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By Leo Brewer, Gerd M. Rosenblatt

Thermodynamic calculations predict the species vaporizing from metal-oxide mixtures when reliable free energy functions, enthalpies of formation, and dissociation energies are available for the possible gaseous and condensed oxide components. Calculations of the oxygen to metal ratio in the vapor phase compared with the oxygen to metal ratio in a liquid metal saturated with oxide impurity are presented The possibility of purifying metals contaminated with oxide by vacuum melting or by distillation is discussed. Kinetic considerations affecting rates are neglected. IN recent years extensive information has been obtained on the thermodynamic stability of gaseous oxides of metals due to a variety of new types of measurement. Perhaps the greatest amount of information has come from the application of mass spec-trometry to the study of high-temperature vapors.' In many instances oxides of quite unusual oxidation states are found to be important in the high-temperature vapors. At low temperatures the standard free energy change for a reaction as given by the equation ?F° = ?H° - T?S° is determined primarily by the AH" value. However, at higher temperatures where the value of T in the T?S° term is large, the entropy term becomes equal to or greater than the AH term. At low temperatures only reactions for which AH is negative or only slightly endothermic are of importance. This restricts the main equilibrium species largely to those with completed octets or those with the principle oxidation number of the element. At

Jan 1, 1962

5. The medal committee may invite nominations from the membership of the Institute, such nominations to be accompanied by an argument in favor of the award and details sufficient for a proper citation to be drawn. This medal has been awarded as follows: 1927—David William Brunton. 1929—John Hays Hammond. 1928—Herbert Hoover. 1930-Daniel C. Jackling. Miscellaneous Prizes Many of the Local Sections have established or administer prizes for the best paper presented within the year by any junior member. Annual Lectures Howe Memorial Lecture The Howe Memorial Lecture, in memory of Henry Marion Howe, Past President of the Institute, was authorized in April, 1923, as an annual address to be delivered by invitation under the auspices of the Institute by an individual of recognized and outstanding attainment in the science and practice of iron and steel metallurgy or metallography, chosen by the Board of Directors upon recommendation of the Iron and Steel Division. The following were the Howe lectures and lecturers for the years indicated: 1924 What is Steel? By Albert Sauveur. 1925 Austenite and Austenitic Steels. By John A. Mathews. 1926 Twenty-Eve Years of Metallography. By William Campbell. 1927 Alloy Steels. By Bradley Stoughton. 1928 Significance of the Simple Steel Analysis. By Harry D. Hibbard. 1929 Studies of Hadfield's Manganese Steel with the High-power Microscope. By John Howe Hall. 1930 The Future of the American Iron and Steel Industry. By Zay Jeffries. Institute of Metals Lecture An annual lectureship was established in 1921 by the Institute of Metals and it has come to be one of the important functions of the Annual Meeting. A number of distinguished men from this country and abroad have served in this lectureship. The roll is quoted below: 1922 Colloid Chemistry and Metallurgy. By Wider D. Bancroft. 1923 Solid Solution. By Walter Rosenhain. 1924 The Trend in the Science of Metals. By Zay Jeffries. 1925 Action of Hot Wall: a Factor of Fundamental Influence on the Rapid Corrosion of Water Tubes and Related to the Segregation in Hot Metals. By Carl Benedicks. 1926 The Relation between Metallurgy and Atomic Structure. By Paul D. Foote. 1927 Growth of Metallic Crystals. By Cecil H. Desch. 1928 Twining in Metals. By C. H. Mathewson. 1929 The Passivity of Metals, and Its Relation to Problems of Corrosion. By Ulick R. Evans. 1930 Hard Metal Carbides and Cemented Tungsten Carbide. By 8. L. Hopt.

Jan 1, 1930

By Edward H. Robie

SUBJECT to formal Board approval in September, AIME dues will continue indefinitely at the present scale of $20 for Members and Associate Members; and $12 for Junior Members for the first six years of such membership, thereafter $17. That is the wish of the Board of Directors and the will of the membership, as expressed in the recent referendum. Though the official returns, as reported by the tellers, are not available as this is written, the data are sufficiently complete to give the results to the nearest percent. The total vote was approximately 93 pct for continuance of the present scale. Metals Branch members voted about 94 pet for continuance; Mining Branch members slightly less than that; and Petroleum Branch members about 91 pct. As in the referendum of 1949, there was no particular difference of opinion on the question of dues as between the three Branches. The percentage of ballots returned was about 61 pct, only slightly more than in the 1949 referendum. But the affirmative vote was much greater, 93 pct against 78 pet in the earlier referendum. Looked at another way, a majority of those to whom ballots were sent, 56 pct, voted to continue the present scale of dues, whereas only 46 1/2 pct of those canvassed voted to raise the dues in the previous referendum. But approximately 600 , members expressed their opinion that the dues should go back to $15 for Members and Associate Members and to $10 and $15 for Junior Members. This is a substantial group of members who either do not think they are getting their money's worth from AIME membership, or believe that a more businesslike conduct of Institute affairs should provide current services at less cost, or believe that more service is being provided for their dues than they need. As to the first point, it is probable that some members are not getting their money's worth. They perhaps have only a fringe interest in. AIME activities, or they do not or cannot participate in such activities at the Local Section, divisional, or national level, so that all they get out of the Institute is the monthly journal, which they do not have time to read. If they did read it intelligently, and acted upon the professional information thus gained, it is difficult to understand how one or more ideas cannot be gained that would be worth $20 to them professionally. But the 600 members who want lower dues offer a challenge to the Directors and to the staff to do a better job; to make Institute membership so rewarding that every. member will be thoroughly satisfied. Twenty 1935 to 1939 dollars are worth only $11.60 now, according to the latest government data, but that makes it all the more necessary for us all to appraise the value of what we buy. To the 93 pct of Institute members who expressed a vote of confidence, so to speak, the staff, and we feel sure the Directors as well, are most appreciative and thankful.

Jan 1, 1952

By J. S. Smart

The six countries which make up the European Economic Community-Belgium, France, German Federal Republic, Italy, Luxembourg and The Netherlands-are populated by about 170 million consumers. Their economic abilities and their standard of living have increased at a high rate during the past few years. Consequently, the policies and trade practices adopted by the group will have International repercussions within the nonferrous Industry whether or not other nations are eventually admitted to the group. Considering the hopeful prospects of only a few months ago, it is surprising that we must now face up to the fact that Great Britain and Norway, in particular, will achieve membership status only after prolonged and difficult negotiations, if at all. However, this is but one of many factors that should remind us that the Common Market is yet in its formative stage and has by no means reached maturity.

Jan 6, 1963

By Wilbert McBride

Two Alco 3 ½ -ton motor trucks were used by Young Bros. while operating at the Mammoth Collins mine at Shultz, Ariz. One was equipped with an oil tank holding 1,075 gal. and was used for the transportation of "tops." The, other was fitted with a stake body and used to carry machinery, wood, rails, pipe and all classes of miscellaneous supplies. The bodies were made of oak with maple flooring and were attached to the frame of the chassis by U-bolts, to avoid drilling the main members of the frame. Most of the hauling was done from Tucson, a distance of 47;2 miles. During the first. 3 months, part of the road was in very bad condition and the tire cost was excessive. After this part was repaired the road was in fair condition, but never good. There were no excessive grades or bad sand, but wagon ruts, too narrow for the truck wheels and of a different gage, caused heavy tire loss; while chuck holes, sharp curves and stones, both imbedded and loose, were objectionable features. During wet weather the trucks could not get sufficient traction to climb some of the hills and were likely to stick in the mud in certain places, so that no attempt was made to run them unless they were on the road when the rain started. This lost time amounted to about 5 per cent. of the total, but, whenever possible, it was utilized in making minor repairs. The price of gasoline, was from 17 to 21 c. per gal. Rubber tires were used throughout. Drivers were paid $4.50 to $5 per shift, and a return trip to Tucson was counted as two shifts even when made in one day. Drivers were provided with a room in Tucson and were paid for all time lost due to causes beyond their control. Trucks were loaded one way only.

Jan 7, 1916

By Henry Howe

THE data which are collected in Table 1 show that the ferrite of low-carbon steel and of electrolytic iron, like the network of hypo- and hyper-eutectoid carbon steel, inherits, either absolutely or relatively, the, grain size of the mother austenite from which it is born in cooling through the transformation range. This evidence is so abundant and concordant as to cast doubt on Prof. Jeffries' 1 hypothesis of what might be called reversed inheritance, by which he explains Mr. Ruder's observation2 that the grains of a "slug of pressed pure electrolytic iron powder"were coarser, perhaps 12,000,000µ2, after a 3-hr. exposure to 1000° C. than after a 3-hr. exposure to 1250-1300°, when they were about 35,000µs. His explanation implies a natural tendency of coarser austenite grains to yield finer ferrite ones than spring from finer austenite grains, so that the inheritance is reversed. What seems to me a simpler explanation is that the enormous grains which followed the 1000° heating were not inherited from the mother austenite, but were formed by the process of natal coarsening, by means of which Stead and Carpenter developed grains of this same order of magnitude in this same kind of material, on heating to 950° or to 1000°, the temperature used by Mr. Ruder, provided the exposure was not unduly prolonged, and it does not seem to have been in Mr. Ruder's case. That their coarsening was natal and not through inheritance is shown first by the fact that their grain coarseness was out of all proportion to their relatively low temperatures and short periods, and hence was very far in excess of the grain size which the mother austenite must have had, and second and more cogently by the fact that the shape of these coarsened grains was evidently determined by the temperature distribution which existed during and immediately after the Ar3 transformation, that during the passage from the gamma to the non-gamma state.

Jan 9, 1917

There were present eight Directors, the Secretary and the Assistant Secretary of the Institute, and seventeen guests. Messrs. John V. N. Dorr and George D. Barron were appointed members of the Founder Societies Finance Committee on Joint Activities. A request from the New York members of seventeen societies that the Institute send a delegate to Engineering Congress for the purpose of formulating a code for professional conduct was referred to the Engineering Council. There were elected thirty-four members, twenty associates, and thirty-one junior associates. The status of one member was changed from associate to member; and of one junior associate to associate:

Jan 7, 1919

By P. Barnes

These furnaces are of the ordinary Siemens type, and present no special peculiarities of construction. The bed of each is 8 feet by 20 feet clear inside of the walls and ports. The producers are placed at a distance of about 200 feet from the furnaces, and the gas is collected in an iron tube and led across the yard overhead. It then drops underground into the gas flue, and is distributed to the furnaces. A considerable weight of floor-plates over the valve-pits is included in account 39, but none of the general stock of floor-plates for the mill were charged to the furnaces. In Table No. 1 is shown the money cost of the furnaces as distributed to the several accounts named. In Table 2 is shown the proportion of each account due to each of the several items or classes of expenditure named.. It is thus rendered possible, almost at a glance, to determine the money value in this particular case of each of the items named. The regular work of three of these furnaces in heating steel blooms for the months of January and February, 1877, was 77 rounds per week of 60 blooms each, or 4620 30-foot rails per week. Each furnace will heat 8 14-inch ingots, for three rails each, at one time.

Jan 1, 1879

By H. T. McAdams

Current theories of fracture maintain that brittle materials contain flaws or regions of weakness at which fracture originates. Whether a particular flaw grows depends upon the stress distribution in its vicinity and upon the presence of other stress relieving mechanisms capable of absorbing the applied energy. Under load, therefore, certain of these flaws will be activated, and the resulting fragments will have a size distribution determined by the spatial distribution of active flaws. Gaudin and Meloy,1 assuming a random occurrence of flaws, have derived the size distribution of fragments as

Jan 1, 1965

By Kenyon E. Richard, James H. Courtright

Thomas W. Mitcham (Strategic Minerals, Inc., Grand Junction, Colo.)—The authors have presented a significant contribution to the field of mining geology. The article is graphic, remarkably concise, and crisply original. The presentation is made on only three pages with two maps, but their Silver Bell story is entirely adequate in background, development, and conclusion. Most of their colleagues would agree that this paper reflects the high quality of the work which these unusually capable men have done in the Silver Bell area over the past few years. The Silver Bell area is one of complex tectonic structure, and time and spatial relationships are by no means apparent. Actually, most of the observations and interpretations in this paper are new to published geologic literature on the Silver Bell area. I am in agreement with these interpretations with two possible exceptions, which are discussed below. One might well define the three roughly parallel west-northwest faults, shown on the insert of Fig. 2, as the major structural elements of the area. North to south, I propose that these be named the Ragged Mountain fault, the Silver Bell fault zone, and the Waterman thrust, after the mountain ranges which are the results of these major structures. While I would agree with the authors that the northern two of these major structures are high-angle faults of the Laramide revolution, my impression is that the southern structure is a low-angle thrust of approximately Miocene age. In support of this opinion, I submit the following observations: 1) irregularity of the fault in strike; 2) scarcity of Laramide intrusives and alteration of sediments along the fault; 3) present high re- lief of the Waterman Range which indicates youth or certainly rejuvenation; and 4) existence of a series of parallel structures farther to the south which results in an outcrop pattern suggesting imbricate thrusting. The authors have stated that Laramide igneous activity began with the intrusion of alaskite. Some dacite flows appear to be conformable with Cretaceous beds, and thus my impression was that alaskite followed the intrusion and extrusion of dacite. I would be interested to learn of evidence in support of the reverse relationship suggested by the authors. Kenyon Richard and J. H. Courtright (authors' reply)—The authors appreciate Mr. Mitcham's attention to this paper. The names he proposed for the major faults seem appropriate. His suggestion that the Waterman fault is a thrust may be correct because he did more work in that particular area than the authors. However, it is believed that no direct evidence of a low-angle thrust relationship has been recognized, and the authors consider that indirect evidence favors a high-angle fault interpretation. The pre-dacite flow age of the alaskite is definitely established, the authors believe, by the fact that the flows rest on an erosion surface which was carved in the dacite porphyry, an intrusive clearly younger than the alaskite, as evidenced by inclusions of alaskite occurring in dacite porphyry. No direct evidence of Cretaceous sediment-flow rock relationships was found at Silver Bell, but in the nearby Tucson mountains dacite agglomerates, megascopically similar to those at Silver Bell, overlie a basal conglomerate which in turn rests on the truncated edges of steep-dipping Cretaceous arkosic beds.

Jan 1, 1956

By Harold B. Treweek

The development of full scale flotation circuits based on laboratory and/or pilot plant data is discussed. Auxilliary operations, equipment and layout essential for trouble-free start-up and operation are noted. The selection of flotation cell size is discussed as it affects plant capital and operation costs.

Jan 1, 1978

By David Donoghue

Efforts made in the year 1930 and in previous years restricted production in most of the fields of Texas to a point that was satisfactory, at the beginning of 1931, to the majority of producers and buyers. In the Panhandle, North Texas and West Central Texas districts, a few operators with refinery affiliations or contracts either ignored, or by virtue of injunction suits, did not comply with the Railroad Commission's orders, and there was some oil sold at less than posted prices, which, with the Oklahoma City difficulties, caused the first general price reduction. More could have been done perhaps to help the situation on the Gulf Coast and in the Laredo district, but natural advantages are not readily surrendered. East Texas Proration troubles in 1930 were insignificant when compared with those of 1931. In January, 1931, efforts were begun to convince the producers and citizens of East Texas of the necessity of curtailment. Opposition quickly developed and meetings were held in the towns of the region and proration denounced vigorously. Notwithstanding a strenuous campaign for additional legislation waged by many producers, the regular session of the State Legislature refused to strengthen the conservation laws and passed only the Marginal Well Bill, designed to prevent the Commission from prorating small wells. The Railroad Commission held a heated hearing on East Texas in the latter part of March. During April the Commission issued three orders based on the Yates plan for the proration of the East Texas field. Each succeeding order raised the allowable for the field. In June the opposition held more mass meetings at which a plan based on acreage was endorsed. Apparently on the theory that any plan was better than none, the Commission issued an order on July 2 embodying some of the features of the proposed plan, limiting production to 250,000 bbl. per day, and dividing the producing area into 20-acre units participating equally in the outlet. Owing to the bringing in of many wells and the many violators of the Commission's orders, production increased to such an extent that prices went as low as 5c per barrel.

Jan 1, 1932

The writers are to be congratulated for their excellent paper on a subject dear to the hearts of manufacturers of cold rolled sheets. Gary Works produces rimmed steel ingots up to 53,000 pounds teemed 91 inches high in 31 x 84 inch molds. By the writers' definition, this puts us in the small mold category, and a comparison of their adopted melt shop practice with our established rimmed steel practice discloses not a dime's worth of difference between us. This should give comfort to the writers for we at Gary have- never encountered the frequency of white line rejections as described in their paper.

Jan 1, 1972

By G. K. Burgess

J. W. RICHARDS, South Bethlehem, Pa.-I think my affections are still rather with the radiation pyrometer than the optical pyrometer, for practical use, and I wish that Prof. Burgess would use the two together, under the same conditions, using the optical as his standard, if he prefers. Then, assuming the optical emissivity which he feels is correct for the optical pyrometer, he could calculate the thermal emissivity for use with .the radiation pyrometer. If we could thus get reliable values for the thermal emissivity, we could then use the radiation pyrometer, and would avoid the use of the standard lamp, which has to be frequently calibrated for use in the optical pyrometer. It is very advisable to distinguish carefully between the terms optical emissivity and thermal emissivity. There -is considerable confusion caused by the bare statement that molten iron has an emissivity of so much, meaning by that its optical emissivity, for a light wave of a certain length; whereas what we want in the radiation pyrometer is its total ther-

Jan 4, 1917

By T. G. Richardson, F. M. Perkins

In the recent paper of Richardson and Perkins entitled "A Laboratory Investigation of the Effect of Rate on Recovery of Oil by Water Flooding,"' the authors found very little appzrent effect on oil recovery of having free gas saturation present prior to water flooding in unconsolidated sands. We agree that the effect in this particular system was small but do not feel that the data presented should be regarded as disproving work of others which has shown an appreciable effect. The authors do not make such a claim, but neither do they advance an explanation of the difference. In our experience the following factors must be carefully considered when studying the relation between residual oil saturation after water flooding and initial free gas saturation: (1) the magnitude of the inherent residual oil saturation, i.e., the residual oil saturation with no free gas; (2) the increase in oil-water viscosity ratio with pressure lowering if the gas saturation is obtained by solution gas drive; and (3) the oil shrinkage which occurs with pressure lowering and gas evolution. The system studied by Richardson and Perkins gave residual oil saturations as low as 20 per cent without free gas present, and one should perhaps not expect much further lowering. As an illustration of the magnitude of the effect when the residual oil saturation is inherently higher we submit the accompanying figure. These data were obtained on an unconsolidated sand under elevated pressure in a system similar to the one described by Richardson and Perkins. Gas saturation was established by gas drive before water flooding. The viscosity ratio was 600:1 under the conditions of the displacement. Here the gas was extremely effective in reducing residual oil saturation. This fact was also indicated by Kyte, et al.2 Their plots of residual oil saturation vs initial gas saturation show trends of greater free gas effect with higher oil viscosities. The pressure-dependent effects were not discussed by Richardson and Perkins. They should be separated from the free gas effect if the objective of the study is a correlation of residual oil saturation vs initial free gas saturation. The increase in oil viscosity when gas is released from solution tends to increase residual oil saturation. This effect is rather small in the viscosity range of kerosene. A Buckley-Leverett calculation, assuming an increase in viscosity ratio from 1.2 to 1.8, indicates an increase in residual oil saturation of about 1 per cent of pore volume. Thus, one would expect this system, if operated at constant viscosity ratio, to show a slightly greater free gas effect. As Dyes- as shown, oil shrinkage can offset the beneficial effect of free gas on waterflood oil recovery, if the gas saturation is established by depletion. Since

Jan 1, 1958

By O. C. Wheeler

During 1938, Colombia witnessed greater activity in oil prospecting and development than in any previous year in its history; more wells were drilled, more potential production established, more geological and geophysical work was accomplished, and more leases and concessions were acquired. Many companies, including the Texas, Socony Vacuum, Richmond (subsidiary of the Standard Oil of California), the Shell, and Tropical, contributed to this activity. Probably the most noteworthy development was in connection with the Barco Concession, which forms part of the Maracaibo Basin in eastern Colombia, adjacent to the Venezuelan frontier. There a great deal of preparatory work was accomplished in addition to camp and other construction, 20 producing wells were drilled and work was begun on the construction of a 12-in. pipe line to transport the oil to the port of Covenas, a distance of 260 miles. It is reported {hat 58,000 bbl. daily initial production was established during the year and is awaiting an outlet through this pipe line. Leasing and exploratory operations in Colombia continued active throughout the year; applications were made for concessions covering more than 1,100,000 acres of national lands and, in addition, leases were taken up on large areas of privately owned lands. Under Colombian law

Jan 1, 1939

By O. C. Wheeler

During 1938, Colombia witnessed greater activity in oil prospecting and development than in any previous year in its history; more wells were drilled, more potential production established, more geological and geophysical work was accomplished, and more leases and concessions were acquired. Many companies, including the Texas, Socony Vacuum, Richmond (subsidiary of the Standard Oil of California), the Shell, and Tropical, contributed to this activity. Probably the most noteworthy development was in connection with the Barco Concession, which forms part of the Maracaibo Basin in eastern Colombia, adjacent to the Venezuelan frontier. There a great deal of preparatory work was accomplished in addition to camp and other construction, 20 producing wells were drilled and work was begun on the construction of a 12-in. pipe line to transport the oil to the port of Covenas, a distance of 260 miles. It is reported {hat 58,000 bbl. daily initial production was established during the year and is awaiting an outlet through this pipe line. Leasing and exploratory operations in Colombia continued active throughout the year; applications were made for concessions covering more than 1,100,000 acres of national lands and, in addition, leases were taken up on large areas of privately owned lands. Under Colombian law

Jan 1, 1939

By G. R. St. Pierre, R. D. Blackburn

Oxygen contents of' liquid-iron alloys saturated with oxides are analyzed. Minimum points observed in particular Fe-X-O systems can be predicled by a simple extension of first-order interaction methods. If minimum oxygen content occurs at N; where r is the ratio of metal to oxygen in the oxide phase. RECENTLY, wisher' reported on solubility measurements of A1203 in liquid iron at 1580°C which support the earlier work of d'Entremont, Guernsey, and chipman2 and Gokcen and Chipman. Swisher's diagram is reproduced in Fig. l. Minimum points in oxide solubilities have also been found in the Fe-Cr-0 system,4 Fig. 2, and the Fe-Ti-0 system,' Fig. 3. Minima positions can be used to confirm approximately the measured first-order interactions, &, cgr, and E&~, in liquid iron and to deduce compositions of components of constant activity in the oxide phases. Consider the solution of Alz03 in liquid iron: for which an equilibrium constant can be written as: differentiating Eq. [2] with respect to Na~, the atom fraction of &l in the metallic solution, and noting that If the activities of Al and 9 are expanded by a first-order interaction model, then:

Jan 1, 1969

By James Aston

INDICATIVE of the practical importance of the achievement of James Aston , recipient of the Robert W. Hunt Medal for 1930, is the following prosaic item from the financial columns of a recent issue of a New York newspaper. "According to private advices from Pittsburgh, production costs of the A. M. Byers Co. for 1929 were reduced about $5 a ton by the use of the Aston process for making wrought iron pipe. A greater saving is anticipated for 1930, when more of the company?s requirements will be produced by the new method."

Jan 1, 1930

The following paragraphs have been extracted from a recent publication of the U. S. Department of Commerce; Miscellaneous Series, No. 65, " German Trade' and the War, " which portrays the industrial, commercial and economic conditions of Germany, at the present time, and has been compiled largely from sources published in Germany. Iron and Steel The Krupp company, the greatest of the German munition works, was faced at the outbreak of the War with the disappearance of its great international business, but this was amply compensated by orders from Germany and her allies, and the activity of the company has been greatly extended. The general meeting of December 1914, voted an increase in the capital to 250,000,000 marks. The gross profits of the company, amounting to 61,900,000 marks in 1912-13, have been more than doubled during the war. The gross profits were 128,260,000 marks in 1914-15 and 143,360,000 in 1915-16. Large sums have been written off; 10,000,000 marks have been placed in the pension fund during the war, and 5,000,000 were appropriated for workmen's dwellings in 1915. Thirteen million marks have been devoted to war assistance in the last three years. The assets of the company were valued at 967,000,000 marks at the end of 1916. For the year 1916-17, the company paid a dividend of only 10 per cent., but set aside 85,425,000 marks for depreciation. The Bismarckhütte in Upper Silesia, capitalized at 16,000,000 marks, with a bonded indebtedness of 7,907,500 marks in 1913-14, reported 3,912,000 marks of net revenue from operation for that year. During the three years of war the revenue increased successively to 8,077,000, 11,805,000, and 16,994,000 marks. While the capital remained unchanged, and the bonded indebtedness was but slightly reduced, the dividends paid during the last four years were increased from 9 per cent. in 1913-14 to 15, 25, and 30 per cent. during the war. During the year 1916-17 the amount written off, chiefly on the works and plant account, was 10,553,000 marks, or nearly as much as the total set aside during the three preceding years. The turnover for that year reached a sum many times the amount of the capital. At the end of 1916 the company's shares were quoted at 275, as against 144 at the end of 1913.

Jan 8, 1918