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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 J. S. Owens, R. W. Marsden, J. W. Emanuelson, R. F. Werner, N. E. Walker

The iron ores of the Mesabi Range occur in a 340 to 750-foot thick, Precambrian cherty iron formation termed "taconite." For about 65 years, extensive natural iron ore bodies were mined, and the ores either shipped as a direct ore or processed by gravity methods to a shipping grade iron ore. Since 1956, magnetite taconite ores, occurring in magnetite-rich horizons in the Biwabik iron formation, have been commercially concentrated and agglomerated. The transition from natural ores to concentrating-grade ores is progressing rapidly so that, in the near future, a major percentage of the iron ore shipped from the Mesabi Range will be as iron ore pellets produced from taconite. Natural iron ores of the Mesabi Range occur in the Biwabik formation as trough ore bodies in elongated channels and as irregular and tabular deposits in fractured areas associated with faults and folds. Ore bodies range in size from a few thousand tons to hundreds of millions of tons and may occur in any part of the iron formation. In some areas of strong ore development, ore was formed from the hanging-wall argillite to the footwall quartzite. The natural ores and beneficiating-grade natural crude ores were formed by the oxidation of the iron minerals, magnetite, greenalite, stilpnomelane, minnesotaite, and siderite, to hematite and goethite and by the removal of much of the silica in the cherty quartz and in the associated silicates by leaching. The ores are believed to have formed by the oxidizing and leaching action of surface waters. Magnetite taconite ores occur as stratigraphic zones in the Biwabik formation where it contains sufficient magnetite to be concentrated profitably, by magnetic methods, to give a magnetite concentrate that is agglomerated into a high quality product. Unoxidized taconite has an extensive distribution away from and between channels of oxidation and leaching but only a part of the unoxidized taconite is of ore grade. Two general types of magnetite taconite ore occur: ( 1) magnetite taconite of the Main Mesabi Range, generally west of Mesaba, which is composed of magnetite associated with cherty quartz, greenalite, stilpnomelane, minnesotaite, and carbonates and (2) magnetite taconite of the Eastern Mesabi, generally east of Mesaba, composed of magnetite associated with quartz, cummingtonite, actinolite, ferrohypersthene, hedenbergite, fayalite, hornblende, pyroxene, garnet, and biotite. The Mesabi taconite is a metasediment derived from an iron- and silica-rich chemical sediment that has been regionally metamorphosed and, on the eastern end, additionally metamorphosed by the Duluth Gabbro Complex.

Jan 1, 1968

By Cadwallader Evans

MY endeavor in this paper will be to tell something of the accomplishments and current problems of the anthracite producer and to suggest some of the avenues for technical development that seem to me to be the most necessary and likely to bear fruitful results. The several subjects, that I find of most interest will be taken up individually with brief reference to the future trend. Underground Mining and Loading ?In this field great progress has been made in the last twenty years, beginning with the introduction of the scraper system. The electrical hoists for the operation of scrapers have been improved, and give little trouble, but there is an open field for the improvement of the auxiliary apparatus, particularly in the application of roller-hearing sheaves to the guiding of scraper ropes. Also notable in the last six or seven years is the introduction of shaker chutes, so that far more anthracite is now loaded over them than by scrapers. This trend should continue to be manifest, particularly if those who are looking ahead and who are charged with the development of this specialty continue constantly to study and improve the mechanical design of their shakers.

Jan 1, 1938

By AIME AIME

FIVE days, extending from Monday, Feb. 18 to Friday, Feb. 22, inclusive, will be required for the annual meeting this year. The first fours days will be devoted to reading and discussion of papers, general and committee business meetings, two lectures, luncheons, dinners and all the pleasures of a big, general reunion. The fifth day will be given over to an all-day excursion for both men and women by special train to West Point, in celebration of the birthday of the first President of the United States. Washington having been an engineer and now after one hundred and thirty-one years the country having selected as President another engineer in the person of Herbert Hoover, our own past president and honorary member, it is proposed to celebrate with a good old-fashioned picnic and inspect the school. The authorities at the Military Academy have undertaken to welcome the engineers and do whatever they may to make our pilgrimage notable. Other social features planned for the week are numerous. Luncheon will be served as usual at the building each day of the meeting to all members and guests. This year a very nominal charge will be made, primarily to overcome deficits due to irregular attendance. Monday noon, the Non-metallic Minerals Committee will lunch at the Engineers' Club and in the evening the Milling Methods Committee will dine there. The Annual Smoker will be held at Hotel Astor after dinner. Professional entertainment of high order is promised, but not too much to interfere with the numerous group reunions that characterize this func- tion.

Jan 1, 1929

By AIME AIME

COMMITTEES. LOCAL COMMITTEE.-R. C. Crawford, Chairman; Harrison W. Craver, Secretary; Julian Kennedy, Taylor Allderdice, E. W. Pargny, Charles L. Miller, W. H. Rea, S. A. Taylor, M. E. Wadsworth, W. A1. Henderon, A. C. Dinkey, W. L, Jones, E. L. Messier, George Mesta, J. H. Jones, G. H. Riley, S. L. Goodale, D. W. McNaugher. LADIES' COMMITTEE.-Mrs. Taylor Allderdice, Chairman; Mrs. Julian Kennedy, Mr. R. C. Crawford, Mrs. E. M. Herr, Airs. J. W. Marsh, Mrs. T. A. Mellon, Mrs. G. P. Bassett, Jr., Airs. D. M. Clemson, Mr. Charles L. Miller, Mrs. V. L. P. Shriver, Mrs. W. A. Bostwick, Mrs. A. C.. Dinkey, Mrs. A. P. Childs, Jr., Mrs. F. R. Dravo, Mrs. Hermon Griffin, Mrs. W. H. Nimmick, Mrs. F. H. Lloyd, Mrs. S. G. Cooper, Mrs. S. H. Church, Mrs. E. N. Ohl. The Institute Headquarters was established at the Hotel Schenley, where a bureau of information was maintained for the benefit of the visiting members and guests of the party during the time of the meeting. TECHNICAL SESSIONS. The first session, held Tuesday evening, Mar. 1, 1910, in the large lecture hall of the Carnegie Institute, was called to order by Harrison W. Craver, Secretary of the Local Committee. Mr. Craver introduced Dr. John A. Brashear, who extended to the members and guests a hearty welcome to the city of Pittsburg, to which David W. Brunton, President of the Institute, responded. The following papers were presented in oral abstract by the authors: Biographical Notice of Dr. Charles B. Dudley, by Dr. R. W. Raymond, New York, N. Y. Biographical Notice of William Metcalf, by Col. II. P. Bope, Pittsburg, Pa. Development of Hindered Settling Apparatus, by Robert H. Richards, Boston, Mass. (Illustrated by lantern-slides.) A Few Mining Districts in the Argentine Republic, South America, by Z. S. Beyl. (Illustrated by lantern. slides.)

Apr 1, 1910

By Jacques B. Wertz

Both the San Andreas fault complex and the Murray fracture zone are apparently found to be contemporaneous with the Laramide mineralization period. Their compounding effects certainly have disturbed the Texas lineament belt and its components with serious lateral offsets and most probably have been instrumental in allowing intrusives to be emplaced as well as mineralization to accompany these intrusions at some of the fracture intersections. While the main fracture centers can be almost accepted as being structurally linked together, the Texas lineament trend definitely predominates, exerting a prevailing direction to graben (Silver Bell) and to elongated depressions (Bisbee). That this lineament belt also influenced the concomitant mineralization seems a logical inference. The orebodies are generally found at intersections near the most centrally-located intrusive with a distance varying from contiguity to one or two miles. The Southeast Arizona copper province owes its existence primarily to a particularly favorable structural setting of broad semi-continental scope. Thus, various regional structural elements are to be considered as possibly direct or remote cause for the widespread mineralization, although the one or the ones really responsible may never be singled out. There arc three basic regional elements: (1) The north-northwest-trending anticlinorium that diagonally crosses Arizona is quite obvious because many mountain ranges follow this direction. This anti- clinorium, which merges northward into the Wasatch-Jerome Belt, marks a broad zone of weakness where tension seems to prevail. Mineralized trends such as Jerome-San Manuel-Bisbee may give some weight to the economic value of this structural element. (2) Northeast-trending fractures, parallel to the Colorado Mineral Belt (Landwehr, 1967), appear troincident with mineralization as evidenced by the Questa-Grants-Morenci and the Lordsburg- Tyrone-Santa Rita alignments. This structural direction is accepted as one of the most economically significant in the Southwestern United States. (3) The Texas Lineament.

Jan 1, 1970

By G. G. Oberfell

THOUGH the largest volume use of natural gas has been, is. and in all probability will continue to be as a fuel for domestic and industrial heating, it has various market outlets, both as a fuel and as a raw material for the chemical industry. Natural gas is a preferred type of fuel where ease of control, fuel uniformity, and freedom from ash are of primary importance. Other industrially important uses are as a source of carbon black and as a fuel in various low-cost heating operations. Many other uses are of varying importance and new potential uses are continually being uncovered, some being of economic importance to the gas indus¬try as a whole, but most of them involve such small volumes of gas that they are only of passing interest. Since various products extracted from natural gas and recovered as by-products from petroleum refining, such as liquefied petroleum gas and fuel oil, are being utilized in many industrial and domestic heating applications, some consideration will have to be given such materials in order to present a reasonably complete story of the importance of natural gas. Some of these materials may prove to be transient competitors and will not be available when more profitable uses are found for them. Meanwhile, however, the potential volumes of such materials available, the current volumes being marketed, and the nature of the utilization are considered as constituting an essential part of the over-all fuel picture.

Jan 1, 1946

Bernard MacDonald, Guanajuato, Mexico (communication to the Secretary*):—Mr. Iceyes's paper is very interesting to me because of my personal experience with the development of the ore-deposits of Lake Valley.

Jan 1, 1909

By J. W. Cunningham, M. J. Stultzman

THE demand for improved materials for high-temperature service has increased during the last few years. Iron,- nickel,- and cobalt-base alloys have been investigated extensively and many alloys with outs'tanding high-temperature strength have been developed. Considerable research has been directed toward improved methods of processing these alloys. The vacuum furnace as a tool for the purification and improved control of high-temperature alloys has been studied extensively and production units are in operation. The research covered by this paper studied the effects of casting in air, vacuum, or argon upon the elevated-temperature properties of two nickel- and two cobalt-base alloys. The alloys investigated were Stellite 31, He 1049, Udimet 500, and Guy Alloy. MELTING AND CASTING PROCEDURES Two heats of each of the four alloys under investigation were melted and investment cast under the following conditions: 1) Stellite 31 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 2) He 1049 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 3) Udimet 500 was melted and investment cast in vacuum with and without additions of zirconium and boron. 4) Guy Alloy was melted and investment cast in vacuum and in argon. The heats were all melted in induction furnaces equipped with preformed magnesia crucibles of 50-lb capacity. The air-melting furnace was powered by a spark-gap converter of 40 kw capacity. The vacuum-melting furnace was powered by a motor-generator set of 100 kw capacity. The argon heat of Guy alloy was melted in the vacuum melting furnace under an argon atmosphere. Virgin materials were used for preparing all heats except the air heats of Stellite 31 and He 1049. The charge for the air heat of Stellite 31 was a commercial blend of shot. The charge for the air heat of He 1049 was Stellite 6 shot plus those virgin materials necessary to give the desired composition. All of the materials used were of the same grade used com-

Jan 1, 1960

By Louis Moyd

In the preparation of illustrations to accompany reports of investigations concerning particle shapes of various natural and manufactured materials proposed for use as fine aggretates in concrete structures, it was found that stereoscopic views of such materials presented the information much more effectively than the usual two-dimensional photographs. With the whole-hearted cooperation of the Photographic Section, a technique was developed in the petrographic laboratory of the Concrete Research Division, U.S. Corps of Engineers, at Clinton, Miss., for simple and rapid preparation of paired stereoscopic photographs and micrographs. The method requires only equipment which is usually part of the general stock of any laboratory, and it is adaptable for all purposes in which three-dimensional views would be found superior to ordinary photographs.

Jan 1, 1949

By AIME AIME

THE John Fritz Gold Medal for 1929 was presented to Herbert Hoover at the Executive Mansion on April 25, at a luncheon given by Mr. Hoover to present and past members of the Board of Award, preceding medalists, and presidents and secretaries of the American societies of Civil, Mining and Metallurgical, Mechanical, and Electrical Engineers. The presentation party of forty engineers which gathered at the White House, from all parts of the United States, was made up of past presidents of the four senior national engineering societies that established the John Fritz Medal and included five men who had received the medal in previous years. These former medalists were Edward Dean Adams, J. J. Carty, J. Waldo Smith, Elmer A. Sperry and Ambrose Swasey. This medal is the highest honor bestowed by these four national engineering societies, having a membership of 60,000. It is awarded not oftener than annually for "notable scientific or industrial achievement, without restriction on account of nationality or sex." In accordance with custom, the award to Mr. Hoover was made tentatively and without announcement in October, 1927, and was formally con- firmed and announced one year later.

Jan 1, 1929

D EC. 20-The spirit of Christmas and good will toward men has managed a few brief appearances on the front pages, welcome relief from man's usual ill-will toward man. A couple politicos did their best to brighten the scene by well-publicized romances. There was a general exodus to Florida to patch up nervous systems, and even the UNO quieted down as Mr. Vyshinsky departed for home via Eastern Germany. Before going he opened up a preliminary bombardment for the worldwide "communist peace offensive," and it is now the duty of the 600 million (according to the Cominform) ideological converts to press home the attack. In Washington, Mr. Lilienthal resigned as Chairman of the Atomic Energy Commission and demonstrated again the difficulty of government to retain the services of capable men. The President has yet to appoint another victim- possibly someone nicely noncontroversial and timid. So might the critics be appeased, but it would bode ill for the rapid exploitation of peaceful uses of atomic energy, the relaxation of excessive secrecy, wider sharing of developmental work with friendly nations and possible revision of the Acheson-Lilienthal proposals for inter- national control of the atomic bomb.

Jan 1, 1950

Since the comprehensive review of the Persian fields presented by Sir John Cadman last year, operations have proceeded normally. No developments of especial importance fall to be recorded and it remains only to bring up to date the full information given at the beginning of 1933. Controlled production from the Masjid-i-Sulaiman and Haft Kel fields has been maintained at slightly higher rates than during 1932. The figures for the past five years are as follows: These represent crude oil and products piped to the coast but exclude products reinjected into the reservoir, a process that has been in continuous operation at Masjid-i-Sulaiman during the period under review. The systematic delimitation of the Haft Kel field has been continued during the past year and results have been sufficiently encouraging to justify the inception of a wider scheme for distribution of production. Drilling has been resumed recently in the Persian sector of the Naft Khaneh field, and preliminary survey work is in progress for the selection of a site for a refinery at Kermanshah arid the construction of a connecting pipe line. Investigations in connection with the scientific control of reservoir were dealt with in considerable detail in last year's review. This work has been steadily pursued during 1933 and certain of the investigations have been the subject of papers presented to the World Petroleum Congress held in London in July of last year.

Jan 1, 1934

By H. D. Wilde

DURING 1934 conditions in the production division of the petroleum industry were reasonably satisfactory but nevertheless a decided feeling of insecurity existed largely because of the uncertainty of controlling production to consumptive demand. Over-production, especially in the East Texas field, threatened a general collapse of crude prices but in spite of this, posted prices were high. Stimulated by the prevailing posted prices, wildcatting activities were wide-spread. Although a number of small discoveries were made, particularly in the Gulf Coast belt and Oklahoma, no fields of major importance, unless it was the Fitts pool in Southern Oklahoma, were brought in. Meanwhile, the Petroleum Division of the A.I.M.E. continued its activities. It sponsored the collection of production and geological data on both foreign and domestic fields. The data on all but a few producing districts in the world were published in the "Petroleum Development and Technology" volume of the "Transactions" and comprise one of the most complete tabula¬tions of this sort ever published. Work of this kind is being continued.

Jan 1, 1935

By Felix Edgar Wormser

JUST as the ancients used the products of their crude mining endeavors to fashion tools with which to make digging easier, so today mining enterprises are dependent upon the very metals they mine for the efficient conduct of mining and metallurgical operations. In fact, the outlet afforded by the production of minerals in the United States is no mean market for the nonferrous metals. I believe that mine managers frequently lose sight of the opportunity they have to select from competitive products those which will help the market for their own metal output. For example, some years ago a large lead mine used storage-battery locomotives for its haulage, common practice, of course, throughout the United States. These particular locomotives, however, were powered not with the ordinary lead storage battery but by a competitive battery product made from an imported metal. After studying this situation, the manager saw how he could help himself by purchasing a product made from his own mineral output, and in his next order turned tip the use of the lead storage battery.

Jan 1, 1935

By Leo Ranney

ANY years ago a prospector came to a Nevada town and built himself a shack. Day after day he searched the hills for gold -but he found none. He closed his shack and hurried north, where a strike had been made. Next he tried to trap the flour gold that floats down the Snake River. He panned the black sands along the Oregon coast. He ranged over the mountains and up the gulches of far-off Alaska. At last, broken in health, six years ago he came back to his old home in Nevada. There his shack still stood-nobody wanted it. One day he started a garden in the rocky soil that he owned. His spade turned up a chunk of quartz, and in that quartz were stringers of gold. He had found a rich gold vein, running right under his own house. You gas producers who have hurried to Oklahoma, Louisiana, East Texas, South Texas, West Texas, even to California to drill wildcat holes a mile or two miles deep-why not, like the old gold prospector, have a look in your own back yard? Some of your coal seams contain 20,000,000 cu. ft. of natural gas per acre.

Jan 1, 1943

By Theodore Marvin

FOLLOWING the receipt of questionnaires from many parts of the world, the Aviation Committee is completing a review of the use of aviation in mining and petroleum operations. The summary of this study should be available at the 1937 Annual Meeting in New York City, at which time several papers will be presented on specific application of aerial geologizing. From the reports received, there is little question that this air branch of mining is here to stay. Of course, the transportation of personnel arid material continues to merit attention but it is in the division of aerial geologizing that flying is finding its widest, most technical application.

Jan 1, 1937

By AIME AIME

AS a new departure the annual business meeting was held at 4 p. m. on Tuesday, Feb. 16, instead of in the morning, as previously. The retiring President, Robert E. Tally, called the meeting to order and briefly spoke of the large measure of success that had been attained in balancing the budget of the Institute in 1931, so that, although receipts had declined over $26,000 compared to the previous year, expenditures had come within $3,000 of income. He referred in complimentary ,terms to the work of the committees on Membership, Admissions, Papers and Publications, and MINING AND METALLURGY, from which more would be heard late:. He also announced that a large and important committee on economics has been under consideration, and will be announced later. As an evidence of growth it was noted that a new Division, Mineral Industry Education, had been organized just an hour previously.

Jan 1, 1932

[I-Institute of Metals Division PAUL D. MERICA, Chairman ZAY JEFFRIES, Vice-chairman W. M. CORSE, Secretary General Committee ROBERT J. ANDERSON H. C. JENNISON L. W. SPRING WILLIAN K. FRANK DAVID LEVINGER R. L. SUHL J. R. FREEMAN, JR. PAUL McKINNEY R. F. WOOD]

Jan 1, 1928

By Thomas, J. Elmer

WHEN the price of crude oil was advanced on July 26, 1928, with some 4,000,000 bbl. daily of potential production shut in under proration regulations, and with as much more new production shortly available from semi-proved undrilled reserves, students of the oil industry were made to realize that a new order of things now prevailed in petroleum economics. A new interpretation of the law of supply and demand had taken the place of the archaic method of influencing current production by changing crude price levels. Proration had caused the change. The long period of over-production just experienced, the prospects of a potential over-supply far into the future, had set up certain forces which brought about some fundamental changes. Their cause, effect and future influence can best be developed by a detailed study of the history of the period since war-time regulation

Jan 1, 1928