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By M. D. Cooper

IN spite of the uncertainty in the bituminous coal industry during 1933, progress worth recording has been made. Along with other industries, coal has felt the effects of business stagnation, but even in the worst weeks of the past four years, .the total production of bituminous coal in the United States was seldom less than half the production in some of the best weeks of the more prosperous years, a record better than that of many industries. However, the competition of other fuels and sources of power, together with the increased efficiency in the use of coal, has brought anxiety to producers. This has resulted in pressure for reduction of costs, not always by the wisest means. On the other hand, the effort to survive has directed increasing interest toward research, a wholesome development in a difficult situation. Wages, limitation of hours of labor, and the NRA have occupied much time and thought. Following a period .of wage cutting paralleling price cutting, the industry found itself rather suddenly faced by the President's Agreement, followed in due course by the Code, and then in many places by the agreement with the United Mine Workers. Although there is still some uncertainty in regard to the detailed working out of the new arrangements, there seems to be an honest endeavor by the signatories to the Code and Agreement to work them out in a straightforward manner.

Jan 1, 1934

By Lawrence H. Van Vlack, Alfred S. Keh

The distribution of sulfur in iron was found to be dependent upon the time and temperature of the treatment as well as the chemical composition of the sulfide. With higher temperatures, the sulfide phase spreads more extensively between the iron grains. A complete network, however, does not form until approximately 1300°C (2372°F), ot which temperature the dihedral angle approaches zero. Silicon has little effect on this change. Aluminum, oxygen, and manganese all modify the temperature of sulfide network formation to a higher value. The microstructures which result and have significance in relation to hot-shortness are discussed. SULFIDE inclusions in steel were recognized by metallurgists before the turn of the century. Considerable attention has been paid to them, and numerous studies have been made on the working properties of steel as affected by them. It has been suggested that ho t-shortness of steel is due to the presence of an enveloping liquid sulfide film at the grain boundaries of the steel in the range of the hot-working temperatures. However, several facts have been observed in commercial steels which do not seem to be completely consistent with this explanation: 1) the frequent absence of continuous films of sulfide as observed under the microscope, 2) the absence of hot-shortness in some high sulfur and resulfurized steels, and 3) the limitation of hot-shortness to a definite temperature range. The role that manganese plays in steel to eliminate hot-shortness is well known, but the theory behind it is still under question. Moreover, the effect of de-oxidizers such as aluminum and silicon, and the effect of oxygen are still not clearly known. In this study, the effect of heat treatments and of additions of manganese, aluminum, silicon, and oxygen upon the distribution of sulfide inclusions in iron was investigated. Both the as-cast and the heat treated structures were studied, using microscopic and autoradiographic techniques. Part of the results were interpreted in terms of Smith's' concept of microstructure. Review of Literature Metallurgists used to consider sulfide inclusions as suspended particles. It was Wohrman' who first pointed out that sulfide inclusions are soluble in liquid iron. Many observed facts may be understood on the basis of this concept of solubility. Wohrman found that small castings contain small inclusions. and larger castings contain larger ones. Also, inclusion sizes are smaller near the chilled surface. For the same size ingot, the average inclusion size in a given heat of steel depends upon the rate of solidification. That is, with slow solidification, enough time for precipitation and agglomeration of these

Jan 1, 1957

By William B. Plank

IN this paper are presented the results of a complete statistical survey of the enrolment, courses and degrees, and the employment situation of recent graduates in all of the 46 institutions in the United States, including Alaska, and four of the six schools in Canada that grant degrees in mineral technology. The data were collected by the writer by means of a questionnaire in December, 1933, to which all the institutions, except one, replied. Included also are data of a similar study made by the writer in May, 1933, for the S. P. E. E. summer session of mining and metallurgical teachers at the University of Wisconsin and published in the Journal of Engineering Education for December. 1933. Some of the data of a paper of the writer's entitled, "The Trend of Mineral Engineering Student Enrolment in the United States," read at the A. I. M. E. meeting on Feb. 16. 1931, are given for comparison. Acknowledgment is made to all the administrative officers of the institutions who took the time from their busy lives to supply the in- formation asked for. Their fine cooperation has alone made possible these two surveys with a completeness of detail never before attempted

Jan 1, 1934

By JOHN JANNEY

STABILIZATION of the adjustment of normal consumption to normal production of world commodities is quite different from reducing production until visible surpluses are consumed. The first means restoration and maintenance of prosperity, the second means merely a temporary alleviation of a condition with the prime cause remaining uncorrected. Overproduction of foodstuffs in some sections of the world while millions starve in other sections represents not so much overproduction of foodstuffs as mal-distribution of foodstuffs. The flour mills of Washington and Oregon normally ship quantities of flour to China. Now, the wheat that would make this flour goes East instead of West. Is this overproduction, or is there something wrong that calls for study, analysis and correction? Can the plan used by the ostrich of hiding its head in. the sand get us by this present world tragedy, or must the challenge to solve this problem be met, constructively? Can we not make out of this breakdown in the world's economic system an opportunity? And use it as the stimulus for remedying the basic cause of the trouble and not content ourselves with devising temporary expedients that aim at remedying this or that of the obvious conditions, in themselves not causes at all but rather the evidence of causes, or that are the symptoms of the real trouble.

Jan 1, 1931

By Frances H. Clark

IN a concern with the varied interests of the Western Union Telegraph Co., where practically all types of metals, both ferrous and nonferrous, are utilized, many types of failures of materials occur. These have to do not only with outside plant construction, such as corrosion and fatigue of line wire and cable, but also with inside plant equipment operating at such high speeds that rapid deterioration of metal. parts due to fatigue and wear results. Both corrosion and fatigue affect the life of copper wire so its normal life in any particular locality is largely dependent on the atmospheric conditions. Tensions vary widely owing to changes in temperature and ice and wind loadings and the wire is Subject to a great range of vibration caused by wind gusts aril vibration front trains or other heavy vehicles transmitted through the earth. High frequency low-amplitude vibrations are sometimes audible as singing in the wire. The other extreme is the vertical slashing or dancing of the wire observed during severe storms where amplitudes of 9, ft. or more at low frequencies have been observed.

Jan 1, 1942

By George J. Young

DR . JOHN A . CHURCH, in his treatise on the Comstock Locle 1 gave a full and clear account of the conditions of the mine during the period of greatest activity. The difficulties in the way of deep mining at that time were excessive water and high temperature. The drainage of the mines taxed the financial resources of the mining companies, and the high temperatures restricted the capacity of the miners for underground labor. In spite of these difficulties exploratory work was continued until the financial burden of removing the water became too great. The companies then restricted the work to the upper levels. The years 1883 to 1886 marked the period of cessation of deep mining. For 12 years thereafter mining was confined to the levels above the Sutro tunnel; and, while the question of drainage was more or less agitated, nothing of importance was done until the formation of the Comstock Pumping Association in 1898. Since that time successive levels have been drained until, at present, on the north-end mines, a depth of 700 ft. below the Sutro-tunnel level has been reached. Mining is now carried on in the Ophir mine from the 1,700- to the 2,200-ft. levels, and a winze is being sunk to make connection with the 2,300-ft. level (the 2,450 ft. of the C. & C. shaft). In 1903-the Ward Shaft Association was formed to undertake the draining of the Central and Gold Hill group of mines, and at the present time a depth of 2,500 ft. has been reached in the Ward shaft. The situation at the Ward looks promis¬ing, and the 3,000-ft. level may be reached in the near future. It is proposed to establish a large pumping-station on this level, and then begin the opening of known ore-bodies and the prospecting for new ones. The main factors which have contributed to the successful solution of the drainage problem are the Sutro tunnel, the use of the hydraulic elevator as a sinking-pump, the concentration of pumping-units, and cheap electrical power. The question of high temperature and its control still remains as a minor but important problem. The temperatures encountered in the new workings are as great as those in the earlier periods. The Comstock was considered the hottest group of mines in the world, and I am not aware of similar conditions in any other mining-district. A water-temperature as high as 160° F. has been reported from the Ward shaft, and temperatures below the Sutro tunnel are very high in many instances.

Nov 1, 1909

By Jasper L. Stuckey

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

Jan 1, 1959

By Henry M. Howe

(Cleveland Meeting, October, 1912.) Manuscript received Aug. 20, 1912. PROFESSOR RUFF'S most illuminating paper' describing his extremely valuable investigation of the carbon-iron equilibrium diagram assigns definite temperatures to certain very important lines in the diagram, viz.: the eutectic temperature EB (Fig. 1) and the " near-eutectic " temperature E'B', but without indicating clearly enough the reasoning which warrants these assignments. These temperatures are of such primary importance that it is well to indicate the apparent gaps in the reasoning, in the hope that they may be filled in. In his diagram, Fig. 1, the point X and the lines B'D'HI represent the experimental results reached by Ruff and Goecke; 2 AB, AEB, and SE represent the liquidus, the solidus, and the solubility of the carbon in solid austenite in the absence of graphite according to Gutowsky,3 AB being also in accordance with Spiecker's data;4 ,S'E' the solubility of carbon in solid austenite in the presence of graphite according to Ruer and Iljin; 5 GS the line A3 after Goerens and Meyer;6 I and EBC the true eutectic line as inferred by Prof. Ruff from Gutowsky's data. B'D' is the carbon content found in cast-iron which had apparently saturated itself with carbon in the presence of the graphite of the enclosing graphite crucibles in which the determinations were made. From its straightness and its sharp inflection near 6.67 per cent. of carbon, the carbon content of * Professor of Metallurgy in Columbia University. 1 Metallurgie, vol. viii., pp. 456 to 464 and 497 to 508 (1911). 2 Idem, vol. viii., pp. 417 to 421 (1911). 3 Idem, vol. vi., pp. 731 to 743 (1909). 4 Idem, vol. vi., p. 524 (Wüst) (1909). 5 Idem, vol. viii., pp. 97 to 101 (1911). 6 Idem, vol. vii., pp. 307 to 312 (1910).

Nov 1, 1912

By H Haas

H. HAAS, San Francisco, Cal. (communication to the Secretary?). -Fig. 1 plainly shows that the comparison of the steam-turbine and Diesel-engine plants was made on a basis of 6,000 kw. continuous operating load. The tabulation of costs for an 8,000-kw. load is merely done to show the relation of increased output on' the unit power costs. Both plants would sacrifice their reserve capacity, which is to insure continuous operation, if operated to generate 8,000 kw. continuously; unless Mr. Hawkins advocates the operation of one of the turbines at 33.33 per cent. overload, retaining the other as a standby, which, besides overtaxing the turbine, results in a great loss of efficiency. It would he well for Mr. Hawkins to qualify certain of his statements. Thus, under the caption "Diesel Engines, Selection of Units," he says that "two of the largest Diesel-engine builders take the position that, in the present state of the art, they would not attempt to put out units over 1,000 kw.;" he should qualify it by saving that "two of the largest American Diesel-engine builders take the position that, in the present state of the art in the United States, they would not attempt to put out units over 1,000 kw." The reason that American manufacturers restrict themselves at present to units of that size is to be found not so much in a lack of experience in building large units as in a lack of a sufficient, demand for them in the United States to justify the heavy capital outlay connected with the development of such engines. There are relatively few localities in the United States where fuel prices are as high as they are in the Southwest, and regions of high fuel prices are sparsely settled and have a very limited demand for power. Where low fuel prices obtain, steam turbines are active competitors of Diesel engines for large power plants, particularly when the station load factor is low. As most of the American manufacturers of Diesel engines work under license agreements with European manufacturers, which limit their market to the United States and its possessions and Canada, a further limitation is imposed upon them, leaving to European firms practically the entire world as a market.

Jan 5, 1917

By Henry S. Washington

I. INTRODUCTION. DURING the last twenty years or so the chemical investigation of rocks has made great advances, and it is now generally recognized that a knowledge of the chemical composition is as essential as that of the texture or mineral composition-if not more so-for the proper classification of rocks and study of their origin and relationships. Rock-analyses have vastly increased in numbers and, what is of greater importance, in quality. New and improved methods permit of greater accuracy than was possible in the early days, and the list of chemical constituents frequently determined has risen from the seven or eight of the greater part of the nineteenth century to twenty or more. Indeed, rock-analyses with determinations of so many constituents are now commonly made by the chemists of the United States and Australia, while in Germany, Great Britain, France, and Italy the rarer constituents are determined more frequently than formerly. As a consequence of this modern, accurate work, it has been discovered that some elements which were formerly supposed to be rare are of wide-spread occurrence and are often present in considerable amount. The fact is further being developed that the elements tend to show certain relations of occurrence or abundance in connection with each other. This is a fact which is applicable to the rarer elements, and which also finds a broad geological and petrological expression in the recognition of petrographic provinces. We are beginning to obtain some definite, though as yet rudimentary, knowledge of the distribution of the elements among igneous rocks. Some of the results along these lines obtained by study of the vast accumulation of analytical data now available are well known to petrologists, while others do not seem to be so gener-

Sep 1, 1908

By Walter Renton, Ingalls

SEVERAL years ago I became interested in computing the historic lead production of the United States, and the mines, or mining districts whence derived. This led me subsequently to an examination of the recent records- of some of the American zinc-mining districts and of the great lead and zinc-mining districts in foreign countries. My present article thus will be to a large extent an addendum to my book, "World Survey of the Zinc Industry," which was published by the Mining and Metallurgical Society of America in 1931, and to which I shall refer hereinafter as Ingalls, op. cit. Throughout this article all expressions of tons mean the ton of 2000 lb. Where original data have been given in metric tons I have converted in many instances simply by multiplying by 1.1, and long tons by 1.12. I have not been fussy about digits and have rounded off many figures. These may explain differences between data herein and other data.

Jan 1, 1946

By Open-Hearth Steel

I received a telegram yesterday from Mr. J. H. Nead saying that he regretted circumstances had come up which prevent his attending the meeting, but that arrangements have been made and Mr. T. S. Washburn, of Inland Steel, will act as the Co-Chairman in his stead. We are sorry, of course, that he cannot be here at this conference. We have, therefore, asked Mr. James J. Bowden, chief metallurgist of Republic Steel Corporation, Cleveland, to act as Chairman and Mr. Tom Washburn to act as Co-Chairman. I will turn the meeting over to these gentlemen at this time.

Jan 1, 1940

By W. W. Fowler

ORIGINALLY designed for copper smelting only, the reduction works of the Cerro de Pasco Copper Corp. have been expanded over the years until now twelve different metals are produced, together with some seven other items which are used locally. Although the total tonnage treated is comparatively modest, as smelting plants go, the variety of operations makes one of the most complex and interesting metallurgical problems in the world. The original plant, at La Fundicion, operated from July 1906 until September 1923. In 1922 a new copper smelter was built at La Oroya, which produced its first copper on Nov. 23, 1922. It is in this plant, greatly enlarged, that metallurgical operations now center. La Oroya is situated at the junction of the Cerro de Pasco Railroad and the Ferrocarril Central del Peru, at an altitude of 12,175 ft.-well over two miles. Many of the various operations stem from two principal smelting circuits which are themselves of conventional types. Copper ores and concentrates are roasted, smelted in reverberatory furnaces and converters, and blister copper produced. Lead ores, concentrates, and other materials are sintered, smelted in blast furnaces to crude lead which is partially fire-refined, and finally electrolytically refined by a modified Betts process.

Jan 1, 1945

For the first time in its history the Institute will hold a meeting in the State of Arizona. A few years ago Arizona stood third in the copper-producing districts of the United States. Since that time, with the development of porphyry mines, the output has gone up with great rapidity until it not only is the leading district, but its output at the present time is at the rate of nearly double the Montana output, which now stands second in the list. In connection with this .development, most interesting departures have been made in methods -of mining, concentration and smelting. Principles of mining and metallurgy of the greatest interest will be covered by papers which will' appear in the Bulletin and be presented at Technical Sessions, while ample opportunity will be afforded for those who go to the meeting to see all the points of interest .to them. In addition, members will be well rewarded by the marvelous natural features to be seen on the trip, including 'the petrified forests, the cliff dwellings on the Apache Trail and the Grand Canyon of Arizona. It is planned to start the special train from New York, but members and guests may join the special at other points en route as indicated by the following schedule: ITINERARY . , Thursday, September 14th Lv New York, Grand Central Terminal.. ............... 5.30 p. m. Dinner in dining car a la carte New England Members via B. & A. R. R. . Lv Boston. ............. (Regular train). ............. 2.00 p. m. Lv Worcester. ........... (Regular train). ............. 3.12 p. m. , Lv Springfield. ........... (Regular train). ............. 4.37 p. m. Dinner in Dining Car a la carte Ar Albany.. ......... .New York Central R. R.. ....... 7.45 p. m. Lv Albany .......................................... 9.00p.m. Lv Schenectady.. .................................... 9.32 p. m. Lv Utica ............................................ 11.08~.

Jan 8, 1916

By Frank Armstrong

ALL the mining machinery of the Penn Iron Mining Co. has been operated by electric power for several years and when another shovel for stockpile loading was required the advantages of an electric shovel were naturally considered. After considerable study, serious objections suggested themselves the use of a shovel operated directly by electrical apparatus by reason of the complicated control, severe service on the motors FIG. 1.-ELECTRO-HYDRAULIC SHOVEL FIG:. 2-THE SHOVEL AS IT WAS OPERATED CINDER CONSTRUCTION. THE FIRST YEAR. and the heavy surges of current required from the line. It was finally decided to construct an electro-hydraulic shovel using water under pressure to perform all the necessary operations except that of propelling, for which a separate motor was best suited. A car body with boom, dipper handle and dipper of late design, but without any of the steam machinery, was purchased. A motor-driven centrifugal pump, a pressure tank, an air tank, a small air compressor and water cylinders with plungers, pistons and valves, were installed in place of the; steam equipment. Fig. 1 shows this shovel under construction and Fig. 2 shows it as it was operated during the first year, the summer of 1914. The large tank at the back of the car, in Fig. 1, carried air under

Jan 2, 1916

By Leon Dominian

(Wilkes-Barre Meeting, June, 1911.) I. INTRODUCTION. THE lack of Aryan roots for the names of metals commonly known among the Aryan settlers of Asia Minor, as well as the later colonizers of Europe, indicates that these races were generally ignorant of the use of metals until they came into contact with Semitic peoples. Practically all mining-terms in current use among the earliest Greeks resemble very strongly their distinctly Semitic equivalents, which can be traced all the way in a broad belt beginning in Lower Mesopotamia, and extending westwardly to the Syrian shores of the Mediterranean. The Greek word " "metallon," for instance, used indiscriminately to designate mine or ore, probably came from the earlier Semitic equivalent, " matal." Again, the Greek words " chrysos " (gold) and " chalkos " (copper) seem to be descended from the Semitic forms " throats " and a chalak." It is a natural inference that primitive mining-methods were evolved by the dwellers in the mineralized areas of Asia Minor, from whom later Greek, Roman, and even North European miners obtained their first notions of the reduction of metallic ores, by virtue of a general westward migration of mining and metallurgy. Some traces of its passage through Turkish territory will be noted in this paper. While European Turkey can boast of one ancient gold-field, the Asiatic dominions of the Sultan may lay claim to at least two well-defined and widely-separated gold-producing districts. These three regions may be distinguished as the Thracian, the Pontic, and the Anatolian gold-fields. II. TURKEY IN EUROPE. . The Thracian Gold-Field. The most conspicuous topographic feature of the lowland between Constantinople and Salonica is the uplifted Archaean

Nov 1, 1911

By Heinrich Ries

I. INTRODUCTION. THE facts is presented in this paper, based chiefly on recon¬naissance made, during the summer of 1903, by myself and my assistant, Mr. R.. C. Brooks, cover practically all that portion of Texas lying east of the 99th meridian. The work was undertaken for the University of Texas Mineral Survey, and was to have been extended over the entire State, but the sudden termination of the survey prevented even the official publication of the results already obtained. Most of the mineral resources of Texas were fully treated by the First Geological Survey, but the clay-industry was tit that time little developed, so that only a few scattered notes concerning it are to be found in the Survey reports. The extensive exploitation of the clay-deposits, however, has emphasized their commercial importance, and has also made accessible many facts of exceptional interest concerning their geologic conditions. The erection of new plants for the utilization of clay-products is usually preceded by more or less prospecting, which, by reason of the scarcity of outcrops, and the geologic and topographic conditions of eastern and southeastern Texas, is often slow and difficult work. This is especially true in the Tertiary and Pleistocene areas, where the structural conditions much resemble those of the Atlantic coastal plain, the deposits being mostly lenticular in form, and surrounded by beds of sand. II. GENERAL GEOLOGY OF THE CLAY-DEPOSITS. The accompanying sketch-map, Fig. 1, shows the location of nearly all the deposits examined, their relation to the geology of the State, and the type of clay found in each. The geology is based on the published work of Hill, Cummins, Tail, Adams, Hayes and Kennedy, but the boundaries have unfortunately not been determined over the entire region covered by the map, and, in many areas, are only approximate. It will be seen that the clay-deposits range from Carboniferous to Pleistocene in age, the older deposits being found in the northwestern part of the area, while those of Cretaceous and Tertiary age lie to the east, southeast and south. The Pleistocene clays are found in part in a belt along the coast, and in part along many of the larger rivers, where they often underlie extensive terraces.

Sep 1, 1906

By R. W. Parsons

The over-all apparent single-phase permeability of fracture-rock systems was studied using two different two-dimensional models. In a strict sense the results are applicable only to these models, yet may give some insight into real reseruoir behavior. The regular fracture-matrix model can have any number of regular fracture sets. All fractures within each set have the same orientation, width and spacing. The gross behavior is amlytically equivalent to that of an anisotropic permeable medium. In the heterogeneous fracture systems, individual fracture conductivities vary within a two-dinensioml network pattern. A computer program calculates the overall permeability after the conductivities are randomly placed in the network. The calculated permeability depends upon the distribution of these conductivities and the particular fracture pattern into which they are placed. Although detailed information on actual reseruoir fracture systems is not available, this study shows how some of the possible variables may affect obserued gross reservoir characteristics. INTRODUCTION Characteristics of reservoir rocks are determined by direct (core analysis) or indirect (logging and production tests) examination. Both methods, singly and together, are widely used in reservoir evaluations. For fractured reservoirs a problem exists in relating characteristics of cores to the in situ reservoir properties. Knowing fracture characteristics can be of value in determining production mechanisms. Because of the limitations of observation, the intimate details of a fractured rock system will never be known. One approach in analyzing fractures is to study the behavior of some conceptually simple models. The two models analyzed contain features which may be realistic, yet are mathematically tractable. Flow is considered in two dimensions only, with the plane of interest at right angles with the fractures. This concept represents the horizontal flow in a reservoir system with the fractures oriented vertically. Only single-phase, laminar flow is considered. The regular fracture-rock system permeability is calculable from a simple analytical expression. The heterogeneous system requires a computer program for calculating overall permeability.

Jan 1, 1967

Organization Place Date 1917 American Institute of Architects Philadelphia,.,; Pa. Dec. 26-29 American Society of Mechanical Engineers New York City. Dec. 26-29 American Mining Congress State Chapter Phoenix, Ariz. Dec. 26-29

Jan 11, 1917

By C. W. Handy

ONE LAW cannot he evaded, the economic law of supply and demand. Silver, like any other commodity, is subject to this law; and its price in the long run is determined by existing conditions. I say "in the lone run because at times silver has appeared to mope contra to basic coalitions. Such movements, however, are, occasioned by the market's attempt to anticipate changes in these governing conditions. If the expected changes materialize then the new market level is justified, but if they do not then the market will revert to its previous status, A striking example of such a move occurred in November when the price advanced over 70, in ten days and then in the next two weeks lost more than it had gained. The reasons for this advance were that the speculative element interpreted certain events as favorable to silver namely, England suspension of the gold standard, higher shat prices, and the Chinese-Japanese crisis. When these expectations proved unjustified the inevitably, elapse followed became the governing conditions had not channel.

Jan 1, 1932