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By Jerome F. Kuzmick

The use of iron powder during the postwar conversion period has been increasing with great rapidity. This is particularly true in regard to the manufacture of molded mechanical parts such as bushings, gears, cams, small wheels, and the like. Many manufacturers have found it possible to replace machined cast iron and carbon steel with molded iron powder parts, and thereby can not only effect a savings in cost, but can produce a better product as well. As the field of application for iron powder parts widens, greater demands are made upon the powder supplier concerning quality and uniformity characteristics. The following are some of the most important properties parts fabricators desire in the iron powder they use: 1. The powder should have high compressibility so that good density can be obtained without the use of excessive pressures. At the same time, it should show low die wear so that a large number of pieces can be produced from the die. This means that the powder must be of high purity and good softness or plasticity. 2. The powder should produce compacts of high green strength, so that unsintered parts can be handled without breakage or fraying of the edges. 3. The sintering properties should be good so that satisfactory strength is obtained in the sintered piece. 4. Compacts made from the powder should show small but, above all, uniform dimensional changes during the sintering operation so that accurate parts can be produced, and warping and other such bad effects eliminated. 5. The powder should have satisfactory flow properties for automatic molding. 6. It is very important that the powder be uniform in sieve analysis, compressibility, flow, purity, and other qualities, from container to container in any given lot and from shipment to shipment. 7. Price—The fabricators desire all these good properties, but in many instances still do not wish to pay a premium price. There has been considerable discussion as to the importance of price of the powder in relation to the cost of the finished product. It is true that in cases where certain special properties only procured by powder metallurgy are required, price is not a criterion. On the other hand, there have been a number of applications recently made which would not be commercially practical with a powder which commands a premium in price. Iron powder parts are compressed in automatic presses to definite size, shape, and density. The powder is compressed to a density figure dependent upon the function the part is to perform, as well as upon such important considerations as press capacity and die wear. Such parts can be roughly broken down into the following density ranges:

Jan 1, 1949

By Jerome F. Kuzmick

INTRODUCTION THE use of iron powder during the post-war conversion period has been increasing with great rapidity. This is particularly true in regard to the manufacture of molded mechanical parts such as bushings, gears, cams, small wheels, and the like. Many manufacturers have found it possible to replace machined cast iron and carbon steel with molded iron powder parts, and thereby can not only effect a savings in cost, but can produce a better product as well. As the field of application for iron powder parts widens, greater demands are made upon the powder supplier concerning quality and uniformity characteristics. The following are some of the most important properties parts fabricators desire in the iron powder they use: I. The powder should have high compressibility so that good density can be obtained without the use of excessive pressures. At the same time, it should show low die wear so that a large number of pieces can be produced from the die. This means that the powder must be of high purity and good softness or plasticity. 2. The powder should produce compacts of high green strength, so that unsintered parts can be handled without breakage or fraying of the edges. 3. The sintering properties should be good so that satisfactory strength is obtained in the sintered piece. 4. Compacts made from the powder should show small but, above all, uniform dimensional changes during the sintering operation so that accurate parts can be produced, and warping and other such bad effects eliminated. 5. The powder should have satisfactory flow properties for automatic molding. 6. It is very important that the powder be uniform in sieve analysis, compressibility, flow, purity, and other qualities, from container to container in any given lot and from shipment to shipment. 7. Price-The fabricators desire all these good properties, but in many instances still do not wish to pay a premium price. There has been considerable discussion as to the importance of price of the powder in relation to the cost of the finished product. It is true that in cases where certain special properties only procured by powder metallurgy are required, price is not a criterion. On the other hand, there have been a number of applications recently made which would not be commercially practical with a powder which commands a premium in price. Iron powder parts are compressed in automatic presses to definite size, shape, and density. The powder is compressed to a density figure dependent upon the function the part is to perform, as well as upon such important considerations as press capacity and die wear. Such parts can be roughly broken down into the following density ranges:

Jan 1, 1948

By Lucien F. Trueb

The microstructure of explosion-bonded pairs of similar and dissimilar metals has been investigated by electron microscopy. A review of the specific problems encountered and the methods used for obtaining surface replicas and thin-film transmission specimens of the bond interface is given. The bond area is mainly characterized by continuous and practically diffusionless metallurgical bonding. The very large shear stresses induced along the collision front of the plates being joined causes extreme grain elongation and a symmetrical pattern of subgrains in the bonding direction. The bond zone is also characterized by a very high density of dislocations and pressure-induced twins. Localized heating occurring during the cladding process can result in partial re-crystallization or the formation of thin layers of molten material. The force of precisely controlled explosions causing a high-velocity impact between metal plates has been used for several years to achieve metallurgical bonding between an extremely wide variety of metals. This method essentially consists of accelerating a plate to high velocity toward a stationary plate by a detonating explosive. Since the restrictions to bonding are not those encountered with conventional nethods, it becomes possible to bond pairs of metals having widely different mechanical properties that are immiscible or form brittle intermetallic compounds. Many applications of such composite metals are found in the field of corrosion protection as well as numerous other fields; for example, explosion bonding is being applied for fabricating the materials used by the United States Mint in the new sandwich-type coins. The primary condition for establishing a metallurgical bond is that absolutely clean metal surfaces be brought together. Any metal exposed to the atmosphere is covered with oxides, adsorbed gases, and other contaminants; even a very forceful impact of two such surfaces is not sufficient for bonding. Cowan and Holtz-man,"' who reviewed the dynamics of colliding plates in detail, showed that in order to achieve a good bond the explosion conditions must be chosen in such a way that the plate collision velocity is less than the sonic velocity, in which case no oblique shock waves are attached to the collision front. A pressure wave is then generated ahead of the collision line, and the material forming the colliding surface of each of the plates flows forward and is ejected in the form of a spray, the so-called jet. The dynamic elastic limit of the metals must be exceeded so that there is sufficient plastic deformation. At the point where the jet formed by the junction of the inner surface layers of both plates separates from the combined plates, the material experi- ences a very high shearing strain and the pressure can reach several hundred kilobars. This process strongly influences the microstructure of the bond zone as will be seen later. Behind the collision front, uncontami-nated layers of internal material are brought together under high pressure and are thus metallurgically bonded. I) STRUCTURE OF EXPLOSION BONDS The different types of explosion bonds that can be obtained depend on the explosion conditions, and have been investigated by Cowan and Holtzman,1'2 Holtzman,3 Klein; Bahrani and crossland,' and Buck and Horn-bogen. The preferred kind for practical applications is the so-called wavy bond, typical examples of which are given in Fig. 1 showing light micrographs of various metal-to-metal interfaces. In forming this type-- of bond the collision energy is mainly expended in jetting, the formation of waves, and localized melting. Beyond the crest of the waves, eddy-shaped areas are observed in which the two metals are mixed in a complex pattern of streaks. Cowan and Holtzmanl first proposed that this wavy pattern is analogous to periodic eddy shedding in the flow of a viscous fluid around an obstacle (Von Karman's eddy street). The mass of metal ahead of the stagnation point, which is associated with the jet and has forward momentum, plays the role of an obstacle and the eddies created in the flow of solid metal around the stagnation point are preserved in the final clad specimen. This idea has been reviewed more recently by Klein4 and the variables involved in the wave formation have been discussed in some detail by Bahrani and crosslands and Buck and Hornbogen.6 Several studies of the structure of explosion bonds by light metallography have already been published.1-6 Aside from the waviness and the eddies which were mentioned above, the most striking characteristic of the area in the vicinity of the bond interface is a very considerable longitudinal grain deformation which appears to be strongest at the metal-to-metal boundary and dies out as one moves away from it. Large twins are often observed within the deformed grains, and molten areas are found in the center of the eddy-shaped structures situated beyond the crest of the waves. The large hydrostatic pressures and shear stresses occurring at the interface modify the mechanical and chemical properties of the bond zone. Increases in hardness in this area have been reported by various authors.396 The defects along the interface can also cause a local increase of the chemical reactivity and thus might be expected to boost the etching rate. However, the effects of this preferential etching cannot be observed by light microscopy due to its inherently limited resolution power. The same limitation precludes the observation of morphological features directly along the bond interface as well as the interface itself. Furthermore, no information can be gained by light-

Jan 1, 1969

By M. E. Bell

The term "operational research" was probably first used to describe work started under E. C. Williams, now Director, SHAPE Air Defense Technical Center, late in 1937 or 1938, at the Bawdsey Research Station of the British Air Ministry, a laboratory center concerned with the development of radar equipment. After the practicability of the early techniques had been demonstrated, a large (for those days) program of development and installation was authorized. It was very soon realized, both by the Royal Air Force and by the scientists that almost as important as the gear itself was the way in which it should be used. Accordingly, it was decided that some scientists should cooperate to study the way in which the equipment should be deployed and operated in conjunction with the Royal Air Force. To distinguish this work from the normal work of a research and development establishment, the term "operational research" was coined. It merely meant at this time that this particular section of scientists was to be concerned with the use of the gear rather than with its technical development and it seemed natural to those concerned to adopt the word "operations" which has a specific connotation in the armed forces.' This method was later extended to peacetime business enterprise, government operations and other human activities. Operations research appears to have penetrated the extractive industries more slowly and less completely than other industries, the military, or the government. This may be due (1) to a difference in the attitude of management towards operations research, or towards research of any kind, for that matter; (2) to unsuitability of the extractive industries for application of the operations research method; (3) to inaccessibility of the data; (4) or to a lack of trained personnel who are interested in applying operations research to the mineral industries.

Jan 8, 1963

By Frances H. Clark

DEVELOPMENTS in powder metallurgy have been disappointing in 1943. If any new part has gone into large-scale production, knowledge of it has been restricted by considerations of national security. Nor have any outstanding papers appeared to advance the theory of the subject during this period.

Jan 1, 1944

By AIME AIME

AT the annual .meeting of the Minnesota Section in December, Dr. Leith characterized as a question still open the exact method of origin of Lake Superior iron ores and emphasized it as an important practical problem for the future. He welcomed the step taken last year by Dr. Gruner in presenting a new hypothesis, and asked Lake Superior geologists to meet the challenge of such multiple hypotheses by unbiased, study.

Jan 1, 1932

By AIME AIME

L H. DUSCHAK gave an interesting talk at a recent meeting of the. San Francisco Section, based -011 experimental work with a variety of ores at the laborator of the Treadwell-Yukon Co., in Berkeley, Cal. He was of the opinion that the customary "cut and try" method of flotation testing was still in evidence and that the flotation process was more of an art than an exact science. Propounded theories have enabled investigators to' classify reagents as well as to suggest new ideas both in the metallic and nonmetallic fields, but the application of theory has riot as yet been able to solve many of the unknown factors in operation.

Jan 1, 1932

By Harry T. Hamilton

THE genial assistant to the president of the New York Trust Co. is the latest addition to the Institute's board of directors, having been elected at the March meeting of the hoard to fill the unexpired term of the late E. E. Ellis. Usually when a banker is appointed to the board of a company the reason is obvious; the difference in this case is that the New York Trust Co. has some of the Institute's money, instead of vice versa. But Harry Hamilton is not really a banker-at least not primarily. Frefluently big financial institutions have a good mining engineer on their staffs to keep them from financing too many "cats and dogs." At any rate Mr. Hamilton gave up his consulting practice in San Francisco back in 1927, to accept his present position in New York. Until then, from the time he graduated from Yale in 1904, lie was constantly engaged in mining operations of one kind or another in the West and in Mexico. His first job was at Christmas, Ariz., where lie did "sampling and miscellaneous work" for the Saddle Mountain Mining Co. The writer tramped up to, all over, and through that property one hog day many years later, when it was run by the Christmas Mining Co., and carp assure the reader that without doubt the young Yale graduate got some good experience and was well broken in. From there Mr. Hamilton went to Cananea for a time, and then to the Copper Queen, at Bisbee, where he was a valued member of the rigging gang. An assignment of assaying and sampling for the Shan¬non Copper Co. at Metcalf lasted for a few months and then he accepted a job for a year with the geological department

Jan 1, 1936

By J. E. Johnson

Discussion of the paper of Prof. Henry M. Howe, presented in abstract by Bradley Stoughton at the Cleveland meeting, October, 1912, and printed in Bulletin No. 71, November, 1912, pp. 1181 to 1227. J. E. JOHNSON, JR., Ashland, Wis. :-This material is largely beyond the understanding of most of us practical men, but there are certain portions of that diagram that are of enormous importance. We have been conducting a, very extensive investigation of the quality of charcoal-iron and of all iron, and we have found that this eutectic point here (indicating on chart) is a sort of balance point between the good irons and the bad ones, and I have some slides to show what practical results we have found depending on this point here on the d diagram; and it would be a mistake for men who were -concerned with operation and were getting practical results, to think that these things are of no importance. They are exceedingly hard to understand, and I confess that a great deal of them is beyond me, but there is no doubt that the quality of iron depends to an enormous extent on the location of the carbon content of the iron to the right and left of this point, and the position of that point is dependent upon the silicon, and I wish to make a plea to the practical and operating members of the Institute not to disregard this material on account of its being highly scientific, because I hope to show later that there are matters of the highest practical importance that depend directly upon certain portions of this diagram. HENRY D. HIBBARD, Plainfield, N. J. :-T understand that washed metal, which, is practically pure iron and carbon, does not solidify at one instant, is cast-iron does, but passes through a mushy stage. That has been an enigma as to how and why it did so, and possibly some light might be thrown on it in this connection. BRADLEY STOUGHTON, New York, N. Y.:-If Wittorff's propositions are accepted, washed metal containing more than 4.1 per cent. of carbon would begin to solidify as liquid plus Fe4C

Dec 1, 1912

By Frederic P. Dewey

(New York Meeting, February, 1912.) By the old method of determining platinum in ores and bullion, the silver-alloy first obtained in the regular course of assay is parted in strong sulphuric acid and the residual metal weighed. This is re-alloyed with silver by a second cupellation and parted in nitric acid, the residual metal being again weighed. Any difference shown between the two weighings is assumed to be, and is called; platinum. Sometimes it is so, and if any considerable amount of platinum be present, there will be a decided difference between the two weighings; but a slight difference is no real evidence whatever of the presence of platinum. On the other hand, the second weight may equal or possibly exceed the first, even when traces of platinum are present. Again, other members of the platinum group may go into solution in nitric acid more or less. If present, these would be called platinum and escape detection. The method does not provide any direct tests whatever as to the presence or absence of platinum. It is often indecisive, and sometimes jives erroneous results. It is, therefore, quite unsatisfactory. Being called upon many times to determine platinum in a wide variety of materials, particularly when present in very small amounts, I have realized the disadvantages and defects of this old method. In an article on the solubility of gold in nitric acid, 1 I have briefly outlined a method of gathering a little gold out of a solution containing much silver, which furnishes the basis of

Apr 1, 1912

By Edwin Higgins

SINCE the "Days of Forty-nine" California has been the premier gold producing state of the union. The greatest production was recorded in 1.852, during which year the state's placer and lode deposits yielded over 81 millions. This peak was followed by a steady decline to about 12 millions during the years 1888 to 189.3, a period marked by the cessation of gravel mining. After 1893, production increased to a new peak of over 22 million in 1915, thereafter decreasing steadily to something over 13 million in 1923. Today; California's gold production shows a decrease of 84 per cent. as compared with the output of 1852, and a decrease of 41 per cent, as compared with 1915. It is not a difficult matter to find the causes of this more recent decline. In 1916 there began an upward swing in the cost of labor, which represents approximately 60 per cent. of the cost of mining, and in the price of supplies, representing the remaining, 40 per cent. This rise continued until 1922 and since that year there has been no decided tendency either upward or downward. The increase in the cost of mining since 1916 is variously estimated at from 50 to 75 per cent.; the price of gold has remained fixed at $20.67 per oz. This condition resulted in wiping out the profits of the low-grade operations which, in recent years, have constituted California's main source of supply of gold ore. It is now predicted that there will be renewed activity in California- gold mining. What are chances for the materialization of this forecast? A boom or even a revival of gold mining must of necessity be brought about or accompanied by one or more of the following factors: 1. A decrease in the cost of mining. 2. An increase in the price of gold. 3. New capital for development. 4. The discovery of new deposits. 5. The revival of hydraulic mining.

Jan 1, 1925

By W. W. Krech, T. E. Perkins

As fractures are propagated through rocks, energy is absorbed near the extending crack tip. Apparent surface energies for several rocks have been measured by cleavage under dynamic con-ditions. At nominal crack velocities from 0.5 to 500 in (min, measurements showed that fractures propagated in discrete jumps. Calculated surface energies and moduli were relatively insensitive to nominal rate of cleavage. in another set of experiments, rocks were cleaved under high confining stresses. The rocks were submerged in low leak-off fluids which formed a filter cake on the freshly cleaved surfaces (similar to the hydraulic lracturing process). Apparent surface energies were increased substantially as the surrounding fluid pressure was increased. Moduli in bending increased significantly upon application of the first 1,000 psi but were insensitive to stress level at greater pressures. INTRODUCTION For almost 20 years, hydraulic fracturing processes have been utilized effectively to stimulate oil and gas wells. During this period, some process improvements have resulted from studies of fracture orientation, mechanics of fracturing, areas generated, conductivities of cracks, etc. Yet many questions remain concerning the conditions and pressures needed during fracture propagation. In this paper we will report additional studies of the mechanics of fracture extension. It was shown previously3 that large rock samples could be cleaved under controlled conditions so as to measure the apparent surface energy (that amount of energy absorbed per unit area of new surface created). In this paper we consider the effects of two additional factors on surface energies, viz.: (1) effect of cleavage rate and (2) effect of confining stress level. THEORY Cleavage experiments were conducted on rock samples similar to that illustrated in Fig. 1. Blocks of rock several inches wide, 2- to 3-in. thick, and up to 3 ft in length were grooved longitudinally with shallow guide slots. A crack was initiated and allowed to extend along the web as the top of the rock specimen was pulled (or pushed) apart. Auxiliary equipment permits the measurement of (1) force applied at the top, (2) separation at the top and (3) crack length. (Further experimental details will be given in the next section.) The rock beams created by the crack are considered ton be cantilever beams. The deflection (or separation of the rock beams) at any point is calculated 4,5 by the beam Eq. 1.

Jan 1, 1967

By Charles E. Locke

CONTINUED expansion of gold mining in 1935 led to further developments in treatment methods. In base metals and non-metallics progress is also noted, coincident with greater activity. Statistics are not available yet for 1935 but the trend is shown by 1934 when nonferrous ore mined in the United States was 35,840,737 tons, or 45 per cent more than in 1933. The amount concentrated was 27,167,530 tons or 75.80 per cent of the ore mined, and flotation was used in whole or part on over 96 per cent of the ore subjected to concentration. In the crushing field a new model of the Fahrenwald crusher is promised soon. The Symons fine-reduction cone crusher and Traylor secondary crusher continue to gain as intermediate crushers. A new book entitled "Crushers for Stone and Ore" by William T. W. Miller appeared. The Hadsel mill has been improved still further and a number of installations are in satisfactory operation showing economical power consumption and low wear. An attempt in a

Jan 1, 1936

By George M. Fowler

EVERY year it becomes more difficult to find new mining districts and new ore deposits. Nearly all of the important discoveries so far can be attributed to surface manifestations overlying the ore deposit. In the future greater skill will be necessary to find ore deposits that give little or no indication of their presence. Mining geology is making progress by broadening its attack upon mineralized regions, by including in its investigations studies of the relation of physical-chemical processes to ore precipitation and various phenomena that heretofore have not always been looked upon as major factors in the problems. Such, for example, are petrographic peculiarities that will help determine structure, aspects of strata or formations favorable or unfavorable to structural deformation or mineralization, and renewed studies of chert and dolomite. This broadening attack is not necessarily being directed to the study of large areas, but rather by doing extremely detailed work in three dimensions in relatively small critical areas to find the key to the structure, reasons for the manner of rock deformation, composition and texture of the rock, and other con¬trolling factors in the larger areas.

Jan 1, 1935

By AIME AIME

THE John Fritz Medal Board of Award, at its annual meeting on Jan. 21, 1921, awarded its gold medal and diploma to Sir Robert Hadfield for the invention of manganese steel. On June 1, announcement was made that the Board of Award had awarded its gold medal and diploma to Charles Prosper Eughe Schneider for "achievement in metallurgy of iron and steel; for development of ordnance, especially the 75-mm. gun, and for notable patriotic contribution ' to the winning of the war." The award to Sir Robert Hadfield is for the year 1921; the award to Mr. Schneider is for 1922. The latter was made at this time in order that the medal might be presented by the group of American engineers now visiting England and France.*

Jan 1, 1921

By AIME AIME

TO THE AMERICAN MINING CONGRESS. AMERICAN INSTITUTE OE MINING ENGINEERS. MINING AND METALLURGICAL SOCIETY OF AMERICA. The committee that makes this report was appointed at the meeting of the American Mining Congress, at Denver, Colo., in. November, 1906. The appointment had in view the drafting. of a law for the regulation of quarrying and metalliferous mining under the police laws of the States, with the hope that the uniform adoption of such a law could tend to reduce the number of accidents in mining. Since its. appointment, the committee has had' under serious and continuous consideration the matter with which it was charged. At the meetings 0f the American Mining Congress in 19o7, 1908 and 1909, it reported progress. At the meeting in 1909 it was authorized to present its report not only to the American Mining Congress, but also to the American Institute of Mining Engineers and the. Mining and Metallurgical Society of America, and to present its report in printed form during the interim between meetings of the American Mining Congress. The committee collected from the officials of the States of the Union copies of their mining laws. With the assistance of the Engineering and Mining Journal copies of the laws 0f Great Britain, the Transvaal, New South Wales, Victoria, Queensland, Western Australia, Tasmania, New aland, and certain European countries were also obtained. These laws were subjected to careful study. The first publication of the committee was a summary of the more important metalliferous mining laws 0f this country. Upon the basis of the existing laws of the States of the Union, Great Britain, and the English speaking colonies, a tentative draft. was prepared and printed in limited number in 1909, for convenience in securing the advice and criticism of a considerable number 0f persons engaged in the mining industry. In this way valuable suggestions were received. At the request of the chairman of this committee, Mr. Frederick L. Hoffman, statistician of the Prudential Insurance Company, of Newark, N. J., summarized and reviewed the available statistics of fatalities in metalliferous mining in the United States. Mr. Hoffman's report was published in the Engineering and Mining

Jan 10, 1910

By Chung Yu, Wang

CHINA can he roughly divided into three metallogenetic province: North China, the Yangtze Valley, and South China. In North China the old Pre-Cambrian schists and gneisses are represented by the abundance of quartz mines in which sporadic occurrences of copper, lead, zinc, gold, and silver are sometimes found in subordinate quantities. Along the Yangtze Valley and in Central China, extending eastward as far as Shantung, are found here and there intrusions of dioritic rocks, in which occur the famous contact deposits of iron ore, besides which minor quantities of copper. lead, and zinc are also found. In South China the igneous intrunsions are of granitoid type in which, or in the vicinity of which, occur in certain regions immense deposits of antimony, tungsten, tin, and mercury. Broadly speaking. most of the famous coal mines are now situated in regions north of the Yangtze River, in which occur also the sedimentary deposits of iron in contradistinction to the contact deposits of iron along the Yangtze Valley.

Jan 1, 1943

By AIME AIME

NEW place was assigned to the women for their headquarters at the annual meeting of the Auxiliary but they, as usual, occupied a large place in the activities of the annual meeting. The alcove on the Thirty-ninth Street side of the building was a busy place on Monday morning, as the members of the various sections from New York to California greeted each other. The registration was conducted under the supervision of Mrs. Wolfes, Miss Georgene Davis and Mrs. Jennings, while Mrs. Hursh, Mrs. Hyde, Mrs. Charlton Reynders, and others dispensed tickets to the various functions that had been provided for entertainment. There seemed to be the usual number registered, but when only one member of the District of Columbia Section made herself known everyone wondered why the large delegation of last year had so dwindled. The explanation appeared next day, when a number of others from that Section arrived, telling of a delightful reception on the night before, at the White House. Mrs. Hoover had honored the "Canaries"¬(the organization of Lone Girl Scout' workers) the officers of the Section, and their husbands, who for once became only "so and so's husband." Luncheon was served on the fifth floor on Monday, the hostesses for that day being Mesdames C. F. Ayer, Willis Burns, G. W. Farny, H. G. Moulton, and T. T. Read. A number of sight-seeing trips had been arranged for the afternoon. The most popular proved to be an expedition to the new Riverside Church; where Dr. Fosdick is pastor. Guides were there to conduct

Jan 1, 1931

By John A. Mathews

RESEARCH in the steel industry, as in other lines of manufacturing, has for its principal purpose the increasing of profits. That is what manufacturing companies are for, and all departments of the organization must be so coordinated as to lead to profitable operation. To divide a payroll into productive and non-productive labor is misleading. Productive labor, in fact, is necessary labor, and non- productive labor is the labor we can get along without. One might as well say that the steering wheel is not a part of an automobile as to say that the directing minds of an industry are non-productive. Legitimate manufacturing profits in a steel company or any other company are the reward that the public pays for service rendered or risk taken. The desire for profits is the impelling motive that leads investors .to take risks and build up industries that give employment to others. Every department of a company, be it executive, manufacturing, financial, sales, or research, must contribute to the one end which brings success-profits.

Jan 1, 1921

By Herbert Hoover

DURING the year, the' Institute has made the most remarkable growth in its history. Our actual increase in membership was 1816 and therefore was 80 per cent. larger than any previous year. Even without expectation of any abnormal growth, we should pass in the year 1921 the 10;000 mark. The causes of this increased growth are not far to seek.. They lie in the widening vision of the Institute's work, not only in its relation to' the profession but as an avenue of service to the nation as a whole. The Institute is today in the first rank of influence among public institutions in the country. During this year we have, for the first time in many years, had a ?deficit of some $3000 in our finances. The sum is not important, but it- does indicate the tendency of the times, and that is the high cost of living:' The increase in our expenses lay, to the largest degree, on the publishing side of the Institute's work. If we compare the year 1918, as a fairly repre¬sentative year, with that of 1920, we find that the costs of issuing the' Institute's publications, after deducting the income received from these publications, shows a .net increase of about $33,000. for the year. This has been to some degree due to the enlarged membership but to a large degree due to the cost of the paper and printing.

Jan 1, 1921