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By W. S. Holt, E. T. Tkac, R. A. Grange

QUANTITATIVE knowledge of the time element involved in austenite transformation in a particular steel provides a sound basis for understanding and planning heat-treatment. Such knowledge is conveniently obtained by measurement of austenite transformation as it occurs at each of a series of temperature levels. The results of these measurements usually are summarized in the form of the now familiar isothermal transformation diagram (I-T diagram, TTT diagram, or S-curve). Although a considerable number of such diagrams already have appeared in the literature, there remain many compositions of commercial importance for which no I-T diagram is available. The diagram for many such steels may be predicted from published data with sufficient accuracy for most practical purposes, but for others no satisfactory prediction can be made because the effect on austenite transformation of one or more of the important alloying elements present is not well enough known. Such a steel is Nitralloy, Type 135-Modified, which, containing about 1.25 per cent aluminum, differs from any whose I-T diagram has been published. This paper presents results of a study of the isothermal transformation behavior of a sample from a commercial heat of this aluminum-chromium-molybdenum steel, together with pertinent supplementary data including the equilibrium transformation temperatures (Ae3 and Ae1), the temperature range of martensite formation, and the end-quench hardenability. These data are directly applicable to the heat-treatment of this type of steel and are of interest in revealing some of the fundamental effects of aluminum as an alloying element in steel. MATERIAL All specimens were prepared from a 13-in. diam bar forged from a 5 by 5-in. billet from a commercial heat made in an electric arc furnace. The composition of the bar was; C, 0.41 per cent: Mn, 0.57: P, 0.016: S, 0.005: Si, 0.24: Ni, 0.17: Cr, i.57: MO, 0.36: Al, 1.26. The forged bar was normalized from 1750°F (955°C) and then tempered for one hour at 1200°F (650°C), this tempering treatment having been given to facilitate the machining of specimens. EQUILIBRIUM TRANSFORMATION TEMPERATURES In hypoeutectoid steel the minimum temperature at which austenite is completely stable, Ae3, and the maximum temperature at which austenite is completely unstable, Ae1, are of great significance in heat-treatment. Since these temperatures are dependent upon com-

Jan 1, 1946

By Charles H. Foreman

IN JUNE 1921, the Sullivan &lining Co., owned jointly by the Bunker Hill and Sullivan Mining & Concentrating Co. and the Hecla Mining Co, started work on the development of the Star Mine. The development work contemplated called for a crosscut from the Hecla workings on the 2000 level to the Star ledge. The length of crosscut necessary to encounter the Star ledge was approximately 8900 ft. from the Hecla shaft. By using workings formerly made by the Hecla Mining Co., only about 8100 ft. of actual crosscutting was necessary. This crosscut has a direction of S 20° W and would have a tendency to crosscut any ledges in the intervening ground.

Jan 1, 1924

Jan 1, 1967

Jan 1, 1965

By James H. Bechtold

The yield strength of annealed tungsten was found to have a strain rate exponent 12 times as great as that of low carbon steel. The effects of temperature and strain rate could be correlated through the Zener-Hollomon parameter with a heat of activation associated with yielding of 32,000 cal per g-atom. This heat of activation is independent of strain although both the temperature and strain rate dependence of the yield strength vary with strain. MOST metals have mechanical properties that are relatively insensitive to strain rate, especially at temperatures below that at which creep is important. In iron and molybdenum," however, relatively large strain rate effects are observed in the temperature range where the rapid increase in yield strength occurs which leads to the ductile to brittle transition. In this temperature range Zener and Hollomon' have suggested that the effects of strain rate and temperature T on the yield strength could be correlated through a single parameter, P, in the following manner where Q is a heat of activation characteristic of the metal and associated with some unspecified relaxation process. They also observed that if the temperature is restricted to a relatively narrow range— below room temperature for steel—that the logarithm of the yield strength could be expressed as a linear function of the logarithm of P. From this relation the logarithm of stress should be a linear function of the logarithm of the strain rate at constant temperature: where r will be referred to herein as the strain rate exponent. At a constant strain rate the logarithm of stress should be a linear function of l/T, ay(e = C) ~ eT [4] where q = Qr [5] and is referred to herein as the temperature exponent. These equations have been found to relate the effects of temperature and strain rate on the yield strength of molybdenum in the temperature range wherein the ductile to brittle transition occurs, —75° to +150°C.2 Bechtold and Shewmon3 have shown recently that the ductile to brittle transition in annealed tungsten occurs in the temperature range +150° to +350°C. In this temperature range the yield strength in-

Jan 1, 1957

By J. Burns Read

IT IS the purpose of this paper to summarize, as far as possible, the metallurgical information and experience gained by the Ordnance Department, during the War, in the manufacture of artillery cartridge cases, to describe the tests to which artillery cartridge cases were put, and to summarize the knowledge and experience gained in this testing. The authors wish to acknowledge the aid given by manufacturers, army officers, and civilian employees of the Ordnance Department in obtaining these data. Artillery cartridge cases are cold drawn from circular disks punched from strips of rolled brass. The manufacture involves from 25 to 30 main operations, which are done almost entirely on a punch press. Descriptions of the operations have appeared in various periodicals and, therefore, will not be given here. After each cupping, or drawing, operation, except the last, the cases are annealed at from 540° to 650° C. (1000° to 1200°F.), to remove all the hardening stresses set up in the metal and to allow complete recrystallization. After each annealing, the cases are pickled in niter cake or sulfuric-acid solution and then washed in water to remove all traces of acid. In some instances, the cases are then immersed in a cyanide-salt solution, and afterwards rinsed in water, to remove the thin layer of copper that forms on the surface of the cases during the acid pickle. The last cold-drawing operation is followed, by the heading operation which, by flattening the head of the case on the outside, causes the metal to flow on the inside to approximately the proper finished dimensions. The mouth, or open end, is then annealed at 430° to 480° C. (800° to 900° F.) by immersion in a salt bath or by gas flames. After being washed, the cases are tapered, when they are ready for machining, inspection, and testing.

Jan 4, 1922

By F. R. Hensel

P. R. Kalischer.*—I should like to amplify a little one of the points made by Dr. Hensel, and rather violently disagree with him at the same time. He brought out the point that when the higher forming pressures are used on the green compacts there is a marked decrease in the density as sintered. We found that to be true and, of course, many of you notice that that is true with copper compacts also. But, in my opinion at least, it is not true that the expansion is due to entrapped air. We have vacuum-pressed both silver and copper compacts and obtained almost exactly the same numerical expansion as we secured by pressing in air. The powder, however, that is vacuum-annealed does show a slight decrease in expansion on sintering, but almost the entire increase on expansion can be overcome by very slow rates of heating. And it is our opinion that a majority of the expansion is due to dissolved oxygen in the discrete metal particles themselves rather than to entrapped gases. Another interesting observation that we have made is that often with silver or copper compacts it is desirable to silver solder or braze the compact into some part of a piece of equipment after completing powder metallurgical operations on it. If such a compact is sintered and coined, say a silver compact, given an initial forming pressure of 10 to 15 tons per square inch, and sintered, there is an adequate amount of shrinkage and it can be coined at about 50 or 60 tons per square inch and bring up the density nearly to theoretical. If, then, that compact is silver-soldered into some part of a fixture or a machine, it will expand very beautifully, and the only way that this can be overcome. as far as we know, has been to reanneal after the coining operation at a temperature higher than is to be used in any subsequent operation. In that way, a density very nearly theoretical can be achieved, but the coining operation cannot be carried to the excessively high pressures or expansion and bubbling of the compact will occur again.

Jan 1, 1945

By I. R. Kramer

I. R. Kramer (Martin Co.)—In a recent paper Nakada and Chalmers24 reported some observations of effects of surface conditions on the stress-strain curves of aluminum and gold single crystals. It is of interest to compare these observations with the results published previously in this journal and to comment on their general conclusions. In brief, Nakada and Chalmers concluded that the removal of the surface layer of a prestrained specimen lowered the stress-strain curve for aluminum but not that for gold. Further, they concluded that the surface work hardening of aluminum is confined to a depth not more than l0-3 cm. In our results25 published previously, it was pointed out that when prestrained specimens of aluminum and gold were polished to reduce the thickness upon reloading the initial flow stress decreased markedly. Further if a sufficient amount of metal was removed, the yield point failed to appear. With continued application of the load the stress-strain curve became coincident with that of the virgin crystal. We have found this behavior in some 100 determinations to hold consistently for gold, aluminum, and copper in both single and poly-crystalline specimens. The amount of strain required before the curves coincided depends upon the amount of metal removed but it is usually less than 0.01. This type of behavior is the same as that reported for metarecovery by other investigators.29 For aluminum specimens which have been prestrained and then heated to temperatures above 50°C we have consistently found that the stress-strain curve was typical of the orthorecovery28 type. In this case the stress-strain curve always lies below that of the virgin specimen. With respect to Ref. 24 the curves for aluminum are always below that of the virgin curves, while those for gold become coincident. This observation indicates at least for aluminum that the specimens must have been heated to a temperature high enough to cause recovery by an alteration of the internal dislocations. In addition, a recovery would be expected because of the removal of the surface work-hardened layer. Nakada27 had reported that, with his particular apparatus in which a perchloric acid polishing solution was used, the temperature of the specimen increased 65°C. The curves presented in Ref. 24 for gold do not permit one to detect the initial flow stress upon reloading after the surface-removal treatment. In fact, contrary to the method used by Nakada and Chalmers, the change in the stress-strain curve produced by a surface-removal treatment cannot be described in terms of a decrease in stress at strains much higher than that at the initial flow stress because of the coincidence of the curves at the higher strain values. With regard to the depth of the work-hardened surface layer, our data show for aluminum single crystals (7.5 by 0.3 by 0.3 cm) that the initial flow stress remained constant after 12 x 10-3 cm had been removed from the thickness. This depth was independent of the prior strain. For gold crystals this depth is somewhere between 10 x 10-3 and 20 x 10-3 cm. Y. Nakada (author's reply)— Kramer states,28 "for aluminum specimens which have been prestrained and then heated to temperatures above 50°C, we have consistently found that the stress-strain curve was typical of the orthorecovery28 type. In this case the stress-strain curve always lies below that of the virgin specimen." However, Cherian et a1.26 discovered that aluminum polycrystals annealed at 32" and 100°C showed the metarecovery behavior. They showed that the orthorecovery behavior did not appear until the crystals were annealed at 150°C. Kramer suggests28 that the drop in the flow stress of aluminum crystals after the surface removal by electropolishing24 may be due to the recovery caused by the temperature rise which may occur during the electropolishing.27 However, as indirectly stated in Ref. 24, the current density used in these electro -polishing experiments was 0.15 amp per sq cm. According to ref. 27, this current density should cause a temperature rise of only 40°C. This may cause the metarecovery but not the orthorecovery. Furthermore, as stated explicitly in Ref. 24, the surface removal was accomplished by chemical etching as well as by electropolishing. The results were the same for both electropolishing and etching. During the etching, the specimen temperature did not rise above 35°C. Some aluminum crystals were placed in water at 35° C for 30 min. These crystals did not show the decrease in flow stress. Therefore, it is quite clear that the flow-stress drop after the surface removal is not caused by a high-temperature recovery. However, as Kramer points out,28 it is quite possible that the internal dislocation structure may have been altered because of the removal of the highly work-hardened surface layer. However, how much this rearrangement contributes toward the flow-stress decrease is not known at present.

Jan 1, 1965

By Marcus A. Grossmann

The Institute has established this lectureship to honor the memory of a great American metallurgist, one whose fame has continued long after his passing. As one scientist recently stated it, "All metallurgical texts gradually become outdated and outmoded, except those of the great Henry Marion Howe." It seems fitting, then, that, once every year, we shouId review, in his honor, some aspects of the science in which he was such a distinguished leader, and also discuss any new data that may help to clarify our concepts. It is my privilege, for which indeed I express the deepest appreciation to this Institute, to offer for consideration a few thoughts on the toughness and fracture of hardened steels. Before proceeding to the data, I wish to express my great indebtedness to many associates whose stimulating discussions, generous contributions of data and cooperation in experiments are gratefully acknowledged. (But I wish to absolve them of any blame that may arise from the way in which their discussions and data have been used!) First, Dr. Edgar C. Bain, Vice President, Carnegie-Illinois Steel Corporation, whose amiable but merciless criticisms and always constructive and thoughtful suggestions help unfailingly to guard against pitfalls. Then to associates at Gary Steel Works, especially Mr. H. B. Wishart, Mr. W. K. Smith and Mr. V. Elliott, for great assistance in securing data. Also to Col. C. H. Greenall, Director of Laboratories, Frankford Arsenal, and his metallurgical staff, including Messrs. J. K. Desmond, H. Markus, D. F. Armiento, H. Rosenthal and Henry George, for numerous data and illustrations. Further to Dr. J. R. Low and Dr. M. Asimow, for helpful discussions of effects of states of stress during deformation and rupture, to Mr. J. M. Hodge for discussions and data, to the staff of the U. S. Steel Corporation Research Laboratory for advice and data, and to the Metallurgical Staff at Duquesne Steel Works. The individual acknowledgments will also be found under illustrations. Acknowledgment is also due to Mr. S. C. Snyder for incredibly meticulous scrutiny of manuscript. To all of these, grateful thanks. Introduction The discussion to be offered here will deal with quench-hardened steels only, and may perhaps be considered under three headings: 1. It was found that, when ferrite was precipitated in the (prior austenite) grain boundaries of hardened steel, the notch-bar toughness was much less than in pieces fully hardened. The fracture took place in the ferrite, and the loss in toughness is attributed to the lower cohesive (cleavage) strength of the ferrite, as cornpared with martensite. 2. When notch-bar impact test pieces of quenched and tempered steels were examined as to their mode of fracture, it

Jan 1, 1947

By Marcus A. Grossmann

The Institute has established this lectureship to honor the memory of a great American metallurgist, one whose fame has continued long after his passing. As one scientist recently stated it, "All metallurgical texts gradually become outdated and outmoded, except those of the great Henry Marion Howe." It seems fitting, then, that, once every year, we shouId review, in his honor, some aspects of the science in which he was such a distinguished leader, and also discuss any new data that may help to clarify our concepts. It is my privilege, for which indeed I express the deepest appreciation to this Institute, to offer for consideration a few thoughts on the toughness and fracture of hardened steels. Before proceeding to the data, I wish to express my great indebtedness to many associates whose stimulating discussions, generous contributions of data and cooperation in experiments are gratefully acknowledged. (But I wish to absolve them of any blame that may arise from the way in which their discussions and data have been used!) First, Dr. Edgar C. Bain, Vice President, Carnegie-Illinois Steel Corporation, whose amiable but merciless criticisms and always constructive and thoughtful suggestions help unfailingly to guard against pitfalls. Then to associates at Gary Steel Works, especially Mr. H. B. Wishart, Mr. W. K. Smith and Mr. V. Elliott, for great assistance in securing data. Also to Col. C. H. Greenall, Director of Laboratories, Frankford Arsenal, and his metallurgical staff, including Messrs. J. K. Desmond, H. Markus, D. F. Armiento, H. Rosenthal and Henry George, for numerous data and illustrations. Further to Dr. J. R. Low and Dr. M. Asimow, for helpful discussions of effects of states of stress during deformation and rupture, to Mr. J. M. Hodge for discussions and data, to the staff of the U. S. Steel Corporation Research Laboratory for advice and data, and to the Metallurgical Staff at Duquesne Steel Works. The individual acknowledgments will also be found under illustrations. Acknowledgment is also due to Mr. S. C. Snyder for incredibly meticulous scrutiny of manuscript. To all of these, grateful thanks. Introduction The discussion to be offered here will deal with quench-hardened steels only, and may perhaps be considered under three headings: 1. It was found that, when ferrite was precipitated in the (prior austenite) grain boundaries of hardened steel, the notch-bar toughness was much less than in pieces fully hardened. The fracture took place in the ferrite, and the loss in toughness is attributed to the lower cohesive (cleavage) strength of the ferrite, as cornpared with martensite. 2. When notch-bar impact test pieces of quenched and tempered steels were examined as to their mode of fracture, it

Jan 1, 1947

Jan 1, 1967

By William E. Ford, Edward Salisbury Dana

URANINITE. Cleveite. Broggerite. Nivenite. Pitchblende. Isometric. In octahedrons (o), also with dodecahedra1 faces (d) ; less often in cubes with o and d. Crystals rare. Usually massive and botryoidal; also in grains; structure sometimes columnar, or curved lamellar. Fracture conchoidal to uneven. Brittle. H. = 5'5. G. = 9'0 to 9'7 of crystals; of massive altered forms from 6'4 upwards. Luster submetallic, to greasy or pitch-like, and dull. Color grayish, greenish, brownish, velvet- black. Streak brownish black, grayish, olive-green, a little shining. Opaque. Comp. -A uranate of uranyl, lead, usually thorium (or zirconium), often the metals of the lanthanum and yttrium groups; also containing the gases nitrogen, helium and argon, in varying amounts up to 2'6 p. c. Calcium and water (essential?) are present in small quantities; iron also, but only as an impurity. The relation between the bases varies widely and no definite for- mula can be given. Radium was first discovered in this mineral and it has been shown that it and the helium present are products of the breaking down of the uranium.

Jan 1, 1922

By Kenneth Cotingham

Many factors joined in reducing drilling activity in Ohio in 1942. Conservation Order M-68 was important, but other things, such as operators and members of drilling crews joining the armed services and going into war plants, had an important part. The reduction in number of completions was considerable. In 1941, the total of wells drilled was 1561 but in 1942 the total was 1008. The total initial daily open flow discovered by the 701 gas wells drilled in 1941 was 492,000 M cu. ft., whereas the open flow of the 471 gas wells completed in 1942 was 314,488 M cu. ft. The total initial daily production of the 333 oil wells drilled in 1941 was 10,300 bbl., and in 1942 the 181 oil wells had a total daily initial of 7570 bbl. The average daily initial per gas well therefore was somewhat less in 1942 when compared with the preceding year, but the initial per ail well increased about 36 per cent over 1941. General Activity The total depth of the 652 oil and gas wells drilled in 1942 was 1,597,000 ft. The most active county was Perry, where 63 oil wells were drilled, most of them in Clayton township. In Morgan County. where 43 gas wells were drilled, the greatest activity was in York and Marion townships. Medina County was third in number of wells drilled, although of the total of 33 gas wells in the county, 26 were in the new Hinckley township pool. The total initial open flow of these 26 wells was 39,202 M CU. ft., and was considerably larger than from any other single area. Muskingum was an active county, particularly Washington and Wayne townships, in each of which seven gas wells were drilled, and Blue Rock and Harrison townships, in each of which five gas wells were drilled.

Jan 1, 1943

By Kenneth Cotingham

Many factors joined in reducing drilling activity in Ohio in 1942. Conservation Order M-68 was important, but other things, such as operators and members of drilling crews joining the armed services and going into war plants, had an important part. The reduction in number of completions was considerable. In 1941, the total of wells drilled was 1561 but in 1942 the total was 1008. The total initial daily open flow discovered by the 701 gas wells drilled in 1941 was 492,000 M cu. ft., whereas the open flow of the 471 gas wells completed in 1942 was 314,488 M cu. ft. The total initial daily production of the 333 oil wells drilled in 1941 was 10,300 bbl., and in 1942 the 181 oil wells had a total daily initial of 7570 bbl. The average daily initial per gas well therefore was somewhat less in 1942 when compared with the preceding year, but the initial per ail well increased about 36 per cent over 1941. General Activity The total depth of the 652 oil and gas wells drilled in 1942 was 1,597,000 ft. The most active county was Perry, where 63 oil wells were drilled, most of them in Clayton township. In Morgan County. where 43 gas wells were drilled, the greatest activity was in York and Marion townships. Medina County was third in number of wells drilled, although of the total of 33 gas wells in the county, 26 were in the new Hinckley township pool. The total initial open flow of these 26 wells was 39,202 M CU. ft., and was considerably larger than from any other single area. Muskingum was an active county, particularly Washington and Wayne townships, in each of which seven gas wells were drilled, and Blue Rock and Harrison townships, in each of which five gas wells were drilled.

Jan 1, 1943

By Robert Leach

THIS paper gives a brief summary of the process of manufacture of sterling silver, and some of its more important physical properties, as observed in commercial production of rolled sheet and wire. Although papers have been published by Turner and Smith,1 Rose,2 Sperry3 and Jordan,4 there are few technical data available, and unfortunately the time allowed for the preparation of this paper has not been sufficient to make it as comprehensive as the title might indicate. ANALYSIS OF STERLING SILVER Fine or pure silver is too soft for coinage and the manufacture of articles in which strength and resistance to wear are desired. From the earliest times of which we have record, copper has been the metal generally used to harden silver. Analyses of coins and silver articles from ancient tombs show varying amounts of copper, and old Roman silver objects in the British Museum have approximately the same analysis as our sterling. The first authentic record of the establishment of a standard alloy is during the reign of Henry II in England. During the twelfth and thirteenth centuries, the people in the Eastern Provinces of Germany had a reputation for the standard and purity of their silver coinage, and it is said that Henry II employed some of these Easterlings, as they were called, to improve and standardize the English coinage, which had become debased. The peculiar standard adopted is probably accounted for by the system of weights used. A troy pound contains

Jan 1, 1928

By H. C. Meister

THE zinc-smelting industry of the United States has grown very rapidly in recent years and bids fair to outrival that of all other countries in the future. On account of the geographical situation of the chief ore-supplies, the industry may be divided into two main groups, the eastern and the western. The eastern and older group includes the works of Pennsylvania, New Jersey and Virginia, which practically control their own ore-supply. The western group includes the works of Illinois, Missouri, Kansas, Wisconsin and Indiana, which do not control their own ore-supply, but are compelled to buy the ore in the open market. It is for this reason that the western zinc-smelting industry has been undergoing continual changes since its inception 40 years ago. During the early discoveries of lead- and zinc-ore in the lead- and zinc-districts of Wisconsin and northern Illinois, the zinc-ore (sinithsonite or " bone " as the miner calls it) had no value and was considered waste; but later, when this ore was found in large quantities, it attracted the attention of metallurgists, which finally resulted, during the early sixties, in the building of the Matthiessen & Hegeler Zinc Works at LaSalle, Ill., the pioneer zinc-works of the West. A few years later, zinc-ore was discovered associated with the lead-ore in Jefferson county, southeastern Missouri, which started the industry at Carondelet or South St. Louis. Still later, the discoveries of zinc-ore in the lead-ore region, first' at Granby and then around Joplin, lead to the introduction of the industry in the southwest Missouri and Kansas districts. At first the development of the industry was slow, but it progressed steadily and it is now one of the leading metallurgical industries of the middle West.

Jan 1, 1905

By John B. Knaebel, Robert J. Grant

This paper outlines the trends in gold production since the discovery of America, in the world as a whole, and in the principal producing regions as well. World production climbed at an average rate of about 20,000,000 oz. per 5-year period until the record all-time output of 111,307,000 oz. in the period ending with 1915. Production fell off during the war period, but has been mounting since 1925, and will probably be nearly 100,000,000 oz. for the 5-year period ending in 1930. Total world production of gold from 1492 to the end of 1930, as closely as can be determined, is more than 1,061,000,000 fine ounces. More than one-half of this total, or about 575,000,000 oz., has been mined since 1900. In percentage of world production, the United States jumped from 4.8 per cent for the decade 1831-1840 to 44.5 per cent for the five years ending with 1855. This is the highest figure ever reached by this country, although, with the exception of the 10-year period ending 1865, it ranked first among the nationa from 1849 until the end of 1905. During the 5-year period ending with that year, the United States produced 24.7 per cent of the world's gold. The tremendous increase from South Africa following 1890 resulted in that country's becoming the largest contributor for the five years 1906-1910, a position it has held with increasing dominance ever since. Relegated to second place in the period 1906 to 1910, the United States produced nearly 20 per cent of the world's new gold until 1920. From 1921 to 1925 it averaged 13.6 per cent and since then it has continued to decline in relative importance, accounting for only 10.9 per cent in 1927. Final figures for 1930 may place Canada second among the gold producers of the world.

Jan 1, 1931

By H. O. Hofman

Jan 1, 1896

By FRABK HERVEY PETTINGELL

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

Jan 1, 1925

By H. DeWitt Smith

THE mine operated by the United Verde Copper Co. is situated near Jerome, Ariz., on the eastern flank of the Black Hills, at an elevation of approximately 5500 ft. (1676 m.) above sea level. The mine and the town of Jerome are located on a steep hillside, which slopes rapidly to the valley of the Verde River. The smelter town of Clarkdale is situated in the Verde valley 4.1 mi. (6.5 km.) distant in an air line from Jerome, and at an elevation of 3560 ft. The two towns are connected by the standard-gage railroad of the Verde Tunnel & Smelter R. R., a subsidiary of the United Verde Copper Co. This road is 11 mi. long and has a compensated 4 per cent. grade. At Clarkdale, it connects with the Verde Valley branch of the Santa Fe R. R. The narrow-gage (36-in.) line of the United Verde & Pacific Ry. was, until 1919, Jerome's only rail connection with a main trunk line. This road connects with a branch line of the Santa Fe system at Jerome Junction, after traversing 26 mi. of mountainous country. From the time of its location, in 1876, until its purchase by Senator W. A. Clark, of Montana, in 1889, the United Verde mine was worked on a small scale and shipments of high-grade gold-silver ore were made from the surface workings. Until 1894, when the narrow-gage railroad to

Jan 8, 1920