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By Forest Mintz

Many oil and gas producers find it advantageous to borrow against the value of their hydrocarbon re- serves. This paper considers the requirements for a reserve based loan and the calculations that a bank would perform to arrive at a loan amount. Three of the most common loan structures, i.e. a term loan, a production payment, and a revolving credit/term loan will be discussed. A typical outline for each type of loan is presented. Finally, a comparison of major considerations in the three financing techniques is shown.

Jan 1, 1982

By C. K. Leith

THE outstanding fact of the mineral world today, at home and abroad, is the surplus of current production, and particularly of capacity for production, over current requirements. This is not by Any means a new condition, but never before has it loomed up in such' menacing form. - Those of us who have devoted most of our professional efforts to the discovery and development of 'new mineral supplies now suddenly find ourselves with the job apparently accomplished, waiting for some one else to find an outlet for excess mineral production before we can further. The management of the industry is in much the same boat. The psjrcho16gy of the industry has been so grooved in the direction of acquisition of, minerals that at the present moment the mineral industry confronts the new problem of surplus in more or less of a daze.

Jan 1, 1931

By Merlin H. Aylesworth

THE subject assigned to me is peculiarly appropriate to the anniversary of the birth of Abraham Lincoln. If we applied to our present problems the ideals and methods of the Great Emancipator, the future of American institutions would be so definitely assured that there would be little need to discuss the matter. The only inquiries would relate to the pace of progress, not to the possibility of progress. As a nation we have grown more and more to revere the memory of Lincoln, to honor his character, to extol his teachings and to eulogize his concepts of democracy. We rec-

Jan 1, 1940

By D. E. Thomas

Oxidation rate constants were determined for Cu-Pd and Cu-Pt alloys as a function of alloy composition and temperature. Reaction products were identified. Relationship between oxidation rate constants and diffusion constants in the reaction zones is discussed. THE mechanism of oxidation of alloys is consider--'¦ ably more complex and not so well understood as that of pure metals. The oxidation of a one-phase binary alloy of which one component is a noble metal should logically be the simplest case of alloy oxidation, for in this case one is concerned presumably only with the oxidation of the base metal and the diffusion process by which it reaches the reaction site. This had led a number of investigators to study such systems. Probably the earliest work was that of Tammann and Rienacker' on the tarnishing of Cu-Au alloys at temperatures up to 300°C. These alloys oxidize according to the logarithmic law, that is, the film thickness is proportional to the logarithm of the time. The rate of film formation was found to decrease with increasing gold content. Raub and Engel² investigated the oxidation of Au-Cu, Cu-Pd, Au-Ag-Cu, Au-Pd-Cu, and Ag-Pd-Cu alloys at 750°C in air. These alloy systems form a continuous series of solid solutions at the temperature of oxidation with the exception of those containing silver. Au-Cu alloys oxidize parabolically, the rate constant decreasing slowly with increasing gold content up to about 15 atomic pct* Au, and more rapidly thereafter. An alloy with 14 pct Cu forms only a very thin layer of CuO on the surface and probably also a subscale.† Alloys containing more than 14 pct Cu have scales consisting of CuO and subscales of Cu,O embedded in nearly pure gold. The Cu-Pd alloys obey the parabolic law except for slight deviations for alloys containing 53 and 84 pct Cu. The overall oxidation rate decreases rather smoothly with increasing palladium content. A scale consisting of a thin layer of CuO and a thick layer of Cu²O and a subscale of Cu²O embedded in nearly pure palladium was observed for alloys containing 84, 53, and 30 pct Cu. An alloy with 19 pct Cu formed only a subscale of CuO embedded in nearly pure palladium, and an 8 pct Cu alloy formed only a thin film which was presumed to be PdO. The ternary alloys considered by Raub and Engel oxidized in much the same way as did the binaries. Wagner and Grunewald³ found that Ni-Au alloys, oxidized at 900°C in oxygen, formed a scale of NiO and a subscale containing NiO and gold. The overall oxidation rate increases with increasing gold content, passes through a maximum and then decreases to zero for pure gold. The fact that gold increases the oxidation rate was attributed to "pores" in the scale. Kubaschewski' investigated the air oxidation of alloys of platinum or gold with up to 10 pct Cu or Ni at temperatures in the range 300" to 1550°C. Parabolic behavior was noted for all alloys except Au-Ni, with rates decreasing in the order Au-Cu, Au-Ni, Pt-Ni, Pt-Cu. The diffusion coefficients for the latter three systems are known, and they decrease in the same order. However, activation energies for the oxidation of these alloys do not agree with the activation energies for diffusion in the respective alloy systems. Kubaschewski and Goldbeck7 nvestigated the oxidation of Ni-Pt alloys in air at temperatures of 600"

Jan 1, 1952

By T. Egleston

THE works of the Ore Knob Copper Company are situated in the county of Ashe in the northwestern part of the State of North Carolina, about ten miles from the Virginia line, at an elevation of 4600 feet above the sea. The nearest railroad station is at Marion, Smythe County, Virginia, about forty-five miles distant. The roads from the railroad to the works have been constructed by the company for the transportation of their material, and are very hilly, and in certain seasons of the year in bad repair. Transportation is therefore always limited and never easy, although it is done by contract at a very low price. The main difficulty with the transportation is not so much its cost as the fact that it puts a limit to the production of the works. These unfavorable conditions make it necessary for the owners of the mine to smelt their ores and to send to market nothing except the metal, which alone will bear the cost of transportation. The mine was opened previous to 1860, but has only been worked systematically during the last five or six years. The vein is a fissure vein from ten to twenty feet in thickness in the gneiss of the

Jan 1, 1882

By T. Egleston

The works of the Ore Knob Copper Company are situated in the county of Ashe in the northwestern part of the State of North Carolina, about ten miles from the Virginia line, at an elevation of 4600 feet above the sea. The nearest railroad station is at Marion, Smythe County, Virginia, about forty-five miles distant. The roads from the railroad to the works have been constructed by the company for the transportation of their material, and are very hilly, and in certain seasons of the year in bad repair. Transportation is therefore always limited and never easy, although it is done by contract at a very low price. The main difficulty with the transportation is not so much its cost as the fact that it puts a limit to the production of the works. These unfavorable conditions make it necessary for the owners of the mine to smelt their ores and to send to market nothing except the metal, which alone will bear the cost of transportation. The mine was opened previous to 1860, but has only been worked systematically during the last five or six years. The vein is a fissure vein from ten to twenty feet in thickness in the gneiss of the

Jan 1, 1882

By R. C. Canby

JUDGE GRANT, in a delightful satire of his, says: "Boston is a state of mind." I think that this same statement might well be made of the metallurgy of lead. I was particularly impressed with this when about thirteen or fourteen years ago I prepared a paper on "Development of the American Water- jacket Lead Blast Furnace." Dividing the time, as I did into ten-year periods, from the commencement of lead smelting at Eureka, Nev. (1870), and showing the tendency for each of the five decades it was evident that the progress had been through a succession of states of mind from the rule of thumb through the ultra scientific, or from what I might call the slag type period up to the present highly developed art. Conservatism has been characteristic of the metallurgist. This may have been most natural, especially with the lead metallurgist, the development of whose art was so entirely in the custom smelting plant, where the metal contents of his ores were paid for in cash and therefore excessive metallurgical losses could mean nothing short of financial bankruptcy. The metallurgist himself was held to a personal account, in these smelting plants. It was the metallurgist who was accountable. In the concentrating plants, if undue losses occurred remodelling of the plant was discussed, but if there were excessive metallurgical losses in the custom smelting plant, a new metallurgist was considered as the remedy. For this reason the tendency was to adhere to recognized practice and to be wary of unusual methods, using the word unusual in the sense in which it is used in Article VIII of the Constitution of the United States, as to punishments and modes of death. This conservatism of the metallurgist was reflected as other branches of metallurgy were developed. We have heard of the wonderful development of flotation, but it had to be introduced over the dead metallurgical bodies of its opponents.

Jan 1, 1926

By AIME AIME

Acid Open-Hearth Manipulation.. By ANDREW MCWILLIAM and WILLIAM H. HATFIELD, ii, 279. Discussion by J. J. MORGAN, iii, 647; E. H. SANITER, iii, 648; MCWILLIAM and HATFIELD, 111, 648. ADDICKS, LAWRENCE. The Effect of Impurities on the Electrical Conductivity of Copper, iii, 559. Address of Welcome to the U. S. National Museum, Washington, D. C. By RICHARD RATHBUN, .iv, 923. ALLDERDICE, TAYLOR. Discussion of MR. ROE'S paper, The Mann¬ facture and Characteristics of Wrought Iron, v, 1091. American Mining Engineer. Discussion by ARTHUR JARMAN, iii, 641. An Automatic Stock-Line Recorder for Iron Blast-Furnaces. By J. E. JOHNSON, JR., iii, 509. Anthracite-Washeries. By GEORGE W. HARRIS, vi, 1263.

Jan 1, 1907

By A. G. Metcalfe, A. Siede

The hardening of annealed copper during fatigue testing appears to be independent of the applied stress and to occur largely within the first 4000 cycles. Copper hardened by fatigue is more resistant to annealing than copper hardened by static means, and softens by a multistage process. Creep studies at 300°C show that copper hardened by fatigue also has greater resistance to creep than statically hardened copper. Some theoretical explanations are discussed. RECENT interest in the behavior of metals subjected to fatigue stems from observations of phenomena which could not be explained by current theories of the structure of metals. In 1953 Bullen et al.l showed that the hardening caused by fatigue at low stresses did not cause severe bending of the lattice as did hardening by static methods. This was later confirmed by Wood, 'and Broom and Ham.3 Clarebrough et al4 showed that as the stress level used in fatigue hardening was increased, bending of the lattice was introduced, eventually approaching that of metals deformed by conventional cold-working methods. The type of hardening introduced by fatigue has other interesting characteristics. Kemsley5 showed that copper fractured by fatigue at low stresses resisted annealing as compared to copper hardened an equal amount by static means. The work of Clarebrough etal, shows that the manner of energy release during annealing differs for fatigue-hardened and statically hardened metal in both magnitude and temperature range of release. In addition to hardening of the lattice, fatigue has been shown to cause softening in materials previously hardened by static methods,5 and also in age-hardened alloys.7 The superposition of a small fatigue stress on the static loading of high-temperature alloys has been shown to increase their resistance to creep.' The present work was an attempt to determine the relationship between fatigue hardening, resistance to annealing, and the creep properties of pure copper. EXPERIMENTAL PROGRAM The program described here was designed to answer three questions: 1) Can stress-cycle combinations well below the failure values give significant increases in hardness? 2) Does hardening, under different stress-cycle combinations, give increase resistance to annealing? And if so— 3) Does superior resistance to annealing confer superior creep properties over statically hardened material? Three-quarter hard OFHC copper was annealed in vacuo at 550°C for 1 hr to produce a strain-free material having a fine grain size and uniform hardness. (The standard deviation of the mean hardness of the annealed samples was less than + 1.9 Dpn). Annealing was performed after machining the fatigue specimens so as to avoid work-hardened surfaces. Jigs were used to avoid distortion. The fatigue properties of the annealed copper were determined using an accurately aligned Baldwin-Sonntag SF1-U machine operating at 1800 cycles per min. This limited the minimum number of cycles which could be examined to about 4000 stress reversals. Since failure resulted in specimen damage, hardness increase with number of cycles was measured by testing specimens fatigued to different fractions of the failure values. The results are shown in Fig. 1, and are superimposed on the S-N curve of the copper in Fig. 2. The resistance to annealing of fatigue-hardened material was compared to that of material hardened by uniaxial tensile straining. Specimens hardened to equal values by both methods were progressively annealed for 1 hr at temperature in vacuo. After each annealing treatment the hardness was measured using a Leitz Durimet hardness tester with a 500-g load. At least five tests were made for each hardness determination. The standard deviation for individual specimens varied from 0.26 to 1.48 hardness points. The results are shown in Figs. 3 to 5. The discontinuous nature of the annealing process has been brought out by drawing idealized curves through the data points. This can be justified by the consistency of the results as well as by general agreement with results of Kemsley.5 The creep resistance of fatigue-hardened and

Jan 1, 1960

By James H. Taylor

"Titanium is a widely distributed, dark grey metal1ic element found in small quantities in many minerals. It has no important uses." Happily, this early quotation proved to be wrung; titanium has, on the contrary, found a large number of very important uses. The error in the 1926 quotation illustrates the problems associated with forecasting the future development of any metal. 'The paper will nevertheless attempt to estimate what will happen to the European titanium industry over the coming decade with slightly more accuracy. It was not until 1955 that anything other than pilot plant facilities were installed in Europe. In 1955 IMI's plant in England, two plants in Germany, one in France and one in Sweden came into operation. All the companies associated with titanium installed melting furnaces but only IMI Titanium has forging and rolling facilities devoted solely to the production of titanium. The other firms rely on the use of equipment of their parent steel companies for processing the me1 ted titanium ingots.

Jan 1, 1982

By M. Albertson

UNITED STATES petroleum pro-dU6tion during 1937 materially exceeded? that of any previous year. Firm control of the production rate was maintained under State and Federal laws and aided by the' Interstate Compact. During the first ten months," crude oil prices were stable, except for a slight increase early in the year. Toward the end of the year, uncertainty of price structure be-came evident and a sharp reduction in allowable production was under way. Exploration for new pools and development of .pools already discovered continued active throughout the year. Production control agencies in Texas, and to a less extent in New Mexico and Louisiana, appear to have had increasing difficulty in holding crude oil output to allowable limits. The situation elsewhere is less well known but probably the same condition exists in other important producing States whether control is by State commissions or by unofficial bodies.

Jan 1, 1938

By Open-Hearth Steel

We have a very high-powered organization up here this morning, headed by Kenneth C. McCutcheon, general superintendent of the Ashland Division of the American Rolling Mill Company, and L. A. Lambing, superintendent of the open-hearth and Bessemer departments of Jones & Laughlin Steel .corporation of Aliquippa, Pa., representing the open-hearth men. Also, we have P. F. Dolan, assistant general manager of the Maryland plant of Bethlehem Steel Company, of Sparrows Point, and Harry E. McDonnell, superintendent of blast furnaces of Weirton Steel Company of Weirton, W. Va., representing the blast-furnace section.

Jan 1, 1940

By John McDonald

THIS report is a continuation of an earlier one with a similar title,1 to which the reader is referred for such details of procedure as do not appear here. A brief summary will be given of the objects and methods of the research at this time. It was pointed out in the previous paper that properties of magnesium alloys, as re-ported by different workers, often differ. This was thought to be due to differences in the preparation of the specimens tested. The ideal way to compare alloys would be to prepare each of them in so many ways that reasonable assurance would exist that the best properties of each alloy had been developed. The alloys would then be com-pared on the basis of these properties. The treatment actually given the alloys of these studies is necessarily a compromise with completeness. Nevertheless, enough treatments have been given so that a con-siderable degree of assurance exists that the properties obtained are representative of the alloy as such, and not merely of the manner in which it was worked and heat-treated.

Jan 1, 1940

By V. T. BERNER

THIS apparatus was designed primarily to meet the demand for a quick, efficient stopping to seal off the burning area temporarily during a mine fire, but it can be used in any circumstance where an immediate brattice is required for ventilation control. In using the old style brattice, mine-rescue workers have found it difficult, in smoke-laden drifts and stopes, to erect an effective stopping with wooden frame and canvas. Stulls must first be cut to the proper length, the canvas tacked in place, and the numerous irregularities of the walls and back must be caulked. This operation requires the employment of axes, saws, and hammers, which cannot easily and safely be handled in dense smoke. The fire fighters have often been forced to abandon their brattice, unfinished, because of the rapid approach of the fire, or because of the exhausted sup- ply of oxygen in their breathing apparatus. It is neces-

Jan 1, 1930

By J. M. GLEDHILL

(Washington Meeting, May, 1905.) A Discussion of Mr. J. M. Gledhill's paper, read by title at the Lake Superior meeting, but presented first at the New Yolk meeting of the Iron and Steel Institute (October, 1904), and here published under a mutual agreement. Between the two Institutes. Discussion. MR. E: WINDSOR RICHARDS, Past-President, said that at a recent meeting of the Institution of Mechanical Engineers a paper was read on tool steel, and he called the attention of the members to the high-speed tool steel at the Bethlehem Works. They would have the pleasure of seeing those wonderful works and would see 60, 70, 80 and 100 tons oil lathe with half-a-dozen of these high-speed tools running. PROP. H. M. HOWE (Columbia University) said that they all looked upon these high-speed tool steels as of very great importance, particularly to the machine shop. One point occurred to hire : Had it really been shown that Swedish steel is necessary, or better than equally pure steel that is not Swedish; and is cemented steel really necessary, and is there any advantage in using that, rather than equally pure open-hearth steel'! It might be well if the author could indicate the kind of evidence on which lie bases his assertion that it is necessary to have cemented Swedish steel. Many were hoping for the development of high-speed steels from elements which exist in great quantities, such as silicon, manganese and chromium, rather than from rarer metals like molybdenum, vanadium and tungsten, the supply of which is likely to be soon exhausted. If the high-cutting speed was to last more than a generation, it. seemed to him that they would have to draw upon the common ele¬ments and not upon the rare ones. MR. Tom WESTGARTH (Middlesbrough) said he fully appreci¬ated what had been said about the advantages of using high-speed steel, because great benefit had been derived from the

Mar 1, 1905

By B. E. Mix

THE present methods of unloading ore and coarse-crushing at the Magna plant of the Utah Copper Co. are the developments of the past five years. Hand dumping and breaking have given way to the rotary car dump and large gyratory; and the bucket elevators and stationary screens have been replaced by conveyors and shaking screens. The coarse-crushing plant may be broadly divided into two units: the primary crushing and the secondary crushing, or primary roll, unit. The former was erected in 1923; with the exception of the excavation, the construction was carried on by forces of the company. Excavation was started in the middle of March, the first concrete was poured July 16, erection of the steel building started Oct. 30, and the unit was com-pleted and operating Dec. 30. The unit has a capacity of over 24,000 tons of ore per day, and cost more than a million dollars. Remodeling of the primary-roll unit extended over a period of years preceding this, some of the work having been done as early as 1918.

Jan 8, 1925

By John Hays Hammond

Discussion of the paper of John Hays Hammond, presented at the Chattanooga meeting, October, 1908, and published in Bi.-Monthly Bulletin., No. 24, November, 1908, pp. 1171 to 117S. PROF. HENRY Louis, Newcastle-upon-Tyne, En j. (communication to the Secretary'`) :-I welcome Mr. Hammond's paper as an. attempt to give definiteness to the best modern professional practice. Such a codification of our professional ethics is urgently needed, seeing how widely the views of mining engineers differ on some of the point-,. raised, for example, I have no hesitation it) performing a class of work, as to which Mr. Hammond seems to entertain some doubts, and, on the other hand, I strongly condemn a practice which he appears to recommend. I have not the least hesitation in making reports for vendors of mining properties, and am constantly doing so; . the best justification for this practice may be found in the fact that such reports have been repeatedly accepted by buyers as giving a correct representation of the facts of the case, which is all that should be demanded from any report. On the other hand, Mr. Hammond advocates that mitring engineers should take payment for their reports tin shares of a company to be floated upon the basis of such reports. I hold that this is ethically wrong, as even the most honest of men is liable to be unconsciously biased under these conditions. Indeed, I go much further, and maintain that a mining engineer who re¬ports or advises upon mining properties should never hold any-mining shares at all, or be himself interested in any mine,' and this has been my consistent practice for many years. A man who holds shares in a mine, and is called upon to report upon a neighboring property or a similar mine, can never be wholly unbiased, and even if lie could be, he would always lay himself open to the suspicion that he was giving a favorable report so as to-enhance the value of the property in which he himself is interested, or an unfavorable report so as to stifle competi-

Jun 1, 1909

By Samuel D. Warriner

(Wilkes-Barre Meeting, June, 1911.) THE dealings between concentrated capital invested in the conduct of our various industries and the combinations of labor known as "trade union organizations," have produced not only in the United States, but abroad, many novel methods of negotiation between employers and wage-workers. The size and strength of these organizations have destroyed the personal elements formerly governing the dealings between employer and employee and have produced various forms of trade-agreements now in more or less successful operation. The difficulty, however, has- been to secure consent of both parties to an equitable agreement. For this purpose there have been devised various forms of arbitration, either compulsory under the shadow of governmental legislation, or voluntary by mutual agreement. But these have not been altogether successful from a technical stand-point, for the reason that a compromise has generally been necessary, and in an effort to reach an agreement, terms have been made which have been neither fair nor satisfactory to either of the contending parties. The Anthracite Board of Conciliation represents one of the few thoroughly successful courts for the settlement of trade-disputes, if not the only one which has yet been evolved. The prestige of this board rests upon its successful treatment of the labor-troubles of the anthracite region for a period of more than eight years, and upon the fact that it has been able not only to reach decisions based upon the merits of the controversies, but to enforce its decisions upon both the employees and the employers. It has never been obliged to shape its conduct to secure the consent of the contending parties, and its decisions have been strictly and, in the main, cheerfully observed. The remarkable feature of this board has been that it has

Aug 1, 1911

Jan 1, 1920

By AIME AIME

PLANS for the Semi-centennial Meeting have almost reached completion, although in any undertaking of such magnitude a few changes are always to be expected at the last moment. As worked out up to the time of going to press, the program of the meeting is shown below. The headquarters will be the Irem Temple, in Wilkes-Barre.

Jan 1, 1921