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By A. C. Milner

In a gold standard world which possesses insufficient metal to meet the every-day needs of all, confidence becomes the vital factor, the very foundation upon which the machinery for the expansion of gold into currency, and credit, rests. The gold supply, affected by many influences, moves constantly from one point to another, but not always to that point where it is most needed. In the period 1928-1930, the combined gold holdings of the United States and France increased $1,370,936,-000, and this with new gold adding only $600,000,000 to the monetary gold stock.Theref ore, the gold stocks of other countries must have been depleted during the period by $770,936,000. This uncontrolled shifting throws the delicately adjusted instrumentalities of both credit and commerce out of equilibrium. If a given nation's gold stock shifts so as to bring it substantially below the legal reserve ratio set up against it for currency issues, the effect can easily extend to the currency issues and banking credit volume of one or more nations which may have based their gold exchange standards upon the gold stock of such nation. Thus the substitution of paper based on gold in place of the actual gold is an inflation of the currency, which carries through into an uncontrolled pyramiding upon the entire machinery of credit based on gold. In 1929 Europe, South America, Africa and Asia had overissued currency based on gold. America, Oceanica and Japan, which have not overissued their gold currencies, would in normal times require their entire present gold stocks and, as Continental Asia is largely upon a silver credit basis, from a domestic standpoint, it would appear that the gold problem is not so much one of maldistribution, as it is one of inadequate supply. It would appear that some method of increasing greatly the velocity of gold, within the safe reserve point, should be devised, or that silver, of which estimates indicate that 7,000,000,000 oz. are available for

Jan 1, 1931

PRESIDENT AND DIRECTOR JOHN M LOVEJOY NEW YORK, N. Y PAST PRESIDENTS AND DIRECTORS HOWARD N EAVENSON PITTSBURGH, PA HENRY A BUEHLER ROLLA, MO. VICE PRESIDENT, TREASURER AND DIRECTOR KARL EILERS NEW YORK, N Y VICE PRESIDENTS AND DIRECTORS LOUIS S CATES NEW YORK N Y PAUL D MERICA NEW YORK, N Y WILFRED SYKES CHICAGO, ILL R C ALLEN CLEVELAND, OHIO HENRY KRUMB NEW YORK, N Y

Jan 1, 1937

By Hans Lundberg

N OT so long ago, the discovery of an orebody took place only by accident. At the present time mineral deposits, even though concealed, may be revealed by their physical or geophysical characteristics, considered in connection with geological studies. Geophysical methods are based on sound, scientific principles and in no sense partake of the mysteries of "divining-rod " methods. Geophysical methods are divided into two main groups: Group I: Methods where fields of force surrounding mineral deposits are investigated (magnetic, gravitometric, electric) ; Group I1 : Methods where fields of force are applied (produced) and anomalies caused in these fields by mineral deposits are recorded (electric, seismic). By methods belonging to Group I, the investigation of the fields of force may be brought to an astonishing degree of accuracy by means of highly sensitive and delicate apparatus (torsion and magnetic balances) ; at least, in simple cases these methods have proved to be of great value.

Jan 1, 1925

By H. C. George

IN 1901, the United States produced 69 million barrels of crude oil, which was 41.4 per cent of the world production. By 1931, these figures were 850 million barrels and 62.1 per cent respectively, showing over this period of thirty years an increase in the world production of 718 per cent. Over this same period, the increase in the demand for technically trained men in the industry was much greater than the increase in crude-oil production. This was because much of the increase in production was secured by the application of geology and physics to the finding of new oil fields and by .the development of engineering methods and equipment incident to drilling and producing from much greater .depths.

Jan 1, 1934

By E. H. Griswold

The efforts of petroleum production engineers during the past year have largely concentrated upon ways and means of reducing operating investments and expenses in order that the industry may survive a period of low crude oil prices. Major progress was made in outlining and solving the technical problems pertinent to unit operation in order that executives and legal staffs may actually arrange operating contracts to effect unit operation. Consequent savings in development and operating costs, accompanied by increased recovery, will thus be obtained. Well spacing has received considerable constructive thought and study, from which practical results are assured in the near future. The control of edge and bottom waters has advanced in technique through the engineering work done in Yates, Hobbs and East Texas, and there is evidence of greater cooperative efforts between engineers to increase recovery from pools by mutual gas conservation. The use of pressure control by surface and bottom-hole chokes has become general practice to reduce gas-oil ratios. The study of bottom-hole pressures has led to new conceptions of proper utilization of reservoir energy and maintenance of pressure by natural means. Pressure gradients of flowing wells have been measured in practice and strides made to develop workable formulas for the flow of oil and gas mixtures through vertical pipes. The information thus obtained will permit the intelligent design of flow tubing combinations. Gas-lit and repressuring advancements have been few, due to overproduction from naturally flowing wells. Satisfactory unloading valves for gas-lift wells have been developed and consistent progress made in gas-lift displacement pumps. The necessity for producing wells at high rates of flow while producing large quantities of sand has resulted in radical changes in Christmas tree and separator designs for the Oklahoma City pool. The opening of wells to obtain potential production for proration purposes has been eliminated in the Yates and Hobbs pools by the application of engineering principles.

Jan 1, 1932

By ALFRED T. BARR

In certain areas of the New Cornelia pit, considerable secondary blasting is necessary to reduce oversized boulders, formed from primary blasting, to pieces which will pass the 41/2-cu yd dippers on the shovels. Some of the boulders are 'dobied, but when time permits they are blockholed and blasted. In most instances one hole drilled to a depth of 2 to 3 ft and blasted with 1/3 to 1/2 of a stick of powder will break a boulder satisfactorily. Blockholing is normally done by using a jackhammer of the 55-lb class, 1-in. round drill steel, and detachable steel bits, 2-in. gauge when new. A bit change is usually made after the completion of each hole. The use of light drilling equipment in blockholing is desirable, both from the standpoint of safety and ease of doing the work, and when it was seen there was a possibility of using a lighter jackhammer through the use of tungsten-carbide bits and at the same time get at least the same drilling efficiency as with the standard equipment, it was decided to test tungsten-carbide bits. The claims for long life of the bits and footage drilled before resharpening gave hopes of eliminating much of the delay time in changing bits which is unavoidable with the use of steel bits. and thus gain in actual drilling time.

Jan 1, 1949

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE, ST. LOUIS, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS, NEW YORK, N. Y. L. D. RICKETTS, NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 2, 1918

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS, NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON, NEW YORK, N. Y.

Jan 4, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE, ST. Louis, Mo. PAST 'PRESIDENTS WILLIAM L. SAUNDERS NEW YORK,. N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, _ NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 11, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON, NEW YORK, N. Y.

Jan 5, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N.Y.

Jan 9, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS, NEW YORK, N: Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 1, 1918

PRESIDENT AND DIRECTOR JOHN M. LOVEJOY NEW YORK, N. Y. PAST PRESIDENTS AND DIRECTORS HOWARD N. EAVENSON PITTSBURGH, PA. HENRY A. BUEHLER ROLLA, Mo. VICE-PRESIDENT, TREASURER AND DIRECTOR KARL EILERS NEW YORK, N. Y. VICE-PRESIDENTS AND DIRECTORS LOUIS S. CATES NEW YORK, N. Y. PAUL D. MERICA NEW YORK, N. Y. WILFRED SYKES CHICAGO, ILL. R. C. ALLEN CLEVELAND; OHIO HENRY KRUMB NEW YORK, N. Y.

Jan 1, 1936

PRESIDENT AND DIRECTOR R. C. ALLEN . CLEVELAND, OHIO PAST PRESIDENTS AND DIRECTORS H. A. BUEHLER ROLLA, Mo. JOHN M. LOVEJOY NEW YORK, N. Y. VICE-PRESIDENT, TREASURER AND DIRECTOR KARL EILERS NEW YORK, N. Y. VICE-PRESIDENTS AND DIRECTORS HENRY KRUMB NEW YORK, N. Y. PAUL D. MERICA NEW YORK, N. Y. H. G. MOULTON NEW YORK, N. Y. HARVEY S. MUDD Los ANGELES, CALIF. WILFRED SYKES CHICAGO, ILL..

Jan 1, 1937

By V. Kondic, W. M. Rumball

HUNT and Jackson' have recently suggested that binary eutectics might be classified according to the entropy of fusion of the component phases. Such a classification was in fact proposed2 some time ago by the authors and the purpose of this communication is to present some supporting evidence. As pointed out by Hunt and Jackson' typical metals of low entropy of fusion, ?S, tend to form normal eutectics (using Scheil's terminology3). Where one phase is metallic (low ?S) and the other nonmetallic (high AS) then anomalous structures are formed. These anomalous structures may either be regular (e.g., Bi-Sn)or irregular (e.g., A1-Si). Finally Hunt and Jackson suggest that where both phases are of high ?S regular faceted structures are formed. In the proposed classification2 the ratio of the entropies of fusion is taken as the quantitative parameter, i.e., ?Sa/?SB = E, where e > 1.0. An extensive literature survey has been carried out2,4 for reliable photomicrographs of eutectic structures. The structures, numbering 151, have been classified into two classes, viz., normal (i.e., lamellar and rodlike) and anomalous. The latter group has been arbitrarily subdivided into regular and irregular anomalous eutectics. Details and sources of the structures are given elsewhere.2,4 In the absence of better thermodynamic data the value of E has been determined for each of the systems making the following assumptions and approximations: l) The entropy of fusion of solid solutions may be calculated additively;5 ii) Inter metallic compounds are treated similarly but with the addition of the following term for fully ordered structures.5 -4.573(Ni lOg10 Nl + N2 log10 N2) where Nl and N2 are the atomic fractions. It might be argued that the entropies of fusion are meaningless as the eutectic phases form at some temperature (T,°K) below their true melting point (Ta or Tb). As AS, = Lo/To if La the latent heat of fusion of a, is assumed independent of temperature, the actual entropy change AS& is given by La/Te. The ratio of entropies of fusion then becomes Fig. 1 shows E' plotted against cumulative totals for normal and anomalous systems from which it is seen that normal eutectics predominate at low values of E'; e.g., some 90 pct of normal systems lie below E' = 1.5 with 65 pct of anomalous systems above this value. Fig. 1 also shows that the regular anomalous structures occur mostly at low values of c' possibly suggesting growth more akin to normal than anomalous growth. The choice of c as a classification parameter was based on nucleation concepts, it being observed that metals widely separated in Sundquist and Mondolfo's8 nucleation series were anomalous and those close together normal. The basis of these classification views is really outside the intended scope of this communication but it is hoped to explain them fully in the near future.7 Having arrived at this entropy of fusion classification by nucleation considerations it is interesting to note that Hunt and Jackson's ideas are based on growth considerations. Elsewhere one of the authors4 has shown that an even better classification of the metallographic structures reviewed is obtained from purely conventional heterogeneous nucleation concepts. It has been found that systems having a value of the parameter +b less than 0.28 are almost certainly normal and above this anomalous: V, is the gram atomic volume. This parameter is nevertheless closely related to c and c', these being an approximation of p. The parameter is also related to the other classification3,8,9 which have met with any success in the past. All these classifications are to be reviewed shortly by the authorsU7 A significant thing about the classifications based on

Jan 1, 1968

By Bjorge, Guy N.

MINING method improve through the gradual process of evolution and in 1340 there were no marked outstanding innovations. On the other hand refinements of detail and betterment: in equipment design continued to progress. Among the most important changes have been the increased application of trucks and highway equipment, including tractors and bull- dozers, to open-pit mining as exemplified by Phelps Dodge's Morenci operations; the Mesabi iron range; and the Tri-State district. Mass or bulk handling contributed its part underground with slurhers and conveyors at Consolidated Coppermines and slushers at Climax; and in open-pit mining. conveyors found increased use on the Mesabi range.

Jan 1, 1941

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. LOUIS, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORE, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS, NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 8, 1917

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAND,1 NEW YORK, N. Y. BENJAMIN B. THAYER,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ..... ST. Louis, Mo. TREASURER GEORGE C. STONE,' NEW YORK, N. Y. SECRETARY EMERITUS , ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 7, 1915

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORE, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 12, 1917

PRESIDENT WILLIAM L. SAUNDERS,1 NEW YORK, N. Y. PAST PRESIDENTS CHARLES F. RAND,1 NEW YORK, N. Y. BENJAMIN B. THAYER,3 NEW YORK, N. Y. FIRST VICE-PRESIDENT PHILIP N. MOORE,1 ST. Louis, Mo. TREASURER GEORGE C. STONE,1 NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 9, 1915