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By Stuart St. Clair

EARLY in 1936, when the American Petroleum Institute issued -J "American Petroleum Industry," which was a survey of the current position of the petroleum industry, and its future outlook, and the figures for petroleum requirements .for 1950 and 1960 were widely publicized by the several oil journals, the impression was given that the petroleum- industry must be nearing maturity and would by 1950 have passed the high' point of its obligations to business progress in the United States.`' Let -us look at the figures which might conduce, this thought. Referring to p. 32 of the report, the total indicated crude-oil requirements in 1940 are 1,099,000,000 bbl-; for 1950, the peak, 1,109,800,000 bbl.; for 1960 a decline to 1,071,020,000 bbl. This downward trend, then established, is probably expected to continue. And this in the face of a crude production in 1935 of 993,942,000 bbl., 38,858,000 bbl.

Jan 1, 1936

By Forest Mintz

Many oil and gas producers find it advantageous to borrow against the value of their hydrocarbon re- serves. This paper considers the requirements for a reserve based loan and the calculations that a bank would perform to arrive at a loan amount. Three of the most common loan structures, i.e. a term loan, a production payment, and a revolving credit/term loan will be discussed. A typical outline for each type of loan is presented. Finally, a comparison of major considerations in the three financing techniques is shown.

Jan 1, 1982

By AIME AIME

HOWARD H. PRESTON, professor of economics and business at the University of Washington, presented a paper before the North Pacific Section, A.I.M.E., on Jan. 23, on the "Economic Aspects of Gold and Silver." He carefully reviewed recent governmental actions that have affected those metals and gave an interpretation of their effects. A brief excerpt from his address; follows: Including the proclamation of March 6, 1933, the principal steps of the present Administration which have carried the United States off the gold standard and led up to the present program have been: (1) The Presidential proclamation of March 6 controlling gold. (2) The monetary sections of the Emergency Banking Act of March 9. (3) Mobilization of gold under Executive orders issued March 10 and April 5. (4) The gold embargo by Executive order, April 20. (5) The controlled inflation bill, May 12. (6) The joint resolution abrogating the gold clauses, June 5. (7) The Executive orders on newly mined gold, Aug. 28. (8) The President's radio address of Oct. 22 and the R.F.C. gold-buying program. (9) New anti-hoarding order calling in small holdings of gold, Dec. 28, 1933 and Jan. 15, 1934. (10) Nationalization and revaluation of gold' (Message to Congress, Jan. 15).

Jan 1, 1934

By Paul C. Merritt

The story now unfolding on the Mesabi Range is more than just another chapter in the continuing history of iron mining. It is an epic of foresight, research and pioneering instinct just now culminating in the rapid growth of a new industry hardly more than ten years old. And that growth has been impressive. In the decade that has passed since Reserve Mining Co. blazed a trail as the first successful large- scale commercial taconite operation, the number of plants now existing or soon to be operating has grown to six. From Reserve's initial capacity of 3 million tons of pellets per year, total production capacity on the Range has surged to 31.5 million tons while capital investment has leaped from $300 million in 1955 to almost $1 billion today. During the past year alone, more than $500 million has been committed to these projects, an amount probably greater than that going into any other single mining area in the world. There is more yet to come.

Jan 10, 1965

By C. E. Williams

THE Iron and Steel Division, A.I.M.E., is unique in this country in that it serves all phases of the iron and steel industries. Through its publications, its meetings, and its sponsorship of new technical developments in the industries, it has proved of great value. The various technical committees of the Division are the nucleus around which this service can be developed. The Blast Furnace and Raw Materials Committee has done excellent work. The need for beneficiation of iron ores is increasing and the economics of this operation are developing more and more in favor of increased activities. Ores that are slightly undergrade should be concentrated up to grade to supplant the present practice of mixing with higher-grade ores to bring up the average composition. Marginal ores that are not now being mined, or that are being mined and piled for future use, should be concentrated. The development of the use of sinter in the blast furnace, because of the elimination of fines, the advantage of better sizing of the charge, the resulting reduction of coke consumption, and increased output of pig iron per furnace, will make concentration and sintering become practical ahead of its natural time.

Jan 1, 1936

By DR. SAMUEL B. CHRISTY

? THE man is always greater than his work.? The training of the men who are to develop the mineral resources of the world is the most important problem connected with mining engineering. It becomes ever more important to civilization as the mineral wealth of the earth approaches exhaustion. I have therefore decided to consider a few of the more important problems arising in the training of the mining engineer, and especially those arising in America. THE PECULIAR NATURE OF MINERAL WEALTH. Mining and Agriculture are the two fundamental arts. Without the latter our existence would be precarious; without the former, our civilization impossible. Agriculture furnishes that regular supply of food and raiment which leads to the growth of large communities in which cultivated leisure first becomes possible; while raining furnishes the metallic thread from which is woven that complex fabric we call civilization. But in these two arts the conditions for success are widely different. Most of the crops that the farmer reaps may be harvested year after year, and the proper fertilizers being added, he may continue the annual harvest indefinitely, while, as a result of cultivation, his farm becomes yearly more valuable. But the crop the miner reaps can be harvested but once in the history of the race. Our mineral wealth has taken unknown ages to mature in the bosom of the earth. The ripened fruit can be plucked but once. There are no fertilizers for worked out mines. It never pays to work over a mine that has been

Sep 1, 1905

Organization Place Date 1919 American Society of Civil Engineers..: Twin Cities, Minn. June 17-20 American Society of Mechanical Engineers Detroit, Mich. June 17-20 American Institute of Chemical Engineers Boston, Mass. June 18-21 American Drop. Forge Association Pittsburgh, Pa June 19-21 American Institute of Electrical Engineers Lake Placid, N. Y. June 24-27 American Society for Testing Materials Atlantic City, N. J. June 24-27 Society for Prom. of Engng. Education Baltimore, Md. June 25-28 American Chemical Society Philadelpia, Pa. Sept. 2-6 National Assn. of Stationary Engineers Huntington, W. Va. Sept. 8 American Peat Society.. Minneapolis, Minn. Sept. 22-24 American Iron; Steel Electrical Engineers St. Louis, Mo. Sept. 22-26 American Institute of Min. and Met. Engineers, Chicago, Ill. Sept. 22-27

Jan 6, 1919

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Jan 1, 1907

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Jan 1, 1942

By J. C. HEILMAN

THE Tri-State district, named from its situation in three States, lies in the northeast corner of Oklahoma, the southeast corner of Kansas and the adjacent part of Missouri east of the common corner of the above States. Production in the past eighty years has come from scattered mines within an area of some 35 miles east and west, by 25 miles north and south, although the actual area of the mined ground is but a small fraction of this territory. The land is leased from the individual land-owners, and the size of the tracts varies from 4.0 to 200 acres, the smaller sized tracts predominating. The leases usually call for a royalty of 7% to 15 per cent of the gross receipts of the concentrates, continuous operation during the life of the lease and specifically set out that no ores can be brought in from a foreign lease for custom milling nor can any ore be removed from the lease for milling. The ownership of the tailings remains with the land-owner.

Jan 1, 1931

By V. F. STANLEY

THERE is not the slightest doubt that the present recoveries of valuable minerals by the Broken Hill mills could be improved, and that further machinery would be installed for the purpose if it could be assured that a high price of metals would be maintained; but concentration, like all other com¬mercial propositions, is a question of profit and loss, and no sensible metallurgist would carry out his work in such a manner as to obtain high recoveries at a financial loss to his company. There is a point in all concentration at which the added money obtained from the higher recovery of minerals is balanced by the extra cost of obtaining the last part of the recovery; a wise metallurgist will be content with his work before his working-expenditure reaches this point. To a casual observer, the work being done by the various Broken Hill mills is identically the same. A closer investigation will show that this is far from being the case, for it is a remarkable fact that, although the larger mines extend over a length of approximately only 2 miles, such a difference in the physical and chemical properties of the ores exists that, from the first reduction downwards, special treatment is necessary in each case, and hardly any two mills are identical in operation. The details of this paper refer directly- to the work of one . particular mill in Broken Hill, for the reason that the ore from each mine presents special difficulties and requires its own special treatment. I have selected the mill referred to because it has been constructed and modified under my supervision.

Sep 1, 1909

By John Birkinbine

(Wilkes-Barre Meeting, June, 1911). MODERN advances in practically all lines of industrial development have occurred in such rapid succession, and have been accepted so readily as accomplished facts, that a retrospect surprises us, by showing how comparatively few of the acknowledged factors of improved conditions may be considered as old. While these advances have not been confined to any country, they have been more pronounced in some than in others, and nowhere more so than in the United States, the population of which, having multiplied nearly three-fold between 1870 and 1910, demanded a proportionately greater increase in materials, supplies, and manufactured products. It therefore appears desirable to discuss mainly conditions in the United States, as concrete evidence of industrial progress throughout the world. Looking backward for but three generations, we may trace the introduction and development of canal- and steamboat-navigation; railroad-transportation; artificial illumination beyond that furnished by candles and lard-oil; quick communication by mail, and subsequently by telegraph or telephone; the manufacture of iron, beyond forms of small dimensions; the production and utilization of steel in large quantities; the economic use of mineral fuel, oil and gas, etc. The practical coincidence of the fortieth anniversary and the 100th technical meeting of the American Institute of Mining Engineers, offers temptation to recall and compare the conditions of mining and metallurgy in or about the years 1871 and 1911. A complete resume would cover phenomenal changes in mining-methods and equipment by which the output of individual exploitation has grown from scores to hundreds and even thousands of units in equal time-intervals. Extension of operations in depth and area, demanding machinery of great power

Aug 1, 1911

By C. R. Wohrman

A MELT of pure electrolytic iron with about 0.4 per cent. sulfur and 7 per cent. manganese was prepared in connection with a study of inclusions in iron. The alloy darkened rapidly when etched with a 10 per cent. alcoholic solution of nitric acid, and microscopic examination revealed the presence of a semimartensitic, semi-Widmanstättian structure (Figs. 1 and 2) closely resembling the structures found by Benedicks in his artificially prepared "meteoric iron." 1 The structures found by Benedicks were readily explained by the presence in his alloy of the two well known iron-nickel solid solutions, taenite and kamacite, and of their eutectoid (?) aggregate, plessite. By analogy, one would infer the existence of similar phases in the iron-manganese alloy just described, such as inference being strengthened by the similarity displayed in many ways by nickel and manganese in their effects on iron. IRON-MANGANESE ALLOTS ARE REGARDED AS HOMOGENEOUS Heterogeneity of iron-manganese alloys has not been recognized heretofore, judging from the data of standard metallographic books and those of original papers. In fact, iron and manganese are quite generally regarded as completely miscible in the solid state. Dr. Rosenhain,2 for example, writes: Alloys of group (a), of which those of gold-silver, iron-manganese, and copper-nickel are examples, when allowed to crystallize sufficiently slowly to attain their condition of final equilibrium, present a microstructure exactly similar to that of a pure metal-the homogeneous character of the molten solution is in that case so completely maintained that the microscope cannot detect the presence of any second constituent.

Jan 1, 1927

Jan 1, 1966

Jan 1, 1969

By John Freeman

THE tensile properties of steels at elevated temperatures have been studied by numerous investigators,1 primarily for the purpose of determining their suitability for structural uses. Tests with this objective have been confined largely to the temperature range of approximately 20° to 500° C., because of the rapidly decreasing tensile strength at the latter temperature. Tests have also been extended to higher temperatures for the purpose of determining the most suitable forging range. This temperature range is also of theoretical interest. The phenomenon of increased tensile strength and decreased ductility in the so-called "blue-heat" range, approximately 200° to 300° C., is well known. It was suggested to the Bureau early in 1926 that a study of the properties of rail steels in this temperature range might prove of interest in relation to the studies of transverse-fissure failures in rails. There were available from another investigation3 several new rails from several different heats made to approximately the same specification requirements, the complete manufacturing histories of which were known. It was decided to determine, at least in the preliminary series of tests, only the ultimate tensile strength, elongation and reduction of area, because of the difficulty, time and cost involved in determining the proportional limit and yield point at elevated temperatures.

Jan 1, 1930

By H. DeWitt Smith

THE mine operated by the United Verde Copper Co. is situated near Jerome, Ariz., on the eastern flank of the Black Hills, at an elevation of approximately 5500 ft. (1676 m.) above sea level. The mine and the town of Jerome are located on a steep hillside, which slopes rapidly to the valley of the Verde River. The smelter town of Clarkdale is situated in the Verde valley 4.1 mi. (6.5 km.) distant in an air line from Jerome, and at an elevation of 3560 ft. The two towns are connected by the standard-gage railroad of the Verde Tunnel & Smelter R. R., a subsidiary of the United Verde Copper Co. This road is 11 mi. long and has a compensated 4 per cent. grade. At Clarkdale, it connects with the Verde Valley branch of the Santa Fe R. R. The narrow-gage (36-in.) line of the United Verde & Pacific Ry. was, until 1919, Jerome's only rail connection with a main trunk line. This road connects with a branch line of the Santa Fe system at Jerome Junction, after traversing 26 mi. of mountainous country. From the time of its location, in 1876, until its purchase by Senator W. A. Clark, of Montana, in 1889, the United Verde mine was worked on a small scale and shipments of high-grade gold-silver ore were made from the surface workings. Until 1894, when the narrow-gage railroad to

Jan 8, 1920

By Lester A. Blackner

Discussion of the paper of LESTER A. BLACKNER, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 102, June, 1915, pp. 1249 to 1290. SIDNEY J. JENNINGS, New York, N. Y.-In the historical part of the development of the caving system discussed by Mr. Blackner, I notice the absence of one man's name, Charles Henroten. Mr. Henroten used the caving system in South Africa in the. Kimberly mines, and realized from his work there that ground would cave when properly prepared. I think it is due him that his name should be mentioned in connection with an exposition of this system in America.

Jan 12, 1915

Jan 1, 1948