Page:Walter Renton Ingalls - Wealth and Income of the American People (1924).pdf/125

Rh The gold and silver mines of the United States in 1918 reported net incomes of $11,020,438 and deficits of $8,292,563, the net for the industry as a whole being $2,727,875. The gross value of their product was $79,612,030, of which their net income was 3.4 per cent.

The production of petroleum in the United States in 1918 was 355,927,716 bbl. valued at $703,943,961. The net income of petroleum producers was $170,310,673. The deficits of concerns operating at a loss aggregated $13,611,962. The net income of the industry as a whole was therefore $156,698,711. This figures to 44 c. per bbl. of petroleum and 22 per cent of the total value of the product reported.

The production of natural gas and gasoline in the United States in 1918 was valued at $203,917,095. The net income of gas producers was $6,166,169 and the deficits of unprofitable concerns amounted to $481,642, giving a net income of $5,684,427 for the industry as a whole, or 2.78 per cent of the value of the product.

From all other kinds of mines there was reported net incomes of $93,119,034 and deficits of $27,076,573, a credit balance of $66,042,461. The total value of their products was $500,013,212, wherefore their net income was about 13.2 per cent of the gross.

The gold mines of the United States were in a peculiarly adverse position in 1918, owing to reasons that are well understood, wherefore their low percentage of net income is easily explainable. Assuming that their normal net income previous to the war was about 10 per cent, and applying that together with the ratios of 1918 to the gross value of the annual average production of the three years 1911–1913, the following table is derived: