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By J. P. Witherow

The Clapp and Griffiths steel-process may be considered a pneumatic system, similar to the Bessemer, with the difference that the converter is fixed or non-tilting, and that the blast is introduced around the lower section of the converter instead of through its bottom. Mr. Griffiths was engineer-in-chief of the Gilchrist & Thomas basic dephosphorizing process during all the time those gentlemen were experimenting and working up their system, as Mr. G. communicated to me. After separating from these gentlemen, he began developing the present Clapp and Griffiths type of converter. Dr. Clapp, of Nantyglow, Monmouthshire, was a prominent physician in a large iron district. Previous to his association with Mr. Griffiths, he took out some patents on a process of his own for the manufacture of steel, which patents stood in Mr. Griffiths' way; hence the consolidation. Early in the summer of 1883, my attention was called to the experiments of Messrs. Clapp & Griffiths in Great Britain by a friend who had just returned from England. Later in that summer I went to Newport, on the border of Wales, where I met Messrs. Clapp and Griffiths and their friends. After visiting two small converters of their type which were in operation at different works, and spending a few days in the iron-districts of Wales, I went to London, where I met my friend Henry W. Oliver, Jr., who had already heard of the new steel-process. We decided to revisit Wales and examine more fully the process, more especially that Mr. Oliver might have the opportunity of coming practically in contact with the men and die process himself, so that his judgment might not be influenced by my sanguine feelings. On

Jan 1, 1885

By George B. Clark

THE " Munroe effect" of shaped explosive charges was discovered by Charles E. Munroe more than 50 years ago (in 1888), but it was not until World War II that it was put to any practical use. Both Allied and Axis armies used the principle effectively in bazooka projectiles, artillery projectiles and in fixed shaped charges. The first two were used primarily to combat tanks and other armor and the latter to assault pillboxes and other fixed concrete emplacements. Many engineers and others who saw the military application of the jet effect of shaped charges believed application would be possible in many industrial fields where blasting is used, such as mining and quarrying. Some work has already been done on the problem of making shaped charges applicable to mining operations. Experimentation conducted at the National Tunnel and Mines' was directed primarily along the lines of use of shaped charges for secondary blasting in connection with long-hole stoping methods. Experimentation initiated earlier and conducted by the author2 at the University of Utah on a more scientific basis was directed at revealing the basic principles of the functioning of shaped charges, as well as the feasibility of using them in mining operations after the principles of their operation had been clearly defined. It was found that: (I) a given design of charge required an optimum standoff to make it most effective, either in penetrating solid rock or steel (see Fig 3); (2) for a given design of charge there exists an optimum ratio of charge diameter to charge height above which the increase in effectiveness of the charge decreases rapidly (see Figs 4 and 5); (3) partial confinement has the effect of making charge performance much more consistent; (4) the higher power and higher velocity explosives tested are much more effective than relatively low-strength explosives; and (5) shaped charges may be adaptable to mining operations in secondary breakage and drilling blasting holes. Fig I is a diagrammatic sketch of the action of a shaped charge for two types of cavities, while Fig 2 shows the approximate manner in which the jets are believed to be formed when an explosive wave encounters the cavity, approaching it from the top. The experimentation already completed has laid the foundation for further research in the study of shaped charges. Standoff effects, effect of the strength of explosives and other features have been fairly well established. Such elements in the design of shaped charges as (I) geometry of cavity liners, (2) relative horizontal dimensions of explosive column, (3) effect of

Jan 1, 1947

By Mark C. Malamphy

AT present the Federal Government represents the only organization applying geophysical methods of prospecting in Brazil. The geophysical work of the National Department of Mineral Production, which will be described in the following pages, must be considered as a program of experimental work designed to demonstrate the applicability of the more or less "standard" methods of geophysical prospecting to various problems of economic interest in Brazil by means of practical examples of results obtained in certain typical areas. Our work is somewhat similar to that of the Imperial Geophysical Experimental Survey of Australia, but our task has been greatly simplified by the ever increasing number of technical publications relative to the theory of instruments and methods.

Jan 1, 1936

By Frederick Rhines

PURE copper that has been allowed to oxidize at an elevated tempera-ture in the air is found to be covered with two distinguishable layers of oxide scale. The outer of these, which is very thin, is composed of cupric oxide, while the inner layer, comprising the bulk of the scale, is made up chiefly of cuprous oxide (Fig. 1a). If a small quantity of an alloying element, such as silicon, is present in the copper, silica particles are found disseminated through the cuprous oxide, deposited most abundantly near the metal surface, and, in addition, silica particles occur to a limited depth within the copper itself (Fig. 1b). It is this inner layer, composed of oxide particles precipitated in a matrix of metallic copper that is known as the "subscale" or the zone of internal oxidation. Under a low oxygen pressure it is possible to produce the subscale without the formation of external layers of copper oxides, thus leaving the metal surface bright and apparently clean while oxidation has occurred, in fact, to a considerable depth within the metal (Fig. 2). Although little is yet known in a detailed way of the mechanism of internal oxidation, the general nature of the process is evident. By virtue of the considerable solubility of oxygen in copper,1 it is possible to bring the alloying element in contact with oxygen within the metallic solid solution. If the oxide of the alloying element is more stable than cuprous oxide, the foreign oxide may form and, since most oxides are relatively insoluble in copper, it will not long remain in solution, but will separate as a precipitate. As the metallic solute is exhausted in the zone of precipitation, oxygen that is constantly being supplied at the surface diffuses farther into the alloy and thus produces an ever-thickening shell of subscale. The distribution of the reacting elements in the subscale and adjoining zones must be somewhat as indicated in Fig. 3. The conditions requisite to internal oxidation to be anticipated are thus: (1) a solubility of oxygen in the alloy, (2) the ability of oxygen to diffuse at an appreciable rate into the alloy, (3) the possibility of the

Jan 1, 1940

By H. M. Chance

Jan 1, 1886

By Kenneth K. Humphreys

INTRODUCTION What is automation? Why automate? Webster's New Collegiate Dictionary defines automation as "the automatically controlled operation of an apparatus, process, or system by mechanical or electronic devices that take the place of human organs of observation, effort, and decision." This definition gives an implied answer to the second question, "Why automate?" Automation, automatic control devices, and process control equipment receive their justification in supplementing or replacing manpower, which results in decreased operating costs. In the past, processes were operated with the minimum amount of instruments needed merely to guide operators. Processes were manually con- trolled by the operator on the basis of simple temperature, pressure, flow, and level indications on a panel. Today the tendency is to design a new plant to operate in a fully automatic manner according to a preset pro- gram utilizing a minimum of manpower. In addition to this direct cost reduction in manual labor, increased equipment capacity results from uniformity of flow and uniform control of process variables. This control eliminates or minimizes surges and permits equipment to be operated at or near its ultimate capacity and, for a given material throughput, permits the use of smaller process equipment. Automatic control, therefore, be it in the field of coal processing or in any industrial field, is simply a problem of economics. Control equipment is justified in terms of its contribution toward increasing productivity, increasing profit margins, or producing a new and salable product at a profit. Instruments and control devices can be divided into two general groups: (1) units which measure and (2) units which both measure and control a process variable.

Jan 1, 1979

By K. A. Pauly

(Wilkes-Barre Meeting, June, 1911.) COMPRESSED air has been and is still very extensively used in connection with mining-operations, but its application in the past has been almost entirely confined to supplying power to underground machinery. Its introduction was due to the difficulty of taking care of the steam which is exhausted underground, rather than to any advantage in efficiency to be gained by its use. The ease with which electric power may be carried to the remotest parts of the mine and the high efficiency of the electric motor have long been appreciated by mine-operators, and electric power is now extensively used underground in the more recent developments, while many of the compressed-air engines in the older workings are being rapidly replaced by electric motors. Recently, however, it has been suggested to use compressed air for driving the large shaft-hoists, the air for the engines being supplied by electrically-driven compressors, and an installation of this character is being erected at Butte; Mont. It is the object of this paper to compare the compressed-air system of hoisting with the various electrical systems, from the stand-points of first-cost and cost of operation. However, before entering into a discussion of the various systems, it will be well to consider briefly the conditions affecting the choice of a system of hoisting in which electricity is the ultimate source of power. The power required by a mine-hoist is extremely intermittent and fluctuates between very wide limits, the all-day average consumption of power not exceeding from 5 to 15 per cent. of the maximum demand during hoisting. The cost of supplying power for such a fluctuating load is necessarily higher than that for supplying an equal amount of

Dec 1, 1911

By WILLETT G. MILLERS

GENERAL RECEPTION COMMITTEE.-Willett G. Miller, Chairman; F. G. B. Alan, Hon. Frank Cochrane, Eugene Coste, Thomas W. Gibson, Cyril W. Knight, J. C. Murray, 0. N. Scott, Alan Sullivan, J. B. Tyrrell, J. W. Wells, A. B. Willis. COBALT RECEPTION COMMITTEE.-Arthur A. Cole, Chairman; Will. Ask with, R. W. Brigstocke, Robt. Bryce, Fred Coombs, M. I. Culbert, I. R. Drummond, J. W. Evans, A. Ferland, F. N. Flynn, E. L. Fraleck, S. R. Heakes, Joseph Houston, D. L. Jemmett, I. R. Jones, Major Leckie, Capt. Jack Leckie, R. W. Leonard, W. H. Linney, Alexander Longwell, Frank Loring, Murdock McLeod, John Martin, D. B. Rochester, W. E. Running. COBALT RECEPTION COMMITTEE (Ladies).-Mrs. A. A. Cole, Mrs. A. Edwards, Mrs. R. Jennings, Mrs. S. H. Logan, Mrs. A. Longwell, Mrs. H. F. Marsh, Mrs. J. Smith. SUDBURY LOCAL COMMITTEE.-Mayor L. O'Connor, Chairman; S. Fournier, Secretary; A. H. Beath, W. J. Bell, F. B. Bennett, D. M. Brodie, J. S. Buchanan, F. C. Busby, Wm. Chalmers, R. Dorsett, W. A. Evans, John Frawley, J. S. Gill, A. B. Gordon, J. G. Henry, T. N. Kilpatrick, Major Leckie, Chas. McCrea, John McLeod, Wm. McVittie, R. Martin, R. S. Mitchell, J. H. Morin, J. A. Orr, James Purvis (President Board of Trade), C. R. Reid, Major Smith, W. W. Stull, J. F. Templeton, S. E. Wright. The first session, held in the Banquet Hall of the King Edward Hotel, was called to order Tuesday, July 23, 1907, at 2.30 p.m., President John Hays Hammond presiding. Prof. Willett G. Miller, chairman of the General Committee, introduced Alderman J. J. Graham, who, in behalf of the City of Toronto, extended a hearty welcome to the members and guests of the Institute. To this welcome, President Hammond replied in a few well-chosen and hearty remarks. In the hall in which the session was held there was exhibited a fine, full-length, life-size portrait of Dr. Rossiter W. Raymond, in 1871 Vice-President and acting President, in 1872, 1873 and 1874 the elected President, in 1876 and 1877 Vice-President, in 1883, by appointment of the Council, and for the last 24 years by annual election, Secretary, of the Institute. Dr. James Douglas, of New York, N. Y., on behalf of numer-

Sep 1, 1907

By George Branner

THERE is no record of the commercial production of bentonite as such in Arkansas up to the present although fuller's earth has been. mined intermittently in the state1 from 1891 to 1922. Very nearly all of this was obtained from decomposed basaltic dikes.2 Recently three bentonite deposits of close stratigraphical relationship have been identified in the Coastal Plain region of southern Arkansas, which suggests that there may be a considerable quantity of commercial material available. LOCATION AND ACCESSIBILITY The three deposits are located respectively in the SE. ;1/4 SE. ;1/4 sec. 13, T.- 2 S., R. 13 W., Saline County, the SE. ;1/4 SE. 1/4 sec. 18, T. 5 S., R. 16 W., Hot Spring County, and in sec. 22, T. 12 S., R. 19 W., Ouachita County. The Saline County deposit is 14 miles by state highway 167 south of the city limits of Little Rock and 1 mile west by dirt road. This deposit is 12 miles south of Ward switch on the C. R. I. P. Railroad and 11 miles east of Vimy Ridge by dirt road. Vimy Ridge is also on the C. R. I. P. Railroad. The Hot Spring County deposit located in the SE. ¼ SE. ;1/4 sec. 18, T. 5 S., R. 16 W. is about 100 yd. north of Durian switch on the C. R. I. P. Railroad and on state highway No. 9, 5 miles southeast of Malvern. The Ouachita County deposit has not been accurately located but lies in sec. 22, T. 12 S., R. 19 W. It is approximately 2 miles by road from Chidester on the Missouri Pacific Railroad.

Jan 1, 1929

By C. S. Yust, Lida K. Barrett

The change in shape of the void in a sirzterir~g copper mass has been investigated as a juntction of' density. A serial sectioning' technique was used to eoaltrate the irregular shape of the void at two levels qf density. A measure of the void size and configuration, the proximity number, is defined and used to describe the progress of void removal. The process of. void removal deduced front the observations of this study contrasts with current sintering models in that it takes into account the irregularity of structure of a sintering mass and demonstrates that isolated Porosity does not occur first as spherical pores, but as large, definitely nonspherical sections of the void void volume. The process of sintering, about which there is much practical and theoretical knowledge, has evaded a direct and thorough analysis despite the intensity with which it has been studied for 60 years or so. This is due, of course, to the complex structure of a sintering mass and the inability to observe directly the development of a fully dense solid from the initial particulate arrangement. Extensive theoretical analyses have been based on the adoption of one or another of several model systems, that is, by visualization and analysis of some sort of regular assembly or arrangement of geometric "particles" approximating the conditions of a sintering mass. It seems appropriate at this time to try to examine experimentally in some detail the extent to which a sintering mass of irregular particles dlffers from these models. Many models deal with neck growth and the initial stage of sintering and follow the direction established by ~ucz~nski' in 1949 for the sintering of spheres to flat plates. Recently Johnson and cutler2 have adapted these models to sintering of powder masses. coble3 has presented a mathematical model for sintering that applies to the middle and final stages of the process. These papers, without exception, assume a regular geometry, generally spheres in contact in a regular array. Rhines~ and coworkers, however, are studying the sintering process by applying a model based on the topological concept of genus which permits them to consider an irregular structure. whites has described the various models with the exception of that of Rhines et al., and the assumptions on which they are based and their shortcomings. The present paper examines the geometric changes that occur in the powder mass during sintering by examination of the void. The method is to analyze a series of partially sintered structures and to propose from this analysis the sequence of events which occur in the removal of the void space as a sintering mass progresses from a collection of individual particles to a solid body. The irregular nature of the stacking of particles and of the particles themselves will be taken into account. The significant points derived from this study are: first, accurate reconstructions of the irregular void shapes are presented; second, it is clearly established that closed porosity occurs first as widespread volumes of interconnected porosity, definitely nonspherical in shape; and third, a new factor, the proximity number, is defined, which serves in this paper as a tool for describing the void shape changes observed, and which will be used in a later paper as part of the basis of a mathematical model for sintering. While the specific material studied is copper, the observations are thought to be relatively general as indicated by comparison of the results with partially sintered structures in other materials presented in the literature, both metallic and nonmetallic. EXPERIMENTAL PROCEDURE Four series of specimens representing progressive stages of the sintering process were prepared by sintering high-purity copper powder for various time periods. A relatively large particle size was used so that the void-solid interface could be readily distinguished at low magnification. In three series of specimens a loose stacking of particles was obtained by pouring powder into an alumina mold and lightly tapping the mold. The green density of such compacts was approximately 40 pct of theoretical density. Two of these three series utilized irregularly shaped particles in the size range -230 +325 mesh, one series sintered in vacuum and one in hydrogen at 950°C. The third series of loosely stacked particles consisted of spherical particles in the size range -270 +325 mesh, sintered in hydrogen at 950°C. A fourth series was prepared from compacted irregular particles sintered in hydrogen at 950°C. The specimens for this series were formed by lightly pressing the irregularly shaped particles in a steel die; the green density of the pressed pellets was approximately 60 pct. The irregularly shaped particles used in this study are shown in Fig. 1. The density of these particles, measured by a toluene picnometer technique, is 98.2 pct of theoretical density. Each particle is highly convoluted, and in some instances appears in cross section to contain internal porosity. The density measurement, however, indicates that completely enclosed porosity is very small so that the individual particles have a highly irregular surface but are essentially fully dense copper. Therefore, most of the void space that appears in two dimensions to be isolated within the particle is actually at the particle surface and connected to the external void in the dimension not included in the plane of the cross section. The void space that appears as void surrounded by the par -ticle or within folds in the particle w~ll be r~fc\r?

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

Jan 1, 1943

Jan 1, 1943

By V. F. Parry, J. B. Goodman

The low-rank coals containing 10 to 50 pet natural bed moisture represent over half of the tonnage reserve of the available solid fuels of the United States, but only about 2 pet of United States coal production is derived from these fuels. Increased utilization of these large reserves will result if the bed moisture can be removed at the mine in high-speed low-cost processes. This paper presents a theoretical and experimental study of the factors affecting high-speed drying of coal dusts. The time required to heat particles of coal is proportional to the square of their diameter, and it is calculated that the probable time in minutes is equal to 6D2. In other words, a 11 a in. coal particle should be heated to drying temperature in 1.5 to 2.0 sec. Likewise, 1/8 in. particles should be heated in about 6 sec. The net heat required to dry subbituminous coal and lignite varies from 240 to 375 Btu per pound, depending upon the moisture removed, and this heat can be obtained from 42 to 61 cu ft of hot gases at 600°F.

Jan 1, 1949

By Robert F. Mehl, Dana W. Smith

It has been shown that quenched iron of high purity exhibits a Wid-manstiitten figure much resembling martensite in appearance.1 This figure exhibits a maximum of four directions of the surface traces that characterize it, suggesting that a Fc forms from y Fe in plates parallel to the (III), octahedral, planes in the y lattice. Because of this, and also beqause of the general similarity to the structural appearance of martensite and to the Widmanstatten figure obtaining in slowly cooled hypoeutectoid steels it has been suggested2 that the orientation relationships obtaining between the y and a phases in pure iron are identical with those demonstrated in martensite3 and in slowly cooled hypoeutectoid steels,4 and indeed that the crystallographic mechanism of formation of a Fe from y Fe is the basic mechanism determining the orientation relationships found in both martensite and in slowly cooled hypoeutectoid steels. This paper will present experimental evidence in support of this view. Experimental Technique The analysis of the crystallographic mechanism of transformation in pure metals is beset with special difficulties, though some information

Jan 1, 1934

By R. A. Perry

DURING 1943, supplies of lead, like those of most base metals, moved from a position of scarcity to one of ample supply for all possible war requirements. The principal worry in the market, as 1944 began, was that surplus stocks might increase too rapidly to maintain price stability. The problem of postwar stockpiling had definitely entered the picture. The end of the year finds the lead industry having met all use demands, but not without depleting stocks to a critical low in spite of heavy importations. The principal reason for this dangerously reduced stock position is lack of adequate man power, which, without question, has become the lead industry's number one problem. This condition became obvious about the middle of the year, after Selective Service placed in effect orders that no deferments would be given employees under 26 years of age, and to a complacent attitude toward the industry assumed by the War Manpower Commission. It has become progressively worse since then. The WPB continued its policy, started during 1943, of easing restrictions on materials to be used for maintenance, repairs, and operating supplies. The policy of premium payments established by the Metals Reserve Co. was continued and, in spite of expressions to the contrary, has proved quite satisfactory. In short, the Government continued its program of stimulating the lead industry in practically all

Jan 1, 1945

By H. B. Menardi

The history, geology, ore deposits and current mining operations of the Huitzuco district have been described by C. W. Vaupelll and the current mill operations by David Segura.2 This paper completes the story of Huitzuco with a description of the reduction of the flotation concentrates. The predominant ore mineral in the Huitzuco deposit is livingstonite, a rare, mercury-antimony sulphide (HgS.2Sb2S3). Other associated minerals include cinnabar, stibnite and elemental sulphur. The gangue is largely limestone and gypsum. Former operators mined a selected grade of ore, from which the mercury was recovered by an expensive, inefficient operation. A considerable tonnage of rejects and fills, carrying mercury and antimony, was left in the mine. In order to recover both mercury and antimony from these fills and also from newly developed ore, a combination method has been developed, by means of which the livingstonite is concentrated by flotation and the flotation concentrates subsequently reduced to metallic mercury and antimony. An essential part of the flotation treatment, as developed by Segura, is the use of copper sulphate as an activating agent. A typical analysis of concentrates now being produced at the property is as follows: Hg, 7.73 per cent; Sb, 26.40; Fe, 1.20; S, 29.68; CaO, 11.50; MgO, 7.25; SiOz, 1.63; A1203, 0.65. PRocess foR Treatment op Concentrates In the development of a process for treatment of these concentrates, three different methods were investigated: (1) roasting in a Dwight-Lloyd sintering machine with an excess of air; (2) separation of mercury and antimony by distillation in a reducing atmosphere; (3) a third method, which ultimately developed into the present process. The third method involved a slow calcination at a closely regulated temperature with a limited admission of air, which separated the mercury and antimony, the raeroury passing out of the kiln with the furnace gases and the antimony remaining in the calcine or "sinter."

Jan 1, 1944

COUNCIL OF EDUCATION OF AIME (Formerly Mineral Industry Education Division) Established as a Division January 15, 1932 Established as a Council February 26, 1957 John C Calhoun, Jr, Chairman 0 Cutler Shepard, Vice-Chairman Thomas A Read, Secretary-Treasurer Dept of Mining & Metallurgical Engrg University of Illinois Urbana, Illinois COUNCIL OF ECONOMICS OF AIME (Formerly Mineral Economics Division) Established as a Division December 15, 1948 Established as a Council February 26, 1957 Louis C Raymond, Chairman Lorin A Cranson, Vice-Chairman Henry T Mudd, Vice-Chairman Adam K Stricker, Jr, Vice-Chairman Paul F Yopes, Secretary-Treasurer U S Bureau of Mines Albany, Oregon

Jan 1, 1957

By George M. Fowler

MINING geology is a progressive study, so we must look to the future for the solution of many of its most significant problems. These problems, world-wide in scope, offer ample opportunity for the exercise of the utmost skill and intelligence by all that attempt to solve theta, as it is generally recognized that many ore deposits of the future will he found only by months or years of combined intelligent effort by the several engineering groups. Renewed appraisals are continually being made to better understand the relationship of physical-chemical processes to ore deposition and other mineralization and to interpret the findings of the geophysicists and others in terms of economic results. A study of current geologic activi¬ties clearly reflects the growing tendency for cooperation between the different branches of geology in order to appraise their united efforts. In line with these activities arrangements have been made to transfer the geophysical section of the U. S. Bureau of Mines to the Geological Survey.

Jan 1, 1936

By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933