July 14, 1974

Optimists see recent decline in prices of agr and indus raw materials as sign that inflation may be cresting; traditionally, commodity prices indicate what indus and consumer prices will be in mos ahead; commodity price-watchers, however, see even higher raw materials prices ahead; believe decline in indus and farm raw materials may be temporary; note prices of commodity futures, but not commodities themselves, have fallen; Chicago Fed Reserve Bank pres Robert P Mayo's recent observations cited; he holds that in typical recession, decline in consumer spending is accompanied by slowdown in capital spending; notes that capital spending is now accelerating; sees labor demand for 'catch-up' wage increases pushing costs up and giving consumers more purchasing power; raw materials dealers see greater pressure on available supplies; Rosenthal & Co, commodity brokerage house in Chicago, comments (L)

specialists attending conf organized by Iceland Geoscience Soc, University of Iceland (Reykjavik), appear to agree that intensive internatl efforts to determine what is causing Eur and Amer to drift have shown that large part of North Atlantic is 1 vast volcanic structure centered on Iceland; such evidence has been seized upon by scientists who believe great plume or upwelling of hot, relatively plastic rock from 1,000-mi or greater depths is rising beneath Iceland, making it most volcanic region on earth and pushing apart eastern and western halves of ocean; other explanations are offered at conf, including theory that hot, swollen nature of North Atlantic floor arises from slowness of spreading from centerline; most striking discovery reptd at meeting is manner in which Kverkfjoll volcano, Iceland's 2d highest, serves as focal point of eruptions that extend at least 1,000 mi down Mid-Atlantic Ridge; eruptions discussed; repts of Nordic Volcanological Inst's Dr G E Sigvaldason, Durham Univ's M H P Bott, Lamont-Doherty Geological Observatory's Dr Marcus G Langseth, Dr Manik Talwani, Gary Zielinski, Paul Einarsson and Dr Walter C Pitman 3d, RI Univ's Jean-Guy Schilling, J R Cochran, Royal School of Mines's Dr G P L Walker, Copenhagen Univ's C Kent Brooks, Naval Oceanographic Office's Dr Peter R Vogt, Dartmouth Coll's Dr Robert W Decker and Richard Plumb, Penn State Univ's Dr Mac L Keith and Branuschweig Univ group detailed; illus (L)

British Open Golf Tournament: Gary Player wins Brit Open Golf tourn; illus; list of final scores (L)

City labor negotiators have reached tentative understandings with representatives of the fire and sanitation unions on basic wage increases in a two‐year contract. Page 36.

Prof Dale Harris article examines split personality of composer Richard Rodgers; comments on 'perpetual freshness' of his tunes; asserts that Rodgers's success as melodist is testimony to importance of his lyricists; discusses his collaboration with Lorenz Hart and Oscar Hammerstein 2d; cites some of Rodgers's recordings, songs and shows; illus of Rodgers, Hart and Hammerstein (L)