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By William Romanoff

IN AN ARTICLE on "Recovering Smelter Dust and Oxide," published in the Engineering and Mining Journal (Vol. 131, No. 2), the authors briefly described some dust-recovery equipment and its operation at a secondary-metals brass-smelting and refining plant. A description of our experience in overcoming certain operating difficulties may prove of interest or value to those who are confronted with some of the same problems or who should equip their furnaces with dust-collecting equipment. The dust loss from reverberatory smelting and refining of brass con¬sists largely of zinc, with smaller percentages of lead, tin, and copper in the order named. At the Kramer plant, the fume discharge from the two stacks amounted to 3 to 4 tons of solids per day, making a dense smoke. With dust equipment in operation, the discharge from the stacks is invisible and approximately 2500 lb. of zinc and other metals is recovered daily thereby from each furnace operating.

Jan 1, 1933

By D. B. Masson

THE martensitic transformations occurring in ,B AgCd as a result of cold working at room temp.. a-ture and cooling below room ten1erature have been reported by Masson and Barrett.1 These authors found that simple cooling to 127°K caused body-cen-tered-cubic AgCd containing 53.0 at. pct Ag to transform to an orthorhombic structure, while mechanical deformation at room temperature was found to induce a hexagonal structure. Furthermore, they observed that the temperature at which martensite first appeared on cooling, Ms, and that at which the transformation was complete, MI, as well as the corresponding temperatures for the reversion on heating, As and Af, could be ascertained to ± 1°K, although they report these temperatures only for the alloy containing 53.0 at. pct Ag (51.96 wt pct). In the work reported here the temperature range of the transformation on cooling was studied as a function of composition, and further consideration was given to the relationship between the original bcc structure and the transformation-induced hexagonal and orthorhomic structures. EXPERIMENTAL PROCEDURE All samples studied were in the form of annealed 300-mesh powder and were prepared from the constituent metals in the manner described previously.1 The compositions in weight and atomic pct are listed in Columns 1 and 2 of Table I. Method of determination of transformation temperature was the same as utilized previously1—measurement of the intensity of X-rays diffracted by the transformation product. A diagram of the low-temperature sample mount is shown in Fig. 1. This mount was made to fit a GE model XRD-3 X-ray diffraction unit. The powder sample was varnished to a flat surface on a copper sample holder at A. This sample holder was soldered to a brass rod, B, which was in turn soldered to a second copper rod, C. Rod C could be cooled to 78°K by inserting it into a reservoir of liquid nitrogen, D. A heater coil of nichrome wire was wound at E on the sample holder, and by varying the current through the heater a thermal gradient could be maintained along brass rod B. Sample temperatures from 78°K up could be attained and held as long as needed. The sample holder and nitrogen reservoir were insulated by Styrofoam, F, and the sample itself was protected by two radiation shields, G. The X-ray beam entered and left the sample chamber through windoys in the supporting container at H and I. Sample temperatures were measured by a calibrated copper-constantan thermocouple varnished to the sample holder just out of the beam at A. The low-temperature structure had been found to possess orthorhombic symmetry1 and the expected positions of the diffraction maxima were known. Therefore the sample was aligned in the X-ray beam and the Geiger counter of the spectrometer set to receive the most intense orthorhombic reflection without an adjacent interfering cubic reflection. This

Jan 1, 1961

By AIME AIME

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

Jan 1, 1929

By AIME AIME

THE 122d meeting of the Institute was held in the Lake. Superior Copper and Iron Country Aug. 20 to Sept. 3, 1920 with an approximate registration of 1100 members and guests. This is the 'first visit of, the Institute to this vicinity since 1904 although previously it held meetings there every six or, seven years. 'The eastern party assembled at Buffalo and sailed on the S. S. "Tionesta ". on Friday morning, Aug. 20, arriving at Houghton, Mich., Monday, Aug. 23. En route stops were made at Detroit, where sightseeing auto trips were taken, and at Mackinac Island, where a short stop permitted a visit to the picturesque and historic Fort Mackinac.

Jan 1, 1920

By M. Deighton, R. N. Parkins

The metals Cd, ,Wg-, Sn, TI, Zn, and Zr reach a peak hardness after a criticfir1 deformation by rolling- and then soften with fwther rolling-, thereby exhibiting wovk softening. Optical metallography on Cd, Mg, and Zn shows that work softening is accompanied by a change in grain size occurring during deformation. The creep of zinc from -1l° to +60°C at stresses in the range of 7.9 to 17.3 kg per sq mm is given by € = e0 -t- Bt + Kt +at6. The third and second rate constcints are related by the equation a = K~ K6 and their stress and temperature dependence can be represented by the equations K = A, . exp - (u, - Bu)/kT. A model based upon the stress activated glide of sub-boundaries is proposed which qualitatively accounts for the metallog-raphic observations. Expressions, which are in reasonable quantitative agreement with the ex-pe~inzental observations, are derived for the creep of zinc. THE term "work softening" has been used previously by Polakowski1 and by Cottrell and stokes2 to describe phenomena where further strain of a deformed material leads to a decrease in flow stress. In both cases, however, the conditions were changed for the second straining. Here, the term "work softening" is intended to refer to a decrease in flow stress after continued straining in the same direction at the same temperature: work softening is the antithesis of "work hardening". Work softening of zinc was reported by chadwick3 and in discussion of that paper Jenkins4 indicated that cadmium also work softens. More recently work softening has been reported5 in two magnesium alloys, -99.5 pct Mg. Chadwick found that the hardness, 0.2 pct Proof Stress and the UTS of electrolytic zinc all increased with progressive cold reductions up to 30 pct and then progressively decreased with further rolling. Gay and Kelly6 used a back-reflection X-ray technique to study the effect of cold rolling zinc and found that although deformations greater than 2 to 5 pct reduction in thickness produced some recrystallized grains, deformations greater than 40 pct caused com-plete spontaneous recrystallization. At deformations greater than 60 pct the material was found to consist solely of recrystallized grains, -20 pm diam, the size of which decreased with increasing reduction and was much less than the initial grain size of the annealed material (-300 pm diam). Similar results were also reported for cadmium, tin, and lead.6 Gay, Hirsch, and Kelly' suggest that these experiments indicate recrys-tallization takes place when the dislocation density exceeds a certain value. However, no measurements of MATERIALS AND EXPERIMENTAL PROCEDURE The purity of the metals used in this work is indicated by the following figures: Zn (99.99); Cd (99.94); Mg (99.95); T1 (99.99). The zirconium was iodide crys tal bar with a probable purity of about 98 pct. The metals were obtained in the form of 0.25 in. thick strip or 0.425 in. diam rod by various fabrication methods and then annealed to ensure complete re-crystallization. Hardness-deformation curves were obtained at room temperature by rolling 4 in. thick strip under conditions which left a surface adequate for diamond pyramid hardness tests immediately after rolling. The hardness was taken as the niean of five impressions made using a 5 kg load and the time elapsing between rolling and making the last impression never exceeded 5 min. The zinc specimens for creep testing were from 3 by 3 by 4 in. cast slabs which were rolled to 0.10 in. thickness starting at 350°C and finishing cold. The resulting strip was cut into pieces 1 in. wide and annealed in batches. With suitable choices of annealing temperature between 100" arid 400°C five different grain sizes varying from 4.54 x 10' to 3.03 x l05 grains per sq cm (530 to 20 um diam) were obtained. Creep tests were done in compression using a sub-press, based on a design after Ford,8 in which the strip is compressed between dies 0.100 in. wide under conditions of plane strain. Since there is no lateral spread of the material, the area of contact between the dies and strip remains constant throughout the test and the application of a constant load, using the load maintaining device of a hydraulic testing machine, resulted in a constant stress. Covering the dies with strips of P.T.F.E. reduced frictional effects to a minimum. The creep strain was obtained by measuring the travel of the crosshead of the testing machine to a sensitivity of 0.1 pct reduction in thickness. The complete subpress assembly was contained in a steel box and for tests above the ambient this was filled with liquid paraffin and heated electrically. Temperatures below the ambient were obtained with a cooling mixture of acetone and solid carbon dioxide in the box. The liquids were stirred and the temperature of the specimen, which was controlled to ±0.5"C dur-ing a test, was measured by a thermocouple placed near the dies. Compression testing of cylindrical specimens was also carried out in the subpress using hardened flat discs separated from the test material by P.T.F.E. sheets which obviated barrelling of the specimens. Various initial strain rates were supplied by the hydraulic testing machine, and the deformation was measured by a clock dial gage resting on the cross-

Jan 1, 1970

By H. H. Stout

In the early fall of 1925, the writer was conducting, in the Ledoux and Co. laboratory, New York, experiments directed toward ascertaining the effect on its impurity content when cathode copper was subjected to a current of various gases at an elevated temperature below the melting point. The apparatus consisted of a vertical I-in. dia. silica tube about 12 in. long, heated on the outside. The cathodes were broken to pass 3/8-in. mesh, and a current of various different gases was passed up through a 4-in. long column of these loose cathode particles in the vertical tube furnace. Temperature was maintained to 1500º to 1600ºF. and the gas treatments lasted from 3 to 6 hr. The writer observed that whenever reducing gas (H2 or CO) was used, these cathode particles stuck together at points of contact with each other. The cohesion was so marked and tenacious that an examination was made of the fractured surfaces, when cathode particles were broken from the cluster. Crystal growth was always found to have taken place across the surfaces where separate particles were in contact, but only after all oxides, sulphates, etc., had been completely removed. The idea of a possible new process was then conceived and was disclosed to A. M. Smoot (V. P. Ledoux and Co.) with intent to obtain his views. The first conception as given Smoot was "to gas-clean broken cathodes, put them in an extrusion press, solidify and extrude them at around 1500ºF." Smoot's reaction, after a few moments considera- tion, was, "It looks perfectly all right to me.'' The writer and his assistants, W. H. Osborn and H. H. Stout, Jr., after conferring as to ways and means, decided to go ahead with preliminary laboratory experiments, which, it was thought, would move the new process from the possible to the probable. This program followed a course indicated by three basic considerations: 1. Since brittle cathodes were often unintentionally produced, it seemed probable that the laws controlling this type of deposition could be ascertained. 2. We had already proved the gas-cleaning feature. 3. There remained to prove: whether a sound, homogeneous metal billet could be produced with crystal growth established over the entire surface of each individual particle in the billet; and, if so, what would be the physical properties? Osborn arranged with Columbia University for conducting experiments in its research laboratory to prove or disprove the third item; Columbia assigned C. A. Phillipi, Jr. to assist in the project. A press with a cylinder 2 in. high and of I-in. dia. was used. It was surrouilded and heated by a resistance coil 01 Nichrome wire. Broken tough cathodes were used. Experimental Procedure The first run took place March 18, 1926. The resistance wire gave out when temperature of 1000ºF. was obtained. Pressure was immediately applied: perceptible ram movement stopped when 39,000 lb. per sq. in. on the copper was reached, with a maxi-

Jan 1, 1941

By AIME AIME

Acid Open-Hearth Manipulation.. By ANDREW MCWILLIAM and WILLIAM H. HATFIELD, ii, 279. Discussion by J. J. MORGAN, iii, 647; E. H. SANITER, iii, 648; MCWILLIAM and HATFIELD, 111, 648. ADDICKS, LAWRENCE. The Effect of Impurities on the Electrical Conductivity of Copper, iii, 559. Address of Welcome to the U. S. National Museum, Washington, D. C. By RICHARD RATHBUN, .iv, 923. ALLDERDICE, TAYLOR. Discussion of MR. ROE'S paper, The Mann¬ facture and Characteristics of Wrought Iron, v, 1091. American Mining Engineer. Discussion by ARTHUR JARMAN, iii, 641. An Automatic Stock-Line Recorder for Iron Blast-Furnaces. By J. E. JOHNSON, JR., iii, 509. Anthracite-Washeries. By GEORGE W. HARRIS, vi, 1263.

Jan 1, 1907

By William H. Waggaman

CURTAILMENT of the mineral industry as a whole undoubtedly will follow world peace, but the output of certain minerals should pursue a course well above the average on any curve of probable output projected beyond the trends exhibited through 1939. Without speculating on industrial conditions in the pending recomversion period, demand for fluorspar should be greater than before the war because of these factors, introduced by or resulting directly from military necessity: (1) Discovery and development of new deposits. (2) Improved technology in benefication. (3) New and expanded uses for fluorspar and its derivatives. The steel industry has been and continues to be the greatest consumer of fluorspar, and it wag largely to meet the wartime needs for steel that the domestic fluorspar industry has been expanded so greatly. Not only were the search for and development of new deposits of this mineral considered esstinal but the marginal nature of some of the,c- domestic deposits made it necessary to improve mineral dressinc and processing techniques to utilize them

Jan 1, 1945

By Harry M. Mikami

Chromite is the only ore mineral of metallic chromium and chromium compounds and chemicals. Because of this fact, chromite and chrome ore are used synonymously in trade literature. In commercial market quotations, chrome ore is the term commonly used. Chromite per se, because of properties imparted by its chromium content, is used in refractories and in special purpose moulding sands for metal casting. There are many other minerals containing some, generally minor, amounts of chromium, but none are commercial sources of the element (Thayer, 1956, p. 15). Chromium and chromite have many diverse uses that, directly and indirectly, critically affect vast segments of our modern industrial system. Most important are probably the metallurgical applications wherein chromium is a component of heat, abrasion, corrosion, and oxidation-resistant, and high strength alloys of many types. Stainless steels are the largest volume category of chrome-bearing alloys. Chromium chemicals are used in leather tanning, in pigments, dyes and mordants, printing, :hemica1 process industries, photography, pharmaceuticals, metal plating, pure chromium metal production, and for many other purposes. Chromite is a necessary constituent in basic refractories indispensable for the production of steel, copper, cement, and glass. Under present economic-political conditions, he U.S. and for that matter, North America, has virtually insignificant ore reserves of chromite. There are chromite deposits, as will be described, but they would only be used under highly abnormal conditions if all outside sources were cut off. All chromite used in the U.S. is imported from the eastern hemisphere in which are contained the principal world reserves. As the main suppliers in 1971-72 were the USSR, Turkey, Republic of South Africa, Philippines, and Rhodesia, the strategic nature of chromite is obvious.

Jan 1, 1975

By C. K. Leith

OTHERS here are far better qualified than I to discuss some of the specific proposals for government regulation of the oil industry. I shall make no attempt to carry oil to Oklahoma. The question of public control, however, is inherent in other branches of the mineral industry in varying degrees, and my comments will be directed mainly toward some of the trends affecting the mineral industry as a whole, as a background for your more specific consideration of oil legislation. A proud American tradition has been the insistence on freedom of competition, on equality of economic opportunity, on a policy of laissez faire. Nowhere has this principle been given wider application than in the mineral industry. The mineral field has been open to all comers, and the job of mineral exploitation has naturally attracted daring and independent spirits. The laws governing conditions of discovery and development, as well as the anti- trust laws, have been devised to foster the spirit of private initiative. The result has been the building of a mineral industry on a scale never before approximated anywhere in the world. The impetus thus gained, the methods, the technique, the financial resources, have been projected be- yond our boundaries and have made the American mineral industry the purveyor to the world for many essential commodities and first in the exploitation of the world's minerals. Our habits of individual self-reliance and success are deeply ingrained, and there is hardly an individual in the entire mineral field who does not instinctively recoil fro111 the extension of collective control, whether public or private.

Jan 1, 1932

By B. S. Butler

The principal ore deposits of Arizona are in the southern, cen-tral, and western portions of the state, which physiographically are part of the Basin and Range province, southwest of the Colo-rado Plateau (Pl. I). The Basin and Range province is characterized by numerous subparallel mountain ranges separated by plains or valleys. Most of these ranges trend northwest to north, parallel to the margin of the Colorado Plateau; but in southeastern Arizona, southern New Mexico, and northeastern Sonora, they trend northward, transverse too the edge of the Plateau. The mountains rise abruptly from plains or valleys, the margins of which in many places are pediments cut on hard rock. Some of the plains form closed basins (bolsons, playas), but most of them are drained. The Basin and Range province in Arizona is divisible into the Mountain Region and the Desert Region4 (Pls. I and II). The Mountain Region forms a belt 60 to 100 miles wide that contains most of the large ore deposits. Its longest range measures about 55 miles, the widest 20 miles, and the highest peak more than 10,000 feet above sea level or 7,000 feet above adjacent valleys or plains. Broad plain-forming valleys are exceptional, but several with maximum widths of 20 to more than 30 miles appear in the southeastern portion. In the Desert Region the mountains are relatively low, narrow, serrated, and steep, with sharply angular profiles. There are a few exceptionally large ranges of which the longest measures nearly 100 miles and the widest 18 miles. The highest peak is some 7,000 feet above sea level, and the maximum local relief amounts to about 5,400 feet. Broad and comparatively low desert plains form 50 to 75 per cent of the area.

Jan 1, 1939

By Leonard A. Wood, A. G. Winslow

Subsidence has occurred in several areas of the upper Gulf Coast region of Texas, although in most cases this is not evident without precise instrumental leveling. As referred to in this report, the region com- prises about 7200 sq miles of the Gulf Coastal Plain and includes all or parts of the following counties: Harris, Fort Bend, Waller, Brazoria, Galveston, Liberty, Chambers, Orange, and Jefferson (Fig. 1 ). Topographic relief is low, ranging from sea level at the Gulf of Mexico to 300 ft or more in northwestern Harris County.

Jan 10, 1959

By Wheeler Davey

WHEN metals are subjected to mechanical working, such as rolling, one of the phenomena that take place is a movement of the crystals of the metal into a system or systems of orientation which bear an angular relation to the direction of working. In rolled metal the crystals may orient themselves with respect to the rolling plane or the rolling direction, or both. Direct evidence of the existence of preferred orientations in rolled metal has been obtained by numerous investigators from X-ray patterns of the rolled metal. Most of these workers used a monochromatic pinhole method. Where the degree of preference for a single orientation is high the monochromatic pinhole pattern may be interpreted by a geometrical calculation based on the angular relationships of the planes in the crystal and the diffraction arcs on the X-ray pattern. This process may be aided by the geometrical construction of the locus sphere (Langenkugel), and reflection circles of Polanyi,1 Polanyi and Weissenberg,2 and Mark and Weissenberg,3 and of the plane polar figures (flachenpolfigur) of Franz Wever.4 R. M. Bozorth5 solves X-ray patterns from metals having a single preferred orientation by means of a series of charts which when placed over the X-ray pattern give directly certain angular relationships, between the crystal planes and the surface of the specimen.

Jan 1, 1929

By E. J. Fasiska, L. Zwell

PREVIOUS investigations 1,2 of Fe3P described by pearson3 and schubert4 show that Fe3P has a bct unit cell having four Fe3P tetrahedra centered around each lattice point. The space group is 14, No. 82, and all atoms occupy general positions 8(g). The cell dimensions3 are: a = 9.090, c = 4.446 kX, with an axial ratio of c/o = 0.4891. We have measured the lattice parameters of Fe3P, using a Fe as an internal temperature standard, at 23°, 414°, and 678°C and computed the thermal expansion over this temperature range. The Fe,P was prepared by melting under vacuum (after flushing with argon) a commercially pure iron and "ferrophosphor" in a high-frequency induction furnace. Part of the ingot was crushed for X-ray examination and for chemical analysis. X-ray diffraction and light microscopy indicated iron phosphide (Fe3P) present as the major constituent and a small amount (about 5 pct) of a Fe. Chemical analysis showed 0.05 wt pct Si, 0.008 wt pct N, 0.018 wt pet C, and less than 0.02 wt pct each of other metallic elements. X-ray diffraction powder patterns were obtained from a mixture of iron and Fe3P sealed in an evacuated quartz capsule using a Unicam high-temperature

Jan 1, 1968

By W. C. Winegard, C. J. Beinjessner

PREVIOUS investigations 1,2 of Fe3P described by pearson3 and schubert4 show that Fe3P has a bct unit cell having four Fe3P tetrahedra centered around each lattice point. The space group is 14, No. 82, and all atoms occupy general positions 8(g). The cell dimensions3 are: a = 9.090, c = 4.446 kX, with an axial ratio of c/o = 0.4891. We have measured the lattice parameters of Fe3P, using a Fe as an internal temperature standard, at 23°, 414°, and 678°C and computed the thermal expansion over this temperature range. The Fe,P was prepared by melting under vacuum (after flushing with argon) a commercially pure iron and "ferrophosphor" in a high-frequency induction furnace. Part of the ingot was crushed for X-ray examination and for chemical analysis. X-ray diffraction and light microscopy indicated iron phosphide (Fe3P) present as the major constituent and a small amount (about 5 pct) of a Fe. Chemical analysis showed 0.05 wt pct Si, 0.008 wt pct N, 0.018 wt pet C, and less than 0.02 wt pct each of other metallic elements. X-ray diffraction powder patterns were obtained from a mixture of iron and Fe3P sealed in an evacuated quartz capsule using a Unicam high-temperature

Jan 1, 1968

By D. A. Vaughan

COMPOUNDS in the U-N system have received little attention since the work of Rundle, Baen-ziger, Wilson, and McDonald in 1948.' They described the three nitrides UN2, U2,N2, and UN as the only phases in this system. The region between UN and U,N, was reported to consist of the two phases while the region between U,N, and UN, is a homogeneous solid solution in which the U,N3, structure transforms with increasing nitrogen content into the UN, structure. This report presents the results of an X-ray diffraction study of the phases present in the region of the diffusion gradient on uranium reacted with nitrogen at several temperatures between 500" and 915°C. Several samples of uranium used in U-N gas-metal reactions by Mallett and Gerds were available for X-ray diffraction study of phase composition through the diffusion gradient. X-ray diffraction data were obtained using filtered iron radiation at intervals through the diffusion layer of the several samples on filings or turnings at approximately 0.001 in. increments down to the base metal. Representative X-ray diffraction patterns from various layers through the case on uranium after nitriding at 850°C are shown in Fig. 1. These data show that three different phases are present in the

Jan 1, 1957

By AIME AIME

THE stage is set for the 1930 Annual Meeting. It will take place in the Engineering Societies Building. Feb. 17, 18, 19 and 20, and an unusual pro- gram of technical papers, symposia, lectures and addresses, interspersed with luncheons, dinners, excursions and worthwhile entertainment for the four days has been arranged. The curtain rises on Monday morning and the first act is by the entire company-registration. Then the meeting hits its stride, for there are ten technical sessions on Monday, and the range of subjects includes most of the Institute membership. The Committee on Coal and Coal Products, which is about to become the Coal Division, presents a symposium of a dozen or more papers on Coal Classification, concluding its afternoon session with several papers on general subjects. At its luncheon between sessions, C. E. Bockus, president of the National Coal Association, will be the honored guest. Papers of theoretical character will be discussed at the morning session of the Committee on Geophysical Prospecting; at its afternoon session there will be presented summaries of results obtained at various properties by methods described at previous meetings of this group and permanently recorded in "Geophysical Prospecting," published by the Institute early in 1929. Members of the Petroleum Division should not overlook the paper by Theodor Zuschlag, on this Committee's program. It is entitled, "Oil Structure Mapping by the Sundberg Method." Members of the Iron and Steel and Institute of Metals divisions will find it profitable to attend the session on Engineering Education on Monday afternoon. E. A. Holbrook has arranged a program of ten-minute talks on Metallurgical Education which are designed to get down to "brass tacks." and the practical man may, in discussion, contribute as well as learn. At 5 p. m. Thomas T. Read will lecture+ at Columbia University, on "Recent Progress in Economics of the Mineral Industries."

Jan 1, 1930

By AIME

IN the parlance of Hollywood, it was a super-colossal meeting. In the more restrained language of engineers, the Institute's 75th Anniversary Celebration attracted the largest crowd ever; was the longest Annual Meeting ever held, occupying a full week; had more important papers, more important people, more of an international flavor, and more glamour than ever before. And in the minds of those who came to the big city from the wide open spaces, one other record should be mentioned: for those not on an expense account, it was the most expensive affair ever staged by the Institute! To state the attendance down to the last digit for a meeting such as this is impossible. The total names registered on cards, plus those who attended the Annual Banquet but were not otherwise registered, came to 3149. But a few were registered twice, and probably a still larger few did not register at all, but just dropped in for a session or two in which they were interested. It would appear that 3200 would be about as close an estimate of attendance as could be made, and that is some 300 more than came to the biggest Annual Meeting of the past-in 1944. A considerable number of members brought their wives, but most were delegates at large.

Jan 1, 1947

By R. E. Allen

THERE was once a time when a practical oil man would appraise or buy a producing property on the basis of from $200 to $500 per barrel of average daily settled production. Curtailment-has, for the present at least, caused a virtual abandonment of the "barrel -of settled production" as a yardstick of, oil property value and in its place has come the "barrel of allowable production," which, although an artificial thing, is nevertheless now the principal factor governing the rate of ?pay out? or investment return. The potential production of a well, settled or otherwise, is of less importance in determining the present worth of a well than is the rate at which it may be produced. Speaking only of true potential for the moment, it is obvious that of two similar wells having the same potential, the one having the highest rate of allowable production would be worth proportionately more than the one of lesser allowable. The discount factor for deferred return and risk can easily vary the present values of the two wells by as much as 20 per cent when allowable rates are not greatly different.

Jan 1, 1934

By Sydney H. Ball

A QUARTER of a century ago, a pessimistic Belgian financier in conversation with the founder of the Belgian Congo, that great ruler, Leopold II, emphasized the danger to the colony should the synthesis of rubber be discovered. The king replied, "I do not worry. The Congo has had its ivory period; it now has its rubber period. Tomorrow it will have that of its mineral wealth; eventually that of agricultural products." That "tomorrow" arrived some twenty years ago. Through her mines the Belgian Congo has survived the present depression, and her mines for the next decade will safeguard her. The Congo, in turn. is the surest foundation industrially and financially of Belgium itself. In few, if any, political units is mining as dominant as in the Belgian Congo. In 1930, 1931 and 1932 mineral products represented respectively 67.9 per cent. 70.5 per cent and 59.3 per cent, of the total exports. In 1933 for each white person in the colony, there was produced about $1,675 worth of gold, diamonds, copper, tin ore and minor mineral products and in 1930 the per capita production, notwithstanding the larger population, was almost $2,000.

Jan 1, 1934