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By J. P. Carson

THE Croton water-shed furnishes the source and storage of watersupply to both the old and the new aqueduct. The Croton river rises in the southern part of Dutchess county, about 68 miles from the lower end of New York city. Its three main branches, called the East, Middle and West branches, flow southward across Putnam county, joining, near its southern boundary, to form the Croton, which continues thence in a general southwest direction across Westchester county to the Hudson river at Croton Point, about 35 miles north of the city. The water-shed above the proposed site of the Quaker Bridge dam extends about 33 miles north and south, with an average width of 11 miles, making in all about 362 square miles, from which, by complete storage, an average daily supply of 250,000,000 gallons may be collected—sufficient for the needs of the city, probably, for the next fifteen years. The water-shed above the Croton dam is 23 square miles smaller, and furnishes the present daily supply of 100,000,000 gallons. By referring to the map it will be seen that the shortest approximately straight line between the proposed site of Quaker Bridge

Jan 1, 1891

NEW MEMBERS The following list comprises the names of those persons who became members during the period Feb. 10, 1916 to Mar. 10, 1916. ALLAN, FERGUS L., Min. Engr., Cons. Min. Engr., Mexico Mines of El Oro, El Oro, Mex. ARMSTRONG, EMERSON WARREN, Met.,. Mina Bibilonia, La Libertad, Nicaragua, C. A. BABB, P. A Blaisdell Coscotitlan Syndicate, Pachuca, Hgo., Mex. BANDY, PERCY J Fundicion Delicias, Calle Delicias, Mexico, D. F. BELLWALD, J. N Apartado 1488, Mexico, D. F. BILLICK, DON CARLOS, Min. Engr., Supt., Hess Gold Mines Co., Alturas, Modoc Co., Cal. BITLER, FRANK L., Cons. Min. Engr., Birkinbine Engineering Offices, Parkway Bldg., Broad and Cherry Sts.. Philadelphia. Pa.

Jan 4, 1916

By AIME AIME

THE outstanding event of the past month has been the conference in Washington of the representatives of about seventy-five of the leading national, regional and local engineering and allied technical organizations." Editorial-July Journal-The American Society of Mechanical Engineers. ?Prominent engineers from all parts of the country, representing more than 75 engineering societies, with an aggregate membership of more than 125,000, participated in the organization.? Editorial-July Journal-American Institute of Mining and Metallurgical Engineers. ?Civil, mechanical, electrical, mining, heating, sanitary, chemical, agricultural, marine, refrigerating, radio, fire protection, automotive, industrial and military engineers, as well as some architects and geologists assembled at Washington, D. C. to consider the advisability of organizing a national federation capable of bringing the united efforts of the entire membership to a focus on any problem of mutual interest." American Architect, June 23, 1920. ?"the object sought places it above any engineering gathering ever held." Editorial-American Machinist, June 17, 1920. "The youngest. profession has voluntarily accepted its responsibility in human affairs and is now reaching forward to a career of essential service." "This is .unmistakably the meaning of the Organizing Conference " Editorial-Industrial Management, July; 1920.

Jan 1, 1920

By H. Hubert

THE first attempts at direct utilization of blast-furnace gas in engines were made in 1895. For a considerable time the gas had been burnt in Cowper stoves for heating the blast for the furnace, and under the boilers which supplied steam to the blowing-engines, and others serving the furnaces. It was natural, therefore, that the idea of directly employing it in gas-engines should have occurred simultaneously to several engineers, notably to Lürmann and to Lencauchez, who had pointed out the blast-furnace as a powerful -gas-producer. Nevertheless, nowhere had any attempt been made to apply it to this purpose up to the end of 1894, when Thwaite proposed it to Mr. James Riley, of the Glasgow Iron & Steel Company. About the same time investigations were being made in Belgium and in Germany, independently of Thwaite's experiments, which were not generally known on the Continent. The industrial world, which up to that time had hardly favored the idea, had thus been gradually prepared to receive it. The gas-engine, long restricted to small sizes and dependent upon the use of an expensive fuel obtainable only in large centers, now began to make headway. At the Paris Exhibition of 1889 two engines of 100 h.p. were shown and excited much interest among engineers. One had four cylinders, and was made at the celebrated works of the Deutz Company, and the other was a single-cylinder engine, exhibited by two French designers, Messrs. Delamare-Deboutteville and Malandin. In the meanwhile the design of gas-producers had made important progress, completely freeing the new engine from its

Nov 1, 1906

By A. G. McGregor

During the past 5 years, five new copper-smelting plants have been built and put into operation in the State of Arizona. The monthly copper output from these plants averages from 5,000,000 to 18,000,000 lb. Previously, there never was as much activity in copper-smelting plant construction in the same length of time in all the rest of the world. Naturally, in this amount of work, some new problems were met and new features in plant design and equipment developed. Some of these features are described in this paper. Concentrate Hauling, Unloading and Sampling System (a) Concentrate Car The International Smelting Co. has provided at its plant at Miami specially designed cars for hauling the concentrates from the mills of the Inspiration Copper Co. and the Miami Copper Co. The car has a bottom that is readily made tight to hold flotation concentrates and is quickly and cheaply unloaded. Figs. 1, 2 and 3 show views and details of the car. The main feature of this car is the slot in the bottom throughout its length, which is closed by means of short planks that overlap like ship-lap as shown by Fig. 1. At one end of the car an iron gate operated by a screw and hand wheel is provided, which clamps or presses the planks together, making the bottom tight. A removable tapered plug rests vertically over this gate when the loading of the concentrates at the mill commences. A concentrate unloading pocket (Fig. 4), 180 ft.long, is provided at the smelting plant, which has a conveyor belt running throughout its length underneath the track. To unload a car, the vertical plug at the end of the car is lifted by means of a chain hoist which is supported by a trolley overhead. The gate at the end of the car is opened approximately 18 in. The removal of the plug leaves a hole down through the concentrates. The concentrates are poked through the hole from the top of the car until it is convenient for a man to stand on the bottom and draw one of the slats in the bottom toward the gate end of the car. The concentrates are then raked down with hoes on their natural angle of repose,

Jan 1, 1917

By Richard S. McCaffery, Morrison B. Yung

While assaying some copper carbonate ore from the Frazer claims, Similakameen, B. C., I noticed that on parting the gold button a deep orange solution was formed. The button gave off pink bands in the nitric acid, which became deep orange at a short distance from it; and as it traveled over the surface of the porcelain dish, it left a deep orange track behind. As the button brightened in the cupel, it appeared to have a bronze color; but I have since found that when amarillium is in large excess of the gold, the button is a very dark gray. The button parted easily. To the orange solution I added a salt (NaCl) solution, shook in a silver testbottle, and filtered. With H2S I obtained a precipitate, which I supposed due to platinum. However, on further tests, it did

Jan 1, 1903

P. H. ARGALL, Magdalena, N. Mex. (written discussion *).-The Chilean mill has generally been considered a fine-crushing machine and as such has had many advocates; it has also. had quite a number of denouncers; hence, the action of the Portland engineers in using the Chilean mill for the preparatory work usually accomplished in, rolls or rock breakers and adding a ball mill to do the fine grinding is novel, though of doubtful utility in the long run, even though a fair efficiency is obtained for the combination machines, as measured by Chilean mill practice. In order to follow the development of Chilean mill practice on Cripple Creek ores, I might say that two 6-ft., Chilean mills were placed in operation in Stratton's Independence mill in April, 1908, treating ore crushed by rolls to pass Y4 in. screen aperture. Screening was, however, found to be an unnecessary refinement, as was also the use of plows in the mills; both screening and plowing were abandoned before the Portland engineers finished the experiments in stamp milling upon which they were then engaged. Two additional 6-ft. Chilean mills were added in the spring of 1911, three of them giving the required 10,000 tons per month capacity, one being always in reserve. The Portland company began using Chilean mills in June, 1910, at its Victor mill, and the same company purchased the Stratton's Independence mill in June, 1915, and remodeled it; it is now known as the Independence mill. A description of Stratton's Independence milling practice, is given in the November, 191.1, issue of Mining Majazine (London). These Chilean mills were used as fine grinders and that they accomplished their purpose is shown by the screen analyses, in which 62 per cent. of the pulp passed 150-mesh screens. To make coarse crushers of these Chilean mills, the Portland engineers have increased the speed, substituted steel in various parts for cast iron, provided new and enlarged thrust bearings to take care of the centrifugal force incident to higher speed, and have, thereby, greatly increased the cost of the machines. They have also reduced the width of the tires and dies from 8 in., as used in the original mill, to 7 in., a reduction of 12 ½ per cent. in the crushing surfaces, to say nothing of the loss of abrasion or attrition incident to the larger surface. At the same time, they have apparently increased the weight of the rollers by using tires 5 7/8 in. thick as against tires varying between 3 and 4 in. on the original mills, thereby increasing

Jan 4, 1920

By Linn Bradley

F. H. WILLCOX, Pittsburgh, Pa. (communication to the Secretary*). -We must keep in mind, in balancing the savings-to be anticipated by the most efficient combustion of gas, the best heat absorption by stoves or boilers, and by heat conservation of the thermal equivalent carried in. blast-furnace gas-against the cost in operation, maintenance, depreciation and interest charges of the equipment required to realize the savings, that in boilers and hot-blast stoves we are basing our economies upon two different, combustion phenomena. In a boiler, evaporating water at a heat efficiency of 70 per cent., approximately 47,550 B.t.u. is consumed per boiler horsepower. Taking the blast, furnace gas cited in the above paper, we are using about 38 ¾ lb. of cold-washed gas per boiler horsepower. Using the hot-cleaned gas, the same equivalent heat is furnished by 34 1b. of the gas , This leaves of the 38 ¾ lb. required in the case of cold-washed gas, 4 ¾ lb. or 6,650 B.t.u. available for raising more steam when dry-hot gas is used, which means that an equivalent amount of coal firing can be dispensed with. Per ton of iron, this figure 2/3 X 12,000/38.75 X 4.75 = 980 lb. gas or 1,372,000 B.t.u. or 100 lb. coal. At $1.50 per ton of coal, the net saving per ton of pig iron produced by the use of dry-hot over wet-cold cleaning will, therefore, be about $0.06 2/3. At a stove heating 8,500 lb. of air per toil iron from 150° F., one-quarter of the dry-hot cleaned gas, or 3,000 lb., would heat the air to 1,450° F. 3,000 X 1,400 X 0.70 = (8,500 X 0.255) = 1,300. The cold-wet gas would heat the same amount of air to 1,280° F. 3,000 X 1,225 X 0.70 = (8,500 X.0.255) = 1,130.

Jan 4, 1917

No phase of the steel industry is more typical of its remark- able progress than is the evolution and development of the modern American blast furnace. The founding of the Institute in 1871 also marked the beginning of a new era in the pig-iron industry. The rapidly expanding westward development of the country, with its seemingly unlimited markets, gave rise to unprecedented demands for blast-furnace products. The manner in which the iron industry responded provides a fascinating chapter in the history of industrial development. Prior to this period, the iron industry of the United States, largely concentrated in the East, was based upon the consumption of local iron ores and local fuels, the latter predominately charcoal and anthracite. Small, isolated furnaces were located near scattered ore and fuel sources, and the completely integrated ironworks and steelworks were yet to be developed. In about 1860 exploitation of the newly discovered rich ore deposits in Michigan and the successful adaptation of blast furnaces to coke produced from coal of the great Pittsburgh seam in western Pennsylvania proved to be major factors in firmly establishing the general westward shift of the industry. But these were largely economic in character, and it was not until about 1870 that the aggressive, individualistic nature of the ironmaster asserted itself in no uncertain manner. No longer limited by relatively inadequate equipment and inferior raw materials, and spurred as well as encouraged by those who supplied capital for these new enterprises, furnacemen began to establish unheard of records in iron production. It is not surprising that Pittsburgh was the center of this new activity. Its tenor is best indicated by the following account :l

Jan 1, 1948

After the close of the Revolution, settlers began to pour over the mountains, to settle in the western parts of Pennsylvania, of Virginia, to move down the Ohio into Kentucky, and in the late seventeen-eighties to settle on "the Indian side" of the river, now Ohio. With the growth of population the interest in coal increased and it was not long before the production of coal west of the mountains was larger than that east of them. Foreign nations, too, became interested in the young republic and in 1783, at the instance of the Swedish government S. A. Hermelin, an engineer, visited this country to investigate its iron industry. He made a very interesting report, not published until 1931, in which he gave many details of the iron plants in the eastern United States; apparently he was not west of the mountains, but was well informed about conditions there. He says, "that some coal near the first branches of the Schuylkill River has been mined and utilized by the blacksmiths," referring, of course, to anthracite; again that "coal mines have also been worked for several years near Pittsburg," and that "great supplies of iron ore are available at the Ohio Falls and further to the west, at Coney Creek, a part of the Green River, where there is also coal."' In 1788, Dr. Johann David Schoepf, who came to this country with the Hessian troops, visited Pittsburgh. He was an intelligent man and acquainted to some extent with minerals and methods of working them. In speaking of Coal Hill on the south side of the Monongahela he mentioned several strata of marble in the lower part and that

Jan 1, 1942

By Reuel A. Cochrane, Harry H. Angst

The successful exploitation by opencut methods of the low-grade porphyry copper deposits is due to the economical handling of large tonnages. Large tonnages are possible only if the rock material is broken so that the large power shovels can operate with minimum delays. This is particularly true at the New Cornelia mine, where the dense, hard, tough rock material creates problems not encountered in most of the porphyry copper mines. The introduction of churn drills at the New Cornelia for primary drilling, in 1936, necessitated a complete change in the methods of breaking ground as formerly air drills had been used. The blasting operations are of particular interest because of the handling of great quantities of high explosives in safely and efficiently fragmenting the hard rock material. Rock Formations At the New Cornelia mine the rocks are quartz monzonite with a diorite border facies intruding a rhyolitic series. Overlying these formations is a fanglomerate formation composed of boulders of monzonite, diorite, rhyolite, and other types of rock of unknown derivation. (The word "fanglomerate" is used in this paper in referring to the local conglomerate type of rock formations.) The ore body is approximately 4800 ft. long and 2800 ft. wide, and is of the disseminated type. Mineralization occurs principally in the quartz monzonite and to some extent in the adjacent diorite and rhyolite. The principal ore minerals are chalcopyrite, bornite, and a small amount of chalcocite. Over a considerable area the quartz monzonite is extremely hard and siliceous in character, owing to pegmatitic zones of alteration. The hardness of the ground depends on the intensity of the silicification. In a small area in the pit, the monzonite contains an abundance of pyrite accompanied by sericitization and is soft and easily fragmented. This is true also in the remaining oxidized portion of the ore body. The diorite and rhyolite formations, like the monzonite, vary from extremely hard to very soft material, but on the whole are easier to fragment than the monzonite. Jointing is prevalent in all the rock formations and plays an important role in the blasting efficiencies. In the fanglomerate formation, numerous well-defined joints, widely spaced, tend to make the ground blocky when blasted. This is a deterrent to good fragmentation. In the other rocks the joints are more numerous and are closely spaced, except in localized areas where the formations are extremely hard. These descriptions indicate that the lowest blasting efficiency will be obtained in the harder formations, from which the major portion of the mine production is obtained; namely, the monzonite and rhyolite. All rock formations mined at the New Cornelia pit are so hard that excavation

Jan 1, 1943

By Harry H. Angst, Reuel A. Cochrane

The successful exploitation by opencut methods of the low-grade porphyry copper deposits is due to the economical handling of large tonnages. Large tonnages are possible only if the rock material is broken so that the large power shovels can operate with minimum delays. This is particularly true at the New Cornelia mine, where the dense, hard, tough rock material creates problems not encountered in most of the porphyry copper mines. The introduction of churn drills at the New Cornelia for primary drilling, in 1936, necessitated a complete change in the methods of breaking ground as formerly air drills had been used. The blasting operations are of particular interest because of the handling of great quantities of high explosives in safely and efficiently fragmenting the hard rock material. Rock Formations At the New Cornelia mine the rocks are quartz monzonite with a diorite border facies intruding a rhyolitic series. Overlying these formations is a fanglomerate formation composed of boulders of monzonite, diorite, rhyolite, and other types of rock of unknown derivation. (The word "fanglomerate" is used in this paper in referring to the local conglomerate type of rock formations.) The ore body is approximately 4800 ft. long and 2800 ft. wide, and is of the disseminated type. Mineralization occurs principally in the quartz monzonite and to some extent in the adjacent diorite and rhyolite. The principal ore minerals are chalcopyrite, bornite, and a small amount of chalcocite. Over a considerable area the quartz monzonite is extremely hard and siliceous in character, owing to pegmatitic zones of alteration. The hardness of the ground depends on the intensity of the silicification. In a small area in the pit, the monzonite contains an abundance of pyrite accompanied by sericitization and is soft and easily fragmented. This is true also in the remaining oxidized portion of the ore body. The diorite and rhyolite formations, like the monzonite, vary from extremely hard to very soft material, but on the whole are easier to fragment than the monzonite. Jointing is prevalent in all the rock formations and plays an important role in the blasting efficiencies. In the fanglomerate formation, numerous well-defined joints, widely spaced, tend to make the ground blocky when blasted. This is a deterrent to good fragmentation. In the other rocks the joints are more numerous and are closely spaced, except in localized areas where the formations are extremely hard. These descriptions indicate that the lowest blasting efficiency will be obtained in the harder formations, from which the major portion of the mine production is obtained; namely, the monzonite and rhyolite. All rock formations mined at the New Cornelia pit are so hard that excavation

Jan 1, 1943

By N. K. Chen, C. H. Mathewson

Recrystallization of aluminum single crystals after plastic extension is carefully studied in relation to the structure of the deformed matrix. The shapes of the new grains are analyzed with regard to slip planes and to the presence or absence of deformation bands. A mechanism by which the orientations of the grains are related to the parent lattice is described. EXPERIMENTS previously reported&apos; have been extended to develop some of the characteristics of the new crystals which are formed on annealing axially strained crystals whose deformational characteristics had been documented with special care. Thus, the presence of deformation bands affects the growth contours of the crystals, some of the strained crystals produced single crystals anew, and some, polycrystals, on annealing, while others merely "recovered" or "polygonalized" after the 600°C annealing treatment generally adopted in these tests. In the matter of orientational relationships between new crystals and the strained matrix, the present experiments have added little to previous experience, which had demonstrated great variety in the range of orientations encountered and no simple theory or correlation. For example, there has been ample evidence for the predominance in various face-centered cubic metals of a favored orientational relationship; viz., a rotation of 30° to 40° around a <1ll> axis, between grains growing in a matrix with a strong single orientation texture and the matrix itself.&apos;-&apos; This reorientation has been interpreted by various investigators in support of both the "oriented nucleation" and the "oriented growth" hypothesis. In the case of axially extended single crystals of aluminum, no general relationship, such as the one stated above, can be used to correlate the orientations of the recrystallized grains with that of the original crystal. Thus, Carpenter and Elama and Burgers and Basart7 were content to assume that the orientational relationships so developed were random in nature. Mathewson, however, in the Campbell Lecture of 1943 "rgued on the basis of <112> slip that a complex strain, chiefly characterized by rotation around a variable axis in the slip plane combined with a principal rotation around the pole of the slip plane, could be responsible for such devious relationships. Nevertheless, owing to the limited data now available dealing with orientational relationships between new grains and the single crystals strained in tension from which they have recrystallized, no adequate examination of the above generalization could be made. Here, there is the disturbing preliminary condition that any desired orientational relationship may be expressed by means of two rotations about mutually perpendicular axes, so the process lacks a certain critical flavor and any successful choice of axes meeting certain theoretical requirements could be replaced by another differently selected pair. With this reservation clearly in mind the process of double rotations, as previously indicated, was used to relate the orientations of the single crystals which grew out of the strained single crystalline matrix and was construed as certain evidence in favor of the theory of incongruent shearing action proposed by Mathewsons as a necessary element in the (111) slip process with close-packed metals. There is here

Jan 1, 1953

By George Rice

THE A.I.M.E. Ground Movement and Subsidence Committee, pro-posed in 1920, held its first technical meeting in February 1923, under the able chairmanship of Mr. H. G. Moulton. The following list of papers and discussions, indicating the scope of the problems and relation to various conditions and method of mining, were given at that meeting by the distinguished mining engineers: J. Parke Channing, on Subsidence at Miami, Arizona; Howard N. Eavenson, on Mining an Upper Bitu-minous Seam after a Lower Seam Has Been Extracted; J. J. Rutledge, on Subsidence in Two Oklahoma Coal Mines; Benjamin F. Tillson, on Caving Cracks at the Franklin Mine, New Jersey; Dr. F. W. McNair, on the Dome Theory; William Kelly, on disadvantageous effects in Mining and Back-filling Working Upward a Steep-Fitching Iron-ore Bed; Eli T. Conner, on the good results of Back-Filling by Hydraulic Means in Preventing Destructive Subsidence in the Anthracite District; Thomas H. Claggett, on the merit of Systematic Pillar Drawing in Preventing Cracks in an Upper Seam; Henry H. Otto, successful results in the anthracite district in Mining Lower Seams before Upper Seams; Douglas Bunting, on Leading Factors Incident to Successful Mining of an Overlying Seam; Edwin Ludlow, on there being "less damage to buildings when there was complete removal of coal with complete packing than when room and pillar is used without extracting the pillars"; Edward O&apos;Toole on "bumps" in eastern Kentucky mines, which he thought were the result of geologic stresses: H. A. Buehler, on Upheaval of Surface in an Illinois Case in Advance of the Face; and R. Dawson Hall, on The Mechanics of Subsidence from Mining. The author of this paper discussed various kinds of problems of ground movement and subsidence in both metal mining and coal mining; the production of great landslides by workings near an outcrop, as at Turtle Mountain, Alberta, Canada; and general

Jan 1, 1939

By A. Weiss, W. A. Coster

The search for ore is characterized by a great variety of uncertainties, each of which can be resolved by obtaining information at a cost. Three exploration stages may be distinguished in which information can be obtained, based on inherently different cost structure: 1) the reconnaissance or scanning stage, 2) the examination or screening stage and 3) the project stage. This exploration sequence would roughly coincide with replies to questions as to: where, how, why and how much. As complete information in each stage is too costly to acquire, we must assess the probability that adequate information will be furnished by a limited amount of effort and attempt to maximize the expected value of ore to be found for a given exploration expenditure. Several problems are discussed relative to the mathematical formulation and possible computer procedures for determining the optimum allocation of a total exploration effort. Based on the available literature possible solutions to this problem are indicated. When scanning through published literature on mineral exploration, it seems at first that there is little room for substantial and systematic improvements in the efficiency with which the problem of discovery of new ore deposits is presently being handled by large organizations active in exploration. It appears equally difficult to offer something relevantly new which could generate a break-through in exploration thinking and cause a marked improvement in the ratio of successful undertakings to the total exploration projects started. On the other hand, a number of experts in recent years have urged that the problems in prospecting be analyzed in a more skillful and sophisticated manner than in the past. Their thesis is based mainly on the premise that the cost of finding mineral deposits will increase with increasing technical difficulties. In present large-scale exploration ventures, especially in those regions where outcrops and immediately visible geologic evidence are scarce, older methods of prospecting are increasingly being replaced by more indirect and systematic geophysical and geochemical methods with more emphasis on correct statistical design of exploration patterns. It is perhaps the oil industry which has made the greatest strides in developing statistically, well justified patterns in its search for oil; possibly because oil seepages, as indicators of the presence of oil, left off at an earlier point in time than did outcrops as indicators of base metals. Among the pioneers in the field of statistics and operations research, as applied to mineral exploration, the excellent works of Allais, Slichter, Koop-man, Mickey, de Guhnin, Krumbein, Griffith, Sichel, Krige, de Wijs, and Matheron may be mentioned. It should, however, be pointed out that three subjects of basic importance to the allocation of exploration efforts have so far received only scant attention in published literature, even by the aforementioned authors. In the first place, a more precise definition of the object of the search, i.e., a minimum-size orebody, seems to be outstanding. Secondly, a decision model is not a widely-discussed subject. Thirdly, no concentrated attempt so far seems to have been made to establish probabilities of the occurrence of economic deposits on a regional scale and to arrive at a slightly more accurate knowledge of the probability laws governing the deposition of ore. It is not the purpose of this paper to create new order in the complexity of uncertainties in which our decision processes in exploration necessarily have to be conducted. Rather, we intend to highlight some of the outstanding, hitherto unmapped territory, where diligent compilation and a utilization of present and historic data may statistically improve our chances of success. We hope that the contribution of this paper will lie in bringing allocation problems into better focus and in increasing the mineral industry&apos;s realization of the magnitude of the factors involved. THE MINIMUM-SIZE OREBODY The concept of target specifications for what constitute a minimum-size orebody in exploration is a rather variable one and depends to some extent on

Jan 1, 1963

By C. Richard Tinsley

INTRODUCTION Documentary complications arise from the risk apportionment in project financing which generally means that once the project is up and running and has satisfied the lender&apos;s completion test, the loan agreement specifically limits the lender&apos;s recourse to the project and its assets. It is the purpose of this paper to describe the special considerations which apply to industrial minerals projects and explore the reasons why so few project financings are negotiated in this industry. SIZE Small projects do not warrant the relatively high costs of negotiating and documenting project financing. The extent of the documentation is directly proportionate to either (a) the degree of risk apportionment, or (b) the amount of control given to lawyers to negotiate the documents. Although one would like to believe that project-finance documentation could be off-the-shelf, it is almost always necessary to tailor the documents to the mine development itself and the individual desires of the borrower. Accordingly, the documentation costs and initial expenses are seldom less than $40,000, and for complex projects can reach $400,000. In addition, banks often charge an up-front fee to partly compensate them for their staff time and partly to increase their yield on what is deemed to be a "riskier" loan asset. Another factor is the generally lower debt:equity ratio when bankers are uncertain of the accuracy of the cash flow projections. The ratio of the amount of cash flow left over after debt service to debt service itself is a key tool for project finance (debt service coverage). Bankers will require a higher coverage ratio for industrial minerals projects because of the relatively higher uncertainties in the following categories: Prices Markets Geology/Quality Transportation Environmental This, in turn, means that lower debt:equity ratios are the norm for new industrial minerals projects. INDUSTRY STRUCTURE It is hardly worthwhile to generalise about a field as diverse as industrial minerals, but there are four other structural reasons why project financing has not been widely applied. 1. The most obvious example is the predominance of small-sized operations, largely a function of transportation economics. Geological conditions also contribute to their dispersion. 2. Often, the product is only a small part of a company&apos;s business in contrast to many petroleum, metals, or coal companies whose sole business is the production of the raw material. The construction industry is a good example here for cement, gypsum, crushed stone, sand and gravel, and the drilling-mud services business for barite and bentonite. A company is unlikely to jeopardise its main business through the failure of a project financing on one of its key inputs. The corrollary is that the mined input is often regarded as a cost centre and not run on the sort of economic basis suitable for project financing. 3. There may be a reluctance to reveal key aspects of an industrial minerals venture to an outsider for purely competitive reasons. Unlike the other minerals industries which readily share technical information at plant visits and

Jan 1, 1985

By Rossiter W. Raymond

BY the courtesy of Mr. Charles W. Jenks, of Boston, one of the owners of this interesting mine, I am enabled to lay before the Institute a suite of specimens, illustrating its peculiar formation and the paragenesis of mineral species which it presents; and a recent brief visit and rapid reconnoissance of the locality permit me to supplement this exhibition with a general description, based upon personal observation. The mine is situated upon the Culsagee Fork of the Tennessee River, in Macon County, North Carolina, a few miles from Franklin. The most practicable route by which it can at present be visited is by wagon (or preferably on horseback) from Seneca City, S. C., a station on the Charlotte and Atlanta Air Line Railroad. The itinerary is as follows: to Walhalla,* nine miles; Walhalla to Highlands, twenty-nine miles; Highlands to the Culsagee, fourteen miles. By passing the night at or near Highlands, the mine can be reached and examined and the return to Highlands made on the second day; and the round trip, if performed in the saddle, can be completed in three days from Seneca City. It is not easy, with due regard to steed and rider, to do it in less time. The rough and precipitous mountain roads do not permit rapid travel ; and the journey is at best a fatiguing one. But its slight hardships are overpaid by the stimulating effect of the climate and the great beauty of the scenery, both of which are destined to become more widely known than at present, to seekers for health and pleasure. Indeed the town of Highlands, already named, is almost entirely made up of northern immigrants, attracted by these advantages and by the inducement of cheap land for agriculture and stock-raising. The Culsagee or Sugartown fork of the Tennessee traverses the belt of ancient crystalline schists on the west flank of the Blue Ridge. This belt abounds in valuable minerals. Among those of the nonmetallic class may be mentioned graphite, soapstone, serpentine, ashes- * A branch or cross railroad is in operation as far as Walhalla ; but the single daily train runs at an hour not convenient for this expedition ; and Seneca City is probably the best starting-point. At all events, I obtained there an excellent mount for the trip.

Jan 1, 1879

President MRS. HARRISON SOUDER south Paramus Road Ridgewood, N. J. First Vice-president MRS. ROBERT HURSH New York N. Y. Second Vice-president MRS. RICHARD LLEWELLYN LLOYD Great Neck, L. I&apos;. N. Y. Third Vice-president MRS. PERCY E. BARBOUR New York N. Y. Fourth Vice-president MRS. E. P. MATHEWSON Tucson Ariz.

Jan 1, 1937

THE third annual Joint Western Mining Convention, held at Los Angeles, Sept. 10 to 13 inclusive, was a notable success both as to attendance and interest. Registration the first day amounted to 201, and the total crept up to 347 before the close. The American Institute of Mining Engineers was well represented, approximately 80% of those registered and most of the speakers being members. This illustrates largely the amount of interlocking membership and the reason for holding at one time and place meetings of the several related organizations. The plan has proved so successful that it is probable that Spokane will extend an invitation for next year that seems likely to be accepted. It is proposed that the convention be timed so as to permit visitors from the East to stop there Oct. 3 to 5, en route to the American Institute of Mining Engineers meeting at San Francisco, Oct. 7 to 9. Simultaneously, it is expected that the Petroleum Division will hold its fall session at Los Angeles, the two streams of travel meeting in San Francisco, just before departure of the party of engineers traveling to Japan to attend the World&apos;s Engineering Congress. The Los Angeles meeting opened Monday morning with a general session under the auspices of the Western Division of the American Mining Congress with Philip Wiseman in the chair. After a series of short responses to the welcome extended, Charles W. Merrill discussed the needs of the western mining industry. A complimentary luncheon to members and delegates followed.

Jan 1, 1928

By H. B. Goodrich

Anthony I?. Lucas died suddenly at his home in Washington, D. C., on Sept. 2, 1921. Captain Lucas, as he was known to us, was born in Dalmatia, Austria, in 1855, of Montenegrin ancestry. He was graduated as an engineer at the Polytechnic of Grate and served in the Austrian Navy as second lieutenant. In 1879, he obtained leave of absence and visited an uncle in the United States. After an extension of this leave of absence, in order to undertake an engineering engagement in the lumber district of Michigan, where he resided, he decided to become an American citizen. He was naturalized in May, 1885. His name was Luchich, but as his uncle had adopted the name of Lucas, which was more easily pronounced by Americans, from his entrance to this country, he used this Anglo-Saxon form. Without knowing this fact, upon first meeting him a person was sometimes surprised to note the rather Germanic pronunciation of the Captain. Although he subsequently revisited Austria with Mrs. Lucas, he made his permanent home at Washington, D. C. His son served with distinction in the A. E. F. during the World War. His activities in this country as a mining engineer were at first in Colorado and later in salt mining at Petit Anse and Belle Isle, La. During his salt investigations, his attention was directed toward the possibility of oil in the Gulf Coast region and in January, 1901, his well, the "Lucas Gusher," on Spindle Top, Tex., started a new era in the oil business and his reputation as discoverer made him famous throughout the world. Captain Lucas became a member of the A. I. M. E. in 1895. During 1914, 1915, 1918, and 1919, he was chairman of the Petroleum and Gas Committee of the Institute and was at all times prominent in Institute affairs. As to the personality of Captain Lucas, the lasting impression is of a courteous hospitable gentleman, genial, affable, obliging, and helpful with his advice br assistance to any colleague. He was sincere, honest, firm against all obstacles, backing his judgment with his own hard work along any course which he had determined to be correct. His value in the engineering world lies mainly in the petroleum industry. In the oil business all wild-catters are pioneers that deserve credit and gratitude upon their success. There are, however, names that particularly stand out in our history. Drake conquered such obstacles as ridicule, lack of finances, and started the oil business. In 1901, Captain Lucas had the conviction that Spindle Top, a dome rising about 12 ft. above the coastal prairie south of Beaumont, Tex., contained commercial oil. He was scoffed at by practical oil men of the East. Noted geologists

Jan 1, 1921