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By Oscar H. Hershey

COMPLAINT has been made that in the literature of economic geology the work of the "company or practical" mining geologists does not get enough attention. I propose to attempt to overcome this com¬plaint in reference to one important lead-mining district, that of the Coeur d'Alene in northern Idaho. Furthermore, I will assume that the reader is not so much interested in the geology of the district as in the methods of application used and incidents that have arisen in the work. All the important discoveries of ore in the Coeur d'Alene were made without benefit of geology. Certainly I would not claim the reputed discoverer of the Bunker Hill mine as a fellow geologist. It appears also that the mines were operated quite successfully for many years without geological specialists, though doubtless certain properties were visited at long intervals by such men as Waldemar Lindgren. It was known that the ores occur in quartzite, graywackes and slates as stated by J. R. Finlay in 1903. (TRANS., VOL. 33.) He described the ore as occurring in typical fissure veins that occupy fault-planes of indeterminate displacement. The Bunker Hill lode was based on a definite fissure with the mineralization all on the hanging-wall side, extending as far as 300 ft. from the fissure.

Jan 1, 1933

By AIME AIME

THE 131st meeting of the American Institute of Mining and Metallurgical Engineers was held in New York on Feb. 16 to 20, 1925, with the largest registration of any previous meeting, the total being 1320 compared to 1276 in 1924. The technical sessions were more largely attended and aroused more discussion than ever before. There were joint meetings with the Mining Section of the National Safety Council, under the auspices of the Industrial Relations Committee of the Institute and two very important lectures, the Howe Memorial Lecture, under the auspices of the Iron and Steel Committee, and the lecture by Dr. Carl Benedicks, of Sweden, on Corrosion, under the auspices of the Institute of Metals Division. The Petroleum Division conducted its annual Symposium on Oil which will be published later in book form. At the annual business meeting on Feb. 17, the following ticket was elected, and the reports of the President, Treasurer, and Secretary 'were presented:

Jan 1, 1925

By H. Herbert Hughes

ECONOMISTS have predicted that the present business depression ultimately may pay big dividends to industry through the cumulative savings resulting from technical improvements and merchandising advances that might never have been developed under normal conditions. Waste prevention is a sound medicine for economic ills. In theory, this prescription may be applied not' only to raw materials, but also to labor, fuel, over- head, and other phases of production. Actually, how- ever, regardless of the efficiency of operating practices, waste is inevitable in the production of many commodities. The problem then becomes one of profitable utilization of waste rather than prevention.

Jan 1, 1932

By Charles H. Fulton

(Cleveland Meeting, October, 1912.) I. INTRODUCTION. THERE are comparatively few accurate data on the melting-or the freezing-point temperature of metallurgical slays, or on related physical phenomena, such as fluidity near the melting-point, specific heat, latent heat, etc. With the exception of the work of H. 0. Hoffman,1 and some older work by R. Akerman, P. Gredt, and H. M. Howe, no information is available that is of direct interest to the metallurgist. Hofman's valuable work is the only one that refers to slags produced in the metallurgy of copper and lead. The classic work of J. H. L. Vogt,2 who views slays from the standpoint of physical mixtures (solutions in which the entities are minerals), has opened up a. new field in the study of slags, and has placed the investigation of such properties as melting-temperatures, etc., on a rational basis. The recent work of A. L. Day, E. T. Allen, and W. P. White, of the Carnegie Institution, at Washington, and of European investigators 3 on certain systems of silicate minerals confirms the value of the investigation of silicate series from this standpoint, and it is my aim to apply this method to metallurgical slaws, in order to gain exact data of value in metallurgy. The work recorded in the present paper is the result of an investigation of reverberatory-furnace slags made for a Western smelting company to determine exactly the influence of change in composition, within comparatively narrow limits, on the melting-point. For a general discussion concerning the mineralogical character of slaws and the principles on which this investigation is based, reference should be made to other work,4 for the subject is too large to be stated in this paper, except very briefly in the following outline 1 Trans., xxix., 682 (1899). 2 Die Silikatschmelzlösungen; I. Ueber die Mineralbildung in Silikatschmelzlösungen; II Ueber die Schmelzpunkt-Erniedrigung der Silikatschmelzlösungen (Christiania, 1903-04). 3 Doelter, Handbuch der Mlineralehevu:e (1911) 4 C. H. Fulton, Principles (of Metallurgy. Chapter viii., on Slags, p. 24.5 (1910).

Dec 1, 1912

By H. DeWitt Smith, W. H. Sirdevan

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

Jan 1, 1922

By John Birkinbine

Secretary's Note.—In printing this paper in the present volume, the figures given in the pamphlet edition have been brought more nearly up to date, the product of 1899 being in many instances inserted. Iron-Ore Resources. In a paper presented to the Institute in 1897,* I discussed the iron-resources of the United States as then developed, calling attention to some principal sources upon which other countries depended. The following statement will give a general idea of the amounts, as compiled from the latest official records, of ores won, and metal produced, in the nations which are important contributors to the world's output. Unfortunately these are not all contemporaneous, since in some countries the statistics do not appear until after one or more years. The statement covers not only pig-iron and iron-ore, but also manganese-ore —the manganese mined being principally used in the production of spiegeleisen or ferro-manganese, and these alloys being generally included in the pig-iron output. Table I, which epitomizes the present situation, shows respectively the countries and the quantities of iron-ore and man-

Jan 1, 1901

By DONALD H. McLAUGHLlN

Few factors have had more influence in maintaining the strength and stability of the United States than our persistent habit of providing .checks and balances to the dynamic powers of free enterprise on the one hand and to the controls and guidance exercised by the State on the other. .Indeed, it is this same concern for matching forces against each other that has given our republic its ability -to preserve a democratic basis of life for its citizens, and yet maintain a ,government that is able to protect the rights of all and to resist and minimize the danger of excessive concentration of authority. Our current efforts to clarify the nation's mineral policies and to define more clearly the role that the governmental agencies should play in conjunction with the functions of private -enterprise again reveal the desirability and advantages of maintaining our traditional controls. At times, the equilibrium has been temporarily disturbed by too great enthusiasm for one or the other of these basic concepts. Sooner or later, however, the balance has been restored by the healthy opposition that is always created by excesses of one sort. At the current stage in our history, the swing toward undue enlargement of the powers of the State seems to have gone dangerously far and we would be untrue 'to our traditional behavior if the group that must demonstrate the virtues of free enterprise did not rally to its support with the utmost earnestness.

Jan 1, 1949

By J. C. Fisher

Nucleation theory is applied to martensite nucleation in substitutional iron alloys. Composition fluctuations are neglected, and a steady rate of nucleation is predicted for any composition and temperature. The maximum rate of nucleation (as a function of temperature) is shown to be measurable only for on extremely narrow composition range, being too great or too small outside this range. A number of experimental observations, including completely isothermal transformation in some alloys and composition-dependence of M. temperature in others, are compared with the calculated behavior. IN a previous report,¹ nucleation theory was applied to the formation of isothermal martensite in an Fe-Ni-Mn alloy. The experimental observations of Cech and Hollomon² were accounted for quantitatively. It now is of interest to examine the predictions of nucleation theory with respect to martensite transformation in substitutional iron alloys of other compositions. Since Fe-Ni alloys have received considerable attention, both as to their transformation kinetics and their free energies, they will be treated in detail, although the results apply with equal validity to other substitutional alloys. In substitutional alloys, where composition fluctuations can be neglected in volumes of critical nuclear size, the rate of nucleation of martensite in subcooled austenite is¹ n - Nv exp (—W*/kT) [I] where the free energy of formation of the critical size nucleus is W* = 8192 p (?² s³) [2] In the expressions for n and W*, the symbols have the following meanings: N is the number of atoms per unit volume; v, the atomic vibration frequency; 8, a function of the elastic constants of austenite and the shear angle of martensite; , the austenite/mar-tensite inter facial free energy; and ?fc is the free energy change per unit volume accompanying the transformation. Jones and Pumphrey² have determined the austenite to martensite free energy change as a function of nickel content and temperature for Fe-Ni alloys. Their expression is ?F = 2500 C + 1.25 (1 —C)?FFc cal per mol [3] where C is the atom fraction of nickel, and ?Ffe is the free energy change per unit volume for pure iron as tabulated by Zener4 (or, equivalently, Fisher"). From Eqs. 1 to 3, it is possible to calculate isothermal nucleation rates as a function of temperature and composition for Fe-Ni alloys. The only unknown parameter is (?² s³). The best value of this parameter for Fe-Ni alloys, determined from M. temperatures in a manner to be described shortly, is (?² s³)= 9.92 (10)21 cgs units [4] Taking this value of (?² s³), C-curves for isothermal nucleation were calculated for Fe-Ni alloys of several compositions, and are plotted in Fig. 1. It is evident from Fig. 1 that completely isothermal nucleation of martensite in Fe-Ni alloys can be observed experimentally for only a very narrow range of compositions. Cech and Hollomon find that a nucleation rate of about 10' nuclei per cc per sec is as fast as they can follow dilatometrically, and a rate of about 10-1 nucleus per cc per sec is about the slowest that can be measured conveniently. If the nucleation rate is to lie between the limits 10-1 10 the nickel content of an Fe-Ni alloy must fall in the atomic fraction range 0.299 5 C 5 0.302. Nickel contents lower than 0.299 correspond to nucleation rates too great to follow, and those higher than 0.302 to nucleation rates too slow to measure in a reasonable time.* In view of the narrow corn- position range in which successful isothermal measurements can be made, it is not surprising that only one substitutional alloy has been described' that comes close to being in the proper range.

Jan 1, 1954

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Jan 1, 1946

By V. V. J. Sarma

Interpretation of earth resistivity data involves not only obtaining depth to interfaces but also determining the nature of formations from their resistivity characteristics. Moore's method of interpretation envisages obtaining depths to the interfaces alone. A simple method of estimating the true resistivity values of formations by applying Hummel's formula of average resistivities is proposed. The method would increase the interpretative value of Moore's method as originally proposed. For most of the earth resistivity measurements, the four-electrode configuration developed by Wennerl is employed. In principal, the method consists of energizing (Current I) the ground through two outer electrodes and measuring the resultant potential (v) between the two inner electrodes. The configuration is such that the separation (a) between any two successive electrodes is equal. The apparent resistivity (pa) for such a configuration is given by 2p- a (V/I). By increasing the electrode separation (pa vs a) curves are obtained. Ideally, a homogeneous isotropic formation underground has a characteristic resistivity. However, the field conditions do not present such ideal cases. Almost invariably, even in the same geological bed, the physical conditions are widely different at different parts in the bed. It is further shown that the penetration of the current into the ground for a given horizontal electrode separation, a, is roughly down to a depth, equal to a. It is therefore, evident that the apparent resistivity calculated from the field observations is a weighted average of the resistivities of the materials present down to this depth. With some prior knowledge about the relative dispositions of the geological formations and their physical conditions, it would be possible, by resistivity surveys, to obtain characteristic resistivities for these formations. It is, thus, that the apparent resistivity-electrode separation curves enable one to decipher the resis- tivity distribution at various depth levels and therefore the nature of the geological formations present. Both empirical and theoretical methods have been developed for determining resistivity characteristics of the various formations. The theoretical methods proposed by Tagg2 and Roman3 are derived from studies of the potential distribution on the surface due to the presence of layers of widely differing resistivities underground. The more recent methods of Wetzel and McMurry4 and Wetzel and Mooney5 are but extensions of the original Roman method of superposition. These methods suffer from lack of similarity of the actual field conditions with those of assumed conditions in developing the theory. The empirical methods such as the one developed by Gish and rooneY6 depend purely on personal observation and local peculiarities, and are applicable only for those limited areas. Out of the empirical methods, moore's7 cumulative resistivity method is still found to be applicable in several localities of differing conditions. While Reudy in 1945 adduced some theoretical justification for the method (Eve and Keys),8 Muskat9 and Mooney 10 tried to show the lack of theoretical basis for the same. It is, however, observed that the method in practice "forms a valuable means of successfully attacking the apparent resistivity curves which fail to respond to the Gish-Rooney, the Tagg or the Roman logarithmic methods" (Ramachandra Rao). 11 Comparatively good results are also reported by Melbyel2 by employing Moore's method in interpreting the resistivity results obtained for ground water in the city of Gunnison, Colo. MOORE'S METHOD As has already been pointed out, the application of the theoretical methods is time-consuming, laborious and sometimes not applicable for quick and accurate interpretation of the field data. moore7 has developed a quick method for obtaining depths to interfaces by plotting the cumulative sums of resistivities, against the corresponding electrode separations a instead of plotting the usual Pa — a curve. In this process of continuous integration, corrections for small variations in resistivities, arising due to local surface conditions or adjacent layers, are made, while large consistent variations are brought out

Jan 1, 1963

By Donald F. Hammer, Donald W. Peterson

The Magma mine at Superior, Arizona, has produced over 13 million tons of ore yielding 1.5 billion pounds of copper. It is a mesathermal deposit, and, although the bulk of the ore has come from the Magma vein, most of the recent production has come from replacement deposits in limestone. The mine lies in a Precambrian and Paleozoic sequence of rocks that includes schist, diabase, quartzite, shale, and limestone; nearby, these rocks are intruded by igneous bodies of Mesozoic age that were probably the source of the ore-bearing fluids. Locally, these rocks are overlain by Cenozoic volcanic rocks and conglomerate. Layered rocks at the mine dip eastward about 30°. The area is extensively faulted, and surface faults are grouped into an earlier east-trending set and a later northtrending set. An additional set of diagonal faults that trends northwest and northeast is recognized underground. The east-trending Magma vein-fault, with its splits and branches, is the principal mineralized structure of the district. The bulk of the ore occurs in large ore shoots that plunge steeply westward and are sporadically connected by irregular ore shoots dipping gently eastward. The main ore controls apparently are selective zones of permeability related to the transverse faults. A bed of crystalline limestone near the base of the Martin Limestone (Devonian) is the host for the replacement ore bodies-discontinuous tabular pods dipping eastward parallel to the bedding. Selective permeability is again the apparent ore control, caused both by local hydrothermal solution of limestone and by deformation along faults. The principal copper minerals in the vein are chalcopyrite, bornite, enargite, tennantite, chalcocite, and digenite; these minerals vary in abundance according to a distinct zoning pattern. The upper part of the mine yielded considerable zinc as sphalerite, and the oxidized zone was rich in silver. The chief gangue minerals are pyrite, quartz, and hematite. In the limestone replacement bodies, chalcopyrite and bornite are the chief ore minerals.

Jan 1, 1968

By Dwain K. Butler

INTRODUCTION Characterization of a site for the prediction and simulation of dynamic events requires the determination of mechanical properties of the rock at stress/strain levels and rates and at a scale appropriate for the events and critical structures involved. The structures of interest can be on the surface, underground, or designed to impact and penetrate into the site (projectiles). Dynamic events of interest are equally diverse: seismic waves from distance earthquakes or explosions; close-in phenomena associated with earthquakes and explosions; vibrations associated with heavy equipment or machinery; and stress transients associated with impact and penetration. The complexity of site characterization depends on two factors not specifically related to the nature of the site itself: the stress levels generated by the dynamic event and the sophistication of the prediction and simulation techniques. For very high stress levels, such as occur near a nuclear detonation, and for low stress levels, such as occur during seismic wave propagation, site characterization is simplified, and often certain details of the site are not particularly important, such as shear strength variations in the case of very high stress levels. In the intermediate stress range, however, all descriptive relations are non- linear, a complete finite strain constitutive model is required, and all details of the site, such as lithology and fracture distribution, become important. The site characterization must be complete enough to support the most sophisticated prediction and simulation technique that will be applied to the analysis of the dynamic event. The procedures of site characterization are illustrated in this paper by a specific dynamic event, projectile impact and penetration, and a specific site, an outcrop of Dakota Sandstone near San Ysidro, New Mexico. The structure of interest was the projectile itself: nominally, 1.5 m in length, 0.165 m in diameter, 180 kg

Jan 1, 1984

By JOHN JERMAIN

In my opinion, the explanation of the fuel-requirements involving the conception of heat available and necessary above a critical temperature, as advanced by Johnson 1 and elaborated by Howe, Raymond and others,2 affords a theoretically correct basis for such an accounting. It is the purpose of this paper to set forth a first crude attempt to construct a formula which shall show quantitatively the relation between the various factors affecting fuel-economy, and afford a means of comparing the enormous amount of data on the fuel-consumption of various blast-furnaces, at various times and under various conditions of operation. I have also applied this formula to a large number. of individual cases, and have, by its means, compared the furnace-practice of several important iron-making districts. II. DERIVATION OF FORMULA FOR FUEL-REQUIREMENTS. The general expression for the fuel-requirements of the blast-furnace, which I believe to be theoretically correct as to form, is as follows Carbon per ton of iron = Heat per ton of iron necessary in hearth above Tc./Heat per pound of carbon available in hearth above Tc. XFactor of rate of driving. +Carbon dissolved by CO2 of flux. +Carbon dissolved incidental to reduction of ore. + Carbon dissolved in pig-iron. (NOTE.-Tc = critical temperature.) Since, according to Johnson's theory, fuel-economy is usually limited by heat available and necessary in the hearth, rather than by the total heat supplied and necessary, we may write Carbon needed in hearth = Hn/Ha in which Hn is the heat per ton of iron necessary in the hearth above some critical temperature, and Ha is the heat per pound of carbon available in the hearth above this same critical tem¬perature. 1 Trans., xxxvi., 454 (1906). 2 Trans, xxxvi., 792 to 798 (1906) ; Trans, xxxvii., 216 to 237 (1907).

May 1, 1911

By HOWARND N. EAVENSON

THE year 1930 resembled the preceding one in the coal industry in continuing the era of falling prices and 'of the abandonment of unprofitable mines. Practically all coal prices fell, and in the steam sizes during the last half of the year this was particularly true, due to the small industrial demand. No new mines of any size were opened in the bituminous coal industry, but there was a steady increase in the number of cleaning plants of all kinds built in all fields. It is estimated that at least nine million tons per year were added to the previous total of washed coal. The largest washing plant started during the year was that of the Buckeye Coal Co., at Nemacolin, Pa., with a capacity of 650 tons per hour. Fig. 1 shows - the mixing-bin, conveyor galleries, washing-plant and skip hoist, and Fig. 2 the 120-ft. Dorr thickener for collecting the 48-mesh material from the wash water. Dryers are used for drying the steam coal product. The following statement by J. R. Campbell shows the effect of cleaning on Pittsburgh coal in Greene County: "With the advent of the 650-t.p.h. efficient washing plant in Greene County at the Nemacolin mine of the Buckeye Coal Co., it has undoubtedly been demonstrated that the potential coking-metallurgical coals of the county can be brought within the pale of the highest grade high-volatile coals for steel manufacture. A few months' operation indicates that 9% per cent ash in the raw coal can be easily reduced to under 7 per cent ash in the washed coal and the sulfur from 1.60 per cent in the run of mine to 1.20 per cent sulfur in the washed coal.

Jan 1, 1931

By Open-Hearth Steel

We have a very high-powered organization up here this morning, headed by Kenneth C. McCutcheon, general superintendent of the Ashland Division of the American Rolling Mill Company, and L. A. Lambing, superintendent of the open-hearth and Bessemer departments of Jones & Laughlin Steel .corporation of Aliquippa, Pa., representing the open-hearth men. Also, we have P. F. Dolan, assistant general manager of the Maryland plant of Bethlehem Steel Company, of Sparrows Point, and Harry E. McDonnell, superintendent of blast furnaces of Weirton Steel Company of Weirton, W. Va., representing the blast-furnace section.

Jan 1, 1940

By William Campbell

(Cleveland Meeting, October, 1912.) THE structure of iron and steel, though the object of so much study and research for the past 25 years, is by no means thoroughly understood. In the first place, we have three or more distinct iron-carbon thermal diagrams, each with its own supporters, and each representing a theory of the structure and constitution of cast-iron. In the second place, by reason of the fact that austenite, the solid solution of carbon in iron, decomposes in the solid state into ferrite, or pure iron, and cementite (Fe3C), and that quenching from above this transition-range, no matter how rapid, cannot entirely prevent the change and thus preserve the austenite by itself at ordinary temperatures, it happens that under the microscope we find, in addition to the ferrite, Fe3C, and austenite, which the thermal diagram of steel requires, it series of transition-products with distinctive structures, to which have ,been given the names martensite, troostite, sorbite, etc. Now these transition-products, in addition to the solid solution, austenite, have been the source of much controversy, at times very bitter. One side would insist that, say, troostite was an entity, which the other side would deny, pointing out that it must be a transition-mixture, with a particular structure. That austenite was a solid solution of carbon in iron has been denied by one school ; we have been told that Fe24C dissolved both Fe3C and Fe, and thus gave rise to a whole series of quenching-products-all this in spite of the fact that no matter how the thermal diagrams differ in regard to cast-iron, they all agree in regard to the solid solution, austenite, for Fe24C finds no place on the diagram. Thus it happens that while the authorities fight both in regard to the iron-carbon diagram and the structures met with in hard- * Associate Professor of Metallurgy, Columbia University in the City of New York.

Dec 1, 1912

By Maurus Seet

Mainland China, with one-fourth of the world's population and one-tenth of its coal production, can no longer be ignored as a considerable force on the world energy scene. In terms of annual productivity, China's 300 million tons of coal rank third behind the Soviet Union with 655 million and the United States 557 million (1968 Minerals Yearbook. USBM). When viewed from another angle, 1967 figures show that increased productivity from all coal-producing continents, with the exception of North America, was led by Chinese-dominated Asia with a 19% gain. Not unpredictably though, China, on a per capita basis, is closer to the bottom of the list among members of the industrial community. Despite its misspent youth, and despite the set- backs caused by the Big Leap Forward of the late 50's and the Cultural Revolution of the late 60'S, the People's Republic has managed to make some impressive strides in developing its coal industry over the past twenty years.

Jan 1, 1971

ALEXANDER BRYDEN Alexander Bryden, clean of engineers in the anthracite mining field, and a member of the pioneer Pittston family, was claimed by death Wednesday, September 26, 1917. The announcement was not a surprise, as he had been in a critical condition for several days. Mr. Bryden had been in failing health for a year past, but his indomitable will kept him at his accustomed duties until quite recently. Two weeks before his death he attended the regular weekly meeting of the Board of Directors of the Miners' Savings Bank in Pittston, Pa. At that time he apparently felt that his end was fast approaching, as he bade farewell to his associates on the bank board. Until a few days before the end, he continued to give attention to business matters at his home, in preparation for the end, which he met unflinchingly. In the passing of Mr. Bryden, northeastern Pennsylvania loses one of the best-known mining engineers, and the community, a man who, throughout his long life, was actively interested in its social welfare and business prosperity. He was for many years prominent in the management of the mining operations of the Pennsylvania Coal Co., and at the time of his death held the position of consulting engineer of the Pennsylvania and Hillside Coal. Companies.

Jan 12, 1917

By S. A. Shoop, J. J. K. Daemen

Site-specific blast vibration prediction can be more accurate than using a universal prediction equation. Vibrations from 37 blasts were monitored using three seismographs. Data analysis showed that square root, cube root, and site-specific scaling predicted ground motion with equal reliability. Imprecise prediction is caused by geologic and blast variability, particularly, inaccurate delay times. Vibrations at some mines were consistently lower or higher than vibrations predicted from US Bureau of Mines (USBM) equations. Vibration restrictions based on USBM studies could then be too conservative or too lenient. Predominant vibration frequencies were generally less than 50 Hz, but several blasts had significant energy up to 125 Hz. In some cases, energy was concentrated at frequencies corresponding to delay intervals.

Jan 1, 1985

By Zay Jeffries

OF the new production of non-ferrous metals in 1930 gold will rank first in value. We usually think of copper as the most important non-ferrous metal. The copper industry as a whole, that is, adding copper production to copper fabrication, is the largest non-ferrous metal industry. Prior to the world war; however, gold led in value of new metal produced. During the war copper passed gold in value, but gold regained its position during the 1921 depression. For the past several years copper has again passed gold, but in 1930 gold promises again to regain the lead. The gold producer has at times been called a social parasite, largely because we ' cannot eat or drink gold, or because we cannot use it for clothes or for the construction of buildings. Let us briefly examine this accusation.

Jan 1, 1930