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By A. Lucian Walker

SILVER is not only of paramount importance to millions of people as a medium of savings and to other millions as a medium of exchange, but it is also valuable and useful in industry. Mexico continues to be the largest producer of this metal, followed by the United States, Canada, and Peru. The largest consumers are China and India, which normally absorb about two-thirds of the world's mine production, hoarding it as savings. The imports by these countries exert a powerful influence upon the price, yet neither country is on the silver standard. China having abandoned it in 1935 and India in 1893, when the rupee was definitely linked to the pound sterling. Other nations such as Persia, Ethiopia, Mexico, and many of the South American countries either have been on the silver standard or have used silver as their chief circulating medium, and most large nations use it for subsidiary coins, this use accounting for 20 to 30 million ounces annually. The arts and industries have consumed 35 to 40 million ounces each year.

Jan 1, 1937

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 F. R. Hensel

P. R. Kalischer.*—I should like to amplify a little one of the points made by Dr. Hensel, and rather violently disagree with him at the same time. He brought out the point that when the higher forming pressures are used on the green compacts there is a marked decrease in the density as sintered. We found that to be true and, of course, many of you notice that that is true with copper compacts also. But, in my opinion at least, it is not true that the expansion is due to entrapped air. We have vacuum-pressed both silver and copper compacts and obtained almost exactly the same numerical expansion as we secured by pressing in air. The powder, however, that is vacuum-annealed does show a slight decrease in expansion on sintering, but almost the entire increase on expansion can be overcome by very slow rates of heating. And it is our opinion that a majority of the expansion is due to dissolved oxygen in the discrete metal particles themselves rather than to entrapped gases. Another interesting observation that we have made is that often with silver or copper compacts it is desirable to silver solder or braze the compact into some part of a piece of equipment after completing powder metallurgical operations on it. If such a compact is sintered and coined, say a silver compact, given an initial forming pressure of 10 to 15 tons per square inch, and sintered, there is an adequate amount of shrinkage and it can be coined at about 50 or 60 tons per square inch and bring up the density nearly to theoretical. If, then, that compact is silver-soldered into some part of a fixture or a machine, it will expand very beautifully, and the only way that this can be overcome. as far as we know, has been to reanneal after the coining operation at a temperature higher than is to be used in any subsequent operation. In that way, a density very nearly theoretical can be achieved, but the coining operation cannot be carried to the excessively high pressures or expansion and bubbling of the compact will occur again.

Jan 1, 1945

By A. J. Weinig

IN the accompanying figure consider the classified AB in closed circuit with a ball mill, wherein T = Tonnage of new feed C = Ratio of circulating load Now consider that the circulating load is made up of two portions of ore. One portion is due entirely to the characteristics of the ball mill and the tonnage of new feed impressed on the ball mill. This portion of the circulating load in no way is to be blamed on the characteristics of the classifier and is all composed of oversize. Consider, for illustration, that this portion of the circulating load is handled in the A division of the classifier, assuming that the classifier is divided longitudinally into two divisions by an imaginary line. Because the classifier does not usually make a perfect separation of the undersize, a certain portion of the total circulating load is to be directly blamed on the efficiency of the classifier. Let this portion of the circulating load be considered as being handled in the B division of the classifier. Now if the classifier is operating perfectly (100 per cent efficient), the width due to the B division becomes zero and correspondingly the efficiency of the classifier diminishes as B becomes wider in proportion to A. If E is the mechanical efficiency, then

Jan 1, 1934

By H. W. Gillett

UNLIKE most previous Howe lecturers, I had not the good fortune to be associated with Henry Marion Howe, nor to be directly one of his students. Yet, through his writings, he has been my teacher, as he has of all American metallurgists. Instructive as his writings are-I use the present tense because Howe thought so keenly and reasoned so surely, seeing clearly, as if by intuition, what was hazy to lesser minds, that his writings are still vital-it is not, those books and papers, nor even the minds he trained in his classes, that were his most outstanding service. It was the spirit of Howe in his: approach to the problems of metallurgy, his broad-mindedness and fair-ness, his recognition of the need for theories and hypotheses to explain metallurgical phenomena, his willingness to use them as servants, as well as his questioning attitude-his refusal to accept them as masters-that comprise his greatest service. This most thoroughly warrants the honor the Institute pays each year to his memory. These traits I so respect and honor in any man that I glory in this opportunity to do reverence to him in whom they were so notably united.

Jan 1, 1939

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 Arthur Mackwell

The role of the precious metals is changing rapidly. They are becoming primarily materials of modern industry, and their decorative and monetary functions are diminishing in relative importance. Certainly gold is still the premier metal for jewelry, as silver is for silverware. But these uses are not growing nearly so fast as are the uses of these metals in a variety of industries. This is even more true of the platinum metals. Moreover, this is true despite the fact that the precious metals are highly expensive and liable to substitution by the base metals in cases where this is feasible. For the fact is that the physical and chemical properties of the precious metals make them relatively invulnerable to substitution; where they can be replaced by the base metals, they have been, and the opportunity for further substitution is, therefore, limited. SILVER In November 1969 the United States Treasury stopped minting the only remaining coin with any silver content. That was the silver-clad Kennedy half dollar, which had a silver content of approximately 40%. The step was taken out of necessity, because of the rising shortfall between world mine production and consumption. It was important to divert the 35 to 40 million oz of silver per year used for the minting of this coin into the open market, where it would be available for industrial consumption. This decision was important, not only for its practical effect but also for what it symbolized. Only four years earlier, in 1965, the Treasury had used 320 million oz of silver" for the full range of coinage. Now not an ounce of silver goes into the United States coinage. The reason is simple and yet complicated. For many years the U.S. Treasury had purchased silver at prices which provided a subsidy to domestic producers. As a result, silver producers were eager to sell to the Treasury, and that agency built up a huge supply of the metal -almost 2 billion oz by- 1961. But, as the free-market price neared $1.29, the basic melt value of the coinage, the Treasury became a seller of silver, not a buyer, and its stock was depleted rapidly. The Treasury lost more :than a billion ounces of silver in the years 1962 through 1965, and it continued to lose silver, both through coinage and through sales to consumers, through 1969. The Government continued to sell silver to consumers at the rate of 1.5 million oz a week, even after terminating the 40% silver Kennedy half dollar. But it was apparent that the Government stocks could last no more

Jan 1, 1976

A record $19.7 billion in minerals was produced by United States industries in 1963. This was some $800 million above the previous high established in 1962. Preliminary statistics compiled by the U.S. Bureau of Mines show that most metals, nonmetals, and fuels gained both in value and volume of production. The 1963 total represents the largest value increase since 1956 and continues an upward trend begun in 1959. Product.ion and value of all mineral fuels rose, with anthracite registering a remarkable 20% value increase. Nonmetals advanced 591 in value, gains exceeding losses by 213 to 1 among individual commodities. Heavier industrial demand and the settling of labor difficulties were among the factors contributing to increased output of such materials as iron ore, bauxite, molybdenum, lead, and zinc, which accounted for most in€ the growth in metal output. Silver prices continued to rise and, as a result, production value of that metal gained 132,.

Jan 2, 1964

By John D. Ridge

Here are summarized 162 papers, published between 1933 and 1967, that deal with various aspects of ore genesis. Emphasis is placed on additions to, or modifications of, ore-formation theory, no matter what type of deposit is discussed. More space is given to papers on the formation of base-metal sulfides solely because more papers are written on this subject. The final conclusion is reached that a chemically and geologically sound theory for the genesis of ore deposits can be built around the concept of concentration of ore e’ements in a magmatically produced ore fluid and around such surface processes as may act to concentrate economically valuable materials from rocks of any origin exposed at the surface.

Jan 1, 1968

By John Mathews

IT is a great honor to be asked by. the Board of Directors of this Institute to deliver the Henry Marion Howe lecture. The invitation carries with it a great responsibility, which I accept with considerable hesitation and with a feeling of unworthiness to perform the duties expected of me in this hour devoted to the memory of the life, character, and work of the late Professor Howe. Many of you recall the scholarly address delivered here a year ago by Prof. Albert Sauveur, and the beautiful tribute he paid-to his friend and colleague of many years in the great work of changing the art of iron making into the science of iron. My association with Professor Howe, was of brief duration-only one year-and the relation was that of pupil to teacher. My feeling toward him in later years was always that of a humble disciple at the feet of a master. He attained his third academic degree in the year that I was born. I recall the pride I felt when, after entering the, steel industry, I received from him, from time to time, letters asking for information or, perchance, asking my opinion, and he was always most punctilious in acknowledging the source of such bits of information in his writings. It was also my good fortune to sit at the feet of another great teacher-Sir William Roberts-Austen, at the Royal School of Mines. I mention him because his name was used by Osmond in coining the word "austenite," which is the subject of this address, and Osmond's suggestion was heartily approved by Howe. These three international metallurgists were the best of friends and delighted to honor the achievements of one another. There are other reasons for mentioning Roberts-Austen at this time. It was an introduction from Howe that opened to me the door of his -laboratory as well as of his heart. It was while at Roberts-Austen's laboratory that I .worked side by side with William Campbell

Jan 4, 1925

By D. K. MACKAY

The production of oil and gas in Arkansas is confined to two distinct and widely separated regions of the state; namely: (1) South Arkansas in the Gulf coastal plain, where 49 fields-many containing two or more reservoirs or pools-yield oil, condensate and gas from beds in the Cretaceous and Jurassic, and (2) Northwest Arkansas, a part of the Arkansas Valley, where only dry gas is produced in 21 fields from sandstones of Pennsylvanian age. Exploration during the year 1945 centered largely in these two producing regions, but some of the geophysical surveys were made and wildcat drilling was done a considerable distance outside these regions.

Jan 1, 1946

By M. D. Cooper

IN spite of the uncertainty in the bituminous coal industry during 1933, progress worth recording has been made. Along with other industries, coal has felt the effects of business stagnation, but even in the worst weeks of the past four years, .the total production of bituminous coal in the United States was seldom less than half the production in some of the best weeks of the more prosperous years, a record better than that of many industries. However, the competition of other fuels and sources of power, together with the increased efficiency in the use of coal, has brought anxiety to producers. This has resulted in pressure for reduction of costs, not always by the wisest means. On the other hand, the effort to survive has directed increasing interest toward research, a wholesome development in a difficult situation. Wages, limitation of hours of labor, and the NRA have occupied much time and thought. Following a period .of wage cutting paralleling price cutting, the industry found itself rather suddenly faced by the President's Agreement, followed in due course by the Code, and then in many places by the agreement with the United Mine Workers. Although there is still some uncertainty in regard to the detailed working out of the new arrangements, there seems to be an honest endeavor by the signatories to the Code and Agreement to work them out in a straightforward manner.

Jan 1, 1934

By C. W. Handy

ONE LAW cannot he evaded, the economic law of supply and demand. Silver, like any other commodity, is subject to this law; and its price in the long run is determined by existing conditions. I say "in the lone run because at times silver has appeared to mope contra to basic coalitions. Such movements, however, are, occasioned by the market's attempt to anticipate changes in these governing conditions. If the expected changes materialize then the new market level is justified, but if they do not then the market will revert to its previous status, A striking example of such a move occurred in November when the price advanced over 70, in ten days and then in the next two weeks lost more than it had gained. The reasons for this advance were that the speculative element interpreted certain events as favorable to silver namely, England suspension of the gold standard, higher shat prices, and the Chinese-Japanese crisis. When these expectations proved unjustified the inevitably, elapse followed became the governing conditions had not channel.

Jan 1, 1932

By FREDERICW K. BRADLE

I HAVE been puzzled by two lines of thought'; one emanating from Washington, D. C., to the effect that we must all cheer up, that in a very short time, measured in terms of months, prices would begin to recover, business would become normal, and prosperity would continue on its way just as before the interruption of a year ago; and a second, coming from certain industrialists and economists, expressing fears that all commodity prices were in for a long downward trend, which would cause much unemployment, eventually drag down wages and so restrict purchasing power as to further aggravate the situation. One basis for the fear of a downward trend in commodity prices' is that ifter great wars a depression could last for something like 40 years-the downward trend to such a depression after our recent World War having been postponed for some reason or other; and the basis for another fear was that the production of gold was becoming less. I had 'also been trying for some time past to refresh my recollection as to how my ow11 particular lead interest climbed out of the depression of 1893; and as all the metals have had, and still have. relative values and prices, I can best express what I have in mind by talking principally about lead.

Jan 1, 1930

By George F. Kunz

Jan 1, 1902

By Alicia O'Reardon

DIFFIDENTLY, because don'ts are rarely greeted with cheers; humbly, because I, myself, have never lined up with the irreproachables, I venture on the subject of manners for the mining camp matron. Mining camps can be divided roughly into two types-the large, opulent settlement that blooms like the rose about a strong mine in full operation; and the puny group of adobe huts, or calamina shacks, or even canvas tents flung down in the wilderness to shelter the gay pioneers of a shining prospect or the shattered survivors of a lost hope. Of the first, I know nothing; but in the second, I have spent some of my best years, and from its curious code of morals and manners, its comic hates and its unreasoning loves, its high impatience and its engulfing kindness, I have charted the narrow .and pitted path which must be trod by the woman who would success¬fully live therein.

Jan 1, 1936

By Charles Hardy

?POWDER METALLURGY? is the production of semiformed or fully formed metal products by compressing metal powders. It had its beginnings in the fabrication of tungsten and molybdenum bars and wire by compression, sintering, and swaging. Powder metallurgy, although still in its infancy with other metals, has shown remarkable progress in recent years. Production of Metal Powders-The first step in any powder-metallurgy process is the production of metal particles of suitable shape and size. Mechanical processes for producing metal powders, as by crushing, stamping, or grinding, are usually not suitable, as the resulting particles may cause laminations and decreased strength in the finished articles. The principal metal powders now in use on a large scale are produced by electrolysis or by reduction of metal oxides by gases.

Jan 1, 1936

By AIME AIME

HOWARD H. PRESTON, professor of economics and business at the University of Washington, presented a paper before the North Pacific Section, A.I.M.E., on Jan. 23, on the "Economic Aspects of Gold and Silver." He carefully reviewed recent governmental actions that have affected those metals and gave an interpretation of their effects. A brief excerpt from his address; follows: Including the proclamation of March 6, 1933, the principal steps of the present Administration which have carried the United States off the gold standard and led up to the present program have been: (1) The Presidential proclamation of March 6 controlling gold. (2) The monetary sections of the Emergency Banking Act of March 9. (3) Mobilization of gold under Executive orders issued March 10 and April 5. (4) The gold embargo by Executive order, April 20. (5) The controlled inflation bill, May 12. (6) The joint resolution abrogating the gold clauses, June 5. (7) The Executive orders on newly mined gold, Aug. 28. (8) The President's radio address of Oct. 22 and the R.F.C. gold-buying program. (9) New anti-hoarding order calling in small holdings of gold, Dec. 28, 1933 and Jan. 15, 1934. (10) Nationalization and revaluation of gold' (Message to Congress, Jan. 15).

Jan 1, 1934

By P. Nicholls

THOUGH the burning of fuels extends far back into antiquity, and though fuel beds are the most common and widely distributed example of chemical actions and engineering practice, there has been little attempt to group fuel beds by types or to define the principles associated with them. This paper does not profess to cover completely the subject of fuel beds. It suggests some of the over-all principles of the two more com-mon types. No new investigational data are included, but the deduc-tions are largely based on a recent publication of the U.S. Bureau of Mines1. DEFINITION OF TYPES There are three primary types of fuel beds: (1) Underfeed, in which the fuel and the air move in the same direction; (2) overfeed, in which the fuel and the air move in opposite directions; (3) crossfeed, in .which the fuel and the air move at right angles to each other. The principle that fixes the type is the relation between directions of the flow of fuel and of air. Fig. 1 shows the three types diagrammatically. All other types are compounded of these three in a simple or more or less complex manner. It does not follow that these three type designations are limited to the methods used in representing them in Fig. 1; they may be turned in any direction, and as long as the relative directions of the fuel and air are the same the type is not changed. For example, A as shown resembles a pot-type stoker, but the air and fuel can move downward as in the so-called smokeless heating boiler furnace. Also, C can be placed hori-zontal, as in chain-grate stokers. For this reason, the terms used to designate the three types are not all that could be desired; more logical ones could be coined, but those used probably are satisfactory until the discussion of fuel-bed types becomes more common.

Jan 1, 1935

By Zay Jeffries

AN acute current shortage of copper, with the prospect that conditions may become worse, indicated by Office of Production Management information. Present estimates of copper requirement for defense indicate that nearly all the available metal will be required in the future for this purpose. Severe dislocations are, expected, but the objective is to distribute the copper available for civilian use in such a manner as to minimize these dislocations. The advisory committee on metals and minerals has been asked for a suggestions which may be helpful in meeting this situation.\

Jan 1, 1941