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By Bobby P. Faulkner

The Tennessee Copper Co.'s flotation plant, refer- T red to as London Mill, processes approximately 4800 tons of a massive complex sulfide ore per day. The ore is predominantly pyrrhotite and pyrite, the other sulfides being chalcopyrite, sphalerite, and a small amount of galena. Magnetite of economic value is also present. There are four concentrates produced. In decreasing tonnage, these are iron, copper, zinc and lead. The ore feeding the mill is a composite of ores from five mines which vary in grade. Therefore, in order to provide a fairly constant feed to the mill, the ore is blended several times before reaching the flotation machines. The flotation plant is divided into three main sections: bulk, copper and zinc. Fig. 1 shows a simplified flowsheet. The first two sections, the bulk and copper, were the two sections studied most closely in utilizing the computer.

Jan 11, 1966

By E. W. Pehrson, J. W. Furness

THE method of presentation in the accompanying charts is based upon the well-known formula: production plus imports minus exports equals apparent consumption. Thus for each area for which data are shown there are two columns of equal height, one representing production plus imports, the other apparent consumption plus exports. Usually no account has been taken of increases or decreases in stocks. All columns and flow lines are drawn to a linear scale which is supplemented by figures showing the actual quantities represented. Owing to the small area occupied by the European countries on the world map it was impossible to show the details of the trade of the individual countries. All of Europe (except Russia), therefore, is shown as a single unit. However, statistics of production and consumption indicated elsewhere on the charts show the degree of self-sufficiency enjoyed by the major European powers.

Jan 1, 1936

By Amitava Gangulee, Michael B. Bever

The effects of changes in short-range order on some thermodynamic, electrical, and mechanical properties of the silver-rich Ag-Mg solid solutions have been investigated. The heats of formation at 273°K of several alloys after two different thermal treatments were measured by liquid metal solution calorimetry. Their electrical resistivities were measured at temperatures ranging from 4° to 773°k. Tensile tests and microhard-ness measurements were carried out at room temperature. An effective short-range order parameter and an effective interaction energy are defined. The measured changes in the properties are interpreted in terms of these quantities. The short-range order parameter is evaluated separately from calorimetric and X-ray data; the results are in fair agreement. Increasing short-range order lowers the resistivity of- the silver-rich Ag-Mg alloys but does not measurably affect the temperature dependence of the resistivity. Short-range order increases the yield stress of these alloys but does not affect the ultimate tensile stress. Changes in the effective short-range order parameter independently obtained from measured changes in the heat of formation, resistivity, and yield stress are in fair agreement. THE thermodynamic, electrical, and mechanical properties of solid solutions have been investigated as functions of composition in many alloy systems, but the effects of configurational variables, such as short-range or long-range order, on these properties have received much less attention. The silver-rich terminal solid solutions in the system Ag-Mg are well-suited for the investigation of the effects of order. The composition of these solid solutions may be varied over a range extending to about 27 at. pct Mg.1 Appreciable short-range ordering is likely to take place in these solid solutions; the degree of short-range order can be varied by suitable thermal treatments. In the alloy Ag3Mg long-range ordering is possible.2 This paper is primarily concerned with the effects of short-range order on some thermodynamic, electrical, and mechanical properties of the silver-rich Ag-Mg solid solutions.-The long-range ordering transition is the subject of a concurrent paper.3 1) EXPERIMENTAL PROCEDURES 1.1) Preparation of Specimens. Ag-Mg alloys containing up to 26.4 at. pct Mg were prepared by melting 99.99 pct pure Ag (obtained from Baker Chemical Co.) and 99.99 pct pure Mg (obtained from Eastman Chemi- cal Co. or Johnson Mathey & Co.) in graphite crucibles under molten potassium chloride. The solidified ingots were homogenized at 823°K for 10 days in evacuated Vycor capsules. A surface layer 6 in. thick was then removed by machining. The ingots were swaged into rods (2.5 mm diam) which were drawn into wires (1.0 mm diam). The wire specimens were annealed at 773°K for 24 hr in vacuum and either quenched into iced brine or cooled to room temperature over a period of 15 days. The average grain diameter (obtained from the linear intercepts) was about 0.1 mm. 1.2) Calorimetry. The heats of formation of the alloys were measured in a tin solution calorimeter as the difference in the heat effects of alternate additions of samples of an alloy and the mechanical mixture of its component elements. The additions were made from 273°K to the bath at about 623°K. The heat effect on addition of the alloys was approximately 5.5 kcal per g-atom. The procedure and the method of calculation have been described.4 1.3) X-Ray Diffraction. Short-range order parameters of two alloys were calculated from diffuse scattering intensities,' obtained with briquettes made from powdered specimens. A GE-XRD 5 diffractometer with filtered copper radiation was used. The absolute intensities were based on calibrations with paraffin. 1.4) Resistivity Measurements. The electrical resistivities were measured by a potentiometric method in which the potential drop across the specimen was compared with that across a standard resistance. For measurements below room temperature, the specimens were immersed in liquid helium (4°K), liquid nitrogen (78°K), dry ice and trichloroethylene (195°K), or ice and water (273°K). Measurements above room temperature were made on specimens held in a furnace under helium or in vacuum. The resistivity measurements were reproducible to ±0.5 pct or less. 1.5) Mechanical Tests. Tensile tests were carried out at room temperature with a Tinius-Olsen XY elec-tromatic Universal testing machine. Wire specimens (nominal gage length 1 in.) were used. The strain was measured with an extensometer, which had a sensitivity of 4 x 10-5; the strain rate was 10-3 min-1. Microhard-ness measurements were made with a square-pyramid indenter and a 100-g load.11 2) RESULTS AND DISCUSSION All measurements were made on two parallel sets of specimens, one quenched and the other slowly cooled from 773°K. The reported values are the averages of at least three measurements. In the range of magnesium concentration substantially below that of the composition Ag3Mg, quenched alloys have less short-range order than slowly cooled alloys. As the magnesium concentration approaches that of Ag3Mg, slow cooling develops long-range order. Quenching sup-

Jan 1, 1969

By E. Hornbogen

Discontinuous precipitation in a iron can occur by at least two different mechanisms. These mechanisms are compared, using observations made on an Fe-22 at. pct Zn alloy and an Fe-19.5 at. pct Mo alloy. In the Fe-Zn alloy, precipitation began on grain boundaries. These boundaries moved into the supersaturated solid solution, providing nucleation sites and an easy path for diffusion. The precipitated phase pew as lamellae, perpendicular to the PRECIPITATION reactions are called discontinuous if the nucleation of particles does not occur on individual sites in the supersaturated matrix.' In discontinuous precipitation, nucleation and growth occur on a reaction front that moves into the supersaturated solution and leaves a two-phase aggregate behind. The term cellular precipitation2 has also been used, but the term autocatalytic precipi- moving reaction front. The orientation of the depleted iron differed from that of the supersaturated iron. In the Fe-Mo alloy the growing precipitate particles apparently created dislocations in the growth front which served as nucleation sites. The precipitate grew on (110) planes of the iron, and growth occurred through volume diffision. The depleted iron retained the orientation of the supersaturated solid solution. tation seems to describe the nature of such reactions best. The basic effect of such a precipitation mechanism in a solid is that it is able to move or create sites that can catalyze nucleation. Such sites can be grain boundaries and dislocations. A mechanism of autocatalytic precipitation must, therefore, include some rational process by which a grain boundary may move into the supersaturated matrix or by which dislocations may be generated in front of the reaction. Discontinuous precipitation is always in competition with individual nucleation and growth of par-

Jan 1, 1963

By HORACE H. EJIRICH

(New York Meeting, February, 1912.) PREFATORY NOTE.-The first part of this paper was sent to me by Mr. Emrich nearly nine months ago ; and. I held it, waiting for the second part, which he had promised to forward soon, so that I might submit the whole to some of his former professional associates, and advise him of their criticisms and suggestions before offering his work to the Institute. But, five days before the second part reached me, I received by telegraph the news of Mr. Emrich's sudden death. The paper has therefore not had the benefit of such a revision by the author as might have made it in some respects clearer and more complete. Nevertheless, I believe that experts in the branch of metallurgy with which it deals will find it both original and suggestive.-A. EILERS. I. PARTIAL REFINING IN THE ANODE-FURNACE. During my connection with one of the large New Jersey copper-refineries, and probably before that period, from 15 to 20 per cent. of the copper-bullion received was the very foul, leady blister-copper produced from lead blast-furnace matte. It had been customary to mix a small part of this blister with each charge of purer pig-copper, in the effort to dilute it as much as possible before casting into anodes; but tank-house conditions were such that I was led to try making entire furnace-charges of this blister, and refining it as much as possible in the furnace-afterwards casting to anodes and refining electrolytically, in tanks and solution separate from the main bulk of the purer copper. In making this experiment, notes were made, for several furnace-charges, of everything thought to have a bearing on the question, and some interesting facts were brought out, both in the furnace-working and afterwards in the tanks.

Jun 1, 1912

As reported in Drift last month demolition of old buildings on the 47th St. site has been completed, and detailed plans and studies for the new structure are well underway. As this issue was being sent to press the $5 million industry- business phase of the fund campaign had passed the half- way mark toward its goal. Target date for the building program is 1960.

Jan 5, 1958

By AIME AIME

PURSUANT to a recommendation made by the Section delegates at their conference at the Annual Meeting of the A.I.M.E. last February, the Directors, at their meeting on March 15, 1944, appointed a committee charged with the duty of investigating the present status of licensing and registration of engineers, and to make a report on the whole subject for the information of the mining fraternity. The committee consisted of E. W. Ellis, chairman, H. D. Keiser, Henry T. Mudd, J. J. Croston, and Simon Strauss. Messrs. Keiser and Strauss were unable to assist in the work of the committee, and Mr. Mudd was forced to resign in July, his place being taken by A. F. Greaves-Walker. Able assistance was given the committee by T. Keith Legare, executive secretary of the National Council of State Boards of Engineering Examiners, and by Ed. ward Larson, executive secretary of the National Society of Professional Engineers. The accompanying somewhat condensed version of the report of Mr. Ellis's committee, dated Oct. 15, 1944, is confined to facts rather than to recommendations. The "Model Law" to which reference is made was first drafted by repre¬sentatives of six national engineering societies in 1911. It has since been amended many times, the latest version dated June 1943 is recommended to the State Licensing Boards as a pattern for formulating or amending state laws. A copy of the "Model Law" in pamphlet form will be sent to any member on request from A.I.M.E. headquarters while the supply lasts. The report:

Jan 1, 1945

By P. V. Brough, K. B. Gillaspie

DECISION to build a mill at the Bayard property was made in May 1942. Western-Knapp Engineering Co., of San Francisco, assisted by engineers of U. S. Smelting, handled the design and construction. Much of the milling equipment was moved from the Company's mill at Goldroad, Ariz. Wartime restrictions necessitated wood construction and paper sheathing except for structures adjacent to the Bullfrog shaft. Construction started in September 1942 and milling in March 1943. Bayard ores are processed in a single-ection mill. About half of the ore treated during the past year was hoisted through the Bullfrog shaft and the rest was trucked from other shafts. Coarse storage includes four bins, two of 120 tons each for Bullfrog ores and two of 85 to 120 tons each, served by a truck ramp. The low capacity figure refers to

Jan 1, 1948

By E. M. Murphy

(Presented by invitation at a meeting of the Spokane Local Section of the Institute, Feb. 17, 1912.) EIGHT years ago the Hecla mine, a lead-silver producer, situated at Burke, Idaho, was producing ore from but two levels, the 300- and the 600-ft. All hoisting was done with a 12- by 16-in. slide-valve, double-reel, hoist. The hoist was being worked to its capacity and was unsuitable for hoisting from greater depths. As the work of opening a new level was about to be started, it became necessary to remodel the then-existing equipment or install a new hoist. The recent advent of electricity from Spokane had made available a cheaper power than steam. By a series of tests conducted throughout the Coeur d'Alène district, it was found that it cost $109 per year to generate a horse-power with steam. Electric power was to be had for $50 a horse-power per year. It was decided to substitute for the engines a motor-drive, of sufficient capacity to operate from the 900-ft. level, and ultimately install an entirely new hoist. After disconnecting the engines, installing a new shaft, and making a few minor changes, a 300-h-p., 2,300-volt, 514-rev. per min., variable-speed motor of the induction type was geared to the reel-shaft. The reels were supplied with 3/8 by 4-in. flat rope, and the duty of the hoist was about as follows: Cage, 1,700; ore, 2,600; car, 1,400; rope, 2,250; total, 7,950 pounds. The Bristol ammeter chart, Fig. 1, shows the combined current-consumption of the hoist- and mine-motors. The large intermittent load is clearly shown ; this produced harmful fluctuations in the voltage of the long, lightly-loaded, 60,000-volt transmission-line from Spokane to the Coeur d'Alènes. The power company received no compensation for the increased cost of producing power for this intermittent or fluctuating load. In order to protect its system from similar excessive

Sep 1, 1912

By T. A. Rickard

The dictionary defines 'jargon' as "barbarous or debased language". This description does not suffice. Quiller-Couch has said, it is "a kind of writing which, from a superficial likeness, commonly passes for prose in these days, and by lazy folk is commonly written for prose, yet actually is not prose at all ". The two main vices of jargon, he says, are "that it uses circumlocution rather than short straight speech", like the Babu who reported his mother's death by saying: "Regret to inform you, the hand that rocked the cradle has kicked the bucket ". Its other chief' vice is that "it habitually chooses vague woolly abstract nouns rather than concrete ones", like the newspaper statement; "He was conveyed to his place of residence in an intoxicated condition", instead of saying, "He was carried home drunk ". Jargon is "an infirmity of speech", it is not journalese, but akin to it. "Like respect- ability in Chicago, jargo4 stalks unchecked in our midst" and renders much technical writing ridiculous. It deals in periphrasis instead of going straight to the point, it loves the abstract rather than the concrete, it dabbles in words of sound rather than of meaning. Avoid it, despise it., if you purpose earnestly to write well. "III literature as in life he makes himself felt who not only calls 4 spade a spade but has the pluck to double spades and re-double." * Jargon is rampant in technical publications. Catalogues and other advertisements are conspicuous offenders, but with these the critic is not concerned, except in so far as such 'write-

Jan 1, 1931

Sailing westward from the Society Islands in the fall of 1774, England's noted explorer Captain James Cook discovered New Caledonia-that long, linear island that has played such an important and varied role in the history of nickel. Upon his return to England the following year, Cook's announcement of this uncharted island generated governmental interest, but its distance from the Island Empire, the troubles in the colonies, and the difficulties with France combined to keep English interest indirect and in the background of the then-current events.

Jan 10, 1968

By Dunbar D. Scott

The development in the perfection of mine-surveying instruments has been by no means rapid, as it has depended somewhat on the details of construction borrowed from astronomical and geodetic theodolites, largely on the restrictions laid down by mining companies and the prejudices of mine managers themselves, but more than all on the methods used in conducting surveys and the importance attached thereto. Mine-surveying, in some form or other, has been practiced from the very earliest times; but it has never kept pace with the other branches of surveying, or even with the art of mining itself, and cannot be recognized as an exact science until shortly before the beginning of this century. The works of Hero of Alexandria, who lived in the second century B.C., are still extant, and contain descriptions of a rectangular sighting-instrument, which he invented and called a diopter. His improvement upon this simple construction, which possibly he devised for use in the Greek mines for rough leveling-purposes and for laying out any angle, must be considered, says Hübner," as the origin of the highly perfected theodolite of to-day. Whether this instrument came into general use during the first centuries of the Christian era, is not recorded; in fact, no writer undertakes to tell how mine-surveying was conducted until 1556, in which year Agricola expounds the principles of mining and metallurgy in his De Re Metallica, devoting the entire fifth chapter to the practice of mine-surveying (see Fig. 1). In mediæval times those who possessed any knowledge of engineering skill made strenuous effort to keep their art a secret, partly on account of the miners' proverbial conservatism and partly for their own personal aggrandizement, and were, in

Jan 1, 1899

H. W. MussEn, Collingwood, Ontario, Can. (communication to the Secretary*):—Doubtless all engineers who have paid more than a casual visit to Russia have come into contact with that formidable document, the " smieta," or estimate of the Russian manager. It is an institution which seems to be inseparable from Russian mining-methods. As Mr. Shockley points out, the year's costs a agree very closely" with the figures of the smieta made at the beginning of the year. In cases which have come under my notice, I have been satisfied that there had been a good deal of " rigging" of accounts to this end. The sum spent by the manager was carefully kept down to the total of the estimate, because it was well known that no more money would be forthcoming, and when this is done it is not a difficult matter to see that the right amounts come under the right heads in the final accounts. I do not say that this is always the case, but I have come across notable instances. Looking at it from the Russian owner's point of view, I think that the balance of the argument is usually in favor of the smieta as limiting " impulsive indiscretion" on the part of managers. The Russian Mining Code of to-day leaves much to be desired, but this is thoroughly appreciated by the official world there, and great changes are spoken of for the future. In many, if not in most, cases the laws are interpreted liberally, and a great deal is left to the discretion of the district mining engineer or inspector, with whom it is necessary to keep in close touch. As Mr. Shockley points out, the officials of a mine, who are always Russians, are held personally responsible for accidents resulting to employees, quite independently of any compensation which may be made to the sufferer. This seems startling enough, but I have always found that a penalty is imposed only

Jan 1, 1909

By L. F. Pett

ALTHOUGH Kennecott's orebody has long been outlined, it is still necessary to define further its limits. This mine, long an advocate of churn drill methods, recently supplemented its practice by using a diamond drill. So far, the diamond drill holes have been along the main canyon floor which traverses the mine area. This zone, highly fractured, is cut by numerous friable quartz veinlets encountered within the porphyry. These veinlets, formed by filling contracted porphyry fractures with hot, siliceous, mineral-bearing solutions, are often more highly mineralized than adjacent porphyry. They pulverize on contact, yielding only slight amounts of core.

Jan 7, 1951

By Thomas A. Edison

We have not yet begun. to realize the possibilities of automatic machinery, in part because we have not developed the designing brains, and in part because we have not sufficiently simplified industry to make possible the economical use of such machinery. The principle of the Jacquard loom, has scarcely been utilized except in weaving silk and in the player piano. It is the principle of bringing into action the various parts of a machine in accordance with a pattern traced on a steel card by perforations or as on the paper roll of a player piano. This principle gives us a control which can be applied to any kind of machine. It is a' great reserve principle for the future. But even now, with the machinery that we have at command, anyone can cut the number of employees in two, at the same time doubling his output, by installing semi-automatic or automatic machinery. And no one knows how far this process can go on. Cutting down the number of men is not just putting some poor fellows out of a job. It is increasing the number of good jobs by increasing the production per capita to a point where really satisfactory wages can be paid out of it, and this in turn- increases the amount of work required to be done and creates new jobs. Thus, cheapening in- creases the demand.

Jan 1, 1929

By William M. Bowron

THIRTY years ago, when I stood on the cliff of red fossil iron-ore, on Red mountain, Jefferson county, Ala., I asked what were the geological relations of this remarkable deposit. In reply I was told that it was a limestone colored and saturated by some unknown but wholly external influences, and that at a reasonable distance from the surface the color would disappear. I could find no satisfactory explanation either of the nature of this wonderful external permeating influence, or of the cause of such a ferrous impregnation selecting this one particular bed of limestone, to the exclusion of the higher and lower beds of the same material which are not even stained. I. THE PRESENT THEORY. Referring to this subject, Dana says:' "The clays, clayey sandstones and limestones of the Clinton epoch, through New York and the Appalachians, show that the mud-flats and sand-banks, and hence the shallow seas of the coast region, still continued. . . The beds of argillaceous iron-ore, which spread so widely through New York and some of the other States, south and west, could not have formed in an open sea, for clayey iron-deposits do not form under such circumstances. They are proof of extensive marshes, and, therefore, of land near the sea-level. The fragments of crinoids and shells found in these beds are evidence that they were, in part at least, salt-water marshes, and that the tides sometimes reached them." At first, this explanation seemed satisfactory, but the more I studied the ore the less satisfying the explanation became. 1. In the ore itself I found associated with the small particles of rounded matter (now consisting of iron oxide in which organic structure, if ever present, has become lost, though the

Nov 1, 1905

By O. W. Simmons, L. W. Eastwood, C. M. Craighead

Binary alloys of titanium with silver, lead, tin, nickel, copper, beryllium, boron, silicon, chromium, molybdenum, manganese, vanadium, iron, and cobalt were studied. One-half-pound ingots of the alloys were prepared in an arc furnace, employing a water-cooled copper crucible, an argon atmosphere, and a water-cooled tungsten electrode. The half-pound ingots were fabricated by forging at 1700°F in air to 1/4-in. slab, followed by hot rolling at 1450°F to 0.060-in. sheet. Tensile properties, minimum bend radii, hardnesses, response to heat treatment and aging treatment, and phase relationships were determined for these alloys. EARLY in 1947, as one phase of the evaluation of materials for Air Force Project RAND, Battelle successfully arc melted Bureau of Mines titanium and obtained a few basic properties of unalloyed titanium and several titanium-base alloys. The low density, excellent resistance to corrosion, and high tensile properties of these materials stimulated a great deal of interest among metallurgists and designers seeking better materials of construction. As a result of this early work, Battelle, under contract with the Air Materiel Command, Wright-Patterson Air Force Base, has continued extensive studies of titanium alloys. The result of the first year's work is described in three papers. The present one deals with binary alloys, the second with ternary alloys, and the third paper with quaternary alloys. Melting Method The arc furnace for melting titanium and other refractory metals was developed at Battelle Institute under Air Force Project RAND. During the present work, considerable improvement has been made in the design and operation of this furnace for making small ingots of titanium and titanium alloys. The improved furnace design is illustrated by fig. 1, which shows a cross-sectional view with the dimensions of various parts and their relationship to one another. The essential features of the furnace are the inert argon atmosphere, the water-cooled copper crucible, and the water-cooled tungsten elec- trode. The melting crucible is formed by spinning 0.064-in. annealed copper sheet. A groove for an O-ring seal is spun into the flange of the crucible. A fiber gasket between the crucible flange and the water-cooled brass cover provides electrical insulation. The brass cover is fitted with a sight glass, an opening for the water-cooled electrode, and a tube through which the material is charged. Direct current is used for melting, with the positive electrical terminal connected to the water jacket and the negative terminal to the electrode. A typical heat is made in the new furnace as follows: Approximately, 0.20 lb of titanium under 2 mesh per in. and the alloy addition, if any is to be used, are placed in the bottom of the crucible. The cover is clamped on the crucible so that the O-rings make a tight seal. The remainder of the charge is placed in a glass bottle, and this is connected by a rubber hose to the charging tube of the furnace. The crucible and the charge are evacuated with a mechanical pump to a pressure below 50 mm of mercury, or less if desired, and held at this reduced pressure for 5 min. Hot water is circulated through the jacket during the evacuation period to assist in outgassing the crucible. Following the evacuation, tank argon of 99.92+ pct purity is flushed through the crucible for 5 min and then adjusted to give a positive pressure of 1 to 2 psi. During subsequent operation, an argon pressure regulator introduces only enough argon to compensate for the small leakage which occurs through a mercury trap. Re-evacuation and reflushing the melting chamber with argon produced a negligible reduction in contamination. Two 550-amp generators, connected in parallel, constitute the power source. Normally, about 800 amp are used for melting alloys which are not extremely refractory. The generators are set for 90 v open circuit and 200 amp. The arc is struck and the electrode is withdrawn to produce an arc of 23 to 26 v. This voltage is maintained while the electrode tip is moved slowly around a circle 1 in. smaller than the diameter of the ingot. The current

Jan 1, 1951

By John J. Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 ¼ ¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 12¢ per pound, and since the turn of the present year has reached 17¢. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By John Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 1/4¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and prep-arations for rearmament in Europe and Asia acted as a further stimulus purchasing. By midsummer the situation had so improved and stocks to been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the produc-tion quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining con-tinuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 120 per pound, and since the turn of the present year has reached 170. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By John J. Croston

In the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 91/4c, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 126 per pound, and since the turn of the present year has reached 17c. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937