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At 8 o'clock on the evening of Thursday, July 25th, the special train chartered by the Provincial Government for the Institute's use, pulled out of Toronto. Ten parlor cars and two dining cars made up the train. The culinary arrangements were under the personal supervision of Mr. McConkey, of Toronto. [ ] The Hon. Frank Cochrane, Minister of Mines, Lands and Forests, was the efficient host of the party. He was assisted by the Hon. Dr. Pyne, Minister of Education, and by Mr. T. W. Gibson and Dr. W. G. Miller. On arriving at Cobalt, the delegates were met by the following Committee Mr. A. A. Cole, representing the T. & N. 0. Railway; Messrs. R. W. Leonard and D. B. Rochester, deputies from the Cobalt Chamber of Mines ; Messrs. Run¬ning and Martin, from the Cobalt City Council; Messrs. McLeod and Ferland,

Jan 1, 1907

Jan 1, 1918

By James M. Hodge

The Cumberland Gap extension of the Louisville and Nashville railroad, recently completed from Cumberland Gap to Norton, 71 miles, connects at the latter point with the Norfolk and Western, making a direct through line from Louisville to Norfolk. The whole of this connecting link skirts the southern boundary of the southwest Virginia coal region, but for the first 57 miles of its course it is separated from the coal by a mountain range (Cumberland mountain and its extension, Stone mountain), which bars entrance to the field from that direction, excepting at Pennington Gap, where access may he had to a small area only, which has not yet developed any very satisfactory coal. The railroad passes through the range at Big Stone Gap, and for the last 14 miles of its course to Norton is in direct contact with that part of the coal region known as the Big Stone Gap coal-field. By this road a western and southwestern outlet from the field is secured; the Clinch valley extension of the Norfolk and Western railroad gives exit eastward from Norton, and the South Atlantic and Ohio railroad, built through Big Stone Gap simultaneously with the L. & N. R. R., delivers the coal to points south and southeast. Besides these lines already built, an early connection with the East Tennessee, Virginia and Georgia railroad, via its Rogersville branch, is probable, and connections with the railroads of eastern Kentucky are projected. The Charleston, Cincinnati and Chicago railroad has already done some grading on one of the latter, but the rugged country intervening will prevent its construction till the demand for it becomes urgent. The coal-field embraces in Virginia about 120 square miles, to which should be added some 30 square miles in Kentucky, also tributary to Big Stone Gap, the whole of it underlaid by coal, probably of workable thickness, and much of it by two or more such beds. The determination of the boundaries of the field, however (except on the south, where Stone mountain forms a natural limit beyond which only a small, isolated tract of coal is found), is involved in much

Jan 1, 1893

Discussion of the paper of James R. Finlay, presented at the New York meeting, February, 1912, and printed in Bulletin No. 75, March, 1913, pp. 487 to .503. CHAIRMAN JOHN BIRKINBINE :-Having been invited to preside at this session, the Chairman feels that the part he takes in discussions should be limited, although the subject presented is one of much interest to him and there are diverse viewpoints concerning methods of valuing expectancies from what may be considered " ore in sight," a term itself subject to various definitions. Estimates of quantities upon which valuations are made may differ without subjecting the estimators to criticism of unfairness if made by a prospective purchaser or by a seller, or if they are used as the basis for taxation. The hopes of the seller may influence a liberal allowance for estimated reserves, while the expectancies of a willing purchaser are less optimistic, and the tax assessor is expected to limit his consideration to the producing capacity of a mine, with possibly modest allowance for reserves. The knowledge that a property contains or yields mineral or the expectancy that it may be a producer of value adds to the estimate placed upon it by any of the above classes, and a just determination of this value is often a complex problem.

Jan 5, 1913

By N. M. Langdon

In considering the magnificent success of Mr. Gayley's bold experiment of applying dry blast to the blast-furnace, whereby a saving of 20 per cent. of fuel per ton of iron is effected, the question arises whether still further economy in fuel is possible, and, if so, how it is to be attained. The manner in which the heat generated in the furnace is utilized in the production of pig-iron may be determined, by the method of Bell and Gruner, for any furnace for which the necessary data are obtainable ; and the study of the operation, under various conditions, of a number of furnaces, for which such information has been worked out, should enable us to form some conclusion on the subject. The tables and calculations here given cover the operations of several furnaces reported in our Transactions ; also the two furnaces using natural and dry blast ill Mr. Gayley's experiment, for which the heat-equation has been worked out by Prof. Joseph W. Richards in his admirable discussion ' of Mr. Gayley's paper, The Application of Dry Air Blast to the Manufacture of Iron, and, finally, various hypothetical furnaces. The full list is as follows : A. Isabella furnace, with natural blast. B. Isabella furnace, with dry blast. The data stated for A and B in Table 111. are those given by Professor Richards, except that the heat-units are given for one unit of iron instead of 100 units, and some items of heat supplied, as stated by Richards, have been subdivided, the total being the same as given by Richards. (Columns A and B are introduced in Table 111. for comparison with C and D.)

Jan 1, 1910

By Rossiter W. Raymond

As I have attempted briefly to show you, gentlemen, the present position of the mining and metallurgical industries of this country offers in several respects most important indications of radical change. This is an epoch for more than one branch of these industries. We are commencing again to export copper; we have shifted the main production of lead from the Mississippi Valley to the far West, besides developing a new production of that metal in Missouri; we have seen the price of quicksilver go up, and the price of iron go down to such an extent as to affect profoundly, on the one hand, the great business of extracting silver by amalgamation, through the Washoe process in this country and the patio process in Mexico, and, on the other hand, the various manufactures employing iron as a raw material; above all, the manufacture of steel. But the epoch which has occurred in the relative value of gold and silver, in consequence of causes which I shall attempt to explain, and among which the extraordinary increase in the silver product of Nevada is not the least; this epoch is, perhaps, the most striking feature in the review of our situation. Since my official duties in connection with the mining industry of the Pacific slope and the Great Interior Basin have led me to pay particular attention to this subject, I have thought it not inappropriate to lay before you a somewhat extended account of its history. It is a topic of peculiar interest, because of the general use of these two metals as standards of value in the exchange of commodities. Neither of them is suitable to be, for the political economist, a real standard of value. That standard is rather to be sought in some more universal product of labor, such as wheat—the relation

By Charles Behre

UNDER the caption "fault," geologists intend to include all mass movements of solid rocks over adjacent rock masses. When these are studied long after their origin, however, circumstances make it possible to recognize as "fault" only formations showing clear evidence of actual movement of one side with' respect to the other. Necessarily the chief evidence consists of the offset of a vein, bed, or other key structure. Planes of movement parallel to the bedding; or nearly so, are recognized with difficulty or are overlooked and hence many important faults are wholly unrecorded. Indeed, among standard American references on structural geology, one alone emphasizes the importance of bedding-plane movements and that' one only briefly1. For some time the writer, cognizant of this difficulty, has paid special attention to such movements, both as observed in the field and as recorded in the literature. It is believed that enough data are now at hand to justify a short-discussion. Its purposes are fivefold. It is desired first to briefly classify and describe at least the more common kinds of bedding-plane faults, and second, to examine the causes and manner of their formation, at least in instances where the subject has not yet been well covered by other investigators. Third, certain by-products of bedding-plane movements are of such conspicuous importance to the economic geologist and mining engineer as to merit mention. Fourth, concrete illustrations should be placed before the reader in order to lend reality and to furnish a basis of comparison with his experience; such illustrations will necessarily be scattered through the text of this paper. They' are only in part from the writer's own field observations. The fifth and prime objective of this paper is to direct attention to the great importance of movements on the bedding planes, in the hope that the recognition of such movements and their significance may simplify mining problems.

Jan 1, 1937

By Frank B. Gilbreth

The problem of the crippled soldier in industry is not a problem of war work only; it is a problem of industrial development. As individuals, each one of you is seeking to provide our maimed heroes with such teaching as will render them, in the shortest possible amount of time, productive and satisfied members of the community. As individuals you are interested in the organizations that are preparing to receive these men, to train them and to place them at that work for which they are best fitted. As an organization, it is now your duty to take up the industrial end of the problem, to investigate existing conditions in the industries, to discover where the opportunities for employment lie, and so readjust industrial practice that the cripples may be utilized to their own and the community's good with the least shock to themselves or to the industries, and with the greatest amount of permanent benefit to all concerned. We have divided industrial opportunities suitable for cripples, roughly, into three classes. First, such as already exist in the industries, which can be set aside for cripples only, present occupants being transferred to other work for which they can be fitted but which is not suitable for cripple work; second, opportunities in the industrial world that, through changes in the working equipment or tools, or through appliances attached to the cripple himself, can make the cripple a competitor of the sound worker; third, opportunities not existing at present in the industries, but which could be introduced for the good of the community without placing the cripples into competition with any existing class of workers. As typical of the first type of occupations for cripples, we have mentioned that of store-keeper, of the second type that of typist,2 and of the third type that of dental nurse.3 The last occupation can be so arranged as to take from the overworked dentist the work of cleaning teeth; and

Jan 1, 1918

A preceding paragraph treats of the irregular manner in which ore deposits occur and the complex factors that control their distribution; the occurrence of metals in oreshoots in individual deposits is equally irregular, and the factors that control such segregation are equally complex. While the dimensions of oreshoots in individual deposits may not be foretold with any degree of accuracy, the occurrence of ore in shoots is not accidental, but is controlled by laws some of which are understood. Any one familiar with permutations and combinations who stops to consider the variety of factors that control ore deposition, and their varying relative importance, will admit that the science of economic geology must advance greatly before the occurrence of oreshoots may be predicted accurately in advance of exploration. The segregation of minerals in any oreshoot must be referred to some condition, or combination of conditions, local to the oreshoot as compared with the remainder of the deposit of low- grade or barren minerals. Among the localizing factors that have been recognized are, in filled fissures, the amount and distribution of open spaces available for ore deposition, and in replacement deposits, the degree of brecciation giving access to the replacing solutions; the intersection of veins with other veins, dikes, sheeted zones, or porous strata; the impounding of solutions by impervious strata; and the differing precipitative influences of enclosing rocks. A large proportion of important and well- defined oreshoots, especially in deposits of deep-seated origin, are not assignable to any of these factors. While a knowledge of the character of oreshoots in general is important, a knowledge of the behavior of the known oreshoots

Jan 1, 1932

By Charles R. Keyes

PAGE. I. IntRoduction,...........139 11. Four Phases of Primary Ore-Genesis,......141 1. Extraction of Ore-Materials from Sea-Water,....141 A. Early Views,........141 B. Metals in Sea-Water,.......142 C. Metallic Content of Sedimentary Rocks,... 142 D. Adequacy of Metal-Percentage to Form Ore-Deposits, . 143 E. Derivation of Metallic Elements in Sea-Water,.. 144 2. Metallic Content of Igneous Rocks,...... 145 A. Two-Fold Meaning of Term,.....145 B. Significance of Ordinary Rock-Analyses,... 146 C. Wide-Spread Occurrence of Rare Rock-Forming Minerals,.........146 D. Occurrence of Metalliferous Minerals in Rocks,.. 146 E. Metallic Content of Igneous Rocks Generally,.. 147 F. Metals in Volcanic Rocks,......148 G. Originality of Metal-Content of Rocks,...148 H. Physical Condition of Metallic Minerals,... 149 3. Magmatic Origin of Metals,.....,.149 A. Association of Ores with Cooled Magmas,... 149 B. Deep-Seated Origin of Metals,.....150 C. Magmatic Waters in Ore-Deposition,.... 150 D. Ore-Materials of Volcanic Emanations,... 151 E. Exportation of Metals from Magmas,.... 152 F. Ores of Magmatic Differentiation,.... 152 4. Meteoritic Derivation of the Metals,.....- 153 A. Planetesimal Hypothesis,...... 153 B. Number of Meteorites,.......154 C. Abundance of Meteorites in Desert-Regions,.. 156 D. Petrologic Character of Meteoric Falls,... 159 B. Metals in Meteorites,.......159 F. Incorporation of Meteoritic Materials in Ores, , .160 811. RecapitulatioN,..........161 I. Introduction. If the long controversy waged between those who, on the one hand, advocated a strictly deep-seated origin of ore-deposits, and, on the other hand, those who argued for an ore-genesis by

Jan 1, 1911

By James M. Link

The design and construction of cross-country pipelines for fluids such as crude oil appears relatively simple compared to the complex problems encountered in slurry systems. Considerable effort has been expended in hydraulic research laboratories in an attempt to improve the understanding of slurry behavior. This effort has been rewarded with considerable success and is best illustrated by the large number of slurry systems now planned or under construction. However, slurry transport in pipelines is still, in many instances, more of an art than a science. In order to minimize the risk factors in the construction and operation of large scale slurry systems, studies are frequently conducted in pilot scale test loops such as the one at the Colorado School of Mines Research Institute. The pilot scale projects are designed to provide the basic engineering data necessary to design slurry transport pipeline systems. Usually three slurry solid concentrations are pumped at various line velocities and optimum slurry densities and velocities are determined. Critical velocities, friction head losses, power requirements, and so forth, are also determined from measurements and calculations. Wear tests are also strongly recommended and anticipated pipe wear rates in inches per million tons of solids reported.

Jan 11, 1972

By E. A. Holbrook

RESEARCH, primarily, is finding out the truth. Research applied to engineering opens the door to new principles and processes, the application of. which benefits mankind in a material way. The engineer believes that investigation instituted with the primary view of making the results directly applicable to the industries is the highest type of research. Coal is essentially the basis of modern industrial civilization; therefore, any, considerable research pertaining to coal must link itself to the industry by, practical application of the results of the research. In other words, all investigational work connected in any way with coal leads to conclusions that permit a better understanding of the origin, nature of occurrence, composition, better and safer mining, more careful preparation, or greater efficiency in utilization of coal. Modern engineering research has been fostered essentially by universities and in the laboratories of institutions of learning. Coal problems that lend themselves to solution in the laboratories have been first attacked and are perhaps the farthest toward solution. For example, a great amount of research work has been carried out with the various phases of chemistry connected with coal. On the other hand, the equally important problems connected with methods of mining have received but little attention, primarily because their solution involves the continued use of a great and expensive laboratory, which is none other than the mine itself. As many of the problems already solved have had chemistry as their background, so many of the problems unsolved have physics as their background; there are also unsolved problems that deal in- coal economics. Even psychology must be called upon in future coal-mining research as a basis for solving those great problems that deal with human relationships. In general, considerable advance has been made in coal research dealing with chemistry, not so much progress has been made with problems having physics and engineering as a background, while there is a tremendous range of untouched problems that deal essentially with business and psychology.

Jan 9, 1919

By Francis S. Peabody

This paper will not be a technical paper, because, although I have been in the business of mining and selling coal for 30 odd years, I am neither a mining engineer nor a practical miner. If I digress from time to time from my thesis, I must be forgiven by the expert engineers and highly technical gentlemen for whose proceedings this article is written. Waste of the wonderful store of power that the Creator placed at our disposal appears to have been the theory and the basis of our methods of extracting this power—waste from the time the coal is mined to the time it is consumed. Let us consider the prime causes of this wastage which has been the heritage of the coal mining industry. In the early days—about 150 years after " Stone Cole" was discovered in Illinois by Joliet and Marquette, and Father Hennepin noted a "cole" mine on his map—the mode of mining prevalent among farmer landowners, on whose property coal was discovered near the surface or outcropping on the hillsides, was to enter the seam by a shallow shaft or drift into the hillside and remove the coal by wedging it down until a large room was left. The roof without support would fall and our primitive coal operator would then sink another shaft or drive another drift. In these early operations only the large lumps were taken and all small pieces and screenings were left to be covered by the fall of the roof—in fact this condition prevailed in Illinois up to about 1885. Gradually the method of mining changed from the open chamber, to a single entry with rooms turned to the right and left. Later, as the demand for coal increased and the necessity for larger mines became evident, the "room and pillar" system grew to be regular practice. The room and pillar system of mining consisted of starting away from the shaft bottom or drift mouth, with a pair of entries usually 12 to 15 ft. wide and about 30 ft. center to center, one entry being used for the air intake and the other for the return air and haulage; from each entry rooms or chambers were turned, narrow at the mouth and widening

Jan 1, 1918

By J. S. Hardison

In the fall of 1912, the appearance of water in the oil of the Nevada Petroleum Co., Coalinga, Cal., made necessary the installation of a dehydrating plant to reduce the water below the 3 per cent. limit prescribed by the agency. Unlike the mining industry, technical literature of the oil industry is limited and extremely unsatisfactory. Until the recent efforts of the Petroleum and Gas Committee of the American Institute of Mining Engineers, no concerted movement has been instituted to secure publication of papers dealing with the problems of the oil business, and because of the additional fact that dehydrating of oil has not been practiced in California to any extent up to comparatively recent time, it was found necessary to experiment in order to determine the most satisfactory plan for this purpose. It is easy to write regarding successful enterprises, but, while not SO pleasant, it is equally desirable to write of failures so that others may be saved the loss incident to such investments. The water in this oil occurs both free and as an emulsion. Free water easily settles out, but the emulsion requires treatment. So far as can be determined, the emulsion consists of globules of water surrounded and enveloped by a film of oil. Starting with this hypothesis the theory has been evolved that in order to break up this emulsion the water must be heated at least to boiling point, when an explosion takes place destroying the globule. Unfortunately, this condition was not recognized in the installation of the first plant, which was planned on the following lines: A heater was arranged so that all the oil from the wells could be heated before reaching the shipping tanks, these being already fitted with coils for steam heating. Tanks were filled with about 4 ft. of water, live steam was turned into the coils and the water brought nearly to the boiling point, when the heated oil was run in. This for a time was partly successful, but the length of time necessary to apply this heat was too great for practical operating.

Jan 1, 1915

By Willard Ide Pierce

CONSIDERING the extent of the gold-fields of Nova Scotia, which occupy an area of 6000 to 7000 square miles, a few words as to the cost of extracting and reducing the ores may prove of interest. The veins are for the most part narrow, 4 to 12 inches being the usual width, while a 2-foot vein is considered a large one; but they offer many advantages, inasmuch as the ore is easily treated, wages are low, and machinery and supplies can be transported by water to within from 1 to 15 miles of the different mining districts. The Salmon River vein is a notable exception to the above rule as to width. It ranges from 4 to 20 feet in width. The Hall-Anderson of Fifteen-Mile Stream (where there are several veins) is another, which has proved to be from 3 to 4 feet in width. The ownership of all mining claims is retained by the Crown, but persons wishing to work them can lease as many unoccupied areas as they please for twenty-one years, with option of renewal, on the payment of two dollars for each area, and a royalty of 2 per cent. on all gold extracted. Each area consists of 150 Get along the lode and 250 feet across, upon which a certain amount of work must be done, which by recent law is reduced from one hundred to forty days' work for each area every year. Any person erecting in a district the first mill, having at least 8 stamps, and being at least 10 miles from any other mill, is entitled to a lease of 10 areas, free from advance-payment and from royalty, for twenty-one years. A record must be kept, and filed every quarter at the office of the Commissioner of Mines, of the total number of days' work done on the areas, and a monthly statement of the number of tons crushed, and the actual yield of gold. Gold-mining in Nova Scotia may be said to have commenced with the finding of a nugget of gold in a brook at Tangier in 1858. The following table, taken from the official report," gives the total yield

Jan 1, 1885

By Horace W. Hindry

This paper presents the ingredients composing a type of oil-base mud that has been successfully used in drilling oil horizons in California, the effect of ingredient concentrations on physical properties, methods of handling at the well and possible advantages of a waterless drilling fluid with excellent plastering properties. INTRODUCTION AN oil-base mud is a rotary drilling fluid in which oil has been substituted for water as the principal liquid ingredient. In recent years such a mud has been developed and used successfully for drilling the oil horizons of wells in various California fields. There are several types of oil-base mud, but only the type that is currently used to any appreciable extent will be considered at this time. The oil-base drilling-mud compositions used by Shell Oil Company, Incorporated have been covered by several patent applications on which patents are expected to issue at an early date. The purpose of this paper is to present data on the fundamental design of the mud; the ingredients used and their specifications; the effect of ingredient concentration on physical properties; the selection of the proper mud; the facilities needed for handling the mud; and a general discussion [oil] drilling with oil-base mud. In view of the early stage of development of oil-base mud, the great number of variables, and the almost unlimited possible combinations of these variables, which in turn require extensive laboratory study, there are certain irregularities and omissions in the data presented here. However, it is believed that sufficient data are at hand to permit a fairly complete analysis of the characteristics of oil-base muds. In view of the excellent plastering properties of oil-base mud when properly proportioned, its use should: (I) minimize the possibility of impairing the natural flow potentialities of the producing horizon such as that resulting from infiltration of water from water-base muds; (2) permit smaller clearances for setting liners, since the mud sheath has no appreciable thickness; (3) eliminate the possibility of clogging the perforations of the liner with thick mud sheath; (4) facilitate the removal of the mud sheath from the walls of the hole, for its mud sheath has no appreciable strength; (5) assist in drilling through formations, such as "heaving shale," where water wetting appears to be a source of difficulty. (6) permit cores to be obtained without contamination from drilling water. FUNDAMENTAL DESIGN OF AN OIL-BASE MUD In the design of any rotary drilling mud it is necessary to select materials that will fulfill the following requirements: (I) act as the liquid medium and regulate the viscosity; (2) impart initial and final plastering properties; (3) give gel strength and structure in order to prevent settling; (4) serve as a weighting material. The

Jan 1, 1941

By E. J. Pasierb, H. W. Paxton

Mavkers ill a diffusion couple in the iron-chromium system move towards the high chromium side indicating Dcr > DFe at the marker composition. By a combituztion of measurements of D& and D a: a function of composition, this is also shown independently. DFe is calculated as a function of composition. and shown to be in reasonable agreement with measured values by other workers. MEASUREMENTS of marker movements in diffusion couples have been used from time to time to demonstrate that a vacancy or interstitial mechanism may be operative. Since there is a possibility that ring diffusion1 may be operative in chromium, the present experiments are of interest in showing some non-ring mechanism in iron-chromium alloys around the equiatomic composition. EXPERIMENTAL PROCEDURE The movement of markers originally at the interface between 1-in. sq sections of pure Cr (6 mm thick) and outer slabs of 30 Cr-70 Fe alloy was followed as a function of time at temperatures from 1150" to 1425"C, in a Kanthal-wound furnace. Temperature control was +5°C over extended periods. The analyses of these alloys are given in Table I. Selection of suitable markers presented a considerable experimental problem; the eventual solution was to draw quartz rod down to 0.01 cm and seat this in V-grooves 0.01 cm deep on each side of the chromium prior to welding. A preliminary experiment in which the groove was machined in the alloy gave identical results. Welding was accomplished by passing a heavy current through specimens under moderate pressure in a helium atmosphere. This method produced good welds with a planar interface as shown by subsequent metallo-graphic investigation. Any markers which did not adequately fill their groove and showed subsequent contamination from the atmosphere during heat treatment were not considered reliable. The composite sample was ground and metal-lographically polished on the four sides perpendicular to the interface. Fiducial marks (deep milled slots) were made outside the diffusion zone to check on total volume change. All necessary measurements were made on a metallograph reading to +0.0005 cm. The samples were wrapped in tantalum foil and given diffusion anneals for times to 200 hr in carefully purified dry hydrogen in a sealed McDanel porcelain tube. Chromium-zirconium chips were introduced near the specimen as an additional getter. The specimens were cooled relatively slowly after the diffusion anneal to preserve the McDanel tube but no significant error in effective time at temperature was thereby introduced. At least 1 mm was ground off the surface before measurements were taken. It was observed that the grain size following short diffusion anneals was several mm and was appreciably larger in the 30 Cr alloy than in the pure Cr. No significant grain boundary penetration was present as indicated by the etch limit. The results are presented in the next section. Measurements of D were made by standard sectioning techniques with chemical analysis. Machining difficulties limited the

Jan 1, 1961

By Alexander Gakner

Since the end of World War II the Soviet Union has made great strides toward economic development of the country. Today it is firmly established as the world's second largest industrial power after the United States and it has committed itself before the people on both sides of the Iron Curtain to catch up with and to overtake us within a few decades. No nation could achieve such a degree of industrialization or aspire to become the world's industrial leader without a large supply of many basic mineral raw materials or at least easy access to such resources. In addition, it requires technical competence, a large skilled labor force, and a high rate of capital investment. Why should we concern ourselves with these Soviet aspirations? The Free World's yardstick of measuring a nation's well-being is the standard of living of the people in that country. Presumably even Communist governments are committed to some, however gradual, improvement in the standard of living of their people. The population of the USSR is 20 pct greater than that of the United States. Hence, if they ever achieve a standard of living equal to ours, they must by all logic reach a greater overall industrial output. However, in the U.S.S.R. the standard of living of the masses has not kept pace with the expanding industrial production and is still far behind that of the United States. Our concern, therefore, is with what the USSR intends to accomplish with its expanding industrial power: Will they produce large mineral raw-material surpluses and manufacture products to compete with us for world markets and attempt to put us out of business if not use it directly to wage war; or will they use their resources merely to produce more consumer goods for the Soviet people; or will they, along with other Communist nations in the not-too-distant future, compete with us for the world's sources of mineral raw-materials to maintain a high level of mass consumption?

Jan 6, 1960

By Thomas Leonard Watson

I. Historical. Barite has been mined for many years in various parts of Virginia, probably the earliest mining-operations being in Prince William county, within 600 ft. of the Fauquier county line, about 4 miles south of east from Catlett, a station on the Southern Railway. It is claimed that the mineral was mined here as early as 1845. Mining-operations in Campbell and Pittsylvania counties in the Piedmont region, and near Marion in Smyth county, in the southwest Virginia Valley region, were begun about 30 years ago. The mining and milling of barite on a commercial scale in Tazewell and Russell counties are more recent, and commenced about 15 years ago. II. Geographical and Geological Distribution. Barite occurs in many counties in the State, as shown in Fig. 1, but the industry has been confined to only a few of them. Its occurrence is noted in two of the three major divisions of the State—namely, the Piedmont region east of the Blue Ridge, and the Paleozoic area west of the Blue Ridge. In the Piedmont region the mineral has been mined in the following counties: Bedford, Campbell, Louisa, Prince William, and Pittsylvania. In the region west of the Blue Ridge, composed of Paleozoic sediments, barite has been mined in Montgomery, Russell, Smyth, and Tazewell counties. Of the counties mentioned, Bedford, Campbell, and Pittsylvania of the Piedmont region, and Russell, Smyth, and Tazewell of the Valley region, have been the principal producers. In 1906, operations were confined to five counties—Bedford, Louisa, Pittsylvania, Russell, and Tazewell—but in the first two counties named there was no production, the work being solely development.

Jan 1, 1908

By Dr. O’Neil Thomas J., Donald W. Gentry

Money is like an arm or leg-use it or lose it." -Henry Ford INTRODUCTION If it were not for the existence of interest, the analysis of investment opportunities would be greatly simplified. In the absence of interest, investors would be indifferent as to when cash outlays are made or cash benefits are received. It would, in fact, be irrelevant whether the outlays preceded or followed inflows as long as both amounts are known with certainty. Of course, it does make a considerable difference whether, for example, a firm receives $1 million now or five years from now. The reason is that money does, indeed, have a value which is a function of time. Interest is how this time value is measured. Interest is generally defined as money paid for the use of borrowed money. In other words, interest is the rental charge for using an asset over some specific time period. The rate of interest is the ratio of the interest chargeable at the end of a specific period of time to the money owed, or borrowed, at the beginning of that period. In order to understand why interest exists, it is necessary to take the lender's viewpoint. The lender can justify charging interest for several reasons: 1) Risk: The lender is faced with the possibility that the borrower will be unable to repay the loan. 2) Inflation: Money repaid in the future will be in units of lower value due to inflation. 3) Transactions Cost: There will be expense incurred in preparing the loan agreement, recording payments, collecting the loan, and other administrative tasks. 4) Opportunity Cost: By committing limited funds to one borrower, a lender is unable to take advantage of other available opportunities. 5) Postponement of Pleasure: By lending money, an individual (or organization) is postponing the pleasure which that money could purchase. Each of these is a valid reason for a lender demanding interest from a borrower. The level of interest is, like the price of other assets, determined by supply and demand. Nonetheless, from time to time various analysts have taken a then current average interest rate and broken it down into the components described previously.

Jan 1, 1984