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By AIME AIME

THE American Engineering Council, which is the working body of The Federated American Engineering Societies, held its first meeting in Washington, Nov. 18 and 19, 1920. The Federated American Engineering Societies was formed in Washington in June and is composed of engineering and technical societies, national, state, local and regional. These Member Societies elect delegates to the American Engineering Council, which is the administrative body of the Federated. The meeting was called to order by Richard L. Humphrey, Chairman of the Joint Conference Com¬mittee, and the program (which is printed below) was carried out without substantial change by E. S. Carman, who was elected temporary chairman. Under the Constitution, the Council appoints an Executive Board, the members of which are chosen according to the proportional membership of the vari¬ous Member Societies in their respective districts. Under this plan, with the present membership, 'the national societies will have 14 members and the local societies 6 members on the Executive Board.

Jan 1, 1920

By Donald H. McLaughlin

PRICES paid for goods and services in paper currencies are undoubtedly determined by many interrelated factors, but among them none is more specific in pushing prices toward higher and higher levels than the vast increase in debts and monetary obligations of our own and practically all major governments. There is nothing unorthodox in the situation in which the gold miners find themselves today. With wages and the prices of all materials required in the production of gold at the high levels characteristic of a period of prosperity, phony or otherwise, and with shortages of both men and machinery to contend with as well, the spread between the returns in paper dollars that must be accepted for gold in the United States and the cost of producing it is rather painfully small for most producers. Technical

Jan 1, 1948

By Charles D. Walcott

Jan 1, 1901

By John D. Sullivan

A DISCUSSION of the developments of the past decade in the field of refractories, and the effect of these developments on the performance and life of open-hearth furnaces, is perhaps best introduced by reference to Fig. 1. This shows the most important types of refractories doing into various parts of the furnace, together with their cost, and remarks on their use. It has been estimated that half of the refractory makers market comes from the iron and steel industry, and something like one-third of all refractory brick used finds its way into open-hearth furnaces. To melt steel, a furnace capable of withstanding temperatures close to 3000 deg. F. is required. The furnace is assembled of various refractory materials selected by experience and economic considerations. Furnace structures today, from a refractory standpoint, are considerably different from a quarter century ago. Furnace operators, interested in the performance of refractories, care little how they are made or where they come from so long as they give reasonable service. But, the entire history of the refractory is important and technical knowledge of the ceramic materials used in making the refractory is necessary to the manufacturers, so that the proper article gets into the hands of the ultimate consumer.

Jan 1, 1936

By W. R. Ingalls

THE following chronology presents the history of lead-mining in the United States in a brief form and is a useful reference in connection with the statistics of production 1621. Lead was mined and smelted near Falling Creek, Va., to supply the local demand for bullets and shot. This was the first mining and smelting of lead in what is now the United States. 1632. In a report made on the minerals of New England, lead-ore is mentioned. (Bishop, I., 470.) 1650. Supposed beginning of mining by Jesuits in Pima county, Ariz. 1651. Grant of lead-mine at Middletown, Conn., to Gov. John Winthrop.

Jan 9, 1907

A record $19.7 billion in minerals was produced by United States industries in 1963. This was some $800 million above the previous high established in 1962. Preliminary statistics compiled by the U.S. Bureau of Mines show that most metals, nonmetals, and fuels gained both in value and volume of production. The 1963 total represents the largest value increase since 1956 and continues an upward trend begun in 1959. Product.ion and value of all mineral fuels rose, with anthracite registering a remarkable 20% value increase. Nonmetals advanced 591 in value, gains exceeding losses by 213 to 1 among individual commodities. Heavier industrial demand and the settling of labor difficulties were among the factors contributing to increased output of such materials as iron ore, bauxite, molybdenum, lead, and zinc, which accounted for most in€ the growth in metal output. Silver prices continued to rise and, as a result, production value of that metal gained 132,.

Jan 2, 1964

By LESTER W. STRAUSS

FOR fifteen months after the other dominions of the British Empire and the entire so-called sterling 11loc loosed the shackles that bound the111 to the gold standard, South Africa, giant among gold-producing nations, remained stubbornly attached to gold at the traditional ratio of 85 shillings in currency to one ounce of gold. But eventually even South Africa had to heed the dictates of trade and the obvious interests of its great gold-mining industry. In December, 1932, South Africa's currency severed its golden bonds. Today the South African pound is 011 a par wit11 the British pound.

Jan 1, 1935

By FRABK HERVEY PETTINGELL

THE stock exchange and its functions is about as well understood by the average individual as the fourth dimension. What is a stock exchange? Divested of the rules and regulations by which it is governed, and the facilities it provides for the convenient handling of securities, it would be in its nude state nothing more or less than a meeting place for brokers. The stock exchange in America dates back to 1752, when a group of merchants of New York established a meeting place at the foot of Broad Street for the purpose of dealing in meal and slaves. The first definite orgarization, however, had its beginning in 1792 when 24 New York brokers signed an agreement not to buy or sell public stock for less than one quarter per cent. commission. From this small group has grown by gradual degrees, the greatest organized security market in the world, namely, the New York Stock Exchange. At the present time there are 27 stock exchanges in the United States and 5 in Canada. Based on the volume of business transacted, the Los Angeles Stock Exchange ranks 6th among them. This is attributable to the fact that strictly speaking Los Angeles has never been a stock exchange town, like some other large cities. Take for instance San Francisco, which supported one stock exchange from 1862 to .1882 and has since supported two. No city, by the way, should tolerate two stock exchanges at the same time. It is an economic folly and a senseless duplication that can be compared with rival telephone companies or competing street railway systems, paralleling each other's lines and always leads to trouble and confusion, and sooner or later one or the other falls by the wayside. While Los Angeles has had stock exchanges of one kind or another since 1896, none of them attracted much attention until 1899 when the present exchange was organized and it did not get well under way until along in 1906.

Jan 1, 1925

By T. Lane Carter

(Canal Zone Meeting , October , 1910.) INTRODUCTION. IT is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua; our near neighbor. To be most interested in distant objects, like the moon, .and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I :able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole.. I hope this paper will be the precursor of many others to be printed in our Transactions, dealing not only with the mining possibilities of Nicaragua, but with the whole of Central America, where there are vast areas awaiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and other Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. II. HISTORY. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors penetrated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Dec 1, 1910

By Richard E. Chism

Jan 1, 1902

By AIME AIME

SCRIPTURE, statistics and imagination all were drawn upon by the speakers who acclaimed Daniel C. Jackling as recipient of the William Lawrence Saunders Gold Medal for 1930. The award was made at a special dinner at the Ritz-Carlton, in New York, on Oct. 31. Lafayette Hanchett, old friend and associate, said that if it were his task to compress the life story of Daniel Jackling into a single sentence, he could find noth¬ing so appropriate as these words from the 22nd Chapter of Proverbs, "See'st thou a man diligent in his business, he shall stand before Kings." Mr. Jackling's diligence, according to the speaker, his love for his task, have been outstanding in his career. W. S. Boyd, now ranking official in the Jackling organization, cited amazing statistics as to the quantity of copper supplied to industry by the four "porphyry". coppers that are under Mr. Jackling's immediate direc¬tion, as well as by those that, in a sense, owe their existence to the pioneer work at Utah Copper. In the aggregate- 16,000,000,000 lb. of copper having an approximate value of $2,700,000,000 have been produced from disseminated ores since 1905; and of this total 42 per cent came from Utah and the Nevada group. Newcomb Carlton, president of the Western Union Telegraph Co., long an admirer of Mr. Jackling, adroitly drew a picture of a similar occasion in some 'foreign country. He imagined Mr. Jackling being raised to the peerage and whimsically addressed him as Sir Daniel, the Right Honorable Earl of Bingham!

Jan 1, 1930

By JOHN JANNEY

STABILIZATION of the adjustment of normal consumption to normal production of world commodities is quite different from reducing production until visible surpluses are consumed. The first means restoration and maintenance of prosperity, the second means merely a temporary alleviation of a condition with the prime cause remaining uncorrected. Overproduction of foodstuffs in some sections of the world while millions starve in other sections represents not so much overproduction of foodstuffs as mal-distribution of foodstuffs. The flour mills of Washington and Oregon normally ship quantities of flour to China. Now, the wheat that would make this flour goes East instead of West. Is this overproduction, or is there something wrong that calls for study, analysis and correction? Can the plan used by the ostrich of hiding its head in. the sand get us by this present world tragedy, or must the challenge to solve this problem be met, constructively? Can we not make out of this breakdown in the world's economic system an opportunity? And use it as the stimulus for remedying the basic cause of the trouble and not content ourselves with devising temporary expedients that aim at remedying this or that of the obvious conditions, in themselves not causes at all but rather the evidence of causes, or that are the symptoms of the real trouble.

Jan 1, 1931

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

By Scott Turner

GOLD AND SILVER, the monetary metals, have presented in the last year a striking contrast; gold has experienced unusual prosperity, while silver has been depressed more severely than ever before. Gold mining has been hailed as the only basic industry that is able to thrive on depression; the new gold produced is thought by many to be the most important material for the reconstruction of prosperity. Silver production, meanwhile, has been sinking to its level of 40 years ago, and its price to a level never before recorded. These factors have reduced the value of silver produced in 1932 to about the value of the average annual production more than a century ago, that of the decade 1801-1810. No other major commodity in world trade appears to have suffered a greater decline during the present depression.

Jan 1, 1933

By A. Lucian Walker

SILVER is not only of paramount importance to millions of people as a medium of savings and to other millions as a medium of exchange, but it is also valuable and useful in industry. Mexico continues to be the largest producer of this metal, followed by the United States, Canada, and Peru. The largest consumers are China and India, which normally absorb about two-thirds of the world's mine production, hoarding it as savings. The imports by these countries exert a powerful influence upon the price, yet neither country is on the silver standard. China having abandoned it in 1935 and India in 1893, when the rupee was definitely linked to the pound sterling. Other nations such as Persia, Ethiopia, Mexico, and many of the South American countries either have been on the silver standard or have used silver as their chief circulating medium, and most large nations use it for subsidiary coins, this use accounting for 20 to 30 million ounces annually. The arts and industries have consumed 35 to 40 million ounces each year.

Jan 1, 1937

By HILAND BATCHELLER

COMMENT on the economic significance of the special alloy steels seems inevitably to reduce itself to an attempt to peer into the future of the industry in which we are interested. We are all familiar with the historical development of iron and with the almost complete replacement of iron by steel. Those who have been connected with the industry since its .early days have had the satisfaction of witnessing the greatest industrial development the world has seen. As the cartoonists of the muck-raking decade liked to picture steel as an ogre armed with a spiked club, his hands reeking with blood and with golden coins dripping from his pocket, fiercely seeking for more widows and orphans to devour, I choose to call on my imagination to create a gigantic but beneficent robot of such marvellous mechanical skill. that it quickly transforms millions of tons of otherwise worthless material into the infinite variety of useful products which are so largely responsible for our present civilization.

Jan 1, 1931

By Scott, Turner

IN 1933, the monetary metals were produced in a ratio of 6.7 oz. of silver to 1 oz. of gold, the lowest relatively for silver since the period from 1851 to 1865. At the beginning of that period, the virgin placers of California -and Australia began producing almost simultaneously; in consequence, there was an abrupt fall in the high silver side of the ratio that had prevailed through the centuries after America was discovered. The output from the Comstock and other silver-bearing lodes, located a decade after this influx of new gold began, soon restored the production ratio to its former proportion, that is, a relatively large weight of silver compared to gold.

Jan 1, 1934

By W. F. Boericke

WORLD production of silver in 1929 totaled 256 million ounces. In 1928 production was 258 million ounces, and in 1927, 254 million ounces. With an actual decrease in the amount of silver produced last year, as compared with 1928, and an increase over 1927 of less than one per cent, obviously there has been no overproduction of the metal in the popular sense. But the price of silver tells a different story. For 1927, the average quotation was 56.37 cents; it was 58.17 in 1928, and 53.0 in 1929. During the last year it reached a high point of 57 cents in January, and fell steadily, without interruption to the downward trend, to a low of 47 cents in December. Since then it has dropped to an all time low of 43 cents on February 6.

Jan 1, 1930

By L. BENEDICT

COMMENTING on the report of the latest Royal Commission for India, the September, 1926, issue of the National City Bank's monthly letter states, among other things, that "The decision of the Royal Commission is against the proposal for a gold coinage, but in favor of placing the silver coins and paper currency now redeemable in silver on a gold basis." Also, it quotes the following from the Royal Commission's report: The essence of the proposal * * * * * is that the ordinary medium of circulation in India should remain as at present the currency note and the silver rupee, and that the stability of the currency in terms of gold should be secured by making the currency directly convertible into gold for all purposes, but the gold should not circulate as money. It must not circulate at first, and it need not circulate ever. In this connection it may be stated that during the last one hundred and fifty years or so unsuccessful attempts have been made by the governments of different nations of the world to devise a plan or plans by which gold and silver could be used concurrently for money purposes and, particularly, as standard money; such, for example, as bimetallism, which, of course, is impracticable. But, since none of such plans has been adopted generally it is logical to conclude that their proponents did not shape them so as to conform to the basic principle of standard money, or else political issues were deemed to be dominant, or, perhaps, it was partly due to each.

Jan 1, 1926

By Lawrence Addicks

T HIS has been a most momentous year in the annals of the Institute. We have been in the midst of a situation which, were it not for the convulsions of social unrest with which life is surrounded on every side, would have attracted the attention of the world at large. I do not refer to the desperate campaign for new members. That has gone on much as usual except that, this being leap year, the annual proposal to the M. & M. Society has been omitted. Nor do I refer to the desperate situation which we found in other directions, the spread of Bolshevism, the burning of the Engineers' Club, the fact that the selling of copper appears to have become one of the lost arts. No, I speak of the great question which has to be. settled once and for all, as to whether this great Institute should adopt simplified spelling. The whole trouble started in the ranks of the California Hysterical Society. It appears, while most of the San Francisco members can read and write, several of them cannot spell. It also appears that the Secretary, in editing the Transactions, has perhaps made just a little bit too much of a point of employing the correct Stoughton idiom. At any rate, the rebels filed an amendment to the constitution, and the stage was set for civil war, with perhaps more stress on war than on civil.

Jan 1, 1920