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By Wayne A. Greenwalt

A method that determines venture participation when the decision maker's level of risk aversion varies according to venture profitability and risk investment is presented. The decision maker's fundamental aversion to risk is established by the selection of a desired working interest for a venture that anticipates only a discounted payout.

Jan 1, 1982

THE Institute met on Wednesday evening, May 22d, in the parlor of the Stanton House, Dr. T. Sterry Hunt, President, in the chair. The President delivered an introductory address on the Brown Hematite Deposits of the Great Valley, after which the following papers were read and discussed : Note on the Result of an Experiment with the Wheeler Process of Combining Iron and Steel in the Head of a Rail, by W. E. C. Coxe, of Reading, Pa. On the Jenks Corundum Mine, Macon County, N. C., by Dr. R. W. Raymond, of New York City. On Wednesday afternoon, previous to the opening session, the members who had already arrived in Chattanooga, were taken by the Local Committee to the works of the Roane Iron Company, and Chattanooga Iron Company, and then to the top of Lookout Mountain, where, at the request of the members present, Dr. Hunt described the geological and geographical features of the Chattanooga region, with the magnificent panorama spread out before them as a map. On Thursday morning an excursion was made by steamboat down the Tennessee River as far as Shellmound. Here cars were taken to the coal mines of the Dade Coal Company, where the members were courteously received by Mr. E. B. Wells, the Superintendent. After a trip through the mines the party partook of a collation provided by the company. South Pittsburgh, on the Tennessee River, was next visited, where the Southern States Coal, Iron and Land Company have a large blast-furnace plant in the course of erection. After conducting the party through the works, shops, etc., Mr. James Bowron, the manager, entertained the members with graceful hospitality at dinner. The second session was held on Thursday evening for the transaction of business. The President, Dr. T. Sterry Hunt, appointed Messrs. W. E. C. Coxe, R. H. Richards, and F. J. Slade, scrutineers, to examine the ballots for officers for the ensuing year.

Jan 1, 1879

By Waynw P. Myers

Electricity, as normally thought of by a layman's definition, is a man- made force that has no color, no odor, is not visible, cannot be heard, yet man can control it and make it perform his work for him. A person dare not cheat on it, for it then will master him. It has laws, rules, and regulations that must be strictly adhered to if it is to perform in the safest, most reliable, and economical manner. In the early days of coal mining the power source was man himself. Later man employed steam and compressed air to reduce his muscle power requirements needed in the extraction of coal. By the turn of the 20th century, electricity had become the most common source of power for the coal industry. Steam and compressed air are still found in use in isolated cases today for specific applications; however, they are rapidly being replaced by electricity. Electrical laws and regulations are quite extensive and somewhat complex for the proper generation and use of electricity. Man-made laws, rules, and regulations for the care and handling of electricity, designed for man's safety, are rigidly enforced by Mine Safety and Health Ad- ministration (MSHA), as well as the various state departments of mines. BACKGROUND Until recent years most underground coal mines used direct current exclusively for all movable and for some stationary equipment. Exceptions were for permanent pumps, tipple, fan, and outside buildings where alternating current was normally employed. However, over 60 years ago there were mines with dual systems. Alternating current was used for cutting machines, drills, and pumps ; direct current for locomotives. There were no other machines as these were hand-loading mines. Later, during early mechanization in the 1920s, alternating current was also applied to loading machines at some mines. Use of dual electric systems then declined until fairly recently when

Jan 1, 1981

At the meeting of the Board of Directors of the Institute on Jan. 26, 1917, the following actions were taken: Messrs. A. C. Clark, Lawrence Addicks and G. D. Van Arsdale were appointed Tellers to count ballots for Officers and Directors. Messrs. T. T. Read, V. S. Harper, and. E. J. Hall were appointed Tellers to count ballots on revised spelling. The Finance Committee's audit for the year 1916 was approved and ordered filed. The Report of the Finance Committee upon the method of raising this Institute's share of the deficit on the additions to the building was approved and accepted. Upon the recommendation of the Secretary, increases in the salaries of some of the employees were approved. The St. Louis Section received an appropriation of $200 for the year 1917. The Columbia Section received an appropriation of $150 for the year 1917. The Montana Section received an appropriation of $100 for the year 1917. The Colorado Section received an appropriation of $175 for the year 1917. The Utah Section received an appropriation of $125 for the year 1917. The Puget Sound Section received a set of Transactions in standard binding. The International Engineering Congress received a loan of $300 until the Congress can realize upon some of its assets.

Jan 3, 1917

By John C. Smock

The rich deposits of magnetic iron-ore in the Highlands of northern New Jersey attracted the attention of iron-workers at the time of the earliest settlements in that region. The outcrops of the oreshoots at the Dickerson mine, at Mount Hope, and at Hibernia, in Morris county, and at Ringwood, in Passaic count,y, which were doubtless such as would lead to discovery, location and development of nearly all the large iron-mines in that part of the State, appear to have had their beginnings where the ore cropped out on the surface or where it was scarcely concealed by a thin mantle of earth. In the early history of New Jersey iron-mining, the careful explorations and surveys made by the agents of the famous London Com-

Jan 1, 1892

South Dakota State Geological and Natural History Survey, State University, Vermillion, S D. A list of publications will be sent upon request Many of the publications are out of print A series of Biennial Reports of the State Geologist will be sent upon receipt of three cents for postage on each, and are available as follows: 1918-20, 1920-22, 1922-24, 1924-26, 1926-28, 1928-30 Available Bulletins of greatest interest are: Bulletin 4, Pre¬liminary report of the geology of the Rosebud Reservation (1909), 10 cents; 10, Possibilities of oil in South Dakota (1922), 10 cents A series of Circulars (5 cents each) deals with the possibilities of oil and gas in various parts of the state, as follows¬ Circular 8, Eastern Pennington County (1921), 9, Western Dewey County (1922); 10, Northern Dewey County (1922), 12, Eastern Harding County (1923), 13, Northern Ziebach County (1923); 20, Western Ziebach County (1925), 23, Northeastern Meade County (1925); 27, Western Corson County Other Circulars (5 cents each) are: Circular 16, The natural resources of South Dakota (1924), 22, Structures ,in northern Haakon County (1925); 24, The Ragged Butte structure (1925), 25, The structure of western South Dakota (1925), 28, Structures in western Haakon and eastern Pennington counties (1926)

Jan 1, 1933

Minute of the Board of Directors, Jan. 26, 1917 In the name of all the members of the American Institute of Mining Engineers, this Board extends to. Mr. Herbert C. Hoover, an honored Vice-President of the Institute, on the occasion of his present temporary return to his native land, the cordial welcome of his colleagues, and their congratulations upon the noble work splendidly done by the Commission for Relief in Belgium of which he is the head. It is understood that a leading purpose of Mr. Hoover's visit to America at this time is the collection of additional funds, to be administered by his Commission in the care of the destitute children of Belgium. To this enterprise endorsed by both the belligerent parties, as well as inspired by the purest and tenderest sentiments of humanity, contributions are solicited from engineers, especially through an organization known as the "Belgian Kiddies Limited," which this Board, heartily approving its object and method, recommends to the consideration of the members of the Institute. On motion duly seconded it was unanimously VOTED.-That this minute be spread upon the record of the Board, and published in the Bulletin, and that a copy thereof be transmitted to Mr. Hoover, and to the San Francisco Section of the Institute.

Jan 3, 1917

The Mineral Industry, Published by McGraw-Hill Book Co, New York, N Y. The Mineral Industry is an annual review of the mineral industry It is a standard and complete reference on the mineral industry for the year covered Through the cooperation of the A I M E its publication in 1933 was made possible Mineral Industry for 1930 contains sections devoted to the production, consumption, trade, market, uses and technology of the following headings: Abrasives, aluminum and bauxite, antimony, arsenic, asbestos (b), asphalt, barium and strontium, chromium (b), coal and coke, cobalt (b), copper, diatomite, fluorspar, gold and silver, graphite, gypsum, iron and steel (b), lead, magnesite, manganese, mica, molybdenum, nickel, petroleum and petroleum products, phosphate rock (b), platinum group metals (b), potash, precious and semiprecious stones (b), quicksilver, radium (b), uranium and vanadium, slate (b), sodium salts, sulfur, pyrite, sulfuric acid, talc and soapstone, tin, titanium and zirconium, tungsten (b), zinc, minor metals, minor nonmetals, ore dressing and coal washing (b). Sections marked (b) have appended a bibliography of recent literature on the subject. Each section is written by an acknowledged expert. Other volumes contain similar material Prices -The Mineral Industry, 1892-1930, vols. 1 to 39. Complete sets of this work, uniformly bound, except vols 25 and 26,

Jan 1, 1933

By Edward I. Salkovitz

THE determination of the orientation of metal single crystals and the studies of plastic deformation are greatly facilitated by the use of the stereographic projection. To draw a standard projection of the crystal it is necessary to have a tabulation of the angles between the various crystal-lographic planes of the particular crystal studied. Bozorth' has published such a table for the cubic system which can be found in many reference books; such convenient tabulation for the hexagonal metals, however, does not appear to be in the literature, although scores of workers have calculated these angles. Therefore, Table I of angles for magnesium, zinc, and cadmium has been compiled. Since the c/a ratio is different for each of these metals, three separate calculations are necessary. The angles 4 between (HKIL) and (hkil) were calculated by means of the formula: Hh+Kk+½(Hk + hK)1+~3aLl cos The c/a ratios were calculated from data given in the 1948 edition of Metals Handbook. Fig. 1 is a typical (0001) standard projection of zinc. For all practical purposes, it serves for cadmium as well, as can be seen from the table. For magnesium, however, it is necessary to construct another net. R. M. Bozorth: Physical Review. (1925) 26, 390.

Jan 1, 1952

Meeting of Feb. 16, 1915.-The Committee on Membership was appointed with the following personnel: John H. Janeway, Chairman; Karl Filers, Lewis W. Francis, Louis D. Huntoon, and Thomas H. Leggett. President Saunders announced the appointment of the Committee on Increase of Membership, as shown on p. xxviii of this Bulletin. The reproduction by the anastatic process of 100 copies of Volume IX of the Institute Transactions was authorized. The sum of $50 and the exchange of the Bulletin. was awarded to the commission publishing the Annual Table of Constants. The sum of $49.07 was contributed to the expense of the John Fritz Medal Board of Award for the year 1914, and the Institute agreed in the future to share the annual expense for the John Fritz Medal Board of Award not to exceed one-quarter of $500 in the year. Upon the recommendation of the Committee on Membership, 36 Members, 1 Associate, and 13 Juniors were elected. The resignations of 26 members were accepted. L. D. Ricketts was elected a Vice-President of the Institute to serve the unexpired term of W. L. Saunders. George D. Barron was elected a Director to serve the unexpired term of L. D. Ricketts.

Jan 4, 1915

By C. R. Fast

In order to evaluate the ability of a Hydrafrac treatment to effect a sustained increase in well production, data were accumulated on the first 65 wells in 26 fields treated by Stano-lind. Since these data were obtained from such a large number of fields, it is felt that individual well or reservoir characteristics do not affect the overall picture, as might be the case if the study were made in one field or one group of wells in a field. These data are tabulated in Table I and plotted on Figs. 1 and 2. An analysis of Fig. 1 shows that at the end of six months, 75 per cent, or 45, of 60 wells on which data were available showed a sustained production increase. At the end of two years, data were available on 25 wells. Of these, 15 wells, or 60 per cent, showed a sustained production increase. At the end of three years, 55 per cent, or 10, of 18 wells had a production rate greater at that time than before Hydrafrac treatment. The lack of information on additional wells at the end of the third year is primarily a result of the small number of treatments conducted in the early stages of field application

Jan 1, 1952

By Richard W. Lodge

Mr. H. R. Batcheller, of the class of 1894, Massachusetts Institute of Technology, while experimenting with chlorine gas on a certain lot of roasted concentrates, met with the following difficulties: 1. A poor extraction of the gold. 2. A very large consumption of chlorine gas. 3. Inability to precipitate all of the gold from the solutioil containing the AuC1,. 4. The bullion obtained was very base. These difficulties were the same whether the chlorine was generated from H2SO47 MnO29 and salt, or whether H2SO, and bleaching powder were used. They may be accounted for partly by the presence of some arsenic left in the roasted ore, and partly by the presence of copper in the solution containing the AuCI3. It was therefore suggested to try the effect of bromine on a similar lot of ore. The use of this element is, of course, nothing new, but in the following experiments it seemed to present many advantages over chlorine. The material worked upon consisted of some concentrates containing 2.31 ounces of gold per ton, and 34.26 per cent. of arsenic, which would correspoild to about 74.4 per cent. Of

Jan 1, 1896

By Linn M. Farish

The estimated production of petroleum in the Dominion of Canada for 1931 was 1,582,000 bbl., an increase of 60,000 bbl. over 1930. Nearly all of the production came from Alberta, with a small quantity from Ontario, and a very minor amount reported from New Brunswick. At the beginning of 1931 it was hoped, and predicted, that a substantial increase in production would be shown for that year, but such was not the case, since Alberta did not show the anticipated gain. The production from Ontario and New Brunswick has not varied more than a few thousand barrels during the past 10 years and aggregated 124,000 bbl. in 1930, with 126,600 bbl. estimated for 1931. Unless new fields are discovered, production in 1932 will decline, with Ontario and New Brunswick showing little change and Alberta declining appreciably. Canadian production by provinces during the past 10 years is given in Table 1. Furnished by the Dominion Bureau of Statistics. a Barrels of 35 Imperial gallons or 42 U. S. gallons. c Figures for Ontario and New Brunswick are estimated. The production of natural gas in Canada reached the record figure of 29,377,000,000 cu. ft. in 1930 and it is estimated at 26,874,600,000

Jan 1, 1932

By L. Kovisars, F. Buttazzoni

The current demand for copper in the western world exceeds 7 million tonnes annually. The growth in demand is expected to average 2.6% annually to a level exceeding 11 million tonnes in 2000. Copper mine production is currently about 6 million tonnes annually; the annual net addition to mine output in the future will have to average about 190,000 tonnes of contained copper. The industrial nations of Europe and the western Pacific are heavily dependent on copper imports. Currently these import needs are supplied by Canada, Africa and Pacific producers. The increased demand for copper in the future is expected to further weight the trade balance to the Pacific suppliers. An evaluation of undeveloped deposits allows the ranking of these deposits based on total cost of production, including provision for plant and infra- structure investment as well as political/social/ economic risk. Peru, Canada, and the Southwest Pacific are expected to significantly increase exports. The United States will develop deposits to replace depleted mines, maintaining mine production at a level approximately equal to current output, with a consequent increase in copper imports. Chile is expected to become the world's leading copper producer, as well as expanding it's position as the leading exporter.

Jan 1, 1982

By E. A. Anderson

In 1918 the American Society for Testing Materials held a symposium2 on what was then known as season cracking. The sessions included six papers, all on brass. During the ensuing 26 yr., many new workers have come into the field and several other metals have been found subject to failure by stress-corrosion cracking when the right combination of stress and environment is achieved. It is not surprising, therefore, that the present symposium has brought forth 29 papers covering alloys of seven important metals. The phenomenon of stress-corrosion cracking is not necessarily confined to these seven metals. Dix3 has stated, "Indeed, it is probable that ingenious investigators can find solutions which will stress-corrosion crack any known metal or alloy." Mears, Brown, and Dix4 have indicated that stress- corrosion cracking failures are not necessarily limited to metals but may include the plastics. It is to be expected that the increase in the number of metals known to crack in service and the general emphasis on such failures at a symposium such as this will alarm many to whom the subject is un- familiar. Such alarm is not justified by the record. It is true that stress-corrosion

Jan 1, 1945

By Joseph M. Locke

The discovery of this asphaltum was made by S. H. Gilson, of Salt Lake, and since then the material has borne the local name of Gilsonite. So far as I have been able to ascertain, however, the first published notice of this discovery was made by Prof. W. P. Blake in the Engineering arid Mining Journal, of December 26, 1885, where he names the new mineral Uintahite, from the place of its discovery, the Uintah Mountains in eastern Utah. The priority of publication and the geographical fitness of the name will probably secure its acceptance by mineralogists.* The following is Prof. Blake's article. In the month of September last, a sample of peculiar asphalt was received for examination, and recently when in Provo, Utah, I had the opportunity of seeing a considerable quantity brought in from the Uintah Mountains. It is obtained in masses several inches in diameter, and apparently free from mechanically disseminated impurities. It breaks with a conchoidal fracture, is very brittle, and is readily reduced to powder in a mortar. Hardness, 2 to 25. Gravity, 1.065 to 1.070. Color, black, brilliant, and lustrous; streak and powder, a rich brown. It is a non-conductor of electricity, and is electrically excited by friction.

Jan 1, 1888

JAMES DOUGLAS Dr. James Douglas, twice President of the American Institute of Mining Engineers, and one of its principal benefactors, died in New York on June 25, 1918, at the age of 81 years. After a life of extraordinary activity, failure of his health compelled him to retire about 2 or 3 years ago, and in view of his advanced years his death was not unexpected. His funeral was held at the Church of the Mediator, on June 26, and was attended by representatives of the American Institute of Mining Engineers and of the Canadian Mining Institute. His body was then taken to Quebec for burial in the family plot. An extended notice of Dr. Douglas, prepared by Dr. R. W. Raymond, will be presented in the September issue of the Bulletin. LEWIS NEWTON BAILEY Lewis Newton Bailey died of pneumonia at Camp Merritt, N. J., April 30, 1918, at. the age of 34 years. He was Master Engineer, .Senior Grade, in the Fourth Regiment, U. S. Engineers; and although he was offered a commission as First Lieutenant shortly after enlisting, he preferred not to accept it until he had reached France. By those who knew him well, this lack of eagerness for promotion will be recognized as consistent with his whole character.

Jan 8, 1918

By John H. Schissler

INTRODUCTION AND SUMMARY Complex copper-lead-zinc ore is mined from underground workings high in the Western Cordillera of the Andes mountains about 100 km in a stralght line north of the city of Arequipa in southern Peru. The Madrigal mine is situated in a steep-walled canyon into which the six operating levels "daylight". Production is from cut-and-fill stopes currently producing approximately 740 dry metric tons per day. The Santa Rosa vein, the most important producer in the district, outcrops for a distance of about 4 km, bearing N 75º W and dipping about 70º NE. In places the vein splits into two or three branches; widths of each vary between 1 and 4 m and total mineralized widths of up to over 8 m occur. Principal ore minerals are chalcopyrite, galena and sphalerite. Ore reserve grades for the Madrigal mine average about 1.45% Cu, 2.6% Pb and 5.0% Zn, 2.9 ozAg per metric ton. [Compania] Minera del Madrigal is a California limited partnership; the general partner and operator is [Compania] Madrigal, a wholly-owned subsidiary of Homestake Mining Company. HISTORY Shallow workings found on the Santa Rosa vein were probably made by the Spaniards during colonial times in their search for

Jan 1, 1977

By Francis Foley

IN examining steel under the microscope, one is constantly confronted with structures that are difficult to interpret. Recently, in a collection of samples for exhibition purposes, the writer found apiece of open-hearth runner metal, 2 in. (50 mm.) in diameter, that had been fractured for use as a sample of cast-steel structure. On polishing and etching a section for the purpose of photographing a field to typify the microstructure of steel in the "as cast" condition, a variety of structures was found (Fig. 1) so arranged as to arouse interest at once. For a distance of about 0.065 in. (1.6 mm.) from the skin of the runner, normal ingot structure was found (Fig. 2); this was followed by a zone, about 0.215 in. (5.5 mm.) wide, of considerably lower carbon content in which occurred a most pronounced Widmannstättian structure (Fig. 3); from this point on to the center of the runner, the metal was again of normal ingot structure (Fig. 4). Representative samples taken from the metal in the three zones showed the following analysis: C Ni Cr Metal from skin 0.34 1.26 0.63 Widmannstättian zone 0.21 1.18 0.63 Metal from center 0.34 1.32 0.67

Jan 7, 1919

By S. D. Strauss

The marketing of nonferrous metals and of the ores and concentrates from which these metals are recovered is a fascinating trade, international in character, sensitive to every change in the economic tide, and complex in its organization. Each individual metal has its own marketing mechanism; no two are exactly alike. The differences sometimes are a matter of tradition rather than of necessity, but usually they have developed because of the very nature of the problems of producing or consuming the individual metal. This description, because of limitations of space, can do no more than indicate the major aspects of the trade and touch lightly on the marketing structure of each metal. The dictionary states that a market is a "meeting of people for selling and buying." In the case of nonferrous metals this meeting may occur on a half-dozen different occasions between the time the ore has been first mined and the time the refined metal is available for use by industry; or it may not occur at all until after the metal itself has been rolled, drawn, stamped, cast, or forged into a useful semifabricated shape. To illustrate: A Chilean miner may sell his small ore production to a custom mill, which produces concentrates that are sold to an ore dealer, who finances shipments of the concentrate to a custom smelter, which buys them for conversion into blister, to be subsequently refined into electrolytic copper (sometimes by a refinery having no corporate ties with the custom smelter) and sold. Conversely, aluminum production is mostly by integrated concerns that mine bauxite, convert it to alumina, smelt that to produce aluminum, and then fabricate that into semifinished or even finished products before title to the material changes hands for the first time. Some nonferrous ores are not converted into metal at all but are sold by the miners or dealers directly to the ultimate consumers. A good example would be chrome ores used by the chemical industry. And of course a substantial part of the commerce in nonferrous metals is in scrap, which is the reconversion into useful form of metals that have long since been mined and smelted. Thus, one-third of all the lead used in the United

Jan 1, 1964