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By R. V. Wheeler, F. V. Tideswell

Coal being essentially a complex conglomerate of plant remains that have undergone decay and interaction in varying degree, it is understandable that attack on the problem of its chemical constitution by normal chemical methods should have been attended by but slight success. The obvious method of fractionation by means of selective solvents has yielded a few results of some value. Thus it is known that from many, if not all, bituminous coals organic solvents extract small percentages of oxygenated compounds, which are generally assumed to have been derived from the original plant resins, though a more probable source would appear to be the glycerides and waxes of the plants. Organic solvents also extract small proportions of hydrocarbons, the origin of which is doubtfill. Of more importance is the action of such pseudo solvents as pyridine, which, in addition to their specific solvent action, have the power of resolving and simplifying a portion of the coal substance in a manner analogous to that by which water can disperse a hydrogel. Early work with pyridine indicated that coals are composed of two main classes of compounds: the one soluble in organic solvents, the other capable of being partly dispersed in pyridine. Recent work has shown that the dispersion is colloidal in character and that it may be accomplished by the use of solvents less active than pyridine, such as benzene or chloroform, provided that the temperature of extraction is raised or the coal has been suitably preheated. The action of reagents on coal has proved of little value in the past, but some insight into the constitution of coal has been given by regulated destructive distillation. Thus, it has been shown that coals behave on distillation as though composed of two main classes of compounds: the one readily decomposable at moderate temperatures (yielding mainly the paraffins), the other undergoing a preliminary early decomposition (with evolution of oxides of carbon and water) and yielding a residue that at higher temperatures breaks down, yielding much hydrogen.

Jan 1, 1925

By AIME

The Taconites Are Ready, the editorial appearing on P. 933 of the September issue, has provoked comment from several informed engineers to the effect that the indicated profit margin was considerably exaggerated. The cost figures in the editorial, taken from the Congressional Record, were characterized as inaccurate by some correspondents. The theme of the story was, however, substantiated in the announcement (P. 1023, October) that Republic and Armco had joined forces in a $160 million project for taconite development. Chief among the dissenters was E. W. Davis, , Director of the Mines Experiment Station at the University of Minnesota. Mr. Davis has worked up the following set of cost figures:

Jan 1, 1950

By Dwight L. Sawyer

IF it had not been for the testimony of former Secretary of the Interior, Harold L. Ickes, before the Senatorial investigating committee the public would have heard little about the Federal Government's suit against California for the ownership of the tidelands. The Ickes-Pauley dispute brought to public attention that the California tideland oil deposits are the last remaining large Federal oil reserves. Ickes contends that these tideland oil deposits belong to the nation for the benefit of all the people of all the states and not solely to the State of California. Ickes also accused California oil man Ed Pauley of offering to give $330; 000 to the Democratic party fund if Ickes would drop the Federal Government's suit against the State of California for the ownership of said tidelands. The tidelands may be considered as the land bordering the coast line between mean high tide and outward under the ocean for a distance of a marine league, or about three statute miles. This strip of land along the coast of southern California contains large oil deposits which have a present and future prospective value of several billion dollars.

Jan 1, 1947

By Courtenay DeKalb

Revision of the United States mining law is needed chiefly because of the following reasons: 1. The conceptions as to the characteristics of orebodies that were held at the time the statute of 1872 was enacted have since proved to be in many respects erroneous. 2. The operation of the existing law has been found to work unnecessary hardship upon many claimants to mineral land. 3. The existing statute fails in large degree to encourage development of mineral resources. 4. The existing law often produces conflict between placer and lode-claim rights, working unnecessary injustice to placer claimants. 5. The methods of establishing the rights of locators on United States mineral land are defective, and are not uniform throughout the States within which such lands exist. Law of the Apex The objections to the so-called "law of the apex" are so well known as to require no detailed statement. It is sufficient to point out that the apex rule was based upon the notion that ore deposits consisted of well-formed veins included between definite walls, like the slice of ham in a sandwich. The fact is that veins conforming to that simple type are rare. Irregularity is the rule, and the chief metal production of the United States comes from mass? which bear no resemblance to the tabular form of vein. Manifestly the law of the apex fails completely in such cases. Moreover, the tendency is constantly toward the exploitation of ores of lower grade than could formerly be worked, and such deposits exist mainly in the form of large irregular impregnated zones and masses, so that the future development of our mineral resources would be continuously embarrassed by shadowy claims to extra-lateral rights by the locators of so-called apexes.

Jan 1, 1915

By Peter B. Scotland

The mines of the Arizona Copper Co. are situated in the Morenci-Metcalf copper district in southeastern Arizona. This copper-bearing district covers a triangular mountainous area of about 3 square miles, rising abruptly from the gravel plateau of the surrounding country. In this area, an immense intrusion of porphyry lias displaced, shattered, and engulfed the shales, limestones, and quartzites formerly bedded on the basal granite. Outcrops of oxide ore were discovered in 1873, and these surface ores were found to connect in depth with large bodies of high-grade oxide ores in the limestones and shales. The mining of these high-grade ores continued until about 1893, when their rapid exhaustion led to the discovery and exploitation of the low-grade sulphide ores in the adjoining porphyry. Methods of concentration were then devised and the low-grade ores finally rendered profitable. The Arizona Copper Co. and the Detroit Copper Mining Co., operating in the same district, were the pioneers in the successful development of the low-grade "porphyry" properties of to-day. The largest mines of the Arizona Copper Co. are the Humboldt and Clay at Morenci, and the Coronado, Metcalf, and King at Metcalf. These mines produce about 4,000 tons daily of concentrating ore containing from 2.5 to 2.8 per cent. copper. The topography of the country is very rugged and mining operations are conducted principally through adit levels. A few of the mines are opened by shafts, the deepest being 1,100 ft., in the Coronado mine. Ore Occurrence The low-grade sulphide ore occurs as: (1) disseminated deposits in the main stock of quartz porphyry; (2) lode deposits in fault fissures in granite. The high-grade oxide ores were found as tabular deposits in limestone and shale close to contacts with porphyry dikes. Low-grade oxide ore formed the outcrop of some of the sulphide orebodies; the majority of the outcrops, however, were barren.

Jan 1, 1915

By James E. Harding

The usual method of sampling mineral deposits is to drill holes and assay the sludge or core. Though the results thus obtained may not represent the true average value of the deposit, it is on these results that estimates of practically all large orebodies are made. In a large number of cases, the results of exploitation fall far short of the estimated value of the orebody. The standard method of making these estimates is to find the cubic contents of triangular prisms, in the apexes of which the drill holes are placed, by. multiplying the surface area by the average depth of the ore in the three drill holes and then multiplying the cubic contents by the specific gravity of the ore or rock to find the tonnage. The assay value is found by dividing the sum of the products of the depth of ore in each hole and the corresponding assay value by the sum of the depths of the ore in the three holes. As the latter part of this method is subject to many mathematical errors, it should not be depended on. Some engineers, therefore, use a discount factor, but as this factor is either arbitrarily selected or is obtained by obscure methods, the results are no better than guesswork. The standard method is correct when the drill holes are so laid out that the triangular prisms are equilateral in cross-section. But as ore deposits cannot always be drilled into at regular intervals and because of the human factor, if many holes are drilled, triangular prisms of all degrees of angularity are produced. In such cases it is necessary to assume that the influence of the different holes is not the same in all directions, which assumption of course is absurd. The area of the triangular prism is usually found by scaling; an ore-body of sufficient size to justify churn drilling is too large to be handled conveniently on maps having a scale larger than from 1000 to 1 to 1,500 to 1 and maps of such scales cannot be accurately measured. A variable is thus introduced in the first operation. In addition, the scaling is frequently done from blueprints, which sometimes shrink as much as 4 per cent. between printing, washing, and drying. The error due to scaling may be eliminated by surveying the location of each hole and

Jan 1, 1922

By Guy W. Crane

The geology of the Tintie mining district, fully treated, would occupy an elaborate monograph. This less comprehensive paper is devoted primarily to the occurrence and origin of the orebodies of the district, while space is given to those phases of the general geology only which seem necessary to a proper setting of such a discussion. The first geological report on the Tintic district to be issued was that by Tower and Smith, published in 1899, in the form of a paper in Part III of the Nineteenth Annual Report of the U. S. Geological Survey, and also as Folio No. 65, Geologic Atlas of the United States. About four years ago a second investigation was begun by Waldemar Lindgren and G. F. Loughlin, of the U. S. Geological Survey. With the exception of a paper on the oxidized zinc ores of the Tintic district by Mr. Loughlin, the results of their work are still unpublished. The writer's acquaintance with the district began in the fall of 1913, and has extended over a period of about two years. 1. Location The Tintic district lies about 65 miles due south of Salt Lake City, and on the west central slope of the Tintic Mountains, a short range, which forms the connecting link between the Oquirrh Mountains on the north and the Canyon Range on the south—the group constituting the first of the Basin ranges to the west of the Wasatch Mountains. The productive portion of the district embraces an area about 6 miles long and 2 miles wide, which is divided between Juab and Utah Counties. Within this area are the towns of Eureka, Mammoth, Robinson, Silver City, and Knightsville. All these points are tapped by the Denver & Rio Grande and S. P., L. A. & S. L. Railways. 2. Topography As in most of the Basin ranges, topographic relief is strong, dropping rapidly from peaks of 8,100 ft. above sea level to elevations of 5,600 ft. in Tintic Valley on the west and 4,500 ft. in Goshen Valley on the east.

Jan 1, 1916

By G. B. SOUTHWARD

MECHANIZATION is being developed to some extent in every coal field in the United States and it is rather difficult to say which State or section of the country has made the greatest advancement. Statistics now being compiled for 1928 will show the tonnage mined, the amount of equipment used in each of the coal-producing States, and the comparative tonnages and percentages of total tonnage mined in each of these States, and will reveal which field is making the greatest advancement as far as quantity of production is concerned. However, while the tonnage figures are of great importance there-are other phases of coal-mine mechanization, such as the types of equipment, the mining methods and coal bed conditions, which are of equal interest. The change from hand-mining practices in all of the various operations from the face to the railroad cars is, perhaps, more indicative than any other one thing of the real progress being made.

Jan 1, 1929

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society but the name has now been changed to one which more nearly reflects the real function of the corporation. It holds title to the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical Engineers, American Society of Mechanical Engineers, American Institute of Electrical Engineers and American Society of Civil Engineers, which own equal and undivided interests in the property. The land and building cost two million dollars. The interest of each of the Founders societies, aside from especial trust funds, is now valued at $493,352. The A. I. M. E. trustees are Arthur S. Dwight, J. V. N. Derr and George D. Barron. The President of the Board is Francis Lee Stuart and the Secretary, Alfred D. Flinn.

Jan 1, 1923

By Herbert Hoover

NO ONE could fail to be gratified to receive so profound an approbation in his calling from the members of one's own profession. To have re-ceived this distinction from men, many of whom have been professional associates and friends over more than a quarter of a century, warrants a pride. and satisfac-tion that could come from no other source. It has often been said that men are really known only to their brothers in labor and in profession. The long friendship I have received from Mr. Saunders and the distinguished service that he has contributed to the mining industry add to my appre-ciation of this event. Mr. Kelley's remarks bring my mind easily to the beginning of that period of great advance in the engineering, profession of forty years ago. Three great forces contributed to the development of the profession. The first was the era of intense development of minerals, metallurgy; and transportation in our great West. It greatly stimulated invention; it made a demand for training and skill on the part of our engineers. The pressure of national development advanced our American practice beyond the rest of the world. Moreover, the skill of our engineers of that period owes a great debt to American educators. The leaders of our universities were the first of all the educators of the world to recognize that upon them rested the responsibility to provide fundamental train-ing in, the application of science to engineering under the broadening influence and cultivation of university life. They were the first to realize that engineering must be transformed into a profession in the highest sense, not only in the training and character but that the essential quality of a profession is the instillation of ethics. That implies not alone the job but the responsibility of the community for the job. Our uni-versities poured into our development a great stream of men with this background and training. A third distinction that grew in American engineering was the transformation from solely a technical profession to a profession of administrators-the business manager with technical training.

Jan 3, 1928

By R. W. Raymond

Four portraits have recently been hung in the rooms of the Institute, in recognition of four illustrious men with whom we, as mining engineers and metallurgists, may claim fellowship. Luther. Martin Luther is often spoken of as a miner's son; but it is less generally known that John Luther, his father, was, in a small way, a metallurgist as well as a miner, and that Martin Luther himself, in his youth, worked in a forge or bloomary established by his father at Mansfeld, Saxony. Since this is the only manual occupation on his part of which we have ally record, it is fair to assume that the great scholar and reformer derived from his work in this department the practical familiarity with the conditions of human labor so abundantly evinced in the homely illustrations which accompany even his serious arguments, and in the witty apothegms of his famous " table-talk." At the same time, I must confess that I have not been able to find in any of the works of Luther distinct allusions to mining or metallurgy. Körner. Theodor Körner, a student at the Mining Academy of Freiberg, Saxony, threw himself into the German War of Freedom in the first decade of the 19th Century. He was a poet of no mean rank; and his " Song of the Sword " is one of the great lyrics of literature. This poem was written but a few days before he died in battle. In many respects, Körner may be compared with our American hero Theodore Winthrop, who similarly met a glorious fate, and left behind him prophetic indications of geniue, of which his premature death prevented the complete fulfillment. I am informed by a member of the Institute that Körner's admirable collection of minerals is still preserved at Dresden.

Jan 1, 1909

By F. W. Davis

SOME idea may be gained of the tremendous consumption of refractories by the open-hearth steel manufacturers from a statement made by A. T. Green at a meeting reported by T11.e Industrial Chemist of London, as follows: "At a very progressive steel plant in the Midlands, with a battery of five open-hearth furnaces working. twelve months and making 3000 tons of steel per week, the cost of refractories per ton of steel produced averages about $0.50 for the actual open- hearth casting and $0.12 for those operations incidental to the rolling of the metal." .These figures, when translated into the annual tonnage of steel, represent a very considerable expenditure.

Jan 1, 1930

By AIME AIME

ADDRESSING the Ohio Section at a recent meeting in Columbus, Ohio, R. C. Allen, executive vice-president for Oglebay, Norton & Co., Cleveland, spoke on "The Iron-Ore Industry of the Lake Superior Region in Prosperity and Depression." The speaker considered this region in connection with the problem of national security. This is the age of minerals; progress depends on them; and next to agriculture, the mineral industry is of prime importance. The United States has no shortage of minerals rather an over-supply; but many mines have been and are being exhausted. The shifting of the sources of supplies of minerals so important as copper, petroleum, and iron to other countries would create internal strains and affect international relations. There will be no early decline of ore mining in the Lake Superior region unless it is forced by unwise public policies. Iron ore is industrial strength and self-sufficiency. A study of economic geography is important for statesmen and mining men, because the minerals essential for peace and war are haphazardly or irregularly distributed throughout the world. Of these minerals, 75 per cent are owned by 10 per cent of the population, mainly peoples of Anglo-Saxon origin.

Jan 1, 1934

By Samuel S. Wyer

1. The following is an abridgment of a recent report made by the author, covering an investigation of: (A) The necessary use of natural-gas compressors; (B) The effect of gas compressors on natural-gas field operating conditions in Ohio, with special reference to the working pressure relations of gas wells of one company discharging by natural rock-pressure flow without compressors, and adjacent wells of other companies, discharging into intake lines to gas-compressing stations. Tests were made at 107 different places in the counties of fairfield, Licking and Knox, Ohio, which required 7,000 miles of automobile driving, and consumed 6 months' time. 2. A proper conception of the necessary use and effect of natural-gas compressors in natural-gas production necessitates a clear understanding of certain fundamental definitions and judicial doctrines, which are given herein. 3. Gas is a fluid composed of a large number of molecules which are vehicles of energy continually in motion, and havingan inherent tendency to get farther and farther apart. The range of motion of the molecules is limited only by the volume of the closed containing vessel in which they constantly move to and fro. The most distinguishing characteristic of gas is its universal property of completely filling an inclosed space. 4. Gas pressure is the result of the combined efforts of all the moving molecules in the mass trying to get farther and farther apart, that is, a mass of gas inclosed in a vessel expands and fills it, and being restrained from further expansion, it exercises a pressure against the walls of the vessel. This pressure is the same in all directions on equal areas of surface, as shown in Fig. 1. With a given mass of gas, any increase in volume of containing vessel will give the molecules more range of motion, * The public's interest in the age and magnitude of the art of gas compressing and development of the law relating to the use of grs compressors in natural gas production is discussed in the preceding paper. Development of the Law Relating to the use of Gas Compressors in Natural Gas Production; see also Is It Feasible to Make Common Carriers of Natural Gas Transmission Lines, vol. xlviii, 471 to 480 (1914). Consulting Engineer.

Jan 1, 1916

By E. C. Lee

THE safety of mine workers has received more attention from both State and Federal law-making bodies than any other industry, a fact that shows clearly the hazardous nature of the industry. The last, but by no means the least, of the measures adopted for the protection of mine workers, is workmen's compensation legislation. This is proving to be a powerful instrument for greater safety in the industries, from the fact that special stress is laid not on how the accident happened or who may have been responsible for it, but on how badly the employee is hurt by it. The injured person does not have to employ lawyers to prove his case, because the mere fact of his employment is proof of his right to compensation. The immediate effect of such legislation is the certainty confronting the mine operator that he must pay out large sums for every accident, regardless of its cause, thus adding materially to the cost of the production of his coal. This fact furnished to the operator the strongest incentive to reduce the causes of accidents; not that the operator has ever lacked reasonable consideration for the welfare of his employees and a proper humane interest in their safety, but his engrossment in earning his daily livelihood has been so great that he has not felt that he had the time to devote to the safety of the operation. This time he must now find because of the actual-cash value of the prevention of accidents in his mines. This agency alone proved inadequate to bring about a material improvement because operators have always been willing enough to improve safety conditions when possible to do so within reasonable limits of their financial ability. The requirement in the Workmen's Compensation Laws of several of the States, that the mine operator shall insure as a guarantee of his ability to meet his compensation obligations, has furnished the needed incentive, moral and financial, necessary to the prompt and effective dissemination of a more general knowledge of the causes and

Jan 10, 1917

By Eli T. Conner

WITH Thomas G. Fear, chairman of the Coal Di- vision, presiding, the coal miners opened their program Monday morning with a general session at which three papers were presented. The first, "The Classification of Coal for Stationary Steam Generation," was presented by the author, Thomas W. Harris, Jr. In discussion, H. T. Coates inquired if it would not be possible to pick out a geographical coal section, certain seams or a group of mines, which would rank high in a desired feature or features, perhaps giving different -- - local sections or different mines something to designate a rating ("good," "fair," and "poor"). This might be done relative to anti-clinkering, free-burning, ,anti-slagging, smokelessness, friability and grindability. These might be listed or arranged on a map or diagram so that the prospective customer could find a coal that rated particularly high in desired characteristics. C. A. Reed pointed out, in part, that coal producers and sellers have found a bad but necessarily present condition in the country, especially with the smaller user of coal. This is entirely due to the fact that the employer expects his purchasing representative to be a genius and have expert knowledge of everything he buys, coal included, whereas in the larger plants he has and uses expert knowledge from the active organization when necessary. J. B. Morrow said that size rating was important in classifying coal and he emphasized that it was impossible to come to a definite basis on analysis alone.

Jan 1, 1933

By Charles R. Keyes

Continued discussion of the paper of Charles R. Keyes, Trans., xxxix., pp. 139 to 169, 850 to 856, and Bulletin Ho. 34, October, 1909, pp. 945 to 947. CHARLES R. KEYES, Des Moines, Iowa (communication to the Secretary*):-It is with pleasure that I acknowledge the value and interest of the historical notes on early mining at Lake Valley, contributed by Messrs. MacDonald and Courtis. In my own paper there was no attempt to enter into this phase of the subject; partly for reason that the intention was to take up this in detail in another connection, partly because there was not space enough to. devote to it in a brief geologic paper, and partly on account of the fact that the strictly mining features are quite distinct from the purely geologic characteristics. As may be inferred from its perusal, the brief historical paragraph prefacing my paper was in reality geologic in its bearing. The events referred to therein relate to the published information concerning the geologic structure. The personages principally mentioned were noted merely to show how the names of several of our most distinguished scientists came to be closely associated with that of Lake Valley. Far from my intentions was it to slight the memory of any , of that brave band who, with lives in their hands, took so active a part in the early development of the mines. The value of their records is perhaps much greater than that of any published notes. The narratives of Messrs. MacDonald and Courtis are as thrilling as many other experiences related of that time and place. Few of us at the present time can appreciate the dangers of that early day, when the fierce Apache all but swept the. white man from that part of the country, when renegades from Texas overran the land, and when the outlaws of the nations took their last stand before advancing civilization. In marked contrast do we to-day reach Lake Valley by means of the 11 iron horse"; and out of a luxurious Pullman

Apr 1, 1910

EDITORIAL comments on the anthracite report of the Federal Fact-finding Coal Commission, which became public on July 5, together with an analysis of its more important conclusions, will be found on another page of this issue. In this place, only a few extracts from the report, bearing more directly on technical matters, can be quoted, for lack of space. COST OF MINING Mining cost, as it stands on the books of each mining company, represents the average cost of the total output, all sizes, of anthracite. Egg coal has at least five times the market value of barley, but these' sizes are mined together and their costs can not be separated. Mine costs directly reflect the conditions under which these deposits of coal are recovered. Even within the few counties in which anthracite is found there is a conspicuous range of natural conditions. The distinc-tion between the Northern, Middle, and Southern field, or, as they are also termed, the Wyoming, Lehigh, and Schuykill regions, is primarily geologic and topo-graphic, but the effects of the natural conditions largely control costs. The contrast is great between Some of the level-lying beds of moderate but fairly constant thickness under the broad Wyoming Valley, where mining and underground haulage present relatively simple problems to the engineer, and the steeply pitching or overturned and faulted beds of variable thickness in the Schuykill field, where crushed coal' and treacherous roof multiply the difficulties of mining; and increase the unavoidable waste. Even more direct is the connection between geologic processes and the, differences in the character of the coal as mined, the varying proportions of large and small sizes demanding differences in preparation and resulting in different average prices realized for the product of the mines.

Jan 8, 1923

By John D. Weibmer

A strong step towards acknowledgement of mining as a skilled trade has been taken by the Tintic Division of Kennecott Copper Corp. In May 2 ceremonies, a pilot program was signed into force which, possibly for the first time in US history, recognizes mining as an apprentice trade and grants journeyman status to those who complete the prescribed training sequence. The apprenticeship standards, hammered out after months of consultation between management, labor, and government, are presently limited only to underground hard-rock mining and only within Kennecott's Tintic Division, but the architects of the program are confident that the concept will spread-first to other underground operations where miners desire documented evidence of their special skills, then to open-pit and soft-rock operations.

Jan 6, 1977

By R. V. Whetsel, V. R. Garfias

For some time the writers have been compiling and analyzing statistics of consumption and production of petroleum, its products and related fuels, in order to arrive at a fairly accurate picture of the world-wide situation of the petroleum industry. In production, crude oil, natural gasoline, benzol and alcohol blended with motor fuel have been considered. In consumption not only refined products, but crude consumed as fuel, refinery losses, ships' bunkers and blended fuels have been taken into account to obtain a true balance between supply and demand. Statistics from practically every country and territory have been studied, and where actual figures were not available the estimates have been based on all the data available. The figures in Table 1 indicate that during the last five years the world's production has exceeded demand every year and that the aggregate difference is some 207,150,000 bbl. The supply in the United States exceeded consumption by 111,401,000 bbl. over the same five-year period and in 1931 and 1932 the demand exceeded supply, while outside the United States the excess of output over demand was 95,749,000 bbl. Table 2 combines the excess production in the United States with its favorable balance of exports over imports, showing that the United States has reduced its storage over the five years by about 136,-595,000 bbl., while in Table 3 it is shown that, including its excess of imports from the United States, the rest of the world has added 343,-745,000 bbl. to storage during the period in question, the greatest accumulation coming in 1934. Table 4 shows the world's consumption classified by countries according to the principal products. These tables also indicate that at the end of 1934 the statistical position of the petroleum industry outside the United States was decidedly unstable, a situation that probably will become more acute as a result of the added Iraq production; and that the present favorable statistical position of the industry in the United States, which is partly due to the excess of exports over imports, may be to some extent jeopardized by the unstable situation in the foreign market.

Jan 1, 1935