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The Library of the above-named Societies is open from 9 A.M. to 9 P.M. on all week-clays, except holidays, from September 1 to June 30, and from 9 A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining-maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape. The members of the Institute can be of service to the Library by forwarding copies of mining-reports, maps privately issued, and similar material, which will be classified, indexed, and made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will use the Library freely, and assurance is, given that most careful service will be rendered to them.

Jan 9, 1913

The Library of the above-named Societies is open from 9 A.M. to 10 P.M. on a11 week-days, except holidays, from Sept. 1 to June 30, and from 9 A.M. to 6 P.M. during July and August. The Library contains about 55,000 volumes, including sets of technical periodicals and the publications of scientific and technical societies. Members of the Institute, with few exceptions, are forced to spend a portion of their time in localities isolated from sources of information. To these the Library can render valuable service through correspondence; letters requesting information will receive special attention. The Library is prepared to furnish references and copies of articles on mining and metallurgical subjects; to determine the existence of mining maps, and to furnish general information as to the geology and mineral resources of all countries. All communications should be made as definite as possible so that the information received may be what is desired and not include collateral matter which may not be of interest. The time spent in searching for such collateral matter will be saved, and the information will be sent more promptly and in more usable shape. The members of the Institute can be of service to the Library by for- warding copies of mining reports, maps privately issued, and similar material, which will be classified, indexed, and made available to other members. Suggestions for additions to the Library, either by purchase or personal solicitation as gifts, will be welcomed. It is hoped that members while in the city will use the Library freely, and assurance is given that most careful service will be rendered to them.

Jan 8, 1916

By M. J. Taffanel

I AM very much impressed by this manifestation of international brotherhood; the mining engineers on both sides of the ocean have similar subjects to deal with, meet with the same difficulties, expose themselves sometimes to similar dangers; they are like companions in arms in the battle fought by mankind in order to subjugate the natural forces and to draw profit therefrom. There is no other field where this fraternity must manifest itself more actively than in the studies pursued with a view to improving the safety of mines and to rendering impossible in the future these mining disasters, which every year claim hundreds of victims. These are very difficult problems, the solution of which requires numerous and laborious experiments accompanied by very arduous scientific investigations; it is extremely desirable that the various mining countries, which have undertaken to solve these difficult problems, should unite their efforts in order to succeed as soon as possible and as well as possible. This idea has been fully grasped by your Bureau of Mines, which has brought me to Pittsburg; the daily exchange of views with the distinguished chief of-the mine investigation division, George S. Rice, and with his excellent collaborators, the comparison of the results obtained at Lievin and Bruceton, the checking of these results by means of new tests, the profound study of the measurements, diagrams, measuring and laboratory apparatus, the cooperative investigation of new apparatus, or the preparation of new investigations, are, I hope, of such a nature as to bring about great progress. I think that it will be interesting to you to know what has been done in France along this line.

Jan 9, 1914

By George F. Becker

Complexity of Rock-Fractures.—The strains to which rocks have been subjected are manifestly very complex, and it is entirely safe to presume that every possible mode of deformation and rupture is exemplified. The most superficial inspection of any ordinary mountain region is sufficient to assure the observer that the rocks have been pressed, stretched, bent, buckled, twisted, and shorn. The study of torsional rupture cannot fail, therefore, to throw light on geological phenomena. The question is how areas which have been broken in this manner are to be distinguished from those which have yielded to other systems of forces. Phenomena of Joints.—It is well known that a large part of the more homogeneous rocks and some very heterogeneous rocks are intersected by partings often ailed joints. These partings are frequently flat surfaces even when seen in very large exposures, but are sometimes surfaces of moderate, single, or double curvature. Joint, usually occur in groups, in each of which the several partings are parallel to one another, and several such groups often intersect the same rock-mass. In such cases the different systems make large angles with one another. Nearly all students of the subject of jointing have reached the conclusion that joints are faulted surfaces, the dislocations usually being of small amplitude; and this conclusion receives abundant support from the study of thin sections under the microscope. It has thus been shown that much even of what would be regarded in hand specimens as mere slaty cleavage

Jan 1, 1895

By H. Rush Spedden

R. T. Hukki has extended his study of ball mill grinding at supercritical speeds with an excellent mathematical analysis of tumbling mill grinding. When he speaks of supercritical speeds he is referring to the original Fahrenwald critical-speed formula. He said that, as an example of the use of supercritical speeds, if a fine grinding mill of any type is wet-grinding ore of 3.5 sp gr with steel balls at a certain conventional subcritical speed, the same power input and capacity should be obtainable with autogenous medium of 3.5 sp gr at a speed 100 to 120 pct of the critical in a grate- type mill of the same effective size. In addition, he introduced what he calls the base mill concept which, he stated, makes it possible to compare performances of mills of different sizes grinding with a metallic medium or with an autogenous medium of any specific gravity and at any speed. He showed the use of this concept and explained how it makes possible the evaluation of mill sizes and motors for any grinding purpose at any accuracy well within the conventional standards of design in milling practice. He further stated that the maximum capacity in pilot plant mills with various media, either metallic or autogenous, has always been found to be within the supercritical speed range. In his discussion of this paper he substantiated these findings with statements showing the increased capacity obtained in a milling plant in Finland which followed his principles.

Jan 7, 1960

By William Fraser

SINCE the operative word in the subject on which I have been asked to speak is "international," I need hardly emphasize before such an audience as this that it is one which calls for some discretion on my part at the present juncture of world affairs, since, in some respects, it may not be devoid of a controversial aspect. For though the war is over, it has left behind it a sorry state of health in the political and economic complex of the world we live in; and however different may be the impact of these factors on each of us, yet none of us can any longer hope to devise a system or policy to escape from much of its controversial heat, or evade the obligation of doing what we can to diminish it. I would like, therefore, to consider with you how one great form of world enterprise whose range is coextensive with material civilization itself-that is, the Petroleum Industry-can make and is competent to make, a contribution to international health; for it is now an agreed commonplace that oil is arterial in the world's system and we need no telling that a healthy body needs healthy blood. Before embarking on my subject, let me assure you that I have no need to be told that this country before all others-and for obvious reasons is the major sounding board of opinion in matters affecting most aspects of the petroleum industry-technical, economic, national and international (but, may I please add parenthetically, not to the exclusion of quite a

Jan 1, 1947

By F. P. Dewey

The subject of this paper does not embrace the consideration of ways and means for the increase of analytical accuracy, or the question what could or should be attained in that direction. I desire simply to call attention to the degree of accuracy exhibited in actual every-day practice. In estimating this, little weight will be given to the evidence afforded by the agreement of duplicate or multiple determinations by the same chemist; for I am convinced that such agreement is a delusion and a snare. Nor will special importance be attached to the agreement of two or even three analyses in special cases, or to the agreement between two methods practiced by the same analyst. I propose to compare the results obtained by several chemists, working upon the same sample and by various methods, in order to exhibit, as I have said, the actual condition of practice. The available material for illustrating this phase of the question is unfortunately scanty; but something has been done; and I hope, by calling attention to some of the work in this line, to stimulate further work in the same direction by inducing others to prepare suitable samples and submit them to various chemists who are competent and willing to make the necessary determinations, and fully describe the methods they employ. I draw most of my illustrations from the Transactions of the Institute, the Proceedings of the Association of Official Agricultural Chemists, and from personal experience. Manganese in Steel.—In May, 1881, Mr. William Kent presented a paper to the Institute entitled " Manganese Deter-

Jan 1, 1897

By Zay Jeffries

IMAGINE a spinning sphere of hot matter about 8000 miles in diameter, rushing through space at a velocity measured in miles per second, and you have a rough idea of what our earth is supposed to have been like about two to four billion years ago. By applying all of the science known to man and, more especially, by determining the velocity of earthquake waves at different depths, making comparisons with meteorites, studying densities, compressibility of rocks and the nature of surface rocks, a fairly definite conception of the general constitution of the earth has been obtained.1 The earth is supposed to have a central core rich in iron containing a substantial amount of nickel and small percentages of several other elements. The density of the core is assumed to be about ten times that of water and the diameter about 4200 miles. An intermediate shell of density about 4, and thickness of about 1800 miles, is sup- posed to consist of heavy rocks including sulfides, oxides, and silicates. The outer rock shell, probably about 100 miles thick and with a density around 2.8, is thought to be composed mostly of silicates, becoming in general more siliceous as the earth's surface is approached. NATURE'S SMELTING OPERATION Nature seems to have subjected the earth to a stupendous smelting operation, burying beyond reach much of the metal that man recovers in his smelting practices. We live on the surface of Nature's "slag dump" and must be content, for the near term, to recover for man's

Jan 1, 1953

By G. W. Traer

THE distillation of bituminous coals at what is commonly termed low temperature, and the quantities, nature and adaptabilities of the products have been the subject of considerable experimentation, during recent years. Fortunately, the earlier work in this country was done by men whose scientific training qualified them properly to record and interpret the results of-their experiments. The work of Prof. Parr, of the University of Illinois, is especially notable in this respect. Prof. Parr's work, added to that of English experimenters, demonstrated certain things to a degree which is generally regarded as convincing. They have proved that a caking bituminous coal, when subjected to a temperature of not more than 1000° F. (preferably somewhat less) will yield light tar having low specific gravity (about 1.06) and high value; also, that this yield, with a given coal, will depend upon the percentage of hydrocarbons in the coal, the maximum temperature used, and the promptness with which the distillate gases are removed. It is assumed that air is excluded from the retort, and that the coal is subjected to heat for a sufficient time to drive off all of the tarry hydrocarbons. The results attained in the first, or low-temperature stage of the Carbocoal process, recently described by C. T. Malcolmson, corroborate these general principles. It is the purpose of the writer to describe other work of a practical nature, directed toward the commercial adaptation of these principles, which was begun nearly two years ago; this investigation was assisted by A. J. Sayers, of the Link-Belt Co., and Carl Scholz.

Jan 9, 1918

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

By E. A. Wieselmann

This chapter presents a successful approach for achieving mine entry stability at the Cane Creek potash mine by the utilization of closure measurements. The mine is located in southeastern Utah (Fig. l). Mining is being conducted at depths in excess of 3000 ft under structurally complex geologic conditions typical of the Paradox salt basin. The closure measurement systems described have definite application for determining relative entry stability in other nonelastic rocks which are similar in behavior to potash. Similar types of closure measurements have been taken in various underground openings throughout the United States, Canada, arid Europe. Application of this closure data has previously met with varying degrees of success as a tool for design of under- ground openings in both elastic and nonelastic media.1-32 Closure measurements can be made easily and economically and they provide a practical solutiori to a practical problem. They are in-situ measurements which do not necessarily require laboratory correlation. Simple closure measurements have special significance in potash because "steady-state" ' closure rate, or creep, of the entries is measured. These closure rates can be utilized because nonelastic media such as potash will never achieve absolute stability around a mine entry. The potash will tend to creep or deform until all entries are closed and the overburden stress is redistributed over what was previously the mine area. The time for this ultimate effect to occur is dependent on a number of mining and geologic variables. Percentage of mine extraction, mining

Jan 1, 1972

By Herbert Clark Hoover, Lou Henry Hoover

We give the following brief notes on early works containing some reference to mineralogy, mining, or metallurgy, to indicate the literature available to Agricola and for historical notes bearing upon the subject. References to these works in the footnotes may be most easily consulted through the personal index. GREEK AUTHORS.-Only a very limited Greek literature upon subjects allied to mining or natural science survives. The whole of the material of technical interest could be , reproduced on less than twenty of these pages. Those of most importance are : Aristotle (384-322 B.c.), Theophrastus (371-288 B.c.), Diodorus Siculus (1st Century B.c.), Strabo (64 B.c.-25 A.D.), and Dioscorides (1st Century A.D.). Aristotle, apart from occasional mineralogical or metallurgical references in De Mirabilibus, is mostly of interest as the author of the Peripatetic theory of the elements and the relation of these to the origin of stones and metals. Agricola was, to a considerable measure, a follower of this school, and their views colour much of his writings. We, however, discuss elsewhere1 at what point he departed from them. Especially in De Ortu ct Causis does he quote largely from Aristotle's Meteorologica. Physica, and De Coelo on these subjects. There is a spurious work on stones attributed to Aristotle of some interest to mineralogists. It was probably the work of some Arab early in the Middle Ages.[ ]

Jan 1, 1950

By H. K. VAN POOLLEEN, W. Hurst, H. C. Bixel

In an earlier publication* I showed the development of the instantaneous point source solution for a well producing at a constant rate at the center of a system of two radial, adjoining sands of different permeabilities. I also showed how a wellbore radius could be incorporated if this were the development required. For the purpose of that paper and the point I wished to make, this solution served. It yielded a simplifying solution of sands in series identified by Eqs. VI-26 and VI-27. (These equations are reproduced in part by Bixel and van Poollen as their Eq. 3, Page 302.) I am well aware that the simplified solutions are approximations. The facts that these Ei-functions satisfy the diffusivity equation and meet the boundary conditions both at the well and at the interface between sands, and that the earliest time considerations yield zero pressure drop, are evidence that the solutions are good approximations. This was the purpose for these formulas, which I interpret that where the permeabilities are of finite order of magnitudes in the respective media, the relations give satisfactory answers. However, from the authors' point of view there are reservations, which leads me to consider their entire generalization as illustrated in their Figs. 1 through 14. What I understand from their storage capacity, relationship Fs, which is the ratio of the product of porosity and compressibility of Sand II to Sand I, that is employed here by the authors as a correlative means of identifying one figure from another, there is nothing in the exact mathematics that supports such a term as a means of correlation. This is taken out of context, unsustained that this applies. Here the mathematics are known, where the true correlation is the diffusivity term of one sand to another. This entails permeability that refers back again to the term M in their paper for the transmis-sibility of fluid from one sand to the other that should have also been a part of this storage capacity. In Figs. 8 through 14, which purported to show the simplified equation following this correlation, there are apparent discontinuities for M equal to or less than 0.1000 that differ from the trends for greater values of M. In this connection there is no reference radius given for this cumulative pressure drop in the paper that would permit me to make these calculations. However, what is clear for M equal to 0.1000 or less we are treated to almost a closed barrier at the interface; a condition entered by the writers without qualification. This across-the-board treatment of these simplified formulas, whatever the motive of the authors, enters into a range of permeabilities that even I as the contributor would have reservations that such could apply. Under comparable conditions I would be looking at a closed reservoir or some facsimile for such. The extent to which the approximation or the exact equations pertain is not evident in the generality offered by Bixel and van Poollen in their paper. Only when they or other writers show the comparison of the pressure distributions within the formations can one be able to judge the rational limits to subscribe to the simplified formulas.

Jan 1, 1969

By Otto F. Pfordte

The great advance of the last twenty years in the specialization, delicacy and efficiency of ore-concentrating apparatus calls for a finer system of testing both the qualities of ores and the operations of machines in this department. In amalgamation, lixiviation and smelting, the daily employment of physical and chemical tests has been recognized as necessary, and the cost of the necessary laboratories and employees is cheerfully paid. But while much progress has been made in concentration (due, in a large degree, to the study of the subject in our technical schools), it is still too common in actual practice to follow the loose old method of roughly estimating, once for all, that a given ore " concentrates x tons into one," and resting on this assumption so long as that ore continues to be treated, while assays of the tailings from concentration are made from time to time, without exact determination of their quantity. The first step toward accuracy of control must be a more frequent and precise measurement of the quantity of concentrates from a given operation. This should be expressed in pounds per unit of one ton; and the variations shown in frequent determinations will furnish a constant check upon the character of the ore and the performance of the apparatus. But this is only a part of what should be constantly and systematically done to insure the best work upon a material which must vary continually, even though it come from one mine only. If, in any mill, appropriate laboratory-tests were made at least once a week, the labor and expense involved would be amply repaid by increased knowledge and control of the current operations. A small testing-laboratory, provided with a few gold-pans;

Jan 1, 1902

By B. B. Betty

H. L. Burghoff.*—Have the authors any information on the effect of grain size in these materials? There is a material difference in the grain sizes shown for the Monel and the Inconel. Is a wide range of grain size normally found for each material, and, if so, what is its effect upon creep strength? 11. L. Eiselstein.—The grain size for Monel shown in the micrograph is the usual size found in that product. The grain size of Inconel is about the same as that, too. However, we have run tests on Inconel at higher temperatures than those reported in this paper, and have found that the coarser grain size has a better creep resistance; and that the grain size that gives the best creep resistance at 1600°F. is about 0.005 in. in diameter. We have no test on Monel with varying grain size. J. J. KANTER.†-It has been known for a long time that Monel metal exhibits ductility anomalies at elevated temperatures. Even in short-time test, it can be demonstrated in the range of 900°F. that there is a distinct falling off of the ability of Mone1 metal to elongate, and in rupture tests this shortcoming is still further accentuated. Knowledge of this rupture anomaly of Monel metal may be one of the reasons for which designer's approach certain high-temperature applications with reservations. The authors of this paper have merely demonstrated that for 900°F. the alloy has an ability to elongate 1.7 per cent over a period of some 2700 hr. Before any conviction can be expected from designers that Monel metal is applicable to stress design in such range of temperature, I think it is desirable to demonstrate the capacity for the material to elongate over a longer period of time than has been done in this presentation.

Jan 1, 1945

By G. Campbell

The paper by M. Lonoff looks at the importance of byproduct prices on copper production. The paper develops several interesting points on this topic, but there are some points in the theoretical discussion that could use further development. A couple of these theoretical topics will be considered here using the paper's framework of assumptions without concern about how realistic the assumptions are for the copper industry. Lonoff’s theoretical model is based on a static, homogenous world where all copper/byproduct deposits are identical, and these deposits are the main source of these metals. Due to the importance of the byproducts to the production decision, the term coproducts will be substituted for the term byproducts to reflect more accurately this condition. The conclusion is drawn that a rise in coproduct prices necessitates a decrease in copper prices because copper production is increased as a consequence of increased coproduct production. The observation that real world behavior does not always follow this pattern is dismissed as "speculation." However, it can be easily shown that within this simple framework market forces might create the observed behavior. The key question to be answered is what causes coproduct prices to rise. Three possible cases will be used as illustrations. The first case is the one implicity assumed by Lonoff. Here, the demand for coproducts increases at all prices (an outward parallel shift of the demand curve) with the demand for copper remaining constant. As reported in the paper, the results are higher coproduct prices, an increase in coproduct production, and lower copper prices due to the resulting increase in copper production. The second case is when the supply of coproducts are constrained-leading to higher market prices. Copper production, as required by the simple model, is also reduced which

Jan 1, 1984

By John W. Cloud

In 1877 the Pennsylvania Railroad Company removed an old bridge from its line at Duncannon, Pa., built intermediate piers and erected shorter spans of the Pratt truss type, which had previously been in use on another portion of the road. The design of this truss would not admit of diagonals larger than 19 inches diameter, and in order to stiffen the bridge somewhat steel rods were introduced for the main diagonals in the first and second panels, 19 inches and 18/8 inches diameter respectively. These rods were threaded without upsetting, and by the ordinary formulae the strains were of the same intensity upon both, viz., 16,000 pounds per square inch with the maximum loading. The other main diagonals in the truss are 19 inches diameter, and of iron. It was specified for the steel rods: Elastic limit,.......46,000 Ibs. Tensile strength,. .. ,. .. 80,000 lbs. Elongation,,.,.,. 20 per cent. The steel was procured without difficulty, and it allowed a factor of safety of 23/4 at elastic limit, while a similar factor of 2½ had for a long time been successfully used for iron. In the course of three years, from time to time, six of these steel rods broke, three of them being 18 inches in diameter, and three 19 inches in diameter. The broken rods were tested, and three of them analyzed at Altoona to ascertain the cause of failure, and what modifications should be made in the steel for such service. Examination showed that all the rods were broken in detail close under the nut. The threads were well cut and properly rounded at the root. testing the rods micrometer screws, reading to .0001" with c bell to signal the contact, were attached to the test pieces, and by this means the modulus of elasticity and elastic limit accurately obtained.

Jan 1, 1881

By Richard P. Rothwell

Though coal has been mined in this country for more than a century, no systematic effort was ever successfully made to ascertain the total amount produced. The production of the Cumberland Basin, Md., and the shipments from the anthracite fields of Pennsylvania, have been placed upon record, thanks to the intelligence and foresight of Mr. C. Slack in the former case, and to the late Mr. B. Bannan in the latter. For some of the years between 1822 and 1842, the production of the Richmond Basin was reported by Mr. R. C. Taylor, but since that date till the author undertook this work it was impossible to obtain any statement of the production of this field. A few of the newer fields, such as that of Mt. Diablo, Cal., have been fully reported, and a few of the newer States have also had this service performed by some intelligent private individuals; but no statistics of coal production have ever been collected either by the State or General Government, if we except the returns for the years 1869—70 of the census report. During the year 1875, by great exertions, I succeeded in obtaining, and July 3d, 1875, gave in the Engineering and Mining Journal what, " though not an accurate statement of our coal production," was " by far the most full and reliable that had ever been published." Though that report showed the production of bituminous coal to be 23,630,094 gross tons, or about six million tons more than had ever before been reported, it was in reality two and a half million tons below the actual output. The more full returns I obtained for 1875 gave many figures for 1874

By Arthur Knapp

The law of supply and demand is, in general terms, that law which governs the price of any commodity in an unrestricted competitive market. There are several variables which, for the purpose of this discussion, will be defined only as they apply to the petroleum industry: Production: The volume of petroleum that is moved from leases. Stocks: The volume of petroleum that is in the hands of the tank farm and pipeline companies. Inventory: The value of the stocks at the market. Consumption: The indicated delivery of oil to others than those who hold stocks. Demand: The potential absorbing power of the consuming market. Demand is the expression of the needs of the consumer and may depend on the economic value of the oil to the consumer. In times of low prices, the demand is the same as the consumption but during periods of high prices or deficiency in supply, the demand may be greater than consumption. A general expression of the law is as follows: production or consumption Some relation between stocks and or controls price or demand inventory The Law as Applied to Crude-oil Market The above general expression of the law shows that there are six relations between variables that must be investigated in any attempt to establish the exact status of price control at any time. Production vs. Consumption If stocks of crude oil were very low, so that the flow of oil to the market was directly from the producer to the consumer and not, in a large measure, through stocks, some relation between production and consumption would be proportional to price changes. We have no criterion whereby we can tell, at present, what volume of stocks and production

Jan 1, 1924

By E. Mcl. Tittmann

Deep-seated human instincts urge us to positively mark the passage of time. We celebrate the passage of each year. Years give way to decades, and decades to half centuries and centuries. At all these mileposts we are inclined to pause, take a look around and catch our breaths before embarking on the next leg. We are at such a point now and this meeting I am sure will give direction to the road ahead into the decade of the seventies. In looking around at this point, 1973, it is obvious to all of us that the environment in which we must mine, mill, smelt and refine lead and zinc has radically changed. These changes have, of course, occurred over a long period of time. They have, however, all been in the same general direction. They have all had the same motivation. The period of greatest contrast is probably the fifteen years just before World War II and the fifteen years following the end of that war. I thought that I might review briefly with you what seems to me to be four of the more important changes that have developed since World War II that profoundly affect our activities in the lead and zinc industry. I mentioned before that all these changes have been in the same direction; that is, they have all tended to restrict our freedom of action in pursuing our objective of producing lead and zinc on a competitive basis at a profit. Consequently, in discus- sing them you may think that I am merely viewing with alarm. This is not the intent. This is merely supposed to be an objective analysis. I think it appropriate before discussing these trends in de- tail to examine the position of lead and zinc today.

Jan 1, 1970