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LIST OF THE MEETINGS OF THE INSTITUTE AND THEIR LOCALITIES FROM ITS ORGANIZATION Transactions Number Place Date Vol Page 1 Wilkes-Barre, Pa May, 1871 1 3 2 Bethlehem, Pa August, 1871 1 10 3 Troy, N Y November, 1871 1 13 4 Philadelphia, Pa February, 1872 1 17 5 New York, N Y May, 1872 1 20 6 Pittsburg, Pa October, 1872 1 25 7 Boston, Mass February, 1873 1 28 8 Philadelphia, Pa May, 1873 2 3 9 Easton, Pa October, 1873 2 7 10 New York, N Y February, 1874 211 11 St Louis, Mo May, 1874 3 3 12 Hazleton, Pa October, 1874 3 8 13 New Haven, Conn February, 1875 3 15 14 Dover, N J May, 1875 4 3 15 Cleveland, 0 October, 1875 4 9 16 Washington, D C February, 1876 4 18 17 Philadelphia, Pat June, 1876, 5 3 18 Philadelphia, Pa October, 1876 5 9 19 New York, N Y February, 1877 5 27 20 Wilkes-Barre, Pa May, 1877 6 3 21 Amenia, N Y October, 1877 6 10

Jan 1, 1917

By I. R. Kramer

The stress associated with the surface layer was deter-minedfor iron and molybdcnum. These measurements show that the surface layer plays a very important role in the plastic deformation of bcc metals. From the relationship between strain arui the surface layer stress and the back stress imposed by the internal obstacles, it is Proposed that the term of of the Hall-Petch equation is related only THE large number of studies on plastic flow of bcc metals have failed to delineate clearly the nature of the obstacles influencing dislocation movement. Since there have been numerous articles which have reviewed the mechanisms proposed to explain various aspects of plastic flow of bcc metals (for example, conrad1 and Keh and weissmann2), no attempt will be made here to discuss their conclusions. However, it should be to the surface stress while the term Kfd is the stress required to move dislocations through internal obstacles. Further, it was possible to derive the well-known empirical equation C = , and it is shown that the terprz a is comprised of two terms: a term Cs associated with the surface layer stress and Ci related to internal dislocation obstacles. pointed out that in all of these publications it has been tacitly assumed that plastic flow occurred uniformly throughout the cross section of the specimen (except, of course, for the Luders band region), It has generally been further assumed that the nature and distribution of the obstacles opposing the motion of dislocations are of the same type throughout. The role of the surface layer in bcc metals has not, as yet, been considered even though its role in fcc metals has been shown clearly to be of primary importance.3-5 Investigations on fcc metals have shown that at the onset of plastic deformation a surface layer acts to

Jan 1, 1968

By D. M. Dunbar, H. C. SCHLILTZ

HE Chile Exploration Co.'s mine and reduction plant are at Chuquicamata, Chile, on the eastern edge of the Atacama Desert, 163 miles northeast of Antofagasta, 80 miles from the Pacific Ocean, and 70 miles from the Bolivian border and at an altitude of 10,000 ft. Guggenheim Brothers started prospecting in -4pri1, 1912, and purchased the main property, in October of that year; the property is now controlled by the Anaconda Copper Mining Co., which acquired it in January, 1923. The orebody strikes north 10" east, and has a dip of about 64" west. The length, as far as developed, is approximately 1% miles; the width averages sightless than mile.

Jan 1, 1925

By S. F. Emmons

"The obscurity which still veils from us the true nature of veins will become more acid more cleared up when they can be considered in connection with the geological structure of the regions in which they occur." 1 THESE words, according to Lossen, the biographer of the late Dr. A. von Groddeck, of Clausthal, were the last received by him from that eminent man, perhaps the most far-sighted and carefully progressive of recent writers on ore-deposits. They seem to me to form a fitting text for what I am about to say ; since I find that many of the conclusions at which I have arrived by my own study of the structural relations of ore-deposits,or, in other words, of the structural and dynamic geology of the regions in which they occur in this country, have been similarly determined by hint within recent years in Europe, and especially in his home field of work, the Harz. I shall not enter upon a detailed account of how far other workers may have arrived at similar conclusions with myself, since these questions of priority are of little interest, except to those immediately concerned; but will briefly present the methods by which, in my work in this country, I have arrived at certain generalizations, and will point out the practical bearing which they may have upon the work of mining engineers. In my first thorough and systematic examination of an important group of ore-deposits, viz., that of Leadville, Colo., I was enabled, through the generous facilities afforded me by the then Director of the Geological Survey, Clarence King, to

Jan 1, 1913

By John Gross

THE deductions drawn in crushing and grinding operations have heretofore been based on a separation of the products into various sizes. A crushed product may be sized by sieving, by elutriation, and by aid of the microscope. To estimate the surface of each size the relation of the surface to the estimated average diameter must be assumed. Such a relation, owing to the irregularity of the particles, may involve two assumptions: First, a factor to convert average diameter to surface for one particular size; and second, a variation in the factor as the diameter of the particle changes. Obviously a surface measurement in which such assumptions and estimates are involved is questionable. In the first paper of this series1 a method has been given by which an accurate measure of surface of quartz can be obtained from its dissolution rate. By the use of this method, surface measurements have been made on a series of sieve sizes of crushed quartz, the results of which are given and discussed in this paper.

Jan 1, 1928

By John F. Abel

"The most conservative persons I ever met are college undergraduates." Woodrow Wilson said that in 1905. No one is saying anything like it today. Chaos on the campus was a cliche of the sixties. Since 1905, education has expanded in every direction. Many more people are being educated for much longer periods of time. The school-leaving age has risen from 14 years to 20 years, on an average. Many are in school until after their 25th birthday. On the surface this situation appears all to the good. Our technical society needs a massive yearly infusion of semitrained (or educated, if you prefer) new blood. The efficiency of our economy and our standard of living are tied to high individual productivity which can be achieved only with an educated work force. Our democratic institutions are said to be founded on an educated electorate.

Jan 1, 1970

By M. J. Sinnott

WITH the advent of nodular iron as an engineering material, considerable interest has been shown in developing this material for various applications. Generally the strength, hardness, or ductility are the more common properties used for design purposes but occasionally applications involving a knowledge of the thermal conductivity of the material is required. A search of the literature showed, rather surprisingly, that relatively little work has been done on this property for all types of cast iron. Insufficient data are available on thermal and electrical conductivities to develop the Weidemann-Franz ratio, or the Lorentz relationship, for estimation purposes. There are no data on nodular irons and the published data on malleable irons are quite sketchy. For these reasons the conductivity of the group of nodular irons listed in Table I were measured. Irons I to IV were made in such a fashion as to maintain the carbon and alloy content essentially the same while varying the silicon content. Test specimens were cut from the mid-section of 4-in. keel castings. Iron V is a commercial casting of nodular iron. The test specimen of this iron was cut from the center of a large cast billet 3x10x26 in. All alloys were tested in the as-cast condition. A microstructural examination showed that each iron had spheroidal graphite but the size and distribution varied with the silicon content of the iron. The spheroid size decreased while the number of graphite nodules increased as the silicon content of the iron was increased. The matrix structures of each iron consisted of pearlite and ferrite with the proportions varying from predominantly pearlite in the low-silicon iron to mostly ferrite in the high-silicon iron. The commercial heat, iron V, was predominantly pearlite probably because of its higher manganese and phosphorus content. Two methods for measuring the thermal conductivity were used. The first was a modification of the techniques described by Powell and Hickman and Van Dusen and Shelton,² the second method was a simpler technique described by Jakob and Hawkins." Since the agreement of both methods as tested on two sets of duplicate samples was excellent, the simpler experimental technique was used. The results of the measurements are given in Table II along with a summary of the microstructural constituents. These conductivity data indicate that as the percentage of silicon increases there is a corresponding decrease in the thermal conductivity even though the structure is changing from pearlitic to ferritic. Such a change in microstructure is usually accompanied by an increase in conductivity. A third factor involved in the behavior of these irons is the size and distribution of the graphite nodules. The relative amounts of graphite do not change greatly but the size and distribution do. Generally graphite improves the conductivity but in the present case such an effect is probably masked by the alloying effect from the silicon and its dispersion through the matrix. The thermal conductivity of the nodular irons studied is less than that of regular foundry irons by some 10 to 30 pct and is less than that of regular malleable irons.' The cause of the decreased conductivity is probably the more highly alloyed fer-rites obtained in these irons and the changed mode of distribution of the graphite as compared to the regular foundry irons. References R. W. Powell and M. J. Hickman: Journal Iron and Steel Inst. (1946) 154, No. 2, p. 99. 'M. S. Van Dusen and S. M. Shelton: U. S. Bur. Standards Journal of Research, RP668 (1934) 12, p. 429. ³M. Jakob and G. A. Hawkins: Elements of Heat Transfer and Insulation. 2nd Ed. (1950) New York. John Wiley and Sons. ' J. W. Donaldson: Journal Iron and Steel Inst. (1933) 128, No. 2, p. 255.

Jan 1, 1954

By John H. Harden

In the valuable paper of Mr. Dunbar D. Scott and its varied discussion, on the evolution of mine-surveying instruments, the tripod-head has not received the attention it merits. During the last 50 years this very necessary adjunct to the surveyor's instrument has been much improved. The legs are of better construction; and the devices for laterally moving the instrument over the station-point and for quick leveling, without the use of the screws, have given to the instrument fitted with the modern tripod-head the same facilities possessed by the oldfashioned ball-and-socket, with more perfect accuracy, not attainable in the latter, while saving from 30 to 50 per cent. of the time required for setting the instrument over a station. For the purpose of extending the discussion to this import-

Jan 1, 1902

By J. D. Forrester, Erich Sarapuu, T. C. Cheasley

RANKING high in the nation's wealth of natural resources, readily available liquid and gaseous hydrocarbons are nevertheless falling steadily in supply, while industrial requirements for hydro- carbon compounds are greater today than during the peak period of World War II. Theoretically, several processes will increase the future supply of liquid and gaseous fuels, but the practical application of these methods depends on two controlling factors: 1-that enough carbon- bearing material be available to warrant industrial exploitation, and 2-that the given process be physically, chemically, and economically applicable. With regard to the first factor, the Western Hemisphere is fortunately well supplied, see Table I.

Jan 9, 1954

By Eduardo J. Chibas

Location.—The principal manganese-deposits of the Department of Panama, Republic of Colombia, are located almost clue south of Viento Frio, a native village bordering on the Caribbean Sea, and about 45 miles northeast of Colon (Aspinwall). The mining-claims are the Viento Frio, the Carrano, the Nispero, and the Soledad. Each property is to the south of the preceding one in the order mentioned. The first one is about one mile from the coast, and the most southerly boundary of the Soledad is about five miles in a straight line from the same coast-line. I shall confine my remarks to the four properties mentioned and to La Guaca, west of the Carrano, because these are the only ones where mining has so far been done to more or less extent. Manganese has also been found, however, in the neighborhood of these deposits, and a large area adjoining them has been divided into sections and " denounced " as mining-claims. The relative position of the manganese-deposits and Nombre de Dios, the present terminal of the railroad and shipping-port, as well as Viento Frio and the adjacent coast, can

Jan 1, 1898

By Edmund J. Korber, Donald E. Raab, Frank A. Burns

During the early 1960s, the advent of self- advancing longwall roof supports triggered serious consideration by Bethlehem management to introduce the technique of longwall mining at one of our central Pennsylvania coal mines. Although longwall mining was initially justified as a means to cope with the severe roof conditions at our Mine 32 (Watson, B., 1971), the result of the endeavor has been a consistent and reliable level of coal production, first from Mine 32 and then later from Mine 33, over a period of fifteen years. Longwall production from the Cambria Division has been the mainstay of the low volatile coal required by Bethlehem Steel for steel production. Let us review the events that led to this accomplishment, as well as where we stand today.

Jan 1, 1981

By T. Lane Carter

It is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua, our near neighbor. To be most interested in distant objects, like the moon, and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole. I hope this paper will be the precursor of many others to be printed in our Transaclions, dealing not only with the miniilg possibilities of Nicaragua, but with the whole of Central America, where there are vast areas a,waiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and ot'her Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. 11. History. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors pene-' trated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Jan 1, 1911

CLEAR sunny skies that prevailed all through the 175th General Meeting of AIME were not the 1east of the details that resulted from the many months and man-hours of p1anning by the Southern California Local Section. Some 2600 persons left the 1953 Annual Meeting technically enlightened, having had a choice of over 300 papers presented by 400 authors to listen to, learn from, and criticize. During the meeting, Mike Haider turned over the Presidency of AIME for 1953 to Andrew (Drew) Fletcher.

Jan 4, 1953

By George C. Bravner

WITH the great expansion currently being made in the aluminum output of the United States, not only by the company that has heretofore been the sole producer but by a now organization in the field it is only natural to wonder to what degree the; ore reserves of the United States can contribute to the growing consumption. For the three-year period 1937-'39 the U.S. Bureau of Mine's figures indicate that the annual domestic production of bauxite averaged about 370,000 long tons, compared with average, annual import of about 194,000 long tons. About 85 per cent of the imports came from Surinam, nearly all of which went into aluminum manufacture. Not all of the or -kipped from mines in the United States is used to make alumimun however as Bureau figures indicate that in these three years an average of only 48 per cent of the domestic ore shipment were so used the abrasive chemical and other industries taking respectively 27, 21, and 4 per cent of the output. The recent increase in the demand for bauxite has been of course in it use for aluminum manufacture. This as is well known is largely attributable to the world race for supremacy in

Jan 1, 1941

By D. W. McGlashan, K. N. Mcleod

IN the use of free bubbles with precise temperature control and continuous pH measurement, the contact angle apparatus differs from all previous equipment. Experimental procedures differ sharply from the captive bubble method1,2 of introducing the gaseous phase in the three-phase system. When freed from the tube and captured by a solid surface, a bubble more closely conforms to the spherical ideal set up by the usual mathematical analysis of surface free energy or surface tensional relationships of the forces involved. The assembled equipment, Fig. 1, departs from the usual contact angle apparatus in providing: 1) water circulation for fixing temperature, 2) instruments to measure and record pH during testing, and 3) a system for producing and using free bubbles. The apparatus allows testing over a broad range of closely controlled conditions, and the use of free bubbles gives contact angles independent of operator manipulation, which was unavoidable in the older captive bubble method. A bubble released below the specimen rises through the liquid and contacts the mineral. If the mineral is gas-avid the bubble adheres, developing a finite contact angle. Reaction cells (1), 2x33/8x5 3/16 in. ID, are of pyrex glass 5 mm thick. To prevent optical distortion, the sides are optical flats and are planed parallel to within five wave lengths of light over the entire surface. Special cement is required to withstand chemical attack and thermal shock. The cell is placed in a thermal jacket (2) made of welded aluminum. A water seal for the optical ports is made by using O-rings tightened against the flats of the cell by fine-threaded and adjustable ports, Fig. 2. In-flow water is discharged downward from a manifold located near the bottom of the cell jacket. Water overflows the weirs at each end of the cell jacket, discharging from both sides to a collecting manifold (24). A hose (26) leads the overflow water to the thermal-conditioner well (4), which is recessed to accommodate a reaction cell and two beakers (150 ml). Both the thermal jacket and the thermal-conditioner well are insulated to minimize the effects of temperature differentials. Water, discharging from the thermal-conditioner well, returns to a thermostat bath and pump (3), from which it is pumped to the thermal jacket. The thermostat bath permits temperatures to be adjusted from 1" or 2°C to 80°C and will maintain the selected temperature within 0.2ºC. An electrode support (22) groups the four electrodes (8) so that they fit conveniently into the reaction cell, Fig. 2. This assembly holds the glass electrode, the calomel electrode, the temperature-

Jan 1, 1957

By Frederic Dewey

IT IS common to blame irregular assay results upon volatilization and much has been written upon the subject, but there is no. real evidence that, in a properly conducted assay, the loss of either gold or silver by volatilization is sufficient to affect appreciably the result, even when, arsenic or antimony may be present. Bulk assays of flue dust from assay muffles have been published, but the data given are totally insufficient to even approximate the volatilization from a single assay; and such figures as we have indicate the volatilization to be extremely small. Diligent search in the literature and wide inquiry among assayers and instructors have failed to produce a single case where the litharge volatilized in making an assay has been collected and assayed for gold and silver. Having attempted to do this, with most indifferent success, I am not surprised that this has not been done. While various textbooks give volatilization as a cause of loss in cupellation, it may safely be said that in the rare cases where this volatilization is sufficient to affect appreciably the result it is due to excessive temperature. Percy1 says "The loss of silver by volatilization during cupellation is very slight (unless the temperature has been much too high), and may be disregarded." This statement is repeated by the Beringers2 and Smith,3 who includes gold with silver. Mitchell4 says the litharge fume rarely contains over one ten-thousandth of silver. Campredon5 says that at a proper temperature no silver is lost by volatilization.

Jan 2, 1920

PORPHYRY mining in the Bisbee district in Arizona did not begin until 1923, though Bisbee had been the scene of profitable copper-mining operations since 1880, and during the interval had contributed roughly 2,000,000,000 lb. of copper to the world's supply. At that time it ranked third among the copper districts of the United States, first place for total production going to Butte, Montana, and second to the district centering around Calumet, Michigan. Bisbee's production had come from the so-called "limestone" mines operated principally by the Phelps Dodge Corporation and the Calumet & Arizona Mining Co. Each of these companies had a large smelting plant at Douglas, 25 miles southeast of Bisbee on the Mexican border. The town of Douglas owed its existence primarily to the copper mines of Bisbee, the particular location having been determined, first, by the fact that water in adequate supply could be obtained by sinking wells; and, second, by its position about equally distant from Bisbee and the mines in Sonora, Mexico, of the Moctezuma Copper Co., a Phelps Dodge subsidiary. Three partners, Martin, Reilly, and Ballard, conducted the first operations of consequence at Bisbee about 1880; and in 1881 a smelting plant consisting of two 36 in. water-jacketed blast furnaces was erected near by. The ore came from open-cut workings on the later-to-be-famous Queen orebody. The furnace charge is said to have averaged 23 per cent copper-twice as rich as the concentrates from the mills and four times as rich as the smelting ore shipped from Bisbee in recent years. As early as 1881, disputes arose among owners of various claims, and groups of claims, over the ownership of orebodies under the law of apex and extra-lateral rights. This law gives a miner the right to follow his vein downward on its dip, even

Jan 1, 1933

By J. Winlock

To have been chosen by you to give the Howe Memorial Lecture is the greatest honor I have ever had and I should like to have you know that I appreciate it deeply. Many years ago I had the privilege and the pleasure of working with Professor Howe in the private laboratory which he had established in his home at Bedford Hills, New York. Without doubt he was one of the world's greatest metallurgists and so you can imagine what a difficult task it has been for me to live up to his teachings. Every morning Professor Howe would outline the work he wanted done and the recollections of those conferences are clear to me to this day. Sometimes he would ask me to ride in his automobile and the chauffeur had full instructions to go no more than fifteen miles an hour. If he did so, Professor Howe was sure to rap upon the man's shoulder with his cane. I assure you, however, Professor Howe's thinking was not at that rate. His homely advice, his patience and his perfect control of the English language still impress me. Many times I heard him dictate a complicated paper on metallurgy and never find it necessary to change a single word. There are no better words to describe the character of Professor Howe, in my opinion, than those used by Professor Sauveur when he presented the John Fritz Medal to him in 1917: "Lover of justice and humanity Public servant and public benefactor, Master of the English Language, Loyal and devoted friend, Untiring and unselfish worker in an important field of science." I hope you will bear with me with the same patience and understanding which he used to give to me. The peculiar behavior of steel at the yield point has long been known and has been the subject of much research, both in this country and abroad.',' Many theories, including some of mine and my colleagues, have been suggested, but none of them, in our opinion, fully explains to our satisfaction why the phenomena occur. Of particular importance has been the work of Nadai,3 Siebel and Pomp,' Sachs and Fiek,5 Rawdon,0 Kenyon and Burns,' Gensamer," Gensamer and Meh1,0 Davenport and Bain,'" Fell," Deutler,12 Brinkman,13 MacGregor,14 Hollomon,15 Cot-trell,16 and Palm." The question of what is occurring during this singular behavior is not only of interest from an academic point of view, but is of great practical importance for at least two reasons: 1—The highly localized plastic flow which occurs during the deep drawing of light-gage steel gives rise to surface markings which seriously mar its appearance, Fig. 1. If the forces causing the deformation are primarily tensile forces, these surface markings occur as depressions in the surface. Whereas, if the forces causing the deformation are primarily compressive, irregular lines of elevations occur. These surface markings are known as Luder's lines, Hartmann lines, the Piobert affect, and, in the shop, as "stretcher strains." 2—The steel is in the most suitable condition for deep drawing after the yield point phenomena have been removed. When this is done, the steel may be deep drawn more easily and to a greater extent.' It should be mentioned that steel is not the only metal which shows this peculiar behavior at the yield point. Stretcher strains occur, also, during the deformation of some copper-nickel-zinc alloys." The purpose of this paper is not an attempt to describe what causes the steel to behave in this peculiar manner, but an attempt: l—to describe what is taking place at the yield point; and 2—to show the influence of the rate of deformation on the tensile properties of some plain carbon steels. As is well-known, there are two methods of deforming a metal in tension: 1—by actually hanging an increasing amount of dead weight on the metal; or 2—by deforming the metal at some given rate or rates by means of oil pressure cylinders, screws, etc. With the first method, the load is always present and, clearly, no drop in load can ever occur while the steel is deforming. With the second method, the registered load is the resistance of the steel to the deformation being imposed upon it. The second method is the one most widely used, and is the one referred to throughout this paper. In order to describe clearly what is occurring at the yield point in steel, it will help, I believe, if a description is first given of what occurs when alumi-

Jan 1, 1954

By A. F. Lucas

EACH day, the fact becomes more evident that the ever-growing demand for oil is farther outstripping production, regardless of the increase in output throughout the past twenty years. The development of known oil fields and the prospecting for new ones along present lines are not resulting, in, and cannot bring forth, supplies large enough adequately to meet the oil needs of the country. The usual methods of prospecting-for new supplies are insufficient to meet the exigencies of the situation which threatens, in the not distant future, to reach a critical stage. Were it not that within the last two years new and prolific oil fields have been discovered in northern Louisiana, central Texas, and California, this crisis would undoubtedly be now at our door. Stocks are being exhausted in spite of the rapid growth of imports. The time is therefore fast approaching when some radical departures must be made in the method of prospecting and developing old and new fields in order to increase our oil supplies. Methods and chances, that have seemed unwarranted will not only be given serious consideration, but, according to the results promised, will be put to the test. Meanwhile, however, nearly all the oil fields are responding to the stimulus of higher prices, whereby enormously growing capital is attracted to this important industry, both here and abroad; the increase in our petroleum production at the present time is due to this circumstance. Yet, although a most active search is being made for possible sources of additional supply, one section of our country is not yielding the results that, in my opinion, it is capable of producing: I allude to the coastal dome belt of Texas, Louisiana, and Mexico. The United States Geological Survey has estimated that three-fourths of a billion barrels are available in the ground in the Coastal Plain of the two states just mentioned. Numerous papers have been written on the subject of the salt domes of the Coastal Plain and more or less attractive theories have been advocated by leading geologists to account for their origin and the presence of the oil, sulfur, and salt associated in them. However, owing in part to the generally monotonously level country in which the coastal

Jan 9, 1920

By Oliver Bowles, Carl A. Gnam

THE construction industry normally contributes extensively to the general economic welfare of all sections of the country. Billions of dollars are spent for materials and labor, and the success or failure of many business enterprises depends upon the volume of construction. The steel, aluminum, copper, cement, brick and tile, lime, gypsum, stone, sand and gravel, and several of the less prominent mineral industries are vitally concerned. Of great interest, therefore, is the accumulation of needed construction following the relative inactivity of the past five years, the recent moderate revival in building, and the prospect of a broader and more definite upturn. One may judge the magnitude of possible expenditure for construction by what has occurred in the past. The peak years were 1925 to 1928, inclusive, when the annual values of con- tracts awarded amounted to over six billion dollars. In marked contrast was the 1933 total of about 1% billion, the lowest level shown in the Federal Reserve Board Index, which goes back to 1919, and the more favorable 1935 figure of about 1.7 billion. An increase of nearly four billion over the 1935 volume would be necessary to equal the peak year 1928.

Jan 1, 1936