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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

By C. O. Swanson

CALCULATING the average grade of a gold deposit is a problem that presents certain unique difficulties. Particularly troublesome is the fact that the average of the samples taken from a deposit is likely to be higher than the grade of the ore that is eventually mined, even when allowance is made for dilution and other factors resulting from the mining operations. It would seem that this situation is due to the presence in the deposits of structural peculiarities which have not been properly taken into account, since estimating the average grade of the broken ore produced from the deposits does not present the same difficulty. It is therefore evident that structural considerations are of prime importance in estimating the grade of a deposit. This fact is clearly realized and taken into account in cases where the boundaries of the orebodies and the variations within them are easily recognized. But in many gold deposits this condition is not satisfied, a circumstance which can be regarded as the main source of difficulty. Lacking definite information concerning the structure, we are apt to use certain procedures which are either empirical or based on general probabilities.

Jan 1, 1945

By R. Drummond

The fourth Teetered Bed Separator (TBS) has just been installed in Australia, and trials have been run in many sites. There is a growing recognition of the potential advantages of using TBS technology to treat coal in the ?3+0.25 mm size range, at cut points below 1.60. From these activities, there has been a substantial growth in knowledge with respect to application engineering and operational functions. The paper briefly describes the installations, including flowsheets, and so provides a background to the potential deployment of TBS technology. There are a large number of potential applications for TBS technology, including treatment of fine ROM coal in new plants, or in upgrade situations for re-processing of spiral product, or scavenging coal from coarse tailings. As well, cost effective capacity upgrades are possible by using TBS units for treating the sands size fraction. Issues arising from Australian TBS installations and application engineering are also discussed.

Jan 1, 2002

The U.S. economy continued to expand during 1986, although at the slowest pace since 1982 when the current business expansion began. Real gross national product (GNP) grew about 2.6%, slightly below 1985 growth but significantly below that of 1984. The continuing expansion was fueled predominantly by rising personal consumption expenditures as well as growing government purchases of goods and services. Fixed investment, although positive, failed to grow at the rate of the overall economy. The trade deficit, which increased more than 30% over the record 1985 level, continued to depress economic growth despite significant declines in the price of petroleum and the value of the dollar. On a more positive note, domestic employment continued to grow--increasing over 2 million from the 1985 level--and inflation and interest rates declined. The unemployment rate dropped slightly to 7.0%. Of direct importance to the minerals-producing industries, expenditures for consumer and producer durables as well as investment in residential construction each grew faster than the overall economy, but investment in nonresidential structures fell more than 10% from the 1985 level. The low level of real capital spending declined about 3% in 1986, following strong gains in 1985 and in 1984. Capital expenditures for new plant and equipment bottomed out in the second quarter and expanded in the third and fourth quarters. The decline in the first half of the year was partially attributed to uncertainty arising from the then-proposed tax bill. Also, there was little impetus for corporations to invest in new capacity since factories were operating at less than 80% of capacity during most of the year, in part because of continued competition from imports.

Jan 1, 1987

By A. L. Podia

The purpose of this research was to develop a system capable of detecting changes in the structure of rocks, leading to failure of mine roofs, and/or excavations. A prototype system was developed, field tested and delivered to the United States Bureau of Mines for further evaluation and research. This system is based on the analysis of acoustic signals generated on the surface of the roof by an impact device and which are reflected or backscattered by flaws and discontinuities in the rock. The specially designed impact source is capable of generating high frequency acoustic signals with excellent repeatability. The system can also be used in conjunction with conventional acoustic pulse transducers. The received signal is digitized and the data transferred to a minicomputer for processing and display. This capability allows the immediate determination of wave velocity and/or distance to a reflecting interface. Various data processing techniques such as averaging, differentiating, and comparing of different signals can be selected by entering the appropriate commands on the keyboard. Being a programmable system it is possible to implement more advanced signal processing techniques. All results as well as the signal are displayed on a CRT. Furthermore, a permanent record of the data can be generated on paper tape, which can be reentered and processed at a later date. A communications interface allows transmission of the sampled signal to a large scale re-mote computer. The system was tested extensively in the laboratory, and field tested at the York Canyon Coal Mine. These tests proved the feasibility of operation in the mining environment. Results indicate that further investigation and development will have to be undertaken to fully develop the potential of this system in satisfying the goals of this research.

Jan 1, 1973

By P. R. Thomas

The Bureau of Mines determined the costs associated with the production of chromium, in the form of chromite and high-carbon ferrochomium, from the demonstated resources of 10 market economy nations. The analyses evaluated the relative geologic and economic position of these chromite resources contained within 80 producing or potential mining operations. This report presents cost evaluations of a demonstrated resource of chromite, contained within the nations studied, of appoximately 1.2 billion metric tons (t). Of this total, 70 pct is contained within the southern African nations of Zimbabwe and the Republic of South Africa. The majority of current chromium mining and smelting capacity is contained within these two countries as well. India and the Philippines have recently demonstrated greatly increased chromite resources and hold the most promise for expanding both chomite and ferrochromium production outside southern Africa. Their demonstrated resources represent approximately 7 and 16 pet, respectively, of the cost evaluated total tonnage. Chromite resources, on an identified or hypothetical basis worldwide, are highly concentrated within Zimbabwe and South Africa, with these two nations containing in excess of 95 pet of the total. Given the present market structure, a majority of chromium contained within the demonstrated chromite resources of the nations studied is economically recoverable; but from a long-term resource and economic perspective, South Africa should inceasingly dominate the markets for both chromite and high-carbon ferrochromium. In addition, it is anticipated that an increasing percentage of chromium traded on the world market in the future will be in the form of high-carbon ferrochromium as opposed to chromite, as this additional processing stage continues to relocate from the industrial nations that account for a majority of chromium consumption to those nations that mine chromite.

Jan 1, 1984

By James F. Kemp

Jan 1, 1914

By J. Abrahams, A. Nesbitt

Over the past half-century, researchers have commented on the complexities of ion-exchange processes, but have been forced to use gross assumptions to simplify the associated mathematics sufficiently for mathematical models to be of practical use, given the available computational power. This paper reviews the development of increasingly complex models as computational power has increased over the past half-century, from the direct application of Fick's Law in 1947, through to today's models requiring finiteelement methods. The assumptions required for and the associated limitations of the various models are presented and the associated computational complexities are discussed. A case study is presented in which a continuous loss of capacity in an acid resin was observed over about sixty cycles of loading and elution. Resin poisoning does not explain this observation. This paper presents the capacity loss data, speculates on possible causes of the phenomenon, discusses why conventional kinetic and equilibrium mechanisms cannot explain it and concludes that the need to develop a more rigorous model is apparent. The significance of this observation is that standard tests done for a new resin application could significantly overestimate the commercial performance of the resin concerned, highlighting the importance of computer simulation in this field of process engineering.

Jan 1, 2005

By AIME AIME

WTHIN the next month all members of the Institute will be given an opportunity to vote for a new President, two Vice-Presidents, and five Directors. All of the candidates nominated by the official committee are well known to certain groups of the Institute membership but a brief record of their professional lives will be given here for the information of those that will vote. Not since 1927, when Everette DeGolyer guided the destinies of the Institute, has a member of the Petroleum Division been a candidate for President. John Meston Lovejoy has been a Director since 1930, and a Vice-President as well for the last year: In the three years 1932-4 lie was also chairman of the Admissions Committee. Dir. Lovejoy graduated from the Columbia School of Mines in 1911, just before lie was 22 years old, and began his professional career as a copper miner at Chuquicamata. Chile. Silver and gold mining later claimed his % attention, and it was not until 1914 that lie gut into the oil business, as geologist for the Standard Oil Co. of N. Y. This took hint to China and he later worked for the company in Wyoming. In 1917 lie joined the Army where lie rose to be captain of Field Artillery. Upon his return to the United States he went to work for the Amerada Petroleum Co., of which he later became vice-president and general manager, with headquarters in Tulsa. Since coining to New York he has been president of the Petroleum Bond & Share Cu.. and is currently president of the Seaboard Oil Co.

Jan 1, 1935

By Albert Ladd Colby

A GLANCE through the Bibliography appended to this paper will show that the Transactions of this Institute contain what virtually contitutes a history of the development of the manu¬facture of steel rails in this country and abroad. It is, therefore, fitting that this paper, bringing one branch of this important subject down to date, should be here presented, and it is also appropriate to select this joint meeting of our Society with the Iron and Steel Institute to compare the specifications covering the rails produced in these two countries, and to propose a standard specification to govern the manufacture of American rails for export. During the last ten years the production of Bessemer steel rails in the United States and Great Britain has amounted to 32,128,720 gross tons. Nearly 19,000,000 tons have been rolled in the past five years. The next five years will see an even larger output, owing partly to the extension of railway projects in the Orient, in South and Central America, in Mexico, and in Australia and the other British Colonies. Of late years, the American rail-mills have so largely increased their daily output, that trade conditions have often made possible the delivery of American rails to foreign ports. The tenders submitted by American mills, however, have always been accompanied by requests for changes in the foreign specifications, chiefly in the reduction of the amount of testing required; and it has only been natural, especially at first, that the engineer, whose specification had always been accepted without question by British mills, should interpret American tenders 'as an evidence that an inferior rail would be furnished

Sep 1, 1906

This paper is an outline of the developmental practices now in use at North Broken Hill Limited, N.S.W. The description will be given under the following headings.I. General.......opening up of a new level.II. Driving.III. Winzing.IV. Rising.V. Auxiliary Ventilation.VI. Notes on the Introduction of Mechanical Appliances.VII. Office Records and Routine.I. GENERALThe lode, for purposes of description, may be said to be divided into two portions which are usually referred to as the Southern and Northern Orebodies.The southern ore-body is the larger and in places attains a width of 200 feet. The northern ore-body is, generally speaking, comparatively narrow. These ore-bodies have a northerly pitch of approximately 45' and a westerly dip of 60. In the southern ore-body a grid of ore chutes is provided at 31 ft. 8 in. (5 square set) intervals and this necessitates an elaborate arrangement of cross-cuts, portion of which have to be driven through the foot-wall. Crushed country rock adjacent to the foot-wall makes it necessary for drives to be placed at least 60 feet from the lode.In the northern ore-body the ore chutes are arranged along a longitudinal drive, thus making a much simpler layout. These layouts were described in detail by A. R. West (Proceedings A.I.M.M. No. 117). In opening up a new level from the shaft plat, a heading is extended in a westerly direction until a point approximately 60 feet from the footwall of the lode is reached.At this point the direction of the cross-cut is altered to a bearing approximately 90 to the general strike of the ore-body, and the cross-cut continued until the hanging-wall is intersected. From the information obtained together with that from diamond drilling, the outline of the ore-body is plotted as closely as possible, and this serves as a basis for the layout of the level. Drives south and north from the main cross-cut are made in order to determine the southern and northern extremity of the southern ore-body. The former is usually driven in the centre of the ore-body and serves as a permanent gangway and ventilation drive for the new level.From the northern extremity of the southern ore-body, the drive north is...

Jan 1, 1944

By Shigeru Tsutsumi

The rapid development of transportation facilities in Japan focused the attention of this country on the possibility of converting the existing coal resources (of which there was an abundance) into liquid fuels, for which there was a constantly increasing demand. Previous work had indicated that this could be accomplished by utilizing one of two processes - the Bergius process, in which high temperatures and high pressures were employed to effect direct liquefaction of the coal, and the Fischer-Tropsch process, in which an indirect liquefaction of coal was accomplished by the production of liquid hydro-carbons from hydrogen-carbon monoxide mixtures. This report describes some investigations into the latter process, which was first developed by Fischer and his colleagues in the Coal Laboratory in Muhlheim, Germany, in 1923. By 1932, these investigators had achieved a 60-percent theoretical yield (152 ml. of liquid hydrocarbons per cubic meter of 2H2:ICO synthesis gas) by using a precipitated Co-Th02 catalyst.3/ At the same time (1932), Dr. Kita of Kyoto Imperial University and Messrs. Fujimura and Tsuneoka obtained 145 ml. of gasoline (C5+) per cubic meter of synthetic gas by using a Co-Cu-Th-U catalyst. 4/ This report is a description of the experimental results subsequently obtained at the Fuel Research Institute, Kawaguchi City, Saitama, up to 1935.

Jan 1, 1951

By P. Nicholls

THOUGH the burning of fuels extends far back into antiquity, and though fuel beds are the most common and widely distributed example of chemical actions and engineering practice, there has been little attempt to group fuel beds by types or to define the principles associated with them. This paper does not profess to cover completely the subject of fuel beds. It suggests some of the over-all principles of the two more com-mon types. No new investigational data are included, but the deduc-tions are largely based on a recent publication of the U.S. Bureau of Mines1. DEFINITION OF TYPES There are three primary types of fuel beds: (1) Underfeed, in which the fuel and the air move in the same direction; (2) overfeed, in which the fuel and the air move in opposite directions; (3) crossfeed, in .which the fuel and the air move at right angles to each other. The principle that fixes the type is the relation between directions of the flow of fuel and of air. Fig. 1 shows the three types diagrammatically. All other types are compounded of these three in a simple or more or less complex manner. It does not follow that these three type designations are limited to the methods used in representing them in Fig. 1; they may be turned in any direction, and as long as the relative directions of the fuel and air are the same the type is not changed. For example, A as shown resembles a pot-type stoker, but the air and fuel can move downward as in the so-called smokeless heating boiler furnace. Also, C can be placed hori-zontal, as in chain-grate stokers. For this reason, the terms used to designate the three types are not all that could be desired; more logical ones could be coined, but those used probably are satisfactory until the discussion of fuel-bed types becomes more common.

Jan 1, 1935

By Juan Mendoza Marsano

"El presente texto revela las primeras transacciones de la venta del oro en el Perú -en tanto se determina su precio a través de un acuerdo denominado""on the spot"", donde el vendedor ofrece sus mercaderías a uncomprador y se acuerda un precio pagado con dinero al contado y de inmediato. Hasta 1914 el precio del oro estuvo determinado o fijado por la denominación de las propias monedas circulantes de oro y sus monedas equi- valentes. Sin embargo, la primera determinación del oro en el Perú surge en Cajamarca, 1553. Posteriormente se describe la circulación de este durante la Colonia, los diferentes métodos de transacción y las especificaciones del contratos de oro, así como los factores que influyen en el precio del oro."

Nov 1, 1978

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

By H. D. B. Wilson, W C. Brisbin

The Thompson-Moak Lake nickel belt lies along the root of a Precambrian mountain range of the island-arc or alpine type. This range coin-. cides with the boundary between the Superior and Churchill blocks of the Canadian Precambrian shield. The nickeliferous peridotites and nickel ores occur along a negative gravity strip, which also coincides with strong thrust faulting and the axis of greatest deformation of the mountain range. Similar structures and highly nickeliferous peridotites occur in present-day island arcs. Much of the belt is covered by Paleozoic rocks, but a length of 270 miles may be explored by present-day methods. Nickel deposits have been located along 60 miles of the belt. The length of the favorable structure and the size of the known deposits suggest that this will be one of the world's major nickel regions. The regional gravity anomalies, which consist of a branching negative strip bordered by two positive strips, are best explained by major warps of a crust consisting of a granitic and basaltic layer. The ore deposit

Jan 1, 1961

By R. J. Colony

MINING geology does not lend itself - very readily to a review embracing "improvements in methods," as perhaps do shop practices or laboratory procedures. The "methods" used in mining geology are simply the application of geology to mining; winning the ore, the handling of material, mechanical appliances, all belong strictly to mining proper, and have no place in a review of geology as applied to mining. A comprehensive review would necessarily cover a .very broad field, which could be subdivided into many -parts. Only a few of these can be discussed here. .Those that have been suggested to the chairman indude :

Jan 1, 1930

The principal source of funding the working capital requirements of gold miners has traditionally been equity. However in the 1980s, with a substantial increase in activity in the exploration for, and the production of, gold the traditional sources of equity finance became no longer sufficient to meet demand. With the often high cost of raising equity, the need for developing alternative financing structures became critical, especially since the stockmarket crash of 1987 which at least until recently, adversely affected the amount of equity capital available for investment in mining.

Jan 1, 1994

By R. S. Dean

As set forth in the decision of the Trail Smelter Arbitral Tribunal, dated April 16, 1938 This Tribunal is constituted under and its powers are derived from and limited by the convention between the United States of America and the Dominion of Canada signed at Ottawa, April 15, 1935, duly ratified by the two parties and ratification exchanged at Ottawa, August 3, 1935 (hereinafter termed "the Convention") . . . The duty imposed upon the Tribunal by the Convention was to "finally decide" the following questions: (1) Whether damage caused by the Trail Smelter in the State of Washington has occurred since the first day of January 1932, and, if so, what indemnity should be paid therefor? (2) In the event of the answer to the first part of the preceding Question being in the affirmative, whether the Trail Smelter should be required to refrain from causing damage in the State of Washington in the future and, if so, to what extent? (3) In the light of the answer to the preceding Question, what measures or regime, if any, should be adopted or maintained by the Trail Smelter? (4) What indemnity or compensation, if any, should be paid on account of any decision or decisions rendered by the Tribunal pursuant to the next two preceding Questions? In this decision reported to the Government of the United States of America and to the Government of the Dominion of Canada, the Tribunal answered the first question in its entirety and reserved decision on the other three questions in accordance with the following extract from their decision

Jan 1, 1944

By J. Morkel

During research on mainly the weathering of kimberlite, it became evident that its mineralogical composition is an important factor in the complex process of physical and chemical disintegration. The mineralogy of tuffisitic kimberlite breccias from two localities, the Cullinan and Venetia mines, is compared with special reference to the occurrence of associated clay minerals. The clay mineral composition influences the engineering properties of these rock types. It is illustrated how the presence of swelling clay components can be confirmed by ethylene glycol treatment and chlorite minerals by heat treatment using X-ray diffraction. Smectites are present in both tuffisitic kimberlites, dominant at Venetia while chlorite is more frequent at Cullinan. More tuffisitic kimberlite breccias samples from venetia were also characterized. It was found that kimberlite disintegration is correlated with the presence and abundance of smectite.

Jan 1, 2006