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[NORTH AMERICA UNITED STATES ALABAMA AUBURN Sturm & O'Brien, Consult. Engrs. °Sturm, Rolland G. BESSEMER Granger, W. C. BIRMINGHAM Air Reduction Sales Crockett, John M. Amer. Cast Iron Pipe Co. Carter, Sam F., Jr. Donoho, C. K. Anderson Elec. Corp. Davis, Moss V. J. B. Clow & Sons Neptune, Maurice D. Connors Steel Div. °Sandelin, Robert W. Hayes Aircraft Corp. Ricketts, W. E., Jr. Willhelm, A. Clyde, Jr. McWaine Cast Iron King, O. H. Worthington, B. W. Shook & Fletcher Sup. Co. Gearhart, Thomas A. Southern Res. Inst. Dismukes, Edward B., Wheelahan, Edmund J. Thomas Foys Miller, Ralph M. Union Carbide Metals, Co. Brandler, Edgar A. U. S. Pipe & Fdry. Co. Clay, Donald H. Unaffiliated Berg, H. A. Caldwell, H. A. Gilmer, H. U. Harris, Thomas H. Templeton, J. B.]

Jan 1, 1961

By E. L. Affleck, W. G. Stevenson

In both Canada and the United States, a company making a public offering of securities must comply with regulations which have been passed by Federal, State and/or Provincial Legislatures. These regulations usually require the distribution of an acceptable prospectus which provides essential background information about the issuer, the project and the share offering. when the public offering has been accepted, the unlisted company may then seek a listing of its shares for trading on a Stock Exchange. Once listed, the company will be subject to rules of the Stock Exchange. This paper will deal with the specific information required for inclusion into a prospectus being submitted for a resource company and particularly those parts of concern to mining engineers and geologists.

Jan 1, 1985

By F. B. Plummer

PETROLEUM ENGINEERING deals with the production, transportation, and refining of crude oil. Refining is chiefly the work of the chemical engineer; production, that of the petroleum engineer. Production engineering only is discussed in this paper. Petroleum production engineering is closest related to and, in fact, is a branch of mining engineering. Formerly, many petroleum engineers were trained as mining engineers or mining geologists. The profession is related also to mechanical and civil engineering to about the same extent that mining engineering is. Petroleum production draws upon the mechanical branch for drilling and pumping machinery and upon civil engineering for the construction of transportation lines, water supplies, and water-disposal plants. Fundamentally, petroleum production engineering deals with the removal of the oil from the reservoir rocks, just as mining is concerned with the removal of ore. The process of oil production demands a specialized knowledge just as distinct from mechanical and civil engineering as mining is distinct from operating a Diesel engine. Even though the chief tools of the petroleum engineer are the drill and the pump, these may be of little avail, and certainly not efficient, if their selection and use is not based on a knowledge of the physical chemistry of oil, the geology of the formations, the structure of the oil sand, the hydrodynamics of the reservoir, and the interrelation of all these many factors.

Jan 1, 1936

[Separates of all the Technical Publications published in 1930 are available at Institute headquarters. All the papers are on file in public, university and technical libraries, and when so indicated in the list, may be found in the Transactions.] Metal Mining Technical Publi- Title Author Meeting Tran~. cation Volume No. and Page* 264-A.29 Quicksilver Industry in 1929. Im- L. H. Duschak San Francisco T30, 283, 319 provements in the Metallurgy of C. G. Maier and Oct., 1929 Quicksilver and Symposium on The others Present Status of the Quicksilver Industry (With Discussion) (37) 271-A.30 Observation on Ground Movement R. E. Palmer New York T30. 168 and Subsidences at Rio. Tinto Feb.. 1930 Mines, Spain (20) 274-A.31 Development and Installation of the C.L.Berrien New York T30, 139, 166 Hawkesworth Detachable Bit (29) Feb., 1930 276-A.32 Protective Measures . Against Gas 0. A. Glaeser New York T30, 129. 167 Hazards at United Verde Mine (11) Feb., 1930 287-A.33 Use and Cost of Compressed Air (12) R. S. Lewis New York Feb., 1930 314-A.34 Miami Copper Company Method of F. W. Maclcnnan New York T30, 39, YO Mining Low-grade Orebody (44) Feb., 1930 319-A.35 How Human Beings Respond to W. J. McConnell New York Changing Atmospheric Conditions Feb., 1930 (9) 324-A.36 Vertical and Incline Shaft Sinking at Arthur B. Foote San Francisco T30, 87 North Star Mine (21) Oct., 1929 32bA.37 Governmental Control of the Pro- W. E. Colby New York duction and Sale of Mineral Re- Feb.. 1930 sources (With Discussion) (16) 333-A.38 Some Recent Developments in Open- E. E. Hunner New York T30, 106, 117 pit Mining on the Mesabi Range Feb.. 1930 (25) 334-A.39 Mining Methods and Costs at Presi- V. D. Howbert El Paso dio Mine of American Metal Co. of R. Bosustow Oct., 1930 Texas (15) 339-A.40 Operation of Pressure Fans in Series W. 8. Weeks New York (8) V. 6. Grishkevich Feb., 1931 364-A.41 Top Slicing with Filling of Slices as H. Willey El Paso Used at the Charcas Unit of Com- Oct., 1930 pania Minera Asarco, S. A. (17) 373-A.42 Drill Sampling and Interpretation of H. T. Matson New York Sampling Results in the Copper G. A. Wallis Feb.. 1931 Fields of Northern Rhodesia (17)

Jan 1, 1930

Jan 1, 1971

By John Wellington Finch

INVESTIGATIONS by the Bureau of Mines of deposits containing strategic minerals were authorized by what has become known as the Strategic Materials Act (Public No. 117, 76th Congress, Chapter 190. 1st Session). A later act providing an appropriation for the first of four years through which the investigations are to be conducted was signed on Aug. 9, 1939. No time has since been lost as seven field projects already are being vigorously prosecuted, and two others no doubt soon will be in course of execution. Project engineers were at their stations within two days after funds had been made available. Crews have been hired; equipment and supplies have been purchased; 5 bids for diamond drilling have been obtained and the drilling has started base camps have been established: ground has been cleared; and several thousand feet of trenching, test-pitting, and sampling have already been done. At the Reno Experiment Station of the Bureau, a special metallurgical laboratory has been provided to make assays, analyses, and tests upon samples of ores from all projects under investigation.

Jan 1, 1939

CONTENTS PAGE HESSE, A. W,-Safeguarding Coal-mining Operations against Danger from Oil and Gas Wells. Discussed by A. W. Hesse, T. G. Fear, George H. Ashley, George S. Rice, W. E. Fohl, R. V. Norris, S. A. Taylor, F. B. Tough, C. W. Gibbs, A. Hurlburt, S. W. Meals 1 DAWSON, THOS. W.-Belt Conveying of Coal at H. C. Frick Coke Company Mines. Discussed by F. F. Jorgensen, Thos. W. Dawson, Graham Bright, A. W. Hesse 13 OTTO, HENRY H.-Ultimate Recovery from Anthracite Coal Beds. Discussed by R. V. Norris, S. A. Taylor, Henry H. Otto, Douglas Bunting, Graham Bright, Howard N. Eavenson, J. B. Warriner 15 HOSLER, Rush N.-Schedule Rating Coal Mines in Pennsylvania for Compensation Insurance Rates. Discussed by E. A. Holbrook, W. W. Adams 17 ARCHBALD, HUGH.-Application of Gaussian Curve to Mining Industry. Discussed by Donald A. Laird, T. T. Read 19 ASH, SIMON H.-System of Coal Mining in Western Washington. Discussed by Eli T. Conner, Simon H. Ash 21 MILLER, J. S.-Method of Mining a Steeply Pitching Anthracite Vein by Successive Skips. Discussed by Eli T. Conner, J. S. Miller, J. B. Warriner 22 HARRINGTON, GEORGE B.-New Orient, an Unusual Coal Mine. Discussed" by George S. Rice, Eli T. Conner, John A. Garcia, George B. Harrington, F. F. Jorgensen, Graham Bright, W. M. Hoen, George N. Simpson, W. C. Adams, R. W. McNeill, Chas. C. Whaley, Carl Scholz, E. T. Gott, Andrews Allen 23 PERROTT, G. ST. J.-Properties of Liquid-oxygen Explosives. Discussed by George S. Rice 48 Safeguarding Coal-mining Operations against Danger from Oil and Gas Wells Discussion of the paper of A. W. HESSE, presented at the New York Meeting, Feb-ruary, 1925, and issued, as Paper No. 1412-F, with MINING AND METALLURGY, February, 1925. A. W. HESSE.-The well under investigation, No. 101, Fig. 2, was started about Sept. 5, 1921, and drilled-in in November. The first hole was started with a 13-in. bit and reached the Pittsburgh coal at a depth of 563 ft.; at 602 ft. the 10-in. casing was run in and the well was continued with a 10-in. bit and 1400 ft. of 8-in. casing was put in. It was then continued to a depth of 1770 ft. and 6-in. casing put in; then continued to a depth of 2555 ft. where the gas was struck. As the well produced only about 100,000 cu. ft. per day. 2-in. tubing was used to conduct the

Jan 6, 1925

By R. S. Dean

T HE theory of hardening by heat treatment was, as usual, the most actively discussed phase of metal working theory and in spite of the fact that it is now ten years since the dispersion theory was proposed by Messrs. Merica, Waltenberg, and Scott, it still retains a dominating influence. It is being increasingly recognized. however, that in its simplest form, that is, the purely mechanical effect of very fine crystallites distributed through a groundmass, it is distinctly in- adequate. To explain the observed facts we are obliged to assume some well-defined intermediate stage between supercooled solid solution and conglomerate, however fine be the particles of the latter. This intermediate has been inferred by Gaylor and Preston to be "the rejection of the atoms of the dissolved metal from the lattice of the solid solution accompanied by the possible formation of molecules."' Perhaps this may well be designated as the formation of supersaturated solid solution. Some very definite evidence of such an inter- mediate stage has been found in the hardening of steel where it appears that the very hard martensite may be considered as a supersaturated solution of carbon in a iron. The X-ray spectrometry of drastically quenched steel shows a tetragonal lattice whose parameter changes by tempering at 100" until it coincides with the cubic lattice of iron.? The same gradual change of the tetragonal to the cubic lattice has been observed by Sekito when esamining layers on increasing depth below the surface of a quenched carbon steel.

Jan 1, 1930

By W. Hurst

The authors of this paper, in substituting values in a material balance equation associated with a gas reserve and a water drive, cannot find sustainment of what the gas in place should be; therefore, their conclusion is that this type of problem dealing with gas reservoirs is insoluble. They have introduced the word, "cybernetics," based on the work of Norbert Wiener, that further extends this line of reasoning, namely, to the effect that the system is a "black box", and that the gas reservoir and aquifer can take on infinite aspects 'based upon their past performance, to quote the authors. The inference is that this black box is an unknown. which permits in computer programming to subscribe as many variables as possible to observe by adjustment of one to another those combinations of conditions that fit field behavior. This may satisfy those in this discipline whose dedication is to programming, but to the others this is a comparison to the rationalization of the combinational results of the throwing of dice—a probability procedure. In reservoir engineering we are more direct. We learn from the examination of individual we'll and field data exactly what is in this black box. I now come to the impasse that has confronted these authors in their machine calculations. In this I have reproduced from their own production data (Tables 1 and 2 of their paper) pressure vs cumulative gas produced. shown as Figs. D-1 through D-5. A perusal of any of these five plots, for the corresponding fields in the Po Valley, shows the straight-line relation of pressure vs gas produced, evidencing pressure depletion. The point I make is that in their fundamental production data, there is no variance from a straight line that can support a water drive.

Discussion of the paper of Robert Henry Lee, presented at the New York Meeting, October, 1913, and printed in Bulletin No. 82, October, 1913, pp. 2515 to 2522. J. E. JOHNSON, JR., New York, N. Y.:-This subject is of great and increasing importance, as the exhaustion of the deposits of ore of ideal character compels the iron industry to turn more and more to those which are less desirable on account of physical structure as well as analysis. Thus there has come about the use of the Mesabi ores in this country and also of the Minette ores in Europe, which produce far greater percentages of flue dust than did the lumpy ores first used. It is a matter of common knowledge that the utilization of this flue dust, containing commonly 50 per. cent. or more of metallic iron, has been a problem very difficult and tedious of solution. The number and variety of the solutions now offered is a sufficient proof of this. . I have no intention of going into the merits or demerits of any of these processes as such, but there are certain considerations concerning the effect of their product on the operation and fuel economy of the blast furnace which I believe to be new and which I desire to bring out. There are two methods, so different as almost to be direct opposites of each other, whereby an ore may exercise an unfavorable effect on the economy of the blast furnace. The first of these is well known and results from the ore being refractory and highly resistant to the action of the reducing gases of the blast furnace. This results in its being incompletely reduced when it reaches the zone of fusion and in the reduction being finished by the direct action of carbon in the lower portion of the furnace. This is so well understood as to need little elaboration or comment. There is, however, another action which may be equally as fatal to the economy of the furnace as the foregoing, and as this point is, to the best of my knowledge, not generally appreciated, it is one upon which I desire to lay particular stress. This consists in the ore being, in a sense, too reducible.

Jan 12, 1913

By T. Sekimoto, T. Kokubo, M. Yamamoto, K. Masuda, T. Moro, H. Sakamoto

The choking-free cyclone was developed primarily to remove solid particles suspended in a slurry containing fibrous materials, such as municipal solid waste. This cyclone is characterized by a screw conveyor at the underflow side of the cyclone. The screw conveyor has a hollow rotational shaft for air supply and is driven by a variable speed motor for discharge control. Even if the underflow discharge is highly concentrated, this type of cyclone can be stably operated without nozzle choking. High classification efficiency similar to that of a conventional cyclone can be obtained as a result of air introduction through the hollow rotational shaft. The recovery of organic matter and the removal efficiency of inorganic matter were actually improved by the application of this cyclone to municipal solid waste. After applying this cyclone to the desliming of fine sand, sand product of low water content was recovered.

Jan 1, 1980

By H. E. Biber

DURING the production of tin plate a thin layer of FeSn2, is formed at the interface between the steel sheet and the protective tin coating. Because excessive amounts of this alloy layer are undesirable, the kinetics of its formation is a subject of interest in the tin-plate industry. A recent study of this subject at our laboratory uncovered a relationship which should be of general interest to anyone studying kinetics of reactions in metallic systems. It had been previously concluded that, at any given temperature in the range 175" to 330°C, the Fe-Sn alloy layer would have a parabolic growth rate.1,2 However, our studies showed that this rule apparently holds only when the tin plate is heated very slowly to the "reaction" temperature; when the tin plate is rapidly heated, considerably different growth rates occur. An example of this effect of heating rate on growth behavior is contained in the accompanying results of alloy-layer growth measurements at 240°C in oil baths stirred at 10,500, 1800, and 0 rpm. The heating curves for these three conditions are given in Fig. 1, and the growth data are presented in Fig. 2. With the rapid heating rate, provided by the stirring at 10,500 rpm, the alloy layer had three distinct stages of growth. In the initial stage, which persisted well beyond the time required to heat the tin plate to bath temperature, the alloy layer formed very rapidly. The growth followed a rate law of the form w = ktn where n > 1. This initial stage was followed by a growth-retardation stage of about 50-sec duration in which little additional alloy was formed. In the third stage the growth again followed a rate law of the form w = ktn, but here « =0.3. With the intermediate heating rate provided by stirring at 1800 rpm, the three-stage nature was less pronounced and the slope of the third stage increased (i.e., n > 0.3). With the slow heating rate provided by the unstirred oil bath, the alloy layer grew in two stages. The initial rapid-growth stage persisted only until the specimen was heated to bath temperature, no growth retardation was observed, and the slope of the main portion of the plotted data was greater than in the stirred baths, having a value of almost 0.5. Similar results were obtained for other bath temperatures in the range 200" to 300°C. This effect of heating rate on growth behavior may be due to changes in the rate of nucleation of FeSn, crystallites. The iron and tin are in contact from the onset of heating. Thus the initial formation of FeSn, occurs not at the "reaction" temperature but rather while the tin plate is being heated to that temperature. Because nucleation is in general temperature-dependent, different heating rates could cause different over-all nucleation rates, which in turn could cause different growth behaviors. A more detailed discussion of the growth of Fe-Sn alloy layer and the effect of heating rate will be published shortly.

Jan 1, 1965

By A. L. Blomfield, M. J. Trott

ThE Golden Cycle Mining and Reduction Co. operates its custom mill at Colorado Springs on Cripple Creek ores exclusively. These ores are straight sulfo-tellurides, with practically no base metals such as Pb, CU, Zn, As, or Sb. Upon entering the mill, the ore all passes through the sampler to storage bins, where beds of 5000 tons each are made to insure uniformity in roasting. Classification of ORes For efficiency, it has been found advisable to separate the ores into two classes according to their lime content. Other constituents have their effect, such as alumina and magnesia, but, speaking generally, these are roughly proportional to the lime, which, as CaO, is used as the indicator. Class A contains not more than 2 per cent. CaO and comprises about 66 per cent. of the ore treated. Class B contains over 2 per cent. CaO, and comprises 34 per cent. of the ore treated. Typical analyses of both classes are as follows: Class A a B Insol.......................... 86.70 75.90 Al2O3........................:.. 2.30 3.40 Fe.............................. 3.26 3.48 CaO............................. 1.57 5.12 S............................... 1.79 1.80 MgO........................... 0.21 1.08 Ignition loss..................... 3.20 6.50 99.03 97.28 The beds of each class of ore are made as large as possible with the available ore as it comes in, to avoid changing from one bed to the other any oftener than necessary. Each roaster will handle 50 per cent. more of class A ore than of class B, with practically the same results. This necessitates changing the rate of feed for each new bed and tends toward a poor roast and loss of tonnage at each change.

Jan 1, 1919

By R. M. Goldhoff, J. W. Spretnak, R. Speiser

IT has been observed by Grange and Garvey' that the homogenization of boron-treated steels could lead to complete elimination of the hardenability effect caused by boron. The experimental conditions leading to this conclusion involved the heating of steel specimens with and without boron at 2350°F for 24 hr. To prevent oxidation and decarburization, the specimens were encapsulated under vacuum in silica tubes. This observation of permanent deterioration of boron effect was noted in both a 0.63 pct plain carbon steel and a 0.25 pct C low alloy steel, both of which had been treated with ferroboron and homogenized at 2350°F for 24 hr. In another series of boron-treated steels which had been homogenized for shorter times, the effect was to reduce, but not completely eliminate, the boron effect. Under these circumstances, it was presumed that longer heating times would cause permanent deterioration of the boron effect in this series of steels also. Since the characteristic grain boundary constituent could not be formed in any of these steels after homogenization, it was concluded that possibly boron was being converted into an ineffective form through chemical combination resulting from prolonged heating at high temperatures. Assuming the validity of this observation, a series of experiments to establish the relationship between temperature of homogenization and kinetics of deterioration was contemplated. Initially an attempt was made to reproduce the results just described. For this purpose commercial lots of AISI 8640 and AISI 86B40 steels were used. The analyses of these steels appear in Table I. Hardenability evaluation was on the basis of the hardness of normalized sections. Grange and Garvey' pointed out that these steels are air hardening to some extent and such a technique can be used. For these tests the specimens were held for 20 min in a salt bath at 1600°F and then cooled in still air. Several evacuated silica capsules containing pairs of the test steels were made up and heated for 24 hr at 2350°F. A number of failures occurred among these capsules, but evaluation of the specimens successfully treated indicated a complete deterioration of the boron effect. However, examination of the surface of the treated specimens showed that some reaction, probably with the silica tube, had taken place, since none of the specimens was bright. One further test was made at 2350°F for 12 hr, using a pair of specimens wrapped in tantalum foil prior to encapsulation. These specimens appeared bright after treatment, and their hardenability evaluation showed that no deterioration had taken place. Since these steels are extremely sensitive to de-boronization at high temperatures and particularly at long times of holding, the experimental observations raised some doubt as to the real occurrence of the permanent deterioration effect. To resolve this question an experiment was undertaken in which the high temperature portion of the treatment was completed in vacuum. For this purpose a molybdenum wound resistance furnace capable of maintaining good vacuum was used. All the pertinent accessories to this furnace were machined from molybdenum stock in order to withstand the high temperature involved in the experiment. With this equipment a temperature of 2400 °F was obtained and held under a pressure of 5x10-" mm Hg for 24 hr. A specimen of each of the two test steels was suspended in the furnace and both were heated simultaneously. Temperature was measured with a standardized Pt—Pt-13 pct Rh thermocouple, whose millivoltage at 2400°F was extrapolated from the standardization equation, good up to 2200°F. The complete evaluation of these specimens is shown in Table 11. The hardness values attained by each steel after normalizing, both before and after the prolonged high temperature treatment, remain the same. A microscopic study of the decomposition products present in the microstructures of specimens at various points in the heat treatment correlated with the hardness values observed. It seems that no permanent loss of boron hardenability effect occurs, at least in these Grainal-treated steels, when deboronization is circumvented. Acknowledgments This work was conducted under the sponsorship of the Aeronautical Research Laboratory, Wright Air Development Center, under Contract No. AF 18(600)-94, and their support and permission to publish is gratefully acknowledged. A note of thanks is also extended to the Republic Steel Corp. for supplying the materials used in the work. References ' R. A. Grange and T. M. Garvey: Factors Affecting the Harden-ability of Boron Treated Steels. Tro.ns. ASM, 1946, vol. 37, p. 136.

Jan 1, 1957

By Mark L. Requa

(San Francisco fleeting, October, 1911.) DURING the past two years California has developed a new and important oil-field : I refer to Midway. This field produced the famous Lake View gusher, which is credited with a total production in excess of 8,000,000 barrels. Fortunately for the oil industry of the State, this well is now a thing of the past, and nothing save a great crater-like opening marks its location. The pipe is entirely worn away and gone ; and it is a matter of serious doubt if there can be anything done that will cause the well to produce again. Fortunately, also, there have been no, other wells in that field or elsewhere throughout the State that in any way compared with the Lake View. Midway is noted for large wells, of from 500 to 2,000 barrels production; but the decline is rapid, and a few months serve to bring the output down to a few hundred barrels. In the oil-territory heretofore blocked out as proved and probable, there have been, during the year, many changes. Some areas which were expected to be fairly productive have apparently failed; others, more strictly "wild-cat," have come in; while in some of the older fields there are properties which are beginning to show evident signs of exhaustion. The total area of proved territory will therefore probably suffer but small increase, when balances are struck off. The increase of new area has come from extensions of the Midway field, the development of a field in Lost Hills and Belridge, and extensions of the Fullerton-Whittier field in southern California. In these later developments, down to date, the fresh area absolutely proved is not much in excess of 3,000 acres. Recent developments in Coalinga indicate the possible extension of that field to the south, but at great depth. Coalinga is still the most northerly field of any consequence in the State. The Kettleman Hills have hitherto brought in nothing, although a

Apr 1, 1912

By Arthur F. TQggQrt

THE approximate status of education in ore dressing in 1871 is reflected by Rossiter W. Raymond in an article written at that time presenting the curricula and descriptions of the laboratories at the various mining schools in the United States. For the most part, the curricula in which ore dressing was taught were for mining engineering. They comprised courses in geology, mining, and pyrometallurgy about equal in point or credit weights; a short course in ore dressing, and a somewhat longer course in assaying; and courses in surveying, hydraulics, power, and strength of materials-all superimposed on a broad foundation of physics, chemistry, and mathematics. Some curricula contained a fair content of the humanities. Then, as now, the emphasis on fundamentals was greater in the older colleges and universities. The report on the Columbia School of Mines, then relatively young, emphasized that a large percentage of its students were college graduates. As technical and scientific knowledge grew, first metallurgy and then geology were set up as separate curricula. So far as curriculum designation is con-

Jan 1, 1947

By G. R. Mansfield

THE geologic structure of the Idaho phosphate field has an important bearing on the classifica-tion and the exploitation of the lands that contain phosphate. Maps and structure sections1 recently made available show that the phosphate is mainly preserved in downfolded or downfaulted areas. Since the phos- phate beds are generally rather soft and lie between harder and thicker formations they have been forced to adjust themselves to these formations during epochs of disturbance of the earth's crust, so that they are frequently affected by minor folds and by faults which may help exploitation by producing undue thickness at certain places or may hinder it by cutting out the phosphate at other places where according to expecta-tion it should be present. A particularly important structural feature which affects both the distribution and the exploitation of the phosphate beds is the great Bannock overthrust by which one or more slices or blocks of the earth's crust have been pushed over other blocks like ice cakes on a pond. Thus in this region a great flap of folded rocks lies across other rock structures for a distance of approximately 35 miles. Most of the commercially accessible phosphate deposits, shown in the maps that accompany the report cited, are in this flap, which con-stitutes the upper block of the overthrust. In some places, however, the phosphate in the lower block is also accessible. In both blocks post-phosphate rocks exposed at the surface here and there indicate that phos-phate beds may lie at greater or less depth below. The presence of the Bannock overthrust beneath much of the area reported is known by the occurrence of windows in the upper block both within the quadrangles mapped and in areas farther west. The portions of the lower block exposed in these windows show stratigraphic dis-cordance with the surrounding formations. The depth of the fault plane at most places, however, can be told only by drilling or actual mining. Some of the folds in the upper block are relatively deep and it seems fairly certain that the phosphate that may originally have been present in their deeper parts has been removed by thrust faulting. The estimates of phosphate reserves in folds liable to be affected by the Bannock overthrust may therefore need ultimate revision depending on the depth of this fault plane, as it may subsequently be ascertained.

Jan 1, 1928

By Jesus P. Manzano

The report of which this paper is a summary was made in 1890 for the Compania Investigadora Mexicana y Americana. Since the region examined covers 900 sq. kilom., chiefly of wooded arid rocky hills, almost without roads, and for the most part uninhabited, While the examination had to be made in two months, of which period more than 15 days were continuously rainy, I need not say that this account is not complete and thorough. I. Geography and Topography. The center of this zone, 19 kilom. SW. of San Luis Potosi, is situated in lat. 21° 24' N., and long. 2° 3' W. of Mexico City. The altitude ranges from 1866 m. (that of San Luis) to . 2816 m. (that of the Realito mountain), in the Sierra de Sail Luis. The topography is hilly—partly wooded, partly bare. The principal more level areas are the Bledos valley on the south, and portions of the haciendas of Tepetates, San Fran cisco and Santiago, on the west. The water-supply is scanty. The two streams that cross the Zone, the Santiago and Bledos rivers, carry water nearly the year through, though much reduced in the dry season. Other streams are torrents of less importance. All the waters of the valley and Sierra of Sail Luis arc absorbed or sink, not passing beyond Soledad de los Ranchos. The Continental di vide is within the Zone, some waters going west to the Pacific, others east to the Gulf of Mexico. II. Geology. Concerning the geology of this district I condense the fol lowing from the memoir, Las Minas de Guanajuato, prepared for the Minister of Fomento by Senor Pedro Lopez Monroy, mining engineer, with which I am entirely in accord. He says, ill substance:

Jan 1, 1902

By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.

By E. M. Wise

THOUGH known as the platinum-group metal- the sextuplet, platinum, palladium, iridium. rhodium, osmium, ruthenium, might well be called the American metals or perhaps Pan-American metals, as the ore containing them eras first discovered in South America, and in recent years the largest production has come from North America. The South American alluvial deposits, which also, contain gold, are in active production, as are the alluvial platinum deposits of Alaska, but the main production is from the copper-nickel ores of Sudbury, Ontario. The Russian deposits in the Urals were the source of most of the worlds platinum for about 100 years, but since 1934 have assumed second place. For a time considerable amounts of platinum came from several rather rich deposits in South Africa but these were exhausted quickly. However, a tremendous reserve of lower-grade ore exists there, which could be worked profitably if the price of platinum were considerably higher.

Jan 1, 1942