***************************************************************************** This is the data file for David C. Wheelock's "Regulation, Market Structure, and the Bank Failures of the Great Depression" in the March/April 1995 issue of the Review. ***************************************************************************** Format for each variable: Variable names are enclosed in **. The variable names are the names that are used in the program file for this article. Immediately below the variable name is a brief description of the variable and how to create it. Below the description is the data used to create the program file variable along with its source. These variables are used to create Tables 1 and 2 and Figures 1-3. **DI1** This = 1 if the state is Mississippi, Nebraska, North Dakota **DI2** This = 1 if the state is Kansas, Oklahoma, South Dakota, Texas **SB2932** Bank Suspension Rate is the average of the suspension rates(suspensions/total) from 1929 to 1932. Number of Banks(state + national) Source: Federal Reserve Board 1929 1930 1931 1932 Alabama 350 321 286 243 Arizona 48 47 39 28 Arkansas 420 396 321 273 Californi 445 427 401 353 Colorado 280 272 252 223 Connectic 179 178 164 137 Delaware 46 46 46 48 Florida 255 205 190 181 Georgia 442 414 374 338 Idaho 137 137 131 112 Illinois 1806 1688 1468 1155 Indiana 981 910 807 690 Iowa 1394 1311 1181 927 Kansas 1077 1051 975 880 Kentucky 570 548 513 469 Louisiana 226 222 206 195 Maine 102 100 91 84 Maryland 225 216 208 192 Massachus 263 259 251 223 Michigan 851 827 749 622 Minnesota 1066 1009 932 837 Mississip 312 293 247 226 Missouri 1325 1235 1101 913 Montana 198 185 166 151 Nebraska 872 796 749 629 Nevada 35 35 33 28 New Hamps 83 82 80 78 New Jerse 540 535 520 450 New Mexic 58 53 52 49 New York 1018 991 933 842 North Car 472 436 365 298 North Dak 434 367 303 238 Ohio 1026 986 918 804 Oklahoma 651 600 552 512 Oregon 235 228 215 169 Pennsylva 1589 1545 1453 1268 Rhode Isl 24 24 24 23 South Car 223 173 141 123 South Dak 396 374 320 257 Tennessee 492 481 435 385 Texas 1414 1355 1244 1108 Utah 105 102 96 71 Vermont 85 84 84 81 Virginia 485 464 432 389 Washingto 339 329 313 256 West Virg 310 288 262 210 Wisconsin 958 930 910 851 Wyoming 87 84 82 73 Number of Suspensions All Banks Source: Federal Reserve Board 1929 1930 1931 1932 al 14 34 36 18 ar 12 134 57 13 az 0 5 5 7 ca 4 7 18 33 co 5 5 21 24 ct 0 7 10 6 de 1 0 0 1 fl 65 39 17 11 ga 34 31 35 25 ia 34 87 208 147 id 3 1 10 24 il 30 125 238 209 in 24 87 96 68 ks 12 43 38 69 ky 1 30 27 38 la 0 10 7 14 ma 0 2 19 3 md 1 3 20 4 me 0 0 2 0 mi 9 21 113 87 mn 31 22 101 61 mo 23 103 122 80 ms 8 59 56 12 mt 1 11 11 8 nc 18 93 63 31 nd 37 59 66 14 ne 152 46 109 51 nh 0 0 2 0 nj 1 3 38 8 nm 1 0 1 1 nv 1 0 2 16 ny 5 8 55 10 oh 10 25 115 26 ok 21 22 24 32 or 1 2 14 26 pa 5 19 137 42 ri 0 0 0 0 sc 17 27 34 18 sd 13 55 73 23 tn 12 29 31 28 tx 10 34 86 35 ut 0 3 9 14 va 10 20 37 9 vt 0 2 0 0 wa 7 3 22 28 wi 11 24 48 67 wv 14 10 57 6 wy 1 0 3 2 **FO2932** Farm Failure Rate is the average of the 4 annual rates. Number of Farms, Foreclosure of mortgages,bankruptcy,etc. per 1000 farms Source: Department of Agriculture 1929 1930 1931 1932 Maine 11 9.6 10.1 14.6 New Hamps 4.6 5.4 3.7 7.4 Vermont 8 8.5 6.1 9.7 Massachus 6.2 7.4 4 8.1 Rhode Isl 5.5 2.3 2 4 Connectic 3 3.2 4.5 8.9 New York 12 11.6 11.6 12.9 New Jerse 4 5.4 6.4 11 Pennsylva 5.6 8.4 7.4 12.2 Ohio 13.3 13.5 16.4 21.6 Indiana 15.7 20.5 19.9 30.1 Illinois 16.7 17.2 20.1 29.8 Michigan 17.1 21.2 20.7 30.6 Wisconsin 16.5 16.4 20.2 28.3 Minnesota 26.4 27.9 31.2 42.9 Iowa 25.2 25.1 24.8 52.5 Missouri 21.7 24.6 23.7 42.1 North Dak 32 30.1 34.1 54 South Dak 27.2 27.1 33.2 49.2 Nebraska 15.7 15.9 21.8 34.4 Kansas 13 14.8 20 36 Delaware 9.9 5.6 10 14.5 Maryland 13.6 13.4 10.6 22.3 Virginia 10.6 10.4 15.2 29.3 West Virg 6.6 7.5 9 12.9 North Car 15 15 20 32.6 South Car 22.2 25 32 28.8 Georgia 17.4 18.5 27.4 26.8 Florida 6 8 4 6.7 Kentucky 11.6 12.6 12.1 17.9 Tennessee 9.6 8.8 10.9 23 Alabama 9.7 9.7 22.6 27 Mississip 14.4 14.3 20.4 34.1 Arkansas 16 16.3 18.6 32.7 Louisiann 14 14.2 14.4 23.5 Oklahoma 14.3 18.2 22.4 30.5 Texas 8.5 9.6 12.8 23.6 Montana 21.1 25.1 31.1 34.6 Idaho 20.9 20.9 20.8 28.2 Wyoming 17.8 17.3 20.1 26.3 Colorado 21.6 18.8 20.3 27.5 New Mexic 12.4 12.4 22.3 20.1 Arizona 20.4 19.3 25.4 32.1 Utah 9.5 8.3 16.1 17.2 Nevada 9.8 12 21 25 Washingto 13.9 13.4 18.6 24 Oregon 10 11.2 13.4 22.3 Californi 15 12 22.6 30.2 **BUSFAIL** Business Failure Rate is the average of commercial failures to concerns ratio for 1929 to 1932. Commercial Failures by State 1929-32 Source: Dun's Review 1929 1930 1931 1932 ME 139 182 193 244 NH 71 76 68 123 VT 53 77 47 64 MA 1588 1608 1398 1570 RI 260 281 254 384 CT 490 592 728 920 NY 3298 4079 4706 5941 NJ 1256 1482 1392 1548 PA 1392 1666 1849 2152 OH 1251 1431 1745 1951 IN 490 682 645 563 IL 1440 1766 1906 2117 MI 674 1112 992 831 WI 651 656 640 788 MN 497 433 327 574 IA 267 262 297 385 MO 659 743 799 703 ND 42 58 93 57 SD 54 47 54 98 NE 254 202 240 363 KA 198 230 281 276 DE 23 37 47 38 MD 305 341 416 475 VA 243 339 406 487 WV 276 219 221 372 NC 399 414 406 473 SC 120 131 102 76 GA 394 387 372 342 FL 286 240 236 283 KY 203 245 266 356 TN 274 298 353 578 AL 330 425 476 314 MS 146 260 418 330 AR 287 255 366 292 LA 122 144 171 179 OK 432 544 613 315 TX 478 634 834 1014 MT 131 153 130 128 ID 57 65 89 107 WY 43 48 46 55 CO 205 182 182 254 NM 24 46 78 64 AZ 17 70 79 76 UT 113 129 149 206 NV 6 16 11 20 WA 632 622 646 728 OR 453 387 396 480 CA 1770 1936 2028 2037 Total Business Concerns by State Source: Dun's Review 1929 1930 1931 1932 ME 17812 17132 16906 17045 NH 10759 10563 10353 10572 VT 7564 7638 7376 7214 MA 86837 84397 78785 79250 RI 12947 13272 12837 12502 CT 30804 30974 29725 30389 NY 289252 299833 289437 278951 NJ 86768 87480 86712 83183 PA 193106 180443 169829 169814 OH 120877 120098 116964 116859 IN 60070 59447 57273 56866 IL 144497 147637 145307 135553 MI 81278 82217 80370 69643 WI 61233 59575 61363 60935 MN 45489 44962 43408 44503 IA 46050 46458 47074 45611 MO 76429 69331 69632 67499 ND 11985 11748 11365 11830 SD 12116 12084 11925 12005 NE 28126 27622 26934 26243 KA 36614 35131 34697 35088 DE 5170 5268 5178 4922 MD 33454 30714 31129 31301 VA 31966 31087 30995 31105 WV 25631 24674 24383 24195 NC 34513 33653 32970 32549 SC 15276 14698 14576 14005 GA 30739 29737 28576 27496 FL 29229 27356 24207 24443 KY 38042 38451 34373 33783 TN 30829 31234 30371 29424 AL 26174 25527 24836 23734 MS 20303 20484 19496 18358 AR 24476 24209 22248 22665 LA 25446 25483 25450 25095 OK 40136 39575 38116 35737 TX 87524 89775 90113 87808 MT 9682 9643 9488 9215 ID 7385 7385 7287 7339 WY 4410 3895 3787 3890 CO 19398 18789 18695 18527 NM 5641 5864 5656 5210 AZ 5745 5761 5768 6096 UT 7013 6918 6855 6801 NV 1904 1754 1725 1927 WA 34631 33524 33734 34237 OR 22032 21825 21613 20342 CA 117660 117476 114849 113937 **NB29** Ratio of National Banks to All Banks in 1929 Number of Banks, 1929 Source: Federal Reserve Board National All Alabama 106 350 Arizona 14 48 Arkansas 73 420 Californi 211 445 Colorado 121 280 Connectic 64 179 Delaware 17 46 Florida 55 255 Georgia 80 442 Idaho 43 137 Illinois 487 1806 Indiana 224 981 Iowa 265 1394 Kansas 247 1077 Kentucky 138 570 Louisiana 33 226 Maine 53 102 Maryland 82 225 Massachus 155 263 Michigan 133 851 Minnesota 272 1066 Mississip 35 312 Missouri 134 1325 Montana 69 198 Nebraska 158 872 Nevada 10 35 New Hamps 56 83 New Jerse 299 540 New Mexic 28 58 New York 562 1018 North Car 73 472 North Dak 125 434 Ohio 323 1026 Oklahoma 307 651 Oregon 93 235 Pennsylva 861 1589 Rhode Isl 10 24 South Car 53 223 South Dak 93 396 Tennessee 99 492 Texas 623 1414 Utah 20 105 Vermont 46 85 Virginia 164 485 Washingto 106 339 West Virg 116 310 Wisconsin 157 958 Wyoming 25 87 **DB29** Ratio of Deposits Per Bank in 1929 Source: Federal Reserve Board # of Banks Deposits Alabama 350 265447 Arizona 48 94559 Arkansas 420 217861 Californi 445 3549022 Colorado 280 301694 Connectic 179 613467 Delaware 46 116309 Florida 255 338582 Georgia 442 347639 Idaho 137 87081 Illinois 1806 4035120 Indiana 981 849305 Iowa 1394 894872 Kansas 1077 442857 Kentucky 570 466435 Louisiana 226 432771 Maine 102 287623 Maryland 225 630752 Massachus 263 1970963 Michigan 851 2052912 Minnesota 1066 901141 Mississip 312 221901 Missouri 1325 1210060 Montana 198 165275 Nebraska 872 438403 Nevada 35 46412 New Hamps 83 109501 New Jerse 540 2058935 New Mexic 58 43680 New York 1018 12435920 North Car 472 378552 North Dak 434 150463 Ohio 1026 2589374 Oklahoma 651 470389 Oregon 235 278802 Pennsylva 1589 4798231 Rhode Isl 24 334540 South Car 223 178064 South Dak 396 154151 Tennessee 492 437270 Texas 1414 1150974 Utah 105 147692 Vermont 85 144094 Virginia 485 487805 Washingto 339 433074 West Virg 310 341839 Wisconsin 958 956324 Wyoming 87 62753 **DD2932** Average of 1929 to 1932 ratios of deposits in suspended banks to all bank deposits Deposits In Suspended Banks Source: Federal Reserve Board 1929 1930 1931 1932 al 4264 9216 6759 5797 ar 2110 41471 11744 925 az 0 3245 2968 5862 ca 4452 9554 13367 20170 co 1176 857 3234 2844 ct 0 17590 18374 42885 de 243 0 0 792 fl 48824 40748 9935 3977 ga 2455 5637 8515 3947 ia 8989 30911 86222 75710 id 1281 46 2290 11620 il 16872 61283 175978 126878 in 7991 35932 63890 37216 ks 1849 10086 6369 9386 ky 631 62455 18132 10493 la 0 5365 4712 5432 ma 0 4708 95408 20400 md 947 4656 25775 5520 me 0 0 2254 0 mi 2263 6486 102841 36358 mn 7823 3034 25313 11869 mo 2867 17949 22899 13903 ms 1734 20870 27496 1944 mt 176 2236 1136 1364 nc 6934 56178 29791 14129 nd 3884 5057 8170 1066 ne 29570 10375 28137 6884 nh 0 0 1002 0 nj 5800 2993 73128 14369 nm 94 0 752 83 nv 3508 0 172 17531 ny 12630 183680 92801 15316 oh 3479 30031 260439 8293 ok 4452 4435 3404 8240 or 2074 164 9460 8032 pa 8128 62159 270787 50937 ri 0 0 0 0 sc 4798 7455 9947 28976 sd 1622 10953 12971 5183 tn 2001 28547 5583 4806 tx 1550 11781 49403 8526 ut 0 1230 8326 9816 va 1396 5816 16792 879 vt 0 1655 0 0 wa 9852 1082 10429 23764 wi 4929 8894 24264 18769 wv 6575 10276 37832 922 wy 420 0 1031 878 Deposits in All Banks Source: Federal Reserve Board 1929 1930 1931 1932 Alabama 265447 240404 214743 162204 Arizona 94559 84270 71953 44408 Arkansas 217861 199438 151587 108173 Californi 3549022 3606001 3476753 2885638 Colorado 301694 296725 284619 226738 Connectic 613467 613755 590290 437991 Delaware 116309 114601 120008 102132 Florida 338582 249773 222515 190951 Georgia 347639 338714 324778 257494 Idaho 87081 86768 78363 56330 Illinois 4035120 3997736 3429089 2256807 Indiana 849305 801026 704154 536788 Iowa 894872 843394 757821 484422 kansas 442857 408527 366634 285799 Kentucky 466435 455981 396664 305109 Louisiann 432771 426179 429414 330446 Maine 287623 296435 296645 254289 Maryland 630752 642882 636388 503637 Massachus 1970963 2070888 1984218 1499396 Michigan 2052912 1988215 1820036 1343810 Minnesota 901141 899532 887990 707420 Mississip 221901 202921 153940 117677 Missouri 1210060 1280272 1207665 954416 Montana 165275 151681 134811 100744 Nebraska 438403 387790 355602 238288 Nevada 46412 41175 39350 31031 New Hamps 109501 110260 107671 96244 New Jerse 2058935 2042215 1972909 1538383 New Mexic 43680 45340 38784 29035 New York 12435920 14549305 13035460 9812702 North Car 378552 361602 298450 201166 North Dak 150463 131558 117770 91859 Ohio 2589374 2676172 2386568 1707467 Oklahoma 470389 450140 373725 296371 Oregon 278802 278515 265382 194096 Pennsylva 4798231 4897610 4823666 3588102 Rhode Isl 334540 340450 346118 290333 South Car 178064 168328 146784 83954 South Dak 154151 144571 117444 81518 Tennessee 437270 440289 373690 290950 Texas 1150974 1106750 1024075 787086 Utah 147692 147106 137320 91010 Vermont 144094 139623 133656 119034 Virginia 487805 497584 475518 396957 Washingto 433074 441373 427252 291896 West Virg 341839 324454 292057 221097 Wisconsin 956324 926624 911987 724682 Wyoming 62753 59702 56829 43508 **SQBNKS** Average of 1929 to 1932 square roots of number of banks Number of Banks(state + national) Source: Federal Reserve Board 1929 1930 1931 1932 Alabama 350 321 286 243 Arizona 48 47 39 28 Arkansas 420 396 321 273 Californi 445 427 401 353 Colorado 280 272 252 223 Connectic 179 178 164 137 Delaware 46 46 46 48 Florida 255 205 190 181 Georgia 442 414 374 338 Idaho 137 137 131 112 Illinois 1806 1688 1468 1155 Indiana 981 910 807 690 Iowa 1394 1311 1181 927 Kansas 1077 1051 975 880 Kentucky 570 548 513 469 Louisiana 226 222 206 195 Maine 102 100 91 84 Maryland 225 216 208 192 Massachus 263 259 251 223 Michigan 851 827 749 622 Minnesota 1066 1009 932 837 Mississip 312 293 247 226 Missouri 1325 1235 1101 913 Montana 198 185 166 151 Nebraska 872 796 749 629 Nevada 35 35 33 28 New Hamps 83 82 80 78 New Jerse 540 535 520 450 New Mexic 58 53 52 49 New York 1018 991 933 842 North Car 472 436 365 298 North Dak 434 367 303 238 Ohio 1026 986 918 804 Oklahoma 651 600 552 512 Oregon 235 228 215 169 Pennsylva 1589 1545 1453 1268 Rhode Isl 24 24 24 23 South Car 223 173 141 123 South Dak 396 374 320 257 Tennessee 492 481 435 385 Texas 1414 1355 1244 1108 Utah 105 102 96 71 Vermont 85 84 84 81 Virginia 485 464 432 389 Washingto 339 329 313 256 West Virg 310 288 262 210 Wisconsin 958 930 910 851 Wyoming 87 84 82 73 **DPCY** Percentage change in per capita income, 1929-1932 Per capita Income Source: Department of Commerce 1929 1932 Maine 601 379 New Hamps 690 430 Vermont 627 360 Massachus 913 622 Rhode Isl 871 576 Connectic 1029 621 New York 1159 681 New Jerse 931 592 Pennsylva 775 451 Delaware 1017 588 Maryland 777 511 Michigan 793 394 Ohio 781 404 Indiana 612 311 Illinois 957 489 Wisconsin 682 364 Minnesota 598 363 Iowa 577 295 Missouri 628 368 North Dak 375 176 South Dak 417 188 Nebraska 590 306 Kansas 535 268 Virginia 435 282 West Virg 462 258 Kentucky 391 210 Tennessee 377 197 North Car 334 187 South Car 270 157 Georgia 350 199 Florida 521 314 Alabama 324 161 Mississip 285 126 Louisiann 415 239 Arkansas 305 155 Oklahoma 454 216 Texas 478 262 New Mexic 407 209 Arizona 591 315 Montana 595 337 Idaho 503 270 Wyoming 677 374 Colorado 637 356 Utah 559 309 Washingto 750 403 Oregon 683 384 Nevada 878 542 Californi 995 574 **POPD30** Population Density in 1930 Population per square mile Source: Department of Commerce, Bureau of the Census 1930 Maine 26.7 New Hamps 51.5 Vermont 39.4 Massachus 528.6 Rhode Isl 644.3 Connectic 333.4 New York 264.2 New Jerse 537.8 Pennsylva 214.8 Ohio 163.1 Indiana 89.8 Illinois 136.2 Michigan 84.2 Wisconsin 53.2 Minnesota 31.7 Iowa 44.5 Missouri 52.8 North Dak 9.7 South Dak 9 Nebraska 17.9 Kansas 23 Delaware 121.3 Maryland 164.1 Virginia 60.2 West Virg 72 North Car 65 South Car 57 Georgia 49.5 Florida 26.8 Kentucky 65.1 Tennessee 62.8 Alabama 51.6 Mississip 43.4 Arkansas 35.3 Louisiann 46.3 Oklahoma 34.5 Texas 22.2 Montana 3.7 Idaho 5.3 Wyoming 2.3 Colorado 10 New MExic 3.5 Arizona 3.8 Utah 6.2 Nevada 0.8 Washingto 23.4 Oregon 10 Californi 36.5 **FPOP30** Farm Population as a percent of total population in 1930 Source: Department of Commerce, Bureau of the Census 1930 AL 50.6 AZ 22.7 AR 60.4 CA 10.9 CO 27.3 CT 5.4 DE 19.5 FL 19 GA 48.8 ID 42.3 IL 13.1 IN 25.1 IA 39.6 KA 37.6 KY 45 LA 39.5 ME 21.4 MD 14.6 MA 2.9 MI 16.2 MN 34.9 MS 67.8 MO 30.7 MT 38.1 NE 42.5 NV 18.1 NH 13.5 NJ 3.2 NM 37.5 NY 5.7 NC 50.5 ND 58.4 OH 15.2 OK 42.7 OR 23.5 PA 8.9 RI 2.4 SC 52.7 SD 56.3 TN 46.5 TX 40.4 UT 22.8 VT 31.4 VA 39.3 WA 19.5 WV 26 WI 30 WY 32.4 **BP29** Number of banks per capita in 1929 Number of Banks(state + national) Source: Federal Reserve Board 1929 Alabama 350 Arizona 48 Arkansas 420 Californi 445 Colorado 280 Connectic 179 Delaware 46 Florida 255 Georgia 442 Idaho 137 Illinois 1806 Indiana 981 Iowa 1394 Kansas 1077 Kentucky 570 Louisiana 226 Maine 102 Maryland 225 Massachus 263 Michigan 851 Minnesota 1066 Mississip 312 Missouri 1325 Montana 198 Nebraska 872 Nevada 35 New Hamps 83 New Jerse 540 New Mexic 58 New York 1018 North Car 472 North Dak 434 Ohio 1026 Oklahoma 651 Oregon 235 Pennsylva 1589 Rhode Isl 24 South Car 223 South Dak 396 Tennessee 492 Texas 1414 Utah 105 Vermont 85 Virginia 485 Washingto 339 West Virg 310 Wisconsin 958 Wyoming 87 Population (thousands) Source: Department of Commerce, Bureau of Census 1929 Alabama 2624 Arizona 428 Arkansas 1847 Californi 5513 Colorado 1029 Connectic 1590 Delaware 237 Florida 1432 Georgia 2908 Idaho 444 Illinois 7547 Indiana 3216 Iowa 2466 Kansas 1873 Kentucky 2600 Louisiana 2079 Maine 795 Maryland 1618 Massachus 4221 Michigan 4756 Minnesota 2551 Mississip 1994 Missouri 3613 Montana 538 Nebraska 1372 Nevada 90 New Hamps 464 New Jerse 3977 New Mexic 419 New York 12427 North Car 3126 North Dak 678 Ohio 6582 Oklahoma 2369 Oregon 941 Pennsylva 9565 Rhode Isl 681 South Car 1735 South Dak 689 Tennessee 2596 Texas 5740 Utah 504 Vermont 359 Virginia 2414 Washingto 1548 West Virg 1710 Wisconsin 2917 Wyoming 223 **MINCAP29** Minimum Capital Requirement for State Banks in 1929 Source: Banker's Encyclopedia Company 1929 AL 10 AZ 25 AR 10 CA 25 CO 25 CT 25 DE 25 FL 15 GA 25 ID 25 IL 10 IN 25 IA 25 KA 15 KY 15 LA 10 ME 25 MD 10 MA 100 MI 20 MN 10 MS 10 MO 10 MT 20 NE 25 NV 25 NH 25 NJ 50 NM 25 NY 25 NC 15 ND 15 OH 25 OK 10 OR 25 PA 50 RI 25 SC 25 SD 15 TN 10 TX 10 UT 25 VT 25 VA 25 WA 10 WV 25 WI 25 WY 15 **BRRAT30** Ratio of Total Branches to Total Banks in 1930 Source: Federal Reserve Board Ratio AL 0.05296 AZ 0.574468 AR 0.007576 CA 1.997658 CO 0 CT 0 DE 0.26087 FL 0 GA 0.094203 ID 0 IL 0 IN 0.00989 IA 0 KA 0 KY 0.056569 LA 0.486486 ME 0.65 MD 0.527778 MA 0.494208 MI 0.525998 MN 0.005946 MS 0.085324 MO 0 MT 0 NE 0.002513 NV 0 NH 0.012195 NJ 0.192523 NM 0.056604 NY 0.738648 NC 0.192661 ND 0 OH 0.267748 OK 0 OR 0.004386 PA 0.114563 RI 1.416667 SC 0.410405 SD 0 TN 0.143451 TX 0 UT 0 VT 0.119048 VA 0.12931 WA 0.015198 WV 0 WI 0.009677 WY 0