*Unusually large increase, due to the fact that two of the principal establishments included, reported capital invested for the first time this year.

As shown by the above table, the average amount of capital invested per establishment included in the "twenty-five selected industries," was $425,178 in 1911, and $398,236 in 1910; the increase in 1911 is therefore $26,942, or 6.8 per cent. "Other industries" show an average capitalization per individual establishment in 1910, of $235,859, and $251,803 in 1911; the increase of capital per plant in this group during the latter year, is, therefore, $15,944, or 6.8 per cent. For "all industries," including the entire 2,475 establishments considered, the average capital per establishment was $321,705 in 1910, and $342,869 in 1911, showing an increase of $21,164, or 6.6 per cent. For "all industries," the average is $321,705 in 1910, and $342,869 in 1911, which is an increase of $21,164, or 6.8 per cent. per establishment."

Eight of the twenty-five selected industries show decreases in the average amount of capital invested per establishment, and seventeen show increases; of the eight decreases, three are merely nominal, being less than I per cnt. and the other five, as shown by the figures, are, with the exception of "cigars and tobacco" quite small. The increases, as shown by the table, are for the most part large; with the exception of the 295 per cent. shown by "drawn wire and wire cloth" an explanation of which appears in the foot note to the table, the largest increase in average capital per establishment in 1911, 22.8 per cent., is shown by the manufacture of “lamps (electric and other)," and the next greatest, IO.I per cent., is credited to "furnaces, ranges and heaters."

Among the "twenty-five selected industries" there are six, viz., "brewery products," "drawn wire and wire cloth," "lamps," "shipbuilding," "steel and iron forgings," and "woolen and worsted goods," that show a capitalization per establishment of from $1,000,000, to $1,500,000, while one industry, oil refining, shows an average capitalization for each of the twenty-one establishments grouped under that heading, of $3,669,079 for 1911. The industry showing the lowest capitalization per establishment is "jewelry," in which industry there are 113 firms engaged, all in or near the city of Newark. The average capital invested per firm is $85,968; and as at least 90 per cent. of these rent space in large buildings, about that proportion of the value of "lands and buildings" occupied by them is, for reasons already explained, lost to the total aggregate capital invested as reported for the industry.

The data relating to capital invested, as presented on this table, shows in the most striking manner how vast is the scale on which modern manufacturing industry is now carried on, and the immense sums of money which must be invested by its promoters before entering the competitive struggle for business and profits.

TABLE No. 3.

This table shows the cost value of all "material used" in manufacture and also the selling value of all "goods made or work done" for each of the eighty-nine industry groups, for the "unclassified" establishments, and for "all industries." Included in the totals of "material used" are the cost values of such material as had been worked into and become a part of the finished prod

ucts of each industry, together with articles consumed in the processes of manufacture, such as oils, waste, packing cases, fuel, lighting, etc.

In the following table the data relating to the twenty-five selected industries for 1911 are compared separately with those for 1910, the increases and decreases being shown both numerically and by percentages. The totals of "other industries," that is to say, those not included in the selected group, are also compared.

As shown by the above table, the cost value of every variety of stock or material used by the "twenty-five selected industries" in 1910 was $304,121,751; in 1911 the value reported was $306,169,041, which is an increase of $2,047,290, or 0.7 per cent. The cost value of stock or material used by "other indus

tries" in 1910 was $258,414,123, and for 1911 the cost is $259,777,321; the increase is $1,363,198, or 0.5 per cent. For "all industries" combined the cost value of material used in 1910 was $562,535,874; in 1911 the total cost value was $565,946,362, a difference in favor of 1911 amounting to $3,410,488, or 0.6 per cent. Of the "twenty-five selected industries," fifteen show a falling off in the cost value of material used, and ten show increases sufficiently large to offset these and leave a small percentage of gain. The decreases range from 0.2 per cent. in "pottery," to 30.4 per cent. in steel and iron forgings. The increases range from 0.4 per cent. in brewery products, to 51.9 per cent in the manufacture of electric and other "lamps." With a few exceptions the increases and decreases are both small, and in the aggregate come within an insignificant fraction of cancelling each other. To what extent the decreases in the cost value of material used are due to diminished consumption, or to reductions in prices paid for the same, cannot be determined, as values only, without quantities, are reported by all establishments.

The industries showing the largest expenditures for stock or material used in 1911 are: "Oil refining," $64,695,175; “silk goods," $28,839,536; "drawn wire and wire cloth," $24,203,680; "rubber products (hard and soft)," $23,657,966; "leather (tanned and finished)," $20,737,027; "chemical products," $20,455,959; and "woolen and worsted products," $20,336,257. The average cost value of material used by each of the 2,475 establishments reporting is $228,665.

The selling value of "goods made or work done" is shown on this table for each industry group and for all industries combined. In the following table these selling values are given for each of the "twenty-five selected industries," for "other industries," and also for "all industries;" the data for 1911 is placed in comparison with those of 1910, and the increases and decreases are noted numerically and by percentages.

As shown by the above table, the total value of all goods made or work done during the year 1911 was $940,760,552; in 1910 the total value reported was $914,772,810; the increase in 1911 is, therefore, $25,987,742, or 2.8 per cent. As pointed out in a foot note to the table, there were two establishments under the "unclassified" heading, neither of them large however, that failed to return the value of material used, and goods made or work done for 1911.

Of the "twenty-five selected industries" appearing in the comparison table, twelve show an increase in the total value of products, and thirteen show a decrease. With a few exceptions, however, the changes are not very great and balancing one with another, the table shows a net increase for the twenty-five selected industries in 1911, as compared with 1910, of 1.9 per cent. "Other industries," that is to say, the group not included in the