4responsible for profit declines is that the number of contractors and their capacity to perform work has increased faster than the volume of work available with the inevitable result that profit margins have declined under intense competition and in half the companies reporting individual company gross revenues also declined. A special factor in 1960 affecting 5 of the larger companies was the adverse results on missile base construction, but these losses may be ultimately recovered by negotiation with the government in subsequent years. For the first time our company led the list in profits reported, thanks in large measure to our mining