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By H. W. Fleming, R. R. Brooks

The Clearwater Deposit, a small occurrence of massive-sulphide mineralization enclosed in an envelope of disseminated-sulphide mineralization, was discovered as a result of an aeroelectromagnetic survey in New Brunswick in 1955. Subsequently, additional flights were made over the deposit and various ground follow-up methods were employed to ascertain the nature of their response. All methods proved to be capable of indicating the occurrence with varying degrees of precision. This paper is a presentation and a discussion of the magnetic and electromagnetic data, both airborne and ground, and the self-potential data obtained over this deposit. The attention of Canadian mining exploration companies was initially focussed on New Brunswick by the discovery, in 1953, of the Brunswick ore body. Ground electromagnetic surveys were of considerable assistance in locating and developing this deposit. In the following year, 1954, the Heath Steele base-metal deposits were discovered by employing an airborne electromagnetic device and ground electromagnetic surveys to follow-up the airborne indications. These discoveries demonstrated clearly that both airborne and ground electromagnetic techniques were applicable for locating the near-surface deposits of massive sulphides present in this region. Airborne electromagnetic equipment became available on a contract basis through Aeromagnetic Surveys Limited early in 1955 and was used extensively thereafter throughout a large portion of northern New Brunswick. It was as a result of one of these surveys with Aeromagnetic Surveys Limited equipment in the summer of 1955 that the Clearwater Deposit was detected. The airborne anomaly was located on the ground by means of an electromagnetic survey using a Swedish Slingram unit. During 1956, the region was investigated more thoroughly- in the hope that other sulphide bodies might be located. Airborne electromagnetic coverage was extended and the Clearwater Deposit itself was used as a testing ground for the various methods and types of equipment currently in use in New Brunswick. In this paper com prative data are presented for the airborne magnetic, airborne electromagnetic, ground magnetic and ground electromagnetic surveys over this deposit. The ground electromagnetic instruments used were the McPhar vertical-loop unit and the Slingram and Boliden horizontal-loop units. Self-potential surveys were carried out with a McPhar unit. From the geophysical point of view, all ground electrical methods employed indicated the presence and the extent of the massive-sulphide mineralization with a good degree of accuracy. The horizontal-loop methods however, defined the contacts more precisely as is to be expected when dealing with a flatly-dipping

Jan 1, 1961

By C. E. Gerity

Near Bunker, Mo., in the New Lead Belt, Ozark Lead Co. operates a 6000 tpd lead-zinc mine. Mined ore is transported to the surface in three mechanized and automated steps. The mine is developed by a rectangular-shaped sublevel haulage drift 15 ft high by 28 ft wide, driven on strike below the ore zones. Ore transfer raises were driven from the sublevel at locations near the shaft, 1500 ft distant, and on subsequent 1000 ft centers. These 6 x 5-ft raises are slashed to obtain maximum storage below dump points. These dump points are located on each mining level and are of steel and concrete construction. Spiral 12 X 24-ft inclines driven from the sub-level provide access to these levels for equipment and mine utilities.

Jan 11, 1972

By Robert F. Calman

OUTLINE FIVE EXAMPLES OF GOLD-LINKED FINANCINGS 1. Financing the Lupin Mine • Sale of Cdn $40.0 million of 12% preferred shares and Cdn $40.0 million of Gold Purchase Warrants @ $595 per ounce. 2. Financing the Copper Range acquisition • Borrowing 100,000 ounces from a Canadian chartered bank @ US$307 for five years. 3. Financing the Round Mountain expansion • Borrowing up to US $80.0 million in dollars, convertible into gold, repayable over five years from a group of North American banks. 4. Financing the Tenneco Precious Metals Division acquisition •Sale of SFr 110.0 million of ten year 3-718% bonds with warrants to buy 132,000 ounces of gold at US $560. 5. On Forward Sales, Puts and Calls • Gold, Silver, Canadian Dollars, Swiss Francs THE FINANCIAL RULES AT ECHO BAY 1. Never bet the company 2. Equity is the primary form of capital for a gold mining company 3. On debt 4. The Yardsticks for Corporate Decisions 5. Financial Community Relationships 6. Dividend Policy No Text Available Tables Follow

Jan 1, 1990

• The Venezuelan Trade Mission to the United States announced that Bethlehem Steel Corp. will begin exporting iron ore from its El Pao concession, south of the Orinoco River in Venezuela, in about three months. The ore will be transported by rail from the mines to barges on the Orinoco and transshipped to ore vessels at the coast for shipment to the Sparrows Point, Md., plant. The Latin American business men warned that projected increases in the United States tariff on petroleum imports from Venezuela would force that country into bilateral trade agreements with other countries and would mean drastic curtailment of Venezuelan imports from this country. •Bethlehem, South American Gold and Platinum Co., and U. S. Steel are investigating the possibilities of securing American foodstuff for their South American mining camp commissaries through the International Basic Economy Corp. IBEC buys in quantity to supply its subsidiary companies operating in Venezuela and Brazil. The mining companies will rid themselves of this burdensome task as well as realizing a saving from the bulk purchases of IBEC. •Oliver Iron Mining Co. has begun construction of a fine ore and taconite agglomeration plant at Virginia, Minn. It is expected to be ready in six months. The plant will be used to experiment with the making of clinker cakes and egg-sized lumps by sintering machines and nodulizing kilns respectively; about 1 million tons per year will be produced. • Roof pinning has been adopted at the iron mines of TCI, near Birmingham, to support overlying strata as mining progresses. Favorable results have been obtained in that dilution of the ore has been reduced by 50% which is attributable to this method of supporting the roof. •An American mining engineering team has gone to Turkey for a two-year assignment assisting Turkish government agencies in the $45 million ECA development, mechanization, and construction of cleaning plants for the Zonguldak coal field, 200 miles east of Istanbul on the Black Sea. The group consists of James Beeley, John E. Good, John S. Lambright, David Renshaw, and Charles R. Weir, all of the Paul Weir Co. •Arthur F. Taggart describes a new way of training engineers by emphasis on broad, basic engineering courses on page 460 of this issue. •Lawrence T. Tierney, chairman of the National Bituminous Coal Advisory Council, released a report stating that the increase in oil imports since the latter part of 194$ has caused significant damage to the U. S. fuel economy. It has reduced the strength of and employment opportunities in the coal, domestic petroleum, and transportation industries, as well as in related service and supplier fields. •Women, camels, and donkeys are the beasts of burden of the Sahara, according-to the UNESCO World Review. •Increased demand for magnesium sheet in airplane construction ana other phases of the national security program have led Alcoa to establish a sheet magnesium rolling division at its New Kensington, Pa., works which will begin operation shortly. Novel prospecting methods being used by the USGS in its search for uranium include: shock-mounted instruments in light trucks,. Geiger-counter probes lowered into augur holes, and experimental airborne prospecting.

Jan 4, 1950

By John Wellington Finch

THE- impression which the public has of northern Canada is that it is a' vast wilderness of forests; river's, and. lakes, sparsely inhabited by. a few Indians and `containing a few, scattered trading posts of the Hudson Bay Co. This is far from the facts. The building of the Canadian Pacific Railway led to the discovery, in 1883, of the nickel deposits of Sudbury, Ont.; these are the largest known nickel deposits in the world and produce about 90 per cent. of the world's output of nickel. The building of the Temiskaming and Northern Ontario Railway north, from North Bay, to open up farming lands along Lake. Temiskaming, resulted in the discovery and development of the great silver deposits of the Cobalt area, Ontario. Since the discovery of these deposits in 1903 to Dec. 31, .1923, Cobalt has produced a total of ' 327,301,897 oz. of silver, valued at $212,668,434, and paid in. dividends $88,338,185. In 1923 the production of Cobalt amounted to 10,285,247 oz. of silver. Just south of Cobalt, in South Lorrain,. a. new silver district has recently been developed and mills have started production. These deposits are of such extent that 'a branch railroad is under construction from Cobalt to that area. Northwest of Cobalt is the Gowganda silver area which is also a producer of silver ore and is now attracting outside attention. This area is not connected by railroad.

Jan 1, 1924

By P. D. White, J. T. Moss, J. S. McNiel

Results of experimental work on the in situ combustion process were first published in this country in 1953' when Kuhn and Koch described results of a three-well test in Jefferson County, Okla. Shortly there-after Grant and Szasz2 described field studies in Nowata County, Okla., in which several modifications of the basic combustion process were investigated by injection of various oxidizing gas mixtures other than air. In the past five years speculation concerning this method of oil recovery has continued, with a number of interesting papers on various aspects of in situ combustion appearing in the literature3,4,5,6,7. However, only one of these' provided actual engineering information on pattern-type field experiments. The primary objectives of the Oklahoma three-well test were to check operation of specially designed electrical ignition equipment and evaluate problems associated with initiation of combustion in a natural oil sand reservoir. Immediately following successful completion of this test in the Pontotoc sand, plans were activated for a second field experiment to be conducted in the same sand a short distance away. The objective of this second field test1 as to establish a relationship between field observations and information derived from laboratory experimentation and computations. Secondary objectives of the test were to develop operating tech- niques and define operating problems, and to obtain information that would assist in the economic and engineering appraisals of the process. Careful planning was required since this test was designed with the hope of providing basic information on the characteristics and operation of a combustion drive. It was necessary to include test facilities which would not only permit precise control and measurement of the process variables but would also provide sufficient flexibility of control to insure that variables in the combustion process could be studied during the course of the test under a wide range of conditions. In order to accomplish these objectives elaborate instrumentation and several control wells were included in the design of the test installation. This type installation was felt to be well suited for an experimental study, but was in no respect intended as a counterpart of a commercial-scale operation. PRELIMINARY LABORATORY WORK An important objective of the field experiment, as stated previously, has been to obtain reliable data on operating variables which might be compared with similar data obtained in laboratory combustion tests. The value of successful correlations between quantities that can be measured in the laboratory and those obtained in a full-scale commercial venture has been well established for other industrial processes. The difficulty of following a process underground should make such correlations even more essential here. Also. approaching the field test phase of development of in situ combustion, it was considered desirable to precede design of test equipment with laboratory combustion studies under a variety of conditions to establish likely ranges of variables. These included temperature, air injection rate, frontal advance rate and produced gas composition.

By J. Chipman

There is no better way of paying tribute to the memory of a scientist than by developing and carrying forward those ideas which he has contributed to science and which are for us the very essence of his immortality. For a lecturer who has not had the great privilege of stdying under Professor Howe or 'ven of knowing him in person, these ideas must be transmitted through the printed word. It is our great good fortune that Professor Howe left to us a rich heritage of publication, not only in his classic monograph on the "Metallography of Steel and Cast Iron" but in a wealth of earlier hooks and papers in the transactions of this Institute arid of other scientific and engineering bodies. An outstanding characteristic of this published record is the great breadth of interest and of vision which it portrays. His was riot a narrow specialization in only the scientific aspects of ferrous metallographg. On the contra1y many of his important contributions had to do with a far broader field of metallurgicial endeavor. He insisted that his students be well grounded in 1 he fundamentals underlying the whole field and not led into the narrow groove of specific applications. Among his first major publications we find papers on copper smelting, extraction of nickel, the efficiency of fans and blowers, thermic curves of blast furnaces, the cost, of coke, and the manufacture of steel. These are the papers of a metalhurgical engineer and it was among engineers that Henry Marion Howe made his early and well-merited reputation. These early engineering contributions display very clearly the strongly sctientific inclination of their author. The classic work on "The Metallurgy of Steel" published in 1890 contains a thorough and critical discussion of all that was known at the time concerning the alloys of iron and of what we would now call the physical metallurgy of steel. In addition it describes steel-making processes in use and some that had become obsolete, and points out in critical fashion the reasons for success and failure. Steel mill design and layout were included as well as some pertinent discussion of refractories. The book is indeed an embodiment of one of Howe's outstanding characteristics—breadth. It is both the science and the engineering of steel production as known in that day. One of Howe's earliest technical papers was entitled "What is Steel?" That was nearly seventy-five years ago when many new processes and new kinds of steel were being developed. The time was ripe for such a question and the answers which Howe was able to give were helpful in understanding the phenomena of heat treatment. Twenty-five years ago Professor Sauveur repeated the question as the title of the first Henry Marion Howe Memorial Lecture. It seemed to him that this question, "What is Steel?," had served as Howe's motto throughout the remainder of his life. Today I shall present for your consideration a question of another sort: "What is Sletallurgy?" Perhaps it is not too much to hope that in the answer we may obtain a clearer and possibly broader view of the nature of our science and our profession. The time is ripe for giving careful consideration to what we mean by metallurgy. If our Metals Branch is to become in fact an American institute of Metallurgical Engineers, it is essential that we understand what is meant by metallurgical engineering. I am convinced that the best interests of the profession have not been served by a narrow interpretation of these terms. We must now place emphasis on the breadth of metallurgy as a science and as an engineering profession. With its usual brevity and wit. Webster's dictionary definesmetallurgy as "the science and art of extracting metals from their ores, refining them and preparing them for use." I shall riot assume that the words "science" and "art" and "metal" are so well understood as to require no defining but others among our contemporaries are better qualified than either your lecturer or the dictionary to present the broad meanings of these terms. When we say that metallurgy is among the oldest of the arts we are not classing it with painting or sculpture or music but rather with the making of tools or weapons or the building of bridges or chariots or cathedrals. In short we are saying that metallurgy is among the oldest of the engineering professions. The question " What is metallurg ? " has been one of rather more than ordinary concern to those of us who have the task of developing a curriculum for the education of students in this field. This development has been going on in a number of universities over a period of some years. but there seems to be as yet no unanimity as to what such a curriculum should contain. I believe there is fairly complete agreement that it must be founded upon sound

Jan 1, 1950

By S. A., Taylor

IT is very difficult to arrive at exact figures for the cost of maintaining excess capacity of coal mines, but we can approximate the various items. To do this, I will take the Pittsburgh district of Pennsylvania and the other districts can be compared to this one. I believe we can take the depreciation item of plant ac- count as a whole and discount it over a period of 20 years; while this is high for some items it is low for others and I believe it is not far from a safe basis. This equals 5 per cent per year, and this depreciation will take place about as rapidly when not in use as when in operation. A fair value in the Pittsburgh district to- day for plant and houses is close to $4 per ton per annum. At 5 per cent this will equal 20 cents per ton per year. The item of keeping the mine in condition, free from water, etc., will be close to an average of 2y2 cents per ton per annum.

Jan 1, 1928

By Robert W. Hunt

THE memorable features of American history have been making fast during the last century, and notably so since 1860; and they are by no means confined to political or to any one branch of scientific development. Of all the industrial arts, none show a greater change or a mightier progress than the Bessemer manufacture. And this year, while we are celebrating the first centennial of our national life, we can also celebrate the first decennial of American Bessemer practice. While not forgetting or undervaluing what has been done in other countries, I have thought that a brief history of the introduction and development of the Pneumatic or Bessemer process in America would be of interest. In 1863 the Kelly Pneumatic Process Company was formed and an arrangement entered into with William Kelly, who had taken out letters-patent of the United States, Nos. 16,444 ; 17,628, re¬issued as 505; 18,910, dated January 10th, 1857 ; June 23d, 1857; November 3d, 1857; and December 22d, 1857, respectively. This association was composed of the Cambria Iron Company, E. B. Ward, Park Brothers & Co., Lyon, Shorb & Co., Z. S. Durfee, and, later, Chouteau, Harrison & Valle joined the combination. Not satisfied with possessing the control of the Kelly patent, they sent Mr. Z. S. Durfee to England, to secure for this country Mushet's patent on recarburization, No. 17,389, dated May 26th, 1857, the same having been taken out in England on September 22d, 1856. In this Mr. Durfee was successful. Previous to the application of William Kelly for a patent, Henry Bessemer, of England, had taken out patents dated February 12th, 1856, and August 25th, 1856, in this country. Kelly claimed priority in the discovery of the principles of the process, and the Patent-office allowed his claim by granting him his patents. In the autumn of 1862 Mr. Alexander L. Holley, while in England, was impressed with the importance of Mr. Bessemer's inven¬tion, and so fully foresaw its future, that, upon his return to the United States, he induced Messrs. John A. Griswold and John F. Winslow, of Troy, New York, to join him in endeavoring to possess Bessemer's American patents. Mr. Holley returned to England in

Jan 1, 1877

By Sydney H., Ball

ONE of the important mineral discoveries of the eighteenth century was , that of the Minas Geraes, Brazil; diamond fields. The production of this and of .other diamond discoveries in neighboring states made Brazil the premier producer of diamonds, succeeding India; its 140 years of supremacy finally passed to- South Africa- 60 years ago. Three times have diamonds contributed heavily to Portugal's somewhat checkered financial history; first in the sixteenth and seventeenth- centuries when the diamond trade of India was controlled by its citizens residing in ,Goa, later in the late eighteenth and the first 75 years of the nineteenth century when the Brazilian fields were the world's source of diamonds, and now, when the Angola diamond mines are the principal source of revenue of its colony, Portuguese West Africa. Certain phases in the history of the administration of the Brazilian field are sufficiently curious to warrant description.

Jan 1, 1929

By WALTER M. DAKE

GENERALY speaking, the bituminous coal mines of the country are being operated at a loss. To purchasers of the necessary commodity, a statement of this character may have the sound of a far fetched propagandist cry; but to the coal producer who lives in the hope of an up-turn in the almost stationary market price of his product, while inking in red his monthly operating balances, it carries the ringing sound of truth.

Jan 1, 1925

By W. A. Krivsky, R. Schuhmann

Jan 1, 1962

By John S. Brown

The northeastern United States embraces that area of the Appalachian Mountains, and adjacent territory, beginning on the south at the Potomac River. It thus extends from the flat-lying Paleozoic terrane of the Appalachian plateau on the west, across the folded Paleozoics of the Great Valley and adjacent ridges (Paleozoic and Precambrian), over the Piedmont and New England metamorphic complex (mixed Paleozoic and igenous rocks), broken by the great Triassic rift remnants, onto the subdued coastal plain of Cretaceous and Tertiary sediments. Although not noted as a metal mining region, the area does contain numerous substantial and several outstanding mines, chiefly of the more prosaic metals, particularly iron, zinc, and copper, as well as many minor occurrences of these and a few additional items. These deposits occur to some extent in every subdivision of the area. The region to date (1966) has produced almost 500,000,000 tons of medium to lowgrade iron ore, especially magnetite, including ilmenitic magnetite; 50,000,000 tons of highgrade zinc ore; and 5,000,000 tons of lowgrade copper. In the past, it has yielded small amounts of chromite and nickel, and at present is a large producer of titanium. Precious metals are conspicuously absent, and so also are the Tertiary or Mesozoic igneous phenomena so commonly associated with mines of the West. Hence, a survey of the extensive mineralization · of this region should be instructive

Jan 1, 1968

By C. R. Taylor, John Chipman

THE study of chemical reactions of liquid steel and basic open-hearth slag involves a complex slag system of at least eight important components, and often a number of others. In initiating an experimental program on the equilibrium relationship of slag and metal, it became evident that but little progress could be expected in the interpretation of the complex slags until an understanding had been gained of the simpler liquid systems composed of a limited number of slag constituents. The simplest system that in any way resembles open-hearth slag must contain lime, silica and iron oxide. Attempts to produce in an induction furnace slags containing only these constituents have met with serious limitations because of the solubility of refractories in the slag. Thus in acid-lined furnaces the slag is always saturated with silica and consequently contains between 48 and 63 per cent of this component. In basic-lined furnaces an undesired additional component, magnesia, is introduced to the extent of some 3 to 15 per cent, depending upon the acidity, sometimes with disastrous results to the furnace. Thus in a magnesia-lined furnace, Fetters and Chipman1 found it impossible to prepare slags in which the ratio (CaO + MgO)/SiO2 was less than that corresponding to the metasilicate (approximately 0.8: I). Between this composition and that of the true acid slags lies a field of composition about which very little is known and which cannot be explored by any ordinary means. This circumstance, as well as the desire to study the more basic slags in the absence of magnesia, calls for the development of a method by which slags may be brought into equilibrium with molten metal without coming in contact with refractory. Such a technic has been provided by the rotating induction furnace developed by Barrett, Holbrook and Wood.2 Three modifications of the rotating furnace were described by these authors. The first was essentially a rotating refractory cylinder containing the magnesia crucible, which was itself heated by a graphite crucible. In the second, only the magnesia crucible rotated, the cylindrical graphite heater being stationary. In the third, the coil and crucible revolved, and the metal was heated directly by induction. EXPERIMENTAL METHOD Furnace The furnace used in this investigation differed from previous designs and may be considered a fourth modification of the original rotating furnace. Its essential features are shown in Fig. I. The outer case A is a fire-clay flue liner for control of the atmosphere. The top B and base C are alberene stone. The coil supports D are of "Formica," a material formed from phe-

Jan 1, 1942

By AIME AIME

THE meeting of the Petroleum Division at Houston, Oct. 10-12-headquarters, Rice Hotel-was preeminently a technological success. Two hundred and twenty-five attended the Thursday morning session and approximately 200 attended the sessions on Thursday and Friday afternoons and Saturday morning. Harry Power, Chairman of the Division, in his opening remarks, credited Paul Weaver and M. Albertson, respectively chairman and vice-chairman of the local committee, with working long and prodigiously in organizing the program. The theme of the initial session was indicated by Mr. Albertson in a statement relative to the estimation of developed petroleum reserves. He said that the problem of securing more accurate estimates of developed petroleum reserves existed prior to curtailment of production. With curtailment, however, the problem became an acute one. Mr. Albertson gave some of the more important reasons for this situation. Since the decline-curve method became inapplicable, the volumetric method has become the chief one used. It depends on the factors of productive formation volume, porosity, saturation, and recovery. He briefly discussed the factors necessary for application of the volumetric method. P. P. Gregory discussed the estimation of petroleum reserves in prorated lime¬stone fields (see his paper in the October

Jan 1, 1935

By C. E. McManus

MANY mechanical advances have been made on mining equipment during the year 1951. There have been a number of trends established and many modifications made on open-pit equipment to increase the efficiency and availability of all the machines necessary in the moving of overburden and iron ore. Some years ago, the trend toward larger shovels for the loading of off-highway trucks began, but in the last year, it has become general practice to use the 5 to 7 ¼ -yd quarry-type shovels in the loading of haulage units. For years these larger shovels were used in the locomotive haulage pits. As the truck capacities increased from 15 to 20 to 30 tons, the need for larger loading units became apparent. Today in most mines, large shovels are in evidence and a few 8-yd shovels will be delivered this year for loading off-highway trucks. Torque Converter-Shovel The Diesel-driven shovel with its friction bands has been modernized with the torque converter. There have been about ten shovels remodeled to take a torque converter in the drive system. The large high-torque, low-speed Diesel engine was removed and replaced by a high-horsepower, high-speed, automotive-type engine. This engine was connected directly to the torque converter. The torque converter was connected to the shovel through the standard original sprocket and chain. Dual governors controlled engine performance. One governor controlled the high idle of the engine; the other governor, which is connected through a flexible shaft to the output shaft of the converter, controlled the loading of the engine. With this dual governor hook-up, the engine anticipates load conditions and is operating at high idle and full throttle before the shovel load is transmitted back through the converter to the flywheel. It has been found that with this automotive-type engine and converter, the shovel capacity has been increased about 20 pct. Also, the wear on the friction bands, breakage of hoist cables, and other mechanical breakages has been reduced materially. Alloy-Steel in Shovels The shovel equipment manufacturers have been experimenting with low-temperature-strength, high-alloy steels to combat the excessive breakage that occurs in extremely cold weather. High-nickel alloy steel has been used in critical areas that are affected by low temperatures, the most notable being dipper sticks. Most shovels ordered today are equipped with some of this special, alloy steel. More and more manganese alloy is being used for replacement parts such as shovel pads, idlers, drive sprockets, etc. Although the initial cost of these parts is considerably higher than the standard replacement items, the life of these manganese parts is considerably longer and well worth the added expenditure. Dipper-teeth repair is still a problem. Most companies use the small replaceable inserted tooth. It has become common practice among some of the companies to "job out" their dipper-tooth repairs to outside welding companies. This necessitates an additional inventory of teeth, but it does guarantee an adequate supply of replacement teeth at all times. These contractors have set up their shops on a production basis and can do an acceptable job at a high rate of speed. Thermite welding has been used in retipping teeth. To date, the process cannot be called successful but with improvements the time required to repoint the dipper teeth will be decreased considerably. The submerged arc process has been tried in the replacement of these dipper points, but like thermite welding has not proven successful. Here again, if a method can be developed to use submerged arc, the job of teeth repair will be made much easier. New model shovels in 6 ½ and 8 cu yd sizes fea-

Jan 1, 1952

By Hannon, J. W. G.

Silicosis is today's most important industrial disease and probably dates back to the Stone Age. Since the industrial revolution, increasing attention has been paid to those occupations where mineral dust is present in the air breathed by the workers. For many years it was assumed that the inhalation of all mineral dusts was hazardous. but investigations conducted in several countries pointed the statistical finger of guilt at free silica in any of its numerous physical forms as a dust of outstanding toxicity. Recognition of silica as the chief hazard has resulted in widespread use of the term "silicosis." Depending upon the concentration of finely divided silica dust to which the individual is exposed and the duration of exposure, silicosis may become a disabling condition in from one to thirty years. The structure of the lung and respiratory passages is such that only minute particles of silica can gain entry to the air cells in the lung (5 microns or under are most toxic). When these minute particles gain entry to the lung tissues they stimulate certain protective cells in the lung to multiply at an excessive rate. The cell's undergo inflammatory changes which result in nodular scars and a low-grade inflammation of the lung tissue. These progressive changes in the lung structure gradually encroach

Jan 1, 1949

By M. A. Hunter

IN the present state of public affairs, the reviewer turns from his traditional role of recording the progress made in research during the year and views the whole situation in which he finds himself in direct relation to the immediate needs of the nation. The slow progress of research year by year fades into comparative insignificance. The sum total of that research in all the years which have past becomes of importance only in direct relation to the extent to which we have translated or can immediately translate it into in¬dustrial production. For in a wartime economy immediacy is of paramount importance. The outcome of the war is being determined by our ability to pro¬duce and fabricate the metals and alloys which we require for its prosecution. Aside from iron and steel which lie outside the limits of this review, the most important of the nonferrous metals now needed in wartime production are aluminum, magnesium, nickel, chromium, and manganese. Some remarks on their production and fabrication follow.

Jan 1, 1942

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

[Executive J. V. W. REYNDERS, Chairman WILLIAM H. BASSETT E. DEGOLYER I-I. C. BELLINGER RICHARD PETERS, JR. Finance GEORGE OTIS SMITH, Chairman H. A. GUESS F. JULIUS FOHS Admissions GEORGE D. BARRON, Chairman DAVID LEVINGER P. A. MOSMAN H. K. MASTERS J. A, SINGMASTER Alternates F. G. BREYER C. W. HAMILTON F. E. PIERCE]

Jan 1, 1928