Search Documents

By John E. Hagni, Richard D. Hagni

ORE.ID, a microcomputer program, rapidly searches a database of the principal properties for 573 ore minerals. Searches may be performed on any or all of the following properties: mean Vickers hardness, Talmage hardness, mean reflectance, strength of anisotropism, and colors and tints of the mineral and its internal reflections. Data from the International Mineralogical Association - Commission on Ore Microscopy data card file have been used when available. The program displays the number and type of data matches for each mineral found, displays their chemical components, and allows the range to be narrowed or widened for each of the identification properties for repeated searches, if desired. ORE.ID is much more rapid, allows for the use of more identification properties, and involves more ore minerals than any previous identification system.

Jan 1, 1985

By T. K. Perkins, W. W. Krech

Jan 1, 1969

By H. F. Yancey

Various criteria for evaluating the performance of coal washeries are discussed critically, with particular reference to ideas developed at the First International Conference on Coal Preparation held in Paris in June 1950. Criteria that relate only to the sharpness with which a cleaning unit separates coal from impurity are compared with those that reflect loss of coal or quality of products.

Jan 6, 1951

By R. J. Charles

Previous study of simple impact systems indicated that energy required for fracture and size reduction of brittle materials is greatly dependent on the type of loading that is employed. In this regard it was postulated that fracture and size reduction of a brittle specimen might be accomplished by a high velocity impact at an energy level at which a low velocity impact would leave the specimen relatively undamaged. The finite time required to propagate energy away from the point of loading of an impacted object to other parts of the object and to its supports may permit a concentration of energy at the point of impact if the rate of loading is high. Localizing of energy at the point of impact could quickly initiate fractures that would propagate through the impacted material along with the traveling stress waves. As the cracks form, the initially absorbed strain energy would be released and portions of it travel ahead of the crack tips as stress waves. These secondary stress waves, combined with the initial stress waves derived from the impact, would produce high localized strain conditions in front of the fracture zone. The fracture zone would propagate and the specimen shatter. High rates of loading are brought about by short impact times, in turn obtained by employing high velocity projectiles that are of small mass compared to the impacted object.

Oct 1, 1956

THE assay of all metal ores is made by means of fusion and they are brought to their fineness in the same way as if they were a large quantity. However, I have told you of lead, tin, copper, and iron in their own places, that they are smelted in order to obtain a good assay so that one may know from its weight whether the quantity justifies the expense. This is their assay, for it does not matter whether it be done with great exactness. But the eye is turned with much more care to the assaying of silver and gold, since they are things of value, and one tries to have a more exact knowledge of them. Thus, when you have found the mountain and the vein of ore in it, and have also uncovered it or extracted it from the mine, it is necessary to make an assay of it, for though it is often apparent to the experts what kind of metal it contains, nevertheless they do not know for sure what virtues or evilness it may have unless the light of the assay itself shows them. Therefore it is necessary to extract a quantity in some way that is as free from rock and as good as possible. To a part of this, without any addition, a smelting fire must be applied in order to see whether it can be smelted easily. If it does not smelt by itself, you must consider and try to understand what causes this, for many times it comes from the rock which accompanies it and which contains much dryness and earthiness. I do not believe that one can know this with other judgment than by experiment with powerful and strong fires. Therefore, if the efforts of ordinary methods do not succeed, it is necessary to try to soften them by means of the company of fusible things-now with marble, now with ground glass, now with lead, galena,* or litharge from lead, or with iron scale, or else with the slag of other ores. With small operations even borax, saltpeter, or ochre is used and similar things, as I shall tell you in detail in the discussion of the preparation of ores for smelting. In short, try to see whether they can be overcome by adjustment of the fires or by virtue of the means

Jan 1, 1942

By AIME AIME

The XCVIIth meeting of the Institute for the reading and discussion of papers will be held at Spokane, Wash., beginning Monday, Sept. 27, 1909, as already announced in Special Circulars of May 8 and Aug. 14, 1909, and in the Bulletins for June, July, and August. The meeting will be preceded by a tour through Yellow stone Park and visits to Butte and Anaconda, and will be followed by visits to the Coeur d'Alene district, to the Alaska-Yukon-Pacific Exposition at Seattle, to the mining- and smelting-plants near Salt Lake, and to the iron- and lead- and zinc-plants at Pueblo. The special train for the party' will leave Chicago, September 16, and return about October 12. Details of the itinerary are given later in this announcement. The Secretary of the Spokane Local Committee is Lyndon K. Armstrong, 615 Hyde Block, Spokane, Wash., to whom should be addressed all inquiries concerning local matters. The control of the papers and proceedings will remain in charge of the Institute office, as usual. It is greatly to be desired, both in behalf of the Institute and in recognition of the many courtesies to be extended on the trip, that the excursion party be made larger. Exceptional facilities to visit the many mines and smelters have been freely provided; and members are requested to make all reasonable effort to attend the meeting at Spokane and participate in the excursions. For those who cannot join in the entire trip, it may be possible to provide special Pullman accommodations after leaving Yellowstone Park. In order to make the necessary arrangement, however, the names of members and guests contemplating this partial trip should be sent at once to Theodore Dwight, 29 West 39th Street, New York City. The general cost of the trip per member will be $300, which includes transportation, berth, and meals for the entire trip from

Sep 1, 1909

By Ralph Wilcox

The diamond drilling of certain characters of unstable rock formation, as, for example, the copper-bearing schists of the Miami district in Arizona, is rendered most difficult by what is known as a caving " of the sides of the drill holes. As this caving is very greatly increased by the action of flowing water, it occurred to me, after experiencing a great deal of difficulty with caving in diamond-drill holes which I was drilling for the Miami Copper Co., that if I could substitute air for water, much of the caving—with resultant difficulties, such as decreased speed of sinking and increased consumption of diamonds—would be overcome. After some experimenting, I found that it was perfectly practicable to substitute air for the water; forcing the air down the hollow rotating rods in the same manner as is done with water, the air passing out around the bit, which is thus cooled, and ascending on the out~ide of the rods to the collar of the hole, carrying the borings in just as satisfactory a manner as had been done by the water, but without the accompanying destruction or caving of the sides of the drill holes such as had been so generally experienced with the water. When water was encountered in the drilling this water was forced up to the collar just as it would have been had water been used in the drilling, but with the correspondingly decreased flow there was relatively less washing or caving of the sides of the drill holes. The only change necessary in the arrangement of the drill is that a cross instead of a tee is used at the collar of the hole. A tightly woven jute bag is attached to one arm of the cross, for collecting and filtering the sample; and when drilling in dry ground a jet of water is attached to the opposite arm of the cross, to collect the dust and wash down the sample into the bag. The rods rotate through a stuffing box attached to the upper opening of the cross. The distention of the jute bag by the issuing air indicates the operating conditions as sufficiently as did the flow of water when using water in the drill hole. The small percentage of core recovery rendered it necessary to

Jan 1, 1914

By Alexander B. Morris

Studies such as the investigations into the solubility of gases in crude oil under various conditions, which have been carried on during the past three or four years, are very interesting from an academic point of view, but this consideration alone is hardly sufficient to warrant the large contributions from the industry necessary to maintain them. Some definite benefit to the industry as a whole should be forthcoming. The purpose of this paper is to direct the attention of company engineers, and company executives, to some of the ways in which the information gained from these studies can be made directly profitable. This work has two principal economic aspects. One affects the investment budget, and through it the financial requirements of the companies. The other affects operations, and through this course is reflected in current earnings. It will be shown that, as a direct result of the investigations into gas solubility, undertaken in the recent past by various investigators, it is now possible: 1. To determine more accurately the amount of reservoir oil originally present. 2. To obtain closer control on operating conditions, to effect more economical recovery. 3. To predict earlier and more dependably when and how much surface lifting equipment will be needed. 4. To reduce, or entirely avoid the very large investment in gasoline recovery equipment now frequently found necessary. 5. To control the gravity of the pipe-line oil so as to secure the greatest possible revenue from the products of the well. 6. To effect the recovery of a large amount of gasoline now wasted while the practicability of a gasoline recovery system is being decided. 7. To plan operations, by comparison with the history of old properties operated without this new information, so as to avoid the mistakes of ignorance made in the past. These points will be discussed in the following pages, though not necessarily in the order stated. There is so much overlapping of the points themselves, and of the data from which they have been drawn as conclusions, that to treat them in any particular order would require

Jan 1, 1935

By Foster Bain

MOST of us householders in the East burn anthra-cite, so the problem that interests us most is the distribution and supply of the domestic sizes of anthracite. That, however, is only a small part of the coal problem and has its own peculiarities. Whether anthracite prices are high or low is largely a matter of relativity, depending on the size of the transaction, the available supply, and other things. As an isolated example which I hesitate to quote because it is not entirely representative, you may be interested to know that the Government fuel yard has been delivering to the Government buildings in the District of Columbia, white-ash stove coal at 16 c. a ton less during January, 1923, than during the same month of 1922. The reason is that the Government deals only with large companies who have been wise enough not to boost their prices and the small increase at the mine has been more than offset by the decrease in railroad rates. The total cost is $12.50 per ton, but I want to make it perfectly clear that it does not follow that this would be a just price for a retail dealer to charge the domestic consumer. For example, in the Government business there is no such thing as a bad debt, and certain other fixed or general charges are charged to other departments. The Bureau of Effi-ciency made an effort to determine what would be a. legitimate handling charge for a retail dealer, in Washington, and concluded that if the Government's cost of handling was $1.00, then $1.88 would be the corresponding fair charge to pay a retail dealer carrying the same volume of business, allowing for bad debts, complete depletion and depreciation of his equipment, and 10- per cent. profit. Assuming that this is the correct differential for Washington, it does not' follow that it would be equally just for Pittsburgh, New York, or elsewhere; nor does it by any means follow that it is a fair differential this year, because the dealer, after being unable to use his equipment in the summer months, now has to deliver an unusually large quantity of coal. I merely cite this instance to show that on the basis of primary cost of coal plus railway charges the retail price is not necessarily higher this-year than last.

Jan 4, 1923

By AIME AIME

THE section delegates assembled Monday morning with the incoming president, W. H. Bassett, in the chair and F. W. Bradley as vice-chairman. The secretary called the roll and urged the delegates to become familiar with the activities of the Institute. He explained the allotment of funds to local sections and the uses to which these funds may be put. He also announced plans for travel by Mr. Bassett and asked the delegates to confer with him as to meetings en route. An invitation was extended for all section delegates to attend the Directors' dinner Wednesday evening. He suggested that local sections hold a meeting once a year under the auspices of each division of the Institute. He further explained the system of choice of publications by members. The question of licensing of engineers was brought up, and the consensus of opinion among the membership was asked for. Because the matter is controversial, no official action has been taken and it was suggested that the' local and State sections act separately in this regard. A. B. Parsons, the assistant secretary, next spoke. In his remarks he indicated surprise that many prominent mining men still did not belong to the Institute, and urged that section delegates make up a list of such prospective members and send it in to the office for study by the New York staff. He also asked that re- ports of all meetings be turned in for publication in MINING AND METALLURGY, and said that the reports

Jan 1, 1930

By J. Hall Carpenter, James E. Lawver

Shortly after the passage of the Taconite Amendment in Minnesota, several mining companies announced their intention to build new magnetite taconite plants and another announced its intention to augment present facilities. It is clear that Minnesota will enjoy an expanding magnetite taconite industry, but despite the fact that the reserves are large, eventually they will have to be supplemented by oxidized deposits. Furthermore, not all producers have magnetite taconite reserves. Due to the extensive oxidation of most of the western part of the Mesabi Range, there are no large blocks of unaltered magnetite taconite that lend themselves to open pit operations. Unless a commercial process can be developed to concentrate the oxidized, or so- called "nonmagnetic", taconite and semi-taconite, the existing mines operating in the western part of the range will be forced to shut down when the direct shipping, wash and gravity ores are depleted, or are no longer salable, because of their poor quality compared to high-grade pellets. KNOWN PROCESSES COSTLY The enormous reserves of the oxidized iron- bearing formation have offered a tantalizing challenge to metallurgists for many years. In fact, several processes for concentrating certain types of oxidized ore have been successful at both laboratory and pilot plant level, but to date no process for concentrating semitaconite or oxidized taconite has reached commercial fruition. Magnetic roasting, followed by low-intensity magnetic separation1, has shown considerable promise because the high iron recovery makes the ratio of concentration of many of the oxidized ores more favorable than that of magnetite taconite. However, the capital and operating costs are high and, in many cases, a high- grade concentrate cannot be made without resorting to flotation of the magnetic concentrate. Hence, most research groups are investigating alternate methods of concentration with the hopes of reducing the cost.

Jan 9, 1965

By G. F. Jenkins

ASBESTOS is a general term embracing the fibrous varieties of a number of minerals. Of these, the hydrous magnesium silicate, chrysotile (H4Mg3Si209), a variety of serpentine, is the most abundant and useful to industry. All other types of asbestos belong to the amphibole group of minerals and are classified as: crocidolite, NaFe(SiO3), FeSiO3; anthophyllite, (MgFe)SiO3; amosite, also a ferromagnesium silicate but with iron content higher than that of anthophyllite; tremolite, CaMg3(SiO3)4; and, actinolite, Ca (MgFe)3(SiO3)4. PROPERTIES The commercial value of asbestos depends largely on the physical property that permits it to be readily separated into fine filaments of high tensile strength and flexibility, which, coupled with the fact that it has the quality of incombustibility of a mineral-in distinction to vegetable and animal fibers-makes it of unique usefulness for many purposes. To some extent, the value depends upon the length of the fiber, although extreme length is neither necessary nor desirable for most purposes. Chrysotile occurs as cross-fiber veins, in which the asbestos fibers are approximately' at right angles to the vein walls, with vein width- or fiber length-seldom exceeding 2 or 3 in.; also as slip-fiber, in which the fibers 'lie in the same plane as the vein or on slippage planes. A cleanly broken vein of cross-fiber has a pearly luster and may range from a deep green or brown color to light shades of yellowish green or cream. When of good quality, the fiber filaments forming the vein may be easily drawn away from their neighbors and exhibit a fine silkiness and pure white color. They may be twisted into a thread and when flexed between thumb and fingers are found to be strong and pliable. Chrysotile withstands comparatively high temperatures without breaking down completely or fusing but begins to lose water of crystalliza-

Jan 1, 1949

By H. J. Ramey

Conventional calculation of total system isothermal compressibility for a system containing a free gas phase involves, among other things, evaluation of the change of oil and gas formation volume factors and the gas in solution with pressure. Preferably, this information should be obtained from laboratory measurements made with particular oils and gases. Often, experimental measurements are not available. In this case, it is necessary to obtain pressure-volume-temperature relationships from general correlations such as those of Standing' for California oils. In order to speed estimates of compressibility, generalized plots have been prepared of the change of both oil formation volume factors and gas in solution, with pressure from Standing's correlations. A generalized plot for estimating the change in the two-phase (oil and gas) formation volume factor with pressure is also presented. Usually, the effect of gas dissolved in reservoir water upon the total system compressibility is neglected for gas saturated systems, due to the low solubility of gas in water. Results of this study indicate that the increase in total system compressibility caused by solution of gas in water is often as large as the compressibility of wafer, and can be magnitudes larger for low pressure systems. Generalized results for estimating the change of gas in solution in water with pressure are presented in tabular and graphical form. INTRODUCTION During the past decade, pressure build-up and drawdown techniques have gained an important place in reservoir engineering. Build-up and drawdown analyses are only two special applications of the broad field of transient fluid-flow theory. All solutions of transient fluid-flow problems contain a parameter called the total system isothermal compressibility. This property of fluids and porous rock is a measure of the change in volume of the fluid content of porous rock with a change in pressure, and it may vary considerably with pressure. Evaluation of total system isothermal compressibility is not difficult, but it is tedious and time-consuming. Often compressibilities are estimated roughly, or transient flow methods are neglected completely. The benefits of using accurate system compressibility in properly-executed build-up or drawdown analyses are: 1. Better planning of pressure build-ups may be achieved to avoid unnecessary loss of revenue due to excessively long shut-in periods, or to shut-in periods too short to yield useable data. 2. Better and more reliable estimates of static formation pressures for reserves estimates and rate performance estimates. 3. Reliable information for evaluation of well completion effectiveness, and planning and interpretation of well stimulation efforts. The purpose of this paper is to clarify the nature of the total system isothermal compressibility, and to present useful methods for estimation of compressibility, particularly for systems containing a gas phase. DEVELOPMENT Numerous publications have presented solutions to transient single-phase flow of slightly compressible fluids, stressing pressure build-up applications. In transient flow, a compressibility* term arises to permit volume content of fluids in porous rock to change as pressure changes. The basic nature of the compressibility term is usually taken for granted. Problems arise in practical applications of transient fluid theory because most published works consider only one flowing fluid—in an ideal porous system containing only one fluid. In 1956, Perrine2 presented an intuitive extension of single-phase flow pressure build-up methods to multiphase flow conditions. Later, Martin- established conditions under which Perrine's multiphase build-up method had a theoretical foundation. Perrine has shown that improper use of single-phase build-up analysis in certain multiphase flow situations can lead to gross errors in estimated static formation pressure, permeability and well condition. It is likely that, much pressure build-up data for oil wells should be analyzed on the basis of multiphase flow. For both single-phase and multiphase build-up analysis, the isothermal compressibility term in dimensionless time groups often should be interpreted as the total system compressibility. All real reservoirs contain one or more compressible fluid phases. In addition, rock compressibility can contribute in an important way to the total system compressibility. The proper total system compressibility expression may contain terms for compressibility of oil, gas, water, reservoir rock and terms for the change of solubility of gas in liquid phases.

Jan 1, 1965

Jan 1, 1890

By F. V. Lenel, G. S. Ansell, E. C. Nelson

IRMANN'S' discovery that extrusions of fine alumi-num-flake powders possess remarkable high-temperature strengths has led to the production of a new class of engineering materials whose properties are derived from a fine dispersion of oxide particles in a metallic matrix. A fundamental study of such materials and elucidation of the mechanism whereby the oxide parti-

Jan 1, 1958

By Society of Mining Engineers of AIME

An error has been noticed in one of the figures in the 1974 Jackling Lecture "The Henderson Ore Body-Elements of Discovery, Reflections" by Stewart R. Wallace, published in SME Transactions, Vol. 256, No. 3, September 1974, pp. 216-227. The horizontal scale shown on Fig. 5 of this article is incorrect. The horizontal and vertical scales should be equal, i.e., the horizontal distance shown as 1000 ft should be 2000 ft.

Jan 1, 1976

By R. J. Pfister

The development of a water-input profile instrument based on the introduction of brine and fresh water into an input well with the electrical location of, the boundary developed between them is reported. Two methods are available in the use of this instrument to measure the foot by foot water-intake rates of the various sand strata: the moving boundary method in which variable well bore diameters can be determined and/or cancelled out and the constant boundary method. The type of results obtained and the relative advantages of each of these methods are described in detail. Representative data are included covering the use of this instrument in experiments involving selective acidizing, selective plugging, and selective shooting. In such experiments, this instrument has been used to diagnose the unfavorable distribution of water intake in input wells and also to determine the effectiveness of the resultant treatments. The data included also serve to illustrate the type of problems which can be studied with this technique. Introduction For ten years or perhaps longer a number of progressive water-flood operators have felt the need for some to to measure the foot by foot water-intake rates of various strata in water-injection wells. The primary need is to diagnose unfavorable water distribution in various strata and to evaluate the effectiveness of the corrective measures such as selective acidizing, selective plugging, and selective shooting. Previously described methods for obtaining this type of data were not considered entirely adequate.l,2 The profile equipment described in this paper embodies the separate introduction of brine and fresh water into the well at carefully measured and controlled rates and the electrical location of a sharp boundary developed between these fluids. At present this instrument is a research tool of value in determining the effect of various well treatments on an individual sand strata. lts primary use has been on wells in which different sections require different treatments (e.g., wells with an open sand to be plugged and a tight sand to be acidized)- It has, thus, made possible the determination of a rearrangement of the water intake of a well. The instrument can also be used to direct the treating material into a given zone. In completing a well the less permeable sands are shot more heavily with nitroglycerine in order to equalize the water intake between the permeable and less permeable sands. The extent to which such corrective shooting has been successful Can be determined by a water-input profile. The combined profile and well-bore diameters should also provide a method for determining the direction and effect of various selective shooting techniques. Equipment The essentials of the water-input profile technique for measuring the intake per foot of individual sand strata are the injection of a nonconducting fluid, water, at the top of the well and a conducting fluid, brine, through a separate string of

Jan 1, 1948

By R. J. Pfister

The development of a water-input profile instrument based on the introduction of brine and fresh water into an input well with the electrical location of, the boundary developed between them is reported. Two methods are available in the use of this instrument to measure the foot by foot water-intake rates of the various sand strata: the moving boundary method in which variable well bore diameters can be determined and/or cancelled out and the constant boundary method. The type of results obtained and the relative advantages of each of these methods are described in detail. Representative data are included covering the use of this instrument in experiments involving selective acidizing, selective plugging, and selective shooting. In such experiments, this instrument has been used to diagnose the unfavorable distribution of water intake in input wells and also to determine the effectiveness of the resultant treatments. The data included also serve to illustrate the type of problems which can be studied with this technique. Introduction For ten years or perhaps longer a number of progressive water-flood operators have felt the need for some to to measure the foot by foot water-intake rates of various strata in water-injection wells. The primary need is to diagnose unfavorable water distribution in various strata and to evaluate the effectiveness of the corrective measures such as selective acidizing, selective plugging, and selective shooting. Previously described methods for obtaining this type of data were not considered entirely adequate.l,2 The profile equipment described in this paper embodies the separate introduction of brine and fresh water into the well at carefully measured and controlled rates and the electrical location of a sharp boundary developed between these fluids. At present this instrument is a research tool of value in determining the effect of various well treatments on an individual sand strata. lts primary use has been on wells in which different sections require different treatments (e.g., wells with an open sand to be plugged and a tight sand to be acidized)- It has, thus, made possible the determination of a rearrangement of the water intake of a well. The instrument can also be used to direct the treating material into a given zone. In completing a well the less permeable sands are shot more heavily with nitroglycerine in order to equalize the water intake between the permeable and less permeable sands. The extent to which such corrective shooting has been successful Can be determined by a water-input profile. The combined profile and well-bore diameters should also provide a method for determining the direction and effect of various selective shooting techniques. Equipment The essentials of the water-input profile technique for measuring the intake per foot of individual sand strata are the injection of a nonconducting fluid, water, at the top of the well and a conducting fluid, brine, through a separate string of

Jan 1, 1948

JOHN B. HASTINGS, Los Angeles, Cal. (written discussion *).-This, paper is so admirable for its brevity that one hesitates to enter into discussion. The cycle of eruptives makes one wonder, "Where's the basalt?" and the youthfulness of the Idaho flows suggests they may yet come. Veins and Dikes.-Veins and dikes seem to be closely aligned in the minds of some authors, while to me they appear quite distinct, the first representing quiet, long-continued action, typified by metasomatic replacement, far removed from volcanic action; the latter, sudden and cyclonic, emanating from the heart of vulcanism. The rock openings occupied by both types were formed by kindred forces, but in the one they were closed for indefinite periods before invasion by the solfataric solutions, and in the other their formation and occupation were simultaneous. Open Fissures.-I do not believe in the existence of open spaces of discission that may be occupied by veins. Occasionally they occur; I found one with. a machine drill 350 ft. below surface, fortunately in an adit; the water spouted for 12 ft. in a 6-in stream for nearly 24 hr. It was only a flattish fissure, 6 in. wide, crossing the perpendicular vein, and indicating how tabular veins of ore might be formed. The practical absence of open fissures should be a joy to miners. We all know the misgivings with which we feel about for an old winze having only 30 ft. of water in it, in an unsurveyed and inaccessible part of a mine. It is said that veins are sometimes formed in open spaces left by Protuberances of the walls, which meet after having been displaced; but I believe that in such circumstances there would be sufficient attrition and brecciated material to fill the fissure, though perhaps loosely. Parts of veins may possibly have been formed in originally open spaces, but if so, the spaces were made by solution shortly preceding the deposition of the veins. That total solution of rock adjacent to a fissure may occur under favorable conditions is proved by the existence of large bodies of sulphide which contain only a few per cent. of silica; while on the same level, and in other levels above and below, all being within the same ore shoot, assays may show as much as 50 to 60 per cent. of silica, although the gold, silver and copper assays may be almost identical in all the

Jan 1, 1918

By Cornelius Kelley

I HAVE been asked to discuss "What Can be Done to Revive the Mining Industry," particularly from the standpoint of the copper industry. It is impossible to consider this problem, if in fact there can be one, from an isolated position. The mining industry is but a part, although a very important one, of that exceedingly complicated machine characterized as commerce, which comprises within its operation and functions the-multitudinous activities that, combined, make up the sum total of the production, manufacture, distribution, sale and utilization of goods and products resulting from the agrarian, industrial and commercial effort of mankind. We survey a world today with its disturbed mass of humanity permeated with discontent, passions loosened by brutal combat not yet brought under control, class hatreds aroused, national prejudices in a state of stimu-lated excitement, governments for the most part enfeebled, some destroyed to their foundations, with fragile structures raised in place of those that seemed enduring, and which have disappeared. A burden of indebtedness incurred in defiance of all economic law exists, to meet the exactions of which, levies of taxation that constitute a grievous burden upon effort and industry are exacted by the needs of those nations that are most favored, while printing presses are busy manufacturing currency that either has, or approaches, a negative value among those less favored. This picture, while not pleasant, is one that should be looked at squarely and carefully appraised in estimating the immediate future. For four years the world marshalled, and exerted without stint, its combined endurance, vitality and resource in an effort of destruction, which violated no less the orderly working of physical and economic laws than it did the conventions of social and civic relations. To have imagined that without travail the orderly processes that governed the relations of mankind could at once be reestablished and begin functioning, was, as has been demonstrated, fallacious; perhaps no more so than the error that is committed today by those opportunists who fail to take cogni-zance of basic conditions which must be remedied be-fore the world can resume its progress to a universally prosperous and satisfactory condition. Please do not gather from this somewhat unpleasant recital that I regard the future with gloomy foreboding or entertain pessimistic doubts, for, emphatically, I do not.

Jan 2, 1922