cases so difficult as to be practically hopeless, and many, when found, seem reluctant to give information about their properties, being apparently suspicious of the use which may be made of it. Doubtless the capital invested in “land and buildings" would be increased by several millions of dollars if correct statements of the value of such property could be secured.

In the table which follows, comparisons are made of the total capital invested in 1914 and 1913, in the twenty-five leading industries of the State; in "other industries," which includes all not in the selected list, and in "all industries," that is to say, the entire 2,624 establishments considered in the presentation.

As shown in the above table, seventeen of the twenty-five selected industries show increases of capital invested ranging from 0.7 per cent. in "brewery products," to 23.1 per cent. in "electrical supplies," while eight industries show decreases ranging from the merely nominal fraction of 0.2 per cent. in “lamps— electric and other," to 9.6 per cent. in "furnaces, ranges and heaters."

The net increases of capital shown by the "twenty-five selected industries," by "other industries" and by "all industries," is 4.4 per cent., 8.0 per cent., and 5.7 per cent. respectively. The greatest numerical increases in capital invested are shown by "electrical appliances," $6,058,522; "chemical products," $4,817,516; “shipbuilding," $4,647,252; woolen and worsted goods, $3,975,540; and "silk-broad and ribbon goods," $3,257,355. Increased activity calling for larger capital, was, in the case of four of these five industries, more or less due to conditions requiring better facilities for their increasing volume of work. The numerical reductions of capital are comparatively small. $1,064,364, is shown by "brick and terra cotta," and the smallest by "lamps-electric and other," $27,717.

The largest

In the table which follows, the average amount of capital invested per establishment is shown for each of the "twenty-five selected industries" and also for the aggregated establishments included in "other industries," and in "all industries." The increases and decreases are shown numerically and by percentages.

As shown by the above table, the average amount of capital invested by each of the 1,310 individual establishments included in the twenty-five selected industries was $499.299 in 1914; in 1913 the average per establishment for the same group of industries was $472,337. The increase in 1914 is therefore, $26,962, or 5.7 per cent. in average capitalization per establishment.

"Other industries" show for 1914 an average capitalization for each of the 1,315 establishments under that heading of $282,575; the average for the same establishments in 1913 was $261,957. The average increase shown for 1914 is $20,618, or 7.9 per cent. per establishment.

For "all industries," the average capitalization for each of the 3,624 establishments reporting was $390,690 in 1914 and $367,626 in 1913. The increase per establishment in 1914 is therefore $23,064, or 6.3 per cent.

The industries showing the largest capitalization per establishment are "Oils," $3,728,483; "shipbuilding," $1,804,534; “drawn wire and wire cloth," $1,720,083; “woolen and worsted goods," $1,405,967; "brewery products," $1,207,986; "steel and iron forgings," $1,202,295, and "lamps-electric and other," $1,144,471. The smallest capitalizations, $90,959, $94,035, $145,654, and $197,630 per establishment, are shown by the "jewelry," "artisans' tools," "men's hats-fur and felt" and "metal goods," respectively. None of the other industries show less than $200,000 capital invested per establishment.

The greatness of the scale on which modern manufacturing industry is carried on in New jersey, and the vast sums which employers must invest before entering on the competition for business and profits, are most strikingly illustrated by the data presented on this table.

Table No. 3 shows the cost value of all stock, material, or merchandise used in the eighty-nine industries considered, and also the selling value of all products. The totals are given for each industry group separately and for all industries combined. Included in the value of material used is the cost of such varieties of merchandise as have been consumed in the processes of manufacture, as for instance, oil, waste, packing boxes, fuel, lighting, etc., together with that which has been worked into and become a part of the finished product, such as raw silk in the silk industry; raw cotton and wool in other textile industries; pig iron in foundries and machine shops, and leather in shoe factories.

The following table presents a comparison of the expenditures of 1914 with 1913, for stock or material used by the "twenty-five selected industries" and the same for "other industries" and "all industries." The increases and decreases are shown in absolute amounts and their equivalent percentages.

The total cost value of stock or material used by the 1,309 establishments included in the "twenty-five selected industries" during the year 1914, was $354.739,232. In 1913, the total cost value reported for the same industries was $386,051.939, a falling off in 1914 of $31,312,707, or 8.1 per cent. "Other industries," containing 1,315 individual establishments, used stock or material in 1914, the value of which was $294.917,844; in 1913 the value was $303,010,637, showing a falling off in the value of material used in 1914 of $8,092,793, or 2.7 per cent.

The total value of stock or material used by the 2,624 establishments included in all industries in 1914, was $649,657,076 in 1914; in 1913 the total value was $689,062,276. The decrease in 1914 was, therefore, $39,405,500, or 5.7 per cent.

That the year's business was not prosperous is made plain by the fact that of the "twenty-five selected industries," only three -"chemical products," "silk goods" and "woolen and worsted goods"-show increases in expenditures for stock or material of 2.7 per cent., 25.2 per cent. and 10.5 per cent. respectively. All the others show reductions that are for the most part too large to be accounted for on the theory of lower prices in 1914 than prevailed during the next preceding year. As a matter of fact, prices for imported material, such as raw silk, all of which comes from abroad, the main sources of supply being in the order of their importance, Japan, Italy and Spain, were much higher than at any time in recent years, because of the interruptions of trade and transportation caused by the great European

war.

Expenditures for stock or raw material by each of the twenty-five selected industries are with few exceptions very large. The largest are "oils" (refining), $86,770,233; "silk goods," $37,885,748; "drawn wire and wire cloth," $32,244,209; "chemical products," $26,171,368; "woolen and worsted goods," $25,228,644; "leather-tanned and finished," $21,221,427, and "rubber products-hard and soft," $20,694,260."

The average cost value of material used in each of the 1,309 establishments included in the "twenty-five selected industries," is almost exactly $271,000. For the 1,315 establishments grouped under "other industries," the average is $224,272 each. For "all industries," the average expenditure per establishment is $247,582. These averages are much below those of 1913.

The table also shows the selling value of all "goods made or work done" by each of the eighty-nine general industries, and also by all industries combined. The selling values of products are given on the table below for each of the "twenty-five selected industries," for "other industries" and for "all industries." The totals for 1914 are given in comparison with those of 1913, and the increases and decreases are noted in absolute amounts and equivalent percentages.