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By R. E. Gilchrist, R. F. Nielsen

When a gas is displaced by mother in a porous medium, and there is a relative immobile liquid present. there is a transition zone in which the gas composition varies from essentially that of the original gas to that of the injected gas. The change in extent of this zone with time may be governed by a mixing process in the direction of flow and by the rate of establishment of gas-liquid equilibrium, if the gases are appreciably soluble in the liquid. The relative importance of these two factors in deterri~ining the growth of the transition zone is discussed, with appropriate equations and experimental data. INTRODUCTION The various solution methods of oil recovery involve a transfer of the components of a mixture, whether within a single phase or between a liquid and gas. The similarity of a natural porous medium to systems used in separation and chromatographic processes makes it seem reasonable that certain concepts used by chemical engineers in "mass transfer" might be applicable to petroleum reservoirs. One approach, the HETP (height equivalent to a theoretical plate), involves a distance or length of time over which equilibrium might be con. sidered as established. Another approach involves direct use of a rate of mixing or rate of establishment of equilibrium. The latter approach has been preferred in relation to production problems. DISCUSSION AND PROCEDURE When a gas or liquid in a porous medium is displaced by one of different composition but miscible with it there will be set up a transition zone in which the composition varies from cssentially that of the original fluid to essentially that of the injected fluid. If the fluid being displaced is a gas, and there is a relatively immobile liquid present, the transition zone may be

By J. E. Harris

The metallic elements, beryllium, calcium, cerium, lithium, manganese, titanium, vanadium and zirconium are used in metallurgical practice in relatively small percentages for the purpose of improving the physical properties of various alloys. No important uses for any of these elements have thus far been developed either in the pure form or in alloys of which they constitute the major constituent.

Jan 1, 1935

By R. H. Adams, A. M. Khan

The Huntington Beach oil field is on the Pacific Coast, southeast of the City of Los Angeles (Fig. 1). It lies both onshore and offshore. Most of the onshore section is operated by Standard Oil Co. of California, WOI. The Tar reservoir is of upper Pliocene age, about 200 ft thick, and consists principally of fine-grained, unconsolidated, somewhat shaly sand, with thin inter-bedded shale stringers throughout (Fig. 2). The reservoir is a broad, highly faulted, elongated anticline, with an areal extent of about 370 acres. Most of the faults bisecting the structure are normal, trend north-south, and are the main cause of reservoir discontinuity (Figs. 3 and 4). From 1964 to Dec., 1967, 259 steam stimulations were performed on a total of 125 Tar sand wells. Eighty-six new wells were drilled and steam stimulated. Of the total, 96 have been stimulated twice, 34 three times and 3 four times. During this same period, a two-injector steam drive pilot has been in progress. The response obtained from this project has been compared with the response to cyclic stimulation. This paper presents an analysis of the field observations for the two methods of thermal recovery. History of Development Drilling to the Tar pool commenced in 1924 with an initial well production of 40 to 50 B/D of 12o API gravity oil. Complete primary development of the pool has been spread over several years. Approxi- mately 40 wells were drilled during the first phase of development, which was completed in 1945. The subsequent primary development started in 1960 with initial well productions of 30 to 40 B/D oil. Thirty-seven wells were completed in the Tar pool during this phase. For the most part, slotted, gravel flow packed liners have been used in the wells in this pool. A cyclic steam stimulation pilot was initiated in March, 1964. Based on the very successful stimulation in the pilot area, the cyclic stimulation project was expanded to include all of the Tar pool wells producing at the end of 1965 (Fig. 5). Also, a development drilling program was begun at this time. To date, 86 new wells have been drilled under this program. The number of wells drilled each year in this secondary phase of development is also shown in Fig. 5. New Well Completion Practices Most of the new wells have been completed to produce from both the Upper and Lower Tar zones. Generally, a casing stub is cemented from the top of Lower Tar to the base of clean Upper Tar sands to exclude intermediate water-bearing sands. The water string is then cemented from the top of Upper Tar to about 1,500 ft with neat cement and 30 percent silica flour. The annulus from 1,500 ft to surface is then filled with a petroleum-based gel through a high-temperature port collar. Once again, a history of sand-free production dictated the use of 60-mesh gravel flow packed liners. The Upper and Lower Tar

Jan 1, 1970

Discussion of the paper Of JAMES JOHNSTON, presented at the New York meeting, February, 1914, and printed in Bulletin No. 85, January, 1914, pp. 107 to 133. CHAIRMAN E. GIBBON SPILSBURY.-I would like to call attention to the fact shown in this paper that less than five years or perhaps seven years ago nobody had thought it possible to cyanide with success silver ores. The cyaniding of silver and gold ores was first of all started in Mexico, and gradually extended to this country in the case of the silver ores alone. The average extraction, I think, for the metals in Mexico, in the case of the silver ore, is less than 85 per cent., whereas here, in the case of a very complex ore, carrying a high percentage of sulphur and arsenic, and other objectionable elements, the ore has been treated so as to extract an average of 95 per cent. of the silver contents of the ore. It is really a phenomenal revolution in the metallurgy of silver ores which has been demonstrated and worked out at the Nipissing mines. GEORGE A. PACKARD, Boston, Mass.-I would like to suggest a slight modification, perhaps, of the statement which is made that no one considered cyaniding of silver ores up to five, or perhaps seven years ago, because in 1897, when I was at Mercur, Utah, one mill near there was operating on silver ores. It did not operate very successfully from a commercial standpoint, because they did not have a great deal of ore, but the extraction, I was told, was very satisfactory, and I am quite confident that it was, because, as suggested by the name, Chloride Point, the ores were silver chloride ores, and of course very easily soluble. Some years before that, in 1892, I made some tests myself. I spent three months making tests on more or less complex silver sulphide ores at Virginia City, Mont., and while our tests on the plain sulphide ores, finely ground, were quite successful, on account of the presence of a small amount of copper we did not work out a satisfactory solution of the problem at that time; although since then a cyanide plant has been erected and for at least eight years these ores have been treated by cyaniding at Virginia City, and the mill is still in operation. The period of five to seven years should, therefore, be modified considerably, in justice to the pioneers in the cyanide processes. REGINALD E. HORE, Toronto, Ont., Canada.-I hoped that there would be metallurgists from Cobalt here to present and discuss Mr. Johnston's paper. In their absence a few remarks from me may help to make clearer to you what they have accomplished.

Jan 6, 1914

By Y. C. Liu

Both the habit plane of martensite and the orientation relationship between the matrix and martensite platelets of different habit planes have been investigated in binary titanium alloys with molybdenum, chromium, and iron. The effect of the mode of deformation on the martensite habit plane was studied. A micrograph of an exposed mar-tensite platelet is presented. IN the study of martensitic transformation in Ti-Mn alloys,' two martensite habit planes—{334), and {344)8—were reported. The {334), habit was also observed in unalloyed titanium upon transformation,' although there is disagreement with respect to the exact indices. The other habit plane, {344),, has not been reported in martensitic transformation in any other alloys. The present investigation was made to determine whether other binary titanium alloys with P-stabil-izing elements would exhibit a crystallography of transformation similar to that of Ti-Mn alloys. Furthermore, since martensite platelets can be induced by deformation under certain conditions, it was of interest to investigate whether the mode of deformation, compressive or tensile, would influence the formation of martensite platelets on a specific plane in an alloy system which possesses two martensite habit planes. Experimental Procedure The material used for the preparation of the binary alloys of iodide titanium with molybdenum, chromium, and iron had the following purities: 99.99 pct iodide titanium, 99.9 pct molybdenum, 99.423 pct chromium, and 99.9 pct iron. The compositions of alloys listed in this paper are in nominal weight percentage. All specimens used were prepared and treated according to the procedure described in reference 1, unless stated. For the subzero temperature treat,ment the following experimental schedule was followed. After specimens had undergone the grain-growth treatment, they were quenched into an ice-water bath and were then metallographically examined. In specimens of higher alloy content, no martensitic transformation was observed. In those in which mar-tensitic transformation did occur, only specimens in which the martensite platelets existed as fine needles in localized regions were used. All specimens were reannealed 17 hr at 1200°C, quenched into ice water. and the capsule was broken. They were held in the ice water for from 5 to 10 sec, then transferred to a liquid-argon bath. This stepped quenching procedure was found to be more efficient than direct quenching into liquid argon. In the latter case, as soon as the hot specimen was immersed in the liquid argon, a protective, insulating layer of argon gas formed, and the specimen continued to glow vividly in the bath for some time. In the study of the habit behavior of martensite produced by deformation, specimens were deformed at room temperature either by compression, tension, or rolling. Martensite habit planes were determined by the two-surface analysis procedure described in reference 1. A stereographic net of 153/4 in. diam was used throughout the investigation. The method for determining the orlentation relationship between martensite and the matrix follows that used by Greninger and Troiano.' A diamond-polishing table with its auxiliaries was used in order

Jan 1, 1957

By A. A. Steel

(Spokane Meeting, September, 1909.) DURING. the summer of 1905 I was employed by the U. S. Geological Survey to investigate the geology, Mining, and preparation of barite in most. of the fields of the United States. The Eastern districts have been more or less completely described ; the Virginia field in detail by Thomas L. Watson, in his paper, Geology of the Virginia Barite-Deposits,' and other fields in abstract., including statistics of production and references to current literature, by various authors .2 There have also been published a few details of the occurrence of barite in the lead-mines of Washington county, Mo.3 The other accounts of this district are erroneous and meager, and since this field is the most important one in the United States at the present time, a detailed description of the local geology seems doubly desirable. Barite-deposits are scattered over nearly the whole of Washington and adjoining counties, but. the product, is all mined from the areas indicated upon the sketch-map, Fig. 1, and is shipped from the stations of the St. Louis, Iron Mountain &. Southern railway, between Blackwell and Potosi, from 45 to 60 miles SW. of St.. Louis. The topography is for the most part gently rolling, with slightly graded streams, usually less than 200 ft. below the higher hill-tops. Along Mineral fork and Indian creek are :some steep bluffs and cliffs, affording good exposures of the

Feb 1, 1910

By R. D. Pehlke, J. V. Gluck

AS a portion of a general study of liquid-metal thermodynamics, high-temperature galvanic cells were used to study the effect of added dilute solutes on the activity of zinc in dilute solution with molten bismuth in the range 450° to 650°C. 1,2 The cells were of the type The experimental procedures have been described previously.1 In the course of studies conducted in the bismuth-rich corner of the systems Bi-Zn-Au and Bi-Zn-Cu, marked discontinuities were observed in the electromotive force-temperature relations for a number of the experimental compositions. Above the discontinuity temperatures, the relations, which were linear, exhibited slopes similar to the binary alloy of the same mole fraction zinc, as shown in Figs. I and 2. Below the discontinuity temperatures, the slopes were markedly different, but the relations remained linear. In general, as the amount of the third eletnent was increased, the slope of the lower portion of the relations tended to become less positive. The slopes of electromotive force-temperature relations reflect the entropy of mixing of zinc and, therefore, the occurrence of a discontinuity marks the transition between two different equilibrium situations involving the solution of zinc. A number of other investigators3-5 have used such observations to determine liquidus boundaries in binary alloys. Since the upper portions of the ternary electromotive force-temperature relations of this study had the same slopes as the binary alloys, the discontinuities are interpreted as marking the transition between the single-phase liquid region and the underlying two- and three-phase regions. Reference to the Zn-Bi equilibrium diagram6 confirms that the binary alloys were single-phase liquids at the experimental temperatures. Fig. I shows the electromotive force-temperature relations for the alloys containing Bi-Zn-Au and Fig. 2 shows similar relations for the Bi-Zn-Cu alloys. In the lower portion of each figure, the temperature of the discontinuity is plotted vs the mole fraction of the added solute at the various levels of zinc concentra- tion. Cross-plots from these curves at constant temperature permitted the construction of the partial liquidus surface isotherms shown in Figs. 3 and 4.

Jan 1, 1967

By I. Cadoff, E. Miller, K. Komarek

Jan 1, 1960

By B. W. Prof. Frazier

I PROPOSE in this paper to treat of the chimney merely as a heat engine, as one of the devices resorted to in practice for the conversion of heat into mechanical work. For the sake of simplicity and clearness in the discussion, let us consider the subject in its simplest form. Conceive a chamber, heated from without, in free communicatioH at one end with the external atmosphere, and at the other end opening into a vertical chimney. Let the. cross-section of the chamber be so great, relatively to that of the chimney, that we can neglect the actual energy of the air passing through the chamber. We will neglect, also, all passive resistances to the passage of the air. We will assume that the cross-section of the chimney is constant, and that the air in passing through it neither gains nor loses heat. The following symbols will be employed in the discussion : Po = the normal pressure of the atmosphere, which, it is assumed, is the pressure existing at the level of the chamber. Po = 10332.96 kilograms per square meter. P2 = the pressure of the external atmosphere at the top of the chimney. To = the, absolute temperature of melting ice by the centigrade scale. This is assumed to be the temperature of the external air at the level of the chamber. To = 273°. T2 =the absolute temperature of the air as it passes from the chamber to the chimney. T3 =the absolute temperature of the air as it issues from the chimney. to, t2, t3 are the temperatures, as recorded on the centigrade ther¬mometer, corresponding to the absolute temperatures To, T2, T3 re-spectively to = 0° C. In general, t = T- 273. Io, I2, I3, represent the intrinsic energy of the air at the temperatures To, T2, T3 respectively.

Jan 1, 1882

By H. P. Stüwe

HE recent papers of Aust and Rutter112 have again brought to mind the importance of certain "special" orientation relationships between the lattices of two fcc crystals on the mobility of the grain boundary separating them. No theoretical treatment of this problem has been offered till now. The only principle published so far that has given an indication why certain orientation relationships should be "special" is the counting of "coincidence sites" according to the suggestions by Kronberg and Wilson.3 The "coincidence plots" published by these authors show, for instance, that two fcc lattices rotated by 38 deg around a common (111)-axis have 1/7 of their lattice sites in common. Such an orientation relationship is also characteristic for high boundary mobility. The accuracy of the orientation relationship needed for high mobility is not too rigid. Deviations up to 10 deg from the ideal orientation seem to be tolerable as can be gathered from the experimental data.'j4 The auestion arises, then. how the density of coincidence sites will be affected by a deviatioi from mathematical accuracy. This can be checked by a simple model. Two sieves are prepared, the arrangement of the holes corresponding to lattice sites on a (111)-plane in a fcc crystal. They are placed upon each other, Fig. 1. One is kept fixed, the other is rotated around an axis pushed through one hole in common to both. The light falling through holes of both sieves is then a measure for the density of coincidence sites. If the diameter of the holes is very small, light intensity is contributed only by holes the centers of which coincide "exactly." If the diameter of the holes is rather large, some intensity will be contributed by

Jan 1, 1962

By J. B. STEWART

T HE position of each hole of any series of holes was carefully located by the surveyor, plotted in plan and elevation, and numbers assigned to them. The second series was staggered halfway between the first and so on for each succeeding series. Two and a, half to three months was frequently required to grout a series of holes calculated to insure safety for sinking a distance of 10 meters or say 33 ft. Naturally the initial operation called for drilling and grouting two series of holes but thereafter each sinking campaign required only one series of holes as shown in Fig. 8. The pump handling about 75 gal. per minute corresponds to 46 tons of grout or 6 tons cement delivered as a fair over-all average for the 24 hours. Thus 600 to 800 tons of cement was used for a single section of 33 ft. depth of shaft. One campaign used nearly 1100 tons of cement. Some holes were effectually sealed with as low as 30 tons, while many required 60, and some 80 to 90 tons.

Jan 1, 1926

The income of the Institute is derived from dues, subscriptions to MINING AND METALLURGY and sale of publications. These sources are fortunately supplemented by the interest from invested funds now amounting to over $500,000, a considerable portion constituting endowments for especial purposes. Aside from the medal funds the principal endowments are the James Douglas Fund for support of the Library, the Rocky Mountain Fund and the Seeley W. Mudd Memorial Fund. The income from the two last named is available for the support of research and a variety of other purposes. It is allocated by the Board of Directors upon recommendation of standing committees in each case. An active effort is being made to increase the endowments of the Institute, it being felt that unusual opportunities exist for research and public and professional service through the organization and at a minimum of expense. J. V. W. Reynders is chairman of the Endowment Committee.

Jan 1, 1923

By G. S. Baker, S. H. Carpenter

Langenecker has reported significant reduction in strength of high-strength metals during ultrasonic t'ibration. Decreases in static yield stress an order of magnitude greater than the calculated stress amplitude of vibrations were reported by him for a stainless steel and for tungsten. in the present work, attempts were nzadc to verify such large reductions in yield and flats stresses using resonant librations of measured amplitudes. The results show that both the soft metals (copper and aluminum) and the high-strength metals (sleels) hare reductions in yield and .flow stresses no larger than the stress amplitude of libration. BLAHA and Langenecker,' investigating the effect of vibratory stresses on the deformation of zinc and aluminum, found a decrease in the static yield and flow stresses approximately equal to the vibratory stress imposed. Langenecker later extending this work to high-strength metals such as stainless steels and tungsten2 found a much larger effect. In these metals the static yield and flow stresses decreased by an amount more than an order of magnitude greater than the calculated vibratory stresses. It was suggested that this phenomenon could be a serious hazard to high-strength structures in an acoustic environment, such as a large rocket at launch, or could be used advantageously in the working of hard-to-work materials such as the refractory metals. Langenecker and others3 have investigated the effect of high-amplitude vibrations on many metal-forming operations. The results have been quite favorable with usually a large decrease in the energy necessary for the forming operation. The processes, however, involve large frictional forces and it is not clear whether the decreases in forming forces are to be ascribed to decreased friction or to decreased flow stresses. The present paper reports an attempt to determine the effect of accurately known vibratory stresses on the static yield and flow stresses. I) EXPERIMENTAL TECHNIQUE The standard multicomponent resonator technique for measuring internal friction has been adapted to allow simultaneous high-amplitude vibration, internal-friction measurement, and tensile deformation. This has been described in detail elsewhere.4 Longitudinal oscillations of approximately 50 kc frequency are excited in a multicomponent resonator by a quartz transducer. A second transducer measures the amplitude of vibrations. Fig. 1 shows a schematic drawing of the resonator and grip arrangement and the displacement pattern produced. Since the centers of the dummy bars are at displacement nodes, they represent points where attachments will not materially affect the vibrations. The force is applied by a standard Instron tester. The sample may be deformed while simultaneously vibrating at up to 104 strain amplitude. 11) EXPERIMENTAL RESULTS The effect of high-amplitude vibrations on the yield and flow stresses of copper. aluminum, tantalum. a soft iron, and a stainless steel has been measured. In addition samples of tungsten vibrating at stress levels up to 10' dynes per sq cm have been subjected to static stresses near the static yield stress with no indication of macroscopic deformation. Fig. 2 gives typical results for 99.999 pct polycrys-talline copper. A vibratory stress of 7 x 107 dynes per sq cm is applied at points "a" and removed at points "h". The behavior of aluminum is identical. In agree-

Jan 1, 1967

By Thomas Leonard Watson

Jan 1, 1906

Trans No. Place Date Vol. 1. Wilkes-Barre, Pa' May, '71 1 2. Bethlehem, Pa Aug., '71 1 3. Troy, N. Y Nov., '71.. 1 4. Philadelphia, Pa Feb., '72.. 1 5. New York, N. Y.' May, '72.. 1 8. Pittsburgh, Pa Oct., '72.. 1 7. Boston, Maas Feb., '73.. 1 8. Philadelphia, Pa." May, '73.. 2 9. Easton, Pa Oct., '73.. 2 10. New York, N. Y Feb.. '74.. 2 11. St. Louis, Mo.* May, '74.. 3 12. Hazleton, Pa Oct., '74.. 3 13. New Haven, Conn Feb., '75.. 3 14. Dover, N. J. ? May, '75.. 4 15. Cleveland, 0 Oct., '75.. 4 16. Washington, D. C Feb., '76.. 4 17. Philadelphia, Pa.} June, '76.. 5 18. Philadelphia, Pa Oct., '76.. 5 19. New York, N. Y Feb., '77.. 5 20. Wilkes-Barre, Pa. ? May, '77.. 8 21. Amenia, N. Y Oct., '77, . 6 22. Philadelphia, Pa Feb., '78:. 6 23. Chattanooga, Tenn.*...May, '78'.. 7 24. Lake George, N. Y Oct., '78.. 7 25. Baltimore, Md.* Feb., '79.. 7 26. Pittsburgh, Pa Mayo '79.. 8 27. Montreal, Canada Sept., '79., 8 28, New York, N. Y.? Feb., 'SO.. 8 29. Lake Superior, Mich. ..Aug., '80.. 9 30. Philadelphia, Pa.' Feb., '81.. 9 31. Staunton, Va May, '81..10 32. Harrisburg, Pa Oct., '81..10 33. Washington, D. C.? ....Feb., '82..10 34. Denver, Colo Aug., '82..11

Jan 1, 1928

LIST OF THE MEETINGS OF THE INSTITUTE AND THEIR LOCALITIES FROM ITS ORGANIZATION Transactions Number Place Date Vol Page 1 Wilkes-Barre, Pa May, ?71 1 3 2 Bethlehem, Pa August, ?71 1 10 3 Troy, N Y November, ?71 1 13 4 Philadelphia, Pa February, ?72 1 17 5 New York, N Y May, ?72 1 20 6 Pittsburg, Pa October, ?72 1 25 7 Boston, Mass February, ?73 1 28 8 Philadelphia, Pa May, ?73 2 3 9 Easton, Pa October, ?73 2 7 10 New York, N Y February, ?74 211 11 St Louis, Mo May, ?74 3 3 12 Hazleton, Pa October, ?74 3 8 13 New Haven, Conn February, ?75 3 15 14 Dover, N J May, ?75 4 3 15 Cleveland, 0 October, ?75 4 9 16 Washington, D C February, ?76 4 18 17 Philadelphia, Pat June, ?76, 5 3 18 Philadelphia, Pa October, ?76 5 9 19 New York, N Y February, ?77 5 27 20 Wilkes-Barre, Pa May, ?77 6 3 21 Amenia, N Y October, ?77 6 10 22 Philadelphia, Pa. May, ?78 6 18 23 Chattanooga, Tenn May ?78 7 3 24 Lake George, N.Y. Oct. ?78 7 25 Baltimore, Md. Feb. ?79 7 26 Pittsburgh Pa, May ?79 8 27 Montreal, Canada Sept, ?79 8 28 New York, N.Y. Feb, ?80 9 29 Lake Superior, Mich Aug, ?80 9 30 Philadelphia, Pa. Feb, 81 9 31 Staunton, Va May, 81 10 32 Harrisburg, Pa Feb, 81 10

Jan 1, 1952

By AIME AIME

THE Institute of Metals held a well rounded out symposium on the working of metals, distributed over two sessions. At the first session* four papers were presented, two dealing with the, cold working of metals and alloys and two with the hot working of non-ferrous alloys. The first paper by E. V. Crane, dealt with "Metal Working in Power Presses." Mr. Crane pointed out the empirical nature of engineering data available for use in calculating the probable stresses developed and power requirements, for the shearing, drawing, binding and other forming operations. He described the various operations, methods of determining stresses developed and presented data obtained. In the discussion C. F. Hammond took exception to Mr. Crane's objections to the rather too frequent. annealing operations in drawing of cartridge cases, pointing out that the material was-manufactured to meet specified structure and physical requirements, which could only be met by carefully controlled sequences of working and intermediate annealing operations.

Jan 1, 1931

By W. A. Krivsky, R. Schuhmann

Jan 1, 1962

Large deposits of manganiferous iron ores, representing several million tons of metallic manganese, occur in the United States. The Minnesota deposits of such ore are of outstanding importance because of their size, state of development, ease of mining and proximity to the Great Lakes, which permits water transportation to steel centers. In view of the fact that our steel industry requires large quantities of manganese, for which no satisfactory substitute has been found, and because our reserves of ferro-grade ore are comparatively small, the development of methods that will make our large deposits of manganiferous iron ores available as a source of ferromanganese is an important problem. Realizing the importance of this problem, some years ago the North Central Station of the U. S. Bureau of Mines and the Minnesota School of Mines Experiment Station undertook jointly the development of methods for recovering the .manganese content of manganiferous iron ores in a form suitable for the production of ferromanganese, the 80 per cent. alloy indispensable in producing steel. Two types of manganiferous iron ores have been described in previous reports.' The brown ores are higher in iron and lower in manganese than the black ores; the black ores are more siliceous but contain less phosphorus. The utilization of the iron content of the brown ores in the production of steel appears to furnish the best basis for their treatment. The method of attack has been to work out modifications in iron and steel practice so as to recover manganese in the form of slag comparable to ferro-grade ores. The greater part of the experimental work has been conducted with a 6-ton blast furnace and a 1/2-ton basic open hearth. This paper is devoted mainly to open-hearth tests in which high-phosphorus spiegel

Jan 1, 1930

By AIME AIME

EDWIN W. KEMMERER, professor of international finance at Princeton, in a speech before a banking conference at Urbana, Ill., on Nov. 26, stated that the increase in the store of gold held by the United States is not so alarming as it appears on the surface. Excerpts from his address, as reported by The New York Times, follow: "It is significant . . . that the value of gold as expressed in its purchasing power in the United States during the last half-dozen years has been higher than at any other equivalent period since our records began 140 years ago. Our so-called 59-cent dollar today buys about 25 per cent more goods at wholesale than did our old dollar in the prosperous year 1926, and an ounce of gold will now buy considerably more than twice what it did then. This present high value of gold is one reason for its recent large production.

Jan 1, 1941