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By NILS DANIELSEN

THE name of Swedish charcoal iron will probably bring to the memory of many old consumers an extremely tough and ductile iron which was formerly used in considerable quantities for common blacksmith purposes. To-day very little of this iron goes to such kind of work. Swedish charcoal iron is merely a speciality which is chosen whenever its remark¬able properties can be utilized. By giving a rough sketch of the manufacturing process of Swedish charcoal iron, the character of the iron, its weak as well as its strong points will more easily be understood. Swedish charcoal iron is a wrought iron also known in the United States under the name of Norway iron and Swedish Lancashire iron. The name Norway iron seems to have been attached to the product for the reason that in the earlier days it was generally brought into the States by Norwegian ships. However no iron of this kind is now made in Norway. The reason for the name Swedish Lancashire iron is that the manufac¬turing process emanated from Lancashier in England, the method being generally adopted in Sweden in the years 1831-1850. Today this iron is, with the exception of one plant in the United States, made in no place in the world outside of Sweden.

Jan 1, 1924

GWILLIAM H. CLAMER (Philadelphia, Pa.).-About 16,000 tons of tin is used annually in the production of white metals. The real reason for using the so-called genuine babbitt, which is a high-tin base babbitt, perhaps in the majority of cases, is that tin has always been. a high-priced metal and people naturally believe that what they pay a high price for must be good. Mr. Jones has shown that the common metal, lead, is a superior base for most purposes for Which babbitt metal is used. The addition of lead is often looked upon as adulterant to genuine babbitt, and specifications for this reason rigidly restrict the lead content. A sub-committee of the Society for Testing Materials, at the meeting in June, presented tentative specifications on babbitt metal, in which were included twelve formulas, containing from zero to: 20, per cent. of tin, and several containing from 65 and 92 per cent. Babbitts. containing

Jan 1, 1919

By Clyde E. Williams

THIS review of the progress made in iron and steel metallurgy during the past year is confined to developments in this country. It attempts to give examples to illustrate progress made rather than to appraise results. As a result of the gradually diminishing supply of rich iron ores and of predictions made as to the probable life of the iron-ore reserves of the Lake Superior District, attention of iron and steel executives was directed to the question of beneficiation of iron ores. Laboratory and plant-scale experimental work was conducted on the wash ores .of Minnesota and an investigation, was, begun on the Old Range low-grade ores.

Jan 1, 1931

By Ralph H. Sweetser

OF SPECIAL importance in the design and construction of an iron blast-furnace plant are tile raw materials to be employed. Obviously the iron must come from some ore of that metal, but the many kinds available lead to important differences in plant arrangement, and in the design of furnaces and accessory equipment. For instance, the bulk of the gangue in the ore is subject to wide variation as is that of the ash in the fuel. A gradual increase in the bulk of raw material necessary to produce a ton of pig iron has been noted, but this has been more than offset, so far as costs of operation are concerned, by improvements in the machinery used for handling large quantities of ore. coal limestone, and slag. The mechanization of coal and iron-ore mining. the building of big ore boats and limestone carriers, of ore docks for fast loading and unloading, and the general use of heavy railroad equipment have all contributed to greatly reducing the number of man- hours required to mine, transport, and manufacture the raw materials into a ton of pig iron. This looks like a big saving and it is. If it were not for these big labor saving machines it would be impossible to produce the tonnage of iron and steel that is made each year in this country. On the other hand, the total capital investment necessary to bring down the man-hours per ton of pig iron to a 2.3 hours average at the blast furnace and to a total of only 12 man-hours from ore to metal (see Table 1) is so great that even the present high price of pig iron is probably not far above the true cost of manufacture when all the fixed charges are properly included.

Jan 1, 1939

By SIDNEY ROLLE

ACURSORY glance through the literature on the subject reveals that the ablest minds in the land are devoting themselves to the great question of labor, of which employment is one of the fundamentals. Volumes have been written and the end is not in sight. Employment management is today about in the position that efficiency was 15 years ago. During the early days of the war, and perhaps for a year or so before, labor was plentiful. As the war progressed and Europe drew on us for munitions, employers began to compete with one another for', all, classes of labor. Labor was difficult to obtain, wages rose, the labor turnover increased, and employers began to install employment departments, welfare plans, and all sorts of schemes, but the labor efficiency dropped. As the war progressed, greater and greater production was demanded. New factors were introduced each day. The government, labor unions, industrial councils, all tended, it seemed, to make the situation almost intolerable. Wages rose to fantastic heights, the cost of living rose higher and higher, and the efficiency dropped still further.

Jan 1, 1921

By T. H. Aldrich

The Aldrich Mining Go. holds under lease from the Illinois Central R. R. Co. about 14,000 acres, in the east half of Township 12, Range 12 W., in Marion county, Alabama, and owns other lands, of which about 1,000 acres adjoin this leased tract, making a total area of about 15,000 acres, all of which is underlain by the coal-seam upon which the company is operating. This seam is nearly horizontal; and a ravine, diagonally crossing the tract, exposes the outcrop on either side for about 2 miles. The territory has been so divided that nearly the whole of it can be worked out by two collieries. The mines at Brilliant were opened in the fall of 1898, and shipments began in the following spring. The original plan was to furnish steam-coal for locomotives to the Illinois Central R. R. Co.; and upon this expectation the investment of capital was made. The field was entirely new; and the softness of the coal at the outcrop induced the belief that it could be very cheaply mined. A contract for the delivery of a large quantity of coal to the railroad was accordingly executed. But with the advance of' the entries to increasing distances from the outcrop, the coal proved so hard that it could no longer be drilled with a breast-auger; and the expense of mining became so great that the contract for cheap steam-coal had to be canceled. It became evident that the work must be done with machinery and explosives, if it could be profitably done at all. On the other hand, the excellent quality of this coal opened, at the same time, a possible market not specially contemplated at the outset—namely, that of a first-rate coal for domestic and general uses. Since no other deposit of such coal was known to exist on the line of the Illinois Central, or any other railroad

Jan 1, 1907

By GILBERT E. SEIL

GREAT advances in the preparation of ores for reduction to ferro-alloys have been made, although standard methods of reduction have been continued at most plants. Efficiencies, yields per furnace, and energy requirements per ton are generally better than previously attained. The advantages of sizing and conditioning of ore, fluxing stone, and coke have been realized. Conditioning varies from drying the furnace burden to chemical rearrangements to facilitate reduction reactions and sometimes to furnish some of the energy required for the reaction before the burden reaches the furnace. During the war period it is impossible to discuss in detail many of the advances made. They are subjects for postwar papers. However, the new procedures mentioned in the following paragraphs are indicative of the work already done and in progress.

Jan 1, 1944

By Arnold K. Reese

It is not the purpose of the writer to set forth in these notes anything new or surprising in blast-furnace practice, but simply to lay before the Institute the somewhat unusual results obtained during a period of six consecutive months, ending April 30, 1896, at the Dover furnace of the Penn Iron and Coal Co., and to give, with these results, the conditions under which they were obtained, and all figures pertaining to that period. This plant was entirely rebuilt, on thoroughly modern and improved plans, in the spring of 1895, by Frank C. Roberts & Co., of Philadelphia.

Jan 1, 1898

By R. D. Carnahan, G. A. Stone, R. J. Arsenault

An experimental technique has been developed for carrying out a dynamic tensile stress-strain test in which plastic strain is measured continuously throughout the microstrain region extending through the macroflow region to total deformations of 5 pet. The tests were carried out on niobium, samples having interstitial impurity levels of 160 and -800 ppm at temperatures ranging from room temperature down to 100°K. A band spectrum of activation energies was obtained from calculations based on the measured activation volumes and temperature dependence of flow stress. The inability of a single rate-controlling process to predict such a phenomenon has led to the proposal that several sequential rate-controlling dislocation mechanisms are operative in the preyield micro-strain region. These are thought to be: the motion of geometrical kinks, the formation of double kinks in edges, and finally in the macrostrain region the formation of double kinks in screws. In less pure niobium the effect of interstitial impurities is shown to be dominant in the microstrain region, suggesting that a fourth probable mechanism is overcoming interstitial barriers instead of geometrical kink motion and the formation of double kinks in edge dislocations. THE principal fundamental aim of most mechanical properties studies of crystalline solids is to determine the dislocation mechanisms responsible for the plastic behavior. The extension of such studies to the region of preyield microstrain behavior has received renewed attention in the past few years as the details of macroscopic flow behavior have become better understood. For the most part, microstrain studies have been carried out using one of two variations of a single experimental technique.1 The first method involves loading the sample at a constant extension rate to a predetermined stress level (less than the macroscopic yield stress), instantaneously unloading, and then determining the extent of plastic deformation to a sensitivity of 10"6. The microscopic stress-strain curve is then constructed from the results of a repeated series of such individual measurements, each of which involves loading to an incrementally higher stress level, by relating the accumulated plastic microstrain for each step to the maximum applied stress in that step. The second variation, also carried out by step-wise increases in stress, measures the total strain to a sensitivity of ~10"6 and relates the maximum stress to the area of closed hysteresis loops that are generated under certain conditions (namely, prestrained samples). The foregoing methods have yielded interesting information about the nature of preyield deformation and plastic response to stresses below the yield stress, but they offer certain disadvantages for studying the dynamic behavior of dislocations. In the first method it is physically impossible to specify a plastic strain rate inasmuch as the test sample is reexposed, as it is loaded to its maximum stress in a particular step, to lower stresses at which flow will take place. The strain corresponding to a given stress level on the stress-microstrain curve thus generated will then always be greater than that at the corresponding stress level of a truly dynamic test carried out at the same extension rate. The second method has been used to obtain correlations with dynamic macroscopic flow parameters by applying dislocation damping theory to the hysteresis loop areas.2 The approach has had some success but suffers in that only samples that have been prestrained a few percent can be studied. Although the stresses

Jan 1, 1968

By G. M. Crosby

Seven mines with important production records in the Coeur d'Alene lie adjacent to the Gem stocks —the Frisco (Gem), Hercules, Interstate, Rex (Sixteen to One), Success (Granite), Sunset, and Tamarack. Old records are incomplete, but available data given in Table I show these mines have produced 10.550,721 tons of ore containing more than 50 million oz of silver, more than 1.5 billion lb of lead, and about 1 billion lb of zinc (approximately 1.25 million tons of lead and zinc combined). Average ore grade is 4.8 oz of silver per ton, 7.2 pct Pb, and 4.6 pct Zn. This impressive production represents about 12 pct of the District's yield. At present metal prices, with modern beneficiation, the gross value would be more than $400 million. THE GEM STOCKS The Gem stocks, considered to be outliers of the Idaho batholith of Late Cretaceous age, are located in the northern half of the Mullan quadrangle, and extend from the town of Gem, Idaho, along a strike of N30°E for a distance of approximately five miles. They occur as two major masses of monzonitic rocks commonly referred to as the North stock, which covers an area of 1.1 sq miles, and the South stock, which covers 2.6 sq miles. The areal pattern is roughly club-shaped, the North stock representing the handle and the South stock the head of the club. Two and a half miles west and five miles northeast are two groups of smaller stocks, isolated from the main masses but of the same general rock type. This discussion is limited for the most part to the North and South stocks. At the north end, where the intrusion is about 3200 ft wide, the walls are about parallel and dip very steeply west. At the south end, where the mass is about 7000 ft wide at surface, the walls dip away from each other at moderately steep angles. An aeromagnetic survey' detects and outlines with surprising accuracy the two main stocks. as illustrated on the magnetic contour map (Fig. 2). Of particular interest is the location and shape of the magnetic anomaly representing the South stock. The anomaly is centered over the south end of the outcrop, and a westerly extension joins it with a smaller anomaly over the Dago Peak stocks. The latter anomaly, likewise, is located over the south end of the isolated stocks. This pattern suggests the intrusion has greater extent at depth to the south and west. Though correlation between the Dago Peak stocks and the larger masses is suggested, the controversial aspects of the Dobson Pass fault, which separates the two areas, casts doubt on a correlation. Topographically the monzonite stocks are ignored by the drainage pattern indicating these rocks, and the invaded rocks of the Lower Belt Series react similarly to erosion. The drainage patterns of Nine Mile and Canyon creeks cut indiscriminately across the monzonite-Belt contact, resulting in both valleys and ridges in the southern end of the intrusion. Nine Mile Creek traverses diagonally the entire five-mile length of the stocks. The monzonite rocks of the intrusion are referred to locally as granite, but granite is rare and the rocks comprise a wide variety of types. Their characteristics, described in detail by F. L. Ransome and F. C. Calkins,' are summarized by P. J. Shenon.' The principal rock type is coarse-grained, light gray, porphoritic monzonite containing black crystals of hornblende. Pyroxene, epidote, and titanite

Jan 1, 1960

By Sherwin F. Kelly

THAT gold ores occur in Georgia is a fact apparently not widely known outside of that state, yet in the last hundred years nearly $18,000,000 worth of gold has been mined there. The discovery of gold-hearing quartz was made in 1823 on the "Forty Acre Lot" (which now belongs to the Columbia Mining Co.), in McDuffie County, and about seven years later the first stamp mill on record was erected near there. In recent years Georgia's gold production has dwindled to an insignificant figure. However, with the increase in gold price, interest in this district has been revived, so an electrical geophysical survey was undertaken to aid in discovering new quartz veins, on a part of the Forty Acre Lot, the adjoining Hamilton mine, and the nearby Woodall property.

Jan 1, 1934

By Robert D. Pike

IN November 1939, on behalf of the Harbison-Walker Refractories Co., the author undertook the study of the problem of utilizing the dolomite of northwestern Ohio for the manufacture of calcined magnesia suitable for use in refractories. Grateful acknowledgment is made of the unfailing assistance and encouragement throughout this work from the executive and technical staff of Harbison-Walker Refractories Company. The dolomite of the Niagara formation that is exposed or near the surface of a wide area in northwestern Ohio1 constitutes a vast supply of almost pure dolomite. It offers a virtually unlimited supply of cheap raw material of uniform dependable analysis for the manufacture of magnesia. A typical analysis of dolomite from the vicinity of Luckey, Ohio, follows: [ ] Brines containing magnesium chloride or sea water can be reacted with calcined dolomite to produce magnesia.2,3 In such reactions the MgCl2 of the brine supplies some of the magnesia and the amount of dolomite required is thereby reduced by an equivalent amount, but brines of commercial importance containing magnesium chloride are some distance away from the purest grades of the dolomite of northwestern Ohio. It was decided therefore to concentrate upon the development of a suitable process for separating the lime and magnesia of dolomite, depend¬ing upon the dolomite itself as the sole source of magnesia. This would make it possible to place a plant at the dolomite quarry, thus eliminating the cost of transporting the stone and also rendering the calcined magnesia available at a most convenient production point, considering the cost of delivery throughout the steel industry. The selection of a process depending solely upon the dolomite as a source of magnesia also necessarily entails production of the lime content of the dolomite as a by-product. It was recognized that if such a lime by-product could be produced in a suitable form, a plant location in northwestern Ohio would also be advantageous for marketing the lime. The problem, therefore, was the discovery and development of a low-cost process for separating the magnesia and lime of the dolomite of northwestern Ohio and producing each in a form relatively free from the other, and meeting the respective requirements of established markets. A satisfactory solution of this problem has been found, and it is the

Jan 1, 1947

By J. L. CAHUTHERS

MANY different methods are used for transporting coal from the working face to the tipple. The common methods are animal haulage, locomotive haulage, conveyor systems, and combinations of these three, supplemented, at times, by the miner pushing his own car. Haulage may also be classified into gathering and main line. Gathering haulage is the collecting of loaded cars to a point whence they are hauled to the tipple. In this there is perhaps more lost-time than on the main line because there are .more units in the operation to be synchronized. Also, conditions on the gathering haul- age, such as bad track, poor timbering, insufficient motive power, etc., cause delays; usually these are corrected on the main-line haulage.

Jan 1, 1931

By Charles Will Wright

FRANCE will be given a large portion of the Marshall Plan funds for relief, reconstruction, and industrial development in France and in her colonial possessions. At present that country is not in position to export any large tonnages of the mineral products needed in the United States. However, if, through Marshall Plan aid and private capital investment, production of these products can be largely increased, agreement should be made by which the United States is to get a substantial portion of such increased output in part payment for the material and technical aid they receive. France issued a decree, published in the "Official Gazette" on Feb. 3, 1948, which permits conversion into dollars of dividends derived from dollar investment in Government-approved projects and will agree to a scale of capital amortization to be determined in each individual case. This decree is to encourage private capital to cooperate with local capital in industrial undertakings. The French Colonial Ministry has prepared an extensive program for aid to the mining industries in overseas possessions to be undertaken by

Jan 1, 1948

By C. H. Mathewson

UNFORTUNATE evasions of metals specifications recently brought to public attention through news items and editorials have caused executives of at least two great corporations to set up defensive procedures and to re¬affirm the patriotic purpose and conscientious effort of their plants in this battle of production. Whatever the exact conditions affecting these cases, in which the public interest has been safe-guarded by vigorous action, my reaction to such offenses in general is a feeling that they arise from the pressure and limitations that afflict our overextended war effort and that inevitably there will be more of them, doubtless more and more expertly conceived and less and less subject to detection as simple faked, or substituted analyses or tests. To the ladies, who doubtless are already beginning to ac¬quire a sense of painful resignation to a dry technical talk, may I say that the cookbook is full of specifications which customarily are varied within rather wide limits but it is generally recognized that the proof of the pudding is in the eating without regard to its exact composition or some scientific evaluation of its texture.

Jan 1, 1943

By Stanley M. Moos, Richard Addison

Introduction The Pueblo Viejo gold-silver mine, located in the Dominican Republic, started production in early 1974 processing ores averaging 4 g/t gold and 20 g/t silver at a rate of 7.25 kt/d. The ore milled is a silicified siltstone with average work index of about 8 that occurs as an extensive oxide capping of a primary sulfide ore body. The sulfide ores are refractory to conventional treatment process and extensive research work is now in progress to develop a treatment process for them. The ore deposit has a long history, having been mined by the indigenous Arawak Indians for some time in the early sixteenth century prior to the arrival of the Spanish, and then by the Spaniards. In the early 1950s, Italian engineers attempted to process the sulfide ores. Mining by the Indians and Spanish was abandoned because of low grade and little coarse gold in the oxide ores and by the Italians because of the refractory nature of the sulfide ore. In 1969, Rosario Resources geologists discovered that there existed sufficient reserves of oxide ore for a viable mining operation and the plant was designed, built, and brought into production.

Jan 1, 1981

By M. D. Hassialis

THE object of a technical paper is to communicate new technical knowledge, the paper being the vehicle of communication and the existence of new knowledge its reason for being. It follows that the development of information worthy of communication, the criterion being novelty, is prerequisite to exercising the privilege of communication. The act of communication is achieved when the reader perceives the nature of the new knowledge, i.e., when he understands it. A paper achieving this objective is an acceptable technical paper. Development of new knowledge has as one of its purposes the increase of the existing state of knowledge and the enjoyment of the benefits derived therefrom. Technical knowledge is a collection of facts so ordered as to make apparent, relations existing between the facts. When the interrelations have been exposed the facts have been interpreted or explained Three broad, overlapping categories of technical papers may be recognized: papers consisting of (a) a report of facts, (b) an explanation of facts, or (c) a combination of a report and an interpretation. Ideally a technical paper should belong to one of the last two categories but current practice is to accept papers belonging to any of the three categories. Based on a small sample drawn from the scientific and engineering literature, the relative frequency of the three types is a: b: c:: 20:1:14. If the sample be limited to engineering literature, the ratios become a:c::2:1; type (b) being nonexistent. This large departure from the ideal is a consequent of the

Jan 1, 1948

By D. E. Wolfson, D. A. Reynolds, F. W. Smith

IN 1948 the U. S. Bureau of Mines began a three-phase program to evaluate the extent and quality of U. S. coking coal: 1) a factual appraisal of known recoverable reserves in beds of mineable thickness, 2) a study of preparation characteristics, and 3) a study of carbonization properties. A previous paper presented the methods used in assessing reserves.' Although this investigation is only partly completed, data on coking properties of the Pittsburgh district coals are now available. The results are presented in this article. When coals are selected for manufacture of metallurgical coke more factors must be considered than for any other major use, as no basic industry requires coal of such high quality and uniformity. This is particularly true in the Pittsburgh district, where blast furnace practice is based on use of cokes from high quality coals. Although it is true that inferior coals are carbonized in other industrial areas, both here and abroad, the Pittsburgh coals are the best economically obtainable in the required tonnages, even though they are not the most desirable for metallurgical use. In the general evaluation of suitability of coals for coke making, particular attention is given to: 1) reserve, 2) ash and sulfur content, 3) inherent properties of forming strong, well fused coke, 4) expanding characteristics, and 5) blending properties. Items 1 and 2 are covered in detail in the first two phases of the survey, and coking behavior is considered in items 3 through 5. Problems is Coal Evaluation: Although not all coal beds of immediate or potential use to the coking industry in the Pittsburgh area have been tested for their coking properties, enough tests have been made to permit certain generalized statements. Virtually all the coals that will be used in this district are from the Appalachian region, and except for high oxygen coals from outcrops or stripping operations, they are coking coals. Hence the evaluation problem is not so much that of distinguishing between coking and noncoking coals as attempting to measure quantitatively differences in the coking and expanding properties of the better coking coals. Quantitative differentiation between good coking coals, is complex, since differences in their coking abilities are frequently of about the same magnitude as the precision of the test. Small-scale tests are generally unsuitable for measuring these slight differences, and there has been gradual acceptance of pilot-scale tests. Test Methods Employed: All the data reported here were obtained in two units known as the Bureau of Mines-American Gas Association (BM-AGA) carbonization apparatus and the sole-heated expansion oven. The BM-AGA unit, which consists essentially of a cylindrical steel retort about 18 in. diam and 26 in. high, carbonizes enough coal (180 lb) to allow evaluation of the coke by standard methods of the American Society for Testing Materials. The BM-AGA carbonization procedure and methods of testing the gas, liquid, and solid products have been described.' Expanding characteristics of the coals were determined in the sole-heated expansion oven," wherein the coal charge, heated from the bottom only, is carbonized under a constant applied force and the linear expansion or contraction is measured. Although results in this oven have never been quantitatively correlated with the expansion behavior of coals in conventional slot ovens, they are useful in assessing expansion behavior. In this report discussion will be confined to results obtained from these pilot-scale units, although the following data are available for most coals: proximate and ultimate analyses, free swelling index, agglutinating value, and plasticity. Sources of Coals Tested: In selection of coals for coke manufacture, economic considerations are as important as quality, and each coke plant balances these two factors to meet requirements of the most satisfactory coke at lowest price. Although these economic factors may in some instances outbalance small differences in coke quality, they are usually specific to each coke plant and cannot be given in any general statement. Recognizing that coal and plant operating costs are beyond the scope of the survey, the USBM evaluates the coking quality of various coals without regard to their competitive economic status. For the purpose of this article, coals of interest to the Pittsburgh district are arbitrarily defined as

Jan 1, 1958

By W. E. Wrather

CURTAILMENT of production was a matter of far more serious concern to the oil industry through 1933 than the search for new supplies of oil. The huge reserves of crude, built up during past years, instead of inspiring a feeling of security, were viewed apprehensively. The status of past laws and court decisions seemed to guarantee to operators the right to produce oil at will, and this entrenched privilege was so widely adhered to that the market was-in a constant state of chaos. The more modern idea of the ownership of oil in place and correlative rights gained headway slowly, since usually there were enough belligerent producers, staunch believers in the old established order, to defeat the efforts of the majority who sought to' introduce order and restraint. State regulatory commissions were unable to cope, with the rebellion among producers with the result that those who abided by proration rulings were penalized, while those who flouted the rulings and produced unrestrainedly were able to make profits on large volumes of flush oil even at low prices. This situation, known in the vernacular as the "hot 'oil" problem, became so acute that the industry was threatened with ruin. The low price for 36c A.P.I. in the Mid-Continent came in April. at 25c per barrel 'but gradually moved upward to the long-hoped for price of $1.00 per barrel in October, after the Federal Government had taken a hand in the matter and effectively allocated production among the oil producing states and materially curbed the "hot oil" runs.

Jan 1, 1934

By W. R. Ingalls

THE paramount subject of interest and concern at the present time is the readjustment in economic conditions following the cataclysmic disturbance produced by the war and the misconceptions leading to an orgy of extravagance that prevailed during two years following the armistice he, time is too short for me to undertake to review the nature and extent of the upheavals occurring between August, 1914, and October, 1920. Bulky volumes will be written about them. . But I shall have to refer to some of the results in order to outline a prognosis. It is the future, not the past;' that is of most interest to us. Let me be so bold as to say, without further preface, that I am not optimistic as to the near future. .We shall, indeed, have revivals in trade, but they will be delusive if their nature be not 'understood. We shall build hopes and expectations upon political maneuvers and events, only to find in the end that they were folly. In the meanwhile fundamental economic influences will continue to exert their steady and irresistible pressure. The new administratiow at Washington has no magic wand with which to kindle the fires in our idle steel furnaces, or create a million new houses for the people; nor can the premiers of Europe put into motion the spindles of the cotton and woolen mills, or by any incantations compel the people of the Orient to buy goods. The people of the Orient, and of, Europe, and of the two Americas are in the grip of the same economic forces. The readjustment has proceeded further in some parts of the world than in others. In the United States I do not think we, have gone more than over the threshold. I shall tell you why 1 think thus, but in telling you I shall be limited, in view of the immensity of the subject, to a series of bald statements, without much elucidation.

Jan 1, 1921