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By J. B. DILWORTA

Ix estimating the investment-value of a mining-property or plant, the value of which decreases with operation, it is often necessary to know the sum which must be set aside periodically from earnings either to renew the plant at the end off its life, or to return the capital involved when the earning-power of the investment has ceased. In such cases it is manifestly incorrect simply to divide the total amount to be retired by the number of periods (usually years) during which the investment shall be active, as the sums periodically withdrawn have a certain interest-earning power varying with the length of time they are held and with the opportunities afforded for their investment. But though the interest may be considered to accumulate regularly year by year, yet the rules and tables for compound interest do not apply, owing to the addition of a fixed amount of new money to the total at the beginning of each period. Briefly stated, the problem of sinking-funds is, to find the amount of money which must be periodically set aside at a certain rate of interest, regularly compounded, to yield a certain sum in a given, length of time. In most practical cases the interest is compounded and the fresh amount added at the same time-usually once a year-and on this basis the problem may be solved as follows

Nov 1, 1909

By Charles H. Behre

KEYNOTE of the mining geology sessions was the preparation for an extensive war with all that this implies as to the need for strategic minerals, both metallic and nonmetallic. Nevertheless the sessions also included many papers of less urgent, more theoretical interest. The stress of wartime production had the effect of giving an unusually full and rich program, the longest in recent years, with sessions continuing virtually throughout the meeting. Some papers dealt with geophysical prospecting as applied to mining geology; others were concerned with the grand strategy of mineral reserves and thus involved the industrial minerals; such "borderline" subjects were presented before sessions held jointly with the Geophysics Committee or the Industrial Minerals Division.

Jan 1, 1942

By C. A. Stewart

I. INTRODUCTION AND GENERAL STATEMENT OF RESULTS. The field-work upon which this paper is based was done in the summer of 1910, and was made possible by the courtesy of the Imperial Copper Co., which gave me access to its property. For their kindness in this respect I wish to express my thanks to W. F. Staunton and Meade Goodloe. Moreover,. B. F. Smith and G. B. Gentry, mining engineers in the employ of the company, gave invaluable assistance by placing maps,. etc., at my disposal, and by discussing with me the problems of the district; and it is a great pleasure to acknowledge this indebtedness to them. In order that the significance of some of the details that follow may be better appreciated at first reading, a general outline of the conclusions reached is given here. In the Silverbell mining-district a series of Palaeozoic limestone blocks is completely surrounded by post-Palaeozoic igneous rocks, intruded in the following order: alaskite, alaskite-porphyry, biotite-granite, andesite, and quartz-porphyry. The biotite-granite is believed to represent a differentiation of the. magma from which the alaskite-porphyry came ; and this conclusion-has an important hearing on the origin of the ores. The intrusion of both alaskite-porphyry and biotite-granite was followed by the emission of magmatic waters, which sericitized and silicified the alaskite-porphyry and granite, and produced in the limestone, by the addition to it of silica, iron, and alumina, great masses of garnet, quartz, and wollastonite. Following close upon these solutions came metal-bearing magmatic waters, which impregnated porphyry, granite, and alas kite with cupriferous pyrite, and deposited in the garnet zones chalcopyrite and copper-bearing pyrite that make important bodies of contact-metamorphic ores. Secondary enrichment has taken place in the disseminated ores in the igneous rocks,. raising their copper-content to 2 per cent. in some cases,. and extensive drilling has been undertaken to block out these deposits. East of the contact-metamorphic deposits there is a fissure-vein of lead-silver ore in the quartz-porphyry. This rock is distinctly younger than the alaskite-porphyry and the granite; and the lead-silver ores belong, therefore, to a period of mineralization distinctly later than the copper-deposition.

May 1, 1912

By AIME AIME

FRANCIS ANDREW THOMSON was born in London, Dec. 21, 1879, coming to the United States by way of British Columbia where he lived until he matriculated at the Colorado School of Mines. When only sixteen he was inducted into the mining industry as apprentice assayer and millman at the Victoria Metallurgical Works. Following his training at Golden he had more practical mining and milling experience at several properties in the West, and studied a little as well at the Royal School of Mines, in London, and at the Ecole des Mines, in Paris.

Jan 1, 1939

By C. A. Fisher

THE Salt Creek Oil Field of Wyoming occupies a unique position among the major oil fields of this country. Many years before the beginning of actual production in this area, in 1911, it had attracted country-wide attention as a district holding oil possi¬bilities. Even foreign capital, mainly French and Belgian, had sought out this district as having oil values and spent many thousands of dollars 'in an effort to acquire property rights' in this field which was very largely located on the public domain. Owing to inadequate laws governing the acquisition of oil lands on the Federal domain and a careless practice having grown up among oil land locators of that time, a complicated title situation quickly developed in Salt Creek. This condition of uncertain titles together with the isolation of the field from industrial centers were doubtless the two most potent factors in retarding its early development. After actual production began in 1911 governmental regulations, suits between the government, and the locator, disputed ownerships between locators and claim and counterclaim continued to retard the field's development. It is believed that the title situation in the Salt Creek Field, where potential values of such magnitudes were involved, was responsible more than any other factor for the ultimate passage of the government leasing act in 1920 affecting all oil lands on the Federal domain.

Jan 1, 1925

By HERBERT G. MOULTON

FROM prehistoric times to our own day man has struggled against extremes of climate. Human life, originating in semi-tropical or temperate areas, was unable to progress into the northern latitudes until fire was discovered and some form of clothing provided. It was found possible to maintain life even in the hottest parts of the tropics, but only at a great sacrifice of comfort and efficiency compared with the more temperate zones, or in cooler areas with the protection of clothing and artificial heat. It was no accident, but the natural result of climatic conditions, that efficiency became the greatest and civilization the most advanced in areas where the natural climate was favorable, or in cooler zones where protection against severe cold could be se-cured by relatively simple methods of conserving or producing heat.

Jan 1, 1933

By Charles R. Keyes

the leaching of near-by rocks, had had no other result than to bring out from obscurity three certain features of practical lmport, all the labor of that controversy would have been well expended. These three points are : (1) a clear distinction between the vadose and the profound zones; (2) a determination of the manner in which the latter may be invaded by conditions of the former; and (3) an establishment of the general truth of the lateral-secretion theory when vadose conditions prevail, and of the. ascension-theory under profound conditions. In the practical consideration. of ore-deposits these generalizations are fundamental. Their wider application must be productive of great industrial advantages. Of first importance in the broader scientific survey of ore-genesis is the recognition of a sharp distinction between vadose and profound conditions. To many who listened to Professor Posepny's remarkable paper, read at the Chicago session of the Institute during the Columbian Exposition in 1893, this seemed, as Dr. S. F. Emmons has already observed, its most valuable and suggestive feature. Notwithstanding Posepny's implications to the contrary, and his vigorous berating of Sandberger's views, the immediate and lasting .effect of the . argument was really to strengthen greatly Sandberger's position. For it completely and sharply separated the lateral-secretionists from the ascensionists, raising the sphere of the former bodily above the line of permanent water-level and at the same time confining .the sphere of the latter to regions below that horizon. A little later, Professor Van Rise showed in some detail how meteoric waters may deeply invade the profound zone and carry vadose conditions into it. The zonal limitations of two great and apparently opposed agencies being thus definitely fixed, it is found that neither of the theories based thereon is susceptible of general application. If the generalizations of the lateral-secretionist be propounded solely for vadose conditions, we are able to agree with all of his more-important contentions; while there is general acquiescence in the views of the ascensionist if their application be restricted to the profound zone. Of the ore-bodies of the world that are mined to-day, the majority are essentially vadose in origin, and probably originated

Jul 1, 1910

By AIME AIME

T HOUGH Ira B. Joraletnon has not had an eastern address since 1907, he is a New Yorker by birth, having been born at Antwerp, in the northern part of the state, on July 27, 1884. He got his scholastic training at Harvard, which gave him his A.B. degree in 1905 and an A.M. two years later. For the next fifteen years except for the war period, he was with the Calumet & Arizona Mining Co., with headquarters at Warren, Ariz., being assistant man- ager when he left that company in 1922. During the first World War he spent a year and a half in France, where he achieved the rank of major in the signal corps, air division.

Jan 1, 1941

By Russell A. Carter

Alaska is a land of immense proportions and resources. Its very name, derived from an Aleut term, means "The Great Land." Yet, in a state slightly larger than Texas, California, and Montana combined, there are presently only two-large scale mines in production, excluding dredge operations. Once referred to by its territorial governor as "a storehouse of minerals," Alaska is, in the opinion of many industry observers, at least 20 years away from a healthy, productive mining industry. The mineral potential of the state is tremendous: coal deposits on the North Slope alone have been hypothetically pegged at 1.5 trillion tons. Copper-zinc deposits on the south flank of the Brooks Range are conservatively estimated to be worth $4 billion to $6 billion. However, the problems facing mineral development are of equal magnitude, and include:

Jan 11, 1976

By F. C. Farnham

THERE has been very little, if any, uniformity in the reference datum used for magnetometer surveys. It has been the practice to choose a base station at which the magnetic field is assumed to be normal and call the difference in field strength between a given station and this base the anomaly at the given station. For small-scale surveys latitude and longitude corrections may or may not be applied, but for large-scale surveys such corrections usually are applied. The United States Coast and Geodetic Survey maps showing lines of equal magnetic intensity are commonly used to determine the normal latitude and longitude variation by scaling values from the map for given points and computing the change per mile north and the change per mile east. This method has been quite satisfactory for isolated surveys, but when two surveys originating at different base stations were extended until they joined, difficulty arose, not only because of discrepancies between base-station values, but also because of differences between the latitude and longitude correction factors used for the separate surveys. It is the purpose of this paper to describe a reference datum for magnetometer surveys which, it is believed, will eliminate most of the difficulty arising from this source. In order to be satisfactory, a general datum for magnetometer sur-veys should be as close as possible to the observed field and still he based on some assumed distribution of magnet poles, in order that the "normal" value of any component of the field for any given point may be computed to as many significant figures as desired. Such a field has been com-puted, and a comparison of the intensity of its vertical component with the average vertical intensity for the United States as shown by the U.S.C.G.S. map of lines of equal intensity for 1935 is shown in Fig. 1.

Jan 1, 1939

HOW the Engineers' Memorial clock and carillon at Louvain has impressed the people of that city is indicated by the following letter sent by the Secretary of the University of Louvain to the Secretary of the United Engineering Society. We are still full of the memories of that splendid July 4, when we came into such .delightful contact with our American friends and more specially with the representation of the engineering societies of the United States. It was a great joy for all the members of the University to see those, American friends who have given to us such a splendid memorial in honor of- the brave men who fell in the Great War.

Jan 1, 1928

By AIME

A present the colleges and universities are struggling to meet the responsibilities placed upon them by the return of the veterans from the armed forces to the educational institutions as well as the youth graduating from the high schools. The problems of meeting these responsibilities are complex and upon the shoulders of the educational administrators lies much of the burden. One of those educators who is in the midst of this situation is James Rowland Cudworth, dean of the College of Engineering of the University of Alabama and Chairman of the Mineral Industry Education Division, AIME, both for 1946 and 1947. He was born at Norwich, Conn., on Sept. 23, 1897, and like his father before him went to the Massachusetts Institute of Technology where he received his Bachelor's degree in 1921. His studies at MIT were mainly in the fields of geological and mining engineering. Why a New Englander studies mining is anybody's guess, but it may be due to a love of traveling to far places which so many New Englanders do. After graduating tinder the famed Waldemar Lindgren. Jim trekked to Mexico where he worked at Pachuca for the Cia. Real del Monte and at Charcas with the American Smelting and Refining Co.

Jan 1, 1946

By Clyde Evarts Weed

SOME one once affirmed his great belief in luck, adding that he had found that the harder he worked the more luck he had. Clyde Weed is a firm believer in this method of courting the fugitive lady. He is at work early and late, often leaving his staff at Anaconda's offices at 25 Broadway breathless trying to keep up with the ideas teeming from a fertile brain and the actions those ideas entail. Miles ahead of his assistants much of the time, he still manages to be an agreeable fellow to work with, no small accomplishment as many can testify. Mr. Weed arrived in the world at Moorestown, Mich., on Aug. 8, 1890. Sixteen years later he entered Michigan Agricultural College, a lowly freshman. The following year, with the experience and wisdom expected of a sophomore, he transferred his studies from the reaping of a harvest on the surface of the earth to delving into the deeper, unpredictable bowels of the earth, his studies now shifted to the Michigan College of Mines. Last June his alma mater conferred upon him the degree of Doctor of Engineering.

Jan 1, 1947

By George W. Maynard

IN the biographical notice of Thomas F. Witherbee, published in Bulletin No. 32, August, 1909 (p. xxv), it is said that ". he is believed to have been the first manager in America to use the chemical laboratory for the purpose of controlling the regular running of the blast-furnace." Since the year is not given, I cannot decide as. to Mr. Witherbee's priority; but the statement leads me to contribute a bit of history, showing an early departure from the "rule-of-thumb " blast-furnace work to the employment of a chemist. In the autumn of 1868 the department of mining and metallurgy was established at the Rensselaer Polytechnic Institute. In connection with the assay-department a laboratory was equipped for making general commercial analyses. In January, 1869, Alexander L. Holley, the manager and builder of the Bessemer plant at the Rensselaer Works of John A. Griswold & Co., the first plant erected in the United¬States under the Bessemer patents, began to send me samples of ore, pig-iron, and steel for analysis. Early in 1869 I was regularly retained as chemist for the Rensselaer Works; and while the laboratory was not located at the works, for all practical purposes it was the works-laboratory. The increase in work soon made it necessary for me to secure an assistant. I applied to Prof. Charles F. Chandler, who recommended Dr. August Wendel, who had been an assistant of Rammelsberg and had lately landed in New York. Dr. Wendel remained with me until 1873, when I left Troy. My leaving made necessary the erection of a laboratory at the Rensselaer Works, which, was done under my supervision, and Dr. Wendel was employed as chemist. During the period from 1868 to 1873 my work as consulting mining engineer frequently called me to the Lake Champlain

Nov 1, 1909

By Wayne A. Greenwalt

A method that determines venture participation when the decision maker's level of risk aversion varies according to venture profitability and risk investment is presented. The decision maker's fundamental aversion to risk is established by the selection of a desired working interest for a venture that anticipates only a discounted payout.

Jan 1, 1982

By Kenneth S. Ritchie

TOO often, many foremen; superintendents, managers, and executives, "The Bosses" of the oil and mining industries, do not fully realize: (1) How much personal actions '.on the job" may reduce their effectiveness in getting work done; and, (2) The importance of harmonious relations with their fellow men. Today. these qualities of personality in the people entrusted with the positions of responsibility are more important than ever with the shortages of labor so critical in vital war production. Likewise, many engineers do not fully realize that their work is essentially executive in character; i.e., other people do the actual labor. Without their help. the engineer's work would not be done. A clearer appreciation of this fact would increase their interest: (1) in the nontechnical aspects of their work. and, (2)in their relations with others, particularly the individuals in their own organization. Consequently, these engineers would be more successful in equipping themselves for greater responsibilities and increased remuneration.

Jan 1, 1944

By AIME

AS the Petroleum Division rounds off the first quarter century since its evolution from technical committee status, there steps to the long line of notable men who have presided over its activities a young man, currently of Tulsa, one Herbert F. Beardmore by name. For one year, as Chairman for 1946, the Division will be his oyster. hi; baby, his responsibility. "Herb" Beardmore was born at Columbus, Ohio, Feb. 6, 1904, and lived there until he was thirteen. Then his family moved to Oklahoma City, and later sent him to the University of Oklahoma, where he graduated in 1925 with a B.S. in engineering geology. His final year in college was the first year in which a petroleum engineering course was taught at the school. Since his course of study so closely paralleled that of a petroleum engineer, he has frequently been spoken of as the first petroleum engineering graduate from the University of Oklahoma. Out of college he went to work as an oil-field roustabout in the Ranger, Texas, field for Jake L. Hamon. This work consisted of all manual labor phases of cable-tool operation and beam-pumping of oil wells. He moved in 1926 to Bartlesville, to become a gas engineer for the Indian Territory Illuminating Oil Co., where he was employed in gas-well drilling, gas production, and transportation, mostly in Osage County, Oklahoma.

Jan 1, 1946

Alexander N. Winchell, Butte, Mont. (communication to the Secretary): Mr. Spurr calls attention to the fact that an ore-deposit may be due to a succession of concentrations at different geological epochs. He cites an example of such a condition on Napoleon creek, a branch of Forty-Mile creek, Alaska. It will perhaps be of interest to call attention to another example of the same general character, not so remotely situated. The example referred to is located on Pole creek, a tributary of Cherry creek, in the extreme northeastern part of Madison county, Montana. An excellent geological map of this region is to be found in the Three Forks folio (No. 24) of the United States Geological Survey. According to this map, Pole creek, in its upper course, occupies the contact between the " Flathead " formation, which Peale correlates with the Middle and Lower Cambrian, and an area of gneisses and schists supposed

Jan 1, 1903

By Randall L. Neal

This paper discusses the impact of taxes at the state and federal level on typical on-shore oil and gas exploration economics in the USA. Taxes considered are the windfall profits excise tax, state production (or severance) taxes, state income tax, and federal income tax. Also considered will be market prices for oil and gas in the USA. The effect of government take as a percent of revenue, on rate of return, discounted Payout, and discounted cumulative cash flow is shown on the attached tables. The conclusion drawn is that tax laws, while rarely the most important factor to be considered when drilling a well, can have significant impact on the profitability of oil and gas ventures, and should be considered when determining where to drill. Hypothetical exploration wells were analyzed for the impact of tax laws on project profitability. The results of this study show that when factors other than taxes are postulated to be the same (such as producing rate, capital, operating costs, and prices), cash flow can vary by as much as 68% due to the differences in the tax laws. Other significant findings for the cases studied include: (a) that discounted payout varied by as much as 1.8 years, (b) that rate of return differed by up to 67% and (c) the total tax rate as a percentage of revenue had a maximum variance of 33%.

Jan 1, 1982

By Frank Firmstone

IN the early decades of the past century the method of starting iron blast-furnaces by "scaffolding-down" seems to have been in universal use for coke-furnaces and, at least in this country, for charcoal-furnaces also. It was likewise used at some of the early anthracite-furnaces, as is stated in the important "Reminiscences" printed by the late Samuel Thomas. I It had been generally superseded in Great Britain as early as 1850, by some variations of the plan now used, and was rarely used when Percy wrote.' On the Continent it was still followed in the 60's,3 and was elaborately described by Valerius in 1852. I have never read any statement as to when and by whom '4 scaffolding" was first dispensed with, but the following extracts from journals of my father seem to fix an authentic date for an instance in this country:

Mar 1, 1907