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By Thomas H. Sheehan

The purpose of this paper is to present an application of computer technology to assist the mineral company financial executive in assessing exchange risks. The paper is divided into five parts: Background, Translation Approaches, Theory, Empirical Validation, and Conclusion. BACKGROUND Exchange risk results from a change in the rate of exchange between a host and a home country's currencies. Legitimate reasons exist for changes in the currency exchange rates among countries in a world with over a hundred different currencies. These reasons include: different economic growth rates, social factors, cultural heritages, and political motivations. The problem of exchange rate changes are perennial and exist whether the world operates on exchange rates or floating exchange rate practices. The cause of the problem is trade and international payment imbalances. If one accepts the premise that exchange rates fluctuate over time, then the mineral company financial executive faces a continual process of reassessment of the impact of exchange rate changes on the financial worth of his company. (1) The mineral company financial executive prepares balance sheets and income statements that are audited by certified public account- ants annually for shareholders, bankers, and tax authorities. The financial executive translates assets and equities denominated in foreign currencies into domestic dollars, e.g., Japanese firms convert to Yen, French firms convert to Francs, and so on. When figures from foreign subsidiary operations are consolidated into the balance sheets of the parent corporation, estimates of the company's finan-

Jan 1, 1977

Meeting of Oct. 23, 1914.-It was voted to take no action concerning the proposed amendments to Article VIII, Sections 2 and 3, but that they be sent to the membership, as provided by the Constitution, together with a statement of the arguments for and against the proposed changes. It was voted that the following proposed amendment, which had been unanimously approved at the annual meeting of the Institute on Feb. 18, 1914, be sent to the membership as provided by the Constitution, together with the approval of the Board of Directors of this change: Article III, Section 1, paragraph 3, sentences 2 and 3: substitute the following: "Any Member, Junior Member or Associate in arrears for two years shall be dropped from the rolls unless the time for payment is extended by the Directors. A Member so dropped may be reinstated by the Directors on paying the arrears of clues and other indebtedness with which he was charged on the books of the Institute it the time he was dropped. A Member or Associate thus reinstated shall receive the Transactions for the back year for which he pays." It was unanimously voted to extend the sincere thanks of the institute to Samuel A. Taylor, Chairman, and to each member of the several Committees of the Pittsburgh meeting, for the enjoyable and successful meeting which they brought about.

Jan 12, 1914

Hiring - Science or Guesswork?

Jan 6, 1951

At the close of the current academic year, there will be eight vacancies to be filled in research graduate assistantships which are maintained by the Engineering Experiment Station of the University of Illinois. In addition to these assistantships, there are available two research graduate assistantships in gas engineering, which are supported by the Illinois Gas Association. These assistantships, for each, of which there is an annual stipend of $500 and freedom from all fees except the matriculation and diploma fees, are open to graduates of approved American and foreign universities and technical schools who are prepared to undertake graduate study in engineering, physics, or applied chemistry. An appointment to the position of Research Graduate Assistant is made and must be accepted for two consecutive collegiate years, at the expiration of which period, if all requirements have been met, the degree of Master of Science will be conferred. Not more than. half of the time of a Research Graduate Assistant is required in connection with the work of the department to which he is assigned, the remainder being available for graduate study.

Jan 3, 1919

Jan 1, 1923

Jan 1, 1946

[ ] For President-Elect Leo F. Reinartz has been nominated for the Presidency of AIME in 1954. Mr. Reinartz is now vice-president, special operating development, Armco Steel Corp. He was born in East Liverpool, Ohio, and graduated from the Carnegie Institute of Technology as metallurgical engineer. He joined Armco in 1909 as a chemist and then became open hearth foreman; assistant superintendent, open hearth dept.; superintendent, open hearth dept.; assistant general superintendent; works manager, East works; manager, Middletown div.; and assistant vice-president, successively. Mr. Reinartz has been active in many technical societies and delivered papers before several. He has been the recipient of the Alumni Award from Carnegie and holds life honorary membership in the AIME National Open Hearth Conference. One of the organizers of the National Open Hearth Conference, Mr. Reinartz was Chairman, Executive Committee (1927 to 1946) and is presently Chairman of its Finance Committee. In October 1951 he was an American Conferee at the First World Metallurgical Congress held in Detroit. An AIME member since 1925, Mr. Reinartz has been active on numerous committees of the Institute.

Jan 1, 1952

[ ]

Jan 1, 1907

WE the undersigned, being all persons of full age and citizens of the united States, and a majority residents of the State of New York, desiring to form a corporation pursuant to the provisions of the Membership Corporations Law for the purpose of incorporating, as provided in Section 5 of Article I. of said law, the existing unincorporated association known as American Institute of Mining Engineers, do hereby make, acknowledge and file this Certificate for that purpose, and do Certify as follows: I. That the American Institute of Mining Engineers is an unincorporated association organized and existing with the object of promoting the arts and sciences connected with the economic production of the useful minerab and metals and the welfare of those employed in these industries by means of meetings for social intercourse and the reading and discussion of professional papers, and to circulate by means of publications among its members and associates the information thus obtained. II. That the persons duly appointed or designated to manage the affairs of said association are designated by the rules thereof Members of its Council; that the undersigned are all members of said Council as the same was constituted on the 20th day of December, 1904. III. That on said last-mentioned date a regularly called meeting of said association was held at its office in the Borough of Manhattan, City of New Pork; that thirty days before such meeting notice of the intention to incorporate said association was given by mail to each member thereof whose residence or post-office address is known; that at said meeting the following resolutions were offered, seconded and duly adopted by the unanimous vote of all its members then present, to wit: "Resolved, That it is the sense of the members and associates of the American Institute of Mining Engineers in general meeting assembled that it is desirable and necessary for the well being of said association and its members and for the furtherance of the objects for which the same has been formed, that said association lncorporate under the Membership Corporations Law of the State of New york; "And Further Resolved, That the Members of the Council of this Association, or a majority thereof, be and they hereby are authorized, in accordance with the provisions of Section 5 of Article I. of the Membership Corporations Law, to incorporate this association for the same purposes for which it has been organized and conducted, in the manner provided in Article 11. of said law; "and Further Resolved, That the name of said corporation as hereby adopted by this meeting shall be American Institute of Mining Engineers; "And Further Resolved, That the said incorporators shall be named in the Certificate of Incorporation as directors of such corporation until its first annual meeting, and that such directors and their successors in office shall be and they hereby are authorized to enact and adopt a Constitution and By-Laws for the government of said corporation." IV. That the name of the proposed corporation is American Institute of Mining Engineers. V. That the purposes for which this corporation is to be formed arc: To promote the arts and sciences connected with the economic production of the useful minerals and metals, and the welfare of those employed in these industries by all lawful means; to hold meetings for social intercourse and the reading and discussion of professional papers, and to circulate by means of publications among its members the information thus obtained, and to establish and maintain a place for meeting of its members, and

Jan 1, 1929

Jan 1, 1947

Jan 1, 1947

SOME days ago a visiting member from Pittsburgh who is an ardent supporter of the Institute remarked: "There are a lot of men who would be members of the Institute if it weren't so expensive. It is not so much the $15 dues as the $20 initiation fee. This makes quite a hurdle, especially for the younger fellows." A little further conversation developed the fact that the member had never learned of the changes in the By-laws regarding initiation fees and dues made by unanimous vote of the Board of Directors last November. As a great many others doubtless are unaware of these changes, the substance of two of the amendments is here repeated. They provide: (1) That the initiation fee for Junior Members (heretofore ten dollars) he abolished. (2) That the age limit for entrance as a Junior Member be increased from 27 years to 33; provided further, that the period during which the dues of a Junior Member are ten dollars shall be a maximum of six years but in no event shall extend beyond his thirty-third birthday. The Junior Member gets the identical privileges enjoyed by his seniors and he likewise assumes the same obligations with the sole exception of the financial payments. This one exception is justified by the fact that the engineers of more mature years, who are established in the profession, - are able and willing to assume a slightly greater financial burden. In effect, it is a small subsidy for the younger men; but these in turn will later enter the group of those that give instead of receive assistance. The practical result is that an engineer under 27 can obtain every privilege and benefit of membership for six years on the payment of only $10 per year without any initiation fee. A man of thirty can do the same for a period of three years. Incidentally, a candidate applying for membership (either as senior or junior) in the next few months need pay dues for the second half of 1935 only. A Junior Member -can be enrolled with an immediate outlay of only $5. The Institute does not seek-members indiscriminately merely to swell the number. These facts are not presented as a "bargain" offer in any sense. The standards for admission are high and are watched zealously. But it frankly-wants to give qualified men who can benefit from membership every encouragement to apply. Naturally, the Institute does not want lack of accurate information regarding initiation fees and -dues to be a stumbling block to any that are eligible and desirous of enrolling. Members are urged to take it upon themselves to clear up misapprehensions on this point, particularly among younger engineers.-Editorial reprinted from MINING AND METALLURGY, May, 1935.

Jan 1, 1935

Jan 1, 1934

Jan 1, 1919

Jan 1, 1936

By Edmund C. Pechin

I REGRET that I am unable to present this subject in definite form and detail. All I shall attempt at this meeting is to lay before you some curious facts, the bearings and explanations of which must be reserved for future consideration. I hope before the next meeting to have carried experiments far enough to furnish a more important contribution to the science of iron metallurgy. The Wickersham process consists in the introduction into the molten metal, as it runs from the furnace, of air from the hot blast. Mr. Samuel Wickersham is the originator of the plan, as applied in practice, although Mr. Martien had the idea a long time ago, and, I believe, went to England about it. But at that time Mr. Bessemer was coming before the public with his invention, which engrossed the attention of iron-masters, and Mr. Martien accomplished nothing. The principal difficulty in our experiments at Dunbar was to get a practicable runner or trough, through which the molten metal should pass, and in which it should be exposed to the action of the Mast. The runner we used was ten feet long, and perforated on the sides to permit the entrance of the air-currents. When we used a cast-iron and fire-clay runner, the heat was so great that before we were more than half done with a run, the lower part of the runner was melted, and we had a magnificent Fourth of July display of fireworks until the blast was shut off. We had to abandon fire clay. The runner with which we have had the best success is made of wrong- ht-iron tubes, 29 inches in diameter, attached to a wrought-iron frame, and lined with a mixture of crushed conglornerate (quartz) and a little fire clay to give it cohesion. The wrought-iron shell curves inward over the upper edges, so as to catch and throw back into the current the flying sparks and particles of metal thrown out by ebullition. With this we have been able to run 12 to 14 tons at a heat with great ease. Mr. Wickersham has since prepared this material (pounded quartz) into a shaped brick or tile, with the necessary perforations for the passage of the air, which promises to answer every requirement for steady working. As regards the improvement in the quality of the iron, there seems to be no question. A large number of practical tests were made in

By G. P. White, J. M. Jones

Introduction Computer simulation is a technique that has been around for many years. Its applications include designing steel mills, planning space shots, or even developing ways to beat the casinos in Las Vegas. However, the use of computer simulation in surface coal mining is fairly recent. To promote its use, several government agencies, including the US Bureau of Mines, Forest Service, and Department of Energy, contracted with universities and private companies to develop computer simulation programs for surface coal mining. Some of these developers include McDonnell-Douglas Electronics Co., Pennsylvania State University, Montana State University, Fluor Mining and

Jan 1, 1985

Jan 1, 1941

By Charles H. Fulton

FOR some time it has been thought that there should be > closer relationship between the members' of the Institute engaged in education in the mining schools, the mining, metallurgical, ceramic, and geological departments of universities, and the members of the Institute actually engaged in the production of mineral products and the operation and direction of works. The American Society of Chemical Engineers and the American Ceramic Society have for some years past devoted especial attention to the educational matters of their respective fields. The Engineering Foundation, representing the great engineering societies of the country, is deeply interested in technical education and maintains a Committee on Educational Research.

Jan 1, 1932

At its meeting on February 21, 1933, the Board of Directors passed the following resolution defining and expressing the policy of the Institute with respect to official participation or action in controversial matters: WHEREAS, the Board of Directors at its last meeting passed the following resolution: "The Board of Directors, having been appealed to by several Local Sections for advice concerning the attitude and policy of the Institute relating to the endorsement of candidates for public office, the following statement of policy is formulated: "Whereas, the American Institute of Mining and Metallurgical Engineers is organized for purely professional and scientific purposes, and whereas diversity of opinion among its members on partisan or political questions is inevitable, it is the expressed policy of the Institute to refrain from official participation or action, in political and semi-political matters." AND WHEREAS, appeals for additional advice have been received: NOW, THEREFORE, IT IS RE¬SOLVED: (1) That the policy of the Institute is to refrain from official participation or action in controversial non-technical economic subjects; further (2) That if any Local Section is in doubt as to the application of this policy to any particular subject, it should communicate with the Secretary of the Institute for advice.

Jan 1, 1946