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By JOHN JANNEY

STABILIZATION of the adjustment of normal consumption to normal production of world commodities is quite different from reducing production until visible surpluses are consumed. The first means restoration and maintenance of prosperity, the second means merely a temporary alleviation of a condition with the prime cause remaining uncorrected. Overproduction of foodstuffs in some sections of the world while millions starve in other sections represents not so much overproduction of foodstuffs as mal-distribution of foodstuffs. The flour mills of Washington and Oregon normally ship quantities of flour to China. Now, the wheat that would make this flour goes East instead of West. Is this overproduction, or is there something wrong that calls for study, analysis and correction? Can the plan used by the ostrich of hiding its head in. the sand get us by this present world tragedy, or must the challenge to solve this problem be met, constructively? Can we not make out of this breakdown in the world's economic system an opportunity? And use it as the stimulus for remedying the basic cause of the trouble and not content ourselves with devising temporary expedients that aim at remedying this or that of the obvious conditions, in themselves not causes at all but rather the evidence of causes, or that are the symptoms of the real trouble.

Jan 1, 1931

By AIME AIME

WTHIN the next month all members of the Institute will be given an opportunity to vote for a new President, two Vice-Presidents, and five Directors. All of the candidates nominated by the official committee are well known to certain groups of the Institute membership but a brief record of their professional lives will be given here for the information of those that will vote. Not since 1927, when Everette DeGolyer guided the destinies of the Institute, has a member of the Petroleum Division been a candidate for President. John Meston Lovejoy has been a Director since 1930, and a Vice-President as well for the last year: In the three years 1932-4 lie was also chairman of the Admissions Committee. Dir. Lovejoy graduated from the Columbia School of Mines in 1911, just before lie was 22 years old, and began his professional career as a copper miner at Chuquicamata. Chile. Silver and gold mining later claimed his % attention, and it was not until 1914 that lie gut into the oil business, as geologist for the Standard Oil Co. of N. Y. This took hint to China and he later worked for the company in Wyoming. In 1917 lie joined the Army where lie rose to be captain of Field Artillery. Upon his return to the United States he went to work for the Amerada Petroleum Co., of which he later became vice-president and general manager, with headquarters in Tulsa. Since coining to New York he has been president of the Petroleum Bond & Share Cu.. and is currently president of the Seaboard Oil Co.

Jan 1, 1935

By Leon Dominian

(Wilkes-Barre Meeting, June, 1911.) I. INTRODUCTION. THE lack of Aryan roots for the names of metals commonly known among the Aryan settlers of Asia Minor, as well as the later colonizers of Europe, indicates that these races were generally ignorant of the use of metals until they came into contact with Semitic peoples. Practically all mining-terms in current use among the earliest Greeks resemble very strongly their distinctly Semitic equivalents, which can be traced all the way in a broad belt beginning in Lower Mesopotamia, and extending westwardly to the Syrian shores of the Mediterranean. The Greek word " "metallon," for instance, used indiscriminately to designate mine or ore, probably came from the earlier Semitic equivalent, " matal." Again, the Greek words " chrysos " (gold) and " chalkos " (copper) seem to be descended from the Semitic forms " throats " and a chalak." It is a natural inference that primitive mining-methods were evolved by the dwellers in the mineralized areas of Asia Minor, from whom later Greek, Roman, and even North European miners obtained their first notions of the reduction of metallic ores, by virtue of a general westward migration of mining and metallurgy. Some traces of its passage through Turkish territory will be noted in this paper. While European Turkey can boast of one ancient gold-field, the Asiatic dominions of the Sultan may lay claim to at least two well-defined and widely-separated gold-producing districts. These three regions may be distinguished as the Thracian, the Pontic, and the Anatolian gold-fields. II. TURKEY IN EUROPE. . The Thracian Gold-Field. The most conspicuous topographic feature of the lowland between Constantinople and Salonica is the uplifted Archaean

Nov 1, 1911

Jan 1, 1900

By A. J. Weinig

IN the accompanying figure consider the classified AB in closed circuit with a ball mill, wherein T = Tonnage of new feed C = Ratio of circulating load Now consider that the circulating load is made up of two portions of ore. One portion is due entirely to the characteristics of the ball mill and the tonnage of new feed impressed on the ball mill. This portion of the circulating load in no way is to be blamed on the characteristics of the classifier and is all composed of oversize. Consider, for illustration, that this portion of the circulating load is handled in the A division of the classifier, assuming that the classifier is divided longitudinally into two divisions by an imaginary line. Because the classifier does not usually make a perfect separation of the undersize, a certain portion of the total circulating load is to be directly blamed on the efficiency of the classifier. Let this portion of the circulating load be considered as being handled in the B division of the classifier. Now if the classifier is operating perfectly (100 per cent efficient), the width due to the B division becomes zero and correspondingly the efficiency of the classifier diminishes as B becomes wider in proportion to A. If E is the mechanical efficiency, then

Jan 1, 1934

By N. H. Emmons

In the United States the value of gold- and silver-ores is everywhere reckoned in ounces troy of the metal per " short ton " (2000 lbs. avoird.) of the ore. In the case of silver, which fluctuates in market value, the New York quotation on a given day must be known, in order to determine the gross value of an ore at that date. In Mexico the assay is reported 'in kilogrammes of silver or grammes of gold per metric ton. As everyone is aware, this is practically a percentage system, 1 kg. of silver per metric toll (1000 kg.) being 0.1 per cent., and 1 gramme of gold per metric ton, 0.0001 per cent. The notation is simple and convenient for both assayer and miner.* The Mexican government purchases at an unvarying price for silver, payable in silver, and at a fixed price for gold, payable in gold if the seller insists, but preferably in silver at about the rate of exchange between U. S. gold coin and Mesican silver coin. The value of silver is $40.915 per kilogramme in Mexican silver dollars. That of gold is $675.416 per kilogramme in gold coin. The mints do not, as a rule, issue gold dollars, as the government keeps them to pay the interest on the national debt. Almost all bullion containing a considerable percentage of gold is shipped to foreign countries (principally the United States) to be refined. The Mexican mint receives for refining and coining no bullion which is not at least .950 fine in gold and silver, separately or

Jan 1, 1902

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

By L. BENEDICT

COMMENTING on the report of the latest Royal Commission for India, the September, 1926, issue of the National City Bank's monthly letter states, among other things, that "The decision of the Royal Commission is against the proposal for a gold coinage, but in favor of placing the silver coins and paper currency now redeemable in silver on a gold basis." Also, it quotes the following from the Royal Commission's report: The essence of the proposal * * * * * is that the ordinary medium of circulation in India should remain as at present the currency note and the silver rupee, and that the stability of the currency in terms of gold should be secured by making the currency directly convertible into gold for all purposes, but the gold should not circulate as money. It must not circulate at first, and it need not circulate ever. In this connection it may be stated that during the last one hundred and fifty years or so unsuccessful attempts have been made by the governments of different nations of the world to devise a plan or plans by which gold and silver could be used concurrently for money purposes and, particularly, as standard money; such, for example, as bimetallism, which, of course, is impracticable. But, since none of such plans has been adopted generally it is logical to conclude that their proponents did not shape them so as to conform to the basic principle of standard money, or else political issues were deemed to be dominant, or, perhaps, it was partly due to each.

Jan 1, 1926

By Frederic P. Dewey

THE Bureau of the Mint of the United States Treasury maintains 13 offices for the purchase of gold-bullion, and this paper describes an investigation to establish the reasonable differences in the assay-results at the various institutions which may be commercially allowable in the settlements between them. Beginning with the comparative assay of proof-gold at the Philadelphia mint and the Utrecht mint, which shows 0.00002 as the closest agreement now possible, eight tables of comparative results, taken from the regular work of the service, are given. These tables begin with very fine gold, produced in an electrolytic refinery, showing close agreement. in the assay-results, and follow through decreasing gold fineness and . increasing amounts and complexity of base metals to very impure and complex bars produced at cyanide-mills, some of which give widely-varying results. Next is given a series of results on samples, prepared and sent out to various laboratories in the service, to test the influence of different metals and various combinations upon the' agreement of the assay-results; 11 samples were sent out and each one was assayed from 44 to 71 times, making a total of 623 assays. To these are added 107 assays of identical samples of coin-gold. On a previous occasion,' I have endeavored to show the degree of accuracy that may be expected in the ordinary everyday analysis of various materials, and on another occasion2 I

Aug 1, 1909

By C. W. Handy

ONE LAW cannot he evaded, the economic law of supply and demand. Silver, like any other commodity, is subject to this law; and its price in the long run is determined by existing conditions. I say "in the lone run because at times silver has appeared to mope contra to basic coalitions. Such movements, however, are, occasioned by the market's attempt to anticipate changes in these governing conditions. If the expected changes materialize then the new market level is justified, but if they do not then the market will revert to its previous status, A striking example of such a move occurred in November when the price advanced over 70, in ten days and then in the next two weeks lost more than it had gained. The reasons for this advance were that the speculative element interpreted certain events as favorable to silver namely, England suspension of the gold standard, higher shat prices, and the Chinese-Japanese crisis. When these expectations proved unjustified the inevitably, elapse followed became the governing conditions had not channel.

Jan 1, 1932

By AIME AIME

BESIDES commanding increasing importance as an alloying element in combination with ferrous and other nonferrous metals, the variety of uses for pure nickel continues to widen. For coinage it is growing in popularity. These coins have been minted for 27 countries in 72 issues representing 69 denominations. Approximately 3,000,000,000 pieces have been struck, the aggregate weight, of which amounts to nearly 14,000 tons. . Danzig, Iraq and Japan are the most recent governments to adopt, pure nickel coinage. France is adding the denomination of five francs to its other nickel currency; they replace silver pieces. Germany is now minting a new issue of one Reichsmark coins of pure nickel. The Japanese program for 1933 called for the issue of 35,000,000 10-sen pieces and 30,000,000 5-sen pieces. In radio tube manufacture the consumption of pure nickel was approximately twice that of 1932. During 1.933 the nickel plating process by which bright deposits may be plated

Jan 1, 1934

By FRABK HERVEY PETTINGELL

THE stock exchange and its functions is about as well understood by the average individual as the fourth dimension. What is a stock exchange? Divested of the rules and regulations by which it is governed, and the facilities it provides for the convenient handling of securities, it would be in its nude state nothing more or less than a meeting place for brokers. The stock exchange in America dates back to 1752, when a group of merchants of New York established a meeting place at the foot of Broad Street for the purpose of dealing in meal and slaves. The first definite orgarization, however, had its beginning in 1792 when 24 New York brokers signed an agreement not to buy or sell public stock for less than one quarter per cent. commission. From this small group has grown by gradual degrees, the greatest organized security market in the world, namely, the New York Stock Exchange. At the present time there are 27 stock exchanges in the United States and 5 in Canada. Based on the volume of business transacted, the Los Angeles Stock Exchange ranks 6th among them. This is attributable to the fact that strictly speaking Los Angeles has never been a stock exchange town, like some other large cities. Take for instance San Francisco, which supported one stock exchange from 1862 to .1882 and has since supported two. No city, by the way, should tolerate two stock exchanges at the same time. It is an economic folly and a senseless duplication that can be compared with rival telephone companies or competing street railway systems, paralleling each other's lines and always leads to trouble and confusion, and sooner or later one or the other falls by the wayside. While Los Angeles has had stock exchanges of one kind or another since 1896, none of them attracted much attention until 1899 when the present exchange was organized and it did not get well under way until along in 1906.

Jan 1, 1925

By A. Lucian Walker

SILVER is not only of paramount importance to millions of people as a medium of savings and to other millions as a medium of exchange, but it is also valuable and useful in industry. Mexico continues to be the largest producer of this metal, followed by the United States, Canada, and Peru. The largest consumers are China and India, which normally absorb about two-thirds of the world's mine production, hoarding it as savings. The imports by these countries exert a powerful influence upon the price, yet neither country is on the silver standard. China having abandoned it in 1935 and India in 1893, when the rupee was definitely linked to the pound sterling. Other nations such as Persia, Ethiopia, Mexico, and many of the South American countries either have been on the silver standard or have used silver as their chief circulating medium, and most large nations use it for subsidiary coins, this use accounting for 20 to 30 million ounces annually. The arts and industries have consumed 35 to 40 million ounces each year.

Jan 1, 1937

By H. Foster Bain

I. INTRODUCTION. By H. FOSTER BAIN.+ THE recently aroused public interest in the conservation of our natural resources has peculiar importance to mining-men, since they deal with resources which are stored products. Within certain limits, the fertility of a worn-out soil may be restored, deforested areas can be replanted, one year's wasted water-supply is followed by another; but coal and ores, once taken out, cannot be mined again, and should therefore be conserved with especial care. This means, however, not that mining should be restricted, but that it should be done most economically and with the minimum of waste.

Nov 1, 1908

By R. C. FLEMING

MINING rock asphalt for use as a paving material is an industry which has grown with the spread of the good roads movement. "Mineral Industry During 1930" reports asphaltic pavements constructed, including maintenance and repair but excluding pavement constructed with road-oil, cut-back or emulsified asphalt, as grown from 23 million square yards in 1911 to a high of 144 million in 1927. In 1930 the same source reports 106 million square yards of such paving laid and, in that year, 664,871 tons of native rock asphalt were so utilized. Many states contain rock asphalt deposits of greater or less importance but in only a few places are the de¬posits being mined commercially. In the year cited Ken¬tucky produced 305,024 tons of bituminous sandstone, Texas 270,138 tons, mostly bituminous limestone, while Alabama, Oklahoma, California and Utah produced 89,709 tons of bituminous rock for road construction. In addition Utah produced 37,906 tons of the purer asphaltic products, gilsonite, wurtzilite and ozokerite, for other uses. Speaking generally, the rock asphalt is a sandstone or limestone naturally impregnated with asphalt to an extent that makes it an ideal road surfacing material without mixing or treatment other than crushing. The asphalt content of the commercial product runs 8 to 12 per cent.

Jan 1, 1933

By Donald M. Liddell

ALTHOUGH the midday lunches of business associations have been re-echoing the phrases that re- search would lead us out of the depression and that the last place to economize is on research, nevertheless most executives apparently concluded that it was their neighbor who ought not to economize in research, and that in their own plants what had been discovered in 1929-30 was sufficient to lead them out of the wilderness. At any rate, I have discovered much less that seems worth noting, and compared with 1931, the report volume of the committee members is off about 40 per cent, and compared with 1929, about 80 per cent. Evidently there is some hookup with the +tee1 industry as to output, and the Report Reading Committee should investigate this and the relative use of commas and periods.

Jan 1, 1933

By Louis, Jordan

THIS paper presents in an abbreviated form the chief points of interest in an investigation of the tarnish-resistant qualities of silver alloys, an investigation which has been carried out as a joint research by the Bureau of Mines and the Bureau of Standards and will later be reported in detail in an official publication from these bureaus. In 1923 a Commission of Gold and Silver Inquiry was created by a Resolution of the U. S. Senate to study the causes of the depressed condition of the gold and silver industry. In cooperation with this commission the Bureau of Mines made a preliminary survey to determine in what ways, if any, it might be possible to increase the uses of silver. One of the possibilities indicated by this survey was the development of silver alloys which should be non-tarnishing, or at least less-tarnishing, than the usual sterling silver (copper-silver). The preparation of a rather wide variety of silver alloys and the determination of their behavior under accelerated tarnish tests in the laboratory was therefore undertaken by the Bureau of Mines and Bureau of Standards as a joint investigation.

Jan 1, 1927

By AIME

NEW YORK'S largest hotel, the Pennsylvania, will be filled with mining and oil men and metallurgists the third week of February when some 3000 AIME members, their wives, and guests will gather for the Institute's 1948 Annual Meeting-its 166th general meeting. Except for the usual Sunday afternoon and evening sessions of the Mineral Industry Education Division at the Columbia University Men's Faculty Club, the big assembly will be under one top and members will not this year have to consult compass and map to find their next session. Possibly enervated by the stupendous effort of the Anniversary Celebration last spring and the plethora of highly successful fall meetings, the various committees have been a trifle slow in arranging their social and technical programs, but in mid December as we go to press there is already much to report indicative of substantial fare and high interest. The definite timetable schedule will appear in the February M&M.

Jan 1, 1948

By Paul M. Tyler

MUCH has been said in print, and much more that was unprintable, about burdensome controls, taxation, and multiplying restrictive, regulatory, or taxing activities of the Federal Government, but not so much has been said about ways and means whereby the Government can and does render economic assistance. Economics has been defined as the study of men earning a living, and economic assistance to industry as well as to individuals properly should take the form of helping enterprisers to help themselves rather than charity. Proposals to have the Government play Santa Claus must be examined carefully if -only to avoid undue favoritism to politically important persons and downright venality by potentially crooked public officials. Thomas Jefferson is credited with the remark that the best government is the one which governs least. Paternalism is abhorrent to most Americans.

Jan 1, 1947

By F. R. Hensel

P. R. Kalischer.*—I should like to amplify a little one of the points made by Dr. Hensel, and rather violently disagree with him at the same time. He brought out the point that when the higher forming pressures are used on the green compacts there is a marked decrease in the density as sintered. We found that to be true and, of course, many of you notice that that is true with copper compacts also. But, in my opinion at least, it is not true that the expansion is due to entrapped air. We have vacuum-pressed both silver and copper compacts and obtained almost exactly the same numerical expansion as we secured by pressing in air. The powder, however, that is vacuum-annealed does show a slight decrease in expansion on sintering, but almost the entire increase on expansion can be overcome by very slow rates of heating. And it is our opinion that a majority of the expansion is due to dissolved oxygen in the discrete metal particles themselves rather than to entrapped gases. Another interesting observation that we have made is that often with silver or copper compacts it is desirable to silver solder or braze the compact into some part of a piece of equipment after completing powder metallurgical operations on it. If such a compact is sintered and coined, say a silver compact, given an initial forming pressure of 10 to 15 tons per square inch, and sintered, there is an adequate amount of shrinkage and it can be coined at about 50 or 60 tons per square inch and bring up the density nearly to theoretical. If, then, that compact is silver-soldered into some part of a fixture or a machine, it will expand very beautifully, and the only way that this can be overcome. as far as we know, has been to reanneal after the coining operation at a temperature higher than is to be used in any subsequent operation. In that way, a density very nearly theoretical can be achieved, but the coining operation cannot be carried to the excessively high pressures or expansion and bubbling of the compact will occur again.

Jan 1, 1945