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By Theodore B. Comstock

a. Boundaries of the District.—The district here considered comprises that portion of Colorado commonly known as " the San Juan Country." In order to bring the principal geological features of this region within the scope of a map of convenient dimensions upon a suitable scale, I have found it desirable to mark off boundaries near the parallels of 37O and 38O 10', and the meridiaus of 106' 30' and 108' 30' (West Longitude from Greenwich). This area of (approximately) 9400 square miles includes all the formations which we should have to discuss if our territory were greatly enlarged, excepting such as are distinctly characteristic of adjoining areas with independent orographic genesis. By limiting this review to these confines we miss very little of the geology of the eight counties of the San Juan region, viz.: Dolores, San Miguel, Ouray, Hinsdale,

Jan 1, 1887

By D. L. Ritter, N. J. Grant, B. C. Giessen

The crystal structures of eight of the nine intermediate phases in the Nb-Rh system were investigated by X-ray techniques. The following structures occur: a,Nb3Rh (Cr3O type);o(ofe - cr type) (H.T. phase, structure unknown); Q2 (AuCU type); a, (orthorhombic, analogous to a,, (Ta-Rh)); a (AuCd type); a,, (monoclinic, related to samarium type); a-8 (VCo3 type); a, NbRh, (AuCu, type). Structural relationships between the six close-packed intermediate phases are discussed and a comparison with the Nb-Ir, Ta-Rh, and Ta-Ir systems is made. In the Nb-Rh phase diagram,' nine intermediate phases were encountered. In order to understand the phase sequence in the diagram and to be able to plot atomic volumes, several unknown crystal structures had to be worked out. These and the evi-

Jan 1, 1964

By J. E. Spruiell, F. H. Patterson, B. F. Shuler

The microstructures and textures developed by the working of high-purzly thermochemically deposited tungstem sheet have been inuesligated. Greater than 60 pct reduction was required to deslroy the columnar grain structure which existed in the as-deposited sheet. With increasing reductions the texture gradu-ally charged from the initial as-deposited orientation with (100) parallel to the sheet normal to a (100}(011) ideal ovienlation with some spread about the rolling direction. This texture was retained after recrystalli-zation a1 2000°C. THE processes for depositing tungsten by hydrogen reduction of tungsten hexafluoride have been under development for the past several years.1,2 The nature of the deposition process is such that the as-deposited material contains a highly oriented columnar grain structure perpendicular to the deposition substrate. This well-defined columnar structure may be useful in certain applications293 but a wrought or equiaxed structure may be desired for some components such as tubing. Knowledge of the effects of working ther-mochemically deposited (TCD) tungsten is therefore necessary in order to establish the feasibility of obtaining worked and recrystallized microstructures and textures. The details of a recently developed technique for thermochemically depositing flat, uniformly thick tungsten sheet are presented with emphasis on the effects of deformation by rolling on the microstructure and texture. Although no work has been previously reported on the rolling and the annealing textures of TCD tungsten, there have been some determinations of textures for cold-rolled tungsten foil prepared from powder-metal -lurgy billets.4-8 The general description is that of a predominantly lurgy{100}(011) texture, with some spread about the rolling direction as an axis. pugh5 reports data both for cold-rolled and for annealed foil having about 96 pct initial cold work. He observed no change in texture, except for a decrease in the spread, for annealing treatments of 30 min at temperatures up to 1800°C. On annealing at 1900°C, both the low-temperature components plus new components which were described alternately as {001}(320) plus {001)(230) or as {100}(011) ± 12 deg about the sheet normal were observed. Above 1900°C, the new orientation existed alone, and it was stable up to 2500°C, the highest temperature that Pugh investigated. THERMOCHEMICAL DEPOSITION OF TUNGSTEN SHEET High-purity tungsten sheet was reproducibly deposited on the inner walls of a molybdenum mandrel by the thermochemical reaction WFs(g) + 3H2(g) - W(s) + 6HF(g). The mandrel was heated by a five-zone tube furnace which afforded a controllable fixed-temperature profile. Sheets measuring 1+ by 12 in. have been deposited with uniform thicknesses of up to 0.145 m. As shown schematically in Fig. 1, the purified reaction gases were metered into a mixing chamber at a Hz-to-WF6 ratio of 15 and preheated to 350°C. The flow rate of the WF6 was 300 cu cm per min at stp. These gases were directed through a conical injector into the deposition chamber. Inside this chamber hydrogen reduction of the WF6 to pure tungsten metal occurred on the hot walls of the molybdenum mandrel at a total pressure of 5 Torr. Typical temperatures for the five zones in the chamber were, respectively, 565", 540", 550°, 570°, and 590°C. The hydrogen fluorlde generated from the reaction, the excess hydrogen, and some un-reacted WF6 were pumped on through the scavenger

Jan 1, 1968

By L. P. Teas

Although 1930 has been a year of stagnation, proration and curtailment, the Gulf Coast has measured up to its tradition in the matter of interesting and significant discoveries. Only 2 domes and 7 new structural areas were brought into the producing column in 1930, whereas, in 1929, 13 domes and one structure were added to this list, yet a total of 14 new producing horizons were proved on various domes and structures. On 5 domes new flanks were successfully tested for commercial production. The year 1930 has shown at Barber's Hill that oil in commercial quantities may exist below salt or cap. Numerous wells have been drilled through cap, or even salt itself, into good producing sands. The past year has been particularly notable in the interest and in the number of deep holes drilled. Two wells have gone below 8000 ft. in each of the states of Texas and Louisiana, and in the two states together 14 wells have gone below 7000 ft At the beginning of the year only one well was producing below 6000 ft. in coastal Texas, while at its end, 19 wells were producing or had produced. Geophysical discoveries and activity on the Coast have waned and this type of work has moved further inland. The peaks of production at Pettus, Barber's Hill, Raccoon Bend, Refugio, Orchard and at Humble, in Texas; and at Lake Barre, Port Barre, Black Bayou, White Castle and Vinton in Louisiana, were seen this year. These were new peaks for Humble and Vinton, of course, these fields having previously gone through periods of peak flank production. In Table 1 the completions listed are for the entire month of December in both years. It is remarkable that in 1930, a year of overproduction and proration, there were actually more wildcat operations at its end than at the end of 1929; but it is gratifying that the operations in the proven fields were exactly one-half what they had been at the end of 1929. The price of A grade coastal crude, or oil below 25" Bé., has been cut from $1.30 at the beginning of the year to $1.00 at its close; and B grade, or oil above 25o Bé., has been reduced from a price range of $1.15 to $1.63 down to a range of from $0.75 to $1.22. In spite of these reductions there has been no proration program on the Coast. Systematic

Jan 1, 1931

By J. C. McCarthy, J. B. Stone

AT Fresnillo a series of veins that has yielded very large quantities of silver and other metals has been developed over a length of 6500 ft. and to a depth of over 3000 ft. In the course of this work striking changes in the mineralogy and metal content of the principal veins have been disclosed and are well illustrated by assay data and ore reserve calculations. This paper describes those changes and suggests their bearing on theories of ore deposition. LOCATION The Fresnillo mines and the adjacent city of Fresnillo are in the central part of the state of Zacatecas, 35 miles northwest of the capitol city of Zacatecas, once a great silver-mining center whose total production is said to place it fourth in the world. Another famous old silver district, Sombrerete, lies northwest of Fresnillo. Fresnillo is connected by a 5-mile branch with Fresnillo station on the Mexican National Railways line from Juarez to Mexico City. Lying near the southwestern edge of the central plateau of Mexico, Fresnillo is surrounded by a semi-arid rolling plain from which rise widely scattered low hills. One of these is Proano hill, an inconspicuous elevation rising barely 300 ft. above the plain, but in and around Proa[n]o hill are the Fresnillo mines, and it is marked now by a great gash cut by gloryhole mining. HISTORY According to an account written in 1834 by Francisco García, then Governor of the state of Zacatecas, Fresnillo was discovered in 1554, and a presidio was established there in 1568 to protect travelers on the road between Zacatecas and Sombrerete. Little is known of the earliest mining at Fresnillo. which seemingly began soon after its discovery, but by piecing together various accounts, it appears that mines there were working in 1717 and were notable active in 1751 under an administrator named Murguía, who left detailed notes describing them. In 1757, however, the mines became inactive because of difficulties with creditors and no doubt also because of increasing water troubles, and they remained abandoned until 1830. In 1830 the mines at Fresnillo became the property of the State of Zacatecas because the interest of Governor García had been aroused by the long disregarded notes of Murguía. Under Garcia's energetic leadership the mines were reopened, and silver production began in 1832 in spite of serious difficulties, including abnormal rains and an epidemic of cholera. In 1833 English capital was sought to allow installation of steam-driven Cornish pumps at the two principal shafts and to build the great hacienda de benefacio (the present Proano hacienda). The company formed in 1835 (Cia. Zacatecano-Mexicana) operated successfully until 1872, when its career was brought to an end by the political and economic disturbances

Jan 1, 1942

By W. A. Clark, E. H. Dresser

ORE from the Minnesota iron ranges is transported from the mines to the loading docks on Lake Superior over four different railways: the Great Northern, Northern Pacific, Soo Line, and Duluth, Missabe and Iron Range, with hauls varying from 60 to 110 miles. For this service a large amount of specialized equipment is used. The steel ore cars are of the hopper type, 24 ft. long, to dump into alternate pockets of the docks, these pockets being 12 ft. long to correspond with the 12 or 24-ft. spacing of the boat hatches. The more recently con-

Jan 1, 1941

By W. F. Carew, F. A. Crossley

The stress for rupture in 500 hr at 1000° F has been reported to be about 13,000 psi higher for Widmanstitten than for equiaxed microstructures for the Ti-7A1-3Mo alloy.1,2 Also, limited data indicated Widmanstatten and equiaxed micro-structures to have approximately the same creep resistance at 1000°F.' Recently, data have been obtained which show Widmanstatten structures to be significantly more creep resistant than equiaxed structures at 1000°F, see Fig. 1. These data represent several ingots and several heat treatments of the solution treat and age type. The thermal history and tensile properties corresponding to the creep data are given in Table I. The creep data were taken from creep-rupture tests. The associ- ated rupture data are given in Table 11. It may be noted that total creep deformations are considerably greater for equiaxed structures. Previous evaluations of stability indicated that all of the structures tested are stable with respect to exposure to stress at elevated temperature.1,2 For a minimum creep rate of 10-4 in. per in. per hr the difference in stress levels is indicated to be about 17,000 psi. Holden,et found an irreversible contraction upon heating three a-ß titanium alloys in the equiaxed condition above their ß-transus temperatures. The alloys were: Ti-6Al-4V, Ti-155 A (5Al-1.3Cr-1.5Fe-1.2Mo), and C-130 AM (44-4Mn). The net contractions in length between the original equiaxed and the final Widmanstatten structures measured at room temperature were: 0.4, 0.4, and 0.7 pct, respectively. The greater creep and rupture resistance of the WidmanstStten structure of the Ti-7Al-3Mo alloy may be associated with the phenomenon

Jan 1, 1959

By H. H. Otto

COMPARED with 1939, the year 1940 has seen no material change in the production of anthracite. Many factors seem to indicate a stabilized anthracite production of approximately 50 million tons per year. The present war has stimulated demand in the Cana¬dian and New England markets, which were formerly furnished with a portion of their needs from Great Britain and other European countries. Neither has there been any material change in the "bootleg coal" situation. This problem is more serious in the Southern anthracite field than in the Hazleton, Wilkes-Barre, and Scranton areas. One reason for this is the nearness of the Southern field to the large anthracite markets in Philadelphia, Washington, Baltimore, and Harrisburg. During the past year no new large

Jan 1, 1941

By F. H. Buttner, E. R. Funk, H. Udin

A. P. Greenough (University College, swansea, Great Britain)—I have recently made some experiments on the deformation of silver wire at high temperature in an atmosphere of oxygen-free nitrogen. The observa-tions which 1 made confirm the main conclusion of this paper, that the most satisfactory mechanism so far suggested to explain the deformation which takes place

Jan 1, 1953

Jan 1, 1888

By William E. Ford, Edward Salisbury Dana

296. Definition of Specific Gravity. - The specific gravity of a mineral is the ratio of its density * to that of water at 4' C. (39'2' F.). This relative density may be learned in any case by comparing the ratio of the weight of a certain volume of the given substance to that of an equal volume of water; hence the specific gravity is often defined as: the weight of the body divided by the weight of an equal volume of water. The statement that the specific gravity of graphite is 2, of corundum 4, of galena 7-5, etc., means that the densities of the minerals named are 2; 4, and 7'5, etc., times that of water; in other words, as familiarly expressed, any volume of them, a cubic inch for example, weighs 2 times, 4 times, 7.5 times, etc., as much rn a like volume, a cubic inch, of water. Strictly speaking, since the density of water varies with its expansion or contraction under change of temperature, the comparison should be made with water at a fixed temperature, namely 4' C. (39'2' F.), at which it has its maxi- mum density. If made at a higher temperature, a suitable correction should be introduced by calculation. Practically, however, since a high degree of accuracy is not often called for, and, indeed, in many cases is impracticable to attain in consequence of the nature of the material at hand, in the ordinary work of obtaining the specific gravity of minerals the temperature at which the observation is made can safely be neglected. Common variations of temperature would seldom affect the value of the specific gravity to the extent of one unit in the third decimal place.

Jan 1, 1922

By AIME AIME

THE stage is set for the 1930 Annual Meeting. It will take place in the Engineering Societies Building. Feb. 17, 18, 19 and 20, and an unusual pro- gram of technical papers, symposia, lectures and addresses, interspersed with luncheons, dinners, excursions and worthwhile entertainment for the four days has been arranged. The curtain rises on Monday morning and the first act is by the entire company-registration. Then the meeting hits its stride, for there are ten technical sessions on Monday, and the range of subjects includes most of the Institute membership. The Committee on Coal and Coal Products, which is about to become the Coal Division, presents a symposium of a dozen or more papers on Coal Classification, concluding its afternoon session with several papers on general subjects. At its luncheon between sessions, C. E. Bockus, president of the National Coal Association, will be the honored guest. Papers of theoretical character will be discussed at the morning session of the Committee on Geophysical Prospecting; at its afternoon session there will be presented summaries of results obtained at various properties by methods described at previous meetings of this group and permanently recorded in "Geophysical Prospecting," published by the Institute early in 1929. Members of the Petroleum Division should not overlook the paper by Theodor Zuschlag, on this Committee's program. It is entitled, "Oil Structure Mapping by the Sundberg Method." Members of the Iron and Steel and Institute of Metals divisions will find it profitable to attend the session on Engineering Education on Monday afternoon. E. A. Holbrook has arranged a program of ten-minute talks on Metallurgical Education which are designed to get down to "brass tacks." and the practical man may, in discussion, contribute as well as learn. At 5 p. m. Thomas T. Read will lecture+ at Columbia University, on "Recent Progress in Economics of the Mineral Industries."

Jan 1, 1930

The Committee submits the following report: The General Committee met in the Treasury Building at Washington on Oct. 6 and 7, 1919. At the first meeting, Cornelius P. Kelley was appointed chairman, and Paul Armitage, secretary of the Committee. Subcommittees were appointed on Invested Capital, on Mine Valuation, and on Depletion and Depreciation. These subcommittees were directed to meet separately and to report on Oct. 7 to the General Committee. On Oct. 7, the reports of these committees were submitted to the General Committee and on motion were received and referred to the Executive Committee for its information to be used as it deemed wise. A motion was carried that the Executive Committee be constituted a permanent committee to continue the work of the Committee, with full power to add to and increase its membership; that as thus increased it should constitute a permanent organization to act and cooperate with the Treasury Department in matters of mining taxation under the Federal Income and Excess Profits Tax Laws. Thereafter the Executive Committee met and formed a permanent committee as follows: Cornelius F. Kelley, chairman, 42 Broadway, New York City. J. L. Darnell, Office of the Commissioner of Internal Revenue, Washington, D. C. J. Parke Channing, 61 Broadway, New York City. Walter Douglas, 99 John St. New York City. R. V. Norris, 542 Second National Bank Bldg., Wilkes-Barre, Pa. J. E. Spurr, care of Engineering & Mining Journal, 10th Ave. and 36th St., New York City. W. G. Swart, 808 Selwood Bldg., Duluth, Minn. J. P. Finley, 45 Cedar St., New York City. W. A. Williams, Bartlesville, Okla. F. S. Peabody, care of Peabody Coal Co., McCormick Building, Chicago, Ill. Matthew C. Fleming, 71 Broadway, New York City. H. B. Fernald, 54 Wall St., New York City.

Jan 1, 1923

The Committee submits the following report: The General Committee met in the Treasury Building at Washington on Oct. 6 and 7, 1919. At the first meeting, Cornelius P. Kelley was appointed chairman, and Paul Armitage, secretary of the Committee. Subcommittees were appointed on Invested Capital, on Mine Valuation, and on Depletion and Depreciation. These subcommittees were directed to meet separately and to report on Oct. 7 to the General Committee. On Oct. 7, the reports of these committees were submitted to the General Committee and on motion were received and referred to the Executive Committee for its information to be used as it deemed wise. A motion was carried that the Executive Committee be constituted a permanent committee to continue the work of the Committee, with full power to add to and increase its membership; that as thus increased it should constitute a permanent organization to act and cooperate with the Treasury Department in matters of mining taxation under the Federal Income and Excess Profits Tax Laws. Thereafter the Executive Committee met and formed a permanent committee as follows: Cornelius F. Kelley, chairman, 42 Broadway, New York City. J. L. Darnell, Office of the Commissioner of Internal Revenue, Washington, D. C. J. Parke Channing, 61 Broadway, New York City. Walter Douglas, 99 John St. New York City. R. V. Norris, 542 Second National Bank Bldg., Wilkes-Barre, Pa. J. E. Spurr, care of Engineering & Mining Journal, 10th Ave. and 36th St., New York City. W. G. Swart, 808 Selwood Bldg., Duluth, Minn. J. P. Finley, 45 Cedar St., New York City. W. A. Williams, Bartlesville, Okla. F. S. Peabody, care of Peabody Coal Co., McCormick Building, Chicago, Ill. Matthew C. Fleming, 71 Broadway, New York City. H. B. Fernald, 54 Wall St., New York City.

Jan 1, 1923

By George Rice

WITH so tremendous a subject, an attempted review of the coal situation of the world in a short talk must necessarily be of a sketchy character. It is hardly necessary to tell a body of engineers that had it not been for nature's gift of coal the material side of modern civilization would never have reached its present status. On the other side, it is regrettable that it was a byproduct of coal, T. N. T., which made possible Germany's initial success in this war, because that country had an enor-mous development of manufacturing plants that could be immediately utilized to make this destructive agent. One sometimes hears the casual remark that when the coal of the world is exhausted we shall use electricity; but, of course, electricity is ordinarily only a means of transforming and transmitting energy derived from fuel or water power, and chiefly from coal. It is true, we have much undeveloped water power, but it is more or less remote from the centers of industry; and when all shall have been developed it will not begin to supply the power requirements of the world. It is, however, reasonable to expect that before the world's supply of coal shall be exhausted, methods will have been discovered of harnessing other forces of nature, such as the tides, or the energy emanating from the sun. Petroleum and natural gas naturally come to mind, but the days of both, as fuel, appear to be numbered, although the products of petroleum, if economically used, doubtless will be available for internal-combustion engines, automobiles, trucks, and boats. for a long time, provided the reckless use of crude petroleum as an ordinary fuel is stopped. The products of petroleum are too valuable to mankind for such waste to be permitted. The civilization of the world, therefore, appears to rest, and, so far as can be seen, will indefinitely continue to rest, upon coal.

Jan 1, 1918

By H. H. Evinger, M. Muskat

A method has been developed whereby one may calculate the productivity factors of producing formations from a knowledge of the reservoir conditions. Account is taken not only of the heterogeneous character of the gas-oil flow system but also of the detailed variations with pressure of the shrinkage and viscosity of the oil, the solubility of the gas in the oil, and even the variability of the gas viscosity and the deviation of the gas from ideal behavior. Curves are shown giving the results of numerical calculations on the production rate as a function of the pressure differential for a high-prcssure and a low-pressure system, three values of gas-oil ratio being treated in each case. Curves are also given showing the variation with distance from the well of the pressure, oil saturation, and permeability. The effect of connate water is briefly discussed in relation to the apparently large discrepancies between the calculated and observed productivity-factor values. Introduction The significance of the productivity factor as a measure of the capacity of an oil-bearing formation to produce is well recognized; for it is the composite and integrated resultant of the physical prop-crties of both the porous medium and the fluid stream passing through it with respect to the ease with which the particular petroleum fluids present in the formation can flow through it and into producing wells. The most direct method of determining the productivity factor of a well consists, as is well known, in the simultaneous measurement of reservoir-pressure differentials and rates of production and the expression of the data in terms of rate of flow per unit pressure drop.' Actual measurements carried out in this manner on producing wells have given factors that generally lie in the range of o to Ioo bbl. per day per pound pressure drop. This wide range arises not only from variations in permeability but also from the varying sand thickness of producing formations. One of the aims of developing a theory of the mechanics of oil production obviously is that of predicting what the productivity factor should be from a knowledge of the individual characteristics of the producing formation and the fluids produced. For homogeneous fluid systems passing through a porous medium into a producing well, it has been known for some time that the steady-state rate of liquid flow Q is given by the formula:* Q ? u log r?/r? where k is the sand permeability, h its thickness, µ the liquid viscosity, ?p the pressure drop between the well and the distant parts of the reservoir, in particular that at a radius re, and r? is the well radius. This gives the productivity factor: f= Q/kh?p ? 2p/µ log re/r? f=Q/ kh?p ? 2p/µ log re/r? which will have a numerical value for a

Jan 1, 1942

By M. Muskat, H. H. Evinger

A method has been developed whereby one may calculate the productivity factors of producing formations from a knowledge of the reservoir conditions. Account is taken not only of the heterogeneous character of the gas-oil flow system but also of the detailed variations with pressure of the shrinkage and viscosity of the oil, the solubility of the gas in the oil, and even the variability of the gas viscosity and the deviation of the gas from ideal behavior. Curves are shown giving the results of numerical calculations on the production rate as a function of the pressure differential for a high-prcssure and a low-pressure system, three values of gas-oil ratio being treated in each case. Curves are also given showing the variation with distance from the well of the pressure, oil saturation, and permeability. The effect of connate water is briefly discussed in relation to the apparently large discrepancies between the calculated and observed productivity-factor values. Introduction The significance of the productivity factor as a measure of the capacity of an oil-bearing formation to produce is well recognized; for it is the composite and integrated resultant of the physical prop-crties of both the porous medium and the fluid stream passing through it with respect to the ease with which the particular petroleum fluids present in the formation can flow through it and into producing wells. The most direct method of determining the productivity factor of a well consists, as is well known, in the simultaneous measurement of reservoir-pressure differentials and rates of production and the expression of the data in terms of rate of flow per unit pressure drop.' Actual measurements carried out in this manner on producing wells have given factors that generally lie in the range of o to Ioo bbl. per day per pound pressure drop. This wide range arises not only from variations in permeability but also from the varying sand thickness of producing formations. One of the aims of developing a theory of the mechanics of oil production obviously is that of predicting what the productivity factor should be from a knowledge of the individual characteristics of the producing formation and the fluids produced. For homogeneous fluid systems passing through a porous medium into a producing well, it has been known for some time that the steady-state rate of liquid flow Q is given by the formula:* Q ? u log r?/r? where k is the sand permeability, h its thickness, µ the liquid viscosity, ?p the pressure drop between the well and the distant parts of the reservoir, in particular that at a radius re, and r? is the well radius. This gives the productivity factor: f= Q/kh?p ? 2p/µ log re/r? f=Q/ kh?p ? 2p/µ log re/r? which will have a numerical value for a

Jan 1, 1942

By Axel Sahlin

Since the days of the infancy of metallurgical industries, slags of various kinds have been accumulating. Until a comparatively recent date hardly any employment had been found for these waste products, which have had, consequently, little or no value. An exception to this rule is the basic Bessemer slag, the value of which has become universally recognized. It is to-day one of the standard fertilizers of the world, and a price of from $15 to $20 a ton is considered reasoiable for the ground slag, which, especially in Germany, finds a ready market as fast as it is prepared. The slags from puddling and re-heating furnaces have only found vol. xx.—25

Jan 1, 1892

By J. F. K. Brown

ANTHRACITE?S satisfactory showing in 1942 was accomplished in the face of adverse conditions, such as the loss of man power to the active services and to other industries, and the difficulty and delay in obtaining the necessary materials and equipment required in mining operations. Although the in- creased output was stimulated by the war, and thus does not impress one as contributing to continuing improvement in the industry, nevertheless the year witnessed several efforts ant1 consideration of others that have the appearance of permanent progress.

Jan 1, 1943

MARCH 15-Industry is rapidly snapping back from another coal crisis, other business news is in general favorable and the outlook through the Spring is by most observers considered quite promising. Most industries report comfortable backlogs of unfilled orders, department store sales in recent weeks have equalled in dollars those of the corresponding period last year, retail sales of automobiles show again over the same period a year ago, and new orders for machine tools are at the highest figures since August 1946. Orders for railway freight cars have shown a very encouraging pickup, with a total of 9385 cars in January and the N. Y. Central alone ordering 4500 in February. Construction continues very active. In January new housing starts totaled 80,000 against 50,000 a year ago and the daily average contract awards, according to the Dodge reports, were 57 pct larger. In the first 22 days of February the increase in awards was 27 pct. Lumber orders since Jan. 1 have run 22 pct above last year. All of these favorable factors bolster the opinion that the upturn in industrial output and employment which began last summer has not yet spent itself and that the setback caused by the strikes will be made up when people get back to work. Only in a few lines are there indications that primary production may be outrunning the consumption of finished goods, although inventory build-up would seem to be rather modest as the National Association of Purchasing Agents reported in February that 78 pct of its members were buying for 60 days or less. Industrial prices as a whole show no significant trend despite the continued alarm over both the immediate and the long-term possibility of inflation caused primarily by the government's increasing expenditure and its inability to balance the budget. A recent advance of 1.9 pct in primary market prices is viewed by some people as the surface symptom of renewed inflation, but even so it is more than two years since the alltime high was reached by the daily index of sensitive commodities in November 1947. Over two years have passed since prices received by farmers hit their peak and about a year and a half since all wholesale prices and the consumer price index touched their highest points in August 1948. The decline in the wholesale price index has been almost continuous, interrupted only twice by slight advances in the monthly figures from February to March 1949, and, later in the year, from August to September. Of course, this continued decline in the last half of 1949 largely reflects a downward movement in farm and food prices. Wholesale prices for commodities other than farm and food leveled out after June and now stand only slightly under the June level. Farm products are down by 22 pct from January and by 18.6 pct from August 1948. Food prices are down only slightly less. Consequently, the farm price support program is in serious trouble and has imposed a heavy financial burden on the Treasury. In those commodities other than farm products only building materials, chemicals and textiles have come down as much as the average, while housefurnishings and metals and their products have fallen hardly at all. Glancing away from the domestic front, the results of the British general election indicated a highly inconvenient situation, that public opinion there is so exactly deadlocked as to divest the victors of much ability to make forceful decisions or create significant policy. It is generally considered that another election in the near future would give substantially the same result. The British people are equally divided and the politicians are not likely to precipitate another appeal to the country until there is manifest reason to believe that external and internal circumstances have changed sufficiently to permit one party or the other to obtain a decisive verdict. Because of the lack of a clear mandate steel nationalization will likely lag in Britain. In the meantime there is considerable discussion going on as to whether the European steel industries as a whole are at a disadvantage in world competition with the American industry. An article in the "Statistical Bulletin" for January of the British Iron and Steel Federation takes issue on this point with the authors of the Geneva report, observing that they wrote before devaluation, and this particular conclusion "has been overtaken by events." The "Bulletin" also contends that the statement was in any case incorrect so far as Britain was concerned, and that it was based on scanty and insufficient evidence. To support the rebuttal a detailed and extensive comparison is made of the home prices of certain steel products in Britain and in other countries of the world. The accompanying table gives a selection of the prices published. It sets out the changed position since devaluation and since the recent increases in American steel prices. These are home market prices; no doubt in competitive export business some of the price levels could be brought closer together at need.

Jan 4, 1950