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By A. W. Gauger

DESPITE many handicaps and in the face of many discouragements anthracite and bituminous coal producers continue to supply the needs of the nation now vastly multiplied by the demands of the greatest war of all time, total output being about 620,000,000 tons of bituminous and 64,445,000 of anthracite. The progress made by this industry during the national emergency reflects more credit on all connected therewith than will ever be given. Not only has the industry been called upon to produce more coal than ever before but it has also sent representatives to England to study and advise on methods for increasing production there, and has co-operated with other Allied Nations by welcoming engineers sent to this country to study American practice. One noteworthy development has been the growth of strip mining in the

Jan 1, 1945

By HOWARD N. EAVENS

DURING the year just closed the bituminous industry has been marked by a continuation of the period of low prices and a steady deflation, accompanied by the closing of mines and the consolidation of small units into larger ones. This pro- gram has marked almost every field in the country, and it bids fair to continue for some time. Some figures recently published for Kentucky show that in 1924 there were 660 mines producing 45,147,000 tons; in 1928 the number had decreased to 537, while production had increased to 61,860,000 tons, and a similar movement is occurring all over the country. Prices throughout the early part of the year were very low, but during the fall and winter the prices received are more satisfactory than they were earlier in the year. One of the leading developments in the marketing of coal during the year was the trade practice movement, which began in the Harlan field, and has now been adopted in the Harlan, Hazard, Appalachian, Logan. Williamson and Kanawha fields. The purpose of this movement is to prevent the shipment of coal except on order, and by the publication of price lists to prevent much senseless price quotation. Where it has been practised the longest this movement has resulted in a considerable degree of stabilization, and, undoubtedly, it will help existing conditions very materially if it becomes universal.

Jan 1, 1930

By W. W. Anderson, D. G. Girton

The photoluminescence of Pr, Nd, Ho, Er, Tm, and Yb in CdS, and Ho, Er, Tm, and Yb in ZnSe has been observed from crystals Prepared by diffusion using rare earth metals and an excess chalcogen pressure. For a given temperature, time, and chalcogen pressure the spectral characteristics were very reproducible from run to run, and the emission intensity for Nd, Er, and Yb in CdS was as high or higher than the best vapor phase doped crystals we have grown. For a few rare earths it was found that certain conditions of diffusion tend to yield optimum rare earth emission intensity with respect to the background lattice emission. Photoluminescence measwements of Yb in CdS as a function of depth gave a profile which was neither a Gaussian nor complementary error function. Part of the profile appears to arise from a fast component of the diffusion and the other part from a slow diffusing component. At 960°C and 33 atm S pressure, a com -plimentary error function approximation of the slow diffusing component gave a diffusion coefficient of D = 1.3 x 10-9 sq cm per sec. MOST of the studies of emission from rare earth ions in II-VI compounds have been reported on crystals doped during growth,1,2 although Kingsley and Aven prepared ZnSe:Er by diffusion for paramagnetic resonance and fluorescence studies. Pappalardo and Dietz prepared CdS:Yb by diffusion, but they made optical absorption measurements., We know of no study on the properties of rare earth diffusion in the II-VI compounds. To date we have diffused Pr, Nd, Ho, Er, Tm, and Yb into CdS, and Ho, Er, Tm, and Yb into ZnSe and observed the rare earth emission spectra. For a given temperature and chalcogen pressure, the emission characteristics are very reproducible from run to run and for Yb, Nd, and Er in CdS, as good as the best crystals we had prepared by doping during vapor phase growth.2 The emission of Pr, Ho, and Tm has been observed in CdS prepared by diffusion for the first time. Previous attempts2 to prepare these later three materials by vapor phase growth were unsuccessful. The problem of obtaining reproducible characteristics in II-VI semiconductor compound work is well known.5 Not only is it difficult to reproduce results from one laboratory to another but it is sometimes difficult to reproduce results from one growth run to another under ostensibly identical conditions within one laboratory. This situation has been particularly bothersome in research on the luminescence of rare earth activated ZnS1 and Cds2. Crystals from one vapor phase growth run would show very strong rare earth line emission while crystals from a nearly identical run would show no rare earth emission. It was also observed on occasion that the intensity of the rare earth emission was not constant over the entire volume of a single crystal. MATERIAL PREPARATION AND INSTRUMENTATION Vapor phase grown boules of CdS were supplied by Dow Corning. This material was characterized by a free electron concentration of n - 3.5 x 1015 cm-3 and Hall mobility of 350 sq cm per v sec at room temperature. There were microscopic voids and decorated precipitates in some samples. The precipitates annealed out at diffusion temperatures but the voids remained. Single crystal rectangular samples of mm dimensions were sawed from the boules. The ZnSe was polycrystalline, UHP grade from Eagle-Picher. Poly-crystalline samples were sawed from the ingots. The samples were lapped, polished on one side, etched in a solution of 0.5 M K2Cr2O7 in 16 N H2SO4, and thoroughly washed in distilled water. A sample, excess sulfur (or selenium), and 5 mg of rare earth metal (turnings) were sealed in a 3.6 cm3 quartz ampoule at about 2 X 10-5 torr. The high chalcogen pressure used (1 to 30 atm) prevented thermal etching of the crystals and affected the diffusivity and solubility of the rare earth ions in the crystal lattice. For meaningful or reproducible results, it is thus necessary to specify the vapor pressure at which the diffusion was carried out. It is assumed that a negligible amount of the chalcogen was used in the formation of rare earth sulfides or selenides Our sulfur vapor pressure calculations are based on data assuming S2, S6, and S, molecules only in which case the equilibrium constants are given by6 where the pressures are expressed in torr. Selenium vapor consists of a mixture of Se2, Se4, Se6, and Se6 molecules. The selenium vapor pressure was calculated using equilibrium constants given by The status of the rare earth source during diffusion is unknown, i.e., the partial pressures of the rare earth metal and of the rare earth chalcogenides has not been determined. All emission spectra were recorded at 77°K on a Perkin-Elmer model 98-G spectrometer using a 640 line per mm grating. No correction was made for the spectrometer and detector spectral sensitivity. Excitation was by means of an XBO 1600 w xenon arc

Jan 1, 1970

By Marcus A. Grossman

THE institute has established this lectureship to honor the memory of a great American metallurgist, one whose fame has continued long after his passing. As one scientist recently stated it," All metallurgical texts gradually become outdated and outmoded, except those of the great Henry Marion Howe." It seems fitting, then, that, once every year, we should review, in his honor, some aspects of the science in which he was such a distinguished leader, and also discuss any new data that may help to clarify our concepts. It is my privilege, for which indeed I express the deepest appreciation to this Institute, to offer for consideration a few thoughts on the toughness and fracture of hardened steels. Before proceeding to the data, I wish to express my great indebtedness to many associates whose stimulating discussions, generous contributions of data and cooperation in experiments are gratefully acknowledged. (But I wish to absolve them of any blame that may arise from the way in which their discussions and data have been used!) First, Dr. Edgar C. Bain, Vice President, Carnegie-Illinois Steel Corporation, whose amiable but merciless criticisms and always constructive and thoughtful suggestions help unfailingly to guard against pitfalls. Then to associates at Gary Steel Works, especially Mr. H. B. Wishart, Mr. W. K. Smith and Mr. V. Elliott, for great assistance in securing data. Also to Col. C. H. Greenall, Director of Laboratories, Frankford Arsenal, and his metallurgical staff, including Messrs. J. K. Desmond, H. Markus, D. F. Armiento, H. Rosenthal and Henry George, for numerous data and illustrations. Further to Dr. J. R. Low and Dr. M. Asimow, for helpful discussions of effects of states of stress during deformation and rupture, to Mr. J. M. Hodge for discussions and data, to the staff of the U. S. Steel Corporation Research Laboratory for advice and data, and to the Metallurgical Staff at Duquesne Steel Works. The individual acknowledgments will also be found under illustrations. Acknowledgment is also due to Mr. S. C. Snyder for incredibly meticulous scrutiny of manuscript. To all of these, grateful thanks.

Jan 1, 1946

By P. B. Bucky

IN this day of steady progress in the mining industry, especially along mechanical lines, the question of whether to discard present equipment for that of a new type often engages the minds of many officials of mining companies. The rapid strides made from year to year sometimes cause this question to be brought up within a year after new equipment has been purchased and installed. It is a moot question whether a machine that has been purchased last year should be replaced by a new one put on the market this year. As I see it, the reasons for the replacement of present equipment may be summed up as follows: (1) because of increased safety; (2) because of legal regulations; (3) because of increased profits. I think all of us, as engineers, will endeavor to put in as safe equipment as it is possible to devise. The tendency of mining companies in that direction is very gratifying.

Jan 1, 1930

By Elmer W. Pehrson

OPINION seems widely divergent as to where we stand with respect to future mineral supply. From some quarters we hear that the United States is about to become a "have-not" nation and about to experience the evil consequences such a situation would entail. Others claim that we are still a treasure house of stored-up mineral wealth, the surface of which barely has been scratched. The data to be presented here support the conclusion that neither of these viewpoints is correct and that we are far from exhaustion of those mineral resources that are basic to our industrial economy. However, exhaustion is well advanced in a number of important subsidiary minerals so that we can no longer drift along with the easy-going philosophy that the earth will provide. The time has come when we must recognize the true situation and do something about it.

Jan 1, 1945

By G. L. F. Powell

TURNBULL and Cech1 reported undercooling small droplets (approximately 50 mp in diam) of a large number of metals by approximately 0.18 TE (TEoK = the equilibrium freezing point). This was considered to be the undercooling for homogeneous nucleation in

Jan 1, 1968

By Walter Snelling

IN the course of some experiments more than five years ago, made for a totally different purpose than the investigation of the oil used, I placed a small quantity of a transparent yellow lubricating oil in a bomb-like vessel and heated it to a relatively high temperature. At the end of the experiment I removed the oil from the vessel and was amazed to find that instead of bearing any resemblance to the oil which I had put in, it now had the appearance of ordinary crude oil. The green color by reflected light and the rich red-brown by transmitted light were so unmistakable as to at once lead to further investigation. I subjected the material to fractional distillation, and the surprise which I 'experienced at the appearance of the oil, changed to amazement when I found that it yielded, on distillation, 15 per cent. of gasoline and 30 per cent. of burning oil, and that its constitution resembled crude oil quite as much as did its appearance. Furthermore, the gasoline and kerosene distillates which it yielded were of a clear water-white color, entirely without treatment with acid or alkali, and were entirely free from the odor familiar in "cracked" petroleum distillates. The result of this experiment was quite too remarkable to be credited without further confirmation, and I at once filled the vessel with some of the same oil that I had used before, and again heated to about the same temperature that I had previously used, and for the same period of time. Upon opening the vessel and removing the contents I found, not the material resembling crude oil that I had obtained before, but apparently only the same oil that I had put in, somewhat darkened in color, but nevertheless far different in appearance from the material obtained in the previous experiment.

Jan 4, 1915

By Klaus Emicke

The paper describes the lead refining process operated at Norddeutsche Affinerie (N.A.). Incoming materials are different grades of lead with varying percentages of impurities: Cu, Te, As, Sn, Sb, Bi, precious metals. The facilities are designed for charge-wise operation. After drossing, generally Te, As, Sn and Sb are removed substantially by the Harris Refining Process using fused NaOH. A certain selectivity during refining is achieved by controlled addition of NaNO3. Another refining step is decopperizing by means of elemental sulfur. Complete separation of Te, As, Sn and Sb is accomplished by chemical methods in a leaching plant. A Howard Press is used in the Parkes Process for desilverizing. After vacuum dezinking in kettle, Bi is removed, if required, by means of Ca and Mg. In an end refining step Ca, Mg and Zn are removed by having the lead melt treated with NaOH and NaN03. The refined lead as such, or in the form of special alloys, is cast by an ingot casting machine into 50-kg ingots. Zinc which is used as a precipitant in the Parkes Process is recovered by distillation from the high grade Ag-Zn-Pb crystals in Faber du Faur retorts while the Pb/Ag alloy is fed to the cupellation furnace. Ca and Mg are removed from the Ca-Mg-Bi crystals formed in the course of Bi removal, and the Bi-bearing lead is cast into anodes. The electrolytic lead refining facilities at N.A. are operated largely for the purpose of separating Pb and Bi. These facilities are also used particularly for the refining of Bi-bearing lead which had gone through the above process, but from which Bi has not been removed by Ca and Mg.

Jan 1, 1970

By ARCHIBALD DOUGLAS

AT various times during the past quarter century proposals have been made that the basic Federal mining law of 1872 be repealed or amended, and that in its place a new and simpler law be enacted to provide for the entry upon, working, and the taking up of claims on the unallotted Federal mining lands in our western states and in Alaska. Serious discussion and study have been given such proposals but little has resulted there from, except perhaps a lively interchange of opinion and the conclusion that though the Apex law of 1872 is in many ways highly unsatisfactory and frequently a fomenter of strife and trouble, it still bids fair to remain with us. Under this act a greater part of the non-ferrous mining industry of the United States has developed. With all its short-comings it is the legal bridge that has carried over the innumerable caravans of adventurers and prospectors who explored our mining frontiers. For without any amendments of substance this act has for fifty-eight years been the guide in the location of our western Federal mineral claims and has stood unchanged during the most important period of our mining history. While Federal and state acts and amendments have been ground out by thousands and tens -of thousands the mining act of 1872, with a :strange tenacity, has remained as constant as the Rock of Gibraltar, and under it states, mining districts, and local customs have developed different codes for its application but its fundamentals have been unaltered. "Use doth breed a habit in a man"; until now the application of the law of 1872 has become a second mining nature.

Jan 1, 1930

By H. D. Wilde

DURING 1934 conditions in the production division of the petroleum industry were reasonably satisfactory but nevertheless a decided feeling of insecurity existed largely because of the uncertainty of controlling production to consumptive demand. Over-production, especially in the East Texas field, threatened a general collapse of crude prices but in spite of this, posted prices were high. Stimulated by the prevailing posted prices, wildcatting activities were wide-spread. Although a number of small discoveries were made, particularly in the Gulf Coast belt and Oklahoma, no fields of major importance, unless it was the Fitts pool in Southern Oklahoma, were brought in. Meanwhile, the Petroleum Division of the A.I.M.E. continued its activities. It sponsored the collection of production and geological data on both foreign and domestic fields. The data on all but a few producing districts in the world were published in the "Petroleum Development and Technology" volume of the "Transactions" and comprise one of the most complete tabula¬tions of this sort ever published. Work of this kind is being continued.

Jan 1, 1935

The plans for the activities of the Petroleum Division for the coming year do not differ materially from those of the past several years. The fall meeting is scheduled for Oct. 12 and 13 and is to be held at Tulsa, Oklahoma. The Division, of course, will take part in the annual meeting of the Institute at New York. A fall meeting will also be held in California at approximately the same time as the meeting at Tulsa. A number of papers are to be presented at the two meetings simultaneously. The various committees are at work arranging the programs. The Division will continue to be active in its various fields of endeavor, such as stabilization, production reviews, and economics, but special stress is to be laid on the engineering and research fields. In the past the Division has served as a forum for open and frank discussion of problems confronting the engineers in the oil industry. It is hoped that it will continue to function in this capacity. Papers presenting original ideas and extending the boundaries of knowledge and understanding in the field of petroleum production will be welcomed. Members who have interesting information to contribute should not wait until called upon by one of the Committees, but should offer a paper at the earliest opportunity. The past year has seen a decided strengthening of the control over production, with prospects of even more rigid control in the future. It is essential that production programs under such control be carefully planned and it is highly desirable that petroleum engineers take an active part in the planning, to insure efficient production of oil and minimize the waste of this natural resource. At a time like this, when it is difficult to keep the production of oil within reasonable limits, it may seem unnecessary to improve the efficiency of production methods, but, as has been aptly said, the trouble is not that we have too great a reserve of oil but that we are producing tomorrow's oil today. Therefore it behooves those who are entrusted with the engineering and scientific phases of production to learn how to get the greatest yield economically possible from the present and future fields in order that we may enjoy the advantages of petroleum products for a long time to come.

Jan 1, 1934

By AIME AIME

THE outstanding event of the past month has been the conference in Washington of the representatives of about seventy-five of the leading national, regional and local engineering and allied technical organizations." Editorial-July Journal-The American Society of Mechanical Engineers. ?Prominent engineers from all parts of the country, representing more than 75 engineering societies, with an aggregate membership of more than 125,000, participated in the organization.? Editorial-July Journal-American Institute of Mining and Metallurgical Engineers. ?Civil, mechanical, electrical, mining, heating, sanitary, chemical, agricultural, marine, refrigerating, radio, fire protection, automotive, industrial and military engineers, as well as some architects and geologists assembled at Washington, D. C. to consider the advisability of organizing a national federation capable of bringing the united efforts of the entire membership to a focus on any problem of mutual interest." American Architect, June 23, 1920. ?"the object sought places it above any engineering gathering ever held." Editorial-American Machinist, June 17, 1920. "The youngest. profession has voluntarily accepted its responsibility in human affairs and is now reaching forward to a career of essential service." "This is .unmistakably the meaning of the Organizing Conference " Editorial-Industrial Management, July; 1920.

Jan 1, 1920

By AIME AIME

H OWEVER extensively water-lines may be laid in the mine for fire fighting purposes, there are still, usually, points being worked temporarily, development, stoping or other work of a temporary or incidental nature where it is considered that the expense of laying fire-lines is not warranted. While the laying of water-lines in some sections of the mine may not be warranted, in most metal mines it is necessary to lay an air-line to all working places. In the mine of the United Verde Extension Mining Co., at Jerome, Ariz., advantage has been taken of this fact by providing a means of by-passing the water at the end of the water-line into the air-line in case an emergency arises. By this means the 2-in. air-line can be quickly converted into a water-line for fighting fire which might otherwise be beyond the reach of the water-lines.

Jan 1, 1930

By George W. Maynard

For an account of the discovery and the determination of chromite on Port au Port Bay I am indebted to Mr. Obalski, Government mining engineer for the Province of Quebec. He writes: " In June, 1894, with the authorization of our Government, I went to Newfoundland to examine some asbestos property. Passing through Halifax, I had interviews with some gentlemen who told me that besides the asbestos there was in the same district a big deposit of iron-ore. They handed me some specimens, and, after ascertaining that they were not magnetic, and learning that they were found in serpentine, I said they were chromic iron. I visited the place on June 27, 1894, and confirmed my opinion, pointing out at the same time the importance of the deposit, as appears in my report of July 9, 1894. I do not claim any credit for the discovery of chrome-ore in Newfoundland; but, as a matter of fact. when I came in contact with the Halifax gentlemen they did not appear to know the nature or the value of the mineral until I mentioned to them that it was chromite. "' Mr. Obalski's report was mainly devoted to the asbestos-deposits. That portion relating to the chromite was as follows: " On the right side of the creek there is a show of chromic iron of good quality, which appears scattered through the serpentine in several places on the face of the cliff for 40 to 50 feet. A few boulders are found farther up at a distance of 100 feet, and also in the ckeek itself. From this point the deposit exists on a relatively large area, the widest exposures being from 6 to 7 feet. Chromic iron deposits in serpentine rock have no regularity, and are merely pockets. In the case of the property in question this rule is not changed, but the pockets look to be of large extent, and could be easily worked." My own preliminary investigation of the property was made

Jan 1, 1898

By Michael S. Koleda

Less than two years ago, the, Congress, with broad bipartisan support, passed the Energy Security Act of 1980. A decade marked by ten- fold increases in world oil prices and two major interruptions in oil flows from the Middle East had ended. An all-out national commitment to transform America's vast tar sands, oil shale and coal resources into conventional fuels had begun. The national synfuels effort was to be public-private cooperation at a scale unmatched in peace time. Private industry would own and operate the synthetic fuels facilities. Government would reduce market uncertainties to acceptable levels. The potential government commitment was substantial. Up to $88 billion would be available through the Synthetic Fuels Corporation, principally in the form of contingent financing. Billions more would be spent through Department of Energy programs. Additional incentives for alternate energy development were contained in the Energy Tax Act of 1978. The Energy Security Act clearly specified national synthetic fuels production objectives: 500,000 barrels per day by 1987 -- 2 million barrels per day by 1992. Finally, said Congress, Uncle Sam was going to do something about rapidly rising oil prices, uncertainties of energy supply, and the resulting disruption to the U. S. economy. Simply put, the purpose of the Energy Security Act of 1980 was to provide government guarantees sufficient to get synthetic fuels projects off the private sector drawing boards and into commercial production. Because of their huge cost, technological uncertainty, and lengthy pay-out period, these projects were always second place to projects of smaller size, known technology and more rapid pay-out. The Energy Security Act was the legal expression of public policy to bring the free-market synfuels timetable into line with the faster paced political timetable in the interest of national energy security.

Jan 1, 1982

By WILLIAM J. LINNEY

MAGNETITE ore from Lyon Mountain, so- called "Low Phos Chateaugay," has long been known to the iron and steel industry for its almost complete absence of impurities. These magnetites occur along the northern foothills of the Adirondacks in several parallel and folded stringers which are continuous for several miles, striking generally northeast-southwest and dipping usually over 45° to the northwest, or roughly toward the St. Lawrence River. Ore of minable thickness is found in shoots of various sizes as to length and breadth, but of undetermined and possible great depth.

Jan 1, 1943

By Nicholas J. Palethorpe

BACKGROUND Before addressing the above topic in any detail, it is pertinent to provide some background on Australia for those people who have not been there or who have a limited knowledge of our continent. Australia is approximately the size of the continental U.S.A. (excluding Alaska) covering an area of approximately 7 million square kilometres. It has a very dry climate which has led to a concentration of people in major cities scattered around the continents perimeter. Australia's population is currently approximately 15 million. Of the work force of 6.3 million, 72% work in tertiary industries, 20.2% in manufacture, 6.5% in agriculture and 1.3% in mining. Agriculture accounts for 46% of exports, mining for 31% and manufacturing for 23,. Economic activity is based on:- Agriculture This is capital intensive and covers extensive areas and is reliant on low cost farming. A.range of foods and fibres are produced with over 70% of production being exported. Such products are of course subject to the usual vagaries of world market demand and market access, particularly in regard to the operation of trade blocks such as the E.E.C. Mineral Resources A wide range of minerals and an abundance of iron ore, coal, gas and uranium resources provide an increasing volume of exports. However, Autralia's oil resources at present only supply approximately 70% of local requirements. Industry This is diverse and encompasses the processing of agricultural products and mineral ores as well as helping to supply the consumer and capital goods needs of the whole community. However, the small scale of local markets, the geographic isolation of Australia and relatively high wage costs have limited the scale of Australia's industry. Advanced technology has overcome some of these difficulties and high tariff and import quotas protect local producers from the full force of international competition. In 1980/81 Australia's Gross Domestic Product amounted to $130 billion with approximately 24% of this being devoted to investment. In the past decade Australia has experienced inflation rates ranging from 5% to 17% and only modest real growth rates ranging from 0.4% to 5% per annum. We have also experienced, as have many other industrialised nations, continuing wage and price increases. Unemployment presently stands at 6%. MINERAL DEVELOPMENT As the above figures indicate, Australia's continuing prosperity is very dependent on the mineral and agricultrual sectors of our economy. The dependence on these sectors is highlighted by the table below which indicates our position in a global context. [Australian Production of Minerals in a World Context Western World % Total Western World Position Mineral Production 1980 1st Rutile 75 Ilmenite 31 Zircon 70 Bauxite 36 Iron Ore 11 Tungsten 14 2nd Lead (Conc.) 15 3rd Manganese Ore 14 Brown Coal 11 (1979) Zinc (Conc.) 10 4thSilver (Conc.) 10 Nickel 6 5th Tin (Conc.) 5 6th Black Coal 5 Gold 2 Source: Mining Annual Review 1981] The total value of all mineral and fuel exports in 1980/81 is estimated at $5.9 billion. This prominence in the world mineral production has largely been achieved in the last 15 - 20 years. In fact, in the early 1960's, Australia had only 2 major mining export centres, Broken Hill in New South Wales and Mt. Isa in Queensland. This growth is highlighted by the fact that in 1963, for example, we exported only 9 tonnes of iron ore and less than 4 million tonnes of coal. In 1980/81 we exported 75m. tonnes ',of iron ore (valued at $1,117m.) and 47m. tonnes of coal valued at $1,965m.). The growth in our mineral industry has come about because of a number of factors. Abundance of Mineral Resources We are particularly well endowed with mineral resources, as indicated below.

Jan 1, 1982

By A. C. Milner

In a gold standard world which possesses insufficient metal to meet the every-day needs of all, confidence becomes the vital factor, the very foundation upon which the machinery for the expansion of gold into currency, and credit, rests. The gold supply, affected by many influences, moves constantly from one point to another, but not always to that point where it is most needed. In the period 1928-1930, the combined gold holdings of the United States and France increased $1,370,936,-000, and this with new gold adding only $600,000,000 to the monetary gold stock.Theref ore, the gold stocks of other countries must have been depleted during the period by $770,936,000. This uncontrolled shifting throws the delicately adjusted instrumentalities of both credit and commerce out of equilibrium. If a given nation's gold stock shifts so as to bring it substantially below the legal reserve ratio set up against it for currency issues, the effect can easily extend to the currency issues and banking credit volume of one or more nations which may have based their gold exchange standards upon the gold stock of such nation. Thus the substitution of paper based on gold in place of the actual gold is an inflation of the currency, which carries through into an uncontrolled pyramiding upon the entire machinery of credit based on gold. In 1929 Europe, South America, Africa and Asia had overissued currency based on gold. America, Oceanica and Japan, which have not overissued their gold currencies, would in normal times require their entire present gold stocks and, as Continental Asia is largely upon a silver credit basis, from a domestic standpoint, it would appear that the gold problem is not so much one of maldistribution, as it is one of inadequate supply. It would appear that some method of increasing greatly the velocity of gold, within the safe reserve point, should be devised, or that silver, of which estimates indicate that 7,000,000,000 oz. are available for

Jan 1, 1931

By Walter O. Snelling

In the course of some experiments more than five years ago, made for a totally different purpose than the investigation of the oil used, I placed a small quantity of a transparent yellow lubricating oil in a bomb-like vessel and heated it to a relatively high temperature. At the end of the experiment I removed the oil from the vessel and was amazed to find that instead of bearing any resemblance to the oil which I had put in, it now had the appearance of ordinary crude oil. The green color by reflected light and the rich red-brown by transmitted light were so unmistakable as to at once lead to further investigation. I subjected the material to fractional distillation, and the surprise which I experienced at the appearance of the oil, changed to amazement when I found that it yielded, on distillation, 15 per cent. of gasoline and 30 per cent. of burning oil, and that its constitution resembled crude oil quite as much as did its appearance. Furthermore, the gasoline and kerosene distillates which it yielded were of a clear water-white color, entirely without treatment with acid or alkali, and were entirely free from the odor familiar in "cracked" petroleum distillates. The result of this experiment was quite too remarkable to be credited without further confirmation, and I at once filled the vessel with some of the same oil that I had used before, and again heated to about the same temperature that I had previously used, and for the same period of time. Upon opening the vessel and removing the contents I found, not the material resembling crude oil that I had obtained before, but apparently only the same oil that I had put in, somewhat darkened in color, but nevertheless far different in appearance from the material obtained in the previous experiment. Evidently some condition existed in the first experiment that had not existed in the second test, and here began a series of tests in which I sought by the change of one variable after another to arrive at the identical conditions which must have existed in the first experiment. Only the fact that the bottle of heavy oil used in the first test was still in its place,

Jan 1, 1915