Page:Walter Renton Ingalls - Wealth and Income of the American People (1924).pdf/154

132 to the recent survey of the committee on the elimination of waste in industry of the Federated American Engineering Societies, the boot and shoe factories of the United States are capable of producing 1,750,000 pairs per day, and are called upon to produce but little more than one-half that number. According to the same authority the clothing factories of the country are built 45 per cent in excess of what is necessary.

According to the Electrical World, September, 1921, the electrical manufacturing industry of the United States at the end of 1920 had nearly doubled its capacity of 1916. This does not, however; show overbuilding in this industry, which in its phenomenal history of 40 years has been doubling itself every five years and for the soundest of economic reasons, electrification promoting economy in production and increasing the comfort in living.

The petroleum refining capacity of the United States has also been greatly increased since 1916, but perhaps this has not outrun actual requirements to any large extent. The present capacity for petroleum refining is about 700 million barrels. Ali of this has never yet been in use at one time. About 30 per cent of the capacity is in casing head gasoline and skimming plants which specialize in extracting gasoline from crude petroleum.

It will be seen therefore that among American industries textile-weaving, electrical. manufacturing and petroleum refining are in good positions in so far as investment in plant is concerned. As compared with 1916 textile-weaving had been far less extended than the other two, and during 1921 a much higher percentage of its plant was in use. In the mining and metal-