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By Henry M. Howe

This paper gives the results of an investigation of the beha vior of the argentiferous cobalt-nickel arsenides of Temiskam-ing, Ontario, in roasting, made in the metallurgical laboratories of the School of Mines of Columbia University in the City of New York. The ore was kindly given by the owners of the La Rose and Trethewey properties at Cobalt, Ontario, and Mr E. J. Hall, Tutor in Assaying in Columbia University, has helped us much. I. Object of the Investigation. The object of the investigation was to learn: 1. The temperature at which the arsenic is most rapidly expelled ; 2. The thoroughness with which it is expelled by prolonged roasting at this temperature; 3. The effect of adding charcoal (a) near the end of the roast and (b) at. the beginning of the roast. II. Nature of the ORe. The important ores mined in the Temiskaming deposits are: native silver—with small amounts of dyscrasite (Ag,Sb), ar-gentite (Ag,S), pyrargyrite (Ag,SbS,)—smaltite (CoAs,), chlo-anthite (NiAs,) and niccolite (NiAs). Mispickel (FeAsS) and cobaltite (CoAsS) also occur in smaller quantities. The average composition of the ore shipped from this district for the first six months of 1905 was: silver, from 4.1 to 4.8 per cent.; cobalt, from 6.9 to 8.2 per cent.; nickel, from 3 to 4.7 per cent.; and arsenic, from 30.9 to 34.6 per cent. The ore which we treated consists chiefly of smaltite. In our 1aboratory-work

Jan 1, 1908

By Oliver Bowles

EACH year the broad diversified field of industrial minerals offers a panorama of new and interesting developments that not only concern the welfare of the industries themselves but have a more or less direct influence on the lives of citizens at large. Thus, the home life of multirudes may be affected by new building units that transmit light through walls instead of windows, by illuminated processed marble lighting fixtures and decorations, by the vast impetus given to thermal insulation Ly .mineral wool, expanded vermiculite, and related products, and, more remotely, by fireproof rugs and drap-

Jan 1, 1937

By George W. Riter

OUR mineral-land laws need revising so as to provide definite title at the outset to the mineral deposits within any definite piece of land. The laws as they now stand, especially those applicable to lodes, breed uncertainty as to rights of possession prior to patent; and to my mind this is the worst feature of all, worse even than the apex bugbear. It is now almost impossible for anybody to tell-with certainty what mineral rights exist within any area that is not covered by patent, or whether any valid rights exist at all. Our system is unique in permitting individuals to appropriate and exploit mineral lands of the public domain without notice of any kind to the Federal government, and to relinquish them without any ceremony at all. The result is a clouded record that cannot be cleared up until each claimant is put to some sort of final proof. In order to accomplish this, new Federal legislation will be required. The requirements for a mineral survey and the proceedings for patent have always been cumbersome and expensive; and perhaps out of regard for the poor claim owner, who can ill afford the outlay for that sort of thing, the law does not require him to go. through it unless he chooses to do so. Consequently, every active mining district has become encumbered with tangled groups of doubtful or conflicting locations, whose rights and boundaries, when any valuable ore is found, must usually be determined by lawsuits that are as expensive and as distressing as the stakes are high. So deeply has litigation entered into our mining system that a claim whose rights have never been disputed would probably be set down offhand, by $miner of the old school, as of no value. Think of the litigation over rights of possession on the Com-stock lode—12 leading companies involved 'in an aggregate of 245 suits within a period of less than eight years! Ambiguous local records; the chance of erroneously placed or obliterated monuments; doubt as to the sufficient performance of the statutory annual labor; uncertainty as to prior conflicting or overlapping locations; anxiety as to the changing attitude of the Department of the Interior and the Forest Service—such considerations as these make an unpatented mining claim an unclean thing in the eyes of possible investors. Is it any wonder that they keep themselvesand their money at a safe distance,

Jan 1, 1915

By Ronald K. Linde

Metastable Ag-Cu solid solutions at two compositions beyond the maximum limits of solubility obtainable by quenching from the solid state were obtained by rapid quenching from the liquid state. The process of transformation of the metastable solid solutions into the equilibrium phases was studied by means of X-ray diffraction intensity measurements and electrical-resistance measurements; metallographic examination was also performed. Results are compared with those for an alloy quenched from the solid state at a composition which exists as a solid solution at elevated temperatures. Activation energies for the trans-formation were computed to be 33,600 * 2500 and 33,100 * 2000 cal per g mole for the 60.1 and 75.0 at. pct Ag;Cu compositions, respectively THE kinetics of precipitation in supersaturated solid solutions obtained by quenching from high temperature has been thoroughly studied in many alloys, and detailed investigations of the early stages of nucleation and subsequent growth of the equilibrium phases have been carried out. All of these studies have been made on alloys quenched from the solid state, however, and it is the purpose of this paper to present some of the results on the kinetics of transformation of metastable solid solutions in Ag-Cu binary alloys whose compositions lie outside of the solid-state limits of solubility. Limits of solubility in the solid state can be increased by rapid quenching from the liquid state. This was first demonstrated by Falkenhagen and Hofmann, who obtained appreciable increases in solubility limits of the elements of the first transition series in aluminum by rapid cooling of liquid alloys through contact with a copper mold maintained at liquid nitrogen temperature.' The same basic idea of cooling a liquid alloy by conduction onto a substrate rather than by convection of a gas or liquid (conventional quenching) has been recently revived and extended to very high rates of cooling by Duwez and his collaborators. The new technique was first applied to Ag-Cu alloys because the existence of a eutectic in this system is not predicted by the Hume-Rothery rules of alloy phase formation. Rapid quenching from the liquid state resulted in metastable solid solutions at all concentrations. The kinetics of decomposition of these metastable solid solutions containing 60.1 at. pct Ag;Cu (eutectic composition) and 75.0 at. pct Ag;Cu is the subject of the present paper. EXPERIMENTAL TECHNIQUES Alloys were made in 10- to 20-g heats using silver of purity 99.99 pet and copper of purity >99.999 pct. Components were weighed accurately to 0.1 mg and melted by induction heating in an alumina crucible under an atmosphere of hydrogen. Weight losses amounted to less than 0.02 ~ct in all cases. Rapid cooling from the liquid state was achieved in an apparatus of the type described by Pietrokowsky. 3 In this technique a freely falling drop of molten alloy is caught between a stationary anvil and a fast moving piston, both anvil and piston being lined with copper. The resulting foils were approximately circular (about 2 cm in diam) and from about 50 to 150 u in thickness, depending on the pressure driving the piston. Metallographic samples were prepared for polishing by edge-mounting foils in Quickmount. The mostef-fective etching procedure was found to be: 10 parts NH4OH (concentrated), 1 part H2O2 (30 pct), 5 parts H2O, swab for 5 to 10 sec. The transformation of the metastable alloys to equilibrium was followed by X-ray diffraction and electrical-resistivity measurements. The peak intensity and the integrated intensity of suitable Bragg reflections of the metastable and stable solid solutions were studied with a Norelco dif-fractometer, using nickel-filtered copper KO radiation. The peaks were step-scanned at intervals of 0.05 deg. Using either a Kelvin bridge or a null circuit with a Leeds and Northrup K-2 potentiometer, the changes in electrical resistance due to phase transformation were measured for specimens cut into strips about 20 mm long and 4 mm wide. All resistivity measurements were carried out at liquid-nitrogen temperature. The isothermal heat treatment was accomplished by sealing the samples in argon-filled aluminum containers with stainless-steel O-rings. Containers were then suspended in wax baths with temperatures in the

Jan 1, 1967

By H. B. FERNALD

THE interesting and carefully developed formula which Professor Bucky presents for answering the question of whether proposed new equipment will give a net return on investment equal to or greater than that on present equipment starts with an assumption that the management may make this relative return a determining factor in its decision whether or not the new equipment should be provided. I do not question that in some cases the management may take this position, but I would point out the error involved in so doing. The proper test is not a comparison of the return on new as compared with the return on old investment, but is rather a comparison of the return on a particular new investment as compared with the return which would be obtainable from some other new investment which now might be made. Then I would point out that I believe Professor Bucky is in error in using as a factor in his computations the item of unamortized cost of old investment. The financial advantage to be derived from a new investment does not depend on the extent to which we may in the past have written off the cost of old equipment, nor does it even depend upon what was the original cost of that old equipment. Even the salvage or resale value of the old equipment will only enter into the picture to the extent that the present salvage or resale value differs from the ultimate salvage or resale value otherwise to be obtained, after due allowance for the interest factor.

Jan 1, 1930

Jan 1, 1931

By Ernest F. Burchard

PAGE. I. Introduction,........... 75 II. Outline of the Geology......... 76 1. Stratigraphy............ 76 A. Clinton Formation........ 77 2. Structure...........82 3. The Ore..........85 A. Character............ 85 B. Geographic Distribution....88 III. Local Descriptions........... 88 1. Birmingham District.......... 88 A. Topography and Its Relation to Industrial Development... 88 H. Distribution and Structure of Formations.... 89 C. Divisions of the Birmingham District. 95 Division A (Description of the Ore-Beds), . 95 Division B.........105 Division C.......... 106 Division D,..107 Division E,...........108 Division F........ 111 Division C.......... 112 D. Mining .Development.... 113 2. Northeast Alabama........114 IV. Possible Origin oF the Ore......... 119 V. Relation of Origin to Quality and Extent of Ore... 122 VI. Estimates of Ore-Reserves,......... 125 1. Method of Making Estimates......... 125 2. Data and Results....126 VII. Production and Consumption oF IRon-ORe,.... 132 I. Introduction. Brief and interrupted studies of the Alabama Clinton iron-ores have been made within the last four years by members of the IT. S. Geological Survey. Reports on the progress of this

Jan 1, 1910

By Lawrence Wright

ON the steep slopes of the Kootenays, 15 to 20 miles south of Nelson, B. C., are a number of ore occurrences (Fig. 1). One that has many features of mining and geological interest is the Ymir Yankee Girl Gold Mines Limited. Discovery of this property was made in 1899 at an outcrop on the hillside, some 2500 ft. above the village of Ymir. This proved to be a branch vein 20 ft. long leading to two main veins, the Yankee Girl and the Spur (Fig. 5). The ore pattern as now delimited shows a remarkable increase in ore area with depth below the outcrop. This recent development is of interest particularly in view of the fact that the property was nearly con-demned, professionally. Another interesting feature, which has a bearing upon its history, is the persistent excess of tonnage produced from period to period over visible reserves. This is not ascribed to lagging mine development, but to detailed vein characteristics, which we will endeavor to make clear by giving a description of the veins and their surroundings.

Jan 1, 1938

By Y. Shimomura, M. Serizawa, Y. Takahashi, K. Miyagawa

The "semi-pellet" sintering method developed and currently being used at the Fuji Iron & Steel's Hirohata Works is discusssd. It is shown that the method makes fine-sized material easily sinterable and increases sinter production. The operation can be incorporated readily into conventional sintering plants. Sintering plant raw materials currently being used in the Hirohata Works consist of 40 pct pyrite cinder, 40 pct fines resulting from crushing and screening of imported ores, and 20 pct others, such as mill scale and iron sands. Pyrite cinder, a major component in the sinter feed, has been getting finer since 1952, due to the increased grinding required for the improvement of the results in the iron sulfide flotation and to the adoption of FluoSolid roasters in sul-furic acid plants; some fines pass 100-mesh sieve almost completely. Increased use of the fine-sized pyrite cinders in the sinter raw mix resulted in such difficulties as decreased bed permeability, uneven firing conditions, and low yield. In an attempt to study the cause and to find a remedy for this problem, a series of experiments were made, using an 80-kg experimental sintering pan. As a result it was established that, by rolling the fine-sized pyrite cinders into small balls of 10 to 3 mm diam (hereafter called semi-pellets) and mixing them into the sinter raw mix, the bed permeability was improved, the sintering time shortened, and the yield and production rate increased. It is proposed that this new method be called the semi-pellet sintem'ng. In recent years the pelletizing process has taken the spotlight in the agglomeration field for treating fine-sized ores here in Japan as well as in the U.S. and Europe. This process produces pellets suitable for the blast furnace charge as such, and consists of three major operations: fine grinding, balling, and firing. With regard to the firing technique, some problems still appear unsolved. In the semi-pellet sintering, however, several ad- vantages can be claimed: the balling operation is relatively simple because only small-sized balls are shown to be acceptable and the operation can be readily incorporated into the conventional sintering plant, since only balling, not grinding or firing, equipment is needed. Basic test work on the process was initiated in 1954 and favorable results were obtained. Accordingly a pilot plant was built in 1955 and the test work was continued. The semi-pellets thus prepared in the pilot plant were tested further by USing them in the actual sintering pan and their beneficial effects ascertained. In late 1956 a drum-type balling machine (2.4X4 m) was installed and it went into operation in April 1957 in conjunction with the Greenawalt sintering plant (8 pans having dimensions of 7.2 m in length, 3 m in width, and 0.3 m in depth). In October 1958 a cone-type pelletizer, with a 2.2 m diam, and later a disk-type pelletizer were further added in the plant. In the DL sintering plant (2000 tpd), newly built in July, 1960, four disk-type pelletizers (3.2 m diam, 10 tph capacity) were installed. By mixing the semi-pellets thus prepared with the feed, the sintering operation was found to be greatly improved. The results of the basic test work, and the equipment and operation of the semi-pellet sintering operation at the Hirohata Works will be described. ON THE SINTERING CHARACTERISTICS OF FINE SIZED PYRITE CINDERS To ascertain the effect of addition of fine-sized pyrite cinders on the sintering characteristics, a series of measurements on bed permeability was carried out by varying the size distribution of pyrite cinders. The composition of the raw mix used in the tests was fixed at 50 pct pyrite cinder, 20 pct Larap magnetite fines, 30 pct sinter return, and 5 pct coke; only the size distribution of the pyrite cinder was varied. Also the moisture content was changed at each size distribution. The results are given in Fig. 1. For all pyrite cinders tested the bed

Jan 1, 1961

By T. M. Berry

In the past few years changes have taken place in shaft sinking. Progress has been made with types of machinery designed, developed, and made available to shaft sinking contractors. This is particularly true of drilling and mucking equipment. Compared with conventional clamshell loading, mucking or loading with a crawler-mounted overshot loader is a new technique for shaft work. There are several methods of clamshell loading. Dravo Construction Co. mounts an air tugger on the clamshell to operate the closing line. The load, or holding line, is attached to the hoist of a crane or whirler at the shaft collar. The clamshell is raised or lowered by the hoist when a signal is given by a bell or light system operated by men at the bottom of the shaft. Two men control the drift of the clamshell with tag lines, pulling it to any position in the shaft for loading, or over the shaft muck bucket for emptying. One man operates the air tugger to open and close the clamshell by means of two lines attached to the operating air valve, just as reins are used to drive a horse. One man operates the signal telling the hoist operator when to raise or lower the clamshell. This method requires two hoisting lines in the shaft-the line from the mine hoist that lifts

Dec 1, 1956

By P. Chiotti, J. T. Mason

Metallographic, thermal, X-ray, and vapor-pressure data were employed in establishing the Ce-Zn phase diagram. Nine compounds and three eutectics were observed. The eutectic compositions in weight percent zinc and temperatures are 10 pct and 495"C, 37 pct and 795°C, and 56 pct and 810°C. Three of the compounds, CeZn, CeZnn, and CeZne.5, melt congru-ently at 825°, 87.505°, and 980°C, respectively; the other six compounds, CeZns, CeZns.67, CeZn4.5, CeZn5.25, CeZn,, and CeZnll, decompose peritectically at 820°, 840°, 870°, 885", 960°, and 795"C, respectively. The compound CeZn5.25 is an AB5 type with a small range of composition which lies on the zinc-rich side of the 1 to 5 stoichiometry. Zinc vapor-pressure data obtained by the dewpoint method were employed in calczilating the thermodynamic properties of both the liquid alloys and solid compounds. The data for the A critical review of the information available on the Ce-Zn system up to 1960 has been given by K. Gschneidner, Jr.' Of particular interest is the work by J. schramm2 who investigated the region between 55 and 100 wt pct Zn and reported a CeZn,, compound which decomposes peritectically at 785"C, a CeZn, compound which melts congruently at 972"C, and five temperature horizontals at 79@, 817", 840", liquid alloys were fitted to the relation from which the relation was obtained by integration. In these relations F XS is the excess partial molal free energy, N is atom fraction, and the constants c and d have the values c = (-22,000 + 7.0T) and d = 6171,000 + 74.0T). Relations for the standard free energy of formation for the solid compounds were derived from the data. At 973°K the enthalpy in kilocalories per gram-atom z)aries from —11.3 for CeZnz to —8.21 for CeZn~l and the free energy in the same units varies from —7.1 joy CeZn, to -3.82 for CeZn11. and 942°C in the region between 55 and 75 wt pct Zn. No attempt was made to identify other features of the system. I. Johnson and R. yonko3 used a fused-salt cell to measure the electromotive force between pure cerium and an alloy consisting of zinc-rich liquid in equilibrium with CeZnll. Solubility data for cerium in zinc has been reported by J. Knighton et u1 .4 Johnson and Yonko give the following equa-. tions for the mole fraction of cerium in zinc and the standard free energy of formation of CeZnll:

Jan 1, 1965

By Gilbert H. Cady

Extensive sampling of coal in Illinois during the past 10 or 12 yegrs by the State Geological Survey, in cooperation with various organizations, such as the U. S. Bureau of Mines, the University of Illinois, and the Illinois Cooperative Mining Investigations, has made possible the delineation of two areas of low-sulfur coal in the southern part of Illinois. The $fur content is less than 1.25 per cent., so that, if otherwise suitable, these coals can be employed for metallurgical uses and for the manufacture of water-gas and retort gas. One of these areas is small and lies in Jackson County, near Murphysboro, the other is much larger and includes a large part of the famous Franklin County field. A small area of No. 2, or Murphysboro, coal has been worked for many years near the town of Murphysboro, Jackson County, Ill. In two mines, at least, the coal has a sulfur content of less than 1.25 per cent. It is doubtful, however, whether this field will ever be a source of large tonnage as the total area underlain by low-sulfur coal in workable thickness is probably less than 15 sq. mi. (24.14 sq. km.), and a large part of it has already been worked out.. The location of the area of low-sulfur coal in the Franklin County field is shown in the accompanying map. The small area underlain by the Murphysboro low-sulfur coal is shown near the town of that name in the central part of Jackson County. The larger area lies in the west side of Franklin County, extending also about 6 mi. (9.65 km.) south into Williamson County, about 4 mi. (6.43 km.) west into northern Jackson and western Perry County, and northward an undetermined distance into Jefferson County. All but the northern limit of the area is fairly well defined by sampling in numerous mines. The inner cross-lined area is underlain by coal having less than 1 per cent. sulfur, the outer boundary surrounding the area underlain by coal having less than 1.25 per cent. sulfur. The coal mined in the district is No. 6 or Herrin coal, commonly known as the Carterville or Franklin County coal. The bed has a thickness varying from about 8 ft. (2.4 m.) on the border of the low-sulfur area up to more than 10 ft. (3 m.) in the central portion, locally having a thick-

Jan 1, 1920

By John A. Graves

Anaconda's Jackpile-Paguate mine, located between Albuquerque and Grants, N.M., is situated at an elevation of 6000 ft in a semi-arid desert region. The original Jackpile deposit was discovered by Anaconda air and ground exploration parties in Nov. 1951. A large percentage of the uranium mined in New Mexico comes from the Jackpile-Paguate, which is one of, if not the largest, open pit uranium mines in the world. From 1953 to the present, 120 million tons of overburden, mining waste, and low-grade material have been removed to produce approximately 10 million tons of merchantable uranium ore, having an average grade of about 0.25% uranium oxide. Identifying the Orebody Surface drill holes delineate the ore bodies on a predetermined grid which varies in dimension but usually affords 100-ft control. These holes are probed immediately after drilling by geophysical logging trucks, resulting in a gamma log and digital readout from each hole. From this information it is possible to arrive at an almost immediate conversion to percentage of U3O8 on 6-in. intervals. Initially a hole is probed at a reconnaissance speed of 10 fpm with a time constant of 8 sec. Wherever the gamma recording goes off scale on an initial run, that particular zone is rerun at 2 fpm and at a time constant of 2 sec. This time constant is the interval that emissions are counted and accumulated for recording purposes. The search radius of the Geiger probe is approximately 18 in.

Jan 8, 1974

By John J. Borkert, Carl E. Gerity

In situ mining offers a new and proven method of exploiting sedimentary uranium deposits. The feasibility and economic evaluation of exploiting a uranium reserve by either open pit or underground mining should also include a similar study for in situ mining. This report compares the economics of mining several hypothetical uranium deposits at various depths, grades and reserve sizes by open pit and in situ mining. The evaluation process evolved establishing, where possible, common geological and logistical parameters to both methods of mining. The various assumptions that are unique to either open pit or in situ mining were also drafted, where possible, as equal and common functions to be used in each economic evaluation of the reserve models. After the various parameters were defined, they were programmed to an economic analysis of the various hypothetical uranium deposits by the selected mining method. From the vast array of cost evaluations, total capital and operating cost per pound U308 produced, DCF-ROI, and total net profits before State and Federal taxes were selected as the most meaningful results to compare. From the various geologic parameters used, it was determined that the economic viability of a mining venture is most sensitive to a depth-grade thickness ratio. The three selected evaluation products were plotted against the various depth-grade thickness ratios of the hypothetical uranium deposits. The results of the economic cost analyses show in situ mining generally to be a better method to maximize total net profits and to maximize return on investment.

Jan 1, 1979

Jan 1, 1900

By J. V. N. Dorr

THE Elko Prince mine is in the Gold Circle district, Nevada, about ½ miles(2. 4km.) from the town of Midas, 55 miles (88.5 km.) west of Battle Mountain and 50 miles (8.5 km.) northeast of Golconda. The district is described by Emmons in U. S. Geological Survey Bulletin 408, 1910. Little was said of the Elko Prince, however, as only a small amount of work had then been completed. The geological structure of the region is simple. The oldest exposed formation, covering most of the area, is rhyolite, which has a light-colored devitrified groundmass enclosing phenocrysts of feldspar, quartz, and magnetite. It has been somewhat weathered and partially stained with oxide of iron. There are several outcrops of andesite which cut the rhyolite. The ore deposits occur as fissure veins, replacement veins, and sheeted zones. The Elko Prince vein is of the first type. The rhyolite near the veins is silicified, stained with oxide of iron, and, at some localities, replaced by ore, or is so permeated by metals as to be classed as ore. The vein filling consists chiefly of quartz, and the values consist entirely of gold and silver. Part of the gold exists as the native metal and part is associated with pyrite. Silver occurs free and its argentite in handed streaks through the vein. These veins trend in a northwesterly direction, with dips varying from 65° to vertical.

Jan 8, 1918

By William Griffith

THE purpose of this paper is to make public record of new information in regard to the sustaining power of artificial mine-roof supports (not timber props) the result of investigations recently made in the anthracite coal fields of Pennsylvania. First.-By the "Scranton Mine Cave Commission," appointed to investigate the mining conditions under the City of Scranton. Second.-By the "Pennsylvania Mine Cave Commission," appointed by the Governor to investigate the general subject of mine caves in the anthracite region of Pennsylvania. Third.-By the personal researches and tests made by the author in an effort to secure a better artificial mine-roof or surface support. During the progress of the work of the Scranton Mine Cave Commission, the Engineers for the Commission, Messrs. Conner and. Griffith, being aware of the general lack of exact information in the engineering profession as to the strength of the ordinary artificial mine-roof or surface support, and particularly the stronger kinds, such as mine cogs, rock piers, etc., had tests made at the. Fritz Engineering Laboratory at Lehigh University, to determine the sustaining power under various compressions of the several kinds of artificial mine supports in use in the anthracite region of Pennsylvania. A report of these tests was included in the report of this Commission, which was published as Bulletin No. 25 of the United States Bureau of Mines, Washington. A similar series of tests, more extensive and more elaborately-planned, were subsequently made for the Pennsylvania Mine Cave Commission at the U. S. Government Testing Laboratory at Pittsburgh, Pa. The report of this Commission was made to the Governor, but has not yet been published.

Jan 10, 1917

By Dennis Peterson

INTRODUCTION The business arena has dramatically changed for most producers and consumers of commodities. International debt, currency shortages, political upheavals, etc., require corporations today to be sophisticated and flexible enough to change their purchasing and sales techniques in order to maximize returns. Many external factors, such as interest rates, trading partners, currency changes, and government edicts, can have an adverse effect on a company's bottom line. Totally out of a company's ability to control or predict, these. factors force the commodities based corporation to constantly re-evaluate its operating scope and domain. The principle of back-yard only operations and the laissez-faire with blinders style of management is no longer a viable way to run a business. The industrial world has been operating for the past 10 to 15 years as though there were no commodity nor raw material crisis. For developed countries the primary products sector has become marginal, whereas it was central in the first half of the century. A radical change in the method of doing business is necessary to offset a depression in the industrial economy. The risk of collapse may be heightened by a banking crisis caused by massive defaults on the part of commodity producing debtors, whether in the third world or in our own farm producing sector. The raw materials economy has become divergent with the industrial economy. This is a major change in the world economy with tremendous implications in both developed and developing countries for economic and social policies and economic theories. Basic competition issues, such as low labor costs, are likely to become less of an advantage in international trade. In developed countries these costs are going to account for a smaller portion of total costs. The total costs of automated processes are lower than those of traditional plants with low labor costs. Automation in the commodities sector eliminates the hidden but high cost of not processing at capacity created by poor quality, rejects and maintenance for product change-overs. The cost of capital will become increasingly important in international competition. Over the last ten years the U.S. has become the highest cost country in this area. Reversing the U.S. policy of high interest rates and costly equity capital should be a priority for management decision makers. In the rapid industrialization of this century, Japan developed by exporting raw materials, (principally, silk and tea), at steadily increasing prices. Germany developed by leap frogging into the high-tech industries, mainly in electricity, chemicals and optics. The United States did both. Both avenues are blocked for today's rapidly industrializing countries because (a) the deterioration of the terms of trade for primary products, and (b) it requires an infrastructure of knowledge and education far beyond the scope of a poor country. Many explanations exist for the explosion of international money flows. The shift from fixed to floating exchange rates in 1971 may have given initial impetus by inviting currency speculation. The surge in liquid funds flowing to petroleum producers after the oil shocks of 1973 and 1979 was definitely a major cause. There can be little doubt that the U.S. government deficit also played a big role. The American budget deficit has become a massive void, sucking in liquid funds from all over the world and making the U.S. the world's major debtor country. In reality, a trade and payments deficit is actually a loan from the seller of goods and services to the buyer, that is, to the U.S. From now on, the global ramifications of business will have to be treated in economic theory and business policy alike. Economic theory teaches that the comparative advantage factors of a real economy determines operative and financial policy. These comparisons -- labor costs, productivity, raw materials cost, energy costs,

Jan 1, 1990

By E. DeGolyer

USE of geophysical methods as an aid to prospecting for new oil pools and in the exploration of already discovered pools continued to increase and reached a new high during 1934. As in previous years, the scene of greatest activity was the Gulf coastal plain of Texas and Louisiana. Seismic crews working by the reflection method increased from some thirty crews at the first of the year to forty crews at the end. An increased demand for torsion balance work at the beginning of the year occurred and practically all available instruments were put into service. Some thirty crews with approximately eighty balances continued throughout the year. Both the pendulum and gravimeter methods of gravity surveys registered their initial successes and equipment was increased from five to seven pendulums and from one to three gravimeters during the year. Approximately five magnetometer parties continued to work throughout the year. No surface surveys by the electrical method are known to have been made. Outside of coastal Texas and Louisiana the chief geophysical work

Jan 1, 1935

By Arthur A. Center

HIGH GRADE zinc stocks were reported short early in 1943, but not Prime Western. Maximum production of High Grade was expected to be reached before the middle of the year, and demands of new brass mills were to take all of the increase. In February three premiums (A, B, C) of 2 3/4c. per lb. of zinc in ore were announced to encourage production from high-cost mines, the number of premiums being in proportion to estimates of ore-production costs.

Jan 1, 1944