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By T. Lane Carter

It is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua, our near neighbor. To be most interested in distant objects, like the moon, and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole. I hope this paper will be the precursor of many others to be printed in our Transaclions, dealing not only with the miniilg possibilities of Nicaragua, but with the whole of Central America, where there are vast areas a,waiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and ot'her Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. 11. History. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors pene-' trated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Jan 1, 1911

By W. E. STOKES

SOME extension of flying service to the mining industry occurred in 1938, particularly in Canada, where freighting activity radiated from Edmonton into the new northern mining districts. Again the airplane demonstrated its usefulness in getting new equipment rapidly into the field and in decreasing shutdown time while waiting for repairs. An 18-ton Caterpillar tractor with shovel attachment was disassembled, brought in by plane, and placed in operation at Berens River, Ont., within seven days after its de- livery at Winnipeg. At Central Patricia a mill breakdown required the replacement of a full mill head and trunnion with ball bearings, weighing 2700 lb. The Canadian Airways Junkers, termed the "flying boxcar," was called in from Yellowknife, 1300 mi. away, and the new installation was completed three days later.

Jan 1, 1939

By R. H. Pemberton

The principle of airborne electromagnetic prospecting is well-known. The basic geophysical texts in most cases discuss the main elements involved in electromagnetic prospecting. However, there is certainly little information available to the public concerning the present types of airborne electromagnetic systems being flown today by both contracting companies and some of the mining companies which have their own instruments. This is unfortunate since it is difficult for those people not conducting such operations to understand thoroughly the large variation in the electromagnetic instruments available.

Jan 1, 1961

By H. Hansen, A. U. Seybolt, P. Yurcisin, B. W. Roberts

The Bi-Mn phase diagram in the region near BiMn was investigated, using principally thermal analysis and changes in magnetization with temperature. Of chief interest are the findings related to the magnetic transformation in Bi-Mn. THE Bi-Mn system is of both theoretical and practical interest because of the occurrence of the compound BiMn which exhibits unusual ferromagnetic properties. Because the Bi-Mn phase diagram reviewed by Hansen' (see Fig. 1) in 1936 is based on work done by BekierY in 1914 and by Siebe" in 1919, which left considerable doubt about the nature of the diagram. it appeared desirable as an aid in understanding the alloying characteristics and magnetic behavior to examine the pertinent regions of the phase diagram. The most interesting reaction is the peritectic at 445°C which forms BiMn by the reaction: Liquid + Mn(sulfield) ? BiMn(sol field) There is also a eutectic at 262° C between pure bismuth and BiMn. Hansen draws in BiMn dotted, since in 1936 evidence for its existence was uncertain. Experimental Materials—Preparation of Alloys Electrolytic manganese of about 99.97 pet purity and bismuth of 99.99 + pet purity were used as starting materials.

Jan 1, 1957

By AIME AIME

BY the end of 1943, the United States will be able to produce aluminum at a rate of 1,150,000 tons a year. How much aluminum is 1,150,000 tons? It is sufficient to replace every railroad passenger car in this country three times a year. Or, it would put a thirty-piece aluminum cooking utensil set in every one of America's 34,000,000 homes with enough metal left over to make 5,000,000 miles of aluminum transmission cable, such as was used in the electrification of much of rural America. Expansion of aluminum production capacity for the war program has occurred in three steps: (1) expansion by private industry; (2) the letting of contracts by the Defense Plant Corp. for the construction of additional aluminum plants which may remain after the war to compete with existing facilities; and (3) the more recently announced D.P.C. program for the building of emergency plants to make aluminum, using stand-by power available in large metropolitan centers power of relatively higher cost, making it questionable whether such plants, now gravely needed, will be able to compete in a peacetime economy.

Jan 1, 1943

By A. W. Ambrose

THE underground losses of oil exceed by hundreds of thousands of barrels all the oil that has been lost in storage, transportation, or refining. The quantity lost is, of course, indeterminate; but when it is considered that the contents of an entire oil field have been excluded from recovery by invading waters, some idea of the amount wasted may be gained. Similarly, enormous quantities of gas have been lost underground. Conservation of the oil, therefore, should start before it is brought to the surface rather than after it is placed in storage tanks. Water is one of the most important causes for underground losses and the operator should give as serious consideration to an underground flood of water as he would to a destructive surface flood. The best insurance, of course, is to have the wells drilled in such a manner that water has no access to the productive oil and gas horizons, and on abandonment the wells should be properly plugged. The encroachment of edge water and the occurrence of water in the base of an oil sand present a very serious problem to an oil company; sooner or later these waters are bound to cause considerable damage, if they do not entirely destroy the possibilities of further production. Too often, however, a field has been considered to be in a hopeless condition, whereas wells in as bad a condition in other areas have been repaired and the life of the field appreciably lengthened. The corrections are very often suggested by technical study. Very successful results have been accomplished by detailed underground work in the California oil fields, in Cushing, Oklahoma, and in other areas.

Jan 9, 1920

THIS chapter and Chapter 19 deal with the heat quantities involved in open-hearth steelmaking, including the thermal efficiency of the furnace as a generator of high-temperature heat, the heat storage in the steel and slag produced and in the furnace walls, and the heats of the various chemical reactions involved in combustion, in the formation of slag, and the refining of steel. The fundamental laws to be considered are the first two laws of thermodynamics as applied to problems involving sensible and potential (or latent) heat only: 1. Heat input equals heat outflow plus storage. 2. Heat may be transferred only from a hotter body to a colder one. The first of these laws relates to the various heat quantities or the heat balance of the process. No one has as yet made an open-hearth heat balance that came out almost exactly balanced. The cause probably lies in the difficulties of accurate temperature and flow-rate measurements at the high temperatures involved and the inherent complexities in flow distribution and air leakage present in any real open-hearth furnace system. Some idea of the magnitude of the heat quantities involved can be obtained by a brief, crude outline of the heat balance of a 90-ton heat of steel. We will assume a 60 to 70 per cent hot- metal charge in a fairly fast working and only moderately efficient furnace, burning fuel oil, with a fuel consumption of around 4 million Btu per net ton of ingots produced. The time from start of charge to tap is 9 hr. During this period, the oil burned represents 360 million Btu and the sensible heat in the preheated air at the port ends is 117 million Btu, so that the total heat input at the ports is 477 million Btu. Heat stored in the steel and slag at the end of the heat, plus the various amounts absorbed by certain bath reactions, amounts to a total of 195 million Btu, but 120 million of this is supplied by the heat in the hot metal and by various heat-evolving reactions in the bath,

Jan 1, 1951

By W. C. Maurer

Although millions of feet of rock are drilled annually, the basic drilling mechanisms involved are not well understood. The primary reason for this lack of knowledge is because the basic principles of rock failure are not well understood and rock failure is the primary mechanism in drilling. A better understanding of the drilling mechanisms would enable a more scientific approach to the design and use of drills and bits. The paper reviews several models which have been proposed to explain various aspects of the different drilling methods. These models are described and their limitations and areas of application are discussed. Drilling rate relationships are developed and related to the basic rock failure mechanisms. TYPES OF MECHANICAL DRILLS There are three basic methods of mechanically attacking rock: 1) percussive action, 2) rotary action, and 3) combined rotary-percussive action. A percussion drill applies a force perpendicular to the rock surface and the bit moves into the rock perpendicular to the surface, forming a crater beneath it (Fig. 1). A rotary drill applies a constant thrust to the bit while a torsional force moves the bit parallel to the rock surface, breaking the rock ahead of it. A rotary-percussive drill applies both a rotary force and a percussive force to the bit which moves into the rock at an angle to the surface. The commonly used drills can be classified as: rotary-drag, diamond; percussive-hammer, piston, churn; and combination-rotary-percussive, roller.

Jan 1, 1967

By T. E. Davidson, C. G. Homan

This report deals with a study of the effects of extreme hydrostatic pressure on a polycrystalline material which exhibits a high degree of elastic anisotropy. Metallographically prepared polycrystalline bismuth samples were subjected to pressure levels up to 20,000 atm in a piston type gas-liquid system. The observed structural changes consisted of deformation localized along the grain boundaries, which appears to be a boundary migration phenomena, and widespread slip and cross slip. Subsequent deformation is progressive with increased pressure, and is substantially different in type from the deformation characteristic of uniaxial compression. A large amount of interest has been shown in recent years in the effects of extreme pressure on metals. In this connection, many investigations into the effects of pressure on physical and mechanical properties and reactions have been undertaken. Due primarily to the experimental difficulties involved, there has not been a great deal of study of the structural changes resulting from exposure of metals to extreme pressure. It has been difficult, for instance, to produce a true hydrostatic stress state in many of the extreme pressure devices used, and also to directly examine specimens metallographically before and after pressurization. The results of a preliminary investigation into one of the effects of extreme pressure, and its associated true hydrostatic stress state, on the structure of metals are discussed herein. Metals exhibit varied degrees of anisotropy in their physical and mechanical properties. Significant among the anisotropic properties is the modulus of elasticity, which varies by a factor of as much as three in some of the fcc metals, and by much larger factors in some of the less symmetrical elements. As a result of the variation of the modulus of elasticity with crystallographic direction, shear stresses will be induced in polycrystalline samples under true hydrostatic compression. Depending on several factors, these shear stresses could become of suffi- cient magnitude to cause localized plastic deformation. Presented herein are some of the structural changes observed in polycrystalline bismuth as a result of exposure to hydrostatic pressures of up to 20,000 atm. Although several other materials in both bicrystal and polycrystalline form are also currently under investigation, bismuth was chosen initially, due to its low symmetry and moderately high degree of anisotropy in the elastic properties. The fact that extreme hydrostatic pressure can induce structural changes in some elements in the polycrystalline state is of importance in itself. However, it may also be a factor in many of the other extreme pressure effects. For instance, this localized plastic deformation could substantially lower the recrystallization temperature, thus altering the effects of extreme pressure on this phenomenon. Also, as commented on by ridgman,' the hysteresis in the polymorphic transition of polycrystalline bismuth under extreme pressures could possibly be attributed to structural changes brought about by unequal compressibility. Therefore, to accurately determine the true effects of extreme pressure on metallic substances, one first must determine if any structural changes due to hydrostatic compression are also simultaneously occurring. The purpose of this work has been to determine whether the shear stresses induced by hydrostatic pressure in an anisotropic polycrystalline material, such as bismuth, could reach a magnitude great enough to cause plastic deformation and to study the resultant structural changes and effects. THEORY In a metallic crystal, the elastic properties are dependent upon the crystallographic direction and plane. Depending upon the degree of anisotropy of the elastic properties and other factors, internal shear stresses of sufficient magnitude to cause localized plastic deformation may be induced in polycrystalline material by true hydrostatic compression. The following highly simplified two-dimensional model of two adjacent grains in a polycrystalline aggregate under hydrostatic pressure serves to schematically demonstrate how these shear stresses arise in an anisotropic material.

Jan 1, 1963

By George R. Ensminger, E. Heaton Hemingway

During the past year, the Watertown Arsenal has been interested in the occluded gas and oxide content of certain ordnance steels in order to determine, if possible, whether some of the peculiar failures in their physical properties might not be traced to these causes. For the purpose of best accomplishing a study of this nature, it was decided to heat the various samples of steel in a vacuum for definite periods of time at high temperatures and carefully examine the quantity and composition of the gases evolved. By the use of a fused quartz tube fitted with a water-cooled, ground-glass stopper, it was possible to maintain a vacuum at a temperature of 1000" C. for 10 hr. without perceptible leakage being evidenced as measured by a McLeod gage. The silica tube was connected with an evacuating system so constructed that the volatilized gases could be removed from time to time and a low vacuum of 0.0002 to 0.0010 mm. of mercury continuously maintained. At no time during the period of heating or in the removal of the gases did the evacuated system come in contact with rubber stoppers or any rubber connections, making contamination from such a source, impossible. In other words, the only volatile products that could be: obtained must necessarily have come from the steel itself or from the glass and fused quartz system or from the mercury used as a sealing agent. In the carlier experiments, the steel treated was in the form of turnings, but this practice was discarded because the weight's of the turnings before and after being heated were widely inconsistent,, even when taken from the same piece of steel. This discrepancy developed largely through variation in the amount of metal volatilized with the gases; this metal could always be seen in the form of a ring where it condensed in the cooler portion of the tube in either the amorphous or crystalline condition. Because of the frequency in occurrence and the variation in the manner of deposition, this material was roughly analyzed and found to consist for the most part of iron. At the same time two samples of steel that had been

Jan 1, 1922

By E. Heaton Hemingway, George R. Ensminger

During the past year, the Watertown Arsenal has been interested in the occluded gas and oxide content of certain ordnance steels in order to determine, if possible, whether some of the peculiar failures in their physical properties might not be traced to these causes. For the purpose of best accomplishing a study of this nature, it was decided to heat the various samples of steel in a vacuum for definite periods of time at high temperatures and carefully examine the quantity and composition of the gases evolved. By the use of a fused quartz tube fitted with a water-cooled, ground-glass stopper, it was possible to maintain a vacuum at a temperature of 1000" C. for 10 hr. without perceptible leakage being evidenced as measured by a McLeod gage. The silica tube was connected with an evacuating system so constructed that the volatilized gases could be removed from time to time and a low vacuum of 0.0002 to 0.0010 mm. of mercury continuously maintained. At no time during the period of heating or in the removal of the gases did the evacuated system come in contact with rubber stoppers or any rubber connections, making contamination from such a source, impossible. In other words, the only volatile products that could be: obtained must necessarily have come from the steel itself or from the glass and fused quartz system or from the mercury used as a sealing agent. In the carlier experiments, the steel treated was in the form of turnings, but this practice was discarded because the weight's of the turnings before and after being heated were widely inconsistent,, even when taken from the same piece of steel. This discrepancy developed largely through variation in the amount of metal volatilized with the gases; this metal could always be seen in the form of a ring where it condensed in the cooler portion of the tube in either the amorphous or crystalline condition. Because of the frequency in occurrence and the variation in the manner of deposition, this material was roughly analyzed and found to consist for the most part of iron. At the same time two samples of steel that had been

Jan 1, 1922

By Paul M. Tyler

HISTORICAL concepts of the economics of the glass-sand industry are changing rapidly. The greatly expanded demand for glass containers combined with higher freight rates on raw materials and manufactured products have induced a migration of glass factories toward densely populated centers and the creation of new standards of place value for sub- standard sand deposits. This migration has been facilitated by the construction of pipelines to bring cheaper natural gas and liquid fuel to large cities and may be further speeded by the adoption of modern mineral dressing methods to permit economical utilization of local raw materials. Our national resources of naturally high-grade 1 silica sand are abundant, but most of the best de- posits are situated so far from large centers of population that it now costs $3.00 to $5.00 a ton to carry the sand from the mine to the optimum site for a 1 factory making beverage bottles, scientific and electrical glassware, and miscellaneous blown and pressed ware for local markets. It follows that on the basis of freight savings alone it may be economical to use material from inferior deposits closer to the factory even though the f.o.b. cost of mining and treatment may be much high

Jan 1, 1950

Charles Catlett, Staunton, Virginia (communication to the Secretary*): I have had occasion to examine a few of the irondeposits in the immediate section of which Mr. Watson speaks, but have not had an opportunity to visit any of the well-known manganese-deposits. I find the former can be very safely read in light of the information which it is possible to get from the same measnres farther. north, where they are less completely decomposed. In the same way all of his conclusions in regard to the geology of the manganese-deposits bear out their occurrence in Virginia, when we allow for the far more complete decomposition in the section he has so carefully studied. Judging from the same measures farther north, I think he will be safe in agreeing even further with Penrose as to the origin of these ores. Some years ago I carried on prospecting work in these measures in Virginia, in which the iron-ore and manganese-ore were followed down to undecomposed material, and in which their occurrence along a definite line of stratification, and apparently a part of the original bedding, was plainly shown. This is unusual, however, even in the section of which I speak. At Crimora, Virginia, the decomposition is quite complete; at the same time the results of some hydraulic work, which has been done there, disclosed, at the time of my last visit, the manganese interbedded in the residual clay along a definite and distinct plane parallel to the bedding of the underlying quartzite, and which, as is shown at other points, corresponds with the plane of the original material. In view of the phosphorus reported by Mr. Watson as existing in the Cartersville ores, and the not uncommonly prohibitive amount in southern ores, I am interested to know whether

Jan 1, 1904

By T. L. Joseph

Charcoal was the predominant blast-furnace fuel until 1838, when it was found, by the operation of a 2-ton experimental furnace, that anthracite could also be used. This information was a stimulus to the iron industry, particularly in eastern Pennsylvania where anthracite was available at low cost. The production of anthracite pig iron increased steadily and, in 1855, its tonnage exceeded that of charcoal iron. Of the 680 furnaces in operation in 1874, the 226 using anthracite produced nearly one-half the total tonnage. In 1869, the production of coke furnaces exceeded that of charcoal furnaces and, in 1875, coke surpassed anthracite as a metallurgical fuel. In 1907, the output of anthracite pig dropped well below a million tons and its present significance is largely historical. In recent years, the production of coke has gone hand in hand with the production of pig iron and it has gradually attained the position it now occupies as a universal blast-furnace fuel. Charcoal, however, has great merit as a blast-furnace fuel chief1y because of its freedom from ash and sulfur. The harmful effect of the latter and the necessity of keeping the percentage of this element in pig iron at a minimum are well recognized. Other contaminating elements can be reduced to specified limits in the steel-making process, but the control of sulfur belongs essentially to the blast furnace. The purpose of this paper is to point out the distribution of this impurity in blast-furnace materials and to indicate how its presence alters the composition, quantity, and free-running or critical temperature of the slag, and the relation between these factors, fuel economy, and the cost of iron. Sulfur Distribution in MateRials Table 1 shows the distribution of sulfur in charcoal practice. Similar figures taken from coke practice are given in Table 2. These data were

Jan 1, 1925

By Frank Robertson Van Horn

In June, 1911, the writer spent a few days in studying the economic geology of the vicinity of Park City. During this rather hurried visit a number of specimens of ore were collected, which have since been examind. The results of these investigations show that bournonite (PbCu-SbSa) is present in the ores in greater or less quantity. This fact has never before been reported, as far as can be learned. The failure to recognize this mineral is due to its similarity to tetrahedrite, with which it has probably been confused during a long period of years. Jamesonite (Pb2sb2s6) has been reported from the region in a rather doubtful manner, but the writer has seen it in notable amounts from several mines, and can offer the first analysis of this mineral from the district. Calamine (HzZn2SiO5) was found at one mine and has never been ecognized and reported from the district. Geogbaphy and Geology Park City, Utah, is located at an elevation of about 7,000 ft. above sea level on the eastern slope of the Wasatch mountains. It is situated approximately 25 miles southeast of Salt Lake City. ' The geology and ore deposits have been described in detail by Bout well and Woolsey.' The mines visited are situated south-southeast from the town. The Silver King Coalition mine is located in Woodside gulch about 1 mile southeast of Park City, at an altitude of about 8,100 ft. The other mines visited were the Daly West and Quincy, which are in Empire canyon about 2 miles sontheast of the town, at elevations of 8,300 to 8,500 ft. respectively. The Daly Judge tunnel goes into the mountain from Empire canyon about 1 mile south of the city, at an altitude of 7,700ft.

Jan 1, 1915

By Virgil R. D. Kirkham

RECONNAISSANCE of a part of southeastern Idaho and small strip of western Wyoming lying between longitudes 111° and 111° and 45' W., and latitudes 43° and 43° and 30' N., comprising an area of approximately 1330 sq. mi., was undertaken during the summer of 1923 for the collection of data regarding the oil possibilities of the region. TOPOGRAPHY, SETTLEMENT, AND ACCESSIBILITY The entire area lies within the upper Snake River drainage basin. Snake River flows through the northeastern and eastern part of the area in a northwesterly direction. The entire drainage system has been controlled by the structure of the sedimentary beds in the area, which exhibit numerous alternations of hard and soft strata with consequent unequal erosion. The headwaters of the most important streams, as well as many others, flow in a northwesterly or southeasterly direction along

Jan 1, 1925

By Arthur A. Center

AT the beginning of 1944 it was expected that the production of metallic zinc in the United States from domestic and foreign concentrates would exceed the 1943 figure though domestic production of concentrates was expected to drop below the 1943 rate, mostly in the Tri-State area. Imports of concentrates were estimated to more than take care of such deficiency. North American concentrate production, available for import to the United States or elsewhere during the year, was estimated at over 200,000 tons recoverable zinc content; South American at about 65,000 tons; Australian at about 50,000 tons. Production of both concentrates and metal in the United States, however, did drop, attributable in considerable part to man-power shortage in the industry. However production exceeded consumption, which fell off, and stocks of metal increased. These stocks have increased since the middle of 1942 but production and consumption are coming nearer to a balance. The A, B, and C premiums, which have played an important part in keeping up domestic production of concentrates, extend only to the middle of 1945 by present legislation. Congress is being asked for their continuance during the war and

Jan 1, 1945

By Wm. Reuben Webster

BRASS is an alloy of copper and zinc. The brasses (using this term to denote all useful proportions of the two constituents) are the most valuable and widely employed of all [ ] nonferrous alloys, because of their high resistance to ordinary corrosive agencies and the very wide range of properties that may be imparted to them by variations in the proportions of the constituents and by variations in mechanical treatment and heat-treatment. Fig. I shows the normal physical properties, as determined by standard tensile tests, of the series when in the annealed condition. Fig. 2 shows the effect of varying amounts of cold-working on an almost pure brass containing 70 per cent copper and 30 per cent zinc. Fig. 3 shows the effect of annealing at various temperatures on the same alloy. This effect is somewhat modi [ ] fled by the degree of cold-working to which a brass has been subjected, as shown by Fig. 4. A fourth test, which is empirical, has been found useful because of its simplicity -the hot hammer test. Samples Y2 in. in diameter and ¾ in. long are placed in a suitable furnace. These are withdrawn one at a time at successively higher tempera¬tures and are subjected to the blow of a drop hammer weighing 50 lb. with a drop of 4 ft. The percentages of' reduction in length of the cylinders are plotted against temperatures and give a comparative measure of plasticity at different temperatures. The results of this test on several

Jan 1, 1942

By AIME AIME

COAL preparation will be the main topic discussed at the first fall meeting of the Coal Division at Pittsburgh, Sept. 11, 12 and 13, though valuation, mergers, safety, stream pollution and other topics will not' be neglected. It is particularly appropriate that the great changes taking place in preparing coal for the market should be discussed at length where in the plants of the Pittsburgh Coal Co. and others the opportunity is afforded to see on a large scale just what is being accomplished. In wartime, the United States broke all records in coal production, but, as the late Franklin K. Lane pointed out, every fifth car shipped consisted of dirt. Obviously that constituted a big bur- den on industry and, in the remaking of the business which is now taking place both in the anthracite and bituminous fields, clean coal has properly enough be- come a watchward. Central coal-cleaning plants are being erected as a part answer to the puzzled inquiry of those familiar with metal mining as to why miners of coal have so long been content with what are relatively small units of production. Gradually big collieries comparable in tonnage output to the biggest copper mines are being built, and excellent examples are to be seen near Pittsburgh. Even the age-long tradition of the coal operator in favor of the single shift is

Jan 1, 1930

By Tilden Cummings

The extractive mineral industries share a number of common characteristics and basic problems which are completely different from those associated with manufacturing and mercantile operations. These industries now supply about 95% of the inanimate energy consumed in this country, and share with agriculture in providing virtually all of our basic raw materials. Mineral producers, like farmers, are subject to the economic hazards of fluctuating markets and prices. Unlike farmers, however, they cannot renew the productivity of the earth, but must seek continually for new sources of supply. The necessity for exploration and development of new reserves, to replace those used up by production, introduces additional factors of economic risk. These operations require the expenditure of large amounts of capital, often well in advance of any assurance of profitability. Commercial banks that understand these special problems can provide a variety of constructive financial services to the mineral industries. The history of cooperation between banks and mining enterprises has yet to be written, but there is every indication that it would encompass a period of hundreds of years. Records refer to depository and lending services by the early European private bankers involving precious metals and jewels. Many of the exploratory voyages to the Far East and the New World were organized with the financial backing of wealthy syndicates, some of which also provided banking services, in the hope of finding new sources of gold and other precious minerals. In the United States many large banks are closely identified with the development of some of the larger mineral deposits such as the Mesabi Range and the gold fields of California.

Jan 5, 1965