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By T. Carl Shelton

The coal industry of the United States in 1967 had reasons to be both exuberant and concerned about its present and future role in the economy of the country. Continuing a momentum that began in the early 1960's, the industry has moved ahead in providing competitive customized products to strengthen its long-term domestic and foreign commitments, and has maintained with steady progress its position as a major supplier of energy. On the other hand, the industry must overcome air- water pollution and conservation-reclamation problems that have been identified by 1967 legislation. Throughout the year, the industry was characterized as "progressive," "healthy" and "dynamic." To have been termed a "growth industry" in 1967, is an accolade the coal industry can accept with pride. Culminating its efforts throughout the decade, the industry has emerged with a competitive image that is representative of its future strength.

Jan 2, 1968

By Henry G. Morris

The use of compressed air for the transmission of power has reached so great a development that we find numerous large establishments devoted to the manufacture of machinery for its production and application, and special periodicals published for the dissemination of information on the subject. Moreover, its employment is so general in mining operations that no apology is needed for the presentation to the Institute of such a paper as the present. The admirable articles of Mr. E. A. Rix, published in Conzpressed Air, show a wide range in the mechanical efficiency of air-compressors, varying, under different conditions, from 15 to 60 per cent.; and it is evident that any

Jan 1, 1902

By Samuel S. Wyer

The art of natural-gas compressing is now over 25 years old, and has grown at practically the same rate as the increase in domestic natural-gas consumers. There are now over 200 natural-gas compressing stations in North America, aggregating more than 320,000 hp. of compressor capacity and representing a property value of more than $22,000,000, and compressing more than 85 per cent. of all the gas used. The age and magnitude of the art make it evident that the use of gas compressors is a recognized integral part and universal custom of the natural-gas business. The public also is not without its rights and vital interests in this problem. Approximately 1,700,000 domestic natural-gas consumers in North America are dependent upon gas compressors for their natural-gas service. That is, if the use of compressors were to be prohibited, the majority of these consumers would be unable to secure adequate natural-gas service. Each consumer represents between four and five persons, and it therefore follows that the comfort and well-being—as far as natural-gas service is concerned—of at least 8,000,000 persons would be affected if the use of natural-gas compressors should be prohibited. These 1,700,000 consumers have invested, in services, house piping, fixtures, and appliances, an average of about $90 each, or an aggregate of $153,000,000, which is much more than the companies' investment in gas compressors. Furthermore, in all cases where the rate paid by the consumers is fair to the gas company—considering the value of the service rendered by the gas company—the consumers are entitled to continued service and protection of the investment they have made on the faith that the gas service would be continued in the future. Since "Customs adopted and acquiesced in, if not in conflict with federal or State legislation, have the force of positive law,"l and ('Courts will take notice of whatever ought to be generally known withxn the limits of their jurisdiction,"2 there ought to be no question as to the un-

Jan 1, 1916

By G. I. Madden, L. H. Van Vlack

WhEN basic refractories which contain peri-clase, MgO, are used in steel furnaces, they are altered by iron oxide to form magnesiowiistite, (Mg,Fe)O, and an iron-rich magnesioferrite, (Mg,Fe)Fe2O4. Silica, which is usually present, produces a silicate liquid that surrounds the solid phases. The individual crystalline grains of the above two solid phases grow at elevated temperatures. Previous papersL" showed that, if either periclase or magnesiowiistite is present as the only solid phase, its grain size increases in proportion to temperature and in proportion to the square root of time; the growth rate is reduced slightly if the amount of silicate liquid is increased. Similar results have been observed for iron-rich magnesioferrite.3 To determine the effect of the presence of two solid phases on the rate of grain growth, micro-structural studies have been made on samples containing both magnesiowustite and magnesioferrite. The experimental procedure was the same as that followed in the previous studies of this type.'12 Briefly, this included determination of compositions from the available phase relationships4 that would produce the two phases of interest at the firing temperature and using reagent-grade raw materials to prepare mixtures of these compositions. The mixtures were pressed into pellet-size samples and then fired at the desired time and temperature. The samples were water-quenched to preserve the microstructure present at the firing temperature. Standard reflected-light metallographic techniques were used for sample examination and sample analysis. Grain sizes were determined by measuring the mean diameter of a number of randomly selected grains in a two-dimensional microsection. A large cross section of the sample was covered to prevent biased data resulting from such effects as localized differences in the radius of curvature of the crystal grains. Examination indicates that grain growth is restricted when more than one solid phase is present. This is illustrated in Fig. 1 for: (a) magnesiowustite plus a silicate liquid; (b) magnesioferrite plus a silicate liquid; and (c) magnesiowiistite and magnesioferrite plus a silicate liquid. Fig. 2 plots the

Jan 1, 1964

By F. W. Bremmer

The experiments described in this paper constitute the preliminary work of an investigation outlined to determine the combined effects of steam and temperature on the endurance properties of certain steels. Essentially of a fundamental nature, it was found necessary, in order to make the investigation comprehensive, to test materials treated to give a wide range of properties. The work reported deals chiefly with nickel steel with one series of tests including nitriding steel. Such a study involves numerous variables, and requires an endurance-testing machine of rather special design. Testing Machines The testing machines used were designed by C. E. Weaver;l they are a modification of the White-Souther and McAdam types. Each was driven directly by an individual 1/2-hp. 115-volt direct-current motor, running at a speed of 2200 r.p.m. Fig. 1 shows the assembly drawing and Fig. 2, a photograph of one of the machines. Specimen B is held by the rotating specimen holder A inside the steam box F, which is closed at the top by a tight-fitting, elliptical cover G. The load is applied to the specimen through the rod D and bearing C. E is an oil pipe leading fromthe lubrication system to the bearing C. The steam, which comes from the power house, is admitted through an inlet (not shown in Fig. 1) at the side of the box, the drain being at the bottom. Steam packings were placed around the rod D and the rotating shaft at H, from which the water was drained by means of a vacuum, which usually showed a gage reading of about 10 in. The temperature was measured by a mercury thermometer, and the pressure by a steam gage. Method of Applying Load After the motor has been started and the specimen as a consequence put in rotation, the load is applied by placing the foot pedal A (Fig. 2) in contact with electromagnet B, the winding of which is connected electrically in series with the motor. This operation releases the support under the weights that constitute the load. By this means the load

Jan 1, 1930

By N. M. Langdon

ON account of its greater economy and cleanliness, and the extent to which iuferior fuels can be utilized for its generation, there has been of late a rapidly increasing tendency to substitute gaseous for solid fuel for metallurgical and other industrial purposes, which has led to various improvements both in the process and apparatus for its manufacture, notably among which may IN mentioned the Tessie Gas Producer* described by Mr. A. L. Holley. A considerable experience by the author with producers of various kinds using anthracite fuel, in connection with the Taylor ore-roast ing furnace at Chester, N. J., with more or less unsatisfactory resnlts, finally led to the erection of the experimental producer described below, which combines in its construction, simplicity, dorability, and accessibility for cleaning and removing the ash and manipulating the fuel. It is adapted to the use of various kinds of fuel, and is capa ble of generating a steady and uniform supply of gas at a minimum cost. It has been in constant use day and night for about five months, and has given very satisfactory results. The producer, as shown in the accompanying sketch, consists of a cylindrieal furnace, preferably inclosed in an iron jacket or casing, having a bosh or inverted cone-shaped base as in a blast furnace. It is provided with a bell and hopper, the bell being hung to a forked lever, and having guide flanges to prevent it from swing ing, and an opening at its apex through which to insert a bar for manipulating the fuel, which when not in use is closed with a plug or stopper. Cleaning is effected through two small doors placed opposite each other at the hearth level, which in order to facilitate the operation is elevated above the floor. The doors are removable, and when closed are by their own weight and by means of bevelled lugs held tightly against their frames, forming a practically tight joint. A blast of commingled steam and air is injected into the fuel through a series of tuyeres underneath the bosh communicating with steam jet injectors. A small flue also connects the door

Jan 1, 1884

By T. Busch, R. A. Dodd

The solubility of hydrogen in pure iron and pure nickel, and of nitrogen in pure iron, has been determined and agrees well with earlier data. Nitrogen is insoluble in pure nickel and cobalt. The solubility of nitrogen in Fe-Ni alloys also confirms earlier- work. The solubility of hydrogen in Fe-Ni alloys increases non-linearly with increase in nickel content, but the solubility of hydrogen in Ni-Co and Fe-Co alloys reaches a minimum at 75 and 50 at. pet, respectively. The solubility of nitrogen in Fe-Co alloys decreases approximately linearly with increase in. cobalt content. Nitrogen is insoluble in Ni-Co alloys. Determined interaction parameters are in good agreement with predictions of Gokcen and Ohlani. THE solubility of hydrogen and nitrogen in liquid iron and iron alloys has been studied by various investigators.'-l' The method of solubility measuremerit due to Sievertsl is usually preferred when the vapor pressures of the liquid components are sufficiently small, but other techniques such as sampling the equilibrated melt and then analyzing by vacuum fusion have been used quite often. Previously reported data on the solubility of hydrogen and nitrogen in ostensibly pure liquid iron are summarized in Table I; certain of the quoted results were obtained by interpolation of the published data. Agreement between the various investigators is only fair, indicative of the experimental difficulties involved in obtaining gas solubility data. The only report found on the solubility of hydrogen in pure nickel is that of Sieverts.2 The solubility of nitrogen in iron-nickel alloys has received some attention, 10, 11 the results indicating that the solubility decreases with increase in nickel content, becoming zero for pure nickel. There is no published information on the solubility of these gases in either pure cobalt or alloys containing cobalt EXPERIMENTAL PROCEDURE Sieverts' method of solubility measurement was used throughout the investigation. The construction of the melting chamber is somewhat different from A. Optical pyrometer F. Alundum cover B. Vycor chamber G. Alumina crucible C. Furnace coils H. Alundum sand D. Glass water jacket I . Alundum thimble E. Chamber support J . Detachable vycor base sealed with de Khotinsky cement

Jan 1, 1961

By WALTER CARROLL

Between cross currents of economic factors and international expediencies the iron and steel industry in 1948 made an outstanding contribution to the general economic picture. Were it not for an unfortunate episode during the month of April involving a temporary shortage of coal, 1948 would have been an all-time record year in output. Exceeded in no previous peacetime year, the production of iron and steel in 1948 totaled some 88,500,000 tons. That it was a worthwhile effort of no small magnitude is evidenced by the fact that in three and one half years following the war, this nation has produced as much steel as in the five years preceding the war. This figure of 88,500,000 tons is 68 per cent greater than that for 1939.

Jan 1, 1949

By Harry H. Power

WORK of the Committee on Education of the Petroleum Division has been under way for approximately-one year. Although some progress has been made, further activities of the Committee are necessary in order to discuss mutual problems more thoroughly by a unified group interested primarily in this field of specialization.

Jan 1, 1944

By A. C. Butterworth

M OST operators of open-pit mines in the Lake Superior iron ore district are quite familiar with the use of fuel oil in the heavy-duty Diesel engines commonly used in truck-haulage service but some operators, including my own company, Pickands Mather, have had butane-engine trucks in service for several years, and less is known of their operation. One of the first installations of trucks for iron-ore haulage was in 1939 at a deep open-pit mine on the Cuyuna Range. These superseded standard-gauge steam haulage. Trucks then obtainable were equipped with 150-hp Diesel engines, and the speed of these units on an 8 % grade would have been so slow, considering the depth of the pit, that plans for an all-truck haul out of the pit were rejected. About this time one of the engine manufacturers brought out an auto-

Jan 1, 1948

By J. R. Linney

THE Eastern magnetite industry has not failed in its contribution to the war program during the past year. Man-power shortage was the critical problem in maintaining production and for the last half of the year, owing to lack of man power, it was necessary for some mines to change from seven to six days per week schedule. At Cornwall, Pa., the mine operated by the Bethlehem Steel Co. produced approximately 2,000,000 tons of crude ore and 1,200,000 tons of iron ore concentrates, a decrease of about 10 per-cent compared with the previous year. Railroad haulage in the open-pit at this mine was discontinued, being replaced by Mack trucks of approximately 30 tons' capacity. At the Mt. Hope mine in New Jersey, the Warren Foundry and Pipe Corp. produced about 195,000 long tons of crude ore obtaining 70.000 long tons of lump ore and 35,800 long tons of concentrates. An additional 24,500 long tons of concentrates was produced from a stock pile of 47.000 long tons of crude ore accumulated during the latter half of 1943, following the fire in their old dry mill. All of this material was handled through their Brown

Jan 1, 1945

Lake Superior Meeting . PAGE Gathmann, Emil.-Casting and Molding Steel Ingots. Discussed by J. W. Richards.. 2 McCaffery, R. S.-The Acid Bessemer Process. Discussed by Bradley Stoughton, J. W. Richards 3 Elliott, S. R.-Athens System of Mining. Discussed by F. W. Sperr, Lucien Eaton 4 Mercer, H. T. and Paulson, A. C.-Handling and Treatment of Rock-drill Steel at Copper Range Mines. Discussed by Harrison Souder, H. T. Mercer, W. H. Schacht, C. M. Haight 5 Hayden, J. E. and Eaton, Lucien.-Building Reinforced-concrete Shaft Houses. Discussed by William Kelly, T. L. Condron, Lucien Eaton 7 Eaton, Lucien.-Mechanical Ventilation at Lake Mine. Discussed by C. A. Mitke 8 Schacht, W. H.-Steam Regenerators Reduce Coal Consumption. Discussed by 0. P. Hood, W. H. Schacht ? 9 Linton, Robert.-Standardizing at North Butte Mining Co. Discussed by Grant H. Tod, C. A. Mitke 10 Smith, H. DeWitt and Sirdevan, W. H.-Mining Methods and Costs at United Verde Mine. Discussed by C. A. Mitke 12 Davy, Myron A.-Reflecting Microscope for the Mining Engineer. Discussed by C. P. Berkey, W. A. Rukeyser 14 , Norden, J. A. and Willson, A. R.-Hoisting Equipment at Utah-Apex Mining Co. Discussed by E. M. Norris 17 Aldrich, H. R.-The Dip Needle in Stratigraphy. Discussed by H. R. Aldrich, W. 0. Hotchkiss, Carl Zapffe, E. A. Kronquist 18

Jan 1, 1921

[59H1-Water Law and Its Significance to the Mining Industry by Wells A Hutchins 59H2-Relation of Land Subsidence to Groundwater Withdrawals in the Upper Gulf Coast Region, Texas by Leonard A Wood and A G Winslow 59F3-Hydraulic Mining of Gilsonite and Its Application to Coal Mining by J H Baker 59H4-Recovery of Phosphates by In Situ Fluid Mining by Sylvain J Pirson 59F5-Coal Cleaning Plant Design for Minimum Operating Labor by Wm M Bertholf and John D Price 59F6-Coke Combustibility A Neglected Characteristic by J D Price 59B7-Union Carbide's Uranium Operation at Maybell, Colorado by K W Lentz and F T Temple 59H8-A Rapid Method for Estimating Alumina in Feldspathic Sands by Hugh H Bein 59H9-Water Laws as Related to Dredging in Idaho by Robert A Lothrop, Richard B Porter, and Robert P Porter 58B19-Separation and Washing of Alumina Process Residue by Morton Handelman 59B11-Feed Preparation and Froth Modification for Fatty Acid Flotation by Carl C Martin and Burt C Mariacher 59B12-Design Requirements for Tailing Disposal in the Southwest by E Vern Given 59B13-Semi-Dome Shaped Buildings for Bulk Storage by Edward E Ives and William L Payne]

Jan 1, 1961

By Tedsen L. F., Dorn J. E., A. E. Flanigan

since aluminum-alloy sheet may be used occasionally at moderately elevated ternperatures, the effects of temperature on the mechanical properties are of interest. Recently the short-time tensile properties of several high-strength materials have been studied at temperatures up to 3750°F.l This paper deals with stress-rupture and creep properties at the same temperatures. The work was done at the University of California as a portion of the project NRC-548. It was financed by the War Production Board and was supervised by the Office of Production Research and Development. This paper has been released for publication by the latter agency. The following materials were studied, all in the form of 0.040-in. sheet: Alclad 24s-T Alclad 24s-T8I Alclad 24s-T86 Alclad 75s-T R3oI-T (clad) Specimens were loaded in tension in the cross-grain direction. Testing temperatures included 94°F., 2II°F., 300°F., and 375°F. Stress levels were selected to cause rupture in times ranging from several minutes to 1000 hr. In each test the following data were obtained: (I) fracture time, (2) elongation at fracture, (3) the complete strain-versus-time curve (creep curve), (4) creep rate (defined in a later section). Materials Materials for specimens were obtained from the manufacturers' commercial

Jan 1, 1947

By Tedsen L. F., Dorn J. E., A. E. Flanigan

since aluminum-alloy sheet may be used occasionally at moderately elevated ternperatures, the effects of temperature on the mechanical properties are of interest. Recently the short-time tensile properties of several high-strength materials have been studied at temperatures up to 3750°F.l This paper deals with stress-rupture and creep properties at the same temperatures. The work was done at the University of California as a portion of the project NRC-548. It was financed by the War Production Board and was supervised by the Office of Production Research and Development. This paper has been released for publication by the latter agency. The following materials were studied, all in the form of 0.040-in. sheet: Alclad 24s-T Alclad 24s-T8I Alclad 24s-T86 Alclad 75s-T R3oI-T (clad) Specimens were loaded in tension in the cross-grain direction. Testing temperatures included 94°F., 2II°F., 300°F., and 375°F. Stress levels were selected to cause rupture in times ranging from several minutes to 1000 hr. In each test the following data were obtained: (I) fracture time, (2) elongation at fracture, (3) the complete strain-versus-time curve (creep curve), (4) creep rate (defined in a later section). Materials Materials for specimens were obtained from the manufacturers' commercial

Jan 1, 1947

The 128th meeting of the American Institute of Mining and Metallurgical Engineers constituted a two weeks trip through the Great Northland of Ontario and Quebec and was a most memorable occasion. The last visit of the Institute to Canada was made in 1907 when the mines, which now have brought world wide fame to some of the camps, were not yet dis-covered. The party reached its greatest numbers at Porcupine where 167 visitors and nearly one hundred local members participated. Five members of the party from the States were on the previous trip in 1907. They were Mr. and Mrs. L. D. Huntoon, John Stevenson and son and E. F. Eurich. The Minister of Mines for the Province of Ontario attached his private car to the "Mining Engineers' Special" and made the complete trip through Ontario. This was a happy incident in many ways and gave the visitors an opportunity to discover a spirit of mutual accord between the Minister and mining industry that might well be emulated elsewhere. Two compartment cars and one standard Pullman with the Institute members from New York and the metropolitan district were attached special to the 6.15 p.m. Lehigh Valley train from New York, Sunday, Aug. 19, en route to Toronto, where was held the first session of the Institute's 128th Meeting.

Jan 9, 1923

By AIME

AS the Petroleum Division rounds off the first quarter century since its evolution from technical committee status, there steps to the long line of notable men who have presided over its activities a young man, currently of Tulsa, one Herbert F. Beardmore by name. For one year, as Chairman for 1946, the Division will be his oyster. hi; baby, his responsibility. "Herb" Beardmore was born at Columbus, Ohio, Feb. 6, 1904, and lived there until he was thirteen. Then his family moved to Oklahoma City, and later sent him to the University of Oklahoma, where he graduated in 1925 with a B.S. in engineering geology. His final year in college was the first year in which a petroleum engineering course was taught at the school. Since his course of study so closely paralleled that of a petroleum engineer, he has frequently been spoken of as the first petroleum engineering graduate from the University of Oklahoma. Out of college he went to work as an oil-field roustabout in the Ranger, Texas, field for Jake L. Hamon. This work consisted of all manual labor phases of cable-tool operation and beam-pumping of oil wells. He moved in 1926 to Bartlesville, to become a gas engineer for the Indian Territory Illuminating Oil Co., where he was employed in gas-well drilling, gas production, and transportation, mostly in Osage County, Oklahoma.

Jan 1, 1946

By D. D. Pollock

The resistivity, temperature coefficient of resistance, and absolute thermoelectric properties of some binary terminal solid solutions of silver were determined. Equations are given which permit the calculation of these properties. CONSIDERABLE work has been done on the constitution and electrical conductivity of binary alloys of silver.1-l2 Some of these alloy studies are apparently complicated by doubtful chemical analyses. In some cases the limits of solid solubility are questionable. Those references which present electrical properties of binary silver alloys usually give just one particular set of characteristics such as conductivity (or resistivity). As a means of checking and extending this earlier work, an investigation was undertaken to describe and calculate the resistivity, temperature coefficient of resistance, and thermoelectric power of binary terminal solid solutions of silver. PREPARATION OF ALLOYS All of the alloys were made with silver containing less than 0.014 pet (by weight) of impurities. These materials were carefully weighed out into 225-g heats and melted in a high-frequency induction furnace. The indium, tin, and antimony systems were melted in Al2O3 crucibles, under a boric anhydride cover, and poured into split graphite finger molds. The aluminum, germanium, arsenic, lead, and bismuth alloys were melted in machined graphite crucibles, and they were also covered with boric anhydride and poured into split graphite finger molds. The alloys containing magnesium and manganese

Jan 1, 1964

By Peter M. Fozzard

The San Bartolomt silver deposit was discovered by a United Nations team of geologists working with a counter- part team of staff of the Ecuadorian Government's General Directorate of Geology and Mines (DGGM). The Phase I project over five areas of operation during which this discovery was made was financed through a United Nations Development Program contribution of $860,000 and an Ecuadorian Government participation of about $680,000 equivalent. Existence of mineralization at San Bartolomé was first recognized in 1966 when a reconnaissance geochemical stream-sediment program was carried out over a 10 500 km2 (4,054 sq mile) area centered around the city of Cuenca in southern Ecuador. Over the course of this project more than 10,000 samples of stream-sediment, soil, and rock materials were collected. Average costs per sample were $10.00, as follows: collection, $5; sample preparation, $1.60; assay work, $3.40. Initially in the program (1965-1966) sediments were collected along all motorable roads and tracks. Routine analyses, originally by colorimetry and later by AAS, were for Cu, Pb, Zn and occasionally As, Ni, and Co. Discovery geochemical samples from the San Bartolomé drainage area were among the first to be taken in 1965. As luck would have it, the road along which this traverse was taken passes only some 100 m (328 ft) downstream from the mineralized suboutcrop. The relevant two streams sampled are of inconsequential size, some 1 m (3.3 ft) in width, with a limited flow volume throughout the year. Original anomalies were recognized through cold-extractable Cu/Zn analyses. The pH of all river waters was also recorded at sample sites. Resampling the discovery sediments when AAS became available showed total extractable values of between 150 ppm-300 ppm Zn, 550 ppm Pb, and 10 ppm Ag. In 1967 the first followup was by rough-and-ready means. Dithizone field-kits (THM) were used to rapidly test soils from the surrounding area. The area has no outcrop. This work allowed the definition of an area of interest of some 2 km (1.2 miles) x 500 m (1640 ft). Six approximately 1 km (0.6 mile) to 1.5 km (0.9 miles) lines spaced at approximate 250 m (820 ft) intervals were established and used for IP surveys and soil sampling at 50 m (164 ft) intervals. Where one of the lines crossed the westernmost geochemical discovery creek a first-priority geophysical anomaly coincided with a major Zn/Pb (and later Ag) soil anomaly. A pit was sunk and encountered mineralized vein material at a depth of 1.5 m (5 ft). This lucky glory hole confirmed the geochemical discovery and prompted systematic followup. Immediately, costeaning of the west bank of the discovery creek, the Quebrada Ocashuaico, was carried out and exposed weathered and leached mineralization. Nearly 100 mineralized veinlets ranging in thickness from 0.5 cm (0.2 in.) to 8 cm (3 in.) were exposed across the 180 m (59 1 ft) costean. Sixty mineralized veinlets were determined over a 90 m (295 ft) wide zone. Sampling delineated minable widths averaging between 0.16 and 0.31 kg/t (5 and 10 oz per st) Ag with associated copper (very sporadic) lead and zinc. Over the period 1968- 1972 a considerable amount of detailed work was completed: detailed IP, EM Turam, magnetic and mise-a-la-masse geophysics, very detailed soil- sampling, trenching, drilling and glory-hole drifting, and cross-cutting. Numerous problems were encountered: the area was found to be a most difficult geoelectrical target; zero outcrop; pyrite (nonargentiferous zones) associated with faulting; mineralized groundwater; extensive clay development; loss of diamond drill-core, and no two-dimensional surface information. As the program developed the complexity of the structure was slowly unravelled, using a degree of good guesswork. Apart from photogeological and ground geological mapping at various scales, the following

Jan 1, 1985

By Robert :H. . Lesemann

I recently gave a talk at a seminar on mine development in the Eighties. I had to present CRU' s long-range market outlook for copper, lead, zinc, nickel, molybdenum and silver. In reviewing the recent history of each metal, and our projections, I tried to find some common pattern of behavior that could prove a guide in projecting future market behavior. When you sweep aside your input-output models and econometric equations, what you seem to be left with is this: "When a market goes through a prolonged period of price weakness, you can usually look forward to a period of considerable improvement. " "When a market goes through a prolonged period of price strength, you can always anticipate a prolonged period of price weakness." Stated another way, "The better things are, the worse they will get."

Jan 1, 1982