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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

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists It Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvari-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfleld Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I-lath St. S. W. B'ham, Ala., Phone 56-5566 MILTON H. FIES Consulting Engineer Rooms 1201-2. Albama Power Co. Bldg. Birmingham, Alabama]

Jan 1, 1952

By AIME AIME

AT Williams College, in the quaint old New England town where people still go to the post office for their mail, an interesting institution has come into being as one of the aftermaths of the peace conference at Paris in 1919. The war taught the world many things about economics although much remains to be learned and more to be appreciated. B. M. Baruch, H. A. Garfield, president of Williams, and others who took part in the conference at Paris or in preparation for it, feeling that benefits would accrue from informal friendly discussion of the problems that lead to political differences between peoples, called together a summer conference in 1920. This has now become an annual affair and is coming to be looked upon as an important center for developing and stimulating public opinion. Membership in the Institute is by invitation and the lists change to correspond with the particular subjects taken up. Each year a number of distinguished foreign public men are invited to be the guests of the Institute and to meet men and women from various parts of the United States interested in their special subjects. Round tables, general conferences, and public lectures are the means employed to bring out discussion. The first are organized by groups, each including usually 25 to 40 people interested in a special subject and meeting three times a week for informal discussion. Teachers, writers, economists, engineers, business men, indeed men of all vocations and many shades of opinion, are brought together. Once a week each round table presents in general conference with the members of all other groups the more general conclusions reached in its own decisions. Afternoon and evening lectures are given by the foreign guests and these are open to the public. The lectures and the general conferences are reported widely in the press but the proceedings as a whole are not printed, no resolutions are passed, and no action is taken or contemplated. The whole plan is to furnish a forum for free discussion in hopes that the difficulties of various groups and peoples may be taken up sympathetically and good understanding promoted. There is no creed, doctrine or dogma to which the Institute is committed and widely different views are currently presented. The constant effort is to bring out points of view and the reasons for them rather than to build up convincing arguments favourable to a specific action

Jan 1, 1926

By AIME AIME

EDWIN W. KEMMERER, professor of international finance at Princeton, in a speech before a banking conference at Urbana, Ill., on Nov. 26, stated that the increase in the store of gold held by the United States is not so alarming as it appears on the surface. Excerpts from his address, as reported by The New York Times, follow: "It is significant . . . that the value of gold as expressed in its purchasing power in the United States during the last half-dozen years has been higher than at any other equivalent period since our records began 140 years ago. Our so-called 59-cent dollar today buys about 25 per cent more goods at wholesale than did our old dollar in the prosperous year 1926, and an ounce of gold will now buy considerably more than twice what it did then. This present high value of gold is one reason for its recent large production.

Jan 1, 1941

By Thomas Lane Carter

THE history of mining in South Africa differs somewhat from that of other countries in the part taken by the aborigines in the development ?of the mineral deposits. The Spaniards in America, and the fortune-seekers of Australia and New Zealand, found large numbers of natives in these new countries, but the inhabitants did not become willing or efficient workers ill the mines which the white men started. The Kaffirs of South. Africa have not shown the same antipathy to labor, nor do they show any signs of dying out in the presence of the white man's civilization. They are a virile race, and so far the vices of civilization have not killed. them. While it is true that the brain and skill necessary for the exploitation of the mineral resources of this sub-continent-have been supplied by the white race, it is also a fact that most of the rough labor in the development of the mining industry of South Africa has been done by the Kaffirs. The Kaffir tribes differ greatly in their mental and physical capabilities. Compare, for instance, a Zulu of Natal with a Bechuana, or a Xosa of Cape Colony with some of the degenerate tribes of Central or East Africa, and you will find that they have little in common, save that their skin is black and that they do not believe in clothes. As a general rule, the tribe's in the milder, healthier climates are far superior, both in mind and body, to the Kaffirs brought up in the hot malarial sections of Central Africa; and it naturally follows that the black men from the temperate zones of the country, are much finer workmen than the degenerates from less favorable sections: It is universal in South Africa to speak. of the .Kaffirs as " boys." No matter if he is 90 years old, the Kaffir is always a " boy," and in this paper the word " boy " is synonymous with Kaffir.

Nov 1, 1908

By B. S. Crocker

Pebble grinding was used at Lake Shore Mines in 1949. A full description of experimental evidence and test plant results was published in 1952 1 and further operating details in 1954 2.' In more recent years the term autogenous grinding has been coined and is now frequently seen in the technical literature. Autogenous crushing and/or grinding covers any grinding mill in which the larger pieces of ore are made to grind the fine pieces; the crushing and grinding may be either dry or wet. This discussion deals only with wet autogenous grinding, and only in the fine grinding part of the circuit, i.e., from 6 mesh to 92 pct —325 mesh. The term pebble milling could apply to fine autogenous grinding in which the pebbles are made from the ore itself, or it could also refer to grinding with pebbles, such as flint pebbles, from a source outside the mine. The first mill to use screened ore to grind the ore (1949) was Lake Shore Mines, Kirkland Lake, Ont. Pebbles were screened from the jaw crusher discharge and used in 5x16-ft tube mills which had been converted to 6 ft 8 in. by 16-ft grate discharge pebble mills. The same general practice was adopted the following year by the Wright-Har-greaves Mine in Kirkland Lake. Shortly after that the Neptune Mines in Nicaragua started correspondence with the writer concerning the possibility of using screened ore for grinding in their plant. They first ran some plant-scale tests which confirmed the Lake Shore findings, with the ultimate result that their plant was successfully converted in 1956 to an autogenous grinding plant. In 1957-1958 the writer was successful in converting the grinding plant of Renabie Mines in northern Ontario to autogenous grinding. In all these plants the existing grinding equipment was converted, usually by expanding the diameter of the shell to make the change from steel grinding to ore pebble grinding mills. In all the above plants primary grinding was done in either small rod mills or ball mills. These mills first reduced the pebble mill feed to about 6 mesh. The final grinding in the pebble mills varied from 75 pct —200 mesh to 92 pct —325 mesh. At Lake Shore three stages of pebble milling were used, with a different size pebble in each stage. In other parts of the world interest was being shown in this form of grinding, and in March 1952 the writer had some correspondence with the mill staff at Outokumpu in Finland, with regard to the pebble system used at Lake Shore. At Stockholm in 1957 the account of the crushing and grinding system at Outokumpu was presented in a paper by H. Tanner and T. Heikkinen.V his is the only ore grinding plant that does not use grate discharges on its pebble mills; trunnion discharges equipped with heavy reverse spirals retain the pebble load. The first new mill designed to use screened ore as a grinding medium was the Bicroft mill at Bancroft, Ont., which began operation in the fall of 1956. In 1957 this plant was followed by similar installations at Faraday Mines, also in the Bancroft area, and the North Rankin Nickel Mines in the North West Territories. In 1958 the Dyno Mill at Bancroft was converted, using the same type of grinding. Since all these plants, designed by Kilborn Engineering (1954) Ltd., were originally planned as pebble grinding mills, they were able to take full advantage of the latest design and technique. They are neat in appearance and very efficient and easy to operate. Effect of Ore Hardness: It is often commented that this type of autogenous grinding applies only to hard siliceous ores. Experience has shown that this is not so. In the past ten years the author has had an opportunity to test more than a dozen ores, several of which were quite soft. One of these was shale. The softer ores actually make better looking pebbles than the hard ores. These soft ores produced no particles in the intermediate size range which could not be ground by the largest pebbles in the mill charge. Slabby ores, such as shales, make a suitable pebble for the —6 mesh grinding. It is not generally recognized that for fine grinding a spherical medium is not essential or more efficient. Another frequent objection to pebble grinding is the belief held by some operators that there is too much variation in the hardness of their particular ore to make it acceptable as a source of pebble media. Experience has also shown that this is not a serious problem at all. The variation in pebble load due to changes in the ore hardness is nothing like as great as most people would expect, and the method used for feeding the ore and controlling the the load in the mills is more than sufficient to take care of daily variations in ore hardness. This point

Jan 1, 1960

A record $19.7 billion in minerals was produced by United States industries in 1963. This was some $800 million above the previous high established in 1962. Preliminary statistics compiled by the U.S. Bureau of Mines show that most metals, nonmetals, and fuels gained both in value and volume of production. The 1963 total represents the largest value increase since 1956 and continues an upward trend begun in 1959. Product.ion and value of all mineral fuels rose, with anthracite registering a remarkable 20% value increase. Nonmetals advanced 591 in value, gains exceeding losses by 213 to 1 among individual commodities. Heavier industrial demand and the settling of labor difficulties were among the factors contributing to increased output of such materials as iron ore, bauxite, molybdenum, lead, and zinc, which accounted for most in€ the growth in metal output. Silver prices continued to rise and, as a result, production value of that metal gained 132,.

Jan 2, 1964

By Reginald S., Dean

The commercial availability of electrolytic manganese has greatly changed the position of manganese as a nonferrous alloying metal. Manganese metal commercially available up to about ten years ago was reduced with either silicon or aluminum and contained substantial amounts of the oxides of these metals and other impurities. Manganese was accordingly not available as an alloy base and its addition to copper-base and nickel-base alloys was generally limited to a manganese content of a few per cent. Several special alloys like manganin contained up to 12 pct of manganese.

Jan 1, 1953

By Eugene McAuliffe

In the year 1581, the counselors of King Philip of Spain suggested to that monarch that a canal across the Isthmus of Darien would open the west coast of the South American continent to Spanish miners and explorers, enlarging and expanding the flow of precious metals then just beginning to trickle across the path cut by Spanish Conquistadors, from old Panama to Puerto Bello on the east coast. The King sent out a party of surveyors and explorers under the command of a young engineer, Savadaerro, who returned after two years, reporting upon a location for a canal which was virtually adopted by the French engineers employed by De Lesseps, who in 1877 commenced the work of constructing the Panama Canal-296 years after Sava- daerro's first survey was begun. The suggestion for an Isthmian canal, made to the king at a time when Spain was a proud, virile nation and when that country was contending with England in the fields of discovery and conquest, represents a measure of vision that has never failed to intrigue the imagination. That the young Spanish engineer recommended an undertaking so gigantic in conception that it took three and one-third centuries for its completion from the time it was first visioned matters little. In the day of Philip of Spain,

Jan 1, 1932

By J. T. Ryan

FIGURES for the first 11 months of 1935 indicate that the total coal production of the United States for 1935 will be approximately 416,000,000 tons, or almost identical with the production figures for 1934. Bituminous production will show a gain of about six million tons, and anthracite production a loss of about the same tonnage, compared with the previous year. This does not take into account so-called "bootleg" anthracite coal amounting to approximately 5,000,000 tons. Twenty-nine years ago, in 1906, the production of coal was almost identical with this year's production. At that time, 626,000 men were employed in producing this tonnage, which took a toll of 2138 lives from accidents. In 1935, approximately 540,000 men were required to produce the same tonnage with an estimated loss of 1155 lives. This shows definite safety advancement in the industry, but even so accidents are still costing an average of 3c. a ton more than they should.

Jan 1, 1936

By Louis D. Huntoon

AFTER the completion, in 1905, of the Hammond Mining and Metallurgical Laboratory of the Sheffield Scientific School, Yale University, it became necessary to secure and assay a large assortment of ore-samples, and to arrange the results in such a manner as to admit of use with the least amount of work on the part of the instructor. At first, pulp-samples, together with their respective assays, were secured from the mines, smelters, and public assayers, but this practice did not prove satisfactory. It was not only difficult to secure a sufficiently large supply of material, but it was also impossible to secure the proper assortment required for instructing students. It involved considerable work for the donors to select the samples and furnish a record of the assays, and also for the instructors to examine each pulp and determine its character. Some of the samples did not contain a sufficient quantity of pulp for the student to check his work in case his first assay did not correspond to the record. In order to increase the number of samples and to vary the character of the material, pulp-samples were later mixed with barren rock and with sulphides, but this method also was unsatisfactory and has been discontinued. At present., small lots of ore are secured by gift or purchase from engineers, public assayers, and the managers of mines, mills, and smelters. These lots weigh from 10 to 100 lb. each, and are rarely finer than 0.25 in. in size. The larger samples permit of a careful study by the instructor in order to determine the best method of assaying to be followed. In universities in which assaying is taught the record of the samples should fulfill the following requirements

Nov 1, 1909

By D. K. MACKAY

The production of oil and gas in Arkansas is confined to two distinct and widely separated regions of the state; namely: (1) South Arkansas in the Gulf coastal plain, where 49 fields-many containing two or more reservoirs or pools-yield oil, condensate and gas from beds in the Cretaceous and Jurassic, and (2) Northwest Arkansas, a part of the Arkansas Valley, where only dry gas is produced in 21 fields from sandstones of Pennsylvanian age. Exploration during the year 1945 centered largely in these two producing regions, but some of the geophysical surveys were made and wildcat drilling was done a considerable distance outside these regions.

Jan 1, 1946

By Jasper L. Stuckey

PYROPHYLLITE, first identified as soapstone,' later as agalmatolite,2 and finally as pyrophyl-lite, has been known to occur in North Carolina for more than 130 years and has been produced intermittently in commercial amounts for the past 100 years. Pyrophyllite mining, however, has become a major industry in North Carolina only during the past 25 years. North Carolina and California are the chief producing states. Current annual production averages 125,000 tons, of which slightly more than 90 pct comes from North Carolina. Distribution and Geologic Setting: All known pyrophyllite deposits in North Carolina are associated with rocks of the Carolina Slate Belt,' which is composed of a vast series of metamorphosed volcanic and sedimentary materials, occurring as two zones extending in a northeast-southwest direction across the state. The larger of these zones, lying in the central Piedmont region, varies from 8 to 50 miles wide. The smaller zone lies along the eastern edge of the Piedmont region and is partly covered by coastal plain sediments. The rocks in both zones consist of a great volcanic-sedimentary series, composed of air-laid and water-laid tuffs and breccias, lava flows, and slates. On the basis of composition, they may be classed into three groups: 1) tuffs, breccias, and lava flows of acid or rhyolitic composition; 2) tuffs, breccias, and lava flows of a basic or andesitic composition; and 3) water-laid slates composed of fine grained materials derived chiefly from the acid tuffs and breccias and

Jan 1, 1959

By P. B. Leavenworth

Development in the Upper Texas Gulf Coast during 1945 resulted in the discovery of 23 new fields; one Miocene, eight Frio, three Cockfield-Yegua and eleven along the Wilcox trend. The Wilcox trend appears to he the most active at this time. Producing depths of the new Wilcox discoveries range from 2050 to 10,050 ft. Drilling along the Frio trend has been, for the greater part, projected to the deeper downdip sands. Eighteen of the new discoveries are classified as oil or condensate and five are gas discoveries.

Jan 1, 1946

On the preceding pages, operations of the four major producers of nickel today have been described. There are, however, other operations in the world that, while not as large, are still of importance to the over-all picture of the industry. Among these are the Finnish producer, Outokumpu Oy, a state-controlled company that operates the Kotlahti mine 200 miles northeast of Helsinki. The ore from this operation, which began production in 1959, is pentlandite, chalcopyrite and pyrrhotite, occurring as disseminations in the host rock and in breccias. The flowsheet of the 1500-tpd mill at Kotlahti follows standard practices of crushing, grinding, and flotation to produce a pentlandite-pyrrhotite concentrate and a copper concentrate, both of which are shipped to the smelter at Harjavalta.

Jan 10, 1968

By H. O. Hofman

WHEN dry chlorine gas is made to act in the cold upon finely¬divided gold,' it converts the latter with evolution of heat into auro-auric chloride, Au2CI4, a hard, dark-red, hygroscopic salt. Moisture splits this salt into aurous and aerie chloride, Au2C14 = AuCI + AuCI3; treatment with water converts it into auric chloride and gold, 3 Au2CI4 = 4 AuC13 + Au,. Aurous chloride, when stirred with water, undergoes a similar decomposition, 3 AuCI = AuCI3 + Au,. These decompositions of auro-auric chloride and of aurous chloride furnish the explanation for the practice of moistening an ore before it is treated by the Plattner chlorination-process; practical experience having shown that gaseous chlorine gave an unsatisfactory extraction with dry ore. According to Rose,' fine gold is acted upon more slowly by chlorine than gold containing some base metal, e.g., copper. He also states that small quantities of silver increase the rate of solution, but adds that the coating of silver chloride formed checks, and finally stops, further action, if the percentage of silver be increased beyond a certain undetermined amount. Bromine' acts upon finely-divided gold in a manner similar to chlorine; the auro-auric bromide, Au2Br4, however, is not hygroscopic. Upon treatment with water it is decomposed as is the corresponding chlorine salt. It is generally believed that bromine does not act as energetically upon gold as does chlorine. This seems to be borne out by the results in the leach-

Mar 1, 1905

By AIME AIME

The first Diesel-electric locomotives for the Mesabi iron range of the Lake Superior district were put into service last summer by the Oliver Iron Mining Co., U. S. Steel subsidiary. There were ten of these locomotives, rated 1000 hp. and weighing 125 tons each. They are designed for service from 16 to 24 hours per day to haul trains of loaded ore cars from open-pit mines, 200 to 400 ft. deep, on a two to eight-mile haul to the top of the pit. The locomotives push or pull the trains over switchbacks and up heavy grades with 5 per cent maximum against the load. High tractive effort, less smoke, and ability to negotiate sharp curves were among the reasons for the selection of Diesel-electric locomotives.

Jan 1, 1941

By AIME AIME

It is with the deepest personal sorrow, and with the regrets of the Steel Company of Canada, that I report to you the death of one of our most valued associates, the late Frank B. McKune, superintendent of the Open-Hearth Department of our company. Many of you will remember Mr. McKune for his long attendance at these meetings, for the intelligent interest he took ill them, as well as for his innovations in steel-production practices.

Jan 1, 1940

By David H. Browne

(Pittsburg Meeting, March, 1910.) NICKEL has always been a fruitful mother of problems. Previous to the year 1906 nickel was regarded as an element replacing iron in copper-mattes, and it was believed that the same laws which governed the elimination of iron could be applied-to nickel. This conception has lately undergone a complete change, and nickel in all its stages is now regarded as an element replacing copper; in other words, copper-nickel is considered now as two elements, but as one metal. When we commenced our investigations on Monel metal we made a great many experiments on the conversion of mattes, both high copper and high nickel. We studied closely the composition of the mattes and the changes produced by the blow. We found in all cases certain agreements which we believe are due to some law. Briefly stated, our conclusions are as follows 1. Nickel is not an element replacing iron in matte. 2. Nickel-copper alloys act in the matte-blow like one metal. 3. Nickel-copper alloys follow, during the matte-blow, exactly the same laws as govern. the behavior of copper alone. This brings up the question : What are the laws governing the production of metallic copper, and what are the relations copper to sulphur and iron during the Bessemer blow ?

Apr 1, 1910

By Lawrence Addicks

T HIS has been a most momentous year in the annals of the Institute. We have been in the midst of a situation which, were it not for the convulsions of social unrest with which life is surrounded on every side, would have attracted the attention of the world at large. I do not refer to the desperate campaign for new members. That has gone on much as usual except that, this being leap year, the annual proposal to the M. & M. Society has been omitted. Nor do I refer to the desperate situation which we found in other directions, the spread of Bolshevism, the burning of the Engineers' Club, the fact that the selling of copper appears to have become one of the lost arts. No, I speak of the great question which has to be. settled once and for all, as to whether this great Institute should adopt simplified spelling. The whole trouble started in the ranks of the California Hysterical Society. It appears, while most of the San Francisco members can read and write, several of them cannot spell. It also appears that the Secretary, in editing the Transactions, has perhaps made just a little bit too much of a point of employing the correct Stoughton idiom. At any rate, the rebels filed an amendment to the constitution, and the stage was set for civil war, with perhaps more stress on war than on civil.

Jan 1, 1920