lurgical industries, both ferrous and non-ferrous, there is an enormous over-equipment. Also in the chemical industry, in automobile factories, in shipyards, and in factories for the making of boots and shoes and clothing. In such over-extensions are to be found the sinks into which billions of our money has gone.
I think that it is a reasonable estimate that there has been an economic increase in the manufacturing machinery and tools of the country that is in proportion to the increase in population and number of workers, no more. In 1914 the total number of factory workers (wage earners) was about 7,250,000 at the maximum of employment, their number being 7.3 per cent of the total population of 99,104,000. At the same ratio the population of 106,000,000 in 1920 indicates a total of about 7,750,000 factory workers. As I have previously pointed out only that part of the manufacturing plant of the country for which we have use has economic value. It might be considered that a surplus would find use with the increase in population, and consequently the number of workers, and to a certain extent that may be true. On the other hand, any large surplus supposed to be in reserve for that purpose is likely to become obsolete before use may be found for it. Such considerations introduce refinements that can not very well be taken into account in such an inventory as this. Arbitrarily, if it be pleased, I am reckoning that our valuable manufacturing plant bears a relation to the specific number of workers. On this basis, and at $2000 per worker, I estimate the value of manufacturing machinery and tools in 1916 at 14.5 billion dollars and in 1920 at 15.5 billion dollars.
