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E P MATHEWSON, Disttrict 0 NEW YORK, N Y PAST PRESIDENTS EDWIN LUDLOW, District 0 NEW YORK, N Y ARTHUR S DWIGHT, District 0 NEW YORK, N Y FIRST VICE-PRESIDENT J V, W REYNDERS, NEW YORK, N Y TREASURER CHARLES F RAND, NEW YORK, N Y

Jan 1, 1923

SME's Annual Membership Report - 1961 Membership Directory

Jan 7, 1961

By W. C. Winegard, A. Galibois, C. J. Beingessner

The effects of solutes on the distribution of two-dimensional configurations of grains in zone-refined tin have been studied. When solutes with partition coefficients (ko) greater than unity are added, three-sided pains become more prevalent and the growth law changes. It is shown by electron-Probe micro-analysis that a solute buildup occurs ahead of a moving grain boundary when ko > 1. It has been found recently1, 2 that solutes with partition coefficients greater than unity have a larger retarding effect on grain growth than solutes with k, less than unity. ko is defined as the ratio of the concentration of solute in the solid to the concentration of solute in the liquid with which the solid is in equilibrium. Niessen and winegard2 have suggested that this effect is probably due to the complex shape changes which occur during the process of grain growth and that no theory based on single boundary motion3-5 can explain the results. They suggested that the dissociation of the unstable fourfold junction was delayed in alloys where ko was greater than 1 because the boundaries at the junction had to move into a region of high solute concentration. If indeed this mechanism were correct, it was felt that not only would the dissociation of fourfold junctions be affected by the solute buildup ahead of the boundaries, but the collapse of three-sided grains would be impaired. These combined effects would naturally lead to a modification in the distribution of the number of sides per grain seen on a two-dimensional section. The present investigation was undertaken to test these hypotheses by examining the grain-growth process in detail. EXPERIMENTS The Distribution of Grain Configurations in Zone-Refined Tin as Seen on a Two-Dimensional Section. Following the method of Bolling and Winegard,6 zone-refined tin was cast into button-shaped specimens and, subsequently, plastically deformed under a drop hammer at room temperature. The resulting flat coin-shaped samples were annealed at 200°C, some for 50 sec and others for 100 sec. The specimens were then examined to determine the distribution of the number of sides per grain, i.e., the num- ber of crystals adjacent to any particular grain in the section. For simplicity, the grains were classified as three-sided, four-sided, and so forth; this concept is schematically illustrated in Fig. 1. As indicated by smith,' it was necessary to examine every grain within an enclosed area to obtain a proper distribution of the relative frequency of each type. The distributions for the two annealing times are illustrated in Fig. 2. The total number of grains examined is also indicated on the figure. It is evi-

Jan 1, 1965

By A. J. WADHAMS

THE relative importance of things is a fascinating subject for thought. As we look about us we realize the Creator of all things has provided the metals for our use, each in the quantity needed-iron in vast quantities gold in small quantities. Had gold been given us in the quantities of iron, the mechanical age mould Eave been very different. You may find some pleasure in running over in your mind this question of the quantity available of an element and man's need of it in the scheme of things. Nickel in this sense is a middle group element. It was not essential to man's early development. Its usefulness dates back only about one hundred years. The quantity available to man has increased as his needs in- creased. On two occasions more nickel became available than was needed and on both of these occasions the ex- cess was soon absorbed by new and useful developments.

Jan 1, 1929

By H. D. Outmans

A method has been developed for determining the relative water wet-tability (fraction of the surface wet by water) of porous media. This method involves the adsorption of methylene blue dye from an aqueous solution onto the solid surfaces of rock contacted by the injected dye solution. Experiments on Berea snndstone cores have shown that water-wet cores adsorb a large amount of dye from solution. In oil-wet cores, however, the injected aqueous dye solution is prevented from contacting the adsorptive surfuces by a film of oil and virtually no dye is adsorbed. This method was tested by experiments on mixtures of water-wet and oil-wet sand. Using the dye adsorption method, it was possible to determine quantitatively the fraction of water-wet and oil-wet sarzd in such mixtures. The dye adsorption test is readily applied to determinitrg the relative water wettability of fresh oilfield cores. The cores are not extracted before testing. Observed values of the wettability of field cores tested to date have varied from 100 to 6 per cent water wet. INTR OD UCTIO N Recent articles1 ' have emphasized the important role that wettability plays in almost all phases of reservoir rock behavior. It has been shown that wettability has a profound effect on the interstitial water saturation, residual oil saturation, capillary pressure, relative permeability, waterflood behavior, and resistivity index of oilfield cores. A quantitative investiga- tion of the effect of wettability on these core properties is severely handicapped by the lack of a simple technique for measuring the wettability of a porous medium. If such a technique were available, it would provide investigators with a means of gaining insight into the distribution of phases within a core. A number of qualitative methods of estimating wettability are known. These include contact angle measurements, flotation tests and studies of displacement pressure: imbibition7 and relative permeability data.' Using these tests, it is usually possible to classify a core as water-wet, oil-wet, or some intermediate degree of wettability. One recently proposed method involving measurement of nuclear magnetic relaxatione offers promise of determining quantitatively the fractional wettability of cores. The equipment is rather elaborate and necessary treatment of the cores before testing probably alters the natural wettability. This latter point also applies to most of the cited qualitative methods. This paper presents a new technique for determining water wettability of cores; it is based on measurements of the dye adsorption capacity of the core. This method has the advantage of requiring relatively simple equipment and involves minimum handling of the core before testing. It is important to distinguish between the various concepts of wettability referred to in the literature. The term "wetting" is defined by Bartell as that phenomenon which occurs when a solid and liquid phase come in contact in any manner so as to form a solid-liquid interface. A preferentially water-wet solid is defined by Jennings in terms of the advancing contact angle in the solid water-oil systems. Brown and Fatt regard fractional wettability as the fraction of the total surface area that is preferentially oil-wet or water-wet. However, none of these definitions adequately describes the type wettability measured by the dye test. This calls for the introduction of a new term, "relative water wettability", which we define as the fraction of the total surface area of a core contacted by injected water. DESCRIPTION OF METHOD The ability of a porous medium (especially the clays) to adsorb large quantities of surfactants, dyes, etc., is well known. It is reasonable to assume that a substance can be adsorbed from solution onto a solid surface only if the solution contacts the surface. In this connection Shapiro" has shown by experiments on silica gel that completely dry gel will adsorb methyl red dye from a benzene solution. On the other hand, if a film of water more than several molecules thick is present on the silica gel, the adsorption capacity of the gel for the dye is drastically reduced. Thus, a study of the dye adsorption capacity of cores should give some clue as to the fluid distribution on the surface of the core. TEST OF METHOD As a qualitative check on this theory, dye adsorption tests were run on similar Berea sandstone cores (Table 1, Cores 1-5). Cores saturated initially with water and flooded with 0.01 per cent aqueous methylene blue adsorbed 0.58 mg dye/gm of core. Similar cores saturated initially with water, driven to irreducible water with oil, and then flooded with the same dye solution also adsorbed 0.58 mg dye/gm of core. Another core, treated with a 5 per cent Dri-Film solution, dried and saturated with oil (Soltrol) adsorbed no dye when the dye solution was injected. These tests confirm

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. d., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfield Bldg. Santa Barbers, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I. 18th St. S. W. Wham, Ale., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfleld Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I- 18th St. S. W. B'ham, Ala., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. B. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 158, Ataturk Bulvari-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfleld Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction 1-18th St. S. W. B'ham, Ala., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. B. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" B Howard-Canfield Bldg. Santa Barbara, Calif. COWIN & Co. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I- 18th St. S. W. B'ham, Ala., Phone 56-5566]

Jan 1, 1952

By George J. Young

DR . JOHN A . CHURCH, in his treatise on the Comstock Locle 1 gave a full and clear account of the conditions of the mine during the period of greatest activity. The difficulties in the way of deep mining at that time were excessive water and high temperature. The drainage of the mines taxed the financial resources of the mining companies, and the high temperatures restricted the capacity of the miners for underground labor. In spite of these difficulties exploratory work was continued until the financial burden of removing the water became too great. The companies then restricted the work to the upper levels. The years 1883 to 1886 marked the period of cessation of deep mining. For 12 years thereafter mining was confined to the levels above the Sutro tunnel; and, while the question of drainage was more or less agitated, nothing of importance was done until the formation of the Comstock Pumping Association in 1898. Since that time successive levels have been drained until, at present, on the north-end mines, a depth of 700 ft. below the Sutro-tunnel level has been reached. Mining is now carried on in the Ophir mine from the 1,700- to the 2,200-ft. levels, and a winze is being sunk to make connection with the 2,300-ft. level (the 2,450 ft. of the C. & C. shaft). In 1903-the Ward Shaft Association was formed to undertake the draining of the Central and Gold Hill group of mines, and at the present time a depth of 2,500 ft. has been reached in the Ward shaft. The situation at the Ward looks promis¬ing, and the 3,000-ft. level may be reached in the near future. It is proposed to establish a large pumping-station on this level, and then begin the opening of known ore-bodies and the prospecting for new ones. The main factors which have contributed to the successful solution of the drainage problem are the Sutro tunnel, the use of the hydraulic elevator as a sinking-pump, the concentration of pumping-units, and cheap electrical power. The question of high temperature and its control still remains as a minor but important problem. The temperatures encountered in the new workings are as great as those in the earlier periods. The Comstock was considered the hottest group of mines in the world, and I am not aware of similar conditions in any other mining-district. A water-temperature as high as 160° F. has been reported from the Ward shaft, and temperatures below the Sutro tunnel are very high in many instances.

Nov 1, 1909

By T. Egleston

The materials containing copper which are refined in the United Statrs, are, for the most part, the natiye noppers of Lake Superior. IJntil quite recently but little pig copper Was made for sale, and that came principally from the pure sulphorous ores of New England and the Sonth, and was generally sdd to reSneries not far from the ore filrnaceu. A stnall aiuoiint found its way into the'niarket which was produced either as the by-product of the treatment of gold and silver ores, or as the result of the treatment of impure copper ores; but both these grades, on account of the impurities they contained, were loolced on with stlspicion, and were not sought for. A11 the grtlGis of pig coppcr are sold by the unit of oopper contents, a great redtiction being made in the price when impurities are present. There are at the present time only three works which treat native copper, the two of the Detroit and Lake Superior copper Company, and the works of C:G. Hussey & Co., in Pittsburgh. There are a few works ivhich smelt sulphuroris ores and refine their pig; bo sides these t1le1-e arc a few siuall works where gig copper is refined uuly. Some of these purcIlase blscir copper, refine scrap, or simply refine such grades of ingot copper as are found in the market, but nlostly that from Lake Superior, for the purpose of getting it into swh shapes that can be handled cpmtriercially to advantage, such as in making large plates or high grades of wire fir electrical purposes. A nomher of such works are situated in the Xaugaturk Vatley aud elsewhcre in New England. The recent discoveryof vnlt~sblc ores in Ariarona makm it probable that within a few year8 the refining of capper In the United States will make great develupments. Up to the time of the discovery of the mines on Lake Superior, only a very small quantity of native copper had ever been foond, not sufficient to justify the erection of worlrs fbr its special treatment. It had, besides, never been found in very large maweq so that the discovery of greabblocks of it presented serious difficulties, not oolp in mining it,-I- but in bringing it into a merchantable condit'ion. It seemed a very simple process to melt these large maws,

Jan 1, 1881

By AIME

NEW YORK'S largest hotel, the Pennsylvania, will be filled with mining and oil men and metallurgists the third week of February when some 3000 AIME members, their wives, and guests will gather for the Institute's 1948 Annual Meeting-its 166th general meeting. Except for the usual Sunday afternoon and evening sessions of the Mineral Industry Education Division at the Columbia University Men's Faculty Club, the big assembly will be under one top and members will not this year have to consult compass and map to find their next session. Possibly enervated by the stupendous effort of the Anniversary Celebration last spring and the plethora of highly successful fall meetings, the various committees have been a trifle slow in arranging their social and technical programs, but in mid December as we go to press there is already much to report indicative of substantial fare and high interest. The definite timetable schedule will appear in the February M&M.

Jan 1, 1948

By EDWARD B. DURHAH

(San Francisco Meeting, UCtober, 1911.) THE refinery at the San Francisco Mint takes the bullion purchased by the receiving department, and carrying more than 200 parts of precious metals in 1000, or, in mint parlance; over 200 fine, and separates and refines the various metals contained therein, using electrolytic processes exclusively. Bullion containing silver is treated in cells charged with a nitric electrolyte. These cells produce fine silver and leave a residue rich in gold. The residue from the silver-cells, together with crude gold-bullion, is treated in cells having a chloride electrolyte. These produce fine gold and leave a residue containing silver chloride. The latter is reduced to the metallic state with zinc and is then treated in the silver-cells. The various waste solutions and the wash-waters, after being freed from the bulk of their precious metals, still contain copper and other metals. These are removed by scrap-iron, and are then treated in the copper-cells, having a sulphate electrolyte. These cells produce pure copper, and collect a residue containing lead, some gold and silver, and all the metals of the platinum group that were in the bullion. This residue is relatively small, and is melted into bars and stored until sufficient accumulates to warrant treating it for platinum, etc. The refinery occupies three large and three small rooms. The large ones are, a melting-room, 30 by 34 ft.; a cell-room, 39 by 46 ft.; and a wash-room, 30 by 33 ft. The small rooms are used as foreman's office, laboratory, and generator-room, respectively. The methods here described are those in use in December, 1909, when notes for the present paper were taken.

Oct 1, 1911

By George F. Becker

(San Francisco Meeting, October, 1911.) A MERE record of Emmons's professional career would very inadequately represent the man. That he was eminent we know, and our successors will realize in due time; but they must depend upon us for knowledge of a singularly wholesome, modest, unselfish personality, and of a character that did honor to a profession in which trustworthiness is indispensable: Those members of the Institute who met Emmons are his friends, and I never knew one of these who was not the better for that friendship. Emmons was born in Boston, Mar. 29, 1841, the son- of Nathaniel H. and Elizabeth (Wales) Emmons, and was named Samuel Franklin after an ancestor who was of the same family as Benjamin Franklin. He took the degree of Bachelor of Arts at Harvard in 1861, and soon afterwards went abroad to complete his education. From 1862 to 1864 he attended the courses at the École Impériale des Mines at Paris, lie e Beaumont and Daubrée being among his professors. The year 1864-1865 he spent at Freiberg under Cotta and other famous teachers; after which he spent another year in traveling through Europe. Like many other renowned geologists, he approached his ultimate profession from its economic side, and was thus from the first imbued with a sense of high responsibility in the promulgation of scientific opinions or conclusions. With hypotheses which were interesting merely because. they were ingenious or even plausible, he would have nothing to do. In 1867 he joined the Geological Exploration of the Fortieth Parallel at its organization under Clarence King, serving at first as a volunteer, but soon receiving a regular appointment. This expedition was the first one of purely geological character sent out by the United States Government. As Emmons has shown in his admirable presidential address on " The Geology of Government Explorations," its work was founded on a com-

Sep 1, 1911

By Henry M. Howe

(Cleveland Meeting, October, 1912.) Manuscript received Aug. 20, 1912. PROFESSOR RUFF'S most illuminating paper' describing his extremely valuable investigation of the carbon-iron equilibrium diagram assigns definite temperatures to certain very important lines in the diagram, viz.: the eutectic temperature EB (Fig. 1) and the " near-eutectic " temperature E'B', but without indicating clearly enough the reasoning which warrants these assignments. These temperatures are of such primary importance that it is well to indicate the apparent gaps in the reasoning, in the hope that they may be filled in. In his diagram, Fig. 1, the point X and the lines B'D'HI represent the experimental results reached by Ruff and Goecke; 2 AB, AEB, and SE represent the liquidus, the solidus, and the solubility of the carbon in solid austenite in the absence of graphite according to Gutowsky,3 AB being also in accordance with Spiecker's data;4 ,S'E' the solubility of carbon in solid austenite in the presence of graphite according to Ruer and Iljin; 5 GS the line A3 after Goerens and Meyer;6 I and EBC the true eutectic line as inferred by Prof. Ruff from Gutowsky's data. B'D' is the carbon content found in cast-iron which had apparently saturated itself with carbon in the presence of the graphite of the enclosing graphite crucibles in which the determinations were made. From its straightness and its sharp inflection near 6.67 per cent. of carbon, the carbon content of * Professor of Metallurgy in Columbia University. 1 Metallurgie, vol. viii., pp. 456 to 464 and 497 to 508 (1911). 2 Idem, vol. viii., pp. 417 to 421 (1911). 3 Idem, vol. vi., pp. 731 to 743 (1909). 4 Idem, vol. vi., p. 524 (Wüst) (1909). 5 Idem, vol. viii., pp. 97 to 101 (1911). 6 Idem, vol. vii., pp. 307 to 312 (1910).

Nov 1, 1912

By J. H. Bain, D. C. Haigh, L. C. Parsons

Jan 1, 1964

By C. F. Cornell, R. C. Emmett, D. A. Dahlstrom

FOR many years the disk-type and cloth-covered drum filters have found widest application in liquid-solids separation, which uses continuous filters. The disk type is less expensive, occupies less floor space per square foot of filtration area, and requires negligible down time for filter media changing. However, because filter cloth is billowed out by the blowback in the cake discharge, it is very short-lived if the scraper blades are set too close. Consequently cake weight is very important in assisting cake discharge, which normally necessitates a minimum cake thickness of 3/8 to ½ in. Also, the vertical position of the disks eliminates the possibility of efficient cake washing for removal of soluble values. The disk-type filter is generally limited, therefore, to applications that require no cake washing and form relatively thick cakes within the normal range of filter cycle times. The conventional cloth-covered drum filter is a more flexible unit, permitting wider variation in the percentage of cycle time devoted to cake formation, dewatering, or washing, as required by the application. Thinner filter cakes can be discharged because a horizontal line across the filter medium at the location of the scraper blade is equidistant from the edge of the blade at all points. The scraper blade therefore may be set a short distance from the filter medium or, where wire winding is not used, a floating scraper can be utilized so that the contour of the cloth can be followed. The drum filter is generally employed when there are difficult filtering slurries with resultant thin cakes or when cake washing to recover soluble values must be practiced. Difficulties sometimes encountered in continuous filter operation can be summarized in the following four categories: 1) Low filtration and/or washing rates due to blinding of the filter medium. 2) Poor cake discharge resulting from sticky cakes, filter medium blinding, or too thin a cake for the particular type of filter. 3) High filter media costs caused by short life and frequent down times for cloth changing. This results from blinding or from abrasion by the scraper blade when cakes are thin. 4) Blowback of filtrate at cake discharge because not enough air passes through the cake to purge the drainage area and filtrate lines during dewatering. To reduce or eliminate blinding tendencies several modifications have been tried, for example, cover-cleaning showers, blowback under the feed slurry, and snap-blow cake discharge. In many cases, however, this simply retards the rate of blinding, since the filter medium is kept clean at its outer surface only by these methods. As blinding usually occurs within or on the back of the medium, the operator is finally forced either to remove the cloth and scrub the medium intensively with a cleaning solution or acid-rinse it on the filter—all resulting in down time, short cloth life, and additional costs.

Jan 1, 1959

By Heinrich Ries

I. INTRODUCTION. THE facts is presented in this paper, based chiefly on recon¬naissance made, during the summer of 1903, by myself and my assistant, Mr. R.. C. Brooks, cover practically all that portion of Texas lying east of the 99th meridian. The work was undertaken for the University of Texas Mineral Survey, and was to have been extended over the entire State, but the sudden termination of the survey prevented even the official publication of the results already obtained. Most of the mineral resources of Texas were fully treated by the First Geological Survey, but the clay-industry was tit that time little developed, so that only a few scattered notes concerning it are to be found in the Survey reports. The extensive exploitation of the clay-deposits, however, has emphasized their commercial importance, and has also made accessible many facts of exceptional interest concerning their geologic conditions. The erection of new plants for the utilization of clay-products is usually preceded by more or less prospecting, which, by reason of the scarcity of outcrops, and the geologic and topographic conditions of eastern and southeastern Texas, is often slow and difficult work. This is especially true in the Tertiary and Pleistocene areas, where the structural conditions much resemble those of the Atlantic coastal plain, the deposits being mostly lenticular in form, and surrounded by beds of sand. II. GENERAL GEOLOGY OF THE CLAY-DEPOSITS. The accompanying sketch-map, Fig. 1, shows the location of nearly all the deposits examined, their relation to the geology of the State, and the type of clay found in each. The geology is based on the published work of Hill, Cummins, Tail, Adams, Hayes and Kennedy, but the boundaries have unfortunately not been determined over the entire region covered by the map, and, in many areas, are only approximate. It will be seen that the clay-deposits range from Carboniferous to Pleistocene in age, the older deposits being found in the northwestern part of the area, while those of Cretaceous and Tertiary age lie to the east, southeast and south. The Pleistocene clays are found in part in a belt along the coast, and in part along many of the larger rivers, where they often underlie extensive terraces.

Sep 1, 1906

By P. B. Leavenworth

Development in the Upper Texas Gulf Coast during 1945 resulted in the discovery of 23 new fields; one Miocene, eight Frio, three Cockfield-Yegua and eleven along the Wilcox trend. The Wilcox trend appears to he the most active at this time. Producing depths of the new Wilcox discoveries range from 2050 to 10,050 ft. Drilling along the Frio trend has been, for the greater part, projected to the deeper downdip sands. Eighteen of the new discoveries are classified as oil or condensate and five are gas discoveries.

Jan 1, 1946

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