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By James H. TaVoularis, William J. Wiehagen

This paper discusses the application of commercially available microcomputers for assisting trainers in the delivery and evaluation of new hire, refresher, and occupational training. A brief overview of mine training highlights major issues facing the mine training community. The use of computer-based training has a potential for reducing costs and improving the transfer of conventional training to the job.

Jan 1, 1983

By R. F. Miller

DUE to wartime secrecy restrictions a large part of the technical information developed by government and industrial laboratories was withheld from distribution. Much of this information has now been released or "declassified" and reports of technical work carried out during the war in allied and enemy countries are also becoming available. Information on the latter subject has been augmented by the work of the Technical Industrial Intelligence Corps of the U. S. Army. Through the Joint Chiefs of Staff, rep¬resentatives of this Corps co-operated with the British Combined Intelligence Observations Subcommittee, and some of the observations were made by combined personnel of both groups. The U. S. Government has undertaken the indexing and abstracting of all of this information in the Bibliography of Scientific and Industrial Reports, a weekly bulletin which appeared first early in 1946. Other publications, such as the Bulletin of the British Iron and Steel Institute and The Metals Review of the American Society for Metals, provide abstracts of domestic and foreign magazine articles and papers presented to technical societies. However, they do not cover the industrial and government reports recently released by the Government nor the reports of the Army investigators hence the new bibliography is a welcome addition to our metallurgical library.

Jan 1, 1947

By E. Miller, K. L. Komarek, M. Ettenberg

The activity of aluminum in solid Co-A1 alloys has been measured by an isopiestic technique between 850° and 1200°C from 45 to 80 at. pct Al. The activity shows a Precipitous decrease around the stoichzornetric composition of CoAl. Free energies of mixing have been calculated over a limited composition range. Considering an antistructure-vacancy defect mechanism, the degree of intrinsic disorder, a , in CoAl was related to the alunminum activity. Excellent agreement between the calculated and experimental activity curves was obtained for a = 1.25 x 10-4. ThERMODYNAMIC properties of solid aluminum-transition metal alloy are being studied in an investigation of disordering in ordered compounds. In a continuing series of investigations, activities of solid Fe-1,' Ni-A1, kd r-A13 alloys have been measured. From the results for Fe-A1 and Ni-A1, the degree of intrinsic disorder for the equiatomic compounds was calculated2 using equations derived by Wagner and chottk. From the results for Cr-A1 the degree of intrinsic disorder was calculated from equations derived by Orr.' In this paper, the results of the study of Co-A1 alloys are described. Published activity data in the Co-A1 system has been limited to liquid alloys at 1600°C.° A heat capacity study7 of stoichiometric CoAl indicated that a second-order phase transformation occurs at 790° C, attributed to an order-disorder reaction. Oelsen and Middel,' employing the calorimetric mixing of pure liquid metals, obtained heats of formation for compositions from 6 to 90 at. pct Co. Heats of formation for 50 and 78 at. pct Co alloys have also been measured by acid solution calrimetr. The Co-A1 phase diagram, as compiled by Hansen and Anderko,lo is in good agreement with more recent X-ray evidence. The method for measuring activities of aluminum in this study is essentially that employed in the studies of the Fe-1,' i-Al, and r-A13 systems. This isopiestic method entails placing cobalt specimens, in a temperature gradient, in a sealed alumina system containing a pure liquid aluminum source of fixed vapor pressure. The specimens are equilibrated, cooled to room temperature, and their final compositions determined. From the measured temperature of the specimens and the known vapor pressure of pure aluminum the activities of aluminum in the alloy can be calculated. EXPERIMENTAL PROCEDURE The cobalt was 3-mil-thick sheet of 99.9 pct purity (herritt Gordon Mines Ltd., anada). The major impurities were 0.1 pct Ni, 0.014 pct C, 0.018 pct Fe, 0.004 pct S, and 0.005 pct Cu. The aluminum metal had a purity of 99.99 pct (Aluminum Corp. of America) and all alumina parts were 99.7 pct A1,O3 (Triangle RR Grade, Morganite Refractories, Inc.) with major impurities 0.05 pct SiOz, 0.1 pct Fe203, 0.2 pct NazO, and 0.05 pCt K20. Runs 1 to 3 were made with annular cobalt specimens (12 mm ID by 21 mm OD) punched from the sheet. The specimens were deburred and degreased in carbon tetrachloride and in acetone. The samples, each weighing about 150 mg, were then positioned along an alumina rod, a in. OD by 14 in. long, separated by alumina spacers, i in. ID by | in. OD by & in. long. The lower end of the rod was placed in a hole drilled in the center of an 80-g aluminum cylinder. This assembly was put into an alumina crucible, 1+ in. ID by 13 in. OD by 3+ in. high, and the position of each sample was measured to within 50.5 mm relative to the bottom of the crucible. An alumina tube, 28.5 mm ID by 35.5 mm OD by 14 in. long, closed at the top, was slipped over the whole assembly, so that it fitted snugly into the bottom crucible. The entire reaction assembly was tied with molybdenum wire and lowered into a mullite tube, closed at the bottom. A quartz thermocouple tube, closed at one end, containing a t/Pt-10 pct Rh thermocouple, calibrated according to the specifications of the National Bureau of standards,'' was placed along the reaction assembly inside the mullite tube. The temperature of each specimen could be determined by gradually raising the thermocouple and measuring the temperature gradient along the reaction assembly. The combined error in temperature measurement and sample position resulted in a total error of Q°C in the recorded temperature of each sample. The mullite tube was sealed at the top by a water-cooled brass head, connected to a conventional glass vacuum system. The aluminum reservoir is heated to its melting point sealing the alumina system containing the samples. During this process the pressure is maintained below 0.01 li Hg. During subsequent heating to establish the proper temperature gradient and throughout the entire run the pressure is maintained below 2 1 Hg by means of a two-stage mechanical pump. Equilibration runs lasted from 4 to 6 weeks and were terminated by air cooling. The temperature of the liquid aluminum reservoir was brought below its melting point in less than 20 min. For runs 4 and 5, alloy buttons with 49 and 69 at. pct A1 were prepared from the initial high-purity metals by arc melting under purified argon. The alloy buttons were comminuted to powder with an alumina mortar and pestle until the powder passed through a 400-mesh screen, particle size 0.0014 in. Portions of this powder weighing between 50 and 200 mg were placed in small alumina trays, 25 by 15 by 5 mm, which were then

Jan 1, 1969

By M. J. Duggin

Structural similarities between the E, X, and iron carbides are illustrated. Experimental evidence regarding phase transformations occurring during ternpering reactions in finely divided carbides, thin-film carbides, and carbides which occur in steels is considered and possible mechanisms for the E — x and x — 9 transformations proposed. HOFER1 has shown that within the appropriate temperature ranges carbon monoxide will react with finely divided a iron to form either iron carbide or x iron carbide. He has shown that at an elevated temperature the E iron carbide will transform to the x iron carbide (Hagg carbide) which, upon further elevation of temperature, will transform to 9 iron carbide (cementite). Jack,2,3 using X-ray diffraction methods, has observed that during the tempering reactions occurring in steel the E iron carbide formed in the first stage of tempering passes into two-dimensional platelets of 0 iron carbide during the second stage of tempering. The three-dimensional form of the 0 carbide is formed during the third stage of tempering. Jack suggested2 that the two-dimensional platelets of 0 carbide could be related to the faulted x iron carbide. Okada and Arata4 investigated a Swedish steel containing 1.05 wt pct C and approximately 1.0 wt pct Mn using permeability measurements at low field strength. A Curie point of 360°C was observed in the quenched steel, which indicated the presence of E iron carbide. On tempering at 400°C the specimen developed a Curie point at 230°C, indicating the presence of x iron carbide, and on tempering at 700°C the specimen developed a Curie point at 190°C which was assigned to 0 iron carbide. The carbides were extracted electro-lytically and the use of X-ray diffraction techniques4r5 indicated the carbide with a Curie point of 230°C to be x iron carbide. The Curie points of the carbides are 10 to 22°C lower than the accepted values which is probably due to the presence of manganese in the carbides, since it has often been observed (e.g., Ref, 6) that a partial substitution of manganese for iron in cementite will lower the Curie point of this carbide. Hofer' summarizes additional evidence of the tempering reactions in steel in which E iron carbide, formed during the first stage of tempering, transforms to x iron carbide during the second stage of tempering. During the third stage of tempering, the x carbide disappears as the 0 carbide is formed. By carburizing thin iron films in a CO gas stream, ~a~akura' has been able to produce the E, X, and 0 iron carbides. He found that below 250°C the E iron carbide was formed; between 250" and 350°C the x iron carbide was formed and above 350°C the 0 iron carbide was formed. He has shown that the E iron carbide transforms to form x iron carbide at 380" to 400°C and that the x ir°n carbide transforms to form the 0 iron carbide at approximately 550" C; both of these phase transformations are irreversible. Hofer' presents a review of evidence to show that the sequence of reactions occurring during tempering processes subsequent to the formation of E iron carbide formed by the direct carburization of finely divided a iron is the same as the sequence of reactions which occur during the tempering processes subsequent to the formation of E iron carbide in steel during the first stage of tempering. It is evident from Nagakura's work that identical tempering reactions are found in thin films of iron which have been carburized to form iron carbide. The purpose of this paper is to discuss the structural similarities between the E, X, and 0 carbides and to suggest a possible mechanism by which regions of the E carbide, formed during the first stage of tempering, may transform to the x carbide during the second stage of tempering. For the finely divided or thin film carbides a mechanism will be proposed for the transformation of the x carbide to the 0 carbide during the third stage of tempering, although it will be suggested that there is evidence that such a transformation may not occur in steels. STRUCTURAL DATA OF THE E, X, AND 0 IRON CARBIDES € Iron Carbide. It is evident from X-ray diffractions and electron diffraction', investigations that the metal atoms in the E iron carbide form an hcp structure with lattice constants ah = 2.752A, ch = 4.3534, using electron diffraction, reports the lattice paramet$rs of the superlattice cell to be a = 4.767A, c = 4.354, c/a = 0.9134. He finds that the carbon atoms occupy the octahedral voids in the metal atom structure so as to form a hexagonal stacking sequence with its basal plane parallel to that of the metal atoms. Considerable long-range disorder occurs in the positioning of the carbon atoms, however, which is in agreement with the possible range of composition Fe2C-Fe3C discussed by Hofer.' Barton and ale" have made X-ray diffraction measurements on a sample of E iron carbide extracted from a catalyst in an organic process. Although there were few reflections recorded on the obtained X-ray powder diffraction pattern, they have proposed that the structure could belong to one of the three possible space groups p3m1, P63/mmc, or Pbcn if one assumed the composition to be Fe2C. Nagakura, using electron diffraction data, suggests a space group of P 6322 for a specimen of c iron carbide of apparent composition Fez.&. x Iron Carbide. The x iron carbide has been studied by Duggin and Hofer" and by Jack and wild,' who

Jan 1, 1969

By AIME AIME

AMONG the recent mining and metallurgical developments in England great interest has been shown in the development of an iron-ore field covering 26,0.00 acres in Northamptonshire, containing 500,¬000,000 long tons of ore; and the erection at Corby, by Stewarts & Lloyds, of a modern basic bessemer steel plant and tube works. The entire project was planned to cost about £3,300,000. Many improvements have been made in the varied equipment that is being installed, some of which has set mew records for massiveness. There is, for instance, a new roll crusher, which has been manufactured by Hadfields, Limited, of Sheffield, the largest ever built in England, and weighing 130 tons. This machine, shown in Fig. 1, as erected at the Hadfields shops, is primarily designed to take blocks of iron ore as they come from the steam shovel. The maximum size is 54 by 48 by 36 in., hut occasional pieces slightly larger than this may be accommodated. The capacity is upwards of 500 tons per hour, the product passing to a secon-

Jan 1, 1934

TULSA, the host of the Petroleum Division this year, is the oil metropolis of the Mid- Continent and gateway of the Southwest. It has risen in less than three decades from a dusty cattle town of less than 1000 population to its present-day status of a modern, wide-awake and prosperous city of close to 150,000, with an assessed realty valuation of approximately $100,000,000. Oil was discovered near Tulsa in 1901, and with it came th.2 development of the Mid-Continent field, one of the richest in the world. Tulsa from the start has been the center of operations, and its location on foul- and aggressive application of the airplane to oil-field requirements tends to fix this status as production is developed farther and farther afield. That Tulsa is far more than an ephemeral oil town is punched into the newcomer's- especially the Easterner's-mind, as he is whisked by taxi from the railroad station to the Hotel Mayo. The cicadalike pounding of the riveters on the steel skeletons of many skyscrapers, mounting upward to fill the gaps in an already well-developed skyline, dispels the feeling of a new atmosphere and puts him back on Forty-second Street, Michigan Boulevard or whatever his own particular "Main Street" may be along which an American city is being remade. Practically every company of any importance operating in the Mid-Con-

Jan 1, 1928

Jan 1, 1961

By David C. Jonson, W. Bruce MacKenzie, Arthur A. Bookstrom, Vaughn E. Surface, Neil K. Muncaster, Stewart R. Wallace

In mid-Tertiary time a wet silici-alkalic magma penetrated the Precambrian rocks of what is now the Tenmile Range of Central Colorado and formed the Climax Stock. The stock is a composite one and was intruded in four separate irruptions, each giving rise to a major hydrothermal event. The first three of these produced large stockwork ore bodies that cap and flank the tops of their respective source intrusives; the fourth, and last, yielded almost no commercial mineralization. The ore bodies and their related zones of alteration are circular to ring-shaped in plan and arcuate in section. The different phases of the stock are so positioned with respect to each other that many of the circular and arcuate zones of mineralization and alteration overlap or are juxtaposed. Evidence of a time separation between the different ore bodies is found in certain dikes that were intruded between periods of mineralization and are well mineralized in one ore body but are barren in another. If it is assumed that the parent magma at Climax contained 10 per cent "water," that the "water" contained 0.1 grams per liter of molybdenum, and that the processes of extraction were 100 per cent efficient, then approximately 10 cubic miles of magma would be required for the formation of each ore body. The volume requirements, taken in conjunction with the cross-sectional areas of the different phases of the stock to explored depths, suggest to the authors that each magma chamber was columnar, extended to a depth of thousands of feet, and was connected with a much larger master reservoir. The repetition of similar intrusive, structural, and hydrothermal events, indicates periodic tapping of this reservoir. A regular chemical evolution of the parent magma is suggested by the systematic change in metal ratios and differences in the sites of deposition, relative to the source intrusive, in each of the four separate igneous hydrothermal stages. The preparation of ground was due to changes in magmatic and/ or hydrothermal pressures within the igneous-hydrothermal columns; small, repeated, up and down movements of the rock enclosing the tops of the columns formed the stockwork fractures into which the mineralizers penetrated. The forceful emplacement of each successive phase of the Climax Stock resulted in a slight doming and rotation to the westward of the earlier-formed geologic features. Postore normal displacement along the Mosquito fault is estimated at about 9000 feet. Part of one ore body was cut by the fault and lies at depth below the Paleozoic sedimentary strata on the hanging wall. On the footwall side of the fault, subaerial erosion and glaciation removed a large part of one ore body and uncovered the top of a second.

Jan 1, 1968

By Carl M. Fellman

LABOR disputes caused considerable turbulence in the coal mining industry during 1946. As an outcome of these disputes, a definitely fundamental change in safety procedure was instituted: establishment of safety regultions for coal mines through the agency of agreements between the miners' union and the agency or agencies operating the coal mines. Although a temporary plan at present, the future will determine the. extent to which it may become permanent. Notwithstanding the turmoil in the industry extending through much of the year, the safety record for the first eleven months of 1946 was the best in the history of the industry for that period. The fatality rate for 1946 is lower than in any other year in the history of coal mining in the United States. This follows a pattern inasmuch as new low coal-mine fatality records were also made in 1945, 1944, and 1943. The five-year period 1942 to 1946 inclusive has a coal-mining fatality rate far lower than any other five-year period in the history of the industry. It is significant that this period exactly coincides with the operation of Federal coal mine inspection which got under way early in 1942.

Jan 1, 1947

By H. NORTON JOHNSON

THE oil industry in California during 1929 reached new heights and new depths in the discovery and development of the oil resources of the State. The discovery of new fields, and more especially the discovery and development of deeper prolific sands in known fields has, for the first time in its history, brought the potential production of completed wells within the State to over 1,000,000 bbl. oil per day. Constant improvement in equipment and technique has made possible economic development to depths unheard of but a few short years ago. Commercial production from a depth of over 4000 ft. was considered quite an accomplishment in 1923 when the Meyer sand at Santa Fe Springs was developed, and when later oil was successfully raised from this depth.

Jan 1, 1930

||Abad, Leopoldo F., Min Engr, Div of Mines, Bureau of Science Manila, P I '23 Abadilla, Quirico A, Geol, Lago Pet Corp Box 172, Maracaibo, Venezuela '20 ||Abbey, Robert Graham, The W W Sly Mfg Co Train Ave, Cleveland, Ohio '21 Abbott, A. N., Mines Supt, Mazapil Copper Co, Ltd Concepcion del Oro, Mexico '23 Abbott, Clarence E., Mgr, Mines & Quarries, Tenn Coal, Iron & R R Co, 1242 Brown Marx Bldg, Birmingham, Ala. '04 Abbott, Louis Benjamin, Chief Engr , Consolidation Coal Co , Elkhorn Div Jenkins, Ky. '16 Abbott, Robert R., Met Engr , Peerless Motor Car Co Cleveland, Ohio '12 ||Abbott, Wells Osborn, Ray Consolidated Copper Co Hayden, Ariz. '23 Abeel, George H, Jr., Cons Min Engr 4612 West 17th St , Los Angeles, Cal '18 Abel, Albert E., Asst to Pres, Valley Mould & Iron Corp Sharpsville, Pa. '19 Abernathy, George Elmer, Prof of Geol & Min , Kansas State Teachers College, Pittsburg, Kans. '20 Abey, Hiroshi, Min & Met Engr, Min & Met Dept, The Higher Technical School, Osaka, Japan. '17 ||d'Ablaing, Philip R, Chem , Anaconda Copper Min Co Great Falls, Mont '25 Aborn, Robert H , Research Assoc., Mass Inst of Tech Cambridge, Mass '19 Abouchar, Sylvain Sley, Min. Engi & Geol , care of S H Sekaly, 13 Rue El Nimr, Cairo, Egypt '17

Jan 1, 1923

Secretary's Note.—M. Beutter's introductory remarks, being simply a resume of Prof. Hone's paper, with a disclaimer of the intention to criticise it, have been omitted, and the remainder of this contribution lias been somewhat condensed, without omitting any essential statements. M. Beutter, St. Etienne, France* (communication to the Secretary†):—Professor Home observes in $ 47 of his paper that the fluid-compression of steel diminishes piping by forcing the liquid and viscous metal, while the pipe is forming, or after it has formed, into the space so produced, and proceeds to study the different systems of compression, alluding to the four principal ones: Whitworth, Illingmorth, Williams, and Harmet. Having now for many years had in use the last-named process, that of M. Henri Harmet, I shall attempt to explain the difference between it and the three other processes named. The Harmet process does not diminish or close the pipe after it has formed, but prevents it from forming; and I may add that it is the only one of the four which produces this result. It is true that the Whitworth process diminishes the interior hollow by localizing it around the central axis of the ingot, which is afterwards removed by trepanning the hollow forg-ings for which this process has been, I believe, always exclusively used. The Illingworth and Williams processes, which, in my opinion, are applicable only to small ingots, of necessity allow the pipe to form, or (to use the expression of Professor Howe) they allow the surface of the lake of liquid steel to sink into the interior of the ingot, since they involve waiting a certain time before compression, so that (in the case of the Williams process) the ingot-mold can be opened without danger, or (in the case of the Illingworth process) so as to avoid the risk that the steel may enter the grooves produced by the removal of the distance-bars. During the time required for

Jan 1, 1908

By W. S. CAYPLESS, H. O. Hofman, E. E. HARRINGTON

1. INTRODUCTION. AT the Lake Superior meeting, September, 1904, Messrs. A. Gibb and R. C. Philp presented a paper entitled " The Constitution of Mattes Produced in Copper Smelting,)' in which they concluded that ferrous and cuprous sulphides formed the chemical compound, 5 Cu2S, fee. They arrived at this inference from the observed fact that a matte containing Cu2S, 90.4, and Fee, 9.6 per cent (or, in round figures, Cu2S, 90, and Fee, 10 per cent.), did not contain any metallic copper, while one with more than 10 per cent of FeS readily dissolved copper, and with less than this amount retained copper in mechanical suspension. Although they determined the melting-points of five mattes containing from 32.6 to 80.1 per cent of copper, they did not draw a freezing-point curve, as the necessary apparatus was not available. A microscopical examination of 11 polished samples, gave them a grayish-black field of very uniform appearance, except that 5 of the specimens showed the presence of metallic copper. The object of the present investigation was to supplement the above paper by drawing the freezing-point curve of the series ferrous sulphide cuprous sulphide, and to see how the constitution could be further, revealed by microscopical work. The results obtained lead to conclusions very different from those of Gibb and Philp. While their paper bears the date 1904, it was published only in 1906.2 In the meantime, Bolles3 had presented his paper, "The Concentration of Gold and Silver in Iron Bottoms." The raw material which formed the basis of the research was a matte containing Fe, 61.68, and Cu, 11.20

Jan 1, 1907

By AIME AIME

As already announced in the January Bulletin, this publication will be issued during the coming year monthly instead of bi-monthly as heretofore. Among other reasons for this change, it is desired to effect thereby the earlier transmission to members of important papers, lists of candidates for membership, and other items of timely information. Spokane Meeting and Excursions. Further details of the' 97th meeting of the Institute have been sent to members in the Circular of May 8, 1909. For, convenience of the members a summary of the additional in¬formation is here presented. A special train of Pullman cars will leave Chicago about September 15. This train will be side-tracked at all places visited, and the sleepers will be available for lodging and the dining-car for meals during the entire trip, except during the Yellowstone Park tour. The general. cost of the trip per member will be $300, which includes transportation, berth, and meals for the entire trip from Chicago back to Chicago, almost 6,000 miles, and the tour through Yellowstone Park, occupying in all about 30 days. Special accommodations on the train will be furnished at the following, rates

May 1, 1909

By Jerome F. Kuzmick

INTRODUCTION THE use of iron powder during the post-war conversion period has been increasing with great rapidity. This is particularly true in regard to the manufacture of molded mechanical parts such as bushings, gears, cams, small wheels, and the like. Many manufacturers have found it possible to replace machined cast iron and carbon steel with molded iron powder parts, and thereby can not only effect a savings in cost, but can produce a better product as well. As the field of application for iron powder parts widens, greater demands are made upon the powder supplier concerning quality and uniformity characteristics. The following are some of the most important properties parts fabricators desire in the iron powder they use: I. The powder should have high compressibility so that good density can be obtained without the use of excessive pressures. At the same time, it should show low die wear so that a large number of pieces can be produced from the die. This means that the powder must be of high purity and good softness or plasticity. 2. The powder should produce compacts of high green strength, so that unsintered parts can be handled without breakage or fraying of the edges. 3. The sintering properties should be good so that satisfactory strength is obtained in the sintered piece. 4. Compacts made from the powder should show small but, above all, uniform dimensional changes during the sintering operation so that accurate parts can be produced, and warping and other such bad effects eliminated. 5. The powder should have satisfactory flow properties for automatic molding. 6. It is very important that the powder be uniform in sieve analysis, compressibility, flow, purity, and other qualities, from container to container in any given lot and from shipment to shipment. 7. Price-The fabricators desire all these good properties, but in many instances still do not wish to pay a premium price. There has been considerable discussion as to the importance of price of the powder in relation to the cost of the finished product. It is true that in cases where certain special properties only procured by powder metallurgy are required, price is not a criterion. On the other hand, there have been a number of applications recently made which would not be commercially practical with a powder which commands a premium in price. Iron powder parts are compressed in automatic presses to definite size, shape, and density. The powder is compressed to a density figure dependent upon the function the part is to perform, as well as upon such important considerations as press capacity and die wear. Such parts can be roughly broken down into the following density ranges:

Jan 1, 1948

By D. W. Fuerstenau

On page 1243, column 1, the first line of the author's reply should read "D. W. Fuerstenau (author's reply)---," rather than D. E., as printed. In the sentence immediately preceding the first equation (page 1243, column 2)' the word "none" was omitted. The sentence should read: "However, if enough ore is put into the mill [so] that none of the energy put into the mill is wasted on metal-to-metal impact, then the product should have size modulus determined by the relation: ..."

Jan 1, 1961

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

Jan 1, 1970

W. L. SaundeRs, New York City (communication to the Secretary*):—Notwithstanding the sweeping statements made by Mr. Clarke in this paper, the friends of compressed air are not dismayed. There is no war between electricity and compressed air. Each one has its field of usefulness, and in that field each is supreme. In spite of commercial interests, in spite of prejudices and the enthusiasm of the inventor, the thing that is best will survive and flourish. At least ten years ago, our engineering papers contained large advertisements and pages of reading-matter about the application of electricity to mines, recording the introduction of numerous rock-drilling plants, and claiming that the problem had been solved, greatly to the advantage of the miner and with promise of large profits to the manufacturers of electrical apparatus. Edison and Thomson labored to apply electricity to mines, and each believed that the probabilities of success were great. This was the period of the solelloid rock-drill, which mas admirably suited, theoretically, to the percussive principle and in the development of which hundreds of thousands of dollars have been spent without satisfactory result. I have searched in vain for a standard mining equipment where electric rock-drills are in constant, commercial operation. During a recent trip made from New York to California, I visited most of the important mines of the West and failed to discover a single electric equipment, so far as this class of mining-work is concerned. If any one will inform me where there exists today an electric-drilling equipment in constant service in mines in the United States, I shall be glad to receive the information. Mr. Clarke has been for some years an active and intelligent writer on the subject of electricity for mining. Whenever his

Jan 1, 1904

By C. K. Leith

OTHERS here are far better qualified than I to discuss some of the specific proposals for government regulation of the oil industry. I shall make no attempt to carry oil to Oklahoma. The question of public control, however, is inherent in other branches of the mineral industry in varying degrees, and my comments will be directed mainly toward some of the trends affecting the mineral industry as a whole, as a background for your more specific consideration of oil legislation. A proud American tradition has been the insistence on freedom of competition, on equality of economic opportunity, on a policy of laissez faire. Nowhere has this principle been given wider application than in the mineral industry. The mineral field has been open to all comers, and the job of mineral exploitation has naturally attracted daring and independent spirits. The laws governing conditions of discovery and development, as well as the anti- trust laws, have been devised to foster the spirit of private initiative. The result has been the building of a mineral industry on a scale never before approximated anywhere in the world. The impetus thus gained, the methods, the technique, the financial resources, have been projected be- yond our boundaries and have made the American mineral industry the purveyor to the world for many essential commodities and first in the exploitation of the world's minerals. Our habits of individual self-reliance and success are deeply ingrained, and there is hardly an individual in the entire mineral field who does not instinctively recoil fro111 the extension of collective control, whether public or private.

Jan 1, 1932