Robert S. Williams. January 29, 1906. -- Ordered to be printed
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"The Civil War resulted in a substantial divergence in the regional structure of factor prices. In particular, wages fell in the South relative to the non-South, but interest rates and other measures of the costs of capital increased. Using archival data for manufacturing establishments, we show that capital-output and capital-labor ratios in southern manufacturing declined relative to non-southern manufacturing after the War, precisely in the direction implied by the regional shifts in factor prices. Labor productivity in Southern manufacturing also declined, but this decline is explained by the reduction in capital intensity"--National Bureau of Economic Research web site.
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Outline map of part of the north-central United States showing drainage, state boundaries, and important place names. Main lines indicate mileage between stations, chartered in 1848.
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Robert M. Lewis, general superintendent; appointed in December, 1862, to succeed William Platt, jr., who died in November, 1862. The report of February 1, 1864, covers the work of the Philadelphia branch from its organization in 1861. Also available in digital form.
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