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By D. W. Smith, Robert F. Mehl

It has been shown by numerous studies that the orientations of new metal crystals are determined by the orientations of the crystals in the original matrix, whether these new crystals are formed by recrystalliza-tion, by precipitation from solid solutions, or by transitions in the solid state. The orientations of crystals formed by recrystallization of cold-worked metals that bear preferred orientations are occasionally simply related to the initial preferred orientation; often, however, the relationship is not simple, but complicated and obscure in origin.1 The orientations of crystals formed by precipitation from solid solutions have been shown by many studies in this and other countries to be determined by the orientation of the crystals of the solid solution stable at the higher temperatures, though here again complicated cases have been found and no general theory is available.2 Related to this latter class are the relationships found in crystals formed by suppressed transforma-

Jan 1, 1935

By D. W. Smith, Robert F. Mehl

It has been shown by numerous studies that the orientations of new metal crystals are determined by the orientations of the crystals in the original matrix, whether these new crystals are formed by recrystalliza-tion, by precipitation from solid solutions, or by transitions in the solid state. The orientations of crystals formed by recrystallization of cold-worked metals that bear preferred orientations are occasionally simply related to the initial preferred orientation; often, however, the relationship is not simple, but complicated and obscure in origin.1 The orientations of crystals formed by precipitation from solid solutions have been shown by many studies in this and other countries to be determined by the orientation of the crystals of the solid solution stable at the higher temperatures, though here again complicated cases have been found and no general theory is available.2 Related to this latter class are the relationships found in crystals formed by suppressed transforma-

Jan 1, 1935

By A. Beeby Thompson

FOR more than 2500 years, natural gas issues in the Surakhany district of the Apsheron peninsula were the object of pilgrimages by fire worshippers and Hindoos from Burma and India. Even as late as 1890, Hindoo priests conducted ceremonies in a temple at Surakhany, which probably replaced a more ancient one; but later, the visits of the pilgrims were prohibited in order to check the spread of Asiatic diseases in that region. For centuries, limited supplies of oil have been abstracted from shallow excavations in the Caspian oil belt and dispatched into the interior of Asia and elsewhere for medicinal and industrial purposes. Statistics show a yield of 37,400 bbl. in 1863, but only since 1869 has there been serious development; in that year the yield was 203,000 bbl. At that time, hand digging was supplanted by drilling, and the enormous wells that resulted from tapping sources hitherto beyond the reach of operators completely demoralized the industry for a time, owing to inadequate outlets for the products. The early activities in this area were greatly hindered by annoying taxation, monopolies, imperial land grants, etc., but when these were revoked or adjusted, in 1877, the industry sprang into prominence and, between 1898 and 1901, the Baku fields produced practically one-half of the world's supply of oil. Within a few miles of Baku lie the two richest oil fields in the world; viz., the Balakhany-Saboontchy-Romany and the Bibi-Eibat, the latter constituting almost a suburb of the city. For many years the gasoline obtained in the refineries of the Baku area was burned in pits, being considered an undesirable product, and until 1870 the residue also was destroyed, its value as a fuel not being recognized. Kerosene was the main product sought by the refiners. It was shipped across the Caspian Sea and up the Volga to the industrial centers of Russia. Only on the completion of the Baku-Batoum railway did the Baku oil fields secure

Jan 8, 1920

By AIME AIME

THE following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1903, have been withheld from publication until now, in order to make them as accurate and complete as possible. They will be published in Volume XXXV. of the Transactions in their proper place at the end of the said Annual Report. Franklin Ballou was born in Pittsburg, Pa., May 29, 1845. He was the son of an old resident, Arthur Ballou, a manufacturer and wholesale dealer in vinegar. In early youth Franklin attended the Western University of Pittsburg, but left school at the age of 16 to become book-keeper for his father, upon whose retirement from business, in 1868, he associated himself with Walter C. Childs, of Pittsburg, in the manufac¬ture of furnace-grates and asbestos-cement for blast-furnaces. This firm was known as W. C. Childs & Co., and did a success¬ful business for several years. In 1869 Mr. Ballou married Miss May S. Wilson, daughter of Judge Wilson, of Lewistown, Pa. In 1876 he spent several months traveling in the West and studying the mining industry, which greatly interested him. In consequence of this journey, he wound up his business in Pittsburg and removed in 1877 to Georgetown, Colo., where for several years he conducted a sampling-works, and built up an extensive business as an agent for the sale of ores, besides engaging to some extent in mining enterprises. , It is said that he controlled at one time about one-eighth of the output of the Leadville mines. In the early 80's, he became Vice-President and General Manager of the Bimetallic Smelter at Leadville, of which Mr. David H. Moflat was the principal owner. This was practically the first successful demonstration of pyritic smelting in Colorado. Upon the sale of the works in 1897 to the American Smelting and Refining Co., Mr. Ballou retired

Jan 1, 1905

By W. D. Johnston, T. P. Thayer

THE minerals that collectively are known as chromite form an isomorphous series of the general formula (Mg,Fe) 0. (Cr,Al,Fe) 203. So wide is the range in chemical composition in this group that chrome ore consisting entirely of the mineral chromite may range from less than 30 pct to more than 60 pct Cr203. The most comprehensive published data on the chemical com- position of chromite are by Stevens,62 who made complete analyses of 52 samples of chromite concentrate from many localities in North, Cen- [ ] tral, and South America. These samples were mechanically purified to remove associated silicates and might be regarded as the cleanest chromite that could be obtained by any mechanical milling process. Fig 1 shows the predominant zone of isomorphism, within the triangular prism of composition defined by the mineralogical end members of the series, wherein his analyzed samples fell.

Jan 1, 1949

By H. J. Gerritsen

From presently available components a portable, rugged, reliable apparatus can be built which will be able to detect methane concentrations of 0.1% and lower in air. Sensitivity and design considerations of the apparatus are given. Ways to build even simpler and cheaper apparatus in the future are indicated. Traditionally the problem of detecting and monitoring the presence of dangerous gases present in small concentrations in air has been a difficult one. Whether canaries,' or sophisticated chemical or thermal conductivity methods are used, they seem to be either slow, cumbersome, or otherwise not completely satis factory. A seemingly natural way of gas detection is to measure the strength of absorption undergone by light of a wavelength that the gas to be detected absorbs. This method has been difficult to apply in view of the low power output over a narrow wavelength range in the infrared from traditional glow bar light sources. Besides, the apparatus to select such a narrow band of wavelengths is quite costly and complex. The use of a laser solves these problems simultaneously. Although a variety of lasers are available to detect a variety of gases (such as carbon monoxide or methane) whose early detection would be desirable, this paper deals exclusively with the use of lasers for methane detection. ABSORPTION SPECTRUM OF METHANE IN AIR The absorption spectrum of pure methane is very well known.2-4 There are four fundamental vibrations, all occurring in the infrared of which only two absorb strongly. They occur at 3.3 µ and 7.7 µ. The absorption spectrum is quite complicated due to the fact that the methane molecule can rotate in a variety of rotational quantum states. These rotational states are furthermore split by anharmonic forces such as the Coriolis force.4 When methane is present in air at atmospheric pressure, much of the very fine structure due to the anharmonic force is washed out since the pressure broadening is of the same magnitude as the splitting due to anharmonicity. For most of the spectrum at 3.3 µ, the rotational lines are typically separated by 0.01µ while the individual linewidth is 0.0001 µ. It is thus very important that the laser emit at a wavelength that coincides with one of these rotational lines. Before elaborating on the point that such a laser exists and how it performs, it is necessary for later discussion to point out that in the

Jan 1, 1967

By C. G. Wilson

DURING the course of some experiments on the plastic deformation of gallium a standard stereo-graphic projection was prepared with (001) at the center and it was felt that this might be useful to others working with single crystals of gallium. The stereogram, given in Fig. 1, was made using the following crystallographic data (Bradley, 1935):

Jan 1, 1962

By A. M. Gaudin

Jan 1, 1962

By Frank Rieber

THE study of earthquakes long ago developed the fact that by studying the travel times of the various groups of waves from the same earthquake, as received on seismographs at varying distances, major discontinuities in the earth's crust could be reasonably well defined. Using this original discovery, and adapting the mathematical methods originally devised in seismology for determining the depth below the surface at which such discontinuities occur, other investigators were able to develop a new branch of seismology which promises to be extremely useful in extending the boundaries of our information on local conditions below the earth's surface. As an outstanding example of the applications of this work, we have the so-called "seismograph" exploration of the Gulf Coastal region, which has resulted in the discovery of a large number of salt domes, from many of which oil fields may be developed. The original seismological investigations, from which different major discontinuities in the earth's crust were deduced, as well as these later successful experiments in locating salt-dome structures, involve relatively simple problems. In each case we are dealing with surface materials in which elastic waves will be propagated with a fairly definite velocity. Under this material we have something quite different, in which the elastic waves will be propagated with a much higher velocity. The transition from one medium to the other is likewise relatively abrupt. For example, in the Gulf Coastal region the sedimentary formations have a velocity of 6000 or 7000 ft. per sec., while the velocity of elastic waves in the cap rock of a salt dome may exceed 15,000 ft. per sec. Under such conditions, delineation of the formation is a relatively simple matter, and, furthermore, there is very little opportunity for ambiguous results.

Jan 1, 1928

By J. E. Forciea, O. E. Palasvirta, L. G. Hendrickson

AH pilot and commercial plants working with Mesabi Range taconite employ wet magnetic separation. Progress is being made with a dry magnetic process, but this has not yet been applied to taconite except in the laboratory and pilot plants. Flowsheets in all five plants are similar, including multiple stages of grinding, each followed by magnetic separation, which rejects a finished tailing. The flowsheet in Fig. 1 is used in the preliminary and commercial plants of the Erie and Reserve mining companies and in Unit C of Oliver's Pilotac plant. At Erie the desliming operation is omitted. In the Reserve plants two ball mills are used with each rod mill. Pilotac uses flowsheet 2 in Unit A-B and has also tested flowsheet 3. Principal differences in the three flowsheets are the number of grinding stages and the type of roughing. The terms open-circuit roughing and closed-circuit roughing are best defined by the diagrams. Special Test Data Given in Table I: For the Erie and Reserve commercial plants, Table I reflects routine conditions. Pilotac, the experimental plant, has been run with several flowsheets, including those followed at Erie and Reserve's commercial operations. Pilotac data for these last two flowsheets are similar to commercial plant results and are not repeated in Table I; statistics are given, however, for special test conditions. using other flowsheets. when the objective was to 'to extra-grade concentrate, Variations Among Taconites: Although crude ore tributary to these plants is generally classified as taconite, there are important differences in mineralogy and fineness of dissemination.

Jan 1, 1959

By John A. Mathews

RESEARCH in the steel industry, as in other lines of manufacturing, has for its principal purpose the increasing of profits. That is what manufacturing companies are for, and all departments of the organization must be so coordinated as to lead to profitable operation. To divide a payroll into productive and non-productive labor is misleading. Productive labor, in fact, is necessary labor, and non- productive labor is the labor we can get along without. One might as well say that the steering wheel is not a part of an automobile as to say that the directing minds of an industry are non-productive. Legitimate manufacturing profits in a steel company or any other company are the reward that the public pays for service rendered or risk taken. The desire for profits is the impelling motive that leads investors .to take risks and build up industries that give employment to others. Every department of a company, be it executive, manufacturing, financial, sales, or research, must contribute to the one end which brings success-profits.

Jan 1, 1921

By R. D. Pehlke, J. V. Gluck

AS a portion of a general study of liquid-metal thermodynamics, high-temperature galvanic cells were used to study the effect of added dilute solutes on the activity of zinc in dilute solution with molten bismuth in the range 450° to 650°C. 1,2 The cells were of the type The experimental procedures have been described previously.1 In the course of studies conducted in the bismuth-rich corner of the systems Bi-Zn-Au and Bi-Zn-Cu, marked discontinuities were observed in the electromotive force-temperature relations for a number of the experimental compositions. Above the discontinuity temperatures, the relations, which were linear, exhibited slopes similar to the binary alloy of the same mole fraction zinc, as shown in Figs. I and 2. Below the discontinuity temperatures, the slopes were markedly different, but the relations remained linear. In general, as the amount of the third eletnent was increased, the slope of the lower portion of the relations tended to become less positive. The slopes of electromotive force-temperature relations reflect the entropy of mixing of zinc and, therefore, the occurrence of a discontinuity marks the transition between two different equilibrium situations involving the solution of zinc. A number of other investigators3-5 have used such observations to determine liquidus boundaries in binary alloys. Since the upper portions of the ternary electromotive force-temperature relations of this study had the same slopes as the binary alloys, the discontinuities are interpreted as marking the transition between the single-phase liquid region and the underlying two- and three-phase regions. Reference to the Zn-Bi equilibrium diagram6 confirms that the binary alloys were single-phase liquids at the experimental temperatures. Fig. I shows the electromotive force-temperature relations for the alloys containing Bi-Zn-Au and Fig. 2 shows similar relations for the Bi-Zn-Cu alloys. In the lower portion of each figure, the temperature of the discontinuity is plotted vs the mole fraction of the added solute at the various levels of zinc concentra- tion. Cross-plots from these curves at constant temperature permitted the construction of the partial liquidus surface isotherms shown in Figs. 3 and 4.

Jan 1, 1967

By R. Greenwood

The advent of the space age and its promise of interplanetary flight has prompted new ideas for propulsion systems that will allow maximum energy with minimum fuel weight. The use of cesium as the source of energy for such rocket flights has been found desirable. Theoretical efficiency of a rocket fuel is measured in terms of specific impulse, defined as the number of pounds of thrust per pound of propellant consumed per second. Specific impulse is usually expressed in seconds (the number of seconds for which one pound of fuel would produce one pound of thrust) although it is really a measure of total energy, not of power. The most sophisticated chemical fuels have a specific impulse of 300 to 400 sec; liquid hydrogen heated by nuclear reactor has a specific impulse of 1000 to 1200 sec. Specific impulses as high as 20,000 sec, however, are theoretically attainable with the ion rocket, in which free cesium ions are accelerated across a voltage drop and ejected at high velocity.' Characteristics of the system have been sketched by Boden.2 The desirable properties of an ion propellant are: 1) low ionization potential, 2) low boiling point, and 3) high atomic weight. Alkali metals best fulfill these requirements, and Table I indicates the superiority of cesium. The use of heavy complex ions such as UCl3 is ruled out by their instability and other disadvantages.' Despite its enormous superiority in specific impulse, the ion rocket is inherently low-powered, capable of very small acceleration. Application of ion propulsion will be limited to large rockets and spaceships on missions requiring powered flight for weeks or months and employing a separate chemical propulsion system for escape from the earth's atmosphere where power requirements are large but of brief duration. For example, Kraemer and Larson3 considered the case of an unmanned 25,000-lb pay-load placed in a 300-mile orbit by chemical rockets, proceeding thence by ion propulsion to the vicinity of Mars, where it would go into orbit once again. Calculations provide for 8500 lb of cesium for such a voyage. The question of whether such quantities of cesium will be readily available to the space program does not appear to have been considered by geologists and mining engineers. Present Production and Uses Literature on industrial applications of cesium is scanty. The metal is used in scintillation counters, photocells, infra-red detection devices, and as a "getter" in low-voltage vacuum tubes. Production is sporadic and total figures are not published, but the annual consumption is measured in pounds rather than in tons. The few pollucite deposits known, small as they are, can easily supply the present limited demand for gram or pound lots of cesium. Until recently the price of cesium was $2 to $4 per gram, but according to Chemical Engineering, cesium salts are now available at $13 to $27.50 per lb. Geochemical Distribution As a large alkali ion, the cesium ion accompanies potassium in geological processes and tends to be concentrated in the latest crystallizing fractions of potassium minerals in much the same manner as rubidium. Most of the cesium in igneous rocks, therefore, is in the micas and potash feldspars of granites, and especially in granitic pegmatites. The cesium content rises markedly in the micas of the late by-drothermal replacement stage in complex pegmatite~.' Typically, cesium is only 0.5 to 0.01 times as abundant as rubidium in potassium minerals. Rb', with a radius of 1.47 A, is close enough in size to K' (1.33 A) so that rubidium forms no minerals of its own. Cs+ is so large (1.67 A) that only small concentrations can be taken up in potassium minerals; when cesium is present in solution in larger concentration it forms the mineral pollucite, Cs3-Na2A17Si17O48.3H2O, which is known only in pegmatites. In the weathering of igneous rocks, cesium is dissolved, carried to the ocean, and apparently in-

Jan 1, 1961

By S. S. PRENZ

Discussion held at the sessions of the Canal Zone meeting, November, 1910. [SECRETARY'S NOTE.-As a result of this discussion, an expression of opinion covering all points of unanimous agreement was adopted and signed by members of the Institute party as individuals. This statement, which was printed in the Bulletin of December, 1910, is reprinted below, as an introduction to ,the detailed report of the discussion. It should be clearly understood that it does not constitute an official declaration by the Institute, the rules of which forbid any such action. At the New Haven meeting of February, 1909, a free discussion of the plan of the canal took place, in which the critics of the present scheme had full opportunity to state their views. That discussion was continued at considerable length in the newspapers ; but the Institute was never committed to either side. In this latter instance, the situation is precisely similar. Certain members and guests of the Institute, having had the advantage of later developments and of personal inspection, have expressed the conclusions at which they have arrived on their own responsibility ; and these conclusions are published by the Institute, subject to further discussion, like any other part of its proceedings. The general statement referred to contained a promise that the full discussion, of which it was a result, would be subsequently printed ; and this promise is fulfilled, so far as practicable, in the subjoined report, concerning which I beg to offer the following explanations: 1. It is made up of the remarks of the members of our party, as subsequently written out and mailed to the Secretary. 2. In editing these contributions, I have condensed the material considerably by cutting out much repetition of opinions and phrases ; and in such excision, I, frankly confess, the authors whose communications were delayed, have been the sufferers. Nevertheless, there is a good deal of repetition left, as there must be, when so many persons had talked so much, and come to agreement upon so many points. 3. It has been found impossible to preserve in this report the actual order of the free and informal oral discussion represented. Consequently the several contributions have been arranged in alphabetical order under the names of their authors. References to "preceding speakers," etc., must therefore be construed as referring to other speakers, preceding or following.-R. W. R.] S. S. PRINZ AUGUST WILHELM, AT SEA, November 14, 1910. We, the undersigned, members and guests of the American Institute of Mining Engineers, after a visit to the Isthmus of Panama, and inspection of the work of the United States Isthmian Canal Commission, and after full discussion of our individual impressions, find ourselves in unanimous agreement as to the following conclusions:

Jan 1, 1911

By V. J. Parks, Leonard Obert, A. J. Durelli

The state of stress in the region where core discing initiates has been investigated through the use of three-dimensional photoelastic models and the results of this study have been compared with those of a previous investigation of rock models. This comparison showed that discing initiates at a point of maximum shear stress, but that the magnitude of the shear stress, as determined photoelastically, is much larger than the shear strength of the rock as deter-mined from conventional triaxial testing. Moreover the shear stress required to produce discing is not constant, but depends on the applied stress field. Possible explanations for these effects are included in this article. In both exploration core drilling and overcore drilling to determine the stress in rock, occasional sections of the core obtained are broken into a series of discs.I* This discing phenomenon has been investigated in the laboratory to ascertain the state of stress required to produce it. The objective of the study was to obtain information that would make it possible to approximate the state of stress in subsurface rock from which disced cores are obtained. Referred to as the discing test, this laboratory study was conducted to determine the applied axial and radial loads required to produce discing in cylinders of rock from several sources. The dimensions of these cylinders are given in Fig. 1. Discing was produced by first applying an axial load to the cylinder and then diamond drilling the core along its axis. The radial load was then incrementally increased until discing initiated. The discs fractured or ruptured* on surfaces approximately normal to the axis of the core (planes A, B, C, D, E, Fig. 2). In many instances, the bottommost disc fractured before the drill had advanced past the points F and F', cre- ating a mush room-shaped fracture surface FEF'. Alternatively, it was also found that the same shaped fracture surface could be created by first drilling in an unloaded core to some point, say F and F', and then triaxially loading the core until fracture occurred on the plane FEF'. Jaeger and cook4 produced similar fracture surfaces in specimens subjected only to a radial biaxial load. From these laboratory studies and observations made in the field, it can be inferred that fracture or rupture initiates in the proximity of the lowest point in the kerf area, (at F and F', Fig. 2) and that the fracture or rupture surface progresses inward from this point. The experiments described above, however, do not provide any information as to the state of stress at the point at which fracture or rupture initiates. In the investigation discussed in the following sections, a three-dimensional photoelastic analysis was conducted to determine the stress distribution in the proximity of the kerf area of a triaxially loaded plastic (epoxy) cylinder containing a short section of core.

Jan 1, 1969

By NONE N

Jan 1, 1963

By Charles E. Wait

It is said by some that the occurrence of a deposit of sulphide of antimony in Southwestern Arkansas has been known for fifteen or twenty years. Whether or not such is the case I am not prepared to say, but I am not able to find any record of such a discovery, or any analysis of antimony ore obtained from that section, published at so early a period. The present discoveries, that seem to be attracting some attention, date back to the winter of 1873-74. At that time a vein of ore was found by Mr. Robert Wolf, in honor of whom the vein was named, and still is called, "the Wolf lode." At the time of the discovery the ore was unknown to the prospector, and its composition was not thoroughly understood in that locality until samples were sent to several analytical chemists, who pronounced it sulphide of antimony—stibnite. Since the discovery of this ore there have been three mines opened, and a number of interesting minerals of the antimonial series have been found. I have had an unusually good opportunity to collect specimens from these mines; and it is owing to the constant inquiry concerning the character of these ores that I have collected for publication the results of quite a number of analyses, sufficient I trust to clearly point out their composition. This is one of the few localities in the United States where antimony ore is found in workable quantities ; I say workable quantities, because two different shipments of ore have been made to English reduction works, and in both cases excellent returns were made. The discovery of these deposits will, it is hoped, give rise to a prosperous and remunerative industry at no distant day, and when fully developed they may yield ore in sufficient quantity to supply the regulus for the home demand, thus adding wealth not only to those interested, but also to the State of Arkansas. The three mines are situated in the northern part of Sevier County, and may be reached by the St. Louis, Iron Mountain and Southern Railway to Fulton, thence by wagon-road to Columbus, Nashville, Centre Point, and to the mines. During most seasons of the year the

Jan 1, 1880

By H. C. H. Darley

The principal causes of unstable boreholes* have been known for many years. For example, in a paper published in 1938, Halbouty and Kaldenbachl listed nearly all the classes of troublesome shales that we know today. Much progress has been made since then, but we still have difficulty in identifying the cause of hole problems and consequently in selecting the right technique for combatting them. This subject was discussed at length by Kelly2 in a recent paper and much valuable information was provided. In the Shell Laboratory it was felt that there was a need for a better understanding of the basic mechanisms underlying the various forms of hole instability, and accordingly, a study was undertaken. This entailed reviewing the physics and chemistry of shales, developing tests for characterizing shales, and constructing a model to study borehole stability. Full simulation of underground conditions was not attempted; for example, we used reconstituted shale specimens, and often simple solutions or suspensions rather than practical drilling muds. Such procedures are necessary in order to establish mechanisms, but caution must be exercised in applying the results to the more complex conditions in the field. Part I — Compaction Swelling and Dispersion of Shales Compaction of Sediments Shales are formed by the compaction of sediments. Water is expressed as sediments are buried by subsequent layers, and the degree of compaction is proportional to the depth of burial, provided the water is able to escape easily to permeable formations. The younger sediments, when recovered at the surface, soften and disperse when mixed with water; the older shales have undergone diagenesis (alteration of the clay minerals, secondary cementation, etc.), and remain hard and unaffected by water. In this paper we shall apply the term "shale", as the drilling engineer does, to everything from clays, which are highly reactive to water, to completely lithified materials such as claystones and slates, which are completely inert. However, because these materials behave quite differently when encountered in the drilling well, it is desirable to develop a simple means of characterizing them. The feature that distinguishes the various shales is their dispersibility in water —soft clays disperse readily, harder shales disperse slowly when agitated, the lithified materials will not disperse at all unless milled. In the dispersibility test used in our study, a weighed amount of dry shale particles in the 12-to-100-mesh-size range was placed in a tube filled with distilled water and allowed to soak for 16 hours. The

Jan 1, 1970

By Edwin Berry

THE consideration of the present value of a mine is of great importance when planning for the operation of a property,, and it is particularly so in the case of mines that have large ore reserves. At various times during the past 15 years, the writer has had occasion to make rather thorough studies of the subject, and has been greatly impressed by certain important points which these studies have brought out, points which, though they may be well known, are often lost track of in the rush to obtain low mining costs and high daily tonnage output. . It is the object of this paper to present briefly, and in a general way, some of these points, and especially those which have to do with the relationship which (1) ore reserves and plant capacity, (2) grade of ore mined, and (3) ore losses in mining, bear to the present value. Present value, sometimes called present worth or actuarial value, means the value today of the future earnings of an enterprise. Great industrial, manu-facturing or railroad enterprises, if properly handled, go on indefinitely and their value is directly dependent on their estimated annual earnings. Mines, or oil properties, on the other hand, have an earning capacity only until the ore or oil is exhausted, and their present value is dependent not only on their annual earnings but also on their life, which is the length of the period over which they can produce at a profit. A mine, or an oil property, is a "wasting asset," while an estab-lished manufacturing business is not, or should not be. In other words, the present value of a mining property. represents a sum of money on which there could be paid from operating profits a determined rate of interest, say 8 per cent., and in addition an amount which, if invested at compound interest as received, would at the end of the life of the mine pay back the present value. In his "Wealth and Income of the American People," Walter Renton Ingalls says: "The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding to the life of the mine."

Jan 7, 1922

By Charles E. Wait

IT is said by some that the occurrence of a deposit of sulphide of antimony in Southwestern Arkansas has been known for fifteen or twenty years. Whether or not such is the case I am not prepared to say, but I am not able to find any record of such a discovery, or any analysis of antimony ore obtained from that section, published at so early a period. The present discoveries, that seem to be attracting some attention, date back to the winter of 1873-74. At that time a vein of ore was found by Mr. Robert Wolf, in honor of whom the vein was named, and still is called, "the Wolf lode." At the time of the discovery the ore was unknown to the prospector, and its composition was not thoroughly understood in that locality until samples were sent to several analytical chemists, who pronounced it sulphide of antimony-stibnite. Since the discovery of this ore there have been three mines opened, and a number of interesting minerals of the antimonial series have been found. I have had an unusually good opportunity to collect specimens from these mines; and it is owing to the constant inquiry concerning the character of these ores that I have collected for publication the results of quite a number of analyses, sufficient I trust to clearly point out their composition. This is one of the few localities in the United States where antimony ore is found in workable quantities; I say workable quantities, because two different shipments of ore have been made to English reduction works, and in both cases excellent returns were made. The discovery of these deposits will, it is hoped, give rise to a prosperous and remunerative industry at no distant day, and when fully developed they may yield ore in sufficient quantity to supply the regulus for the home demand, thus adding wealth not only to those interested, but also to the State of Arkansas. The three mines are situated in the northern part of Sevier County, and may be reached by the St. Louis, Iron Mountain and Southern Railway to Fulton, thence by wagon-road to Columbus, Nashville, Centre Point, and to the mines. During most seasons of the year the

Jan 1, 1880