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By Roland D. Parks

Corundum, little publicized as an industrial abrasive, has, in its small way, contributed greatly to the production of many specialized items vital to our war program and to Our allies. Optical elements Of the highest quality for range finders, bombsights, and scientific instruments; precision metal parts for torpedoes and airplane engines; quartz crystal plates for military radios; armorplate and malleable castings for tanks and guns; and eyeglasses for everyone; these are some Of the products that corundum has helped to produce in the quantities needed and on time. Unlike metals and many other raw materials, corundum is not incorporated into any Of these finished products. It is simply a grinding medium used to produce the desired finish or precision; an operating supply or tool, so to speak. With a Mobs' scale index of 9, corundum ranks next to the diamond in hardness among the natural minerals and is superior to emery and garnet. The gem varieties of corundum, including the Oriental ruby and sapphire, are frequently more highly prized as jewels than the diamond. It is the intent Of this paper to deal Only with a description of the corundum industry, the administration of wartime control, and certain economic aspects as seen by the author. Several references are listed to assist anyone who wishes further information on the geological occurrence of the mineral. Ore Production and Consumption For the past two decades, south Africa has been the world's sole producer of corundum ore. A possible exception is Russia, where, it is understood, there was considerable production during the thirties for domestic consumption but for which statistics are lacking. The United States is the world's principal consumer of corundum ore; imports lor the period 1934 through 1940 averaging 3000 Short tons per year, The years 1935 and 1936 were close to the 5000-ton mark, and imports during 1941, the last prewar year for which statistics have been released, were approximately 6000 Short tons. Again lacking statistics on Russia, the United Kingdom ranks second, but far below the United States in consumption of ore. Historically, corundum has been found in some 35 countries throughout the world, but the principal deposits are in South Africa, Canada, Madagascar, Russia and the united States. Deposits are generally small and subject to rapid exhaustion. Thus, the United States was the principal world producer for the period 1870 to 1900, when operations ceased except for two years during World War I. India was a producer of ore from 1898 through 1921, with peak output in 1916 through 1918 Canada came into production in 1901 with substantial output of ore and finished grain until 1914; the production thereafter was smaller until 1921. Madagascar has produced ore since 1910 but has had important output in only a few scattered years. South African production started in 1912

Jan 1, 1948

SOUTHERN CALIFORNIA LOCAL SECTION Executive Committee THEODORE B. COMSTOCK, Chairman SEELEY W. MUDD, Vice-Chairman FREDERICK J. H. MERRILL, Secretary-Treasurer, 631 Higgins Bldg., Los Angeles, Cal. A. B. CARPENTER C. COLCOCK JONES A meeting of the Southern California Local Section, in honor of the presence of Secretary Bradley Stoughton, was held at luncheon in a private dining room of the Sierra Madre Club on Friday, May 21, 1915, 27 members and guests being present. In the absence, through illness, of the Chairman, Dr. Comstock, the vice-Chairman, Seeley W. Mudd, presided. After the luncheon, Secretary Stoughton made a short address on the activities of the Institute. George S. Rice, of the U. S. Bureau of Mines, who was present, then spoke on the activities of his Bureau. Local Secretary F. J. H. Merrill gave a description of the activities of the Southern California Section and its progress, and reported the latter as substantial and its condition as very good. After some informal remarks by other members present the meeting adjourned. F. J. H. MERRILL, Secretary.

Jan 7, 1915

By Robert E. Bush, E. S. Mardock

The objective of this paper is to present practical methods of applying radioactivity logs to problems of interest both to those engaged in evaluating fundamental reservoir data as well as to those engaged in subsurface structural work. The basic theories underlying the operation of radioactivity logging methods are briefly discussed along with some of the problems arising in the interpretation of the log. Relative methods of quantitative interpretation are described, with a discussion of relative reference lines and specific examples are given showing the application of these relative quantitative interpretation methods. To show the variation of the methods described, specimen wells penetrating formations widely divergent in point of geologic age were selected to demonstrate the application. A relative reference line is determined for the Neutron Curve and by comparison to known petrophysical data such as porosities from diamond cores, a direct quantitative relationship is developed. The application of this relative calibration curve to logs of unknown wells will permit a reasonably accurate determination of porosity in limestone and dolomite formations. Specific examples are given showing the application of these relative methods of interpretation to logs of the Smackover limestone in Louisiana, the Edwards limestone and dolomites of South Texas, and Permian dolomites of West Texas. Radioactivity logs have been used extensively by the petroleum industry for a number of years and recognition of their value has grown steadily, not only as tools to aid in the solution of specific stratigraphic problems, but also as potential sources of the basic data necessary for the estimation of net pay and reserves. The value of radioactivity logs for stratigraphic work has been pointed out in the literature,1,2,4,5,6 and now has long been recognized by the industry, but the quantitative application of the logs has advanced but little beyond the stage of a strong conviction that radioactivity logging curves will some day provide the information on such important quantities as the porosity and the liquid saturation of the formations. During the past few years the staffs of the Lane-Wells Company and Well Surveys, Incorporated, have devoted a great deal of time, thought, and experimentation to the relationships existing between radioactivity curves and the lithologic conditions encountered, and this paper is, in a manner of' speaking, intended as a progress report of this work and includes suggestions which the authors have found useful in the interpretation of radioactivity logs. The section on theory is not intended as a complete exposition of the physical processes involved, but rather as a brief introduction to the reader of these processes so that he may acquire a better understanding of the behavior of the radioactivity curves under the varied conditions encountered in normal well logging. Three relative methods for using neutron logs for the quantitative estimation of porosity in limestone or dolomite are presented. These methods are based on the comparison of logs and porosity data from wells in Louisiana, South Texas, West Texas, and New Mexico. These areas were selected because not only were there more core data available from these areas but also the majority of these data were from limestone or dolomitic zones. The correlation between core data and logs is simpler for limestones and dolomites than it is for sandstones due to the fact that sandstones are more complex than limestones and differ more widely among themselves as to composition of cementing materials, siltiness, etc. When data applicable to the various types of sandstones are available, the authors hope to present a discussion similar to this paper covering sandstones or possibly a more general discussion covering all types of reservoir rocks. The relative methods for estimating porosity which are presented in this paper fall short of the absolute method sought. However, these methods possess the advantage that they can be applied to almost any neutron log as long as the range of application is held within the limits imposed by the local lithologic conditions which prevailed during calibration, i.e., these methods are for short range application only. THE THEORETICAL BASIS FOR RADIOACTIVITY LOGGING The two redioactivity logging curves commercially available today are the

Jan 1, 1950

By Harlan A. Walker

Rock-drill steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, maintenance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted. Experimental Work During the late spring of 1939, experiments were undertaken at Homestake in reducing changes in drill-steel gauge from ? in. to 1/16 in. In drifts and crosscut headings mounted machines were set up and holes were drilled with ?-in. bit-gauge changes and other holes a few inches

Jan 1, 1940

By Harlan A. Walker

Rock-drill steel has an important bearing on costs in many mining operations, both directly and indirectly. Direct factors include such items as shop expense, steel consumed per ton of ore produced, cost of distribution and the dust hazard. The latter, although no specific amount may be assigned to it, is an ever-present problem, and is receiving increased attention as the science of mining progresses. Indirectly drill-steel performance affects consumption of compressed air, maintenance of drills and drilling speed. The latter, in turn, increases or retards the tempo of mining and development. These factors, while not all inclusive, are preponderant in their importance. Thus it is evident that in an extensive operation drill-steel expense may run to many thousands of dollars and that thoughtful research leading toward more efficient practice is warranted. Experimental Work During the late spring of 1939, experiments were undertaken at Homestake in reducing changes in drill-steel gauge from ? in. to 1/16 in. In drifts and crosscut headings mounted machines were set up and holes were drilled with ?-in. bit-gauge changes and other holes a few inches

Jan 1, 1940

By L. D. Rickets

The principles on which an art is founded are usually few and necessarily basic in nature, but he who wishes to achieve the power to select his aides and give success to important undertakings that may be entrusted to him in the future must ordinarily undergo years of drudgery in order to gain the experience that will enable him to distinguish such fundamentals through the haze of reenforcing detail that clothes and tends to disguise them. This especially applies to those who would dream dreams that may come partly true. Professor Henry B. Cornwall of Princeton was a graduate of Freiberg with mining experience in Mexico. He was my friend and mentor during my college life. In 1883 I finished my postgraduate course and had two offers of work to consider. His advice is very clear in my mind today. It was essentially as follows: I know something of the mines of Mexico and have crossed through the mountains of the West. The West possesses a vast area of mountain and valley. California has long had its gold mines, the Comstock and Gilpin County followed and now comes the discovery of Leadville. I believe the West, will become a great mining country. You can choose now to teach here or go to the mountains. Were I in your place I would go West and identify myself with mining.

Jan 1, 1932

Z. W. Bartlett, J. C. Carrington, H. C. Petersen and K. T. Price were elected vice-presidents of the Freeport Sulphur Co. Blandford C. Burgess was transferred on January 1 to the new Defense Materials Procurement Agency as strategic materials specialist. In May the Region III headquarters of this organization was moved to London. L. C. Campbell was elected president of National Coal Assn. Mr. Campbell, who has been a member of the National's Board of Directors and Executive Committee for many years, is vice-president of the Coal Div. of the Eastern Gas & Fuel Associates and in charge of their extensive mining operations in West Virginia, Pennsylvania and Kentucky. Vern H. Christoph has been transferred to Panama Canal Co., Marine Bureau, Navigation Division, Port Captains Office, as an admeasurer at Cristobal, Canal Zone. Eugene Cline, recently graduated from the University of Kentucky, has been employed by Pond Creek Pocahontas Coal Co., at Evanston, Ky. Sanford S. Cole, assistant manager of research at the Titanium div. of National Lead Co., received the Alumni Citation from his alma mater, Alfred University, Alfred, N. Y. This was in recognition of outstanding achievements and services in the field of ceramics which have brought honor to the institution. U. K. Custred, recently graduated from University of Kentucky, and may be reached now at Box 87, Monterey, Tenn. Robert E. Dwyer, executive vice-president of Anaconda since 1940, was recently elected president of this company and its subsidiaries, Chile Copper Co., Chile Exploration Co., and Andes Copper Mining Co. As president, Mr. Dwyer succeeds the late William H. Hoover who died in Butte, Mont.

Jan 1, 1952

By Clark A. Sumner, D. Arthur Burnham

A process for recovery of greater than 99% of the copper contained in acid leach solutions by sulfide precipitation using hydrogen sulfide as a hydrometallurgical reagent has been developed. The process incorporates the concept of hydrogen sulfide addition to recycled copper sulfide solids in a turbulent flow area where further precipitation or agglomeration occurs to increase the effective particle size of the copper sulfide precipitate. Because the recycled solids provide a larger number of particles upon which momentary excesses of hydrogen sulfide are absorbed, oversulfidization of the product is prevented. Copper sulfide precipitates produced in this manner in a laboratory test reactor showed greatly improved physical characteristics compared to copper sulfide precipitates obtained by conventional direct precipitation in which H2S is bubbled directly into acid leach liquor. Copper sulfide precipitates were evaluated and compared by use of filtration tests and settling rate studies. Electron microscopic examination of the solids confirmed the presence of larger particles in reactor-precipitated copper sulfide. Flotation was examined as an alternative to filtration for recovery of CuS precipitates and was found to achieve complete CuS removal without addition of collector or frothing reagents in a period of 2 min. In the same test reactor, a rapidly floatable CuS precipitate was also formed by mixing H2S with acid liquors used to leach crushed copper oxide-copper sulfide ore (LPF process). In the presence of gangue from the crushed ore, flotation of both natural and reactor-produced copper sulfides resulted in recovery of better than 90% of the copper contained in the crushed ore.

Jan 1, 1974

Jan 1, 1946

By Frederick Clapp

ALTHOUGH many oil fields have been, and still are being, discovered in Oklahoma, the geology and structure of most of them have not become familiar to the general public because of the delay in securing government geological surveys and the reluctance of oil companies and other interested parties to give out their "inside information." Therefore, until official surveys are available, it behooves us to publish geological results as soon as possible. Fortunately the writer has been authorized by the Cement Field Oil Co. to publish his data on the Cement field, Caddo County at this time. LOCALITY AND DESCRIPTION The Cement field is situated in the part of Oklahoma known generally, until recently, as "Healdton fields," and lies 60 mi. (96 km.) northwest of the Healdton field proper. Like the Healdton field, it forms an approximate ellipse, trending northwest and southeast through the village of Cement on the St. Louis-San Francisco Railroad, on which it is reached in 2 ½ hours from Oklahoma City. In its geological structure, the field constitutes an anticline over 13 mi. (21 km.) long and from 1 to 3 mi. wide; the point of greatest width being not far from its intersection by the above-named railroad. The major axis trends north 75° west from the village of Cement; but eastward appears deflected (if field interpretations are correct) to about south. 45° east. About 5 mi. south lies an approximately parallel syncline, which may be conveniently called the Cyril syncline, the south and west boundaries of which may be distant many miles, but forming a closed basin', south of the Cement anticline. The position of the offsetting synclinal axis, which is believed to lie north and east of Cement, has not been discovered.

Jan 2, 1920

By W. Rostoker, R. P. Elliott, B. W. Levincer

Phase equilibria in the Ti-Cr-Mo system have been investigated for alloys containing 100 to 40 pct Ti in the temperature range 550° to 1300°C. Five experimental isothermal sections and a surface of incipient melting are presented in addition to a summary projection of the space. Seven vertical sections have been constructed from the isothermal sections. A STUDY of the system Ti-Cr-Mo was undertaken as part of a program sponsored by Watertown Arsenal toward the development of titanium-base phase equilibrium diagrams of potential technical importance to alloy development. The scope of the investigation included the composition range contained by the titanium corner and the line of 64 pct Ti (all compositions are by weight) and the temperature range 550" to 1100°C. A surface of incipient melting was constructed from measurements on a large number of alloys. The system Ti-Cr has been established.&apos;-? The phase diagram is characterized by a wide miscibility field of the solid solution at elevated temperatures and a eutectoid reaction of the type: (15 pct Cr) + TiCr, (685C). The a solid solution has a very limited capacity for solution of chromium (< 0.5 pct Cr). The intermediate phase TiCr2 has at best a very narrow composition range. It has been shown that two allotropic modifications of this phase exist. However, this behavior does not appear to be perceptibly reflected in the form of phase boundaries of the type + TiCr,. In the system Ti-Mo,9-10 the phase is stabilized to successively lower temperatures with increasing molybdenum content. There are no known intermediate phases. The a solid solution is limited to less than 0.5 pct Mo. Because of the very extensive range of the phase, the ternary system was ideally suited to the determination of the phase boundaries by the parametric method of Andersen and Jette." A parametric surface was constructed to provide the necessary basis for the application of this method. Preparation and Treatment of Alloys More than 60 alloy compositions were prepared for the study of this system. Alloy buttons of 10 grams were arc-melted in a nonconsumable electrode furnace using inert atmosphere protection and a water-cooled copper crucible. The construction and operation of this type of melting unit have been adequately described elsewhere.&apos;&apos; To insure complete solution of alloy additions, the buttons were remelted alternately on top or bottom as many as five times. This was accomplished by a suitable mechanism for "flipping" over the ingots. Iodide titanium (99.97 pct Ti) was used as the alloy base. An especially high quality chromium (99.9 pct Cr) was obtained from the National Research Corp. Molybdenum sheet (0.005 in.) of 99.9 pct purity was used.

Jan 1, 1954

By Paul Weir

BLEACHING clays have been used extensively in the oil-refining industries for a number of years. Their use in water purification is relatively recent and less extensive. They are frequently classified as (1) those naturally active and (2) those active after artificial activation with acid. Fuller&apos;s earths fall within the general group of bleaching clays and gradually the commercial term "fuller&apos;s earth" has been applied to natural clays originating, for the most part, in the south- eastern section of the United States. Bentonitic clays are usually classed as activable and are prevalent in the southwestern section of the United States. Bleaching clays vary considerably in chemical and physical properties throughout the country, or even in different parts of one deposit (Table 1). [ ] The fuller&apos;s earth type of clay is characterized by a lack of plasticity, relatively adsorbent, foliated structure, and does not swell to form a

Jan 1, 1939

Jan 1, 1946

By Gilbert Soler

Page Introduction. By Gilbert Soler.........................657 Deoxidation of Basic Open-hearth Steel. By T. S. Washburn.............658 Slag-metal-oxygen Relationships in the Basic Open-hearth and Electric Processes. By J. S. Marsh. (With discussion)...........................672 The Total Oxygen Content of Plain Carbon Open-hearth Steel during Deoxidation and Teeming. By Michael Tenenbaum and C. C. Brown. (With discussion)......685 The Occurrence of Oxygen in Liquid Open-hearth Steel—Sampling Methods. By T. E. Brower and B. b. Larsen..........................712 Effect of Deoxidation on the Strain-sensitivity of Low-carbon Steels. By H. K. Work and G. H. Enzian. (With discussion)........................723 The Relation among Aluminum, Sulphur, and Grain Size. By C. E. Sims.......734 Some of the papers and discussions that appear on the following pages were presented at the meeting of the Iron and Steel Division in Cleveland, Ohio, on Wednesday, October 18, 1944. with L. F. Reinartz and H. K. Work as Chairmen; the remainder were scheduled for the New York Meeting of the Institute in February 1945, which was canceled.

Jan 1, 1945

By L. C. Kern

This paper presents information on the use of a new propping agent (malleable aluminum particles) which has been used successfully for producing high-conductivity fractures. The conductivity of a packed fracture depends on the width of the fracture as well as the permeability of the propping material. It is significant that the flow capacity of a propped crack is often increased many fold by propping the crack with a sparse distribution of particles. However, the flow capacity of a sparsely propped crack can be limited by two phenomena: (I) crushing of the propping particles, and (2) embedment of the propping particles in the formation walls. Malleable aluminum particles exhibit interesting properties which tend to overcome these limitations. As high loads are applied to the particles they will deform slightly, rather than shattering. The deformation results in a greater bearing area against the formation wall. This reduces the stress on the particle and reduces particle penetration into the formation. The behavior of aluminum particles under load and the bearing capacities of serveral formation rocks have been measured in the laboratory. By properly using these data, as explained in this paper, the flow capacities of aluminum-propped cracks can be calculated for a variety of conditions. Aluminum particles have been used successfully in the field to prop fractures. Where high-conductivity fractures were needed, the aluminum-propped fractures have given greater well stimulation than could have been expected for conventional fracturing processes. INTRODUCTION The purpose of a hydraulic fracture treatment is to create a conductive channel from the wellbore out into the oil or gas formation. The word conductive is emphasized because we believe that the fracture conductivity (flow capacity) is one of the most important factors influencing fracturing results. Previous papers have pointed out the additional well stimulation that can sometimes be achieved by increasing fracture conductivity. Several years ago, we investigated in some detail the effect of fracture conductivity on productivity increases to be expeced from vertical fractures. Both electrical analog and theoretical studies of unsteady-state flow behavior were made. A discussion of the electrical analog equipment and some of the results of the study were given in a previous paper&apos; by Dyes, Kemp and Caudle. Further details were given recently by McGuire and Sikora.5 Fig. 1 shows the remarkable influence of relative fracture flow capacity and length on well stimulation. Briefly, the study indicates the following. 1. High-permeability formations require high-conductivity cracks for best results. 2. The longer the crack, the higher the fracture conductivity required for best results. 3. If the conductivity of the crack is very large compared to the formation (i.e., flow is not being limited by crack conductivity), then the longer the fracture, the better will be the results. Judging from recently published articles,1,314 there is current interest in methods for obtaining high fracture conductivities. Hence, we would like to present in this paper a discussion of a new fracture propping process (use of aluminum particle) which we have used successfully to obtain highly conductive fractures. There are several factors which influence the conductivity of a propped crack. Conventional fracturing techniques frequently result in a crack completely packed with fracturing sand. For such conditions, the crack conductivity is the product of the width of the packed fracture and the permeability of the propping material. It is significant that a large increase in conductivity sometimes can be obtained by propping with particles which are distributed sparsely (less than a

By H. M. Chance

In recent years an important function of the mining engineer has been the appraisal of the value of mining-properties required by those planning consolidations of a number of&apos; individual operations. In no field of productive industry have the economic results attainable by consolidation been more clearly shown than in the mining-regions of the United States. In many important mining-centers unification of ownership of the most valuable properties has already partially or completely been attained, and, in other districts, projected absorptions and consolidations await only favorable financial conditions for their consummation. The iron-ore districts of the Lake Superior region, the coal-mines of Colorado, of Wyoming and of Utah, the anthracite mines of Pennsylvania, the Connellsville coking-coal mines, and large areas of bituminous coal-land in Pennsylvania, in Ohio, in the Indian Territory and in other portions of the United States, are now largely controlled by a few corporations operating on a large scale, or by a number of corporations working in harmony because of an affiliation and interleaving of interests. The tact of keen financiers and the diplomacy of men of great administrative ability are the chief operative forces in conceiving and accomplishing such consolidations, but in formulating and maturing them, the services of the mining engineer are often required to supply the facts upon which they must be based. For this purpose the expert is expected to furnish full and complete reports covering the quantity of ore, coal or other mineral available, its value per ton, cost of mining and treatment, etc. In reporting upon gold-, silver-, lead-, zinc-, copper- or iron-

Jan 1, 1905

By Frank Kneeland

SAFETY FIRST is a popular motto-most mining companies have adopted it. It is probable, however, that in the majority of cases it is only a motto and gets no further than the office stationery or the bulletin board at the mine&apos;s entrance. In but few industries is there employed a greater diversity of machinery and mechanical devices than in coal mining. The list ranges all the way from mechanical stokers to wood-working machinery and undercutters. Many of these devices, particularly those employed in wood working, are extremely dangerous. In 1913, 23 per cent. of all fatalities occurring in coal mining in the U. S. were caused by machinery of some sort or other. Although the forms of accidents occurring with mining machinery are legion, they generally arise from one or more of five causes: (a) Falls from ladders, platforms, etc.; (b) coming in contact with moving machines or parts thereof; (c) electric shocks; (d) failure of some machine part; (e) mismanipulation of valves, levers, switches or other hand-operated controlling devices. The steps which may be taken to prevent accidents from the above causes are almost as numerous as the accidents themselves. There is, and can be, no panacea for all mishaps, nor for any one class of accidents. There is no mathematical or other formula that will bring immunity under any set of conditions. Common sense is the only guide. The remedy for the first-named class of accidents is simple and generally effective-namely, make the staging, ladder, platform, or other support, abundantly strong to carry any possible weight that it may be called upon to bear; provide ample railings on platforms or runways, and non-slipping feet on movable ladders.

Jan 1, 1915

By John S. Brown

IN 1925 the writer undertook a detailed statistical study of all producing areas in the Joplin district as a basis for evaluating programs and measuring objectives. For this purpose, the published figures in the yearly volumes of Mineral Resources were used, supplemented for earlier years by publications of the Missouri Geological Survey and other local and less official sources. When all else failed, the available data were projected backward to hazard a reasonable guess as to the unrecorded early output of important areas. Fortunately, the proportion of such prehistory production is not a large factor in any of the totals. These results were used during the next few years to measure the relative importance of various producing areas and to predict the peak period of development of the all-important Picher field. For the purpose of this review, the charts have been completed to the end of 1950. During World War 11, the U. S. Bureau of Mines became interested in a similar study and issued comprehensive statistical tabulations of data up to 1945 ( Info. Circular 7383), which have been checked against the figures used herein. This tabulation, however, does not include all the earlier data used by the writer nor does it offer any estimates of the wholly unrecorded era in the beginnings of the earlier camps. The area covered in this study is shown in Fig. 1 on which are indicated the relative location and approximate outlines of the principal producing camps. This also shows the approximate yield to date of each major camp in terms of combined lead and zinc concentrates. The output of zinc concentrates is roughly seven times that of lead. Hence, the economy of the district has depended primarily on the price of zinc, with lead as an important byproduct. Over much of the productive period, lead concentrates averaged about twice the value of zinc concentrates per ton, and in certain mines or areas the proportion of lead to zinc was substantially above average. The Joplin district is largely flat prairie but is partly moderately dissected, partially wooded land with a relief generally less than 100 ft. The rocks are almost flat-lying, nearly parallel to the surface, and the chief ore formation is the Mississippian Boone limestone, including its cherty phases. This formation either outcrops in the producing areas or is covered by a thin veneer of Pennsylvanian shales. Virtually all the ore occurs within 400 ft of the surface, and a large part at less than 300 ft in depth. Most of the land was divided into small farms or town lots before mineral development; tracts seldom exceeded 160 acres, and averaged considerably less. Mineral rights followed the surface ownership, segregation was rare, and a system of leasing for mineral development became well established early in the region&apos;s history, many landowners deriving small to sizable fortunes from royalties. Because of the shal-lowness of the ore and other factors, prospecting and mining was cheaper than in almost any comparable mining district in the United States. This situation, coupled with the widely divided land ownership, offered a fertile field for promoters and speculators and led to the rise of many small mining concerns. Only in its later history, under stern economic compulsion, has control tended to centralize in a few companies. Under these conditions, any important new discovery or successful development had much the effect of a gold rush or an oil boom. Every property in the area was leased quickly, promptly drilled, and, if ore was found, it was soon on the market. Many companies and individuals participated, and the average producing lease-hold probably was about 40 acres in extent. Any important field thus was attacked by anywhere from 10 to 100 or more producers. Production zoomed, eventually steadied or wavered, and ultimately subsided, leaving a desolation of tailings mountains, cave-ins, empty housing, and wreckage. The object of this paper is to depict the pattern of this process, so far as metal production is concerned, and to note the way in which it reacted to economic and political pressures. Production Charts In Fig. 2 is charted the production record, in tons of lead and zinc concentrates combined, of eight of the principal camps, which together account for approximately 99 pct of the total district production, over the years from 1870 to 1950. This period covers all but the very minor beginning of mining history. Two important camps are divided by state lines; hence, it has been necessary to combine production records for the two portions, based on estimates that may be slightly in error. Certain camps are sub-dividable into important units for which separate figures are available in whole or in part and have been charted as fractions of the major unit. The corresponding price of zinc is shown above all the charts. Three camps, Aurora, Neck City, and Galena, show a remarkably symmetrical graphic pattern, which is interpreted as the norm. The curves rise steeply to a peak, level off for an irregular interval, and then drop sharply to zero on a slope corresponding roughly to that covered by the initial rise. The three portions of these charts seem appropriately characterized by the designations of youth, maturity, and decline. On the whole, with some irregularities, the production in each of the three periods seems to be almost equal. A fourth camp, Granby, fails to conform to the normal pattern. It exhibits a very long period of reasonably uniform, stabilized production corresponding to maturity, followed by a rather precipitate decline. Its youth is hidden in the era of prehistory. This habit of steady, long-continued production at an even keel is attributable to the fact that this camp, more than any other, was controlled largely by a single principal owner at any given period over most of its history and this permitted the imposition

Jan 1, 1952

INTRODUCTION The after-tax rate of return that properly discounts future cash flows is usually referred to as the "discounted cash flow-rate of return" (DCF-ROR). The method is also referred to as the internal rate of return, true rate of return, and investor&apos;s rate of return in some literature. According to Stermole (1974, p. 188) industry polls indicate that the DCF- ROR method is the number one economic evaluation decision method used by more than 90% of the industrial companies that use for- mal economic evaluation procedures. Other economic evaluation methods that have been used in the past, such as payback period, accounting ROR, etc., have largely given way to DCF-ROR analysis because they fail to account properly for the time value of money. DCF-ROR is generally defined as that rate of return that makes the present worth of future generated cash flow over the life of the project (including after tax salvage value) equal to the present worth of all after-tax investments. The "present worthing" of future cash flow involves discounting future cash flow to a present value according to the mathematics of compound interest at some interest rate. The determination of the interest rate that equates the present worth of future after-tax earnings with the present worth of all after-tax investments necessary to create such earnings is properly called the discounted cash flow rate of return analysis. Although present worth calculations are usually used for determining the DCF-ROR, the same results can be obtained by comparing income and costs of any equivalent point in time, i.e., future worth, etc.

Jan 1, 1980

Jan 1, 1902