Search Documents

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. A. Wheeler

IT may surprise some of our members to learn, among the industries based on the mineral resources of the United States that of clay now ranks third, being exceeded in value of product only by pig-iron and coal. The present annual value of clay-products exceeds the value of the outputs of gold and silver, and also exceeds the combined values of copper, lead, zinc, aluminum, mercury, antimony and nickel. These facts are shown in Table I. which gives the statistics for the year 1902

Jan 1, 1905

By G. W. Josephson

JUDGING by the progressive atmosphere prevailing in the nonmetallic mineral industries during the past year, postwar conditions were healthful though inflationary. Demand for most industrial mineral products has been exceptionally high and many new production records were attained. Severe shortages of some commodities existed, especially building materials and fertilizers. Production costs and prices increased and profitable operation was general. Under these conditions expansion programs were the order of the day. Ample funds were available to finance the purchase of good equipment; and, as wages and other operating costs were increasing, primary emphasis was placed on attaining maximum efficiency in new installations. These efforts were hampered by shortages and slow delivery of desirable equipment, so compromises in design were often necessary. However, on the whole, production practice improved.

Jan 1, 1948

By FREDERICW K. BRADLE

I HAVE been puzzled by two lines of thought'; one emanating from Washington, D. C., to the effect that we must all cheer up, that in a very short time, measured in terms of months, prices would begin to recover, business would become normal, and prosperity would continue on its way just as before the interruption of a year ago; and a second, coming from certain industrialists and economists, expressing fears that all commodity prices were in for a long downward trend, which would cause much unemployment, eventually drag down wages and so restrict purchasing power as to further aggravate the situation. One basis for the fear of a downward trend in commodity prices' is that ifter great wars a depression could last for something like 40 years-the downward trend to such a depression after our recent World War having been postponed for some reason or other; and the basis for another fear was that the production of gold was becoming less. I had 'also been trying for some time past to refresh my recollection as to how my ow11 particular lead interest climbed out of the depression of 1893; and as all the metals have had, and still have. relative values and prices, I can best express what I have in mind by talking principally about lead.

Jan 1, 1930

[JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington) D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 210 La Arcada Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I- 18th St. S. W. B'ham, Ala., Phone 56-5566]

Jan 1, 1952

By Leon Dominian

(Wilkes-Barre Meeting, June, 1911.) I. INTRODUCTION. THE lack of Aryan roots for the names of metals commonly known among the Aryan settlers of Asia Minor, as well as the later colonizers of Europe, indicates that these races were generally ignorant of the use of metals until they came into contact with Semitic peoples. Practically all mining-terms in current use among the earliest Greeks resemble very strongly their distinctly Semitic equivalents, which can be traced all the way in a broad belt beginning in Lower Mesopotamia, and extending westwardly to the Syrian shores of the Mediterranean. The Greek word " "metallon," for instance, used indiscriminately to designate mine or ore, probably came from the earlier Semitic equivalent, " matal." Again, the Greek words " chrysos " (gold) and " chalkos " (copper) seem to be descended from the Semitic forms " throats " and a chalak." It is a natural inference that primitive mining-methods were evolved by the dwellers in the mineralized areas of Asia Minor, from whom later Greek, Roman, and even North European miners obtained their first notions of the reduction of metallic ores, by virtue of a general westward migration of mining and metallurgy. Some traces of its passage through Turkish territory will be noted in this paper. While European Turkey can boast of one ancient gold-field, the Asiatic dominions of the Sultan may lay claim to at least two well-defined and widely-separated gold-producing districts. These three regions may be distinguished as the Thracian, the Pontic, and the Anatolian gold-fields. II. TURKEY IN EUROPE. . The Thracian Gold-Field. The most conspicuous topographic feature of the lowland between Constantinople and Salonica is the uplifted Archaean

Nov 1, 1911

By John Mathews

IT is a great honor to be asked by. the Board of Directors of this Institute to deliver the Henry Marion Howe lecture. The invitation carries with it a great responsibility, which I accept with considerable hesitation and with a feeling of unworthiness to perform the duties expected of me in this hour devoted to the memory of the life, character, and work of the late Professor Howe. Many of you recall the scholarly address delivered here a year ago by Prof. Albert Sauveur, and the beautiful tribute he paid-to his friend and colleague of many years in the great work of changing the art of iron making into the science of iron. My association with Professor Howe, was of brief duration-only one year-and the relation was that of pupil to teacher. My feeling toward him in later years was always that of a humble disciple at the feet of a master. He attained his third academic degree in the year that I was born. I recall the pride I felt when, after entering the, steel industry, I received from him, from time to time, letters asking for information or, perchance, asking my opinion, and he was always most punctilious in acknowledging the source of such bits of information in his writings. It was also my good fortune to sit at the feet of another great teacher-Sir William Roberts-Austen, at the Royal School of Mines. I mention him because his name was used by Osmond in coining the word "austenite," which is the subject of this address, and Osmond's suggestion was heartily approved by Howe. These three international metallurgists were the best of friends and delighted to honor the achievements of one another. There are other reasons for mentioning Roberts-Austen at this time. It was an introduction from Howe that opened to me the door of his -laboratory as well as of his heart. It was while at Roberts-Austen's laboratory that I .worked side by side with William Campbell

Jan 4, 1925

Jan 1, 1902

By H. W. Gillett

UNLIKE most previous Howe lecturers, I had not the good fortune to be associated with Henry Marion Howe, nor to be directly one of his students. Yet, through his writings, he has been my teacher, as he has of all American metallurgists. Instructive as his writings are-I use the present tense because Howe thought so keenly and reasoned so surely, seeing clearly, as if by intuition, what was hazy to lesser minds, that his writings are still vital-it is not, those books and papers, nor even the minds he trained in his classes, that were his most outstanding service. It was the spirit of Howe in his: approach to the problems of metallurgy, his broad-mindedness and fair-ness, his recognition of the need for theories and hypotheses to explain metallurgical phenomena, his willingness to use them as servants, as well as his questioning attitude-his refusal to accept them as masters-that comprise his greatest service. This most thoroughly warrants the honor the Institute pays each year to his memory. These traits I so respect and honor in any man that I glory in this opportunity to do reverence to him in whom they were so notably united.

Jan 1, 1939

By Scott Turner

GOLD AND SILVER, the monetary metals, have presented in the last year a striking contrast; gold has experienced unusual prosperity, while silver has been depressed more severely than ever before. Gold mining has been hailed as the only basic industry that is able to thrive on depression; the new gold produced is thought by many to be the most important material for the reconstruction of prosperity. Silver production, meanwhile, has been sinking to its level of 40 years ago, and its price to a level never before recorded. These factors have reduced the value of silver produced in 1932 to about the value of the average annual production more than a century ago, that of the decade 1801-1810. No other major commodity in world trade appears to have suffered a greater decline during the present depression.

Jan 1, 1933

By LESTER W. STRAUSS

FOR fifteen months after the other dominions of the British Empire and the entire so-called sterling 11loc loosed the shackles that bound the111 to the gold standard, South Africa, giant among gold-producing nations, remained stubbornly attached to gold at the traditional ratio of 85 shillings in currency to one ounce of gold. But eventually even South Africa had to heed the dictates of trade and the obvious interests of its great gold-mining industry. In December, 1932, South Africa's currency severed its golden bonds. Today the South African pound is 011 a par wit11 the British pound.

Jan 1, 1935

By Felix Edgar Wormser

JUST as the ancients used the products of their crude mining endeavors to fashion tools with which to make digging easier, so today mining enterprises are dependent upon the very metals they mine for the efficient conduct of mining and metallurgical operations. In fact, the outlet afforded by the production of minerals in the United States is no mean market for the nonferrous metals. I believe that mine managers frequently lose sight of the opportunity they have to select from competitive products those which will help the market for their own metal output. For example, some years ago a large lead mine used storage-battery locomotives for its haulage, common practice, of course, throughout the United States. These particular locomotives, however, were powered not with the ordinary lead storage battery but by a competitive battery product made from an imported metal. After studying this situation, the manager saw how he could help himself by purchasing a product made from his own mineral output, and in his next order turned tip the use of the lead storage battery.

Jan 1, 1935

By Henry S. Washington

Introduction. It Still Rains On The Choco ! I Well Remember One Evening A Dozen Years Ago, While. Traveling Toward The Town Of Negua In A Small Champa Or Dug-Out Canoe, The Rain Fell So Heavily That I Had To Work My Hardest To Bail Out The Water With A Large Totuma Or Gourd In Order To Keep The Canoe Afloat, The Senegambian Meanwhile Plying His Paddle In The Stern. If Any One Thinks Bailing Is Easy Work, Let Him Scoop Out A Quart Or More At A Stroke, 40 Times A Minute For Half An Hour, And I Venture That He Will Change His Opinion. These Small Canoes Required Only One Paddler, To Make The 3 Miles An Hour Which Is The Standard Rate Of Aquatic Progress On The Choco. Another Time, On The Atrato River, About Six O'clock In The Afternoon, The Rain Fell So Heavily Than An Empty Gourd, 9 In. In Diameter And 4.5 Deep, Was Filled To The Brim In 90 Sec., Timed By A Watch. Such Downpours Are Typical, But Unless Caught In One It Is Not Specially Noticed. These Downpours Seldom Last More Than An Hour, And Frequently Cover Only A Limited Area, Occasionally Falling On One Bank Of A River And Not On The Other. During The Night-Time,' The Rain, If Gentle, Will Usually Last Until Dawn, And Sometimes An Intermittent Drizzle Will Keep Up All Day As Well, Although, As A Rule, It Rarely Rains During The Day. The Rise Of The Rivers, Due To The Rain-Fall, Varies From A Few Inches To Several Feet. One Night In August, 1899, The Spuds Of The Dredge Margaret, Operating On The Atrato River, Showed A, Rise Of 16 Ft., And For 3 Days Thereafter Occurred The Greatest Flood Known In That District For 32 Years. The Dredge Had All Three Spuds Clown, And The 2-Yd. Shovel Dragging On The Bottom. A 0.75-In. Cable Fast To A Stout Tree, 700 Ft. Away, Stretched Tight

Sep 1, 1908

By H. S. COOLEY

TO talk about a "factor of economy" in connection with the wire ropes used in mining practice may be coining a new phrase. If such be the case it needs no other apology than that economy in wire rope usage is so bound up with the factor of safety as to justify a similarity in naming that makes one suggest the other. At the latest Wire Rope Research Conference, held under the auspices of the A. S. M. E., Re- search Committee and Engineering Foundation, data were introduced covering mine ropes working under

Jan 1, 1930

By H. C., Simpson

MANY metals by virtue of their place of occurrence as ore, and their uses are travelers! Iron and steel, for instance, is one of the greatest of travelers in the form of ships and the romance of iron in this respect is only just beginning to be superseded by the stories which can be told of the travels of aluminum and its alloys, used in the building of airplanes. Tin is a traveler from the Straits Settlements to this country and Europe, for use in the canning industry; afterward traveling all over the civilized world as a part of the container for preserved foods. Silver is somewhat of an aristocrat, when its uses are measured against those of the baser metals. From earliest times it has been used for adornment (first perhaps o4 the person and later for the embellishment of weapons and' buildings), for the making of fine ar¬ticles used in the household, and as money. While its uses have been widened by the discoveries in chemistry, electricity and other sciences, its early uses are still much in evidence in our modern life.

Jan 1, 1928

By William B. Plank

IN this paper are presented the results of a complete statistical survey of the enrolment, courses and degrees, and the employment situation of recent graduates in all of the 46 institutions in the United States, including Alaska, and four of the six schools in Canada that grant degrees in mineral technology. The data were collected by the writer by means of a questionnaire in December, 1933, to which all the institutions, except one, replied. Included also are data of a similar study made by the writer in May, 1933, for the S. P. E. E. summer session of mining and metallurgical teachers at the University of Wisconsin and published in the Journal of Engineering Education for December. 1933. Some of the data of a paper of the writer's entitled, "The Trend of Mineral Engineering Student Enrolment in the United States," read at the A. I. M. E. meeting on Feb. 16. 1931, are given for comparison. Acknowledgment is made to all the administrative officers of the institutions who took the time from their busy lives to supply the in- formation asked for. Their fine cooperation has alone made possible these two surveys with a completeness of detail never before attempted

Jan 1, 1934

By Thomas T. Read

I. INTRODUCTION. WHEN so much has been written upon a subject on which so little definite information is available as upon this, some reason must needs be assigned for adding to the volume of literature. A sufficient reason is found in the probable great future importance of China as a producer of mineral wealth. The present undeveloped state of mining in the Empire is due to many causes, among which the most important are the relatively simple needs of the population, the lack of transportation-facilities, the inelastic regulations governing the industry, and the superstitious reluctance of the people to make excavations which might disturb the spirits of the earth and air, or of ancestors. Iron is the metal most in demand, yet the needs of the population, until recently, only made necessary a production of approximately 0.5 lb. of iron per capita per year. The present annual production of iron for domestic consumption, in the United States, is nearly 600 lb. per capita. The curious state of development of transportation in this interesting country has been a greater handicap upon the mining industry than upon any other. The point upon which it hinges is the absence of a road-system. Except for a few military roads, now almost impassable, there are no roads in China; that is to say, there is no land which is set aside as a right of way, belonging to the commonwealth. Throughout the agricultural districts, generally speaking, the entire area is in private ownership, and the lines of travel are between fields. There is a constant struggle for existence between the owners of the land and the traveling public, with the natural result that the so-called roads usually

Mar 1, 1912

By M. W. BERNEWITZ

AUSTRALIANS and New Zealanders, whose countries have respectively yielded gold to the value of £666,000,000 and £96,000,000, are taking full advantage of the current high prices for that metal. There is a marked activity in ordinary prospecting, geophysical exploration, further development of working mines and reopening of old properties, formation of new companies, installation of new equipment and processes, and expansion of operations generally. Australian gold production last year was approximately double the quantity of 1929 and its value three times as great, 1929 being the low of recent years. The 1933 production was about 821,000 oz. From New Zealand, 165,000 oz. was exported last year. Papua and New Guinea contributed slightly over 100,000 oz. What the future price of gold will be nobody knows, but, even if it returns to the former level, Australian producers are almost sure of 110 shillings an ounce until 1940 through the Commonwealth Government's Gold Bounty Act, at present temporarily and necessarily suspended from operation.

Jan 1, 1934

By Stuart St. Clair

EARLY in 1936, when the American Petroleum Institute issued -J "American Petroleum Industry," which was a survey of the current position of the petroleum industry, and its future outlook, and the figures for petroleum requirements .for 1950 and 1960 were widely publicized by the several oil journals, the impression was given that the petroleum- industry must be nearing maturity and would by 1950 have passed the high' point of its obligations to business progress in the United States.`' Let -us look at the figures which might conduce, this thought. Referring to p. 32 of the report, the total indicated crude-oil requirements in 1940 are 1,099,000,000 bbl-; for 1950, the peak, 1,109,800,000 bbl.; for 1960 a decline to 1,071,020,000 bbl. This downward trend, then established, is probably expected to continue. And this in the face of a crude production in 1935 of 993,942,000 bbl., 38,858,000 bbl.

Jan 1, 1936

By R. J. Brison, W. C. Bleimeister

The International Salt Company has long been interested in finding an efficient process for the removal of impurities from rock salt, and particularly from the rock salt produced at the Detroit mine. Methods which have been used previously at the Detroit mine included both hand sorting and differential crushing in a Bradford breaker with rejection of the oversize. Neither of these methods was adequately effective. The development of a new process for removal of impurities from rock salt has been described in the preceding article." Basically, the process consists of exposure of crude rock salt to radiant heating which selectively heats the impure particles. Subsequently the heated particles are removed by adhesion to a heat sensitive-coating on a conveyor belt. This method was found to be effective in improving both the quality and appearance of rock salt by the rejection of the dark, impure particles. The first commercial unit employing the new thermoadhesive method of dry separation of minerals was installed at the Detroit mine of International Salt Company in Detroit, Mich. (Fig. l). This unit was first put into operation in March 1957. The purpose of the Detroit installation was 1) to serve as a pilot plant for evaluating the process on a commercial scale and 2) to produce marketable quantities of rock salt of improved quality and ap- pearance. The design of this plant was based on the results and information obtained from a 1-tph pilot plant at Battelle Memorial Institute. DESCRIPTION OF PLANT Location: The separation plant was installed underground near the crushing and screening plant, for this was the most suitable location from the standpoint of material handling. Furthermore, ample space was availabe at this location. Because the process requires a relatively constant temperature, the uniform year-around temperature of the mine (57°F) gave an added advantage to an underground operation. Feeding: The rock salt is conveyed to a surge bin, from which it is fed to the heating unit by a conveyor. The feed-rate control consists simply of an adjustable gate at the bottom of the surge bin. The plant may be fed either No. 1 grade of rock salt (0.279 to 0.375 in.) or No. 2 grade (0.375 to 0.500 in.) with a maximum input capacity of 500 tons per 15-hour day. Heating Unit: The heating unit (Fig. 2) consists of a panel of infrared lamps suspended inside a low-speed revolving screen. The radiant-heat panel, which is curved for most effective utilization of the heat, holds 240 infrared lamps of standard industrial type, each rated at 500 watts. The position of the panel is adjustable so that it can be placed centrally over and to within 6 in. of the salt bed on the screen. The entire heat panel is suspended by rollers in ¦ R. J. Brison and O. F. Tangel: Development of a Thermo-adhesive Method for Dry Separation of Minerals.

Jan 1, 1961