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By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933

By H. OSBORG

THE patent literature of alloys for the last two decades or so indicates that the number of liatents referring to smaller and smaller percentages of essential alloying constituents is on the increase, whereas the number of patents relating to considerable percentages of alloying additions becomes smaller. The claims regarding physical properties indicate consistently higher and more rigid values and show the possibility of modifying the physical properties by only slight changes in the percentage of minor constituents or by applying different methods - of treatment. Alloys of the same base have been made suitable for a number of different applications by intelligently and rigid- ly controlling their composition, melting, casting, working, and heat-treatments. Other trends indicated in the development of modern alloys are higher corrosion resistance, higher fatigue limits, and "stability" in volume.

Jan 1, 1937

By J. L. Bray

ACCELERATED programs, as discussed in this paper, refer to the year-around operation of a college or university with three sixteen-week or four twelve-week terms per year, with pauses between sufficient only to allow the administrative group to perform their functions. In most engineering schools, under such conditions, the conventional four-year course can be condensed to two years and eight months. These accelerated programs of study, which now exist in most of our technical institutions, were forced upon us under the influence of the outburst of wartime patriotism, perhaps one might go so far as to call it hysteria. Many of us felt and hoped that these programs were temporary expedients, but the cold hard threat of permanency now rears its head; consequently we should examine the merits and shortcomings of the new order, and evaluate its effect on our educational system, since it may persist in some form in the postwar years, because of the changing political and financial situation. Many engineering students are being educated in state supported institutions

Jan 1, 1944

By Gilbert E. Doan

IN a technical civilization, that is. one whose major difference from past civilizations is its enormous development of technology, in transportation, communication, labor saving, centralized control, and mass production, it is natural that the most critical problems should be those that arise out of technologic advances; it is natural also that a. man who understands these advances should be chosen as the leader to meet these problems. This was done in the selection of Herbert Hoover as President of the United States. Mr. Hoover was a good, and perhaps a great President. But he was not a great politician and that ensured his defeat when a crisis came.

Jan 1, 1939

By AIME AIME

CHARLIE WARNER, Chairman of the Petroleum Division, is no stranger to the problems of the oil industry or to those of the Petroleum Division, after more than 25 years of experience in locating and producing oil and more than 22 years of membership in the Institute. He was born at Jefferson, N. Y.. April 27, 1894, and educated in the public schools of New York State and at Cornell University where he studied geology and allied sciences from 1913 to 1917 and received a B.A. degree. Immediately upon completion of this training, he was employed by the Empire Gas & Fuel Co. as a field geologist in Oklahoma and Kansas. Two years later he became district geologist for the Emerald Oil Co. in Oklahoma and Kansas, and in 1920 he rejoined the Empire Gas & Fuel Co. in the capacity of district geologist in Oklahoma. In September of 1921 he began his association with the Houston Oil Co. of Texas. He was district manager for the company in the Mid-Continent area until 1932 when he was transferred to the head office at Houston, where he became superintendent of the land and lease department in 1934 and was elected a director of the company in 1941. In these capacities, and also as petroleum engineer for the company, he keeps in intimate touch with all phases of field activity and with the regulation of the industry by State and Federal agencies.

Jan 1, 1943

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 Oliver Bowles

ROCK is no doubt the most abundant of all material things because the planet on which we live is made of it. All animal and vegetable organisms and the multitude of natural and manufactured products that occupy a comparatively insignificant film on the outer surface of the planet are derived from rock. Processes of Nature acting for untold centuries have transformed rock into soil, making possible the development of vegetable and annual life; and rocks have supplied the numerous raw materials, metallic and nonmetallic, wherewith the innumerable appurtenances of a complex civilization have been fabricated. As time goes on we live with increasing speed and with enlarged desires. Time and space are shortened by man's ingenuity, and products for human use must be manufactured with greater and greater celerity. It was inevitable that Nature's slow processes of rock alteration should fail to keep pace with human demands and that the variety of natural products should fall far short of the requirements of an industrial age. Man therefore supplemented these processes by attacking rock in its native bed amid using it to supply needs not otherwise satisfied.

Jan 1, 1934

By Winston W. Spencer

ALTHOUGH by far the largest A consumer of platinum metals in the world, the United States until recently has been in- significant as a producer. Writing in the "Minerals Yearbook" for 1939, H. W. Davis states that 1938 probably marked the beginning of an- other period of transition in the world production of the platinum metals. In that year, he says, their production in the United States jumped to 49,380 oz., or fourth in the rank of world output. In the ten-year period 1925 to 1934 United States output ,averaged only 8300 oz. Practically all of this sudden in- crease in production is attributable to the introduction of mechanized equipment at the placer deposits in the Goodnews Bay district of Alaska. This district adjoins the Bering Sea and Kuskokwim Bay (accented on the first syllable), and is approximately 120 miles south of the mouth of the Kuskokwim River. The nearest village and post office is Platinum, which lies about eleven miles north- east of the Goodnews Bay Mining Company's camp. A good gravel road connects the mine camp and the village.

Jan 1, 1940

By Paul F. Kerr

QUARTZ of a certain kind, is one of our strategic minerals, and Brazil is probably the one important available source. Crystals of quartz of suitable size and perfection for piezoelectrical application are rare; their most outstanding use is in radio work. Clear quartz, or "crystal," free from twinning, cracks, foreign particles of other disturbing lines of growth, and gaseous or liquid inclusions, is cut into plates which provide excellent control of frequency in broadcasting. The squares or rectangles are less than a millimeter in thickness and ordinarily on the order of 1 in. along each side. They are cut at definite angles with respect to the axes of the crystal, and ground with opposite surfaces parallel. Each small slab must be a section of one crystal, uniform throughout in atomic alignment. The thickness of the chip controls the frequency of a broadcast and it is most important to have the plates oriented and ground with utmost precision. Opposite surfaces are parallel to within 0.001 mm. and expansion or contraction due to the temperature is limited to one part in a million.

Jan 1, 1942

By AIME AIME

DURING the morning session," on Feb. 17, papers were presented and discussed regarding a recent wire saw installation, cement rock quarry operations, hydration factors in gypsum deposits and the status of the phosphate industry of the West. Oliver Bolvles presided and there were about twenty-five members present. W. M. Weigel's paper (T. P. 262), "The Application of the Wire Saw in Marble Quarrying," was read by the author. He described the recent installation of the St. Clair Marble Co., near Guion, Ark. Since the use of the wire saw for quarrying is comparatively new and the fact that it has been almost entirely limited to slate quarries heretofore, ?he description and data given in this paper were of much interest.

Jan 1, 1930

By Sidney Snook

FLUORSPAR production is the most important industry in a compact area in southern Illinois and western Kentucky bordering the Ohio River. Producers' activities do not usually figure much in the mining news of the country, so that few know that the last year or so has been an unusually active one. Mine shipments more than doubled in 1939 compared with the poor year 1938. The average price changed but little, though it is now about one-sixth higher than at the beginning of last year. The outbreak of war in Europe a year ago lent an immediate stimulus to the industry, though only about 15 per cent of the domestic consumption is normally imported, thanks to a tariff of $8.40 per ton, equivalent to about 30 per cent ad valorem. Be- cause of the increased production and many expansions and improvements in the mines and plants, the period since the beginning of 1939 has been the most important one for the industry in the last 15 years.

Jan 1, 1940

By A. B. Kinzel

IT has often been stated that the steel industry did no research or development work in the decades preceding 1920. If restricted to organized research on the quality and field of application of structural and engineering steels, this statement may be true. But the industry did conduct a vast amount of process research during this period, although some of the projects were not carried out as separate organized research programs. Securing a low cost of tonnage production was the sole problem receiving serious attention from the industry prior to 1920, and today this is still the major problem. Those in the industry deserve much commendation for the important increase in production capacity per dollar invested and for the markedly lowered cost of production. In recent years, a distinct change may be noted in the attitude of the steel industry toward research involving its product. With the advent of high-speed machinery both in the manufacturing and transportation industries, steel as a quality engineering material has come to the fore. In the past, high-quality carbon steels and alloy steels have been introduced over a period of years, largely at the insistence of the consumer and partly prompted by research carried out by those interested in the use of the alloys. The commercial introduction of these materials made slow progress.

Jan 1, 1935

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 P. D. Merica

MY remarks are addressed to the question whether a program of international mineral control can effectively serve as a means of maintaining world peace in the kind of world envisaged by the Atlantic Charter. They do not touch the quite different questions whether such control could be appropriately used for postwar punishment of Germany and Japan, or for other purposes. I assume also that the question relates, not to the transition period immediately following the war, but to the more normal years which we hope will succeed this. Finally, they deal primarily with metals and metallic minerals rather than with. oil or coal or other minerals, although they may be applicable also to these other nonmetallic materials.

Jan 1, 1944

By M. C. LAKE

THE industrial development of the United States has been stimulated by the presence of high-grade iron ore in the Lake Superior district. These great deposits have been susceptible to economical extraction and are conveniently located for cheap lake vessel transportation to the great consuming centers. The district furnishes from 80 to 85 per cent of the iron ore annually consumed in the United States, and a full understanding of the available supply of this great commodity is so important that it is well to consider whether or not the industrial supremacy and national independence attained as a result of the abundance of cheap ore are permanent. The enormous deposits of high-grade ore available in the Lake Superior district have been the foundation upon which the vast industrial structure of the steel and allied industries has been built. It is extremely important to the country as a whole, and especially to those States and communities now dependent on Lake Superior ore for their prosperity, that their industries shall retain the particular advantages with which they are now endowed, and that a generous supply of high-grade raw material be available for their consumption at a satisfactory cost. The steel industry is so basic and fundamental that any fluctuation in the cost of its finished products as determined by the supply and cost of the raw materials involved in its manufacture will necessarily affect the business of a wide variety of industries which are dependent on it.

Jan 1, 1926

By C. MeCulloch

A NOVEL practice in the bituminous coal industry is the accelerated method of burning coal to ash used in the laboratory of the Fidelity washery of the United Electric Coal Companies, Du Quoin, Ill. Development of this method has supplanted the tedious float-and-sink process for plant control at this plant. In normal operation the plant operators have available within thirty minutes the accurate ash percentage of the coal loaded in the railroad cars and can therefore make adjustments to maintain a practically uniform quality of washed coal, regardless of the variations in washery feed.

Jan 1, 1937

By H. G. Moulton

H G. MOULTON should not be confused with the famous economist of the same name. Our H. G. stands for Herbert George, whereas the chief of the Brookings Institution is Harold Glenn. Like most so- called New York members of the Institute's hoard, Mr. Moulton came from the West, in this case from Idaho where he was born, and Oregon, where he was educated at the University of Oregon. His early work included such jobs as mucker, assayer, smelter, chemist, mine surveyor, draftsman, engineer on surveys and construction, and assistant on mine examinations. In 1909 he was engaged as mining engineer by the firm of Eugene Meyer, Jr. S' Co., continuing with them for the next eight years.

Jan 1, 1937

By Raymond B. Ladoo

NONMETALLIC minerals (excluding fuels) arid their primary products produced annual in the United States have a value in excess of one billion dollars, or more than that of the metals, yet the lack of expert knowledge of some of the fundamental technical and economic aspects of this most important and complicated business is astonishing. This paper will deal with the economics of this non- metallic mineral field-the business of making money from producing these minerals. The incentive behind all business activity in a capitalistic economy is to make money-to plan so that each dollar invested in property, plant, equipment, services, and so on will return more than a dollar plus simple interest. Of course, business has social, civic, and national duties and responsibilities, but the fulfillment of these is largely dependent upon financial success.

Jan 1, 1939

By P. P. Gregory

ESTIMATION of re- serves in prorated sand fields has been discussed by S. A. Judson, H. D. Easton, Jr., and W. A. Schaeffer, Jr., in a paper that appears in Vol. 114 (1935), of the A.I.M.E. TRANSACTIONS. The purpose of this present paper is to extend the investigation to prorated flush limestone fields and to outline a method of procedure in determining the amount of oil originally in place and the amount of oil that can be recovered from such fields. Although it is possible to use the decline curves to estimate the amount of recoverable oil in certain limestone fields that are allowed to produce the oil at or near capacity production, such a method cannot be used in fields under severely restricted production rates. The problem is exceedingly complex due to fluctuation in the allowable rates of oil production over a wide range and at frequent intervals, and especially because of the heterogeneous nature of the reservoir itself. A well completed in a large solution cavity, capable of producing great quantities of oil per day, may be offset by a well of very limited capacity. Also, it is di5cult to arrive at an average figure for porosity in a given limestone reservoir due to abrupt variations in the character of limestone, in many instances even between two ad- joining wells. It is a safe statement that uniformity of porosity and permeability in limestone reservoirs .is nonexistent. It is evident, therefore, that the method of estimation of re- serves on the basis of per-acre content can give only approximate results.

Jan 1, 1935

By AIME AIME

THE time of the Section delegates was economized this year by providing the section reports in mimeo- graphed form, together with the reports of the officers and committees of the Institute, for their consideration on arrival. The meeting was called for Thursday forenoon and despite a certain amount of oratory managed to get through before all the luncheon was gone. In all, nine section delegates and one from the Iron and Steel Division attended and took part. One delegate, who had come many miles, got lost in the complication of the program and failed to attend. Six appointed dele- gates failed to attend and two sections neglected to make appointments.

Jan 1, 1929