4.0

.2 .5 .3 .9 1.0 1.2 4.5

(7)

Public

Producer Durables

N E T STOCK OF M A I N TYPES OF TANGIBLE ASSETS, CONSTANT ( 1 9 4 7 - 4 9 )

14.9 14.3 13.6 13.4 13.6 14.0 14.6 14.8 14.6 14.8 15.0 14.7 14.3 14.9

13.6 13.7 15.2 13.7 15.0 14.0 15.1

Livestock (8)

59.3 65.2 65.0 69.6 68.5 72.4 79.9 82.8 86.3 86.7 91.3 94.3 95.0 95.0

18.6 23.5 40.7 49.8 38.2 47.1 58.3

Inventories (9)

T5 to

ft

57.5 64.7 73.8 82.2 90.4 102.9 110.2 115.8 123.3 129.8 141.3 149.5 156.3 159.7

1945 No 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

60.2 57.4 56.8 55.8 56.1 57.5 57.9 57.4 56.9 57.1 56.9 57.7 58.4 59.8

45.9 58.6 58.2 57.2 56.3 53.1 58.1

Agricultural (11)

31.3 31.5 32.0 32.8 33.6 34.8 35.9 36.9 38.0 39.1 40.7 42.1 43.4 44.6

19.0 27.2 34.0 50.0 48.1 47.1 43.1

Residential (12)

Private Land

47.7 48.6 48.6 50.1 51.2 51.7 53.5 54.5 55.6 57.1 58.9 61.0 63.0 64.6

22.4 29.8 33.6 54.7 42.0 39.0 33.3

Nonresidential (13)

29.5 28.2 28.7 29.4 30.3 31.3 33.2 33.3 32.6 33.2 34.4 34.0 34.5 34.2

11.5 16.9 21.1 26.2 34.1 35.0 35.5

Public Land (14)

21.7 22.2 24.5 26.0 26.2 24.5 24.5 25.0 23.9 23.6 23.6 23.9 24.8 22.7

2.3 3.7 7.1 7.5 7.3 19.0 22.3

Monetary Metals (15)

-2.7 3.0 10.6 12.2 12.9 12.0 12.3 12.5 13.4 12.8 12.5 14.5 18.0 18.9

-6.9 -4.8 12.0 18.2 15.8 3.1 1.2

Net Foreign Assets (16)

100.3 84.2 69.8 58.9 51.4 46.0 45.6 51.4 57.9 60.2 60.6 61.2 62.2 63.6

Military Assets (17)

SOURCE: Same as for Table A-5, using figures in constant (1947-49) prices, except for col. 17, for which the source is Table A-16 col. 10. NOTE : Agricultural land includes forests.

21.7 32.7 37.8 57.3 49.8 57.6 61.3

1900 1912 1922 1929 1933 1939 1945

End of Year

Consumer Durables (10)

TABLE A-25 (concluded)

Su

to

tq

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE

168.5 212.1 247.5 268.5 267.5 296.8 316.0 330.2 345.2 356.8 380.4 405.8 446.2 466.3

261.8 308.4 374.6 404.6 400.2 459.2 488.8 513.3 531.5 548.7 591.5 627.9 653.1 684.1 (continued)

Private Nonresidential (4)

Residential (3)

Military Excluded Included (2) (1)

917.8 1,112.7 1,328.2 1,457.0 1,460.8 1,659.7 1,796.5 1,878.1 1,952.3 2,025.0 2,169.1 2,341.6 2,508.9 2,635.8

Structures

91.7 115.6 139.5 153.6 149.0 166.7 179.2 194.1 200.5 209.9 225.7 246.0 260.3 274.0

Public Civilian (5)

(billions of dollars)

Total

1,068.1 1,298.0 1,524.8 1,653.5 1,633.3 1,837.1 1,982.8 2,069.0 2,141.8 2,208.7 2,361.8 2,558.9 2,741.1 2,862.1

A-7

85.9 100.4 120.3 139.4 154.1 175.6 196.9 210.9 227.1 240.4 254.3 286.2 309.9 326.2

Private (6) 6.2 7.2 8.0 7.4 5.7 5.7 5.8 6.2 6.7 7.2 8.0 9.2 10.4 11.0

Public (7)

Producer Durables

GROSS STOCK OF MAIN TYPES OF TANGIBLE ASSETS, CURRENT PRICES

9.7 11.9 13.3 14.4 12.9 17.1 19.5 14.8 11.8 11.2 10.7 11.1 14.1 J 8.1

Livestock (8)

42.9 56.3 66.7 71.6 66.7 79.4 90.9 92.1 96.0 95.9 102.6 111.2 112.7 ] 1 J.8

Inventories (9)

tfc.

ifc. "0 *e t»J S? b I—.

NOTE:

1945 1946 1947 1948 1949 1950 1951 1952 N> 1953 K2 1954 1955 1956 1957 1958

(1) (2) (3) (4) (5) (6)

46.6 50.3 55.9 59.5 59.2 70.3 80.6 80.2 76.2 79.0 84.0 88.7 95.0 101.3

22.6 26.3 31.9 34.6 34.2 39.6 42.2 44.4 46 2 47.8 51.8 55.4 57.8 60.7

Residential (12) 31.9 39.4 46.7 54.4 53.0 56.4 61.2 65.5 69.7 75.0 82.0 90.3 101.8 108.0

Nonresidential (13)

(7) (8) (9) (10) (11) (12)

Table Table Table Table Table Table

20.5 25.9 29.7 30.4 29.6 35.5 37.6 36.6 36.0 36.5 38.4 39.7 41.0 40.8

Public Land (14)

A-48, cols. 6 and 7. A-5, col. 8. A-5, col. 9. A-49, col. 1. A-5, col. 11. A-5, col. 12.

SOURCE, BY COLUMN

Private Land

Col. 2 plus Table A-17, col. 10. Sum of cols. 2 to 16. Table A-46, col. 1. Table A-47, col. 1 minus cols. 6 and 7. Table A-47, cols. 6 and 7. Table A-48, col. 1, minus cols. 6 and 7.

108.0 131.7 156.5 177.5 186.4 217.2 236.6 247.7 263.2 275.1 298.2 325.7 356.6 383.8

Agricultural (11)

Agricultural land includes forests.

End of Year

Consumer Durables(10)

TABLE A-25 (concluded)

(13) (14) (15) (16) (17)

23.9 24.4 26.7 28.2 28.5 26.8 26.8 27.4 26.3 26.0 26.1 26.5 27.5 25.4 -2.3 2.8 10.9 12.9 13.8 13.4 14.4 14.7 15.9 15.5 15.4 17.9 22.8 24.3

Net Foreign Assets (16)

Table A-5, col. 13. Table A-5, col. 14. Table A-5, col. 15. Table A-5, col. 16. Table A-17, col. 10.

Monetary Metals (15)

150.2 185.3 196.6 196.5 172.5 177.4 186.3 190.9 189.5 183.7 192.7 217.3 231.9 226.3

Military Assets (17)

ih.

Si

g

-o -a tq

TABLE A-8

(continued)

109.6 113.9 123.3 135.1 144.1 154.7 164.9 174.8 184.8 192.7 201.1 209.7 217.8 224.1

137.4 138.6 140.3 143.5 148.1 153.2 157.6 162.6 167.8 173.5 180.1 186.4 192.2 199.0

246.3 249.3 251.1 254.7 258.2 261.3 265.7 269.2 273.9 279.7 286.7 293.3 299.6 306.3

368.2 375.1 384.7 393.8 405.8 417.2 427.9 439.5 451.5 466.3 479.9 492.7 505.8

362.6

1,470.6 1,503.4 1,538.2 1,571.2 1,588.8 1,630.3 1,688.6 1,736.2 1,784.3 1,829.4 1,896.2 1,968.6 2,037.8 2,089.2

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1,262.5 1,293.2 1,335.8 1,387.4 1,425.3 1,478.3 1,533.5 1,579.1 1,631.0 1,682.0 1,749.4 1,813.1 1,880.4 1,937.0

(6)

Private

Public Civilian (5)

Private Nonresidential (4)

Residential (3)

Military Included Excluded (1) (2)

End of Year

7.9 8.2 8.2 7.2 5.4 5.1 5.0 5.3 5.6 5.9 6.2 6.7 7.3 7.6

(7)

Public

Producer Durables

Structures

Total

(biliions of dollars)

GROSS STOCK OF MAIN TYPES OF TANGIBLE ASSETS, CONSTANT (1947—49) PRICES

14.9 14.3 13.6 13.4 13.6 14.0 14.6 14.8 14.6 14.8 15.0 14.7 14.3 15.0

Livestock (8)

59.3 65.2 65.0 69.6 68.5 72.4 79.9 82.8 86.3 86.7 91.3 94.3 95.0 95.0

Inventories (9)

137.2 145.3 158.1 172.9 183.4 200.1 211.4 222.3 238.3 254.3 275.8 295.0 319.3 339.6

60.2 57.4 56.8 55.8 56.1 57.5 57.9 57.4 56.9 57.1 56.9 57.7 58.4 59.8

Agricultural (H) 31.3 31.5 32.0 32.8 33.6 34.8 35.9 36.9 38.0 39.1 40.7 42.1 43.4 44.6

Residential (12)

Private Land

47.7 48.6 48.6 50.1 51.2 51.7 53.5 54.5 55.6 57.1 58.9 61.0 63.0 64.6

Nonresidential (13) 29.5 28.2 28.7 29.4 30.3 31.3 33.2 33.3 32.6 33.2 34.4 34.0 34.5 34.2

Public Land (14) 21.7 22.2 24.5 26.0 26.2 24.5 24.5 25.0 23.9 23.6 23.6 23.9 24.8 22.7

Monetary Metals (15) -2.7 3.0 10.6 12.2 12.9 12.0 12.3 12.5 13.4 12.8 12.5 14.5 18.0 18.9

Net Foreign Assets (16)

208.1 210.2 202.4 183.8 163.6 152.1 155.1 157.0 153.3 147.4 146.9 155.5 157.4 152.1

Military Assets (17)

SOURCE: Same as for Table A-7, using figures in constant (1947-49) prices, except that Table A-6 is used rather than Table A-5, and Table A-18 instead of Table A-17. NOTE: Agricultural land includes forests.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

Consumer Durables (10)

TABLE A-8 (concluded)

>—>

On

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00 26.46 25.47 25.69 25.23 24.84 25.06 24.55 24.85 24.90 24.86 25.07 24.73 24.05 24.13

19.88 17.16 18.90 21.84 22.49 23.05 23.42

(3)

(continued)

13.52 14.12 13.85 13.78 13.78 13.53 13.41 13.64 13.98 14.08 14.21 14.19 14.80 14.93

17.70 17.14 16.70 16.07 17.86 16.06 14.16

Private Nonresidential (4)

Military Included Excluded (1) (2)

Residential

Structures

Total

112.62 110.63 108.08 106.81 105.83 105.10 104.71 105.17 105.66 105.71 105.66 105.55 105.31 105.22

A-9

9.60 9.68 9.61 9.41 9.24 8.95 8.86 9.18 9.22 9.38 9.49 9.60 9.63 9.88

2.30 3.56 4.64 5.32 7.93 8.53 8.89

(5)

Public Civilian

7.87 7.90 8.38 9.12 10.09 10.03 10.34 10.58 10.88 11.12 10.85 11.36 11.51 11.41

7.34 8.20 9.18 8.60 8.66 8.45 8.18

(6)

Private

0.57 0.45 0.36 0.31 0.31 0.28 0.28 0.29 0.31 0.32 0.33 0.33 0.34 0.34

0.08 0.10 0.05 0.13 0.18 0.20 0.60

(7)

Public

Producer Durables

PERCENTAGE DISTRIBUTION OF N E T STOCK OF TANGIBLE ASSETS, CURRENT PRICES

1.69 1.70 1.57 1.55 1.38 1.60 1.68 1.22 0.93 0.86 0.76 0.73 0.86 1.06

3.56 3.42 1.61 1.48 0.96 1.30 1.71

(8)

Livestock

7.45 8.03 7.91 7.71 7.16 7.44 7.80 7.59 7.62 7.34 7.32 7.32 6.92 6.57

7.80 6.68 8.13 7.16 5.67 6.40 7.45

(9)

Inventories

to

tsi

tu

18.29 20.32 13.47 8.66 7.57 6.61 8.43

8.08 7.18 6.63 6.41 6.35 6.59 6.92 6.61 6.05 6.02 5.99 5.84 5.83 5.95

6.90 8.23 9.26 9.62 7.79 8.22 8.93

8.03 8.51 8.70 9.19 9.79 10.43 10.51 10.51 10.70 10.62 10.75 10.76 10.65 10.50

1900 1912 1922 1929 1933 1939 1945

1945 1NO 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

3.92 3.75 3.78 3.73 3.67 3.71 3.62 3.66 3.67 3.66 3.69 3.65 3.55 3.57

5.00 4.24 4.61 5.48 5.65 5.78 5.45

Residential (12)

Private Land

5.53 5.62 5.53 5.86 5.69 5.29 5.26 5.39 5.53 5.77 5.85 5.95 6.25 6.35

7.39 6.16 5.91 8.23 6.68 5.60 4.36

Nonresidential (13)

4.15 3.48 3.16 3.04 3.05 2.51 2.30 2.26 2.09 1.99 1.86 1.74 1.69 1.49

3.56 3.70 3.52 3.27 3.18 3.33 3.23 3.01 2.86 2.79 2.74 2.61 2.52 2.40 NOTE:

-2.67 1.27 2.45 2.82 2.45 0.44 0.18

1.87 1.53 1.31 1.10 1.44 4.96 4.01

4.56 4.54 3.77 3.48 4.66 4.40 4.20

12.62 10.63 8.08 6.81 5.83 5.10 4.71 5.17 5.66 5.71 5.66 5.55 5.31 5.22

Military Assets (17)

Agricultural land includes forests.

-0.40 0.40 1.30 1.39 1.48 1.25 1.24 1.21 1.27 1.18 1.10 L18 1.40 1.43

Net Foreign Assets (16)

Monetary Metals (15)

Public Land (14)

SOURCE: Based on figures shown in Table A-5; col. 2 equals 100 per cent.

Agricultural (11)

End of Year

Consumer Durables (10)

rABLE A-9 (concluded)

£

hi §

1900 1912 1922 1929 1933 1939 •-I 1945 VJ 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE

A-10

112.72 110.36 108.25 106.67 105.65 104.85 104.60 105.03 105.49 105.54 105.35 105.21 105.11 105.11

23.85 23.64 23.55 25.68 25.90 25.35 23.42 26.77 26.23 25.60 26.23 25.07 24.92 24.61 24.57 24.56 24.59 24.55 24.46 24.31 24.42

100.00 100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

(3)

(continued)

14.46 14.31 13.99 13.75 13.62 13.43 13.24 13.22 13.24 13.29 13.27 13.26 13.31 13.41

19.05 20.09 18.92 17.78 18.12 16.36 14.18

Private Nonresidential (4)

Military Excluded Included (2) (1)

Residential

Structures

Total

7.24 7.75 8.56 9.20 9.64 9.90 10.13 10.41 10.63 10.72 10.62 10.74 10.84 10.71

6.68 8.21 8.44 7.75 6.99 7.10 7.88

3.04 4.52 8.44 5.72 18.12 8.90 8.84 10.49 10.04 9.61 9.33 9.31 9.25 9.18 9.15 9.13 9.27 9.30 9.36 8.48 9.80

(6)

Private

0.56 0.44 0.51 0.32 0.30 0.28 0.28 0 29 0.30 0.31 0.31 0.32 0.32 0.32

0.07 0.11 0.04 0.12 0.15 0.17 0.58

(7)

Public

Producer Durables (5)

Public Civilian

PERCENTAGE DISTRIBUTION OF NET STOCK OF TANGIBLE ASSETS, CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

1.89 1.70 1.60 1.52 1.49 1.48 1.47 1.45 1.38 1.36 1.32 1.25 1.18 1.20

4.34 2.95 2.59 1.76 2.02 1.87 1.92

(8)

Livestock

7.52 8.02 7.67 7.88 7.52 7.63 8.06 8.10 8.18 7.98 8.06 8.03 7.81 7.63

5.96 5.07 6.93 6.40 5.14 6.30 7.41

(9)

Inventories

to >-
-1

-o tq

194.5 231.3 282.2 311.5 313.2 368.2 397.1 419.8 439.4 458.4 501.1 541.9 573.8 602.6

648.9 775.4 911.7 991.7 986.3 1,121.5 1,219.6 1,277.1 1,330.6 1,381.1 1,481.2 1,602.4 1,716.4 1,791.7

576.2 700.9 843.5 928.4 932.0 1,067.1 1,164.7 1,214.3 1,259.3 1,306.4 1,401.9 1,518.1 1,629.8 1,702.8

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 9.2 12.3 15.3 16.6 16.7 18.8 20.5 22.3 23.7 25.5 27.7 30.3 33.1 35.8

1.5 2.7 5.2 7.3 6.2 6.9 8.1

Nonprofit Organizations (4)

(continued)

Nonfarm Households^ (3) 28.0 46.3 100.7 150.7 109.3 132.0 191.9

Including Military (2)

87.9 165.4 334.5 439.4 330.5 396.8 571.4

All Sectors

(billions of dollars)

1900 1912 1922 1929 1933 1939 1945

End of Year

Excluding Military (1)

TABLE A-15

86.7 99.0 112.2 119.1 117.6 136.3 153.2 150.7 145.1 147.8 150.6 158.4 168.0 182.6

24.5 49.7 69.5 64.4 41.0 45.7 86.3

Agriculture (5)

TOTAL NET TANGIBLE WEALTH, BY SECTOR, CURRENT PRICES

39.0 49.4 58.9 65.6 65.4 73.8 79.1 81.0 84.0 86.5 93.0 99.8 105.8 108.6

7.2 11.2 24.8 36.4 25.0 30.2 41.9

Unincorporated Business (6)

142.8 184.0 223.8 254.4 257.6 296.2 331.0 347.9 367.1 380.7 409.4 452.5 499.6 510.7

21.9 42.2 94.0 125.0 94.8 107.2 138.9

Corporations (7)

(6) (?) (8) (9) (10)

sectors (for amounts, see Table A-5).

Sum of cols. 3 to 9. Col. 1 plus col. 10. Table A-50, col. 1. Table A-51, col. 1. Table A-53, col. 1.

46.7 53.6 66.4 71.4 73.7 74.6 77.1 78.7 81.3 82.9 84.2 85.9 88.3 89.8

57.3 71.8 84.7 89.8 88.0 99.2 106.8 113.9 118.6 124.7 135.7 149.3 161.2 172.7

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1) (2) (3) (4) (5) Allocated among

2.5 4.0 7.8 8.9 9.5 31.1 49.0 104.1 125.4 151.2 161.2 161.6 173.8 183.8 192.5 199.9 207.6 220.0 235.2 249.5 262.6

7.1 15.5 32.1 43.2 46.0 73.1 103.3

Table A-52, col. 1. Table A-54, col. 1. Table A-55, col. 1. Table A-56, col. 1. Table B-172, col. 6.

(1*)

(H) (12) (13)

176.8 200.0 219.3 224.5 215.9 228.2 238.6 255.2 271.2 282.2 299.2 319.5 336.1 351.4

472.2 575.5 692.3 767.2 770.5 893.3 980.9 1,021.8 1,059.4 1,098.8 1,182.0 1,282.9 1,380.3 1,440.3

80.8 150.0 302.4 396.2 284.5 323.6 469.1

Total Private (13)

Cols. 8 and 9. Cols. 10 and 11. Sum of cols. 3 to 7. Includes col. 14 for 1900-45. Table A-45, col. 1.

Total Governinent Excluding Including Military Military (H) (12)

SOURCE, BY COLUMN

72.7 74.5 68.1 63.3 54.3 54.4 54.8 62.8 71.3 74.6 79.3 84.3 86.6 88.9

Federal Government Civilian Military (10) (9)

4.7 11.5 24.3 34.3 36.6 42.0 54.3

State and Local Governments (8)

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-15 (concluded)

a

-2.3 -2.1 8.2 12.4 8.1 1.7 I.I

Net Foreign Assets (14)

δ HU.

O k

1900 1912 1922 1929 1933 1939 i—. 1945 Oo D to >-1

(9)

5.86 5.71 5.95 5.81 5.87 5.30 5.08 5.03 5.05 4.99 4.78 4.56 4.34 4.15

9.79 10.25 10.25 10.15 9.74 9.67 9.57 9.81 9.71 9.79 9.84 10.00 9.98 10.07

Civilian

State and Local Governments (8)

SOURCE: Based on figures shown in Table A-17.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

16.36 16.65 14.80 13.49 11.81 10.69 10.37 10.16 9.72 9.07 8.88 9.28 9.24 8.59

Military (10)

Federal Government

TABLE A-21 (concluded)

15.66 15.96 16.20 15.96 15.61 14.97 14.66 14.85 14.76 14.78 14.62 14.56 14.32 14.23

Excluding Military (H) 32.02 32.61 31.00 29.45 27.41 25.66 25.03 25.01 24.47 23.85 23.51 23.84 23.56 22.81

Including Military (12)

Total Government

84.34 84.04 83.80 84.04 84.39 85.03 85.34 85.16 85.24 85.22 85.38 85.44 85.68 85.77

Total Private (13)

O!

TABLE

36.01 36.22

116.48

116.26

115.15

100.00

100.00

100.00

1945

1946

1947

37.35 37.40

110.29

110.11

109.94

100.00

100.00

100.00

1950

1951

1952

(6) 7.05 7.02 6.91

(5) 11.99

11.63 11.35

6.79 6.83

11.19 11.19

2.13

6.31

9.69

40.65

107.85

100.00

1958

6.35

9.69

40.14

108.37

100.00

1957

6.40

9.96

37.62

108.57

100.00

1956

27.18 6.47

2.02

2.01

2.02

2.03

10.25

39.17

108.39

100.00

6.55 10.52

2.04

1955

27.45

6.62

10.68

2.04

38.56

1954

38.06

109.40

108.76

100.00

100.00

1953

26.63

27.11

27.15

27.05

27.56

6.68

10.90

27.49

6.77

11.07

2.06

27.17

27.24

27.37

27.35

27.40

26.90

(7)

Corporations

2.08

2.10

11.44

2.13

6.89

Unincorporated Business

Agriculture

37.65

36.82

111.48

100.00

1949

36.37

113.25

IOO.OO

1948

2.19

2.26

2.30

(4)

Nonprofit Organizations

(continued)

(3)

(2) 35.93

Nonfarm Households

Including Military

All Sectors

Excluding Military (1)

End of Year

A-22

PERCENTAGE DISTRIBUTION OF TOTAL GROSS TANGIBLE WEALTH, BY SECTOR, CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

tk.

to Si

hi §

i:2

SOURCE:

1945 1946 1947 ...... 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

5.33 5.33 5.79 5.80 5.80 5.38 5.28 5.21 5.19 5.12 4.98 4.76 4.56 4.40

Civilian (9)

Based on figures shown in Table A-18.

10.50 10.35 10.18 10.00 10.04 9.98 9.91 9.95 9.96 10.02 10.04 10.08 10. 15 10.29

State and Local Governments (8) 16.48 16.26 15.15 13.25 11.48 10.29 10.11 9.94 9.40 8.76 8.39 8.57 8.37 7.85

Military (10)

Federal Government

TABLE A-22 (concluded)

15.83 15.68 15.97 15.80 15.84 15.36 15.19 15.16 15.15 15.14 15.02 14.84 14.70 14.69

Excluding Military (11 ) 32.31 31.94 3I.l3 29.05 27.32 25.64 25.30 25.10 24.55 23.90 23.41 23.42 23.07 22.55

Including Military ( 12)

Total Government

84.17 84.32 84.03 84.20 84.16 84.64 84.81 84.8484.85 84.86 84.08 85.16 85.30 85.31

Total Private (13)

::..

~

b ......

~

t>J

"tj "tj

::..

3.60 2.40 4.08 -1.17 0.24 0.30

3.12 4.09 4.34 3.15 4.26 4.38 3.20 3.25 2.94 4.17 3.80 3.55 2.31

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

Excluding Military

1912 1922 1929 1933 1939 1945

Year or Period

TABLE

A-23

AU Sectors

0.95 2.09 2.82 2.15 3.47 4.17 3.58 3.67 3.00 4.02 3.65 3.47 2.26

Including Military (2)

3.24 4.40 4.92 4.25 6.60 4.46 3.92 4.36 4.26 6.14 4.65 3.70 2.90

-0.02 -0.09

-1.88

2.79 1.95 5.50

0.88 0.32 0.08 0.55 2.98

0.00

-1.42 0.09 3.14 1.31 4.12 2.56 0.88

0.00 0.00 1.96 3.21 4.97 5.33 3.93 3.24 5.24 4.98 4.27 3.35 5.19

2.12 0.51 -0.14 -1.06 -0.70 1.90

Agriculture (5)

3.95 1.22 3.91 0.45 -0.82 -2.49

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3)

3.00 2.40 3.69 1.45 3.50 2.31 0.75 2.09 1.32 2.89 2.95 2.59 0.80

2.55 3.41 5.23 -4.42 0.46 0.59

Unincorporated Business (6)

ANNUAL PERCENTAGE RATES OF CHANGE IN TOTAL NET TANGIBLE WEALTH, BY SECTOR, CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

7.99 5.46 5.31 2.79 4.58 6.78 3.99 3.45 2.12 4.03 5.14 4.74 0.55

4.49 3.06 3.97 -2.82 -0.36 -0.15

Corporations (7)

to

-a

"o

-0.36 0.60 1.07 3.05 3.41 3.52 5.21 2.32 5.03 5.17 4.74 5.38 5.83

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

0.35 12.74 4.95 4.72 -4.29 1.48 0.87 2.75 1.41 0.69 -1.38 0.14 0.56

2.70 4.07 2.08 4.64 14.96 5.80

Civilian (9)

SOURCE: Computed from figures shown in Table A-16.

6.18 2.77 5.66 6.11 0.79 -1.42

State and Local Governments (8)

1912 1922 1929 1933 1939 1945

Year or Period

-16.05 -17.10 -15.62 -12.73 -10.51 -0.87 12.72 12.65 3.97 0.50 1.16 1.63 2.25

Military (10)

Federal Government

TABLE A-23 (concluded)

3.80 3.75 4.68 2.90 5.26 4.77 3.24 3.22 2.86 4.35 4.05 3.60 2.01

-6.71 -2.93 -3.11 -0.80 -2.76 1.86 5.42 5.05 3.47 2.64 2.04 2.96 3.50

-0.07 5.52 2.75 3.79 -0.25 2.21 3.38 3.35 3.30 3.36 2.33 3.39 3.89

Total Private (13) 3.14 2.30 3.99 -2.09 -0.57 0.14

Including Military (12)

5.13 3.29 4.89 5.80 4.26 1.29

Excluding Military (H)

Total Government

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year or Period

2.26 2.27 2.15 1.12 2.61 3.58 2.82 2.77 2.53 3.65 3.82 3.52 2.52

(2)

(1)

2.46 3.24 3.29 2.73 3.72 3.74 2.97 3.29 3.14 4.02 3.65 3.72 3.00

Including Military

Excluding Military

All Sectors

0.38 0.00 0.13 0.23 0.26 0.27 0.18 0.24 0.34 0.35 0.30 0.32 0.36

2.64 3.90 4.28 3.94 5.28 3.88 3.66 4.42 4.48 5.67 4.83 5.06 4.33 (continued)

(5)

(4)

(3) -0.62 0.08 0.47 0.04 0.38 0.26 1.42 1.17 1.63 1.36 0.67 0.96 2.99

Agriculture

Nonprofit Organizations

Nonfarm Households

2.00 1.80 3.53 1.13 4.43 2.83 1.54 2.43 2.08 2.70 2.45 2.98 2.30

(6)

Unincorporated Business

4.35 3.10 3.93 2.18 3.52 4.96 3.21 2.89 2.12 3.53 4.03 3.54 1.18

(7)

Corporations

TABLE A-24 ANNUAL PERCENTAGE RATES OF CHANGE IN TOTAL GROSS TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

1.00 2.60 2.02 3.06 3.21 3.00 3.38 3.36 3.84 4.22 4.02 4.41 4.46

State and Local Governments (8)

2.39 12.37 3.93 2.71 -3.83 1.85 1.58 3.00 1.62 1.17 -0.77 -0.82 -0.50

Civilian (9)

SOURCE: Computed from figures shown in Table A-18.

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year or Period

1.05 -3.72 -9.18 -11.02 -7.04 1.97 1.28 -2.36 -3.85 -0.39 5.88 1.26 -3.37

Military (10)

Federal Government

TABLE A-24 (concluded)

1.47 5.24 2.71 2.93 0.63 2.59 2.75 3.24 3.08 3.19 2.44 2.73 2.93

Excluding Military (11) 1.26 0.68 -3.08 -3.44 -2.59 2.35 2.16 1.02 0.43 1.88 3.67 2.19 0.64

Including Military (12)

Total Government

2.61 2.94 4.08 2.61 4.30 3.95 3.01 3.30 3.14 4.17 3.86 3.89 3.01

Total Private (13)

vi

59.3 109.3 233.4 313.4 241.3 306.4 442.3

457.0 556.2 668.4 736.2 742.3 851.9 928.8 972.7 1,015.4 1,052.7 1,130.4 1,226.2 1,311.3 1,367.6

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

Excluding Military

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-16

All Sectors

529.7 630.7 736.6 799.9 796.6 906.4 983.6 1,035.4 1,086.7 1,127.3 1,209.7 1,310.5 1,397.9 1,456.5

Including Military (2)

165.5 199.0 243.5 268.7 271.0 320.5 346.1 364.7 381.7 396.2 432.3 466.3 491.4 513.2

20.8 36.1 80.1 118.2 85.8 107.2 159.6

(3)

7.1 9.4 11.8 12.8 12.9 14.6 16.0 17.4 18.7 20.0 21.9 24.0 26.2 28.3

1.2 2.2 4.2 5.9 5.1 5.5 6.5

(4)

Nonprofit Organizations

(continued)

Nonfarm Households

(billions of dollars)

43.2 52.0 62.4 67.1 66.7 77.9 86.9 83.8 80.9 81.4 81.7 84.4 88.0 95.0

10.0 18.1 27.9 29.5 18.2 22.5 41.8

(5)

Agriculture

30.8 38.4 46.1 51.5 51.5 58.1 62.2 63.9 66.5 68.2 73.1 78.8 83.5 85.8

6.1 9.2 20.7 27.7 20.5 24.7 35.3

Unincorpora ted Business (6)

TOTAL N E T REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CURRENT PRICES

251.1 279.9 295.0 312.7 324.0 347.1 384.9 422.4 433.0

218.0

124.4 159.4 191.2 214.7

18.2 35.7 80.9 104.2 81.1 90.9 119.7

Corporations (?)

to £

^bl

-a

43.1 52.9 63.3 68.3 67.4 75.2 82.6 90.2 94.6 100.6 110.9 123.0 133.8 144.7

1945 1946 Oi 1947 Oj 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 42.9 45.2 50.1 53.4 54.7 54.6 55.2 57.8 60.5 62.2 63.3 64.9 66.1 67.5

1.5 3.0 6.3 6.8 7.2 28.3 42.5

Civilian (9)

(1) Sum of cols. 3 to 9. (2) Cols. 1 and 10. (3) Table A-50, sum of cols. 2, 5, and 6. (4) Table A-51, cols. 2 and 4. (5) Table A-53, col. 1, minus col. 4.

1.7 5.0 13.2 21.1 23.4 27.4 36.8

State and Local Governments (8)

1900 1912 1922 1929 1933 1939 1945

End of Year

(6) (7) (8) (9)

Table Table Table Table

86.0 98.1 113.4 121.8 122.2 129.7 137.8 147.9 155.1 162.9 174.3 187.9 199.9 212.2

3.1 8.0 19.5 27.9 30.7 55.7 79.3

Excluding Military (11)

(10) (11) (12) (13)

158.7 172.6 181.6 185.0 176.5 184.1 192.6 210.7 226.4 237.5 253.5 272.2 286.5 301.0

371.1 458.1 555.0 614.8 620.1 722.2 791.0 824.8 860.3 889.8 956.1 1,038.3 1,111.4 1,155.5

56.2 101.3 213.9 285.5 210.6 250.7 362.9

Total Private (13)

Table A-15, col. 10. Cols. 8 and 9. Cols. 10 and 11. Sum of cols. 3 to 7.

Including Military (12)

Total Government

A-52, sum of cols. 2, 3, 6, 7, and 8. A-54, sum of cols. 2, 3, 6, 7, and 8. A-55, col. 1, minus col. 4. A-56, cols. 2, 3, 5, 6, and 7.

SOURCE, BY COLUMN,

72.7 74.5 68.2 63.3 54.3 54.4 54.8 62.8 71.3 74.6 79.3 84.3 86.6 88.9

Military (10)

Federal Government

TABLE A-25 (concluded)

tu

£

*o tn §

(continued)

59.1 60.4 61.1 65.6 66.9 70.3 73.1 74.7 75.3 76.2 76.9 76.2 76.1 78.5

11.8 11.8 11.8 12.0 12.5 13.2 13.9 14.4 15.0 15.8 16.6 17.4 18.3 19.2

223.2 231.5 243.0 255.9 267.7 286.5 300.0 312.1 326.4 340.5 362.3 379.7 394.5 405.4

722.9 728.3 739.0 761.4 777.8 808.0 844.0 879.1 917.6 947.3 989.0 1.026.4 1,061.1 1,086.0

622.6 644.1 669.2 702.5 726.4 762.0 798.4 827.7 859.1 887.0 928.4 965.2 998.9 1,022.4

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

38.2 49.0 55.4 55.2 51.3 51.2 56.7

5.0 7.9 8.9 11.8 11.9 10.4 9.0

85.0 122.3 149.9 218.3 206.0 211.8 212.4

(5)

W

(3)

(2)

Agriculture

Nonprofit Organizations

Nonfarm Households

Including Military

221.9 335.6 428.5 572.3 546.5 572.0 591.1

Excluding Military (1)

All Sectors

(billions of dollars)

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-26

43.6 45.2 46.6 48.9 49.7 51.9 53.2 53.8 55.0 55.8 57.4 59.1 60.5 60.8

19.5 26.2 36.7 50.3 44.7 45.6 48.7

(6)

U nincorporated Business

TOTAL NET REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

170.3 183.9 194.3 204.8 210.0 220.4 236.0 245.5 254.6 260.2 271.0 284.4 295.6 297.1

63.1 105.9 143.1 185.0 169.2 162.7 164.6

(7)

Corporations

§ 50.8 48.0 48.8 50.7 52.6 49.8 49.5 50.8 52.8 54.1 54.6 54.1 53.5 54.0

3.5 6.5 10.6 11.6 13.2 36.4 49.2

7.6 17.7 24.0 40.0 50.2 53.9 50.5

63.8 63.3 63.6 64.5 66.9 69.8 72.8 76.4 80.0 84.4 89.6 94.6 100.4 107.3

Civilian (9)

State and Local Governments (8)

100.3 84.2 69.8 58.9 51.4 46.0 45.6 51.4 57.9 60.2 60.6 61.2 62.2 63.6

Military (10)

114.6 111.3 112.4 115.2 119.5 119.6 122.6 127.2 132.8 138.5 144.2 148.7 153.9 161.3

11.1 24.3 34.6 51.6 63.4 90.3 99.7

Excluding Military (11)

214.9 195.5 182.2 174.1 170.9 165.6 168.2 178.6 190.7 198.7 204.8 209.9 216.1 224.9

Including Military (12)

Total Government

SOURCE: Same as for Table A-25, using figures in constant (1947-49) prices, except that col. 10 is from Table A-16, col. 10.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900 1912 1922 1929 1933 1939 1945

End of Year

Federal Government

TABLE A-25 (concluded)

508.0 532.8 556.8 587.3 606.8 642.4 675.8 700.6 726.3 748.5 784.2 816.5 845.0 861.1

210.7 311.4 394.0 520.7 483.2 481.7 491.4

Total Private (13)

£

I

tsi

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE A-27

Including Military (2)

948.9 1,153.2 1,349.8 1,461.7 1,443.4 1,621.9 1,746.8 1,827.5 1,897.7 1,954.9 2,090.1 2,267.0 2,422.7 2,527.0

Excluding Military (1)

798.7 967.9 1,153.2 1,265.2 1,270.9 1,444.5 1,560.5 1,636.6 1,708.2 1,771.2 1,897.4 2,049.7 2,190.8 2,300.7

All Sectors

307.3 366.3 440.0 486.7 489.8 569.0 610.7 641.7 670.8 697.3 754.8 813.6 864.2 916.4

15.4 20.6 25.7 27.8 27.5 30.2 32.2 34.4 36.2 38.2 41.0 44.1 47.2 50.3

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3)

(billions of dollars)

72.1 85.8 102.1 110.2 111.0 126.4 139.6 138.7 138.2 141.1 144.9 151.3 158.2 169.8

Agriculture (5)

53.1 65.6 78.4 87.0 87.7 98.4 105.9 110.1 115.1 119.2 127.8 136.7 146.0 153.0

U nincorporated Business (6)

TOTAL GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CURRENT PRICES

225.3 279.4 325.5 360.4 366.3 416.0 454.9 477.5 504.5 520.9 557.4 610.2 665.6 686.4

Corporations (7)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

49.9 55.0 62.7 66.8 66.8 67.9 69.5 73.7 77.8 80.4 82.8 85.8 86.7 87.4

75.7 95.2 114.7 126.4 121.7 136.5 147.8 160.6 165.6 174.1 188.7 207.9 222.9 237.5

(1) Sum of cols. 3 to 9. (2) Col. 1 plus col. 10. (3) Table A-57, cols. 2, 5 and 6. (4) Table A-58, cols. 2 and 4. (5) Table A-60, col. 1, minus col. 4.

Civilian (9)

State and Local Governments (8)

(6) (7) (8) (9)

125.6 150.2 177.4 193.2 188.5 204.4 217.3 234.3 243.4 254.5 271.5 293.7 309.6 324.8

Excluding Military (H)

(10) (11) (12) (13)

673.1 817.7 975.7 1,072.0 1,082.3 1,240.0 1,343.3 1,402.4 1,464.8 1,516.7 1,625.9 1,756.0 1,881.6 1,975.9

Total Private (13)

Table A-17, col. 10. Cols. 8 and 9. Cols. 10 and 11. Sum of cols. 3 to 7.

275.8 335.5 374.0 389.7 361.0 381.8 403.6 425.2 432.9 438.2 464.2 511.0 541.4 551.1

Including Military (12)

Total Government

SOURCE, BY ICOLUMN Table A-59., cols. 2, 3, 6, 7, 8. Table A-61., cols. 2, 3, 6, 7, 8. Table A-62,, col. 1, minus col. 4. Table A-63,, cols. 2, 3, 5, 6, 7.

150.2 185.3 196.6 196.5 172.5 177.4 186.3 190.9 189.5 183.7 192.7 217.3 231.9 226.3

Military (10)

Federal Government

TABLE A-27 (concluded)

1945 1946 1947 P> tjo 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

Excluding Military (1)

1,096.7 1,124.6 1,159.1 1,207.1 1,241.2 1,291.0 1,340.8 1,384.6 1,434.7 1,482.7 1,546.0 1,603.8 1,663.0 1,715.0

TABLE A-28

All Sectors

1,304.7 1,334.8 1,361.6 1,390.9 1,404.8 1,443.0 1,495.8 1,541.7 1,588.0 1,630.2 1,692.9 1,759.3 1,820.4 1,867.1

Including Military (2) 414.8 426.6 444.4 464.0 483.1 509.2 529.4 549.1 574.1 600.1 634.8 666.1 701.3 731.9

25.6 25.7 25.7 26.1 26.6 27.3 28.0 28.5 29.2 30.1 31.1 32.0 33.0 34.2

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3)

(billions of dollars)

97.5 99.5 101.3 109.4 109.8 114.5 118.4 121.4 124.0 126.7 129.3 129.7 130.7 134.9

Agriculture (5)

76.0 77.7 79.3 82.6 84.5 87.8 90.6 92.2 94.6 96.7 99.4 101.7 104.7 107.2

Unincorporated Business (6)

TOTAL GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947—49) PRICES

309.7 322.1 331.6 343.8 351.1 364.1 381.9 394.1 405.8 414.4 429.0 445.2 458.0 463.8

Corporations (7)

to.

to

13 t>J

112.1 113.4 115.3 117.9 122.0 126.5 130.7 135.5 140.7 146.6 153.4 160.2 167.8 176.0

State and Local Governments (8) 61.0 59.7 61.6 63.3 64.2 61.6 61.8 63.8 66.4 68.0 69.0 68.8 67.5 67.1

(9)

Civilian 208.1 210.2 202.4 183.8 163.6 152.1 155.1 157.0 153.3 147.4 146.9 155.5 157.4 152.1

Military (10) 173.1 173.0 176.9 181.2 186.2 188.1 192.5 199.3 207.1 214.7 222.5 229.0 235.3 243.1

Excluding Military (11) 381.2 383.3 379.3 365.1 349.7 340.1 347.5 356.3 360.4 362.1 369.3 384.5 392.7 395.3

Including Military (12)

Total Government

923.6 951.5 982.3 1,025.9 1,055.0 1,102.9 1,148.3 1,185.4 1,227.6 1,268.1 1,323.5 1,374.8 1.427.7 1,471.8

Total Private (13)

SOURCE: Same as for Table A-27, using figures in constant (1947-49) prices, except for col. 10 which is from Table A-18, col. 10.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

Federal Government

TABLE A-28 (concluded)

£

I

tw -a Si

P

1

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE

A-29

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00

Excluding Military (1)

All Sectors

115.91 113.40 110.20 108.59 107.32 106.39 105.90 106.45 107.02 107.02 107.00 106.87 106.60 106.50

Including Military (2)

36.22 37.78 36.43 36.47 36.51 37.62 37.26 37.50 37.59 37.24 38.20 38.03 37.48 37.54

35.08 33.01 34.33 37.72 35.57 34.98 36.09 1.55 1.70 1.76 1.74 1.74 1.71 1.72 1.79 1.84 1.94 1.93 1.95 1.99 2.07

2.01 2.00 1.82 1.90 2.09 1.80 1.48

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3)

9.45 9.34 9.33 9.11 8.98 9.14 9.35 8.61 7.97 7.23 7.22 6.88 6.71 6.95

16.79 16.59 11.97 9.41 7.55 7.33 9.45

Agriculture (5)

6.74 6.90 6.90 6.99 6.94 6.82 6.69 6.56 6.54 6.47 6.46 6.42 6.37 6.28

10.20 8.43 8.88 8.84 8.47 8.06 7.98

Unincorporated Business (6)

PERCENTAGE DISTRIBUTION OF TOTAL REPRODUCIBLE N E T WEALTH, BY SECTOR, CURRENT PRICES

27.22 28.65 28.61 29.15 29.37 29.48 30.14 30.33 30.79 30.71 30.78 31.39 32.21 31.67

30.66 32.67 34.66 33.24 33.60 29.65 27.06

Corporations (?)

to

tq

"8

8S

'-

of Year

9.43 9.51 9.47 9.28 9.08 8.82 8.90 9.27 9.31 9.81 9.80 10.03 10.21 10.58

2.78 4.58 5.66 6.74 9.71 8.95 8.32

State and Local Governments (8)

9.38 8.13 7.49 7.25 7.37 6.40 5.94 5.94 5.96 5.60 5.60 5.29 5.02 4.90

2.48 2.72 2.69 2. 16 3.00 9.24 9.62

Civilian (9)

SOURCE : Based on figures shown in Table A-25.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1900 1912 1922 1929 1933 1939 1945

End

15.91 13.40 10.20 8.59 7.32 6.39 5.90 6.45 7.02 7.02 7.00 6.87 6.60 6.50

Military ( 10)

Federal Government

TABLE A-29 (concluded)

18.81 17.63 16.97 16.53 16.46 15.23 14.83 15.2 1 15.27 15.42 15.40 15.33 15.23 15.49

5.26 7.30 8. 35 8.90 12.71 18.18 17.94

Excluding Military (11 )

34.72 31.03 27.16 25. 12 23.77 2 1.61 20.74 21.66 22.29 22 .43 22 .40 22.20 21.83 21.98

Including Military (12)

Total Government

81.19 82.37 83.03 83.47 83.54 84.77 85.17 84.79 84.73 84.58 84.60 84.67 84.77 84.52

94.74 92 .70 91.65 91.10 87.29 81.82 82 .06

Total Private ( 13)

:,..

~

.....

§

t>-l

'"tl

"ti

:,..

100.00 100.00 100.00 100.00 100.00 100.00 100.00

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Excluding Military (1)

1900 1912 1922 1929 1933 1939 1945

End of Year

TABLE A-30

All Sectors

116.10 113.06 110.42 108.32 107.06 106.03 105.71 106.20 106.74 106.80 106.51 106.33 106.22 106.22 35.83 35.90 36.25 36.14 36.82 37.57 37.57 37.71 38.02 38.44 38.94 39.26 39.44 39.60 1.89 1.83 1.76 1.70 1.72 1.73 1.74 1.74 1.75 1.78 1.78 1.80 1.83 •1.88

2.24 2.36 2.08 2.07 2.18 1.82 1.52

(4)

Nonprofit Organizations

(continued)

(3)

(2)

38.30 36.44 34.98 38.15 37.70 36.94 35.93

Nonfarm Housefolds

Including Military

9.49 9.37 9.11 9.27 9.20 9.22 9.15 9.02 8.77 8.60 8.26 7.87 7.61 7.67

17.23 14.59 12.92 9.65 9.39 8.92 9.60

(5)

Agriculture

7.00 7.01 6.96 6.90 6.83 6.80 6.67 6.50 6.41 6.29 6.17 6.11 6.Ό5 5.94

8.79 7.81 8.56 8.80 8.18 7.95 8.23

(6)

Unincorporated Business

27.34 28.51 28.98 29.56 28.88 28.92 29.52 29.67 29.65 29.38 29.57 29.84 29.97 29.44

28.43 31.56 33.38 32.33 30.96 28.36 27.86

(7)

Corporations

PERCENTAGE DISTRIBUTION OF TOTAL NET REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

10.24 9.82 9.48 9.05 9.09 9.03 8.99 9.08 9.15 9.32 9.38 9.51 9.75 10.19

o> Os 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 8.20 7.56 7.46 7.38 7.46 6.73 6.36 6.27 6.25 6.18 5.91 5.61 5.36 5.28

1.59 1.95 2.48 2.02 2.42 6.61 8.33 16.10 13.06 10.42 8.32 7.06 6.03 5.71 6.20 6.74 6.80 6.51 6.33 6.22 6.22

Military (10)

Federal Government

Civilian (9)

SOURCE: Based on figures shown in Table A-26.

3.43 5.28 5.60 7.00 9.18 9.40 8.54

1900 1912 1922 1929 1933 1939 1945

End of Year

State and Local Governments (8)

TABLE A-29 (concluded)

18.45 17.38 16.94 16.43 16.55 15.75 15.35 15.35 15.40 15.50 15.29 15.12 15.10 15.46

5.02 7.23 8.07 9.02 11.60 16.00 16.87

Excluding Military (11)

34.54 30.44 27.36 24.75 23.61 21.79 21.06 21.56 22.14 22.30 21.80 21.45 21.33 21.68

Including Military (12)

Total Government

81.55 82.62 83.06 83.57 83.45 84.25 84.65 84.65 84.60 84.50 84.71 84.88 84.90 84.54

94.98 92.77 91.91 90.98 88.40 83.99 83.13

Total Private (13)

"13 tn ^ b £ tu

1945 1946 1947 P> 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE

A-31

(continued)

118.81 119.14 117.05 115.53 113.57 112.28 111.94 111.66 111.09 110.37 110.16 110.60 110.59 109.84

100.00 100.00 100.00 100.00 100.00 100.00 110.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

1.93 2.13 2.23 2.20 2.16 2.09 2.06 2.10 2.12 2.16 2.16 2.15 2.15 2.19

(4)

(3)

(2)

38.48 37.84 38.50 38.47 38.54 39.39 39.13 39.21 39.27 39.37 39.78 39.69 39.45 39.83

Nonprofit Organizations

Nonfarm Households

Including Military

Excluding Military (1)

All Sectors

9.03 8.86 8.85 8.71 8.73 8.75 8.95 8.47 8.09 7.97 7.64 7.38 7.22 7.38

(5)

Agriculture 6.65 6.78 6.80 6.88 6.90 6.81 6.79 6.73 6.74 6.73 6.74 6.67 6.66 6.65

(6)

Unincorporated Business

28.21 28.87 28.23 28.49 28.82 28.80 29.15 29.18 29.53 29.41 29.38 29.77 30.38 29.83

(7)

Corporations

PERCENTAGE DISTRIBUTION OF TOTAL GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CURRENT PRICES

£

I

tq

(9) 6.25 5.68 5.44 5.28 5.26 4.70 4.45 4.50 4.55 4.54 4.36 4.19 3.96 3.80

9.48 9.84 9.95 9.99 9.58 9.45 9.47 9.81 9.69 9.83 9.95 10.14 10.17 10.32

Civilian

State and Local Governments (8)

SOURCE: Based on figures shown in Table A-27.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

18.81 19.14 17.05 15.53 13.57 12.28 11.94 11.66 11.09 10.37 10.16 10.60 10.59 9.84

Military (10)

Federal Government

TABLE A-31 (concluded)

Including Military (12) 34.53 34.66 32.43 30.80 28.41 26.43 25.86 25.98 25.34 24.74 24.47 24.93 24.71 23.95

Excluding Military (H) 15.73 15.52 15.38 15.27 14.83 14.15 13.93 14.32 14.25 14.37 14.31 14.33 14.11 14.12

Total Government

84.27 84.48 84.61 84.73 85.16 85.84 86.08 85.69 85.75 85.63 85.69 85.67 85.89 85.88

Total Private (13)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE A-32

100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Excluding Military (1)

All Sectors

118.97 118.70 117.46 115.23 113.18 111.78 111.56 111.34 110.69 109.94 109.50 109.69 109.47 108.87

Including Military (2) 37.82 37.94 38.34 38.44 38.92 39.45 39.49 39.66 40.01 40.47 41.06 41.53 42.17 42.68

2.33 2.29 2.22 2.16 2.15 2.11 2.09 2.06 2.03 2.03 2.01 2.00 1.98 1.99

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3) 8.89 8.85 8.74 9.06 8.84 8.87 8.83 8.77 8.64 8.55 8.36 8.09 7.86 7.86

Agriculture (5) 6.93 6.91 6.84 6.84 6.81 6.80 6.76 6.66 6.60 6.52 6.43 6.34 6.30 6.25

U nincorporated Business (6)

28.24 28.64 28.60 28.48 28.28 28.20 28.48 28.47 28.28 27.95 27.75 27.76 27.54 27.04

Corporations (7)

PERCENTAGE DISTRIBUTION OF TOTAL GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

Civilian (9)

5.56 5.31 5.31 5.25 5.17 4.77 4.61 4.61 4.63 4.59 4.47 4.29 4.06 3.91

State and Local Governments (8)

10.23 10.08 9.95 9.77 9.83 9.79 9.75 9.79 9.81 9.89 9.92 9.99 10.09 10.26

SOURCE: Based on figures shown in Table A-28.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

18.97 18.70 17.46 15.23 13.18 11.78 11.56 11.34 10.69 9.94 9.50 9.69 9.47 8.87

Military (10)

Federal Government

TABLE A-32 (concluded)

15.79 15.39 15.26 15.01 15.00 14.57 14.36 14.39 14.44 14.48 14.39 14.28 14.15 14.18

Excluding Military (H) 34.76 34.08 32.72 30.24 28.18 26.35 25.92 25.73 25.12 24.42 23.89 23.97 23.61 23.05

Including Military (12)

Total Government

84.21 84.61 84.74 84.99 85.00 85.43 85.64 85.61 85.56 85.52 85.61 85.72 85.85 85.82

Total Private (13)

TABLE A-33

Excluding Military (1)

3.53 2.47 4.22 -1.16 0.76 0.55

3.50 3.90 4.95 3.43 4.90 4.78 3.73 3.73 3.27 4.64 3.99 3.49 2.34

Year or Period

1912 1922 1929 1933 1939 1945

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

All Sectors

0.74 1.49 3.01 2.14 3.89 4.46 4.16 4.30 3.31 4.40 3.80 3.38 2.34

—

—

—

—

—

—

Including Military (2)

3.72 4.98 5.27 4.65 7.01 4.70 4.04 4.57 4.34 6.40 4.79 3.89 2.78

3.10 2.05 5.51 -1.46 0.50 0.24 0.08 0.17 2.03 3.90 5.28 5.39 4.03 4.02 5.13 5.13 4.64 5.24 5.25

3.99 2.87 4.09 0.19 —2.25 -2.56

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3)

2.16 1.11 7.43 1.89 5.16 3.88 2.25 0.78 1.25 0.87 -0.94 -0.07 3.19

2.09 1.23 -0.04 -1.84 -0.05 1.73

Agriculture (5)

3.64 3.12 4.76 1.72 4.37 2.66 1.07 2.27 1.33 2.91 2.91 2.47 0.53

2.49 3.42 4.62 -3.02 0.33 1.09

U nincorporated Business (6)

7.95 5.66 5.48 2.45 5.02 6.99 4.11 3.67 2.22 4.14 4.95 3.97 0.49

4.40 3.10 3.74 -2.26 -0.66 0.20

Corporations (7)

ANNUAL PERCENTAGE RATES OF CHANGE IN NET REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

—0.83 0.65 1.32 3.70 4.38 4.31 4.82 4.71 5.50 6.12 5.55 6.13 3.11

^ 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

—

-16.03 -17.07 -15.69 -12.76 -10.44 -0.85 12.56 12.68 4.10 0.55 1.04 1.70 2.25

-5.51 1.58 3.85 3.83 -5.40 -0.56 2.63 3.96 2.44 0.94 -0.97 -1.02 0.92

—

—

—

—

Military (10)

5.30 5.00 1.23 3.37 18.42 5.15

Civilian (9)

SOURCE: Computed from figures in Table A-26.

7.29 3.10 7.60 5.80 1.20 -1.09

State and Local Governments (8)

1912 1922 1929 1933 1939 1945

Year or Period

Federal Government

TABLE A-33 (concluded)

-2.91 1.05 2.42 3.76 0.08 2.51 3.93 4.44 4.31 4.10 3.08 6.05 2.37

6.70 3.61 5.88 5.28 6.07 1.66

Excluding Military (Π)

-9.03 -6.75 -4.52 -1.83 -3.10 1.57 6.28 6.81 4.24 3.02 2.48 4.78 2.33

—

—

—

—

—

Including Military (12)

Total Government

4.87 4.51 5.47 3.32 5.86 5.25 3.64 3.66 3.07 4.77 4.14 3.48 1.91

3.54 2.40 4.05 -1.90 -0.05 0.15

Total Private (13)

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

TABLE A-34

2.30 2.00 2.16 0.99 2.72 3.66 3.06 3.01 2.66 3.85 3.92 3.48 2.56

2.54 3.07 4.14 2.82 4.01 3.86 3.27 3.61 3.35 4.27 3.74 3.69 3.13

0.51 0.16 1.24 2.23 2.44 2.57 1.71 2.39 3.29 3.42 2.86 3.03 3.48

Nonprofit Organizations (4)

(continued)

(3)

(Z)

2.86 4.16 4.42 4.12 5.40 3.96 3.72 4.55 4.54 5.78 4.93 5.28 4.37

Nonfarm Households

Including Military

Excluding Military (1)

All Sectors

2.00 1.84 8.00 0.31 4.31 3.44 2.52 2.11 2.23 2.04 0.32 0.79 3.15

(5)

Agriculture

2.26 2.09 4.12 2.29 3.99 3.14 1.81 2.59 2.19 2.75 2.39 2.96 2.33

(6)

U nincorporated Business

3.98 2.95 3.69 2.11 3.70 4.90 3.21 2.95 2.14 3.51 3.79 2.88 1.26

Corporations (7)

ANNUAL PERCENTAGE RATES OF CHANCE IN GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947-49) PRICES

G:

1946 1947 '- 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

TABLE A-34

Including Military (2)

2.30 2.00 2.16 0.99 2.72 3.66 3.06 3.01 2.66 3.85 3.92 3.48 2.56

Excluding Military (I)

2.54 3.07 4.14 2.82 4.01 3.86 3.27 3.61 3.35 4.27 3.74 3.69 3.13

All Sectors

2.86 4.16 4.42 4.12 5.40 3.96 3.72 4.55 4.54 .5.78 4.93 5.28 4.37

0.51 0.16 1.24 2.23 2.44 2.57 1.71 2.39 3.29 3.42 2.86 3.03 3.48

Nonprofit Organizations (4)

(continued)

Nonfarm Households (3) 2.00 1.84 8.00 0.31 4.31 3.44 2.52 2.11 2.23 2.04 0.32 0.79 3.15

Agriculture (5)

2.26 2.09 4.12 2.29 3.99 3.14 1.81 2.59 2.19 2.75 2.39 2.96 2.33

Unincorporated Business (6)

3.98 2.95 3.69 2.11 3)0 4.90 3.21 2.95 2.14 3.51 3.79 2.88 1.26

Corporations (7)

ANNUAL PERCENTAGE RATES OF CHANGE IN GROSS REPRODUCIBLE TANGIBLE WEALTH, BY SECTOR, CONSTANT (1947--49) PRICES

::...

~

''tl'J"" 8

::...

TABLE A-35 NET STOCK OF RESIDENTIAL STRUCTURES, BY SECTOR

(billions of dollars)

End of Year

State and Local Corpora- Governments tions (6) (5)

All Sectors (1)

Nonfarm Households (2)

Unincorporated Business (3)

1900 1912 1922 1929 1933 1939 1945

17.44 28.34 63.17 95.90 74.27 91.19 133.60

15.21 23.96 52.44 79.41 61.74 76.84 111.92

0.26 0.84 2.40 5.48 4.36 5.25 7.26

1.69 2.92 6.57 6.38 4.63 4.91 8.98

0.28 0.62 1.76 4.63 3.54 4.19 5.44

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

152.43 178.53 216.73 234.24 231.55 267.39 286.01 301.66 313.54 324.78 351.41 375.-53 392.14 411.34

123.72 145.28 177.58 192.31 189.39 220.58 236.14 249.61 259.88 270.18 294.13 315.54 330.28 346.81

9.18 10.26 11.89 12.95 12.79 14.07 14.46 14.71 14.91 14.83 15.30 15.80 15.99 16.26

9.22 11.00 13.08 13.63 13.75 14.91 16.07 16.58 16.88 17.26 17.92 18.53 18.79 19.28

8.23 9.49 11.36 12.60 12.80 14.66 15.60 16.40 17.06 17.53 18.77 20.04 20.93 21.95

Agriculture (4)

Federal Govern­ ment (7)

CURRENT PRICES

0.87 1.35 1.69 1.76 1.93 2.33 2.95 3.62 4.14 4.41 4.77 5.14 5.51 6.03

1.21 1.15 1.13 0.99 0.89 0.84 0.79 O 74 0.67 0.57 0.52 0.48 0.64 1.01

1.19 1.62 1.72 1.66 1.84 2.03 2.46 2.92 3.27 3.45 3.57 3.69 3.87 4.14

1.67 1.36 1.15 0.94 0.85 0.75 0.66 0.58 0.53 0.55 0.44 0.35 0.45 0.69

CONSTANT (1947-49) PRICES

1900 1912 1922 1929 1933 1939 1945

75.64 109.43 138.02 199.62 191.91 189.12 184.28

65.79 93.44 115.96 165.48 159.49 158.28 155.23

1.09 3.16 5.14 11.05 10.76 10.41 9.85

7.55 10.42 13.03 13.44 12.52 11.80 11.65

1.21 2.41 3.89 9.65 9.14 8.63 7.55

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

211.14 213.16 216.82 222.74 228.19 236.46 243.94 251.23 259.09 267.20 277.88 287.29 295.60 303.94

171.80 173.77 177.24 182.80 187.29 194.65 201.42 207.94 215.09 222.68 232.97 241.93 249.60 257.05

12.52 12.77 12.12 12.17 12.23 12.30 12.08 11.89 11.76 11.60 11.46 11.36 11.23 11.15

12.68 12.80 13.08 13.36 13.61 13.91 14.22 14.55 14.78 14.98 15.14 15.26 15.38 15.49

11.29 11.34 11.51 11.81 12.37 12.82 13.10 13.35 13.66 13.94 14.30 14.70 15.07 15.42

Notes to Table A-35 on next page

APPENDIX A

SOURCE, BY COLUMN

Current Prices (1) Sum of cols. 2 to 7. (2) 1900-45: A Study of Saving . . . , Vol. Ill, Table W-l, col. 4, minus unincorporated business and corporations share of residential structures from cols. 3 and 5 of this table. 1945-58: Table B-16, col. 8 plus Table B-164, col. 11. (3) 1900-45: Derived by reverse cumulating net investment in individuals' share of multifamilv dwellings back from 1945 figure to 1900, converted from 1947-49 to 1929 constant prices using figures from Saving, Vol. I, Table R-8, cols. 1 and 2. Current prices obtained by multiplying 1929 prices by year-end index, derived by averaging successive years, ibid, Vol. I, Table R-20, col. 2. Definition broader than before 1945. 1945-58: Table B-16, col. 9, plus Table B-54, col. 3, and Table B-146, col. 11. (4) 1900-45: Saving, Vol. Ill, Table W-27, line 1. 1945-58: Table B-80, col. 8, plus proportionate share of accumulated value of dealer's commissions on sales of farm buildings from Table B-63, col. 11. (5) 1900-45: Saving, Vol. Ill, Table W-30, line 1. (1945-58: Table B-14, col. 3, minus Table B-16, col. 7 and Table B-54, col. 3. (6) Table B-144, col. 11, plus Table B-147, col. 11. (7) Table B-162, col. 11, plus Table B-165, col. 11. Constant (1947—49) Prices Same as for current prices. Current figures for 1900-45 from A Study of Saving . . . were converted to constant 1929 prices by dividing figures for given types of asset in Saving, Vol. Ill, Table W-I by corresponding figure in Table W-3 for each base year used from 1900 to 1945. Constant prices were then converted to (1947-49) prices by using the deflators shown in Table B-188. Figures for 1945-58 are from tables cited above, using appropriate columns containing data in constant (1947-49) prices.

TABLE A-36 NET STOCK OF NONRESIDENTIAL STRUCTURES, BY SECTOR

(billions of dollars)

End of Year

All Sectors

Institu­ tions

(1)

(2)

Unincor­ porated Business (3)

1900 1912 1922 1929 1933 1939 1945

17.55 34.18 71.33 93.92 85.17 97.29 131.48

1.10 2.04 4.06 5.57 4.77 5.37 6.40

2.23 3.84 8.22 11.24 9.80 11.45 15.02

1.57 2.72 5.82 5.86 4.05 4.09 6.76

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

133.20 166.85 197.94 215.26 214.55 239.88 259.37 277.06 292.17 306.53 332.22 361.02 398.10 422.38

6.97 9.26 11.54 12.49 12.44 13.94 15.15 16.47 17.55 18.77 20.40 22.26 24.25 26.26

8.21 11.02 13.25 14.11 13.73 14.84 15.83 16.52 17.32 18.27 20.06 21.97 24.01 25.56

7.10 8.33 9.86 10.52 10.82 11.93 13.18 13.76 14.07 14.43 15.09 15.84 16.40 16.75

Agriculture (4)

State and Local Govern­ ments

(6)

Federal Govern­ ment (7)

10.63 19.70 37.71 47.87 40.34 42.63 52.58

1.57 4.83 13.04 20.54 22.88 26.86 36.24

0.45 1.05 2.48 2.84 3.33 6.89 14.48

55.61 70.38 82.19 90.82 91.45 103.70 112.05 118.87 127.06 132.53 143.59 155.25 176.60 185.61

41.55 50.64 60.49 65.12 63.77 70.75 77.27 83.84 87.42 92.85 102.29 113.42 123.27 133.20

13.76 17.22 20.61 22.20 22.34 24.72 25.89 27.60 28.75 29.68 30.79 32.28 33.57 35.00

Corpora­ tions (5)

CURRENT PRICES

CONSTANT ( 1947-49) PRICES

1900 1912 1922 1929 1933 1939 1945

69.05 114.14 139.31 183.07 191.03 188.89 181.34

4.66 7.51 8.63 11.23 11.41 10.19 8.79

8.48 12.61 16.39 22.06 22.16 21.87 21.00

6.03 8.33 10.88 11.28 9.93 8.92 8.46

40.40 64.72 75.20 93.97 91.23 81.40 73.49

7.37 17.23 23.70 39.12 49.15 52.93 49.73

2.11 3.74 4.51 5.41 7:15 13.58 19.87

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

196.72 197.94 199.87 203.73 208.81 214.93 221.70 228.69 236.36 245.06 255.56 265.77 277.26 288.87

11.60 11.57 11.54 11.70 12.06 12.59 13.17 13.63 14.11 14.76 15.45 16.13 16.95 17.82

13.04 13.32 13.27 13.38 13.41 13.55 13.76 13.87 14.19 14.67 15.42 16.24 16.96 17.62

9.54 9.66 9.95 10.25 10.55 10.90 11.29 11.64 11.90 12.12 12.30 12.43 12.55 12.67

79.80 81.79 83.73 86.05 87.99 90.11 93.01 96.04 99.47 102.85 107.04 111.02 115.45 118.81

61.71 60.78 60.77 61.44 63.43 65.96 68.33 71.15 74.20 78.19 83.00 87.59 92.98 99.43

21.03 20.82 20.77 20.91 21.37 21.82 22.14 22.36 22.49 22.47 22.35 22.36 22.37 22.52

Notes to Table A-36 on next page

179

APPENDIX

A

SOURCE, BY COLUMN

Current Prices

(1) (2) (3) (4) (5)

(6) (7)

Sum of cols. 2 to 7. 1900-45: A Study of Saving . . . , Vol. I l l , Table W-22, line 1-2. 1945-58: Table B-41, col. 3 plus Table B-42, col. 3. 1900-45: Saving, Vol. I l l , Table W-29, line 1-2. 1945-58: Table B-56, average of cols. 3 and 6, and col. 9, plus Table B-55, col. 1, plus Table B-42, col. 3. Definition broader than before 1945. 1-900-45: Saving, Vol. I l l , Table W-27, line 1-2. 1945-58: Table B-80, col. 9, plus remaining share of dealers' commission on sale of farms from Table B-63, col. 11. 1900-45: Saving, Vol. I l l , Table W-30, line 1-2, minus Table W-40, line 1-1 to 1-4. 1945-58: Table B-123, col. 1, plus Table B-126, average of cols. 3 and 6, plus col. 9, plus Table B-125, col. 3, minus figures for unincorporated business in col. 3 of Table A-36, minus Table B-42, col. 3. 1900-45: Saving, Vol. I l l , Table W-42, line 1-1 and 1-2. 1945-58: Table B-150, cols. 5 and 6. 1900-45: Saving, Vol, III, Table W-43, lines 1-1 and 1-2, plus Table W-40, line Ito 1-4. 1945-58: Table B-150, cols. 3 and 4.

Constant {1947-49)

Prices

Same as for Table A-35, except that for col. 7 Table B-149 is used instead of Table B-150.

180

TABLE A-37 NET STOCK OF PRODUCER DURABLES, BY SECTOR

(billions of dollars)

End of Year

All Sectors (1)

Institu­ tions (2)

Unincorporated Business (3)

Agriculture (4)

Corpora­ tions (5)

State and Local Govern­ ments (6)

Federal Govern­ ment (7)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

6.51 13.75 30.80 38.38 29.19 34.24 50.32

0.09 0.15 0.18 0.37 0.28 0.15 0.13

0.91 1.42 3.42 4.56 3.20 3.84 5.19

1.17 2.24 3.27 3.87 2.57 3.51 6.27

4.27 9.77 23.77 29.01 22.55 25.96 35.29

0.06 0.15 0.12 0.51 0.48 0.48 0.41

0.01 0.02 0.04 0.06 0.11 0.30 3.03

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

48.61 58.52 73.67 87.51 96.87 109.98 123.60 131.98 140.77 149.49 156.62 177.41 193.14 199.84

0.13 0.18 0.25 0.35 0.48 0.65 0.83 0.97 1.10 1.27 1.47 1.69 1.90 2.07

5.31 6.88 9.21 11.35 12.83 14.81 16.63 17.65 18.82 19.79 21.76 24.26 26.44 26.94

5.79 6.55 8.39 10.69 12.47 14.09 15.68 16.41 16.64 16.86 17.23 17.64 18.01 18.59

34.12 41.75 52.81 62.21 68.22 77.43 87.19 93.39 100.35 107.42 111.60 128.78 141.25 146.38

0.62 0.79 1.05 1.35 1.63 1.94 2.27 2.56 2.86 3.22 3.71 4.27 4.85 5.25

2.64 2.37 1.96 1.56 1.24 1.06 1.00 1.00 1.00 0.93 0.85 0.77 0.69 0.61

1900 1912 1922 1929 1933 1939 1945

20.46 37.59 50.07 61.14 52.77 54.75 67.30

0.30 0.42 0.30 0.59 0.50 0.23 0.17

2.96 3.98 5.53 7.28 5.81 6.09 6.87

3.13 5.31 5.54 6.06 4.46 5.98 8.95

13.85 27.40 38.45 46.31 40.92 41.20 46.75

0.19 0.42 0.19 0.81 0.88 0.77 0.55

0.03 0.06 0.06 0.09 0.20 0.48 4.01

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

61.31 66.70 75.57 84.81 90.62 96.84 103.37 109.43 115.67 119.75 123.79 129.89 135.70 137.35

0.17 0.21 0.26 0.34 0.45 0.58 0.71 0.81 0.91 1.03 1.15 1.24 1.33 1.42

6.89 7.89 9.48 10.97 12.02 13.20 14.17 14.87 15.73 16.27 17.16 18.06 18.85 18.69

7.62 7.93 8.87 10.11 11.18 12.09 12.81 13.25 13.52 13.51 13.48 13.14 12.77 12.67

42.45 46.99 53.81 60.52 64.16 68.16 73.03 77.48 82.04 85.47 88.41 93.70 98.87 100.55

0.79 0.90 1.08 1.31 1.52 1.73 1.93 2.16 2.39 2.65 2.88 3.13 3.40 3.60

3.39 2.71 2.02 1.51 1.16 0.94 0.85 0.84 0.83 0.76 0.66 0.57 0.48 0.42

CONSTANT ( 1947-49) PRICES

Notes to Table A-37 on next page

181

APPENDIX

A

SOURCE, BY COLUMN

Current Prices

(1) (2) (3) (4) (5) (6) (7)

Sum of cols. 2 to 7. 1900-45: A Study of Sewing ... , Vol. I l l , Table W-25, line 1-5. 1945-58: Table B-43, col. 3. 1900-45: Saving, Vol. I l l , Table W-29, line 1-5. 1945-58: Table B-57, Col. 3, Table B-58, col. 3 and col. 6. 1900-45: Saving, Vol. I l l , Table W-27, line 1-5. 1945-58: Table B-81, cols. 3 and 6, Table B-82, col. 3, plus Table B-83, col. 3. 1900-45": Saving, Vol. I l l , Table W-30, line 1-5, minus Table W-40, line 1-5. 1945-58: Table B-129, col. 1, plus Table B-57, col. 3, minus cols. 2 and 3 of Table A-37. 1900-15: Saving, Vol. I l l , Table W-42, line 1-5. 1945-58: Table B-155, cols. 3 and 4. 1900-45: Saving, Vol. I l l , Tables W-43 and W-40, line 1-5 in each. 1945-58: Table B-155, cols. 2 and 5.

Constant (1947-49)

Prices

Same as for Table A-35, except that Tables B-128 and B-154, are used instead of Tables B-129 and B-155.

182

TABLE A-38 NET STOCK OF CONSUMER DURABLES, BY SECTOR

(billions of dollars) End of Year

All Sectors (1)

Nonfarm Households (2)

Agriculture (3)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

6.05 13.58 30.95 42.23 25.72 32.51 50.95

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

46.24 59.63 73.38 85.31 91.20 111.32 122.45 127.63 134.77 138.72 150.77 163.38 173.61 178.75

5.22 11.72 27.24 38.42 23.77 29.96 46.71

40.98 52.81 65.00 75.41 80.69 98.91 108.85 113.97 120.57 124.82 136.92 149.43 159,61 164.73 CONSTANT (1947-49) PRICES 21.65 18.67 32.72 28.30 37.75 33.23 57.29 52.23 49.82 46.03 57.64 53.17 61.30 56.15

1900 1912 1922 1929 1933 1939 1945 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

57.63 64.74 73.80 82.16 90.40 102.85 110.16 115.80 123.32 129.83 141.32 149.49 156.30 159.67

51.03 57.34 65.40 72.63 80.03 91.41 98.09 103.66 110.76 117.33 128.82 137.18 144.21 147.67

SOURCE, BY COLUMN Current Prices

(1) (2) (3)

Sum of cols. 2 and 3. 1900-45: A Study of Saving . . . , Vol. Ill, Table W-22, line 1-6. 1945-58: Table B-36, col. 1 plus Table B-37, col. 3. 1900-45: Saving, Vol. Ill, Table W-27, line 1-6. 1945-58: Table B-86, col. 1, minus col. 8, plus Table B-82, col. 6.

Constant (1947-49) Prices

Same as for Table A-35.

0.83 1.86 3.71 3.81 1.95 2.55 4.24 5.26 6.82 8.38 9.90 10.51 12.41 13.60 13.66 14.20 13.90 13.85 13.95 14.00 14.02 2.98 4.42 4.52 5.06 3.79 4.47 5.15 6.50 7.40 8.40 9.53 10.37 11.44 12.07 12.14 12.56 12.50 12.50 12.31 12.09 12.00

APPENDIX A TABLE A-39 INVENTORIES, BY SECTOR

(billions of dollars)

End of Year

All Sectors (1)

Unincor­ porated Business Agriculture3 (2) (3)

Corporations

(4)

State and Local Govern­ ments

(5)

Fede: Governn (6)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

9.96 16.68 32.56 37.97 21.90 30.45 52.25

2.65 3.12 6.68 6.43 3.09 4.15 7.83

4.54 8,24 8.46 9.48 4.95 7.30 15.37

2.76 5.30 17.35 22.00 13.80 18.00 26.32

0.01 0.02 0.04 0.06 0.06 0.06 0.15

0.94 2.58

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

52.62 68.19 79.98 86.04 79.59 96.51 110.43 106.88 107.76 107.09 113.30 122.33 126.78 129.89

7.97 10.06 11.59 12.92 11.97 14.24 15.07 14.79 15.21 15.06 15.81 16.51 16.82 16.81

15.68 19.10 22.50 22.20 18.93 24.37 28.14 23.15 18.91 18.75 17.38 18.23 20.57 26.15

26.32 37.55 44.69 48.89 45.31 55.10 64.85 66.10 67.91 66.30 72.97 80.54 83.27 78.84

0.07 0.09 0.10 0.11 0.10 0.13 0.13 0.13 0.14 0.15 0.16 0.18 0.19 0.20

2.58 1.39 1.10 1.92 3.28 2.67 2.24 2.71 5.59 6.83 6.98 6.87 5.93 7.89

1900 1912 1922 1929 1933 1939 1945

32.59 37.75 55.96 63.30 53.24 61.44 73.82

6.98 6.45 9.62 9.95 5.96 7.23 10.94

18.31 20.29 21.21 19.20 20.52 19.91 22.35

7.26 10.96 25.01 34.04 26.62 31.35 36.80

0.04 0.05 0.07 0.11 0.14 0.18 0.20

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

74.20 79.44 78.57 83.00 82.10 86.41 94.46" 97.51 100.91 101.58 106.22 108.92 109.23 109.95

11.12 11.68 11.69 12.26 11.96 12.73 13.15 13.10 13.27 13.13 13.25 13.29 13.36 13.25

22.74 22.56 20.71 22.30 21.08 21.90 22.57 23.02 22.43 23.02 23.36 22.92 23.21 25.59

36.70 43.61 45.09 46.39 45.27 49.24 56.59 58.55 59.26 57.81 61.11 64.85 66.14 62.18

0.10 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.13 0.14 0.15 0.16 0.17

— —

0.03 — —

CONSTANT ( 1947-49) PRICES — —

0.05 — —

2.77 3.53 3.54 1.49 0.98 1.95 3.68 2.43 2.03 2.72 5.82 7.49 8.36 7.71 6.36 8.76

APPENDIX

A

SOURCE, BY COLUMN

Current Prices

(1) (2) (3) (4) (5) (6)

Sum of cols. 2 to 6. 1900-45: A Study of Saving . . . , Vol. I l l , Table W-29, line 1-7. 1945-58: Table B-130, col. 3. 1900-45: Saving, Vol. I l l , Table W-27, sum of lines 1-7 and 1-8. 1945-58: Table B-97, col. 1. 1900-45: Saving, Vol. I l l , Table W-30, line 1-7, minus Table W-40, line 1-7. 1945-58: Table B-130, col. 2. 1900-45: Saving, Vol. I l l , Table W-42, line 1-7. 1945-58: Table B-156, col. 4. 1900-45: Saving, Vol. I l l , Table W-40, line 1-7. 1945-58: Table B-156, col. 2.

Constant (1947-49)

Prices

Same as for Table A-35, except that Table B-131 is used instead of Table B-130. a Including livestock.

185

APPENDIX A TABLE A-40 RESIDENTIAL L AND, BY S ECTOR (billions of dollars) End of Year

All Sectors

Nonfarm Households

Unincorporated Business

Corporations

(1)

(2)

(3)

(4)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

4.40 6.99 15.41 24.06 18.66 22.90 31.09

4.22 6.51 13.94 20.65 15.91 19.45 26.22

0.07 0.21 0.60 1.37 1.09 1.31 1.82

0.11 0.27 0.87 2.04 1.66 2.14 3.05

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

22.58 26.31 31.92 34.6 Ϊ 34.19 39.55 42.17 44.42 46.18 47.80 51.79 55.40 57.90 60.67

18.46 21.66 26.47 28.65 28.23 32.89 35.22 37.24 38.80 40.35 43.95 47.17 49.41 51.91

2.30 2.56 2.96 3.19 3.13 3.43 3.52 3.58 3.63 3.61 3.74 3.86 3.92 3.99

1.82 2.09 2.49 2.77 2.83 3.23 3.43 3.60 3.75 3.84 4.10 4.37 4.57 4.77

1900 1912 1922 1929 1933 1939 1945

18.97 27.18 33.96 49.94 48.00 46.99 42.97

18.23 25.34 30.76 42.95 41.04 39.99 36.30

0.27 0.79 1.29 2.76 2.69 2.60 2.46

0.47 1.05 1.91 4.23 4.27 4.40 4.21

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

31.25 31.47 31.98 32.84 33.62 34.83 35.87 36.86 37.98 39.13 40.74 42.15 43.37 44.56

25.64 25.91 26.42 27.24 27.92 29.03 30.05 31.04 32.12 33.27 34.83 36.18 37.35 38.48

3.12 3.06 3.02 3.00 2.99 2.98 2.94 2.90 2.87 2.82 2.80 2.78 2.76 2.74

2.49 2.50 2.53 2.60 2.72 2.82 2.88 2.92 2.99 3.04 3.11 3.19 3.26 3.34

CONSTANT (1947-49) PRICES

APPENDIX A

SOURCE, BY COLUMN

Current Prices (1) Sum of cols. 2 to 4. (2) 1900-45: A Study of Saving . . ., Vol. Ill, Table W-22, line1-3, minus col. 3 of Table A-40. 1945-58: Fifteen per cent of Table B-16, col. 8 (see Table B-12, notes to col. 2). (3) 1900-45: Land underlying multifamily dwellings owned by individuals (assumed to be 25 per cent) as estimated in Table A-35, note to col. 3. 1945-58: Sum of land underlying multifamily structures in Table B-16, col. 9, plus Table B-54, col. 5, minus col. 3. (4) 1900-45: Saving, Vol. Ill, Table W-30, line 1-3. 1945-58: Table B-14, col. 5, minus col. 3, minus cols. 2 and 3 of Table A-40. Constant (1947-49) Prices Same as for Table A-35.

TABLE A-41 NONRESIDENTIAL LAND, EXCLUDING FORESTS AND SUBSOIL ASSETS, BY SECTOR

(billions of dollars)

End of All Nonfarm Institu­ Year Sectors Households tions (1) (2) (3)

Unincorporated Agricul­ Business1 ture (4)

(5)

Corpora­ tions® (6)

State and Local Federal Govern­ Govern­ ment ments (8) (7)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 194-5

26.53 51.24 77.49 89.47 62.44 65.70 96.95

3.00 3.70 6.65 11.78 7.55 5.33 6.00

0.28 0.51 1.01 1.39 1.19 1.34 1.60

3.58 6.20 12.17 18.73 12.04 14.23 16.12

3.00 6.50 11.10 13.20 13.15 14.60 17.45

1.00 1.00 1.50 2.10 2.23 2.80 6.50

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

89.62 104.74 116.74 123.88 121.56 137.81 150.85 154.31 153.57 161.00 171.41 184.96 202.02 216.48

7.75 7.90 9.45 11.45 11.30 11.85 12.70 14.70 15.95 18.45 21.00 24.35 29.25 32.80

14.20 18.90 21.40 21.50 20.50 24.00 24.20 23.70 24.00 24.10 24.80 26.30 27.40 28.00

6.30 7.00 8.30 8.90 9.10 11.50 13.40 12.90 12.00 12.40 13.60 13.40 13.60 12.80

1900 1912 1922 1929 1933 1939 1945

80.70 106.63 113.72 137.58 131.85 126.39 127.07

10.35 10.83 11.31 17.83 14.39 9.36 8.02

11.30 4.48 43.47 14.79 6.80 46.53 7.31 49.78 17.02 7.73 51.93 18.60 18.53 7.48 50.90 7.97 58.40 19.92 8.37 21.37 66.31 8.68 66.89 22.60 9.08 64.22 23.20 9.73 66.41 24.47 10.48 68.94 26.72 11.44 73.96 29.14 12.35 79.94 32.58 34.63 13.22 87.58 CONSTANT (1947 -49) PRICES 0.96 3.87 41.68 12.36 1.49 5.15 54.07 18.15 1.71 5.98 52.91 20.69 2.10 11.11 52.05 28.34 2.26 6.63 51.48 22.94 2.35 7.31 47.43 25.00 2.14 6.38 53.48 21.55

8.61 14.68 18.61 22.56 29.19 29.32 25.86

2.87 2.26 2.51 3.59 4.96 5.62 9.64

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

121.16 117.73 117.39 117.87 119.61 122.17 125.35 125.70 124.97 126.95 129.66 131.85 135.10 137.53

10.13 10.22 10.38 10.71 10.93 11.23 11.42 11.78 12.14 12.46 12.69 12.96 13.38 13.66

3.53 3.51 3.49 3.54 3.63 3.77 3.91 4.01 4.12 4.28 4.45 4.62 4.84 5.06

20.40 20.50 20.70 20.80 21.00 21.10 21.30 21.60 21.70 22.00 22.30 22.60 23.10 23.40

9.10 7.70 8.00 8.60 9.30 10.20 11.90 11.70 10.90 11.20 12.10 11.40 11.40 10.80

1.12 1.76 3.52 7.34 3.48 4.16 4.77

14.55 31.57 41.54 34.93 22.80 23.24 44.51

2.12 2.82 3.49 3.77 3.75 4.17 4.50 4.84 5.12 5.44 5.87 6.37 6.90 7.45

7.27 7.40 7.31 7.33 7.29 7.32 7.37 7.33 7.44 7.63 7.98 8.39 8.75 9.09

53.80 50.91 50.28 49.27 49.57 50.87 51.29 50.72 50.17 50.24 50.07 50.87 51.58 52.92

16.93 17.49 17.23 17.62 17.89 17.68 18.16 18.56 18.50 19.14 20.07 21.02 22.05 22.60

APPENDIX

A

SOURCE, BY COLUMN

Current Prices

(1) (2)

(3) (4) (5) (6)

(7) (8)

Sum of cols. 2 to 8. 1900-45: A Study of Saving . . . , Vol. I l l , Table W-22, line 1-4, minus Table W-25, line 1-4. 1945-58: Table B-17, col. 3. 1900-45: Saving, Vol. I l l , Table W-25, line 1-4. 1945-58: Table B-41, col. 5 plus Table B-42, col. 5. 1900-45: Saving, Vol. I l l , Table W-29, line 1-4. 1945-58: Table B-59, col. 5, plus Table B-125, one-third of col. 5. 1900-45: Saving, Vol. I l l , Table W-27, lines 1-3 and 1-4. 1945-58: Table B-91, col. 2. 1900-45: Saving, Vol. I l l , Table W-30, line 1-4. 1945-58: Table B-124, col. 6, plus Table B-125, one-third of col. 5, minus col. 4 of Table A-41. 1900-45: Saving, Vol. I l l , Table W-42, lines 1-3 and 1-4. 1945-58: Table B-151, col. 6. 1900-45: Saving, Vol. I l l , Table W-43, lines 1-3 and 1-4. 1945-58: Table B-151, col. 2.

Constant (1947-49)

Prices

Same as for Table A-35, except that Table B-152 is used instead of Table B-151. a Includes forests for bench-mark years 1900-45.

189

APPENDIX A

TABLE A-42 FORESTS, BY SECTOR

(billions of dollars) End of Year

All Sectors (1)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

3.09 3.80 6.09 7.57 8.33 11.87 14.31 13.29 11.95 12.61 15.02 14.69 15.03 13.73

U nincorporated Corporations Business (3) (2)

CURRENT PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

0.79 0.95 1.54 1.87 2.08 2.97 3.56 3.34 3.00 3.16 3.77 3.69 3.78 3.43 CONSTANT (1947-49) PRICES 6.40 1.60 6.44 1.59 6.48 1.63 6.52 1.62 6.56 1.66 6.60 1.65 6.64 1.14 6.68 1.68 6.72 1.67 6.76 1.71 6.80 1.70 6.84 1.69 6.88 1.73 6.92 1.72

2.30 2.85 4.55 5.70 6.25 8.90 10.75 9.95 8.95 9.45 11.25 11.00 11.25 10.30 4.80 4.85 4.85 4.90 4.90 4.95 5.00 5.00 5.05 5.05 5.10 5.15 5.15 5.20

SOURCE, BY COLUMN

Current Prices

Constant (1947-49) Prices

(1) (2) (3)

(1) (2) (3)

Sum of cols. 2 and 3. Table B-132, col. 1, minus col. 4. Table B-132, col. 4.

Sum of cols. 2 and 3. Table B-132, col. 2 minus col. 5. Table B-132, col. 5.

APPENDIX A

TABLE A-43 SUBSOIL ASSETS, BY SECTOR

(billions of dollars) End of Year

All Sectors (1)

U nincorporated Corporations Business (2)

(3)

CURRENT PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

6.20 7.10 9.40 12.80 11.90 12.50 14.30 14.70 16.30 16.90 17.90 19.00 20.70 19.90

0.60 0.70 1.00 1.30 1.20 1.30 1.50 1.50 1.80 1.80 1.90 2.00 2.20 2.10 CONSTANT (1947-49) PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

9.70 10.00 10.20 10.90 11.40 11.70 12.60 12.80 13.40 13.60 13.70 14.00 14.10 14.20

1.00 1.00 1.10 1.10 1.20 1.20 1.30 1.30 1.40 1.40 1.40 1.50 1.50 1.50

5.60 6.40 8.40 11.50 10.70 11.20 12.80 13.20 14.50 15.10 16.00 17.00 18.50 17.80 8.70 9.00 9.10 9.80 10.20 10.50 11.30 11.50 12.00 12.20 12.30 12.50 12.60 12.70

, BY COLUMN Current Prices

Constant (1947-49) Prices

(1) (2) (3)

(1) Sum of cols. 2 and 3. (2) Table B-135, col. 4. (3) Table B-135, col. 3.

Sum of cols. 2 and 3, Table B-135, col. 2. Table B-135, col. 1.

APPENDIX A

TABLE A-44

M ONETARY M ETALS, BY S ECTOR (billions of dollars)

All Sectors

Nonfarm Households

Unincor­ porated Business

Agriculture

(1)

(2)

(3)

(4)

1900 1912 1922 1929 1933 1939 1945

1.81 2.78 4.63 5.05 5.04 20.75 23.69

0.38 0.40 0.45 0.39 0.33 0.40 1.01

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

23.91 24.39 26.66 28.20 28.45 26.79 26.83 27.39 26.30 26.04 26'08 26.48 27.46 25.41

0.84 0.89 0.92 0.95 0.95 1.01 1.06 1.14 1.20 1.21 1.27 1.33 1.50 1.62

0.13 0.14 0.15 0.15 0.16 0.17 0.19 0.18 0.19 0.20 0.21 0.22 0.25 0.27

1900 1912 1922 1929 1933 1939 1945

2.49 4.00 7.43 7.90 7.76 20.13 23.02

0.52 0.58 0.72 0.61 0.51 0.38 0.98

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

21.74 22.21 24.47 25.99 26.18 24.49 24.50 25.03 23.89 23.61 23.60 23.93 24.83 22.67

0.37 0.39 0.40 0.42 0.42 0.44 0.46 0.50 0.52 0.53 0.55 0.58 0.66 0.71

0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.10 0.11 0.12

of Yea;

State and Local Corpora- Governtions ments

(5)

(6)

0.16 0.15 0.12 0.10 0.07 0.09 0.18

0.25 0.32 0.32 0.67 0.84 0.07 0.05

0.01 0.01 0.01 0.01 a 0.01 0.01

0.16 0.17 0.18 0.18 0.19 0.18 0.20 0.20 0.19 0.19 0.20 0.21 0.24 0.25

0.12 0.13 0.13 0.15 0.16 0.16 0.15 0.17 0.20 0.22 0.21 0.21 0.25 0.27

CURRENT PRICES

1. 1. 3. 3. 3. 20. 22. 22.

23. 25. 26. 26.

n.a.

25. 25. 25. 24. 24. 24. 24. 25. 23,

CONSTANT (1947-49) PRICES

0.22 0.21 0.19 0.16 0.10 0.09 0.17

0.35 0.45 0.51 1.05 1.29 0.07 0.05

0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.08 0.08 0.09 0.09 0.10 0.11

0.05 0.06 0.06 0.07 0.07 0.07 0.07 0.08 0.09 0.10 0.09 0.09 0.11 0.12

0.02 0.02 0.02 0.02 0.01 0.02 0.02

1. 2.

5. 6.

5. 19, 21.

21. 21.

n.a.

23. 25. 25. 23. 23. 24, 23. 22. 22.

23. 23, 21.

APPENDIX A

SOURCE, BY COLUMN

Current Prices (1) Sum of cols. 2 to 7. (2) 1900-45: A Study of Saving Vol. Ill, Table W-22, line 9. 1945-58: Table B-183, col. 7. (3) Table B-183, col. 5. (4) 1900-45: Saving, Vol. Ill, Table W-27, line 9. 1945-58: Table B-183, col. 6. (5) 1900-45: Saving, Vol. Ill, Table W-30, line 9. 1945-58: Table B-183, cols. 3 and 4. (6) 1900-45: Saving, Vol. Ill, Table W-42, line 9. (7) 1900-45: Saving, Vol. Ill, Table W-43, line 9. 1945-58: Table B-182, col. 2, plus Table B-183, col. 2. Constant (1947-49) Prices Same as for Table A-35, except that Table B-184 is used instead of Table B-183. a Less than $5 million. n.a. = not available.

APPENDIX A TABLE A-45 NET FOREIGN ASSETS, BY SECTOR

(billions of dollars)

End of Year

All Sectors (1)

Nonfarm Households (2)

Corporations (3)

Federal Government (4)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

-2.34 -2.10 8.20 12.40 8.10 1.73 1.05

n.a.

n.a.

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

-2.29 2.81 10.93 12.90 13.79 13.39 14.41 14.73 15.94 15.44 15.39 17.87 22.81 24.34

2.70 2.77 2.75 2.75 2.63 2.95 3.12 3.11 3.00 3.37 3.87 4.12 3.78 4.69

-2.58 -1.41 0.13 1.11 1.36 1.90 2.83 3.63 4.14 3.83 4.23 6.14 10.40 10.20

-2.41 1.45 8.05 9.04 9.80 8.54 8.46 7.99 8.80 8.24 7.29 7.61 8.63 9.45

1900 1912 1922 1929 1933 1939 1945

-6.92 -4.76 12.01 18.17 15.81 3.05 1.20

n.a.

n.a.

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

-2.67 2.97 10.64 12.17 12.86 11.98 12.33 12.45 13.35 12.81 12.51 14.52 17.98 18.87

3.16 2.92 2.68 2.59 2.45 2.64 2.67 2.63 2.52 2.80 3.14 3.35 2.98 3.63

-3.01 -1.48 0.13 1.05 1.27 1.70 2.42 3.07 3.46 3.18 3.44 4.99 8.20 7.91

-2.82 1.53 7.83 8.53 9.14 7.64 7.24 6.75 7.37 6.83 5.93 6.18 6.80 7.33

CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

APPENDIX A

SOURCE, BY COLUMN

Current Prices (1) 190(M5: A Study of SavingVol. Ill, Table W-l, col. 25. 1945-58: sum of cols 2, 3, and 4. (2) Table B-187, line 4 minus line 10. (3) Table B-187, line 3 minus line 9. (4) Table B-187, line 5 minus line 11. Constant (1947-49) Prices (1) 1900-45: Saving, Vol. Ill, Table W-3, col. 26, adjusted by Table B-188, line 12. 1945-58: Sum of cols. 2 to 4. (2-4) Corresponding figure in current prices adusted by gross national product deflator, n.a. = not available.

APPENDIX A

TABLE A-46 GROSS STOCK OF RESIDENTIAL STRUCTURES, BY

C -.CTOR

(billions of dollars)

End of Year

Unincor­ porated Business

Agri­ culture

(1)

Nonfarm House­ holds (2)

(3)

(4)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

261.79 308.42 374.65 404.57 400.22 459.19 488.80 513.32 531.53 548.65 591.51 627.91 653.12 684.13

210.89 248.78 304.31 328.46 323.32 374.69 399.17 419.83 435.03 450.01 485.44 517.77 539.13 566.34

17.11 19.48 22.84 25.01 24.78 27.49 28.70 29.66 30.47 30.75 32.22 33.64 34.51 35.66

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

362.63 368.14 375.14 384.74 393.82 405.84 417.19 427.91 439.52 451.49 466.30 479.90 492.73 505.81

292.87 297.58 303.69 312.22 319.80 330.69 340.59 349.90 360.13 370.99 384.99 397.40 408.84 420.16

All Sectors

State and Local Corpora­ Govern­ tions ments (5) (6)

Federal Govern­ ment (7)

CURRENT PRICES

CONSTANT

23.34 23.30 23.28 23.50 23.69 23.91 23.95 23.98 24.04 24.07 24.12 24.18 24.26 24.44

18.64 12.80 14.93 22.33 17.64 26.46 27.43 20.29 27.58 21.06 29.77 23.27 31.79 24.50 25.89 32.57 33.02 27.14 33.72 28.07 32.35 34.98 33.33 36.25 36.77 35.11 37.72 35.73 (1947-49) P R I C E S 17.56 25.60 25.94 17.85 26.46 18.27 26.90 18.93 27.30 19.67 27.73 20.02 28.13 20.61 28.57 21.14 28.91 21.76 29.27 22.35 29.56 22.72 29.86 23.45 30.09 24.14 30.30 24.89

0.96 1.48 1.89 2.02 2.22 2.69 3.38 4.13 4.75 5.11 5.61 6.12 6.64 7.34

1.39 1.42 1.51 1.36 1.26 1.28 1.26 1.24 1.12 0.99 0.91 0.80 0.96 1.34

1.31 1.78 1.93 1.90 2.12 2.34 2.83 3.34 3.75 4.00 4.19 4.40 4.67 5.03

1.95 1.69 1.51 1.29 1.24 1.15 1.08 0.98 0.93 0.81 0.72 0.61 0.73 0.99

APPENDIX A

SOURCE, BY COLUMN

Constant (1947-49) Prices (1) Sum of cols. 2 to 7. (2) Components of expenditures in Table B-15, col. 2, cumulated for life of component, beginning with 1945, adding later expenditures and dropping retirements plus Table B-164, col. 2. Life of components used: structures, 80 years; additions and altera­ tions, 40 years; speculative builders' margin, 80 years; dealers commission, 40 years. (3) Components of expenditures in Table B-52, col. 2, cumulated for life of component, beginning with 1945, adding later expenditures and dropping retirements, plus Table B-53, col. 2, plus Table B-146, col. 2. Life of components used: structures, 65 years; additions and alternations, 32 years; dealers' commission, 32 yeafs. (4) Expenditures in Table B-60, col. 2, cumulated for 60 years. Earlier figures from A Study of Saving . . . , Vol. I, Table A-7, col. 2 (converted to 1947-49 prices), and from worksheets. (5) Cumulation of gross expenditures in Table B-5, col. 2, Table B-7, col. 2, and Table B-8, col. 2, minus cols. 2 and 3 of this table. (6) Cumulation of gross expenditures in Table B-144, col. 2, for 50 years. Earlier figures in Construction Volume and Costs, 1915-1956, Statistical Supplement to Con­ struction Review (Department of Commerce), p. 10, plus cumulation of gross expendi­ tures in Table B-147, col. 2, on 20-year basis. (7) Cumulation of gross expenditures in Table B-162, col. 2 on 50-year basis, plus gross cumulated expenditures from Table B-165, col. 2, on 20-year basis. Current Prices Cumulated gross stock in constant (1947-49) dollars, multiplied by appropriate year-end deflator for each component included in aggregate gross cumulation; e.g., in col. 2, deflator used is from col. 3 of Table B-9.

APPENDIX A

TABLE A-47 GROSS STOCK OF NONRESIDENTIAL STRUCTURES, BY SECTOR

(billions of dollars)

End of Year

All Sectors (1)

Institu­ tions (2)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

260.24 327.74 387.05 422.08 416.44 463.46 495.15 524.28 445.54 566.70 606.06 651.81 706.58 740.33

15.15 20.23 25.26 27.20 26.75 29.28 31.03 33.00 34.63 36.37 38.77 41.40 44.00 46.71

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

383.38 387.41 391.35 398.18 406.24 414.49 423.37 431.80 441.61 453.19 466.76 479.72 491.81 505.27

Unincorporated Business

Agri­ culture

(3)

(4)

State and Local Corpora­ Govern­ ments tions (6) (5)

Federal Govern­ ment ¢7)

CURRENT PRICES

119.06 15.84 149.08 18.48 171.64 21.54 187.80 22.65 187.78 22.97 210.44 24.86 223.71 27.10 27.92 233.72 245.46 28.26 28.74 253.39 29.72 270.71 30.98 289.52 31.81 323.23 337.32 32.23 CONSTANT (1947'-49) PRICES 25.21 29.23 21.29 170.53 25.29 29.38 21.44 173.14 25.26 175.00 29.09 21.73 25.49 177.94 29.23 22.07 25.95 180.53 22.28 29.28 26.45 29.45 22.77 182.63 26.98 29.73 185.82 23.20 27.32 29.85 23.62 188.42 27.84 30.08 192.03 23.91 28.59 30.67 24.13 196.29 29.37 201.47 31.62 24.22 30.03 32.50 24.32 206.49 30.75 33.40 24.36 211.06 31.69 34.51 24.37 215.69 18.45 24.35 29.07 30.82 29.98 32.21 34.15 35.52 36.71 38.26 41.20 43.86 47.25 50.04

73.22 91.92 110.62 121.85 116.60 130.42 140.63 152.43 156.29 163.75 176.86 194.39 207.60 220.57

18.52 23.68 28.92 31.76 32.36 36.25 38.53 41.69 44.19 46.19 48.80 51.66 52.69 53.46

108.93 109.56 111.12 113.54 117.11 121.14 124.64 128.74 133.14 138.35 144.43 150.37 156.99 164.40

28.19 28.60 29.15 29.91 30.98 32.05 33.00 33.85 34.61 35.16 35.65 36.01 35.25 34.61

APPENDIX A

SOURCE, BY COLUMN

Constant (1947-49) Prices (1) Sum of cols. 2 to 7. (2) Cumulation of gross expenditures in Table B-38, col. 2, assuming an average life of 50 years, plus Table B-39, col. 2, average life of 45 years. (3) Cumulation of gross expenditures in Table B-39, col. 2 (45 yrs.), Table B-45, col. 1 (40 yrs.), col. 2 (40 yrs.), col. 3 (40 yrs.), col. 4 (25 yrs.), col. 5 (40 yrs.). (4) Cumulation of gross expenditures in Table B-61, col. 2, on basis of a 45-year life, plus apportioned share of cumulated gross expenditures of dealers' commission for sales of farms, from Table B-63, col. 2 (50 yrs.). (5) Cumulated gross expenditures in Table B-101, col. 2 (40 yrs.), Table B-102, col. 2 (40 yrs.), Table B-103, col. 2 (40 yrs.), Table B-104, col. 2 (50 yrs.), Table B-105, col. 2 (45 yrs.), average of Table B-107, col. 2, and Table B-108, col. 2 (25 yrs.); Table B-109, col. 2 (40 yrs.), minus col. 3 of this Table (A-47), minus cumulated gross expenditures in Table B-39, col. 2 (45 yrs.). (6) Cumulated gross expenditures of components in TableB-137 (calendar-year portion), col. 2 (30 yrs. for highways, 50 yrs. for other construction), plus Table B-138, col. 2 (30 yrs.), plus components of Table B-141, col. 2 (30 yrs. for highways, 50 yrs. for other construction). (7) Cumulated gross expenditures of components in Table B-158, col. 2 (50 yrs. for nonresidential buildings; 30 yrs. for highways; 80 yrs. for conservation and development) and components of Table B-160, col. 2 (50 yrs. for all construction except RFC, which is 15 yrs.). Current Prices See current prices note to Table A-46.

APPENDIX A

TABLE A-48 GROSS STOCK OP PRODUCER DURABLES, BY SECTOR

(billions of dollars)

End of Year

All Sectors (1)

Unincor­ porated Business

Institu­ tions

Agricul­ ture

(2)

(3)

(4)

Corpora­ tions

State and Local Govern­ ments

Federal Govern­ ment

(5)

(6)

(7)

1.40 1.69 2.07 2.46 2.80 3.22 3.62 3.92 4.38 5.05 6.02 7.23 8.50 9.34

4.77 5.46 5.90 4.98 2.94 2.45 2.22 2.31 2.34 2.16 1.96 1.94 1.86 1.69

1.80 1.93 2.13 2.38 2.62 2.86 3.08 3.30 3.66 4.14 4.68 5.29 5.96 6.40

6.13 6.25 6.08 4.82 2.75 2.18 1.89 1.94 1.94 1.76 1.53 1.42 1.30 1.16

CURRENT PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

92.08 107.51 128.26 146.88 159.80 181.23 202.70 217.09 233.80 247.56 262.28 295.38 320.22 337.19

9.41 11.57 14.76 18.12 20.79 24.33 27.81 29.96 32.47 34.91 38.36 42.50 47.12 50.22

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

117.50 122.10 131.47 142.28 149.45 159.69 169.88 180.04 190.39 198.60 207.29 216.37 225.08 231.70

12.22 13.27 15.18 17.52 19.47 21.67 23.69 25.23 27.16 28.74 30.28 31.66 33.61 34.86

0.28 0.36 0.46 0.59 0.73 0.95 1.18

1.38 1.58 1.87 2.27 2.73 3.21 3.59

CONSTANT

0.36 0.41 0.48 0.57 0.69 0.84 1.01 1.15 1.31 1.52 1.77 2.00 2.25 2.46

66.97 9.25 77.75 10.68 91.40 13.67 17.47 103.26 20.54 112.00 23.28 127.00 141.64 26.23 27.87 151.65 163.76 29.27 30.63 172.94 181.16 32.51 34.42 206.56 35.80 223.73 38.08 234.27 ( 1947-49) PRICES 12.11 84.88 87.39 12.85 93.14 14.46 16.52 100.47 105.51 18.41 20.05 112.09 118.79 21.42 22.47 125.95 23.71 132.61 24.57 137.87 143.56 25.47 25.67 150.33 156.56 25.40 25.94 160.88

APPENDIX A

SOURCE, BY COLUMN Constant (1947-49) Prices

(1) (2) (3) (4)

(5)

(6) (7)

Sum of cols. 2 to 7. Cumulated gross expenditures from Table B-49, col. 2 (assuming an average life of 15 years), Table B-50, col. 2 (6 yrs.), Table B-51, col. 2 (3 yrs.). Cumulated gross expenditures from Table B-40, col. 2 (12 yrs.). Cumulated gross expenditures from Table B-64, col. 2 (15 yrs.), Table B-65, col. 2 (15 yrs.), Table B-67, col. 2 (10 yrs.), Table B-68, col. 2 (5 yrs.), Table B-69, col. 2 (10 yrs.). Cumulated gross expenditures from Table B-Ill for each column from 2 to 20 with varying average lengths of life (see Table B-112, note to cols. 2 to 13) and Table B-119, col. 2 (excluding passenger cars), Table B-50, col. 2 (6 yrs.), Table B-120, col. 2 (6 yrs.), Table B-51, col. 2 (3 yrs.), minus cols. 2 and 3 of this table (A-48). Cumulated gross expenditures from Table B-139, calendar-year basis, col. 2 (12 yrs.), plus Table B-142, col. 2 (12 yrs.). Cumulated gross expenditures from Table B-159, col. 2 (12 yrs.), and Table B-161, col. 2 (12 yrs., except RFC which is 6 yrs.).

Current Prices

See current prices note to Table A-46.

APPENDIX A

TABLE A-49 GROSS STOCK OF CONSUMER DURABLES, BY SECTOR

(billions of dollars) End of Year

All Sectors (1)

Nonfarm Households (2)

Agriculture (3)

CURRENT PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

95.53 108.03 131.67 116.64 138.79 156.52 157.26 177.50 165.56 186.38 193.32 217.24 210.49 236.60 247.69 220.72 263.16 234.59 246.04 275.06 268.08 298.18 294.46 325.66 323.56 356.57 348.41 383.77 CONSTANT (1947--49) PRICES 121.52 137.24 128.64 145.26 140.27 158.14 151.38 172.92 162.91 183.40 178.10 200.05 211.37 188.36 198.70 222.33 213.41 238.33 228.60 254.25 249.24 275.84 294.96 268.11 291.75 319.32 339.57 311.03

12.50 15.03 17.73 20.24 20.82 23.92 26.11 26.97 28.57 29.02 30.10 31.20 33.01 35.36 15.72 16.62 17.87 21.54 20.49 21.95 23.01 23.63 24.92 25.65 26.60 26.85 27.57 28.54

SOURCE, BY COLUMN Constant (1947—49) Prices

(1) (2) (3)

Sum of cols. 2 and 3. Cumulated gross expenditures from Table B-19, for each column from 2 through 12 (for average lengths of life see Table B-31), plus Table B-32, col. 2 (9 years). Cumulated gross expenditures from Table B-72, for each column from 2 through 12 (for average lengths of life see Table B-31 and Table B-66, note to col. 3).

Current Prices

See current prices note to Table A-46.

TABLE A-50 NET STOCK OF TANGIBLE ASSETS OF NONFARM HOUSEHOLDS

(billions of dollars) End of Year

Total (1)

Residential Residential Structures Land (3) (2)

Nonresi­ dential Land (4)

Consumer Durables (5)

Net Monetary Foreign Assets Metals (7) (6)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

28.03 46.29 100.72 150.65 109.30 131.98 191.86

15.21 23.96 52.44 79.41 61.74 76.84 111.92

4.22 6.51 13.94 20.65 15.91 19.45 26.22

3.00 3.70 6.65 11.78 7.55 5.33 6.00

5.22 11.72 27.24 38.42 23.77 29.96 46.71

0.38 0.40 0.45 0.39 0.33 0.40 1.01

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

194.45 231.31 282.17 311.52 313.19 368.19 397.09 419.77 439.40 458.38 501.14 541.94 573.83 602.56

123.72 145.28 177.58 192.31 189.39 220.58 236.14 249.61 259.88 270.18 294.13 315.54 330.28 346.81

18.46 21.66 26.47 28.65 28.23 32.89 35.22 37.24 38.80 40.35 43.95 47.17 49.41 51.91

7.75 7.90 9.45 11.45 11.30 11.85 12.70 14.70 15.95 18.45 21.00 24.35 29.25 32.80

40.98 52.81 65.00 75.41 80.69 98.91 108.85 113.97 120.57 124.82 136.92 149.43 159.61 164.73

0.84 0.89 0.92 0.95 0.95 1.01 1.06 1.14 1.20 1.21 1.27 1.33 1.50 1.62

2.70 2.77 2.75 2.75 2.63 2.95 3.12 3.11 3.00 3.37 3.87 4.12 3.78 4.69

1900 1912 1922 1929 1933 1939 1945

113.56 158.49 191.98 279.10 261.46 261.18 256.68

65.79 93.44 115.96 165.48 159.49 158.28 155.23

18.23 25.34 30.76 42.95 41.04 39.99 36.36

10.35 10.83 11.31 17.83 14.39 9.36 8.02

18.67 28.30 33.23 52.23 46.03 53.17 56.15

0.52 0.58 0.72 0.61 0.51 0.38 0.98

n.a.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

262.13 270.55 282.52 296.39 309.04 329.40 344.11 357.55 373.15 389.07 413.00 432.18 448.18 461.20

171.80 173.77 177.24 182.80 187.29 194.65 201.42 207.94 215.09 222.68 232.87 241.93 249.60 257.05

25.64 25.91 26.42 27.24 27.92 29.03 30.05 31.04 32.12 33.27 34.84 36.18 37.35 38.48

10.13 10.22 10.38 10.71 10.93 11.23 11.42 11.78 12.14 12.46 12.69 12.96 13.38 13.66

51.03 57.34 65.40 72.63 80.03 91.41 98.09 103.66 110.76 117.33 128.82 137.18 144.21 147.67

0.37 0.34 0.40 0.42 0.42 0.44 0.46 0.52 0.52 0.53 0.55 0.58 0.66 0.71

3.16 2.92 2.68 2.59 2.45 2.64 2.67 2.52 2.52 2.80 3.14 3.35 2.98 3.63

CONSTANT (1947-49) PRICES

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

(1) (2) (3) (4)

Sum of cols. 2 to 7. Table A-35, col. 2. Table A-40, col. 2. Table A-41, col. 2.

n.a. = not available.

(5) (6) (7)

Table A-38, col. 2. Table A-44, col. 2. Table A-45, col. 2.

TABLE A-51 NET STOCK OF TANGIBLE ASSETS OF NONPROFIT INSTITUTIONS (billions of dollars)

End

Total (1)

1900 1912 1922 1929 1933 1939 1945

1.47 2.69 5.25 7.33 6.24 6.86 8.13

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

9.22 12.26 15.28 16.61 16.67 18.76 20.48 22.28 23.77 25.48 27.74 30.32 33.05 35.78

Nonresidential Structures (2)

Nonresidential Land (3)

Producer Durables (4)

1.10 2.04 4.06 5.57 4.77 5.37 6.40

0.28 0.51 1.01 1.39 1.19 1.34 1.60

0.09 0.15 0.18 0.37 0.28 0.15 0.13

6.97 9.26 11.54 12.49 12.44 13.94 15.15 16.47 17.55 18.77 20.40 22.26 24.25 26.26

2.12 2.82 3.49 3.77 3.75 4.17 4.50 4.84 5.12 5.44 5.87 6.37 6.90 7.45

0.13 0.18 0.25 0.35 0.48 0.65 0.83 0.97 1.10 1.27 1.47 1.69 1.90 2.07

CURRENT PRICES

CONSTANT (1947-49) PRICES

1900 1912 1922 1929 1933 1939 1945

5.92 9.42 10.64 13.92 14.17 12.77 11.10

4.66 7.51 8.63 11.23 11.41 10.19 8.79

0.96 1.49 1.71 2.10 2.26 2.35 2.14

0.30 0.42 0.30 0.59 0.50 0.23 0.17

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

15.30 15.29 15.29 15.58 16.14 16.94 17.79 18.45 19.14 20.07 21.05 21.99 23.12 24.30

11.60 11.57 11.54 11.70 12.06 12.59 13.17 13.63 14.11 14.76 15.45 16.13 16.95 17.82

3.53 3.51 3.49 3.54 3.63 3.77 3.91 4.01 4.12 4.28 4.45 4.62 4.84 5.06

0.17 0.21 0.26 0.34 0.45 0.58 0.71 0.81 0.91 1.03 1.15 1.24 1.33 1.42

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN (1) (2)

Sum of cols. 2 to 4. Table A-36, col. 2.

(3) (4)

Table A-41, col. 3. Table A-37, col. 2.

TABLE A-52 NET STOCK OF TANGIBLE ASSETS OF UNINCORPORATED BUSINESS (billions of dollars) End of Year

Total (1)

ProStrudures Land ducer Resi­ Nonresi­ Resi­ Nonresi­ Dur­ dential dential dential dential ables

(2)

(3)

(4)

(5)

(6)

Inven­ tories

(7)

Monetary Subsoil Forestsa Assets Metals (8) (9) (10)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

7.24 11.19 24.84 36.42 25.02 30.16 41.89

0.26 0.84 2.40 5.48 4.36 5.25 7.26

2.23 3.84 8.22 11.24 9.80 11.45 15.02

0.07 0.21 0.60 1.37 1.09 1.31 1.82

1.12 1.76 3.52 7.34 3.48 4.16 4.77

0.91 1.42 3.42 4.56 3.20 3.84 5.19

2.65 3.12 6.68 6.43 3.09 4.15 7.83

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

38.97 49.37 58.90 65.57 65.37 73.80 79.13 80.95 83.96 86.45 93.03 99.75 105.76 108.58

9.18 10.26 11.89 12.95 12.79 14.07 14.46 14.71 14.91 14.83 15.30 15.80 15.99 16.26

8.21 11.02 13.25 14.11 13.73 14.84 15.83 16.52 17.32 18.27 20.06 21.97 24.01 25.56

2.30 2.56 2.96 3.19 3.13 3.43 3.52 3.58 3.63 3.61 3.74 3.86 3.92 3.99

4.48 6.80 7.31 7.73 7.48 7.97 8.37 8.68 9.08 9.73 10.48 11.44 12.35 13.22

5.31 6.88 9.21 11.35 12.83 14.81 16.63 17.65 18.82 19.79 21.76 24.26 26.44 26.94

7.97 10.06 11.59 12.92 11.97 14.24 15.07 14.79 15.21 15.06 15.81 16.51 16.82 16.81

1900 1912 1922 1929 1933 1939 1945

23.65 32.14 43.95 64.21 54.01 55.51 57.50

1.09 3.16 5.14 11.05 10.76 10.41 '9.85

8.48 12.61 16.39 22.06 22.16 21.87 21.00

0.27 0.79 1.29 2.76 2.69 2.60 2.46

3.87 5.15 5.98 11.11 6.63 7.31 6.38

2.96 3.98 5.53 7.28 5.81 6.09 6.87

6.98 6.45 9.62 9.95 5.96 7.23 10.94

1945

56.62 58.27 59.69 61.90 62.83 65.01 66.49 67.02 68.41 69.32 71.26 73.41 75.25 75.86

12.52 12.27 12.12 12.17 12.23 12.30 12.08 11.89 11.76 11.60 11.46 11.36 11.23 11.15

13.04 13.32 13.27 13.38 13.41 13.55 13.76 13.87 14.19 14.67 15.42 16.24 16.96 17.62

3.12 3.06 3.02 3.00 2.99 2.98 2.94 2.90 2.87 2.82 2.80 2.78 2.76 2.74

7.27 7.40 7.31 7.33 7.29 7.32 7,37 7.33 7.44 7.63 7.98 8.39 8.75 9.09

6.89 7.89 9.48 10.97 12.02 13.20 14.17 14.87 15.73 16.27 17.16 18.06 18.85 18.69

11.12 11.68 11.69 12.26 11.96 12.73 13.15 13.10 13.27 13.13 13.25 13.29 13.36 13.25

0.13 0.14 0.15 0.15 0.16 0.17 0.19 0.18 0.19 0.20 0.21 0.22 0.25 0.27

0.79 0.95 1.54 1.87 2.08 2.97 3.56 3.34 3.00 3.16* 3.77 3.69 3.78 3.43

0.60 0.70 1.00 1.30 1.20 1.30 1.50 1.50 1.80 1.80 1.90 2.00 2.20 2.10

0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.10 0.11 0.12

1.60 1.59 1.63 1.62 1.66 1.65 1.64 1.68 1.67 1.71 1.70 1.69 1.73 1.72

1.00 1.00 1.10 1.10 1.20 1.20 1.30 1.30 1.40 1.40 1.40 1.50 1.50 1.50

CONSTANT (1947--49) PRICES

1946 1947 1948 1949 1950 1951 1952 1953

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN (1) Sum of cols. 2 to 10. (6) Table A-37, col. 3. (2) Table A-35, col. 3. (7) Table A-39, col. 2. (3) Table A-36, col. 3. (8) Table A-44, col. 3. (4) Table A-40, col. 3. (9) Table A-42, col. 2. (5) Table A-41, col. 4. (10) Table A-43, col. 2. a Forest land for bench-mark years, 1900-45, included in nonresidential land.

TABLE A-53 NET STOCK OF TANGIBLE ASSETS OF AGRICULTURE

(billions of dollars) Structures End of Year

Total

Residential

(1)

(2)

Nonresi­ dential Land (3) (4)

Pro­ ducer Dur­ ables

Con­ sumer Dur­ ables

(5)

(6)

(7)

(8)

(9)

Inven­ tories

Live­ stock

Mone­ tary Metals

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

24.51 49.70 69.47 64.42 41.03 45.69 86.30

1.69 2.92 6.57 6.38 4.63 4.91 8.98

1.57 2.72 5.82 5.86 4.05 4.09 6.76

14.55 31.57 41.54 34.93 22.80 23.24 44.51

1.17 2.24 3.27 3.87 2.57 3.51 6.27

0.83 1.86 3.71 3.81 1.95 2.55 4.24

1.42 2.59 3.09 2.97 1.78 2.17 5.63

3.12 5.65 5.37 6.51 3.17 5.13 9.74

0.16 0.15 0.12 0.10 0.07 0.09 0.18

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

86.68 98.50 112.17 119.05 117.57 136.29 153.18 150.65 145.11 147.80 150.61 158.36 167.95 182.62

9.22 11.00 13.08 13.63 13.75 14.91 16.07 16.58 16.88 17.26 17.92 18.53 18.79 19.28

7.10 8.33 9.86 10.52 10.82 11.93 13.18 13.76 14.07 14.43 15.09 15.84 16.40 16.75

43.47 46.53 49.78 51.93 50.90 58.40 66.31 66.89 64.22 66.41 68.94 73.96 79.94 87.58

5.79 6.55 8.39 10.69 12.47 14.09 15.68 16.41 16.64 16.86 17.23 17.64 18.01 18.59

5.26 6.82 8.38 9.90 10.51 12.41 13.60 13.66 14.20 13.90 13.85 13.95 14.00 14.02

5.96 7.18 9.24 7.77 6.04 7.27 8.61 8.37 7.16 7.54 6.68 7.10 6.50 8.04

9.74 11.92 13.26 14.43 12.89 17.10 19.53 14.78 11.75 11.21 10.70 11.13 14.07 18.11

0.16 0.17 0.18 0.18 0.19 0.18 0.20 0.20 0.19 0.19 0.20 0.21 0.24 0.25

1900 1912 1922 1929 1933 1939 1945

79.90 103.05 108.28 107.25 102.80 98.60 110.21

7.55 10.42 13.03 13.44 12.52 11.80 11.65

6.03 8.33 10.88 11.28 9.93 8.92 8.46

41.68 54.07 52.91 52.05 51.48 47.43 53.48

3.13 5.31 5.54 6.06 4.46 5.98 8.95

2.98 4.42 4.52 5.06 3.79 4.47 5.15

4.75 6.60 6.03 5.51 5.51 5.95 7.25

13.56 13.69 15.18 13.69 15.01 13.96 15.10

0.22 0.21 0.19 0.16 0.10 0.09 0.17

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957

112.94 111.33 111.37 114.90 116.44 121.19 124.34 125.41 125.44 126.45 126.94 127.02 127.68 131.45

12.67 12.80 13.08 13.36 13.61 13.91 14.22 14.55 14.78 14.98 15.14 15.26 15.38 15.49

9.54 9.66 9.95 10.25 10.55 10.90 11.29 11.64 11.90 12.12 12.30 12.43 12.55 12.67

53.80 50.91 50.28 49.27 49.57 50.87 51.29 50.72 50.17 50.24 50.07 50.87 51.58 52.92

7.62 7.93 8.87 10.11 11.18 12.09 12.81 13.25 13.52 13.51 13.48 13.14 12.77 12.67

6.50 7.40 8.40 9.53 10.37 11.44 12.07 12.14 12.56 12.50 12.50 12.31 12.09 12.00

7.86 8.31 7.12 8.88 7.47 7.86 8.01 8.27 7.80 8.18 8.39 8.25 8.95 10.65

14.88 14.25 13.59 13.42 13.61 14.04 14.56 14.75 14.63 14.84 14.97 14.67 14.26 14.94

0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.08 0.08 0.09 0.09 0.10 0.11

CONSTANT (1 947-49) PRICES

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

Sum of cols. 2 to 9. Table A-35, col. 4. Table A-36, col. 4. Table A-41, col. 5. Table A-37, col. 4.

(6) (7) (8) (9)

Table A-38, col. 3. Table A-39, col. 3, minus col. 8 of Table A-53. Current prices, Table A-5, col. 8. Constant prices, Table A-6, col. 8. Table A-44, col. 4.

•NO

21.88 42.18 93.95 124.95 94.77 107.22 138.85

142.84 184.02 223.77 254.35 257.61 296.20 331.02 347.91 367.12 380.69 409.44 452.47 499.60 510.75

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

1900 1912 1922 1929 1933 1939 1945

End of Year

8.23 9.49 11.36 12.60 12.80 14.66 15.60 16.40 17.06 17.53 18.77 20.04 20.93 21.95

0.28 0.62 1.76 4.63 3.54 4.19 5.44

55.61 70.38 82.19 90.82 91.45 103.70 112.05 118.87 127.06 132.53 143.59 155.25 176.60 185.61

10.63 19.70 37.71 47.87 40.34 42.63 52.58

Structures NonresiResidential dential (2) (3)

1.82 2.09 2.49 2.77 2.83 3.23 3.43 3.60 3.75 3.84 4.10 4.37 4.57 4.77

0.11 0.27 0.87 2.04 1.66 2.14 3.05

Residential (4)

Nonresidential (5)

Producer Durables (6)

(continued)

11.30 14.79 17.02 18.60 18.53 19.92 21.37 22.60 23.20 24.47 26.72 29.14 32.58 34.63

3.58 6.20 12.17 18.73 12.04 14.23 16.12 34.12 41.75 52.81 62.21 68.22 77.43 87.19 93.39 100.35 107.42 111.60 128.78 141.25 146.38

4.27 9.77 23.77 29.01 22.55 25.96 35.29

CURRENT PRICES

Land

(billions of dollars)

26.32 37.55 44.69 48.89 45.31 55.10 64.85 66.10 67.91 66.30 72.97 80.54 83.27 78.84

2.76 5.30 17.35 22.00 13.80 18.00 26.32

Inventories (7)

T A B L E A-54 N E T STOCK OF TANGIBLE ASSETS OF CORPORATIONS

0.12 0.13 0.13 0.15 0.16 0.16 0.15 0.17 0.20 0.22 0.21 0.21 0.25 0.27

0.25 0.32 0.32 0.67 0.84 0.07 0.05

Monetary Metals (8)

2.30 2.85 4.55 5.70 6.25 8.90 10.75 9.95 8.95 9.45 11.25 11.00 11.25 10.30

0)

Forests1

5.60 6.40 8.40 11.50 10.70 11.20 12.80 13.20 14.50 15.10 16.00 17.00 18.50 17.80

Subsoil Assets (10)

—2.58 — 1.41 0.13 HI 1.36 1.90 2.83 3.63 4.14 3.83 4.23 6.14 10.40 10.20

Net Foreign Assets (11)

to

tfc. "B fcl

No Co

1.21 2.41 3.89 9.65 9.14 8.63 7.55

11.29 11.34 11.51 11.81 12.37 12.82 13.10 13.35 13.66 13.94 14.30 14.70 15.07 15.42

75.90 125.14 165.66 217.59 196.41 192.05 192.40

200.19 216.15 228.04 240.81 246.84 258.05 275.56 286.55 296.52 302.78 314.97 331.21 346.90 348.83

1900 1912 1922 1929 1933 1939 1945

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

79.80 81.79 83.73 86.05 87.99 90.11 93.01 96.04 99.47 102.85 107.04 111.02 115.45 118.81

40.40 64.72 75.20 93.97 91.23 81.40 73.49

(3)

Land

(5)

16.93 17.49 17.23 17.62 17.89 17.68 18.16 18.56 18.50 19.1-4 20.07 21.02 22.05 22.60

12.36 18.15 20.69 28.34 22.94 25.00 21.55 42.45 46.99 53.81 60.52 64.16 68.16 73.03 77.48 82.04 85.47 88.41 93.70 98.87 100.55

7.26 10.96 25.01 34.04 26.62 31.35 36.80 36.70 43.61 45.09 46.39 45.27 49.24 56.59 58.55 59.26 57.81 61.11 64.85 66.14 62.18

PRTCES

13.85 27.40 38.45 46.31 40.92 41.20 46.75

(7)

Inventories

Table A-40, col. 4. (7) Table Table A-41, col. 6. (8) Table Table A-37, col. 5. (9) Table 1900-45, included in nonresidential

0.09 0.09 0.11 0.12

0.10

0.05 0.06 0.06 0.07 0.07 0.07 0.07 0.08 0.09

0.35 0.45 0.51 1.05 1.29 0.07 0.05

(8)

(11) (10)

Monetary Metals

A-39, col. 4. A-44, col. 5. A-42, col. 3. land.

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

2.49 2.50 2.53 2.60 2.72 2.82 2.88 2.92 2.99 3.04 3.11 3.19 3.26 3.34

(6)

Producer Durables

(concluded)

(1947- 4 9 )

Nonresidential

CONSTANT

0.47 1.05 1.91 4.23 4.27 4.40 4.21

(4)

Residential

(1) Sum of cols. 2 to 11. (4) (2) Table A-35, col. 5. (5) (3) Table A-36, col. 5. (6) 11 Forest land for bench-mark years,

(2)

Total

Structures NonresiResidential dential

(1)

End of Year

TABLE A-25

8.70 9.00 9.10 9.80 10.20 10.50 11.30 11.50 12.00 12.20 12.30 12.50 12.60 12.70

Subsoil Assets (10)

Table A-45, col. 3. Table A-43, col. 3.

4.80 4.85 4.85 4.90 4.90 4.95 5.00 5.00 5.05 5.05 5.10 5.15 5.15 5.20

(9)

Forests8,

-3.02 -1.48 0.13 1.05 1.27 1.70 2.42 3.07 3.46 3.18 3.44 4.99 8.20 7.91

(11)

Net Foreign Assets

to £

"0

TABLE A-55 NET STOCK OF TANGIBLE ASSETS OF STATE AND LOCAL GOVERNMENTS (billions of dollars) Structures End of Year

Total (1)

Nonresidential (3)

Residential (2)

Producer Durables (5)

Inventories (6)

Monetary Metals (7)

3.00 6.50 11.10 13.20 13.15 14.60 17.45

0.06 0.15 0.12 0.51 0.48 0.48 0.41

0.01 0.02 0.04 0.06 0.06 0.06 0.15

0.01 0.01 0.01 0.01

14.20 18.90 21.40 21.50 20.50 24.00 24.20 23.70 24.00 24.10 24.80 26.30 27.40 28.00

0.62 0.69 1.05 1.35 1.63 1.94 2.27 2.56 2.86 3.22 3.71 4.27 4.85 5.25

0.07 0.09 0.10 0.11 0.10 0.13 0.13 0.13 0.14 0.15 0.16 0.18 0.19 0.02

Land (4)

CURRENT PRICES 1900 1912 1922 1929 1933 1939 1945

4.65 11.51 24.31 34.31 36.57 42.01 54.26

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

57.31 71.77 84.73 89.84 87.93 99.15 106.82 113.85 118.56 124.73 135.73 149.31 161.22 172.68

1.57 4.83 13.04 20.54 22.88 26.86 36.24 0.87 1.35 1.69 1.76 1.93 2.33 2.95 3.62 4.14 4.41 4.77 5.14 5.51 6.03

41.55 50.64 60.49 65.12 63.77 70.75 77.27 83.84 87.42 92.85 102.29 113.42 123.27 133.20

b

0.01 0.01

CONSTANT (1947-49) PRICES 1900 1912 1922 1929 1933 1939 1945

16.23 32.40 42.59 62.62 79.37 83.22 76.36

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

84.19 83.90 84.37 85.31 87.90 90.93 94.14 98.95 101.69 106.42 111.89 117.16 123.51 130.74

7.37 17.23 23.70 39.12 49.15 52.93 49.73 1.19 1.62 1.72 1.66 1.84 2.03 2.46 2.92 3.27 3.45 3.57 3.69 3.87 4.14

61.71 60.78 60.77 61.44 63.43 65.96 68.33 71.15 74.20 78.19 83.00 87.59 92.98 99.43

8.61 14.68 18.61 22.56 29.19 29.32 25.86

0.19 0.42 0.19 0.81 0.88 0.77 0.55

0.04 0.05 0.07 0.11 0.14 0.18 0.20

20.40 20.50 20.70 20.80 21.00 21.10 21.30 21.60 21.70 22.00 22.30 22.60 23.10 23.40

0.79 0.90 1.08 1.31 1.52 1.73 1.93 2.16 2.39 2.65 2.88 3.13 3.40 3.60

0.10 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.13 0.14 0.15 0.16 0.17

0.02 0.02 0.02 0.02 0.01 0.02 0.02

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN (1) Sum of Cols. 2 to 7. (4) Table A-41, col. 7. (6) Table A-39, col. 5. (2) Table A-35, col. 6. (5) Table A-37, col. 6. (7) Table A-44, col. 6. (3) Table A-36, col. 6. a Not available separately; included in nonresidential structures, Table A-36. 6 Less than $5 million.

TABLE A-56 NET STOCK OF TANGIBLE NONMILITARY ASSETS OF FEDERAL GOVERNMENT

(billions of dollars)

End

Structure

of Year

Total (1)

Resi­ dential (2)

Nonresi­ dential (3)

Land (4)

Producer Durables (5)

Inven­ tories (6)

Monetary Metals (7)

Net Foreign Assets (8)

CURRENT PRICES

1900 1912 1922 1929 1933 1939 1945

2.47 3.97 7.77 8.88 9.47 31.10 49.03

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

46.74 53.64 66.43 71.38 73.64 74.60 77.01 78.64 81.33 82.87 84.22 85.92 88.28 89.76

0.45 1.05 2.48 2.84 3.33 6.89 14.48 1.21 1.15 1.13 0.99 0.89 0.84 0.79 0.74 0.67 0.57 0.52 0.48 0.64 IT O 1

13.76 17.22 20.61 22.20 22.34 24.72 25.89 27.60 28.75 29.68 30.79 32.28 33.57 35.00

1.00 1.00 1.50 2.10 2.23 2.80 6.50

0.01 0.02 0.04 0.06 0.11 0.30 3.03

0.94 2.58

1.01 1.90 3:73 3.88 3.80 20.18 22.44

6.30 7.00 8.30 8.90 9.10 11.50 13.40 12.90 12.00 12.40 13.60 13.40 13.60 12.80

2.64 2.37 1.96 1.56 1.24 1.06 1.00 1.00 1.00 0.93 0.85 0.77 0.69 0.61

2.58 1.39 1.10 1.92 3.28 2.67 2.24 2.71 5.59 6.83 6.98 6.87 5.93 7.89

22.66 23.06 25.28 26.77 26.99 25.27 25.23 25.70 24.52 24.22 24.19 24.51 25.22 23.00

CONSTANT (1947-49)

1900 1912 1922 1929 1933 1939 1945

6.39 8.80 14.12 15.15 18.16 42.02 58.85

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

57.10 57.25 64.61 67.79 71.04 67.60 68.62 69.23 71.00 72.11 72.62 71.64 71.71 72.13

2.11 3.74 4.51 5.41 7.15 13.58 19.87 1.67 1.37 1.15 0.94 0.85 0.75 0.66 0.58 0.53 0.55 0.44 0.35 0.45 0.69

21.03 20.82 20.77 20.91 21.37 21.82 22.14 22.36 22.49 22.47 22.35 22.36 22.37 22.52

—

0.03 — —

—2.41 1.45 8.05 9.04 9.80 8.54 8.46 7.99 8.80 8.24 7.29 7.61 8.63 9.45

PRICES

2.87 2.26 3.51 3.59 4.96 5.62 9.64

0.03 0.06 0.06 0.09 0.20 0.48 4.01

2.77 3.53

1.38 2.74 5.99 6.06 5.85 19.57 21.80

9.10 7.70 8.00 8.60 9.30 10.20 11.90 11.70 10.90 11.20 12.10 11.40 11.40 10.80

3.39 2.71 2.02 1.51 1.16 0.94 0.85 0.84 0.83 0.76 0.66 0.57 0.48 0.42

3.54 1.49 0.98 1.95 3.68 2.43 2.03 2.72 5.82 7.49 8.36 7.71 6.36 8.76

21.19 21.63 23.86 25.35 25.54 23.82 23.80 24.28 23.12 22.81 22.78 23.07 23.05 21.61

—

0.05 — —

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

(1) Sum of cols. 2 to 8. (4) Table A-41, col. 8. (7) Table A-44, col. 7. (2) Table A-35, col. 7. (5) Table A-37, col. 7. (8) Table A-45, col. 4. (3) Table A-36, col. 7. (6) Table A-39, col. 6. a Not available separately; included in nonresidential structures, Table A-36.

-2.82 1.53 7.83 8.53 9.14 7.64 7.24 6.75 7.37 6.83 5.93 6.18 6.80 7.33

APPENDIX A TABLE A-57 GROSS STOCK OF TANGIBLE ASSETS OF NONFARM HOUSEHOLDS

(billions of dollars) End of Year

Land Residential Structures (2)

Residential (3)

1945 336.17 1946 398.64 1947 482.69 1948 529.52 1949 531.99 1950 616.71 1951 661.76 1952 696.74 1953 728.57 1954 759.43 1955 823.61 1956 889.20 1957 946.63 1958 1,005.77

210.89 248.78 304.31 328.46 323.32 374.69 399.17 419.83 435.03 450.01 485.44 517.77 539.13 566.34

18.46 21.66 26.47 28.65 28.23 32.89 35.22 37.24 38.80 40.35 43.95 47.17 49.41 51.91

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

293.87 297.58 303.69 312.22 319.80 330.69 340.59 349.90 360.13 370.99 384.99 397.40 408.84 420.16

Total (1)

Nonresi­ dential (4)

Net Consumer Monetary Foreigi Durables Metals Asset (6) (7) (5)

CURRENT PRICES

7.75 7.90 9.45 11.45 11.30 11.85 12.70 14.70 15.95 18.45 21.00 24.35 29.25 32.80

95.53 116.64 138.79 157.26 165.56 193.32 210.49 220.72 234.59 246.04 268.08 294.46 323.56 348.41

0.84 0.89 0.92 0.95 0.95 1.01 1.06 1.14 1.20 1.21 1.27 1.33 1.50 1.62

2.70 2.77 2.75 2.75 2.63 2.95 3.12 3.11 3.00 3.37 3.87 4.12 3.78 4.69

0.37 0.39 0.40 0.42 0.42 0.44 0.46 0.50 0.52 0.53 0.55 0.58 0.66 0.71

3.16 2.92 2.68 2.59 2.45 2.64 2.67 2.63 2.52 2.80 3.14 3.35 2.98 3.63

CONSTANT (1947-49) PRICES

453.69 465.62 483.84 504.56 524.43 552.13 573.55 594.55 620.84 648.65 685.44 718.58 754.96 787.67

25.64 25.91 26.42 27.24 27.92 29.03 30.05 31.04 32.12 33.27 34.83 36.18 37.35 38.48

10.13 10.22 10.38 10.71 10.93 11.23 11.42 11.78 12.14 12.46 12.69 12.96 13.38 13.66

121.52 128.64 140.27 151.38 162.91 178.10 188.36 198.70 213.41 228.60 249.24 268.11 291.75 311.03

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

(1) (2) (3) (4)

Sum of cols. Table A-46, Table A-50, Table A-50,

2 to 7. col. 2. col. 3. col. 4.

(5) (6) (7)

Table A-49, col. 2. Table A-50, col. 6. Table A-50, col. 7.

APPENDIX A TABLE A-58 GROSS STOCK OF TANGIBLE ASSETS OF NONPROFIT INSTITUTIONS

End of Year

Total

Nonresidential Structures

Nonresidential Land

(1)

(2)

(3)

Producer Durables (4)

2.12 2.82 3.49 3.77 3.75 4.17 4.50 4.84 5.12 5.44 5.87 6.37 6.90 7.45

0.28 0.36 0.46 0.59 0.73 0.95 1.18 1.38 1.58 1.87 2.27 2.73 3.21 3:59

CURRENT PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

17.55 23.41 29.21 31.56 31.23 34.40 36.71 39.22 41.33 43.68 46.91 50.50 54.11 57.75

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

29.10 29.21 29.23 29.60 30.27 31.06 31.90 32.48 33.27 34.39 35.59 36.65 37.84 39.21

15.15 20.23 25.26 27.20 26.75 29.28 31.03 33.00 34.63 36.37 38.77 41.40 44.00 46.71

CONSTANT (1947-49) PRICES

3.53 3.51 3.49 3.54 3.63 3.77 3.91 4.01 4.12 4.28 4.45 4.62 4.84 5.06

25.21 25.29 25.26 25.49 25.95 26.45 26.98 27.32 27.84 28.59 29.37 30.03 30.75 31.69

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

(1) (2)

Sum of cols. 2 to 4. Table A-47, col. 2.

(3) (4)

Table A-51, col. 3. Table A-48, col. 3.

0.36 0.41 0.48 0.57 0.69 0.84 1.01 1.15 1.31 1.52 1.77 2.00 2.25 2.46

T-

(

i

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

17.11 19.48 22.84 25.01 24.78 27.49 28.70 29.66 30.47 30.75 32.22 33.64 34.51 35.66

(2)

(1)

61.24 76.61 91.22 101.11 101.57 114.11 122.87 127.21 132.56 137.48 147.69 157.72 168.20 175.74

Residential

18.45 24.35 29.07 30.82 29.98 32.21 34.15 35.52 36.71 38.26 41.20 43.86 47.25 50.04

Nonresidential (3)

Structures

Total

TABLE

A-59

2.30 2.56 2.96 3.19 3.13 3.43 3.52 3.58 3.63 3.61 3.74 3.86 3.92 3.99

(5)

(continued)

4.48 6.80 7.31 7.73 7.48 7.97 8.37 8.68 9.08 9.73 10.48 11.44 12.35 13.22

PRICES

Nonresidential

CURRENT

Residential (4)

Land

9.41 11.57 14.76 18.12 20.79 24.33 27.81 29.96 32.47 34.91 38.36 42.50 47.12 50.22

(6)

Producer Durables

7.97 10.06 11.59 12.92 11.97 14.24 15.07 14.78 15.21 15.06 15.81 16.51 16.82 16.81

(7)

Inventories

GROSS STOCK OF TANGIBLE ASSETS OF UNINCORPORATED BUSINESS (billions of dollars)

0.13 0.14 0.15 0.15 0.16 0.17 0.19 0.18 0.19 0.20 0.21 0.22 0.25 0.27

(8)

Monetary Metals

0.79 0.95 1.54 1.87 2.08 2.97 3.56 3.34 3.00 3.16 3.77 3.69 3.78 3.43

(9)

Forests

0.60 0.70 1.00 1.30 1.20 1.30 1.50 1.50 1.80 1.80 1.90 2.00 2.20 2.10

Subsoil Assets (10)

to £

tu hs tq

1945 1946 1947 1948 1949 Ko t—» 1950 HV 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

(1) (2) (3)

88.96 90.74 92.37 95.63 97.61 100.99 103.85 105.45 108.01 110.26 113.24 116.09 119.48 122.23

Total (1)

Sum of cols. 2 to 10. Table A-46, col. 3. Table A-47, col. 3.

23.34 23.30 23.28 23.50 23.69 23.91 23.95 23.98 24.04 24.07 24.12 24.18 24.26 24.44

(2)

3.12 3.06 3.02 3.00 2.99 2.98 2.94 2.90 2.87 2.82 2.80 2.78 2.76 2.74

(6)

Producer Durables

(1947-49) PRICES 7.27 12.22 7.40 13.27 15.18 7.31 7.33 17.52 19.47 7.29 21.67 7.32 7.37 23.69 7.33 25.23 7.44 27.16 7.63 28.74 7.98 30.28 31.66 8.39 33.61 8.75 34.86 9.09

(5)

(4) CONSTANT

Nonresidential

Residential

Land

(concluded)

(4) (5) (6)

Table A-52, col. 4. Table A-52, col. 5. Table A-48, col. 2.

(7) Table A-52, col. 7. (8) Table A-52, col. 8.

(9) (10)

11.12 11.68 11.69 12.26 11.96 12.73 13.15 13.10 13.27 13.13 13.25 13.29 13.36 13.25

(7)

Inventories

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

29.23 29.38 29.09 29.23 29.28 29.28 29.73 29.85 30.08 30.67 31.62 32.50 33.40 34.51

(3)

Structures NonresiResidential dential

TABLE A-59

1.60 1.59 1.63 1.62 1.66 1.65 1.64 1.68 1.67 1.71 1.70 1.69 1.73 1.72

(9)

Forests

Table A-52, col. 9. Table A-52, col. 10.

0.12

0.11

0.06 0.06 0.07 0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.10

(8)

Monetary Metals

1.00 1.00 1.10 1.10 1.20 1.20 1.30 1.30 1.40 1.40 1.40 1.50 1.50 1.50

(10)

Subsoil Assets

S3 iu

til §

tu "a >•0

APPENDIX A TABLE A-60 GROSS STOCK OF TANGIBLE ASSETS OF AGRICULTURE

(billions of dollars) Structures End of Year

Total

Resi­ dential

(1)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Land

(2)

Nonresi­ dential (3)

115.54 132.32 151.86 162.10 161.93 184.78 205.88 205.57 202.44 207.46 213.83 225.25 238.14 257.37

18.64 22.33 26.46 27.43 27.58 29.77 31.79 32.57 33.02 33.72 34.98 36.25 36.77 37.72

15.84 18.48 21.54 22.65 22.97 24.86 27.10 27.92 28.26 28.74 29.72 30.98 31.81 32.23

43.47 46.53 49.78 51.93 50.90 58.40 66.31 66.89 64.22 66.41 68.94 73.96 79.94 87.58

151.33 150.39 151.59 158.68 159.32 165.35 169.71 172.12 174.13 176.96 179.37 180.58 182.31 187.77

25.60 25.94 26.46 26.90 27.30 27.73 28.13 28.57 28.91 29.27 29.56 29.86 30.09 30.30

21.29 21.44 21.73 22.07 22.39 22.77 23.20 23.62 23.91 24.13 24.22 24.32 ,24.36 24.37

Producer Consumer Durables Durables

(4)

Inventories

Livestock

Monetary Metals

(6)

(7)

(8)

(9)

12.50 15.03 17.73 20.24 20.82 23.92 26.11 26.97 28.57 29.02 30.10 31.20 33.01 35.36

5.96 7.18 9.24 7.77 6.04 7.27 8.61 8.37 7.16 7.54 6.68 7.10 6.50 8.04

9.72 11.92 13.26 14.43 12.89 17.10 19.53 14.78 11.75 11.21 10.70 11.13 14.07 18.11

0.16 0.17 0.18 0.18 0.19 0.18 0.20 0.20 0.19 0.19 0.20 0.21 0.24 0.25

7.86 8.31 7.12 8.88 7.47 7.86 8.01 8.27 7.80 8.18 8.39 8.25 8.95 10.65

14.88 14.25 13.59 13.42 13.61 14.04 14.56 14.75 14.63 14.84 14.97 14.67 14.26 14.94

0.07 0.07 0.08 0.08 0.08 0.08 0.09 0.09 0.08 0.08 0.09 0.09 0.10 0.11

(5)

CURRENT PRICES

9.25 10.68 13.67 17.47 20.54 23.92 26.23 27.87 29.27 30.63 32.51 34.42 35.80 38.08

CONSTANT (1947-49) PRICES

53.80 50.91 50.28 49.27 49.57 50.87 51.29 50.72 50.17 50.24 50.07 50.87 51.58 52.92

12.11 12.85 14.46 16.52 18.41 20.05 21.42 22.47 23.71 24.57 25.47 25.67 25.40 25.94

15.72 16.62 17.87 21.54 20.49 21.95 23.01 23.63 24.92 25.64 26.60 26.85 27.57 28.54

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

Cl) (2) (3) (4) (5)

Sum of cols. 2 to 9. Table A-46, col. 4. Table A-47, col. 4. Table A-53, col. 4. Table A-48, col. 4.

(6) (7) (8) (9)

Table Table Table Table

A-49, A-53, A-53, A-53,

col. 3. col. 7. col. 8. col. 9.

1945 1946 Ns 1947 i—i O) 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

243.71 304.16 358.09 400.07 405.98 461.12 506.03 530.51 559.01 577.61 619.70 677.77 742.25 764.13

Total (1)

119.06 149.08 171.64 187.80 187.78 210.44 223.71 233.72 245.46 253.39 270.71 289.52 323.23 337.32

Structures NonresiResidential dential (2) (3)

12.80 14.93 17.64 20.29 21.06 23.27 24.50 25.89 27.14 28.07 32.35 33.33 35.11 35.73

TABLE

A-61

1.82 2.09 2.49 2.77 2.83 3.23 3.43 3.60 3.75 3.84 4.10 4.33 4.43 4.77

Residential (4)

Nonresidential (5) Producer Durables (6)

(continued)

11.30 14.79 17.02 18.60 18.53 19.92 21.37 22.60 23.20 24.47 26.72 29.14 32.58 34.63

66.97 77.75 91.40 103.26 112.00 127.00 141.64 151.65 163.76 172.94 181.16 206.56 223.73 234.27

CURRENT PRICES

Land

(billions of dollars)

26.32 37.55 44.69 48.89 45.31 55.10 64.85 66.10 67.91 66.30 72.97 80.54 83.27 78.84

Inventories (?)

GROSS STOCK OF TANGIBLE ASSETS OF CORPORATIONS

0.12 0.13 0.13 0.15 0.16 0.16 0.15 0.17 0.20 0.22 0.21 0.21 0.25 0.27

Monetary Metals (8) 2.30 2.85 4.55 5.70 6.25 8.90 10.75 9.95 8.95 9.45 11.25 11.00 11.25 10.30

Forests 0)

5.60 6.40 8.40 11.50 10.70 11.20 12.80 13.20 14.50 15.10 16.00 17.00 18.50 17.80

Subsoil Assets (10)

-2.58 -1.41 0.13 1.11 1.36 1.90 2.83 3.63 4.14 3.83 4.23 6.14 10.40 10.20

Net Foreign Assets (H)

§

tu

1945 1946 1947 1948 Ko 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

(1) (2) (3)

17.56 17.85 18.27 18.93 19.67 20.02 20.61 21.14 21.76 22.35 22.72 23.45 24.14 24.89

Sum of cols. 2 to 11. Table A-46, col. 5. Table A-47, col. 5.

339.63 354.41 365.40 379.77 388.03 401.70 421.64 435.19 447.75 457.03 472.97 492.06 509.27 515.51

Total (1) (5)

Residential (4)

2.49 2.50 2.53 2.60 2.72 2.82 2.88 2.92 2.99 3.04 3.11 3.19 3.26 3.34

16.93 17.49 17.23 17.62 17.89 17.68 18.16 18.56 18.50 19.14 20.07 21.02 22.05 22.60 84.88 87.39 93.14 100.47 105.51 112.09 118.79 125.95 132.61 137.87 143.56 150.33 156.56 160.88

PRICES

Producer Durables (6)

CONSTANT ( 1 9 4 7 -- 4 9 )

Nonresidential

Land

36.70 43.61 45.09 46.39 45.27 49.24 56.59 58.55 59.26 57.81 61.11 64.85 66.14 62.18

Inventories (7)

Table A-54, col. 4. Table A-54, col. 5. Table A-48, col. 5.

(7) (8) (9)

Table A-54, col. 7. Table A-54, col. 8. Table A-54, col. 9.

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

(4) (5) (6)

170.53 173.14 175.00 177.94 180.53 182.63 185.82 188.42 192.03 196.29 201.47 206.49 211.06 215.69

Structures Nonresidential Residential (3) (2)

TABLE A-61 (concluded)

(10) (11)

0.05 0.06 0.06 0.07 0.07 0.07 0.07 0.08 0.09 0.10 0.09 0.09 0.11 0.12

Monetary Metals (8)

8.70 9.00 9.10 9.80 10.20 10.50 11.30 11.50 12.00 12.20 12.30 12.50 12.60 12.70

Table A-54, col. 10. Table A-54, col. 11.

4.80 4.85 4.85 4.90 4.90 4.95 5.00 5.00 5.05 5.05 5.10 5.15 5.15 5.20

(9)

Forests

Subsoil Assets (10)

-3.01 -1.48 0.13 1.05 1.27 1.70 2.42 3.07 3.46 3.18 3.44 4.99 8.20 7.91

Net Foreign Assets (H)

b

to. -o "a hi

APPENDIX A

TABLE A-62 GROSS STOCK OF TANGIBLE ASSETS OF STATE AND LOCAL GOVERNMENTS (billions of dollars)

End of Year

Structures

Total (1)

Residential (2)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

89.85 114.08 136.08 147.94 142.22 160.50 171.96 184.31 189.56 198.16 213.45 234.22 250.33 265.45

0.96 1.48 1.89 2.02 2.22 2.69 3.38 4.13 4.75 5.11 5.61 6.12 6.64 7.34

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

132.54 133.87 135.98 138.72 142.96 147.55 151.97 157.10 162.38 168.62 175.74 182.81 190.88 199.40

1.31 1.78 1.93 1.90 2.12 2.34 2.83 3.34 3.75 4.00 4.19 4.40 4.67 5.03

Nonresidential (3)

Land (4)

Producer Durables (5)

Inventories (6)

1.40 1.69 2.07 2.46 2.80 3.22 3.62 3.92 4.38 5.05 6.02 7.23 8.50 9.34

0.07 0.09 0.10 0.11 0.10 0.13 0.13 0.13 0.14 0.15 0.16 0.18 0.19 0.20

1.80 1.93 2.13 2.38 2.62 2.86 3.08 3.30 3.66 4.14 4.68 5.29 5.96 6.40

0.10 0.10 0.10 0.10 0.11 0.11 0.12 0.12 0.13 0.13 0.14 0.15 0.16 0.17

CURRENT PRICES

73.22 91.92 110.62 121.85 116.60 130.46 140.63 152.43 156.29 163.75 176.86 194.39 207.60 220.57

14.20 18.90 21.40 21.50 20.50 24.00 24.20 23.70 24.00 24.10 24.80 26.30 27.40 28.00

CONSTANT (1947 -49) PRICES

108.93 109.56 111.12 113.54 117.11 121.14 124.64 128.74 133.14 138.35 144.43 150.37 156.99 164.40

20.40 20.50 20.70 20.80 21.00 21.10 21.30 21.60 21.70 22.00 22.30 22.60 23.10 23.40

SOURCE , CURRENT AND CONSTANT PRICES, BY COLUMN (1) (2) (3)

Sum of cols. 2 to 16. Table A-46, col. 6. Table A-47, col. 6.

(4) (5) (6)

Table A-55, col. 4. Table A-48, col. 6. Table A-55, col. 6.

APPENDIX A TABLE A-63 GROSS STOCK OF TANGIBLE NONMILITARY ASSETS FOR FEDERAL GOVERNMENT

(billions of dollars) Structures ILna of Year

Total (1)

Resi­ dential (2)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

53.81 63.46 79.06 84.73 85.73 87.96 91.34 94.54 98.56 101.03 103.73 106.79 108.89 109.63

1.39 1.42 1.51 1.36 1.26 1.28 1.26 1.24 1.12 0.99 0.91 0.80 0.96 1.34

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

67.28 68.89 77.41 80.45 82.63 79.47 80.94 82.22 84.69 86.06 87.07 86.40 85.69 85.25

1.95 1.69 1.51 1.29 1.24 1.15 1.08 0.98 0.93 0.81 0.72 0.61 0.73 0.99

Nonresi­ dential (3)

Producer Land Durables (4) (5)

Inven­ tories (6)

Monetary Metals (7)

INCt Foreign Assets (8)

22.66 23.06 25.28 26.77 26.99 25.27 25.23 25.70 24.52 24.22 24.19 24.51 25.22 23.00

-2.41 1.45 8.05 9.04 9.80 8.54 8.46 7.99 8.80 8.24 7.29 7.61 8.63 9.45

21.19 21.63 23.86 25.35 25.54 23.82 23.80 24.28 23.12 22.81 22.78 23.07 23.85 21.61

-2.82 1.53 7.83 8.53 9.14 7.64 7.24 6.75 7.37 6.83 5.93 6.18 6.80 7.33

CURRENT PRICES

4.77 2.58 1.39 5.46 1.10 5.90 4.98 1.92 2.94 3.28 2.45 2.67 2.24 2.22 2.71 2.31 5.59 2.34 2.16 6.83 6.98 1.96 6.87 1.94 5.93 1.86 7.89 1.69 CONSTANT (1947-49) PRICES 9.10 28.19 6.13 3.54 7.70 1.49 28.60 6.25 8.00 0.98 29.15 6.08 8.60 1.95 29.91 4.82 30.98 9.30 3.68 2.75 32.05 10.20 2.43 2.18 33.00 11.90 1.89 2.03 11.70 33.85 1.94 2.72 10.90 34.61 1.94 5.82 7.49 35.16 11.20 1.76 35.65 12.10 8.36 1.53 7.71 36.01 11.40 1.42 11.40 6.36 35.25 1.30 34.61 10.80 8.76 1.16 18.52 23.68 28.92 31.76 32.36 36.25 38.53 41.69 44.19 46.19 48.80 51.66 52.69 53.46

6.30 7.00 8.30 8.90 9.10 11.50 13.40 12.90 12.00 12.40 13.60 13.40 13.60 12.80

(1) (2) (3) (4)

OC O (nC

SOURCE, CURRENT AND CONSTANT PRICES, BY COLUMN

Sum of cols. Table A-46, col. 7. Table A-47, col. 7. Table A-56, col. 4.

(5) (6) (7) (8)

Table A-48, col. 7. Table A-56, col. 6. Table A-56, col. 7 Table A-56, col. 8.

(2) (3) (4)

(1)

1945 1946 1947 1948 1949 1950 K3 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLEA-25(concluded)

Table A-5, sum cols. 3, 4, 5. Same procedure Same procedure Same procedure

46.22 46.66 47.21 47.66 48.02 48.66 49.43 50.17 50.98 51.58 52.37 53.08 54.06 54.51

(2)

58.23 57.88 57.85 57.90 57.86 58.23 58.51 58.77 58.99 59.19 59.41 59.80 59.87 60.04

(3)

Residential

as above, using col. 3 in both tables. using col. 4 in both Tables. using col. 5 in both Tables.

60.38 59.78 60.05 60.29 59.28

60.22

52.77 54.37 57.44 59.60 60.64 60.67 60.98 60.80

(5)

Total

(6) (7) (8) (9)

(5)

52.78 55.16 58.74 60.67 61.02 60.94 61.12 60.90 60.29 60.46 59.80 60.23 60.54 59.47

(6)

Private

Producer Durables

52.92 44.12 37.72 39.11 49.93 52.94 55.94 57.19 57.41 57.27 57.16 54.93 53.47 53.22

Public (7)

48.42 40.21 34.66 32.19 31.48 30.67 29.42 32.87 37.62 40.63 41.12 38.78 37.34 39.28

(8)

Military Assets

42.81 45.28 46.88 48.07 48.93 51.24 51.76 51.53 51.21 50.43 50.57 50.17 48.69 46.57

Consumer" Durables (9)

Table A-5, sum of cols. 6 and 7, divided by Table A-7, sum of cols. 6 and 7. Same procedure using col. 6 in both tables. »Same procedure using col. 7 in both tables. Table A-5, col. 17, divided by Table A-7, col. 17. Table A-5, col. 10, divided by Table A-7, col. 10.

SOURCE, BY COLUMN

60.28 58.71 58.12 56.86 57.81 57.28 57.58 57.41 57.95 58.36 58.97 59.22 60.29 61.38

Public Civilian (4)

of cols. 3, 4, 5, divided by Table A-7, sum of

54.71 54.30 54.45 54.36 54.62 54.98 55.43 55.77 56.23 56.60 57.09 57.56 58.11 58.49

Total (1)

Private Nonresidential

Structures

(pef cent)

RATIO OF NET TO GROSS STOCK OF MAIN TYPES OF REPRODUCIBLE TANGIBLE WEALTH, CURRENT PRICES

>-c

tq

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

END OF YEAR

Nonprofit Institutions

58.7 58.4 58.4 58.5 58.6 58.9 59.2 59.5 59.7 60.0 60.6 60.9 61.3 61.2

42.9 45.3 46.8 48.0 48.7 51.2 51.7 51.6 51.4 50.7 51.1 50.7 49.3 47.3

46.0 45.8 45.7 45.9 46.5 47.6 48.8 49.9 50.7 51.6 52.6 53.8 55.1 56.2

46.4 50.0 54.3 59.3 65.8 68.4 70.3 70.3 69.6 67.9 64.8 61.9 59.2 57.7

ResidenNonresidential Consumer tial Producer Structures Durables Structures Durables (1) (2) (3) (4)

Nonfarm Households

44.5 45.3 45.6 45.8 45.8 46.1 46.4 46.5 47.2 47.8 48.7 50.1 50.8 51.1

(6)

56.4 59.5 62.4 62.6 61.7 60.9 59.8 58.9 58.0 56.7 56.7 57.1 56.1 53.6

(7)

Nonresiden­ Producer tial Durables

(continued)

53.7 52.7 52.1 51.8 51.6 51.2 50.4 49.6 48.9 48.2 47.5 47.0 46.3 45.6

(5)

Residen­ tial

Structures

UNINCORPORATED BUSINESS

49.5 49.3 49.4 49.7 49.9 50.1 50.6 50.9 51.1 51.2 51.2 51.1 51.1 51.1

(8)

Residen­ tial 44.8 45.1 45.8 46.4 47.1 48.0 48.6 49.3 49.8 50.2 50.8 51.1 51.6 52.0

62.6 61.3 61.4 61.2 60.7 58.9 59.8 58.9 56.9 55.0 53.0 51.2 50.3 48.8

42.1 45.4 47.3 48.9 50.5 51.9 52.1 50.6 49.7 47.9 46.0 44.7 42.4 39.6

Nonresiden­ Producer Consumer tial Durables Durables (9) (10) (H)

Structures

AGRICULTURE

TABLE A-65 RATIO OF NET TO GROSS STOCK OF REPRODUCIBLE TANGIBLE ASSETS, BY SECTOR, CURRENT PRICES (per cent)

(5, 6, and 7)

(3 and 4)

50.9 53.7 57.8 60.2 60.9 61.0 61.6 61.6 61.3 62.1 61.6 62.3 63.1 62.5

Producer Durables (14) 44.3 40.8 50.7 54.9 58.2 60.2 62.7 65.3 65.3 63.8 61.6 59.1 57.1 56.2

57.0 56.8 55.5 53.8 54.0 55.4 55.3 55.3 55.7 56.9 58.3 58.3 59.4 60.4

87.1 81.0 74.8 72.8 70.6 65.6 62.7 59.7 59.8 57.6 57.1 60.0 66.7 75.4

Residential (18)

Producer Durables (20) 55.3 43.4 33.2 31.3 42.2 43.3 45.0 43.3 42.7 43.1 43.4 39.7 37.1 36.1

Nonresi­ dential (19) 74.3 72.7 71.3 69.9 69.0 68.2 67.2 66.2 65.1 64.3 63.1 62.5 63.7 65.5

Structures

FEDERAL GOVERNMENT

Table A-54, cols. 2, 3, and 6, divided by Table A-61, cols. 2, 3, and 6, respectively. (15, 16, and 17) Table A-55, cols. 2, 3, and 5, divided by Table A-62, cols. 2, 3, and 5, respectively. (18, 19, and 20) Table A-56, cols. 2, 3, and 5, divided by Table A-63, cols. 2, 3, and 5, respectively.

(12, 13, and 14)

SOURCE, BY COLUMN

Producer Durables (17)

Nonresi­ dential (16)

Structures

Residential (15) 90.6 91.2 89.4 87.1 86.9 86.6 87.3 87.7 87.2 86.3 85.0 84.0 83.0 82.2

(concluded)

STATE AND LOCAL GOVERNMENTS

Table A-50, cols. 2 and 5, divided by Table A-57, cols. 2 and 5, respectively. Table A-51. cols. 2 and 4, divided by Table A-58, cols. 2 and 4, respectively. Table A-52, cols. 2, 3, and 6 divided by Table A-59, cols. 2, 3, and 6, respectively. Table A-53, cols. 2, 3, 5, and 6, divided by Table A-60, cols. 2, 3, 5, and 6, respectively.

46.7 47.2 47.9 48.4 48.7 49.3 50.1 50.9 54.4 52.3 53.6 54.0 54.4 55.1

64.3 63.6 64.4 62.1 60.8 63.0 63.7 63.3 62.9 62.5 58.0 60.1 59.6 61.4

(1 and 2)

Nonresi­ dential (13)

Residential (12)

(8, 9, 10, and 11)

1945 1946 1947 1948 1949 1950 No 1951 1¾ 1952 1953 1954 1955 1956 1957 1958

END OF YEAR

Structures

CORPORATIONS

TABLE A-65

£

§

h*

Appendix B Tables

ISO o-,

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

YEAR

CONSTRUCTION

(4) 1946-58: (5) 1946-58:

1956-58:

1958: (2 and 3) 1946-55:

150 326 600 831 859 479 430 506 491 503 555 517 550

Multifamily (3)

145 125 155 185 175 190 185 267 296 339 447 501 620

-721 -853 -12 -320 -1,671 314 147 455 -805 -280 370 147 -485 S O U R C E , BY

50 81 112 106 171 148 148 159 182 225 205 192 205

Settlement Costs on New Housing (6)

Split estimated by simple arithmetic average of percentage split in preceding 3 years. Same sources as col. 1. Federal Reserve Board flow-of-funds figures(for 1946-53 see

1946-58: 1946-58: 1946-58: 1956-58:

(12) 1946-58:

(11) 1946-58:

(7) (8) (9) (10)

(6) 1946-58:

COLUMN

1,307 1,960 2,467 2,200 2,410 2,490 2,787 2,955 3,013 3.376 3,695 3,903 3,859

4,327 7,172 10,785 9,900 13,400 13,708 13,873 15,190 15,694 19,845 18,252 18,437 18,770 773 706 737 749 949 965 1,001 1,082 1,119 1,252 1,258 1,166 1,055

264 242 252 256 323 328 340 367 379 424 426 395 358

Total Transactions in Existing Structures Expenditures on New Dealers' Settlement Residential Costs Structures Commissions (10) (9) (ID

5,364 8,720 11,774 10,905 14,672 15,001 15,214 16,639 17,192 21,521 19,936 19,998 20,183

Total Expenditure on New and Existing Residential Structures (12)

Board of Governors of the Federal Reserve System, Flow of Funds in the United States, 1939-1953, T a b l e 71). Represents net investment (or disinvestment) during the year by the construction industry in the inventory of work in process. Estimated at 1.5 per cent of col. 2 and 1 per cent of cols. 3 and 4. Same sources as col. 1. From Table B-3, col. 5. Sum of cols. 1, 4 to 8. Table B-4, col . 4, plus allowance of $35 million a year for dealers' commissions on sales of existing multifamily structures, which implies an average turnover ratio of such properties of about 12 per cent, an average commission rate of 1.5 per cent, and average value of properties of this type of about $20 billion in this period (cf. Raymond W. Goldsmith, A Study of Saving in the United States (3 vols., Princeton University Press, 1955-56), Vol. I l l , Table W - l and related worksheets.) One-third of Table B-4, col. 4, on assumption that average settlement costs of 1- to 4-family structures amount to 1.5 per cent compared to average commission of 4.5 per cent; plus allowance of $18 million per year for settlement cost of multifamily structures, which implies average settlement cost of 0.75 per cent. Sum of cols. 9, 10 and 11.

246 409 563 472 800 717 736 799 938 1,195 1,090 1,079 1,166

Expenditures Speculative Builders' on Additions Margin and Alterations (7) (8)

(millions of dollars)

U.S. Income and Output Supplement to the Survey of Current Business, Nov. 1958, T a b l e V-3, p. 190. Construction Review, J a n u a r y 1959, p. 16r Col. 1 split between 1- to 4-family (col. 2) and multifamily (col. 3) by following procedure: Total construction expenditures on new dwelling units (col. 1) were divided by number of new dwelling units started (Table B-l89, col. 1) to obtain average expenditures on all new dwelling units. (This average is affected by the fact that the expenditure figures measure value of work put in place while the number figures refer only to dwelling units started, but this difference is only of slight significance for the final calculation.) The average expenditure on all new dwelling units was then multiplied by the ratio of the average valuation of multifamily units(dwellings of 5 or more units) to the average valuation of all dwelling units as derived from data on urban building authorized (Table B-l 90, col. 6), to obtain average expenditures on multi-family units which was translated into total expenditures (col. 3 of this table) by multiplication with number figures (Table B-l89, col. 6).

3,150 5,124 6,900 6.426 10;666 9,370 9,4-40 10,049 11,579 14,487 12,980 12,098 12,855

3,300 5,450 7,500 7,257 11,525 9,849 9,870 10,555 12,070 14,990 13,535 12,615 13,405

(1) 1946-57:

1- to 4Family (2)

Total 0)

Change in Value of Work in Place on NonhouseUncompleted Projects keeping (5) (4)

EXPENDITURES

New Dwelling Units

TABLE B-126

EXPENDITURES ON PRIVATE NONFARM RESIDENTIAL BUILDING

to

txi

to

^

"o tn

APPENDIX B

TABLE B-2 EXPENDITURES ON PRIVATE NONFARM ONE- TO FOUR-FAMILY HOMES

(millions of dollars)

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957

Change in Value of Expendi­ Work in Specula­ Settlement tures on New Place on Costs on Additions tive Dwelling Uncompleted Builders New and Units Projects Housing Alterations Margin (1) (2) (3) (5) W 3,150 5,124 6,900 6,426 10,666 9,370 9,440 10,049 11,579 14,487 12,980 12,098 12,855

-659 -785 -11 -276 -1,524 293 138 423 -754 -265 343 136 -445

47 77 104 96 160 141 142 151 174 217 195 181 193

1,268 1,998 2.,393 2,134 2,328 2,415 2,703 2,866 2,923 3,275 3,584 3,786 3,743

246 409 563 472 800 717 736 799 938 1,195 1,166 1,079 1,166

Transactions in Existing Structures

Dealers' Commis­ sions

Settlement Costs

Total

(6)

(7)

(8)

738 671 702 714 914 930 966 1,047 1,084 1,217 1,223 1,131 1,020

246 224 234 238 305 310 322 349 361 406 408 377 340

5,036 7,718 10,885 9,804 13,649 14,176 14,447 15,684 16,305 20,532 19,823 18,788 18,872

SOURCE, BY COLUMN

(1) (2)

From Table B-l, col. 2. Tablp B-l) col. 5 divided among 1- to 4-family, multifamily and nonhousekeeping structures according to the share of each in total residential construction expendi­ tures (Table B-l, cols. 1 to 4). (3) Estimated at 1¾ per cent of col. 1. (4) Roughly estimated at 97 per cent of Table B-l, col. 7. (5) From Table B-l, col. 9. (6) From Table B-4, col. 4. (7) One-third of col. 6. See note to Table B-l, col. 11. (8) Sum of cols. 1-7.

APPENDIX B TABLE B-3 SPECULATIVE BUILDERS' MARGIN ON ONE- TO FOUR-FAMILY NONFARM HOMES

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1- to 4-Family Home Homes Built Construction by Speculative Expenditures Builders ($ million) (per cent) (1) (2) 3,150 5,124 6,900 6,426 10,666 9,370 9,440 10,049 11,579 14,487 12,980 12,615 13,405

46 47 48 49 50 51 52 53 54 55 56 57 58

Expenditures on Homes Built by Speculative Builders ($ million) (3)

Builders' Profit of Total Expenditures (per cent) (4)

Speculative Builders' Margin ($ million) (5)

1,449 2,408 3,312 3,149 5,333 4,779 4,909 5,326 6,253 7,968 7,269 7,191 7,775

17 17 17 15 15 15 15 15 15 15 15 15 15

246 409 563 472 800 717 736 799 938 1,195 1,090 1,079 1,166

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5)

From Table B-l, col. 2. Estimated on basis of data given in Structure of the Residential Building Industry in 1949, Bureau of Labor Statistics, Bull. No. 1170, p. 21. Col. 1 multiplied by col. 2. Based on Siskind's Estimates (New and Maintenance Construction, Construction in the 1947 Interindustry Relations Study, Bureau of Labor Statistics, Report No. 2, pp. 39-40). The figure includes builders' profit on land (beyond actual development expendi­ tures) which, on average, may amount to approximately one-third of total margin. This profit is in the nature of a capital gain and its inclusion in builders' margin is conceptually disputed. Col. 3 multiplied by col. 4.

APPENDIX B TABLE B-4 DEALERS' COMMISSIONS ON SALES OF ONE- TO FOUR-FAMILY NONFARM HOMES

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Index of Real Estate Activity (1)

Index of Real Estate Prices (1947-49 = 100) (2)

128.9 108.1 100.8 91.1 114.1 106.2 106.1 106.3 105.3 117.2 111.2 100.6 90.5

81.8 88.6 99.5 112.0 114.4 125.0 130.1 140.6 147.0 148.4 157.1 160.5 161.0

Index of Value of Real Estate Activity (3) 105.4 95.8 100.3 102.0 130.5 132.8 138.0 149.5 154.8 173.9 174.7 161.5 145.7

Dealers' Commissions Total Depreciable (Smillion) (4) (5) 738 671 702 714 914 930 966 1,047 1,084 1,217 1,223 1,131 1,020

606 551 577 587 750 764 794 860 890 1,000 1,005 929 838

SOURCE, BY COLUMN

(1) (2)

(3) (4)

(5)

Real Estate Analyst, Jan. 1, 1955, as revised and brought up to date by Roy Wenzlick & Co., p. 5. 1951—58: ibid., Feb. 28, 1958. Housing price index from A Study of Saving . . . , Vol. I, Table R-32, linked in 1947 to index of average property valuation of existing homes as given in annual reports of the Federal Housing Administration (Housing and Home Finance Agency, e.g., 7th Annual Report, p. 240). Col. 1 multiplied by col. 2. Indexes of col. 3 applied to base value of $700 million derived as follows: (1) Value in current prices of 1- to 4-family homes (including builders' profits, alterations and additions, and land) at the end of 1948 (assumed to be roughly equivalent to the average far period 1947-49) computed from figures given in A Study of Saving. . . , Vol. Ill, Table W-I and related worksheets. (2) It was assumed that average value of real estate activity giving rise to dealers' commissions in 1947-49 was equal to 8 per cent of average value of 1- to 4-family homes. This estimate was based, in addition to other scattered evidence, on findings by the Survey of Consumer Finances that about one-half of homeowners sampled had acquired their houses since Pearl Harbor, indicating a median turnover period of a little over seven years (Federal Reserve Bulletin, 1949, p. 1041) and by Ernest M. Fisher's tentative conclusion (Urban Real Estate Markets: Characteristics and Financing, New York, NBER, 1951, p. 43) that "The average term of ownership is less than ten years". Both figures may be somewhat lower than average market turnover period involving commission to a real estate dealer in the postwar period as they include acquisitions by means other than purchase and the first refers to a period of partic­ ularly high real estate activity. (3) Finally, it was assumed on the basis of the standard commission rate of 5 per cent that dealers' profits averaged 4.5 per cent of the total value of real estate activity for any given year to allow for lower rate of commission on some transactions. Indexes in col. 3 applied to base value of $575 million, derived the same way as base value for col. 4, except that estimated share of land in total real estate activity was excluded since land is not considered a depreciable asset.

APPENDIX B TABLE B-5 NET INVESTMENT IN ONE- TO FOUR-FAMILY NONFARM HOMES

(millions of dollars) Expenditures

Depreciation

Year

Original Cost (1)

1947-49 Prices (2)

Original Cost (3)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

4,860 7,461 10,718 9,635 13,430 13,955 14,224 15,435 16,147 20,242 19,532 18,519 18,629

6,311 8,006 10,227 9,437 12,471 12,030 11,938 12,732 13,340 16,337 15,095 14,052 14,007

1,736 1,832 1,974 2,130 2,304 2,508 2,718 2,939 3,176 3,445 3,741 4,028 4,310

Net Investment

1947-49 Replacement Original Prices Cost Cost (5) (6) (4) 4,450 4,539 4,651 4,779 4,918 5,073 5,218 5,366 5,526 5,710 5,907 6,091 6,286

3,426 4,231 4,874 4,880 5,297 5,884 6,215 6,503 6,649 7,074 7,644 8,028 8,360

3,124 5,629 8,744 7,505 11,126 11,447 11,500 12,469 12,871 16,797 15,791 14,491 14,319

1947-49 Replacement Cost Prices (7) (8) 1,861 3,467 5,576 4,658 7,553 6,962 6,721 7,362 7,814 10,627 9,188 7,961 7,721

1,434 3,230 5,844 4,755 8,133 8,071 8,003 8,932 9,398 13,168 11,888 10,491 10,269

SOURCE, BY COLUMN (1)

(2) (3)

(4)

(5)

(6) (7)

(8)

Depreciable expenditures. Sum of Table B-2, cols. 1 to 5, Table B-4, col. 5 and estimate of settlement costs on existing 1- to 4-family homes (one-third of Table B-4, col. 5). Col. 1 divided by Table B-9, col. 1. Components of col. 1 depreciated on a straight-line basis assuming an average life of eighty years for new structures (Table B-2, cols. 1 to 3), and speculative builders' margin (Table B-2, col. 5) and forty years for additions and alterations (Table B-2, col. 4) and dealers' commissions and settlement costs on existing homes (see notes to col. 1). Expenditure figures for years before 1946, required for the calculation of depreciation, obtained from A Study of Saving. . . , Vol. I, Tables R-25 to R-28, R-30 to R-32, and related worksheets. Same method as for col.3 but based on expenditure figures of col. 2. Expenditures in 1947—49 prices for years before 1946 obtained by deflating expenditures in original cost (see notes to col. 3) by price index derived by extrapolating Table B-9, col. 1, from 1946 by index given in Saving, Vol. I, Table R-20, col. 1. Col. 4 multiplied by Table B-9, col. 1. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-6 EXPENDITURES ON PRIVATE NONFARM MULTIFAMILY DWELLINGS

(millions of dollars)

Year

Change in Transactions in Existing Structures Value of Work in Settlement Expenditures New Place on Costs on on Additions Dealers' Dwelling Uncompleted Commis­ Settlement New and Alter­ Costs Units sions Total Projects Housing ations (6) (4) (5) (7) (1) (2) (3)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

150 326 600 831 859 479 430 506 491 503 555 517 550

— 32 -49 -1 —36 -122 15 6 21 -32 -9 15 6 -20

2 3 6 8 9 5 4 5 5 5 6 5 6

39 59 74 66 72 75 84 89 90 101 111 117 116

35 35 35 35 35 35 35 35 35 35 35 35 35

18 18 18 18 18 18 18 18 18 18 18 18 18

212 392 732 922 871 627 577 674 607 653 740 698 705

SOURCE, BY COLUMN

(1) (2)

(3) (4) (5 and 6) (7)

From Table B-l, col. 3. Table B-l, col. 5 respectively divided among one- to four-family, multifamily, and nonhousekeeping structures according to the share of each in total residential construction expenditures (Table B-l, cols. 1 to 4). Estimated at 1 per cent of col. 1. Roughly estimated at 3 per cent of Table B- l , col. 7. See notes to Table B-l, cols. 10 and 11. Sum of cols. 1-6.

APPENDIX B

TABLE B-7 NET INVESTMENT IN MULTIFAMILY DWELLINGS

(millions of dollars) Depreciation Expenditures Year

Original Cost (1)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

204 384 724 914 863 619 569 666 599 645 732 679 711

1947-49 Original 1947-49 Prices Cost Prices (2) (3) (4) 262 418 699 872 788 525 467 530 472 493 534 481 495

178 182 193 206 220 234 243 255 265 276 289 301 314

419 424 431 441 453 463 469 476 482 489 495 502 509

Net Investment

ReplaceReplacement Original 1947-49 ment Cost Cost Prices Cost (5) (6) (7) (8) 327 390 446 462 497 545 572 599 611 639 678 708 730

26 202 531 708 643 385 326 411 334 369 443 378 397

-157 -6 268 431 335 62 -2 54 -10 4 39 -21 -14

-123 -6 278 452 366 74 -3 67 -12 6 54 -29 -19

SOURCE, BY COLUMN

(1)

(2) (3)

(4)

(5) (6) (7) (8)

Depreciable expenditures. Sum of Table B-6, cols. 1 to 4 and estimate of depreciable dealers' commissions and settlement costs on transactions in existing muftifamily structures at $30 million a year and $15 million a year, respectively (see notes to Table B-l, cols. 10 and 11). Col. 1 divided by Table B-9, col. 2. Components of col. 1 depreciated on a straight-line basis assuming an average life of sixty-five years for new structures (Table B-6, cols. 1 to 3) and thirty-two years for additions and alterations (Table B-6, col. 4) and dealers' commissions and settle­ ments costs on existing homes (see notes to col. 1). Expenditure figures for years before 1946, required for the calculation of depreciation, obtained from A Study of Saving . . . , Vol. I, Tables R-25 to R-28, R-30 to R-32, and related worksheets. In the absence of data and in view of the small amounts involved, dealers' commissions and settlements costs on existing structures were omitted for years before 1946. Same method as for col. 3, but based on expenditure figures of col. 2. Expenditures in Γ947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see notes to col. 3) by price index derived by extrapolating Table B-9, col. 2 from 1946 by index given in A Study of Saving . . . , Vol. I, Table R-20, col. 2. Col. 4 multiplied by Table B-9, col. 2. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-8 NET INVESTMENT IN NONHOUSEKEEPING STRUCTURES

(millions of dollars) Depreciation Expenditures Year

Original Cost (1)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

116 107 157 179 152 198 190 281 280 336 463 512 606

1947-49 Original 1947-49 Prices Cost Prices (2) (3) (4) 149 117 152 171 139 168 156 223 221 257 338 363 422

108 109 112 115 118 121 125 130 136 142 151 162 174

238 238 238 238 238 238 238 238 240 242 245 249 255

Net Investment

Γ , Replacement Original 1947-49 Cost Cost Prices (5) (6) (7) 186 218 246 249 261 281 290 299 304 316 336 351 366

8 —2 45 64 34 77 65 151 144 194 312 350 432

-89 -121 -86 -67 -99 -70 -82 -15 -19 15 93 114 167

, π Replacement Cost (8) -70 -111 -89 -70 -109 -83 -100 -18 -24 20 127 161 240

SOURCE, BY COLUMN

(1)

Table B-l, col. 4 plus portion of Table B-l, cols. 5 and 6. (See notes to Tables B-2 and B-6). (2) Col. 1 divided by Table B-9, col. 2. (3) Col. 1, depreciated, assuming an average life of forty years. Expenditure figures required for the calculation of depreciation for the period 1906-14 estimated to be 4 per cent of expenditures on new nonfarm dwelling units (A Study of Saving . . . , Vol. I, Table R-27, col. 2), which is a rough average of the relationship of nonhousekeeping expenditures to new nonfarm dwelling units in the 1920's and after World War II. Expenditure figures for the period 1915-45 from Construction and Building Materials, Statistical Supplement, Department of Commerce, May 1954, p. 6. (4) Col. 2, depreciated, assuming an average life of forty years. Expenditures in 1947—49 prices for years before 1946 obtained by deflating expenditures in original cost (see notes to col. 3) by price index derived by extrapolating Table B-9, col. 2 from 1946 by index given in Saving, Vol. I, Table R-20, col. 2. (5) Col. 4 multiplied by Table B-9, col. 2. (6) Col. 1 minus col. 3. (7) Col. 2 minus col. 4. (8) Col. 1 minus col. 5. NOTE: Nonhousekeeping structures include buildings containing nonhousekeeping quarters, such as transient hotels, dormitories, clubhouses, and tourist courts and cabins.

TABLE B-9 COST INDEXES OF RESIDENTIAL CONSTRUCTION (1947-49 = 100.0) Annual Averages

Year-End Figures

Year

1- to 4-Family (1)

MultifamiIy and Nonhousekeeping (2)

1- to 4-Family (3)

Multifamily and Nonhousekeeping (4)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

70.1 77.0 93.2 104.8 102.1 107.7 116.0 119.1 121.2 120.3 123.9 129.4 131.8 133.0

71.3 78.0 91.7 103.5 104.8 109.6 118.0 122.0 125.8 126.8 130.6 137.0 141.1 143.5

72.0 83.6 100.2 105.2 101.1 113.3 117.2 120.0 120.8 121.3 126.2 130.4 132.3 134.9

73.3 83.6 98.1 106.4 104.6 115.0 119.8 123.7 126.8 127.8 133.6 139.1 142.3 145.9

SOURCE, BY COLUMN (1 and 3)

(2 and 4)

Boeckh's building cost index for residences. Annual average figures (col. 1) Construction Volume and Costs, Department of Commerce, 1915-56, p. 28. Yearend figures (col. 3; average of December of current year and January of succeeding year) from ibid., pp. 30-31; Survey of Current Business, Statistical Supplement, 1949, p. 36; and Construction Review, May 1959, p. 30. Boeckh's building cost index for apartments, hotels, and office buildings from same sources used for cols. 1 and 3. TABLE B-10 VALUE OF PRIVATE NONFARM HOUSEKEEPING UNITS, EXCLUDING LAND (millions of dollars)

Original Cost

1947-49 Dollars

Current Prices

End

of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957

Total (1) 80,046 83,196 89,004 98,302 106,515 118,284 130,113 141,942 154,849 168,054 185,220 201,364 216,310 231,017

1- to 4Family

Multifamily

(4)

1- to 4Family (5)

190,149 191,853 195,314 201,158 206,246 214,135 221,154 227,872 235,292 243,096 253,727 262,954 270,890 278,596

174,237 176,098 179,565 185,141 189,799 197,352 204,309 211,029 218,395 226,209 236,836 246,024 253,985 261,706

15,912 15,755 15,749 16,017 16,448 16,783 16,845 16,843 16,897 16,887 16,891 16,930 16,905 16,890

Total

(2)

Multifamily (3)

72,849 75,973 81,602 90,346 97,851 108,977 120,424 131,924 144,420 157,291 174,088 189,879 204,370 218,689

7,197 7,223 7,425 7,956 8,664 9,307 9,692 10,018 10,429 10,763 11,132 11,575 11,940 12,328

(6)

(Notes to Table B-IO on next page)

233

Total (7) 137,114 160,390 195,370 211,772 209,090 242,899 259,629 274,128 285,246 295,978 321,454 351,654 359,151 377,684

1- to 4Family (8) 125,451 147,219 179,924 194,768 191,886 223,599 239,449 253,294 263,821 274,397 298,887 320,815 335,095 353,042

Multifamily (9) 11,663 13,171 15,446 17,042 17,204 19,300 20,180 20,834 21,425 21,581 22,567 23,549 24,056 24,642

APPENDIX B SOURCE, BY COLUMN

(1) (2 and 3)

(4) (5 and 6) (7)

(8 and 9)

Sum of cols. 2 and 3. Derived by addition of cumulated net investment, original cost (Tables B-5 and B-7) to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of the component of construction involved. Sum of cols. 5 and 6. Same procedure as for cols. 2 and 3 but applied to expenditures in 1947-49 prices. Sum of cols. 8 and 9. Cumulated depreciated capital expenditures in 1947-49 prices multiplied by year-end index from Table B-9, cols. 3 and 4.

TABLE B-IL RATIO OF AVERAGE VALUES OF LAND TO STRUCTURES

(amounts in dollars) New Homes

End of Year

Property Value (1)

Existing Homes

Land as Per Property Cent of Less Structure Property Land Value Land Value (2)

(3)

(4)

(5)

Property Less Land Land (6)

Land as Per Cent of Structure Value

(7)

(8)

1940

5,199

4,537

662

15

5,179

4,231

948

22

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

6,597 7,817 7,965 8,753 8,594 9,307 10,245 10,357 11,120 12,118 13,399 14,464 14,394

5,836 6,924 7,916 8,735 7,559 8,215 9,018 9,066 9,664 10,492 11,551 12,316 12,171

761 893 1,049 1,018 1,035 1,092 1,227 1,291 1,456 1,626 1,848 2,148 2,223

13 13 13 13 14 13 14 14 15 15 16 17 18

6,269 7,190 8,075 9,093 9,298 10,147 10,567 11,419 11,934 12,047 12,756 13,028 13,069

5,436 6,275 7,105 7,995 8,148 8,925 9,271 9,958 10,343 10,340 10,825 10,987 10,919

833 915 970 1,098 1,150 1,222 1,296 1,461 1,591 1,707 1,931 2,041 2,150

15 15 14 14 14 14 14 15 15 17 18 19 20

SOURCE: Housing and Home Finance Agency, Annual Reports, 1948, pp. 194, 202; 1951, pp. 264, 272; 1953, pp. 228,240; 1954, pp. 186, 196; 1955 from HousingandHome Finance Agency. 1956-58 from Annual Reports of the Federal Housing Administration e.g., 1957, p. 68; 1958, p. 66.

APPENDIX B TABLE B-12 VALUE OF PRIVATE NONFARM HOUSEKEEPING UNITS, INCLUDING VALUE OF UNDERLYING LAND

(millions of dollars) 1947-49 Prices °f Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Current Prices

Total (1)

1- to 4Family (2)

Multifamily (3)

Total (4)

220,263 222,357 226,186 232,933 238,829 247,934 256,011 263,737 272,275 281,249 293,475 304,091 313,214 322,075

200,373 202,663 206,500 212,912 218,269 226,955 234,955 242,683 251,154 260,140 272,361 282,928 292,083 300,962

19,890 19,694 19,686 20,021 20,560 20,979 21,056 21,054 21,121 21,109 21,114 21,163 21,131 21,113

158,848 185,766 226,221 245,286 242,174 281,264 300,591 317,331 330,175 342,533 371,929 398,373 415,429 436,801

1- to 4Family (5) 144,269 169,302 206,913 223,983 220,669 257,139

275,366 291,288 303,394 315,557 343,720 368,937 385,359 405,998

Multifamily (6) 14,579 16,464 19,308 21,303 21,505 24,125 25,225 26,043 26,781 26,976 28,209 29,436 30,070 30,803

SOURCE, BY COLUMN

(1) (2) (3) (4) (5) (6)

Sum of cols. 2 and 3. Table B-10, col. 5, plus underlying land estimated to be 15 per cent of structure value on basis of Housing and Home Finance Agency data given in Table B-11. Table B-10, col. 6 plus underlying land estimated on basis of data given in A Study of Saving . . . , Vol. II, Table B-50. Sum of cols. 5 and 6. Table B-10, col. 8 plus underlying land (see notes to col. 2). Table B-10, col. 9 plus underlying land (see notes to col. 3).

APPENDIX B TABLE B-13 VALUE OF PRIVATE NONFARM NONHOUSEKEEPING REAL ESTATE

(millions of dollars) Nonhousekeeping Structures End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Nonhousekeeping Real Estate

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1947-49 Prices (4)

Current Prices (5)

2,193 2,201 2,199 2,244 2,308 2,342 2,419 2,484 2,635 2,779 2,973 3,285 3,635 4,067

4,572 4,483 4,362 4,276 4,209 4,110 4,040 3,958 3,943 3,924 3,939 4,032 4,146 4,313

3,351 3,748 4,279 4,550 4,403 4,726 4,840 4,896 5,000 5,015 5,263 5,609 5,900 6,293

5,715 5,604 5,452 5,345 5,261 5,138 5,050 4,948 4,929 4,905 4,924 5,040 5,183 5,391

4,189 4,685 5,349 5,688 5,504 5,908 6,050 6,120 6,250 6,269 6,579 7,011 7,375 7,866

SOURCE, BY COLUMN

(1)

(2) (3) (4 and 5)

Derived by addition of cumulated net investment, original cost, (Table B-8, col. 6) to estimated value for 1945, obtained by cumulating expenditures less depreciation for forty years preceding 1945, the assumed length of life of nonhousekeeping structures. Same procedure as for col. 1 but derived from Table B-8, col. 7. Col. 2 multiplied by Table B-9, col. 4. Cols. 2 and 3, respectively, plus value of underlying land estimated on basis of data given in A Study of Saving. . . , Vol. II, Table B-50, col. 2.

APPENDIX S TABLE B-14 VALUE OF PMVATE NONFARM RESIDENTIAL REAL ESTATE

(millions of dollars) Residential Structures End of Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Residential Real Estate

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1947-49 Prices (4)

Current Prices (5)

82,239 85,397 91,226 100,546 108,823 120,626 132,535 144,426 157,484 170,833 188,193 198,740 205,089 235,084

194,721 196,436 199,676 205,434 210,456 218,245 225,194 231,830 239,235 247,020 257,666 266,986 275,036 282,909

140,465 164,138 199,649 216,322 213,493 247,625 264,469 279,024 290,246 300,993 326,717 357,250 365,051 383,977

225,978 227,961 231,638 238,278 244,090 253,072 261,061 268,685 277,204 286,154 298,399 309,131 318,397 327,466

163,037 190,451 231,570 250,974 247,678 287,172 306,641 323,451 336,425 348,802 378,940 405,748 422,804 444,667

SOURCE, BY COLUMN

(1) (2) (3) (4) (5)

Table B-10, col. Table B-10, col. Table B-10, col. Table B-12, col. Table B-12, col.

1 plus Table B-13, col. 1. 4 plus Table B-13, col. 2. 7 plus Table B-13, col. 3. 1 plus Table B-13, col. 4. 4 plus Table B-13, col. 5.

TABLE B-15 NET INVESTMENT BY INDIVIDUALS IN ONE- TO FOUR-FAMILY NONFARM HOMES

(millions of dollars) Expenditures Year 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Net Investment

Depreciation

Original Cost

1947-49 Prices

Original Cost

1947-49 Prices

Replacement Cost

Original Cost

1947^-9 Prices

Replacement Cost

Ο)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

4,763 7,312 10,504 9,442 13,161 13,677 13,934 15,127 15,726 19,837 19,141 18,148 18,257

6,186 7,846 10,025 9,247 12,220 11,791 11,699 12,481 13,073 16,011 14,792 13,769 13,726

1,704 1,798 1,935 2,088 2,259 2,459 2,665 2,882 3,112 3,376 3,666 3,949 4,225

4,372 4,457 4,568 4,693 4,829 4,979 5,121 5,266 5,423 5,603 5,796 5,976 6,153

3,366 4,153 4,788 4,792 5,200 5,777 6,100 6,382 6,524 6,942 7,500 7,876 8,184

3,059 5,514 8,569 7,354 10,902 11,218 11,269 12,245 12,614 16,461 15,475 14,199 14,032

1,814 3,389 5,455 4,554 7,391 6,812 6,578 7,215 7,650 10,408 8,996 7,793 7,573

1,397 3,159 5,716 4,650 7,961 7,900 7,834 8,745 9,202 12,895 11,641 10,272 10,073

SOURCE : Same procedure as for Table B-5. Expenditures by individuals on 1- to 4family homes determined by multiplying the components of Table B-5, col. 1, by per­ centages given in A Study of Saving . . . , Vol. IJ Table R-29, col. 1 (interpolating between decadal percentages; 1900 figure carried through 1958).

APPENDIX B TABLE B-16 VALUE OF INDIVIDUALS' SHARE OF PRIVATE NOOTARM HOUSEKEEPING UNITS, EXCLUDING LAND

(millions of dollars) Original Cost End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1) 75,737 78,768 84,326 93,060 100,667 111,787 123,121 134,482 146,852 159,565 176,137 191,723 206,049 220,118

1- to 4Family (2) 71,415 74,474 79,988 88,557 95,911 106,813 118,031 129,300 141,543 154,159 170,620 186,066 200,276 214,222

Current Prices

1947-49 Prices Multifamily (3)

Total (4)

1- to 4Family (5)

Multifamily (6)

Total (7)

1- to 4Family (8)

4,322 4,294 4,338 4,512 4,756 4,974 5,090 5,182 5,309 5,406 5,517 5,657 5,773 5,896

180,763 182,409 185,678 191,142 195,774 203,196 209,932 216,410 223,549 231,096 241,413 250,331 258,023 265,498

170,910 172,724 176,103 181,558 186,122 193,513 200,325 206,903 214,118 221,768 232,176 241,172 248,965 256,537

9,853 9,685 9,581 9,584 9,652 9,683 9,607 9,507 9,431 9,328 9,237 9,159 9,058 8,961

130,276 152,493 185,854 201,207 198,265 230,396 246,290 260,044 270,613 280,928 305,347 327,229 342,271 359,144

123,054 144,397 176,455 191,010 188,169 219,260 234,781 248,284 258,654 269,005 293,006 314,489 329,381 346,070

Multifamily (9) 7,222 8,096 9,399 10,197 10,096 11,136 11,509 11,760 11,959 11,923 12,341 12,740 12,890 13,074

SOURCE, BY COLUMN (1)

(2 and 3)

(4) (5 and 6) (7) (8 and 9)

Sum of cols. 2 and 3. Derived by addition of cumulated net investment, original cost (Tables B-15 and B-52) to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of the component of construction involved. Sum of cols. 5 and 6. Same procedure as for cols. 2 and 3 but applied to expenditures in 1947-49 prices. Sum of cols. 8 and 9. Cumulated depreciated capital expenditures in 1947-49 prices multiplied by year-end index from Table B-9, cols. 3 and 4.

APPENDIX B TABLE B-17 VALUE OF VACANT LOTS Aggregate Value Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Number (millions) (1)

Average Value (dollars)

1947-49 Prices Current Prices ($ billions)

(2)

(3)

(4)

10.13 10.22 10.38 10.71 10.93 11.23 11.42 11.78 12.14 12.46 12.69 12.96 13.38 13.66

765 775 910 1,070 1,035 1,055 1,110 1,250 1,315 1,480 1,655 1,880 2,185 2,400

7.75 7.90 9.45 11.45 11.30 11.85 12.70 14.70 15.95 18.45 21.00 24.35 29.25 32.80

10.13 10.22 10.38 10.71 10.93 11.23 11.42 11.78 12.14 12.46 12.69 12.96 13.38 13.66

SOURCE, BY COLUMN

(1)

(2)

(3)

(4)

1955: From "Real Estate Assessments in the United States" (Bureau of Census Release, May 31, 1957), p. 9. Since the figures refer to early 1956 they have been regarded as applicable to the end of 1955, rather than the end of 1956. Other years: Based on 1955 figures and change in nonfarm population. 1955: Obtained by division of col. 3 by col. 1. Other years: Estimates based on changes in average value of land underlying new one-family homes with insured mortgages (see Annual Reports of Federal Housing Administration). 1955: Derived from ratio between market and assessed value of all vacant lots, as determined by Bureau of Census (1957 Census of Governments, Vol. V., pp. 6, 27). Other years: Obtained by multiplication of cols. 1 and 2, rounding to nearest $10 million. 1945-58: Obtained by multiplying col. 1 by 1947-49 average of col. 2 ($1,000), rounding to nearest $10 million.

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1,581 2,788 3,031 2,814 3,566 3,493 3,464 3,674 3,738 4,375 4,567 4,472 4,406

(2)

1,963 2,238 2,429 2,420 2,778 2,872 3,081 3,297 3,372 3,896 4,144 4,078 4,018

Total

(1)

(1) (2 to 7 and 10 to 12)

1,103 1,182 1,273 1,273 1,386 1,477 1,462 1,547 1,579 1,735 1,781 1,783 1,757

China, Glassware, Tableware, and Utensils (4) 1,915 2,151 2,370 2,344 2,706 2,950 2,664 2,639 2,441 2,838 3,115 3,136 3,090

519 470 514 567 613 702 717 766 746 828 941 963 995

Books and Maps (7) 2,153 4,531 5,325 7,313 10,301 8,365 7,807 9,776 9,717 14,539 12,112 13,225 10,665

(8)

Passenger Cars 391 438 437 441 582 552 566 577 531 643 620 662 538

Passenger Car Ac­ cessories (9) 1,315 1,283 1,255 1,218 1,240 1,321 1,432 1,485 1,557 1,710 1,795 1,778 1,837

(10)

Jewelry and Watches 346 351 377 409 440 492 527 557 551 638 761 820 847

(H)

706 852 857 762 795 814 903 1,008 1,089 1,310 1,473 1,594 1,647

(12)

Ophthalmic Products and Orthopedic Miscel­ Appliances laneous

From Table B-27, col. 6. Table B-30, col. 3, divided between nonfarmers and farmers according to 1946 ratios given in Table B-70, col. 5. NOTE: Miscellaneous, as in all other consumer durable goods tables, includes wheel goods, durable toys, sports equip­ ment, boats, and pleasure aircraft.

(8) (9)

COLUMN

998 1,253 1,293 1,534 2,224 2,042 2,155 2,405 2,538 2,602 2,685 2,806 2,764 SOURCE,

Household Furnishings (5)

Radio, TV, and Musical Instruments (6)

(millions of dollars)

Expenditures by individuals on durable goods from U.S. Income and Output, pp. 150, 151; and Survey of Current Business, July 1959, p. 17, split between nonfarmers and farmers according to ratio given in Table B-70, col. 5.

Sum of cols. 2 to 12.

Household Appliances (3)

Furniture

12,990 17,537 19,161 21,095 26,631 25,080 24,778 27,731 27,859 35,114 33,994 35,317 32,564

TABLE B-18

NONFARM INDIVIDUALS' EXPENDITURES ON MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

Total (1)

15,544 18,438 18,894 20,319 25,702 22,583 22,470 25,209 25,922 32,531 31,388 31,752 29,352

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

2,304 2,373 2,324 2,391 2,734 2,580 2,832 3,042 3,140 3,707 3,858 3,821 3,766

Furni­ ture (2)

1,268 1,224 1,264 1,240 1,367 1,326 1,289 1,352 1,378 1,519 1,460 1,415 1,369

Household Appliances (3)

1,947 2,910 2,940 2,783 3,588 3,289 3,296 3,539 3,719 4,524 5,030 5,019 5,041

Sum of cols. 2 to 12;

China, Glassware, Tableware, and Utensils (4)

(2 to 12)

2,333 2,248 2,335 2,380 2,462 2,294 2,148 2,140 1,975 2,180 2,346 2,259 2,226 1,392 1,296 1,229 1,562 2,441 2,184 2,483 2,846 3,180 3,428 3,580 3,616 3,557

617 510 509 530 568 639 615 633 617 671 758 709 687

Books and Maps (7) 2,725 4,968 5,341 6,703 9,365 7,261 6,549 8,215 8,413 12,290 9,912 10,276 8,031

Passenger Cars (8) 434 442 437 432 626 531 534 555 511 618 576 599 483

Passenger Car Ac­ cessories (9) 1,356 1,246 1,281 1,243 1,305 1,283 1,418 1,456 1,557 1,781 1,862 1,879 1,975

Jewelry and Watches (10)

Table B-18 deflajed by price indexes shown in Table B-33.

SOURCE, BY COLUMN

Household Furnishings (5)

Radio, TV, and Musical Instruments (6)

384 369 377 393 427 443 475 497 492 570 655 707 727

784 852 857 762 819 753 831 934 940 1,243 1,351 1,452 1,490

Ophthalmic Products and Orthopedic Miscel­ Appliances laneous (11) (12)

TABLE B-19 NONFARM INDIVIDUALS' EXPENDITURES ON MAIN TYPES OF CONSUMER DURABLE GOODS, CONSTANT (1947-49) PRICES (millions of dollars)

242

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

(2)

Total

(1)

(1) (2 to 7 and 9 to 12)

626 767 960 1,146 1,355 1,594 1,823 2,045 2,281 2,579 2,935 3,293 3,583

Household Appliances (3) 413 494 590 697 844 1,008 1,163 1,346 1,562 1,790 1,989 2,151 2,302

Household Furnishings (5) 1,048 1,176 1,328 1,488 1,655 1,790 1,961 2,111 2,243 2,377 2,512 2,621 2,706

(8)

920 1,364 2,012 2,835 3,987 4,991 5,634 6,371 7,003 8,040 9,039 9,836 10,333

Passenger Cars (8) 151 208 278 344 417 474 503 530 553 568 581 597 603

Passenger Car Accessories (9) 489 568 647 721 793 868 944 1,026 1,110 1,196 1,280 1,354 1,419

Jewelry and Watches (10)

290 315 336 358 383 412 448 486 518 550 598 660 730

(12)

266 327 394 455 512 567 625 695 774 862 948 1,023 1,100

(12)

Ophthalmic Products and Orthopedic MiscelAppliances laneous

same methods and sources as the later figures. For years before 1934, figures taken from A Study of Saving..., Vol. I, Table Q.-5, and related worksheets. Depreciation calculated from Table B-18 applying rates given in Table B-31. Expenditures for years before 1946 derived as in Table B-27, col. 6.

338 384 426 468 506 544 581 622 666 707 756 805 850

Books and Maps (7)

SOURCE, BY COLUMN

Radio, TV, and Musical Instruments (6)

(millions of dollars)

Depreciation calculated from Table B-18 applying rates given in Tables B-31. Expenditures for years before 1946 which were required for estimating depre­ ciation were obtained for the period 1934-45 by the

545 617 696 781 870 963 1,053 1,148 1,249 1,350 1,436 1,500 1,554

China, Glassware, Tableware, and Utensils (4)

Sum of cols. 2 to 12.

886 986 1,112 1,245 1,383 1,527 1,674 1,835 2,037 2,220 2,417 2,614 2,810

Furni­ ture

5,972 7,206 8,779 10,538 12,565 14,738 16,409 18,215 19,996 22,239 24,491 26,454 27,990

TABLE B-20

DEPRECIATION ON NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

TABLE B-126

Sum of cols. 2 to 12. Depreciation calculated from Table B-19 applying rates given in Table B-31. Expenditures in constant dollars for years before 1946, required for the calculation of depreciation allowances, obtained by deflating expenditures in original cost (see note to Table B-20) by appropriate price indexes. For all types of consumer durables, except books and maps, where the Bureau of Labor Statistics index of retail prices of newspapers was carried back to 1942, the 1946 value as shown in Table B-33 was extrapolated by figures given in A Study of Saving . . . , Vol. I, Table Q.-16. Index for china, glassware, table-

(1) (2 to 12)

789 843 897 953 1,010 1,065 1,113 1,168 1,230 1,292 1,332 1,351 1,366

1,083 1,207 1,358 1,489 1,651 1,837 1,995 2,138 2,299 2,579 2,951 3,343 3,664

1,537 1,618 1,712 1,809 1,908 1,991 2,067 2,160 2,259 2,364 2,516 2,642 2,779 1,706 1,790 1,878 1,960 2,033 2,092 2,131 2,165 2,190 2,220 2,240 2,241 2,236

440 482 510 531 545 556 562 572 591 612 640 661 673

(7)

Books and Maps 1,635 2,027 2,584 3,237 4,164 4,927 5,338 5,779 6,304 7,081 7,826 8,519 8,729

(8)

Passenger Cars 151 200 265 323 391 439 457 478 498 505 509 520 519

(9)

Passenger Car Accessories 638 708 778 845 909 970 1,031 1,095 1,161 1,232 1,307 1,377 1,445

(10)

Jewelry and Watches 333 354 365 375 386 401 422 448 469 493 531 580 636

Ophthalmic Products and Orthopedic Appliances (11)

ware and utensils, which iscombined in A Study of Saving..., Vol. I, with index of jewelry and watches, derived by extrapolating the 1946 value of Table B-33, col. 3, by the Bureau of Labor Statistics index of dinnerware for the period 1942-45. Index for the earlier years obtained by extrapolating the 1942 value by Shavell's index of china, glassware, tableware, and utensils (Survey of Current Business, May 1943, p. 17). Index for jewelry and watches obtained by carrying the Sears Roebuck and Company index back to 1940 and extrapolating, on the basis of the 1939-41 relationship, by Shavell's index of jewelry and watches (op. cit.).

SOURCE, BY COLUMN

703 781 851 928 1,049 1,188 1,326 1,518 1,770 2,056 2,314 2,539 2,772

(6)

9,382 10,431 11,675 12,976 14,616 16,076 17,092 18,227 19,538 21,271 23,072 24,737 25,845

(5)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(4)

(3)

(2)

Total (1)

Radio, TV, and Musical Instruments

Year

Household Appliances

Furniture

China, Glassware, Tableware, and Household Utensils Furnishings

(millions of dollars)

DEPRECIATION ON NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, CONSTANT ( 1 9 4 7 - 4 9 ) PRICES

367 421 477 526 570 610 650 706 767 837 906 964 1,029

Miscellaneous (12)

•fe.

TABLE

B-22

7,827 9,941 11,853 13,412 15,136 17,992 19,118 20,298 21,289 23,182 25,437 28,084 29,542

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

879 1,156 1,400 1,505 1,641 1,951 2,097 2,219 2,310 2,494 2,680 2,979 3,202

Household Appliances (3)

Sum of cols. 2 to 12.

1,310 1,526 1,789 1,831 1,939 2,216 2,249 2,341 2,426 2,485 2,652 2,838 2,965

Total (1)

Year

(1)

Furniture (2)

(2 to 12)

686 814 903 979 1,024 1,186 1,262 1,337 1,409 1,475 1,625 1,702 1,753

China, Glassware, Tableware, and Utensils (4) 370 444 515 568 589 611 655 692 715 755 794 898 975

SOURCE, BY COLUMN

504 755 895 911 956 1,111 1,151 1,283 1,412 1,561 1,736 1,970 2,154

Books and Maps (7) 1,292 1,849 2,576 3,532 4,580 5,676 6,363 6,877 7,281 8,377 9,563 10,964 11,592

136 198 265 329 364 457 484 497 518 525 548 575 578

619 729 762 826 858 990 1,041 1,119 1,155 1.186 1,260 1,303 1,344

Passenger Jewelry Passenger and Cars Cars Accessories Watches (10) (8) (9)

Miscellaneous (12) 330 421 477 526 553 659 706 762 831 882 988 1,058 1,134

Ophthalmic Products and Orthopedic Appliances (11) 300 336 365 39(3 398 445 468 488 525 552 616 673 741

Table B-21, cols. 2 to 12, multiplied by respective price indexes from Table B-33.

1,401 1,713 1,906 2,015 2,234 2,690 2,642 2,669 2,707 2,890 2,975 3,124 3,104

Household Furnishings (5)

Radio, TV, and Musical Instruments (6)

(millions of dollars)

DEPRECIATION ON NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OP CONSUMER DURABLE GOODS, REPLACEMENT COST

Total (1)

7,018 10,331 10,382 10,557 13,926 10,344 8,369 9,516 7,863 12,875 9,503 8,863 4,574

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

955 2,021 2,071 1,668 2,211 1,899 1,641 1,629 1,457 1,796 1,632 1,179 823

Household Appliances (3)

558 565 577 492 516 514 409 399 330 385 345 283 203

(2 to 12)

181 86 88 99 107 158 136 144 80 121 185 158 145

SOURCE, BY COLUMN

585 759 703 837 1,380 1,034 992 1,059 976 812 696 655 462

Books and Maps (7) 1,233 3,167 3,313 4,478 6,314 3,374 2,173 3,405 2,714 6,499 3,073 3,389 332

240 230 159 97 165 78 63 47 -22 75 39 65 — 65

Passenger Passenger Car Accessories Cars (9) (8) 826 715 608 497 447 455 488 459 447 514 515 424 418

Jewelry and Watches (10)

56 36 41 51 57 80 79 71 33 88 163 160 117

440 525 463 307 283 247 278 313 315 448 525 571 547

Ophthalmic Products and Orthopedic Miscel­ Appliances laneous (H) (12)

Table B-18, cols. 2 to 12, minus Table B-20, cols. 2 to 12, respectively.

867 975 1,042 856 1,051 1,160 703 528 198 461 603 515 384

Radio, TV, and Musical Instruments (6)

(millions of dollars)

China, Glassware, Tableware, and Household Utensils Furnishings (4) (5)

Sum of cols. 2 to 12.

1,077 1,252 1,317 1,175 1,396 1,345 1,407 1,462 1,335 1,676 1,727 1,464 1,208

Furniiture (2)

(1)

TABLE B-23

NONFARM INDIVIDUALS' NET INVESTMENT IN MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

TABLE B-24

Total (1)

6,162 8,007 7,219 7,343 11,086 6,507 5,378 6,982 6,384 11,260 8,316 7,015 3,507

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

864 1,703 1,582 1,294 1,937 1,452 1,301 1,401 1,420 1,945 2,079 1,676 1,377

Household Appliances (3)

Sum of cols. 2 to 12.

767 755 612 582 826 589 765 882 881 1,343 1,342 1,179 987

Furni­ ture (2)

(2 to 12)

479 381 367 287 357 261 176 184 148 227 128 64 3

689 515 378 634 1,392 996 1,157 1,328 1,410 1,372 1,266 1,077 785

Radio, TV, and Musical Instruments (6) 177 28 -1 -1 23 83 53 61 26 59 118 48 14

Books and Maps (7) 1,090 2,941 2,757 3,466 5,201 2,334 1,211 2,436 2,109 5,209 2,086 1,757 -698

Passenger Cars (8) 283 242 172 109 235 92 77 77 13 113 67 79 -36

Passenger Car Ac­ cessories (9) 718 538 503 398 396 313 387 361 396 549 555 502 530

Jewelry and Watches (10)

51 15 12 18 41 42 53 49 23 77 124 127 91

417 431 380 236 249 143 181 228 173 406 445 488 464

Ophthalmic Products and Orthopedic Miscel­ Appliances laneous (H) (12)

Table B-19, cols. 2 to 12, minus Table B-21, cols. 2 to 12, respectively.

SOURCE, BY COLUMN

627 458 457 320 429 202 17 -25 -215 -40 106 18 -10

China, Glassware, Tableware, and Household Utensils Furnishings (4) (5)

(millions of dollars)

NONFARM INDIVIDUALS' NET INVESTMENT IN MAIN TYPES OF CONSUMER DURABLE GOODS, CONSTANT (1947-49) PRICES

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

TABLE B-25

653 712 640 589 839 656 832 956 946 1,411 1,492 1,240 1,053

5,163 7,596 7,308 7,683 11,495 7,089 5,680 7,433 6,570 11,932 8,557 7,185 3,022

(1)

(3)

(2)

Total (1)

Sum of cols. 2 to 12;

702 1,632 1,631 1,309 1,925 1,542 1,367 1,455 1,428 1,881 1,887 1,493 1,204

Household Appliances

Furni­ ture

24 91 62 74 31 73 147 65 20

- 1

- 1

149 26

(7)

Books and Maps

SOURCE, BY COLUMN

494 498 398 623 1,268 932 1,004 1,122 1,126 1,041 949 836 610

(6)

Radio, TV, and Musical Instruments 861 2,682 2,749 3,781 5,721 2,689 1,444 2,899 2,436 6,162 2,549 2,261 -927

(8)

Passenger Cars 255 240 172 112 218 95 82 80 13 118 72 87 -40

(9)

Passenger Car Ac­ cessories 696 554 493 392 382 331 391 366 402 524 535 475 493

Jewelry and Watches (10)

46 15 12 19 42 47 59 55 26 86 145 147 106

376 431 380 236 242 155 197 246 258 428 485 488 513

Ophthalmic Products and Orthopedic Misce Appliances laneoi (H) (12)

Table B-18, cols. 2 to 12, minus Table B-22, cols. 2 to 12, respectively.

514 438 464 329 472 260 22 -30 -266 -52 140 12 -14

417 368 370 294 362 291 200 210 170 260 156 81 4

(2 to 12)

(5)

Household Furnishings

(4)

China, Glassware, Tableware, and Utensils

(millions of dollars)

NONFARM INDIVIDUALS' NET INVESTMENT IN MAIN TYPES OF CONSUMER DURABLE GOODS, REPLACEMENT COST

APPENDIX B TABLE B-26 EXPENDITURES ON NEW PASSENGER CARS

(millions of dollars) Consumers' Expenditures on New Passenger Cars Plus Net Purchases of Used Cars (1)

Business Expenditures on Passenger Cars (2)

Total Expendi­ tures on New Cars Plus Net Purchases of Used Cars (3)

Dealers' Margin on Used Cars (4)

Expenditures on New Cars (5)

2,436 4,587 5,724 8,077 10,729 9,444 8,872 11,822 11,347 15,800 13,260 14,575 12,046

995 1,889 2,167 2,838 3,221 2,669 2,314 2,598 2,383 3,318 2,785 3,061 2,530

3,431 6,476 7,891 10,915 13,950 12,113 11,186 14,420 13,730 19,118 16,045 17,636 14,576

800 937 1,094 981 1,232 1,314 1,673 1,635 1,540 1,676 1,563 1,652 1,674

2,631 5,539 6,797 9,934 12,718 10,799 9,513 12,785 12,190 17,442 14,479 15,984 12,902

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

SOURCE, BY COLUMN

(1) (2) (3) (4) (5)

1946-57, U.S. Income and Output, p. 150. 1954-58, Survey of Current Business, July 1959. 1946-54, U.S. Income and Output, p. 192 (cf. Table B-27, cols. 3 to 5). 1955-58, Estimated on the basis of col. 1. Sum of cols. 1 and 2. From Table B-28, col. 1. Col. 3 minus col. 4.

APPENDIX B

TABLE B-27 EXPENDITURES ON NEW PASSENGER CARS, BY SECTOR

(millions of dollars) Business Individuals Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

All Sectors (1)

Total (2)

2,631 5,539 6,797 9,934 12,718 10,799 9,513 12,785 12,190 17,442 14,479 15,984 12,092

315 665 816 1,192 1,526 1,296 1,142 1,534 1,463 2,093 1,737 1,918 1,548

Unincor­ porated

Corporate (4)

Total (5)

Nonfarm (6)

Farm

(3)

210 443 544 795 1,017 864 761 1,023 975 1,395 1,158 1,279 1,032

105 222 272 397 509 432 381 511 488 698 579 639 516

2,316 4,874 5,981 8,742 11,192 9,503 8,371 11,251 10,727 15,349 12,742 14,066 11,354

2,153 4,531 5,325 7,313 10,301 8,365 7,807 9,776 9,717 14,539 12,112 13,225 10,665

163 343 656 1,429 891 1,138 564 1,475 1,010 810 630 841 689

(7)

SOURCE, BY COLUMN

(1) (2) (3 to 5)

(6) (7)

From Table B-26, col. 5. Sum of cols. 3 and 4. 8, 4, and 88 per cent, respectively, of col. 1 on basis of data (from R. L. Polk & Co.) on total passenger cars in use and Survey of Consumer Finances figures on cars purchased by consumers. Thus, allocation to business (12 per cent) is considerably lower than that assumed by the Department of Commerce (nearly 30 per cent, cf, Table B-26, col. 2), which is regarded as excessive. Col. 5 minus col. 7. Agricultural Marketing Service estimates.

APPENDIX B

TABLE B-28 DEALERS' MARGIN ON USED CARS

(millions of dollars)

All Groups (1)

Farmers

Business

(2)

(3)

Nonfarm Consumers (4)

800 937 1,094 981 1,232 1,314 1,673 1,635 1,540 1,676 1,566 1,652 1,674

32 45 107 81 115 85 77 108 77 117 102 112 101

46 54 59 54 67 74 96 92 88 94 88 92 94

722 838 928 846 1,050 1,155 1,500 1,435 1,375 1,465 1,376 1,448 1,479

Used Cars Bought by: Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

SOURCE, BY COLUMN

(1) (2) (3)

(4)

1946-49: 1950-58: 1946-58: 1946-49:

A Study of Saving . . . , Vol. I, Table P-15, col. 10.

Sum of cols. 2 to 4. Assumed at 20 per cent of gross expenditures on used cars by farmers. Estimated at 6 per cent of total margin on nonfarm purchases of used cars (col. 1 minus col. 2) on assumption that business share in used cars is about half as large as in new cars. 1950—58: Derived from col. 4, assuming that col. 3 is 6 per cent of the sum of cols. 3 and 4. 1946-49: Col. 1 minus sum of cols. 2 and 3. 1950-58: From Table B-29, col. 4.

TABLE B-29 DEALERS' MARGIN ON USED CARS SOLD TO HOUSEHOLDS

Used Cars Purchased (millions) (1)

Year 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Average Price Margin Per Car Per Used Car (dollars)

3.5 4.5 5.6 6.9 7.5 7.3 7.9 7.8 8.6 9.3 8.9 8.0 8.7

(2)

(3)

630 780

126 156 176 152 140 158 190 184 160 156 160 181 170

880

760 700

790 950 920 800 780 800 905 850

Aggregate Dealers' Margin ($ millions) (4) 440 700 985

1,050 1,050 1,155 1,500 1,435 1,375 1,465 1,375 1,450 1,480

SOURCE, BY COLUMN

(1)

(2) (3) (4)

1946-50: Survey of Consumer Finances data as shown in Automobile Facts and Figures, Automobile Manufacturers Association, 1954, p. 14. 1951-58: Federal Reserve Bulletin, various issues, e.g. 1957, p. 641. 1946-49: Ibid, 1951, p. 761. 1950-58: Ibid, 1952, p. 863, July 1958, p. 775. 1946-58: Assumed to be 20 per cent of col. 2, the ratio employed in A Study of Saving . . . , Vol. I, Table P-15, for the period before 1946. 1946-58: Col. 1 multiplied by col. 3 and rounded. TABLE B-30 CONSUMER PURCHASES OF PASSENGER CAR ACCESSORIES

(millions of dollars)

Year 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Tires, Tubes, Parts, and Accessories

Tires, Tubes, Batteries, and Other Replacement Items

Parts and Accessories, Original Equipment

(1)

(2)

(3)

1,492 1,674 1,669 1,684 2,223 2,106 2,161 2,205 2,027 2,454 2,368 2,528 2,054

1,044 1,172 1,168 1,179 1,556 1,474 1,513 1,544 1,419 1,718 1,658 1,770 1,438

448 502 501 505 667 632 648 661 608 736 710 758 616

SOURCE, BY COLUMN

(1) (2 and 3)

1946-57: From U.S. Income and Output, pp. 150-151. 1958: Estimated using ratio of accessories to passenger car expenditures in preceding years. 70 and 30 per cent, respectively, of col. 1. Ratios based on data from 1947 Census of Manufactures.

APPENDIX B TABLE B-31 LIFE EXPECTANCY OF CONSUMER DURABLE GOODS

Expected Useful Life (years)

Commodity 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Furniture Household appliances China, glassware, tableware, and utensils Other durable household furnishings Radio and TV receivers, records, and musical instruments Books and maps Passenger cars Passenger car accessories Jewelry and watches Ophthalmic products and orthopedic appliances Miscellaneous (wheel goods, durable toys, sport equipment, boats, and pleasure aircraft)

15 12 10 10 10 6 15 5 15 4 10

SOURCE, BY COLUMN

(1) (2 to 4) (5 and 6) (7)

(8) (9) (10) (11)

Based on Reavis Cox and R. F. Breyer, The Economic Implications of Consumer Plant and Equipment, Retail Credit Institute of America, 1944, pp. 56-58. Based on J. Frederick Dewhurst and Associates, America's Needs and Resources, Twentieth Century Fund, 1955, p. 198. From Lenore A. Epstein, "Consumers' Tangible Assets," Studies in Income and Wealth, Vol. 12 (New York, NBER, 1950), p. 442. New passenger cars, because of availability of information on pattern of depreciation, were not subject to straight-line depreciation used for all other commodities (except, also, passenger car accessories), but on the basis of data given in Automobile Facts and Figures, Automobile Manufacturers Association, 1954, p. 33, assumed to depreciate as follows: Year of Service

15-Year Life (per cent)

Year of Service

15-Year Life (per cent)

1st 2nd 3rd 4th 5th 6th 7th 8th

10 16 14 12 10 8 6.5 5.25

9th IOth Ilth 12th 13th 14th 15th 16th

4.25 3.5 3 2.5 2 1.5 1 0.5

Based on data in Bulletin F of Department of Treasury, Bureau of Internal Revenue. Based on Cox and Breyer, op. cit., and Epstein, op. cit., estimates. Epstein, op. cit. Based on data in Bulletin F.

722 838 928 846 1,050 1,155 1,500 1,435 1,375 1,465 1,376 1,448 1,479

Original Cost (I)

924 867 851 898 1,210 1,180 1,273 1,259 1,386 1,515 1,387 1,375 1,319

520 604 695 759 822 916 1,053 1,191 1,264 1,321 1,359 1,382 1,414

1947 -49 Prices Original Cost (2) (3) 607 787 908 798 793 985 1,271 1,303 1,193 1,244 1,331 1,431 1,526

(5) (6) (7) (8)

(4)

202 234 233 87 228 239 447 244 111 144 17 66 65

Original Cost (6) 147 53 19 51 296 174 194 116 183 229 45 16 -42

115 51 20 48 257 170 229 132 182 221 45 17 -47

1947-49 Prices Replacement Cost (7) (8)

Net Investment

p. 14). The average age of other used cars sold by dealers is unknown but is assumed considerably higher than the three years of the used cars turned in by new car buyers. The assumption of an average age of nine years appears reasonable, although it may somewhat understate remaining life. Expenditures for years before 1946 required for the calculation of depreciation, from A Study of Saving . . . , Vol. I, Table P-16, col. 4. Same procedure as for col. 3, except expenditure figures from col. 2 and expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by index derived by linking A Study of Saving . . . , Vol. I, Table P-10, col. 12, to 1946 value ofTable B-33, col. 12. Col. 4 multiplied by Table B-33, col. 12. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

SOURCE, BY COLUMN

777 814 832 847 914 1,006 1,079 1,143 1,203 1,286 1,342 1,359 1,361

1947-49 Prices Replacement Cost (4) (5)

Depreciation

(millions of dollars)

(1) From Table B-28, col. 4. (2) Col. 1 deflated by Table B-33, col. 12. (3) Col. 1 depreciated assuming the following depreciation pattern: Year of Service 9- Year Life Year of Service 9- Year Life 1st 16.0% 6th 6.5% 2nd 27.0 7th 4.5 3rd 18.0 8th 3.0 4th 13.0 9th 2.0 5th 9.0 10th 1.0 The estimate of a 9-year remaining life is based on facts that nearly three-fourths of new car sales give rise to used car turnins (Automobile Facts and Figures, Automobile Manufacturers Association, 1953, p. 15); that the median age of the cars turned in is about three years (ibid., p. 16); and that the cars thus turned in constitute nearly one-half of total used car sales as estimated on the basis of Survey of Consumer Finances (ibid.,

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 No 1956 1957 1958

Year

Expenditure

TABLE B-126

NONFARM CONSUMERS' SAVING THROUGH DEALERS' MARGIN ON USED CARS

to £ to

to ^

to to

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

85.2 94.3 104.5 101.2 101.6 111.3 108.8 108.4 107.4 105.1 105.4 107.4 106.7

(1)

Furniture

81.2 95.8 103.1 101.1 99.4 106.2 105.1 103.8 100.5 96.7 90.8 89.1 87.4

Household Appliances (2)

86.5 96.5 100.6 102.9 101.5 111.2 113.3 114.5 114.9 114.2 122.0 126.0 128.3

(3)

China, Glassware, Tableware, and Utensils

82.1 95.7 101.5 102.8 109.9 128.6 124.0 123.3 123.6 130.2 132.8 139.4 138.8

Household Furnishings (4)

OK

A.

71.7 96.7 105.2 98.2 91.1 93.5 86.8 84.5 79.8 75.9 75.0 77.6 77.7

(5)

OF

B-33

(continued)

84.1 92.2 100.9 106.9 108.0 109.9 116.6 121.0 121.0 123.4 124.1 135.9 144.8

A N N U A L

(7)

Passenger C a r Accessories

90.0 99.0 lOO.O 102.0 93.0 104.0 106.0 104.0 104.0 104.0 107.6 110.5 111.3

A V E R A G E S

Books and Maps (6)

DURABLE

lOO.O)

CONSUMER.

T A B L E

(1947-49 =

PRICES

Radio, T V , and Musical Instruments

INDEXES

97.0 103.0 98.0 97.8 94.4 102.1 lOl.O 102.2 99.5 96.3 96.4 94.6 93.0

Jewelry and Watches (8)

GOODS

90.0 95.0 lOO.O 104.0 103.0 111.0 11 1.O 112.0 112.0 112.0 116.1 116.0 116.5

(9)

Ophthalmic Products etc.

90.0 lOO.O lOO.O 100.0 97.1 108.1 108.6 107.9 108.3 105.4 109.0 109.8 110.5

Miscellaneous (10)

79.0 91.2 99.7 109.1 1 lO.O I 15.2 119.2 119.0 115.5 118.3 122.2 128.7 132.8

(11)

2Vew

78.1 96.7 109.1 94.2 86.8 97.9 117.8 1 14.0 99.2 96.7 99.2 105.3 112.1

(12)

Used

Passenger Cars Bought by Nonfarm Individuals

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

83.1 93.5 98.7 103.8 101.4 105.9 114.0 113.4 116.0 113.6 118.6 125.4 128.4 128.2

(2)

76.8 90.3 101.6 104.8 99.0 104.5 106.4 104.2 102.9 98.2 92.6 89.9 88.0 86.9

Furniture

(1)

81.2 92.0 100.3 105.4 98.6 109.8 110.6 107.9 107.7 106.6 104.4 107.3 107.3 106.7

(3)

Household Appliances

China, Glassware, Tableware, and Utensils

76.7 94.1 99.3 103.5 103.2 125.4 126.3 123.5 123.2 127.4 131.2 136.9 140.9 137.7 82.0 89.8 94.6 106.6 107.4 108.5 112.8 121.1 120.8 122.4 123.7 125.2 144.2 145.2

89.0 96.0 97.0 104.0 95.0 98.0 106.0 104.0 105.0 104.0 105.0 109.5 111.1 111.5

B. YEAR-END FIGURES

90.0 92.0 98.0 103.0 104.0 106.0 112.0 111.0 114.0 112.0 114.0 116.5 116.2 116.5

(9)

(8)

97.0 104.0 99.0 100.0 94.5 97.7 102.2 101.1 103.1 96.0 96.3 96.1 94.1 91.5

Ophthalmic Products etc.

Jewelry and Watches

(Notes to Table B-33 on next page)

70.6 83.1 104.6 103.2 93.2 95.7 88.8 85.8 82.4 76.8 75.0 76.1 79.0 78.1

Radio, TV, Passenger Household and Musical Books and Car AcFurnishings Instruments cessories Maps (4) (5) (6) (7)

TABLE B-33 (concluded)

88.0 97.0 98.0 102.0 98.0 101.1 110.2 107.5 109.0 106.4 106.7 109.9 110.0 110.4

Miscellaneous (10)

73.6 85.1 95.4 104.4 109.6 112.6 117.2 119.1 117.2 116.9 120.3 125.5 130.8 138.5

(11)

New

72.2 87.4 102.9 101.6 90.5 92.4 107.8 115.9 106.6 98.0 98.0 102.3 108.7 120.3

Used (12)

Passenger Cars Bought by Nonfarm Individuals

ND &

(5)

(4)

SOURCE, BY COLUMN

Figures from the following sources converted to a 1947-49 base: (1) Bureau of Labor Statistics index of retail prices of furniture 1946-51: Consumer Prices in the United Statesi Bureau of Labor Statistics, 1949-52, Bull. No. 1165, p. 62. 1952-54; Preliminary Indexes of Retail Prices of Selected Items and Specified Groups, Bureau of Labor Statistics, May 1955, p. 7. 1955-58: Consumer Price Index, Bureau of Labor Statistics, various issues, e.g., July 1956, p. 4. (2) 1946-58: Weighted average ofBureau of Labor Statistics indexes of retail prices of sewing machines, washing machines, vacuum cleaners, electric refrigerators, and gas cooking stoves. Weights as of January 1950 irom Consumer Prices . . . {op. cit., p. 33). Figures for various items from sources listed for col. 1. (1946 based only on index for stoves, since no data were available for the other categories.) (3) 1946-58: Unweighted average of Sears Roebuck index of catalog prices of housewares (unpublished data) and index based on Bureau of Labor Statistics figures, obtained for the period 1951—

A. Annual Averages

55 by weighting Bureau of Labor Statistics indexes for dinnerware and aluminum pans by weights given in Consumer Prices . . . , and for the period 1946—50 by extrapolating by the index for dinnerware (since index for aluminum pans was not available.) Bureau of Labor Sta­ tistics figures from sources given for col. 1. 1946-58: Weighted average (January 1950 weights) of Bureau of Labor Statistics indexes of retail prices of sofa beds, bed springs, inner-spring mattresses, wool rugs, and felt-base rugs. Figures from sources listed for col. 1. 1946—50: December 1950 figures extrapolated by Sears Roebuck index of catalog prices of radios, television sets, phonographs, and musical instruments (unpublished data). 1951-58: Weighted average ofBureau of Labor Statistics indexes of retail prices of radios and television sets. For 1950 and 1951, Bureau of Labor Statistics, January 1950 weights were used; for 1952 to 1955, December 1952 weights. All data from sources listed for col. 1.

VJ

(11)

(7 to 10)

(6)

Bureau of Labor Statistics index for retail prices of newspapers from sources given for col. 1 (1947 and 1948 interpolated on basis of daily and Sunday newspapers delivered). 1946-58: Sears Roebuck indexes (unpublished data) of catalog prices of automobile accessories and motor scooters, excluding tires and tubes (col. 7), jewelry, silverware, clocks, and optical goods (col. 8), drugs, sickroom supplies, and hearing aids (col. 9), and sporting goods, luggage, bicycles, and boats (col. 10). 1946-51: Bureau of Labor Statistics index of retail prices of new automobiles from sources given for col. 1 (1946 figure interpolated on basis of wholesale prices of new automobiles from Bureau of Labor Statistics releases). 1952-58: Extrapolated from 1951 by implicit price deflators of business passenger cars (see Table B-118). Adjustment made because Bureau of Labor Statistics index of retail prices of wne automobiles, in that period, apparently does not fully reflect overallowances given by new car dealers for trade-ins and thus does not ade­ quately represent the effective price of new cars.

1946-58

B. Year-End Figures

1946-58: Based on Federal Reserve estimates of the average price of used cars (Federal Reserve Bulletin, various issues, e.g., 1956, p. 816).

For the Bureau of Labor Statistics indexes, averages are of Decem­ ber and following March data; for Sears Roebuck, averages are of fall and following spring indexes. (1 to 10) 1946-58: Derived by same procedure as annual averages, tu. In addition to the sources mentioned, data ^ also from Consumers' Prices in the United States fcq 1942-48, Bureau of Labor Statistics, Bull. No. 966, pp. 72-79. ξ (11) 1946-57: Obtained by arithmetic averaging of annual ^ averages. to 1958: Extrapolated from annual average 1958 by Bureau of Labor Statistics index of retail prices of new automobiles, given in Consumer Price Index, May 1959, p. 5. (12) 1946-57: Obtained by arithmetic averaging of annual averages. 1958: Same procedure as for col. 11, except Bureau of Labor Statistics index of retail prices of used automobiles applied.

(12)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End ι Year

7,468 8,545 9,797 11,114 12,289 13,684 15,029 16,436 17,898 19,233 20,909 22,636 24,100 25,308

Furniture (2)

3,205 4,160 6,181 8,252 9,920 12,131 14,030 15,671 17,300 18,757 20,553 22,185 23,364 24,187

Household Appliances (3)

2,787 3,345 3,910 4,487 4,979 5,495 6,009 6,418 6,817 7,147 7,532 7,877 8,160 8,363

China, Glassware, Tableware, and Utensils (4) 5,562 6,429 7,404 8,446 9,302 10,353 11,513 12,216 12,744 12,942 13,403 14,006 14,521 14,905

Household Furnishings (5) 1,090 1,271 1,357 1,445 1,544 1,651 1,809 1,945 2,089 2,169 2,290 2,475 2,633 2,778

Books and Maps (7) 2,984 4,217 7,384 10,697 15,175 21,489 24,863 27,036 30,441 33,155 39,654 42,727 46,116 46,448

Passenger Cars (8) 330 570 800 959 1,056 1,221 1,299 1,362 1,409 1,387 1,462 1,501 1,566 1,501

Passenger Car Ac­ cessories (9) 4,245 5,071 5,786 6,394 6,891 7,338 7,793 8,281 8,740 9,187 9,701 10,216 10,640 11,058

Jewelry and Watches (10)

584 640 676 717 768 825 905 984 1,055 1,088 1,176 1,339 1,499 1,616

Ophthalmic Products, and Orthopedic Appliances (H)

depreciation for number of years preceding 1945, corresponding to the assumed length of life of asset involved.

1,919 2,504 3,263 3,966 4,803 6,183 7,217 8,209 9,268 10,244 11,056 11,752 12,407 12,869

Radio, TV, and Musical Instruments (6)

(millions of dollars)

SOURCE, BY COLUMN: (1) Sum of cols. 2 to 12; (2 to 12) Derived by addition of cumulated net investment, original cost (Table B-23), to estimated value for 1945, obtained by cumulating expenditures less

31,516 38,534 48,865 59,247 69,804 83,730 94,074 102,443 111,959 119,822 132,697 142,200 151,063 155,637

Total (1)

TABLE B-34

VALUE OF NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

1,342 1,782 2,307 2,770 3,077 3,360 3,607 3,885 4,198 4,513 4,961 5,486 6,057 6,604

Miscel­ laneous (12)

5,553 6,416 8,119 9,701 10,995 12,932 14,384 15,685 17,086 18,506 20,451 22,530 24,206 25,583

12,464 13,231 13,986 14,598 15,180 16,006 16,595 17,360 18,242 19,123 20,466 21,808 22,987 23,974

49,190 55,352 63,359 70,578 77,921 89,007 95,514 100,892 107,874 114,258 125,518 133,834 140,849 144,356

B-35

8,727 9,354 9,812 10,269 10,589 11,018 11,220 11,237 11,212 10,997 10,957 11,062 11,081 11,071

Household Furnishings (5) 3,254 3,943 4,458 4,836 5,470 6,862 7,858 9,015 10,343 11,753 13,125 14,391 15,468 16,253

Radio, TV, and Musical Instruments (6)

(millions of dollars)

Passenger Cars (8) 5,698 6,788 9,729 12,486 15,952 21,153 23,487 24,698 27,134 29,243 34,452 36,538 38,295 37,597

Books and Maps (7) 1,403 1,580 1,608 1,607 1,606 1,629 1,712 1,765 1,826 1,852 1,911 2,029 2,077 2,091

435 718 960 1,132 1,241 1,476 1,568 1,645 1,722 1,735 1,848 1,915 1,994 1,958

Passenger Car Ac­ cessories (9)

5,239 5,957 6,495 6.998 7,396 7,792 8,105 8,492 8,853 9,249 9,798 10,353 10,855 11,385

Jewelry and Watches (10)

Miscel­ laneous (12) 1,805 2,222 2,653 3,033 3,269 3,518 3,661 3,842 4,070 4,243 4,649 5,094 5,582 6,046

Ophthalmic Products, and Orthopedic Appliances (Il) 671 722 737 749 767 808 850 903 952 975 1,052 1,176 1,303 1,394

(2 to 12) Same procedure as for Table B-34, but applied to expenditures in 1947—49 dollars (see Table B-24),

3,942 4,421 4,802 5,169 5,456 5,813 6,074 6,250 6,434 6,582 6,809 6,937 7,001 7,004

China, Glassware, Tableware, and Utensils (4)

(1) Sum of cols. 2 to 12;

Household Appliances (3)

Furniture (2)

Total (1)

SOURCE, BY COLUMN:

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE

VALUE, OF NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, CONSTANT (1947-49) PRICES

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End < Year

TABLE B-36

(2)

10,121 12,173 14,028 15,386 14,967 17,575 18,354 18,731 19,647 20,385 21,367 23,400 24,665 25,580

39,657 51,079 62,908 73,325 78,788 96,686 106,071 110,756 117,490 121,813 133,944 145,859 155,957 160,737

3,276 4,134 4,740 5,365 5,532 6,156 6,924 7,088 7,463 7,477 8,075 8,699 8,989 8,979

(4)

6,694 8,802 9,743 10,628 10,928 13,817 14,121 13,878 13,813 14,010 14,376 15,145 15,613 15,245

(5)

Household Furnishings 2,297 3,277 4,663 4,991 5,098 6,567 6,978 7,735 8,523 9,026 9,844 10,952 12,220 12,694

(6)

Radio, TV, and Musical Instruments 1,150 1,419 1,521 1,713 1,725 1,767 1,931 2,137 2,206 2,267 2,364 2,540 2,995 3,036

(7)

Books and Maps 4,194 5,777 9,281 13,035 17,483 23,818 27,527 29,415 31,801 34,185 41,446 45,855 50,090 52,072

(8)

Passenger Cars 387 689 931 1,177 1,179 1,446 1,662 1,711 1,808 1,804 1,940 2,097 2,215 2,183

(9)

Passenger Car Ac­ cessories 5,082 6,195 6,430 6,998 6,989 7,613 8,283 8,858 9,127 8,879 9,435 9,949 10,215 10,417

Jewelry and Watches (10)

604 664 722 771 798 856 952 1,002 1,085 1,092 1,199 1,370 1,514 1,624

Ophthalmic Products, and Orthopedic Appliances (H)

(1) Sum of cols. 2 to 12. (2 to 12) Cumulated multiplied by appropriate price index from Table B-33 (year-end depreciated capital expenditures in 1947-49 prices (Table B-35), figures).

SOURCE, BY COLUMN:

(3)

Furniture

Total (1)

4,264 5,794 8,249 10,167 10,885 13,514 15,305 16,344 17,581 18,173 18,938 20,254 21,301 22,232

Household Appliances

China, Glassware, Tableware, and Utensils

(millions of dollars)

VALUE OF NONFARM INDIVIDUALS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, CURRENT PRICES

1,588 2,155 2,600 3,094 3,204 3,557 4,034 4,130 4,436 4,515 4,960 5,598 6,140 6,675

Miscel­ laneous (12)

TABLE B-37 CALCULATION OP DEALERS' MARGIN ON USED CARS PURCHASED BY NONFARM CONSUMERS

(millions of dollars) End of Year

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1,190 1,392 1,626 1,859 1,946 2,174 2,413 2,860 3,104 3,215 3,359 3,376 3,442 3,507

1,836 1,983 2,036 2,055 2,106 2,402 2,576 2,770 2,886 3,069 3,298 3,343 3,359 3,317

1,326 1,733 2,095 2,088 1,906 2,219 2,777 3,210 3,076 3,008 2,975 3,574 3,651 3,990

SOURCE, BY COLUMN

(1)

(2) (3)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating dealers' margin less depreciation for nine years, the assumed life span of dealers' margin. See Table B-32. Same procedure as for col. 1 but applied to expenditures in 1947-49 prices. See Table B-32, col. 7. Col. 2 multiplied by Table B-33, col. 12, year-end index.

284 410 630 831 1,047 1,216 1,144 1,215 1,459 1,577 1,632 1,918 2,037

1946 1947 1948 1949 1950 1951 1952 K3 1953 K> 1954 1955 1956 1957 1958

415 448 604 797 984 1,075 972 990 1,161 1,220 1,208 1,359 1,404

1947-49 Prices (2)

148 154 163 176 193 214 235 257 282 310 340 373 410

Original Cost (3) 444 445 447 454 462 473 482 491 503 518 533 546 562

304 407 466 474 492 535 567 602 632 670 720 770 815

Replacement Cost (5)

(5) (6) (7) (8) (9)

136 256 467 655 854 1,002 909 958 1,177 1,267 1,292 1,545 1,627

Original Cost (6) -29 3 157 343 522 602 490 499 658 702 679 813 842

1947-49 Prices (?) -20 3 164 357 555 681 577 613 827 907 917 1,148 1,222

Replacement Cost (8)

Net Investment

68.5 91.5 104.3 104.3 106.4 113.1 117.7 122.7 125.7 129.3 135.1 141.1 145.1

Construction Cost Index (1947-49 = 100.0) (9)

tures in original cost (col. 3) by index for the period 1915—45 from same source as for later years (see col. 9); for years before 1915, index extrapolated by figures given in A Study of Saving ..., Vol. I, Table R-20, col. 5. Col. 4 multiplied by col. 9. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. American Appraisal Company index from same source as for col. 1. Figures are annual averages.

SOURCE, BY COLUMN

1947-49 Prices (4)

Depreciation

(amounts in millions of dollars)

Construction Volume and Costs, Department of Commerce, 1915-56, p. 3; plus various issues of Construction Review, e.g., Mar. 1957, p. 12. Sum of religious, educational, hospital, and institutional building. (2) Col. 1 deflated by col. 9. (3) Col. 1 depreciated assuming an average life of fifty years. Expenditures for years before 1946 required for calculation of depreciation from Construction Volume . . ., loc. cit., and A Study of Saving . . . , Vol. I, Table R-17, col. 1. (4) Col. 2 depreciated assuming an average life of fifty years. Expenditures in 1947-49 prices obtained by deflating expendi-

Original Cost (1)

Expenditures

Year

(1)

TABLE B-126

N E T INVESTMENT BY NONPROFIT NONFINANCIAL INSTITUTIONS IN BUILDINGS, EXCLUDING SOCIAL AND RECREATIONAL BUILDINGS

£ to

>13 tq

APPENDIX B TABLE B-39 NET INVESTMENT BY NONPROFIT NONFINANCIAL INSTITUTIONS IN SOCIAL AND RECREATIONAL BUILDINGS

(millions of dollars) Depreciation Expenditures Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Original 1947-49 Cost Prices Cost Prices (1) (2) (3) (4) 41 33 74 88 83 54 41 55 76 79 92 103 142

60 36 71 84 78 48 35 45 60 61 68 73 97

25 26 27 28 30 31 32 33 34 36 37 39 42

67 67 67 68 68 69 68 68 68 68 68 68

69

Net Investment

Replace­ ment Cost (5) 46 61 70 71 72 78 80 83 85 88 92 96 100

Original 1947-49 Prices Cost (6) (7) 16 7 47 60 53 23 9 22 42 43 55 64 100

-7 -31 4 16 10 -21 -33 -23 -8 -7 0 15

28

Replace­ ment Cost (8) -5 -28 4 17 11 -24 -39 -28 -9 -9 0 7 41

SOURCE, BY COLUMN

(1) From Table B-46, col. 5; (2) Col. 1 divided by Table B-105, col. 9; (3 and 4) One-third of Table B-105, cols. 3 and 4, respectively; (5) Col. 4 multiplied by Table B-105, col. 9; (6) Col. 1 minus col. 3; (7) Col. 2 minus col. 4; (8) Col. I minus col. 5.

(4)

(2) (3)

(1)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

21 25 33 43 57 74 91 108 129 153 179 208 237

(3)

Original Cost 32 37 44 52 64 77 90 103 118 137 157 177 196

(4)

(5) (6) (7) (8) (9)

36 57 93 123 152 169 138 135 163 162 148 176 170

(6)

Original Cost 38 51 81 105 129 130 103 99 122 116 90 96 85

(7)

1947-49 Prices

Net Investment

31 47 82 111 140 152 122 119 149 144 119 135 124

(8)

Replacement Cost

81.0 93.3 101.0 105.7 108.1 117.6 118.5 120.3 121.5 124.7 132.4 140.7 144.6

(9)

(1947-49 = 100.0)

Price Deflator

by deflating expenditures in original cost (col. 3) by index derived from same source as col. 9. Col. 4 multiplied by col. 9. Col. 1 minus col. 3 Col. 2 minus col. 4. Col. 1 minus col. 5. Implicit price deflator of producer durable goods from U.S. Income and Output, pp. 225, 229; and Survey of Current Business, July 1959, p. 40, converted to a 1947-49 base.

COLUMN

26 35 44 55 69 91 107 124 143 171 208 249 283

(5)

Replacement Cost

SOURCE,

1947-49 Prices

Depreciation

(amounts in millions of dollars)

Estimated roughly at 20 per cent of expenditures on construction by nonprofit institutions (see Table B-38) as in A Study of Saving . . ., Vol. I, Table P-l, col. 4. Col. 1 deflated by col. 9. Col. 1 depreciated assuming an average life of twelve years. Expenditures for years before 1946 required for calculation of depreciation obtained by same procedure and from same sources as figures for later years (see col. 1). Col. 2 depreciated assuming an average life of twelve years. Expenditures in 1947-49 prices for years before 1946, obtained

70 88 125 157 193 207 193 202 240 253 247 273 281

(2)

(1)

57 82 126 166 209 243 229 243 292 315 327 384 407

1947-49 Prices

Original Cost

Expenditures

TABLE B-40

NET INVESTMENT BY NONPROFIT NONFINANCIAL INSTITUTIONS IN EQUIPMENT

APPENDIX B TABLE B-41 VALUE OF NONPROFIT NONFINANCIAL INSTITUTIONAL REAL ESTATE, EXCLUDING SOCIAL AND RECREATIONAL BUILDINGS

(millions of dollars) End of Year

Buildings

Real Estate

Land

Original Cost (1)

1947-49 Prices (2)

Current Prices

1947-49 Prices

(3)

(4)

(5)

3,917 4,053 4,309 4,776 5,431 6,285 7,287 8,196 9,154 10,331 11,598 12,890 14,435 16,062

10,106 10,077 10,080 10,237 10,580 11,102 11,704 12,194 12,693 13,351 14,053 14,728 15,541 16,383

6,074 8,062 10,080 10,923 10,908 12,290 13,460 14,730 15,790 16,982 18,550 20,324 22,239 24,149

2,527 2,519 2,520 2,559 2,645 2,776 2,926 3,048 3,173 3,338 3,513 3,682 3,885 4,096

1,518 2,016 2,520 2,731 2,727 3,072 3,365 3,682 3,948 4,246 4,638 5,081 5,560 6,037

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Current Prices

1947-49 Prices (6)

Current Prices

12,633 12,596 12,600 12,796 13,225 13,878 14,630 15,242 15,866 16,689 17,566 18,410 18,426 20,479

7,592 10,078 12,600 13,654 13,635 15,362 16,825 18,412 19,738 21,228 23,188 25,405 27,799 30,186

(7)

SOURCE, BY COLUMN

(1)

(2) (3) (4 and 5) (6) (7)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for fifty years preceding 1945, corresponding to the assumed length of life of institutional buildings (see Table B-38, col. 6). Same procedure as for col. 1, but applied to expenditures in 1947—49 prices (see Table B-38, col. 2). Col. 2 multiplied by December-January average of construction cost index (see Table B-38, note to col. 3). Estimated at 25 per cent of value of institutional construction (see A Study of Saving . . . , Vol. ILL, Table W-25). Col. 2 plus col. 4. Col. 3 plus col. 5.

TABLE B-42 VALUE OF SOCIAL AND RECREATIONAL BUILDINGS OWNED BY NONPROFIT NONFINANCIAL INSTITUTIONS

(millions of dollars) Buildings

End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Land

Real Estate

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1947-49 Prices (4)

Current Prices (5)

1947-49 Prices (6)

Current Prices (7)

620 636 643 690 750 803 826 835 857 899 942 997 1,062 1,161

1,498 1,491 1,460 1,464 1,480 1,490 1,469 1,436 1,413 1,405 1,398 1,398 1,384 1,412

900 1,193 1,460 1,562 1,526 1,649 1,689 1,735 1,758 1,787 1,845 1,928 1,980 2,082

999 999 974 976 987 994 980 958 942 937 932 932 923 942

601 796 974 1,043 1,019 1,100 1,127 1,158 1,173 1,1&3 1,233 1,288 1,321 1,388

2,497 2,485 2,434 2,440 2,467 2,484 2,449 2,394 2,355 2,343 2,330 2,330 2,307 2,354

1,501 1,989 2,434 2,605 2,545 2,749 2,816 2,893 2,931 2,990 3,078 3,216 3,301 3,470

SOURCE: Cols. 1 to 7, same procedure as for Table B-41, but based on figures of Table B-39. Land estimates revised to maintain constant proportion (66.7%) of structures.

TABLE B-43 VALUE OF NONPROFIT NONFINANCIAL INSTITUTIONAL EQUIPMENT

(millions of dollars) End of Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

111 147 204 297 420 572 741 879 1,014 1,177 1,339 1,487 1,663 1,883

171 209 260 341 446 575 705 808 907 1,029 1,145 1,235 1,331 1,416

132 182 253 353 477 649 833 965 1,097 1,267 1,472 1,687 1,899 2,065

SOURCE, BY COLUMN

(1)

(2) (3)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for twelve years preceding 1945, corresponding to the assumed length of life of institutional equip­ ment (see Table B-40, Col. 6). Same procedure as for col. 1, but applied to expenditures in 1947—49 prices (see Table B-40, Col. 7). Col. 2 multiplied by year-end average of price deflator. See Table B-40, col. 9. For 1945-57, year-end index obtained by averaging deflator for current year and succeeding year. Year-end 1958 is average of 4th quarter 1958 and 1st quarter 1959.

TABLE B-44

Total (1)

14,521 20,008 22,615 20,120 22,429 27,811 28,478 30,029 29,164 33,962 40,195 42,429 35,162

Year

1946 i\= 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

2,293 3,074 3,587 3,346 3,917 4,368 4,257 4,956 4,947 5,953 6,692 6,970 5,879

Unincorporated (2)

Plant and Equipment

1,132 856 1,253 1,027 1,288 1,371 1,137 1,791 2,212 3,218 3,631 3,564 3,561

Total (3) 453 342 501 411 515 548 455 716 885 1,287 1,452 1,426 1,424

40% 40 40 40 40 40 40 40 40 40 40 40 40 1,689 1,702 1,397 972 1,062 2,117 2,320 2,229 2,030 2,399 3,084 3,557 2,443

Total (6)

(continued)

Unincorporated (5)

Share of Unincorporated (4)

Commercial Structures

5% 5 5 5 5 5 5 5 5 5 5 5 5

Share of Unincorporated (7) 84 85 70 49 53 106 116 111 102 120 154 178 122

Unincorporated (8)

Industrial Structures

(amounts in millions of dollars)

. . . ALLOCATIONS

111 75 117 136 133 284 288 282 321 178 195 206 252

Total (9)

40% 40 40 40 40 40 40 40 40 40 40 40 40

Share of Unincorporated (10)

44 30 47 54 53 114 115 113 128 71 78 82 101

Unincorporated (11)

Miscellaneous Nonresidential

SHARE OF UNINCORPORATED BUSINESS IN TOTAL BUSINESS PLANT AND EQUIPMENT EXPENDITURES, USING A Study of Saving

to

S

to

ft

Co

L\D

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

783 925 1,249 1,262 1,501 1,828 1,870 2,187 2,311 2,487 2,732 2,697 2,760

Total (13)

14.7% 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0 15.0

Share of Unincor­ porated (14)

115 139 187 189 225 274 280 328 347 373 405 405 414

Unincor­ porated (15) 5% 5 5 5 5 5 5 5 5 5 5 5 5

Share of Unincor­ porated (17) 8,897 13,146 14,447 11,908 13,184 15,840 16,166 17,093 16,091 17,353 22,284 23,321 17,883

Total (19) 15% 15 15 15 15 15 15 15 15 15 15 15 15

Share of Unincor­ porated (20) 1,335 1,972 2,167 1,786 1,978 2,376 2,425 2,564 2,414 2,603 3,343 3,498 2,682

Unincor­ porated (21)

Equipment, Excluding Passenger Cars

361 719 883 1,260 1,637 1,393 1,271 1,725 1,639 3,438 2,836 3,052 2,313

Total (22)

256 497 605 849 1,084 940 857 1,115 1,063 1,490 1,250 1,371 1,126

Unincor­ porated (23)

Passenger Cars, New and Used

(13) (14)

Average of Table B-107, col. 1 and Table B-108, col. 1. Same procedure as for col. 4 except per cents as complements of A Study of Saving . . ., Vol. I, Table C-16, col. 3. (15) Col. 13 multiplied by col. 14. (16) Table B-109, col. 1. (17) Same procedure as for col. 4 except that per cents are comple­ ments of A Study of Saving . . . , Vol. I, Table C -16, col. 4. (18) Col. 16 multiplied by col. 17. (19) Table B-99, col. 1 minus col. 15, minus Table B-40, col. 1. (20) Same procedure as for col, 4 except figures from A Study of Saving . . . , Vol. I, Table P-12. (21) Col. 19 multiplied by col. 20. (22) Sum of Tables B-50, col. 1, B-120, col. 1, and B-51, col. 1. (23) Sum of Tables B-50, col. 1, and B-51, col. 1.

6 9 10 8 9 10 9 9 8 9 10 10 10

Unincor­ porated (18)

SOURCE, BY COLUMN

122 178 208 154 182 202 184 186 155 185 200 209 207

Total (16)

(concluded)

Mining Development

Sum of cols. 3, 6, 9, 12, 13, 16, 19, and 22. Sum of cols. 5, 8, 11, 15, 18, 21, and 23. Table B-102, col. 1. Figures for 1946-1949 from A Study of Saving . . ., Vol. I, Table R-29, col. 3 continued through 1958. (5) Col. 3 multiplied by col. 4. (6) Table B-IOl, col. 1. (7) Same procedure as for col. 4 except figures from A Study of Saving . . . , Vol. I, Table R-29, col. 4. (8) Col. 6 multiplied by col. 7. (9) Table B-103, col. 1. (10) Same as col. 4. (11) Col. 9 multiplied by col. 10. (12) Table B-104, col. 1.

1,426 2,407 3,108 3,401 3,442 3,793 4,088 4,536 4,405 4,704 5,233 5,823 5,743

Year

(1) (2) (3) (4)

Public Utility (12)

Petroleum and Gas Well Drilling

TABLE B-44

to

to

fcO kB Cfl

TABLE B-45 UNINCORPORATED BUSINESS EXPENDITURES FOR NONRESIDENTIAL CONSTRUCTION, CONSTANT (1947-49) PRICES

(millions of dollars)

Year 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Commercial Structures (1)

Industrial Structures (2)

Miscellaneous Nonresidential (3)

Petroleum and Gas Well Drilling (4)

Mining Development (5)

637 370 483 396 492 492 396 599 714 1,011 1,092 1,028 992

107 91 67 48 50 90 96 90 85 98 115 125 86

64 33 45 52 50 101 98 92 102 55 58 58 70

147 148 182 183 210 222 242 260 293 326 315 285 292

8 10 10 8 9 8 7 6 7 7 8 7 7

SOURCE, BY COLUMN

(1)

Table B-44, col. 5, divided by component weighted average of indexes in Table B-106, cols. 2 and 3. Table B-44, col. 8 divided by Table B-106, col. 1. Table B-44, col. 11 divided by Table B-106, col. 3. Table B-44, col. 15 divided by Table B-106, col. 1. Table B-44, col. 18 divided by Table B-106, col. 1.

(2) (3) (4) (5)

TABLE B-46 EXPENDITURES ON SOCIAL AND RECREATIONAL BUILDINGS, BY MAJOR OWNERSHIP GROUP

(millions of dollars) Business Expenditures Year 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total Expenditures (1) 125 99 224 262 247 164 125 163 228 239 274 311 424

Total (2) 84 66 150 174 164 110 84 108 152 160 182 208 282

Corporate (3) 42 33 75 87 82 55 42 54 76 80 91 104 141

Noncorporate (4) 42 33 75 87 82 55 42 54 76 80 91 104 141

Institutional Expenditures (5) 41 33 74 88 83 54 41 55 76 79 92 103 142

SOURCE, BY COLUMN

(1) (2) (3 to 5)

Construction Volume and Costs, 1915-56, Department of Commerce, p. 2; Survey of Current Business, July 1959, p. 29. Sum of cols. 3 and 4. Rough division, one-third of col. 1 being allocated to each group.

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(4 to 6)

(1 to 3)

Year

TABLE B-126

(3)

(2)

17 4 -17 -34 —29 13 20 15 12 25 42 52 13

49 50 34 12 16 68 76 69 59 75 106 126 68

(7 to 9)

SOURCE, BY COLUMN

163 -104 10 -78 18 16 -80 122 230 516 582 503 449

(5)

(4)

254 136 287 188 283 305 202 452 604 981 1,114 1,056 1,021

1947-49 Prices 116 -96 10 -81 19 18 -92 146 285 657 774 698 645

(6)

Replacement Cost 31 17 33 39 37 96 94 89 102 42 47 49 66

(7)

Original Cost

18 68 63 55 63 14 16 15 26

21

34 3 14

(8)

1947-49 Prices

23 3 15 22 19 77 74 68 79 18 21 21 37

(9)

Replacement Cost

Miscellaneous Nonresidential

years before 1946 obtained by multiplying expenditures by all owners (see notes to Table B-102, col. 3) by A Study of Saving . . . , Vol. I, Table R-29, col. 3. Derived by same procedure used in Table B-103, cols. 6 to 8, from expenditures by unincorporated business on miscellaneous nonresidential buildings (1946-58 from Table B-44, col. 11); years before 1946 obtained by multiplying expenditures by all owners (see notes to Table B-103, col. 3) by A Study of Saving . . . , Vol. I, Table R-29, col. 3.

Commercial Original Cost

Derived by same procedure used in Table B-101, cols. 6 to 8, from expenditures by unincorporated business on industrial structures (1946-58 from Table B-44, col. 8); years before 1946 obtained by multiplying expenditures by all owners (see notes to Table B-101, col. 3) by A Study of Saving . . . , Vol. I, Table R-29, col. 4, using linear interpolation between decadal percentages. Derived by same procedure used in Table B-102, cols. 6 to 8, from expenditures by unincorporated business on commercial structures (1946-58 from Table B-44, col. 5);

13 3 -17 -35 -30 15 24 18 14 30 56 74 18

Replacement Cost

1947-49 Prices

Original Cost (1)

Industrial

(millions of dollars)

N E T INVESTMENT BY UNINCORPORATED BUSINESS IN INDUSTRIAL, COMMERCIAL, AND MISCELLANEOUS NONRESIDENTIAL BUILDINGS

to

g

"o tq

60 78 117 111 137 165 174 202 217 247 253 226 222

(1)

Original Cost (5)

99 99 133 129 154 158 172 182 209 235 211 168 170

(4)

98 121 173 162 194 227 249 267 287 328 335 298 292

(3)

40 48 82 79 105 124 143 160 181 210 206 173 173

51 52 79 78 99 105 108 130 151 172 154 122 122

77 93 139 131 162 186 207 225 251 288 283 238 237

Replacement Cost (6) 2 5 6 4 5 5 4 4 3 4 5 4 4

(7)

Original Cost

-1 -1

-2 -2 -3 -2 -2

-2 -3 -2 -2 -1 -1 -1

0 -1

0

-1 1 1 -1

(9)

Replacement Cost

-1

-1 1 1 -1

1947-49 Prices (8)

MINING DEVELOPMENT

development (linear interpolation between given ratios; 1947 ratios continued through 1958). aBased on Department of Commerce figures (see Table B-107). b Based on Department of Commerce and other expenditure esti­ t mates (see Table B-108).

1947-49 Prices

Original Cost

Replacement Cost

Estimate Eb

1947-49 Prices (2)

Estimate A&

PETROLEUM AND GAS WELL DRILLING

(millions of dollars)

SOURCE: Derived by same procedure as cols. 6 to 8 of Table B-107, B-108, and B-109, respectively, from expenditures by unincorporated business, obtained by multiplying expenditures by all owners (see col. 3 of Tables B-107, B-108, and B-109) by the complement of the per cents given in A Study of Saving. . . . , Vol. I, Table C-16, col. 3, for petroleum and gas well drilling, and Table C-16, col. 4, for mining

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

YEAR

TABLE B-48

NET INVESTMENT BY UNINCORPORATED BUSINESS IN UNDERGROUND MINING CONSTRUCTION

£ to

§

tq

KO

APPENDIX B

TABLE B-49 NET INVESTMENT BY UNINCORPORATED BUSINESS THROUGH PURCHASE OF EQUIPMENT, EXCLUDING PASSENGER CARS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original Cost (1) 1,335 1,972 2,167 1,786 1,978 2,376 2,425 2,564 2,414 2,603 3,343 3,498 2,682

1947-49 Original 1947-49 Prices Cost Prices (2) (3) (4) 1,648 2,114 2,146 1,690 1,830 2,020 2,046 2,131 1,987 2,087 2,525 2,486 1,855

514 608 734 851 957 1,077 1,204 1,339 1,476 1,608 1,761 1,946 2,116

792 889 1,012 1,113 1,196 1,279 1,357 1,444 1,534 1,612 1,694 1,798 1,892

Replace­ Replace­ Original 1947-49 ment ment Prices Cost Cost Cost (5)

(6)

(7)

(8)

642 829 1,022 1,176 1,293 1,504 1,608 1,737 1,864 2,010 2,243 2,530 2,736

821 1,364 1,316 829 1,021 1,299 1,221 1,225 938 995 1,582 1,552 566

856 1,225 1,134 577 634 741 689 687 453 475 831 688 -37

693 1,143 1,145 610 685 872 817 827 550 593 1,100 968 -54

SOURCE, BY COLUMN

(1) (2) (3)

(4) (5) (6) (7) (8)

Table B-44, col. 21. Col. 1 divided by implicit price deflator of producer durable goods, shown in Table B-40, col. 9. Col. 1 depreciated assuming an average life of fifteen years, which is approximately the weighted average of lengths of life used in computing depreciation on various types of producer durable goods (see notes to Table B-112). Expenditures for years before 1946 obtained by same procedure as figures for later years (see col. 1). Col. 2 depreciated assuming an average life of fifteen years. Expenditures in 1947-49 prices for years before 1946, obtained by deflating expenditures in original cost (see col. 3) by index derived from same source as Table B-40, col. 9. Col. 4 multiplied by Table B-40, col. 9. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-50 NET INVESTMENT BY UNINCORPORATED BUSINESS THROUGH PURCHASE OF PASSENGER CARS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Original 1947-49 Cost Prices Cost Prices (1) (2) (3) (4) 210 443 544 795 1,017 864 761 1,023 975 1,395 1,158 1,279 1,032

252 477 536 752 959 780 652 897 871 1,197 967 1,014 793

83 100 161 269 418 574 691 785 870 956 1,017 1,064 1,121

124 125 175 278 418 561 659 727 790 855 893 913 944

Replace­ ment Original 1947-49 Prices Cost Cost (7) (6) (5) 103 116 178 293 443 621 769 829 884 996 1,070 1,151 1,228

127 343 383 526 599 290 70 238 105 439 141 215 -89

128 352 361 474 541 219 -7 170 81 342 74 101 -151

Replace­ ment Cost (8) 107 327 366 502 574 243 -8 194 91 399 88 128 -196

SOURCE BY COLUMN

(1) (2) (3) (4)

(5) (6) (J) (8)

From Table B-27, col. 3. 1946-56, col. 1 divided by Table B-118, col. 14; 1957-58, by 126.0 and 130.0, respectively. Col. 1 depreciated assuming an average life of six years. Expenditures for years before 1946 from A Study of Saving. .·., Vol. I, Table P-13, col. 1. Same method as for col. 3, but expenditures figures of col. 2 used. Expenditures in 1947-49 prices for years before 1946, obtained by deflating expenditures in original cost (see col. 3) by index derived by extrapolating Table B-118, col. 14, from 1946 by A Study of Saving. . . , Vol. I, Table P-10, col. 12. 1946-56, col. 4 multiplied by Table B-118, col. 14; 1957-58, by 126.0 and 130.0, respectively. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-51 BUSINESS SAVING THROUGH DEALERS' MARGIN ON USED CARS

(millions of dollars) Depreciation

Saving

Dealers' Margin

Year

Original Cost (1)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

46 54 59 54 67 74 96 92 88 94 88 92 94

1947-49 Original 1947-49 Prices Cost Prices (2) (3) (4) 55 58 58 51 63 67 82 81 79 81 73 73 72

30 39 48 54 58 63 72 83 90 92 91 91 91

41 48 54 56 57 59 66 74 79 81 79 77 74

Replacement Cost (5) 34 45 55 59 60 65 77 84 88 94 95 97 96

Original 1947-49 Cost Prices (6) (7) 16 15 11 —

9 11 24 9 -2 2 -3 1 3

Replacement Cost (8)

14 10 4 -5 6 8 16 7

12 9 4 -5 7 9 19 8

—

—

—

—

-6 -4 -2

-7 -5 -2

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

From Table B-28, col. 3. 1946-56, col. 1 divided by Table B-118, col. 14; 1957-58, by 126.0 and 130.0, respectively. Col. 1 depreciated assuming an average life of three years. Expenditures for years before 1946 from A Study of Saving . . . , Vol. I, Table P-16, col. 3. Same method as for col. 3 except expenditure figures of col. 2 used. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (col. 3) by index derived by extrapolating Table B-118, col. 14, back from 1946 by A Study of Saving . . . , Vol. I, Table P-10, col. 12. 1946-56, col. 4 multiplied by Table B-118, col. 14; 1957-58, by 126.0 and 130.0, respectively. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

TABLE B-52 NET INVESTMENT IN MULTIFAMILY DWELLINGS: UNINCORPORATED BUSINESS SHARE

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Original 1947-49 Cost Prices Prices Cost (1) (2) (3) (4) 83 157 290 365 345 248 228 267 240 258 292 272 284

107 171 280 348 314 209 187 212 189 198 213 193 198

111 113 116 121 127 132 136 140 143 147 152 156 161

Replace­ Replace­ Original 1947-49 ment ment Cost Cost Cost Prices (7) (8) (6) (5)

275 275 277 280 283 285 287 288 290 291 291 294 295

214 253 287 294 310 337 350 363 367 381 399 414 424

-28 44 174 244 218 116 92 127 97 111 140 116 123

-168 -104 3 68 31 -76 -100 -76 -101 -93 -78 -101 -97

-131 -96 3 71 35 -89 -122 -96 -127 -123 -107 -142 -140

SOURCE: Same procedure as for Table B-7. Expenditures by individuals on multifamily dwellings, determined by multiplying the components of Table B-7, col. 1, by percentages given in A Study of Saving . . ., Vol. I, Table R-29, col. 2. (interpolating between decadal percentages; 1948 figure carried through 1958).

TABLE B-53 NET INVESTMENT BY UNINCORPORATED BUSINESS IN NONHOUSEKEEPING STRUCTURES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Original 1947-49 Cost Prices Cost Prices (1) (2) (3) (4) 48 44 63 72 61 79 76 112 112 134 185 205 242

62 48 61 69 56 67 62 89 88 103 135 145 169

65 66 66 67 68 69 70 71 73 76 79 82 87

149 148 146 145 143 141 140 139 138 137 137 137 138

ReplaceReplacement Original 1947-49 ment Cost Cost Prices Cost (5) (6) (7) (8) 116 136 151 152 157 166 171 175 175 179 188 193 198

-17 -22 -3 5 -7 10 6 41 39 58 106 123 155

-87 -100 -85 -76 -87 -74 -78 -50 -50 -34 -2 8 31

-68 -92 -88 -80 -96 -87 -95 -63 -63 -45 -3 12 44

SOURCE: Same procedure as for Table B-8. Expendituresbyunincorporated business on nonhousekeeping units determined by multiplying Table B-8, col. I5 by percentages given in A Study of Saving . . . , Vol. I, Table R-29, col. 2 (interpolating between decadal percentages; 1948 figure carried through 1958).

TABLE B-54 VALUE OF UNINCORPORATED BUSINESS SHARE OF PRIVATE NONFARM HOUSEKEEPING REAL ESTATE

(millions of dollars) Nonhousekeeping Real Estate

Nonhousekeeping Structures

EYICI

of Year

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1,257 1,240 1,218 1,215 1,220 1,213 1,223 1,229 1,270 1,309 1,367 1,473 1,596 1,751

2,669 2,582 2,482 2,397 2,321 2,234 2,160 2,082 2,032 1,982 1,948 1,946 1,954 1,985

1,956 2,159 2,435 2,550 2,428 2,569 2,588 2,575 2,577 2,533 2,603 2,707 2,781 2,896

1947-49 Prices (4)

Current Prices (5)

3,336 3,228 3,103 2,996 2,901 2,792 2,700 2,602 2,540 2,478 2,435 2,409 2,443 2,481

2,445 2,699 3,044 3,188 3,035 3,211 3,235 3,219 3,221 3,166 3,254 3,350 3,476 3,622

SOURCE, BY COLUMN

(1)

Derived by addition of cumulated net investment, original cost (Table B-53, col. 6), to estimated value for 1945, obtained by cumulating expenditures less depreciation for forty years preceding 1945, the assumed length of life of nonhousekeeping structures. (2) Same procedure as for col. 1, but derived from Table B-53, col. 7. (3) ' Col. 2 multiplied by Table B-9, col. 4. (4 and 5) Cols. 2 and 3, respectively, plus value of underlying land, estimated on basis of data given in A Study of Saving . . . , Vol. II, Table B-50, col. 2. TABLE B-55 VALUE OF UNINCORPORATED BUSINESS STRUCTURES, CURRENT PRICES

(millions of dollars) End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Industrial (2)

Commercial (3)

Miscellaneous Nonresidential (4)

6,473 13,256 16,135 11,011 10,618 11,295 11,940 12,399 12,987 13,738 15,067 16,524 17,968 19,192

882 1,113 1,287 1,341 1,260 1,356 1,477 1,519 1,542 1,524 1,639 1,762 1,992 2,018

5,233 7,112 8,527 8,981 8,670 9,181 9,597 9,894 10,361 11,026 12,177 13,433 14,575 15,693

358 503 632 689 688 758 866 986 1,084 1,188 1,251 1,329 1,401 1,481

SOURCE, BY COLUMN

(1) Sum of cols. 2, 3, and 4; (2 to 4) Cumulated depreciated capital expenditures in 1947-49 prices, multiplied by appropriate price deflator from Table B-106 (year-end figures used).

APPENDIX B TABLE B-55A VALUE OF UNINCORPORATED BUSINESS STRUCTURES, CONSTANT(1947^9) PRICES

(millions of dollars) End of Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Industrial

Commercial

(2)

(3)

Miscellaneous Nonresidential (4)

10,334 10,548 10,451 10,458 10,367 10,374 10,471 10,474 10,666 10,971 11,526 12,166 12,736 13,224

1,271 1,288 1,292 1,275 1,241 1,212 1,225 1,245 1,260 1,272 1,297 1,339 1,391 1,404

8,468 8,631 8,527 8,537 8,459 8,477 8,493 8,413 8,535 8,765 9,281 9,863 10,366 10,815

595 629 632 646 667 685 753 816 871 934 948 964 979 1,005

SOURCE, BY COLUMN

(1) Sum of cols. 2, 3, and 4. (2 to 4) Same procedure as for Table B-121, cols. 2 to 5, but applied to expenditures in 1947-49 prices (see Table B-47).

TABLE B-55B VALUE OF UNINCORPORATED BUSINESS STRUCTURES, ORIGINAL COST

(millions of dollars) End of Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Commercial

Miscellaneous Nonresidential

Total (1)

Industrial (2)

(3)

(4)

4,667 5,001 5,204 5,558 5,797 6,133 6,602 6,974 7,584 8,349 9,447 10,684 11,945 13,100

565 614 664 698 710 726 794 870 939 998 1,073 1,179 1,305 1,373

3,839 4,093 4,229 4,516 4,704 4,987 5,292 5,494 5,946 6,550 7,531 8,645 9,701 10,722

263 294 311 344 383 420 516 610 699 801 843 890 939 1,005

SOURCE, BY COLUMN

(1) Sum of cols. 2, 3, and 4. (2 to 4) Derived by addition of cumulated net in­ vestment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset involved (see Tables B-IOl to B-104, and B-47).

713 932 1,126 1,273 1,307 1,552 1,799 1,952 2,118 2,253 2,595 2,904 3,335 3,522

(3)

(2)

1,028 1,079 1,131 1,210 1,288 1,387 1,492 1,600 1,730 1,881 2,053 2,207 2,329 2,451

Current Prices

1947-49 Prices

Estimate A*

(7)

(6)

713 974 1,221 1,430 1,510 1,837 2,171 2,409 2,636 2,831 3,284 3,697 4,263 4,522

(5)

1,028 1,127 1,226 1,359 1,488 1,642 1,800 1,972 2,154 2,363 2,598 2,809 2,977 3,147

175 174 175 176 175 175 174 172 169 167 165 164 163 162

(8)

1947-49 Prices

121 150 174 185 178 196 210 210 207 200 209 216 233 233

(9)

Current Prices

Cumulated depreciated capital expenditures in 1947-49 prices multiplied by price index (yearend figures used; see Table B-106). a Based on unincorporated business share of Department of Commerce figures. b Based on unincorporated business share of Department of Commerce and other expenditure estimates (see Table 48).

(3, 6, and 9)

83 85 90 96 100 105 110 114 118 121 125 130 134 138

Original Cost

MINING DEVELOPMENT

Current Prices

1947-49 Prices

SOURCE, BY COLUMN

524 622 743 916 1,078 1,272 1,498 1,748 2,015 2,302 2,630 2,965 3,263 3,555

Original Cost (4)

Estimate Iiu

PETROLEUM AND GAS WELL DRILLING

(millions of dollars)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset involved (see Table B-48). (2, 5, and 8) Same procedure as for col. 1, but applied to expenditures in 1947-49 prices.

524 584 662 779 890 1,027 1,192 1,366 1,518 1,785 2,032 2,285 2,511 2,733

Original Cost (1)

(1, 4, and 7)

1945 1946 1947 1948 1949 1950 Co 1951 1952 1953 1954 1955 1956 1957 1958

END OF YEAR

TABLE B-126

VALUE OF UNINCORPORATED BUSINESS SHARE OF UNDERGROUND MINING CONSTRUCTION

to

S

13 bj to

tL.

APPENDIX B TABLE B-57 VALUE OF DEALERS' MARGIN ON USED CARS PURCHASED BY BUSINESS

(millions of dollars) End of Year

Original Cost

(1) 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

42 58

Ti 84 84 93 104 128 137 135 137 134 135 138

1947-49 Prices (2)

Current Prices

60 74 84 88 83 89 97 113 120 120 120 114 110 108

46 65 82 91 88 96 110 130 136 137 142 140 141 146

(3)

SOURCE, BY COLUMN

(1)

(2) (3)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating dealers' margin less expenditures for three years, the assumed life span of dealers' margin. Same procedure as for col. 1, but applied to expenditures in 1947-49 prices (see Table B-51, cols. 2 and 4). Cumulated depreciated capital expenditures in 1947-49 prices, multiplied by price index (see Table B-58, note to col. 6).

APPENDIX B

TABLE B-58 VALUE OF UNINCORPORATED BUSINESS SHARE OF EQUIPMENT AND CARS

(millions of dollars) Business Equipment End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Passenger Cars

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

Original Cost (4)

1947-49 Prices (5)

Current Prices (6)

4,425 5,246 6,610 7,926 8,755 9,776 11,075 12,296 13,521 14,459 15,454 17,036 18,588 19,154

6,667 7,523 8,748 9,882 10,459 11,093 11,834 12,523 13,210 13,663 14,218 15,049 15,737 15,710

5,134 6,561 8,503 10,218 11,181 12,524 13,976 14,952 15,971 16,819 18,284 20,557 22,457 22,934

105 232 575 958 1,484 2,083 2,373 2,443 2,681 2,786 3,225 3,366 3,581 3,492

163 291 643 1,004 1,478 2,019 2,238 2,231 2,401 2,482 2,824 2,898 2,999 2,848

125 256 625 1,040 1,565 2,189 2,545 2,572 2,713 2,834 3,338 3,565 3,839 3,862

SOURCE, BY COLUMN

(1) (2) (3) (4) (5) (6)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945 (see Table B-49). Same procedure as for col. 1, but applied to expenditures in 1947-49 prices. Col. 2 multiplied by year-end index for producers' durable equipment obtained by averaging yearly index for successive years (see Table B-40, col. 9). Same procedure as for col. 1, using figures in Table B-50. Same as for col. 2. Col. 5 multiplied by year-end index for passenger cars derived by averaging succes­ sive years of index in Table B-118, col. 14. 1957 and 1958 extrapolated by using passenger car index from Table B-33, part B, col. 11.

1945 1946 1947 1948 No 1949 Co 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1) (2 and 6)

6,269 6,404 6,447 6,349 6,305 6,324 6,389 6,374 6,496 6,693 7,050 7,458 7,811 8,131

(1)

Total

(3, 4, 7, and 8)

End of Year

B-59

(5)

155 196 227 236 222 239 260 267 271 268 288 310 351 355

Industrial (6) 3,490 4,744 5,688 5,990 5,783 6,124 6,401 6,599 6,911 7,354 8,122 8,960 9,722 10,467

(7)

Commercial

Current Prices

239 336 422 460 459 506 578 658 723 792 834 886 934 988

Miscellaneous Nonresidential (8)

unincorporated business commercial real estate (see Tables B-55 and B-55A, cols. 3 and 4). Sum of cols. 6 to 8.

3,884 5,726 6,337 6,686 6,464 6,869 7,239 7,524 7,905 8,414 9,244 10,156 11,007 11,810

(5)

Total

SOURCE, BY COLUMN

397 420 422 431 445 457 502 544 581 623 632 643 653 670

(4)

(3)

5,648 5,757 5,688 5,694 5,642 5,654 5,665 5,611 5,693 5,846 6,190 6,579 6,914 7,214

Miscellaneous Nonresidential

Commercial

(millions of dollars)

Sum of cols. 2 to 4. Estimated at 15 per cent of the total value of unincorporated business industrial real estate. Estimated at 40 per cent of the total value of

224 227 227 224 218 213 216 219 222 224 228 236 244 247

Industrial (2)

1947-49 Prices

TABLE VALUE OF UNINCORPORATED BUSINESS LAND

to

to

to to to

APPENDIX B

TABLE B-60 FARMERS' NET INVESTMENT IN DWELLINGS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 409 683 738 695 763 863 890 809 769 750 730 744 750

538 711 710 695 748 768 783 707 675 644 607 606 605

Original 1947-49 Cost Prices

Replace­ ment Cost

Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

(6)

(7)

(8)

148 156 167 178 189 202 215 228 240 251 263 274 285

423 429 437 444 451 457 464 471 477 482 487 491 495

321 412 454 444 460 514 527 539 544 561 585 603 613

261 527 571 517 574 661 675 581 529 499 467 470 465

115 282 273 251 297 311 319 236 198 162 120 115 110

88 271 284 251 303 354 363 270 225 189 145 141 137

SOURCE, BY COLUMN

(1)

(2) (3)

(4)

(5) (6) (7) (8)

1946—57, U.S. Income and Output, Dept. of Commerce, p. 190. 1958 estimated on basis of average proportion of dwellings to total farm construction for 1955-57. Col. 1 divided by Table B-79, col. 1. Col. 1 depreciated assuming an average life of sixty years. Expenditure figures for years before 1946 obtained by raising the figures given in A Study of Saving . . . , Vol. I, Table A-7, col. 3 and related worksheets by 50 per cent. This step-up, which is based upon A Study of Saving . . . , Vol. II, Table B-62, was not applied to expendi­ tures after 1945, as the Agricultural Marketing Service (formerly the Bureau of Agricultural Economics) raised fairly substantially the level of its figures for 1946 and later years in order to bring them into line with postwar surveys of farm con­ struction activity. Col. 2 depreciated assuming an average life of sixty years. Expenditure figures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost, as derived by the procedure described in col. 3 above, by price index obtained for the period 1910—45 from same source as index for later years (see Table B-79, col. 1; for years before 1910, index extrapolated by A Study of Saving . . . , Vol. I, Table A-30, col. 1). Col. 4 multiplied by Table B-79, col. 1. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-61 FARMERS' NET INVESTMENT IN SERVICE BUILDINGS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 447 714 806 793 872 983 1,015 922 876 850 830 846 850

575 753 779 780 843 882 860 778 742 707 663 653 646

Original 1947-49 Cost Prices (3) (4) 202 213 227 242 258 275 295 313 330 345 360 374 389

466 471 478 485 493 502 511 519 524 528 530 531 532

Replace­ ment Cost (5) 362 447 494 493 510 580 603 615 618 635 663 688 700

Original 1947-49 Cost Prices (6) (7) 445 501 579 551 614 708 720 609 546 505 470 472 461

109 282 301 295 350 380 349 259 218 179 133 122 114

Replace­ ment Cost (8) 85 267 312 300 362 403 412 307 258 215 167 158 150

SOURCE: Derived from same source and by same procedure as Table B-60, except expenditures depreciated assuming an average life of forty-five years. Construction cost index from Table B-79, col. 2.

ND

1946 Oa 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

99 100 100 100 101 101 101 101 102 102 102 102 102

(1)

Land in Farms

TABLE

B-62

136 116 96 88 93 89 81 71 76 76 75 75 75

Rate of Voluntary Sales (1947-49 = 100) (2) 121 114 98 88 108 114 104 89 99 104 106 114 121

108 101 87 78 96 101 93 79 88 93 94 101 108

(5)

(4)

(3)

90 98 102 100 115 127 127 124 130 138 145 155 165

Total

Value of Sales

Land Prices

30 28 24 22 26 27 25 21 23 23 23 23 25

(6)

Depreciable

Dealers Commissions

(cols. 4-9, millions of dollars)

23 13 6 5 8 6 4 0 2 1 1 -1 1

(8)

(?)

23 21 16 14 17 18 15 11 13 13 12 11 13

1947-49 Prices

Original Cost

18 13 6 5 9 7 4 0 2 2 1 -1 1

(9)

Replacement Cost

Depreciated Commissions on Farm Structures

COMMISSIONS P A I D TO R E A L ESTATE D E A L E R S IN CONNECTION WITH S A L E OF FARMS

to

S3

to

tq

*B

Ns Co Oi

(4) (5)

(3)

(2)

(9)

(8)

(7)

(6)

hands as a result of voluntary sales and trades and of adminis­ trators' and executors' sales is 56.7 {Agricultural Finance Review, November 1955, p. 112), c. About 52 per cent of all sales of farm real estate are made through agents and dealers (Current Developments in the Farm RealEstate Market, AR 43-14, CD-40, March 1955, p. 11). d. Average rate of dealers' commissions is estimated, on basis of information from the Agricultural Marketing Service, at 4 per cent. Col. 5 multiplied by per cent of value of buildings to total value of land and buildings (Department of Agriculture, unpublished figures). Original cost dealers' commissions depreciated on basis of 50-year life. Constant cost dealers' commissions obtained by deflating by average-year index for farm buildings depreciated on basis of 50-year life. Original cost dealers' commissions minus replacement cost depreciations.

SOURCE, BY COLUMN

Based on census-year figures given in Agricultural Statistics, 1954, p. 430. Estimates for intercensal years obtained by linear interpolation and extrapolation. Figures so obtained were con­ verted to June 30 basis by two-year moving average. Derived from data on the number of farms changing ownership by voluntary sales and trades given in Agricultural Finance Review, Nov. 1955, p. 112. March 1 data assumed to apply to end of preceding year. Index of average value per acre of farm real estate from Current Developments in the Farm Real Estate Market (Agricultural Research Service), various issues, e.g.; AR 43—32 (CO-43), March 1956, 1956, p. 17 (converted from 1912—14 = 100 base). November of preceding year and March 1 data averaged to apply to end of preceding year. Col. 1 multiplied by product of cols. 2 and 3. Col. 4 multiplied by $89 million, estimated average commis­ sions for the years 1947-49. This figure obtained as follows: a. Value of land and buildings (Department of Agriculture figures) is $75.1 billion. b. Average annual number of farms, per thousand, changing

£ to

I

Ka oa

30 28 24 22 26 27 25 21 23 23 23 23 25

_

Original Cost (1)

39 29 23 22 25 24 22 18 20 19 19 18 20

—

1947-49 Prices (2)

SOURCE: See notes t o T a b l e B-62.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

Expenditures

TABLE

B-63

—

16 16 17 17 17 18 18 18 18 18 19 19 19

7 7 8 8 9 9 10 10 10 10 11 12 12

1947-49 Prices (4)

—

Original Cost (3)

Depreciation

12 15 18 17 17 20 21 21 21 21 22 24 24

—

Replacem e n t Cost (5) 23 21 16 14 17 18 15 11 13 13 12 11 13

—

Original Cost (6)

Investment

2 1 - 1 1

—

—

23 13 6 5 8 6 4

—

1947-49 Prices (7)

Net

2 2 1 —1 1

—

23 13 6 5 9 7 4

—

Replacem e n t Cost (8) 208 231 252 268 282 299 317 332 343 356 369 381 392 405

440 463 476 482 487 495 501 505 505 507 508 509 508 509

1947-49 Prices (10)

Accumulated Original Cost (9)

NET INVESTMENT AND ACCUMULATED VALUES OF DEALERS' COMMISSIONS FOR SALE OF FARM! (millions of dollars)

325 399 473 493 496 531 571 587 588 594 613 634 646 655

Replacem e n t Cost (11)

Values

to

to

bj

APPENDIX B TABLE B-64 FARMERS' NET INVESTMENT IN FARM MACHINERY

(millions of dollars) Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Depreciation

Original Cost (1)

1947-49 Prices (2)

Original Cost

444 795 1,159 1,256 1,279 1,383 1,368 1,225 1,120 1,099 998 976 1,308

582 921 1,152 1,110 1,110 1,112 1,060 940 857 841 731 681 874

Net Investment 1947-49 Prices

(5)

Original Cost (6)

(7)

Replace­ ment Cost (8)

327 406 539 684 767 896 989 1,052 1,102 1,145 1,227 1,291 1,363

151 440 727 747 694 723 634 420 252 177 235 -23 267

153 450 616 506 444 392 294 133 14 -35 -167 -220 -37

117 389 620 572 512 487 379 173 18 -46 229 -315 -55

Replace­ ment Cost

(3)

1947^9 Prices (4)

293 355 432 509 585 660 734 805 868 922 963 999 1,041

429 471 536 605 666 720 766 807 843 876 898 901 911

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

The Farm Income Situation, Agricultural Marketing Service, various issues, e.g., FIS-159, p. 36, and unpublished figures for later years. Col. 1 divided by Table B-79, col. 3. Col. 1 depreciated assuming an average life of fifteen years. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Same method as for col. 3, but based on expenditure figures of col. 2. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see notes to col. 3) by price index derived from same source as index for later years (see Table B-79, col. 3). Col. 4 multiplied by Table B-79, col. 3. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-65 FARMERS' NET INVESTMENT IN TRACTORS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 241 449 661 769 769 807 755 722 570 689 525 522 675

315 501 658 696 692 675 638 623 487 577 422 390 483

Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

174 195 230 275 320 363 402 439 472 502 526 542 567

267 290 326 367 403 433 456 479 501 517 525 522 526

204 260 327 404 448 517 539 555 587 618 655 699 738

Original 1947-49 Prices Cost (6) (7) 67 254 431 491 449 444 353 283 98 187 -1 -20 108

48 211 332 329 289 242 182 144 -14 60 -103 -132 -43

Replace­ ment Cost (8) 37 189 334 362 321 290 216 167 -17 79 -128 -177 -63

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

The Farm Income Situation, Agricultural Marketing Service, various issues, e.g.,

/•75-159, p. 36, unpublished figures for later years. Col. 1 divided by Table B-79, col. 4. Col. 1 depreciated assuming an average life of fifteen years. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Same method as for col. 3, but based on expenditure figures of col. 2. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see notes to col. 3) by cost index derived for period 1935-45 from same source as Table B-79, col. 4, for period before 1935, index extrapolated on basis of A Study of Saving . . . , Vol. I, Table A-30, col. 4. Col. 4 multiplied by Table B-79, col. 4. Coi. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-66 FARMERS' NET INVESTMENT IN USED PASSENGER GARS

(millions of dollars) Depreciation •

Net Investment

Expenditures Original 1947-49 Cost Prices (1) (2)

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

97 142 112 -218 375 75 223 122 106 364 335 315 325

120 149 100 -235 427 71 186 100 87 295 265 232 229

—• Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

82 87 92 88 80 96 109 122 123 135 168 201 212

125 127 125 63 72 130 125 134 120 144 188 205 216

101 121 140 58 63 137 150 163 147 177 237 279 306

Original 1947-49 Cost Prices (6)

15 55 20 -130 295 -21 114 0 17 229 167 114 113

(7)

-5 22 -25 -298 355 -59 61 -34 -33 151 77 27 13

Replace­ ment Cost (8)

-4 21 -28 -276 362 -62 73 -41 -41 187 98 36 19

SOURCE, BY COLUMN

(1)

(2) (3)

Agricultural Marketing Service estimates (unpublished). Figures represent net purchases of used cars, i.e., gross purchases less value of all cars traded in by farmers. (In determining farmers' expenditures for used cars, Agricultural Marketing Service in its recent estimates subtracts only trade-ins for purchases of used cars; trade-ins for purchases of new cars are subtracted from its series on farmers' pur­ chases of new cars. In col. 1 all of these trade-ins have been netted against purchases of used cars.) Col. 1 deflated by Table B-79, col. 6. Col. 1 depreciated assuming the following pattern: Year of Service 1st 2nd 3rd 4th 5th 6th 7th 8th 9th 10 th

(4)

(5) (6) (7) (8)

9-Year Life 16.0 27.0 18.0 13.0 9.0 6.5 4.5 3.0 2.0 1.0

See Table B-32, col. 3, for basis of estimate of depreciation pattern. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Same method as for col. 3 but based on expenditure figures of col. 2. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by cost index derived by extrapolating from the 1946 value of Table B-79, col. 6, by A Study of Saving . . ., Vol. I, Table A-30, col. 6. Col. 4 multiplied by Table B-79, col. 6. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

TABLE B-67 FARMERS' NET INVESTMENT IN NEW TRUCKS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (2) (1) 135 330 369 390 404 348 245 320 327 225 224 281 349

163 357 361 370 385 311 208 272 277 189 183 214 255

Original 1947-49 Prices Cost (3) (4) 42 59 89 123 157 188 213 240 271 298 314 316 312

64 79 106 136 166 190 209 231 257 280 290 284 272

Replace­ ment Cost (5)

Original 1947-49 Prices Cost (6) (7) 93 271 280 267 247 160 132 80 56 -73 -90 -35 37

53 73 108 143 174 213 246 272 304 333 354 373 373

Replace­ ment Cost (8)

99 278 255 234 219 121

82 257 261 247 230 135

- 1

- 1

41 20 -91 -107 -70 -17

48 23 —108 -130 -92 -24

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

Agricultural Marketing Service (unpublished) estimates. Figures represent gross purchases of new trucks, i.e., before deduction of old trucks traded in. Col. 1 deflated by Table B-79, col. 7. Col. 1 depreciated assuming an average life of ten years. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Col. 2 depreciated assuming an average life of ten years. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by cost index derived by extrapolating from the 1946 value of Table B-79, col. 7, by A Study of Saving . . . , Vol. I, Table A-30, col. 7. Col. 4 multiplied by Table B-79, col. 7. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. TABLE B-68 FARMERS'

NET INVESTMENT IN USED TRUCKS (millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 81 133 166 150 116 133 151 117 125 181 208 207 182

98 144 162 142 111 119 128 99 106 152 170 158 133

Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

93 102 111 117 126 133 130 126 126 127 99 71 44

102

84 102 122 133 136 150 158 148 137 139 154 176 192

0

119 126 130 134 134 126 116 117 126 134 140

Original 1947-49 Cost Prices (6) (7)

(Notes to Table B-68 on next page)

-12 31 55 33 -10

0 21 -9 -1

-46 109 136 138

-4 34 43 16 -19 -15 -16 -27 -10 45 44 54 -7

Replace­ ment Cost (8) -3 31 44 17 -20 -17 -7 -31 -12 -58 -54 -31 -10

APPENDIX B

Notes to Table B-68 SOURCE, BY COLUMN

(1)

(2) (3) (4)

(5) (6) (7) (8)

Agricultural Marketing Service (unpublished) estimates. Figures represent net purchases of used trucks, i.e., gross purchases less value of all trucks traded-in (see note to Table B-67, col. 1). The sum of farmers' expenditures for new and used trucks is published in TheFarm Income Situation, Agricultural Marketing Service, e.g., FZS-155, p. 56. Col. 1 deflated by Table B-79, col. 7. Col. 1 depreciated assuming an average life of five years. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Col. 2 depreciated assuming an average life of five years. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by cost index derived by extrapolating from the 1946 value of Table B-79, col. 7, by A Study of Saving. . . , Vol. I, Table A-30, col. 8. Col. 4 multiplied by Table B-79, col. 7. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. TABLE B-69 FARM CAPITAL EXPENDITURES CHARGED TO CURRENT EXPENSE

(millions of dollars) Depreciation Expenditures Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 72 79 78 76 73 Ti

67 71 71 72 73 73 75

82 84 78 73 69 65 56 61 63 65 66 65 67

Original 1947-49 Cost Prices (3) (4) 65 68 71 73 76 78 79 79 77 75 73 73 72

91 91 91 90 89 88 85 82 78 73 70 68 66

Net Investment

Replace­ ment Cost (5) 80 86 92 94 94 99 101 96 88 81 78 76 74

Original 1947-49 Cost Prices (7) (6) 7 11 7 3 —3 —5 -12 -8 -6 -3 0 0 3

-9 -7 -13 -17 -20 -23 -29 -21 -15 -8 -4 -3 1

Replace­ ment Cost (8) -8 -7 -14 -18 -21 -26 -34 -25 -17 -9 -5 -3 1

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

1946-55 U.S. Income and Output, pp. 226-227; 1956-58 Survey of Current Business, July 1959, p. 41. Col'. 1 deflated by Table B-79, col. 8. Col. 1 depreciated assuming an average life of ten years. Expenditures for years before 1946 from same source as figures for later years (see col. 1). Col. 2 depreciated assuming an average life of ten years. Expenditures in 1947-49 prices for years before 1946 obtained by dividing expenditures in original cost (see col. 3) by price index derived from same source as Table B-79, col. 8. Col. 4 multiplied by Table B-79, col. 8. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-70 FARMERS' SHARE IN DISPOSABLE INCOME

(amounts in millions of dollars)

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Net Income of Farm Population from All Sources (1)

Direct Taxes (2)

Farmers' Disposable Income (3)

Personal Disposable Income W

Farmers' Share in Personal Disposable Income (5)

21,400 22,400 24,900 19,900 21,000 23,700 23,400 21,100 20,200 19,800 20,100 19,700 21,400

1,083 1,462 1,073 940 985 1,315 1,501 1,559 1,239 1,232 1,262 1,166 1,420

20,317 20,938 23,827 18,911 19,774 22,385 21,899 19,641 18,961 18,568 18,838 18,534 19,980

160,569 170,113 189,300 189,654 207,665 227,481 238,714 252,474 256,885 274,448 290,454 305,149 310,500

12.7% 12.3 12.6 10.0 9.5 9.8 9.2 7.8 7.4 6.8 6.5 6.1 6.4

SOURCE, BY COLUMN (1)

(2)

(3) (4) (5)

1946-58:

Economic Report of the President, Jan. 1959, p. 212.

Covers only motor vehicle license and permit taxes paid (Agricultural Finance Review, Department of Agriculture, Sept. 1960, p. 160, as revised and brought up to date by Department of Agriculture) and income taxes (Department of Agriculture estimates). Taxes on farm property have already been deducted in calculation of net income of farm operators. No annual estimates exist of other taxes—e.g., estate and gift taxes—paid by farmers, but the amounts are undoubtedly small. Retail sales taxes paid by farmers are disregarded, since they are also excluded from col. 4. 1946-58: Col. 1 minus col. 2. 1946-57: U.S. Income and Output, p. 145. 1958: Economic Report of The President, Jan. 1959, p. 154. 1946-58: Col. 3 divided by col. 4.

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(2)

285 314 350 269 292 312 312 279 265 284 288 265 275

(1)

1,738 2,171 2,651 2,975 2,671 3,018 2,322 3,053 2,508 2,177 2,199 2,330 2,546

230 391 437 313 374 380 351 311 295 319 318 290 301

120

116

160 166 184 141 145 160 148 131 124 127 124

279 302 342 261 284 320 270 223 212 207 217 204 211

75 66 74 63 64 76 73 65 60 60 65 63 68

SOURCE, BY COLUMN

145 176 186 170 233 222 218 203 203 190 187 182 189

57 64 64 64 85 80 82 84 77 93 90 96 78

Passenger Car Accessories (9) 191 180 181 135 130 144 145 126 125 125 125 116 126

Jewelry and Watches (10) 50 49 54 45 46 54 53 47 44 47 33 53 58

(11)

103 120 123 85 83 90 91 85 87 95 102 104 113

(12)

Ophthalmic Products, and Orthopedic Appliances Miscellaneous

motive expenditures from Economic Report of the President, January 1959, p. 148. Figures represent gross purchases of new cars, i.e., before value of cars traded in are deducted. (9) Table B-30, col. 3, divided between nonfarmers and farmers according to 1946 ratio given in Table B-70, col. 5.

163 343 656 1,429 935 1,180 579 1,499 1,016 630 630 841 1,007

China, Radio, TV, Glassware, Household Tableware, Household and Musical Books and Passenger Maps Cars Appliances and Utensils Furnishings Instruments (5) (6) (7) (8) (4) (3)

(millions of dollars)

(1) Sum of cols. 2 to 12. (2 to 7) Expenditures by individuals on durable goods from and U.S. Income and Output, pp. 150-151, and Survey of (10 to 12) Current Business, July 1959, p. 17, split between nonfarmers and farmers according to ratios given in Table B-70, col. 5. (8) 1946-57: Agricultural Marketing Service estimates. 1958: estimated on basis of percentage change in auto-

Furniture

Total

TABLE B-71

FARMERS' EXPENDITURES ON MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

335 333 335 266 287 280 287 257 247 270 273 247 258

Furniture (2) 340 316 337 254 258 249 218 181 172 159 163 147 152

89 72 73 59 59 69 63 54 50 49 52 46 47

SOURCE, BY COLUMN

202 182 177 173 256 237 251 240 254 250 249 235 243

211 384 651 1,299 843 1,008 447 1,140 773 611 464 576 661

Radio, TV, Household and Musical Books and Passenger Cars Furnishings Instruments Maps (5) (6) (7) (8)

(millions of dollars)

63 65 64 63 91 77 77 81 74 89 84 87 70

Passenger Car Accessories (9) 197 175 185 138 137 140 144 124 125 130 130 123 138

Jewelry and Watches (10)

56 52 54 43 45 49 48 42 39 42 46 46 50

113 120 123 85 85 83 84 79 80 90 94 95 102

Ophthalmic Products and Orthopedic Appliances Miscellaneous (12) (H)

Table B-71 deflated by respective price indexes from Table B-33, except passenger cars index from Table B-79.

184 172 183 137 143 144 131 115 108 111 102 92 94

China, Glassware, Tableware, and Utensils (4)

(2 to 12)

283 408 424 310 376 358 334 300 294 330 350 325 344

Household Appliances (3)

Sum of cols. 2 to 12;

2,073 2,279 2,606 2,827 2,580 2,694 2,084 2,613 2,216 2,131 2,007 2,019 2,159

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1)

Total (1)

Year

TABLE B-72

FARMERS' EXPENDITURES ON MAIN TYPES OF CONSUMER DURABLE GOODS, CONSTANT (1947-49) PRICES

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1) (2 to 12)

111 129 149 167 181 195 208 221 233 244 254 262 270

(3)

72 82 94 105 114 123 131 137 142 147 147 143 142

(4)

Household Appliances

83 103 131 154 175 200 223 241 257 277 301 324 325

China, Glassware, Tableware and Utensils 138 157 179 199 217 235 250 258 264 268 266 258 247 SOURCE, BY C

54 66 80 93 109 126 140 155 171 187 202 182 189

45 52 58 63 66 68 70 69 68 66 66 65 64 20 29 39 49 61 69 70 77 80 82 84 87 87

(9)

Passenger Car Accessories 63 76 87 97 104 112 119 126 132 137 141 142 141

(10)

Jewelry and Watches

39 43 46 49 49 49 50 50 49 49 48 49 51

(11)

Ophthalmic Products, and Orthopedic Appliances

35 44 54 61 67 73 78 84 88 94 96 95 102

(12)

Miscellaneous

and sources as the later figures. For years before 1934 figures taken from A Study of Saving . . . , Vol. I, Table A-24, and related worksheets. Expenditures for passenger cars for all years before 1946 are Agricultural Marketing Service estimates. See Table B-71, col. 8.

97 125 195 356 502 617 670 758 847 868 849 840 863

Radio, TV, Household and Musical Books and Passenger Furnishings Instruments Maps Cars (5) (6) (7) (8)

(millions of dollars)

Sum of cols. 2 to 12. Depreciation calculated from Table B-71 applying rates given in Table B-31. Expenditures for years before 1946, which were required for estimating depreciation, obtained for the period 1934—45 by the same method,

(2)

(1)

757 906 1,112 1,393 1,645 1,867 2,009 2,176 2,331 2,419 2,454 2,447 2,481

Furniture

Total

TABLE B-73

DEPRECIATION ON FARMERS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, ORIGINAL COST

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

1,174 1,292 1,460 1,682 1,866 2,008 2,077 2,160 2,241 2,278 2,279 2,263 2,261

Total (1)

TABLE B-74

143 161 183 199 213 231 246 255 263 280 305 330 331

(1) (2 to 12)

223 237 250 261 267 270 269 264 258 252 240 222 220

58 65 70 72 71 71 68 64 61 58 57 54 51

Passenger Car Accessories (9) 26 22 32 41 51 59 62 65 67 68 69 70 70

Passenger Cars (8) 164 186 246 383 503 590 618 665 715 715 688 665 662

(12) 48 56 64 70 75 78 81 85 89 93 94 92 90

45 48 51 52 50 48 47 46 45 44 43 43 43 81 93 104 113 119 125 130 140 144 147 149 149 149

Miscellaneous

(U)

Ophthalmic Products, and Orthopedic Applia

Jewelryand Watches (10)

tion, obtained by deflating expenditures in original cost (see note to Table B-73) by appropriate price indexes described in notes to Table B-21.

SOURCE, BY COLUMN

92 104 114 124 136 149 161 175 194 214 226 231 237

Radio, TV, Household and Musical Books and Furnishings Instruments Maps (5) (6) (7)

Sum of cols. 2 to 12. Depreciation calculated from Table B-72 applying rates given in Table B-31. Expenditures in constant prices for years before 1946, required for the calculation of deprecia-

104 112 120 127 132 132 135 137 137 137 136 135 135

C3)

(2)

190 208 226 240 249 255 260 264 268 270 272 272 273

(4)

Household Appliances

Furniture

China, Glassware, Tableware, and Utensils

(millions of dollars)

DEPRECIATION ON FARMERS' HOLDINGS OF MAIN TVPES OF CONSUMER DURABLE GOODS, CONSTANT (1947-49) PRICES

978 1,232 1,488 1,739 1,935 2,289 2,453 2,611 2,729 2,794 2,855 2,913 2,997

1946 >o 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

B-75

162 196 236 243 253 284 283 286 288 284 287 292 291

116 154 189 201 212 245 259 265 264 271 277 294 289

90 108 121 130 134 147 153 157 157 156 166 170 173

183 227 254 268 293 347 334 326 319 328 319 309 305

66 101 120 122 124 139 140 148 155 162 170 179 184 49 60 71 77 77 78 79 77 74 72 71 73 74

127 166 248 421 558 723 868 997 1,113 1,150 1,153 1,227 1,315

China, Glassware, Radio, TV, Household Tableware Household and Musical Books and Passenger Maps Cars Furniture Appliances and Utensils Furnishings Instruments (6) (7) (8) (4) (5) (2) (3)

(millions of dollars)

23 22 32 42 47 61 66 68 70 71 74 77 78

Passenger Car Accessories (9)

79 96 102 111 112 128 131 143 143 141 144 141 139

Jewelry and Watches (10)

40 46 51 54 52 53 52 52 50 49 50 50 50

Ophthalmic Products, and Orthopedic Appliances (11)

SOURCE, BY COLUMN: (1) Sum of cols. 2 to 12; (2 to 12) Table B-74, cols. 2 to 12, multiplied by price indexes from Table B-33.

Total 0)

Year

TABLE

DEPRECIATION ON FARMERS' HOLDINGS OF MAIN TYPES OF CONSUMER DURABLE GOODS, REPLACEMENT COST

43 56 64 70 73 84 88 92 96 98 102 101 99

Miscellaneous (12)

(2)

(1)

147 288 306 159 199 180 128 70 38 42 17 —34 -24

(3)

Furniture

Total

174 185 201 102 111 117 104 58 32 40 34 3 5

Household Appliances

981 1,265 1,439 1,581 1,026 1,135 310 883 182 -62 -255 -117 65

B-76

-18 -20 -23 -27 -22

- 6

88 84 90 36 31 37 17

(4)

China, Glassware, Tableware and Utensils

-49 —54 —36

-61

67 85 20 -35 -52

62

141 145 163

(5)

91 110 106 77 124 96 78 48 32 3 -15 0 0

(6)

-

4

8 6 1 2

3 -4

-2 - 8

—

30 14 16

(7)

218 461 1,073 433 563 -91 741 169 -58 -219 1 144

66

(8)

Radio, T V , Household and Musical Books and Passenger Cars Furnishings Instruments Maps

(millions of dollars)

9 -9

6

37 35 25 15 24 11 9 7 3 11

(9)

Passenger Car Accessories

-7 -12 -16 -26 -15

—

104 94 38 26 32 26

128

Jewelry and Watches (10)

9 11

6

5 4 7

- 6 - 2

-5 -3 5 3 -3

6 8

68 76 69 24 16 17 13 1 —1 1

(12)

Miscellaneous 11

(11)

Ophthalmic Products, and Orthopedic Appliances

SOURCE, BY COLUMN: (1) Sum of cols. 2 to 12; (2 to 12) Table B-71, cols. 2 to 12, minus Table B-73, cols. 2 to 12, resDectively.

Co 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

No 1946 1947 tJO 1948 1949 1950 1951 1952 1953 1954 1955 1956

End of Year

TABLE B-92

(3)

970,272 882,805 723,218 906,456 784,655 879,673 845,476 786,560 773,516 920,789 981,205 696,376

(2)

342,175 356,180 417,732 333,831 240,495 276,529 273,079 328,726 268,383 201,718 238,140 225,921

(1)

1,846,882 2,111,821 1,486,209 2,394,651 1,821,854 1,905,943 1,846,656 2,068,135 1,913,544 1,927,083 2,016,108 2,129,304 (continued)

125,966 110,060 117,107 155,519 104,999 139,818 124,046 98,680 108,490 165,195 189,510 159,561

(4)

Oats Barley (thousand bushels)

Wheat

Corn

6,476 3,864 7,058 8,605 4,566 6,779 6,472 3,649 6,662 9,582 14,048 7,280

(5)

Rye

CROP INVENTORIES : QUANTITY ON FARMS

593 841 737 709 454 417 257 304 286 455 234 265

(6)

Buckwheat

583 810 459 479 499 463 441 494 444 448 348 309

(7)

207 206 224 258 103 155 162 137 26 37 54 121

(8)

Tobacco Peanuts (million pounds)

to

§to

tb. to to

87,300 117,900 104,100 101,300 126,000 155,300 89,700 107,200 125,500 120,300 128,000 77,800

(H)

Potatoes

8,634 4,955 10,940 8,756 12,217 10,942 11,650 9,424 16,240 15,608 16,530 21,976

cultural Economics, Apr. 1952, pp. 1 and 2. Stocks of Feed Grains, Bureau of Agricultural Economics, Jan. 1, 1953, issued Jan. 23, 1953. Stocks of Grains in All Positions, Agricultural Marketing Service,Jan. 1,1955, issued Jan. 21, 1955. Ibid., Jan. 1, 1956, issued Jan. 23, 1956, and later issues.

Farm Stocks of Grains, Oilseeds, and Hay, Revised Estimates 1944-51, Bureau of Agri­

Dry Edible Beans

4,905 4,138 5,541 9,204 6,815 6,331 9,242 4,860 10,208 17,761 10,009 11,856

2,306 2,467 5,549 8,144 5,398 4,763 5,357 5,200 5,954 6,718 6,171 6,060

(thousand cwt.) (16) (15)

Rice

314 190 188 279 251 170 386 215 248 152 152 81

Cotton Seed (thousand tons) (17)

cultural Economics, Jan. 1, 1953, issued Jan. 23, 1953. Same source as for col. 3. Department of Agriculture estimates. Agricultural Statistics, 1952, p. 160. Jbid., 1954, p. 127. Department of Agriculture estimates. Department of Agriculture estimates. Agricultural Statistics, 1952, p. 150. Ibid., 1954, p. 116. Department of Agriculture estimates. Same source as for col. 3. Department of Agriculture estimates.

Stocks of Wheat and Rye, Bureau of Agri­

Same source as for col. 3.

34,576 44,754 28,530 53,685 60,446 78,286 52,474 23,803 36,281 54,733 68,058 58,686

1952-56: 1945-56: (12) 1945-49: 1950-53: 1954, 1956: (13) 1945, 1946: 1947-49: 1950-53: 1954, 1956: (14) 1945-56: 1945-56: (15 to 17) (6 to 11)

(5)

S OURCE, BY C OLUMN

43,620 37,908 51,761 75,013 61,959 101,728 104,167 83,621 82,000 149,000 116,000 168,949

(14)

Sorghum Grain

1945-49: 1950, 1951:

Flaxseed

(thousand bushels) (12) (13)

Soybeans

Excluding amounts stored on farms under Commodity Credit Corporation loan. (Table B-96, col. 1, minus col. 3, and col. 2 minus col. 4, respectively.)

1,124 1,322 1,226 1,593 1,379 644 1,803 2,151 1,499 1,315 1,252 1,115

Cotton Lint (million pounds) (10)

N OTE : Crop, inventory data published by Department of Agriculture for Jan. 1 are used here for Dec. 31 of previous year.

1954, 1956:

1952, 1953:

1950, 1951:

1945-49:

(3 and 4)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

1945-56:

73,424 68,836 68,172 65,040 66,298 69,720 73,088 68,126 69,603 72,667 73,940 73,489

End of Year

(land 2)

Hay (thousand tons) (9)

TABLE B-92 (concluded)

£ to

b

hO hO 5¾

1945 1946 Oo 1947 o, 1948 1949 1950 1951 1952 1953 1954 1955 1956

End of Year

1.09 1.22 2.37 1.23 1.13 1.45 1.68 1.50 1.41 1.39 1.15 1.22

(2)

(1)

1.54 1.93 2.79 2.05 1.93 2.02 2.22 2.12 2.01 2.12 1.95 2.07

Wheat

Corn

0.703 0.808 1.180 0.765 0.699 0.849 0.949 0.842 0.767 0.767 0.626 0.744

1.08 1.36 2.00 1.13 1.09 1.19 1.38 1.41 1.15 1.09 0.92 1.03 (continued)

1.43 2.18 2.45 1.47 1.26 1.38 1.73 1.73 1.20 1.14 0.94 1.20

(5)

(3)

(4)

Rye

Oats Barley (per bushel)

(dollars)

1.240 1.450 2.010 1.100 0.902 1.070 1.430 1.390 0.851 1.040 1.250 1.220

(6)

Buckwheat

T A B L E B-93 CROP INVENTORIES : PRICE PER U N I T ON FARMS

0.438 0.435 0.469 0.457 0.454 0.472 0.512 0.496 0.492 0.500 0.572 0.610

(7)

0.0833 0.0889 0.1010 0.1050 0.1040 0.1090 0.1030 0.1100 0.1100 0.1250 0.1190 0.1100

(8)

Tobacco Peanuts (per pound)

19.50 21.90 23.00 23.80 21.90 21.80 24.40 26.40 23.00 23.30 21.30 22.70

(9)

Hay (per ton)

to

-t> 1= tq Ss to

0.2279 1.2997 0.3404 0.2963 0.2646 0.4005 0.4015 0.3171 0.3073 0.3267 0.3119 0.3099

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

1.250 1.120 1.620 1.440 1.220 0.734 1.820 1.850 0.698 1.050 0.807 1.48

(Π)

Potatoes (cwt.) 2.09 2.75 3.69 2.36 2.09 2.70 2.83 2.75 2.81 2.57 2.11 2.27

(15)

1956:

7.77 6.52 7.69 8.11 8.45 8.31 8.34 6.80 6.81

12.10

6.53 12.70

(16)

Dry Edible Beans

51.40 91.50 94.80 68.80 43.30 102.00 71.50 68.50 53.00 59.60 45.00 59.90

Cotton Seed (per ton) (17)

Agricultural Marketing Service figures. Agricultural Prices, p. 4. The Wheat Situation, Agricultural Marketing Service, WS-147, released Feb. 28, 1956, p. 34. Ibid., p. 4.

3.96 5.13 6.42 5.36 4.37 5.26 4.90 6.25 5.34 4.64 4.62 4.57

Rice (per 100 pounds) (15)

1945-55 1956 1945-55

2.19 1.79 1.88 2.51 2.84 2.21 2.22 1.72 2.14

3.61

2.11 1.97

(14)

Sorghum Grain

(7 and 9)

SOURCE, BY COLUMN

2.89 6.92 6.66 5.75 3.53 3.59 4.24 3.75 3.66 3.04 2.84 3.05

Soybeans Flaxseed (per bushel) (12) (13)

(1 to 6, 8, 10 to 14, 16 and 17) 1945-54: Crops and Markets, Agricultural Marketing Service, 1955 ed., pp. 68, 69. 1955: Agricultural Pricesi Agricultural Marketing Service, released Jan. 31, 1956, p. 4, and later issues. 1956: Agricultural Prices, Jan. 30, 1957, p. 4.

Cotton Lint (per pound) (10)

End of Year

TABLE JB-93 (concluded)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

End of Year

5,961 7,182 9,244 7,771 6,044 7,267 8,609 8,366 7,162 7,540 6,681 7,102

(1)

Adjusted Total

2,013.1 2,576.4 3,522.3 2,945.4 2,058.7 2,763.6 3,102.4 3,102.2 2,698.1 2,678.6 2,318.5 2,597.8

Corn (2)

TABLE B-94

(4) 682.1 713.3 853.4 693.4 548.5 746.8 802.4 662.3 593.3 706.2 614.2 518.1

(3)

526.9 687.4 1,165.5 684.4 464.2 558.6 606.2 696.9 539.4 427.6 464.4 467.7 136.0 149.7 234.2 175.7 114.4 166.4 171.2 139.1 124.8 180.1 174.3 164.3

(5)

Barley

(continued)

Oats

Wheat

(millions of dollars)

9.3 8.4 17.3 12.6 5.8 9.4 11.2 6.3 8.0 10.9 13.2 8.7

Rye (6)

CROP INVENTORIES: VALUE ON FARMS, CURRENT PRICES

0.7 1.2 1.5 0.8 0.4 0.4 0.4 0.4 0.2 0.5 0.3 0.3

(7)

Buckwheat

255.4 352.4 345.6 218.9 226.5 218.5 225.8 245.0 218.4 224.0 199.1 188.5

Tobacco (8)

17.2 18.3 22.6 27.1 10.7 16.9 16.7 15.1 2.9 4.6 6.4 13.3

(9)

Peanuts

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

(1)

End of Year

256.2 396.2 417.3 472.0 364.9 257.9 723.9 682.1 460.6 429.6 390.5 345.5

Cotton Lint (Π)

109.1 132.1 168.6 145.9 153.7 114.0 163.3 198.3 87.6 126.3 103.3 115.1

Potatoes (12) 25.0 34.3 72.9 50.3 43.1 39.3 49.4 35.3 59.4 47.4 46.9 67.0

(2 to 18)

72.9 88.2 103.0 117.6 108.2 147.2 131.7 67.6 80.2 121.5 117.1 125.6

Sorghum Grain (15) 19.4 21.2 35.5 49.3 29.8 33.3 45.3 30.4 54.5 82.4 46.2 54.2

Rice (16) 15.1 31.3 67.0 63.3 35.2 36.6 43.4 43.9 49.5 56.0 42.0 41.3

Dry Edible Beans (17)

16.1 17.4 17.8 19.2 10.9 17.3 27.6 14.7 13.1 9.1 6.8 4.9

Cotton Seed (18)

long-time quantity and price series are not available, Table B-92, cols. 1 to 17, multiplied by appropriate price from Table B-93, cols. 1 to 17, respectively.

Flaxseed (14)

SOURCE, BY COLUMN

91.2 104.2 191.0 177.0 129.5 274.7 294.8 229.9 230.4 382.9 244.8 383.5

Soybeans (13)

Sum of cols. 2 to 18 plus step-up of 5 per cent of that total, in order to adjust series for omission of corn silage and forage, and sorghums for silage and forage, for which

1,431.8 1,507.5 1,567.9 1,547.9 1,451.9 1,519.9 1,783.3 1,798.5 1,600.9 1,693.1 1,574.9 1,668.2

Hay (10)

TABLE B-.94 (concluded)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

End of Year

7,863 8,313 7,119 8,880 7,465 7,855 8,011 8,267 7,803 8,183 8,391 8,248

(1)

Adjusted Total

2,918.1 3,336.7 2,348.2 3,783.5 2,878.5 3,011.4 2,917.7 3,267.7 3,023.4 3,044.8 3,185.5 3,364.3

Corn (2)

TABLE B-95

773.3 805.0 944.1 754.5 543.5 625.0 617.2 742.9 606.5 455.9 538.2 510.6

(3)

Wheat

(continued)

177.6 155.2 165.1 219.3 148.1 197.1 174.9 139.1 152.9 232.9 267.2 225.0

(5)

(4) 854.8 777.8 637.2 798.6 691.3 775.0 744.9 693.0 681.5 811.2 864.4 613.5

Barley

Oats

(millions of dollars)

11.2 6.7 12.2 14.9 7.9 11.7 11.2 6.3 11.5 16.6 24.3 12.6

Rye (6) 0.8 1.1 1.0 0.9 0.6 0.5 0.3 0.4 0.4 0.6 0.3 0.4

(7)

Buckwheat

CROP INVENTORIES: VALUE ON FARMS, CONSTANT (1947-49) PRICES

268.2 372.6 211.1 220.3 229.5 213.0 202.9 227.2 204.2 206.1 160.1 143.1

Tobacco (8)

21.4 21.3 23.1 26.6 10.6 16.0 16.7 14.1 2.7 3.8 5.6 12.5

(9)

Peanuts

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

(1)

End of Year

337.6 397.1 368.3 478.5 414.2 193.4 541.6 646.2 450.3 395.0 376.1 334.9

Cotton Lint (H)

124.6 168.2 148.5 144.6 179.8 221.6 128.0 153.0 179? 1 171.7 182.6 111.0

Potatoes (12) 45.8 26.3 58.1 46.5 64.9 58.1 61.9 50.0 86.2 82.9 87.8 116.7

(2 to 18)

87.5 113.2 72.2 135.8 152.9 198.1 132.8 60.2 91.8 138.5 172.2 148.5

Sorghum Grain (15) 26.4 22.3 29.8 49.5 36.7 34.1 49.7 26.1 54.9 95.6 53.8 63.8

Rice (16)

20.3 21.7 46.2 71.7 47.5 41.9 47.1 45.8 52.4 59.1 54.3 53.3

Dry Edible Beans (17)

21.7 13.1 13.0 19.2 17.3 11.7 26.6 14.8 17.1 10.5 10.5 5.6

Cottonseed (18)

Table B-92, cols. 1 to 17, multiplied by the 1947-49 price from Table B-93, cols. 1 to 17, respectively.

Flaxseed (14)

SOURCE, BY COLUMN

118.2 102.7 140.3 203.3 167.9 275.7 282.3 226.6 222.2 403.8 314.4 457.9

Soybeans (13)

Sum of cols. 2 to 18, raised by 5 per cent (see note to Table B-94, col. 1).

1,681.4 1,576.3 1,561.1 1,489.4 1,518.2 1,596.6 1,673.7 1,560.1 1,593.9 1,664.1 1,693.2 1,682.9

Hay (10)

TABLE B-95 (concluded)

APPENDIX B TABLE B-96 CbRN AND WHEAT INVENTORIES

Stored on Farms END OF YEAR

Corn (1)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

1,847,153 2,112,113 1,486,221 2,479,619 2,285,795 2,106,698 1,892,173 2,154,757 2,144,305 2,093,235 2,191,409 2,330,920

QUANTITY Stored on Farms Under Commodity Credit Corporation Loans

Wheat Corn (thousand bushels) (2) (3) 360,959 366,003 427,821 387,450 317,621 335,748 334,518 401,110 423,068 321,321 320,800 292,804

271 292 12 84,968 463,941 200,755 45,517 86,622 230,761 166,152 175,301 201,616

Wheat (4) 18,784 9,823 10,089 53,619 77,126 59,219 61,439 72,384 154,685 119,603 82,660 66,883

ANNUAL AVERAGE PRICE

Corn Wheat (dollars per bushel) (5) (6) 1.27 1.56 2.16 1.30 1.25 1.53 1.66 1.53 1.48 1.51 1.31 1.32

1.50 1.91 2.29 1.99 1.88 2.00 2.11 2.09 2.04 2.12 1.98 1.98

SOURCE, BY COLUMN (1) (2) (3 and 4) (5 and 6)

Same source as for Table B-92, col. 3. Same source as for Table B-92, col. 5. Estimates of the Commodity Credit Corporation. "Prices Received by Farmers," Crops and Markets, Agricultural Marketing Se/vice, 1955 ed., p. 68. United States 1908-55, June 1956, pp. 3 and 6; Crop Values, (1956 preliminary), Dec. 1956, p. 3.

TABLE B-97 LIVESTOCK AND CROP INVENTORIES: VALUE ON FARMS

(millions of dollars) 1947-49 Prices

Current Prices Endof Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Livestock (2)

Crops

Total

Livestock

(3)

(4)

(5)

Crops (6)

15,678 19,097 22,501 22,197 18,936 24,366 28,136 23,144 18,907 18,750 17,383 18,234 20,570 26,155

9,717 11,916 13,257 14,426 12,892 17,099 19,527 14,778 11,745 11,210 10,702 11,132 14,070 18,111

5,961 7,181 9,244 7,771 6,044 7,267 8,609 8,366 7,162 7,540 6,681 7,102 6,500 8,044

22,747 22,566 20,705 22,300 21,073 21,896 22,575 23,017 22,431 23,022 23,359 22,821 23,292 25,545

14,884 14,253 13,586 13,420 13,608 14,041 14,564 14,750 14,628 14,839 14,969 14,573 14,342 14,895

7,863 8,313 7,119 8,880 7,465 7,855 8,011 8,267 7,803 8,183 8,390 8,248 8,950 10,650

SOURCE, BY COLUMN

(1) (2) (3) (4) (5) (6)

Sum of cols. 2 and 3. From Table B-89, col. 1. 1945-56 from Table B-94, col. 1; 1957 and 1958 estimated by applying 1955-56 ratios of adjusted totals to Balance Sheet of Agriculture figures, e.g., 1958, p. 14. Sum of cols. 5 and 6. From Table B-90, col. 1. 1945-56 Table B-95, col. 1; 1957 and 1958 derived by applying 1956 ratio in 1947-49 prices to 1940 prices as shown in Balance Sheet of Agriculture, e.g., 1958, p. 27. TABLE B-98 BUSINESS EXPENDITURES ON PLANT CONSTRUCTION

(millions of dollars) Commercial

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1) 4,358 5,040 5,875 5,536 5,925 7,565 7,833 8,838 8,968 10,499 12,143 13,149 11,999

Warehouse, Office, and Stores, Loft Restaurants, Industrial Buildings and Garages

Public Utilities

Miscellaneous Other Nonresidential Private Buildings Buildings

(2)

(3)

(4)

(5)

(6)

(7)

1,689 1,702 1,397 972 1,062 2,117 2,320 2,229 2,030 2,399 3,084 3,557 2,443

331 237 352 321 402 544 515 739 958 1,311 1,684 1,893 1,986

801 619 901 706 886 827 622 1,052 1,254 1,907 1,947 1,671 1,575

1,374 2,338 3,043 3,323 3,330 3,729 4,003 4,416 4,284 4,543 5,113 5,624 5,554

111 75 117 136 133 284 288 282 321 178 195 206 252

52 69 65 78 112 64 85 120 121 161 120 199 189

SOURCE, BY COLUMN

(1) (2 to 7)

Sum of cols. 2 to 7. Departments of Commerce and Labor, Construction Volume and Costs, 1915-1956, pp. 2-5; various issues of Construction Review, e.g., June 1956, p. 14,

Total (1)

9,269 13,893 15,389 13,266 14,919 17,379 17,537 18,870 17,846

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954

353 348 370 336 348 425 417 391 331

Furniture Cutlery and and Fixtures Hand Tools (3) (2)

500 690 641 583 635 893 886 856 1,021

TABLE B-99

317 506 492 390 392 433 379 423 458

Fabricated Metal Products (4)

(continued)

52 148 214 196 234 292 321 344 406

323 408 564 402 445 539 678 563 440

301 352 497 413 504 711 788 784 599

Engines and Mining and Turbines Construction Oilfields (5) (6) (7)

(millions of dollars)

EXPENDITURES BY NONFARM PRODUCERS ON NEW DURABLE GOODS

779 834 803 619 973 1,127 1,200 1,531 1,576

Metalworking (8)

837 1,340 1,414 1,144 1,278 1,588 1,496 1,590 1,411

Special Industry (9)

863 1,170 1,287 1,024 1,032 1,271 1,514 1,743 1,785

General Industry (10)

(1)

456 873 1,263 877 867 789 921 1,047 1,027

443 588 680 622 684 804 956 1,195 1,161

1,129 2,061 1,895 1,631 1,836 2,017 2,247 2,302 2,282

Electric Machinery (13) 1,241 1,953 2,223 1,713 2,247 2,838 2,169 1,994 1,705

Trucks, Buses, Trailers (14) 156 145 75 103 60 86 174 147 173

Aircraft (16)

SOURCE, BY COLUMN

315 665 816 1,192 1,526 1,296 1,142 1,534 1,463

Passenger Cars (15) 174 236 120 102 95 153 207 258 283

Ships and Boats (17) 359 631 1,004 1,030 756 1,072 953 869 541

Railroad Equipment (18) 226 335 360 328 356 359 362 503 490

Instruments (19)

445 610 671 561 651 686 727 796 694

Miscellaneous Equipment (20)

1946-54: Sum of Cols. 2 to 20; figures for 1955, in Tables B-64, B-65, and B-67, plus expen19,761; 1956, 24,348; 1957, 25,623; 1958, (2 to 14, ditures for passenger cars from col. 15. 19,838; Survey of Current Business, July 1959,' 16 to 20) 1946-54: U.S. Income and Output, p. 192. pp. 6 and 7. Private investment in producer (15) 1946-54: Table B-27, col. 2; figures for 1955, 2,093; durable equipment less business use of passen1956, 1,737; 1957, 1,918; 1958, 1,548. ger cars, and farmers' expenditures for new trucks, tractors, and farm machinery as shown NOTE : Expenditures by nonfarm producers include expenditures on equipment by institutions.

1946 1947 1948 1949 1950 1951 1952 1953 1954

Year

Service Industry Household Machines (12)

Office and Store Machines (Π)

TABLE B-99 (concluded)

36,962 30,526

1957 1958

1,243 941

1,241

383 427 691 882 792 707 929 985 986 975 957

548 583 889 1,319 1,352 1,111 1,474 1,396 .1,311 854 923 1,231 1,396 754

SOURCE: 1946-47: Survey of Current Business, August 1952, p. 20. 1948-55: Ibid., June 1956, pp. 6, 7. 1956-58: Ibid., July 1959, p. 30. Covers all industries except agriculture, banks, insurance carriers, real estate, professionals, and nonprofit organizations. For the covered industries, series represents expenditures for new depreciable fixed

35,081

1956

3,983 6,790 8,703 9,134 7,149 7,491 10,852 11,632 11,908 11,038 11,439 14,954 15,959 11,433

(4)

(3)

(2)

8,692 14,848 20,612 22,059 19,285 20,605 25,644 26,493 28,322 26,827 28,701

Railroads

Mining

Manufacturing

(1)

6,195 6,088

3,032 2,615'

2,684

321 817 1,399 1,742 1,320 1,104 1,319 1,537 1,690 1,717 1,983

(7)

Communications

2.378 4,516 6,093 5,154 4,660 5,671 5,916 5,557 6,310 6,513 7,488 8,364 7,366 7,195

(8)

Other6

assets; it excludes purchases of land and secondhand plant and equipment. Derivation of series described in Dec. 1951 and Aug. 1952 issues of Survey of Current Business. a Corporate and noncorporate business, excluding agriculture. b Includes trade, service, finance, and construction.

1,771 1,500

4,895

505 792 1,539 2,543 3,125 3,309 3,664 3,887 4,552 4,219 4,309

574 923 1,298 1,285 887 1,212 1,490 1,500 1,565 1,512 1,602

1,712

(6)

Public Utilities

(5)

Transportation Other than Railroads

(millions of dollars)

Total 1 1

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955

Year

TABLE B-100

BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT BY TYPE OF BUSINESS

to

^ tl ••H

"a "o

APPENDIX B

TABLE B-IOl NET INVESTMENT IN INDUSTRIAL STRUCTURES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 1,689 1,702 1,397 972 1,062 2,117 2,320 2,229 2,030 2,399 3,084 3,557 2,443

2,152 1,814 1,342 952 1,008 1,796 1,919 1,806 1,690 1,952 2,304 2,506 1,721

Original 1947-49 Cost Prices (4) (3) 426 461 492 516 535 569 618 667 714 763 826 901 966

1,002 1,021 1,033 1,037 1,036 1,047 1,069 1,086 1,102 1,126 1,106 1,279 1,372

Replace­ ment Cost (5)

787 958 1,075 1,059 1,092 1,234 1,292 1,340 1,324 1,384 1,481 1,815 1,948

Original 1947-49 Cost Prices (6) (7) 1,263 1,241 905 456 527 1,548 1,702 l',562 1,316 1,636 2,258 2,656 1,477

1,150 793 309 -85 -28 749 850 720 588 826 1,198 1,227 349

Replace­ ment Cost (8) 902 744 322 —87 —30 883 1,028 889 706 1,015 1,603 1,742 495

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

Table B-98, col. 2. Col. 1 divided by Table B-106, col. 1. Col. 1 depreciated assuming an average life of forty years. Expenditure figures for years before 1946 from A Study of Saving . . . , worksheets, and Construction and Building Materials, Statistical Supplement, Department of Commerce, May 1954, p. 6. Col. 2 depreciated assuming an average life of forty years. Expenditures in 1947—49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by index of industrial construction cost (for period 1915—45, index from same source as the later years; for years before 1915, extrapolated by index given in A Study of Saving . . . , Vol. I, Table R-20, col. 3). Col. 4 multiplied by Table B-106, col. 1. Col. 1 minus col. 3. Col. 2 minus col. ,4. Col. 1 minus col. 5.

APPENDIX B TABLE B-102 NET INVESTMENT IN COMMERCIAL STRUCTURES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 1,132 856 1,253 1,027 1,288 1,371 1,137 1,791 2,212 3,218 3,631 3,564 3,561

1,593 926 1,208 990 1,230 1,231 989 1,498 1,786 2,531 2,736 2,573 2,485

Original 1947-49 Cost Prices (3) (4) 409 429 450 475 500 529 556 587 633 697 777 861 945

952 962 969 979 990 1,004 1,015 1,026 1,047 1,085 1,132 1,177 1,227

Replacement Cost (5) 677 889 1,005 1,015 1,037 1,118 1,167 1,227 1,297 1,381 1,506 1,632 1,761

Original 1947-49 Cost Prices (7) (6) 723 427 803 552 788 842 581 1,204 1,579 2,521 2,854 2,703 2,616

641 -36 239 11 240 227 —26 472 739 1,446 1,604 1,396 1,258

Replacement Cost (8) 455 -33 248 12 251 253 -30 564 915 1,837 2,125 1,932 1,800

SOURCE, BY COLUMN

(1) (2) (3)

(4)

(5) (6) (7) (8)

From Table B-98, cols. 3 and 4. Components of col. 1 deflated by indexes given in Table B-106, cols. 2 and 3. Col. 1 depreciated assuming an average life of forty years. Expenditures for period 1920-45 from Construction and Building Materials, Statistical Supplement, Department of Commerce, May 1954, p. 40. Expenditures for years before 1920 obtained: (1) by deducting from A Study of Saving. . . estimates of commercial construction (see Vol. I, Table R-10, col. 1) expenditures for nonhousekeeping units (derived according to procedure described in Table R-10); and (2) by multiplying that residual by 80 per cent, the ratio estimated on the basis of the post-1920 relationship. Col. 2 depreciated assuming an average life of forty years. Expenditures in 1947-49 prices obtained by deflating expenditures in original cost (col. 3) by index derived for period 1920-45 from same source as for later years (see col. 2); for years before 1920, extrapolated by index given in A Study of Saving . . . , Vol. I, Table R-20, col.3. Col. 4 multiplied by indexes described in col. 2, Table B-102. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-103 NET INYESTMENT IN MISCELLANEOUS NONRESIDENTIAL STRUCTURES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1)

(2)

111 75 117 136 133 284 288 282 321 178 195 206 252

162 82 112 130 125 251 245 230 255 138 144 146 174

Original 1947-49 Cost Prices (4) (3) 26 29 31 34 37 42 49 56 63 69 73 78 84

64 66 67 69 71 75 80 85 90 94 97 99 102

Replace­ ment Cost

Original 1947-49 Prices Cost

Replace­ ment Cost

(5)

(6)

(7)

(8)

44 60 70 72 76 85 94 104 113 122 131 140 148

85 46 86 102 96 242 239 226

98 16 45 61 54 176 165 145 165 44 47 47 72

67 15 47 64 57 199 194 178 208 56 64 66 104

258

237 290 128 168

SOURCE, BY COLUMN

(1) (2)

(3)

(4)

(5) (6) (7) (8)

From Table B-98, col. 6. Col. 1 deflated by Table B-106, col. 3, the index used by the Department of Com­ merce in its deflation of this category (see Construction and Building Materials, Statistical Supplement, May 1954, p. 82). Col. 1 depreciated assuming an average life of forty years. Expenditures for period 1920-45 from ibid., p. 40. Expenditures for years before 1920 obtained: (1) by deducting from A Study of Saving. . . estimates of commercial construction (see Vol. I, Table R-10, col. 1) expenditures for nonhousekeeping units (derived according to procedure described in Table R-10); and (2) by multiplying that residual by 4 per cent, the ratio estimated on basis of the post-1920 relationship. Col. 2 depreciated assuming an average life of forty years. Expenditures in 1947—49 prices obtained: by deflating expenditures in original cost (col. 3) by index for period 1915-45, derived from same source as for later years (see col. 2); for years before 1915 extrapolated by figures given in A Study of Saving . . . , Vol. I,Table R-20, Col. 3. Col. 4 multiplied by Table B-106, col. 3. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-104 NET INVESTMENT IN PUBLIC UTILITY CONSTRUCTION

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 1,426 2,407 3,108 3,401 3,442 3,793 4,088 4,536 4,405 4,704 5,233 5,823 5,743

1,797 2,571 3,030 3,225 3,102 3,110 3,263 3,454 3,256 3,370 3,462 3,618 3,457

Original 1947-49 Cost Prices (3) (4) 831 860 905 961 1,018 1,077 1,141 1,213 1,291 1,370 1,455 1,548 1,647

1,819 1,829 1,848 1,877 1,902 1,918 1,933 1,954 1,984 2,013 2,036 2,054 2,075

Replace­ ment Cost (5) 1,444 1,712 1,896 1,980 2,111 2,340 2,422 2,566 2,684 2,810 3,078 3,305 3,447

Original 1947-49 Cost Prices (6) (7) 595 1,547 2,203 2,440 2,424 2,716 2,947 3,323 3,114 3,334 3,778 4,275 4,096

-22 742 1,182 1,348 1,200 1,192 1,330 1,500 1,272 1,357 1,426 1,564 1,382

Replace­ ment Cost (8) -18 695 1,212 1,421 1,331 1,453 1,666 1,970 1,721 1,894 2,155 2,518 2,296

SOURCE, BY COLUMN

(1) (2)

Table B-98, col. 5 plus col. 7. From Construction Volume and Costs, 1915-1956, Department of Commerce, p. 41; and Construction Review, various issues, e.g., Feb. 1957, p. 15. (3) Col. 1 depreciated assuming an average life of fifty years. Expenditures for period 1915-45 from Construction Volume . . . , Ioc. cit. Expenditures for years before 1915 obtained from A Study of Saving . . . , Vol. I, Table R-16, col. 1. (4) Col. 2 depreciated assuming an average life of fifty years. Expenditures for period 1915^5 from Construction Volume . . . , Ioc. cit. Expenditures for years before 1915 obtained by deflating original cost figures (col. 3) by index derived by linking A Study of Saving . . ., Vol. I, Table R-20, col. 4, 1915, to the index described in Table R-15, col. 4 of that study. (5) Col. 4 multiplied by Table B-106, col. 4. (6) Col. 1 minus col. 3. (7) Col. 2 minus col. 4. (8) Col. 1 minus col. 5.

1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Oo 1946 Oa 1947

Year

125 99 224 262 247 164 125 163 228 239 274 311 424

(1)

Original Cost

182 108 215 251 232 145 106 133 181 185 203 220 292

1947-49 Prices (2)

Expenditures

TABLE B-105

1947-49 Prices

(4) 202 201 201 203 205 206 204 203 203 203 204 205 207

Original Cost

(3)

76 78 81 85 90 94 97 99 103 107 112 118 125

Depreciation

138 184 210 212 218 233 240 249 255 262 276 289 300

(5)

Replacement Cost 49 21 143 177 157 70 28 64 125 132 165 193 299

Original Cost (6)

(amounts in millions of dollars)

15 85

-1

-20 -93 14 48 27 -61 -98 -70 -22 -18

(J)

1947-49 Prices

Net Investment

NET INVESTMENT IN SOCIAL AND RECREATIONAL BUILDINGS

-13 -85 14 50 29 -69 -115 -86 -27 -23 -2 22 124

68.5 91.5 104.3 104.3 106.4 113.1 117.7 122.7 125.7 129.3 135.1 141.1 145.1

Construction Cost Index Replacement (1947-49 = 100.0) Cost (9) (8)

to

§

1¾

1TS

(4)

(1) (2) (3)

Col. 4 multiplied by col. 9. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. American Appraisal Company index from Construction and Building Materials, op. cit., p. 32, as revised and brought up-todate by the Department of Commerce. NOTE: The buildings consist of "assembly buildings, auditoriums, community houses, golf and country club houses, athletic and social clubs, lodges, theatres, music conservatories, radio broadcasting studios, gymnasiums, indoor stadiums, indoor arenas, indoor coliseums, indoor courts, natatoriums, locker buildings, Y.M.C.A., bath houses at beaches, bowling alleys, billiard rooms, dance halls, indoor rinks, exhibit buildings, and other miscellaneous social and recrea­ tional buildings." Hence they include construction by institutions as well as construction by "business.

(5) (6) (7) (8) (9)

SOURCE, BY COLUMN

From Table B-46, col. 1. Col. 1 deflated by col. 9. Col. 1 depreciated assuming an average life of forty-five years. Expenditures for period 1920-45 from Construction and Building Materials, Statistical Supplement, May 1954, p. 7. Expenditures for years before 1920 obtained: (1) by deducting from A Study of Saving . . . , Vol. I, Table R-10, col. 1, expenditures for nonhousekeeping units derived according to procedure described in Table R-10; and (2) by multiplying that residual by 16 per cent, the ratio estimated on basis of the post-1920 relationships. Col. 2 depreciated assuming an average life of forty-five years. Expenditures in 1947-49 prices obtained by deflating expendi­ tures in original cost (col. 3) by index for the period 1915-45, derived from same source as for later years (see col. 9); for years before 1915, index extrapolated by figures given in A Study of Saving . . . , Vol. I, Table R-20, col. 3.

^ to

^ tq ^

iss

64.9 78.5 93.8 104.1 102.1 105.4 117.9 120.9 123.4

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

122.9 133.9 141.9 142.0

120.1

Industrial (I)

YEAR

Stores, Restaurants, and Garages (3)

57.7 68.5 91.5 104.3 104.3 106.4 113.1 117.7 122.7 125.7 129.3 135.1 141.1 145.1

Warehouse Office, and Loft Buildings

(2)

64.8 78.0 95.2 102.2 102.7 101.3 108.9 111.8 115,3 121.5 124.2 130.0 136.3 141.9

Commercial

ANNUAL AVERAGES

70.5 79.4 93.6 102.6 105.5 111.0 122.0 125.3 131.3 135.3 139.6 151.2 160.9 166.1

(4)

Public Utility (6)

61.8 82.4 100.0 105.2 102.5 108.3 113.0 117.6 121.4 125.8 131.2 136.2 140.6 145.1

69.4 86.4 99.6 105.2 101.5 111.9 120.6 122.0 122.4 119.8 126.4 131.6 143.2 143.7

Commercial

(5)

Industrial

72.2 87.0 96.6 105.8 106.0 119.1 122.4 127.0 133.2 136.3 140.8 147.2 164.3 169.4

(7)

Public Utility

YEAR-END (DEC.—JAN.) AVERAGES

T A B L E B-106 COST INDEXES OF BUSINESS PLANT CONSTRUCTION ( 1 9 4 7 - 4 9 = 100)

60.1 80.0 100.0 106.7 103.1 110.7 115.0 120.8 124.4 127.2 132.0 137.9 143.1 147.4

(8)

Other Nonresidential Building

Co

to

"T3 ha ^

Oo

(8)

(5 to 7)

SOURCE, BY COLUMN

Cost indexes are those applied by the Department of Commerce to the various types of construction in its deflation of expenditures from current to constant prices. All construction cost indexes are given in Construction Volume and Costs, 1915—1956, pp. 54-58 for 1945-56; Construction Review, e.g., Feb. 1957, p. 31; Survey of Current Business, various issues; Engineering News-Record, various issues; the Handy-Whitman Index of Public Utility Construction Costs: and miscelIaneous Bureau of Labor Statistics publications for 1957 and 1958. The cost indexes utilized are as follows: (1) Turner Construction Company index for industrial building. (2) George A. Fuller Company index for commercial building. (3) American Appraisal Company index. (4) Obtained by dividing the Department of Commerce estimates of public utility expenditures in current prices by

expenditures in 1947—49 prices (see Table B-104, cols. 1 and 2). Same procedure as for col. 4 except monthly values of con­ struction from: Department of Labor, New Construction Expenditures, 1915-51, pp. 15-19, 40-42; Department of Commerce, Construction Volume and Costs, 1915—56, pp. 18—21, 56—57; Departments of Commerce and Labor, Construction Review, e.g., June, 1956, pp. 14-20; and Department of Labor releases on construction expenditures. American Appraisal Company index from Construction Volume and Costs, 1915-1956, pp. 56, 57; Construction Review, e.g., Feb. 1957, p. 31; and Survey of Current Business, various issues.

^

APPENDIX B

TABLE B-107 NET INVESTMENT THROUGH CAPITAL EXPENDITURES FOR PETROLEUM AND NATURAL GAS WELL DRILLING, BASED ON DEPARTMENT OF COMMERCE EXPENDITURE ESTIMATES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 653 773 1,059 1,054 1,261 1,491 1,683 1,864 2.043 2,321 2,445 2,345 2,400

832 824 1,017 1,032 1,196 1,265 1,392 1,511 1,701 1,889 1,826 1,653 1,690

Original 1947-49 Cost Prices (3) (4) 272 285 308 337 370 417 474 538 610 688 773 854 934

556 556 564 575 591 619 653 692 738 792 840 878 911

Replace­ ment Cost

Original 1947-49 Cost Prices

Replace­ ment Cost

(5)

(6)

(7)

(8)

436 522 591 587 623 730 789 854 886 973 1,125 1,246 1,294

381 488 751 717 891 1,074 1,209 1,326 1,433 1,633 1,672 1,491 1,466

276 268 453 457 605 646 739 819 963 1,097 986 775 779

217 251 468 467 638 761 894 1,010 1,157 1,348 1,320 1,099 1,106

SOURCE, BY COLUMN

(1) (2) (3)

1946-1957: U.S. Income and Output, p. 190. 1958: Estimated. Col. 1 deflated by Table B-106, col. 1. Col. 1 depreciated assuming a twenty-year life for expenditures during period 1921— 29, and twenty-five year life for expenditures during 1930-58. Expenditures estimated for years before 1946 from A Study of Saving . . ., Vol. I, R-14, col. 1. (4) Same method as for col. 3, but expenditure figures of col. 2 used. Expenditure estimates in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by index of industrial construction cost (see Table B-101, col. 4). (5) Col. 4 multiplied by Table B-106, col. 1. (6) Col. 1 minus col. 3. (7) Col. 2 minus col. 4. (8) Col. 1 minus col. 5.

•APPENDIX B TABLE B-108 NET INVESTMENT THROUGH CAPITAL EXPENDITURES FOR PETROLEUM AND NATURAL GAS WELL DRILLING, BASED ON ADJUSTED DEPARTMENT OF COMMERCE AND OTHER EXPENDITURE ESTIMATES

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 914 1,076 1,458 1,434 1,697 1,985 2,213 2,423 2,656 3,017 3,179 3,049 3,120

1,164 1,147 1,401 1,405 1,610 1,684 1,830 1,964 2,211 2,455 2,374 2,149 2,197

Original 1947-49 Cost Prices

Replacement Cost

(3)

(4)

(5)

277 301 339 383 433 498 575 662 757 861 974 1,085 1,192

563 576 598 624 655 700 752 808 874 945 1,015 1,074 1,128

442 540 623 637 690 825 909 997 1,050 1,161 1,359 1,524 1,602

Original 1947-49 Cost Prices (?) (6) 637 775 1,119 1,051 1,264 1,487 1,638 1,761 1,899 2,156 2,205 1,964 1,928

601 571 803 781 955 984 1,078 1,156 1,337 1,510 1,359 1,075 1,069

Replacement Cost (8) 472 536 835 797 1,007 1,160 1,304 1,426 1,606 1,856 1,820 1,525 1,518

SOURCE, BY COLUMN

(1)

(2) (3)

(4)

(5) (6) (7) (8)

Department of Commerce figures; 1946-57, U.S. Income and Output, p. 190; 1958; Survey of Current Business, July 1959, p. 29, multiplied by step-up ratio obtained by interpolating between the 1947 and 1953 ratio of the Commerce estimates to the figures of col. 1 (1946 ratio taken at 1.4; 1954-58 ratios carried as 1.3). Col. 1 deflated by Table Β-Ι06, col. 1. Col. 1 depreciated assuming a twenty-year life for expenditures during period 1921— 29 and twenty-five-year life for expenditures during 1930-58. Expenditure estimates for years before 1946 from A Study of Saving . . . , Vol. I, Table R-14, col. 1. Same method as col. 3, but expenditure figures of col. 2 used. Expenditure estimates in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by index of industrial construction cost (see Table Β-101, col. 4). Col. 4 multiplied by Table B-106, col. 1. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-109 NET INVESTMENT THROUGH EXPENDITURES FOR MINING DEVELOPMENT

(millions of dollars) Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 122 178 208 154 182 202 184 186 155 185 200 209 207

155 190 200 151 173 171 152 151 129 151 149 147 146

Depreciation

Original 1947-49 Prices Cost

Net Investment

Replace­ ment Cost

Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

(6)

(7)

(8)

74 76 80 84 87 91 95 98 101 104 108 110 113

174 174 175 176 176 176 176 175 174 173 171 168 165

137 163 182 180 186 208 213 216 209 213 229 238 234

48 102 128 70 95 111 89 88 54 81 92 99 94

—19 16 25 -25 -3 -5 — 24 -24 -45 -22 -22 -21 -19

-15 15 26 -26 -4 -6 -29 -30 -54 -28 -29 -29 -27

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

From Table B-110, col. 5, Col. 1 divided by Table B-106, col. 1. Col. 1 depreciated assuming an average life of forty years. Expenditure estimates for years before 1946 from A Study of Saving . . . , Vol. I, Table R -15, col. 1. Col. 2 depreciated assuming an average life of forty years. Expenditure estimates in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by index of industrial construction cost (see Table B-IOl, col. 4). Col. 4 multiplied by Table B-106, col. 1. Col. 1 minus col. 3. Col. 2 minus fol. 4. Col. 1 minus col. 5.

APPENDIX B TABLE B-ILO E XPENDITURES ON M INING D EVELOPMENT (millions of dollars) Value of Output

Year

Metallic Minerals (1)

Bituminous Coal (2)

1946 1947 1948

1,825 2,909 3,510

1,836 2,623 2,941

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

729 1,084 1,219 1,101 1,351 1,671 1,617 1,811 1,518 2,055 2,358 2,129 2,000

1,830 2,615 2,983 2,126 2,489 2,614 2,276 2,233 1,769 2,092 2,412 2,504 2,600

(1 to

1946-57:

Anthracite Coal (3)

Total (4)

Development Expenditures (5)

4,074 5,945 6,918

122 178 208

2,972 4,112 4,669 3,585 4,232 4,691 4,273 4,343 3,535 4,353 5,007 4,861 4,820

122 178 208 154 182 202 184 186 155 185 200 209 207

OLD BASIS

413 413 467 NEW BASIS

413 413 467 358 392 406 380 299 248 206 237 228 220 SOURCE, BY COLUMN

1958: 1946—58: 1946-48: 1949-58:

Statistical Abstract, various issues: e.g., 1952, pp. 687-689; 1955, pp. 735-737. The 1946 figure in col. 2 (new basis) derived by extrapolation by means of the rate of change in output and price. Estimated. Sum of cols. 1 to 3. Estimated at 3 per cent of total value of output on old basis (see A Study of Saving . . . , Vol. I, Table R-15). Estimated at 4.3 per cent of col. 4, on the basis of the average relationship of 1946-48 development expenditures to the value of output on new basis.

1946 1947 1948 1949 1950 1951 1952 1953 1954

Year

(2)

Total

(1)

626 727 632 562 585 730 732 697 821

Furniture and Fixtures

11,282 14,665 15,226 12,664 13,918 14,787 14,798 15,674 14,644

TABLE B-ILL

435 379 367 312 300 340 333 294 238

(3)

Cutlery and Hand Tools 412 534 480 380 366 365 322 348 371

(4)

Fabricated Metal Products

(continued)

60 155 211 190 222 245 260 265 304

(5)

Engines and Turbines 413 451 555 372 401 436 543 442 341

(6)

Con­ struction

(millions of dollars)

380 386 491 385 459 586 643 618 461

(7)

Mining and Oil Field 924 889 796 588 873 906 941 1,170 1,187

(8)

Metal Working

Machinery

EXPENDITURES BY NONFARM PRODUCERS ON NEW DURABLE GOODS, CONSTANT (1947-49) PRICES

1,008 1,338 1,400 1,080 1,168 1,298 1,220 1,269 1,106

(9)

Special Industry

1,100 1,281 1,286 944 912 993 1,189 1,333 1,328

General Industry (10)

1946 1947 1948 1949 VO 1950 1951 1952 1953 1954

Year

(1)

579 930 1,254 834 814 671 781 862 843

Service Industry Household Machines (12)

1,876 1,599 1,744 1,722 1,966 1,986 1,913

2,125

1,382

Electric Machinery (13) 1,499 2,095 2,198 1,621 2,154 2,508 1,875 1,742 1,509

Trucks, Buses, Trailers (14) 191 156 75 97 54 71 140 112 127

Aircraft (16)

(2 to 20)

203 252 118 97 88 131 170 200 214

Ships and Boats (17) 402 659 997 993 719 955 831 727 449

Railroad Equipment (18)

261 351 352 320 342 317 323 437 415

Instruments (19)

549 648 657 542 607 586 637 695 602

Miscellaneous Equipment (10)

Business, July, 1959, p. 40, and U.S. Income and Output, p. 221. Table B-99, cols. 2 to 20, deflated by Table B-118, cols. 1 to 19, respectively; passenger car expenditures for 1955, 1,796; 1956, 1,450; 1957, 1,521; 1958, 1,190.

SOURCE, BY COLUMN

804 1,128 1,439 1,170 978 1,345 1,307

716

378

Passenger Cars (15)

1946-54: Sum of cols. 2 to 20. Expenditures for 1955, 15,778; 1956, 18,286; 1957, 18,097, 1958, 13,716. These figures represent current expenditures shown in Table B-99, deflated by 1947-49 conversion of price deflators for producer durable equipment shown in Survey of Current

480 593 677 620 671 757 914 1,132 1,108

Office and Store Machines (H)

TABLE B-Ill (concluded)

TABLE B-112 DEPRECIATION ON NONFARM PRODUCERS' HOLDINGS OF DURABLE GOODS, ORIGINAL COST

(millions of dollars)

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools

Industrial Machinery and Equipment

Office and Store Machines

(3)

(4)

254 261 272 283 397 323 360 398 439

163 209 248 288 322 348 362 371 373

1,563 1,722 1,946 2,149 2,342 2,600 2,917 3,275 3,637

3,937 4,540 5,468 6,468 7,488

8,616 9,648 10,525 11,253

Passenger Cars (8)

Aircraft

125 150 242 404 627 861 1,037 1,178 1,305

(5)

Electric Machinery (6)

Trucks, Buses, Trailers (?)

190 236 295 352 410 485 577 686 791

333 381 440 492 541 598 662 730 796

494 674 1,978 1,313 1,635 1,986 2,238 2,300 2,225

(9)

Ships and Boats (10)

Railroad Equipment (H)

Instruments (12)

Miscellaneous Equipment (13)

23 49 70 88 103 101 97 107 121

99 103 105 104 103 102 104 109 116

337 325 332 350 369 384 398 413 423

81 103 131 159 186 216 248 286 329

275 327 409 486 553 612 648 672 698

SOURCE, BY COLUMN

(1)

(2 to 13)

1946-54: Sum of cols. 2 to 13. Subsequent years: 1955, 12,297; 1956, 13,031; 1957, 13,804; 1958, 14,496. These figures were derived by extending depreciation on items in Table B-99, col. 2 to 20, and estimating depreciation on aggregate producers' durables expenditures for 1955-58, as shown in Table B-99, except for passenger car depreciation, which is for 1955, 1,434; 1956, 1,526; 1957, 1,596; and 1958, 1,681. Table B-99, cols. 2 to 20, depreciated on basis of following average length of life: Years Furniture and fixtures 20 Cutlery and hand tools 5 Industrial machinery and equipment (sum of cols. 4 to. 10, and 12) 20 Office and store machines 8 Electric machinery 30 Trucks, buses, trailers 6 Passenger cars 6 Aircraft 5 Ships and boats 30 Railroad equipment 28 Instruments 10 Miscellaneous equipment 5 These estimates are based on data in Department of Treasury, Bureau of Internal Revenue, Bulletin F. Expenditures for years before 1946, required for the calculation of depreciation, for the period 1929-45 from National Income Supplement to Survey of Current Business, 1954, Table 32. For years before 1929, figures from A Study of Saving . .., Vol. I, Tables P-5, P-13 and P-14, and related work sheets.

APPENDIX B

TABLE B-113 DEPRECIATION ON NONFARM PRODUCERS' HOLDINGS OF DURABLE GOODS, CONSTANT (1947-49) PRICES

(millions of dollars)

1946 1947 1948 1949 1950 1951 1952 1953 1954

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools (3)

Industrial Machinery and Equipment (4)

Office and Store Furniture (5)

Electric Machinery (6)

Trucks, Buses, Trailers (7)

5,733 6,221 6,939 7,785 8,611 8,917 9,589 10,130 10,554

361 367 370 372 378 394 420 447 476

215 253 298 325 340 339 325 313 298

2,389 2,530 2,709 2,850 2,974 2,612 2,834 3,090 3,340

211 257 313 367 422 492 576 676 770

446 495 553 602 649 698 751 807 860

712 853 1,043 1,358 1,645 1,927 2,079 2,056 1,929

Year

Passenggr Cars (8)

Aircraft (9)

Ships and Boats (10)

Railroad Equipment (11)

Instruments (12)

Miscellaneous Equipment (13)

1946 1947 1948 1949 1950 1951 1952 1953 1954

187 188 263 418 627 842 989 1,091 1,185

30 58 80 97 111 103 89 91 98

157 158 158 156 153 151 150 151 154

535 514 515 524 532 530 523 520 512

102 124 150 175 199 225 246 278 313

388 424 487 541 581 604 607 610 619

SOURCE, BY COLUMN

(1)

(2 to 13)

1946-54: Sum of cols. 2 to 13. Subsequent years: 1955, 11,831; 1956, 11,996; 1957, 12,095; 1958, 12,111—derived as in Table B-112, using aggregate producer durables expenditures given in Table B-111. Same method as in Table B-112, but expenditure figures given in Table B-Ill used. Expenditures in 1947-49 prices for years before 1946, obtained by deflating expenditures in original cost (see Table B-112) by implicit price deflators given in Survey of Current Business, Nov. 1953, p. 19. Before 1929, figures extrapolated by indexes given in A Study of Saving . . . , Vol. I, Table P-10. Passenger car depreciation figures for subsequent years are: 1955, 1,283; 1956, 1,339; 1957, 1,370; 1958, 1,416.

APPENDIX B TABLE B-114 DEPRECIATION ON NONFARM PRODUCERS' HOLDINGS OF DURABLE GOODS, REPLACEMENT COST

(millions of dollars)

Year 1946 1947 1948 1949 1950 1951 1952 1953 1954

Year 1946 1947 1948 1949 1950 1951 1952 1953 1954

OfBce and Store Machines

(3)

Industrial Machinery and Equipment (4)

174 232 300 350 395 423 407 416 415

1,922 2,388 2,733 3,024 3,265 3,205 3,506 3,930 4,329

195 255 314 368 430 523 602 714 807

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools

4,727 5,883 7,016 8,167 9,242 10,418 11,305 12,098 12,718

288 348 376 386 410 482 509 549 592

Passenger Cars

Aircraft

(8)

155 174 267 441 665 932 1,154 1,244 1,326

(5)

Electric Machinery (6) 364 480 559 614 683 817 858 935 1,026

Trucks, Buses, Trailers (7)

590 795 1,056 1,435 1,717 2,179 2,406 2,356 2,184

(9)

Ships and Boats (10)

Railroad Equipment (H)

Instruments (12)

Miscellaneous Equipment (13)

24 54 80 103 123 124 111 119 134

134 148 161 164 165 177 183 195 204

478 492 519 543 559 595 600 621 617

88 118 153 179 207 254 276 320 370

315 399 498 560 623 707 693 699 714

SOURCE, BY COLUMN

(1)

(2 to 13)

1946-54: Sum of cols. 2 to 13. Subsequent years: 1955, 14,648; 1956, 15,716; 1957, 16,817; 1958, 17,253—obtained by multiplying depreciation figures for these years as shown in Table B-113 by indexes used in Table B-111, except for passenger cars. Table B-113, cols. 2 to 13, multiplied by respective price indexes from Table B-118. Index for col. 4 is a weighted average of Table B-118, cols. 3 to 9, and 11, the weights being estimates of expenditures given in Table B-99, cols. 4 to 10, and 12. For passenger cars figures are: 1955,1,495; 1956,1,606; 1957, 1,727; and 1958, 1,842.

APPENDIX B TABLE B-115 NET INVESTMENT IN PRODUCER DURABLE GOODS, ORIGINAL COST

(millions of dollars)

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools (3)

Industrial Machinery and Equipment (4)

Office and Store Machines (5)

1946 1947 1948 1949 1950 1951 1952 1953 1954

5,332 9,353 9,921 6,798 7,431 8,763 7,889 8,345 6,593

246 429 369 300 338 570 526 458 582

190 139 122 48 26 77 55 20 -42

2,365 3,909 4,588 2,916 3,383 4,150 4,380 4,750 4,065

253 352 385 270 274 319 379 509 370

Year

Passenger Cars (8)

1946 1947 1948 1949 1950 1951 1952 1953 1954

190 515 574 788 899 435 105 356 158

Electric Machinery (6) 796 1,680 1,455 1,139 1,295 1,419 1,585 1,572 1,486

Trucks, Buses, Trailers

V) 747 1,279 1,245 400 612 1,852 -169 -306 -520

Aircraft (9)

Ships and Boats (10)

Railroad Equipment (11)

Instruments (12)

Miscellaneous Equipment (13)

133 96 5 15 -43 -15 77 40 52

75 133 15 -2 -8 51 103 149 167

22 306 672 680 387 688 555 456 118

145 232 229 169 170 143 114 217 161

170 283 262 75 98 74 79 124 -4

SOURCE, BY COLUMN

(1)

(2 to 13)

1946-54: Sum of cols. 2 to 13. Subsequent years: 1955,7,464; 1956,11,316; 1957, 11,819; 1958, 5,342—derived from expenditures as shown in Table B-99, minus depreciation from Table B-112. Table B-99, cols. 2 to 20, minus Table B-112, cols. 2 to 13, respectively. Table B-112, col. 4, covers Table B-99, cols. 4 to 10, and 12. Passenger car net investment for 1955, 659; 1956,210; 1957,322; 1958,-333.

APPENDIX B TABLE B-116 NET INVESTMENT IN PRODUCER DURABLE GOODS, CONSTANT (1947-49) PRICES

(millions of dollars)

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools (3)

Industrial Machinery and Equipment (4)

Office and Store Machines (5)

Electric Machinery (6)

Trucks, Buses, Trailers (7)

1946 1947 1948 1949 1950 1951 1952 1953 1954

5,549 8,444 8,287 4,879 5,307 5,870 5,209 5,544 4,090

265 360 262 190 207 336 312 250 345

220 126 69 -13 -40 1 8 -19 -60

2,487 3,434 3,764 1,923 2,241 2,888 3,065 3,217 2,601

269 336 364 253 249 265 338 456 338

936 1,630 1,323 997 1,095 1,024 1,215 1,179 1,053

787 1,242 1,155 263 509 581 -204 -314 -420

Year

Passenger Cars (8)

Aircraft (9)

Ships and Boats (10)

Railroad Equipment (11)

Instruments (12)

Miscellaneous Equipment (13)

1946 1947 1948 1949 1950 1951 1952 1953 1954

191 528 541 710 812 328 -11 254 122

161 98 -5 0 -57 -32 51 21 29

46 94 -40 -59 -65 -20 20 49 60

133 145 482 469 187 425 308 207 -63

159 227 202 145 143 92 77 159 102

161 224 170 1 26 -18 30 85 -17

SOURCE, BY COLUMN

(1) (2 to 13)

1946-54: Sum af cols. 2 to 13. Subsequent years: 1955,3,947; 1956,6,290; 1957, 6,002; 1958, 1,605—representing expenditures shown in Table B-lll, less depreciation from Table B-113. Table B-lll, cols. 2 to 20, minus Table B-113, cols. 2 to 13, respectively. Table B-113, col. 4, covers Table B-lll, cols. 4 to 10, and 12. Net investment in passenger cars for 1955 is 513; 1956, 111; 1957, 151; 1958, —226.

APPENDIX B TABLE B-117 NET INVESTMENT IN PRODUCER DURABLE GOODS, REPLACEMENT COST

(millions of dollars)

Total (1)

Furniture and Fixtures (2)

Cutlery and Hand Tools (3)

Industrial Machinery and Equipment (4)

OfBce and Store Machines (5)

Electric Machinery (6)

Trucks, Buses, Trailers (7)

1946 1947 1948 1949 1950 1951 1952 1953 1954

4,542 8,010 8,373 5,099 5,677 6,961 6,232 6,772 5,128

212 342 265 197 225 41.1 377 307 429

179 116 70 -14 -47 2 10 -25 -84

2,006 3,243 3,801 2,041 2,460 3,545 3,791 4,095 3,373

248 333 366 254 254 281 354 481 354

765 1,581 1,336 1,017 1,153 1,200 1,389 1,367 1,256

651 1,158 1,167 278 530 659 -237 -362 -479

Year

Passenger Cars (8)

Aircraft (9)

Ships and Boats (10)

1946 1947 1948 1949 1950 1951 1952 1953 1954

160 491 549 751 861 364 -12 290 137

132 91 -5 0 -63 -38 63 28 39

40 88 -41 -62 -70 -24 24 63 79

Railroad Equipment (11) -119 139 485 487 197 477 353 248 -76

Instruments (12)

Miscellaneous Equipment (13)

138 217 207 149 149 105 86 183 120

130 211 173 1 28 -21 34 97 -20

SOURCE, BY COLUMN

(1)

(2 to 13)

1946-54: Sum of cols. 2 to 13. Subsequent years: 1955,5,113; 1956,8,632; 1957, 8,806; 1958, 2,585—derived from original cost expenditures shown in Table B-99, less replacement cost depreciation from Table B-114. Table B-99, cols. 2 to 20, minus Table B-114, cols. 2 to 13, respectively. Table B-114, col. 4, covers Table B-99, cols. 4 to 10, and 12. Net investment in passenger cars for 1955 is 602; 1956, 131; 1957, 191; 1958, 294.

Cutlery and Hand Tools (2)

81.1 91.7 100.8 107.6 116.1 124.9 125.2 132.8 139.1 149.9 161.7

Furniture and Fixtures (1)

79.9 94.9 101.5 103.7 108.5 122.4 121.1 122.9 124.4 124.8 132.7

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

TABLE B-118

(4)

84.0 93.0 102.0 104.9 109.3 122.0 122.0 126.0 129.1 132.8 151.8

(3)

77.4 95.5 101.0 103.5 109.1 117.8 116.3 117.5 118.6 121.5 132.3 78.5 90.8 101.7 107.6 110.7 123.0 124.2 126.9 128.5 133.8 144.1

(5)

Construction

(continued)

Engines and Turbines

F abricated Metal Products

80.2 92.4 100.8 106.9 111.9 124.8 125.0 130.8 134.6 143.1 155.3

Mining and Oilfield (6) 84.2 93.6 100.8 105.6 112.0 125.8 128.5 131.1 133.2 142.5 156.5

(7)

Metalworking

Machinery

PRICE DEFLATORS FOR PRODUCER DURABLE GOODS (1947-49 = 100)

83.2 93.5 100.7 105.8 109.4 121.7 121.7 124.4 127.6 130.6 141.1

Special Industry (8)

78.7 91.7 100.6 107.7 111.8 126.8 125.9 129.3 133.2 137.7 152.0

(9)

General Industry

91.2 98.0 100.8 101.1 102.6 109.3 109.6 112.3 114.2 117.3 122.4

Electric Machinery (12)

81.7 97.0 101.0 102.0 105.3 117.1 114.3 115.9 119.3 115.7 122.4

ServiceIndustry Household Machines (H)

78.8 96.6 101.6 101.6 101.9 109.1 109.0 110.3 111.0 108.9 110.9 82.8 93.1 101.0 105.6 104.4 113.0 115.9 114.9 113.8 116.2 125.2

Trucks, Buses, Trailers (13) 83.2 92.8 101.5 105.7 106.0 110.7 116.7 114.0 111.9 116.5 119.8

Passenger Cars (14)

Ships and Boats (16) 85.6 93.5 101.6 104.9 108.1 117.1 121.9 129.1 132.5 132.4 145.5

Aircraft (15) 81.6 93.2 100.4 106.3 110.8 120.5 124.4 131.2 136.4 141.3 150.7

89.4 95.6 101.1 103.3 103.9 110.9 111.9 118.0 118.7 123.9 133.4

Railroad Equipment (17)

SOURCE: Survey of Current Business, Nov. 1953, p. 19, as revised and brought up to date by the Department of Commerce.

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956

Year

Office and Store Machines (10)

TABLE B-118 (concludcd)

86.6 95.5 102.1 102.3 104.7 113.9 113.2 116.3 118.9 123.2 128.4

Instruments (18)

81.8 94.9 102.5 102.5 106.2 118.1 116.1 117.2 118.1 120.3 126.7

Miscellaneous Equipment (19)

17,668 22,611 23,705 18,290

2,093 1,737 1,918 1,548

19,761 24,348 25,623 19,838

1954 1955 1956 1957 1958

1954 1955 1956 1957 1958

1954 1955 1956 1957 1958

Year

Original Cost (1)

15,778 18,286 18,097 13,716

1,796 1,450 1,521 1,190

13,982 16,836 16,576 12,526

12,297 13,031 13,804 14,496

1,434 1,526 1,596 1,681

10,863 11,505 12,208 12,815

(6)

Original Cost

(7)

1947-49 Prices

6,805 11,106 11,497 5,475

659 211 322 —133

PASSENGER CARS

1,495 1,606 1,727 1,842

B.

13,153 14,110 15,090 15,411

513 111 151 -226

3,434 6,179 5,851 1,831

14,648 15,716 16,817 17,253

7,464 11,317 11,819 5,342

3,947 6,290 6,002 1,605

5,113 8,632 8,806 2,585

598 131 191 -294

4,515 8,501 8,615 2,879

(8)

Replace­ ment Cost

Net Investment

EXCLUDING PASSENGER CARS

(5)

Replace­ ment Cost

(millions of dollars)

TOTAL, INCLUDING PASSENGER CARS

11,831 11,996 12,095 12,111

C.

1,283 1,339 1,370 1,416

10,548 10,657 10,725 10,695

(4)

(3)

(2) A.

1947-49 Prices

Original Cost

Depreciation

1947-49 Prices

Expenditures

TABLE B-119 NONFARM PRODUCER D U R A B L E GOODS 1 9 5 5 - 5 8

104,326 111,790 123,107 134,926 140,268

4,179 4,838 5,049 5,371 5,238

100,147 106,952 118,058 129,555 135,030

(9)

Original Cost

102,629 106,576 112,866 118,868 120,473

3,721 4,234 4,345 4,496 4,270

98,908 102,342 108,521 114,372 116,203

1947-49 Prices (10)

128,312 135,798 154,560 169,420 175,213

4,249 5,005 5,344 5,754 5,789

124,063 130,793 149,216 163,666 169,424

Stock Replace­ ment Cost (H)

Accumulated Stock

(5)

(4)

(3)

(2)

(1)

A.

124.7 132.4 140.7 144.1

127.8 137.5 143.1 145.8

Year-End

Sum of Tables B-50 and B-120. Same method as for (9) and (10) above. From Table B-129.

Passenger Cars

1955 1956 1957 1958

Average

Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. 1954 value of original stock, excluding passenger cars, from Table B-127, plus net investment from col. 6. 1954 value of constant stock, excluding passenger cars, in (1947-49) prices, from Table B-128 plus net investment from col. 7. Col. 10 multiplied by year-end index of price deflators for producer durable equipment, converted to 1947-49 prices from 1954 prices (as shown in U.S. Income and Output, p. 221, and Survey of Current Business, July 1959, p. 40). Year-end deflators obtained by averaging fQurth and first quarter deflators of producer durables, as converted to 1947-49 prices from Survey of Current Business, e.g. July 1959:

(1 to 8) (9 and 10) (11)

B.

(H)

(10)

(9)

(8)

(7)

(6)

SOURCE, BY COLUMN

Expenditures represent total expenditures for producer durable equipment as shown in Survey of Current Business, July 1959, p. 7, less current expenditures for passenger cars used by business (Table B-99), and farm tractors, machinery, and new trucks (Tables B-65, B-64 and B-67). Expenditures in constant (1947-49) prices derived by deflating total expenditures for producer durable equipment (as shown in Survey of Current Business, July 1959, p. 7,) by implicit price deflator for producer durable equipment (ibid., p. 40, and U.S. Income and Output, p. 225, converted to a 1947-49 base), and then deducting expenditures in 1947-49 prices for passenger cars used by business, and farm tractors, machinery, and new trucks. Depreciation computed by extending depreciation on stocks of producer durable components shown in Table B-112, except passenger cars, and adding depreciation calculated on total expenditures for producer durables for years 1955-58. The depreciation rate for total producer durables was estimated at 7.16% (approximately 14-year life), based on the relation of actual depreciation to gross stock for the period 1952-54^ Depreciation computed as in col. 3, except that depreciation rate for total producer durables for 1955—58 was estimated on basis of 16J-year life (6.10%). Col. 4 multiplied by average yearly deflator in source for col. 11.

Excluding Passenger Cars

to

*

•"I

fe! b

kO

&

(4)

SOURCE,

63 63 88 140 209 281 330 364 395 428 447 457 472

1947-49 Prices (4)

(5) (6) (7) (8)

63 172 191 262 300 145 35 118 53 220 70 107 -44

Original Cost (6)

Replacement Cost (8) 53 164 183 249 287 121 -4 96 46 199 43 63 -98

1947-49 Prices (7) 63 176 180 236 271 109 -4 84 41 171 36 50 -75

Net Investment

by deflating expenditures in original cost (see col. 3) by index derived by extrapolating Table B-118, col. 14, from 1946 by A Study of Saving . . ., Vol. I, Table P-IO, col. 12. Col. 4 multiplied by Table B-118, col. 14. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

52 58 89 148 222 311 385 415 442 499 536 576 614

Replacement Cost (5)

COLUMN

Depreciation

(millions of dollars)

From Table B-27, col. 4. Col. 1 divided by Table B-118, col. 14. Col. 1 depreciated assuming an average life of six years. Expenditures for years before 1946 from A Study of Saving . . . , Vol I, Table P-14, col. 1. Same method as for col. 3, but expenditure figures of col. 2 used. Expenditures in 1947-49 prices for years before 1946 obtained

42 50 81 135 209 287 346 393 435 478 509 532 560

126 239 268 376 480 390 326 448 436 599 483 507 397

105 222 272 397 509 432 381 511 488 698 579 639 516

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(1) (2) (3)

Original Cost (3)

1947-49 Prices (2)

Original Cost (1)

Year

Expenditures

TABLE B-120

NET INVESTMENT BY CORPORATIONS THROUGH PURCHASE OF PASSENGER CARS

£ to

g

tu

APPENDIX B TABLE B-121 VALUE OF BUSINESS STRUCTURES, ORIGINAL COST

(millions of dollars) End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Industrial (2)

Commercial (3)

Miscellaneous Nonresidential (4)

Public Utility (5)

38,707 41,373 44,634 48,631 52,181 56,016 61,364 66,833 73,148 79,415 87,143 96,323 106,085 114,442

8,380 9,643 10,884 11,789 12,245 12,772 14,320 16,022 17,584 18,900 20,536 22,794 25,450 26,927

8,211 8,934 9,361 10,164 10,716 11,504 12,346 12,927 14,131 15,710 18,231 21,085 23,788 26,404

580 665 711 797 899 995 1,237 1,476 1,702 1,960 2,197 2,487 2,615 2,783

21,536 22,131 23,678 25,881 28,321 30,745 33,461 36,408 39,731 42,845 46,179 49,957 54,232 58,328

SOURCE, BY COLUMN

(1) (2 to 5)

Sum of cols. 2 to 5. Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures, less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset involved (see Tables B-IOl to B-104).

TABLE B-122 VALUE OF BUSINESS STRUCTURES, CONSTANT (1947-49) PRICES

(millions of dollars) End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Industrial (2)

Commercial (3)

Miscellaneous Nonresidential (4)

Public Utilitv (5) '

78,571 80,438 81,953 83,728 85,063 86,529 88,873 91,192 94,029 96,843 100,466 104,111 108,345 111,406

18,056 19,206 19,999 20,308 20,223 20,195 20,944 21,794 22,514 23,102 23,928 24,496 25,723 26,072

17,998 18,639 18,603 18,842 18,853 19,093 19,320 19,294 19,766 20,505 21,951 23,555 24,951 26,209

1,326 1,424 1,440 1,485 1,546 1,600 1,776 1,941 2,086 2,251 2,295 2,342 2,389 2,461

41,191 41,169 41,911 43,093 44,441 45,641 46,833 48,163 49,663 50,935 52,292 53,718 55,282 56,664

SOURCE, BY COLUMN

(1) (2 to 5)

Sum of cols. 2 to 5. Same procedure as for Table B-121, cols. 2 to 5, but applied to expenditures in 1947-49 prices.

APPENDIX B TABLE B-123 VALUE OF BUSINESS STRUCTURES, CURRENT PRICES

(millions of dollars) End of Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Public Utility

(3)

Miscellaneous Nonresidential (4)

11,123 15,359 18,603 19,822 19,324 20,678 21,832 22,690 23,996 25,795 28,800 32,082 35,081 38,029

797 1,139 1,440 1,584 1,594 1,771 2,042 2,345 2,595 2,863 3,029 3,230 3,419 3,628

29,740 35,817 40,486 45,592 47,107 54,358 57,324 61,167 66,151 69,424 73,627 79,073 90,828 95,989

Total (1)

Industrial (2)

Commercial

54,191 68,909 80,448 88,362 88,551 99,405 106,456 112,791 120,299 125,756 135,701 146,622 166,163 175,111

12,531 16,594 19,919 21,364 20,526 22,598 25,258 26,589 27,557 27,676 30,245 32,237 36,835 37,465

(5)

SOURCE, by column: (1) Sum of cols. 2 to 5. (2 to 5) Cumulated depreciated capital expenditures in 1947-49 prices, multiplied by appropriate price deflator from Table B-106 (year-end figures used).

(3, 4, 8, 9)

3,178 3,380 3,520 3,574 3,559 3,554 3,686 3,836 3,962 4,066 4,211 4,311 4,527 4,354

Industrial (2) 884 950 960 990 1,031 1,067 1,185 1,295 1,391 1,501 1,531 1,562 1,593 1,641

12,005 12,432 12,408 12,568 12,575 12,735 12,886 12,869 13,184 13,677 14,641 15,711 16,642 17,481 6,137 6,134 5,700 5,861 6,044 5,659 5,807 5,972 5,913 5,654 5,804 5,963 6,136 6,290

Public Utility (5) 14,687 19,262 22,380 24,239 23,972 25,690 27,477 28,963 29,929 30,812 34,726 38,004 42,244 45,034

Total (6)

(6)

(5 and 10)

SOURCE, DY COLUMN

Miscellaneous Nonresidential (4)

Commercial (3)

1947-49 Prices

B-124

(millions of dollars)

Sum of cols. 2 to 5. Estimated at 15 per cent of the total value of industrial real estate. Estimated at 40 per cent of the total value of commercial

22,204 22,896 22,588 22,993 23,209 23,015 23,564 23,972 24,050 24,898 26,187 27,547 28,898 29,766

Total 0)

(1) (2 and 7)

1945 1946 1947 1948 1949 pi 1950 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

TABLE VALUE OF BUSINESS LAND

7,419 10,244 12,408 13,221 12,889 13,792 14,562 15,134 16,005 17,325 19,210 21,399 23,399 25,365

Commercial (8)

532 760 960 1,057 1,063 1,181 1,362 1,564 1,731 1,910 2,020 2,154 2,280 2,420

Miscellaneous Nonresidential (9)

4,431 5,337 5,506 6,201 6,407 6,740 7,108 7,585 7,343 7,706 8,173 8,777 10,082 10,655

Public Utility (10)

real estate (see Tables B-122 and B-123, cols. 3 and 4). Rough extrapolation. See A Study ofSaving . . ., Vol. ILL, Table W - l , col. 22. Sum of cols. 7 to 10.

2,205 2,291 3,506 3,760 3,613 3,977 4,445 4,680 4,850 4,871 5,323 5,674 6,483 6,594

(?)

Industrial

Current Prices

Co

to

*o "xi to

APPENDIX B TABLE B-125 VALUE OF SOCIAL AND RECREATIONAL REAL ESTATE

(millions of dollars) Land

Structures

Structures and Land

of Year

Original Cost (1)

1947-49 Prices (2)

Current Prices (3)

1947-49 Prices (4)

Current Prices (5)

1947-49 Prices (6)

Current Prices (7)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

1,861 1,910 1,931 2,074 2,251 2,408 2,478 2,506 2,570 2,695 2,827 2,992 3,185 3,484

4,494 4,474 4,381 4,395 4,443 4,470 4,409 4,311 4,241 4,219 4,201 4,200 4,215 4,300

2,701 3,579 4,381 4,689 4,581 4,948 5,070 5,208 5,276 5,367 5,545 5,792 6,032 6,338

2,997 2,984 2,922 2,931 2,963 2,981 2,941 2,875 2,829 2,814 2,802 2,801 2,811 2,868

1,802 2,387 2,922 3,128 3,056 3,300 3,382 3,474 3,519 3,580 3,699 3,863 4,023 4,227

7,491 7,458 7,303 7,326 7,406 7,451 7,350 7,186 7,070 7,033 7,003 7,001 7,026 7,168

4,503 5,966 7,303 7,817 7,637 8,248 8,452 8,682 8,795 8,947 9,244 9,655 10,055 10,565

SOURCE, BY COLUMN

(1)

(2) (3)

(4 and 5) (6) (7)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for forty-five years, the assumed length of life of social and recreational buildings. Same procedure as for col. 1, but applied to expenditures in 1947-49 prices (see Table B-105, cols. 2 and 4). Cumulated depreciated capital expenditures in 1947-49 prices, multiplied by price index (year-end figures used; derived from same source as Table B-105, col. 9). Same procedure as for Table B-124, cols. 3 and 9. Sum of cols. 2 and 4. Sum of cols. 3 and 7.

(3)

(2)

7,872 8,148 8,416 8,869 9,326 9,931 10,577 11,316 12,135 13,098 14,195 15,181 15,956 16,735

3,974 4,355 4,843 5,594 6,311 7,202 8,281 9,490 10,816 12,249 13,882 15,554 17,045 18,511

(2, 5, and 8)

7,872 8,473 9,044 9,847 10,628 11,583 12,567 13,645 14,801 16,138 17,648 19,007 20,082 21,151

(5)

5,463 7,321 9,008 10,359 10,787 12,961 15,156 16,647 18,116 19,333 22,307 25,013 28,757 30,394

(6)

Current Prices 1,613 1,661 1,763 1,891 1,961 2,056 2,167 2,256 2,344 2,398 2,479 2,571 2,670 2,764

(7)

Original Cost 3,399 3,380 3,396 3,421 3,396 3,393 3,388 3,364 3,340 3,295 3,273 3,251 3,230 3,211

(8)

1947-49 Prices

MINING DEVELOPMENT

2,359 2,920 3,382 3,599 3,447 3,797 4,086 4,104 4,088 3,947 4,137 4,278 4,625 4,614

Current Prices 0)

Cumulated depreciated capital expenditures in 194749 prices multiplied by price index (year-end figures used; see Tables B-107, B-108, and B-109). a Based on Department of Commerce figures (see Table B-107). " Based on Department of Commerce and other expenditure estimates (see Table B-108).

(3, 6, and 9)

SOURCE, BY COLUMN

3,974 4,611 5,386 6,505 7,556 8,820 10,307 11,945 13,706 15,605 17,761 19,966 21,930 23,858

Original Cost (4)

Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset involved (see Tables B-107, B-108, and B-109). Same procedure as for col. 1, but applied to expenditures in 1947-49 prices.

5,463 7,040 8,382 9,330 9,466 11,113 12,756 13,806 14,853 15,691 17,942 19,978 22,849 24,048

Current Prices

Original Cost (1)

Estimate Bb 1947-49 Prices

(millions of dollars)

PETROLEUM AND GAS WELL DRILLING

Estimate A* 1947-49 Prices

(1, 4, and 7)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

END OF YEAR

TABLE B-126 VALUE OF UNDERGROUND MINING CONSTRUCTION

to

to

to to to

APPENDIX B TABLE B-127 VALUE OF STOCK OF PRODUCER DURABLE GOODS, ORIGINAL COST

(millions of dollars)

Total Π)

Furniture and Fixtures (2)

Cutlery and Hand Tools (3)

Industrial Machinery and Equipment (4)

Office and Store Machines (5)

Electric Machinery (6)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

33,901 39,233 48,586 58,506 65,305 72,736 81,499 89,388 97,733 104,326

2,282 2,528 2,957 3,326 3,626 3,964 4,534 5,060 5,518 6,100

379 569 708 830 878 904 981 1,036 1,056 1,014

16,977 19,342 23,251 27,839 30,755 34,138 38,288 42,668 47,418 51,483

717 970 1,322 1,707 1,977 2,251 2,5,70 2,949 3,458 3,828

5,488 6,284 7,964 9,419 10,558 11,853 13,272 14,857 16,429 17,915

End of Year

Passenger Cars (8)

Aircraft (9)

Ships and Boats (10)

Railroad Equipment (H)

Instruments (12)

Miscellaneous Equipment (13)

159 349 864 1,438 2,226 3,125 3,560 3,665 4,021 4,179

16 149 245 250 265 222 207 284 324 376

1,590 1,665 1,798 1,813 1,811 1,803 1,854 1,957 2,106 2,273

3,915 3,937 4,243 4,915 5,595 5,982 6,670 7,225 7,681 7,799

413 558 790 1,019 1,188 1,358 1,501 1,615 1,832 1,993

652 822 1,105 1,367 1,442 1,540 1,614 1,693 1,867 1,813

End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

Trucks, Buses, Trailers (?)

1,313 2,060 3,339 4,583 4,984 5,196 6,448 6,379 6,073 5,553

SOURCE, BY COLUMN

(1) (2 to 13)

1945-54: Sum of cols. 2 to 13. Subsequent years: 1955, 111,790; 1956, 123,107; 1957,134,926; 1958, 140,268—obtained by adding net investment from col. 1, Table B-115. Derived by addition of cumulated net investment, original cost, to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset (see Table B-112). Passenger car values for subsequent years: 1955, 4,838; 1956,5,049; 1957,5,371; 1958, 5,238.

APPENDIX B TABLE B-128 VALUE OF STOCK OF PRODUCER DURABLE GOODS, CONSTANT (1947-49) PRICES (millions of dollars)

End of Year

Total (1)

Furniture and Fixtures

Cutlery and Hand Tools

Industrial Machinery and Equipment

Office and Store Machines

Electric Machinery

Buses, Trucks, Trailers

(2)

(3)

(4)

(5)

(6)

(7)

3,282 3,547 3,907 4,169 4,359 4,566 4,902 5,214 5,464 5,809

507 727 853 922 909 869 870 878 859 799

25,101 27,588 31,022 34,786 36,709 38,950 41,838 44,903 48,120 50,721

796 1,065 1,401 1,765 2,018 2,267 2,532 2,870 3,326 3,664

7,585 8,521 10,151 11,474 12,471 13,566 14,590 15,805 16,984 18,037

1,854 2,641 3,883 5,038 5,301 5,810 6,391 6,487 5,873 5,453

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

49,450 54,999 63,443 71,730 76,609 81,916 87,734 93,245 98,539 102,629

End of Year

Passenger Cars (8)

Aircraft (9)

Ships and Boats (10)

Railroad Equipment (H)

Instruments (12)

Miscellaneous Equipment (13)

246 437 965 1,506 2,216 3,028 3,356 3,345 3,599 3,721

23 184 282 277 277 220 188 239 260 289

2,529 2,575 2,669 2,629 2,570 2,505 2,485 2,505 2,554 2,614

6,087 5,954 6,099 6,581 7,050 7,237 7,662 7,970 8,177 8,114

517 676 903 1,105 1,250 1,393 1,485 1,562 1,721 1,823

923 1,084 1,308 1,478 1,479 1,505 1,487 1,517 1,602 1,585

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

(1)

(2 to 13)

SOURCE, BY COLUMN 1946-54: Sum of cols. 2 to 13. Subsequent years: 1955, 106,576; 1956, 112,866; 1957, 118,868; and 1958, 120,473—obtained by adding net investment from Table B-116 to 1954 stock. Same procedure as for Table B-127, cols. 2 to 13, but applied to expenditures in 1947-49 prices. Passengercarsstockfor 1955-58, respectively: 4,234,4,344, 4,495, and 4,269.

APPENDIX B TABLE B-129 VALPE OF PRODUCER DURABLE GOODS, CURRENT PRICES

(millions of dollars)

End of Year 1945

Total (1)

Furniture and Fixtures

Cutlery and Hand Tools

Industrial Machinery and Equipment

Office and Store Machines

Electric Machinery

Trucks, Buses, Trailers

(2)

(3)

(4)

(5)

(6)

(?)

2,537 3,100 3,837 4,277 4,625 5,274 5,971 6,361 6,759 7,331

396 628 821 961 1,016 1,047 1,088 1,133 1,167 1,150

19,428 24,112 30,308 36,004 39,646 45,260 51,544 55,904 61,786 66,292

720 1,020 1,398 1,772 2,042 2,360 2,669 3,016 3,499 3,891

5,863 7,619 10,050 11,647 12,933 15,087 16,896 18,193 18,816 21,177

1,469 2,323 3,774 5,206 5,564 6,320 7,302 7,106 6,660 6,182

1947 1948 1949 1950 1951 1952 1953 1954

39,296 48,732 62,169 73,806 81,420 92,776 104,573 111,860 120,104 128,312

End of Year

Passenger Cars

Aircraft

(6)

(9)

189 384 938 1,560 2,347 3,283 3,816 3,856 4,067 4,249

161 273 286 301 255 230 305 348 403

1946

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954

18

(H)

Instruments (12)

Miscellaneous Equipment (13)

5,095 5,513 5,989 6,726 7,360 7,867 8,696 9,333 9,812 10,094

430 615 892 1,130 1,290 1,513 1,672 1,774 2,007 2,193

713 950 1,284 1,521 1,559 1,689 1,719 1,735 1,842 1,845

Ships and Boats (10)

Railroad Equipment

2,438 2,307 2,605 2,716 2,737 2,821 2,970 3,144 3,341 3,505

SOURCE, BY COLUMN

(1) (2 to 13)

1946-54: Sum of cols. 2 to 13; 1955-58 values: 135,798; 154,560; 169,420; 175,213, respectively. Accumulated constant stock of producer durables from Table B-128 multi­ plied by year-end index of producer durables equipment obtained by con­ verting 1954 price indexes to 1947-49 base and averaging fourth quarter and first quarter of succeeding year (from Survey of Current Business, July 1959, p. 40, and earlier and later issues). Passenger car values for subsequent years: 1955, 5,005; 1956, 5,344; 1957, 5,754; 1958, 5,789.

APPENDIX B TABLE B-130 NONFARM BUSINESS INVENTORIES, BOOK VALUES

(millions of dollars) Book Value (end of year)

Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Corporations (2)

34,288 47,606 56,274 61,812 57,284 69,343 79,926 80,890 83,123 81,361 88,781 97,051 100,094 95,648

26,316 37,546 44,685 48,890 45,313 55,101 64,852 66,102 67,911 66,302 72,965 80,542 83,274 78,843

Change in Book Value

Unincorporated Business (3)

Total (4)

7,972 10,060 11,589 12,922 11,971 14,242 15,074 14,788 15,212 15,059 15,816 16,509 16,820 16,805

75 13,318 8,668 5,538 -4,528 12,059 10,583 964 2,233 -1,762 7,420 8,270 3,043 -4,446

Inventory Valuation Adjustment

Corporations (5)

-463 11,230 7,139 4,205 -3,577 9,788 9,751 1,250 1,809 -1,609 6,663 7,577 2,732 -4,431

Unincorporated Business (6) 538 2,088 1,529 1,333 -951 2,271 832 -286 424 -153 757 693 311 -15

Adjusted Change in Value of Inventories

Year

Total (7)

Corporations (8)

Unincorporated Business .(9)

Total (10)

Corporations (11)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

-670 -6,968 -7,370 -2,562 2,319 -6,059 -1,523 1,182 -1,165 -367 -1,934 -3,195 -1,829 -451

-564 -5,263 -5,899 -2,152 1,856 -4,965 -1,196 981 -997 -318 -1,736 -2,693 -1,532 -408

-106 -1,705 -1,471 -410 463 -1,094 -327 201 -168 -49 -198 -502 -297 -43

-595 6,350 1,298 2,976 -2,209 6,000 9,060 2,146 1,068 -2,129 5,486 5,075 1,214 -4,897

-1,027 5,967 1,240 2,053 -1,721 4,823 8,555 2,231 812 -1,927 4,927 4,884 1,200 -4,839

Unincorporated Business (12) 432 383 58 923 -488 1,177 505 -85 256 -202 559 191 14 -58

SOURCE, BY COLUMN

(1 to 3)

1945-49: Derivedbycumulating backward cols. 4 to 6, respectively, from 1950 value. 1950: National Income Supplement to Survey of Current Business, 1954, p. 136. 1951-58: Derived by cumulating forward cols. 4 to 6, respectively, from 1950 value. (4 to 12) 1945: National Income Supplement to Survey of Current Business, 1954, p. 211. 1946-55: U.S. Income and Output, p. 193. 1956-58: Survey of Current Business, July 1958, p. 30.

TABLE B-131 NONFARM BUSINESS INVENTORIES, CONSTANT (1947-49) PRICES

(millions of dollars) Value (end of year) Year 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Corporations (2)

47,822 55,292 56,785 58,645 57,227 61,969 69,743 71,647 72,533 70,934 74,356 78,141 79,503 75,432

36,703 43,607 45,091 46,385 45,268 49,241 56,590 58,549 59,259 57,805 61,110 64,849 66,143 62,179

Change in Value

Unincorporated Business

Total

Corporations

(3)

(4)

(5)

Unincorporated Business (6)

11,119 11,684 11,694 12,260 11,959 12,727 13,154 13,098 13,274 13,129 13,246 13,292 13,360 13,253

—

—

7,470 1,493 1,860 -1,418 4,742 7,774 1,904 886 -1,599 3,422 3,785 1,362 -4,071

6,904 1,484 1,294 -1,117 3,973 7,349 1,959 710 -1,454 3,305 3,739 1,294 -3,964

565 10 566 -310 768 427 -56 176 -145 117 46 68 -107

SOURCE, BY COLUMN: (1 to 3) Table Β-130, cols. 1 to 3, divided by fourth quarter average of Bureau of Labor Statistics monthly index of wholesale prices for commodities other than farm products and foods [Federal Reserve Bulletin, various issues, e.g., March 1952, p. 311); (4 to 6) First differences of cols. 1 to 3, respectively.

TABLE B-132 VALUE OF PRIVATE NONFARM FOREST LAND

(amounts in billions of dollars) Total End of Year

Current Values (1)

1947-49 Prices (2)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

3.09 3.80 6.09 7.57 8.33 11.87 14.31 13.29 11.95 12.61 15.02 14.69 15.03 13.73

6.40 6.44 6.48 6.52 6.56 6.60 6.64 6.68 6.72 6.76 6.80 6.84 6.88 6.92

Corporate Holdings

Index of Stumpage Prices National Forests (1947-49 = 100)

Current Values

1947-49 Prices

(3)

(4)

(5)

48 59 94 116 127 180 216 199 178 187 221 215 219 199

2.30 2.85 4.55 5.70 6.25 8.90 10.75 9.95 8.95 9.45 11.25

4.80 4.85 4.85 4.90 4.90 4.95 5.00 5.00 5.05 5.05 5.10 5.15 5.15 5.20

11.00

11.25 10.30

SOURCE, BY COLUMN

(1)

1946: Estimate of U.S. Forest Service, Studies in Income and Wealth, Vol. 12, p. 233. Other years: Obtained by applying to 1946 value the changes in stumpage prices of lumber in national forests as shown in col. 3, after adjusting for an estimated 0.6 per cent annual increase in timber stands, derived from Stoddard, Journal of Forestry, July 1958.

(2)

(3)

(4 and 5)

1946: Cot 1 divided by col. 3. Other years: Obtained on assumption of a 0.6 per cent annual increase in timber stands. Derived by converting stumpage prices for Douglas fir, southern pine, and ponderosa pine to 1947-49 = 100 base; averaging successive years for yearend values (Statistical Abstract, 1959, p. 700, arid earlier issues). 1957 and 1958 values extrapolated in ratio of U.S. Forest Service estimated stumpage prices. Estimated at three-fourths of cols. 1 and 2, respectively, on basis of data on distribution of ownership in Timber Resource Review, Department of Agriculture, Forest Service, Chapter IV.D, 1955, p. 20 (figures rounded to nearest $50 million). This estimate is based on assumption that almost all forest industry holdings and other (nonfarm) private holdings of over 500 acres represent corporate holdings, and the likelihood that the average value per acre of large holdings is above that of small holdings (cf. ibid., Chapter IX, p. 102).

TABLE B-133 VALUE OF SUBSOIL ASSETS

(billions of dollars) Current Prices

End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Total (1)

Oil and Gas (2)

6.2 7/1 9.4 12.8 11.9 12.5 14.3 14.7 16.3 16.9 17.9 19.0 20.7 19.9

3.0 3.4 4.7 6.8 6.2 6.6 7.8 8.1 9.1 9.5 10.2 10.9 12.0 11.5

1947-4'•9 Prices

Total

(3)

Other Minerals (4)

(5)

Oil and Gas (6)

1.1 1.3 1.5 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6 1.6

2.1 2.4 3.2 4.4 4.1 4.3 4.9 5.0 5.6 5.8 6.1 6.5 7.1 6.8

9.7 10.0 10.2 10.9 11.4 11.7 12.6 12.8 13.4 13.6 13.7 14.0 14.1 14.2

4.7 4.9 5.0 5.5 5.8 6.0 6.6 6.7 7.1 7.2 7.2 7.4 7.4 7.5

Coal

Coal

(7) 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7 1.7

Other Minerals *(8) 3.3 3.4 3.5 3.7 3.9 4.0 4.3 4.4 4.6 4.7 4.8 4.9 5.0 5.0

SOURCE, BY COLUMN

(1) (2) (3)

(4) (5) (6)

(7) (8)

Sum of cols. 2 to 4. From Table B-134, col. 8. Derived by adjusting Bain's estimate (H. Foster Bain, et al., "Subsoil Wealth," Studies in Income and Wealth, Vol. 12, NBER p. 270) for changes in average price of coal mined (Statistical Abstract, various issues, e.g., 1955, p. 743). Estimated at 52 per cent of sum of cols. 2 and 3, the 1946 relation indicated by Bain's figures. Sum of cols. 6 to 8. Value for 1946 obtained by adjusting col. 2 for change in crude oil price (Business Statistics, various issues, e.g., 1955, p. 169) for increase between end of 1946 and 1947-49 average. Figures for other years obtained by multiplying 1946 values by index of proved reserves, derived from Petroleum Facts and Figures, 1959 ed., p. 63. Value for 1946 derived in same way as col. 6. Figures for other years assumed equal to 1946 since small discoveries may be regarded as offset by depletion. Estimated at 52 per cent of sum of cols. 6 and 7.

(8)

(7)

(4 to 6)

(1 to 3)

1945 1946 1947 1948 1949 1950 OO 1951 ^ 1952 1953 1954 1955 1956 1957 1958

END OF YEAR

210 210 295 459 402 420 508 533 598 581 619 697 679 690

Natural Gasoline ($ million) (2)

220 235 275 333 344 409 543 624 775 882 978 1,084 1,202 1,278

(3)

Natural Gas

0.37 0.37 0.52 0.80 0.70 0.73 0.89 0.93 1.05 1.02 1.08 1.22 1.19 1.21

(5)

Natural Gasoline

(9)

4.89 5.57 7.85 11.28 10.22 11.02 12.97 13.48 15.12 15.71 16.91 18.17 20.01 19.10

(7)

Total

2.95 3.35 4.70 6.75 6.15 6.60 7.80 8.10 9.10 9.45 10.15 10.90 12.00 11.45

(8)

A

Total

(9)

B

2.95 3.35 4.80 7.00 6.45 7.05 8.45 8.90 10.15 10.70 11.65 12.70 14.20 13.75

Discounted

discounting factor (8 per cent return on invested capital with sinking fund of 3 per cent) are applicable throughout the decade. Total B: Estimated to rise from 60 per cent of col. 7 by 1 percentage point a year beginning with 1947, to reflect probable decline in discounting factor. Figures rounded to nearest $50 million. The 1958 estimates are equivalent to a valuation per average barrel of proved reserves of $0.31 and $0.37, respectively, rather low figures (Petroleum Facts and Figures, 1959 ed., p. 63).

0.86 0.92 1.07 1.30 1.34 1.60 2.12 2.43 3.02 3.44 3.81 4.24 4.69 4.98

Natural Gas ($ billion) (6)

VALUE OF UNDERGROUND RESERVES

Undiscounted

SOURCE, BY COLUMN

3.66 4.28 6.26 9.18 8.18 8.69 9.96 10.12 11.05 11.25 12.02 12.71 14.13 12.91

(4)

Crude Oil

StatisticalAbstract of the United Statics, various issues, e.g; 1959, pp. 730/31. Cols. 1 and 2 multiplied by 1.75, and col. 3 multiplied by 3.90, following Bains' procedure (Studies in Income and Wealth, Vol. 12, pp. 265-266). Sum of cols. 4 to 6. Total A: Estimated at 60 per cent of col. 7 and rounded to nearest $50 million, the ratio in 1946. This method implies that Bain's assumptions regarding royalty rates (12.5 per cent for oil and 10 per cent for gas), reserves (14 times production in 1946 for oil and 39 times for gas), and

2,094 2,443 3,578 5,245 4,674 4,963 5,690 5,785 6,317 6,427 6,870 7,263 8,079 7,379

(1)

Crude Oil

VALUE OF PRODUCTION

TABLE B-134 VALUE OF OIL AND GAS RESERVES

§ * bo

tq

FCO KB

APPENDIX B TABLE B-135 DISTRIBUTION OF OWNERSHIP OF SUBSOIL ASSETS

(billions of dollars) End of Year

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Current Prices Corporations Other (1) (2) 5.6 6.4 8.4 11.5 10.7 11.2 12.8 13.2 14.5 15.1 16.0 17.0 18.5 17.8

0.6 0.7 1.0 1.3 1.2 1.3 1.5 1.5 1.8 1.8 1.9 2.0 2.2 2.1

1947-49 Prices Corporations Other (3) W 8.7 9.0 9.1 9.8 10.2 10.5 11.3 11.5 12.0 12.2 12.3 12.5 12.6 12.7

1.0 1.0 1.1 1.1 1.2 1.2 1.3 1.3 1.4 1.4 1.4 1.5 1.5 1.5

SOURCE : Obtained by allocating 85 per cent of ownership of oil and gas wells and 95 per cent of that of coal and other minerals to corporations (Table B-133). This alloca­ tion is based primarily, in the case of oil and gas wells, on the proportion of total depletion allowances claimed by corporations, and for other minerals, on the share of corporations in the value of mining output (see A Study of Saving . . . , Vol. I, Table C-16, p. 929).

APPENDIX B TABLE B-136 CAPITAL OUTLAY OF STATE GOVERNMENTS

(millions of dollars)

Equipment

Purchases of Land and Existing Structures

(5)

(6)

42 91 117 131 141 148 158 157 173 177 203 251 271 (268)

33 52 71 101 131 142 178 218 342 412 489 593 653 (628)

67 104 124 136 145 153 157 165 175 190 227 261 (269)

43 62 86 116 136 160 198 280 377 450 541 623 (641)

Construction Total (1)

Total

Highway

(2)

(3)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959

368 975 1,456 1,901 2,237 2,483 2,658 2,847 3,347 3,992 4,564 5,158 5,924 (5,796)

292 832 1,268 1,669 1,966 2,196 2,323 2,472 2,831 3,404 3,872 4,313 5,000 (4,900)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

672 1,216 1,678 2,069 2,362 2,572 2,753 3,097 3,670 4,278 4,861 5,541 (5,859)

562 1,050 1,468 1,817 2,081 2,359 2,398 2,652 3,118 3,638 4,093 4,657 (4,950)

Other (4)

FISCAL YEAR

232 599 904 1,205 1,314 1,548 1,696 1,863 2,204 2,729 3,107 3,391 3,874 (3,828)

60 233 364 464 652 648 627 609 627 675 765 922 1,126 (1,072)

CALENDAR YEAR

416 752 1,054 1,259 1,431 1,622 1,780 2,034 2,467 2,918 3,249 3,633 (3,851)

146 298 414 558 650 637 618 618 651 720 844 1,024 (1,099)

SOURCE, BY COLUMN

Fiscal Year (1) 1946, 1948, 1950: Revised Summary of State Government Finances, 1942-1950, Bureau of the Census, p. 5. 1947, 1949: Since Census Bureau's revision of data was limited to even numbered years for period 1942-50, probable revised figures for 1947 and 1949 were estimated by increasing the unrevised figures as given in Compendium of State Government Finances in 1950, Census, p. 6, by ratio of the unrevised to revised figures in adjoining years. 1951-55: Summary of State Government Finances in 1955, p. 7. 1956-58: Ibid., in 1958, p. 7. 1946, 1948: Revised Summary of State Government Finances, 1942-1950, p. 5. 1947, 1949: Sum of cols. 3 and 4. 1950—55: Summary of State Government Finances in 1955, p. 7. 1956-58: Ibid., in 1958, p. 7.

APPENDIX B (3)

1946-50: Compendium of State Government Finances, various issues, (e.g., 1946, p. 23; 1947-50, p. 26). The Census Bureau constructed only total figures and did not develop construction figures by function. If it had, the figures shown in this table for highway construction, 1946-50, would have been slightly changed. 1951: Estimated at 90 per cent of capital outlay on highways (ibid., 1951, p. 27) on basis of the 1946-50 relation of construction expenditures to capital outlay on highways (ibid., various issues, e.g., 1950, pp. 26 and 27). 1952: Summary of Government Finances in 1952, Bureau of the Census, p. 31. 1953: Ibid., in 1953, p. 27. 1954: Ibid., in 1954, p. 32. 1955-56: Estimated by applying to figures of capital outlays on highways (Summary of State Government Finances in 1955, p. 14) the 1954 ratio of highway construction to highway capital outlays (ibid., in 1954, p. 14; ibid., in 1956, p. 14). 1957-58: Ibid., in 1957, Table 2, p. 9. Ibid., in 1958, Table 2, p. 8. (4) 1946, 1948: Col. 2 minus col. 3. 1947, 1949: Col. 1 minus sum of cols. 3, 5, and 6. 1950-58: Col. 2 minus col. 3. (5) 1946, 1948: Revised Summary of State Government Finances, 1942-1950, p. 5. 1947, 1949: Compendium of State Government Finances in 1947, p. 26 and ibid., in 1949, p. 26. 1950-58: Summary of State Government Finances, various issues, e.g., p. 7. (6) 1946, 1948: Revised Summary of State Government Finances, 1942-1950, p. 5. 1947, 1949: Obtained by straight-line interpolation between the 1946 and 1948, and the 1948 and 1950 figures, respectively. 1950-58: Summary of State Government Finances, various issues, e.g., in 1955, p. 7. Calendar Year Figures for 1946-57 obtained by averaging fiscal year totals. Fiscal years of state governments, with a few exceptions, are for the twelve months ended June 30 (see Revised Summary of State Government Finances, 1942—1950, Table 2). Calendaryearfigures for 1958 and fiscal year for 1959 estimated on basis of Department of Commerce figures (see Tables B-156 and B-140).

TABLE B-137 NET INVESTMENT THROUGH OUTLAYS FOR CONSTRUCTION BY STATE GOVERNMENTS (millions of dollars) Net Investment

Depreciation Expenditures Original 1947-49 Cost Prices

Original 1947—49 Cost Prices (3) (4)

(1)

(2)

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959

292 832 1,268 1,669 1,966 2,196 2,323 2,472 2,831 3,404 3,872 4,313 5,000 (4,900)

396 969 1,277 1,569 2,013 2,105 2,088 2,149 2,554 3,140 3,427 3,571 4,078 4,045

450 466 497 539 590 646 706 769 838 921 1,021 1,134 1,261 1,395

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

562 1,050 1,408 1,817 2,081 2,259 2,398 2,652 3,118 3,638 4,093 4,657 (4,950)

682 1,123 1,423 1,791 2,059 2,096 2,118 2,352 2,847 3,284 3,499 3,825 4,062

458 482 518 564 618 676 738 804 880 971 1,078 1,198 1,328

Replacement Cost (5)

Original 1947-49 Cost Prices (6) (7)

Replacement Cost (8)

FISCAL YEAR 793 811 843 883 933 988 1,042 1,094 1,153 1,225 1,310 1,402 1,499 1,600

592 705 836 940 900 1,023 1,155 1,255 1,275 1,332 1,483 1,692 1,831 1,935

—158 366 771 1,130 1,376 1,550 1,617 1,703 1,993 2,483 2,851 3,179 3,739 3,505

— 397 158 434 686 1,080 1,117 1,046 1,055 1,401 1,915 2,117 2,169 2,579 2,445

-300 127 432 729 1,066 1,173 1,168 1,217 1,556 2,072 2,389 2,621 3,169 2,965

104 568 951 1,253 1,463 1,583 1,660 1,848 2,238 2,667 3,015 3,459 3,622

-120 296 560 883 1,099 1,081 1,050 1,228 1,658 2,016 2,143 2,374 2,512

-86 280 581 897 1,119 1,170 1,193 1,387 1,814 2,231 2,505 2,895 3,067

CALENDAR YEAR 802 827 863 908 960 1,015 1,068 1,124 1,189 1,268 1,356 1,450 1,550

648 770 888 920 962 1,089 1,205 1,265 1,304 1,408 1,588 1,762 1,883

SOURCE, BY COLUMN Fiscal Year (1) From Table B-136, col. 2; 1959 rough estimate (see Table B-136). (2) Obtained by dividing the components of col. 1 (Table B-136, cols. 3 and 4) as derived from Department of Commerce figures (see Tables B-156 and B-140). (3) Components of col. 1 depreciated assuming an average life of thirty years for highway construction and fifty years for other construction. Expenditures for years before 1946 from A Study of Saving . . . , Vol. I, Table G-15, cols. 2 and 3. Col. 3 divided between other capital outlay and equipment in the ratio of 80:20 on the basis of the 1952-54 relationship. (4) Same procedure as for col. 3, except expenditure figures from col. 2. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by appropriate price indexes. Indexes for period 1915-45 from same sources as the later figures; for years before 1915 indexes extrapolated by public construction index given in A Study of Saving . . . , Vol. I, Table R-20, col. 8. (5) Components of col. 4 multiplied bv appropriate price indexes from Table B-143. (6) Col. 1 minus col. 3. (7) Col. 2 minus col. 4. (8) Col. 1 minus col. 5. Calendar Year Figures, all columns, obtained by averaging fiscal year figures for current and s Licceeding year.

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

(4)

(3)

(2)

(1)

218 316 367 401 415 372 438 456 559 598 653 1,038 1,741

1947-49 Prices (2)

222 230 241 253 263 274 286 300 315 333 353 384 435

Original Cost (3) 228 236 247 246 256 266 276 288 301 316 334 358 401

1947-49 Prices (4)

Depreciation

-42 66 144 153 134 123 208 207 272 302 387 833 1,585

Original Cost (6)

(10) (11)

(5) (6) (7) (8) (9)

SOURCE, BY COLUMN

188 222 260 249 245 284 312 320 316 336 378 420 465

Replace­ ment Cost (5) -8 74 125 157 152 163 182 187 271 299 385 797 1,555

Replace­ ment Cost (8) 4,359 4,318 4,384 4,528 4,682 4,815 4,939 5,147 5,354 5,625 5,927 6,315 7,148 8,735

Original Cost (9)

Replace­ ment Cost (11) 3,786 4,363 4,894 5,484 4,936 5,560 6,020 6,491 6,237 6,416 6,917 7,812 8,622 10,149

1947-49 Prices (10) 4,879 4,869 4,948 5,068 5,223 5,382 5,488 5,650 5,818 6,076 6,357 6,677 7,357 8,697

Accumulated Value

Col. 4 multiplied by Table B-143, col. 2. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. Cumulated depreciated original cost value added to 1945 stock. Same procedure as for col. 9 using 1947—49 prices. Col. 10 multiplied by Table B-143, col. 5.

-10 80 120 155 159 106 162 168 258 282 320 680 1,340

1947-49 Prices (7)

Net Investment

(millons of dollars)

Expenditure figures from Construction Volume and Costs, 19151956, p. 11, as revised and brought up-to-date by Census Bureau. Original cost expenditures divided by annual index of highway construction from Table B-143, col. 2. Expenditure figures in col. 1 depreciated assuming an average life of thirty years. Figures for years before 1946 from Con­ struction Volume and Costs, 1915-1956, p. 11. Same procedure as for col. 3 using expenditures in 1947-49 prices from col. 2.

180 296 385 406 397 397 494 507 587 635 763 1,217 2,020

Original Cost (1)

Expenditures

TABLE B-138

NET INVESTMENT AND ACCUMULATED STOCK OF FEDERAL AID HIGHWAY CONSTRUCTION

APPENDIX B TABLE B-139 NET INVESTMENT THROUGH OUTLAYS FOR EQUIPMENT BY STATE GOVERNMENTS

(millions of dollars) Depreciation

Original 1947-49 Original 1947-49 Cost Prices Cost Prices (1) (2) (3) (4)

Net Investment

Replace­ ment Cost

(5)

Original Cost (6)

1947-49 Prices (7)

Replace­ ment Cost (8)

FISCAL YEAR

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959

42 91 117 131 141 148 158 157 173 177 203 251 271 (268)

54 104 120 127 132 131 134 132 145 144 158 184 190 184

26 29 35 43 53 62 71 82 94 107 121 139 159 176

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

67 104 124 136 145 153 157 165 175 190 227 261 (269)

79 112 124 129 132 133 133 138 145 151 171 187 187

28 32 39 48 58 67 76 88 100 114 130 149 167

41 44 49 55 63 69 75 82 90 100 111 123 136 145

32 38 48 57 67 78 88 97 108 123 143 168 194 211

16 62 82 88 88 86 87 75 79 70 82 112 112 92

13 60 71 72 69 62 59 50 55 44 47 61 54 39

10 53 69 74 74 70 70 60 65 54 60 83 77 57

39 72 85 88 87 86 81 77 75 76 97 112 102

37 65 72 70 66 61 54 52 51 46 54 58 47

32 61 72 74 72 70 65 63 60 57 72 80 67

CALENDAR YEAR

42 47 52 59 66 72 79 86 95 105 117 129 140

35 43 52 62 73 83 92 102 115 133 155 181 202

SOURCE, BY COLUMN

Fiscal Year (1) From Table B-136, col. 6; 1959 rough estimate derived from 1958 calendar year figure. (2) Col. 1 divided by implicit price deflator of producer durable goods, U.S. Income and Output, pp. 220-221, as brought up to date from Survey of Current Business, July 1959, p. 41; index averaged to apply to fiscal years. (3) Col. 1 depreciated assuming an average life of twelve years. Expenditures for years before 1946 obtained according to procedure described in Table B-137. (4) Same procedure as for col. 3, but applied to figures of col. 2. (5) Col. 4 multiplied by price deflator (see col. 1). (6) Col. 1 minus col. 3. (7) Col. 2 minus col. 4. (8) Col. 1 minus col. 5. Calendar Year Figures, all cols., obtained by averaging fiscal year figuresforcurrentandsucceedingyear.

TABLE B-140 CAPITAL OUTLAY OF LOCAL GOVERNMENTS

(millions of dollars)

Construction • Year

Total (1)

Total (2)

Highway (3)

1946 1947 1948 1949 1950 1951 1052 1953 1954 1955 1956 1957 1958

937 1,600 2,269 3,370 3,810 4,035 4,778 5,058 5,778 6,713 6,843 7,481 8,009

678 1,245 1,817 2,841 3,203 3,374 4,063 4,291 4,907 5,644 5,482 6,086 6,651

140 240 340 505 570 605 651 743 778 918 874 993 1,132

Other (4) 538 1,005 1,477 2,336 2,633 2,769 3,412 3,548 4,129 4,726 4,608 5,093 5,519

Purchases of Land and Existing Equipment Structures (5) (6) 147 222 298 310 323 374 426 455 527 557 649 781 754

112 133 154 219 284 287 289 312 344 512 712 615 604

SOURCE, BY COLUMN

Fiscal year taken as ending December 31 on basis of information given in Historical Statistics on State and Local Government Finances, 1902-1953, Bureau of the Census, p. 9. (1) 1946, 1948, 1950: Ibid., p. 21. 1947, 1949: Since Bureau of Census' revised data are limited to even numbered years for the period 1942-50, figures for 1947 and 1949 were obtained by interpolating between the 1946 and 1948, and the 1948 and 1950 figures, respectively, on the basis of unrevised data for cities having more than 25,000 inhabitants given in Summary of City Government Finances in 1950, Bureau of the Census, p. 4. 1951: Estimated by applying, to the revised data of capital outlay of cities of over 250,000 inhabitants, the average of the ratios of capital outlay of cities of over 250,000 inhabitants to capital outlay of all local governments in 1950 and 1952. Data from Census Publications: Compendium of City Government Finances in 1954, p. 6; and Historical Statistics on State and Local Government Finances, 1902-1953, p. 21. 1952-54: Summary of Governmental Finances in 1954, Bureau of the Census, p. 31; 1956, ibid., in 1956, p. 30. 1955-58: Summary of Governmental Finances, various issues, e.g., in 1957, p. 31; in 1958, p. 17. (2) 1946, 1948, 1950: Historical Statistics on State and Local Government Finances, 1902-1953, p. 21. 1947, 1949, 1951: Sum of cols. 3 and 4. 1952-58: Summary of Governmental Finances, various issues, e.g., in 1954, p. 31; in 1955, p. 29, in 1956, p. 30; in 1957, p. 31. (3) 1946-51: Estimated at 15 per cent of col. 1, since this is the approximate relationship prevailing for both the cities of over 250,000 inhabitants and local government data in years for which the amount is known. 1952—58: Summary of Governmental Finances, various issues, e.g., in 1954, p. 32. (4) 1946, 1948, 1950: Col. 2 minus col. 3. Other Years: Summary of Governmental Finances, various issues. (5 and 6) 1946, 1948, 1950: Historical Statistics on State and Local Government Finances, 1902-1953, p. 21. 1947, 1949: Straight-line interpolation between adjoining year values. 1952-58: Summary of Governmental Finances, various issues, e.g., in 1954, p. 31.

APPENDIX B

TABLE B-141 NET INVESTMENT THROUGH OUTLAYS FOR CONSTRUCTION BY LOCAL GOVERNMENTS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 678 1,245 1,817 2,841 3,203 3,374 4,063 4,291 4,907 5,644 5,482 6,086 6,651

954 1,354 1,740 2,739 3,071 3,015 3,476 3,560 4,026 4,520 4,182 4,446 4,754

Original 1947-49 Cost Prices

Replace­ ment Cost

(3)

(4)

(5)

792 802 826 865 915 967 1,026 1,098 1,179 1,273 1,372 1,474 1,589

1,750 1,744 1,751 1,773 1,806 1,837 1,868 1,908 1,954 2,006 2,058 2,105 2,154

1,283 1,609 1,830 1,832 1,860 2,041 2,171 2,277 2,338 2,462 2,657 2,842 2,979

Original 1947-49 Prices Cost (6) (7) -114 443 991 1,976 2,288 2,407 3,037 3,193 3,728 4.371 4,110 4,612 5,062

-796 -390 -11 966 1,265 1,178 1,608 1,652 2,072 2,514 2,124 2,341 2,600

Replace­ ment Cost (8) -605 -364 -13 1,009 1,343 1,333 1,892 2,014 2,569 3,182 2,825 3,247 3,672

SOURCE, BY COLUMN

(1) (2) (3) (4)

(5) (6) (7) (8)

From Table B-140, col. 2. Obtained by dividing the components of col. 1 (Table B-140, cols. 3 and 4) by appropriate price indexes from Table B-143. Components of col. 1 depreciated assuming an average life of thirty years for highway construction and fifty years for other construction. Expenditures for years before 1946 from A Study of Saving . . . , Vol. I, Table G-6, cols. 2 and 6. Same procedure as for col. 3, except expenditure figures from col. 2. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by appropriate price indexes (indexes for period 1915-45 from same source as the later figures; for years 1915, extrapolated by public con­ struction index, given in A Study of Saving . . . , Vol. I, Table R-20, col. 8). Components of col. 4 multiplied by appropriate price indexes from Table B-143. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5.

APPENDIX B

TABLE B-142 NET INVESTMENT THROUGH OUTLAYS FOR EQUIPMENT BY LOCAL GOVERNMENTS

(millions of dollars) Depreciation

Net Investment

Expenditures

Year

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Original 1947-49 Cost Prices (1) (2) 147 222 298 310 323 374 426 455 527 557 649 781 754

180 238 295 293 299 319 361 382 439 447 490 555 521

Original 1947-49 Cost Prices (3) (4) 71 82 99 118 138 159 183 210 245 287 334 391 448

113 123 136 149 162 175 188 204 230 261 297 337 372

Replace­ ment Cost (5)

92 115 137 158 175 205 222 243 276 325 393 474 538

Original 1917 49 Cost Prices (6) (?) 76 140 199 192 185 215 243 245 282 270 315 390 306

67 115 159 144 137 144 173 178 209 186 193 218 149

Replace­ ment Cost (8) 55 107 161 152 148 169 204 212 251 232 256 307 216

SOURCE, BY COLUMN

(1) (2)

(3) (4)

(5) (6) (7) (8)

From Table B-140, col. 5. Col. 1, divided by implicit price deflator of producer durable goods (U.S. Income and Output, pp. 220-221) as brought up-to-date from Survey of Current Business, July 1959, p. 41. Col. 1 depreciated assuming an average life of twelve years. Expenditures for years before 1946 obtained from A Study of Saving . . ., Vol. I, Table G-6, col. 5. Col. 2 depreciated assuming an average life of twelve years. Expenditures in 1947-49 prices for years before 1946 obtained by deflating expenditures in original cost (see col. 3) by implicit price deflator (see col. 1). Col. 1, multiplied by price deflator (see col. 1). Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5

TABLE B-143 COST INDEXES FOR GOVERNMENT CONSTRUCTION (1947-49 = 100.0) Annual Averages

Nonresidential Building (1)

Highways (2)

57.7 68.5 91.5 104.3 104.3 106.4 113.1 117.7 122.7 125.7 129.3 135.1 141.5 146.1

75.7 82.6 93.8 105.0 101.3 95.6 106.7 112.8 111.3 105.0 106.1 113.4 117.2 116.0

56.4 61.1 80.0 99.4 105.7 103.6 110.4 115.1 120.4 124.4 127.2 132.1 138.1 144.8 147.3

76.6 77.6 88.4 99.2 106.6 94.9 102.0 109.9 113.4 107.5 104.6 109.1 117.0 117.4 115.4

Year-End Averages

Conservation and Development

Nonresidential Building

Highways

(3)

W

(5)

Conservation and Development (6)

60.1 80.0 100.0 106.7 103.1 110.7 115.0 120.8 124.4 127.2 132.0 137.9 143.0 147.0

77.6 89.6 98.9 108.2 94.5 103.3 109.7 114.9 107.2 105.6 108.8 117.0 117.2 116.7

72.2 85.9 98.2 105.4 106.8 116.6 119.3 126.4 132.8 137.9 144.3 151.3 158.2 164.0

57.3 68.4 92.0 104.2 103.9 106.4 113.4 117.6 122.6 125.5 129.2 135.3 141.7 145.0 150.5

75.8 80.3 93.8 105.2 100.8 94.0 106.8 113.1 110.4 104.2 105.3 114.0 118.0 116.0 113.0

—

CALENDAR YEAR

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

69.8 78.6 91.9 102.4 105.6 111.8 118.3 123.0 129.7 135.6 141.0 148.1 155.0 161.4 FISCAL YEAR

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959

—

— — —

— —

—

— — — — — — — — — — — — — —

SOURCE : Cost indexes used are for the most part those applied by the Department of Commerce to the various types of construction in its deflation of expenditures from current to constant prices. For nonresidential building, the American Appraisal Company index is used; for highways, theBureau of Public Roads index; and for conservation and develop­ ment, an unweighted average of the construction indexes of the Associated General Contractors and the Engineering News Record. The calendar-year annual average figures are from Construction Volume and Costs, 19151956, Department of Commerce, pp. 54, 55. The calendar year-end indexes for nonresidential building, and conservation and development, are averages of December of the current year and January of the follow­ ing year, from ibid., pp. 30, 31; Statistical Supplement to Survey of Current Business, various issues; and Construction Review, e.g., March 1957, p. 39. For highways, the figures are from Construction Cost Indexes, Bureau of Labor Statistics, and various releases of Bureau of Public Roads, e.g., Price Trends for Federal-Aid Highway Construction, and Survey of Current Business, various issues, e.g., May 1957, S-8. The fiscal-year annual average figures were obtained by averaging the indexes for the appropriate months from the sources listed above. The fiscal year-end figures were obtained by averaging June and July indexes for nonresidential building, and second- and third-quarter indexes for highways from the sources listed above.

£

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

(3) (4)

(2)

(1)

89 108 321 307 503 537 442 277 211 212 266 363

82

23 29 38 51 62 71 77 82 89 97

18

16

27 29 31 35 41 49 60 70 77 82 86 91 97

1947-49 Prices (4)

97 107 118 128 139

88

21 26 32 37 45 58 73

(5)

(5) (6) (7) (8) (9) (10) (11)

44 54 81 289 285 537 565 447 234 157 157 223 344

(8)

Replacement Cost 645 695 759 854 1,157 1,458 2,005 2,592 3,065 3,325 3,512 3,705 3,967 4,354

(9)

Original Cost

1,191 1,246 1,306 1,383 1,669 1,935 2,389 2,866 3,238 3,438 3,567 3,693 3,869 4,135

1947-49 Prices (10)

1,472 1,746 2,225 2,862 3,545 4,106 4,394 4,767 5,138 5,506 6,033

1,281

873 1,042

(11)

Replacement Cost

Accumulated Value

Col. 4 multiplied by Table B-9, col. 2. Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. 1945 stock, plus cumulated savings from col. 6. 1945 stock, plus cumulated savings from col. 7. Col. 10 multiplied by year-end index from Table B-9, col. 4.

55 60 77 286 266 454 All 372 200 129 126 175 266

—

(7)

1947-49 Prices

Net Investment

SOURCE, BY COLUMN

50 64 95 303 301 547 587 473 260 187 193 262 386

(6)

Replacement Original Cost Cost

Depreciation

(millions of dollars)

1946-54, Construction Volume and Costs, 1915-1956, p. 10. 1957-58, Construction Review, J a n . 1959, p. 20. Col. 1 deflated by 1947-49 conversion index obtained by dividing original cost by 1947—49 cost of total public housing expenditures, from source shown in col. 1. Coi. 1 depreciated using 50-year life. Col. 2 depreciated using 50-year life.

65 80 113 326 330 585 638 535 331 264 275 351 483

15

(3)

(2)

(1)

—

Original Cost

1947-49 Prices

Expenditures

Original Cost

—

TABLE B-126

N E T INVESTMENT AND ACCUMULATED STOCK OF STATE AND LOCAL RESIDENTIAL DWELLINGS, NONWAR HOUSING

(2) (3) (4) (5)

(1)

1946 1947 1948 1949 1950 1951 VI 1952 1953 1954 1955 1956 1957 1958

Year

w

10 22 26 26

(3)

8 18 21 21 21 21 21

(2)

381 124 10

—

301 111 10

—

—

—

—

—

—

—

—

—

26

26 26 26 26 26

21

21 21 21 21 21

26 26

293 93 -11 -21 -21 -21 -21 -21 -21 -21 —21 —21 -21

(6) (7) (8) (9) (10) (11)

293 91 -17 -27 -28 -31 -32 -33 -33 -34 -36 -37 -37

(8)

Replacement Cost 293 386 375 354 333 312 291 270 249 228 207 186 165

(9)

Original Cost 371 473 457 431 405 379 353 327 301 275 249 223 197

1947-49 Prices (10)

310 464 486 451 466 454 437 415 385 367 346 317 287

(11)

Replacement Cost

Accumulated Value

Col. 1 minus col. 3. Col. 2 minus col. 4. Col. 1 minus col. 5. Depreciated 1946 stock plus cumulated savings from col. 6. Depreciated 1946 stock plus cumulated savings from col. 7. Col. 10 multiplied by Table B-9, col. 4.

371 102 -16 -26 -26 -26 -26 -26 -26 -26 -26 -26 -26

(7)

1947-49 Prices

Net Investment

SOURCEJ BY COLUMN

8 20 27 27 28 31 32 33 33 34 36 37 37

Replacement Original Cost Cost (5) (6)

1946, Construction Volume and Costs 1915-1956, p. 10; federal aid plus $240 million of direct federal funds; 1947-58, ibid., federal aid only. See note to Table B-l44, col. 2. Col. 1 depreciated using twenty-year basis. Col. 2 depreciated using twenty-year basis. Col. 4 multiplied by Table B-9, col. 2.

—

—

—

—

—

—

—

—

—

—

26

1947-49 Prices

Original Cost (1)

Original Cost

Depreciation

1947-49 Prices

Expenditures

TABLE B-126 NET INVESTMENT IN VETERANS RE-USE HOUSING ( m i l l i o n s of d o l l a r s )

£ fc»

§

"a "a hi

a

61 132 85 71 10 9 20 11 3

—

—

—

—

—

—

(2)

1947-49 Prices

48 104 76 55 8 7 16 8 9

Original Cost (1)

1 5 10 13 14 15 16 16 17 18 20 21

Original Cost (3)

2 6 12 16 18 18 19 20 21 22 25 26

(4)

1947-49 Prices

Depreciation

2 6 13 18 21 22 24 25 27 29 36 37

(5)

47 99 66 42 -6 -8 0 -8 -8 -18 -20 -21

(6)

-17 -18 -29 -36 -37

-8

46 98 63 37 -13 -15

(8)

(7)

59 126 73 55 -8 -9 1 -9 -18 -22 -25 -26

Replacement Cost

1947-49 Prices

Net Investment

(millions of dollars)

Replacement Original Cost Cost

See source to Table B-145. These are transfers rather than original expenditures.

SOURCE :

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

Year

Expendituresa

TABLE B-146

47 146 212 254 248 240 240 232 224 206 186 165

(9)

Original Cost

NET INVESTMENT IN VETERANS RE-USE HOUSING TRANSFERRED TO PRIVATE OWNERSHIP

59 185 258 313 305 296 297 288 '270 248 223 197

1947-49 Prices (10)

58 197 270 360 365 366 378 368 361 345 317 287

Replacement Cost (H)

Accumulated Value

301 63 -94 -76 -55 -8 -7 -16 -8 -9 0 0 0

1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

SOURCE:

a

381 63 -122 —85 -71 -10 -9 -20 -11 -3 0 0 0

1947-49 Prices (2)

B-147

8 18 21 14 10 10 10 9 8 7 7 1 —

—

—

—

293 46 -110 -87 -63 -15 -13 -21 -13 -13 -3 -1 —

371 43 -142 -99 -81 -18 -17 -27 -17 —8 -4 -1

1947-49 Prices (7)

—

293 45 -115 -90 -65 -18 -17 -25 -16 -16 -7 -1

Replacement Cost (8)

STATE AND LOCAL

Net Investment

(millions of dollars)

Replacement Original Cost Cost (6) (5)

10 20 20 14 10 8 8 7 6 5 4 1

1947-49 Prices (4)

8 17 16 11 8 7 6 5 5 4 3 1

Original Cost (3)

Depreciation

See source to Table B - 1 4 5 . These are transfers rather than original expenditures.

Original Cost (1)

Expendituresa

Year

TABLE

N E T INVESTMENT IN VETERANS R E - U S E HOUSING R E T A I N E D U N D E R

— — •

— —

371 414 272 173 93 74 57 30 13 5 1

1947-49 Prices (10)

293 339 229 142 79 64 51 30 17 4 1

Original Cost (9)

—

—

310 406 289 181 106 89 71 37 17 6 1

Replacement Cost (11)

Accumulated Value

OWNERSHIP

Si to

I

"t) t»J

(1) (2)

1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958

(7)

(6)

(5)

(4)

13,266 13,329 13,963 15,058 16,465 18,061 19,768 21,636 23,691 26,200 29,170 32,523 36,865 42,075

(5)

State Governments

17,696 17,582 18,025 19,016 20,992 23,280 25,687 28,724 31,917 35,645 40,016 44,126 48,738 53,800

(6)

Local Governments

645 988 1,098 1,083 1,299 1,537 2,069 2,643 3,095 3,342 3,516 3,706 3,967 4,354

(7)

State and Local Residential

Depreciated fixed assets of government corporations and Reconstruction Finance Corporation plant. (See Table B-I60 and A Study of Saving . . . , Vol. I, Table F-14, col. 12.) Depreciated original cost value of state highway, Federal Aid highway, and other construction derived according to procedure described for col. 3. (see also Tables B-137 and B-138). Depreciated original cost value of local highway and other construction (see col. 3 and Table B-141). Depreciated original cost value of state and local housing less transfers to private housing (see Table B-146).

SOURCE, BY COLUMN

4,006 3,851 3,709 3,574 3,486 3,431 3,413 3,419 3,472 3,543 3,473 3,369 3,274 3,169

5,964 6,157 6,550 7,194 8,140 9,102 9,945 10,687 11,319 11,768 12,252 12,953 13,671 14,564

935 759 630 502 455 394 346 296 278 235 202 185 331 666

42,512 42,666 43,975 46,427 50,837 55,805 61,228 67,405 73,772 80,733 88,629 96,862 106,846 118,628

(4)

(3)

(2)

(1)

Government Corporations

Residential

Total

Nonresidential

Federal Government (civilian)

(millions of dollars)

Sum of cols. 2 to 7. Depreciated original cost value of all federal residential con­ struction less transfers to private housing (see Tables B-164 and B-165). Depreciated original cost value of federal nonresidential buildings, highways, and conservation and development con­ struction. Derived by addition of cumulated net investment to estimated value for 1945, obtained by cumulating expenditures less depreciation for number of years preceding 1945 corresponding to the assumed length of life of asset involved (see Table B-158).

End of Year

TABLE B-148

VALUE OF GOVERNMENT STRUCTURES, ORIGINAL COST

Co

i-i

tfl

(1) (2)

(3 to 6)

1945 1946 1947 1948 1949 1950 oo 1951 1952 1953 1954 1955 1956 1957 1958

End of Year

(7)

21,421 21,291 21,676 22,347 23,384 24,641 25,830 27,042 28,437 30,354 32,650 35,125 38,168 42,020

(5)

State Governments

State and Local Residential (7)

1,191 1,617 1,720 1,655 1,842 2,027 2,463 2,923 3,268 3,451 3,572 3,694 3,869 4,135

Local Governments (6)

40,284 39,488 39,098 39,087 40,053 41,318 42,496 44,104 45,756 47,828 50,342 52,466 54,807 57,407

ditures in 1947-49 prices, as shown in Tables B-137, B-138, B-141, B-158, and B-160. Depreciated constant cost value of state and local housing, less transfers to private housing (see Table B-144).

12,915 13,028 13,293 13,742 14,463 15,156 15,686 16,099 16,391 16,527 16,673 16,968 17,228 17,581 SOURCE, BY COLUMN

8,110 7,791 7,478 7,168 6,902 6,667 6,457 6,262 6,098 5,945 5,678 5,388 5,137 4,934

(3)

(2)

1,668 1,370 1,151 944 852 746 663 575 525 547 440 345 448 693

Government Corporations (4)

Nonresidential

Residential

Federal Government (civilian)

(millions of dollars)

Sum of cols. 2 to 7. Depreciated constant cost value of all federal residential construction less transfers to private housing (see Tables B-164 and B-165). Same procedure as for Table B-148, but applied to expen-

85,589 84,585 84,416 84,943 87,496 90,555 93,595 97,005 100,475 104,652 109,355 113,986 119,657 126,770

Total (1)

TABLE B-149

VALUE OF GOVERNMENT STRUCTURES, CONSTANT (1947- -49) PRICES

hi I £ to

Sb.

1,207 1,146 1,129 993 891 841 994 743 665 571 521 480 638 1,011

57,384 70,356 83,910 90,074 88,923 98,117 106,910 116,800 120,980 127,795 138,367 151,319 163,077 175,237 8,887 10,987 13,127 14,551 15,219 17,341 18,468 20,034 21,237 22,416 23,294 24,866 26,302 27,744

Nonresidential (3)

depreciated capital expenditures in 1947—49 prices (Table B-149)

Sum of cols. 2 to 7 ; (2 to 7) C u m u l a t e d

(2)

Residential 15,950 18,330 21,470 23,332 23,060 25,510 28,762 31,967 31,690 33,531 37,549 42,658 46,936 51,323

(5)

State Governments 25,593 32,308 39,019 41,789 40,710 45,314 48,509 52,875 55,730 59,304 64,736 70,762 76,339 81,873

(6)

Local Governments

873 1,352 1,687 1,761 1,927 2,331 2,951 3,616 4,143 4,411 4,773 5,139 5,506 6,033

(7)

State and Local Residential

multiplied by appropriate price index from Table B-143, and Table B-91, year-end averages.

4,874 6,233 7,478 7,648 7,116 7,380 7,426 7,565 7,515 7,562 7,494 7,414 7,356 7,253

(4)

Government Corporations

(millions of dollars)

Federal Government (civilian)

Total (1)

SOURCE, BY COLUMN: (1)

1945 1946 1947 1948