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This symposium is based on material presented at the AIME Annual Meeting in New York, February 1958. Co-Chairmen of the panel discussion were Truman H. Kuhn, Colorado School of Mines, and J. E. Monroe, Freeport Sulphur Co. Panel members are listed above. In opening the meeting Chairman Monroe pointed out that both industry and education have their special problems and that the purpose of this and similar discussion groups is to bring together members from both industry and education in order to help solve their problems.

Jan 6, 1958

By Oliver C., Ralston

THE following data were obtained during Tan exhaustive research into the possibilities of concentrating United Verde massive sulfide copper-zinc-iron ores by flotation. The composition of these ores approximates the following mineralogical analysis: 3 to 15 per cent chalcopyrite; 3 to 11 per cent marmatite (ferruginous sphalerite) ; 47 to 69 per cent pyrite; and 10 per cent quartz. The remainder is usually schist gangue. The sulfide minerals are finely dis-seminated; chalcopvrite and marmatite begin to be liberated on grinding at about 100 mesh, but complete liberation from gangue (pyrite in this case is considered a gangue mineral) is

Jan 1, 1935

By J. E. Korski

Quebec Cartier Mining Co. operates a low-grade iron ore deposit at Lac Jeannine, Que., which is located at the extreme southwestern end of the Quebec-Labrador Trough (Fig. 1). The facilities there include one of the world's largest concentrators, a hydroelectric plant of 60,000 hp, and the modern town of Gagnon. A 191-mile railway connects the mine to the seaport situated at Port Cartier on the St. Lawrence River. The harbor in Port Cartier can accommodate both lake and large ocean- going vessels and is also the site of a major grain terminal. The concentrator in Lac Jeannine is designed to produce some 8 million tpy (tons per year) of specular hematite concentrate, containing 66% Fe, from approximately 20 million tons of crude ore. An annual stripping program of 5 to 8 million cu yd of waste rock uncovers the required ore. Approximately 100,000 tons of ore and waste are removed daily on a year-round, 24-hr-per-day basis. The open pit covers an area with maximum dimensions of 8,000 x 2,600 ft (Fig. 2). Present mining plans call for an ultimate depth of approximately 1,000 ft below original ground level. The rocks in the pit area are typical of this portion of the Grenville geological province. They consist largely of marble, quartz rock, pegmatite, iron formation, and stratigraphically older gneisses. The iron-ore formation consists of medium to coarse-grained specular hematite in a quartz host rock. The formation occurs locally in a plunging, anticlinal form. The topography in the vicinity of the mine is rolling, with maximum variations in elevation of about 400 ft. The hills are thickly wooded with birch, black spruce, and some tamarack. Lakes and muskeg areas are plentiful. Precipitation and temperature records have been kept since 1959. The annual rainfall has ranged between a low of 23 in. and a high of 42 in.

Jan 1, 1969

The Institute should feel honored that one of its distinguished members, Auguste J. Rossi, has been awarded the Perkin Medal of the Society of Chemical Industry. The medal was presented at a meeting of the New York Section of the Society on Jan. 18, at the Chemists' Club. Mr. F. A. J. Fitzgerald, Past President of the American Electrochemical Society; described the work of Mr. Rossi, while the presentation address was delivered by William H. Nichols, Past President of the Society of Chemical Industry.

Jan 2, 1918

PROF RICHARD ÅKERMAN Stockholm, Sweden DR FRANK DAWSON ADAMS Montreal, Canada PROF HATON DE LA GOUPILLIERE Paris, France SIR ROBERT A. HADFEILD London, England HERBERT C. HOOVER Leoben, Austria ROBERT W. HUNT Chicago, ILL JAMES FURMAN KEMP New York, N.Y. PROF HENRI LOUIS LE CHATELIER Paris France EZEQUIEL ORDONEZ Mexico City, Mexico ALEXANDRE, POURCEL Paris, France PROF RICHARD H, RICHARDS Boston Mass. JOHN E. STEAD Middlesborugh, England PROF DIMITRY CONSTANTIN TSCHERNOFF St Petersburg, Russia PROF TSUNASHIRO WADA Tokyo, Japan CHARLES D WALCOT Washington D.C.

Jan 1, 1923

By C. M. Wayman, R. Bullough

The selection rules fir twinning in fcc, bcc, and hcp lattices as established in Part I are used to predict the positions, relative to the matrix (untwinned) reciprocal lattice, of reflections due to double diffraction from the twins. These doubly diffracted reciprocal lattice points, which often coincide with ordinary matrix reciprocal lattice points, are deduced from kinematical considerations. 1. INTRODUCTION. A Bragg diffracted beam under certain conditions may be rediffracted to produce a third beam i .e., the incident beam, the first diffracted beam, and the rediffracted beam). In such a case an initial incident beam is diffracted by a set of planes; the diffracted beam may then be rediffracted by a second set of crystallographically different planes. The initially diffracted beam acts as an incident beam for the second set of planes, thus resulting in a twice-diffracted beam. This twice-diffracted beam may be regarded as a singly diffracted beam from a set of lattice planes whose structure factor is zero. In order to find the reciprocal lattice point corresponding to the doubly diffracted beam, it is customary1,2 to combine vectorially the component reciprocal lattice vectors which head to the extra reflections. For example, hcp metals may exhibit the forbidden (0001) reflections.* As Fig. 1 shows, the (0001) reciprocal lattice point results from: (1010) + (1011) = (0001) Similarly, combination of the beams (1011) and (1010) gives rise to: (1011)- (1010) = (0001) As Pashley and stowell2 have pointed out, even if in fact the double diffraction points lie on the Ewald sphere, they may not actually represent observed doubly diffracted beams because the initially diffracted primary beam, i.e., the source, must also correspond to a reciprocal lattice point which lies on the sphere of reflection; however, the reciprocal lattice point corresponding to the planes causing the rediffraction need not lie on the sphere. A little consideration of the Ewald construction in Fig. 2 makes this argument clear. In Fig. 2 the incident beam is represented by the wave vector ko. This beam is initially diffracted by the lattice planes (hkl) which are represented by the reciprocal lattice vector r(hk1) The reciprocal lattice point (hkl) of course lies on the Ewald sphere in order that the Bragg condition be satisfied. The initially diffracted beam is represented by the wave vector kl. If now kl is rediffracted by a second set of planes (h'k'l') resulting in k2 the lattice point (h"k"l") must lie on the Ewald sphere if the double diffracted beam k2 is to be observed. It is clear that (h"k"l") is the vector sum of (hkl) and (h'k'l'), and that (h'k'l') need not in fact lie on the Ewald sphere. In the usual1,2 analysis the origin (000) of the reciprocal lattice is shifted to the point (hkl). However the translation (000)— (hkl) automatically shifts the point (h'k'l') to the Ewald sphere, i.e., (h'k'l')— (h"k"1"). It is to be seen that (hkl), the source reflection, must lie on the Ewald sphere; if it does not the translation (000) — (hkl) places the "new" origin off the sphere, not satisfying the Ewald construction and hence the Bragg condition. The point (h"k"1") of course must lie on the sphere if it corresponds to an observed doubly diffracted beam. It is to be noted that crystals having the hcp structure, as just discussed, are intrinsically capable (i.e., without lattice defects such as twins) of double diffraction, as contrasted to fcc and bcc crystals which are extrinsically capable (requiring lattice defects or reoriented lattice regions). The "allowed" bcc reciprocal lattice points (which comprise an fcc lattice) are (110), (2001, (211), (220), (310), (2221, (321), (4001, and so forth. The combination

Jan 1, 1967

By John M. Cummings, Warren. Harry V.

THE Geology Department of the University of British Columbia has undertaken the task of examining the ores from as many as possible of the gold mines of British Columbia. The object of this work is two- fold. First, it is known that detailed mineralographic studies are useful in attacking ore-dressing problems, and these studies are intended to be helpful to mill operators. Second, it is hoped that mineralogical and mineralographical studies will prove useful adjuncts to those of lithology and structure in throwing more light on problems related to the origin of the deposits. The paper shows that gold, for all practical purposes, is not present in an ore mineral in solid solution nor as a eutectic with any mineral; if the latter were true the gold particles would be distributed equally throughout that mineral. The gold occurs either as native gold or as a gold-silver telluride and is not distributed regularly through any mineral or minerals. The relationship between the gold or gold-bearing telluride and the associated minerals affords a means of classification that is not only simple but also appears to be directly related to the geological nature of the deposit, which may be summarized as follows: 1. Disseminated Gold Type.-Precious minerals in extremely small grains, which are distributed without regard to grain size, fractures or grain boundaries: (1) Hedley variety-gold in native form; (2) Surf Point variety-gold predominantly as telluride. 2. Veining Gold Type.-Precious minerals in grains of various sizes, which occur mainly along fractures and grain boundaries: (1) Cariboo gold quartz-goldin native form. (2) Waneta variety-gold as telluride. Application Te Ore Dressing These mineralographic studies have proved to be of value to mill operators, and future studies of a similar nature should prove increasingly useful because every year provides a further opportunity to correlate

Jan 1, 1937

The Committee submits the following report: The General Committee met in the Treasury Building at Washington on Oct. 6 and 7, 1919. At the first meeting, Cornelius P. Kelley was appointed chairman, and Paul Armitage, secretary of the Committee. Subcommittees were appointed on Invested Capital, on Mine Valuation, and on Depletion and Depreciation. These subcommittees were directed to meet separately and to report on Oct. 7 to the General Committee. On Oct. 7, the reports of these committees were submitted to the General Committee and on motion were received and referred to the Executive Committee for its information to be used as it deemed wise. A motion was carried that the Executive Committee be constituted a permanent committee to continue the work of the Committee, with full power to add to and increase its membership; that as thus increased it should constitute a permanent organization to act and cooperate with the Treasury Department in matters of mining taxation under the Federal Income and Excess Profits Tax Laws. Thereafter the Executive Committee met and formed a permanent committee as follows: Cornelius F. Kelley, chairman, 42 Broadway, New York City. J. L. Darnell, Office of the Commissioner of Internal Revenue, Washington, D. C. J. Parke Channing, 61 Broadway, New York City. Walter Douglas, 99 John St. New York City. R. V. Norris, 542 Second National Bank Bldg., Wilkes-Barre, Pa. J. E. Spurr, care of Engineering & Mining Journal, 10th Ave. and 36th St., New York City. W. G. Swart, 808 Selwood Bldg., Duluth, Minn. J. P. Finley, 45 Cedar St., New York City. W. A. Williams, Bartlesville, Okla. F. S. Peabody, care of Peabody Coal Co., McCormick Building, Chicago, Ill. Matthew C. Fleming, 71 Broadway, New York City. H. B. Fernald, 54 Wall St., New York City.

Jan 1, 1923

The Committee submits the following report: The General Committee met in the Treasury Building at Washington on Oct. 6 and 7, 1919. At the first meeting, Cornelius P. Kelley was appointed chairman, and Paul Armitage, secretary of the Committee. Subcommittees were appointed on Invested Capital, on Mine Valuation, and on Depletion and Depreciation. These subcommittees were directed to meet separately and to report on Oct. 7 to the General Committee. On Oct. 7, the reports of these committees were submitted to the General Committee and on motion were received and referred to the Executive Committee for its information to be used as it deemed wise. A motion was carried that the Executive Committee be constituted a permanent committee to continue the work of the Committee, with full power to add to and increase its membership; that as thus increased it should constitute a permanent organization to act and cooperate with the Treasury Department in matters of mining taxation under the Federal Income and Excess Profits Tax Laws. Thereafter the Executive Committee met and formed a permanent committee as follows: Cornelius F. Kelley, chairman, 42 Broadway, New York City. J. L. Darnell, Office of the Commissioner of Internal Revenue, Washington, D. C. J. Parke Channing, 61 Broadway, New York City. Walter Douglas, 99 John St. New York City. R. V. Norris, 542 Second National Bank Bldg., Wilkes-Barre, Pa. J. E. Spurr, care of Engineering & Mining Journal, 10th Ave. and 36th St., New York City. W. G. Swart, 808 Selwood Bldg., Duluth, Minn. J. P. Finley, 45 Cedar St., New York City. W. A. Williams, Bartlesville, Okla. F. S. Peabody, care of Peabody Coal Co., McCormick Building, Chicago, Ill. Matthew C. Fleming, 71 Broadway, New York City. H. B. Fernald, 54 Wall St., New York City.

Jan 1, 1923

By E. M. Norris

THE Western phosphate deposits extend over a large area in the Rocky Mountain region, comprising portions of south central Montana, southeastern Idaho, northeastern Utah, and southwestern Wyoming. A limited acreage of these deposits passed into private ownership prior to Dec. 9, 1908, at which time 7000 sq. mi. of land in these phosphate fields was withdrawn from public entry by direction of the Secretary of the Interior. Under the Act of Feb. 25, 1920 (41 Stat. 437) title to all phosphate lands in the public domain was reserved to the United States with provisions for leasing portions to citizens, corporations, states, etc. The above act, in effect, created by law a Western phosphate reserve of approximately 2,269,055 acres.

Jan 1, 1944

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 major awards to make annually and one special prize for excellence in technical papers, as follows: The Robert W. Hunt Medal and- Prize, The J. E. Johnson, Jr., Award, the James Douglas Medal, and The Lewisohn Platinum Prize to senior members. 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 on al paper or papers on iron and steel. The scope of the term "iron and steel" shall 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 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 $3000 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 of 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

By J. M. W. Mackenzie

A microelectrophoresis technique has been used to measure the zeta potential of quartz over a range of pH and ferric iron concentration. The results have been discussed in terms of the adsorption of ferric cations and ferric hydroxide to the quartz surface. Possible relationships between the experimental results and the flotation of quartz have been examined. The adsorption of multivalent cations at the surface of quartz has been studied by many investigators who have used a variety of experimental techniques ranging from streaming potential 1 to radiometric2 measurements. Two possible mechanisms of cation activation of quartz have emerged from the results of these investigations viz: the adsorption of the cation to the negatively charged quartz surface, followed by adsorption of the collector anion to the adsorbed cation site, or: formation of a cation-collector complex which is then adsorbed to the quartz surface. In many natural and industrial systems one of the most prevalent activating species for quartz is ferric iron, this is especially so in the acid-circuit, anionic flotation of iron ore. The adsorption of ferric iron to the quartz surface is complicated by the ability of ferric iron to form complexes with anions, a phenomena which is of minor importance in one of the most widely studied quartz activation processes, ca ++ activation.* *The pK value for [ca(oH)+]/ [ca2+] [oh-] is 1.46 indicating that the influence of Ca (OH)+ ions will be minor in all but strongly alkaline solutions. In order to obtain a better understanding of quartz activation by ferric iron the zeta potential of quartz in the presence of ferric iron has been measured over a range of pH and ferric iron concentration. EXPERIMENTAL METHODS Materials: Selected samples of "rock clystal" quartz from New England, N.S.W., were ground in a pebble mill, washed for three hours in boiling concentrated hydrochloric acid, washed in hot chromic acid and then washed repeatedly with distilled water until the washing water gave no trace of chloride ion.

Jan 1, 1967

COMMITTEES. Iron and Steel. Albert Sauveur, Chairman. A. A. Stevenson, Vice-Chairman. Herbert M. Boylston, Secretary, Abbot Bldg., Harvard Sq., Cambridge, Mass. LOCAL COMMITTEES. Program Committee.-A. A. Stevenson, Chairman. Herbert A3. Boylston, J. E. Johnson, Jr., Henry D. Hibbard, E. Gybbon Spilsbury. Reception Committee.-J. R. Johnson, Jr., Chairman. Felix A. Vogel, William R. Walker. Dinner Committee.-E. Gybbon Spilsbury, Chairman. The opening session was held on Thursday morning, Oct. 16, 1913, at the Institute Headquarters in the Engineering Societies Building, 29 West 39th Street, New York, N. Y., and was called to order by President Rand, who addressed the meeting briefly before presenting Albert Sauveur, who responded to the President's address, and presided at the meeting. The following papers were then presented in oral abstract by their authors or authors' representatives: The Cleaning of Blast-Furnace Gas, by W. A. Forbes. Discussed by S. K. Varnes, H. N. Diehl, F. H. Wagner, Joseph Hartshorne, S. B. Marshall, J. W. Richards, J. E. Johnson, Jr., W. A. Forbes, and others.

Jan 12, 1913

Colorado School of Mines Scientific Society held its first meeting on Friday evening, Jan. 14.1916. H. C. Parmalee gave an interesting talk on the Loss of Cyanide by Hydrolysis. F. E. BRIBER, Secretary. The School of Mines Society of the University of Minnesota held a meeting on Thursday evening, Jan. 13, 1916, at which Fred A. Jordan gave a talk on Magnetic Concentration of Iron Ores. Mr. Jordan is at present testing the new magnetic concentrator designed at the. School of Mines Experiment Station. This apparatus, if successful, will open up an enormous tonnage of ore on the Cuyuna and Mesabi ranges. ADOLPH DOVRE, President. At the College of Mines, University of Washington, Seattle, 33 mining men, with experience varying from one to 25 years, have enrolled in the 19th Annual Three Months' Short Session. At the annual smoker tendered the Short Session miners by the student branch of the American Institute of Mining Engineers, Capt. R. H. Stretch of the Alaska Bureau, Seattle Chamber of Commerce, delivered an address on The Mineral Belts of Alaska.

Jan 3, 1916

By R. M. Brick

Segregation can occur only in cast alloys that solidify over a range of temperatures with a difference in composition of liquid and solid phases within this range (ignoring monotectic systems and chemical reactions as in rimming steels). Thus a pure binary eutectic alloy should show no segregation unless undercooling occurs for one of the solid constituents of the eutectic; e.g., chill-cast Al-I2 per cent Si alloys. The phasial condition implicitly described above—solidification over a range of temperatures with a compositional difference between solid and liquid—is found in nearly all solid solutions or combinations of solid solutions and eutec-tics, Metastable conditions of solidification of these types of alloys cause coring; i.e., a difference in composition between the center of a dendrite and its periphery. This composition gradient can be detected usually only by microscopic examination of etched structures; it is a "micro" effect. The gradient of more immediate industrial concern is that between the center of a cast section and the surface layers. This gross (macro) effect is usually deter-minable only by sampling of the casting at different points, with chemical analyses of each sample. If the compositional difference is of the same type as in coring, the first parts to freeze being enriched in higher-melting-point constituents, and vice versa, the effect is called normal segregation. When what is apparently the first part of the casting to solidify shows a higher concentration of low-melting-point constituents, the effect is called inverse segregation. These macro effects are quite separate from the micro effect, coring, yet the latter must be described first because it is an essential part of the picture. Coring Solid Solution, Ni-Cu The nickel-copper phase diagram is reproduced in Fig. Ia, in which the solid lines represent the equilibrium liquidus I, 3, 7 and solidus 2, 5, 8, and where the vertical I, 4: 8 represents a 55 per cent Cu alloy. Upon moderately rapid solidification, the first dendritic axes of composition 2 (see Fig. Ib) start to form at a temperature somewhat under I. Solidification continues by growth of the dendritic nuclei, but at temperature 4 the increment solidifying is of composition 5. The rapidity of this crystal growth prevents diffusion of nickel and copper atoms from adjusting the composition of the entire dendrite at 5, which it would be under equilibrium conditions. The average composition of a specific dendrite, or the entire solid phase, at temperature 4 might be that indicated

Jan 1, 1945

By John J. Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 ¼ ¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 12¢ per pound, and since the turn of the present year has reached 17¢. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959

By John Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 1/4¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and prep-arations for rearmament in Europe and Asia acted as a further stimulus purchasing. By midsummer the situation had so improved and stocks to been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the produc-tion quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining con-tinuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 120 per pound, and since the turn of the present year has reached 170. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

By Amos L. Beaty

The oil industry can prosper only if crude production is not excessive. This is true for several reasons. In the first place, the marketing branch of the business is so highly competitive that there is little room for profits in it. There are too many service stations, too many middle men or jobbers, too many refiners eager to press their products upon the market. And the battle is between the strong. If any money is being made in oil today it is by small marketers who buy products from the refining companies and sell on guaranteed margins. In the second place, refineries are overbuilt. There is a large surplus refining capacity. If refined stocks were drawn down they could and would be replenished in short time on short notice. This excessive refining capacity is not serious, however, if the supply of crude is limited to trade requirements. True, it may reflect upon the intelligence of the industry, but if there were a shortage of crude for a few years refining capacities would be readjusted. In the meantime no great harm could result from some idle capacity. It requires no computation to see that refiners could not produce surplus stocks of products from a short supply of crude. I have in mind, of course, the increased yields from cracking. Allowance must be made for that. Still, the picture is the same; less crude is required. I think we can have prosperity in the oil business if too much crude is not produced. A proper limit at this point would be felt all the way down the line. It would slow the refiner and slow the marketer inevitably. Once this constant pressure to make more and sell more is off, operations will be normal and there will be some return on investments. Peices in Relation to Production Potential production at this time is very large, and this condition has existed for many months. As a result the price of crude is low. It is below the average cost of production. Nevertheless, if restraints were withdrawn actual production would immediately increase and the situation would become even worse than it is now. Eventually, of course, the

Jan 1, 1932