Orderly Marketing of Minerals

TUESDAY afternoon the annual meeting was devoted to a general session, in the auditorium, on production control. George Otis Smith presided and in opening the meeting recalled that the session in 1920 on the stabilization of the coal industry was the first time this subject had been discussed by Institute members in a general session and then introduced Carl Snyder, of the Federal Reserve Bank of New York, who spoke on "Long-time Growth and the Factors In Its Variations." He spoke without notes and a full presentation of his views must be deferred until the stenographer's report is available. He said that of the total production some 80 to 90 per cent represents goods for consumption and the other 20 to 10 per cent for construction. He discussed various indices of production, concluding that bank clearings are the best, and showed by charts that when they are plotted, allowing for various disturbing factors, they are seen to increase quite regularly at the rate of about 4 per cent per year. The production curve rises at only 3y2 per cent per year, because agricultural production does not in- crease as fast as manufacturing postal revenues in- crease at the rate of 5 per cent per year while the use of electricity increases twice as fast.