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By Andrew Fletcher

AS good health is the most important asset in life, the development of healthful conditions should be the one common meeting ground of agreement between management and labor. Health should not be a subject to be pulled apart, shoved around, or bargained about. Differences of opinion may exist in the procedure and techniques employed in approaching the goal of maintaining the health of workmen, and in the method of increasing the ultimate profit of the employer by improved working and living conditions. Such matters are doubtless appropriate subjects for discussions between the interested parties, but techniques are only tools. If an employer fails to remedy a hazard or a menace which contributes to poor working condlions, this constitutes a legitimate grievance. It should not be necessary, however, nor is it desirable that fundamentals of health maintenance become matters of collective bargaining, any more than should the principles of management and engineering. I have been especially concerned during the last few months with the propaganda in collective bargaining negotiations throughout the country for including in union contracts a given number of days of sick leave with pay. We all

Jan 1, 1946

By S. R. B. Cooke, W. Philippoff, Donald E. Cadwell

[THE importance of contact angles in flotation has long been recognized, but little has been done to get quantitative relationships between the surface coverage of the mineral by the reagent, the length of the hydrocarbon chain, and the contact angle. It is well known that for a complete monolayer on the surface of a mineral the contact angle ? is determined only by the reagent&apos; and principally by the chain length of the hydrocarbon radical. Although for flotation the monolayer usually is regarded as being complete, early experiments of Wark and Cox2 showed that at very small concentrations of potassium ethyl xanthate the contact angle on galena changed in a continuous way from 0° to the equilibrium value of 60°. Further, Gaudin and Vincent&apos; showed a similar continuity using heptylic acid and sphalerite. This shows that with probably incomplete monolayers, ? varies with the degree of surface coverage. At the time these experiments were made it was impossible to measure the actual amount of surface coverage, especially since the decrease of the collector concentration in the liquor could be influenced by chemical side reactions. Through the use of the radioactive tracer method for the measurement of the amount of collector adsorbed on the surface of the mineral, Gaudin and Bloecher4 were able to determine accurately the actual surface coverage of dodecylamine acetate on quartz, but they did not measure any contact angles. It is believed that the relationship between the surface coverage and the contact angle is extremely important in flotation, especially as Gaudin and Bloecher showed that a 95 pct recovery is possible with a coverage of only 5 pct. Theoretical Considerations The work of adhesion W is the energy bound (in ergs per sq cm) when an interface is formed. It is determined by, the difference of the free surface energies (surface tensions) of the respective phases ?1 and ? 2 before contact and the interfacial free surface energy ?12 after contact. The definition of the contact angle permits the elimination of the unknown surface energy of the solid and hence the calculation5 of W from the surface tension of the liquid ? and the contact angle ?: [W = y (1 + cos ?)[1]] Consider a surface consisting of two components, identified as 2 and 3, 1 being the liquid. The amount of 2 in the composite surface is x, where 0 < x < 1. The respective contact angles with 1 and air are ? and ?3. The total work of adhesion of such a surface is the sum of the values of the components multiplied by their respective areas. A formal relation can be written: [W,,,=x•W2+ (1-x).WR[2] .] in which Wm is the work of adhesion of the composite surface. Eq 1 can be introduced into W2 and W3 but in the case of Wm some discussion is needed. If the two components are segregated, each component forming an integral part of the composite surface there is no physical meaning for a contact angle ?m, calculated from Wm, by using eq 1. If, on the other hand, the area of each patch of the components is small in comparison with, say, the diameter of the bubble used in measuring, it could be expected that ?m would have aphysical significance, because of the action of the surface tension of the liquid-gas interface tending to smooth out sharp corners. How small these patches would have to be is difficult to predict, but by using composite surfaces with microscopically]

Jan 1, 1952

By W. R. Ingalls

DUPING the last two years, and especially during the last six months, a number of important articles upon the new methods for the desulphurization of galena have been published in the technical periodicals, particularly in the Engineering and Mining Journal and in Metallurgie. I proposed for these methods the type-name of "lime-roasting" of galena as a convenient metallurgical classification,&apos; and this term has found some acceptance. The articles referred to have shown the great practical importance of these new processes, and the general recognition of their metallurgical and commercial value which has already been accorded to them. It is my present purpose to review broadly the changes developed by them in the metallurgy of lead, in which connection it is necessary to refer briefly to the previous state of the art. The elimination of the sulphur-content of galena has been always the most troublesome part of the smelting-process, being both costly in the operation and wasteful of silver and lead. Previous to the introduction of the Huntington-Heberlein process at Pertusola, Italy, it was effected by a variety of methods. In the treatment of non-argentiferous galena concentrate, the smelting was done by the roast-reduction method (roasting in reverberatory furnace and smelting in blast-furnace); the roast-reaction method, applied in reverberatory furnaces; and the roast-reaction method, applied in Scotch hearths 2 Precipitation-smelting, simple, had practically gone out of use, although its reactions enter into the modern blast-furnace practice, as do also those of the roast-reaction method.

Sep 1, 1906

By W. H. Morris

I have been requested to present a paper on the slag from the basic Bessemer process, as prepared for fertilizing. Since Professor W. B. Phillips presented at the Birmingham meeting, in May, 1888, an able paper* on this subject, as it had been developed up to that time, there is little for me to add. Perhaps later practice may be best expressed by the homely proverb, " The proof of the pudding is in the eating." As the Pottstown Iron Company is the only concern manufacturing basic Bessemer slag in this country, the writer&apos;s personal experience in the use of it may be interesting. Our slag averages: P2O5, 21.37; SiO2,, 5.10; MgO, 5.90; Al2O3, 4.01; MnO, 5.56 ; FeO, 12.00; Na2O and K2O, 0.80; CaO, 45.26; total, 100.00. This gives over 76 per cent. of phosphoric acid and lime. In using this material for several years past on my lawn and garden, I have found it better than anything else I have ever tried ; and I am sure that any of you who had seen my green grass last month (January), wherever the ground was bare from snow, as bright as in early fall, would be forced to acknowledge the advantages of this soil-enricher. The grass on my private lawn, and around the company&apos;s office, is green the whole winter; and we have raised very good sod, by the use of this phosphate, where, without it, we were unable to get the grass to grow either from seed or by repeatedly sodding. The same statement applies to garden-truck; when the soil was first broken up, a good crop of vegetables was easily raised. My own gardener has had several premiums from Philadelphia seedsmen (notably, last year, the first premium for sugarcorn raised in the first part of July, being the first sample sent them). Our method of applying this material is to grind the slag very finely, so that at least 60 per cent. of it will go through a 150-mesh screen (i.e., say, 22,500 meshes to the square inch), and 90 per cent. through a 100-mesh screen (i.e., 10,000 meshes to the square inch). This fine grinding seems to be the main condition of success.

Jan 1, 1893

By Krahmann, Rudolf

THE following is an account of a survey undertaken to test the possibility of outlining a kimberlite pipe by magnetouietric methods. Kimberlite is a basic igneous rock closely related to melilite-basalt or alnoite, which occurs either in the form of volcanic plugs or as dikes intruded into rocks of various types and geological ages up to and includ¬ing the Lower Cretaceous. The famous diamond mines of South Africa are all in kimberlite pipes and these pipes are probably the original source as well of the vast alluvial deposits found in various parts of the country. The pipe chosen for this experiment is one that &apos; occurs on the farm Goedgevonden No. 20, about sixteen miles north of the village of Klerksdorp and ninety miles southwest of Johannesburg. Some prospecting has been done on this pipe and diamonds were produced from it but not in paying quantities. The magnetometric survey was made in June, 1932, by R. Krahmann and H. Wallisch and the results are shown on the accompanying plan. On the plan are shown also the boundaries of the pipe as exposed at the surface and details in regard to the surrounding foundations. These are taken from a geological survey made at a later date by W. Beetz, of Johannesburg.

Jan 1, 1935

By F. C. NINNIS

AT THE Belmont mill, the pregnant solution is de¬livered to a 30 by 10-ft. tank, from which it is pumped to three Merrill clarifying presses of the sluice-bar type, whence it flows through the meter to the precipitation supply tank. ?The solution for precipitation is pumped by a 10 by 10-in. Aldrich triplex pump and delivered through a 6-in. line to the forty-eight triangular frame Merrill presses at the head of the mill. Zinc dust is fed in at the pump suction and the solution precipitated to 0.01 to 0.02 oz. silver. The solution flowing from the presses is tested at 1-hr. intervals with sodium sulfide. All solution is precipitated to the same value; 4J tons of solution are precipitated for each ton of ore treated and the presses are cleaned every 15 days. The product from the presses&apos; is dumped into steel cars having steam-jacketed bottoms, in which they are dried until the moisture content is between 15 and 17 per cent. when 8. per cent. of soda and .3 per cent. of borax are added and the contents thoroughly mixed. In the case of special clean-ups, the precipitate is tested and the flux is added to meet the requirements.

Jan 1, 1921

By I. C. Edwards, W. J. Dengler, D. F. Lillie

By 1959 the milling plant of Bicr oft Uranium Mines Ltd. had been in operation for two years. During this time many changes, both physical and chemical, had been made in an effort to improve plant efficiency. Investigational work had been facilitated greatly by the fact that the Bicroft mill consists to a large extent of two parallel circuits; however, the number of interrelated variables is great, and it is difficult to measure, let alone control, all of them simultaneously. The Bicroft mill staff feels that much progress has been made, but there is much yet to be done and many questions still to be answered. The Addendum outlines noteworthy developments to the fall of 1960. The property of Bicroft Uranium Mines is located in Cardiff Township in the Highlands of Haliburton County, southeastern Ontario, some 140 miles northeast of the city of Toronto and 70 miles due north of Lake Ontario. The ore-bearing dikes are classed as mafic. nonsegregated, syenite and granite pegmatite. Microline, microline perthite, quartz, sodic plagioclase, and pyroxene or biotite are the main constituents with uraninite, uranothorite, fluorite, titanite, cryolite, calcite, pyrite, pyrrhotite, and molybdenite as important accessories. The mill was designed for a nominal capacity of 1000 tpd with all sections except grinding, leaching, and clarification capable of 1500 tons. Feed was entered to one mill unit on Oct. 29, 1956, and to the second parallel line on November 13. The total feed rate was at 1000 tpd on November 15. The first precipitate was produced on November 12. By August 1958 the average entry had been increased to 1410 tpd without the installation of any additional major equipment. The overall recovery has been greater than 93.0 pct on several months, but a recovery of 92.5 pct appears to be most economical. Operating time for eight months in 1958 has been 97.1 pct although all grinding mills were relined during this period. A generalized flowsheet is shown in Fig. 1 and the plant layout in Fig. 2. The ore is crushed in three stages to -3/8-in. and then is wet ground in two stages to approximately 50 pct -200 mesh. The pulp is thickened to 68 pct solids and agitated by air for 33 hr at a pH of 1.9 as maintained by the addition of 93 pct sulfuric acid. Separation of the uranium-bearing pregnant liquor from the residue is accomplished by five-stage countercurrent decantation (CCD), following which the liquor is clarified for removal of fine slimes. The clarified liquor is treated in the ion exchange equipment in which both the upgrading of the solution and the removal of some impurities is accomplished. Addition of magnesia to the high-grade eluate from ion exchange precipitates the uranium as sodium-magnesium diuranate. After being filtered and dried this precipitate is packaged in drums for shipment. The residue from CCD and the barren solution from ion exchange are neutralized by the addition of lime and pumped to the tailings disposal area. CRUSHING All crushing is done on surface in a conventional three-stage unit consisting of a 36x48-in. Birdsboro Buchanan jaw crusher, a 4 1/4-ft standard Symons cone crusher, and a 4-ft Symons shorthead. Both the two primary and the two secondary screens are 4X 8-ft Symons rod decks. Moisture content of the feed ranges from 3 to 4 pct. In the initial installation the primary screens were equipped with 5/16-in. rods at 1 1/4-in. spacing and the secondaries with 5/16-in. rods at 1/2-in. spacing. With this arrangement the average crushing rate was better than 180 tph. To reduce the work required of the grinding circuit as tonnage was increased, several changes were made in the crushing circuit. By September 1957, both secondary screens had been reduced to 3/8-in. spacing, and rod size had been reduced to 3/16-in. to provide increased open area. Average throughput was reduced to 160 tph. Later, 50 pct of one primary screen was decreased to 1/2-in. opening to better balance the load between the two cone crushers. In May 1958,

Jan 1, 1961

By Eifu Moriyama

In 1953, Akita Plant, having a capacity of 560 tons per month, was built at Akita city by Mitsubishi Metal Mining Co., Ltd. for the purpose of treatment of the Ikuno and Akenobe Mines&apos;s zinc concentrates. Akita city, in whose neighborhood the black ore has been discovered, is located about 500 Km north of Tokyo and faced with the Japan Sea. This plant has been continuously expanded to have the capacity of 7,500 tons per month by the end of 1969. Efforts have been made to mechanize installations and to achieve continuous process. One of the characteristics of Akita Plant is the recent establishment of the residue treatment process. Many processes had been investigated, and finally commercial sulphate roasting of the residue has been carried out since 1965. At Akita Plant, special high grade electrolytic zinc, zinc alloy for die-casting (MAK brand), cadmium, cement copper and sulphur dioxide gas are produced. Sulphur dioxide gas is sent to the next door fertilizer plant to make acid. Table 1 shows production and the average assay of the electrolytic zinc and cadmium in 1969. This plant is divided into four main sections, two subsections, and residue treatment sections: Main sections are: (M-1) roasting section, (M-2) leaching and purification section, (M-3) electrolysis section, (M-4) melting and casting section,

Jan 1, 1970

By J. R. McWilliams

Several of the current concepts of brittle fracture involve consideration of the existence of defects or flaws. Griffith 1 observed that the tensile strength of brittle materials was several orders of magnitude less than might be expected from the calculated strength of the molecular bonds. He was able to show that the stress concentration at the tip of an elliptical crack is sufficient to raise the local stress level many fold. He therefore proposed that real materials do contain such stress risers in the form of minute cracks and that this accounts for the rather large difference between theoretical and actual strengths of brittle materials. The degree of stress magnification depends to a great extent upon the orientation of the crack with respect to the general stress system, and to the general geometry of the crack.

Jan 1, 1967

By Walter W. Bradley

(Three, papers included, in this discussion are classified as Mining Geology and also as one of the following-A, Metal Mining: B, Milling and Concentration: L, Geophysics. These papers are TP 2255, TP 2092 and TP 2038.) CONTENTS [PAGE Review of Fluorescence as Applied to Minerals, with Special Reference to Scheelite. (TP 1967 by J. W. VANDERWILT, Min. Tech., March 1946. Discussion by WALTER W. BRADLEY) I Geologic Interpretation of Magnetic Exploration on the Mesabi Range, Minnesota. (TP 2038 by R. B. H. JONES, Min. Tech., July 1946. Discussion by ROBERT B. SOSMAN) I A Technique for Photographing Difficult Subjects through a Petrographic Microscope. (TP 2092 by DONALD W. SCOTT, Min. Tech., Nov. 1946. Discussion by HORACE WINCHELL) 2 The Search for Concealed Deposits-a Reorientation of Philosophy. (TP 2146 by SAMUEL G. LASKY, Min. Tech., May 1947. Discussion by T. M. BRODERICK)3 Occurrence of Lead-zinc Ore at Iron King Mine, Prescott, Arizona. (TP 21 go by H. F. MILLS, Min. Tech., July 1947. Discussion by HUGH M. ROBERTS)3 Geologic Relations and New Ore Bodies of the Republic District, Washington. (TP 2197 by LAWRENCE B. WRIGHT, Min. Tech., July 1947. Discussion by AUGUSTUS LOCKE and J. A. RICHARDSON) 4 San Manuel Prospect. (TP 2255 by H. J. STEELE and G. R. RUBLY, Min. Tech., Sept. 1947. Discussion by L. KENNETH WILSON, ELDRED D. WILSON and the author) 5] Review of Fluorescence as Applied to Minerals, with Special Reference to Scheelite WALTER W. BRADLEY*-AS I recall, the first portable units for ultra-violet light of practical use with scheelite were developed at the Nevada-Massachusetts Tungsten Mine at Mill City, Nevada, and were used underground. Ultra-violet lamps are also installed there in the mill, above the gravity-concentration tables, for control observations. Geologic Interpretation of Magnetic Exploration on the Mesabi Range, Minnesota ROBERT B. SOSMAN*-When artificial precipitated magnetite is oxidized at a temperature in the vicinity of 100°C, the oxide is converted into a chocolate brown ferric oxide of the formula Fe2O3, free from ferrous iron, yet possessing the same magnetic susceptibility as the original Fe3O4. This form of Fe2O3 is variously called "ferromagnetic ferric oxide," " maghemite," or "gamma ferric oxide," and has been found as a natural mineral. If a body of magnetite in the Biwabik were to oxidize to this form, the oxidized and leached ore body might successfully conceal itself from Mr. Jones&apos; survey by this ferromagnetic pretense. So far, gamma ferric oxide has not been found on the Minnesota iron ranges. I thought I had found some in the Hibbing pit in 1940, in a strongly magnetic specimen of soft ore differing in color from the prevailing hematite

Jan 1, 1947

By AIME AIME

HIS many admirers regard the "official"&apos; candidate for president of the Institute in 1934 as far above the average in ability and capacity; but perhaps his outstanding characteristic is dependability. Some men of great brilliance succeed indifferently because they cannot be relied upon. When Howard Nichols Eavenson undertakes to do something he either does it, or he proves to his own satisfaction that the particular object is not attainable. And the latter outcome is exceptional because his judgment is so good that he generally foresees the impossibility and selects in advance a practical alternative. Though a tireless worker he is pretty sure that his energy is not spent futilely.

Jan 1, 1933

By Willard P. Ward

SOME TIME in the year 1874 or 1875, I conceived the idea that spiegeleisen might be made -in a blast furnace from ores that were not carbonates, and which did not contain both manganese and iron in the same ore. Up to this time, such ores had formed the basis of all the spiegel that had been produced; and all the ferromanganese that was on the market before 1875 was made in crucibles, and cost about 00 per ton, for 80 per cent. Mn. I consulted the great steel metallurgist of the day, Alexander Holley, who listened attentively to what I had to say, and told me he did not think my plan was practical, so I abandoned it for the time being. But I was so stubborn that I could not get the notion out of my head. It seemed to me that a good metallurgist should be able to work the thing out in some way. I had already had some experience in smelting refractory lead ores in Utah, and was young and not lacking in self confidence, so after waiting a bit, I got Anton Eilers, the best all-around metallurgist I knew, and J. H. Bramwell, the best iron blast-furnace man I knew, both intimate friends of -mine, to come to my place in Bartow County, Georgia, and look over things. They remained for several days, and made all the examination they thought necessary; and they also advised me to give up the project, and either to keep the furnace running on car-wheel iron or to blow it out. After my talk with Holley, I improved my plant in several ways. I closed the top of the furnace, put in a hot-blast stove, a steam boiler and a Weimer blowing-engine which gave me blast enough, at a pressure high enough for all the requirements of, the furnace, and which I could bring up to a temperature of 600° to 700° F.

Jan 1, 1921

By W. Rostoker, S. A. Spachner

FOLLOWING the discovery of the w transition phase in certain titanium-chromium alloys by Frost, Parris, Doig, and Schwartz, much interest has centered on the alloys in which this phase is found and its mode of precipitation. The w phase has been found in alloys of Ti-Cr, Ti-Fe, Ti-Mn, Ti-MO,2 and Ti-v.3 The temperature-time-transformation characteristics have, as yet, not been determined for most of these. In this study, such transformation characteristics have been investigated for two heat-treatable titanium alloys known to exhibit transition phase phenomena. The alloys chosen, Ti-8Cr and Ti-13M0, are representative of two classes of binary equilibrium systems. In the

Jan 1, 1959

By ALEC CROWELL

This brief summary of oil and gas developments in Alabama, Florida and Georgia has been made possible through the courtesy of Stewart J. Lloyd, Assistant State Geologist of Alabama; Herman Gunter, Director, Florida Geological Survey, and Garland Peyton, Director, Georgia Department of Mines, Mining and Geology.

Jan 1, 1946

By A. Gatti

Studies were made on the system iron plus alumina. Various methods of dispersing and various amounts of alumina were used. Powder metallurgy techniques were used to produce the final product. Microstructures and some mechanical properties are presented. Alloys containing up to 16 pct alumina by weight are ductile at all temperatures tested. The ivon-alumina materials have a higher yield stress and improved creep resistance over that of pure iron. SINCE the development of SAP&apos; an A1- Al2O3 powder metallurgy product, great interest has been shown in the development of a SAP-like structure in metals and alloys other than aluminum. The outstanding properties of this class of materials are: 1) Good creep resistance at high temperature. 2) High yield strengths and high hardness at high temperatures. 3) High recrystallization temperature. However, the lack of ductility and formability has thus far limited the applications of SAP-like materials. The following report deals with methods of dispersing A12O3 in Fe, processing of powders into rod, structures produced after processing, and mechanical properties of the iron-alumina material produced. Methods of dispersing the alumina and also the volume fraction of alumina added were varied. MATERIAL Powder Processing— Four methods of obtaining dispersions of alumina in iron were studied. 1) Oxidation-reduction of a Fe + 8 pct Al alloy. .2) Coprecipitation of Fe(OH)3 + Al(OH)3 from aqueous solution. 3) Colloidal mixing of Fe,O3 and Al2O3. 4) Colloidal mixing of Fe powder and A1,O3. Fig. 1 is a processing flowsheet which outlines the processing steps taken to produce a final extruded bar 1/4 in. in diameter and about 30 in. long. The - 100 mesh iron-aluminum alloy was oxidized by placing a thin layer of powder on an alumina plaque. The reduction step was modified to include 1/2 hr at 1000°C since the powders tended to become pyro-phoric unless sintered slightly after low-temperature reduction. Compacting was done in a 1-1/8-in.-diam pressing die. The slugs produced averaged 1 in. in length. The billets were encased in low-carbon steel cans shown schematically in Fig. 2. The blank is included for structure and property comparison purposes. TESTING PROCEDURE All tests were made on as-extruded material.

Jan 1, 1960

By CHARLES W. BENTON

THE following paragraphs comprise such information as the Secretary has been able to obtain concerning the members and associates whose deaths have been reported. Further particulars or corrections of errors, and biographical data concerning deceased members or associates not already noticed in this way, are solicited. Charles IV. Benton was born at Kezar Falls, Maine, Nov. 12, 1843. We have no accurate knowledge concerning the early part of his career. In 1871 he engaged with the N. Y. Honduras Rosario Mining Co., at San Juancinto, Honduras, C. A., and later was employed at the Monserrat mine at Yuscaran, and at Santa Lucia, Honduras, with the Tenero Mining Milling Co. of Pennsylvania. In 1897 he became a member of the Institute. At the time he was stricken with his last sickness he was employed at the Paymaster mine at Tucson, Ariz. He died at Fairmount, Denver, Colo., Sept. 9, 1907. William R. Boggs, Jr.-The notice in the Bulletin for January was incorrect in saying that the murder of Mr. Boggs occurred while he was employed as metallurgical. manager by Mr. W. B. A. Dingwall, at La Maroma, San Luis Potosi, Mex. Mr. Dingwall writes that in March, 1907, Mr. Boggs left him, to return to his home at Winston, N. C., whence he. subsequently went to Durango, Mex., to take, with the Topia Mining Co., a position which he occupied at the tine of his death, Nov. 17, 1907. Mr. Dingwall says that, while in his service, Mr. Boggs never had any trouble with the workmen, but was esteemed and liked by them, as by all who knew him ; and adds, injustice to the State of San Luis Potosi, that the population, even in the mining-camps of that State, is orderly and law-abiding, and that the authorities are vigilant and just. Our

Mar 1, 1908

By AIME AIME

T HE 121st meeting of the Institute held in New York City, February 16 to 19, 1920, was a great success despite vicissitudes of weather of unusual severity. On account of tremendous snowstorms, only two members of the Canadian contingent arrived, and several of our members from the west arrived thirty hours late. Two weeks prior to the meeting, the heaviest snowstorm in 34 years wrecked the surface transportation in New York; and it was only by special dispensation that arrangements were effected, with the New York Street Cleaning Department to clear away 39th street in front of this building so that vehicles could reach the curb. The total registration of members and guests was 1138.

Jan 1, 1920

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

By Joseph E. Pogue

FOR a number of years the petroleum department of The Chase National Bank has been making a continuing study of the financial aspects of thirty oil companies. (See Pogue and Coqueron, "Financial Analysis of Thirty Oil Companies," pamphlet, The Chase National Bank, November 1945, for data covering eleven years, 1934-1944, and the list of the companies making up the group. See also "Capital Employed in the Petroleum Industry," by the same authors, M&M, November 1944.1 This group represents a large sample of theAmerican petroleum industry, covering about two thirds of the business. Certain aspects of this study concern the capital employed in crude oil production, the main features of which arc presented in this paper.

Jan 1, 1946

By P. K. STRONG

AS an evidence of the fact that mines safety is not being neglected even in the remote district of the Philippines, a short account is appended of the organization and activities of the Mambulao-Paracale District First Aid and Mine, Rescue Association, whose headquarters are at Jose Panganiban Cam, Norte P. I. The second annual miner?s safety celebration which is sponsored by the Association was held in Paracale on Sept. 2, 1940. The event is the big occasion of the year when the thousands of employees of the mines in the district meet to compete for prizes and has become a great social function as well.=

Jan 1, 1941