Search Documents

By Oliver M. W. Sprague

THIS gold problem is full of complications and can hardly be handled adequately or comprehensively in any short period of time. Perhaps I might begin by mentioning a few aspects of the subject about which I suppose there will be no disagreement. The first of these is that we already have a stock of monetary gold in the United States far in excess of what is needed to support any desirable increase in the present volume of currency and credit. The second is that this already superabundant gold stock is certain to be considerably enlarged during the course of the war, and presumably during the months of readjustment following its conclusion. Some billions of additional gold, we may reasonably presume, will come into the country during these next few years, thus increasing the aggregate monetary gold stock from the present eighteen billions to perhaps twenty- two or even twenty-five billion dollars.

Jan 1, 1940

H. H. Stoek, Scranton, Pa. (communication to the Secretary): Mr. Rothwell's condemnation of my paper on the International Correspondence Schools as not giving an impartial view of the whole field of such enterprises, because it was confined to the description of a single one, might be legitimate if I had undertaken or professed to do anything else than that which I was requested by the Secretary of the Institute to do—namely, to give an account of this particular institution. This is a sufficient answer to all his direct or implied criticisms upon my omission to mention either persons or organizations outside of the special limits set for me. Recognizing fully that personalities have no place whatever in the Transactions, I regret the necessity of making the following statement in answer to Mr. Rothwell's charge that I omitted to give due credit to Mr. Ewald, a former principal of the International Correspondence Schools. The Colliery Engineer School of Mines was started in 1891, and its first student was enrolled October 16, 1891. During the fall of the same year the mine-mechanical course was laid out along the same general line that had already been followed in the mining course. This mine-mechanical course was the foundation from which sprung the later developments of the several mechanical courses. The latest circulars of information of the International Correspondence Schools give the following as their distinctive features: (1) courses of instruction for particular occupations,

Jan 1, 1900

By Robert F. Calman

OUTLINE FIVE EXAMPLES OF GOLD-LINKED FINANCINGS 1. Financing the Lupin Mine • Sale of Cdn $40.0 million of 12% preferred shares and Cdn $40.0 million of Gold Purchase Warrants @ $595 per ounce. 2. Financing the Copper Range acquisition • Borrowing 100,000 ounces from a Canadian chartered bank @ US$307 for five years. 3. Financing the Round Mountain expansion • Borrowing up to US $80.0 million in dollars, convertible into gold, repayable over five years from a group of North American banks. 4. Financing the Tenneco Precious Metals Division acquisition •Sale of SFr 110.0 million of ten year 3-718% bonds with warrants to buy 132,000 ounces of gold at US $560. 5. On Forward Sales, Puts and Calls • Gold, Silver, Canadian Dollars, Swiss Francs THE FINANCIAL RULES AT ECHO BAY 1. Never bet the company 2. Equity is the primary form of capital for a gold mining company 3. On debt 4. The Yardsticks for Corporate Decisions 5. Financial Community Relationships 6. Dividend Policy No Text Available Tables Follow

Jan 1, 1990

By AIME AIME

EITHER the 2300 people who came to the Annual Meeting were in a better frame of mind or they were resigned to their fate, or it was a better meeting than usual. Whatever the reason, at the 1nstitute?s 148th meeting the attendance was better than ever before, things went more smoothly than in some previous years, and complaints appear to have been almost entirely absent. Patience was sometimes reauired but. almost without exception, it was forthcorning the well-known recession seems to have given many members enough leisure time to come to the meeting without depriving them of the tangible wherewithal to come.

Jan 1, 1938

By AIME AIME

THE meeting of the Petroleum Division at Houston, Oct. 10-12-headquarters, Rice Hotel-was preeminently a technological success. Two hundred and twenty-five attended the Thursday morning session and approximately 200 attended the sessions on Thursday and Friday afternoons and Saturday morning. Harry Power, Chairman of the Division, in his opening remarks, credited Paul Weaver and M. Albertson, respectively chairman and vice-chairman of the local committee, with working long and prodigiously in organizing the program. The theme of the initial session was indicated by Mr. Albertson in a statement relative to the estimation of developed petroleum reserves. He said that the problem of securing more accurate estimates of developed petroleum reserves existed prior to curtailment of production. With curtailment, however, the problem became an acute one. Mr. Albertson gave some of the more important reasons for this situation. Since the decline-curve method became inapplicable, the volumetric method has become the chief one used. It depends on the factors of productive formation volume, porosity, saturation, and recovery. He briefly discussed the factors necessary for application of the volumetric method. P. P. Gregory discussed the estimation of petroleum reserves in prorated lime¬stone fields (see his paper in the October

Jan 1, 1935

By Walter S. Tower

IN making comparisons of steel industries, one country with another, the convenient common denominator is annual capacity to make raw steel in the form of ingots. It is always necessary, however, to remember that there are different methods of figuring such capacity. For most countries no official figures on capacity are available, and the only authentic data on production are now six or eight years old. But in spite of those limitations on the accuracy of statistical comparisons, any flaws in the figures are probably not serious enough to alter materially the larger conclusions which may be drawn from them.

Jan 1, 1944

By M. W. Lightner

IN 1947 the steel industry rebounded from its wartime effort and produced a record-breaking peacetime tonnage of steel ingots. During the first six months of the year the industry produced 42,000,000 tons of ingots and expected to produce 85,000,000 tons for the year. With a rated capacity of some 91,000,000 tons, production was at a rate of about 93 per cent of capacity. Credit must be extended to the steel producers who have maintained this steady state of operations while faced with many problems, not the least of which was a continued shortage of satisfactory scrap. Furthermore, the steel industry started a record-breaking peacetime expansion program at a total cost of more than $1,000,000,000. This program will increase the ingot-making capacity of the country by 2,500,000 tons and should be completed in 1948.

Jan 1, 1948

By AIME AIME

FEATURES of the second fall meeting of the Petroleum Division for 1941, held at the Ambassador Hotel, Los Angeles, Oct. 29-30, were the forum on the Paloma Plan on Thursday after- noon, the large attendance from east of the Rockies, and the dinner on Wednesday evening sponsored by the Southern California Section and at which President Suman spoke on the strategic minerals and metals situation. The attendance was large and the technical fare uniformly good ; the presiding officers had the proceedings well in hand at all times and kept things humming. Some- times it was necessary to taper off the discussion because of pressure on time. All this was due to careful groundwork before the respective sessions. These presiding officers deserve citation: L. W. Huebel, Howard Pyle, E. K. Parks, Carlton Beal, E. G. Trostel. R. W. French, Jr., John Dodge, and H. N. Marsh. The Los Angeles local commit- tees and the Southern California Section deserve much credit for the arrangements, which were recognized by suitable resolutions at the end of the meeting.

Jan 1, 1941

By D. M. McFarland

IN mining, quarrying, and construction, drilling and blasting have an important influence on the operations that follow. If the fragmentation of material being disrupted is inadequate, loading and transportation equipment will not operate at or near full capacity. Any operator faced with this difficulty should not be satisfied until he is convinced by a careful study of his methods of drilling and blasting that no improvement can be made. Rock in a certain quarry in Ohio seemed to defy any grade of explosive or means of detonation that the explosives industry had to offer. The average result of a blast was that a great part of the burden would be pushed out from the face in a number of large sections that would jokingly be referred to as "boxcars." These were no credit to the explosives man and a costly problem for the quarry company. Such blocks retard shovel operation as they have to be uncovered and subjected to secondary drilling and blasting which, if extensive, is an expensive operation. It was an attempt to improve the fragmentation obtained in primary blasts that led to the development of milli-second-delay electric blasting caps. The reasoning that prompted the trial was that even with wide spacing of the drill holes it seemed that the burden was separated too quickly from the face by the cutting action of the explosives from hole to hole. If the time of firing of the holes could be regulated so that

Jan 1, 1948

By Allen H. Rogers

THE need for coordinated effort on public problem by engineers has long been felt. Early in June there will assemble in Washington a conference composed of delegates from all the engineering organizations in the country. The call for this conference is issued by the Joint Conference , Committee of the four national societies as the completion of its work on the organization of a congress composed of delegates representing all the engineering organizations of the United States. The plan for this confederation was presented at a joint meeting of the administrative boards of the national founder societies on Jan. 23, 1920; and was unanimously approved in principle by that meeting. The work of the committee since that date has consisted in drafting a constitution of the organization to be presented at the conference for discussion and, after such amendments as may be adopted, acceptance.

Jan 1, 1920

By H. B. Kinnear

THE first copper stool used under an ingot mold to receive molten steel has recently been taken out of service after it had received ingots amounting to 6012 gross tons. This stool, weighing 8330 lb. had been in continuous service for 1822 heats since its installation. From this modest beginning the use of copper for ingot-mold stools grew to 425,000 lb. in 1934, with an additional 50,000 lb. of copper used in the form of inserts in cast-iron stools. During 1935 the quantity of copper used for stools increased by about 350,000 lb., making a total of 775,000 lb. now in use for that purpose. Copper used for inserts has increased during this time 180,000 lb., or over 350 per cent, to a total of 230,000 lb. The total of copper, therefore, in use at present under ingot molds is slightly over 1.000,000 lb.

Jan 1, 1936

By Richard H. Mote, W. C. Schroeder

The endlessly changing pattern of mineral supply and demand offers opportunity to the alert and can bring disaster to the unwary. The discovery of ore bodies, the invention of extractive processes, the provision of new transport facilities, the political stabilization of underdeveloped areas, and many other changes can increase supply dramatically. Such new outpourings of mineral wealth from ore bodies bring fortunes to their developers, and consumers frequently find their competitive positions decidedly improved by new and cheap sources of supply. On the other hand, operators of marginal properties can find competition from newly opened high-grade mines intolerable. Consumers that have depended on the products of nearby, high-cost mines may find new, remote, low-cost supplies advantageous only to their competitors. The invention of new prospecting methods can have spectacular effects. Shortly after World War I the discovery rate of petroleum pools began to decline. The leading prospecting technique of that day, the projection downward of surface reflections of geologic structure, was proving less rewarding. Prophets foretold an oil shortage in the near future. But at that very moment scientists were perfecting the application of seismic waves to reveal underground oil-bearing geologic structures. As these geophysical methods were put into commercial use the whole outlook changed-the problem of the 1930's became how to cope with the surplus from discovery, not how to meet the ever rising demand. Many lead mines were being abandoned as unprofitable about this same time because the penalties charged by smelters for the zinc in the ores and concentrates more than counterbalanced the payments for lead and silver. Then selective flotation (at the time called differential flotation) appeared,

Jan 1, 1959

By WALTER M. DAKE

WITH the renewal of the contract between bituminous miners and operators, whereby a period of three years is assured without the devastating effect of irregularity of operation due to general strikes; and, with the increasing comprehension on the part of the large consumers as to the stabilizing effect of adequate storage upon prices; the coal industry has reached that period of its history in which permanence of purpose towards necessary changes is being crystallized, and these changes accomplished by the industry. It is to be hoped that during this era the phrase- " Our National Coal Problem "-will be relegated to the limbo of' antiquated expressions. That this epoch is upon us is evinced by the fact that operators are turning to consolidations, whereby financially sound companies will acquire smaller production units and place themselves in position to maintain constant supervision and control of their development and output; and, as further proof of the arrival of these changes, may be cited the entrance of additional members of the engineering profession into the many phases of management and operation, where- by the cost per ton of output will be, constantly reduced through the increasing use of modern methods and equipment. As an instance, attention is specifically called to the developments in mechanical loading, proposed and actual continuous underground transportation systems and betterment in methods of preparation.

Jan 1, 1924

By C. H. Burgess

ON June 5, 1947, Secretary of State George C. Marshall in a speech at Harvard University outlined a plan for the economic recovery of Europe. The plan contemplated that the United States should provide assistance which would enable the European nations better to help themselves and to help each other to reconstitute from their war-torn lands conditions which would make possible decent standards of living.

Jan 1, 1950

Robert W. Hunt, Chicago, Ill.:—It has been my good fortune to know of this development of Mr. York's for some time, and I think he will permit me to say that this is not the first demonstration that he has made of his method for rolling difficult shapes, and which, as he has stated, had in the past been regarded as practically impossible. I have good reason to know that Mr. York has been successful on other lines, because I myself went through a period of professional disrepute for having reported favorably on his methods, which received discredit up to the time that it was practically demonstrated that his claims were true ones. Years ago Mr. York built a mill at Duluth, Minn., for the production of structural shapes, and notably of what might be called balanced beams—beams that did not have flanges of restricted width. His scheme was to produce beams with flanges so wide that they could be used in place of built-up beams. The mill, of course, went through the difficulties that such a mill would have to encounter. I mas called upon to make an examination of the property and report. These beams were rolled on a universal mill—a mill which would admit of various-sized sections without change of rolls. I was convinced that Mr. York could do it, and I so reported. Having received condemnation and ridicule for having taken that position, later on I was glad to find that Mr. John Fritz had come to the same conclusion, and had so reported. I concluded we both could rest content, while awaiting developments. Later still, as we all know, there was another difficulty that Mr. York met with—namely, that the architects or structural engineers would not accept his proposed sections. That is still a great difficulty in America. Later, the Grey mill came into successful operation in Luxemburg, producing such sections, which are being used in England and on the Continent. In fact, the whole process, both from a commercial and a mechanical point of view, is a success. The Bethlehem Steel Co., Bethlehem, Pa.,

Jan 1, 1907

By Paul M. Tyler

THE winning of metals from Nature has been advanced to a degree of efficiency that commands admiration even in this Machine Age. Economy of human effort underground, in surface plants, and in treatment works, and better means of performing all manner of operations have cut costs and im¬proved products to an extent that seems far beyond the wildest imagin¬ings of those that labored in the days of hand mining and muscular metallurgy. Principles and methods borrowed from other professions and sciences - mechanical engineering, chemistry, and physics-all have con¬tributed to the rapid development of ore production and treatment, but no small part of the achievements must be credited to the free exchange of ideas within the industry itself and mass attack upon problems of mutual concern. The esprit de corps or class consciousness that has contributed so effectively to the progress of the metal industries has been less apparent among nonmetallic mineral producers. As a class they have been handicapped by inadequate contact with the metal-mining fraternity as well as among themselves.

Jan 1, 1935

By A. B. Parsons

LAST YEAR (1934) saw the completion of a ten-year program of reconstruction and modernization of the world's largest lead- smelting plant, that of the ' Broken Hill Associated Smelters Proprietary, at Port Pirie, South Australia, which has a capacity for smelting and refining 220,000 (short) tons of lead per year. It deals with the entire output of lead concentrates from the famous Broken Hill district in Australia, being owned .jointly by the three leading companies: North Broken Hill, Broken Hill South, and the Zinc Corporation. These companies, together with the Sulphide Corporation, are credited with a production of 198,000 tons of lead in 1934. When one says regarding any metallurgical plant that modernization is "completed" he should add "for the moment." Development in the art of metallurgy and in the equipment used never ceases; that which seems close to the last word today is likely to be obsolete in a few years even in a process so well standardized as smelting and refining lead. However, the reconstruction at Port Pirie has altered the procedure materially. More im-

Jan 1, 1935

By E. H. Hamilton

THE furnace on which the following investigation was based had dimensions 48 by 160 in., and was in continuous operation during the three days of the test. The average charge consisted of PER CENT. LB. PER HOUR Bed ore?14.5?2,980 Roast from Dwight-Lloyds?44.5?9,160 Siliceous ore?3.5?720 Iron flux?2.1?430 Battery plates?0.5?103 Lime rock?23.9?4,925 Briquettes?4.0?825 Scrap iron?2.1?430 M. P. slag?4.2?865 L. P.speiss?0.7?142 Total 100.0 THE furnace on which the following investigation was based had dimensions 48 by 160 in., and was in continuous operation during the three days of the test. The average charge consisted of PER CENT. LB. PER HOUR Bed ore?14.5?2,980 Roast from Dwight-Lloyds?44.5?9,160 Siliceous ore?3.5?720 Iron flux?2.1?430 Battery plates?0.5?103 Lime rock?23.9?4,925 Briquettes?4.0?825 Scrap iron?2.1?430 M. P. slag?4.2?865 L. P.speiss?0.7?142 Total?100.0?20,580

Jan 1, 1924

By Thomas T. Read

IN reviewing the field of mineral industry education last year reference was made to recent assertions, mostly emanating from sources not in a position to know the facts, that mining engineers as a class are disappearing. Attention might also then have been called to a statement that appeared in Engineering News, August 11, 1892 (p. 130), ". . . the great absolute decline in number of mining graduates, which last amounts almost to a complete abandonment of mining engineering as a distinct branch of study." Evidently we outrank opera stars in the number of farewell appearances we are able to make; 43

Jan 1, 1936

By AIME AIME

ON Tuesday afternoon, Feb. 17, a large and interested audience gathered in the auditorium of the Engineering Societies building to take part in the gold supply symposium that had been arranged for by the Mining Geology Committee. Waldemar Lindgren presided over the gathering and after brief introductory remarks on the international situation as regards lead, silver and gold, called on John Wellington Finch to present an oral abstract of the paper, "Sources and Trends in Gold Production," by R. J. Grant, director of the Mint, and. J. B. Knaebel. This ' paper reviewed the gold production of the world, by countries, since 1845, from the statistical viewpoint, leaving to the later speakers discussion of the statistics.

Jan 1, 1931