Search Documents

AS you and anyone else can understand, a great expense and a large supply of things are necessary for parting a quantity of silver by means of aqua fortis. First, as you have seen, it is necessary to have a great abundance of every kind of cucurbit and alembic, of charcoal and wood, and a large number of pounds of a vigorous, well-purified aqua fortis, because for every pound of silver there are of necessity [71v] at least four pounds or more employed from the parting to the coloring of the separated gold. It is also necessary to prove its fineness and to granulate or beat it, to have furnaces and supplies, and to provide for a thousand other necessities which need not be repeated now. The most important thing in this art seems to me to be that it requires continual working night and day with extreme watchfulness and care. For this reason another way, much quicker, less dangerous, and less expensive than the aforesaid one was found by some clever men (alchemists, I believe) in order to avoid such laborious and heavy methods. It produces the substance of the thing exactly as the acid does. If you wish to make use of it in conjunction with the acid it is possible to render great aid to this work although there is a great difference in the techniques of the two. The method used in this parting is as follows: First, make a round or square wind furnace for melting, below ground or above, and of height and size in proportion to the work and as it comes out best for you. Then take a large clay crucible and fill it almost up to the edge with that silver which contains the gold, cut into pieces, and put it to melt with the silver on top of a piece of brick cut to the size of the bottom of the crucible and resting on a grate in the middle of coals that are burning well. When you see that the silver has been made so hot by the fire that it looks white and that it wishes to begin to liquefy, take a little stick of sulphur or a small piece of antimony and put it in. When this is melted, lifting away the charcoal that covers it, put in more sulphur or antimony (for the method is the same with either one) until the silver is very well melted and these materials properly incorporated. Then for every pound of silver that you put in add half an ounce of sheet copper. When this is melted take your crucible out with tongs or pincers and strike the bottom gently on the coals two or three times so that the gold may make a residue on account of

Jan 1, 1942

By Ralph M. Hunter

UNTIL recent years, maintenance of surface coal handling facilities was a relatively simple task. Equipment consisted principally of conveyors, screens and crushers of comparatively simple construction. Electrical equipment consisted of motors and starters, with little, if any, interlocking. In most cases failure of any component affected only the grades of coal loaded so that even a prolonged break-down did not affect mine operation materially. However, with the introduction of modern cleaning plants, the picture has changed. The equipment is much more complex and therefore more difficult to maintain. In many cases failure of any component of the plant prevents loading of coal. Even if provision is made to by-pass, the quality of coal loaded is lowered, affecting markets. In the case of plants designed to permit full seam mining, marketable coal cannot be loaded without operation of the cleaning plant. Under these conditions it is apparent that considerable thought and effort toward better maintenance are justified. In order to assure continuous, efficient and economical operation, maintenance should receive consideration, not only after the plant is in operation, but while it is being designed. It is hardly necessary to say that the designer should strive for sturdiness and wearing qualities. It is sometimes not realized, however, that even the best parts will sooner or later require replacement or repair. The designer should, therefore, give consideration to accessibility. Anyone who has had to do with cleaning plant maintenance is familiar with installations where several hours are required to get at a part that can be repaired or replaced in a few minutes, once it is accessible. As in most cases, experience is the best guide. The men who operate and maintain this equipment know the problems encountered. Whenever available, the opinions of these men should be sought and heeded. As an example, we might consider the refuse elevator on a Chance Cone. Our company is now operating three of these cones, the first of which was installed in 1941, and the latest in 2946. Exact records are not available, but well over 50 pct of delays charged to the Chance Cones have been caused by the refuse elevator. This elevator receives refuse from the cone and carries it to a point above the water level of the cone, discharging onto a dewatering and desanding screen. Since the elevator operates under water and necessarily has close clearances in the lower boot, it tends to jam on large pieces of refuse or tramp iron. The chain, buckets and boot are also subjected to the action of water, sand and refuse, which accelerate normal wear. In case of jamming or chain-breakage it is necessary to drain the elevator and the cone so that even a minor fault in the elevator causes a considerable loss of time for the cone. In our new plant, which will contain two Chance Cones, the refuse elevator has been eliminated. This was accomplished by raising the cone so that the refuse gates could discharge directly onto the dewater-

Jan 1, 1948

The industrial might of the Bowen Basin is primarily the result of Utah Development Co.'s work- which has opened up the Blackwater, Goonyella, Peak Downs, and Saraji mines; built the Hay Point port; and is now developing the Norwich Park mine.

Jan 1, 1977

By AIME AIME

OCTOBER will be western month for the Institute. With meetings at Spokane, Tulsa, Los Angeles, and San Francisco, and with a large number of American Institute of Mining Engineers members and their families in the party sailing out through the Golden Gate to Japan on the afternoon of the tenth, the major activities of the Institute will, for this month at least, be west of the Mississippi. Despite cancellations due to necessity, most of the officers of the Institute will be present and taking part in some one or more of the Western meetings. Prof. Robert S. Richards, our senior past-president, will attend both the Spokane and San Francisco meetings and then go to Japan. President Bradley will preside at the San Francisco meeting and then head the party going to Tokyo. At Tulsa and Los Angeles, the principal officers of the Petroleum Division will be present and active and at all the meetings, directors, ex-directors and -present and past officers will be on the job and keeping things moving.

Jan 1, 1929

By Ralph M. Hunter

Until recent years, maintenance of surface coal handling facilities was a relatively simple task. Equipment consisted principally of conveyors, screens and crushers of comparatively simple construction. Electrical equipment consisted of motors and starters, with little, if any, interlocking. In most cases failure of any component affected only the grades of coal loaded so that even a prolonged breakdown did not affect mine operation materially. However, with the introduction of modern cleaning plants, the picture has changed. The equipment is much more complex and therefore more difficult to maintain. In many cases failure of any component of the plant prevents loading of coal. Even if provision is made to bypass, the quality of coal loaded is lowered, affecting markets. In the case of plants designed to permit full seam mining, marketable coal cannot be loaded without operation of the cleaning plant. Under these conditions it is apparent that considerable thought and effort toward better maintenance are justified. In order to assure continuous, efficient and economical operation, maintenance should receive consideration, not only after the plant is in operation, but while it is being designed. It is hardly necessary to say that the designer should strive for sturdi-ness and wearing qualities. It is sometimes not realized, however, that even the best parts will sooner or later require replacement or repair. The designer should, there- fore, give consideration to accessibility. Anyone who has had to do with cleaning plant maintenance is familiar with installations where several hours are required to get at a part that can be repaired or replaced in a few minutes, once it is accessible. As in most cases, experience is the best guide. The men who operate and maintain this equipment know the problems encountered. Whenever available, the opinions of these men should be sought and heeded. As an example, we might consider the refuse elevator on a Chance Cone. Our company is now operating three of these cones, the first of which was installed in 1941, and the latest in 1946. Exact records are not available, but well over 50 pct of delays charged to the Chance Cones have been caused by the refuse elevator. This elevator receives refuse from the cone and carries it to a point above the water level of the cone, discharging onto a dewatering and desanding screen. Since the elevator operates under water and necessarily has close clearances in the lower boot, it tends to jam on large pieces of refuse or tramp iron. The chain, buckets and boot are also subjected to the action of water, sand and refuse, which accelerate normal wear. In case of jamming or chain-breakage it is necessary to drain the elevator and the cone so that even a minor fault in the elevator causes a considerable loss of time for the cone. In our new plant, which will contain two Chance Cones, the refuse elevator has been eliminated. This was accomplished by raising the cone so that the refuse gates could discharge directly onto the dewater-

Jan 1, 1949

By George B. Langford

ON THE QUESTION of postwar controls there are today three schools of though ; some advocate state control of everything the socialists ; second are those who advocate the removal of all governmental control over industry - the freedom of enterprise ideal ; and third are those who advocate a middle course - sufficient control to stabilize economic and industrial life, and to prevent violent fluctuations such as we saw in the interwar years. I advocate this third course. I firmly believe un free enterprise, but not in freedom of enterprise, or laissez faire, and there is a great and significant difference between these two.

Jan 1, 1944

By Albert Sauveur

As director of the Division of Metallurgy of the Technical Section of the Air Service, American Expeditionary Forces, from August, 1917, to January, 1919, I devoted much time to the study of the steels best suited to the construction of aircraft. It became apparent at a very early stage of my investigation that the practice of builders varied greatly in regard to the number of different steels to be used, to the kinds of steels, and to their treatment. Some manufacturers employed as many as fifteen steels while the builder of one of the newest motors, favorably passed upon in the United States, assured me that two or, at the most, three kinds of steel were all he needed to produce satisfactory results. In the matter of treatment, the manufacturers were also greatly at variance. Some treated their steel with considerable refinement while others paid but scant attention to this feature. Some manufacturers case-hardened many parts, while others used the case-hardening process sparingly, if at all. Nickel-chromium steels were used at some works for case-hardening while at other plants this treatment was applied exclusively to carbon steels. Air-hardening nickel-chromium steel was used extensively by some and not at all by others. Considerable variance existed likewise in regard to the steels used for admission and exhaust valves. The conclusion was obvious, that no two manufacturers of airplane motors held like opinions as to the steels to be used or as to the treatment they should receive. Was it to be inferred from this that the many committees and associations that had been created, in part at least, for the standardization of aircraft steels had failed to make proper recommendations or that the manufacturers had ignored their recommendations ? Confining our inquiry to the committees and associations that had dealt with this question in England, France, and the United States, it was found that in Great Britain the British Engineering Standards Committee, now the British Engineering Standards Association, had devoted much time to the problem of satisfactory standards for aircraft steels. In April, 1918, this Association presented a set of specifications described as "British Standard Specifications for Aircraft Steels for Government Purchases in the United States of America." They included twenty-one different steels and, as the title indicates, were drawn for the

Jan 1, 1920

By H. A. Baumann

Experimental data are presented showing the influence of size consist and firing rate upon the performance of bituminous coal-fired, single-retort, industrial underfeed stokers. Size segregation, degradation, and distributor data are also included. The conclusion is reached that size consist of the fuel as fired, is a critical factor in its performance on this class of equipment.

Jan 1, 1950

By William F. Boericke

THERE was a time when the selection of fire brick was .left to the judgment of the head bricklayer of the plant, whose choice was not unaffected by a box of Christmas cigars from a friendly salesman. But the days are past when it was generally believed, with complacent philosophy, that bricks were bricks without much distinction, and should be bought on a price basis alone. Gone, too, is the belief that in certain types of industrial work the eventual failure of refractories was assured. Modern metallurgical practice, with its trend toward handling larger tonnages at higher temperatures, demands the use of refractories that cannot be supplied by random guess. The logical development is to inquire into the properties of the brick to be purchased, and this resolves itself into the use of specifications. In 1925, the General Refractories Co., with the active support and hearty cooperation of some of its larger customers, established a laboratory, at its Baltimore plant, for testing and research in refractories. This was the outgrowth of a growing appreciation of the value of research in the refractory field. Since then the work has become more involved' and the aims more ambitious, so that the present laboratory now employs a staff of 11 men working, under the direction of trained refractory technologists, on problems of research as well as the routine control of manufacture. It is believed s that `this type of laboratory is a comparative novelty among refractory manufacturing plants. It handles the testing and research work for all the 15 plants of the organization. Being at one of the works has the advantage of making it possible to carry on large scale plant tests on new products after the preliminary laboratory tests have been successfully completed.

Jan 1, 1929

By Wallace E. Pratt

UNDER the stimulus of war psychology the American public has grown confused and jittery in its thinking on the subject of this nation's petroleum resources. This confusion arises from the failure of the average citizen, and even of many leaders in government, in our armed forces, and in the petroleum industry itself, to distinguish between our proved reserves of petroleum in the several oil-producing states and the total petroleum re- sources available to this nation. Leaders and public alike examine the accepted estimates of our proved reserves and thoughtlessly conclude that these estimates represent the total of our petroleum resources. Our fears are aggravated if we turn to the statistics on oil-finding and observe that the discovery of new reserves has waned decidedly in recent years. This confusion is dangerous because, under its influence, ill - considered policies spring up and flourish, choking out the most valuable fruits of the long experience of the American petroleum industry.

Jan 1, 1944

By AIME AIME

T HE Mining Methods Committee held its initial meeting* on Tuesday afternoon, with F. W. Bradley in the chair and W. Y. Westervelt as vice- chairman. The first paper to be presented was "A Plea for a U. S. Court of Patent Appeals," for which Kenneth W. Greenawalt ably pleaded. The paper (which was published in full in last month's issue) is so carefully prepared that no synopsis can do it justice. It discusses the opposed views of some patent lawyers and other lawyers and members of the judiciary as, for example, Chief Justice Taft who is quoted as saying in 1921: "I think it is a great deal better to take a first class lawyer and a first-class judge and make him a good patent expert than it is to take a patent expert and try to make him a first-class lawyer and a good judge." Mr. Greenawalt argued the need for specialized scientific and engineering interest and understanding to enable a lawyer or judge to prepare or interpret patent specifications and decide the originality necessary for a valid invention. He proposed the special U. S. Court of Patent Appeals to also counteract the costly confusion and injustice now ruling where a patent may be declared valid in the courts of certain States and invalid by the courts of other States.

Jan 1, 1930

By R. E. Zimmerman, T. W. Guy

IN approaching the problems of sampling coal, a brief statement of certain facts that are more or less taken for granted may be helpful: 1. The coal-mine operator needs reliable data as to the physical and chemical characteristics of his coal in order to plan and control intelligently its mining, preparation, and marketing. The consumer needs such data in order to select the equipment and the coal best suited to meet his requirements, to check the quality of fuel delivered, and the efficiency of its use. Various government control agencies require such data as a basis for classifications and establishment of limits, for use in carrying out the requirements of federal, state or municipal laws. 2. All such data must be obtained by analyses, measurements, or tests made on samples, which are taken to represent the coal tested. It is now becoming generally recognized that, in accordance with statistical laws, test results from samples are not expected to represent the exact qualities of the lot or lots from which they are taken, except within statistical, or "expected" limits. Such limits are definitely specified by some present standards of the American Society for Testing Materials and the British Standards Institution. 3. Samples that give ash within satisfactory limits are usually assumed to be sufficiently accurate for other analyses, except under special conditions such as meeting close specifications for coals showing wide variability in sulphur, fusibility of ash, or other quality. 4. In modern coal sampling the increment is recognized as the basis for taking samples. For a given accuracy the number and weight of increments specified are increased with: (a) the expected ash, and (b) the top size designation of the lot to be sampled. 5. It is extremely important that every sampler recognize that: the specified number and weight of increments are minimums, and that the precautions to be used in order to take them properly are also minimums; that in the reduction of the gross sample the sizes specified for the coal after each stage of the crushing are maximum; that the quantities specified to be taken after each crushing stage are minimum; that any short cuts or failures to meet the requirements specified will reduce the statistical accuracy of the results, although it is possible that one or two checks on a few results may seem to show otherwise.

Jan 1, 1950

By H. A. MEGRAW

THE meeting of the A. I. M. E. at Wilkes-Barre, Pa., Sept. 12 to 15, inclusive, celebrated the fiftieth anniversary of the Institute. It was at Wilkes-Barre, in 1871, that the foundation was laid for the great institution that now includes in its roster the greatest names. in mining engineering in every civilized country of the world. The founders of the Institute, with rare prescience, established a common ground upon which all mining engineers, whatever particular branch they might consider most pertinent, could stand securely, assured of a deep-seated interest from their brethren similarly minded in other localities. So wise and clear was the vision of the founders that every engineer connected with mining has found it beneficial, not to say indispensable, to maintain his connection with the Institute and to increase his technical enthusiasm through the medium of the valuable technical publications. The little coterie of 1871 has grown to a strong body of more than 10,000 members in 1921, reflecting the glory of the founders in the record of the accomplishments written on the pages of the fifty years of the

Jan 1, 1921

By W. B. Morrison

The principal factors influencing the total percent elongation of a lead-tin eutectic and several low-alloy steels which exhibit superplasticity were investigated. These factors are: a) Strain-rate sensitivity of the stress (m). b) Specimen geometry; in particular, diameter-to-length ratio (d0/l0), and surface irregularity (e.g. notches). A feature of the tensile deformation of a superplastic alloy is the early appearance of a neck which continues to extend throughout the test. As a result the total elongation is directly related to the diameter-to-gage-length ratio. The strain-rate sensitivity of the stress varies during extension, mainly because of microstruc-tural changes. A satisfactory correlation exists between the minimum strain-rate sensitivity and total elongation, as indicated in the equation shown below. Notches cause a considerable reduction in total elongation and their effect is greatest at high values of strain-rate sensitivity. An initial notch depth exists below which there is no appreciable effect on elongation. An equation relating elongation to strain-rate sensitivity and specimen geometry is proposed, THE total percent elongation of a tensile specimen is usually regarded as a measure of superplasticity. However, little attention has been given to the fact that total elongation is also a function of specimen diameter and gage length, even though the importance of geometry has long been recognized in the tensile testing of materials in which elongations are relatively small.* In the present study, the effect on superplas- tic extension of the ratio of specimen diameter to length was investigated and an analysis was made of strain distribution along the gage length. Superplastic alloys are characterized by having a flow stress sensitive to strain rate but relatively insensitive to strain.2"' In an earlier study,5 it was found that the strain-rate sensitivity of several low-alloy steels changed during the test and that the minimum value correlated best with total elongation. In the present study, the variation of strain-rate sensitivity during the straining of a lead-tin alloy was investigated. EXPERIMENTAL PROCEDURE Lead-tin eutectic alloy (32 pct Pb 68 pct Sn), made from high-purity lead and tin, was cast in the form of 1-in. diam rod. The rod was cold-rolled in stages to 0.25 in. diam and then swaged to 0.125 in. diam. Samples were cut from the rod at various stages of the mechanical working process. Tensile test specimens were then made by attaching threaded steel ends to the rods by an epoxy-base thermosetting adhesive which required a setting treatment of 2 days at room temperature. The rods were seated in the steel ends in holes approximately 0.01 in. oversize. The test pieces thus made were of various diameters and gage lengths. These were stored at a temperature of about -70°C (-94°F) until required for testing. The distribution of strain along the gage length of a specimen was determined at various stages of the tensile test. The lead-tin alloy was superplastic at room temperature and direct observations during testing were simple. The gage length was divided by reference marks into five initially equal units. These reference marks were made with ink and were reinforced during the test when the initial marks became faint. Photographs were taken, at intervals, of the deforming specimen and measurements of the elongation in each of the gage units were made on these photographs. Tests were also done on several superplastic low-alloy steels whose properties were described earlier.5 The chemical compositions of these steels are given in Table I. A diagram of the notched tensile specimen used in the steel tests is shown in Fig. 1. The specimens were tested at 900°C (1650°F) in a furnace through which a mixture of He + 2 pct H was continuously circulated.5 RESULTS Strain Distribution. Approximately 20 tests on lead-tin alloy specimens were conducted to determine the strain distribution during the test. An example is shown in Fig. 2 of the strain distribution in the gage

Jan 1, 1969

By AIME AIME

THE Petroleum Division opened its proceedings on Wednesday morning, with two simultaneous sessions on engineering and economics. The first paper at the engineering session, over which A. W. Ambrose presided, was "Underground Surveys of Oil Wells," by Alexander Anderson of Los Angeles, Calif., was presented by John Suman of the Humble Oil & Refining Co., Houston, Texas. Following this, the paper of E.'H. Griswold of the Mailand Oil Co., Houston, Texas, was presented by C. V. Millikan of the Amerada Petroleum Corp., Tulsa, Oklahoma. Following the presentation of these two interesting papers a general discussion followed on the subject of "Crooked Holes." The discussion was entered into by F. H. Lahee, Sun Oil Co., Dallas, Texas;'Messrs. Bigelow of Tulsa, H. W. Hixon of New York City, Van Court Warren of Los Anyeles, Calif; H. L. Wheeler of St. Louis, Mo.; R. R. Brandenthaler, United States Bureau of Mines, Bartlesville, Okla.; H. H. Riggs, Indiana Territory Illuminating Oil Co., Bartlesville, Okla.; C. V. Millikan and John R. Suman

Jan 1, 1929

By TENNEY C. DeSOLLAR

TRADITION tells us that the earliest use of Alabama iron was to make shoes for the horses of General Andrew Jackson and his men during the first part of the nineteenth century. The first recorded incident in the making of iron was the request of U. S. Indian Agent Benjamin Hawkins "that a crew of blacksmiths be sent to the Creek Nation in the lower Mississippi territory." These frontiersmen made up the first body of pioneer iron makers in the territory. The first known blast furnace was built by Joseph Heslip in 1818 at Russellville, named after Major William Russell, who was General Jackson's chief of scouts. The Tannehill furnace was built in 1830 in what is now Tuscaloosa County and its ruins, as shown above, can be seen today.

Jan 1, 1937

By John A. Gann

WITHIN a very few years magnesium has sprung from oblivion, from classification as a technically unknown, little appreciated, and expensive material to front-page importance in many fields of engineering. Bunsen may be considered the real founder of our present magnesium industry. In 1852; he prepared this metal by the electrolysis of fused magnesium chloride in a porcelain crucible. In the following years the electro¬lytic process became recognized as superior to chemical reduction methods and Germany became the world's chief producer, installing the first electrolytic magnesium plant in 1886. ' Thirty years later, national defense requirements, occasioned by the outbreak of the World War and the cutting off of imports, caused France, England, and the United States to begin production. Most of this magnesium was used for military purposes so the close of the war resulted in a large curtailment in production. A few companies, however, encouraged by the early success of the Germans and by the rapid developments taking place in aeronautics, and confident in the certain future and ultimate value of this metal, undertook extensive re¬searches in its production and utilization. A variety of production methods, both chemical and electrochemical, were investigated and some of them operated on a commercial scale. Reduction of the oxide with carbon at high temperatures and the electrolysis of the oxide in a fluoride

Jan 1, 1932

By Henry G. Granger

A RESIDENCE of 14 years in the Republic of Colombia, spent in almost continuous traveling and prospecting-trips, has given me an intimate knowledge of the resources of that wonderful country. The man who best knows Colombia is unquestionably General Rafael Reyes, President of the Republic for the past three years, and with seven years more to serve in his present term. Such is the strength of his personality and the wisdom of his policies that his term of office will no doubt endure as long as he is willing to serve. The vastly improved economic situation and the brilliant outlook for Colombia are so directly due to the influence of President Reyes that a few lines concerning him. will not be amiss, if they serve towards a better understanding of his personality. Born of a distinguished ancestry in the mountains of Boyaca, he is now 57 years old, just the age of his friend Porfirio Diaz when be began the work which has placed Mexico in the rank of great modern nations. It was Reyes who came to Washington to protest against the action of the government of the United States of America in reference to the establishment of the Republic of Panama, and, without entering into a discussion of this affair, it can be fairly said that there was not an American in Colombia whose feelings of justice were. not outraged at the government action and subsequent refusal to submit the matter to the impartial judgment of the' Hague. President Reyes is an accomplished linguist, speaking English, French, German, Portuguese, Spanish, and Italian. He has a remarkably. powerful voice, which can readily be heard by a large assemblage. His height is about 6 ft., and his weight exceeds 200 lb. He has clear gray eyes. Reyes was the leader of those who favored the approval of

Sep 1, 1908

By Alan M. Bateman

POSSIBLE postwar trends of the more important world minerals will be determined in part by their present world position and by the acts and forces that have operated during the war period, so it is desirable first to review briefly what has been happening in the foreign field of metals and minerals. When we first entered this war we of the mineral profession were all acutely conscious of our lack of strategic minerals and other materials, which had to be imported in great quantities-minerals such as manganese, chrome, tin, mercury, nickel, and antimony. But we realized also that we had to acquire vast quantities of those minerals of which we had thought we were bountifully supplied. Our assumed domestic abundances turned out to be woefully deficient, and demands also arose for new minerals never before produced in large quantities. Some threescore minerals entered the strategic list of our imports. Ores from new sources had to be sought, developed, and transported. Tonnages in the millions of such bulk materials as zinc, lead, copper, chrome, and manganese flowed to feed our war efforts. Sparsely distributed minerals such as tin, mercury, antimony, tungsten, cobalt, mica, and corundum had to be lured from their rock lairs in greatly increased quantities to feed the hungry maw of war industry, and the rare minerals such as tantalite, columbite, beryl, and quartz crystals had to be developed and procured in quantities never before dreamed of. New uses such as radio and radar created demands for many minerals formerly thought of only as adornments of museum collections and not as pressing industrial minerals. Such minerals were never before mined in quantity.

Jan 1, 1945

The following paragraphs have been extracted from a recent publication of the U. S. Department of Commerce; Miscellaneous Series, No. 65, " German Trade' and the War, " which portrays the industrial, commercial and economic conditions of Germany, at the present time, and has been compiled largely from sources published in Germany. Iron and Steel The Krupp company, the greatest of the German munition works, was faced at the outbreak of the War with the disappearance of its great international business, but this was amply compensated by orders from Germany and her allies, and the activity of the company has been greatly extended. The general meeting of December 1914, voted an increase in the capital to 250,000,000 marks. The gross profits of the company, amounting to 61,900,000 marks in 1912-13, have been more than doubled during the war. The gross profits were 128,260,000 marks in 1914-15 and 143,360,000 in 1915-16. Large sums have been written off; 10,000,000 marks have been placed in the pension fund during the war, and 5,000,000 were appropriated for workmen's dwellings in 1915. Thirteen million marks have been devoted to war assistance in the last three years. The assets of the company were valued at 967,000,000 marks at the end of 1916. For the year 1916-17, the company paid a dividend of only 10 per cent., but set aside 85,425,000 marks for depreciation. The Bismarckhütte in Upper Silesia, capitalized at 16,000,000 marks, with a bonded indebtedness of 7,907,500 marks in 1913-14, reported 3,912,000 marks of net revenue from operation for that year. During the three years of war the revenue increased successively to 8,077,000, 11,805,000, and 16,994,000 marks. While the capital remained unchanged, and the bonded indebtedness was but slightly reduced, the dividends paid during the last four years were increased from 9 per cent. in 1913-14 to 15, 25, and 30 per cent. during the war. During the year 1916-17 the amount written off, chiefly on the works and plant account, was 10,553,000 marks, or nearly as much as the total set aside during the three preceding years. The turnover for that year reached a sum many times the amount of the capital. At the end of 1916 the company's shares were quoted at 275, as against 144 at the end of 1913.

Jan 8, 1918