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For the benefit of those of our members who are considerable holders of securities, but owing to their isolated situations are not in close touch with the metropolitan market and current quotations, we are publishing two very interesting graphs, showing the course of the bond and stock markets in New York over a long period. These graphs are furnished through the courtesy of the financial department of the New York Tribune.

Jan 6, 1919

By A. C. Fieldner

THE COMMITTEE on Correlation of Research held two meetings in 1931. The first was a luncheon meeting on Feb. 19, at the Engineers Club, New York, attended by eight members and four guests-William H. Bassett, past-president of the Institute; Robert E. Tally, president; H. Foster Bain, secretary; and Alfred D. Flinn, director of the Engineering Foundation. Mr. Bassett gave a short resume of the circumstances leading to the formation of the Committee and expressed his opinion that the objectives as expressed by the Committee in its first annual report were in accordance with the ideas of the Institute officials. Mr. Tally stressed the great importance of research in the mining and metallurgical industries and stated that lie believed the Institute should encourage and promote research, and that this Committee could do a great deal to foster such work in the Institute. Mr. Bain pointed out that this Committee was appointed with a view to correlating and fostering research work. in the field of the Institute's activities. This could be done in various ways, as by encouraging the divisions and committees of the Institute to hold group meetings on research, by forming research subcommittees in the Institute divisions, and by bringing together research interest in. certain projects and the fund or organization that is equipped to carry out the project.

Jan 1, 1932

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Jan 1, 1938

ASIDE from the John Fritz Medal, in which the Institute participates through its representation on the John Fritz Medal Board; the Institute itself has three awards to make annually, as follows: the Robert W.' Hunt Medal and Prize, the J. E. Johnson, Jr. Award, and the James Douglas Medal. ROBERT W. HUNT MEDAL AND PRIZE The partners of Robert W. Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules: 1. The award shall consist of two prizes; first of a. gold medal, second of a sum of money; a certificate to accompany each prize. The money prize shall not be awarded to a member over 40 years of age, but under unusual circumstances, both prizes may be allotted to one person provided that he is not over 40 years of age. In general it will be understood that the Committee shall award the money prize to the younger men, rather than the medal. 2. The awards shall be made not oftener than once a year to that person or persons contributing to the Institute the best original paper or Papers on iron and steel. The scope of the term "iron and steel" shall be determined by the sub-committee considering the awards. In general, papers dealing with the practical side of. the subject have preference over those dealing with the theoretical, side in recognition of the fact that Captain Hunt's main contributions to the industry have been in the improvement of production and quality of material. 3. A sub-committee of three to five, including the Chairman of the Iron and Steel Committee, shall be appointed by the Iron and Steel Committee annually to adjudge the. award subject to approval. 4. The awarding committee shall submit its report to the Iron and Steel Committee at its October Meeting, and the award shall be certified to the Secretary of the Institute in time to permit the presentation to be made at the Annual Meeting of the Institute. 5. The recipient of the award shall be designated "The Hunt Medallist." This prize is administered. by the iron and Steel Committee. J. E. JOHNSON, JR., AWARD This award is made from the income of a fund of $30000 donated by Mrs. Margaret Hilles. Johnson in memory of her husband, J. E. Johnson, Jr., who was a prominent engineer, author of two valuable volumes on iron blast-furnace construction and practise, vice-chairman of the Institute's Iron. and Steel Committee, and a frequent contributor of papers to the Institute's TRANSACTIONS. This prize is administered by the Iron and Steel Committee. The intent of the donor is to encourage young men in creative work in branches of the metallurgy or manufacture of pig iron with which the professional activities of Mr. Johnson were chiefly concerned. The control off the fund and distribution of the awards having been vested in the Board of Directors of the Institute, this Board has made the following regulations concerning it:

Jan 1, 1925

For the first time in the history of shaft sinking, the concept of mid-shaft loading has been used. By making use of available hoisting capacity during drilling periods, development work on underground hoist chambers and ore-pass and ventilation by-pass systems at Vaal Reefs South gold mine is being done simultaneously with sinking. This factor, together with the unusual configuration and design of the twin-shaft system at Vaal Reefs South, and the use of raise borers in the installation of ore-pass and ventilation by-pass systems, will mean that the shaft will be commissioned at least a year earlier than would have been possible had conventional methods been used. The possibilities of mid-shaft loading in reducing the time normally taken by shaft service development were recognized by Anglo American Corp. consulting engineers and Shaft Sinkers Pty. Ltd., the company which is sinking both shafts at Vaal Reefs.

Jan 1, 1970

Ocean engineers and technologists will assemble in Houston, Texas, during May 3-6, 1976, for the Eighth Offshore Technology Conference (OTC) . More than 50,000 members of industry, government, and academia from 94 nations will participate in what is generally acknowledged as the offshore industry's show-of-shows. A well-diversified 280-paper technical program has been divided into 42 general sessions that range from seafloor surveying and offshore mining to navigation systems and environmental issues. In addition, the largest technical- educational exhibition in the conference's eight-year history will augment the OTC '76 program.

Jan 4, 1976

By I. D. Hagar

WHEN the history of American business during these momentous war years is written, an absorbing chapter will be devoted to the Maclntyre Development, in northern New York. It will tell of a timely mining project, deep in the wilds of the Adirondacks, blasted into being by Axis torpedoes. It will recount the labors of 1500 engineers and workmen, miles from a highway, rail line, or power source, who built a huge enterprise in a few short months' time. And it will list these major contributions to the war effort: more than a quarter million tons per year of ilmenite, source of titanium dioxide-man's most opaque white pigment-to be used in paints for warships, tanks, guns, planes and the plants that build them; as a co-product, over 500,000 tons each year of magnetite-an important type of iron ore- to help feed the cavernous maw of America's wartime steel industry.

Jan 1, 1942

By D. L. Ward

This paper is the result of a study, in 1919, to determine how much surplus power could be produced through the proper utilization of the entire gas flow from the two furnace stacks at the Federal Furnace Plant, South Chicago, Ill. Obviously, the problem was to measure the flow of gas through the main beyond the point where the amount necessary for stove operation was removed. In all probability, blast-furnace gas is the most difficult gas to measure, because of the high moisture and dust content, and the widely fluctuating flow from the furnaces. This wide fluctuation of flow forbids the acceptance of any one group of flow readings as indicative of normal operating conditions. A study of the conditions showed that a recording device on gas flow was necessary. As the gas at the point of measurement had passed through wet washers, and accordingly was saturated with water and contained considerable dust carried past the scrubbers in the form of sludge, no form of Pitot tube could be used, for this sludge would quickly plug the dynamic and static holes, spoiling the gage readings. An even more serious objection to the use of Pitot tubes was the impossibility of accurately measuring the cross-sectional area of the gas main on the plane of Pitot-tube installation. Given an absolutely clean gas and a perfectly circular pipe, it would be safe to assume, through measurements of the pipe diameter, that the gas main was of a certain cross-sectional area. But the continual depositing of sludge and the fact that the main was fabricated from riveted sheets led us to discard the idea of using Pitot tubes for this service. The Venturi tube was then considered, and had there been a sufficiently long straight run of gas main to accommodate a tube of the required size (72 by 28 in.) such an installation would very likely have been made.

Jan 2, 1921

Jan 1, 1948

Jan 1, 1948

By G. Carman Ridland

A program of exploration for radioactive deposits, conducted in 1945 in the well-known mineralized areas of the Front Range, Colorado, was rewarded with the discovery of pitchblende in a dump at Caribou Hill. The presence of pitchblende in. the silver veins at depth apparently is not expressed as gamma-ray anomalies at the surface.

Jan 1, 1950

By Fred H. Klaer

Water supplies dependent upon induced infiltration can be developed by vertical wells, by infiltration galleries, or by horizontal water collectors. Each method is described and the advantages of water obtained by induced infiltration with respect to cost, chemical quality, and temperature are shown by specific water supplies. THE subject of ground water in industry is assuming increasing importance as new processes and new industries are developed. Industrial specifications of chemical quality and temperature for process water and for cooling purposes are becoming more rigid, and water must now have many properties to meet these requirements. As ground water is usually more constant in quality and temperature, many industries are turning to ground-water supplies to satisfy their growing need. As many published articles have stated during the past several years, the ever increasing demands have caused shortages of water supply in many localities throughout the United States. Although such shortages are generally of a local nature, they have given rise to many attendant problems, such as increased pumping costs, salt water encroachment, and rising ground-water temperatures. One partial solution to the problems of overdevelopment of the ground-water reservoirs in many areas can be accomplished by developing ground-water supplies that are dependent upon induced infiltration and by planning the use of underground reservoirs. These reservoirs can be filled during periods of excess precipitation and stream flow and can be emptied during periods of drought, in a manner similar to the use of surface reservoirs. In this way water that otherwise would be wasted into the oceans is salvaged during periods of excess. The development of water supplies dependent on induced infiltration is a relatively new concept and should be defined. When a well is pumped, the water level around the well is lowered in the shape of an inverted cone or cone of depression. As pumping is continued, the cone of depression will continue to expand, horizontally and vertically, until the quantity of water crossing the perimeter of the cone plus the recharge within the area of the cone is equal to the quantity of water being pumped.

Jan 1, 1954

By Harry P. Hohenadel

DURING the past few years the amazing developments of the chemical industry have inspired so much publicity that the feature writers assure us that we are entering a "Chemical Age," industrially as important as the "Steel Age" and the "Electric Age," so-called. Whether or not these assurances are overstatements, it is a fact that the expansion of the chemical industry during the past 25 years has been enormous. The Chemical Bureau of the War Production Board calculates the value of chemicals produced during 1944 at $8,300,000,000, no small sum even in inflated dollars. As concerns us of the Southwest oil and gas country, four significant trends of the chemical industry are most important. (1) Many of the recently developed chemical products are new creations, not substitutes,. as new and original as the invention of the light bulb, and with a field for exploitation almost as wide. (2) Many of these chemical products will enter the mass consuming markets, which require enormous tonnages of products, and such markets are setting up an industrial demand for chemicals on a mass volume basis, compared to the relatively high-priced low-volume basis ordinarily considered as the chemical outlet of the past. (3) Most of the processes involved in producing these chemicals are adapt. able to the use, all or in part, of natural gas, oil, or refinery gases as raw mate-

Jan 1, 1945

By Hubert O. DeBeck

The following descriptions and explanations apply specifically to the use of the Hotchkiss Superdip, but there are no apparent reasons why they should not apply to any magnetometer. This paper is a product of work in the practical field for several years with the Hotchkiss magnetometer, mostly on mineral deposits in the southeastern United States. The paper describes the result of an attempt to develop a practical and economical field method that approaches, as nearly as possible, the utmost accuracy of which the magnetometer is capable. As there are many published descriptions of various magnetometers and magnetic methods, it would be superfluous to describe such instruments here, but a limited bibliography on the Hotchkiss and Askania magnetometers is appended. The Hotchkiss and the vertical Askania magnetometers have, respectively, maximum sensitivities of approximately 5 and 30 gamma per instrument scale division. Purpose of New Method The purpose of the method described in the following paragraphs is to eliminate, as far as possible, all corrections of field data that cause complexities and inaccuracies in the results of magnetometer surveys. Magnetometer field observations must be corrected for periodic variations in the intensity of the earth's magnetic field, as well as for temperature variations, both of which take place during the course of a day. These variations do not seriously handicap magnetometer work on highly magnetic deposits, but it is impossible to obtain accurate results, by the conventional methods in use today, over weakly magnetic or diamagnetic deposits. This is due to the physical inability to obtain by such methods sufficiently accurate data in the field to make dependable corrections. The magnitude of the necessary corrections of field observations frequently exceeds the magnitude of local magnetic anomalies obtained over various types of mineral deposits. Therefore if these corrections are neglected or made on the basis of inaccurate data, the entire magnetic picture of the area concerned is at least distorted, and perhaps destroyed altogethcr.

Jan 1, 1934

[Executive E. DEGOLYER, Chairman SYDNEY H. BALL WILLIAM H. Bassett RICHARD PETERS, JR. J. V. W. REYNDERS Finance GEORGE D. BARRON, Chairman H. A. GUESS GEORGE OTIS SMITH]

Jan 1, 1928

Jan 1, 1918

Charles H. White, Harvard University, Cambridge, Mass, (communication to the Secretary*):—In answer to Mr. Jar-man's questions I am able to say that constant use (during term-time) since 1901 has shown the new appliances in our laboratory to be very satisfactory. The draft in the hoods is sufficient to lift the fumes promptly from the baths and hotplates ; and the occasional application of stove-polish,—usually about three times a year, at the recess-periods,—so well protects all iron-work in the hoods that, up to the present time, there is very little evidence of the corroding action of acid fumes. Iron should never be used in the construction of hoods above

Jan 1, 1906

Jan 1, 1899

THE great event in American affairs was the sudden death of President Harding, on Aug. 2, in San Francisco. A few hours later Vice-Presi¬ dent Coolidge took the oath of office while in his father's farmhouse in Vermont and forthwith proceeded to Washington as the 30th president of the United States. The French and Belgian governments' replied to the British refusing the proposed discussion of the German offer and declaring that they would pursue their policy in the Ruhr until the German government abandoned its resistance and surrendered unconditionally. The economic collapse of Germany .appears to be nigh. Chancellor Cuno and his cabinet resigned the govern-ment of Germany on August 12, and Gustav Strese-mann, head of the People's party, accepted the task of forming a four-party coalition government. Coinci-dentally, there were food riots throughout Germany, and many persons were killed and wounded. The , National Assembly of the Turks at Angora ratified the Lausanne treaty, in the latter part of August, whereupon the retirement of the military forces of the Allies from Constantinople and the Straits began. Thus, Turkey was fully reinstated as a European power. The Greek government also ratified the Lausanne treaty and commenced to put its army on a peace basis. The number of unemployed persons in Great Britain is again increasing, which is causing much concern. The flood of crude oil and gasoline, which is severely taxing storage capacity, had its natural economic effect. Some small refiners were constrained to liqui-date in distress. The Governor of North Dakota, having acquired a supply of such cheap gasoline, insti-tuted a drastic cut in price, deliberately egging on the big refiners to do likewise. The Standard Oil Co. of Indiana accepted the challenge with enthusiasm, say-ing that it had always been its policy to sell as cheaply as any competitor. There was a humor in this situation which paved the way for the Standard to extinguish its small competitors and do by invitation of the State exactly what the muck-rakers had always charged as its greatest crime. The gasoline war spread to other states and reductions in price were made even on the seaboards. All of this was purely economic.

Jan 8, 1923

By Augustus Locke

I WISH to urge on this Committee the task of evaluating mining geology. -My motive is as follows: It, is a. duty of the Institute from time to5 time, to establish the social perspective of the professions grouped within it, not simply to promote their use, but to determine with engineering definiteness their true powers and functions. This becomes the delegated duty, therefore, of this committee in respect to geology. Be- cause my own subject is mining, I shall confine my remarks to mining geology. But I believe that the evaluation should be made to include all of that geology termed economic. The perspective for such evaluation is shown in the nature of the public support given to geology. The federal Geological Survey, the leading organization on the economic side, is actuated by the zeal of a small group of devoted professionals who consider its work valuable, ' It proceeds, however, on a starvation ration of appropriations, and that implies that neither the corporations, the voters nor the vote getters consider it important. Altogether, in' the public consciousness, geology is negligible. That, at the same moment, .the profession should act with full confidence, while everyone else should act' with opposite motives, is not fitting. For us, as a committee, to remain incurious regarding such a disparity of beliefs is quite impossible.

Jan 1, 1931