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By H. B. Pulsifer

THIS paper outlines a method for rapid production of flat, granular surfaces on many of the medium hard- alloys. Grinding wheels and fabrics on wheels are not used; the purpose is accomplished by rubbing on emery papers and on fine abrasives heaped on hand boards. The advantages of chromic acid in the solutions for etching nickel and copper alloys are explained. Steels may require an additional step in the mechanical smoothing owing to the lack of an ideal etchant. Chloric acid is a. rapid etchant for steel. Thirty-six photomicrographs illustrate the steps in smoothing and the clearness with which structures can be rapidly exposed. New structures in low-carbon steels are announced. After a little practice, many materials can be finished within two or three minutes. CUPRONICKELS In the previous papers on the metallography of copper and magnesium which the author has presented to this Institute there has been an attempt to demonstrate the advantages of minimizing the mechanical work of surfacing and depending more on chemical means; the present paper continues the research into a still wider field. It is obvious that the success of a chemical method for smoothing and etching depends almost entirely on the use of a suitable reagent. The etchant must remove the surface granulations and outline the structures. A very special type of reaction between reagent and metal must be displayed. Promiscuous corrosion or the intensification of the attack about local couples -formed by impurities or components must not be in evidence. There are several reagents that etch highly polished nickel and copper alloys very well. Acidified ferric chloride solutions, concentrated and dilute nitric acid solutions, and nitric and acetic acids in acetone have -been used to good advantage for the purpose. However, if they are expected to etch rather deeply-that is, smooth as well as characterize-the results may be far from satisfactory.

Jan 1, 1928

By G. H. Enzian

W. C. Ellis—The intergranular fracture observed by these authors in brass seems to be characteristic of metals when tested under similar conditions. It has been observed by us in room temperature tests on lead alloys subjected to constant stress when the stress has been low enough to afford a small strain rate. If, however, the test be carried out at a high stress and therefore at a large strain rate, a characteristic, tapered, transcrystalline fracture is obtained. The same change of fracture has been observed by others with decrease of strain rate and increase of temperature for other metals—for example aluminum—and may be presumed, as the authors point out, to be general for metals. These findings suggest a plastic flow mechanism under conditions of small strain rate and high corresponding temperature differing from classical block slip. The required conditions point to a process fundamentally diffusive in nature—a less organized process than block slip. Nabarro18 has shown that plastic flow can occur by stress induced diffusion of vacant sites— a process of self-diffusion. Movements of a pseudo-viscous nature at grain boundaries are suggested in the work of Ke.15 Deformation near to a grain boundary by other than a slip mechanism appears necessary to Boas and Hargreaves.19 Wood and Rachinger20 report a cellular structure in slowly deformed alumi- num—the cell size is larger, the higher the temperature and the slower the strain rate. Presumably in the latter case diffusive movements occurred in the cell boundaries. In any case the nonslip mechanism seems somewhat obscure and further work is indicated. Such studies will undoubtedly clarify the nature and behavior of lattice imperfections—the very core of the strength and plastic properties of metals. F. H. Wilson and E. W. Palmer (authors' reply)—It is certain that the metallic behavior which has been termed "creep" includes many interdependent phenomena of which a nonslip type of plastic flow may well be one. The reports to which Mr. Ellis refers are illustrative of the many different observations that must be correlated for a complete understanding of creep. The list could be extended considerably. For example, we ourselves have been impressed by the sensitivity of creep phenomena to the presence of minor impurities and feel that this aspect of the problem warrants more thorough study than it has yet received. References 18 F. R. N. Nabarro: Report of Bristol Conference on Strength of Solids. P. 75, (1948) London. 19 Boas and Hargreaves: Proceedings Royal Society. (1948) 193. 89. 20 wood and Rachinger: Journal Institute of Metals. (1949) 17, 237.

Jan 1, 1951

By AIME AIME

AT the meeting on Engineering Education on Mon- A day afternoon E. A. Holbrook, of the University of Pittsburgh and chairman of the Committee, presided as chairman with W. B. Plank acting as vice- chairman. About sixty members of the educational fraternity were present. Dean Holbrook, after a few introductory remarks, introduced the first speaker of the afternoon, Charles Y. Clayton, who then presented his paper, "Why Do So Few Elect Metallurgy?" in which he stressed the fact that ,one of the things the study of metallurgy ,now needs is publicity and public education on what metallurgy is and 'does. Another thing he brought out is that the study of metallurgy has been looked on for many years merely as a branch of other departments. He gave tables showing past and present enrollment in the course of metallurgy in various schools.

Jan 1, 1930

By M. A. Dayananda, R. E. Grace, P. F. Kirsch

Ternary diffusion experiments were carried out at 750°C with vapor-solid diffusion couples in single-phase copper-rich Cu-Zn-Sn alloys. The Philibert-Guy method was used to calculate intrinsic diffusion coefficients at compositions corresponding to the plane of inert markers imbedded in the diffusion couples. Inter diffusion coefficients were determined at common composition points of intersecting diffusion paths. Intevdiffusion coefficients were also obtained at compositions corresponding to maxima in the tin concentration pvofiles Relations between the interdiffusion coefficients and the expansion of vapor-solid diffusion couples are described in detail. Such relations permit the calculation of constant interdiffusion coefficients in binary couples from expansion data directly. In ternary couples expansion data provide an additional constraint on the interdiffusion coefficzents. ThE phenomenological analysis of diffusion in ternary solid solutions has been developed extensively, and various approaches taken in the determination of diffusion coefficients have been reviewed recently by Guy et al.' Finite,' semi-infinite,3 and infinite4 diffusion couples have been used in studies of ternary diffusion, but most of the work has been done with infinite diffusion couples. Semi-infinite diffusion couples3 (vapor-solid couples) have been used to determine both intrinsic and interdiffusion coefficients in the Cu-Zn-Mn system, in which two diffusing species, zinc and manganese, were supplied from the vapor phase. If only one component has a sufficiently high vapor pressure to be supplied from a vapor source, vapor-solid diffusion couples may still be used. In this case the boundary conditions at the gas/solid interface may be governed by partial equilibria rather than by virtually complete equilibrium between the phases. In the present work diffusion measurements were carried out at 750°C with vapor-solid couples of Cu-Zn-Sn alloys. Only zinc was transported between the vapor source and the diffusion disks, because the vapor pressures of both copper and tin are at least 108 lower than that of zinc. Both intrinsic and interdiffusion measurements were made at several compositions. A secondary objective was to relate expansion of the diffusion couples with the interdiffusion process. Such measurements for binary couples yield average values of the interdiffusion coefficients over composition increments. In ternary diffusion couples ex- pansion data provide an additional constraint on the interdiffusion coefficients. COMPOSITION-DEPENDENT INTRINSIC AND INTERDIFFUSION COEFFICIENTS As shown by Philibert and GUy5 the determination of intrinsic diffusion coefficients in a ternary system requires two independent diffusion couples containing marker planes with identical composition. In the case of vapor-solid couples such a requirement torresponds to two couples set up with the same vapor source exposed to two diffusion disks of different composition. Inert markers placed initially on the disk surfaces become imbedded during diffusion. If the pair of couples exhibits appreciable marker burial with marker planes of virtually the same composition, the intrinsic diffusion coefficient may be evaluated at the composition of the marker planes. Fig. 1 is a schematic diagram of the concentration of of a Cu-Zn-Sn ternary vapor-solid couple after diffusion of zinc from a vapor source into a binary Cu-Sn alloy. The areas, Ai correspond to the cumulative intrinsic fluxes of the three diffusing species across the marker plane:5 where Ji is the intrinsic flux of component i, t is the diffusion time, and D3i are the intrinsic diffusion coefficients. For the determination of interdiffusion coefficients a pair of diffusion couples with intersecting diffusion paths is needed. At the composition point of intersection (C1, C2) the coefficients are evaluated from the equation:3

Jan 1, 1969

Jan 1, 1930

By K. Hanumantha Rao, A. Nayak, . K. S. Narasimhan, S. N. Mahapatra

Selective flocculation studies carried out with iron ore tailings generated at Kudremukh iron ore plant indicate that a concentrate containing 63% iron can be obtained from the tailings containing 34% iron with around 60% recovery. This opens up the possibility of recovering most of the iron lost in the tailings generated at 2 kt/h (2200 stph) while processing 22 Mt (24 million st) ore per year. This would mean that the productivity could increase by around 50%. In these studies, it has been established that caustic degraded tapioca starch is a most effective agent for selective flocculation. While potato starch after caustic degradation can also be used, neither the parent starch nor the amylopectin compound is as effective.

Jan 1, 1986

Jan 1, 1969

Herewith are transmitted the joint report of the Treasurer and Finance Committee for 1934 and the reports for the same year of the Chairmen of the following Committees: Admissions, Membership, Papers and Publications, Library, and MINING AND METALLURGY. TO these reports you are referred for details of the year's activities. Finances.-Income for 1934 from all sources totalled $134,967 com- pared with $121,689 in 1933. The increase is accounted for principally by four items: $6000 increase in initiation fees and dues of new members; $1800 in current dues; $4000 in "back" dues; and $2800 in the sale of publications, including TRANSACTIONS volumes and technical papers in the form of "separates." In passing, it may be remarked that income from back dues during 1935 will be less than in 1934, for the obvious reason that the total amount of dues in arrears has shrunk and consequently there is less to draw from. Income from

Jan 1, 1934

By J. H. Bechtold

Tensile properties of annealed molybdenum were investigated from 1000" to—200°C. In the vicinity of room temperature a well-defined transition in tensile properties occurs. Reduction in area decreases from over 80 pct to 0 pct and, simultaneously, the yield strength increases about 60,000 psi. MOLYBDENUM, tungsten, iron, and many other metals and alloys with the body-centered cubic and hexagonal close-packed crystal structures change from ductile to brittle behavior over some relatively narrow temperature range. The temperature at which this transition in ductility occurs depends on chemical composition, microstructure, and method of testing. When fine grained, completely recrystallized molybdenum of commercial purity is tested in uniaxial tension at a slow strain rate, the transition occurs at slightly below room temperature.' Iron2 and tungsten3 tested under similar conditions become brittle at temperatures close to the boiling point of nitrogen, — 195°C and at about 200°C, respectively. A sharp change in ductility is uncommon in metals with the face-centered cubic crystal structure, however, a relatively sharp transi- tion in notched bar impact properties has been observed below room temperature in a face-centered cubic copper-antimony alloy.4 A transition from ductile to brittle behavior is usually explained by the concepts originally developed by Ludwik,5 and discussed and elaborated on by others including Orowan,6 Hollomon and Jaffe,7 and Gensamer8 In brief, there are two aspects to strength, first the resistance to flow and second the resistance to fracture. Both are functions of temperature, strain, strain rate, stress system, composition, and microstructure. With decreased test temperature the flow stress required to initiate plastic deformation increases more rapidly than the fracture strength and brittle fracture occurs at that temperature where the yield strength equals or exceeds a brittle fracture strength. This investigation was conducted to determine the effects of temperature, strain, and rate of straining on the flow and fracture strengths of molybdenum above, through, and below the ductile-to-brittle transition. Other variables were held constant during testing. This information is believed to show

Jan 1, 1954

By John H. Harden

In the valuable paper of Mr. Dunbar D. Scott and its varied discussion, on the evolution of mine-surveying instruments, the tripod-head has not received the attention it merits. During the last 50 years this very necessary adjunct to the surveyor's instrument has been much improved. The legs are of better construction; and the devices for laterally moving the instrument over the station-point and for quick leveling, without the use of the screws, have given to the instrument fitted with the modern tripod-head the same facilities possessed by the oldfashioned ball-and-socket, with more perfect accuracy, not attainable in the latter, while saving from 30 to 50 per cent. of the time required for setting the instrument over a station. For the purpose of extending the discussion to this import-

Jan 1, 1902

By William L. Lennemann

Chemistry of uranium with respect to its hydrometallurgical recovery from carnotite ores was investigated and well defined during the radium boom period between 1900 and 1920. Since that time, methods used to extract uranium from its ores have remained basically either acid leaching or sodium carbonate leaching. Until about 1950, the only practical methods known for achieving a better than 75 pct U2O3 concentrate from the leach liquors involved fundamental chemical techniques for either purifying a solution prior to the uranium precipitation, or refining a crude uranium concentrate that was produced by neutralizing a pregnant mill liquor.

Jun 1, 1956

By T. S. Hutchinson, C. E. Kemp

The bottom water drive analysis presented by Muskat has been extended to include fields with wider well spacings. Curves are presented from which volumetric sweepout, water-oil ratio, and rate relations may be calculated. The effects of non-unity ratios on sweepout eficiency and productivity decline have been studied by an approximate method. Also, the effect of gravity on volumetric sweepout has been approximated for a particurlar geometry. INTRODUCTION The purpose of this paper is to report work done in applying the analysis of bottom water drive reservoirs given by Muskat1 to a larger class of reservoirs, to extend this analysis to include the effects of gravity and non-unity mobility ratios in an approximate manner, and to investigate the rate of decline of productive capacity. The bottom water drive type reservoir is one where the oil is underlain by a water zone of sufficient thickness that water movement is essentially vertical. This system is defined in more detail in the appendix and a one well element is shown diagrammatically in Fig. 1. Muskat obtained solutions to the equations describing the volumetric displacement efficiency of idealized bottom water drive systems by assuming that gravity effects due to differences in density betwecn oil and water were negligible and that the mobilities of oil and water were the same. If either of these assumptions is not made, the complexity of the system makes an analytical solution well nigh impossible at the present stage of mathematical development. Coles and Stade' developed an approximation to consider these factors. The authors have refined approximations, starting with the same basic assumption, which should give a somewhat quantitative picture of bottom water drive performance when mobilities are not equal and the effects of gravity are not negligible. The results of these approximate calculations can then be used to obtain the decline in well productivity as the field is depleted.

Jan 1, 1957

YEAR or ELECTION 1913. FRANK DAWSON ADAMS Montreal, Canada. 1933. KARL EILERS New York, N. Y. 1922. FEDERICO GIOLITTI Q. Torino,Italy. 1906. SIR ROBERT A. HADFIELD London, England. 1921. FRANK WILLIAM HARBORD London, England. 1917. HERBERT HOOVER New York, N. Y. 1931. WALDEMAR LINDGREN Cambridge, Mass. 1921. C. MCDERMID London, England. 1913. EZEQUIEL ORDOAEZ Mexico City, Mexico 1935. ROBERT PEELE New York, N. Y. 1938. A. M. PORTEVIN Paris, France. 1937. Joan V. W. REYNDERS New York, N. Y. 1937. GEORGE S. RICE Washington, D. C. 1911. ROBERT H. RICHARDS Cambridge, Mass. 1934. T. A. RICKARD Victoria, B.C., Canada. 1933 Cambridge, Mass.

Jan 1, 1938

By J. W. Freeman, D. N. Frey

Fundamental reasons for the improvement in creep resistance of an austenitic alloy by cold working were investigated mainly by X-ray diffraction. The creep resistance was found to be improved by the internal stresses in the lattice of the alloy induced by the cold work. THIS investigation was concerned with the fundamental reasons for improvement in creep resistance of an austenitic alloy as a result of cold working. Also, the investigation was carried out to elucidate the conditions under which cold working could be expected to improve the creep resistance. To achieve these ends, creep resistance and internal structure were correlated for a variety of cold-worked conditions. Since the aim of the investigation was not to obtain specific and extensive information on any one alloy, creep testing was done with a single stress at 1200°F. Structural studies were carried out primarily with X-ray diffraction characteristics. The alloy used, low carbon N-155, was selected on the basis of being representative of at least some of the alloys used in gas turbines. Low carbon N-155 alloy in the form of %-in. sq bar stock was used in this investigation. The chemical composition, in percent, was: C, 0.13; Mn, 1.43; Si, 0.34; Cr, 20.73; Ni, 18.92; Co, 19.65; Mo, 3.05; W, 1.98; Cb, 0.98; N, 0.14; and Fe, balance. The bar stock was produced from a 13-in. sq billet, finished to 7/s in. round cornered square between 2060" and 1910°F. Prior to use in this particular investigation, the bar stock was solution-treated 1 hr at 2200°F and water quenched. This procedure was used in order to put the stock in a condition where effects of prior processing were minimized. Experimental Procedure The specific approach to the problem was twofold. First, the influence of cold working, under various conditions, on the creep rate under a single stress at 1200°F and on the internal structure was in part determined. Second, the effect of annealing at various times and temperatures on the creep rate and internal structure of the cold-worked samples was in part evaluated. The first step was basic to the investigation—creep resistance and structure were to be correlated. The second step was taken to see if the annealed samples showed some internal changes which could also be correlated with changes in creep resistance. This it was felt would facilitate solution of the basic problem. The creep and structural studies were carried out on samples reduced approximately 5, 15, and 40 pct at room temperature and 15 pct at temperatures up to 2200 °F. Annealing of various of the samples was done at 1200°, 1400°, 1600°, and 1800°F for time periods up to 1000 hr. Studies of the annealed samples were concentrated on materials rolled approximately 5, 15, and 40 pct at room temperature and 15 pct at 1400°F. The creep tests were carried out at 1200°F under 40,000 psi, the latter being approximately the 1000 hr rupture stress of the material

Jan 1, 1952

By Nestor Torres-Acuña, Fathi Habashi

Metallic copper of purity equal to commercial electrolytic copper is deposited during the anodic dissolution of technically available white metal, Cu2S, in m acidic solution of' copper(II) sulfate as electrolyte and copper sheets as cathodes. The process may be applied on commercial scale since it has the advantage of by passing the converting and poling steps, decreasing pollution problems due to SO, and recovering the sulfur of the white metal in the elemental form. The anodic dissolution is believed to take place in three steps: The working conditions that lead to 98 pct cathodic current efficiency are: 30 gpl Cu2+ and 100 gpl H2SO4 in electrolyte, current density 1.0 amp per sq dm, and tetnperature of bath 40°C'. DURING the smelting of copper, nickel, lead, and zinc sulfide ores, large amounts of sulfur dioxide are produced. Because the release of this gas in the atmosphere causes pollution problems, many attempts were made in the past for its recovery either in liquified form or processed to sulfuric acid. Although these two forms of sulfur are the usual forms that are consumed by the chemical and metallurgical industries, their storage and transport usually raise economic problems. It was realized, long ago, that a process by which sulfur can be recovered directly in the elemental form would be most attractive. Elemental sulfur is easily stored and transported, and is readily converted to SO2, H2S, or H2SO4 when needed. Processes aimed to recover the metals from their sulfide ores, and at the same time by-product sulfur in the elemental form, were recently reviewed.' As early as 1882, Marchese2 patented a process in which a matte having the composition: Cu 15, Pb 14, Fe 41, and S 25 pct was electrolyzed. According to cohen3 the process was applied on a pilot scale by the Aktiengesellschaft fur Bergbau-, Blei-, und Zinkhiitten-betriebe at Stolberg, Rheinland, Germany. The process was unsuccessful, however, owing to the contamination of the electrolyte during electrolysis. Studies in this field were reported by Bernfeld4 and Egli.5 Borchers et a1.6-8 developed the process further by using white metal (Cu 78.2 pct, S 19.6 pct) instead of the matte, and a pilot plant was operated by the Mansfeldschen Kupferschiefer Co. at Eisleben, German~.~ It appears, however, that the process never went into commercial operation. Further studies in this direction were carried out by Russian workers.10-23 The International Nickel Co. of Canada erected a pilot plant at Port Colborne in 1951 to apply the process to nickel matte which is essentially pure nickel sulfide."'- 26 Full-scale plant went into operation at the Thompson Refinery in Manitoba in 1964.27 In this method nickel sulfide matte is melted and cast into anodes analyzing 76 pct Ni and 20 pct S with small amounts of copper, cobalt, and iron. These anodes are then electrolyzed in an aqueous solution of NiS04 at pH 4. Further work on this method was reported in the literature.28-31 In this paper, experiments on the anodic dissolution of white metal in aqueous copper sulfate solution are reported. EXPERIMENTAL White metal, Table I, obtained from The Anaconda Co., was cast in form of anodes 10 by 7.5 by 1 cm, Fig. 1. The anodes are mechanically strong and do not break easily; when polished they gave a shiny gray metallic appearance. From the chemical composition shown in Table I, it can be seen that the atomic ratio Cu:S corresponds approximately to the formula CU2.06S. The copper in excess to the formula Cu2S is most probably present as a separate phase since metallic copper could be seen under the microscope, Fig. 2. Fig. 3 shows the X-ray diffraction pattern of white metal which matches fairly well with that of reagent-grade Cu2S.

Jan 1, 1969

The curve of Fig. 3 for pyrite requires modification. There 11% a range of pH values from 6.2 to 7.8 for which no cyanide is required to prevent contact. From 7.8 to 11.3 a small amount of cyanide is required, with a sharp maximum of 20 mg. per liter at pH=9.6. The mistake arose from considering too few solution compositions (17 were considered) in constructing the curve. Subsequent work with other collectors indicates that the corrected curve is typical for such systems; it illustrates the further development of the dip in the pyrite curve of Fig. 5.

Jan 1, 1938

By H. R. Thresh, A. F. Crawley

THIS paper reports the results of viscosity measurements on cadmium and indium undertaken as part of a continuing program of liquid metals research at the Mines Branch, Department of Energy, Mines and Resources, Ottawa, Canada. For several years this work has continued with support from the Canadian Zinc and Lead Research Committee and the International Lead and Zinc Research Organization. In the literature, existing viscosity data for cadmium are conflicting and for indium are scarce. To achieve reliable viscosity values, further work was deemed desirable. Viscosities were measured using an absolute technique applied to an oscillating closed right cylinder of liquid metal. The apparatus, constructed in this laboratory, and the techniques involved in its use have been described in an earlier paper.' In calculating viscosity coefficients from the experimental data. Roscoe's2 mathematical analysis was used. Because accurate viscosity determinations are dependent on accurate density data, and since the available data in the literature are conflicting, the densities of liquid cadmium and indium were also determined in this laboratory by a pycnometric technique. This increased the control exercised over all the variables contributing to the accuracy of viscosity measurements. For both density and viscosity determinations, cadmium and indium of 99.999 pct purity were used. These materials were obtained from Cominco Ltd. In order to suppress excessive evaporation losses and help prevent oxidation, a technique developed in measuring the viscosity of zinc' was used for cadmium. This involved maintaining an atmosphere of purified hydrogen in the viscosimeter during the rela- tively long periods while the experimental temperature was changed and stabilized between individual determinations of the logarithmic decrement. Then, immediately prior to a decrement measurement. the viscosimeter was rapidly evacuated to a pressure of about 2 X 10-6 torr. On the other hand. with indium. no difficulties arise from vaporization or oxidation. In this case. therefore. the apparatus was held under a constant vacuum of about 2 x 10-6 torr. When all sources of random and systematic error have been evaluated, the technique is considered to yield data accurate within 10.5 pct. The viscosity of cadmium was measured to a maximum temperature of 451.8°C and that of indium to 346.5°C. These temperatures are. respectively. 130° and 190°C above the melting points. Two separate runs were made on indium. The results are given in Table I and, when plotted. yield the smooth curves evident in Figs. 1 and 2. Values of A and C to fit the well-known Andrade1 equation were determined by a regression analysis. The equation is: where n = coefficient of viscosity. i = specific volume. T = temperature in °K Despite its empirical nature. Andrade's equation has been shown by many workers to describe accurately the temperature dependence of viscosity. During the current research program, this equation has been found to fit the data precisely for all the metals and alloys that have been studied.5,6 The A and C' values for cadmium and indium are given in Table 11. Comparing the magnitude of the present data with those of previous workers,7-10 as has been done in Fig. 1, it is evident that the results of Fisher and Phillips10 deviate markedly from the rest. With the exception of one point from Gering and Sauerwald,7 all other data agree within ±2.5 pct. However, the agreement between the present results and the work of Menz and sauerwald9 is especially good over the entire experimental temperature range. Such agreement may be expected since Menz and Sauerwald's

Jan 1, 1970

Albin, B. R Billings, Mont. Amster, Nathan L 25 Broad St., New York, N. Y. Bache, Jules S 42 Broadway, New York, N. Y. Barrett, C. P6338 Harper Ave., Chicago, Ill. Baum, Frank G Hobart Bldg., San Francisco, Cal. Bayless, Hon. William S Russ Bldg., San Francisco, Cal. Bean, Louis H., V.P., Dwight P. Robinson & Co., Inc 125 E. 46th St., New York, N. Y. Beatty, Ross J 1106 First National Bank Bldg., Chicago, Ill. Benwell, Oswald F 205 Colorado National Bank, Denver, Colo. Beymer, Albert S., V.P., Keystone National Bank Pittsburgh, Pa. Bingham, Charles W 1542 Hanna Bldg., Cleveland, Ohio. Blumenthal, Hugo 44 Pine St., New York, N. Y. Boettcher, Charles Ideal Cement Bldg., Denver, Colo. Bowlus, Thomas H Iola, Kans. Bragg, E. B Carmel, Cal.

Jan 1, 1929

WITH the economic situation of the world what it is, we may expect important events in every month of 1922, and January showed us some-what of the nature of things that will happen. The Germans announced their inability to meet in full the reparation payments that were due Jan. 15. The Su-preme Council arranged a plan for them to pay some thing on account every 10 days, and called a conference at Cannes to talk things over. While this conference was in progress Premier Briand resigned and was suc-ceeded by Poincaré. This emphasized the growing differences between British and French policies and interests. The French want to exact the utmost from the Germans; so do the British. The latter think, however, that the French aims will so cripple the Germans that they can not work properly and hence can not trade. Great Britain, with a huge unemploy-ment problem, must have trade. The French thought that Briand was unduly deferring to the British and withdrew their support of him. The other important political developments of the month in Europe were the establishment of the Irish Free State, relieving the British of the vexatious Irish question; and the growing tendency to recognize the Soviet government of Russia and admit its representa-tives into international conferences. In the United States the great political event was the establishment of the dominance of the agricultural bloc in the Senate, which implies the passage of agrarian legislation that will probably be unwise. Economically, there was no progress in the United States. If anything there was probably some reces-sion in the physical volume of business. There were some further reductions of wages, but these were irregular, geographically, and moderate in amount. The great unionized trades maintained the jam. Events of great importance were the formal demand of the anthracite coal miners for increased wages on April 1 and the declaration of the bituminous coal miners that they would resist a reduction at that time. The attitude of these groups is believed to presage labor troubles in the spring. In the metal markets affairs were dull during Janu-ary, but prices were generally firm, save for a little further weakening in iron and steel. In the matter of production, however, there was some quickening of activity, especially in copper, zinc and iron.

Jan 2, 1922

Albin, B. R Billings, Mont. '28 Amster, Nathan L 25 Broad St., New York, N. Y. '28 Bache, Jules S 42 Broadway, New York, N. Y. '28 Barrett, C. P 5338 Harper Ave., Chicago, 111. '28 Bayless, William S Russ Bldg., San Francisco, Cal. '28 Bean, Louis, H 60 E. 42nd St., New York, N. Y. '28 Beatty, Ross J Room 604, 6 N. Clark St., Chicago, III. '28 Benwell, Oswald F Hold Mags. '28 Beymer, Albert S., V.P., Keystone National Bank Pittsburgh, Pa. '28 Blumenthal, Hugo 44 Pine St., New York, N. Y. '28 Boettcher. Charles Ideal Cement Bldg., Denver, Colo. '28 Bowlus, Thomas H., Banker, Pres., Allen County State Bank Iola, Ran. '28 Brown, Colvin B Chamber of Commerce, Washington, D. C. '28 Burt, Maxwell Struthers Southern Pines, N. C. '28

Jan 1, 1936