5- the residential building market until the turn in family formation catches up. I question the wisdom of such an easy financing program at a time when business is operating at such high levels. I doubt that it will be changed by political action, for it is naturally a popular thing. However, it could well be changed by the lack of mortgage money, and there is already some evidence that money is becoming less available for the long-term no down payment type of financing. The second dark cloud on the horizon is the fact that the Bureau of Reclamation and the Corps of Engineers, which are the awarding agencies for the major conservation and development projects, are actually doing very little planning to maintain the volume of this type of work. In the 5-year period from 1949 through 1953, these agencies started an average of 10 projects costing in excess of $5,000,000 and awarded an average of 19 construction contracts. In 1954 only 3 such projects and 3 such contracts were awarded and the projection is only for 3 in 1955 and 4 in 1956. It takes a long time to bring projects of this type to the stage where they are ready for submission to competitive bidding, and we can expect little assistance from work of this type unless this situation is soon reversed.