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By E. C. Harder

SINCE early in 1916, when it became apparent that the steel industry of the United States could not depend, for the duration of the war, on several important foreign sources of manganese and might have to depend entirely on domestic ores, the U. S. Geological Survey, with the assistance f several cooperating organizations, has made a comprehensive investigation of domestic manganese resources. The work has included field studies in a number of states as well as annual, quarterly, and monthly canvasses among operators concerning current and future production. In order that the interested public might have access to the important results of the studies, preliminary reports concerning the field work as well as periodic summaries of production were issued as promptly as possible. Although large deposits of rich manganese oxides appear to be lacking in the United States, small deposits of high-grade material are numerous and widely distributed and large low-grade deposits are found in several places. The principal districts in which high-grade manganese ore is mined, in the order of their importance as recent sources of production, are: Philipsburg district, Mont.; Butte district, Mont.; Southern Nevada region; Central California region; Bisbee district, Ariz.; Appalachian region of Virginia; Batesville district, Ark.; Tintic district, Utah; and Cartersville district, Ga. Scattered deposits of some importance are found in western Arizona, southern California, eastern Tennessee, southern Oregon, and central Utah. The formation of many manganese oxide deposits appears to be related to the physiographic histories of the regions in which they occur.

Jan 5, 1919

By George Mansfield

INTEREST in the reserves of phosphate rock in the United States and their proper conservation has recently been aroused by hearings held in different parts of the country by the "Joint Committee to investigate the adequacy and use of phosphate resources of the United States." This committee was appointed within a few days after a Presidential message to Congress on the same subject, dated May 20, 1938, and began to function almost immediately. Hearings were held in Washington, D. C., Pocatello, Ida., Wilson Dam, Ala., Knoxville, Tenn., and Lake-land, Fla. The resulting testimony, when published, comprised a volume of 1182 pages.1 At the earlier hearings held in Washington and Idaho the seeming disparity between the great reserves of the West and the smaller reserves in the East led to some suggestions as to the desirability of curtailing or even prohibiting the exportation of phosphate rock so that eastern pro-ducers, becoming alarmed, cooperated in making available for the use of the committee information hitherto closely guarded. This informa-tion has provided an opportunity for new studies by official agencies, for a restatement of the reserves of Florida and Tennessee, and for some modification of figures for the Western States. The writer, representing the Federal Geological Survey, was given free access to the Florida material and has prepared for publication a report,2 some features of which are summarized in this paper. The Tennessee material was studied by Dr. G. I. Whitlatch,3 of the Tennessee Division of Geology. Prof. J. Stewart Williams,4 of the Utah State Agricultural College at Logan, has published a recent study of the phosphate resources of Utah and the writer has given some further study to reserves of western phosphate from the viewpoint of including material of lower grade than that hitherto considered.

Jan 1, 1940

By George R. Mansfield

INTEREST in the reserves of phosphate rock in the United States and their proper conservation has recently been aroused by hearings held in different parts of the country by the "Joint Committee to investigate the adequacy and use of phosphate resources of the United States." This committee was appointed within a few days after a Presidential message to Congress on the same subject, dated May 20, 1938, and began to function almost immediately. Hearings were held in Washington, D. C., Pocatello, Ida., Wilson Dam, Ala., Knoxville, Tenn., and Lakeland, Fla. The resulting testimony, when published, comprised a volume of 1182 pages.1 At the earlier hearings held in Washington and Idaho the seeming disparity between the great reserves of the West and the smaller reserves in the East led to some suggestions as to the desirability of curtailing or even prohibiting the exportation of phosphate rock so that eastern producers, becoming alarmed, cooperated in making available for the use of the committee information hitherto closely guarded. This information has provided an opportunity for new studies by official agencies, for a restatement of the reserves of Florida and Tennessee, and for some modification of figures for the Western States. The writer, representing the Federal Geological Survey, was given free access to the Florida material and has prepared for publication a report,2 some features of which are summarized in this paper. The Tennessee material was studied by Dr. G. I. Whitlatch,3 of the Tennessee Division of Geology. Prof. J. Stewart Williams,4 of the Utah State Agricultural College at Logan, has published a recent study of the phosphate resources of Utah and the writer has given some further study to reserves of western phosphate from the viewpoint of including material of lower grade than that hitherto considered. Technologic advances in the phosphate industry must be credited with a large share in the expansion of reserves by making available for

Jan 1, 1940

By Shigeo Asai

"Electromagnetic processing of materials is newly proposed to be considered as one of the engineering fields where functions of electromagnetism are utilized for processing electrically conducting materials, such as liquid metals, electrolytes and plasmas. The background requiring this processing and the engineering characteristics supporting it are described. The applicable functions of electromagnetism to material processing are revealed from the view point of magnetohydrodynamics. The existing processes and the proposed ones are classified into utilized functions and engineering applications are discussed. IntroductionElectric energy has been used in the metallurgical field for the processes of melting, refining and solidification. In these cases both the magnetic field which is induced by an imposed electric current, and the electric current are applied on electrically conducting materials such as molten metals. Thus, it turns out that the magnetohydrodynamic (MHD) phenomena have unconsciously been seen in metallurgical processes using electric current. The academic backbone studying MHD phenomena is the Magnetohydrodynamics which is being developed in the fields of plasma physics, astrophysics, fusion research and nuclear energy.The first attempt where magnetohydrodynamics was intentionally applied on metallurgy was a Symposium of IUTAM (The International Union of Theoretical and Applied Mechanics) in titled as ""Metallurgical Applications of Magnetohydrodynamics"" at Cambridge, UK, 1982 [1]. This timely event stimulated a few metallurgists to recognize the importance of ~MHD and was a good warning to the metal societies in the world. Especially in Japan, the Steelmaking Investigative Subcommittee of Research Planning Committee in the ISIJ (The Iron and Steel Institute of Japan) discussed the application of ~IHD to metallurgy and selected it as one of the four major innovative subjects for future steelmaking technology in Japan [2]. Indeed, the term of ""Electromagnetic Metallurgy"" itself was firstly coined by this subcommittee. Upon the request of a report from the subcommittee, the ISIJ has established a committee on ""Electromagnetic Metallurgy"" at 1985, under the author's chairmanship."

Jan 1, 1988

By Richard H. Oitto

With increased interest and urgency for coal mine safety and the passage of the Federal Coal Mine Health 'and Safety Act, the Bureau's research effort in roof control has been greatly expanded. One new project, the subject of this paper, concerns improving conventional roof bolting and has been involved with the effects of different variables on the performance of roof bolt expansion anchors. These include types of expansion anchor, rock type at the anchorage horizon, borehole roughness, rate of torquing a roof bolt to set the anchor, installed tension, bolt length, and relative humidity fluctuations. For this work, two types of experiments were carried out. One was concerned with tension loss in bolt-anchor assemblies and simulated anchor performance in a static roof. The other dealt with anchor slippage as tension was increased and simulated anchor performance in an active roof. Trials were made in the laboratory under controlled conditions so that factors suspected of affecting expansion anchor performance could be selectively studied. Because of the natural variability in rock and the fact that most expansion anchor components are essentially rough castings or forgings, the experiments were designed to permit using analysis of variance techniques for analyzing data. Thus, in this paper, "significant" means statistically significant.

Jan 1, 1972

By Rolf Christiansson, Daniel Johansson, Urban Åkeson, Henrik Ittner, Mats Olsson

"This paper presents two recent studies on the extent of blast damage after excavation in crystalline rock. The Swedish Transport Administration and the Swedish Nuclear Fuel and Waste Management Company (SKB) are both under regulations to limit excavation damage during construction of tunnels. SKB is also required to limit the Excavation Damage Zone (EDZ), as this could be a potential flow path for radionuclides in the planned repository for spent nuclear fuel. Presented in this paper are investigations of blast damage from three tunnel sites, a road tunnel, an experimental tunnel in Äspö Hard Rock Laboratory and an underground subway depot. As expected the fractures resulting from the bottom charge are both longer and more frequent then those mapped in the column charge. The results show that the requirement to limit blast damage according to Swedish regulations was fulfilled for the column charge at the three studied sites.1 INTRODUCTION The Swedish Transport Administration (TRV) and The Swedish Nuclear Fuel and Waste Management Company (SKB) have both recently completed studies related the extent of blast damage from modern explosives after excavation. SKB studies focused on blast damage from pumpable emulsion explosives for underground construction (Ittner and Bouvin 2015) and hydraulic connectivity in the EDZ (Ericsson et al. 2015). TRV had a broader focus with different types of explosives including blasting for both road cuts and tunnelling with pumpable emulsion explosives. Investigations by means of geophysics were also conducted (Olsson et al. 2015). High demands on perimeter control and excavation damage is usually required for underground constructions with a long operation time, such as public tunnels for transport or underground repositories for nuclear waste. This paper presents the findings of recent Swedish studies and aims to discuss the topic in a broader context."

Jan 1, 2016

By Oliver Bowles

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

Jan 1, 1931

By P. Zhang

This paper gives a review of promising technologies for phosphate processing, and covers flotation, analysis and process control, as well as tailings treatment and utilization. Air bubbles of less than a µm in size, combined with relatively large bubbles, have been demonstrated, both in the lab and on a pilot scale, to improve flotation dramatically, by reducing reagent use while improving product grade. Innovative use of polymers has allowed rapid dewatering of fine tailings with a final product that does not segregate. The first online laser-induced breakdown spectroscopy (LIBS) analyzer was created, allowing rapid analysis of wet samples using the laser technology. Many large commercial projects are successfully pursuing the utilization of phosphogypsum.

Feb 1, 2012

By Oda Y, Hashiuchi M

In the smelting section, flexible fuels such as coal or coke are used in place of heavy fuel oil in order to utilize energy sources more efficiently. Heat recovered from the off gas of the furnace has been converted by the waste heat boiler into steam, which is used for self power generation and for heating or maintaining various temperatures. The amount of the recovered steam in the smelter is currently increasing due to maximum utilization of powdered cokes. The heat source required to maintain the temperature of the electrolyte in the tank house is electric power and steam. However until recent year this steam was provided by its own heavy oil combustion type boiler in the tank house since the amount of steam consumed in heating the electrolyte is large. Though experimental work over the last few years has shown the advantages of reducing steam in the tank house by fully covering the cell, the implementation of the full cover can lead to other operating problems. However various improvements, mainly the covering of the cell with a simple device, have led to greatly reduced steam consumption. As a result, steam for the tank house is now provided by the waste heat boiler only bringing more efficient energy usage.

Jan 1, 1987

By C. T. Van Winkle

MINE fires are always dangerous and are frequently accompanied by loss of life during the period of confusion which is apt to follow their discovery. In metal mines, fires may result from the accidental ignition of some combustible material, or they may be of spontaneous origin resulting from the rapid decomposition of sulphide. They occur frequently enough to demonstrate the need of some special equipment and a general plan for controlling them, in addition to measures for their prevention. Nearly all the large copper mines have had fires, and the methods of fighting them have been well described in recent papers, notably-by C. L. Berrien,1 R.. E. Tally,2 and others in discussion. The Copper Queen mine has many shafts, which are connected by underground workings. The deeper parts are ventilated by fans, but in the shallower portions natural ventilation through numerous connecting raises or shafts is sufficient. There have been several fires in the past few years, of which all are extinguished but one, and that is under control. These notes cover particularly the preparations that are being made-to check a new fire, partially or temporarily, and to facilitate the escape of workmen in the interval before a definite plan of fighting it can be established. A fire may occur in a shaft or station, or in some working father away. In case of fire in an upcast shaft, the gas would escape to the surface and the immediate result would probably not be dangerous to workmen, as they could escape by other shafts. In a downcast shaft, however, the gas would be distributed very rapidly throughout a large portion of the mine, and men might easily be trapped and asphyxiated. A fire in mine workings, drift, raise, or stope, would be dangerous in a degree, but the draft there is likely to be less strong than in a shaft and probably a smaller area would be invaded by the fire gases.

Jan 1, 1918

JOHN W. BELL,* Montreal, Canada (written discussion?).-Mr. Hardinge's "hammer" theory is, I believe, a sound one; but, unfortunately, at the very place in the Hardinge mill where there should ,be a large number of small "hammers," there is room for only a very few. The results in Mr. Van Winkle's paper seem to indicate that the practical development of the theory can best be accomplished by stage crushing, using cylindrical mills. It would be very interesting to know if any stage-crushing experiments have been made at Inspiration with Marry mills. Mr: H. Kenyon Burch says:1 "The Marcy mill also proved to be a most excellent intermediate crusher, handling as high as 800 tons of 3-in. feed and under, to pass an 8-mesh screen without return of oversize." It seems reasonable to suppose that a large part of this output would be a finished- product; consequently, if it were possible to send the oversize from two of the primary mills to one secondary mill using balls of small diameter, a considerable saving in power might be realized, provided it were not necessary greatly to enlarge the secondary mill. It does not seem reasonable to suppose that fine material can he crushed as quickly or as efficiently in a primary ball-mill as in a re-crushing mill especially designed for that work. Experimental data, of course, are essential in deciding questions of this kind.

Jan 4, 1918

By Harlan Walker

ROCK-DRILL steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, mainte-nance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted.

Jan 1, 1940

By Harlan A. Walker

ROCK-DRILL steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, maintenance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted. EXPERIMENTAL WORK During the late spring of 1939, experiments were undertaken at Homestake in reducing changes in drill-steel gauge from 1/8 in. to 1/16 in. [ ] In drifts and crosscut headings mounted machines were set up and holes were drilled with 1/8-in. bit-gauge changes and other holes a few inches

Jan 1, 1940

By Michael J. Messel

OF the various minerals that occur in fibrous form known as asbestos, chrysotile is the variety most in demand for commercial uses, and, last year, over 683,000 tons of the various grades were produced in Canada and United States, exclusive of African and Russian production, which figures are uncertain. Production has not been able to keep up with the increased demand, and an acute shortage exists. Canada, Russia, and Africa are still the most important producers. However, Russia consumes most of its production at home and exports very little. The United States consumes over 60 pct of the total production and produces only about 4 pct of the total from deposits in Vermont and small quantities from Arizona. This paper will review mainly, some of the more recent developments concerned with the extraction and processing of this fibrous mineral for various industrial uses, such as textiles, insulation, building materials and brake linings.

Jan 1, 1949

By Bunting S. Crocker

This paper reviews the trends in the past two years in autogenous grinding throughout the world. It covers rock grinding in South Africa, Sweden, Canada, the United States, Finland and Germany. To properly orient the discussion on this subject, the paper attempts to define and classify the scope of autogenous comminution. As this is a relatively new subject, there is often considerable confusion regarding the various practices, which sometimes differ widely. By clarifying the types and forms, we hope to help clear up this con-fusion. Autogenous grinding is being carried out, throughout the world, either in mills grinding in water or solution or in dry mills using air classification to remove the finished material. The wet grinding, particularly, can be divided into: (1) (2) (3) Primary autogenous grinding, or "run-of-mine" grinding. Secondary autogenous grinding or semi-autogenous grinding or rock pebble grinding. Combination processes. -This covers plants in which pebbles made in the primary mill are re-moved and used as grinding media for fine grinding in secondary mills.

Jan 1, 1963

By Larry A. Cramer

"Three primary drivers are setting the trend for base and precious metal processing . they are: continued low real base metal prices, environmental concerns, and continued high prices for PGM.s. Low base metal prices are increasing the search for economies of scale and company consolidation as well as the development of some hydrometallurgical technologies. Environmental concerns are pushing for continued reductions in SO2 emissions and hydrometallurgical technologies. The high prices for PGM.s are driving major expansions and a focus on minerals processing recoveries and, to a lesser extent, reductions in the refining metal lockup.In nickel, HPAL operations on laterites have failed economically but Inco is still pursuing some alternatives. BHP-Billiton and others are developing bioleaching alternatives for nickel laterites and sulphides.Copper continues to be dominated by the hydrometallurgical and pyrometallurgical debate; new hydrometallurgical developments are being tested at several sites whilst the pyrometallurgists continue to make competitive cost and environmental improvements.Gold processing developments are dominated by the use of improved gravity recovery equipment and by the development of thiosulphate as a more environmentally acceptable lixiviant.PGM processing trends are the use of fine grinding technologies, higher power input flotation cells, and new pyrometallurgical technologies. Hydrometallurgical options for some applications are being sought.OVERVIEW The metals industry has remained under price pressure for some time; low and decreasing real prices for most metals have become an expected scenario. Occasional price spikes give some relief but invariably bring expansions and new entrants into an already oversupplied commodity market, thus leading to the continued price pressure. Technical innovation, economies of scale, and improved work systems are continually sought, so as to improve the competitive position of each individual company in such a climate; however, these developments add to the downward price pressure. In such a situation the application of scarce funds to research and development is a difficult task. Excess funding is not available in tight economic times and yet the main route to higher profits is clearly the application of technical developments to lower the cost of producing a metal commodity. Many technical centers have closed as a cost saving exercise and some have coalesced to obtain economies of scale. The Australian based AMIRA research organisation has grown to serve the R&D part of the market well in Australia and in South Africa by acting as the catalyst to form research partnerships between a number of industry players and as an administrator to direct the funding of research projects towards the various applicable research institutions. AMIRA has developed closer ties to Camiro (Canadian Mining Research Organisation) through the appointment of Camiro.s metallurgical processing research director as AMIRA.s North American based director. AMIRA is continuing discussions with MIRO (Minerals Industry Research Organisation) in regard to a merger, with a report outlining the merger proposal expected in March of 2003. Company focused research centers continue to be effective at Anglo American Research Labs, Teck-Cominco Research, Falconbridge Research center, Inco Research and some others."

Jan 1, 2003

By B. J. Harlan

THE trying times experienced by the steel industry during the past four years have emphasized the necessity of producing pig iron at the lowest possible cost. The trend in both design and operation of blast furnaces has been toward this end rather than securing maximum production from a unit or group of units. In the following discussion the trend in design of stacks and auxiliary equipment will be taken up before operation is considered. Although few furnaces have been constructed in the past few years, the trend is definitely toward larger furnaces with a hearth diameter of 24 or 25 ft. Such a furnace is very flexible, being able to produce efficiently any desired daily tonnage between 500 and 1000 or more. The detail of the design of furnace stacks, with the exception of the top, has changed little in recent years.

Jan 1, 1934

By Nasri Munfah, Steffen Matthei, Vojtech Gall

"Conventional tunneling as defined by ITA WG19 is also known as the New Austrian Tunneling Method (NATM) or Sequential Excavation Method (SEM) was transformed in the US to deal with challenging tunneling conditions as an alternative to the more traditional tunneling methods. It is being used more often in urban areas, under difficult ground and ground water conditions, and with limited cover. Often the tunnel is of a large and non-uniform cross section in soft soils or weak rocks. The intent of using this tunneling method is to minimize impact on traffic and utilities and reduce disruption of everyday life of people and businesses. To meet these challenges, the industry developed technical approaches and implementation techniques and established sophisticated contractual relationships and collaboration in the field among various parties for successful implementation. This paper examines the development of conventional tunneling (NATM/SEM) in the US to deal with these challenges using recent examples such as Russia Wharf in Boston, Northern Boulevard Crossing, in New York, and Chinatown Station in San Francisco. INTRODUCTION / HISTORY Conventional tunneling or NATM/SEM is a concept that is based on the understanding of the behavior of the ground as it reacts to the creation of an underground opening. In its classic form the SEM/NATM attempts to mobilize the self-supporting capability of the ground to an optimum thus achieving economy in ground support. Initially formulated for application in rock tunneling in the early 1960’s, NATM has found application in soft ground in urban tunneling in the late 60’s and has since then enjoyed a broad, international utilization in both rural and urban settings. In the US the NATM/SEM tunneling method has been used successfully to address challenging tunneling conditions in urban areas. A large number of tunnels have been built around the world using a construction approach which was loosely termed NATM. During the years of discussions and the application of NATM a variety of terms have been used for the same construction approach. These terms were primarily aimed at describing the construction approach rather than the region of its reported origin."

Jan 1, 2016

By John Croston

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

Jan 1, 1937

By John J. Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 ¼ ¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 12¢ per pound, and since the turn of the present year has reached 17¢. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937