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By Warren E. Morrison

Demand for energy in the United States in 1965 was stimulated by the continuing expansion of the economy. A gain of 5.9 percent in gross national product for the year was accompanied by a 4.4-percent rise in energy consumption. Domestic energy resources met about 93 percent of the nation's requirements. The remaining 7 percent consisted of imported fuels, mainly of crude petroleum and residual fuel oil. The major fossil fuels-natural gas, crude petroleum, and coal, in that order-contributed 96 percent of all commerical energy utilized, with the balance of 4 percent being primary electricity from hydropower and nuclear power plants. Production was up for all of the major mineral energy resources in 1965, with the single exception of anthracite, output of which continued to decline. Bituminous coal output for the year was 512 million tons; marketed production of natural gas, 16,039 billion cubic feet; and crude petroleum output, 2,848 million barrels. Among the secondary products processed from primary energy resources, the most significant gains were in coal carbonized for coke which increased 6.7 percent to 95 million tons, and in the output of liquefied gases from natural gas which rose 4.8 percent to 11,257 million gallons (268 million barrels). Within the latter category, the off? take for petrochemical feedstocks continued to rise at a very rapid pace.

Jan 1, 1967

By Robert E. Johnson

1962 was the second year of recovery from the mild 1960-61 recession. The year-to-year gain in constant dollar gross national product, our most comprehensive measure of the country's economic performance, was 6.0 percent (from $447.7 billion in 1961 to $474.8 billion in 1962). The unemployment rate declined from 6.7 percent to 5.6 percent. Although it was a good year, there were still unused resources of labor and capital which implied that the economy was operating below its potential. The year-to-year change in the Federal Reserve Board (FRB) index of industrial production of 7.6 percent masked the fact that more than one-third of the growth took place within 196L The monthly index rose only 4.8 percent during 1962, from 114.3 in January to 117.8 in September. The fact that the economy as shown by the industrial index, rose rapidly in the first half of the year only to remain on a plateau of 119-120 during the second half, led some people to fear an imminent downward turn. This did not occur. Neither production nor consumption of mineral fuels advanced as fast as the total economy. But consumption showed more gain than production, 5 percent compared with somewhat less than 4 percent. Production of both crude oil and natural gas reached new highs while bituminous coal production was the highest in 5 years.

Jan 1, 1963

By Warren E. Morrison

INCREASED production and utilization of minerals fuels and power accompanied the overall expansion in U.S. economic activity during 1963, which saw continued advances toward higher production, employment, and purchasing power. During 1963, record levels of wages, profits, and consumption were attained, while costs and prices maintained the stability exhibited throughout most of the recovery period. Expanding industrial production, the average index of which went from 118.3 in 1962 to 124.3 in 1963, narrowed the gap of unused manufacturing capacity to an estimated 5 percent. Gross national product (GNP), another major indicator of economic activity, reached a record level of $583.9 million (current dollars) during the year, this being $27.7 billion, or 4.9 percent above 1962. These achievements were somewhat marred by unemployment, which remained at 5.5 percent of the labor force in 1963, and the continued deficit in the U.S. balance of payments. Against this general background, total national consumption of energy resources for the year was equivalent to 49,816 trillion British thermal units (Btu), an increase of 4.2 percent over 1962. This represented a somewhat lower rate of growth than for GNP during the year.

Jan 1, 1964

By T. W. Hunter

THE TOTAL production of energy in the United States in 1954 decreased 4.6 percent below 1953. The production of coal continued to decline, and the production of crude oil decreased for the first time since 1949. These decreases were partly offset by an increase in the production of natural gas. The total energy production of 35,365 trillion B. t. u. in 1954 was the lowest since 1950. [ ] This drop in energy production was consistent with the 1.1-percent decline in gross national product during the year-from 364.5 billion dollars in 1953 to 360.5 billion in 1954.

Jan 1, 1958

By Victor Erickson

ECONOMIC recovery, which began in 1958, carried through into 1959 but was somewhat retarded by the 116-day steel strike beginning in July 1959. Recovery and economic growth increased production and consumption of mineral fuels 3 percent above 1958. The increase was accomplished despite a drop of 26 percent in coal exports. Prices remained constant during the year so that the value of production and consumption also increased 3 percent over 1958. Stocks in the hands of producers at yearend were little changed from the supply at the beginning of the year. Employment in the field of mineral fuels decreased 6.4 percent from 1958. Average hourly earnings were up 7 percent, and average hours worked were up 5 percent, with the result that weekly earnings gained 11.8 percent. Internal freight rates were relatively constant, but ocean tanker rates declined both in 1958 and 1959 from the high rates charged during the Suez crisis. The index of major input expenses decreased for anthracite, held constant for bituminous coal, and increased for petroleum. The index of labor cost per dollar of product and per ton of product declined again in 1959 to a new low in anthracite and bituminous-coal mining industries.

Jan 1, 1960

By Robert E. Johnson

THE MILDEST recession of the postwar period ended in the first months of 1961, and the economy climbed steadily during the remainder of the year. The Federal Reserve Board (FRB) Index of Industrial Production climbed from a low point of 102 (1957=100) in February to 115 in December, a rise of 12.5 percent. But economic activity for the year as a whole was only 1.5 percent higher than the 1960 level, as measured by real gross national product (GNP). Although activity increased throughout 1961, much of it was merely regaining ground lost in the decline during the second half of 1960 and the first months of 1961. The FRB index did not re ain the July 1960 high of 110 until June of 1961. Mineral fuels did not fully share in the economic recovery. The (FRB) crude oil and natural gas index rose only 5 percent between February and December. Although the index of monthly coal production increased 11.5 percent during the year, the February level was so low that total production for the year was the lowest since 1954. Total production of energy measured in Btu's was up slightly (1 percent) during the ear. Coal production was down; production of crude oil and natural gas was up. Calculated consumption paralleled production-total up slightly, coal lower, and crude oil and natural gas higher. The most interesting product developments were in coke and residual fuel oil. Sales of coke showed a sharper drop than steel

Jan 1, 1962

The search for an efficient and economic machine to excavate hard rock continues. Development of the Robbins Mobile Miner commenced in 1983 with the formation of a joint venture between Mount Isa Mines Limited and The Robbins Company. Construction of the machine ensued and preliminary trials to verify the cutting action were undertaken in the USA prior to transportation to and assembly at Mount I-sa where mining commenced in September 1984. Initially, the machine was used to develop the S60 Decline which serves as a combined access and conveyor drive for the Southern 1100 Orebody Ore Handling System.

Jan 1, 1988

WITH the economic situation of the world what it is, we may expect important events in every month of 1922, and January showed us some-what of the nature of things that will happen. The Germans announced their inability to meet in full the reparation payments that were due Jan. 15. The Su-preme Council arranged a plan for them to pay some thing on account every 10 days, and called a conference at Cannes to talk things over. While this conference was in progress Premier Briand resigned and was suc-ceeded by Poincaré. This emphasized the growing differences between British and French policies and interests. The French want to exact the utmost from the Germans; so do the British. The latter think, however, that the French aims will so cripple the Germans that they can not work properly and hence can not trade. Great Britain, with a huge unemploy-ment problem, must have trade. The French thought that Briand was unduly deferring to the British and withdrew their support of him. The other important political developments of the month in Europe were the establishment of the Irish Free State, relieving the British of the vexatious Irish question; and the growing tendency to recognize the Soviet government of Russia and admit its representa-tives into international conferences. In the United States the great political event was the establishment of the dominance of the agricultural bloc in the Senate, which implies the passage of agrarian legislation that will probably be unwise. Economically, there was no progress in the United States. If anything there was probably some reces-sion in the physical volume of business. There were some further reductions of wages, but these were irregular, geographically, and moderate in amount. The great unionized trades maintained the jam. Events of great importance were the formal demand of the anthracite coal miners for increased wages on April 1 and the declaration of the bituminous coal miners that they would resist a reduction at that time. The attitude of these groups is believed to presage labor troubles in the spring. In the metal markets affairs were dull during Janu-ary, but prices were generally firm, save for a little further weakening in iron and steel. In the matter of production, however, there was some quickening of activity, especially in copper, zinc and iron.

Jan 2, 1922

AT THE beginning of October, the outstanding feature in the world's affairs was the Turkish question. The Turks, victorious over the Greeks, repudiated the treaty of Sévres with the Allies and demanded their reestablishment at Con-stantinople and in Thrace. The British resisted, but deserted by the French and Italians, at a military conference at Mudania the Turks obtained about everything that they wanted. Great Britain suffered a loss of prestige that may bear evil fruit in the future. The possession of the Dardanelles by the Turks pro-duced the ruin of Russia and Rumania in the great war, prolonged it two years and made it necessary for America to go in. Disruption of the entente puts the Turks back where they were. In America a strong and spontaneous reaction developed against this, not for any diplomatic reasons, but purely out of the sentiment that the atrocious Turks should be confined to Anatolia. Some strong leadership would have aligned the United States with Great Britain in this matter. As it is, the French have had their way but have alienated much of their American friendship. The temporary composition of Turkish affairs at the Mudania conference had momentous consequences. The Greeks, having expelled King Constantine, in their distress and despair reverted to the guidance of Venizelos. Evacuation of the Grecian military forces and the entire Grecian population from Eastern Thrace began, the people not venturing to remain there. From all accounts their withdrawal, attended by great hardships, was reminiscent of folk movements in the Middle Ages. The vanguard of the Angora Govern-ment set foot in Constantinople, marking the return of the Turks to Europe, while the Allied forces remain-ing there temporarily stood in chagrin. In Great Britain an important element of the Con-servatives withdrew their support from the Coalition Government, thus leading to the resignation of Lloyd George, the installation of Andrew Bonar Law as premier and a general election with a tri-party contest among the Conservatives, Liberals and Labor, called for Nov. 15. Civil war continued in Ireland, but attention was diverted from it by the more important events in the Near East.

Jan 11, 1922

MAY began with a general strike of the bituminous and anthracite coal miners in the United States in progress, while in Great Britain about three quarters of a million workers became idle by a lockout, caused by a dispute respecting the question of the rights of management in their shops. The employers opened their shops on May 3 to men wishing to resume work, but few availed themselves of the opportunity. Up to this time the statistics had been showing a little increase in the rate of employment in Great Britain and business conditions were considered to be improving. From Russia came reports that the results of the famine had not been so bad as had been prophesied, which is not to say that they were not grievous. In prognostications such things are habitually overesti-mated. Seeding for the new crop has now begun in Russia, with hopes for better results than last year. However, the general economic situation in Russia steadily becomes worse. We had advices during May to the effect that the Soviet Government had decided to abolish the gold ruble even as a theoretical calculating unit and substitute a "goods index." This idea would be somewhat on the lines of Professor Fisher for stablizing the dollar, and there may be a chance to see how it will work in practice. There was a contradictory report from Russia, however, that it had been decided to revert to the gold basis. This is the more plausible report, for if there be anything to be deduced from economic theory and history the present paper rubles will completely collapse and return to gold basis will ensue simply because the people will refuse to sell their goods on anything else. The civil war in China came to a head during the first week in May when General Wu-Pei-fu crushed the forces of General Chang Tso-lin around Pekin. The victor declared his intention to be to reunite the North and the South and in course of time to arrange for a constitutional convention. We probably do not under-stand the conditions in China, but recent events do not appear to have solved the grave difficulties there, though they may be a step toward it. However, the immediate outlook does not appear good, General Chang having retired to the north and declared the secession of Manchuria and Mongolia.

Jan 6, 1922

EUROPE continued to be unsettled, financially, commercially and socially. October opened with Germany in a state of turmoil following the Government's cessation of passive resistance to the French and Belgians. In many places there were riots with much bloodshed. In Bavaria a military dictator-ship was set up in order to keep peace. In the meanwhile France continued in an uncom-promising position.. Great Britain, having been diplo-matically discredited, disappeared from any prominence in the international picture. Under the constraint of circumstances the policy of deflation in Great. Britain was temporarily abandoned. Perhaps no other course was open, for with declining trade and heavily reduced revenue, and no chance for cutting expenses propor-tionately, a check to deflation comes of its own accord. The effects of this should become manifest in the course of a few months and should appear in the form of an improved margin between the prices for commodities and the wage costs in producing them. About Oct. 20 an effort was made to set up the Rheinland as a separate republic. On Oct. 26 were published communications from Lord Curzon to Secre-tary Hughes and the latter's reply. In these Lord Curzon drew attention to the gravity of the situation in Europe and expressed the hope that France might listen to renewed suggestions for a general inquiry. Secretary Hughes promised American cooperation, in this, with the reservation that the question of inter-national debts should not enter into the situation. In the latter part of October there were military mutinies and disorders in Greece, which resulted in the reestablishment of martial law by order of Col. Plas-tiras, who is virtually the dictator of Greece. The incipient revolt was promptly crushed.

Jan 10, 1923

AT THE beginning of September, the French eased their pressure against Germany and allowed the latter to, be granted an arrangement for its reparation payments in kind according to the Lubersac-Stinnes agreement. The whole arrangement as to the German reparations is, however, but temporary. The Greeks suffered a disastrous defeat at the hands of the Turks in Anatolia, which rapidly resulted in the expulsion of the Greeks from Asia Minor, the Turks occupying Smyrna about Sept. 10. A few days after entering Smyrna the Turks sacked the city and finally set it afire, creating one of the most terrible destructions in history. At the same time their advance on Constantinople, together with their demands on the Allies, brought them directly in, con-flict with the latter and Great. Britain prepared for a new war, with doubt as to the support of France, whose political interests in the Near East are as different as their economic interests with respect to ;Germany. The Turkish situation became thus a threat against the peace of Europe. A revolution in Greece, followed by the abdication of King Constantine and the return of Venizelos to a function in the Government was one of the conse-quences of the defeat in Asia Minor. Civil war continued in Ireland, with more or less -bloodshed. Economically there has been no change for the better in Europe. In Great Britain there, are no signs of an -important trade revival. In Germany and Austria things are worse. French, Italian and Spanish affairs continue in a bad way. In the United States business is represented as "booming," but many people are inquiring where is the boom? About the middle of September Congress passed the tariff and the soldier bonus bills. The President signed the former and vetoed the latter, with a strong message that won praise among people who understand condi-tions. Congress tried to pass the bill over the veto, but failed. The President signed the tariff bill, which became effective Sept. 21. A severe handicap was thus imposed on American economics.

Jan 10, 1922

ON July 2 the Krupp plant in Essen was occupied by the French. The City of Frankfurt, on the edge of the Mayence Bridgehead was surrounded by the French. French infantry and cavalry occupied some more towns in the Ruhr. These moves were apparently in the way of reprisals. The Bank of England on July 5 raised its discount rate from three per cent. to four, per, cent., the lower rate having previously prevailed for almost exactly a year.. The advance appears to have been inspired by the reserve ratio, but especially owing to the fact that the low rate in the London market had led to the out-flow of funds from there to other markets. Philip Snowden brought up again in the British .Parliament his motion in favor of the condemnation of the capitalistic system and the substitution of socialism. The motion was put to vote and was defeated by large majority, only the members of the Labor party voting for it. The Allies and the Turks finally came to an agree-ment at Lausanne, the Turks getting about all for which they asked. It would be tiresome to record the details. The main fact is that the Turks, after having been ejected from Europe in 1918, are now going to return. Russia agreed to the settlement respecting the Straits. The Soviet Government of Russia formulated and adopted, subject to ratification, a constitution for the United States of Russia, which appears to be patterned after the constitution of the United States of America and the unwritten constitution of Great Britain. The important thing about this seems to be that it definitely reunites the constituent parts of the old Empire, the semi-independence of the Ukraine being surrendered.

Jan 7, 1923

EARLY in November attention was focused on the interchange of views between Paris and Wash- ington with respect to the proposed examination of Germany's capacity to pay. It appeared finally that the limits imposed by the French were too narrow and consequently the conversations were discontinued. In Germany there were stirring events. Hitler, with Ludendorf in the open, attempted a coup d'etat in Bavaria, but failed quickly and ignominiously. The former crown prince re-entered Germany, with the sanction of the republic, and took up his abode at his castle in Silesia. On Nov. 13 Chancellor Stresemann informed repre-sentatives of the Rhineland and the Ruhr that those territories thenceforth must shift for themselves politically, economically and financially, the federal treasury being no longer capable of caring for unem-ployment in the occupied territory. This was equiva-lent to putting the burden of supporting the people of that region upon. France and Belgium. There have been negotiations toward the creation of a Rhenish-Westphalian state, independent of Prussia, but under the sovereignty of the Reich. Failing to receive a vote of confidence at the end of this month, the Stresemann Ministry resigned. President Ebert considers it may be necessary to create a government independent of Parliamentary authority. The Ruhr Industrialists have signed an agreement with France until April 15, 1924 by which they have agreed to pay back coal taxes for the first ten months of this year, and deliver 18 per cent. of their production as reparations until the expiration of the agreement. The British government found itself in a precarious position with respect to support and a dissolution of Parliament was announced, with a general election to occur early in December.

Jan 11, 1923

AT THE beginning of May the German government offered to the French and Belgians the payment of 30 billion .gold marks as indemnity, accom-panied by rather involved terms, among which was the ability of the Germans to finance the foreign loan. This offer was promptly and summarily refused by the French and Belgians. Since then there have been more palavers between the two parties, while the occupation of the Ruhr continued without especial incident, except some socialist riots and workmen's strikes. The renewed conference between the Allies and the Turks at Lausanne continued, without apparently getting anywhere. The Turks demanded an indemnity from the Greeks, which the latter refused to pay, threatening a resumption of hostilities rather than to do so. A. Bonar Law, the British premier, resigned his office soon after the middle of May, owing to poor health. The King appointed Stanley Baldwin as his successor. This. Attainment to the premiership of Great Britain by a business man is a noteworthy event. It is, moreover, to be remarked that Mr. Baldwin is personally acquainted with America and is well known to be a friend to Americans. The Irish rebellion came to an end. Economically there was some improvement in the situation in Great Britain during May, which was reflected in diminution in the number of unemployed. Nevertheless the aggregate of the unemployed in Great Britain continues at a very high figure. In Germany there has been an increase in the number of unemployed ever since the French occupation of the Ruhr, which naturally has been choking German industry. Previous to this the percentage of unemploy-ment among German workers had been low ever since the Armistice. A noteworthy domestic event was the non-stop flight of an airplane, May 2-3, bearing two aviators from New York to San Diego, California, in about 27 hours.

Jan 5, 1923

WHAT was certainly the greatest event of January, and perhaps it will prove to be the greatest of 1923, or even of the next decade, was the meeting of the premiers of the principal Euro-pean powers in Paris on Jan. 2, to consider what should be done with respect to German reparations. The French and British were unable to come to any agree-ment, and the conference broke up on Jan. 4. The French and British parted friends, but each with the determination henceforth to pursue its own economic and political way. This event was profound in its significance and perhaps will be calamitous) in its consequences. Following the disruption of the Conference at Paris, the French immediately began preparations to occupy the Ruhr district on the ground that Germany was in default on coal deliveries, without waiting. for Jan. 15, the next due date for reparation payment. This action by the French led to orders being issued by President Harding on Jan. 10 for the withdrawal of the remainder of the American troops on the Rhine. Thus ended the physical participation in. European affairs by the American army, whose vanguard landed in France in June, 1917. The French occupation of the Ruhr Valley, i.e., the great industrial region of western Westphalia, was made with a large military force. The Germans offered no physical resistance, and passed under French control with sullen resentment. The coal miners to a con-siderable extent refused to work and there was more or less disorganization of railway service. Before the end of the month the opinion was expressed that the French occupation was an economic failure and there were reports of French blast furnaces being blown out for lack of coke.

Jan 2, 1923

DURING the month of March there was some lifting of the veil, revealing somewhat of the maelstrom in the economics and politics of the world. Great Britain was in throes of political controversy, with threats of resignation by Lloyd George and a general election to ensue. Ireland was uneasy with internecine squabbles. The leaders of the opposing sides have been summoned to London for a conference which Parlia-ment believes offers the only hope of a solution of the present difficulties. France, awakening more and more to grim realities, learned of a budget for 1922 calling for more than 50 billion francs, or nearly one-third of the estimated national production, with the prospect that after this deduction is made there will be nothing left over what is required for the immediate support of the, people, and that on a reduced scale. Germany, although hard at work, found itself coming closer and closer to financial collapse and repeated its intimations that it would be unable to keep up with the provisional payments of 31 million gold marks to the Reparations Commission every 10 days as arranged at Cannes. Russia suffered more acutely from the famine and there were evidences of political insubordination among the Ukrainians. Egypt was in trouble arising from determination to win independence. About the middle of March the complete independence of Egypt was established and that country passed into somewhat the same relation-ship toward Great Britain that Panama has to the United States. At the head of the Adriatic, Fiume came into notice again with disorders threatening to produce conflict between Italy and Jugoslavia. In the Near East there were forebodings of trouble through resumption this spring. of the war between Greece and Turkey.

Jan 4, 1922

AT THE beginning of December, the Lausanne Con-ference was in session. The representatives of the United States declared the American position. The representatives of Russia were received and were heard. The Turks appeared at this conference in the attitude of victors, dictating terms. The British refused to surrender Mosul, and December thus ended with this question unsettled. Early in the month the premiers of the principal powers met in London for the discussion of the German reparations question, the temporary agreement expiring on. Jan. 15, 1923. On Dec. 11 the Conference adjourned without getting anywhere, and at the end of December prospects looked more hopeless than ever. The premiers are to meet again on Jan. 2, 1923. The interruption of the London conference was followed by the intimation of early participation of the United States in European affairs in the practical way of a large loan to Germany. These intimations, ema-nating from Washington, appear to have been in the nature of trial balloons. They showed that the wind was unfavorable, the bankers not considering conditions suitable for the flotation of such a loan. British statisticians are puzzled by the fact that the trade returns of Great Britain show a greater turnover in the volume of goods during the first 11 months of 1922 than in 1920, although the rate of labor employ-ment in 1920 was nearly 100 per cent. and in 1922 only about 86 per cent., with an economic situation admit-tedly so bad as to be alarming. The British Parliament was convened under the premiership of Bonar Law. One of its first acts was confirmation of the constitution of the Irish Free State. Civil war in Ireland continued. Poland, like most of the other countries of Europe, is torn between socialism and conservatism, with the former party at present predominant. Early in December, Gabriel Narutowicz, an engineer but a radical, was elected president. On Dec: 14 he entered office and-on Dec. 16 he was assassinated.

Jan 1, 1923

JULY was a month of great turmoil, both economic and political, in many parts of the world. Instead of conditions improving, they seem to have been getting worse. In Ireland, civil war is still in progress. Germany was in the throes of a political upheaval. The meaning of the assassination of Rathenau became clear. It evinced the development of a class struggle between the bourgeois and socialistic parties which may rock the country to its foundation and will increase the difficulties of arranging things with the French and solving the reparations problem. In Poland, a similar contest is developing. Austria is already so completely contaminated by the socialist element that it is unable to get outside assistance and is thus falling into a state of despair but little short of what prevails in Russia. The conference at the Hague came to an abortive end for the reason that it was impossible to discuss affairs with the Russians in any reasonable way. The Germans declared their inability to meet the reparation payment that fell clue on July 15 and the Commissioners for the Allies granted them an abate-ment of a portion thereof and are listening attentively to the supplication of the Germans for a moratorium of one or two years. In the United States, July was a month of widespread labor troubles, accompanied by a great deal of disorder and violence, which led to detachments of the National Guard being called out in several states. The railway shopmen, about 400,000 in number, struck on July 1. The road maintenance men decided not to strike, but many thousands of them quit work without the sanc-tion of their union. There were more strikes in the textile industry in New England and in similar industries all over the country. Early in July, it was estimated that about 1,250,000 men were out on strike. The coal strike continued. Early in the month the President summoned operators and miners to Washing-ton and submitted a plan for the compromising of disputes. After a week's consideration the miners re-fused flatly to agree to anything. The majority of the operators consented to accept the proposed arbitration, but a minority refused. Following this abortive at-tempt the President dismissed the conference with the injunction "to return to your mine properties and resume operation." Production has not increased.

Jan 8, 1922

THE FRENCH occupation of the Ruhr valley and other districts on the eastern side of the Rhine continued during March to be the pre-dominating feature in European affairs. There were sporadic troubles and disorders, but on the whole the Germans were passive while the French were consider-ate. However, it became more and more evident that France is not in this way going to succeed in collecting the reparations, to which of course she is entitled. It appears to be a case of Germany being unwilling to pay what is claimed from her and France being unable to make her do it. However, as the month drew on it became reason-ably clear that both the French and the Germans were becoming more and more disposed to get out of an impossible and dangerous situation. It was suggested that the basic principles upon which Germany now is ready to resume reparations payment are as follows: (I) appointment of a commission to establish Germany's ability to pay and to fix limits to the reparations; (2) a series of international loans; (3) the amount to be paid cannot exceed approximately 30,000,000,000 gold marks. From Russia came numerous reports reflecting economic and political changes there. One of these told of a Cossack insurrection in the southeast of European Russia. Another reported that the expatri-ated Russians recognized the solidity of the Bolshevik government and would contest it no longer, and would reunite with other Russians if they would recognize the rights of private property and validity of former debts. This is the same position that is taken by most of the foreign governments, and especially Great Britain and the United States, with respect to recognition of the present government of Russia. Secretary Hoover announced that it is no longer necessary to give famine relief to the Russians, their present need being for credit, not food. Lenine was reported seriously ill and probably incapacitated for further activity. Administration of the government, in succession to him, by a triumvirate was suggested.

Jan 4, 1923