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Organization Place Date 1919 American Chemical Society :.... Philadelphia, 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 American Steel Treaters' Society, First Annual Convention Chicago, Ill. Sept. 22-27 National Exposition of Chemical Industries.... Chicago, Ill. Sept. 22-27 National Safety Council Cleveland, 0. Sept. 29-Oct. 2

Jan 7, 1919

Organization Place Date 1919 American Chemical Society Philadelphia, 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 American Steel Treaters' Society, First Annual Convention Chicago Ill. Sept. 22-27 National Exposition of Chemical Industries.... Chicago, Ill. Sept. 22-27 National Safety Council Cleveland, O. Sept. 29-Oct. 2

Jan 8, 1919

AT the fall meeting of the Iron and Steel Division, Oct. 4, 1934, in New York, a symposium was held on Slag Control in the Making of Iron and Steel. The chairman was J. H. Nead and the vice chairman, G. B. Waterhouse. The latter presided at both morning and afternoon sessions. The papers and discussions were presented in the order in which they appear on the following pages. To meet space requirements, much of this material has been considerably condensed. CONTENTS [ ]

Jan 1, 1935

The Industrial Minerals Division met jointly with the Materials and Equipment Division of the American Ceramic Society at State College, Pa, Sept 24-26 Headquarters were at the Nittany Lion Inn Thurs- day afternoon was devoted to a tour of inspection of the Bell Mine, American Lime and Stone Co , Bellefonte, Pa The party returned to State College for dinner and in the evening the Division's executive committee held a brief session There were four technical sessions Friday morning, Mining, afternoon, Beneficiation, Saturday morning, Industrial Minerals and Beneficiation There was an informal banquet at the Nittany Lion Inn Friday night with 93 present Edward Steidle was toastmaster Brief talks were made by President F C Flint and Secretary Ross Purdy, of the American Ceramic Society, Oliver Bowles, Chairman, Industrial Minerals Division, Adrian Morse, assistant to the president, Pennsylvania State College, and George Otis Smith, past president A I R'I E

Jan 1, 1937

By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today's environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By AIME AIME

WILBER JUDSON is one of that fairly large group of mining engineers that graduated at an Eastern college, worked his way up in various jobs in the West and in the Latin-American countries, and finally came to New York as an administrative officer of a large mining company. Since coming to New York he has been a loyal friend and counselor of the A.I.M.E., and is now serving a second term as one of its Directors, his first term covering the period 1935-1938. Mr. Judson was born in the capital city of Michigan on July 26, 1880. Probably it was his roving spirit rather than professorial urging that was responsible for the fact that four colleges were responsible for his education: Northwestern, University of Michigan, Harvard (S.B., 1901), and the Michigan College of Mines (graduate study). In his first ten years of professional work he might have been found serving as mine foreman at Catamarca in the Argentine, as superintendent of the Inter Ocean mine at Sunshine, Colo.. as foreman for the Cerro Prieto, Magdalena, Sonora, as superintendent of the Hudson Iron Co. in New York, or as manager of the Dolores mine in Chihuahua for the Mines Co. of America, or in Spain, or in Panama.

Jan 1, 1942

L50 Adirondack L1 Alaska L2 Arizona L58 Arkansas L66 Billings Petroleum L3 Black Hills L4 Boston L5 Carlsbad Potash L6 Central Appalachian L60 Central New Mexico L7 Chicago L8 Cleveland L9 Colorado L57 Colorado Plateau L10 Columbia LII Connecticut L55 Dallas L12 Delta L65 Denver Petroleum L13 Detroit L14 East Texas L15 El Paso Metals L71 Evangeline L45 Florida L54 Fort Worth L16 Gulf Coast L61 Hobbs L62 Hugoton L68 Illinois Pet Basin L17 Kansas L18 Lehigh Valley L52 Lou-Ark L47 Mexico L19 Mid-Continent L20 Minnesota L56 Mississippi L21 Montana L22 Nevada L64 Niagara Frontier L23 New York L67 New York Petroleum L25 North Pacific L24 North Texas L26 Ohio Valley L27 Oklahoma City L28 Oregon L63 Panhandle L29 Penn -Anthracite L30 Permian Basin L51 Peru L31 Philadelphia L32 Pittsburgh L33 St Louis L34 San Francisco L59 San Joaquin L35 Southeast L36 Southern Calif L69 Southern Calif Pet L53 South Plains L37 Southwest Texas L48 Southwest Alaska L38 Southwest N Mex L44 Spindletop L39 Tri-State L40 Upper Peninsula L41 Utah L70 Venezuela L42 Washington, D C L43 Wyoming L49 West Central Texas L46 Philippine

Jan 1, 1956

By CLYDE M. EYE

THE Sub-province of Benguet is in the North Central part of the Island of Luzon. Baguio, the capital, is situated on a piateau 5000 ft. above sea level, and is the main health resort of the Philippines. It is rapidly becoming the favorite resort for the China Coast as well, and has many miles of beautiful, curving drives with nearly every pine-covered knoll surmounted by a summer home. The United States Army has a recreation post here, known as Camp John Hay, with a well-equipped hospital, and there is a Country Club with a good golf course adjacent. The weather during the winter months and until late spring is ideal. The business center consists mainly of Chinese and Japanese stores, several hotels, and a large public market, in which are displayed all of the vegetables of the temperate zone, which are flown near Baguio, and many tropical and other products brought up from below. This district is reached from the Coastal Plain either by the old Benguet road built in 1904 by the United States Government, or by the Naguilian road, built some years later. The former is now a toll road, with a line of stages operating over it to and from Des Mortes in connection with the government-owned rail- road. Auto travel from Manila is also along this road, the trip from Manila to Baguio requiring about seven hours, following up the great valley north of Manila for nearly 150 miles to the lower end of the Benguet road, and thence to Baguio, 25 miles. This is an interesting, scenic trip; the road is especially famous for the zig zags where it climbs out of the canyon of the Bued River to the plateau. In the September number of the National Geographic Magazine, a fine aerial picture of this road, as well as of other interesting points in various parts of the Philippines, appears. Freight for the district is taken in mainly over the Naguilian road connecting with the railroad at Bauang. This route follows the ridges of the mountain slope with broad vistas and views of the coast.

Jan 1, 1930

By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential; but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for bringing in a prospect and making it a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is headed by an engineer-promoter who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the final operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1959

By SAM YOUR

PROCESSING, technology and application of non- ferrous metals-copper, lead, zinc, aluminum, nickel, precious metals, foundry metallurgy, less common metals, secondary metals-are the special field of the Institute of Metals Division. New developments in this field during 1930 are more or less briefly out- lined in this review prepared by the papers and publications committee of the Institute of Metals Division as follows:

Jan 1, 1931

By JOHN W., E. C. SARCENT

The South Texas area discussed herein represents districts 2 and 4 of the Texas Railroad Commission. It extends from Jackson, Lavaca and Gonzales Counties on the northeast to the Rio Grande River, and comprises a total of 26 counties.

Jan 1, 1946

Jan 1, 1883

By Albert J. Phillips

FOR the most part, recent changes in nonferrous physical metallurgy have been gradual and of a transition nature rather than abrupt modifications of existing methods. Development of new alloys containing vital constituents in what formerly would have been considered minute amounts has necessitated more precise control of metallurgical procedure than ever before. Realization of the remarkable effects of minute amounts of specific foreign elements in many alloys has brought about a revolutionary control in the selection of even the most commonplace raw materials. In addition, recognition of the widespread occurrence of precipitation hardness in metal systems, and the utilization of many of these, has emphasized not only the need for precise temperature control but also the necessity for considering the time factor in its effect upon properties in the treatment of most metals. These needs have caused the development and widespread installation of equipment that permits precision of control undreamed of a generation ago.

Jan 1, 1935

By H. L. Bridgman

The correct sampling of ores is a subject of far greater importance than is usually conceded to it. Of the little which has been published on this subject, the recent paper by Mr. Glenn, with the accompanying discussion by Dr. Raymond (Trans., xx., 155), is the latest and best, and well worthy the careful perusal of all interested in accurate sampling, whether by hand or by machine. It is doubtless true that thorough hand-sampling gives as good average results as can be obtained; but all hand-sampling is subject to the possible incompetency, carelessness, or dishonesty of the workmen employed. It is, moreover, tedious and expensive, requires large space, and usually entails considerable delay, both in unloading and in sampling. For these and other reasons, machine-sampling is now regarded with more favor than ever before. So-called machine-sampling may be accomplished in two radically different ways: 1. Part of the stream of material is taken for the whole time. 2. The whole stream of material is taken for part of the time. Under the first case the stream, as it issrles from the deliveryspout of the crusher, is cut continuously in any given proportion, such as one-tenth, one-fourth, or one-half, by some fixed apparatus, which, as it contains no moving parts, is strictly speaking not a machine at all, but may be termed an appliance. The principle under which these appliances operate is now pretty generally conceded to be wrong, becanse of the practical impossibility of' cutting such a

Jan 1, 1892

By E. C. Potter

FUEL-OIL was first substituted for coal at these works in September, 1888. It was first applied in the converting-department to the battery of boilers, consisting of 14 tubular boilers, 16 feet in length by 5 feet in diameter. To operate these boilers with coal for 24 hours required 14 strikers, 3 ash-wheelers, 6 men unloading coal, and 2 water-tenders, making a total of 25 men. With fuel-oil the same boilers require for the same period 2 water-tenders and 4 men to attend to the burners, making a total of 6 men. This gives a saving of 19 men, which, at an average of $2 per day each, amounts to $38 per day. Comparing the consumption of oil with that of coal, we find that for the week ending January 5, 1889, with an ingot output of 6403 tons, 2731 barrels of fuel-oil were used as against a necessary consumption of coal for the same work of 848 tons, showing 3.22 barrels of fuel-oil to be equivalent to one ton of Indiana block-coal. Figuring oil at 60 cents per barrel, and coal at $2.15 per ton, we have as the cost of oil $1.93, as against $2.15 for its equivalent in coal. In December, 1888, the rail-mill battery of 26 boilers, of the same dimensions as those in the converting-department, was equipped for fuel-oil. For the week ending January 5, 1889, with a rail out-put of 5208 tons, 5987 barrels of oil were consumed, as against a necessary consumption of coal, to do the same work, of 1805 tons, showing 3.31 barrels of fuel-oil to be equivalent to one ton of Indiana block-coal, which at the costs named above would show $1.98 worth of fuel-oil to he equal to $2.15 worth of coal. The labor required to operate the rail-mill boilers for 24 hours, with coal as fuel,is: 26 stokers, 4 water-tenders, 6 ash-wheelers, 12 men unloading coal; total, 48 men. With oil as fuel, the same work requires 4 water-tenders and 6 men to attend to the burners; total, 10 men; a saving over coal of 38 men in 24 hours, which, at an average price of $2 per day, would be $76 per day. In the brief experience we have had with oil as fuel, we find that the efficiency of the boilers is somewhat increased and the repairs are

Jan 1, 1889

By G. F. Loughlin, C. H. Behre

THE DEVELOPMENT OF CLASSIFICATION WHAT is the use of a classification of mineral deposits? From the days of Agricola, the founder of the science of ore deposits, successive authors on the subject have attempted classifications, none of which have attained unanimous indorsement of miners, engineers, or geologists. The miner and engineer naturally have little regard for a classification that does not help them to find ore. Mining geologists may share this feeling, and deplore the overemphasis that may be placed on classification by their academic brothers. Apparent effects of such overemphasis may be reflected by students or new graduates who have grown to think that each deposit must fit perfectly into some pigeonhole of the more or less arbitrary scheme that has been drilled into them. Diversity in mineral deposits as in other natural phenomena, however, is too great to be fully expressed in the usual tabular classification, and experience is essential for the appreciation of the value or usefulness of a classification. The succession of classifications has closely followed the growth of the science of mineral deposits and reflects that growth, as well perhaps as the limited or comprehensive viewpoint of each proponent. The earliest classifications were based on metal content, and were superseded by those based mainly on form of deposit. Source of materials also became a basis, and was followed by physical and chemical conditions and processes. In spite of this development it is interesting to note that in many of the latest reports on mining regions the authors adopt special classifications suited for their particular districts. Some of these, like the earliest classifications, are based primarily on metal content, and others are most conveniently based on form, and it may be convenient to modify these by reference to source of material or temperature of deposition. Some, including the writers, after noting these different usages, have refused to worry much over classification as an ultimate objective, but,

Jan 1, 1933

Organization Place Date 1919 American Chemical Society Philadelphia, 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 American Steel Treaters' Society, First Annual Convention Chicago, 111. Sept. 22-27 National Exposition of Chemical Industries.... Chicago, Ill. Sept. 22-27 National Safety Council Cleveland, O. Sept. 29-Oct: 2 American Foundrymen's Association Philadelphia, Pa. Sept. 29-Oct. 4

Jan 9, 1919

By A. G. Weber, R. L. Ledbetter, A. L. Hicks

A procedure which makes use of both analog and digital computers has been developed for predicting the pressure-production behavior. of water-drive reservoirs. The electric analyzer is used for matching the past pressure and production history of the reservoir and inferring the physical characteristies of the aquifer. When the history has been matched, a .set of base curves called influence functionce" are derived and the future behavior of the reservoir is calculated from these curves. INTRODUCTION Electric analog methods are particularly well-suited for complex water-drive problems. Like all other methods of analyzing water-drive reservoirs, however, analog methods are subject to certain limitations. One of the more obvious and serious of these results from inaccurate or insufficient knowledge about physical characteristics of the reservoir and aquifer. However, it is not insurmountable because the unknown characteristics can usually be inferred from the reservoir's previous behavior. Simons and Spain have shown that even with scant reservoir data and limited production history, electric analyzer studies can provide useful and reliable results. Aside from this limitation on analyzer predictions, the main disadvantage has been lack of a technique for keeping predictions abreast of latest production forecasts. Pressure behavior of a reservoir depends on the rate at which fluid is withdrawn; it is therefore necessary to specify the future withdrawal schedule before the future pressure behavior can be calculated. Conventionally, the electric analyzer predicts pressure behavior for a specific production schedule. If this schedule is abandoned in favor of some new one, as is frequently the case, either the study must be rerun or results adjusted in some manner. The usual procedure is to predict pressures for several different forecasts covering a wide range of production rates. Pressures for specific rates other than those studied can then be approximated by interpolating between the analyzer predicted curves. However, reliability of this type of prediction is doubtful. This paper describes a technique for predicting future behavior of water-drive reservoirs that retains all advantages of electric analyzer analysis and eliminates the main disadvantage. That is, the analyzer is used conventionally to infer unknown reservoir parameters from the pressure history, but not to predict the future behavior directly. Instead, a derived set of base curves, called influence l'unctions, can be used to calculate future behavior for any production schedule.

Jan 7, 1976

By Oscar H. Hershey

COMPLAINT has been made that in the literature of economic geology the work of the "company or practical" mining geologists does not get enough attention. I propose to attempt to overcome this com¬plaint in reference to one important lead-mining district, that of the Coeur d'Alene in northern Idaho. Furthermore, I will assume that the reader is not so much interested in the geology of the district as in the methods of application used and incidents that have arisen in the work. All the important discoveries of ore in the Coeur d'Alene were made without benefit of geology. Certainly I would not claim the reputed discoverer of the Bunker Hill mine as a fellow geologist. It appears also that the mines were operated quite successfully for many years without geological specialists, though doubtless certain properties were visited at long intervals by such men as Waldemar Lindgren. It was known that the ores occur in quartzite, graywackes and slates as stated by J. R. Finlay in 1903. (TRANS., VOL. 33.) He described the ore as occurring in typical fissure veins that occupy fault-planes of indeterminate displacement. The Bunker Hill lode was based on a definite fissure with the mineralization all on the hanging-wall side, extending as far as 300 ft. from the fissure.

Jan 1, 1933