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By F. E. Buch

The smelter is designed for a production capacity of 10,000 short tons of blister copper per month, when operating on the present concentrate grade. The :smelter lay-out is shown in Fig I. The major units of equipment comprise two reverberatory furnaces, three 13 by 30 ft Peirce-Smith converters, two straight line casting machines, one being served by a 13 by 30 ft holding furnace and the other by a ladle tilting quadrant, two converter aisle cranes and two converter blowers. The plant is compact and the general arrangement of standard gauge railway tracks and conveyor belts provides for a smooth flow of incoming materials and metallurgical products. Concentrate is received by conveyor belts and fluxes in standard railway trucks. The local track system is covered by an electric trolley locomotive. The Smelter treats a wet (10 pet moisture) flotation concentrate containing approximately 53 pct total copper and 0.9 pet oxide copper. The predominating minerals are chalco-cite, chalcopyrite and bornite accompanied by small quantities of malachite and cuprite. The gangue is highly siliceous and requires limerock as a flux. Metallurgy would be straightforward were it not for the necessity for eliminating bismuth which occurs as an impurity in the ore along with the copper. Directly or indirectly most of the Smelter problems can be traced to the necessity for bismuth removal. Copper recovery, based on new copper treated, averages 97.5 pct. General Description Flotation concentrate, containing 10 Pet moisture, is conveyed from the filter plant to the smelter storage bins by conveyor belts, the material being weighed in transit by a revolving drum type of weigh-hopper manufactured by Samuel Denison and Son, Ltd. The weigher consists of a steel drum with dished ends carried on a horizontal shaft and rotated by an 8 hp squirrel-cage motor through a worm and Spur reduction gear. A feed mouth in the drum permits of filling and discharging. The whole unit is supported on a framework resting on weighing levers, which in turn connect to transfer levers, thence to an indicator of the steelyard type situated 16 ft from the centre line of the drum. The indicator is of the "Denison" patent equilibrium controlled ticket stamping type, insuring mistake-proof records by a combination of electrical and mechanical movements which Prevent the operator from printing until the cover enclosing the steelyard is closed and until the poise-weights have been Set correctly to the weight of the hopper and contents. The machine is capable of weighing 30 short tons at a time but the usual load is 28 tons. After obtaining the gross weight the drum is rotated and discharged into a receiving bin situated below it. The empty drum is weighed and the net weight re-

Jan 1, 1949

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 Edward H. Robie

NEVER before have the annual company reports in the mineral industry field exhibited the typo-graphical art so abundantly as does the current crop. Time was when most company reports made a drab appearance and dry reading, mostly confined to financial data and text that gave little information to the public or technical men. Now, the dollar statistics assume less importance. Considerable information is given on what is going on at the company's plants, new equipment being installed, new methods, properties under development, ore reserves and grades, and similar information of interest to professional men working in the field. We have one suggestion for further improvement: The names of the officers and directors of the company are always given, but only a few companies give the names of the principal operating officials. We think, in the case of a mine for example, that the name of the general manager, his assistant, the mine and mill superintendents, and any other top operating officials who have been largely responsible for the success of operations, are worthy of mention. The reports are now widely read and this recognition is due them. Conspicuous among the annual reports that we happen to have seen, in point of typographical attractiveness, are that of the Texas Co., celebrating its fiftieth anniversary with a gold-plated cover and gold printing inside; and that of Noranda Mines Ltd., with a red and black cover that would attract attention anywhere. Comment on economics, taxes, and labor give an excellent picture of what our industry is facing. Consider the following, from the report of the Union Oil Co. of California:

Jan 1, 1952

By William Kelly, F. H. Armstrong

The object of this paper is to describe the electric equipment at the iron-ore mines of Penn Iron Mining Co., Vulcan, Mich. and of Republic Iron Co., Republic, Mich.; to give the results of tests; and to discuss the methods in use from an operating as well as from an efficiency standpoint. Electricity was introduced at the Penn mines for pumping, hoisting, and compressing air in the spring of 1907, upon the completion of a hydro-electric plant built by that company on the Menominee river about 4 miles from the mines. This plant was described in a paper1 presented before the Lake Superior Mining Institute. A paper2 presented at a meeting of the same Institute describes some of the operating features, and the safety devices of the electric hoist at the Curry shaft were briefly described in the Proceedings of the First Co-operative Safety Congress held under the auspices of the Association of Iron and Steel Electrical Engineers at Milwaukee, Wis., Sept. 30 to Oct. 5, 1912. Generating PoweR Plants After the success of electrical operation was assured, a second set of water wheels and generator was installed at the falls, for which provision had been made in the original design and in the construction of the foundations, and later three additional wires were added to the main transmission line, doubling its capacity and reducing the line loss. The general conditions of this installation are particularly favorable for hydro-electric operation. In the neighborhood of three-fourths of the power used is for mine pumping, which in the main is regular and continuous. For air compressing, power is used for about 18 hr. a day for five days, and 9 hr. for one day in the week, though occasionally when shaft sinking is going on a very small amount of compressed air may be

Jan 1, 1915

By Michael Perch, Charles C. Russell

Nearly 75 per cent of the total coke production in the United States in 1940 was consumed in blast furnaces. In 1939 the percentage was 69.9, and in 1938 it was 61.3. To produce a net ton of pig iron 1757 lb. of coke was required in 1940 and 1760 lb. in 1939. These figures indicate how dependent the production of pig iron is upon the production of coke. The rate of iron production is in some measure influenced by the physical and chemical characteristics of the coke. Blast-furnace operators believe that the physical properties of coke profoundly influence the operation of the furnace. Although it is true that coke of a wide variety of physical properties is used in American blast furnaces, the periodic fluctuation of these properties is one of the causes of irregularity of blast-furnace operation. The purpose of this paper is to present a broad picture of the physical properties of by-product coke that are generally considered to be important by coke-oven and blast-furnace operators. Effects of the kind of coal used, the preparation of the coal, the rate of coking, and other factors will be considered. Of all these variables, the kind of coal used is by far the most important. In this discussion use will be made of the method of coal classification by rank' standardized by the American Society for Testing Materials. Although this method of classification has been an American stand¬ard for several years, it has not been given the attention it deserves, especially in connection with the selection of coal for production of coke. Despite the fact that many producers of blast-furnace coke are limited to some particular source or sources of coal, a good understanding of the principles involved in setting up the standard method of classification may lead to a better appreciation of the causes of changes in coke characteristics. Furthermore, where it is necessary to select new coals as a substitute for the original supply, this method of classification can be of great assistance. The data presented have been gathered from many sources, but no attempt has been made to cover the vast literature. Instead, some of the more important data have been selected to show how coals and their carbonization affect some of the physical properties of coke. It must be emphasized that generalizations concerning the behavior of coking coals are presented and that individual coals may vary widely from the specific behavior depicted. Nevertheless, it is believed that the data illustrate certain typical behaviors. Neither was it possible to cover completely all the factors involved; for example, the macroscopic constituents of coal are believed to have important effects on the physical properties of coke, but since there is little information available for such study, and since vitrain, clarain, and durain are neither

Jan 1, 1944

A comprehensive, systematically structured mineral evaluation system is a prime requirement for objectively assessing mineral supply impacts on the economy. The Minerals Availability System developed by the US Bureau of Mines is a step in the right direction-a well-organized unraveling of the mineral supply network, structured in format to allow quick retrieval for rapid listing, supply analysis, and other uses.

Jan 9, 1977

By J. W. Buch

IN THE FIELD of track haulage, interest has seemed to center on the question of larger mine cars both for handling material from loading point to shaft bottom or surface, and for shuttle service. Saving of time in car changing is obvious if larger cars are used. In addition, shorter trips result where car transportation is from face to opening without transfer. This also brings about side-track and equipment savings. Track shuttle service, using large automatic-dump cars (10 tons) between loading machines and trip loading point, has been a satisfactory solution for the operator who mechanizes a working mine regularly equipped with a large number of small mine cars. This development in track shuttle haulage, has made track installation and maintenance increasingly important, requiring closer supervision.

Jan 1, 1942

By AIME AIME

HIS many admirers regard the "official"' candidate for president of the Institute in 1934 as far above the average in ability and capacity; but perhaps his outstanding characteristic is dependability. Some men of great brilliance succeed indifferently because they cannot be relied upon. When Howard Nichols Eavenson undertakes to do something he either does it, or he proves to his own satisfaction that the particular object is not attainable. And the latter outcome is exceptional because his judgment is so good that he generally foresees the impossibility and selects in advance a practical alternative. Though a tireless worker he is pretty sure that his energy is not spent futilely.

Jan 1, 1933

Rossiter Worthington Raymond, Ph.D., LL. D-1840 to 1918.-Dr. Rossiter W. Raymond, Past President, Honorary Member and Secretary Emeritus, died suddenly of heart failure at his home, 123 Henry'St., Brooklyn, N. Y., on the evening of Tuesday, Dec. 31, 1918. He was one of the founders of the Institute and its second President. A Memorial 'Service will be held on Monday afternoon, Feb. 17. James Douglas.- The Institute suffered a second very severe loss by the death of Dr. James Douglas, Honorary Member, Past President (having served as President for two years), and in three separate respects the greatest benefactor of the Institute: first, in raising funds by volun¬tary subscription and his own personal gifts to pay the Institute's share of the money owed on the land on which the Engineering Societies Build¬ing now stands; second, as original donor to Engineering Societies Library; and third, by his bequest of $100,000 for the maintenance of the library of the American Institute of Mining Engineers. A resolution regarding the death of Dr. Douglas was passed by the Board of Directors and at the meeting of the Institute on Sept. 4, 1918, in Colorado, at which time a memorial service was held in the thea¬ter of the Hotel Broadmoor, attended by about 400 members and guests. A copy of the resolution was prepared and sent to the family. A bronze tablet is now being prepared and will be placed in the Members' Room and unveiled at the February meeting. A biography and portrait of Dr. Douglas was published in the September, 1918, Bulletin. There is also placed in the Engineering Societies Library an oil portrait of Dr. Douglas which had his own approval and was presented by him. American Institute of Metals.--During the Spring of the year, plans were completed with the American Institute of Metals whereby this society became the Institute of Metals Division of the American Insti¬tute of Mining Engineers. This body was a dignified aggregation of metallurgists which had been in existence for about 11 years. A bronze tablet commemorating the American Institute of Metals is now being placed in the Members' Room of the Institute, and during the year 1919 the Bulletin will bear the following title: "Bulletin of the American Institute of Mining Engineers, with which is consolidated the American Institute of Metals." Visits to Local Sections.-During the year President Jennings made visits to six of the Local Sections, on three of which occasions he was accompanied by the First Vice-president and the Secretary. First Vice-president Goodale made five visitations and the Secretary made eight.

Jan 1, 1923

By Fred D. DeVaney and

The coercimeter, as its name implies, is an instrument for measuring the coercive forcet of magnetic substances. It was developed by Davis and Hartenheim in the Special Studies Section, Metallurgical Division. A detailed description of this apparatus may be found elsewhere.2 The coercive force determinations of magnetic materials are interesting because of the relationship established by Gottschalk,4 who showed a linear relationship between the magnetization coercive force and the specific surface of comminuted particles. The value of this relationship in determining grinding efficiency has been shown by Dean.3 The determination of the surface contained in the subsieve sizes has always been a difficult problem for investigators. They made approximate measurements of the surface of coarse materials by sizing on screens, but for the determination of the surface of the sub-sieve sizes it was necessary to make detailed grain counts or elutriation tests, or to study dissolution rates. The technical literature contains many references to other methods for determining these surfaces, either by some special apparatus or by mathematical calculations based on distribution lines. Many of the methods are long and tedious, and the results of some, at least, are questionable. he turbidimeter gives quick results on ground cement. By using magnetite as the material to be ground, a simple determination of its coercive force by the coercimeter, requiring 10 minutes or less, can be transposed directly and accurately into units of relative surface. This subject has been pursued further by the U. S. Bureau of Mines in cooperation with the Missouri School of Mines and Metallurgy, Rolla, Mo., and the following is a description of the results.

Jan 1, 1939

By Fred D. DeVaney and

The coercimeter, as its name implies, is an instrument for measuring the coercive forcet of magnetic substances. It was developed by Davis and Hartenheim in the Special Studies Section, Metallurgical Division. A detailed description of this apparatus may be found elsewhere.2 The coercive force determinations of magnetic materials are interesting because of the relationship established by Gottschalk,4 who showed a linear relationship between the magnetization coercive force and the specific surface of comminuted particles. The value of this relationship in determining grinding efficiency has been shown by Dean.3 The determination of the surface contained in the subsieve sizes has always been a difficult problem for investigators. They made approximate measurements of the surface of coarse materials by sizing on screens, but for the determination of the surface of the sub-sieve sizes it was necessary to make detailed grain counts or elutriation tests, or to study dissolution rates. The technical literature contains many references to other methods for determining these surfaces, either by some special apparatus or by mathematical calculations based on distribution lines. Many of the methods are long and tedious, and the results of some, at least, are questionable. he turbidimeter gives quick results on ground cement. By using magnetite as the material to be ground, a simple determination of its coercive force by the coercimeter, requiring 10 minutes or less, can be transposed directly and accurately into units of relative surface. This subject has been pursued further by the U. S. Bureau of Mines in cooperation with the Missouri School of Mines and Metallurgy, Rolla, Mo., and the following is a description of the results.

Jan 1, 1939

By Ralph M. Hunter

UNTIL recent years, maintenance of surface coal handling facilities was a relatively simple task. Equipment consisted principally of conveyors, screens and crushers of comparatively simple construction. Electrical equipment consisted of motors and starters, with little, if any, interlocking. In most cases failure of any component affected only the grades of coal loaded so that even a prolonged break-down did not affect mine operation materially. However, with the introduction of modern cleaning plants, the picture has changed. The equipment is much more complex and therefore more difficult to maintain. In many cases failure of any component of the plant prevents loading of coal. Even if provision is made to by-pass, the quality of coal loaded is lowered, affecting markets. In the case of plants designed to permit full seam mining, marketable coal cannot be loaded without operation of the cleaning plant. Under these conditions it is apparent that considerable thought and effort toward better maintenance are justified. In order to assure continuous, efficient and economical operation, maintenance should receive consideration, not only after the plant is in operation, but while it is being designed. It is hardly necessary to say that the designer should strive for sturdiness and wearing qualities. It is sometimes not realized, however, that even the best parts will sooner or later require replacement or repair. The designer should, therefore, give consideration to accessibility. Anyone who has had to do with cleaning plant maintenance is familiar with installations where several hours are required to get at a part that can be repaired or replaced in a few minutes, once it is accessible. As in most cases, experience is the best guide. The men who operate and maintain this equipment know the problems encountered. Whenever available, the opinions of these men should be sought and heeded. As an example, we might consider the refuse elevator on a Chance Cone. Our company is now operating three of these cones, the first of which was installed in 1941, and the latest in 2946. Exact records are not available, but well over 50 pct of delays charged to the Chance Cones have been caused by the refuse elevator. This elevator receives refuse from the cone and carries it to a point above the water level of the cone, discharging onto a dewatering and desanding screen. Since the elevator operates under water and necessarily has close clearances in the lower boot, it tends to jam on large pieces of refuse or tramp iron. The chain, buckets and boot are also subjected to the action of water, sand and refuse, which accelerate normal wear. In case of jamming or chain-breakage it is necessary to drain the elevator and the cone so that even a minor fault in the elevator causes a considerable loss of time for the cone. In our new plant, which will contain two Chance Cones, the refuse elevator has been eliminated. This was accomplished by raising the cone so that the refuse gates could discharge directly onto the dewater-

Jan 1, 1948

By Fred C. Bond and

This paper is a continuation of two earlier papers,12 and presents new data on the grindability of various ores and other materials—the results of several years of intermittent research work on the nature of grinding and interpretation of test results. It is divided into five parts: 1. The tabulated results of several hundred grindability tests on a wide variety of ores. 2. A method of correcting screen analyses and calculating from them the surface and other properties. 3. A description of a new method of measuring the "surface energy" of an ore by pendulum impact tests. 4. Test results. 5. A general discussion of the test results and their application to grinding problems. 1. GRindability of Various Ores This part is a continuation of the paper listed as reference No. 1. The method of testing is described in detail in that paper. The sample to be tested is crushed to all through 6 mesh in rolls set at 1/16-in. opening in closed circuit with a screen. Of this sample 700 C.C. is ground dry in a laboratory ball mill under constant conditions of mill speed and ball charge in closed circuit with a screen of the desired size at 250 per cent circulating load. The mill is cylindrical, 12 by 12 in., and rotates at 70 r.p.m. It contains a charge of 285 iron balls weighing 20,125 grams and ranging from 1½ to ¾ in. in diameter. Each test is continued for a sufficient number of periods to establish equilibrium at 250 per cent circulating load, or until the composition of the circulating load is constant for successive periods. Tests are conducted at the mesh size to which the ore is to be ground in practice, and the results are expressed as the net production in grams of screen undersize per revolution of the mill. This is designated as the

Jan 1, 1939

By Fred C. Bond and

This paper is a continuation of two earlier papers,12 and presents new data on the grindability of various ores and other materials—the results of several years of intermittent research work on the nature of grinding and interpretation of test results. It is divided into five parts: 1. The tabulated results of several hundred grindability tests on a wide variety of ores. 2. A method of correcting screen analyses and calculating from them the surface and other properties. 3. A description of a new method of measuring the "surface energy" of an ore by pendulum impact tests. 4. Test results. 5. A general discussion of the test results and their application to grinding problems. 1. GRindability of Various Ores This part is a continuation of the paper listed as reference No. 1. The method of testing is described in detail in that paper. The sample to be tested is crushed to all through 6 mesh in rolls set at 1/16-in. opening in closed circuit with a screen. Of this sample 700 C.C. is ground dry in a laboratory ball mill under constant conditions of mill speed and ball charge in closed circuit with a screen of the desired size at 250 per cent circulating load. The mill is cylindrical, 12 by 12 in., and rotates at 70 r.p.m. It contains a charge of 285 iron balls weighing 20,125 grams and ranging from 1½ to ¾ in. in diameter. Each test is continued for a sufficient number of periods to establish equilibrium at 250 per cent circulating load, or until the composition of the circulating load is constant for successive periods. Tests are conducted at the mesh size to which the ore is to be ground in practice, and the results are expressed as the net production in grams of screen undersize per revolution of the mill. This is designated as the

Jan 1, 1939

By V. H. Wilhelm

The trend initiated in January 1936, of stabilized gasoline prices, increased demand and extraordinary drilling activity, continued in California during the year 1937. Crude prices were maintained during the year at the highest level since September 1930. Wildcat activity with resultant new discoveries and development of proven acreage were greater than in any year since 1928. Many fields in California in former years have been produced at full capacity, with consequent loss of reservoir energy, but at the present time continued activity is maintained to develop adequate reserves, so that production in these fields can be taken at a rate to correspond with good operating practice. Naturally, this good operating practice will be influenced to some degree by gas outlets and, in certain instances perhaps, by oil outlets. In any event, these last two controlling features will result in favorable rather than detrimental operation. In fields producing from great depths, ultimate production will be practically limited to the flowing and compressor life of the well, since there is as yet no economical method for pumping wells below depths of approximately 7000 ft. Experience has shown, however, that such pumping difficulties will be overcome and that production secured by pumping will add some to reserves established on the flowing life of the wells. California continued to operate under voluntary curtailment, but with unlimited transfers of allowable between various fields. Even though there was at all times considerable production above the Umpire's established quota, a constantly increasing demand reduced storage during the year. This increasing demand was due mainly to the rapid rise in Pacific foreign shipments from May to September. It is questionable, however, whether this favorable condition will be maintained over a prolonged period. (See Fig. 1.) Field Discoveries The great drilling activity during the year resulted in the discovery of three new fields in the San Joaquin Valley, as well as many extensions

Jan 1, 1938

By George K. Burgess, Robert A. Hadfield

1. Introduction.—The methods of production of sound steel ingots have been described in several papers read recently before this Institute. It was thought by Director Stratton, of the U. S. Bureau of Standards, and ourselves to be of sufficient interest and importance, as a further contribution to this subject, to compare the properties of rails rolled in one mill according to American practice, from several types of ingot of substantially the same chemical composition but cast by several processes; and to compare in considerable detail the properties of an ingot manufactured by the Hadfield special-feeding process and one of the usual type for rolling into rails. We are greatly indebted to F. W. Wood, President of the Maryland Steel CO., who made this investigation possible by kindly placing his rail mill at our disposal; and he and his associates at Sparrows Point did everything possible to make the experiment a success, including the execution of several of the tests and analyses. 2. Classification and Manufacture of Ingots.—Of the ingots used in this investigation, eight were made in Sheffield and furnished by Sir Robert Hadfield, and one was made and furnished by an American steel company,l as a comparison ingot, and was supposed to represent the usual type of ingot from which rails are made. The characteristics of the ingots are given in Table I. Ingots 1, 2, 3, and 4 were cast large end up and fed by the Hadfield method in the usual manner with charcoal and blast continued until the molten steel has set on the top of the head, say varying from 20 to 40 min. To ingots 1, 2, and 4 was added 0.1 per cent. aluminum, and to the nickel-chrome ingot, No. 3, 0.125 per cent. For sake of comparison, there were also included two ingots, Nos. 8 and 9, cast with the small end up and fed by

Jan 1, 1915

By Carel Robinson

THE little coal mine at Otsego, in the Winding Gulf field of southern West Virginia was dying. In the history of coal mining thousands of mines have been successful at first, but usually a change occurred and profits ceased. Often be change was so gradual and extended over such a length of time that the fundamental causes did not stand out in sharp relief and their significance was not realized. Studies often reveal that the cause for failure was in the arteries that connect the producing places with the mine entrance. Profits continued so long as the working places were close to the tipple and while the thrill of newness aid ease of access resulted in effective supervision from day to day. The air- way and haulageway, the wire line and manway, may have been sufficient when the distance from the entrance was a few hundred feet, but were inadequate when this was extended for thousands of feet.

Jan 1, 1937

IN the footnote on the first page of Prof. Stoek's paper, as printed in vol. xxviii. of the Transactions, I alluded to him, under an erroneous impression, for which he was in no way responsible, as " the present Director of the Scranton Schools." This incorrect statement placed him in a false position, as possibly having authorized the use of a title to which he had no claim. In fact, Prof. Stoek has never had any official connec-

Jan 1, 1900

By W. B. Jamison

Man's material advance from one level of civilization to the next has involved the development of new, more useful tools and the utilization of energy greater than he alone could produce. These two essentials for material progress have developed at an ever increasing rate in the last century. While the first really successful use of mechanical energy derived from burning fuel was in James Watt's steam engine which pumped water from coal mines in Cornwall about 1770, there was still very little use of mechanical energy in mining by 1900 except for pumping and hoisting. Compressed air, having some of the characteristics of steam and which operated engines not unlike steam engines or steam hammers, powered the first attempts to mine coal with energy greater than human muscle could provide. When direct current-powered traction cars replaced horse-drawn transportation cars on city streets, it was natural that direct current locomotives should begin to replace animal and human power in mine haulage. Slowly, trolley and battery locomotives were developed and introduced. With d-c systems being established for haulage, it was natural that improved cutting machines should be developed and powered by d-c motors. Thus began the years of

Jan 1, 1961

By Oliver M. W. Sprague

THIS gold problem is full of complications and can hardly be handled adequately or comprehensively in any short period of time. Perhaps I might begin by mentioning a few aspects of the subject about which I suppose there will be no disagreement. The first of these is that we already have a stock of monetary gold in the United States far in excess of what is needed to support any desirable increase in the present volume of currency and credit. The second is that this already superabundant gold stock is certain to be considerably enlarged during the course of the war, and presumably during the months of readjustment following its conclusion. Some billions of additional gold, we may reasonably presume, will come into the country during these next few years, thus increasing the aggregate monetary gold stock from the present eighteen billions to perhaps twenty- two or even twenty-five billion dollars.

Jan 1, 1940