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By FRABK HERVEY PETTINGELL

THE stock exchange and its functions is about as well understood by the average individual as the fourth dimension. What is a stock exchange? Divested of the rules and regulations by which it is governed, and the facilities it provides for the convenient handling of securities, it would be in its nude state nothing more or less than a meeting place for brokers. The stock exchange in America dates back to 1752, when a group of merchants of New York established a meeting place at the foot of Broad Street for the purpose of dealing in meal and slaves. The first definite orgarization, however, had its beginning in 1792 when 24 New York brokers signed an agreement not to buy or sell public stock for less than one quarter per cent. commission. From this small group has grown by gradual degrees, the greatest organized security market in the world, namely, the New York Stock Exchange. At the present time there are 27 stock exchanges in the United States and 5 in Canada. Based on the volume of business transacted, the Los Angeles Stock Exchange ranks 6th among them. This is attributable to the fact that strictly speaking Los Angeles has never been a stock exchange town, like some other large cities. Take for instance San Francisco, which supported one stock exchange from 1862 to .1882 and has since supported two. No city, by the way, should tolerate two stock exchanges at the same time. It is an economic folly and a senseless duplication that can be compared with rival telephone companies or competing street railway systems, paralleling each other's lines and always leads to trouble and confusion, and sooner or later one or the other falls by the wayside. While Los Angeles has had stock exchanges of one kind or another since 1896, none of them attracted much attention until 1899 when the present exchange was organized and it did not get well under way until along in 1906.

Jan 1, 1925

By W. L. Honnold

AS BOTH South Africa and diamond mining are unfamiliar subjects it seems best that on such an occasion as this I should endeavor to reflect the atmosphere of the place and to picture the mines from an industrial rather than from a technical standpoint and, because of long absence, my remarks must necessarily be sketchy and in some particulars not up to date. The preferable route to South Africa is via England, direct steamers from America being inferior as to service and effecting no saving of time. The newer boats are of about 20,000 tons capacity and very comfortable. Seventeen days are required for the voyage and only one stop is made-that at the island of Madiera, three days out. Between Southampton, the port of departure, and Madiera the weather may be warm or cold and the

Jan 1, 1925

By AIME AIME

DREAMS do come true at times, although it is evidently better to believe in engineers than to "believe in fairies" if most dreams are to be translated into fact. It was a fine dream that David H. Moffat had when he projected a railway directly west from Denver; a dream of opening a new empire in northwestern Colorado, and of quickening transportation from the Middle West to the Pacific slope. But Moffat had been a miner and had become a banker. He knew that dreams, untranslated into works, benefit no one and pleasure only the dreamer, so he employed an engineer, H. A. Sumner, to study and plan the route to be followed by the rails. Previous main lines had run to the north, the Union Pacific, or the south, the Santa Fe. The Denver and Rio Grande, it is true, wriggled its way bravely across Colorado but, in order to reach a point 74 miles in an airline west of- Denver, travelled 281 miles following two canyons and crossing Tennessee Pass at 10,240 ft. Valuable as such a road is, it could never accomplish what Moffat had in mind. It was known that no low pass could be found directly west of Denver but up to 9000 ft. the topog-

Jan 1, 1925

By H. F. Moore

DURING the last six years, there have been many extensive investigations of the fatigue of metals. The major work of 'these investigations has been the determination of constants for fatigue strength of wrought ferrous metals; but during the past year or two there have become available considerable test data on the fatigue strength of certain nonrferrous metals, including copper, brass, bronze, nickel, copper-nickel alloys, aluminum and aluminum alloys, magnesium and magnesium alloys. It is not proposed to give here extensive quantitative tables of test results; for such tables, reference is made to the published data of various laboratories. The following general conclusions, however, seem to be fairly well established: 1. The phenomenon known as "fatigue" of metal really a progressive fracture of metals. A minute (probably submicroscopic) crack is formed in the metal, the internat stress, is intensified at the ends' of the crack, and under successive applications of load the crack spreads like a minute hacksaw cut until there is not enough sound metal left in the cross-section of the piece to stand the load. applied, and then failure occurs suddenly. 2. For wrought ferrous metals, there is .a limiting intensity of stress (as computed by the ordinary formulas of mechanics of materials) below which, a metal is able to withstand an indefinitely large number of repetitions of stress without failure. This limiting stress is known as the "endurance limit or the fatigue limit.? For reversed flexure, the endurance limit for. wrought ferrous metals is usually not far from 50 per cent. of the ultimate tensile strength.

Jan 1, 1925

By Thomas Varley

IN THE congressional act establishing the Bureau of Mines one of the functions outlined was "to assist I the industry in the prevention of mineral waste." This had not only to do with the waste in mining but in milling and metallurgical practices, including smelting. The organization of the Bureau of 'Mines includes many divisions, each working in a particular field and charged with certain investigative work. The metallurgical division has the above duties under its immediate supervision, and the station located at Salt Lake City is directed by the chief of this division: There are ten experiment stations of the Bureau of Mines, located in various parts of the country, most of them being housed at state universities under cooperative agreements. Considerable care was exercised in locating the stations and in choosing the particular type of work to be investigated at each place. Inasmuch as the Bureau was designed to serve and cooperate with the industry it is only natural that the investigative work be of interest and importance to the territory immediately adjacent to the respective stations.

Jan 1, 1925

By AIME AIME

THE Institute of Metals Division of this Institute held a joint meeting with the American Foundry- men's Association on Oct. 5-9, at Syracuse, N. Y. The registration at this meeting was about 150. There were four meetings in all, three of which were in con- junction with the American Foundrymen's Association. This combination works out very nicely and gives the I Division a number of practical foundry papers that it would not get otherwise. The sessions were well attended and the discussion was active. The session on Monday morning was of a general nature and consisted of the following subjects : " Refractory Problems in the Non-ferrous Electric Furnace Casting Shop, " "Temperature Control of Non-ferrous Alloys," "Atomized Coal System of Non-ferrous Melting," "Material Handling in a Brass Foundry." On Tuesday morning, the session was on "Aluminum and Its Alloys." The paper on permanent mold castings created a large amount of discussion, in fact so much that it had to be renewed after the close of the regular program. Aluminum is assuming a more important place every year and adds greatly to the program as a whole. One of the most remarkable meetings that this Division has ever had was held on Tuesday at noon in the form of a Round Table discussion, headed by G. K. Elliott, chairman of the Division, Cincinnati, Ohio. Mr. Elliott divided the members present, numbering about 80, into groups as they were seated at the tables. Each of these groups suggested a topic for discussion. They were as follows : "Fluxes on Market ;" "Simplification of Alloys;" "Pyrometric Control;" "Effect of Gas- sing Metal and Control;" "Barium Sulfate Added to Electric Furnace to Create Slight Oxidation to Remove Aluminum and Silicon;" and" Nickel in Brass."

Jan 1, 1925

By G. W. LAAiIBOURNE

FEW mines possess a history of more fascinating interest than the Ontario at Park City, Utah. The famous Bonanza's production record of over $50,000,000; the great extent of its workings; the remarkable character of its mineralization; the fact that recent discoveries have shattered preconceived theories of the geology of the camp practically assuring the half-century old property a future as active and as prosperous as the past make the Ontario one of the unique mines of the world. A mere accounting of the wealth created by this historic property not only exemplifies the great profits

Jan 1, 1925

By E. E. AGGER, Arthur Notman

THE proposal has been made in a bill introduced into Congress at the last session by Representative Jones of Michigan that an import duty of 6 c. per lb. shall be placed on copper. This action is urged after eighty years of prosperity for the industry in this country; during most of which copper has been on the free list, and during all of which a tariff would have been without real effect. To comprehend the general situation upon which this action would be imposed, we must refer to the past history of the industry and its trends at the present time. The following table supplies us with a picture of the physical growth of the industry in this country and its relation to that of the world as a whole down to Jan. 1, 1921:

Jan 1, 1925

By Francis A. Thomson

T HE engineer of today is by his training, by his traditions, and by the service which he must render, irrevocably committed to taking his part in public life along with the members of the older professions of ministry, medicine and law. Nevertheless, in comparison with these: three, so long recognized as the "learned professions-all three of which grew out of the functions of the priesthood-engineering in any modern sense of the word is a youthful profession indeed. So youthful is engineering in its present significance, that it may be said to date from the labors of John Smeaton, the lighthouse builder; of Simon Newcomen and James Watt, the inventors of the steam engine; and of George Stephenson, the inventor of the locomotive; at the dawn of the 19th century. Great works of an engineering character had, it is true, been executed long before this, but practically all of them had been rule-of-thumb enterprises, dependent upon a plethora of slave labor for their accomplishment. For illustration it is said that at Rio Tinto in the days of Hiram, king of Tyre, 40,000 men worked for a year to produce three tons of silver from the rich outcrop ore. Such an operation can scarcely be called an engineering enterprise, however, when we remember that a fourth of this number of men in these same mines, from which the richest ore was long ago extracted, produce at present over 100 tons of copper per day.

Jan 1, 1925

By HENRY M. PARKS

THE total production of all metals in Oregon to date is estimated at $160,000,000; ~115,000,000 from eastern Oregon and $45,000,000 from the western part of the state. In 1916 the metal production of the state was approximately $4,000,000, while the present annual production has dwindled to a little less than $1,000,000. Western Oregon The state of Oregon contains several metal-bearing areas, widely scattered in different regions. More than half of its coast is fringed with a belt of auriferous sands which sometimes are rich in fine gold. A second mining field, the chief producing one of western Oregon, is situated in the southwestern part of the, state and includes Jackson, Josephine, Douglas, Coos and Curry counties. It may be considered as the northern extension of the gold and copper belt of California. A third region in western Oregon is that on the western slope of the great Cascade range in the Bohemia, Blue River, Quartzville, North Santiam and Ogle Creek districts-from the Siskiyous on the south almost to the base of Mt. Hood near the Columbia River on the north.

Jan 1, 1925

By G. L. Oldright

THE metallurgist is familiar with the rapid development of concentration -by flotation and smelting in the reverberatory in recent years, brought 'about chiefly by the exhaustion of' bodies of .rich, coarse, direct smelting ore. Geologically speaking, in many porphyry-copper districts, the richer contact or replace let deposits surrounding 'the main ore-forming igneous intrusion have been exhausted, and it is necessary to beneficiate the copper minerals disseminated throughout the mass of the intrusion itself. The organization of great companies to treat such low- grade ores on a large scale and the practices resulting from the necessity for an economic method of treatment 'are among the most prominent metallurgical developments of the past decade. It is interesting to note the effect of the present trend of practice on the inter-relationship of the concentrator and smelter, on the constituents of the smelter charge, and on smelting in general.

Jan 1, 1925

By Arthur Notman

IN VIEW of the wide publicity given to the charges by the Couzens Committee of the United States Senate of discrimination by the Bureau of Internal Revenue in favor of the copper companies, it becomes a matter of interest to consider the basis for these charges. The point to be determined is whether they rest on a foundation of fact or are purely and simply matters of opinion. The whole question boils down to the purpose of the Tax Law as applied to mines, which is to afford the same protection to them as provided for all other taxpayers, namely: that they were to be allowed to pay back as depletion to their owners the values of their properties as they existed or were estimated to exist on May 1, 1913, free from tax. To determine these valuations it was? necessary to select from a wide range of possibilities a set of values for a number of essential factors.

Jan 1, 1925

By AIME AIME

ANOTHER meeting of the Institute has passed into history and it fully sustained the reputation of the Institute as a live organization of the men, and nowadays the women, concerned with the mineral . ? industries and those working therein. The field meetings of, the 1nstitute are cine of its pleasantest and most valuable features. As Dr. Raymond used to say, ((It is good for a mining engineer once in a while to see a mine" and these meetings bring back to the mines those who, through progress into higher executive positions, have come to visit them infrequently, at the same time that they give opportunity for the .younger men to see regions and mines aside from those in which they are then working. This, and the formal and' informal interchange of information resulting,, is of the greatest professional value to all, while the meeting of old and making of new friends causes each meeting to be notable in turn. This year's meeting at Salt Lake City was one of the largest that has been held outside of. New York City; 470 members and guests registered while many more were present at the sessions without attending to this formality. '

Jan 1, 1925

By COURTNEY DE KALB

IRON ore is the cause of the present trouble in Morocco. At least three nations are interested in the outcome and private syndicates have been active. The iron deposits are found in that mountainous northern coast line known as the Rif. This is an uplift that has been cut through, by the northward drainage, representing an ancient land surface. Erosion has produced .a fiordlike coast, which circum- stance has aided contraband' traffic to the tribes dominated by Abd-el-Krim, the chief of the clan of the Beni Urriaguel, near the center of 'the north coast, opposite Alhucemas. The iron deposits are extensive in the territory of the Beni Urriaguel. They were "located," if such a term is permissible, many years ago. The first arrangements, through direct contracts with the tribal chieftains, have been reinforced by compliance with the subsequent code under the Spanish protectorate in 1914. Under those terms, the location had to be made through the Arbitral Commission sitting in Paris. These locations, or "denouncements," were made by the I-louse of Mannesmann, of Hamburg.

Jan 1, 1925

By WALTER M. DAKE

GENERALY speaking, the bituminous coal mines of the country are being operated at a loss. To purchasers of the necessary commodity, a statement of this character may have the sound of a far fetched propagandist cry; but to the coal producer who lives in the hope of an up-turn in the almost stationary market price of his product, while inking in red his monthly operating balances, it carries the ringing sound of truth.

Jan 1, 1925

By W. Geo. Waring

THE growing need of better methods for the recovery of zinc and other elements from complex sulfide ores has suggested an inquiry respecting a possible group separation of the elements by the aid of volatilization at more or less elevated temperatures. It 'is evident that if the zinc content of such ores can be completely separated, for instance, as pure oxide, by a volatilization 'method, there should be no difficulty in recovering the other elements by smelting and refining. Zinc burning" as applied to zinkiferous ores has advanced but little in practice since the invention of the wetherill grate-furnace process in 1852, as may be seen by reference to papers on the subject.' In other words the thermochemical reaction employed in effecting the volatilization of the zinc is essentially one of reduction by means of carbon, whether the ores treated contain their zinc in an oxidized form, or as the sulfide. The zinc vapors, liberated from the ores at a temperature above that required for the reduction of ZnO by C (about ,1100° C.) or for the volatilization of ZnS per se, (about' 1300°-1400° C.) are subsequently burned to ZnO or to ZnO + SOz, by contact with' atmospheric ,oxygen in the upper or posterior parts of the furnace chamber, or in a so-called "combustion chamber" after leaving the .furnace proper.

Jan 1, 1925

By J. V. W. REYNDERS

NOT only is your toastmaster silver-tongued in his references 'to myself, but he is also quite in the habit of "saying it in silver." I have analyzed with some care his statistics of the world's silver production, which have been distributed here along with the menu, although frankly from the point of view of most of us, the distribution rather than the production of silver is of immediate concern. Unlike the performers by whom we have been entertained between courses, the rest of us on the program will have to do without costume or musical accompaniment, which as my friend Rains can testify puts an artist under severe strain. I am entitled by right of office and of precedent to receive your attention for ten minutes. The Governor, who appears on the program as a speaker; however, has asked me for five minutes of my time, and Senator Thomas has insinuated that he would appreciate one-half of the remainder, wherefore, I must ask your close attention to the very brief remarks that I am able to make under such restricted circumstances. To begin with, I want you to believe that I am approaching the task set by your toastmaster with misgivings. In looking over the Institute records relating to the Salt Lake City meeting of 1914 for some precedent as to what I ought to say, I found but one reference-and that of the following indefinite char¬acter-" and Friday night there was a hilarious banquet to 350 members and guests."

Jan 1, 1925

By J. V. W. REYNDERS

IN THE remarks which I am about to make concern¬ing the safety work of the Bureau of Mines, I want first of all to disengage myself from a disposition, which is frequently in evidence, to give spectacular emphasis to the hazards of mining operations. It is of the' utmost importance to the industrial welfare of our country that the enormous annual requirement of fuel be produced and be made available in our economic activities, with a minimum of distress and hardship. The safety of coal mining is a condition with which. we are all concerned in a fundamental way. And yet we should not rush to accept hastily conceived notions that laxity among employers in respect to safety measures exists to any outstanding degree. In fact in a large number of instances, the precautionary efforts of min¬ing companies, directed to the elimination of accidents are beyond all criticism, albeit the industry suffers in reputation from the carelessness of, its less effi¬cient constituents. The Bureau of Mines has been a leading influence in disseminating the doctrines of safety, in securing the cooperation of the miners themselves, and in stirring up ' the laggards, both among the employers and the employed. It is much to the interest of well-conducted mine operations that the industry, as a whole, observe safety regulations to the utmost.

Jan 1, 1925

By Samuel Tescher

The operation of gaseous mines is a problem, due to the fact that we have not only the ordinary mine accidents to guard against, but have also the ever present menace of a mine disaster involving a large number of human lives, and the destruction of valuable property. In looking over the reports of mine disasters throughout the country in the past several years, we find that methane gas, coming in contact with an ignition agency of some kind, has been the source of at least 75 per cent of our mine explosions. Coal dust, of course, plays its part in propagating the explosive action throughout the mine workings and rendering it more violent and destructive; nevertheless, the initial ignition of a body of explosive gas-sometimes of very small volume-has been the primer for the large majority of our mine disasters. We find also, that the places of initial ignition are most frequently found at the working faces, or in close proximity thereto. This is mainly due to the following reasons: First-The working faces are, as a rule, the places where methane gas is most freely generated. Second: They are places that are most poorly ventilated. Third-They are the places where ignition agencies are most frequently found. The sources of ignition, as a rule, consist of naked lights, the shooting -of shots, defective flame safety lamps, and electrical arcs. The problem, then, in the operation of gaseous mines, is primarily to so ventilate the working faces that an explosive mixture is not likely to occur, and to endeavor to keep away from the working faces all sources of ignition. To do both of these things may seem impossible. Nevertheless, by working along both of these directions, a great many disasters can be avoided. The efficient ventilation of the working faces is paramount. By efficient ventilation, we mean the continuous passing of large volumes of air at the working faces. This can only be accomplished by adequate ventilating equipment, capable of being driven by at least two independent and distinct sources of power, together with large, clean, straight air courses which are free of short turns, constructed areas, and leaky doors and stoppings. In other words, furnish a suitable course for its travel through the mine. Many of us sharpen our pencils and rack our brains to properly estimate the proper size pump and pipe equipment that may be needed to handle a certain amount of water. We estimate the size of copper conductors to a nicety. We immediately rush to repair leaks in our water, compressed air or electric lines. But how many of us give serious thought to the travel of the air through our mines, the health and safety-giving fluid on which so much depends! In driving air courses, a certain economical cross-sectional area should be adopted and maintained as standard. When turns are necessary, they should be made with long radius curves, and the cross-sectional area should be increased on the curves. All entry stoppings should preferably be built of monolithic concrete, with suitable hitches into floor and ribs, and after the concrete has set, they should be examined and leaks due to shrinkage and settling should be eliminated. Overcasts and their approaches should have cross-sectional areas larger than the entries leading to them, to allow for the sudden change of direction, bearing in mind that air wants to travel in straight lines. In the early development of a property, ample provision should be made in the size of the main entry pillars to allow for the driving of additional

Jan 1, 1925

By John M. Jennings

The Hiawatha pitmouth is located at the head of the middle fork of Miller creek, at an altitude of approximately 8,100 feet. The coal is lowered to the tipple down a gravity tram two miles long, in 16 car trips which carry about 60 tons net. The average running time of the trip is about nine minutes. At the bottom of the tram there are two tracks for the loads and two for the empties. The trip, after being cut off the rope, is dropped by gravity onto a feeder, where the cars are uncoupled and fed one at a. time across the pitcar scales and into the dump. The dump is of the full revolution type, friction driven. On passing out of the dump the cars are returned by a kickback onto the empty car haul. They are caught at the bottom by a brake which consists of a pair of steel squeeze blocks operated by heavy springs. The empties are elevated to the double tracks, where the trips are made up. The feeder, scales, dump and empty car haul are all built on the solid ground of the hillside instead of being incorporated in one structure with the screening plant. The coal is dumped into a small hopper with a capacity of about 15 tons, whence it is fed by a reciprocating feeder onto a scraper conveyor which takes the coal over to the screening plant, a distance of 120 feet. This conveyor is 48 inches wide and travels at 120 feet per minute. The screen itself is interesting. It is of the Marcus Horizontal type.

Jan 1, 1925