In 1938, however, volume declined to $6o,000,000,000. (See Table III.) The index of wholesale prices during this period has shown some degree of fluctuation, and when the index of the value of goods marketed is adjusted in accordance with the wholesale price level, the resulting index of physical volume of goods mar keted at wholesale does not show such pronounced fluctuations as in dollar values. The index of physical volume of goods was 32.7 in 1899 and increased to 69.8 in 1917. Following a decline during the post-war depression, the index reached 8o in 1924, and ad vanced to ioo in 1929. The low point in the depression which be gan late in 1929 was recorded in 1932 when the index was 61.9. The recovery which followed lifted the index of physical volume of goods marketed at wholesale to 95.5 in 1937, this index equal ling the index for 1928 and being surpassed by only one other year, the all-time high in 1929. In 1938, however, the index de clined to 86.8.
The above estimates of the volume of wholesale transactions are based on the broad view of wholesaling by which is meant the volume of marketing transactions in which the purchaser is actu ated entirely by a desire to make a profit from the use or resale of the goods purchased. The above data are designed to measure the total volume of goods marketed at wholesale at the point of production or importation, or just as they enter the portals of the distribution process. Included in the conception of wholesaling are the activities of all producers or importers as they initiate the flow of merchandise through the marketing channels.
The data contained in the Censuses of Wholesale Distribution for 1929, 1933, and 1935 are based on a more limited conception of wholesaling, necessitated by practical difficulties, these cen suses being taken on an establishment basis and restricted to spe cialized wholesaling establishments. The Census data show that net sales for 1929 amounted to about $69,000,000,000, about $31, 500,000,000 in and $44,500,000,000 in 1935.
Using the 1929, 1933 and 1935 Census data as a base, the Bu reau of Foreign and Domestic Commerce estimates annually the sales of service and limited-function wholesalers by kinds of busi ness. The 1929 sales of these establishments amounted to almost $29000,000,000, and the trough of the depression occurred in 1933 when sales were almost $13,000,000,000. By 1937, sales had recovered to more than $22,000,000,000, but declined in 1938 to $19,000,000,000. (See Table IV.) General Survey, 1849-1937.—During the 8o years from to 1929, the total value of products manufactured in the United States multiplied almost exactly 70 times. The values as reported by the Census of Manufactures were about $1,019,000,000 in and approximately $70,000,000,000 in 1929. During the same pe riod the number of wage earners in the manufacturing industries increased from 957,000 in 1849 to 8,822,00o in 1929, or an in crease of about ninefold. Wages paid increased from $237,000,000 in 1849 to $11,607,000,000 in 1929, or an increase of nearly so times.
In the depression which began late in 1929, the values of manu factured products declined severely. By 1933 the values had dropped more than so% from 1929 to $35,359,000,000. Values advanced, however, in 1935, and still further in 1937 to $6o, 713,000,000. Wages followed a similar pattern, declining to $5,262,000,000 in 1933 from $11,607,000,000 in 1929, and ad vancing to $10,113,000,000 in 1937. (See Table V.) As shown in Table VI, manufacturing is highly concentrated in three areas, the Middle Atlantic, the East North-Central, and the New England regions.
Manufactures by Groups of Products.—In Table VII wage earners, wages, and value of products are presented by industry groups for 1899, 1919, 1929, 1933 and 1937. While the data in cluded in Table V are taken from the Census of Manufactures for the respective years, and are not adjusted for changes in classifications which have occurred from time to time, it must be pointed out that the data contained in Table VII have been adjusted for changes in classifications and, therefore, are directly comparable for the years specified.
Manufactures by groups of related products have shown greater changes in many cases than the totals for all manufactures. New products are continually being added to the groups as reported by the Bureau of the Census, and the whole comparative picture is changed from time to time by unusual developments in some lines. In the 4o years from 1860 to 1900, the extension of rail roads and the production of steel and petroleum products domi nated the industrial figures of the United States. Soon after 1900, machinery and electrical appliances became of great importance. Since the World War transportation has again become a domi nant factor, but largely in the form of motor vehicles.
In 1899 food manufactures were valued at $2,333,000,000. The 1919 and 1929 values were approximately $13,000,000,000 and $12,000,000,000, respectively, but by 1933 the value had declined to $6,5oo,000,000. The 1937 values, however, had recovered to more than $11,000,000,000. The 1919 and 1929 values of textile manufactures was slightly more than $9,000,000,00o for both years. Textiles were valued at slightly less than $5,000,000,000 in 1933 and more than $7,000,000,000 in 1937. The value of pe troleum manufactures was only $16o,000,000 in 1899. The values of these products expanded rapidly to more than $2,000,000,000 and $3,500,000,000 in 1919 and 1929, respectively. Following a decline to less than $2,000,000,000 in 1933, the value of petro leum products recovered to almost $3,000,000,000 in 1937. The values of iron and steel manufactures reached an all-time high of about $7,500,000,000 in 1937, the previous high having been slightly more than $7,000,000,000 in 1929. Iron and steel manu factures were valued at less than $2,000,000,000 in 1899, and at almost $2,500,000,000 in 1933• In 1899 transportation equip ment manufactures were valued at only $356,000,000. These values increased tremendously to more than $5,500,000,000 and $6,000,000,000, respectively, in 1919 and 1929. The values of these products declined to $2,000,000,000 in 1933, but had re covered to $6,000,000,000 in 1937.
The mineral products of the United States were valued at about $5,500,000,000 in 1937, and during the decade 1930-40 ranged be tween $2,500,000,000 and $6,000,000,000. Of the 1937 values, 444,400,000 represents the production of metallic minerals; $841,700,000 the production of non-metallic minerals; and 122,900,000 the value of mineral fuels. The three most valuable products taken from the earth in the United States in recent years are coal, petroleum and pig iron. Over a period of years the annual value of coal is greater than that of other mineral prod ucts, followed by petroleum and pig iron.
The all-time peak in mineral production was reached in 1920, when the value was nearly $7,000,000,000, and the next greatest production was in 1926 when the value was over $6,000,000,000. The 1929 value was nearly $6,000,000,000, and the depression low was about $2,500,000,000, recorded in 1932.
Throughout the period 188o-194o the values of the metallic minerals and the non-metallics, not including mineral fuels, have averaged about the same each year with some variations from year to year. In 188o, for example, the metallic products were valued at $590,000,000 and non-metallics at $173,000,000. In 1930 metallics were valued at about $983,000,000 and non-metal lics at something over $1,000,000,000.
In Table VIII there are shown the mineral products of the United States for a number of years beginning with 188o and ending with 1937, subdivided as between metallic and non metallic minerals, and showing the principal individual products under each group. Quantities are shown along with values where they are available or significant.