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By R. M. Fowler, H. L. Hamner

DURING the last 25 years, there appeared in the literature a number of papers describing equipment and operating techniques for the determination of total oxygen in iron and steel. In the early papers, comparatively little attention was paid to side reactions that occur when iron is saturated with carbon at a high temperature in a high vacuum. As more experience was gained with the new method, the limitations appeared. Metals, with a boiling point lower than iron, distilled out of the crucible, condensed in the cooler part of the furnace, and subsequently reacted with carbon monoxide to form oxides and carbon. Aluminum, manganese, and the alkaline earth metals proved troublesome in this respect. Modifications have been devised to overcome the difficulties due to aluminum and manganese, while the alkaline earth metals are not of too much concern as yet to the steel chemist. The reactions of sulphur have received less attention, although it is generally recognized that some carbon disulphide is probably formed. Liquid air traps have been used in some cases to prevent any carbon disulphide from entering the analytical train. Sulphur was not a particular problem at the Union Carbide and Carbon Research Laboratories until the analysis of the irons of higher than usual sulphur contents became necessary. In order to describe the procedure developed for such irons, it will be necessary to first describe the type of vacuum-fusion equipment employed because the operation of vacuum-fusion equipment is an art to a considerable extent. At the Laboratories, vacuum-fusion equipment has been in daily operation since about 1930. Over the years, the evolution of this apparatus has been governed by the versatility required to analyze a wide variety of materials. Since all types of materials from high purity metals to slags are analyzed and, since seldom more than a few samples of one type are analyzed in succession, the apparatus was designed for accuracy and flexibility rather than for speed. A general view of the equipment is shown in Fig. 1, while Fig. 2 shows the relationship of the various parts. In Fig. 2, A is a vertical double-glazed 24X27/8 in. OD silica tube heated with a 20 kva mercury-arc high frequency generator. The tube is closed with a water-cooled brass head attached with de Khotinsky cement. A turret cap fits on this head and is sealed with a 1/8x3 in. "0" ring. The head contains a sight glass and two 8 in. horizontal glass tubes, for sample storage, cemented in with de Khotinsky cement. B is a four-stage Gaede mercury diffusion pump connected to the water-cooled head with a 11/2 in. copper tube through a flange with an "0" ring. The output of the vacuum pump feeds into an automatic Toepler F pump which compresses the gas sample over mercury in the measuring burettes, G and H. There are bypasses in this line for a McLeod gage C and a Piranni gage D, a manometer E, and for initial pumping out of the system with a Cenco Megavac backing-up pump. The reduction crucible shown in Fig. 3 is machined of Tungar Bulb quality (A.G.K.T.E.-2) graphite. The sample is guided into the crucible with the graphite funnel depicted on this figure. The arrangement of the crucible, radiation screens, etc. in the furnace is as follows: A 1 15/16x61/2 in. Alundum thimble, porosity RA-84, with two 1/8 in. holes near the top and opposite each other which take a pair of special tongs used for lowering it in place, is prepared. A 3/4 in. layer of powdered graphite is placed in this Alundum thimble, and the graphite crucible containing 20 g of ingot iron and 0.5 g of carbon is carefully centered on this bed of graphite powder and graphite powder is packed around it to the top of the graphite cru-

Jan 1, 1953

By A. A. Jr. Smith, J. S. Smart

Numerous investigations of the effects of the various impurities common to commercial coppers have been published, and the data have found wide use in industry. Naturally, emphasis has been placed on the oxygen-bearing coppers of the tough-pitch variety, but need is now evident for data covering the oxygen-free condition as well. Furthermore, relatively few of the important reactions between oxygen and the various impurities are well understood, and often the data at hand are not applicable to the low concentrations encountered in commercial coppers. This paper presents the changes in conductivity and softening temperature derived from individual additions of the group VIII triad, iron, cobalt and nickel, to high-purity copper, and constitutes a portion of the copper-research program being conducted at the Central Research Laboratory of the American Smelting and Refining Co. The method of preparation of high-purity copper and its alloys in either the oxygen-free or oxygen-bearing form has been described previous1y.l The purity of this material, and the methods developed to produce it, provide the means for direct investigation of the very low concentration range in which the various impurities generally exist in commercial coppers. The usual necessity for extrapolation to this range using the results obtained from higher concentrations, and the interfering effects of extraneous impurities, are thus simultaneously circumvented. Since previously published data have adequately presented the effects of higher concentrations of iron, cobalt and nickel, the present investigation has been confined to the composition range o to 0.05 per cent. All alloys were initially prepared in the form of oxygen-free continuous cast rod, the weighed alloying additions in suitable form being charged with the pure copper to the continuous casting crucible. The best of the available high-purity alloying materials were used, and spectrographic analyses confirmed the absence of interfering elements from the alloys formed. Each series was compounded in the direction of increasing concentration, starting with pure copper in a new crucible and finishing with the 0.05 per cent alloy. Composition was closely controlled by adding the alloying element in the form of a carefully compounded and analyzed master alloy rendered uniform by continuous casting. The accuracy of this method of synihesis was proved by chemical analysis of the more concentrated alloys, and, accordingly, there is every reason to credit the stated composition of the very dilute alloys in the range where chemical analysis becomes highly uncertain. Oxygen-free samples for measurements of conductivity and softening temperature Were obtained by drawing the continuous cast rod to wire of 0.08I-in. diameter. employing a number of intermediate anneals to refine the grain structure. The

Jan 1, 1942

By A. A. Jr. Smith, J. S. Smart

Numerous investigations of the effects of the various impurities common to commercial coppers have been published, and the data have found wide use in industry. Naturally, emphasis has been placed on the oxygen-bearing coppers of the tough-pitch variety, but need is now evident for data covering the oxygen-free condition as well. Furthermore, relatively few of the important reactions between oxygen and the various impurities are well understood, and often the data at hand are not applicable to the low concentrations encountered in commercial coppers. This paper presents the changes in conductivity and softening temperature derived from individual additions of the group VIII triad, iron, cobalt and nickel, to high-purity copper, and constitutes a portion of the copper-research program being conducted at the Central Research Laboratory of the American Smelting and Refining Co. The method of preparation of high-purity copper and its alloys in either the oxygen-free or oxygen-bearing form has been described previous1y.l The purity of this material, and the methods developed to produce it, provide the means for direct investigation of the very low concentration range in which the various impurities generally exist in commercial coppers. The usual necessity for extrapolation to this range using the results obtained from higher concentrations, and the interfering effects of extraneous impurities, are thus simultaneously circumvented. Since previously published data have adequately presented the effects of higher concentrations of iron, cobalt and nickel, the present investigation has been confined to the composition range o to 0.05 per cent. All alloys were initially prepared in the form of oxygen-free continuous cast rod, the weighed alloying additions in suitable form being charged with the pure copper to the continuous casting crucible. The best of the available high-purity alloying materials were used, and spectrographic analyses confirmed the absence of interfering elements from the alloys formed. Each series was compounded in the direction of increasing concentration, starting with pure copper in a new crucible and finishing with the 0.05 per cent alloy. Composition was closely controlled by adding the alloying element in the form of a carefully compounded and analyzed master alloy rendered uniform by continuous casting. The accuracy of this method of synihesis was proved by chemical analysis of the more concentrated alloys, and, accordingly, there is every reason to credit the stated composition of the very dilute alloys in the range where chemical analysis becomes highly uncertain. Oxygen-free samples for measurements of conductivity and softening temperature Were obtained by drawing the continuous cast rod to wire of 0.08I-in. diameter. employing a number of intermediate anneals to refine the grain structure. The

Jan 1, 1942

By John P. Goheen

Considerable work has been done in developing a pyrometer to measure the temperature of molten brasses, bronzes, and aluminum in the crucible. On account of the high melting points and the amount of zinc and sulfurous fumes given off from molten brasses, the conditions are somewhat severe for a thermocouple of standard design; but satisfactory results are obtained with a portable pyrometer, 3 ft. (0.9 m.) of connecting lead wire, and a special 5-ft. nickel-nickel chromium thermocouple, composed of rods 1/4in. (6.35 mm.) in diameter. The lower 12 or 24 in., as desired, may be made detachable so that new tips may be connected at little trouble or expense. The portable instrument need not be of the extreme high-resistance type, as the movable parts of the galvanometer of a lower resistance instrument may be better constxucted to withstand the continuous handling such an instrument receives. Platinum-platinum rhodium thermocouples, protected with porcelain and graphite tubes, have been used, but the lag in registering the temperature is too great. It has been found that the range of temperature for various brasses is as follows: Red brasses...............2200-2250" F. (1205-1234" C.) Yellow brasses............2250-2400" F. (1234-1318' C.) Bronzes..................2300-2550" F. (1260-1400" C.) A recent test with a portable pyrometer having a range of 2600" F. with a bare 1/4 in. heavy exposed couple 5 it. long and a handle attached at the upper end showed that the temperatures of molten aluminum under varying conditions in an oil-fired crucible furnace and one of the Simplex type were as follows: CRUCIBLE, OIL-FIRED FURNACE SIMPLEX FURNACE Temperature of metal in furnace....... 1540" F. (837" C.) 1530" F. (834" C.) Temperature in ladle after skimming at furnace......................... 1480" F. (805" C.) 1440" F. (784" C.) Temperature in ladle after skimming at floor near mold................... 1440" F. (784" C.) 1430' F. (778" C.)

Jan 1, 1923

By John P. Goheen

Considerable work has been done in developing a pyrometer to measure the temperature of molten brasses, bronzes, and aluminum in the crucible. On account of the high melting points and the amount of zinc and sulfurous fumes given off from molten brasses, the conditions are somewhat severe for a thermocouple of standard design; but satisfactory results are obtained with a portable pyrometer, 3 ft. (0.9 m.) of connecting lead wire, and a special 5-ft. nickel-nickel chromium thermocouple, composed of rods 1/4in. (6.35 mm.) in diameter. The lower 12 or 24 in., as desired, may be made detachable so that new tips may be connected at little trouble or expense. The portable instrument need not be of the extreme high-resistance type, as the movable parts of the galvanometer of a lower resistance instrument may be better constxucted to withstand the continuous handling such an instrument receives. Platinum-platinum rhodium thermocouples, protected with porcelain and graphite tubes, have been used, but the lag in registering the temperature is too great. It has been found that the range of temperature for various brasses is as follows: Red brasses...............2200-2250" F. (1205-1234" C.) Yellow brasses............2250-2400" F. (1234-1318' C.) Bronzes..................2300-2550" F. (1260-1400" C.) A recent test with a portable pyrometer having a range of 2600" F. with a bare 1/4 in. heavy exposed couple 5 it. long and a handle attached at the upper end showed that the temperatures of molten aluminum under varying conditions in an oil-fired crucible furnace and one of the Simplex type were as follows: CRUCIBLE, OIL-FIRED FURNACE SIMPLEX FURNACE Temperature of metal in furnace....... 1540" F. (837" C.) 1530" F. (834" C.) Temperature in ladle after skimming at furnace......................... 1480" F. (805" C.) 1440" F. (784" C.) Temperature in ladle after skimming at floor near mold................... 1440" F. (784" C.) 1430' F. (778" C.)

Jan 1, 1923

By Wilson Blake

A mathematical model based on the finite element method of stress analysis has been used to describe the behavior of the western wall of the Kimbley Pit as its slope was steepened from 45° to 57°. Theoretical stress changes because of slope modification are slight except at the toe of the modified slope. Magnitudes of stress created are small when compared with the strength of a competent rock. Resulting displacement patterns point out the need for determining the in-situ state of stress at a site prior to excavation or modification. A comparison of model results with field measurements shows that, in general, the model has described the measured behavior of the west wall of the Kimbley Pit remarkably well. The Bureau of Mines and the Kennecott Copper Corp. began joint research on open-pit slope stability at the Kimbley Pit, Ely, Nev., in 1961. The initial or planning phase of this research dealt with a detailed geologic study of the Kimbley Pit, determination of in-situ stresses in the district, laboratory and field tests to determine rock properties, and the design of a full-scale experiment to study the behavior of this pit as its western wall was steepened from 45° to 57°. Fig. 1 shows a cross-section of the original pit outline, the steepened pit outline, major geologic features, and the two instrumentation adits. After the final or slope modification phase of the research began, a laboratory research program was initiated to develop a mathematical model that would analytically describe the behavior of the pit as its western slope was steepened. This theoretical model study of the slope modification at the Kimbley Pit was conducted with the finite element method of stress analysis. The results are described in this report.

Jan 1, 1969

OFFICERS OF THE WOMAN'S AUXILIARY AIME President-Mrs Robert D Coombs, 375 Paramus Road, Paramus, N J First Vice-President-Mrs W McG Peirce, Troy Court 73 F, New England Avenue, Sum¬mit, N J Second Vice-President-Mrs Andrew E Beer, Richardson Avenue, Sea Cliff, Long Island, N Y Third Vice-President-Mrs Ira T Hook, 494 Norton Parkway, New Haven, Conn Fourth Vice-President-Mrs John R Kenney, 427 W Wrightwood Avenue, Chicago 14, Ill Fifth Vice-President-Mrs Alfonso Ballon, Montero Rosas 115, Barranco, Lima, Peru Recording Secretary-Mrs Arnold H Miller, 601 West 115th St, New York 25, N Y Assistant Recording Secretary-Mrs R J Mechin, 66 East 79th Street, New York 21, N Y Corresponding Secretary-Mrs Theodore Nagel, 76 Remsen St, Brooklyn 1, N Y Treasurer-Mrs Robert W Rowen, 116 East 68th St, New York 21, N Y Assistant Treasurer-Mrs Samuel H Dolbear, 11 Broadway, New York 4, N Y Assistant Treasurer-Mrs H A Kursell, 12 Murray Hill Road, Scarsdale, N Y

Jan 1, 1956

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who registered at Institute headquarters during the period Apr. 10 to May 10, 1915: William W. Elmer, Tuttletown, Cal. R. R. Freeman, Jr., Wollaston, Mass. Lawrence Addicks, Douglas, Ariz. Francis R. Pyne, Elizabeth, N. J. W. F. Durand, Stanford Univ., Cal. George B. Pickett, Ophir, Colo. S. P. Cooper, New York, N. Y. R. V. Norris has been elected President of the Columbia School of Mines Alumni Association. Robert C. Sticht has been elected President of the Australian Insti¬tute of Mining Engineers.

Jan 6, 1915

By H. H. Podgurski, Hsun Hu

Large cryslals of high-purily iron (99.996+ pcl) cannot be obtained by the usual strain-ameal technique. Repealed phase transformation by thermal cycling prior to crilical deformation improves the capabilily of cryslal growith but fails to yield satisfactory crystals. Imperfect columnar crystals can be produced by the phase-transition method. The addition of a small amounl (0.005 wl pet) of nilrogen IT was reported'-4 that for metals of very high purity the usual procedures of the strain-anneal technique fail to produce large crystals. This was eliminates practically all the difficulties in crystal growth by the normal strain-anneal procedures. An actual example is presented, showing that most parts of a strip have been converted into a large crystal by this method. The addition of nitrogen, which can be removed from iron with less difficulty, is believed to be more desirable than carbon additions for the same purpose. thought to be due to the strong tendency for recovery in the high-purity metals: hence the critically strained matrix undergoes polygonization instead of recrystallization upon annealing for crystal growth. Talbot1,2 succeeded in overcoming this difficulty by adding 0.03 to 0.04 pct C to high-purity iron before critical deformation. followed by annealing in hydro-

Jan 1, 1965

By G. H. LeFevre

THE Metal Sales Department, with offices in New York, is responsible for the sale of the Company's products, with the exception of gold and coal. At present the department handles the sales of lead, zinc, silver, antimonial lead, , cadmium, bismuth, arsenic trioxide, and tellurium; gold is shipped direct to the United States Mint and coal is marketed by United States Fuel Company's own sales organization. The department keeps in close touch with the metal markets and collects information on marketing conditions, which it makes available to other departments of the Company. The electrolytic lead produced at the U. S. S. Lead Refinery, Inc., is a high-uality product marketed as corroding grade under the "U. S. S.-ELECTRO" brand. It is largely sold to manufacturers of paints, pigments, lead oxides, and storage batteries.

Jan 1, 1948

By C. M. Smith

PILOTED by Cadwallader, Evans, Jr., as chairman, the Coal Division got under way Monday morning for the first of three consecutive sessions. N. F. Patton started the ball rolling with a paper on the economics of anthracite distribution, which was ably discussed by H. J. Rose, W. S. Blauvelt, and others. Mr. Patton pointed out many incongruities in freight rates, dealers' margins, and other factors which are disturbing the distribution of anthracite, one result being that trucks are hauling at least six million tons of anthracite annually, half of which is stolen. In the discussion of the papers the desirability of greater uniformity in the production and shipment of coal from month to month was urged; with larger summer price concessions as a means toward this end. "Performance Expectancy of Domestic Underfeed Stokers for Anthracite," by Allen J. Johnson, brought this important platter down to date by showing the range in capacities and efficiencies to be expected from well-made stokers, and by detailing other of their operating characteristics. One of his most interesting points is that the efficiency of domestic stokers is practically equal to that of handfiring for good installations and operations of both

Jan 1, 1935

By T. D. Yensen, R. K. McGeary

While we have not been primarily interested in the determination of hydrogen in the alloys that we have been dealing with, we arc very glad to cooperate in this symposium on sampling and analysis for hydrogen, as we can never tell when we may find it desirable to perform such analyses. Vacuum-fusion Method Our primary interest has been oxygen and carbon, in the analysis of which we think we have become very proficient. Our oxygen-analyzing apparatus is of the vacuum-fusion type (Fig. I). This employs Dr. Derge's type of graphite cruciblc and slit sleeve, with graphite powder between, for heat insulation (Fig. 2) supported in a clear quartz bulb connected to the Pyrex glass system by means of a carefully made ground joint. The latter is kept cool by means of an air blast from a circular copper tube surrounding the joint. The crucible is heated by high-frequency induction and the 24 one-gram samples successively dropped in from the horizontal tube at the top by means of a magnet. The gases (H², CO, N2) are passed through the CuO catalyst held at 300°C. (converting CO to CO²I, H² to H²O) and the CO² and H2O frozen out in the main liquid air trap, while N2 is evacuated. At the end of the operation, shown by the termocouple vacuum gauge indicating a pressure of 10-4 mm. Hg, the analyzing system is isolated by means of the mercury cutoffs, and the CO² and H2oare determined by transferring first the CO2 and then the HzO to the small trap at the right. This is done by placing liquid air on the small trap, then removing the liquid air from the large trap for one minute, which is sufficient to evaporate the Co2 and transfer it to the small trap. The CO2 is then measured by closing the mercury cutoff at the extreme right, removing the liquid air from the small trap, warming it up to room temperature, adjusting the mercury level to one of the three marks on the glass tube (corresponding to three volumes calibrated so that I mm. Hg of CO² corresponds to 0.001, 0.002 and 0.010 mg., respectively, of oxygen) and finally reading the pressure. Liquid air is now replaced on the large trap, the mercury cutoff at the right opened, transferring the COz back to the large trap. The cutoff to the pumps is then opened, the liquid air removed for one minute, thus evacuating the CO², the pumps again cut off and the H2 O transferred to the small trap as before, except that it is now necessary to warm the large trap with a Bunsen burner in order to evaporate all the H2O. This requires about three minutes, as the inner tube must be heated to at least 100°C. In order to prevent H²O from being adsorbed on the glass walls, the glass tubing beyond the catalyst (i.e., to the right in Figs. I and 3) is kept heated to about 150°C. by means of Nichrome ribbon as shown in Fig. 3. For a I-gram sample the above amounts of oxygen (0.001, 0.002 and 0.010 mg.) 35

Jan 1, 1945

Map

Jan 1, 1958

By Rodney G. Ravenscroft

Leasing is not a new phenomenon. Experts have identified its origins as early as biblical times. It is a method of finance that has grown rapidly and is now used in most countries, including those of South East Asia, South America, the Middle East and even the People's Republic of China. Internationally, the leasing world divides fairly easily into two groups and this is determined, by and large, according to whether a country has Anglo-Saxon origins or not. Most of the Anglo-Saxon countries have seen tax-oriented leasing become a sophisticated means of financing the acquisition of large and costly items of equipment and large projects. Countries such as France, Spain and Japan have a highly developed leasing industry but it is not tax-oriented. This paper will not address leasing of this kind. LEASING - THE CONCEPT Wide acceptance of leasing as an alternative for financing capital equipment has grown with the recognition by the users of equipment that it is use and not ownership that generates profits. Whilst this seems obvious, memories of repossession of assets during the Depression and attitudes towards leasing as "last resort financing" have raised strong philosophical resistance that has only recently begun to be overturned. A financial lease is a commitment by way of contract between a user of equipment (lessee) and a financial owner (lessor) under which the lessee makes a series of payments in return for use of the equipment. The lessee is acquiring economic value associated with ownership but not ownership of the equipment itself - that remains with the lessor. A lease is a method of financing the use of an asset; other methods finance the assets themselves. It is the taxation aspects that then become important. The lessee is giving up some or all of the taxation benefits of ownership such as depreciation and investment tax credits. The lessor claims these benefits, as he is entitled to do as owner, and takes them into consideration when determining the level of lease payments that are necessary to generate his required rate of return. These lease payments are, of course, lower than they would have been without those taxation benefits. The lease payments themselves are fully tax deductible. This is tax shelter leasing. The lessor is acquiring taxation deductions that are applied fully and immediately against his other taxable income so as to reduce the amount of tax he is to pay to the revenue authorities. It is this concept that makes financial leasing work. Governments provide incentives by way of tax concessions to encourage capital investment. Governments presume that prudent capital investment will offer employment opportunities, generate sales and streamline economic activity. These, in turn, will lead to the collection of government revenue. It makes no difference at all whether these incentives are claimed by a commercial or industrial owner/user or by a financial owner who makes equipment available for use by industry. Rather, the issue is to ensure that if an incentive is available, it is used so as to achieve its desired results. No greater or lesser incentive is available for leasing and leasing does not misuse the taxation aspects of equipment ownership. The critical issue is whether the full value

Jan 1, 1985

By E. H. Erwin Gartner

The Rhenish lignite deposit in the Nordrhein-Westphalia province of the German Federal Republic covers an area on the left bank of the Rhine River of about 970 sq miles (Fig. 1). Here, in the Miocene era, some 20 million years ago a lignite seam was formed and later broken, through tectonic movements into several blocks, some thrown down into depths of over 1,500 ft. This deposit consists of a single seam, in places up to 300 ft thick, but averaging about 150 ft. In a few areas, it is split into as many as five seams, separated by barren strata. It contains about 60 billion tons (2000 lb/short ton) of lignite which, however, being relatively young geologically, has, because of approximately 60% moisture, 2 to 8% ash, and low sulfur, a net calorific value of 3,340 Btu. That calorific value increases, however, with rising thickness of the cap rock. About one-third of the yearly production of 90 to 100 million tons of raw lignites is converted into briquets. Raw lignite is pulverized and dried to about 18% water content and then pressed without binder into briquets under a pressure of about 14,000 psi. The briquets are being used primarily for residential heating; their sales, however, have been declining sharply since 1963. On the other hand, the volume of raw lignite used in steam power plants has been rising steadily and amounts at present (1968) to about two-thirds of the total production. Huge steam power plants, such as Frimmersdorf, shown in Fig. 2 (which, with an installed capacity of 2,600 MW [megawatt], represents the world's largest steam power plant) with a generating capacity of up to 300 MW per unit and a total installed capacity of over 6,000 MW, contribute about 26% of the total electric power production of the German Federal Republic.

Jan 1, 1969

By AIME AIME

THAT the copper industry is in serious straits is admitted. So are the lead and zinc industries, and both lead and zinc are tariff protected. Conditions in the Western lead, zinc and silver mining districts are desperate. These are illustrated by the present disastrously low prices of these metals compared with the levels of two and three years ago and by the comparative rates of metal production and the present activity of the western mining camps. The January production of copper was 32.2 per cent of the 1929 average rate, of steel was 32.3 per cent of the 1929 average, while January production of pig iron was only 27.6 per cent of the monthly average of 1929. The copper industry is only one of many industries that are suffering in this tragic depression. It has been exceedingly prosperous and will be prosperous again when business recovers. Its difficulties are not unique and it does not deserve the tariff equivalent of a dole. The burden of subsidizing through an effective tax or tariff the minority group of high-cost mines would be a heavy one on the consuming public of the United States. On the basis of 1929 consumption figures, an effective 5c. tariff would result in an increased copper bill to the country of over $109,000,000, of which the electric manufacturers would contribute $26,000,000, the telephone and telegraph companies $16,000,000, and the automobile manufacturers $14,000,000. And of this total bill, only $33,000,000 would go to those who are urging a tariff and the balance of $76,000,000 would be paid to those who do not admit either its necessity or usefulness under present conditions.

Jan 1, 1932

By James H. Boettcher

INTRODUCTION A complex interaction of worldwide economic and political forces is increasingly requiring 3 primary participants for the successful development of large natural resource projects in developing countries. They are the host government of the developing country (the "host government"), one or a consortium of international natural resource companies, (the "Resource Company") and one, or more likely, a syndicate of international lenders. The host government typically controls the rights to its country's natural resources and establishes the economic ground rules for their development. However, because of worldwide inflation and the depletion of easily accessible, high-grade resources, the nominal and real capital development and operating costs of projects have been spiraling. Moreover, the depletion of high-grade and mineralogically uncomplicated resources also raises the technical and operating risks associated with resource recovery. Thus, despite increasing political self-consciousness and economic nationalism in developing countries, international resource companies are still often necessary project sponsors since they can provide, among other things, the required technical and management expertise and equity capital. The presence of these factors, and often the addition of worldwide market access in a project, is often critical in determining whether or not the project will be considered creditworthy by international commercial lenders. The international commercial lender is often the critical third party in project development, due in a large part to the ever escalating-costs of project developments relative to the financial resources of many companies and even a growing number of countries. In addition, lenders have other reasons for taking more than a passive interest in all aspects of a project's development. These reasons include the following: 1. Projects are often financially structured such that the primary security for a loan, once completion and performance standards are met, is the cashflow of the project rather than recourse to its sponsors. 2. Lenders, in addition to the "project risk" just described, are frequently asked to assume various elements of "political" risk which nay put them in a sensitive economic position between the host government and international resource firms (This is discussed later). 3. International banks today have large loan portfolios of developing country debt with final maturities ranging from one to fifteen years. The various current projects undertaken are the building blocks of most developing country economies that will hopefully contribute to the long run economic development of a country as well as generate the foreign exchange necessary to repay foreign loans in the future. In this regard it is useful for lenders to realize whether a given project "makes sense" in terms of a country's natural resource endowments and competitive advantages over other countries. The type of framework discussed in this article would help lenders to better make such assessments. In order to facilitate the continued international flow of capital and technology to developing countries and of readily available supplies of raw materials from them, it is important for each of these three parties to increase its awareness of the goals and objectives of the other parties as well as the bargaining process that results in the legal, financial, credit and fiscal structures by which a joint venture project ultimately proceeds. Each of the parties faces increasingly complicated accept/reject decisions when they are faced with difficult choices among. a wide range of alternative structural combinations each of which has different implications for risk and reward to them. Therefore, by increasing the mutual, 3-way awareness of the decision processes of the other parties, it should be possible to: • provide better information and results in the formation of more rational expectations by all parties going into negotiations, • facilitate the project formulation process by allowing parties to focus more clearly on the areas of common interest and conflict, • result more frequently in final structures and agreements that better reflect the economic and political realities associated with a project and thus • result in more creative, innovative agreements that should reduce the need for changes to them and thus promote the kind of long run political stability conducive to attracting capital and further investment.

Jan 1, 1982

By John V. Beall

Spots Goblenski fluffed up his pork chop sideburns, checked the angle of his wide brim Stetson and ambled off the airplane. The pert Braniff hostess stood smartly at the door. "Goodbye now, take care," she said in the special airline stewardess voice superimposed on a Texas drawl. Spots smirked, "You betcha, Peaches, you too." It was a crystal clear, sunny day which New York can have at any season of the year (but rarely gets credit for) and being in high spirits Spots did not mind being captured by a cab driver. That is the cab driver brushed aside all other conversation to give a continuous colorful commentary on New York politics, revealing in the process that only the very wealthy and cab drivers share the same political views in that city. After installing himself in the fading opulence of the Hotel Roosevelt, he finished the day with a steak dinner with baked potato under sour cream and hearts of lettuce salad with Roquefort dressing at the Black Angus restaurant. The next morning he had an appointment with Hemphill, Frye and Louderdock. The offices of this prestigious firm of management consultants are high in the Pan Am Building. He was courteously received by a lacquered receptionist and was soon escorted into the presence of Mr. John Smith. "Ah, Mr. Goblenski; Spots, isn't it? Hope you had a good flight. Lovely weather we are having. Just make yourself comfortable over there, Spots." Smith seemed cordial and Spots slipped comfortably into the interview. He had always thought that management consultants were evolved from the "efficiency experts" made famous by the radio team, Amos and Andy. He associated the modern version with computers, PERT and other systems approaches. He was surprised that one of these firms was apparently acting as an employment agency. "Of course" continued Smith, "in evaluation of basic criteria of performance moduli, the human element enters, Spots, and that brings us to you." Spots sat up and focused his attention.

Jan 1, 1970

By Jr. D. C. Williams, D. V. Carter

The four new oil-field discoveries made in the East and East Central Texas districts during 1941 were the East Long Lake field, Anderson County; Pickering field, Shelby County; Pleasant Grove field, Rusk County, and Tri-Cities field, Henderson County. The discovery of oil production in the Pettit lime of the Lower Glen Rose was made in the Groesbeck (Barron) field in Limestone County and the Willow Springs field in Gregg County. Important extensions were made to the Pittsburg field, in Camp County, the Chapel Hill field, in Smith County, and the Hawkins field, in Wood County. The Hawkins field was extended sufficiently to more than double the number of proved surface acres. As usual the East Texas field led the district in the number of completions for the year. The second most active field during the year was the Hawkins field, with 250 new wells completed. The third most active was the Long Lake field, in which 50 wells were completed. Approximately 964 wells were completed in the district during 1941. Production and Probation The district is credited with having produced 163,566,695 bbl. of oil and distillate during the year. This represents a decrease of 4 per cent from the 170,424,685 bbl. of oil and distillate produced during the preceding year. The production of 130,378,620 bbl. of oil and distillate from the East Texas field represents 79.7 per cent of the total production of the district; that is, 6.3 per cent less than the production for the year 1940, The district had an estimated basic daily allowable of 614,982 bbl. of oil on Dec. 31. Approximately 33 per cent of the state's annual production was produced in the district, compared with 34.9 per cent for 1940. Since the majority of the fields in this district are subject to proration, any change in the annual production is attributable largely to changes in proration schedules and number of shutdown days. Fields subject to shutdown days were closed in for 113 days during the year, with the exception of the East Texas field, which was shut down 111 days. An order was promulgated by the Oil and Gas Division of the Texas Railroad Commission for encouraging the disposal of salt water and reservoir-pressure maintenance in the East Texas field. Discoveries Tex Harvey Oil Company'sNo. I S. E. J. Cartmel was completed as the discovery well for the East Long Lake field, Anderson County. Production was found in the Woodbine sand, the horizon from which the Long Lake field produces. The Pickering field, Shelby County, secures its production from the Nacatoch sand, found at an approximate depth of 1510 ft., in A. E. McKiernan's No. I, Pickering Lumbering Co. This field is in an area near the state line in which a number of relatively unimportant and

Jan 1, 1942

By Jr. D. C. Williams, D. V. Carter

The four new oil-field discoveries made in the East and East Central Texas districts during 1941 were the East Long Lake field, Anderson County; Pickering field, Shelby County; Pleasant Grove field, Rusk County, and Tri-Cities field, Henderson County. The discovery of oil production in the Pettit lime of the Lower Glen Rose was made in the Groesbeck (Barron) field in Limestone County and the Willow Springs field in Gregg County. Important extensions were made to the Pittsburg field, in Camp County, the Chapel Hill field, in Smith County, and the Hawkins field, in Wood County. The Hawkins field was extended sufficiently to more than double the number of proved surface acres. As usual the East Texas field led the district in the number of completions for the year. The second most active field during the year was the Hawkins field, with 250 new wells completed. The third most active was the Long Lake field, in which 50 wells were completed. Approximately 964 wells were completed in the district during 1941. Production and Probation The district is credited with having produced 163,566,695 bbl. of oil and distillate during the year. This represents a decrease of 4 per cent from the 170,424,685 bbl. of oil and distillate produced during the preceding year. The production of 130,378,620 bbl. of oil and distillate from the East Texas field represents 79.7 per cent of the total production of the district; that is, 6.3 per cent less than the production for the year 1940, The district had an estimated basic daily allowable of 614,982 bbl. of oil on Dec. 31. Approximately 33 per cent of the state's annual production was produced in the district, compared with 34.9 per cent for 1940. Since the majority of the fields in this district are subject to proration, any change in the annual production is attributable largely to changes in proration schedules and number of shutdown days. Fields subject to shutdown days were closed in for 113 days during the year, with the exception of the East Texas field, which was shut down 111 days. An order was promulgated by the Oil and Gas Division of the Texas Railroad Commission for encouraging the disposal of salt water and reservoir-pressure maintenance in the East Texas field. Discoveries Tex Harvey Oil Company'sNo. I S. E. J. Cartmel was completed as the discovery well for the East Long Lake field, Anderson County. Production was found in the Woodbine sand, the horizon from which the Long Lake field produces. The Pickering field, Shelby County, secures its production from the Nacatoch sand, found at an approximate depth of 1510 ft., in A. E. McKiernan's No. I, Pickering Lumbering Co. This field is in an area near the state line in which a number of relatively unimportant and

Jan 1, 1942