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Page The Cobaltchromium Binary System (paper by A. R. Elsea, A. B. \Yesterman, and G. K. Manning, Met. Tech. June, 1948, Mechanism of Precipitation in a Permanent Magnet Alloy (paper by A. H. Geisler and J. B. Newkirk, Met. Tech. Aug. 1948, Tp 2444)................................................................................................. 300 Some Effects of Applied Stresses on Precipitation Phenomena (~aper by W. L. Finlay and W. R. Hibbard, Jr., Met. Tech. Sept. 1948, Tp 2470)....................................................................................... 301 Diffusion of Carbon in Austenite with a Discontinuity in Composition (paper by L. S. Darken, Met. Tech. Sept. 1948, TP 2443) 304 An Electron Diffraction Study of Oxide Films Formed on Nickelchromium Alloys (paper by J. W. Hickman and E. A. Gul- bramen, Met. Tech. June 1948, Tp 2372)..................................................................... 305 An Electron Diffraction Study of Oxide Films Formed on Copper-nickel Alloys at Elevated Temperatures (paper by J. W. Hickman and E. A. Gulbransen, Met. Tech. June 1948, TP 2391)................................................ 307 Decarburization of Chrome Nickel Alloys by Their Surface Oxides in High Vacua and at Elevated Temperatures (paper by E. A. Gulbransen, W. S. Wysong, and K. Andrew, Met. Tech. Sept. 1948, TP 2438)................................ 307 Fractographic Study of Cast Molybdenum (paper by C. A. Zapffe, F. K. Landgraf and C. 0. Worden, Met. Tech. Aug. 1948, TP 2421)................................................................................................. 308 Effect of Composition on Grain Growth in Aluminum-magnesium Solid Solutions (paper by L. J. Demer and P. A. Beck. Met. Tech. June 1948, TP 2374)............................................................................. 309 Effect of a Dispersed Phase on Grain Growth in Al-Mn Alloys (paper by P. A. Beck, M. L. Holzworth and P. Sperry, Met. Tech. Sept. 1948, TP 2475)................................................................................. 310 Statistical Rate Theory of Metals—Mechanism of Flow and Application to Tensile Properties (paper by J. W. Fredrickson and H. Eyring, Met. Tech. Aug. 1948, TP 2423)............................................................... 315 Nucleation of Slip Bands (paper by J. G. Leschen, R. P. Carreker, and J. H. Hollomon, Met. Tech. Sept. 1948, TP 2476) and.. 318 Transient Plastic Deformation (paper by R. P. Carreker, J. G. Leschen, and J. D. Lubahn, Met. Tech. Sept. 1948, TP 2477).. 318 Plastic Deformation of Large Grained Copper Specimens (paper by W. R. Hibbard, Jr., Met. Tech. Sept. 1948, TP 2469). ... 323 Plastic Flow in Anisotropic Sheet Steel (paper by L. R. Jackson, K. F. Smith, and W. T. Lankford, Met. Tech. Aug. 1948, TP 2440)................................................................................................. 323 The Effect of Thermal-mechanical History on the Strain Hardening of Metals (paper by J. E. Dorn, A. Goldberg, and T. E. Tietz, Met. Tech. Sept. l948, TP 2445)....................................................................... 325 The Room and Elevated Temperature Properties of Some Sand Cast Magnesium-base Alloys Containing Zinc (paper by T. E. Leontis, Met. Tech. June 1948, TP 2371)..............................................................., 327 The Low Temperature Properties of Tin and Tin-lead Alloys (paper by H. S. Kalish and F. J. Dunkerley, Met. Tech. Sept. 1948, TP 2442)............................................................................................335 Thermal and Electrical Properties of Ductile Titanium (paper by E. S. Greiner and W. C. Ellis, Met. Tech. Sept. 1948, TP 2466).................................................................................................... 335 Property Changes during Aging (paper by A. H. Geisler, Met. Tech. Aug. 1948, TP 2436)............................... 337 Factors Affecting the Tensile Notch Sensitivity of Magnesium Alloy Extrusions (paper by I. Cornet, Met. Tech. Aug. 1948, TP 2419)................................................................................................. 338 Effect of Grain Size on Tensile Strength, Elongation and Endurance Limit of Deep Drawing Brass (paper by H. L. Walker and W. J. Craig, Met. Tech. Sept. 1948, TP 2478)............................................................. 339 A Copper-base Alloy Containing Iron as a High-strength, Highconductivity Wire Material (paper by W. Hodge, R. I. Jaffee, J. G. Dunleavy, and H. R. Ogden, Met. Tech. Aug. 1948, TP 2422).............................................. 340 A High Strength-High Conductivity Copper-silver Alloy Wire (paper by W. Hodge, R. I. Jaffee, J. G. Dunleavy, and H. R. Ogden, Mel. Tech. June 1948, TP 2366)...................................................................... 340 The Effect of Chronlium on the Ma Point (paper by J. B. Bassett and E. S. Rowland, Met. Tech. Aug. 1948, TP 2417.... 341 The Kappa Eutectoid Transformation in the Copper-silicon System (paper by W. R. Hibbard, Jr., G. H. Eichelman, Jr., and W. P. Saunders, Met. Tech. Sept. 1948, TP 2441).............................................................. 343 Stabilization of the Ausknite-martensite Transformation (paper by W. R. Harris, Jr. and M. Cohen, Met. Tech. Sept. 1948, TP 2446)................................................................................................ 344 Secondary Hardening of Tempered Martensitic Alloy Steel (paper by W. Crafts and J. L. Lamont. Mel. Tech. Sept. 194,8, TP 2439)................................................................................................. 345

Jan 1, 1950

By D. C. Jackling

I BESPEAK your indulgence for a brief expression of the views of a patriarch in the field of mineral industry technology relative to young men's problems in that sphere of education and endeavor. Wherever hereafter I employ the terms "technical education," "engineer," "technologist," or similar expressions, these are intended to be understood as relating to the broad field of the sciences and arts applicable to the mineral industries. First, the usefulness of technical education to either the possessor of it or those to whom its services may be made available industrially depends primarily upon the quality of the education and the capabilities of the educated to put his talents to effective and constructive employment in his chosen field of applied science.

Jan 1, 1940

By J. T. Ryan

IN making a comparison of mine inspection methods in Europe and the United States, it is necessary to have some basis to start from, which makes this subject rather difficult, as such methods are governed largely by the authority given the inspector by the mining laws. In the United States there are 31 coal producing states and territories and 32 different mining laws under which inspectors operate, as one state-Pennsylvania-has both a bituminous and an anthracite code. Some of these codes are distinctly coal mining codes; others are essentially coal mining but apply also to other mines; several codes are sub-divided referring partly to coal mines and partly to other mines, and a few codes are mainly metal mining but apply in part to coal mining. Having all these different codes in the United States and the departments organized in a variety of different ways, there is of necessity a great difference in inspection methods in this country.

Jan 1, 1926

By Charles H. Thurman

THE data given herein were first included in a paper read before San Francisco Section, A.I.M.E., in October 1940, and are applicable to conditions existing until the gold-dredging industry was temporarily suspended by Order L-208 of the War Production Board in the fall of 1942. There is no doubt that gold dredging will be resumed at some future time, and on a scale equivalent to that of the recent past, but the cost data given herein will be affected to some extent by conditions existing at that time, and by labor rates and prices for materials then prevailing. DRAGLINE VS. BUCKET-LINE Dragline dredges should not be considered for mining large areas of low-grade placer gravel. In such deposits a dragline operator with a 5-cu. yd. dragline would be doing well to maintain an operating cost of 6¢ per cu. yd., while a bucket-line dredge with buckets no smaller than 7 cu. ft. each could be operated for less than 4¢ per cu. yd. By operating costs, I mean only field charges such as direct operating and overhead, which includes pay roll, power or fuel, repairs and maintenance, insurance, land clearing and general expenses, but not including such items as prospecting, depletion, depreciation of equipment, State Franchise Tax, or Federal Income Tax. It is not to be inferred that a dragline dredge cannot make a profit in small low-grade deposits, where the extent of a given property is too small to justify the use of the more costly bucket-line dredge. Consider small deposits of 10¢ gravel. It is obvious that a deposit of 5,000,000 cu. yd. of such gravel could not be mined profitably with a new, 7-cu. ft. bucket-line dredge, costing upward of $250,000, and with operation costs at 4¢ per cu. yd., paying for land or royalties out of earnings; nor could a new combination 5-cu. yd. dragline and washing plant, worth upward of $125,000 and working at 6¢ per cu. yd., make a profit. These comparisons are made because the hourly capacity of both types of dredges is nearly the same. The bucket-line dredge averages 93 per cent operating time in 24 hr., as against about 80 per cent or less for the dragline dredge. These percentages of operating time are important factors in making a comparison of this kind. The bucket-line dredge has greater efficiency in cleaning soft bedrock, usually characteristic of dredging deposits, and a 7-cu. ft. bucket-line dredge can be efficient to a total digging depth of 80 ft. (65 ft. below water, 15 ft. above). A 5-cu. yd. dragline dredge is limited to about 30 ft. of efficient digging depth, 5 ft. of which could be above water. In small areas of gravel not over 30 ft. deep, a 5-cu. yd. dragline dredge could make a profit where a bucket-line dredge could not do so. As an example: compare the dredging of 3,000,000 cu. yd. of 10¢ gravel 28 ft. deep with bucket line, costing 4¢ per cu. yd., and with a 5-cu. yd. dragline dredge operating at 6¢ per cu. yd. Because of small yardage, new equipment is not warranted, therefore we can assume that the dredges of both types are used equipment, fully depreciated. Dismantling, mov-

Jan 1, 1945

By Charles H. Thurman

The data given herein were first included in a paper read before San Francisco Section, A.I.M.E., in October 1940, and are applicable to conditions existing until the gold-dredging industry was temporarily suspended by Order L-208 of the War Production Board in the fall of 1942. There is no doubt that gold dredging will be resumed at some future time, and on a scale equivalent to that of the recent past, but the cost data given herein will be affected to some extent by conditions existing at that time, and by labor rates and prices for materials then prevailing. Dragline vs. Bucket-line Dragline dredges should not be considered for mining large areas of low-grade placer gravel. In such deposits a dragline operator with a 5-cu. yd. dragline would be doing well to maintain an operating cost of 6¢ per cu. yd., while a bucket-line dredge with buckets no smaller than 7 cu. ft. each could be operated for less than 4¢ per cu. yd. By operating costs, I mean only field charges such as direct operating and overhead, which includes pay roll, power or fuel, repairs and maintenance, insurance, land clearing and general expenses, but not including such items as prospecting, depletion, depreciation of equipment, State Franchise Tax, or Federal Income Tax. It is not to be inferred that a dragline dredge cannot make a profit in small low-grade deposits, where the extent of a given property is too small to justify the use of the more costly bucket-line dredge. Consider small deposits of 106 gravel. It is obvious that a deposit of 5,000,000 cu. yd. of such gravel could not be mined profitably with a new 7-cu. ft, bucket-line dredge, costing upward of $250,000, and in operation costs at 4¢ per cu. yd., paying for land or royalties out of earnings; nor could a new combination 5-cu. yd. dragline and washing plant, worth upward of $125,000 and working at 6¢ Per cu. yd., make a profit. These comparisons are made because the hourly capacity of both types of dredges is nearly the same. The bucket-line dredge averages 93 per cent operating time in 24 hr., as against about 80 per cent or less for the dragline dredge. These Percentages of operating time are important factors in making a comparison of this kind- The bucket-line dredge has greater efficiency in cleaning soft bedrock, usually characteristic of dredging deposits, and a 7-cu. ft. bucket-line dredge can be efficient to a total digging depth of 80 ft- (65 ft. below water, 15 ft. above). A 5-cu. Yd. dragline dredge is limited to about 30 ft. of efficient digging depth, 5 ft. of which could be above water. In small areas of gravel not over 30 ft. deep, a 5-cu. yd. dragline dredge could make a profit where a bucket-line dredge could not do so. As an example: compare the dredging of 3,000,000 cu. yd. of 10 gravel 28 ft. deep with bucket line, costin 4¢ Per cu. yd., and with a 5-cu. yd. dragline dredge operating at 6¢ Per cu. yd. Because of small yardage, new equipment is not warranted, therefore we can assume that the dredges of both types are used equip-ment, fully depreciated. Dismantling, mov-

Jan 1, 1946

By NEWTON C. MARSHALL

AS every school boy knows, the Andes mountain range forms the backbone of South America, extending the full length of the continent along its western edge and fairly close to the Pacific coast. But in Colombia these mountains are divided into three distinct ranges known as the Western, Central and Eastern ranges of the Andes. United at the southern end, they spread out like three fingers in a northerly direction across the Republic of Colombia. These great natural barriers have only in recent years been tarried by railroads or wagon roads, and they have had their effect upon the history of the country, both political and ethnological. Each of the three ranges dies out and dwindles away before reaching the boundary of Colombia on the Caribbean Sea. When I studied my geography as a youngster 1 used to think that the

Jan 1, 1935

By Charles S. Barrett

THERE is a road into the microscopic realm that has remained untraveled through all these years of intense activity with high-power optical and electron microscopy. The road is worthy of careful scouting by metallurgists and other investigators, for it leads into relatively new country and it makes some areas accessible that heretofore could be reached only by very indirect paths or by the use of imagination. And when the road passes through familiar territory it frequently permits a new view of commonplace things that should prove of value from time to time. An accepted way to interest people in new sights such as this is to present an illustrated travelogue. This I propose to do, using many pictures taken in my recent exploration of this road. In the manner of travelogues, I shall touch briefly upon a large number of different subjects in physical metallurgy and shall, attempt to give an exhaustive treatment of none, for the objective is to provide a means for further research, to interest others in it, and to indicate what appears at the moment to be profitable directions for it to take. The method I shall present involves X-rays, but does not make use of the usual accompaniments of X-ray research such as reciprocal lattices, Fourier series, or the stereographic projection. The method is so simple in its fundamentals that it could have been developed 20 years ago, or perhaps even 30 years ago. It is well to have a destination for our travels, so that when we are through we shall have explored some region of importance, despite our preoccupation with the novel means of transportation and our interest in the sights to be seen along the way. So let us name the Cold Worked State as our destination, and make side trips into the territories known as Recovery, Recrystallization, and Precipitation-hardening. A great many investigations have been made of the nature of cold-worked metal, and a great variety of methods used, many of which are indirect, such as X-ray line intensities, X-ray line widths, calorimetric measurements, and magnetic measurements. Since comprehensive reviews of these investigations have been published in recent years, they need not be discussed here. The investigations that were the direct forerunners of the present work should be first mentioned. In 1931 I became interested in the structure of individual spots in X-ray diffraction patterns.1 When a crystal is placed in the narrow pencil of X-rays in a Laue camera, the spots recorded on the film are not always uniformly black, but may have an internal structure. The meaning of this may be understood from Fig. 1, which represents a narrow beam containing X-rays of many wave lengths ("general radiation") penetrating a crystal in the direction of the arrow and forming a pattern on the vertical film at the right.

Jan 1, 1945

By A. B. Parsons

DOWN in Washington an army of individuals constituting the government of a so-called "'democratic" nation is trying to manage the conduct, in its rnultifold phases, of the greatest war in history for the country that is potentially, at least, the strongest in the world and on which, consequently, the major responsibility rests. The enterprise is one of unprecedented magnitude and complexity. That individuals and groups have made and are making serious blunders, both as to the establishment and execution of policy, is to be expected.

Jan 1, 1942

By ARCHIBALD DOUGLAS

BY this time almost everyone knows, in a general way, the corporate income distribution policies of the 1936 Revenue Act, and many of the practical problems arising there under. This article is not intended to be a technical discussion of that act by title, subtitle, section, or supplement, nor an analysis of inter- dependent sections of the various acts over many years woven on the fiscal loom f our Congressional machine. Such a discussion would require the spinning of a web of words too long for patience. Yet ,a general statement of the underlying plan of the 1936 Act, so far as it affects dividend policies, is perhaps useful.

Jan 1, 1937

By Joseph Hyde Pratt, Douglas B. Sterrett, CHAPEL HILL

I. DESCRIPTION. MONAZITE is one of the minerals which, for a long time, was considered rather rare in its occurrence, but, upon a commercial demand arising for it, prospectors and engineers soon located large deposits of it in the Carolinas and Brazil, and the supply has always been able to meet the demand. During 1908 further sources of supply of monazite have been discovered and developed in Idaho. North and South Carolina, however, are the only States that have thus far put any monazite on the market. Monazite is essentially an anhydrous phosphate of the rare-earth metals, cerium, lanthanum, and didymium (Ce, La, Di)PO;. There is nearly always present a varying but small percentage of thoria, ThO2, and silicic acid, SiO, which are very probably united in the form of a thorium silicate, ThSiO4 Some monazites contain but a fraction of a per cent. of thoria, while others have been recorded that showed the presence of from 18 to 32 per cent. ; but the majority contain from 3 to 9 per cent. of this oxide. It is the presence of the thorium oxide that gives the monazite its commercial value. The analysis occasionally shows also the presence of other constituents, as the yttrium and erbium oxides, zirconia, alumina, magnesia, lime, iron oxides, manganese oxide, and titanium oxide. Monazite is light-yellow, honey-yellow, reddish-, brownish-, or greenish-yellow in color, with a resinous to vitreous luster, and is translucent to subtransparent. It is brittle, with a conchoidal to uneven fracture, and is from 5 to 5.5 in hardness, and from 4.64 to 5.3 in specific gravity. It crystallizes in the monoclinic system, and some crystals have been observed that were 6 in. in length. The more perfect crystals are, however,

Jun 1, 1909

The plans for the activities of the Petroleum Division for the coming year do not differ materially from those of the past several years. The fall meeting is scheduled for Oct. 12 and 13 and is to be held at Tulsa, Oklahoma. The Division, of course, will take part in the annual meeting of the Institute at New York. A fall meeting will also be held in California at approximately the same time as the meeting at Tulsa. A number of papers are to be presented at the two meetings simultaneously. The various committees are at work arranging the programs. The Division will continue to be active in its various fields of endeavor, such as stabilization, production reviews, and economics, but special stress is to be laid on the engineering and research fields. In the past the Division has served as a forum for open and frank discussion of problems confronting the engineers in the oil industry. It is hoped that it will continue to function in this capacity. Papers presenting original ideas and extending the boundaries of knowledge and understanding in the field of petroleum production will be welcomed. Members who have interesting information to contribute should not wait until called upon by one of the Committees, but should offer a paper at the earliest opportunity. The past year has seen a decided strengthening of the control over production, with prospects of even more rigid control in the future. It is essential that production programs under such control be carefully planned and it is highly desirable that petroleum engineers take an active part in the planning, to insure efficient production of oil and minimize the waste of this natural resource. At a time like this, when it is difficult to keep the production of oil within reasonable limits, it may seem unnecessary to improve the efficiency of production methods, but, as has been aptly said, the trouble is not that we have too great a reserve of oil but that we are producing tomorrow's oil today. Therefore it behooves those who are entrusted with the engineering and scientific phases of production to learn how to get the greatest yield economically possible from the present and future fields in order that we may enjoy the advantages of petroleum products for a long time to come.

Jan 1, 1934

By L. F. Reinartz

ANOTHER year has rolled by. We are twelve months further away from the start of the depression and. therefore that much nearer to recovery. The accumulated needs and wants 'of our lame, virile population are ready to burst their bonds as soon as confidence returns and credit is stabilized. The steel industry has been harassed by uncertainty of the Government's attitude toward organized labor's de¬mands, and irregularity in volume of production. Steel labor, if left to its own devices, would in most instances, march shoulder to shoulder with the management of steel plants in their effort to pull the industry nut of the ?red.? Cooperation between management and men has improved considerably during; the year.

Jan 1, 1935

Jan 1, 1923

Jan 1, 1923

E. E. Russell Tratman, New York City (communication to the Secretary): Mr. Glenn's paper brings up again the question of the part played by coal-dust in colliery-explosions. In the discussion of Sir Frederick Abel's paper on " Accidents in Mines," read before the Institution of Civil Engineers,? much was said about the dangerous properties of coal-dust, and several instances were given of the successful use of a spray of water, water and compressed air, or exhaust-steam from an engine, to keep the mine SUEciently damp to prevent the formation of dust clouds. Methods of preventing shots from blowing out; of using water cartridges to prevent flame ; and of using lime cartridges, wedges and other means of breaking down the coal were also discussed. Mr. Emerson Bainbridge referred to the explosive termed " roburite " (ammonium nitrate and

Jan 1, 1895

"The Garfield plant of the American Smelting & Refining Company is situated about seventeen miles west of Salt Lake City, on the Los Angeles & Salt Lake Railroad, and has freight service by the Denver & Rio Grande Western, Western Pacific and Bingham & Garfield Railways.The site lies between the picturesque Great Salt Lake, with its mountain islands, and the northern point of the Oquirrh Range, which forms the western boundary of the Salt Lake Valley.The location includes several hundred acres of land rising from the southern shore of the lake, selected on account of its adaptability to the economical handling of materials by gravity methods.The smelter is a custom smelter, treating copper ores and concentrates produced in Utah and adjoining states.The ores treated consist mainly of oxides from the Tintic and Park City Districts, sulphides from Bingham District, and concentrates from the mills of the Utah Copper Company, from mills in California, and copper precipitates from the Ohio Copper Company. The last product comes from low grade ores of Bingham Canyon.The following figures represent approximately the daily consumption of materials:Ores and Concentrates…2,700 tonsLime sand…100 ""Coal…350 ""Oil for Roasters…240 Bbls."

Jan 1, 1925

By AIME AIME

THE difficult problem of visitors is being met by the Hudson Coal Co. at Scranton in an ingenious fashion. The Company had long made it a point to have dealers selling its coal visit the mines, whenever possible. "The excellent reaction obtained from these dealer visits brought up the question of whether it would not be possible to open one or more mines to the public, and give the consumer an opportunity of seeing for himself how anthracite is mined and prepared. Ac-

Jan 1, 1929

By AIME AIME

The Bulletin. The Bulletin of the Institute will be issued hereafter monthly instead of bi-monthly as heretofore. Among other reasons for this change, it is desired to effect thereby the earlier transmission to members of important papers, lists of candidates tin? membership, and other items of timely information. The New Haven Meeting. As already announced in special circular, the XCVIth meeting of the institute for the reading and discussion of papers will be held at New Haven, Conn., beginning Feb. 23, 1909. The Secretary of the Local Committee is Prof. J. D. Irving, Box D, Yale Station, New Haven. The program embraces visits to many interesting works in New Haven, Ansonia, Bridgeport, etc. The leading topics for discussion at the sessions will lie: The Conservation of Natural Resources; A Sea-Level Canal at Panama; and The Technical Education of Mining Engineers. But papers on other subjects also are announced. Lt is probable that a supplementary session of this meeting, will be held in New York City, at some time during March, 1909, as a joint session with other national engineering societies, for the farther discussion of the subject of The Conservation of Natural Resources. A Pacific Coast Meeting. It is now reasonably certain that the XCVIIth meeting will be held oil the Pacific Coast, including a. visit to the Exposition at Seattle, and various other points en. route going or coming, depending upon the route and program finally adopted. (lore definite information will be announced at the New Haven Meeting, or at the earliest possible date thereafter.

Jan 1, 1909

THE LIFE and works of Alexander Agassiz, first president of the Calumet & Hecla Mining Co., were recalled to memory when a monument bearing his statue was unveiled in Agassiz Park, at Calumet, Mich., on Sept. 26, The statue is the work of Paul W. Bartlett, of New York, and was erected by George R. Agassiz, eldest son of Alexander Agassiz. We are indebted to Rodolphe L. Agassiz, now president of the Calumet & Hecla Consolidated, for the accompanying photograph of the statue. The principal address at the unveiling ceremony was delivered by Allen F. Rees, of Houghton, who said, in part: To the world at large Alexander Agassiz was preeminently the man of science. With all his devotion to the industrial life of this district, he found the time to devote to the con-tinuation of his work of scientific research which had been the life work of his fa-ther, Louis Agassiz. Not only did he acquire eminence for his scientific at-tainments and learn-ing, but he was recognized and hon-ored throughout the civilized world for his achievements and accomplishments in the realm of original research. His work in the fields of nat-ural science, in oceanography, in marine zoology, and in other similar lines of research, has added much to our knowledge of the world's mysteries. His life was one of accomplishment also in the industrial world. The union in one life of acknowledged achievement as a scientist and the accomplishment of great results in the prac-tical industrial world is a rare thing, and its possibility has never been exemplified in greater measure than in his life and its results.

Jan 11, 1923

By Samuel H. Dolbear

NOT WITHSTANDING the extremely low ebb of business activity, the nonmetallic industries have fared somewhat better than some other branches of mining. The average price level in nonmetallics, although far from satisfactory, has resisted any cataclysmic fall such as has been suffered by copper and other metals. Stocks, also, though too abundant, represent no corresponding overhang of the market, which should result, in some branches, in a more rapid recovery. Research work has continued in some industries with interesting developments.

Jan 1, 1933