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By B. H. Sage

IN recent years there has been an increase of interest in the flow of gases at relatively high pressures. Hydrodynamic calculation of the energy losses in the flow of gases in conduits, as well as through the porous solid materials constituting natural petroleum reservoirs, requires a knowledge of the viscosity of the fluid at the pressure and temperature involved. Although there are numerous publications concerning the absolute viscosity? of hydrocarbon gases at atmospheric pressure, there appears to be little information available relating to the effect of pressure upon the viscosity of these gases. Vogel28 determined the viscosity of methane at 32° F. and atmospheric pressure. His measurements at 32° F. were later substantiated by the measurements of Rankine and Smith17 at 63° and 212° F. Ishida12 also reported values for the viscosity of methane at atmospheric pressure. Trautz and Kurz26 measured the viscosity of propane at atmospheric pressure, from 83° to 530° F., by the use of a short capillary tube. Rap-penecker18 determined the viscosity of gaseous isopentane at elevated temperatures. Day' made an accurate investigation of the effect of pressure upon the viscosity of n-pentane and isopentane at pressures from 2 lb. per sq. in. ? to the vapor pressure at 77° F. (approximately 9.8 and 13.3 lb. per sq. in., respectively). Earhart5 reported data upon the viscosity of several natural gases measured by the long capillary-tube method. The viscosity of air, at atmospheric pressure and 73.4° F., was measured by Harrington7 by the rotating-cylinder method. Kellstrom13 has recently made an elaborate investigation of the viscosity of air at atmospheric pressure. The latter work is perhaps the most accurate investigation of the viscosity of a gas that has been made. .

Jan 1, 1937

By E. W. Henderson

Development work in the state of Utah in 1935 consisted of additional work done on wildcat tests started in previous years and on a number of new wildcat tests started during the year. No effort was made to extend areas or to discover deeper productive horizons in proven fields. Principal areas of development were in Daggett County, northeastern Utah; Grand and Emery counties, east-central Utah; and in Washington County, southwestern Utah. Daggett County Clay Basin.—The Mountain Fuel Supply Co. deepened Murphy No. 2, sec. 21, T.3N., R.24E., from 6030 to 6790 ft. for a test of the Sundance formation. Two sandstone members at 6520 to 6644 ft. and 6737 to 6790 ft. contained water. The hole was plugged back to 5860 ft. and left as a future gas supply for the Salt Lake City-Ogden pipe line. The failure of the Sundance formation to produce in this test, in view of the recent Sundance discoveries in Colorado arid Wyoming, was disappointing Emery County Last Chance.—-Thc wildcat test of the Rainsey Petroleum Corporn-tion, Well No. 1-X, sec. 18, T.26S., R.7E., completed plugging back from total depth of 3168 ft. to 2771 ft. and was shut in as a gas well. A gas sand at 2724 to 2771 ft. produced approximately 21 million cubic fert. A deep test of the structure will be started upon approval of a wit plan of development. Grand County Cisco.—-The wildcat test of the Utah Southern Oil Co., sec. 33, T.22S., R.22E., of which the total depth was 1720 ft. on Dec. 31, 1935, is the most interesting operation ill the state. Location of the test was deter-

Jan 1, 1936

By E. W. Henderson

Development work in the state of Utah in 1935 consisted of additional work done on wildcat tests started in previous years and on a number of new wildcat tests started during the year. No effort was made to extend areas or to discover deeper productive horizons in proven fields. Principal areas of development were in Daggett County, northeastern Utah; Grand and Emery counties, east-central Utah; and in Washington County, southwestern Utah. Daggett County Clay Basin.—The Mountain Fuel Supply Co. deepened Murphy No. 2, sec. 21, T.3N., R.24E., from 6030 to 6790 ft. for a test of the Sundance formation. Two sandstone members at 6520 to 6644 ft. and 6737 to 6790 ft. contained water. The hole was plugged back to 5860 ft. and left as a future gas supply for the Salt Lake City-Ogden pipe line. The failure of the Sundance formation to produce in this test, in view of the recent Sundance discoveries in Colorado arid Wyoming, was disappointing Emery County Last Chance.—-Thc wildcat test of the Rainsey Petroleum Corporn-tion, Well No. 1-X, sec. 18, T.26S., R.7E., completed plugging back from total depth of 3168 ft. to 2771 ft. and was shut in as a gas well. A gas sand at 2724 to 2771 ft. produced approximately 21 million cubic fert. A deep test of the structure will be started upon approval of a wit plan of development. Grand County Cisco.—-The wildcat test of the Utah Southern Oil Co., sec. 33, T.22S., R.22E., of which the total depth was 1720 ft. on Dec. 31, 1935, is the most interesting operation ill the state. Location of the test was deter-

Jan 1, 1936

By J. C. Reed, J. M. Hansell

Cinnabar was discovered in southwestern Arkansas on Little Missouri River in sec. 1, T.7S., R.26W., in April, 1930, and near Antoine Creek in sec. 28, T.6S., R.23W., some 15 miles farther east in May of the same year. It was not, however, until June, 1931, that cinnabar was identified as such in a specimen from the original discovery area sent to W. M. Weigell by Walter F. Hintze of Murfreesboro. Almost simultaneously2, in July, 1931, Moritz Norden of Hot Springs identified specimens from the Antoine Creek area as cinnabar. Immediate interest in the district followed the identification of cinnabar and by January, 1932, the district was known to extend as a mineralized belt about one mile wide trending east-northeast from sec. 13, T.7S., R.27W., in Howard County across central Pike County and into Clark County to sec. 19, T.6S., R.23W., thence extending southeast into sections 33 and 34 of the same township. Since then, cinnabar has been found in sec. 6, T.7S., R.22W., thus giving a total east-west length to the district of approximately 30 miles. Interest focused mainly on the two discovery areas, with the result that mining development has progressed most rapidly in those localities. In the Antoine Creek area the Arkansas Quicksilver Co. has done considerable exploration work and has retorted the high-grade ore so obtained. In the Little Missouri area the Southwestern Quicksilver Co. has had a 12-ton rotary furnace in more or less continuous operation since April, 1932, and has been the largest producer in the district. In March, 1934, the United States Geological Survey began a study of the Arkansas quicksilver district, which was made possible by an allotment of funds from the Public Works Administration. Until

Jan 1, 1935

By J. C. Reed, J. M. Hansell

Cinnabar was discovered in southwestern Arkansas on Little Missouri River in sec. 1, T.7S., R.26W., in April, 1930, and near Antoine Creek in sec. 28, T.6S., R.23W., some 15 miles farther east in May of the same year. It was not, however, until June, 1931, that cinnabar was identified as such in a specimen from the original discovery area sent to W. M. Weigell by Walter F. Hintze of Murfreesboro. Almost simultaneously2, in July, 1931, Moritz Norden of Hot Springs identified specimens from the Antoine Creek area as cinnabar. Immediate interest in the district followed the identification of cinnabar and by January, 1932, the district was known to extend as a mineralized belt about one mile wide trending east-northeast from sec. 13, T.7S., R.27W., in Howard County across central Pike County and into Clark County to sec. 19, T.6S., R.23W., thence extending southeast into sections 33 and 34 of the same township. Since then, cinnabar has been found in sec. 6, T.7S., R.22W., thus giving a total east-west length to the district of approximately 30 miles. Interest focused mainly on the two discovery areas, with the result that mining development has progressed most rapidly in those localities. In the Antoine Creek area the Arkansas Quicksilver Co. has done considerable exploration work and has retorted the high-grade ore so obtained. In the Little Missouri area the Southwestern Quicksilver Co. has had a 12-ton rotary furnace in more or less continuous operation since April, 1932, and has been the largest producer in the district. In March, 1934, the United States Geological Survey began a study of the Arkansas quicksilver district, which was made possible by an allotment of funds from the Public Works Administration. Until

Jan 1, 1935

Cinnabar was discovered in southwestern Arkansas on Little Missouri River in sec. 1, T.7S., R.26W., in April, 1930, and near Antoine Creek in sec. 28, T.6S., R.23W., some 15 miles farther east in May of the same year. It was not, however, until June, 1931, that cinnabar was identified as such in a specimen from the original discovery area sent to W. M. Weigell by Walter F. Hintze of Murfreesboro. Almost simultaneously2, in July, 1931, Moritz Norden of Hot Springs identified specimens from the Antoine Creek area as cinnabar. Immediate interest in the district followed the identification of cinnabar and by January, 1932, the district was known to extend as a mineralized belt about one mile wide trending east-northeast from sec. 13, T.7S., R.27W., in Howard County across central Pike County and into Clark County to sec. 19, T.6S., R.23W., thence extending southeast into sections 33 and 34 of the same township. Since then, cinnabar has been found in sec. 6, T.7S., R.22W., thus giving a total east-west length to the district of approximately 30 miles. Interest focused mainly on the two discovery areas, with the result that mining development has progressed most rapidly in those localities. In the Antoine Creek area the Arkansas Quicksilver Co. has done considerable exploration work and has retorted the high-grade ore so obtained. In the Little Missouri area the Southwestern Quicksilver Co. has had a 12-ton rotary furnace in more or less continuous operation since April, 1932, and has been the largest producer in the district. In March, 1934, the United States Geological Survey began a study of the Arkansas quicksilver district, which was made possible by an allotment of funds from the Public Works Administration. Until

Jan 1, 1935

By J. C. Reed, J. M. Hansell

Cinnabar was discovered in southwestern Arkansas on Little Missouri River in sec. 1, T.7S., R.26W., in April, 1930, and near Antoine Creek in sec. 28, T.6S., R.23W., some 15 miles farther east in May of the same year. It was not, however, until June, 1931, that cinnabar was identified as such in a specimen from the original discovery area sent to W. M. Weigell by Walter F. Hintze of Murfreesboro. Almost simultaneously2, in July, 1931, Moritz Norden of Hot Springs identified specimens from the Antoine Creek area as cinnabar. Immediate interest in the district followed the identification of cinnabar and by January, 1932, the district was known to extend as a mineralized belt about one mile wide trending east-northeast from sec. 13, T.7S., R.27W., in Howard County across central Pike County and into Clark County to sec. 19, T.6S., R.23W., thence extending southeast into sections 33 and 34 of the same township. Since then, cinnabar has been found in sec. 6, T.7S., R.22W., thus giving a total east-west length to the district of approximately 30 miles. Interest focused mainly on the two discovery areas, with the result that mining development has progressed most rapidly in those localities. In the Antoine Creek area the Arkansas Quicksilver Co. has done considerable exploration work and has retorted the high-grade ore so obtained. In the Little Missouri area the Southwestern Quicksilver Co. has had a 12-ton rotary furnace in more or less continuous operation since April, 1932, and has been the largest producer in the district. In March, 1934, the United States Geological Survey began a study of the Arkansas quicksilver district, which was made possible by an allotment of funds from the Public Works Administration. Until

Jan 1, 1935

By Arthur Mackwell

The role of the precious metals is changing rapidly. They are becoming primarily materials of modern industry, and their decorative and monetary functions are diminishing in relative importance. Certainly gold is still the premier metal for jewelry, as silver is for silverware. But these uses are not growing nearly so fast as are the uses of these metals in a variety of industries. This is even more true of the platinum metals. Moreover, this is true despite the fact that the precious metals are highly expensive and liable to substitution by the base metals in cases where this is feasible. For the fact is that the physical and chemical properties of the precious metals make them relatively invulnerable to substitution; where they can be replaced by the base metals, they have been, and the opportunity for further substitution is, therefore, limited. SILVER In November 1969 the United States Treasury stopped minting the only remaining coin with any silver content. That was the silver-clad Kennedy half dollar, which had a silver content of approximately 40%. The step was taken out of necessity, because of the rising shortfall between world mine production and consumption. It was important to divert the 35 to 40 million oz of silver per year used for the minting of this coin into the open market, where it would be available for industrial consumption. This decision was important, not only for its practical effect but also for what it symbolized. Only four years earlier, in 1965, the Treasury had used 320 million oz of silver" for the full range of coinage. Now not an ounce of silver goes into the United States coinage. The reason is simple and yet complicated. For many years the U.S. Treasury had purchased silver at prices which provided a subsidy to domestic producers. As a result, silver producers were eager to sell to the Treasury, and that agency built up a huge supply of the metal -almost 2 billion oz by- 1961. But, as the free-market price neared $1.29, the basic melt value of the coinage, the Treasury became a seller of silver, not a buyer, and its stock was depleted rapidly. The Treasury lost more :than a billion ounces of silver in the years 1962 through 1965, and it continued to lose silver, both through coinage and through sales to consumers, through 1969. The Government continued to sell silver to consumers at the rate of 1.5 million oz a week, even after terminating the 40% silver Kennedy half dollar. But it was apparent that the Government stocks could last no more

Jan 1, 1976

By Anthony William Deller

MAJOR battles in the present war have been fought in American research laboratories. Without the outstanding contributions made by our scientists, engineers, and technologists in mining and metallurgy, many of our achievements in the present war would have been impossible. All recognize the fact that modern research has found the answer to problems which seemed insuperable. For the duration, many of these inventions must be maintained as war secrets. But aside from these, the record of accomplishment in peace and war, especially in the past few decades, known to all, demonstrates what scientific and industrial research can accomplish. It may be regarded as axiomatic that the development of modern industry is based principally upon research devoted to making inventions and discoveries. We have come a long way from the sixteenth century, when Agricola published his classical "De Re Metallica:" With our vastly increased knowledge we are now commercially producing dozens of metals entirely unknown at that time. Further, with our modern methods of research and development, a large number of invaluable alloy compositions have been produced. These include numerous age-hardenable alloys, cupronickels, "Everbrite", "Everdur", "Duralumin", "Elinvar", "Hastelloy", "Inconel", "Invar", "Monel", "Ni-chrome", "Ni-Hard", "Ni-Resist", "Permaloy", "Silcrome", stainless steels and irons and other alloy steels, "Stellite", and zinc die-casting alloys.

Jan 1, 1945

At the meeting of the Board of Directors of the Institute on Jan. 26, 1917, the following actions were taken: Messrs. A. C. Clark, Lawrence Addicks and G. D. Van Arsdale were appointed Tellers to count ballots for Officers and Directors. Messrs. T. T. Read, V. S. Harper, and. E. J. Hall were appointed Tellers to count ballots on revised spelling. The Finance Committee's audit for the year 1916 was approved and ordered filed. The Report of the Finance Committee upon the method of raising this Institute's share of the deficit on the additions to the building was approved and accepted. Upon the recommendation of the Secretary, increases in the salaries of some of the employees were approved. The St. Louis Section received an appropriation of $200 for the year 1917. The Columbia Section received an appropriation of $150 for the year 1917. The Montana Section received an appropriation of $100 for the year 1917. The Colorado Section received an appropriation of $175 for the year 1917. The Utah Section received an appropriation of $125 for the year 1917. The Puget Sound Section received a set of Transactions in standard binding. The International Engineering Congress received a loan of $300 until the Congress can realize upon some of its assets.

Jan 3, 1917

By J. A. SINGMASTERN

THE New Jersey Zinc Co.'s vertical retort plants are believed to have been in continuous operation through the whole year. At Palmerton metal purer than that made from the same ore in the old plant has been produced and has been able to compete successfully with very pure electrolytic metal in die castings and other special uses where extreme purity is worth money. A new plant using this process was put in production by the Grasselli Chemical Co. at Meadowbrook, W. Va., early in the summer. It is said to be working very satisfactorily. It is understood that this plant will not produce high-grade metal. Two patents issued to Bunce and Mahler (Nos. 1,749,126 and 1,749,127) describe a method of operating the vertical retort so that practically lead-free metal can be obtained from ores containing consider- able lead. The zinc vapors and other gases leaving the reaction zone are filtered through a column of material maintained at a temperature high enough to prevent much zinc from condensing. The filtering medium is either periodically or continuously changed.

Jan 1, 1931

By J. Greenspan

The anisotropy of fracture and slip, that is, the brittleness and ductility of the beryllium single crystal, is characteristic also of po1ycrystalline beryllium in which the grains are oriented in a preferred manner. Beryllium with grain orientations resulting from hot working either unidirectionally or bidirectionally is ductile or brittle in directions given by the anisotropy and orientation of the grains. Textures developed from various hot-working sequences are given, and tensile results are correlated with textures. Not only texture, but fine grain size is necessary for obtaining high tensile elongation. Ultimate tensile strength and elongation are both correlated with grain diameter. Of particular interest is the case in which unusually high tensile elongations of 30 to 40 pct are obtained when basal planes are oriented to carry THE beryllium crystal (of nominal purity) is probably unique among metals with respect to its unusually acute anisotropy of slip and fracture. While extensive slip can occur on the system (1010) [ll20] starting at about 19,000 psi, the (0001) plane is particularly vulnerable to fracture at 4500 psi or less. Fracture occurs also on the (11zo) plane at about 26,000 psi.1"3 Further, there seems to be no other slip System which contributes significantly to

Jan 1, 1960

By Thomas T., Read

IT will be recalled that when educational instruction for the mineral industry began at Freiberg, at the beginning of the eighteenth century, the original aim was to organize and systematize the procedures previously followed by young men in gaining -familiarity with the technology then in use. There must have been many other ideas current, even then, as to just what a young man needed to learn in order to become capable of assuming 'responsibility for the supervision and direction of such technical work. The problem in Europe was decidedly different .from that in nineteenth-century America, because some of the European mines were actually owned and operated by the governing authority and the others were supervised, regulated, and taxed by it. The American problem was the e5cient performance of technical operations; the European one was regulatory supervision. It was natural, therefore, that in the development of educational processes in Europe stress was laid on those factors which conserved and protected the interests of the state. The study of mineralogy and geology, leading to correct judgments as to the workability and value of mineral deposits; assaying, which gave the means of quantitative measurements, as did surveying; chemistry, which furnished a better basis of understanding for assaying, mineralogy, and geology; and physics and mathematics, which are the bases for the understanding and efficient use of mechanical appliances, became the core of systematic instruction, for the mineral industry. It was early recognized that men could learn more than was already known about all of these subjects and education took on that dichotomy which still characterizes it; the teaching of established knowledge to the unlearned, and that of extending of the bounds of knowledge, now loosely termed research, which after two and a half centuries of work still shows

Jan 1, 1941

By AIME AIME

WILBER JUDSON is one of that fairly large group of mining engineers that graduated at an Eastern college, worked his way up in various jobs in the West and in the Latin-American countries, and finally came to New York as an administrative officer of a large mining company. Since coming to New York he has been a loyal friend and counselor of the A.I.M.E., and is now serving a second term as one of its Directors, his first term covering the period 1935-1938. Mr. Judson was born in the capital city of Michigan on July 26, 1880. Probably it was his roving spirit rather than professorial urging that was responsible for the fact that four colleges were responsible for his education: Northwestern, University of Michigan, Harvard (S.B., 1901), and the Michigan College of Mines (graduate study). In his first ten years of professional work he might have been found serving as mine foreman at Catamarca in the Argentine, as superintendent of the Inter Ocean mine at Sunshine, Colo.. as foreman for the Cerro Prieto, Magdalena, Sonora, as superintendent of the Hudson Iron Co. in New York, or as manager of the Dolores mine in Chihuahua for the Mines Co. of America, or in Spain, or in Panama.

Jan 1, 1942

By H. W. Gillett

CLYDE WILLIAMS has reminded me that in the fall of 1929, gave, in MINING AND METALLURGY, an account of the hopes and aspirations of Battelle Memorial Institute, which was then just swinging into initial operation; and that therein I remarked that B.M.I. should stand, as well, for Better Metallurgical Industries, since helping to better them was the Institute's aim. So he has suggested that some of the betterments of the past fifteen years might well be listed. A yearly summary of progress comes pretty close to the ultimate in futility, for everything proved of value in that year had its inception in earlier years, and everything really new has still to be proved. Plenty of things hailed as wonderful achievements for that year, by some enthusiasts invited to contribute to the summary, turn out in later years to be inglorious flops. But over a decade and a half, betterments that are really such become self-evident, and recounting some of them can be done without guesswork or wishful thinking. An inventory of what was known and utilized in 1929 compared to what is now known and used is not too hard to make. Perhaps the most clear-cut picture of what is known and used at a certain date is drawn by the handbooks, textbooks, and equipment catalogs of that date, with scientific periodical literature forecasting what knowledge may later be used when it is verified and assimilated. The tools available for production or for research limit the application of old and the finding of new knowledge.

Jan 1, 1945

By C. Richard Tinsley

INTRODUCTION The economic analysis (Chapter 3), the engineering studies (Chapter 10), the credit structure (and the consequential funding sources) - Chapter 11, and the overall feasibility structure for any venture are all directed to determining one major decision element: How much and how certain is the reward for taking these risks? Risk assessment is a surprisingly weak area of analysis and is usually addressed in a checklist fashion. It is much preferable to deal within a risk system so that the inevitable tradeoffs among risks are correctly made. DEFINITION The first step toward risk definition must be to ascertain all of the risks to which a project or a company is exposed; otherwise one will remain ignorant of the possibility of a financially crippling loss until it occurs. (Carter and Crockford, 1974). However, simply stating what "risk" is can lead to debate. For example, risk could be (adapted from Vaughan, 1982): -the chance of a loss - uncertainty of loss -possibility of loss - uncertainty -dispersion of actual from expected results - probability of an outcome different from the one expected - possibility of an occurrence of an undesirable contingency -a condition in which a possibility of a loss exists. For the minerals industry financier, the last definition is probably the most appropriate. However, from a mineral company's point of view the definition might well include the possibility of not achieving the expected financial return. RISK CLASSIFICATION Risk identification will be readily agreed as the all-important first step. There are five major "branches" of risk classification. These are: -Statistical -Modellers -Checklist -Project Financing -Insurance The Statistical set discovered probability theory and any risk discussion soon deteriorates into a mathematical jungle (Megill, 1977; Hartman, 1976; Reutlinger, 1970; and Pouliquen, 1970).Their use of terminology tells its own story: coin toss (binomial distribution), gamblers' ruin, delphi (oracle) techniques, monte-carlo simulations, random walks, etcetera. These techniques inadequately represent the judgements necessary in an increasingly complicated and interrelated world. The risk Modellers have turned to the computer to handle these inter-relationships but soon find barriers because of "simultaneity". Certainly the computer has its uses to conduct various analyses (marketed as "sensitivity" analyses) but very often one finds that this involves changing one or two variables at a time, all other things being equal. Unfortunately, in a modern and complex world all other things do not remain equal. The statisticians will, no doubt, jump to their own defence by citing this

Jan 1, 1985

By J. R. Linney

APPROXIMATELY 5,788,000 long tons of crude ore was produced by the Eastern magnetite industry in 1946, or a drop of 26 per cent compared -with 1945. Decrease in production -throughout the industry varied from :8 per cent for the mine with the lowest reduction to 49 per cent for the mine -with the highest reduction. At the Chateaugay mine, operated by :the Republic Steel Corp. at Lyon Mountain, N. Y., 426,900 long tons of crude ,ore was produced, yielding 129,500 long tons of concentrates or a reduction of 46 per cent compared with the previous year. Owing to a strike the mine was closed down from Jan. 21 to July 29. At the Mineville mines, also operated by Republic Steel, output was 755,000 long tons of crude ore or a reduction of 49 per cent compared with 1945. The yield from the crude ore production consisted of 51,500 long tons of lump ore and 380,000 long tons of concentrates. The Mineville plant did not operate from March 17 through July 28, on account of the strike. The Fisher Hill mine, which produced 93,000 long tons of crude ore, included in the above figures, has not operated since March 17, 1946.

Jan 1, 1947

By E. V. Crane

A TREMENDOUS volume of the metal rolled annually into sheets, strips and coil stock finds its way to a host of stamping and manufacturing plants which are the quantity production units of the country. Considerable in volume, too, are the rolled and extruded rods which go into forging and manufacturing plants for conversion into the same general line: those widely sold metallic necessities and luxuries of the household, the office, transportation, farming and building construction. Yet, in spite of its age and its importance, the stamping trade has been doing its "engineering" largely by trial and error. Its distinctive method is shearing out and plastically working metal to finished shape in a few quick strokes with high loads and expensive tools which are warranted only by large quantities to be produced. The principal operations have many features in common with rolling and wire-drawing methods. Combinations of stresses are different, however, and details of operations are infinite in variety. An engineering study of the subject begins with stress analysis, but must go back to metallurgy for its foundation. A grouping of pressed-metal working operations according to whether the metal is (1) sheared, (2) bent, (3) drawn or (4) squeezed has proved useful. All of these groups include instances of both hot and cold operations. For discussions of metal working properties, the division between hot and cold working is taken as the recrystallization range of temperature. This, of course, brings tin, lead and often zinc into the hot-work range at or near room temperature. The outstanding hot-working press field is in forging: particularly of brass; all of which is included in the squeezing group.

Jan 1, 1931

By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933

By Charles H. Morgan

THE process of wire drawing depends upon the property which certain metals possess, termed ductility, 'which is defined in Brande's Dictionary of Science as a property in consequence of which metals may be drawn out at length without interrupting the continuity of their constituent parts. As defined by M. Tresca, it is the property of flowing when subjected to pressure, and is termed by him the "flow of solids," in his paper, read before the Academy of Sciences in Paris, November, 1865 * In the simple language of the wire shop, it is that quality in certain metals that permit, them to be drawn (or stretched) out through a tapering, hole in a metal block or die, the die being more dense and harder than the metal to be reduced. It is a fact well known to those skilled in the art, that to succeed in drawing iron or steel wire, it is of the utmost importance to have thorough lubrication, as a lack of it would caws abrasion of the wire, or of the walls of the tapering hole in the die or plate, and quickly put an end to the operation. In drawing coarse or large sizes of wire, say 2/10 inch diameter, the pressure upon the sides of the tapering hole, where the wire comes in contact with the die, is so great that an ordinary lubricant is squeezed out when the usual reductions in size are made, and abrasion takes place. In order to meet this difficulty, and secure proper lubrication, it has been' a common practice for years to apply a paste made of rye or wheaten flour, or lime, to the surface of the wire to be drawn, and when the paste is dry, to smear the wire with tallow or grease; the wire is then ready to be drawn, the dried paste serving to prevent the lubricant from being pressed out in the. process. Some years since, when Bessemer metal came largely into use as material for wire, "the writer found that its drawing required so much more power than iron wire, that he was led to institute a series of trials to ascertain the difference in power required. It was found that Bessemer wire required from 100 to 200 per cent. more power to make the same reduction in sizes than soft iron wire, the difference depending upon the amount of carbon and other chemical constitu- * Interesting experiments in the flow of metals have been made, by Messrs. Hoopes Townsend, of Philadelphia, in cold-punching iron, published and illustrated in the Journal of the Franklin Institute, of March, 1878, by Mr. David Townsend.

Jan 1, 1881