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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 Ludwig Schmidt

Large quantities of gasoline are lost each year by evaporation from bulk-storage station tanks. The rate of evaporation from bulk-station tanks is influenced by two principal factors: First, the vapor pressure of the gasoline in the tank; and second, the amount of "breathing" of the tank. The vapor pressures of the gasoline govern the amount of the gasoline vapor in the air-vapor mixture above the gasoline in a tank at a given temperature. This is one of the principal factors in determining the total pressure of the air-vapor mixture within the tank. The "breathing" of the tank is caused by the inflow of air from the atmosphere during certain periods of the day and the expulsion of the air-vapor mixtures at other times, caused by atmospheric variations. The pressure built up within a tank and the amount of gasoline in the air-vapor mixture are both a direct function of the temperature existing within the tank. Therefore, two of the most common methods for reducing evaporation losses from bulk-station tanks are: (1) The use of vapor-tight tanks equipped with relief valves and operated at 1 or 2 ounces of pressure and about 1/2-ounce vacuum; (2) reducing the temperature of tanks and their contents by painting them a light color, by insulation, and in some instances by using water sprays. Water sprays, although effective, usually are too expensive to operate economically. In order to determine and compare the effects of various colors, insulation, and pressure in reducing the evaporation losses of gasoline held in storage in bulk-storage tanks, the Bureau of Mines made observations from May 29 to October 15. 1930, on five horizontal tanks of 12,000-gallon capacity each, which were erected at the plant of Black. Sivalls and Bryson Manufacturing Co., Kansas City, Mo. This report gives in detail the results of these evaporation tests.

Jan 1, 1931

By Ludwig Schmidt

Large quantities of gasoline are lost each year by evaporation from bulk-storage station tanks. The rate of evaporation from bulk-station tanks is influenced by two principal factors: First, the vapor pressure of the gasoline in the tank; and second, the amount of "breathing" of the tank. The vapor pressures of the gasoline govern the amount of the gasoline vapor in the air-vapor mixture above the gasoline in a tank at a given temperature. This is one of the principal factors in determining the total pressure of the air-vapor mixture within the tank. The "breathing" of the tank is caused by the inflow of air from the atmosphere during certain periods of the day and the expulsion of the air-vapor mixtures at other times, caused by atmospheric variations. The pressure built up within a tank and the amount of gasoline in the air-vapor mixture are both a direct function of the temperature existing within the tank. Therefore, two of the most common methods for reducing evaporation losses from bulk-station tanks are: (1) The use of vapor-tight tanks equipped with relief valves and operated at 1 or 2 ounces of pressure and about .5-ounce vacuum; (2) reducing the temperature of tanks and their contents by painting them a light color, by insulation, and in some instances by using water sprays. Water sprays, although effective, usually are too expensive to operate economically. In order to determine and compare the effects of various colors, insulation, and pressure in reducing the evaporation losses of gasoline held in storage in bulk-storage tanks, the Bureau of Mines made observations from May 29 to October 15, 1930, on five horizontal tanks of 12,000-gallon capacity each, which were erected at the plant of Black, Sivalls and Bryson Manufacturing Co., Kansas City, Mo. This report gives in detail the results of these evaporation tests.

Jan 1, 1931

By T. A. Rickard

An educated man is distinguished neither by his clothes nor by his knowledge; he is replarkable not for the things he says, but for the way he says them. You cannot even stand with him under an archway in the rain without finding him out. He may talk only of the weather. His words and his phrases alike may be simple. -at distinguishes him is the arrange- ment of his words; however desultory his talk, it will be method- ical; he has habituated himself to foreseeing the part to be played by each word he uses and the place to be taken by each sentence he utters. On the other hand, the uneducated man, though shrewd and well-informed, will relate facts and events as they recur to him, generally in disorder; in his effort to recollect and in his attempt to rectify forgetfulness he will pause irregularly, filling the intervals with meaningless phrases, such as "and then ", "and: so ", or 'said he to me", "said I to him"; and even the contipuous parts of his story will be told confusedly-because he has not learned the proper use of words.* My own experience as an editor of technical manuscripts has taught me that the misuse of 'that' and 'which' is a fruitful cause of obscurity and confusion. The relative pronouns have distinct functions, and no writer can express himself clearly until he has learned to discriminate between these I functions. For example:

Jan 1, 1931

By H. B. Hill

The Salt Flat field, formerly called the Toe -Bruner field, is located northeast of the town of Luling in Caldwell County, Tex. This field, which is a fault structure, approximately parallels and is about 5 miles east of the Old Luling field. The proved area is approximately 1,280 acres, on which 332 producing wells (September, 1930) have been drilled. The majority of the wells are producing from the Edwards limestone at an average total depth of 2,700 feet. A few wells are producing from the Austin chalk or from other formations above the Edwards limestone. The Wilcox formation is exposed, and the fault trace in places is scarcely evident. The strike of the structure is approximately 111. 20 to 45° E. The displacement of the fault is probably 200 to 500 feet. The discovery well was completed in the Austin chalk by the Lutex Oil Co. during April, 1928. In October, 1928, the Sun Oil Co. completed the discovery well in the Edwards pay. This well was an important discovery, as it indicated the potential oil possibilities of the Edwards limestone in echelon fault structures. The discovery led to the development of the third fault field in the Edwards limestone and opened up a large area for future prospecting. The total oil production for the Salt Flat field to and including September, 1930, was 19,833,215 barrels. The most reliable figures available of water production were compiled for a number of leases and wells in the south half of the field. These data show that the water percentage for the average well in this part of the field increased steadily from 30 per cent for January, 1929, to 81 per cent for December, 1929. The estimated daily water production of the entire field for December, 1929, was about 82,000 barrels as compared with a daily oil production of 29,725 barrels; or approximately 2.7 barrels of water were produced with each barrel of oil 14 months after the discovery well was completed in the Edwards pay. Estimates of water production in the (Old) Luling field, which is near the Salt Flat field, place the daily water production at about 150,000 barrels (July, 1929) as compared with a daily oil production of 11,000 barrels. These figures indicate that in the Luling field approximately 14 barrels of water must be lifted for each barrel of oil produced. The Luling field was discovered in August, 1922, and a peak annual production of 10,210,000 barrels was reached during 1924. The production during 1928 was 5,057,000 barrels of oil from an average of 567 producing wells for the year. Although water appeared early in the life of the Luling field, the oil production has been well sustained. Another feature of outstanding interest is the comparatively few producing wells that have been abandoned on account of water during the soven years of operation of this field. Comparison of data between the Luling and Salt Flat fields is of importance because of the nearness of the two fields. The Luling field is a narrow strip or "shoestring" approximately 8 miles long, with a maximum width of 3,400 feet. Production is obtained in the Edwards limestone at an average depth of 2,200 feet on the upthrow side of a fault. Similar conditions of accumulation are found in the Salt Flat field at greater depth to Salt Flat field as outlined (April, 1930) is about 7 miles long? with a maximum width of 2,000 feet. At the time the field work was begun (July, 1929) in the Salt Flat field, drilling operations had been almost completed in the south half of the field, while the north half was still under development. Cross sections and a structure contour map interpret the subsurface conditions in the south half of the field, where the water conditions first became serious.

Jan 1, 1931

By J. R. FINLA

THE three great war periods of recent times involving the-chief industrial, commercial, and military nations of the world have been the following: 1. Wars centering around the French Republic and Napoleon Bonaparte, .1791-1815;. involving every nation in Europe, parts of Asia Minor and *North Africa., and the United States of America. 2. Wars in Europe, Asia, and North -America beginning with the Crimean War, 1854-56, the British Empire, France, Sardinia, and Turkey against Russia; the Sepoy rebellion in India, -1857; -war of France . and Sardinia against ..Austria in Italy, .185.9; :the Taiping rebellion in China, 1861; Civil War in , America, 1861-65; French. occupation .of .M Mexico, .1863; Prussian war against :Denmark, :1864; (Prussia and Italy against Austria sand various -south German : states, 1866; :the Franco-German War, 1870.7,1.

Jan 1, 1931

By T. A. Rickard

The writing that is effective is woven with a fine texture into an agreeable pattern; it is free from knots, loose threads, and stray fluff. The instrument that weaves this literary fabric, whether it produce a homely sock or a lordly tapestry, a simple story or a learned 'Itreatise, is a disciplined intelligence, as sure as a steel needle, as precise as a swift loom. The simile breaks down at this point, for the product of the pen is instinct with the human spirit and therefore transcends in beauty anything made by a mere machine. If words are to be woven into eloquent meaning, they must be well knit. Upon the relation of words to each other and of groups of words to other groups, known as phrases, clauses, and sentences, depends the success of writing as a means of trans¬mitting thought from man' to man. To be understood beyond question, you should know not only what your words denote but how to build your sentences; you must not only choose your words aright but construct your sentences properly. A sentence is a combination of words that makes complete sense; it says something about something. ' A clause is a subordinate sentence or a sentence within a sentence. A phrase is a group of words without a predicate; it makes sense, but not complete sense. For example: I shall wait for a few minutes before I go home: The whole statement is a sentence; "I shall wait" and "before I go home" are clauses; "for a few minutes" is an adverbial phrase. The orderly arranging of words and of combinations of words is called `syntax'; and from the original Greek form, ouvaeis (suntaxis), is derived the Greek name for an editor,

Jan 1, 1931

By AIME AIME

LAST month we published (p. 440) the first half of the L discussion by O. E. Kiessling of the paper on copper by Mr. Vogelstein that appeared in the same-issue, but lack of space made it necessary to hold the remainder for this number. Mr. Kiessling now asks to have the last " sentence of the part already published revised to the form given in the first sentence which follows, and also asks that the two parts, though necessarily published separately, be read together, as a mistaken impression may be derived from the first Dart unless it is read in connection with the statement of the Bureau of Mines policy respecting secondary metals which is here published. .

Jan 1, 1931

By AIME AIME

THANKS to the excellent preliminary work of: the Division officers and the local committee the fall meeting of the Coal Division at Bluefields was a brilliant success. West Virginia was at its best with its beautiful mountains, good roads and foliage, just beginning to turn to autumn colors. The meeting began on time and was kept on time throughout. The papers were-well prepared and, being on subjects of live interest, provoked 'lively discussion. One factor in bringing this about was that they were not too numerous and that with one exception copies had been submitted in advance a sufficient time to permit of them having been studied. The Friday morning session was presided over by John .J. Lincoln of the Crozier Coal and Coke Co. and president of the Pocahontas Coal Operators Association. After brief announcements by Thomas H. Clagett, chairman of the local committee, regarding plans for the two day's involved, and by Howard N. Eavenson, chairman of the Division, the reading of papers was taken up.

Jan 1, 1931

By AIME AIME

MEMBERS of the Engineering Education Committee held two meetings at Joplin preliminary to the opening of the main meeting there. The first was held on Sunday afternoon. It was attended by all who had arrived early enough and as among the dozen or' fifteen who were present the heads of a half dozen schools of mines were included it was a representative gathering. C: H. Fulton, chairman of the Committee presided and T. T. Read acted as secretary of the meeting. The chair., man reminded those present that last year there had been some discussion as to the advisability of the proposal, made by Edward Steidle, that a, separate society, devoted to education in the mineral industry, he organized. Many .people had felt that there are already so many societies in existence to demand one's time and attention, that it would be a mistake to add to their number and the counter suggestion had been made that the work of this committee could be so reorganized as to meet all the needs that a separate society could fill. He therefore presented for discussion these four' questions: (1) Shall a subcommittee .be appointed to study, and report in February, 1932, the possibility of the reorganization of the work of the Engineering Education Committee into the equivalent of an' Institute division; (2) if the work is so reorganized what shall be the relation of the work of the Committee (division) to the work of the-Society for the Promotion of Engineering Education; (3.): what are the, cardinal objectives of education for the mineral industry; and (4) what should be done as regards the movement in some institutions to plan their work-in the light of that being done in other institutions, for example, in geophysics?

Jan 1, 1931

By GUY C. RIDDELL, Donald M. Liddell

THE electronic arts today constitute the outstanding development in the field of rare metals, if not indeed in the arena of scientific progress at large. The year 1930 may become known as the year in which the electronic tube took hold of the wheels of industry; it is the year in which the tube's emancipation from the art of communication was proclaimed. The little tube which made a $500,000,000 industry out of a vacuum has now been applied to mining, manufacturing, transportation, chemistry, and other industries. Not many appreciate the extensive utility that e1ectroni.t tubes have already found in transportation, where they control the speed and security of express trains, as well as operate traffic lights on important highways-in the case of the Detroit-Windsor bridge counting the traffic and instantly turning the reports into the superintendent's office some distance away. In an Ohio steel mill, ten-ton ingnts 'rash back and forth through the rolls, reversed by their own shadows. The vacuum tube also starts, stops, and levels, fast passenger elevators.

Jan 1, 1931

By ABBOT A. HANKS

WHEN gold was discovered in California, and San Francisco grew almost over night from a handful of people to many thousands, one of the first difficulties experienced was the lack of money. Gold dust in considerable quantities was rushed into the city from the various mining camps but there was no money. Purchases were paid for by weighing out dust in hand scales. We can appreciate' the difficulty of paying for a drink or buying a postage stamp under these conditions. All this gold was in the form of dust from placer workings and the first metallurgists were the assayers' who melted and refined this gold, casting it into bars which were weighed, assayed, stamped with fineness; value, and the name of the assayer. Many .of these plants were of considerable size, handling shipments that were accumulated by banks and express companies throughout the "Diggings" and sent to San Francisco to be shipped by water to the eastern states. Several

Jan 1, 1931

By Oliver Bowles

TO keep pace with technical progress is an important function of any industry. All branches of mining may learn important lessons by observing progress made in other branches. The non-metallic mineral industries may learn much from each other as well as from the metal miner and the metallurgist. Recent technical advances which have come to the attention of the Committee on Non-metallic Minerals are presented herewith for consideration and comment. It is planned to present this review for open discussion at the February, 1931, meeting of the Institute. Comments will be welcomed either in the form of written or oral discussion. It is desired that new developments not covered in this paper be brought up at that time. Some notable advances have been made in cement technology. Recognition is now being given to the advantages of closed-circuit grinding of cement raw materials in wet-process plants, with stage removal of the fine materials, It increases mill capacity, reduces the wear of grinding media, and also reduces the power requirement. The method is well known in metallurgical plants, and its acceptance by cement companies is another illustration of the lessons the non-metallic industries may learn from the metal industries. Closed-circuit dry grinding has also proved advantageous for both raw materials and clinker.

Jan 1, 1931

By Ralph H. Sweetser

N Greenup and Carter counties, in the northeastern part of Kentucky, are the remains of many old charcoal furnaces built and operated during the period from 1818 to 1892. They were all included in what was called the Hanging Rock district. In the summer of 1930 I visited ten of these old blast furnaces, as follows:

Jan 1, 1931

By F. E. ROGERS

CUSHMAN TUNNEL No. 2 is adjacent to the Hood Canal, near potlatch, Wash. It is 17 ft. inside .diameter, about 13,000 ft., or two and one- half, miles in length, and is a part of the second unit of the Cushman power project. It connects Cushman ' Dam No. 2 and the penstocks that lead to the power house on the beach about 400 ft. vertically below the outlet of the tunnel. One shaft, 190 ft. deep, and two adits between 300 and 400 ft. long, were provided to speed up driving operations. his arrangement gave 6 working headings, which were operated 24 hr. daily. The shaft provided a manway, cageway, and skipway.

Jan 1, 1931

By SAM YOUR

PROCESSING, technology and application of non- ferrous metals-copper, lead, zinc, aluminum, nickel, precious metals, foundry metallurgy, less common metals, secondary metals-are the special field of the Institute of Metals Division. New developments in this field during 1930 are more or less briefly out- lined in this review prepared by the papers and publications committee of the Institute of Metals Division as follows:

Jan 1, 1931

By R. G. Hall

WHEN we want to interpret some problem which faces us at the present, if that problem be a social or political movement, we turn to the pages of history for 'information. If the problem be one of science or of industry we turn to the library of the subject and endeavor to translate the present from the experience of the past. I wonder if you would bear with me for a few minutes as I look back to the time when I was going through mining school and looking forward with hope, it is true and with confidence also, but still with some trepidation and an occasional qualm, to the month of June when the class of 1897 would be hunting jobs. Those were the years 1893 to 1897. Those years saw the Treasury of the United States so empty of gold that the President had to appeal to financiers to accept the country's promises to pay in return for $100,000,000 in gold. And the invectives that were hurled at both their heads for such a betrayal of the people sound strangely similar to those you read today being daily written and screamed at another President for taking us into the League of Nations or for not issuing bonds in huge amounts for unemployment relief, or for not adopting somebody else's particular specific for the relief of hard times.

Jan 1, 1931

By A. CHESTER BEATTY

SO much has been written about African, and particularly about Northern Rhodesian, copper during the past two years that I feel safe in assuming that you are familiar with the general background of the Rhodesian picture. Therefore, I will confine myself to certain of the high lights in connection with the history, geology, development, ore reserves, and contemplated mining methods in this relatively new and highly important copper field., Unlike most of the other great orebodies of the world, the Roan Antelope mine was not discovered by the hoof of a starving prospector's faithful burro; nor even, as its name might suggest, by a well-placed kick of protest from an antelope stumbling over a malachite outcrop. Late in 1905 an English prospector named Collier, traveling in the N'Dola district, came upon some natives using a green powder for medicinal purposes. Closer examination of the powder revealed that it ' was ground-up malachite. Collier endeavored to persuade the natives to tell him where they obtained this medicine, but' for a long time without success, because of the general feeling among the natives that they did not wish to reveal the resources of their land to the white. Finally however, - he persuaded- brie 'of-the elders to at" least take 'him part way toward, the- place where the malachite was supposed to occur. The bid took him, to a point on the lower regions of the Luanshya river and there left him with the instructions that if he followed the stream up toward its.

Jan 1, 1931

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

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