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By AIME AIME

SINCE the preparation of the Fall Meeting announcement the Montana Section has extended an invitation to the members traveling to Spokane to make at least a short stop at Butte, en route. Accordingly, the train schedule below has been worked out as an alternative to that announced in the general circular. This will permit a half day in which to visit either mines at Butte or the smelter at Anaconda and an opportunity for an evening meal with our Montana members. An interesting time is assured either way and the chance to renew acquaintance with Butte friends will be well worth will

Jan 1, 1929

By J. T. Ryan

IN making a comparison of mine inspection methods in Europe and the United States, it is necessary to have some basis to start from, which makes this subject rather difficult, as such methods are governed largely by the authority given the inspector by the mining laws. In the United States there are 31 coal producing states and territories and 32 different mining laws under which inspectors operate, as one state-Pennsylvania-has both a bituminous and an anthracite code. Some of these codes are distinctly coal mining codes; others are essentially coal mining but apply also to other mines; several codes are sub-divided referring partly to coal mines and partly to other mines, and a few codes are mainly metal mining but apply in part to coal mining. Having all these different codes in the United States and the departments organized in a variety of different ways, there is of necessity a great difference in inspection methods in this country.

Jan 1, 1926

CHICAGO SECTION CHARLES H. MACDOWELL, Chairman, LUTHER V. RICE, Vice-chairman, HENRY W. NICHOLS, Secretary-Treasurer, Field Museum of Natural History, Chicago, Ill. ALEXANDER K. HAMILTON, G. P. HULST, HENRY P. HOWLAND, FREDERICK T. SNYDER. A meeting of the Chicago Section was held at the Chicago Engineers' Club on the evening of March 30, 1918, on the occasion of the visit of the President, Vice-president. and Secretary of the Institute. The meeting was called to order by Henry W. Nichols, Secretary of the Chicago Section. The first speaker of the evening was Mr. Allen, Deputy Fuel Administrator for the State: of Illinois, who spoke on the problems and difficulties encountered by the Fuel Administration during the past -winter, He paid high tribute to the spirit of cooperation shown by the

Jan 5, 1918

By Karl V. Lindell

THE Jeffrey mine of the Canadian Johns-Manville Co., Asbestos, Que. has operated for a number of years, supplying the parent company, Johns-Manville, raw material for asbestos products. The mine is situated in the 70-mile-long serpentine belt running from Asbestos, Que. on the west to East Broughton on the east. This district is the most important producing area in the world of quality spinning-fiber asbestos, with 11 operating mines supplying 70 pct of the world's needs. The Jeffrey mine, located 90 miles from Montreal and approximately 35 miles southwest of Thetford, accounts for 50 pct of the Canadian asbestos output. Production from the Canadian serpentine belt is the chrysotile asbestos, which is considered the best available for spinning. Consumers in the United States prefer the clean, fine fibers of the Canadian chrysotile of the type produced by the Jeffrey mine. Mining In 1881, when the mine was first opened, all work, including drilling, was done by hand. The deposit, located on a hillside, was first worked as a sidehill cut by hand drilling 15-ft holes and blasting with black powder. The fiber was chiselled from the broken rock. Hand derricks, later powered by horses, were used to raise the rock as the pit deepened. Eventually, the pit became so deep that derricks were, by necessity, replaced by aerial tramways. In the late 1930's, further deepening of the open pit, with the resulting constriction of the pit bottom brought about the need for altering the mining system then in use. The high ratio of overburden to be handled to mill ore mined and the value of surface structures, not company property, that would be destroyed in expanding the area of the pit, definitely indicated vertical rather than horizontal expansion would have to be used. One exception to this was that a small area on company property to north and east of the pit could be opened up. The mining problem then resolved itself into two phases; make the small lateral expansion and as rapidly as possible choose a mining method that would expand the mine vertically. Several methods for vertical expansion were studied and rejected. Methods considered included shrinkage stoping, block caving, glory holing, and various modifications of open workings. Block caving was finally accepted as the most suitable method of underground development. Cost factors and production were important factors in the decision, also, the asbestos mines in the Thetford area were already having success with this method. Original plans provided for the lateral expansion of the open mine where possible and beginning the underground operation. This program was based on the open pit being worked out in 1954, with the underground development and production gradually increasing until the open mine was depleted. In 1949, the plan was changed to allow underground development to progress at maximum so that underground output would be 550 tons per hr by 1951. Any deficit in ore would be mined from the open pit. This change permitted extending the life of the open pit through 1964 and in this time would make available a large quantity of readily attained ore. Block Caving at The Jeffrey Mine Plans for the underground operation were formulated on a 12,000-ton-per-day basis, and the adaptability of block caving methods to high production presented a desirable situation. As shown in the main-haulage plan, a continuous loop was laid out for smooth operation of the underground railroad from the loading points to the underground crusher. A feature encountered at the Jeffrey mine, as well as other asbestos mines using caving methods, is the large size of caved material, requiring that ore be crushed before hoisting.

Jan 1, 1952

E. H. Dix, JR., Chairman L. W. M. PEIRCE, Past-chairman R. F. MEHL, Vice-chairman ALBERT J. PHILLIPS, Vice-chairman E. M. WISE, Secretary International Nickel Co., Bayonne, N. J. W. M. CORSE, Treasurer LOUIS JORDAN, Executive Secretary 29 West 39th St., New York, N. Y. Executive Committee W. H. BASSETT, JR. R. H. LEACH' W. H. FINKELDEY W. E. REMMERS2 J. A. GANN H. J. ROAST G. O. HIERS C. S. SMITHS L ZICKRICK

Jan 1, 1936

By J. A. Collins

THE process of plastic extension of face-centered cubic single crystal-line rods is so well understood, since the notable studies of Taylor and Elam,1 that the change in orientation of any crystal by slip and rotation may be predicted from the measured elongation. It is customary to assume a very homogeneous deformation, wherein gliding lamellae are free to rotate so that their slip direction continually approaches the axis of the rod, until a second slip system comes into operation; whereupon conjugate slip proceeds quantitatively to an end adjustment with the [112] direction in the axis of the rod. This process has been checked in many face-centered cubic materials and readily permits the preparation of specimens that have been sub-jected to various determinable amounts of shearing action. It is clearly of interest to study in such measurably strained specimens the development of a recrystallized structure on annealing and if possible detect the source of nuclei from which the new crystals grow. Strain-annealing experiments of this character have been performed by others but not in detail sufficient to permit a study, for example, of the number of recrystallized grains vs, the amount of shear. In the experiments now reported, this was done with a wide variety of orientations covering nearly the entire range of slip on a single system and corresponding to amounts of shear (ratio of shearing distance to distance between lamellae) at the conclusion of a test of from 0.08 to 0.57. A particular point was made of determining the crystallite rotation, or small angular range assumed by the octahedral slip plane after these various amounts of shear. The mechanism of recrystallization and the magnitude and effect of recovery on the recrystallization process was investigated.

Jan 1, 1940

THE Annual Fall Meeting held in Chicago in conjunction with the celebration of a Centennial of Engineering brought forth a round of field trips and symposiums which did much to add to the store of information of the 240 who registered for the gathering. Instead of a scattered program, technical papers were grouped together in organized symposiums, where the particular importance of each report was enhanced by presentation in context. Despite the heavy accent on technical papers and informative field trips, those attending the meeting had ample time to enjoy the benefits of a visit to Chicago. The AIME dinner dance was held at the Palmer House, in the Red Lacquer Room. The Chicago Section played host Friday evening at dinner. The MBD held four sessions at the meeting headquarters, the Palmer House, September 4 and 5. Featuring the meetings was a review of taconite concentration and new theories on comminution. The first session opened with a paper on the Structural Features Which Effect the Concentration of Iron Formations, presented by F. J. Tolonen. The paper was centered upon the various members of the low grade iron formations of the separate Michigan districts. The study correlated macrostructure, microstructure, and concentration tests. [ ] Beneficiation Characteristics of Michigan Low Grade Iron Ores, presented by F. X. Tartaron, cochairman of the session, reviewed the work of his laboratory on the beneficiation of low grade ore taken from various strata of a deep shaft on the Marquette Range. The paper included data on flotation, gravity separation, magnetic separation, and combinations of these processes. The economics of low grade ore treatment generated great interest. Ty. Maki offered a compilation and correlation of field results with magnetic separators in ferrosilicon and magnetite medium recovery circuits. Following the morning session, 130 persons attended a luncheon, followed by a brief business meeting. Later, a film illustrating the grinding, separation, and pelletizing steps investigated by the Mines Experiment Bureau, was presented by H. H. Wade. T. E. Ban, and L. J. Erck gave a report on pelletizing which evoked much discussion. R. A. Limons presented a paper on the Mineralogy of Blast Furnace Sinter, for its author, H. M. Kraner. Friday sessions featured a new hypothesis for high speed drill rod milling and a new technical approach to comminution. Jack Myers commented that Consolidated's large rod mill was a hammer mill turned inside out. Steve Erickson described the use of Cyclones for Heavy Media Concentration of Iron Ore Fines. Bob Meaders gave a Progress Report on the Aerofall Mill. Shiou-Chuan Sun described an improved high frequency analyzer for studying the conductivity of suspensions of various minerals. L. A. Roe discussed a magnetic reflux condensor which enabled him to determine the degree of liberation of magnetic iron ores. Roy A. Johnson described a function of the hydroscilator in which the fan rake was eliminated in favor of a conical bottom. The Industrial Minerals Division sessions held September 5 and 6 and were well attended. The Friday morning session was particularly concerned with developments and advances in industrial minerals with special emphasis on the Chicago area. The first two papers dealt with transportation on the Great Lakes and fuel movement into the Chicago area. The third paper proved to be of great interest, turning the spotlight on the fairly new hydraulic mining methods introduced by a silica company in the Ottawa, Ill. field.

Jan 1, 1952

By R. R. Sayers

SILICOSIS is a term known to almost everyone today. Yet, in spite of a great deal of study, much is still to be learned regarding the disease. Government organizations are still continuing their investigations, begun near Joplin, Mo., 25 years ago. Work is also being done in several universities, as Harvard, Pennsylvania, Rochester, and Toronto, and at least two private organizations, the Air Hygiene Foundation of America, Inc., and the Saranac Laboratories for the Study of Tuberculosis, devote most of their time to this subject. Similar studies have been and are being made in many other countries.

Jan 1, 1939

By Paul R. Dingess, Edward H. Hare, Douglas C. Brockie

Mining in the Tri-State district of Missouri, Kansas, and Oklahoma has been nearly continuous from about 1848 until the present day, although the major activity was from about 1880 to 1955. The district, which has produced over $2 billion in zinc and lead concentrates, ranks as one of the greatest mining districts in the world. Unlike other Mississippi Valleytype deposits in the United States, which occur in Cambrian and Ordovician limestones and dolomites, the Tri-State district ores occur in Mississippian limestones containing abundant chert. Zinc is 5 to 6 times more abundant than lead. In the Picher Field, the principal sub-district which has accounted for 61 percent of the total district production, most of the ore has been mined from the single horizon, M bed. Most ore bodies, other than those of the "Sheet Ground" or blanket-type, are in large, essentially flat-lying breccia zones and have a definite mineral zonal pattern. An irregular, generally elongated central dolomitic core is surrounded progressively outward by the main ore run, the jasperoid zone, the muddy or shaly and bouldery zone, the sparry calcite limestone zone, and the fossiliferous, dominantly crinoidal, limestone zone. Some of the zones may be absent or nearly so and may overlap to some extent with an adjacent zone. Although the district has been studied by many authors, much controversy still exists about such items as genesis, paragenesis, and time of emplacement. These subjects are discussed in the paper.

Jan 1, 1968

By John F. Elliott

STAFF: Editor, Gerhard Derge Acting Editor, Poul G. Shewmon Carnegie lnstitute of Technology Schenley Pork Pittsburgh 13, PO. Editorial Assistant, M. A. Redmerski Production Editor, Otto T. Johnson THE METALLURGICAL SOCIETY: Rich-ard C. Cole, President; Karl L. Fetters, Past-President; J. H. Scoff, Vice President; R. L. Henneboch, Treasurer, R. W. Shearman, Secretary. PUBLICATIONS COMMITTEE OF THE METALLURGICAL SOCIETY: R. E. Lund, Chairmon; T. E. Dancy, P. R. Gouwens, W. A. Krivsky, F. C. Longenberg, E. R. Morgan, R.R. Nosh, Poul Queneou, W.O. Philbrook, J. H. Scoff, L. L. Seigle, and M. E. Wadsworth. Review and selection of manuscripts is under the supervision of the following Publications Committees: Extractive Metallurgy Division: M. E. Wadsworth, Chairmon; R. E. Grace, Vice Chairman; D. H. Baker, Jr., G. M. Bell, D. H. Bridges, J. M. Cigon, G. W. Healy, R. A. Lewis, C. E. O'Neill, A. W. Schlechten, R. E. Shinkoskey, and W. W. Stephens. Iron and Steel Division: T. E. Dancy, Chairman; A. Muan, D.W. Murphy, R. D. Pehlke, J. M. Uys, J. 5. Wagstoff, and R. G. Word. lnstitute of Metals Division: R. R. Nash, Chairman, H. H. Johnson, Jr., Vice Chairman; M. R. Achter, P. A. Beck, J. J. Becker, G. F. Bolling, J. 0. Brittain, J. 8. Clark, R. 5. Davis, A. E. Dwight, R. W. Fountain, L. A. Girifalco, E. L. Harmon, J. J. Heger, A. A. Hendrickson, L. Himmel, J. P. Hirth, R. H. Richmao, H.C.Rogers, W. Rostoker, 0. D. Sherby. E. A. Steigawald, R. Steinitz, H. C. Stumpf, R. A. Swalin, W. A. Tiller, W. R. Upthegrove, D. Walton, H.W. Weart, and D. Wilsdorf. Published bimonthly by the American lnstitute of Mining, Metallurgical, and Petroleum Engineers, Inc 345 East 47th Street, New York 17. N. Y. Telephone PLaza 2-6800. Subscription $30 per year for non-AIME members in United States and North, South, and Central America; $32, foreign;$30per $7 50 for AlME members. Single copies, $6.00, single copies foreign, $6.50. The AlME is not responsible for any statement made or opinion expressed in its publications ... Copyright 1963 by the American lnstitute of Mining, Metallurgical, and Petroleum Engineers, Inc....Registered cable address, AlME New York . .. Indexed in Engineering Index, Industrial Arts Index, and Chemical Abstracts . . Second class postage paid ot New York, N. Y., and Ann Arbor, Mich. Volume 227, Number 4.

Jan 1, 1963

SOUTHERN CALIFORNIA LOCAL .SECTION Executive Committee SEELEY W. MUDD, Chairman C. COLCOCK JONES, Vice-Chairman. FREDERICK J. H. MERRILL, Secretary-Treasurer, 631 Higgins Bldg., Los Angeles, Cal. RALPH ARNOLD A. B. CARPENTER The Southern California Section, held a dinner and meeting at. the Sierra; Madre Club, Los Angeles, on Friday evening, Sept. 28, 1915, at which 21 members and guests-were present. The Vice-Chairman, C. Colcock Jones; presided, in the absence of the Chairman. The amendment' to the By-Laws providing for the increase of the Executive Committee from five to seven members, having been formally presented at the annual meeting of June 18, 1915, and duly announced for consideration at this meeting, was voted on and unanimously adopted. Prof. Robert H. Richards of the Massachusetts Institute of Technology; made a short address on the subject of ore concentration. The paper on the Geology and Ore Deposits of Mojave, County, Arizona, prepared by F. C. Shrader, was presented to the meeting by the Secretary and was discussed by Allen Burris and Dr. L. D. Godshall. F. J. H. MERRILL, Secretary.

Jan 11, 1915

By Courtenay de Kalb

THE Exposed Treasure gold-mine has, for the past four years, been one of the largest producing mines of Southern California, its annual output having constituted 1 per cent of the total gold and silver production of the entire State. At the present moment the property is idle, owing to the large quantity of water encountered oil the lower levels, which will require the installation of a powerful pumping-plant before operations can be recommenced. Moreover, a prompt change in the character of the ore has occurred at water-level, which makes imperative an extensive campaign of development in the region of the unoxidized ores before a plant adapted to their treatment can be definitely decided upon. The character of the changes encountered in these deeper ores makes the geology of this deposit a matter of importance, not only for the immediate district, but for the desert region of Southern California in general, where many mines exist having in the oxidized belt conditions that, in many respects, resemble those in the Exposed Treasure mine. The deposit is situated in an apparently isolated butte about 2.5 miles south from the town of Mojave, on the Mojave desert; The butte, though apparently isolated, is in fact geologically part of an extinct volcano, known as Soledad butte, which rises out of the plain 1,5 miles SW. of the mine, to an altitude of 4,650 ft. above sea-level. Other buttes also rise from the desert plain toward the south and east, and again to the westward, all being closely related geologically to Soledad butte,-the whole constituting a single system as to origin and time. Since the end of the period of active volcanism in this region, there has been extensive denudation, the ancient plateau having been dissected during an epoch of apparently exces-

Jan 1, 1907

By Lloyd B. Underwood

Dr. Gardener, in Chapter 2, has presented a comprehensive state-of-the- art review of site investigations For tunneling. Nearly all of the techniques he discussed will also be required for future site investigations. Therefore, this chapter will be devoted to a few rather new exploration techniques plus ideas for improving some of the present-day methods. In March 1962, the first symposium on "Remote Sensing of Environment" was held at the University of Michigan.l Since that time, four additional symposiums have been held at the same University. Also, the technical Literature has recently included a number of articles on remote sensing techniques. A recent one appeared in the February 1968 issue of Materials Research and Standards.Vt was entitled "Developments in Remote Sensing Applicable to Airborne Engineering Surveys of Soils and Rocks," and was written by Dana C. Parker. Mr. Parker predicts that aerial reconnaissance will someday supplant soil augers, rock drills, surface reconnaissance, and geophysical surveys as the engineer's primary means of obtaining information about soils and rocks. He states, "The engineer wishing to survey a route or a site or to locate rock and soils suitable for construction projects will be able to push some buttons in an airplane and record all the data required for determining the relevant conditions. In a short time after he returns to earth with his rolls of film and charts, he will be able to reduce and analyze the data by partially computerized techniques and to compile a concise and comprehensive engineering report that gives all the relevant information about rocks, soil, water, and vegetation in the area he surveyed. Most important he will feel as confident with his recommendations, derived primarily from image characteristics and spectral power distributions, as his predecessors did with recommendations based on more tangible evidence obtained from drill cores and surface reconnaissance." The airborne sensors for engineering surveys of soils and rocks are those that sample some electromagnetic property of the materials that com- prise the terrain and cover its surface. In addition to cameras, these include

Jan 1, 1970

By E. N. Harshman

Uranium mining and milling are rather new industries in Wyoming and South Dakota, but, in the past 15 years, ore valued at more than $400,000,000 has been mined and milled in the region. The major uranium deposits are in structural and/ or erosional basins or on the flanks of uplifts. The principal host rocks are medium- to coarse-grained sandstones that were deposited in continental or brackish-water environments and were derived in large part from the granitic cores of the uplifts and the sedimentary rocks that flank the cores. The ages of the host rocks range from Cretaceous to Miocene, but more than 95 per cent of the known reserves in the region are in rocks of early Eocene age. The bulk of the ore in the region is unoxidized and lies below the water table; some oxidized ore has been mined in the Powder River Basin and Black Hills districts. The unoxidized ore comprises pyrite, uraninite and/ or coffinite, marcasite, hematite, jordisite(?), and selenium. Minerals in the oxidized ore include hydrous uranium carbonates, phosphates, and sulfates and hydrous uranium and/ or vanadium silicates. The deposits are in the form of ore rolls that contain from a few hundred to a few hundred thousand tons of ore, ranging in grade from 0.1 per cent to 1.0 per cent U3O8. The rolls are at the margins of large tabular bodies of sandstone that has been altered by the orebearing solutions. The deposits are believed to have resulted from the interaction of an alkaline; oxidizing, ore-bearing ground water and a reducing environment. Exploration guides include the spatial relations of ore to altered sandstone, favorable lithology in the host rock, the content of certain elements and/ or compounds in ground water, and the relation of deposits to major paleodrainages.

Jan 1, 1968

Page McGREGOR, A. G.-Features of the New Copper Smelting Plants in Arizona. Discussed by L. D. Ricketts, E. P. Mathewson 2145 HOWARD, L. O.-The Basic-Lined Converter in the Southwest. Discussed by Walter Douglas, E. P. Mathewson, Kuno Doerr 2145 SAMUEL, J. MOORE-Determination of Dust Losses at the Copper Queen Reduction Works. Discussed by Walter Douglas, E. P. Mathewson, S. J. Jennings, C. E. Arnold, A. G. McGregor, L. D. Ricketts 2148 MORSE, H. W., AND TOBELMANN, H. A.-Leaching Tests at New Cornelia. Discussed by H. W. Morse, Lawrence Addicks, G. D. Van Arsdale, S. J. Jennings, F. S. Schimerka, C. G. Grabill, F. N. Flynn, Stuart Croasdale 2151 LAIST, FREDERICK, AND ALDRICH, HAROLD W.-The 2,000-Ton Leaching Plant at Anaconda. Discussed by F. N. Flynn, E. P. Mathewson 2159 ADDICKS, LAWRENCE-Possibilities in the Wet. Treatment of Copper Concentrates. Discussed by F. N. Flynn 2160

Jan 12, 1916

State of Louisiana, Department of Conservation, Division of Minerals, 126 New Orleans Court bldg , New Orleans, La. Dr. J. A Shaw, Director The Bureau of Scientific Research of the Minerals Division has recently issued the first of a proposed series of Geological Bulletins on the geology of Louisiana, by parishes The bulletin may be had for 25 cents postage by writing to the above address: Geological Bulletin 1, Geology of Iberia Parish (1931) Other bulletins of a more general nature have been published in the past. Bulletin 13, A brief survey of the natural resources of Louisiana (1930) (revised 1931), 14, The clays of the Shreveport area (1927), 16, The clays of Monroe area (1928), 19, The clays of Alexandria area (1929). The latest (Tenth) Biennial Report of the Department of Conservation for 1930-1931, containing a review of the natural resources of the state in the report of the Division of Minerals, may be obtained on payment of 25 cents for postage

Jan 1, 1933

NEW YORK SECTION ALLEN H. ROGERS, Chairman, H. C. PARMELEE, vice-chairman, FOREST RUTHERFORD, Vice-chairman, W. S. DICKSON, Secretary, 71 BROADWAY, NEW YORK, N. Y. J. E. JOHNSON, JR. F. T. RUBIDGE, Treasurer, P. G. SPILSBURY A meeting of the New York Section was held at The Machinery Club on Friday evening, Oct. 4, 1918, The Chairman, Allen H. Rogers, presiding. The CHAIRMAN.-MOST of us, I suppose, have been affected more or less by The request of The Fuel Administration that we leave our automobiles standing in The garages on Sundays. We shall all be interested in hearing about The situation that has called forth This, request, and The Oil Administrator, Mr. Requa, has kindly come from Washington to Tell us about it. MARK L. REQUA.-I am very glad To Tell you about the oil problem during This war period. The United States is supplying by far The greater part of all The petroleum products consumed in Great Britain, France and Italy. In addition To This, we have had To supply a marked increase in our domestic consumption, not only of The refined products, but of fuel oil as well. The combination has put a strain on The oil industry, which it is very difficult To meet. The oil companies, being under contract, had no option as To who should get Their oil first, and They were delivering pro rata To everybody; manufacturers of furniture were getting oil with The same regularity as Those who were making aeroplanes or munitions, and The oil companies felt that something should be done. The first order with which I had. anything To do was The priority list for The delivery of fuel oil. That list contained 12 classifications, beginning with bunker fuel and railroads, and you will realize The complexity of The situation when you hear that munitions plants are in class 11. The priority list held during The winter, but transportation became so bad, because of The number of ships that were Taken for trans-Atlantic use, that some of The oil companies were not able To deliver more Than about 60 per cent. into class 5, and nothing beyond that point. To add To the Troubles, the Tank-car mileage fell off. The average for 1917 was about 36 miles per car per day. in January, 1918, it dropped To about 8 miles, and it must have been nearly zero in The early part. of February. Because of The extremely severe winter, furthermore, pipe lines were not delivering anywhere near Their normal capacity. A new priority list has recently been promulgated, introducing a few slight changes. Natural gas has been brought under its provisions, and it has been extended To include The Pacific Coast, which was not considered necessary last winter. The situation in The gas industry is not satisfactory; it is estimated that There will be a decrease of 10 To 20 per cent. in The quantity of natural gas available This winter, as compared with last winter.

Jan 11, 1918

NEW YORK LOCAL SECTION Executive Committee Louis D. HUNTOON, Chairman ARTHUR S. DWIGHT, Vice-Chairman THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y. E. MALTBY SHIPP, Treasurer GEORGE F. KUNZ W. DE L. BENEDICT Meeting, Jan. 16, .1914 A meeting of the New York Local Section of the American Institute of Mining Engineers was held at the Engineering Societies Building, 29 West 39th Street, New York City, Jan 16 1914 the Chairman, -L. D. Huntoon, presiding. Forty members weld present. In the absence of the Secretary, C. A. Bohn was appointed Secretary pro teen. N. H. Darton, Geologist of the U. S. Geological Survey, delivered an address on. The Occurrence of Gas in Coal, illustrated by lantern slides of charts, curves, and tables showing various features of gas occurrences. J. W. Richards, J. T. Beard, W. L. Saunders, L. D. Huntoon, and Mr. Darton participated in the discussion which followed the address. THOMAS T. READ; Secretary.

Jan 3, 1914

By Walter J. Mead

By American tradition, if not by rational decision, publicly owned natural resources have been transferred to private industry for processing. The process of transfer requires specific determination of the price which the patentee, buyer, or lessee must pay to the government in exchange for the right to develop a resource, and selection of the patentee, buyer, or lessee from among several possible contestants. Pricing of natural resources owned by the government presents a set of problems quite different from ordinary commodity pricing. Natural resources in situ are not homogeneous commodities. Within any class of natural resources, specific leasable parcels will differ in value by reason of location and accessibility, as well as quality and quantity. Thus, there is no "going price;" every lease within a specific resource class will have a different value. To complicate further the pricing and buyer selection problems, competition may not be reliable. Natural-resource markets are characterized by oligopsony conditions. In a significant number of cases, as will be shown later, there has been only one bidder for a given lease, and in most lease sales the number of bidders is equal to or less than three. As a further complication, there is great uncertainty regarding the value of specific resources, even among the best-informed buyers, as well as within the leasing agency. In some instances, particularly with regard to oil and gas resources, there may be uncertainty about the presence of resources, as well as the quantity and quality of any resources contained in the tract offered for lease. In other cases, such as oil shale and some deep ocean minerals where new technologies are involved, the presence of the resource is clearly established. There may be a relatively high degree of knowledge about the quantity and quality of the resource, but there is great uncertainty concerning the cost of production. These problems in total make it difficult for the leasing agency to appraise accurately the resource to be leased, as well as for the potential bidder to calculate a bid price that will yield him a normal profit. The pricing goal of the federal government as the seller or lessee may be to capture the economic rent; that is, the price of a resource might equal its discounted present value. A required price substantially above this amount would either generate no bids, or, in the long run, would bankrupt the buyer. A price below this amount is a disguised subsidy to the lessee. A subsidy to mineral lessees, as to any other economic interest group, as a minimum should be justified by a clear showing of net external benefits from the economic activity. In the case of timber sales by the U.S. Forest Service, the Forest Service Handbook asserts that "the aim in national forest stumpage appraisal is to determine market value,"8 and "market value" is equated to "fair market value." Regarding minerals, there is no reference in legislation or regula-

Jan 1, 1976

NEW YORK LOCAL SECTION Executive Committee L. W. FRANCIS, Chairman WILLARD S. MORSE, Vice-Chairman THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y J P. A. MOSMAN, Treasurer Louis D. HUNTOON Since the annual meeting in February, the New York Section of the Institute has held three meetings. The meeting-on March 10 was held in conjunction with the American Society of Mechanical-Engineers and the American Electrochemical Society, at the Engineering Societies Building. The papers of the evening were devoted to records of progress in the Processes for the Photographic Reproduction of Natural Colors. The speakers of the evening were F. E. Ives, one of the earlier workers in color photography, Westley Allison, C. W. Robinson, George F. Clyfton, John B. Taylor, and Henry Hess. The April meeting was held on April 22 at the Institute headquarters, and the topic for discussion was Sanitation in Mining and Metallurgical Work. The principal paper was by J. W.. Luther, chief surgeon of the New Jersey Zinc Co. This was followed by a similar paper by Charles L. Close, secretary of the Welfare and Sanitation Committee of the United States Steel Corporation, and by an account of the sanitation work done in Cuba by the Spanish-American Iron Co., which was read by the Chairman, in the absence of Charles F. Rand. Following these papers general discussion was indulged in.

Jan 6, 1914