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By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

By George D. Graffin

The first use of graphite is lost in the mists of time. It was used by primitive man to make drawings on the walls of caves and by the Egyptians to decorate pottery. As early as 1400 A.D. graphite crucibles were being made in the Haffnerzell district of Bavaria. Through the Middle Ages graphite was confused with other minerals, especially galena and molybdenite. Two common names that are still used for the mineral are "Plumbago," meaning leadlike, and "Black Lead." The latter name implied that graphite is either composed of lead or at least contains a large percentage of it. Gessner is credited with having recognized it as a separate mineral in 1565, but its composition was not determined until 1779, when Scheele demonstrated that graphite oxidized to carbon dioxide, thus proving its carbon constitution. In 1789, Werner named it "graphite" from the Greek word "graphein," meaning to write. The United States has long relied on foreign countries for its graphite supplies. This reliance has been due more to the lack of suitable domestic graphites than to any particular preference for buying minerals overseas. Ceylon (now Sri Lanka) graphites were imported as early as 1820, and Madagascar graphites have been imported since the properties on that island were opened up about a hundred years later. Mexico has long supplied the United States with most of its requirements for amorphous graphite. Physical Properties and Classification Graphite is found in laminated, flaky aggregates disseminated in schistose rocks. It also occurs in veins and exhibits a foliated or fibrous structure. Graphite is a black lustrous mineral that crystallizes in the hexagonal system, with rhombohedral symmetry. The crystals have tabular form and are six-sided; the faces are commonly striated. The flakes have perfect basal cleavage and are opaque. When well crystallized, the flakes have a black metallic luster while the amorphous material is black and earthy, with a microcrystalline compactness. The flakes feel greasy. Graphite is an excellent conductor of heat and electricity. It melts at approximately 3500°C and sublimes at about 4500°C. It is combustible in the presence of oxygen between 620° and 670°C, but is stable and chemically inert at ordinary temperatures.

Jan 1, 1975

By John Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 1/4¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and prep-arations for rearmament in Europe and Asia acted as a further stimulus purchasing. By midsummer the situation had so improved and stocks to been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the produc-tion quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining con-tinuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 120 per pound, and since the turn of the present year has reached 170. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

By C. A. Herbert

WITHIN the past few years, considerable development has been made in the coal-mining industry in Illinois and Indiana and it is the purpose of the authors to record its most important phases. Perhaps the two most striking features are the entry into the producing fields of certain large consumers of coal and the magnitude of some of the new operations. Mines are now being equipped by the. Chicago & Northwestern R. R., the Chicago,. Burlington & Quincy R. R., the Standard Oil Co., of Indiana, and the Union Electric Light & Power Co. of St. Louis. Besides, the U. S. Steel Corpn. has increased its coal-mining activities by commencing operations on its large holdings northeast of Benton, Franklin Co., Ill. Until recent years, the supply of coal has commonly been adequate and prices have generally been favorable, especially to large consumers, as the magnitude of their purchases enabled them to obtain satisfactory quotations from producers. In fact, most consumers of coal have believed that they could buy their fuel more satisfactorily in the open market than they could produce it themselves. The entry of the United States into the war was accompanied by various disarrangements of industrial conditions, and a demand for coal in excess of the supply seemed likely to be experienced for an indefinite period. Under these circumstances it seemed that the greatest assurance of a supply of fuel was its production by the operation of mines. In the case of the Chicago & Northwestern R. R. and the U. S. Steel Corpn. the production of coal has been carried on for many years with satisfactory results, but the C. B. & Q. R. R., the Union Electric Light & Power Co. and the Standard Oil Co. of Indiana had not been producers of coal, at least in this district. Apparently the most impressive feature of the newest mines is their capacity, for in some cases it is planned that production shall be in the neighborhood of 1000 tons per hr. There are mine, now in this field having nearly that output, but these were not planned for such

Jan 9, 1919

By Jerry B. Newby

The outstanding features in Pennsylvania and New York during the past year were the buying of acreage for water-flooding in other Pennsylyania fields than the Bradford and Allegany districts, the wide adoption and use of the five-spot plan of development and water-flooding in the Bradford and Allegany districts, the discovery of gas production in the Onondaga lime in southwestern New York and the opening of the T. W. Phillips Gas & Oil Co. Fifth Sand pool in Butler County, Pennsylvania. Water-flooding has occurred in many other fields than the Bradford, Pa., and Allegany, N. Y., fields. In some the flood was a natural encroachment of edge water, in others the water was introduced into the productive sand through wells either accidentally or intentionally. Most of these floods have not been commercially successful. There has been some interest aroused in the Clarendon field, Warren County, Pennsylvania, by a new and apparently successful flood and other floods have been begun. Five-spotting in the Bradford and Allegany fields is the plan of water-flood development under which the area to be drilled is laid off in a grid of equal-sized squares with water intakes located at each corner of the squares and oil wells located in the centers of the squares. So far there are two five-spot water floods that are, beyond doubt,, commercial successes. There were 600 acres under five-spot flooding at the end of 1928, as against 150 at the end of 1927. By the end of 1929 there will be a total of between 1200 and 1500 acres five-spotted unless a low market for Pennsylvania grade crude oil develops. An increase of 6000 bbl. in average daily production is expected to accompany this development in 1929. The Belmont-Quadrangle Drilling Corpn. found the Onondaga lime or a higher strata at 3995 ft. north of Bolivar, Cattaraugus Country, N. Y., and a number of miles from any other important gas production. When drilled to 4006 ft. the well yielded 3,500,000 cu. ft. of gas and when shut in 1700 Ib. rock pressure. The one oil pool opened in 1928 was in Buffalo township, Butler County, Pa., in October, when the T. W. Phillips Gas & Oil Co. completed a wildcat well in the Fifth sand at 700 bbl. a day, which by the end of

Jan 1, 1929

By Elmer R. Kaiser

G. A. Vissac (Consulting Engineer, Vancouver, B. C.) —Some of the data presented in this paper, in connection with cost studies of washed coals, should be clarified and qualified. Washing a raw coal down to a low ash content may mean higher losses in refuse, but the cost of the operation may be more than compensated by the increased value of the resultant product. However, careful engineering and accurate machinery are required to insure maximum profits. Washing at a low gravity separation demands a very accurate automatic process, chiefly when the small sizes of coal are being handled. Coal consumers today are buying mostly on a Btu basis, cognizant of the fact that low ash contents result in lower installation costs and in savings in handling and transportation charges. The attached Table X gives the actual balance sheets of the various cleaning operations corresponding to various ash contents for the two coals presented in the paper, using the old technique of a two-products separation. or the new technique, now commonly used in Europe, of a three-way separation made possible by new methods and new equipment. Savings in capital costs, handling, and transportation have been calculated on the basis of a delivered cost f.O.b. plant of $10.00 per ton of coal at 16.5 pct ash (actual 1953 average price reported by Consolidated Edison, N. Y.), and of $3.50 at the mine also for 16.5 pct ash coal. In both cases this corresponds to values of 126 and 4.26 per 1 pct of combustible and per ton, respectively, on delivered and on at the mine prices. As an example, the middle western coal at 16.5 pct ash, raw, washed down to 4 pct ash in a two-way process will give 53.75 pct of clean coal at 4 pct ash and 46.25 pct of refuse at 31 pct ash. The value of the losses will be 0.4625x(100—31)x0.042 = $1.34. Add the cost of washing, capital, and operation, which is $0.35. The total cost will then be $1.69. But with a three-ways separation we will have 53.75 pct of first-grade coal at 4 pct ash, 37.25 pct second-

Jan 1, 1955

By Barnabas Bryan

During the boom period of 1928 and 1929, several oil companies took advantage of high security prices to sell stocks, thereby securing money for the company very cheaply. Few if any of those companies realized that the money received was not at all cheap in view of the fact that it was for investment in fixed assets at inflated prices. Suppose a company borrowed twenty millions of dollars to expand its marketing facilities during the boom. It diluted its capital and acquired fixed property which could not earn its interest requirements during the following deflation and therefore consumed income from other company activities. The company also had to stand the deflation in the capital value of all the property it bought. Since the mistaken expansion during the boom accelerated the decline in net income during deflation, the financial position of the company was harmed in proportion to the amount of that expansion. Thus the company was unable to get money to buy fixed assets in the depression when all property is cheap. The same condition holds for the company that sold common stock for the purpose of developing potential production in a newly discovered oil field. Regardless of what the ultimate value of the new field may be, potential production does not increase the net income of the company. The difficulty of meeting the enlarged dividend requirements due to the increased number of shares outstanding impairs the financial position of the company during deflation in some relation to the probability of decreased dividends. This company also is not in a position to expand during the depression when properties and companies can be bought for a fraction of their real value. Expansion of fixed assets during boom times has been the ruin of many otherwise good companies. Some of those which most extensively bought property during the post-war boom have not yet recovered. A number of cases could be cited in sugar, leather, fertilizer and wool. This does not seem to be governed by the quality of the property bought, for examination shows the assets to have been of individual high quality in many cases. When recovery is long deferred it is likely to be true, as in sugar or textiles, that the industry has a large "potential" capacity for overproduction.

Jan 1, 1931

By W. A. Thomas

Steam is, and doubtless always will be, the basic power in the anthracite industry, either directly applied through engines and pumps or electrically. The rapidity with which electric power is being applied to the mining and preparation of anthracite leaves little doubt as to its utility and economy. There is practically no operation, except possibly the drilling of hard rock, that has not been successfully electrified and the matter of drilling is handled economically with electrically driven compressors and the standard compressed-air drills. Conservation and the seemingly ever-increasing cost of production, justify careful consideration of the possible results of the more extensive use of electric power in the industry. It is not planned to discuss, herein, the relative economies of individual applications but to consider the relative economy and flexibility of steam and electric power. The reports available for the year 1920 indicate a production of slightly over 80,000,000 tons of anthracite, of which 8,843,500 tons were used for power and heating purposes; in other words, over 11 per cent. of the production was used at the mines. Some of this was used to generate electric power at the mines, about 160,000,000 kw-hr., while 150,000,000 kw.-hr. was purchased from the public utility companies. One large producer, who is buying some electric power and generating some, used over 13 per cent. of the production for power and heating at the mines. Another producer, where considerable electric power is generated on the properties, is using less than 9 per cent. of the output for power and heating. One of the largest producers has a fuel consumption of over 15 per cent. of the output, besides which considerable power is purchased. A careful study of the field indicates that steam-operated plants use upwards of 13 per cent. of the production for power and heating, while electrically operated plants use about 1 per cent. for heating; so that, for steam-power purposes at least 12 per cent., or 268.8 Ib., are used for power out of each ton produced. In the complete electrification of anthracite mining operations, no set rule can be given for the power requirement, in kilowatt-hours per ton, as conditions vary widely in the matter of pumping, ventilation, and transportation, but the following cases are given as a basis of determining a range and a possible average power requirements:

Jan 1, 1922

By Gregory M. Dexter

Recent litigation in Pennsylvania between three coal-mining companies and a private water company resulted in the payment by the coal companies of the equivalent of about $500,000 to buy a new water supply to replace that which had been damaged by acid drainage from strip mining. An investigation of the relevant facts indicates that the water could have been treated by spending about $40,000 on equipment and $15,000 yearly for chemicals, labor, and power until the contarnination could be reduced about 80 pct. The water company's supply, furthermore, had deteriorated largely by reason of dry weather before stripping was begun by the coal companies. Payment to the water company should not have exceeded $300,000 and could have been as low as $100,000. Strip mining of coal is common in Pennsylvania. The most important objection to it in Pennsylvania is generally acid pollution of runoff water. An outline of the methods, therefore, that could be used to reduce such pollution, to compare acid-contaminated waters. and to treat such waters to make them satisfactory for public and industrial use is worth-while. The watershed of the West Penn Water Co. covers about 4.5 square miles, 20 miles west of Pittsburgh, and has two 90,000,000 gal reservoirs supplying about 1,300,000 gal daily for public and industrial use of which 450,000 gal daily are for two railroads. The pollution arises from weathered derivatives of typical'" Coal Measures"' rocks, the principal source being pyrite (and marcasite) in Pittsburgh and Rooster coals. Springs and seeps on hillsides issue from sandstone and limestone formations intersecting shale or clay land surfaces, or from perched water tables. The two reservoirs create an artificial permanent water table. Soap-hardness tests on three seepage samples taken in a dry summer ranged from 150 to 500 ppm. Water sampled came from aquifers above Pittsburgh and Rooster coals, obviating the possibility of contact with pyrite-containing coal. Since acid contamination of mine waters is the result of chemical reactions of oxygen and water with pyrite, it will be reduced by the exclusion of either air or water. The Sunnyhill Coal Co. has applied this principle in its "contouring" method of strip mining by burying contaminated coal-waste material under a compact, smoothed-up surface of top-soil, gravel, clay, and sand at a cost

Jan 1, 1950

By C. A. Herbert, C. M. Young

WithIn the past few years, considerable development has been made in the coal-mining industry in Illinois and Indiana and it is the purpose of the authors to record its most important phases. Perhaps the two most striking features are the entry into the producing fields of certain large consumers of coal and the magnitude of some of the new operations. Mines are now being equipped by the Chicago & Northwestern R. R., the Chicago, Burlington & Quincy R. R., the Standard Oil Co., of Indiana, and the Union Electric Light & Power Co. of St. Louis. Besides, the U. S. Steel Corpn. has increased its coal-mining activities by commencing operations on its large holdings northeast of Benton, Franklin CO., Ill. Until recent years, the supply of coal has commonly been adequate and prices have generally been favorable, especially to large consumers, as the magnitude of their purchases enabled them to obtain satisfactory quotations from producers. In fact, most consumers of coal have believed that they could buy their fuel more satisfactorily in the open market than they could produce it themselves. The entry of the United States into the war was accompanied by various disarrangements of industrial conditions, and a demand for coal in excess of the supply seemed likely to be experienced for an indefinite period. Under these circumstances it seemed that the greatest assurance of a supply of fuel was its production by the operation of mines. In the case of the Chicago & Northwestern R. R. and the U. S. Steel Corpn. the production of coal has been carried on for many years with satisfactory results, but the C. B. & Q. R. R., the Union Electric Light & Power Co. and the Standard Oil Co. of Indiana had not been producers of coal, at least in this district. Apparently the most impressive feature of the newest mines is their capacity, for in some cases it is planned that production shall be in the neighborhood of 1000 tons per hr. There are mines now in this field having nearly that output, but these were not planned for such output; in fact, when the shafts were sunk and the machinery installed it was generally supposed that the daily outputs would be only in the neighborhood of 4000 to 5000 tons. Incidentally, there has risen

Jan 1, 1920

APPROXIMATELY 3500 people thronged the Hotel Statler from February 18 to 24 for the 173rd general meeting of AIME. It was a technical extravaganza in that 82 technical sessions were held, at which 500 authors presented some 350 papers. Fortunately, Jerry Peirce, outgoing President, didn't have, to preside at all the events although after his year's stint as President, he has more than a nodding acquaintance with some of the latest problems in the mining, metals, and petroleum industries. Although the Welcoming Luncheon on Monday noon was the official opening of the meeting, Local Section Delegates and the Board of Directors convened on Saturday and Sunday, respectively. The large attendance and business like demeanor of these two groups was in accord with the energetic and competent service they have rendered the Institute through the year. To the applause of engineers and their wives who thronged the grand ballroom of the Statler for the Welcoming Luncheon, President Peirce introduced Oliver B. Hopkins, president of the Canadian Institute of Mining and Metallurgy and C. Gerow, secretary of CIM. Dr. Hopkins brought greetings from the CIM and expressed his satisfaction in the splendid spirit of cooperation that exists between the two Institutes. Dr. Hopkins is president, Interprovincial Pipe Line Co., Toronto, and counts as a close personal friend M. L. Haider, who is the 1952 President of AIME and lately of Toronto where he was a director and general manager of Imperial Oil Ltd. Mr. Haider will be known shortly as Mike to thousands of AIME members as he makes his Local Sections presidential tour. There was a pause in luncheon proceedings when Judge Harold R. Medina arrived amid the applause of the audience and somewhat breathless from his trip via motorcade from an antitrust trial against investment bankers at the courthouse downtown. With the Judge at his elbow, President Peirce took the opportunity in his introduction to good humoredly chide the Judge for the vixenish habits of public servants in their treatment of astute businessmen. The successful inventor who patents his inventions is a monopoly; the copper manufacturer who buys his competitors a drink is in collusion; but the business failure need only look to the government for a subsidy, Mr. Peirce pointed out. Judge Medina, quickly captured the admiration of his listeners. He spoke about justice, deploring partisan deals on nominations for judge-

Jan 1, 1952

By William L. Batt

IT IS becoming increasingly evident to management that it has other obligations than merely to earn dividends for stockholders. The head of one of America's largest organizations has stated it in these words: "There rests upon them a far broader responsibility than the mere production of goods and services, or solely the interests of their stockholders. They must assume the important obligation, through proper policy, of attuning industry to a rapidly changing world, from social as well as economic standpoints." Stockholders might as well reconcile themselves, therefore, to the fact that management cannot always put their interests first in the obligation of business enterprise: and that the legitimate requirements of customers and employees have acquired a new significance which must be recognized if the business of today is to prosper.

Jan 1, 1938

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 Pat McCarran

WHEN this Government was founded, the framers of the Constitution wrote into that instrument a provision that Congress should "coin money and fix the value thereof;" and the Constitution prohibits making anything but "gold and silver" lawful money. So silver is written into our basic law. Shortly after President Washington took office in 1789 the Congress passed the first Mint Act, setting up the U. S. Mint. In that Act, signed by President Washington on April 2, 1792, the weight of the American dollar was fixed, and it was provided how much silver should be contained in a silver dollar and how much gold should be contained in a gold dollar. It was decided that 371 1/4 grains of pure silver was to be the standard dollar of America. That standard with respect to the pure silver content of the dollar has never changed.

Jan 1, 1947

By Sallie McCabe Johnson

LIFE IN RUSSIA for the foreign woman is hard. It is up to her whether her days are spent in tearful longing for ironic or whether she :hakes the real effort to ferret out the interesting or amusing side of such exasperating conditions as ooh a Russian can conjure. So to begin Discard all promises.. This is perhaps the most difficult thins- to learn but promises in Russia are nut what they are at home. There are many reasons for ibis, sonic good and some bad but whatever the reason. the fact remains that they are usually worthless- as each of us must slowly learn In, disappointment after disappointment. Also we must learn that we cannot expect to get or to do a certain thing just because someone else has done so. What we did yesterday perhaps cannot be dune today. What we purchased air hour ago, oxen ten minutes ago- we cannot purchase now. What our neighbor did this morning we cannot do this afternoon. Changes arc continuous. Every person's experience is different from that of another aid this in a great measure accounts for the conflicting stories brought horns. In a land of chaos we live only from hour to hour and this is one of the exceedingly exasperating conditions to face. When I wished to visit Leningrad, an overnight nip from Moscow, more than a week's lime w as required to obtain a ticket, vi en through the efficiency of lntourist: alone I might have spent a month at it. Each day

Jan 1, 1932

By GEORGE ROBERT DE BEQUE

WHAT is wrong with oil shale? The answer is of interest to the public, to the oil refiner, and to the engineer. Many people have invested in shale land or shale securities, and others would invest if early development of the industry were certain. In the face of increasing demands for oil products, oil refiners are threatened with inability to maintain present output unless the supply of domestic petroleum is supplemented. Development of the oil shale industry would open a new field for engineering services. The object of this paper is to suggest reasons why there is but one shale plant in operation in the United States, and to discuss the probable time when the business will be firmly established in Colorado. As the Colorado deposits are the richest and largest in the world, ample supply of material is assured, consequently, this discussion will be confined principally to technical problems and economic problems affecting shale development.

Jan 1, 1924

By Simon D. Strauss

Production and consumption of nonferrous metals in the United States during 1950 were at peak levels for the postwar period, as is shown in Tables I, II, and III. The trend of production was upward through most of the year. At the year end, with the possible exception of the Tri-State zinc-lead district, the large mining operations in the country were running at capacity. The absence of serious labor interruptions during the year was an important contributing factor in the increased out-put of metals, since in each of the previous postwar years there had been a number of major strikes which affected production adversely.

Jan 2, 1951