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By Joseph E. Pogue, F. G. Coqueron

Prior to 1934, published information covering expenditures by oil companies for properties, plant, and equipment and the residual investments in the various segments of the petroleum industry was not readily available. This paper presents an analysis of the funds invested by a selected group of oil companies during the years 1934 through 1942, based on an extensive study of the individual records of 30 oil companies. The sources, disposition, and characteristics of the capital employed by this group of companies are traced through a series of combined statements and appropriate charts, covering financial and operating data. The analysis of these statements not only constitutes a record useful for comparative purposes but also serves as a basis for a number of broad conclusions, as follows: 1. The petroleum industry generates the capital needed for its expansion almost entirely from its own operations and is therefore a singularly self-contained economic unit. 2. The long-term debt contained in the financial structure of the industry is small relative to the total capital employed, is less than the net working capital, and has increased but slightly during the period under review. 3. The capital expenditures of the group of 30 oil companies for 9 years amounted to 6.1 billion dollars, 58.3 per cent of which went into crude-oil producing facilities. The trend of this segment of expenditures has been downward since 1937. In 1942, expenditures for refining facilities increased sharply and for marketing facilities declined drastically. 4. The net working capital of the group increased 380 million dollars over the period, and the industry is in a favorable position of liquidity. The ratio of combined current assets to current liabilities was 3.21 at the close of the period. 5. The net income of the group displayed an upward trend for the period but with rather sharp cyclical fluctuations. 6. In 1942, Government funds entered the industry for the first time in substantial amounts and were utilized for the provision of war facilities needed for emergency use. 7. The group has paid out a relatively low percentage of net income in the form of dividends. For the period the average was 55 per cent of net income. 8. The rate of return on invested capital for the group averaged 6.4 per cent for the

Jan 1, 1944

Theo. B. ComstocK, Los Angeles, Cal. (communication to the Secretary*):—Mr. Blake's recent paper upon this topic undoubtedly partly explains the rationale of a part of the known facts bearing upon discolorat'ion and encrustation of rocks. His quotation from Humboldt, with reference to certain South American examples, may be questioned in the light of further facts, which do not appear to bear out the great traveler's theory of causation. There is no available evidence that the waters of the tropical rivers referred to by Professor Blake contain dissolved organic matter in the varying proportions required to demonstrate Humboldt's guess, nor do the concomitant facts in any manner bear out the hypothesis that the blackening in one case and its absence in the other may, perhaps, be traced to differences in the chemical reactions of the respective waters. Careful consideration of Professor Blake's illustrations, in connection with numerous personal observations extending over widely-scattered areas, convinces me that elements of

Jan 1, 1905

By Hollis Peacock

THE Bingham area in the West Mountain mining district on the eastern slope of the Oquirrh range, some 28 miles southwest of Salt Lake City, has been the most consistent producer for the United States Smelting Refining and Mining Company, production having been continuous, except for minor interruptions, since the organization of the United States Mining Co. in 1899. This production has come from fissures and mantos largely within limestone members aggregating something less than 10 per cent of a thick quartzite sequence of Pennsylvanian age which has been warped into an open syncline plunging northwesterly. Bedding on the easterly limb dips 10°-45° but steep-ens to 90° and even overturns on the westerly limb. Ore bodies cluster about the more northerly of two elongate interconnecting stocks of monzonite which have risen in an axial position within this syncline. Largely within the more northerly of these stocks is the low-grade copper ore body exploited in the Utah Copper open cut of the Kennecott Copper Corp. The values, in seams, minute fracture fillings, and disseminations of pyrite and silica, pervade not only the stock but adjacent sediments, and form a nebulous, sprawling mass which both mineralogically and geographically is the center of the district. The more southerly of the twin stocks appears to be comparatively inert and without obvious relation to mineralization. which

Jan 1, 1948

By C. A. Stetefeldt

The purpose of this paper is to convince the managers of silvermills that their customary reports in regard to the percentage of silver saved are far from the truth. It may be unpleasant for them to have the proofs of this fact brought before the public, and for this rezson the author refrains from giving the names of the mines and mills from which the statistics here recorded were obtained. It may be asked: What is gained by informing the stockholders of our silver-mines that they receive incorrect reports? Will this increase their dividends or lessen their assessments? In the first place, it is always better to publish honest facts than fiction. In the second place, many superintendents believe in the correctness of their reports, and have no idea how much they deceive themselves. Finally, the knowledge that hitherto unexpected losses of silver take place may lead to the adoption of methods by which these losses are greatly reduced. These remarks refer also to smelting-works. The present paper, however, is concerned exclusively with amalgamation and lixiviation. The first and most important error is found in the inaccuracy of the commercial assay; the second in the incorrect sampling of tailings in amalgamation. Further, mills not doing custom-work, but reducing exclusively ores from mines to which the mills belong, are in the habit of weighing the ore only approximately and without making moisture-tests. Thus, a correct basis for calculating the actual percentage of silver extracted is lacking. The superintendent, then, finds it convenient to report the apparent extraction, i.e., the extraction indicated by comparing the value of the roasted ore, minus soluble salts, with the value of the tailings. How many errors are thereby committed it is not necessary to point out.

Jan 1, 1895

IT IS impossible to speak in exact terms of the effect that selective flotation has had, is having, and may have on the State of Utah. Its results enter into the economic structure of the state in so many ways and its ramifications are so widespread, that every line of industry is affected. Some effects can be definitely determined; others can be reasonably approximated; but the effect as a whole can not be set out in exact figures. Utah is essentially a mining state; mining is its basic industry and always will be. Agriculture, equally a basic industry, and of course, equally vital, can be practiced on only 6 per cent. of the 85,000 square miles of its area. It follows, therefore, that the economic future of this state depends upon a development of its natural resources. About 6 or 7 years ago, the mining industry in Utah was at a low ebb. This condition was caused partly by postwar conditions and other temporary causes, but prevailed also, which was most important, because the direct-smelting ores of the state were being rapidly exhausted and the cost of treatment of complex ores was almost prohibitive. Furthermore, the wet concentration of low-grade ores was unsatisfactory and did not result in producing a good smelting product. On visualizing this situation, one of the large smelting companies in the valley had the courage, ability and faith to develop and expand the principles involved in selective flotation of complex ores. This example has been followed by other smelting and reduction companies and the result has changed the entire aspect of the mining industry in Utah. The utilization of the zinc in the low-grade, lead-zinc-silver ores was the principal problem to be solved. The average yearly production from the State of Utah for the 10 years beginning 1914 and ending 1923, was something less than 10,000 tons of zinc concentrates. This period includes the world war, when abnormal prices stimulated production. In 1924, selective flotation began to be practiced on a considerable scale, replacing concentration by gravity and bulk flotation which had been used generally until this time. PRODUCTION AND VALUE OF ZINC CONCENTRATES The production of zinc concentrates during 1924 was approximately , 24,000 tons, or twice the average yearly production of the previous 10

Jan 1, 1928

By W. E. D. Stokes

WHEN history is written, the year of the blitzkrieg will go down as giving aviation its greatest impetus. No perceptible drop in military business, even with cessation of hostilities abroad, seems likely. The combined air force of the U. S. Army and Navy on July 1 was approximately 5000 planes, as against 50,000 planes currently discussed as necessary. Observers at the fronts are giving designers and metallurgists back home some realistic ideas to shoot at. As conventional runways reveal the location of airports to enemy raiders, operating bases are now masked. Difficult, often muddy and rough landing strips, requiring strong landing gears and exacting take-off and maintenance characteristics, are the specifications of war. This is "old stuff" to numerous mining operators in mountainous jungle areas where gradients up to 8 per cent are in more or less common use in such mountain landing fields. Although airplane building is not readily adaptable to assembly-line methods, a trend towards mass productions is now in evidence. Incidentally, a U.S. Army "Curtiss P-40" requires about 10,000 man hours of work to complete and is tied together with 75,000 rivets. During the past year a number of aircraft factories adopted the "shot-

Jan 1, 1941

John S. Kennedy, Chamhersburg, Pa. (communication to the Secretary): The washing-plant described by Mr. Johnson is a good illustration of the advantages derived from a well-designed and care-

Jan 1, 1895

By F. B. Plummer

PERHAPS the greatest progress made in the technical methods of oil production during the last year has been in handling gas from the new fields that yield light distillate fractions. At least sixteen recycling plants have been perfected and installed in South Texas fields alone during 1939 having a daily capacity of more than one billion -2 cubic feet of gas and capable of producing more than a million gallons of distillate daily. The process consists of running the gas under pres- sure through especially designed plants, separating out the condensate, then compressing the gas to 3000 lb. or more, depending on the subsurface pressure in the formation, and injecting gas back into the reservoir to be produced again later, along with more of the liquid hydrocarbons, and again recycled. Hence production in these distillate fields in sense has changed from that of producing a constantly diminishing and much-wasted product to a more or less continuous manufacturing process, in which practically all the gas is conserved-a real triumph in engineering practice.

Jan 1, 1940

By J. G. Faller, L. P. Skolnick

The distribution of cobalt and vanadium over non-equivalent crystallographic sites in C14-type Zr(VCo), alloys has been investigated. An anomalous X-ray scattering technique developed by Skolnick, Kondo. and lavine7 by which the separation in the scattering factors of two similar atoms can be enhanced was employed. Six alloys spanning the pseudobinary section ZrV1.6Co0.4-ZrVO.6CO1.4 at 10pct steps showed a nonrandom compositionally dependent distribution. Specifically, at high vanadium content cobalt preferentially occupied sites of type (6h) and vanadium, sites of type (2a; at low vanadium content the reverse was observed. In addition to the distribution fraction the structural parameters x and z were obtained. There was no significant deviation of these parameters from those obtained in the ideal C14 structure. Certain suggestions are made to account for the observed nonrandomness in the distribution of atoms on the two types of sites. INTERMETALLIC compounds of formula AB2 iso-morphous with MgCu2, MgZn2, and MgNi2 are known as Laves phases. Because Laves phases exhibit high symmetry and coordination numbers, the highest possible for an AB2-type compound,1 they are among the most frequently observed compounds in nature. In recent years interest has centered about the purely transition metal Laves phases2-' in efforts to understand the function of atomic size and electronic structure in the formation of these compounds. It has been observed that pseudobinary Laves phase systems often show a variation of structure across the phase diagram. Such a system is the ZrV2-ZrCo2 in which the structure varies from cubic MgCu2 to hexagonal MgZn2 to cubic MgCu2.4 Some understanding about the conditions under which the second modification is stable can perhaps be gained by studying the distribution of cobalt and vanadium atoms on lattice sites in the MgZn2 modification of the system ZrV2-ZrCo2. In both the MgZn2 and MgNi2-types there exist nonequivalent positions open to occupancy by the B element, whereas in the MgCu2 prototype all sites are equivalent. Skolnick, Kondo, and La-vine7 have developed an anomalous scattering technique suitable for this type of investigation. Whereas the influence of size on the formation of a Laves phase is well recognized, no substantial evidence has been put forth in support of the size ratio dependence of a particular prototype. Berry and Raynor8 suggested that RA /RB ratio does indeed affect the type of structure that is chosen, MgZn2 compounds tending to cluster about 1.225 while MgCu2 compounds were found at larger deviations from this ratio. Dwight,3 however, from a study of 164 Laves phases does not believe this generalization to be justified. Electronic effects are certain to play a part in the stability of Laves phases in general and in the choice of a structure type in particular. For example, size along would favor the formation of Laves compounds of Ti, Zr, Hf, Ta, or Nb as the A element with nickel or copper as the B element. The absence of such is attributed to an unfavorable electron : atom ratio by Elliott and rostoker.4 Early experiments of Laves and witte9 with pseudobinary and pseudoternary systems of the three prototypes established the dependence of crystal structure upon electron: atom ratios. They observed that the MgCu2 structure dissolved elements of higher valency until the electron: atom ratio of =1.8 was reached; the MgZn2 likewise dissolved elements of lower valency replacing zinc. witte,6 from calculations of the electron : atom volumes of Brillouin Zones, obtained limits of stability for the prototypes MgCu2 and MgZn2. Elliott and Rostoker4 used these limits with considerable success in the all-transition element Laves phases they investigated. According to witte,6 compounds between the electron :atom ratios of 1.80 and 2.32 were of the MgZn2 type; those above and below exhibited the MgCu2-type structure. On the basis of these limits and an assumed valency of zirconium based upon the near tetra-valence of titanium, Elliott and Rostoker obtained valencies for the first transition series elements. For the Laves phases with which this investigation is concerned, ZrV2 and ZrCo2, the authors calculated electron :atom ratios of 2.54 and 1.56, respectively. These ratios are for the MgCu2-type structure and straddle the stability band of the MgZn2 modification. One could, therefore, predict that a pseudobinary system ZrV2-ZrCo2 should pass through the MgZn2 modification in traversing the composition diagram from one end to the other. Implicit in this assumption is a smooth change of the electron: atom ratio from 2'54 to 1.56. MOSS10 states that his finding the low temperature structure of ZrCr2 to be C15 instead of C14 alters greatly Elliott's valency of zirconium and hence the assumed valencies of the other metals. Such a quantitative correlation of structure with electron : atom

Jan 1, 1963

PUBLIC hearings began before the Committee for Reciprocity Information on May 24, 1950, for the purpose of unearthing data and opinion that will be helpful in the forthcoming reciprocal tariff and other trade-barrier negotiations at Torquay, England, on September 28th of this year. The conference this fall will constitute the "third round" of tariff negotiations under the General Agreement on Tariffs and Trade concluded at Geneva in 1947. The United States plans to negotiate with 17 other countries on possible tariff modifications on various articles all the way from baby carriages and bottle caps to lead and zinc-bearing ores. On May 31, June 1 and June 2, spokesmen appeared before the Committee for Reciprocity Information on behalf of the domestic lead and zinc mining industries. Producers of these metals protested the inclusion of paragraphs 391 (lead-bearing ores, dust and mattes), 392 (lead bullion, lead in pigs and bars, and scrap lead), 393 (zinc-bearing ores of all kinds), and 394 (zinc in blocks, pigs or slabs, and zinc dust) of the Tariff Act of 1930, as amended in the list of articles to be considered for possible tariff concessions at Torquay. It was pointed out that although operating costs have more than doubled since 1939 tariffs on these metals were actually higher in that year than at present. This, coupled with the detrimental effects of the recent series of devaluations, has sounded the death knell for a substantial number of domestic lead and zinc mines-a most undesirable development in the face of the ominous international situation, according to these spokesmen. It was urged that higher rather than lower tariff rates are needed on these metals. The opinion was expressed that it was inconsistent to foster a high living standard in our western areas and then, once it is attained, to undermine that condition by minimizing the protection that was partly responsible for it. The main theme of some arguments implied that although every effort should be made to close the "dollar gap" abroad, serious consideration must be given the methods employed lest our national security position be jeopardized in the process. The House Committee on Foreign Affairs completed hearings on H. J. Res. 236, to provide for United States membership and participation in the International Trade Organization. Hearings began on April 19th and ran for over five weeks. Many witnesses from industry and government presented voluminous testimony, which will not be available for public distribution for several weeks. However, it is no secret that the most controversial provisions of the Draft Charter of the ITO are: (1) Article 17 (Chapter IV on Commercial Policy) which would obligate members to negotiate for the reduction of tariffs and the elimination of trade preferences; (2) Article 20 which would prohibit the use of quantitative restrictions for protective purposes; (3) Article 16 which promulgates rules to implement the principle of non-discrimination in international trade; and (4) provisions permitting the use of protective measures for promoting economic development, particularly in backward areas, even though such provisions are inconsistent with those of the three articles cited above. United States membership in the International Trade Organization is essential to the successful operation of that body in view of this country's position as the economic giant in the present international trade pattern. Many countries are reluctant to take any action toward the ratification of the charter until it is known what course America will pursue. However desirable or undesirable the ideal of free multilateral trade may be it is unlikely that this Government's participation in the ITO will materialize soon. Advices in Washington indicate that H. J. Res. 236 will not be enacted during the present session of Congress. The legislative pattern designed to secure Congressional approval of the ITO is similar to that of the St. Lawrence Seaway project. The Seaway project was pending in treaty form for several years before the Foreign Relations Committee of the Senate and when the Administration decided to incorporate this project into bill form it was found that, while it passed the House promptly, the Senate decided to pigeonhole it because of the obvious intent to circumvent the constitutional prerogative of the Senate to advise and consent to the ratification of treaties. The ITO bill may be slated for a similar fate. It is deemed essential by western Senators and Congressmen that the present session of Congress enact some form of mining legislation before its adjournment, now set for July 31st. These legislators from prominent ore-producing states do not desire to return to their home areas in the fall emptyhanded. Aside from that, it is entirely superfluous to reiterate the necessity for maintaining a healthy domestic mining industry as a bulwark against a sharp rise in the temperature of the "cold war". Now that S. 2105 has failed a new bill is taking shape in the Senate Interior and Insular Affairs Committee. It is similar in language to H. R. 8221 (to encourage the conservation and development of the mineral resources of the United States) reported by the House Public Lands Committee on May 3, 1950, but so far has failed to receive approval of the House Committee on Rules. There are some qualified observers in high circles in Washington as well as in the mining industry who favor a tax incentive program to stimulate investment in mining enterprises, as opposed to a conservation and exploration program. The Bureau of Mines and the Treasury Department have undertaken a joint study to determine the need for modification of the tax laws as they apply to mining. The study is scheduled for completion before the end of the year, and appears to be supplementary to the investigation initiated by the National Minerals Advisory Council which culminated in the submittal of recommendations to the Secretary of the Interior in December 1949. The "cold war" is largely responsible for the increased demand for metals. Stock-pile purchases and heavy industrial demand due to military needs distort markets and disrupt normal price trends. Such activity has an unhealthy influence on metal production, luring some producers into a state of dependency on the continuation of this condition. When stock-pile objectives are met sometime in the future purchases must then come to a halt unless international "fireworks" are touched off. It can only be hoped that technological improvements and further mechanization of mines coupled with the stimulus of a rising population will offset the anticipated drop in industrial demand and cessation of stockpile purchases when the international crisis abates.

Jan 7, 1950

By E. B. REESER

EFFICIENCY is the foundation on which the prosperity of this Nation must be built. Your organization and the members thereof are constantly thinking of Gays and means whereby greater efficiency may be developed. It is often said that this Nation has become great because of its almost up limited supply of raw materials at low production 'costs. This was undoubtedly true in the earlier years but today we face an entirely different situation. We have learned that nature has been very generous in supplying all parts of the world with ample resources of various kinds to meet the demands. This applies to practically all commodities but for the purposes of this discussion, we will limit our remarks to petroleum.

Jan 1, 1931

By T. M. Girdler

INDUSTRIAL progress and development in this country from the earliest daps to the present has proceeded at an ever-quickening pace. Yet during recent decades the nature of our industrial progress and development has undergone a change of great significance. The earlier days were a period of tremendous expansion. Population was increasing by leaps and bounds. Vast areas of new land were being .2 opened to settlement. And almost boundless new sources of timber, coal, oil, ores, and power were being opened to ever-expanding markets. Today, however, that picture has al- most completely changed. Today, with population increase tapered way off and the opportunity for free expansion into western frontiers gone, the great industrial development of our country continues on a vastly different front. Industrial progress and development today rest on a foundation of technology. The key- stone is research. Our frontiers to- day are frontiers of sciencec

Jan 1, 1939

By Mark Eisner

ONE'S JOB is the watershed down which the rest of one's life tends to flow write the Lynds in the first pages of their classic social study, "Middletown in Transition." Certainly engineers will confirm this statement after a check among those in their own profession with whose lives they are at all familiar. I have no hesitancy in acknowledging the truth of their observation for the men and women who are engaged in the profession of the law. It has been often remarked that American public life is overrun with members of the law profession. The highest public office in the land, that of President. has been occupied by lawyers almost to the exclusion of citizens of any of the other professions. Twenty-two Presidents of the United States out of the total of 31, were members of the bar. For the most part, members of Congress, the governors of the states, the state legislators and the mayors and other local leaders, men who occupy important positions of responsibility and public trust, have had legal training. Now this fact is no mere accident. Those who were fitted for the "job" of the practice of the law are favorably placed with respect to their participation in public life. Thus public service and public office is the watershed down which the "lawyer's" life tends to flow.

Jan 1, 1940

By Arthur F. Wendt

The following experiments and researches were originally conducted by Dr. Heinrich Rcessler, chief of the German Gold and Silver Parting Establishment at Frankfort-on-the-Main, for the sole purpose of abating the nuisance created by the discharge into the air of the sulphurous and sulphuric acids generated in the process of parting bullion by sulphuric acid. The results achieved have, however, an important bearing not only on this process, but are of value in the manufacture of sulphuric acid and sulphate of copper from sulphurous gases derived from any source. It has now been in successful operation for a term of years at Dr. Roessler's own works, and has been lately introduced with satisfactory results at the royal mints of Kremnitz and Munich, and the well-known establishment of Johnson Mathey & Co., of London.

Jan 1, 1884

By R. W. Vander Laan

Conneaut has a long and illustrious history as a major Great Lakes port for coal and iron ore. The first dock was built in 1892 for unloading iron ore from the Mesabi Range for shipment to the Pittsburgh steel mills via the Shenango & Lake Erie Railroad, later to become the Bessemer & Lake Erie Railroad. The Pittsburgh & Conneaut Dock Company was incorporated in 1893. The world's first Hulett automatic ore unloader was constructed at Conneaut in 1899. Steam operated, it was the model for the giant electric Huletts used today, named after its inventor, George Hulett, who was a Conneaut resident.

Jan 3, 1974

By L. J. Dijkstra, R. J. Sladek

IN earlier work the effect of manganese on the general behavior of nitrogen in iron was the subject of a careful examination by Fast.' Part of the investigation was made, in collaboration with one of the present authors (L.J.D.), by using the internal friction method. This technique, which has been described elsewhere,' showed some significant changes in the properties of Fe-N alloys by the addition of a small amount of manganese namely: 1—Under standard conditions the maximum of the nitrogen peak in pure iron appears around 20 °C and the half width is about 27 °C. By addition of 0.5 atomic pct Mn a general broadening of the internal friction peak occurs. The half width is increased by about 9°C. Moreover, a shift of the maximum of about 5°C toward a higher temperature takes place, Fig. 2. 2—The precipitation of nitrogen from the supersaturated solution, measured, e.g., at 200 °C, was inhibited by the addition of the amount of manganese given in effect 1. The broadening of the nitrogen peak was confirmed in more recent work3 on samples which were prepared from Westinghouse Puron iron. The effect of manganese on the rate of precipitation, however, was much less striking than in the earlier work' based on Philips high purity iron. Theory To explain the first change in properties just referred to, effect 1, the following two assumptions were made:' First, every manganese atom in sub-stitutional solid solution creates around it six interstices located between an iron and a manganese atom, as is evident from Fig. 1. These interstices, conveniently called Fe-Mn interstices, have for nitrogen a free energy level which is AG* lower than the normal Fe-Fe interstices between two iron atoms. For such low concentrations of manganese as 0.5 atomic pct, the possibility that two manganese atoms will be nearest neighbors can be disregarded. Second, it is assumed that in addition to the normal relaxation time TFe at least one new relaxation time, Mn, Fe, enters in the phenomena which is associated with the elementary diffusion jumps between a Fe-Mn interstice and an adjacent Fe-Fe interstice. Fig. 1 gives schematically the free energy for a nitrogen atom as a function of its position along the line ABC. A tentative analysis of the nitrogen peak in a 0.5 pct Fe-Mn alloy based on these assumptions has been made in Fig. 2. The dotted curve with a maximum at 22°C is caused by jumps between Fe-Fe interstices, the dotted curve with maximum at 32°C by jumps between an Fe-Mn and an Fe-Fe interstice. The two effects added together give the dash-dot internal friction curve for the alloy. In the following these two components will be referred to as the normal peak at 22°C and the abnormal one. (The small secondary peak at

Jan 1, 1954

By H. M. Shepard

THE copper industry operated at high capacity throughout 1947, with no serious tie-ups in operation as was the case in 1946, when almost the entire industry was shut down by a four-month strike. Refined copper production in the United States averaged 94,250 tons for the first eleven months and deliveries to domestic consumers, including foreign copper for domestic consumption, averaged 114,000 tons per month. On April 29 the import duty of 4d per lb was suspended until March 31, 1949. Copper prices fluctuated considerably for a short time thereafter. Over the year the price of domestic electrolytic copper at refineries on the Atlantic seaboard advanced from 19.225¢ on Jan. 2 to 21.200d on Dec. 24.

Jan 1, 1948

By C. K. Leith

WE face the postwar problem of the use of minerals as sanctions to control the armament and the re-armament of the Axis powers at the source, minerals being the raw material of armaments. That is the subject of today's discussion. It is one thing to talk about controlling minerals in the interest of rearmament, and it is another thing to put any such ideas into effect. A provision for min- eral sanctions-not by that name but under broader terms-was contained in Article 16 of the League of Nations, and an attempt was made to apply min- eral sanctions when Italy cut loose in Africa. That was a failure because the plan was badly thought out. They did not have the right minerals included in the list. Also, they did not have the machinery set up at all. Somebody said to the League of Nations: Let's apply the sanction, and it was assumed that that was all that was necessary. It turned out to be a rather sad perfor- mance. However, that certainly cannot be taken as an example of what will happen if a properly thought-out pro- gram is adopted.

Jan 1, 1944

By Robert Laurich

Chuquicamata pit was opened in 1915 with steam shovels and steam locomotives brought down from the Panama Canal excavation project. With expansions in the early years, more steam locomo¬tives were brought into the mine. IMPROVED LOCOMOTIVES During the period 1927 to 1937, electric locomo¬tives were purchased and main line and bench tracks were electrified. Third rail was installed up to the working areas. At first, the locomotives were equipped with batteries for service at the shovels, but charge life was too short and they were con¬verted to use the third rail and a reel with 3000 ft of trailing cable for service in the loading area.

Jan 11, 1959

By Earl Oliver

IN times like these, the A. I. M. E. and similar societies have their greatest usefulness. . . . Individuals and companies acting alone in the development of public opinion are merely voices crying in the wilderness. United and organized they make a great force that can and does influence public action. . . . What part, if any, then, shall the A. I. M. E. take in these great stabilization processes of civilization? Shall it help to give direction and force to scientific knowledge which comes within its field of activity or shall it merely develop more of it? . . . Is it the A. I. M. E.'s function to help bring system, order and direction out of this situation so that the world can again have forward economic movement, or should it rest on its oars until other agenciess develop that public understanding and direction so necessary for economic progress? As we understand the functions of the A. I. M. E. Petro¬leum Division, they are to discover and promote knowl¬edge for the benefit of society on the mining of oil and gas. To the individual member of the Petroleum Division, there are certain advantages of social and professional contacts, but the collective purpose is that described. And the individual is benefited by membership only as the Division measures up to the purposes of its existence. Consequently, the welfare of this Division and that of its members depends on the extent to which it keeps pace with the needs of society on matters relating to the mining of oil and gas.

Jan 1, 1932