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WILLIAM H. KOBBÉ (communication to the Secretary*).-I have read with much interest the discussion of my paper by Arthur Knapp and I. N. Knapp published in the March Bulletin. These discussions apparently assume that my paper advances a. number of ideas that are not intended: 1. That the total sandbody or pay is to be removed. 2. That upon bringing this sand and oil to the surface 100 per cent., or perfect separation, can take place. 3. That this tremendous quantity of sand is then hauled away in wagons and distributed as road material. The paper raider discussion is not a theoretical treatment of the subject but is the result of actual experience in oil production under the conditions mentioned.. That wells that produce sand produce in ore oil, and the best operating methods to bring this about are fully treated. It is, of course, impossible to remove all the oil sand underlying a property, but the greater the amount removed the greater becomes the production of oil. As stated in my paper, the surface disposal of this large volume of sand is a problem and the only use to which it can be put is road surfacing; but I did not intend to convey the idea that all this sand was thus used. Only a very small quantity was required on the company's roads, and two wagons only were employed for this purpose. The remaining sand accumulated in the numerous "washes" and sumps. Although this sand contained sufficient oil to stain the hands, it was, surprisingly dry and could be easily shoveled. As stated in the paper, "the piles of sand are gradually freed of their oil content and a crust forms on their surface which will bear the weight of a man." I consider this a high degree of separation. A small amount of oil necessarily remains in the sand and is held there by capillarity. Otherwise it would be useless as a road binder, and, furthermore, to recover such oil special processes of treating are required. Arthur Knapp says, "of the total volume produced by pumping, not more than 4 or 5 per cent. can possibly be sand." I cannot agree with this statement as I have managed many properties where the wells were so operated that the amount of sand produced was five times this figure.

Jan 6, 1917

By Joseph C. Platt

IT is not the object of the present paper to give a description of the minerals found on Mine Hill, in Sussex County, N. J., nor even to touch upon all the forms of the ores named, but to place upon record and call to the attention of the Institute some interesting facts concerning them. In May, 1875, after the Dover meeting, some of the members visited this locality, and, no doubt, it is fresh in their memories, being one of the best known mineralogical points in our country. It will be only necessary to describe it very briefly. Mine Hill and Stirling Hill, in Sussex County, N. J., the former being at the village of Franklin Furnace, and the latter near Ogdensburg,-are the only localities in the State where zinc ores are found in workable quantities.* Mine Hill is the more northerly, and mineralogically differs from its neighbor, chiefly in having no hydrated ores to speak of, while at Stirling this deposit is considerable. At both points Franklinite, red oxide, and silicate of zinc occur in large quantities. Mine Hill lies on the east side of the Wallkill River, above which it rises to an extreme elevation of about 150 feet. On the summit the outcrop of the Franklinite vein appears, while the lowest worked points are perhaps 10 or 15 feet above the level of the stream. Corn¬mencing at the northern end, where the Hamburg Road crosses it, this outcrop runs along the northwestern brow of the hill a distance of about 2000 feet, in a general southwest direction, to a point where is a large, cavern-like opening, called the "Southwest Opening." " Double Rock," about the highest point on the hill, lies near the middle of this 2000 feet of outcrop, and over or near it passes a property line, to which allusion will hereafter be made. At the Southwest Opening the vein bends abruptly towards the east,-the angle between the two parts being perhaps 45°,-and this easterly branch continues some 700 feet. From the northern part of the Stirling Hill deposit to the southern part of the Mine Hill deposit is about two miles, and in this interval the vein carrying Franklinite * See New Jersey State Geology, 1868, p. 669.

Jan 1, 1877

By Eugene H. Cowles

The German silver industry of the United States amounts in value to upwards of $6,000,000 or $8,000,000 annually. Several thousands of people earn a livelihood pursuing it, and the beautiful goods and articles manufactured from this time-honored and valued alloy are everywhere visible. German silver enters largely into our street signs, harness and house hardware, and all manner of table-ware, solid or plated. There is scarcely an hour in the day that German or nickel-silver is not before our eyes. The composition of this alloy is a very uncertain thing, and depends largely on the honesty of the manufacturer and the price the purchaser is willing to pay. It is composed of copper, zinc and nickel in varying proportions. The best varieties contain from 18 to 25 per cent. of nickel, and from 20 to 30 per cent. of zinc, the remainder being copper. The more expensive nickel-silver contains from 25 to 33 per cent. of nickel, and from 75 to 66 per cent. of copper. The nickel is used as a whitening element; it also strengthens the alloy and renders it harder and more non-corrodible than the brass made without it, of copper and zinc. Moreover, it reduces the odor emanating from brass, which is so disagreeable if it occurs about the dining-table. Of all troublesome alloys to handle in the foundry or rollingmill, German silver is the worst. It is unmanageable and refractory at every step in its transition from the crude elements into rods, sheets or wire. As a white-headed furnace-man recently said to the writer, in one of our large mills, " you can put eight crucibles into the fire, each containing exactly the same mixture of German silver, and when you take them out and pour them into slabs for rolling, seven will be a mass of scum or slag, or the stuff will swell up like rising bread and overflow the moulds, and be so full of blow-holes that it will look like a sponge. The eighth crucible will contain perfectly good metal. On remelting the next day, the bad stuff will, in nine chances out of ten, come out just as good metal as the eighth pot the day before, and under apparently the same conditions." With nickel at seventy or eighty cents per pound, German silver

Jan 1, 1890

By H. W. Imholz

Active interest in the North Central Texas area centered in the development of the Palo Pinto limestone-producing zone, near the town of Avoca, in the northeast part of Jones County. This producing horizon was discovered in 1937, in the Iron Mountain Oil Company's well No. 1 Olander, in sec. 196, B.B.B. & C. survey, at 3238 to 3250 ft. During the development of this pool, it was generally referred to as the Avoca pool. As a second pool has been discovered in the same producing zone, also near the town of Avoca, the writer has taken the liberty of changing the name of the original Avoca pool to Avoca-Olander pool. Forty producers had been drilled in the Avoca-Olander pool by the end of 1938; their initial ranged from 28 to 300 bbl. per hour. Stimulus was given to the interest in the development of the Palo Pinto limestone when the Ungren-Frazier No. 1 Griffin, in sec. 199, B.B.B. & C. survey, Jones County, found the limestone from 3225 to 3250 ft., with an initial production of 931 bbl. per day. (This new pool has been given the name of Avoca-Griffin pool, by the writer.) The best well to be completed, up to the present time, is the Bert Fields No. 1 Taylor in sec. 199, B.B.B. & C. survey, which had an initial production of 748 bbl. in 3 hours. The Owen-Snebold No. 1 McKeever in sec. 158, B.B.B. & C. survey, in northwest Shackelford County, added to the interest in the Palo Pinto limestone when it extended the Ivy pool with a well in the Palo Pinto limestone from 3145 to 3183 ft., and was estimated good for 6,000,000 cu. ft. of gas and 6000 bbl. of oil per day. During 1938, Stonewall County obtained its first commercial producer when the Stonewall Oil Co. in No. 1 Parriott discovered the Palo Pinto limestone saturated from 5169 to 5176 ft. and tested 371 bbl. per day. Two new producing horizons were discovered about 2 miles east of the old Noddle Creek pool, Jones County; the first, the Humble Oil & Refining Co. No. 1 Irvin, in sec. 48, block 18, T. & P. R. R. Co. survey, which had saturated limestone from 2550 to 2567 ft. and was good for 100 bbl. per day; the second, in the Humble No. 1 Horton, sec. 40, which

Jan 1, 1939

By Francis C. Blake

Although the use of gaseous fuel in blast-furnaces has been often proposed, I hope the description of a very simple, yet practical and valuable, application of natural gas to the smelting of lead-ores and residues, at the works of the Pennsylvania Lead Company, will prove interesting. In May, 1886, directly after replacing the use of bituminous coal at the above works by that of natural gas, half-inch pipes from a branch gas-main were inserted directly into the tuyeres of a lead blast-furnace, and through these pipes gas was delivered into the furnace, with the air-blast at a pressure a little more than double that in the tuyere-pipes. At the same time the blast-pressure at the tuyeres was increased by an amount estimated to give a sufficient air-delivery when mixed with the gas-supply. The amount of gas delivered to the furnace is easily regulated by stop-cocks at each tuyere, and is under the immediate control of the furnace manager. Upon the introduction of gas into the tuyeres of the furnace the coke charged at the mouth was reduced 30 per cent., this being the amount of coke which I thought could be advantageously replaced by gas. This first estimate has proved to be very close to the working results, though probably the average gas-consumption corresponds to a little less than 30 per cent. of the former coke used. The proportion that we use varies, with the nature of the furnaceburden, between 20 and 40 per cent. of the total fuel. We have used 60 per cent. of gas; but there is difficulty in keeping a cool furnace-mouth when the proportion is so high. With some residues, notably metallic drosses containing some zinc, we have found it best not to use over 20 per cent. gaseous fuel. The percentage used with ore-charges has generally been higher than that used in smelting the higher-lead charges of residues from our refining works. It results from this use of natural gas that the temperature of the hearth is under almost immediate control, and, for this reason chiefly, a cleaner and more uniform slag can be run, and the furnaceworking can be made more nearly independent of the effects of atmospheric conditions or the variable moisture in the furnace-burden.

Jan 1, 1887

By H. F. Seifert

THE classification and preparation of non-ferrous scrap metals is a subject of interest to every individual and corporation that employs in its processes of manufacture non-ferrous metals and alloys and accumulates in such manufacture scrap from these materials for disposition in the form of turnings, borings, short ends, punchings, clippings, grindings, washings, etc. All too frequently the disposition of such scrap is left to individuals who have no knowledge of the subject either from a metallurgical or a commercial standpoint, or both. Much money is thus lost which with a little more intelligent effort might be saved, and in this day of fierce competition and small profits such an opportunity cannot be ignored. The Mineral Resources of the United States for the year 1925, the latest issue available (Part 1, page 221), gives the secondary non-ferrous metals of certain classes recovered in the United States for the year 1924 to 1925 as shown in Table 1. The figures are tabulated simply to give the reader some idea of the scope of the secondary non-ferrous metal industry. Approximately 900,000 tons of an annual value of $244,000,000 were recovered in the year cited. In 1916 (again using the Mineral Resources of the United States as authority) the tonnage reclaimed was approximately 632,000 tons and the value, because of the high prices for metals prevailing at that time, amounted to $265,000,000. It is not the purpose of this paper to discuss smelting and refining operations or the feasibility of an organization, primarily engaged in some other activity, conducting smelting and refining operations to convert its own non-ferrous scrap metals and alloys. The classification and preparation of these non-ferrous materials is a preliminary step, regardless of what subsequent operations the material may pass through or where these operations may be conducted. For that reason the subject can be readily discussed without any reference to subsequent activities. Space must be provided, with suitable handling facilities, scales and the necessary storage bins where the material may be accumulated. The scope of the activity, the nature of the industry and the tonnage handled will determine, in a large measure, what preparation, if any, it may be desirable to give these scrap materials to put them in the best marketable condition. By preparation is meant largely what, for the want of a

Jan 1, 1928

By Charles Himrod

IN presenting this paper it is not intended to enter into any discussion of the theory of the blast-furnace, but simply to give the results of a number of determinations of CO and CO2 in furnace gases, and some conclusions arrived at, and the result of an experiment made in hopes of increasing the production of CO2. In the first table, on page 198, is given the averages of a number of analyses of gases of different furnaces, and in the second, of two stacks of different sizes under varying circumstances. The conclusions arrived at as to what influences the production of CO2 are as follows: 1st. Kind of fuel. Bituminous coal not permitting the formation of as much CO2 as coke. 2d. Kind of ores. Rolling-mill cinder being much less favorable to formation of CO2 than hematite ores, magnetites probably less than hematites, but more than cinder. 3d. Length of time of contact of gases with ore. Small furnaces and too rapid driving both waste fuel by not allowing enough time for conversion of CO into CO2. 4th. The temperature of blast. The hotter the greater the quantity of CO2. 5th. Regularity of passage of stock through the furnace. The hanging and dropping of the stock, however slight, seems to pack it more solidly in the hearth, increases the resistance to the blast, and decreases the quantity of CO,. These are the most common causes noticed which influence the production of CO2, unless we except the one that might be considered the greatest of all, the one that has spoiled so many tons of iron, and the amiability of so many furnacemen, the one most dreaded, the great unknown. It would seem a self-evident proposition that the better the contact of the gases with the ore and the less with the fuel, the greater would be the amount of CO2 produced. To prolong the contact of gas with the ore furnaces are enlarged with advantage, and pains are taken to charge the stock in such a, manner as will best promote it. Still, with furnaces of most approved construction and most skilful manipulation, the gases leave the furnace so rich in CO, that not half the heating power of the fuel is obtained, and the highest

Jan 1, 1877

By J. T. Brown

AS far as could be ascertained, no one had previously investigated the creep strength of silicon poly-crystals. Literature has appeared showing evidence for plastic deformation in silicon single crystals and whiskers.*1"6 Also the fact that germanium, a material of similar crystal structure to silicon undergoes plastic deformation under stress at temperatures above about 60 pct of its melting temperature, has been known for some time.2"4'7 This investigation was performed for the purpose of determining the strength and ductility of silicon polycrystals under creep conditions that would give fairly long times to rupture. PROCEDURE The silicon specimen blanks were obtained by first placing granulated transitor grade silicon (99.999 + pct pure) in a silica crucible. The crucible was surrounded by a graphite susceptor, and induction heating was used for melting the silicon in a vacuum furnace. Blank specimens were formed by freezing molten silicon onto a polycrystalline seed of silicon in a vacuum furnace. The seed was attached to a motor driven revolving rod. As silicon solidified, this rod was gradually withdrawn from the melt. A shape with a contracted center section was obtained by varying the rate of withdrawal from the melt. Specimens for the creep-rupture tests were ground from these "pulled" blanks. Creep-rupture tests were performed in spring loaded machines under constant load at 1800" and 2000° F. RESULTS AND DISCUSSION A test specimen which was sectioned longitudinally is shown in the photomacrograph in Fig. 1. Very little deformation has taken place in the portion of the specimen shown, however, slip lines from several slip systems within the same grain, and deformation band formation was seen. The elongated appearance of the grains is due to the method of growing the specimens. One of the most interesting aspects of the results obtained from the creep-rupture tests was the high strength and the accompanying large amount of ductility. The data obtained is listed in Table I which shows the stress to rupture in 100 hr at 2000°F is between 8000 and 9000 psi. This indicates that silicon's strength at 2000°F is about equal to that of the best commercial super-alloys. It is important to mention that silicon has less than 1/3 the density of iron-, nickel-, and cobalt-base alloys. The usual type alloys for high-temperature applications

Jan 1, 1960

By Carl Zapffe

Because no rock outcrops exist in the Cuyuna district, it is necessary first to make a magnetic survey with a dip needle, or possibly with a sun-dial compass, and determine the area or belt of magnetic variations and the maximum lines of magnetic attraction. A dip-needle survey is quicker to make, is sufficiently accurate, and will suffice. Regardless of how poorly defined the magnetic attractions may be, it is important that they be determined. Even if drilling has developed ore on an adjoining property, the survey should not be omitted. Iron-bearing formation is indicated by the magnetic attractions, but whether or not ore exists must be determined by drilling. The maximum line of magnetic attraction offers the best place to begin drilling. If no magnetic attraction exists, nearby developments are the only guide; and if these also are lacking, drilling is governed by guess. Test-pitting is not employed in exploratory work because the surface is too deep. Tunneling cannot be used because the topography is not suitable. Exploration shafts are a waste of time and expense, because from every standpoint drilling with churn and diamond drills is the most applicable method for exploratory work. Light drilling equipment only is needed. Rarely have heavier drills been required, for seldom do holes exceed 400 ft. in depth, and about 100 ft. of this is in glacial drift which is easy to penetrate. The deepest hole is 1023 ft. Because of the steep inclination of the strata and the narrowness of the orebodies, many angle holes have been drilled, mostly at 60' to 70" from the horizontal and against the dip of the formation. Angle holes are most advisable. If after initial drilling the beds are of shallow dip, vertical holes or holes of any angle can be used. The total cost of drilling a property is much greater if only vertical holes are used because more holes must be drilled to obtain the requisite information than when angle holes are used. Many tests for variation in angularity of a finished hole have seldom shown more than 2'; therefore, such tests may with safety be abandoned. Because the orebodies are generally about 100 ft. wide and cross a 40-acre tract at a slight angle, and as the dips are usually about 70"

Jan 1, 1925

F. C. HENDERSCHOTT,* New York, N. Y.-I am going to take, as the text of what I shall discuss, a portion of the second paragraph of Mr. Stanford's paper. It read as follows: "The most vital need of the management is for more brains. The logical course for an engineer ;in charge of an industrial organization is, therefore, to direct whatever forces may be at his command toward the development, training and guiding of-all the brains in his organization. This is easier said than done, for it involves the carrying on toward two objectives, the maximum of productive work and the development of the individuals, who perform it;" and the last sentence of the paper; "Industry has no greater asset than an intelligent workman." The United States of America, at the outbreak of the present war, had the best equipment of any nation in the world. That statement holds not only for our -shops and our transportation systems and our stores and our farms and our homes, but it holds generally.. There was no other nation in. the world that had so good equipment as the United States. There was no other nation in the world that could be called progressive that has such poorly trained workers as the United States. Even Norway, Denmark, Sweden and New Zealand ranked ahead of us. Now that is the, problem, generally speaking, and there was recognition of that fact, a growing recognition which-took form, and one of its forms was what we call the corporation school. Now obviously a corporation has no particular educational functions, but as is said in the closing sentence of Mr. Stanford's paper, or as is implied, an industrial institution is, after all, the reflection of the aggregate of the efficiency of the individuals who compose that organization. There is no way of getting away from that. If your individuals, from your president down, are efficient, if your individual has developed his brains, if he is a trained man, you have got an efficient organization, and if you haven't that condition, you have got weaknesses and your organization is no stronger than those weaknesses. I maintain that the same thing holds for a nation; .a nation is as efficient as the collective efficiency of the individuals who compose the nation, and no more so.

Jan 4, 1918

By Charles Himrod

In presenting this paper it is not intended to enter into any discussion of the theory of the blast-furnace, but simply to give the results of a number of determinations of CO and CO 2 in furnace gases, and some conclusions arrived at, and the result of an experiment made in hopes of increasing the production of CO 2. In the first table, on page 198, is given the averages of a number of analyses of gases of different furnaces, and in the second, of two stacks of different sizes under varying circumstances. The conclusions arrived at as to what influences the production of CO2 are as follows: lst,. Kind of fuel. Bituminous coal not permitting the formation of as much CO, as coke. 2d. Kind of ores. Rolling-mill cinder being much less favorable to formation of CO2 than hematite ores, magnetites probably less than hematites, but more than cinder. 3d. Length of time of contact of gases with ore. Small furnaces and too rapid driving both waste fuel by riot allowing enough time for conversion of CO into CO2. 4th. The temperature of blast. The hotter the greater the quantity of CO2. 5th. Regularity of passage of stock through the furnace. The hanging and dropping of the stock, however slight, seems to pack it more solidly in the hearth, increases the resistance to the blast, and decreases the quantity of CO2. These are the most common causes noticed which influence the production of CO2, unless we except the one that might be considered the greatest of all, the one that has spoiled so many tons of iron, and the amiability of so many furnacemen, the one most dreaded, the great unknown. It would seem a self-evident proposition that the better the contact of the gases with the ore and the less with the fuel, the greater would be the amount of CO2 produced. To prolong the contact of gas with the ore furnaces are enlarged with advantage, and pains are taken to charge the stock in such a manner as will best promote it. Still, with furnaces of most approved construction and most skilful manipulation, the gases leave the furnace so rich in CO, that not half the heating power of the fuel is obtained, and the highest

By J. W. Galpin, R. H. Allen

Controlled pre-grouting is a technique developed during a period of more than ten Years experience, in an effort to produce safer, drier and more economical mine shaft sinking. The technique involves a knowledge Of hydro-mechanics, both static and dynamic, and a series of specially formulated grout mixtures to obtain several desired results through precontrolled setting time. In general, the following procedures have been used to secure the best results in controlled pre-grouting: I. Before drilling is commenced, One Of two decisions is made: one procedure, a modified form of the Francois method, is to stage drill and grout, that is, drill a limited portion of the hole, then grout and redrill that section which has been grouted, progressing in stages until the required depth is reached. We prefer this method because no casing Or grouting packers are required in the bore hole. This eliminates the risk of losing them in the bore hole due to packer failure, which might result in the expense of drilling a new grout hole. Another feature Of this approach is that smaller drill holes may be effectively used, further reducing the costs. One drawback, however, is that because of the open and small size hole, it is impractical to attempt water draw-down tests. The second alternative is to drill the bore hole, (generally NX size), to the re-quire~ depth. he casing and grouting packer are placed in the bore hole at the lowest packer setting. A small, portable, power driven, swabbing device is used in the grouting casing to test the packer and remove mud or cuttings from the bore hole below the packer. The hydrostatic level is recorded and a close estimate or test is made of the quantity of water at each packer setting. Grouting progresses upward in a series of packer settings to the surface. Occasionally, casing is inserted in the bot-tom of the bore hole from within the mine, and water pressure and volume can be obtained in this manner. This is usually dangerous because of the unknown quantity of water. 2. The grouting, mining and geological engineers at the drill location make a detailed examination of the cores and also locate proper and firm grouting packer locations. A competent driller,s opinion should be given due consideration as to the character and condition of the bore hole. 3. Several samples of formation water

Jan 1, 1949

ASIDE from the John Fritz Medal, in which the Institute participates through its representation on the John Fritz Medal Board, the, Institute itself has five major awards to make annually for excellence in technical papers, as follows The Robert W. Hunt Medal and Prize, The J E Johnson, Jr Award, The Lewisohn Platinum Prize to senior members, and the James Douglas Medal ROBERT W HUNT MEDAL AND PRIZE The partners of Robert W. Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules 1 The award shall consist of two prizes, first of a gold medal, second of a sum of money, a certificate to accompany each prize The money prize shall not be awarded to a member over 40 years of age, but under unusual circumstances, both prizes may be allotted to one person provided that he is not over 40 years of age In general it will be understood that the Committee shall award the money prize to the younger men, rather than the medal 2 The awards shall be made not oftener than once a year to that person or persons contributing to the Institute the best original paper or papers on iron and steel The scope of the term "iron and steel" shall be determined by the sub-committee consider¬ing the awards In general, papers dealing with the practical side of the subject have preference over those dealing with the theoretical side in recognition of the fact that Captain Hunt's main contributions to the industry have been in the improve¬ment of production and quality of material. 3 A sub-committee of three to five, including the Chairman of the Iron and Steel Committee, shall be appointed by the Iron and Steel Committee annually to adjudge the award subject to approval 4 The awarding committee shall submit its report to the Iron and Steel Committee at its October Meeting, and the award be certified to the Secretary of the Institute in time to permit the presentation to be made at the Annual Meeting of the Institute 5 The recipient of the award shall be designated "The Hunt Medallist " This prize is administered by the Iron and Steel Committee

Jan 1, 1923

By Charles S. Larkey

Numerous papers have been published on the use of graphic methods for determining the best curve for estimating the production decline of oil wells but, as far as the writer has been able to ascertain, nothing has been published showing how curves may be worked out mathematically that will conform most closely to the production data under consideration in any given instance; hence the writer has endeavored to show just how such application can be made. Among the valuation engineers, two types of curves are in current use for the representation of the decline in production of oil wells. One may be represented by the equation, y = krx; this is sometimes known as a percentage curve, for the production for any period is multiplied by a constant rate or percentage to obtain the production for the succeeding period. It appears as a straight line on semilogarithmic cross-section paper. The other curve may be represented by the equation, y = kxn, and is shown as a straight line on logarithmic cross-section paper. In each equation, y represents the number of barrels produced in a given period of time, and x the successive periods of time. The other letters are constants to be determined for each well, or group of wells considered in arriving at the most probable curve to represent the rate of production for a given property. From this the underground reserves may be estimated by extrapolation, or by extending the curve beyond the last known period of production to show the most probable production values for the future. Application to the Burbank Pool Fig. 1 relates to a property in the Burbank Pool, Osage County, Okla. The production is shown as an average per well per month, is plotted to the vertical scale of barrels on the left-hand margin and to the horizontal scale of months at the bottom of the chart. In column y, the number of barrels is listed beginning with May, 1922, as the first month on which to base a decline curve. The type of curve used is of the form, y = krx, or, expressed in logarithms, log y = log k + x log r, in which log k and log r are constants to be determined so that the curve will most closely approximate the production data given.

Jan 1, 1925

ASIDE from the John Fritz Medal, in which the Institute partici¬pates through its representation on the John Fritz Medal Board, the Institute itself has three major awards to make annually and one special prize for excellence in technical papers, as follows The Robert W. Hunt Medal and Prize, The J. E. Johnson, Jr , Award, the James Douglas Medal, and The Lewisohn Platinum Prize to senior members. ROBERT W. HUNT MEDAL AND PRIZE The partners of Robert W. Hunt established a fund which was presented to the Institute at a fitting ceremony on May 27, 1920, to establish an annual medal and a sum of money to be awarded under the following rules¬ 1 The award shall consist of two prizes, first of a gold medal, second of a sum of money, a certificate to accompany each prize. The money prize shall not be awarded to -a member over 40 years of age, but under unusual circumstances, both prizes may be allotted to one person provided that he is not over 40 years of age. In general it will be understood that the Committee shall award the money prize to the younger men, rather than the medal 2 The awards shall be made not oftener than once a year to that person or persons contributing to the Institute the best original paper or papers on iron and steel The scope of the term "iron and steel" shall be determined by the sub-committee considering the awards In general, papers dealing with the practical side of the subject have preference over those dealing with the theoretical side m recognition of the fact that Captain Hunt's main contributions to the industry have been in the improvement of production and quality of material. 3 A sub-committee of three to five, including the Chairman of the Iron and Steel Committee, shall be appointed by the Iron and Steel Committee annually to adjudge the award subject to approval.. , 4 The awarding committee shall submit its report to the Iron and Steel Committee at its October Meeting, and the award be certified to the Secretary of the Institute in time to permit the presentation to be made at the Annual Meeting of the Institute. 5 The recipient of the award shall be designated "The Hunt Medallist " This prize is administered by the Iron and Steel Committee.

Jan 1, 1923

R. B. BrinSmade, Ixmiquilpan, Hgo., Mexico (written discussion*).—While agreeing with Mr. Gibson that his net-profit tax is the fairest and best for mines, I believe that the tax he describes can be more accurately defined by another name. In accounting, net profits are usually considered to be the residual of the gross income after operating expenses and the annual charge for upkeep of plant have been deducted. Even the necessary interest on bonds or mortgages should not be subtracted in this calculation, for this interest represents merely that fixed portion of the net profits going as a return to that fraction of the total property value owned by the bondholders. Applying this method of calculation to the gross income of a mining property, we should onIy deduct operation expenses and upkeep of plant to get the net profits on its whole property value. So Mr. Gibson in deducting a further sum, to cover the interest and amortization of the capital expended in mine development and equipment, really arrives at something quite differen't from net profits; which can properly only be defined as the annual value of the mineral in the ground, or the royalty value in miners' parlance. From one viewpoint, Mr. Gibson's first principle, which assesses taxes, "proportionate to the benefits received by the person or property taxed," is identical with his third principle wbich assesses "with reference to the extent and value of the natural resources enjoyed." With one exception, everything of use around a mine represents a cash expenditure, or its equivalent in human labor, and state action has not added an iota to its value. The one exception is what makes the enterprise possible and it includes the mineral deposits and their associated surface; water and other landed rights. These natural resources are origin2!1y the gift of tile people acting through their agent, the state, and it is evident that a tax laid on whatever profits may arise from their enjoyment will be exactly "proportionate to the benefits received by the person or property taxed." Mr. Gibson is mistaken in his belief that the general property tax of the United States has the same incidence as his system of taxing profits, because the general property tax falls not only on land1 value—as does

Jan 1, 1920

By Thomas T. Read

Readjustment of the industrial world to a peace basis after more than 4 years of war will involve many fundamental and far-reaching changes that cannot as yet be clearly foreseen or definitely provided for. Such problems may be subdivided, in the vocabulary of war, into those involving material and those centering about personnel. Of the two, the latter group is the more difficult and obscure, as the factors involved are less clearly understood and the methods to be followed are not yet tested and standardized. When it is said that the market is weak, stocks large, and demand light, every business man understands clearly what is meant and what course he should adopt to adjust himself, so far as possible, to such conditions. But when it is said that the rapid spread of Bolshevism in Europe is a danger to industrial organization in this country, it is difficult to have any assured sense that all that the statement may mean is clearly understood or that the means to be followed to meet such a situation are definitely known. Since Bolshevism is primarily a mental phenomenon and since the rupture it brings about in industrial organization should be prevented, if possible, it is my purpose to restrict this discussion of the activities of the Committee on Industrial Organization to some of its mental aspects, as the chairmen of the sub-committees, from their special knowledge of their own fields, can best set forth recent progress in the lines with which they are especially concerned. The first requisites of success in industrial organization, as in the biological organism of which it is the social counterpart, are unity of purpose and coordinated activity. Typical good and bad examples of this' are the relative parts that the United States and Russia have played in the great war. These two factors are primarily mental, and it is not difficult to view the mental aspects of all problems of industrial organization as the most important ones. Unless we can attain unity of purpose and coordinated activity in industry, the provision of comfortable homes at reasonable rent, the assurance of steady work at good wages, the elimination of industrial accidents, and provision against want in old age or in case of disability will have brought us no nearer to our real goal.

Jan 1, 1919

By H. R. Drullard

TO obtain the best results from hammer drills, close attention must be paid to two factors in drill maintenance, which are of equal importance; one is lubrication, the other is the shank. With the exception of stoping drills, most modern rock drills require both oil and grease. The oil ports are in the lubricator, on or behind the hammer cylinder; the grease port for the lubrication of the chuck sleeve and rotating mechanism is on the chuck end. Ordinary machine oil is not adapted to rock drills; a heavier more gelatinous oil such as castor machine oil or liquid grease should be used. The lubricators should be filled once for every 12 or 14 ft. (3.5 to 4 m.) of hole drilled. Grease guns should be used to fill the port in the chuck end once a shift; a medium (No. 3) grease is well adapted to this purpose. Hard grease must not be put into the lubricators, as it will not flow through that part. Contrary to the popular belief, oiling a machine once or twice a shift does not provide sufficient lubrication; the drills should be oiled once for every 12 or 14 ft. of hole drilled. The rotating handle of a stoping drill is an oil reservoir and is provided with a port for oiling. The rotating handle is packed with wick-ing, or similar material, which causes the oil to feed slowly from the handle to the other parts of the machine. Stoping drills require oil at least twice a shift; lighter oils than castor, such as Arctic Ammonia, may be used. Drills used in shaft sinking can be oiled satisfactorily by placing a good-sized, drop, sight lubricator on the station above the sinking operations and connecting it with the air-line supplying the sinking drills. If this lubricator is properly filled and adjusted, a uniform oiling of the sinking machines will be effected without the necessity of oiling the drills individually. The grease end should be filled at the station or surface before each drilling period. The shift boss should see that the machines are greased and also that the lubricators at the station function properly. The life of the air-drill hose is somewhat shortened by this method, as oil attacks the inner tube; but as some oil is always present in the compressed air, this is not a serious objection to the method.

Jan 1, 1922

By John J. Dran

The elaborate analytical techniques for risk analysis used by the large mining companies in conjunction with the valuation of mineral reserve sites are totally inappropriate for the small miner. The small miner does not possess the financial and technical resources which are available to the large companies for such risk analysis. Even if these resources were available to him, the relatively small size of his investment would not justify a huge expenditure for risk analysis. What is required by the small miner is an improvement over the single point estimates provided by the valuation techniques that he currently uses. Such improvement should provide an indication of the extent to which the true value (known only after the fact) might differ from his estimated value of the mineral reserve site. In addition, a rough indication of the chance of occurrence of various differences between the true and estimated values would be helpful to him. These improvements must be obtained at low cost to be useful to the small miner. Such improvements would have to be based on a simple system requiring very few additional estimates by the miner. The small miner is not accustomed to dealing with sophisticated risk analysis techniques. Hence, any complex, time-consuming approach would be doomed to disuse or possible misuse. A simple, uncomplicated approach requiring a minimum of additional estimates by the miner can be based on a system devised by Frederick S. Hillier Although Hillier's method can be applied to various mineral reserve valuation methods used by the small miner, this note is specifically oriented to the discounted cash flow model. The basic discounted cash flow (DCF) approach provides a single point estimate of value and introduces the concept of risk (i.e. the possibility that the annual cash flows may differ from their estimated values and thus lead to an incorrect investment value) through the use of a risk-adjusted discount rate. This approach simply lowers the present value estimate with increases in the discount rate (i.e. increases in the risk assessment). The single point estimate still remains. Although the lower value estimate makes it less likely that the risky investment will be deemed profitable and undertaken, it provides no indication of risk that is suitable for examination and analysis. In addition to the "best guess" estimate of annual net cash flows required in the DCF model, application of the Hillier risk analysis model requires that the miner

Jan 1, 1976

By C. S. Corbett

EARLY in the development of every oil field, the operators of relatively large tracts of land must decide upon a spacing plan for the wells to be drilled upon their respective tracts. Usually it is desirable to have a system of regular spacing laid out over the entire tract, making such adjustments as may be necessary near land boundaries. Unless the dip of the producing formation is very steep, the equilateral triangular arrangement is the one most generally preferred, for the very good reason that it gives the maximum amount of drainage area for the wells up to the limit at which mutual drainage interference begins. Assuming that the equilateral triangular pattern is to be used, there still remains to he decided the matter of distance between wells. Many variable factors enter into the problem of proper spacing, some of which are physical and some economic. It is not the purpose of this paper to discuss these factors, as that has been done in several comprehensive articles during the past few years. In the end the decision must be based upon an estimate of the relative importance of various factors which apply to the field in question and to economic conditions in the oil industry at the time the development is getting under way. Even if the best possible spacing distance should be chosen when the problem arises, changing economic conditions and variation in physical conditions in different parts of the field may cause the original choice to become more or less unsatisfactory. Obviously, it is advantageous, once a spacing plan has been adopted, to avoid alteration of it as the field becomes better known or as conditions in the industry change, and yet be able to vary somewhat, the acreage per well in extending the area of development. Or, it may be desired to provide for an ultimate spacing considerably closer than conditions seem to warrant early in the development of the field. With these contingencies in mind, it is of interest to examine the possibilities which the equilateral triangular system affords. Orientation of Coordinate System In this system the well locations may be considered as the inersectionst of three sets of coordinate lines, the lines of each set intersecting those of the other two sets at 60. For convenience in placing such a system

Jan 1, 1930