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By Alec M. Crowell, C. H. Thigpen

Continuing the increase in production of crude oil and condensate started in 1937, the oil fields of South Arkansas reached a 13-year peak with 26,570,704 bbl. for the year 1942. The stability of the production branch of the industry in the area is demonstrated by Fig. I, which reflects the fact that although the number of producing wells in the state has declined from 3280 in 1931 to 2957 at the end of 1942, total production has continuously increased since the beginning of 1937. This is because all fields discovered since Jan. I, 1937, have observed spacing patterns up to one well to each 160 surface acres, the dual completion of wells where there is more than one producing horizon Eight new pools were brought into production in South Arkansas during 1942 (Fig. 2) They increased the state's crude oil and condensate reserve by 121,000,000 bbl., bringing the total recoverable reserve figure to 450,000,000 bbl. (Table 3) as of Jan. I, 1943. Abandonment of wells in the stripper areas of the state increased by 32 per cent over the preceding year, there having been 142 wells permanently abandoned in 1942. For economic reasons 279 wells were temporarily shut down as of Dec. 31, 1942. A price increase may start these wells to pumping again and also be the incentive toward the commencing of several secondary recovery projects in the fields discovered between 1922 and 1937. There were 149 wells brought into production in 1942 as against 119 for the

Jan 1, 1943

By C. H. Thigpen, Alec M. Crowell

Continuing the increase in production of crude oil and condensate started in 1937, the oil fields of South Arkansas reached a 13-year peak with 26,570,704 bbl. for the year 1942. The stability of the production branch of the industry in the area is demonstrated by Fig. I, which reflects the fact that although the number of producing wells in the state has declined from 3280 in 1931 to 2957 at the end of 1942, total production has continuously increased since the beginning of 1937. This is because all fields discovered since Jan. I, 1937, have observed spacing patterns up to one well to each 160 surface acres, the dual completion of wells where there is more than one producing horizon Eight new pools were brought into production in South Arkansas during 1942 (Fig. 2) They increased the state's crude oil and condensate reserve by 121,000,000 bbl., bringing the total recoverable reserve figure to 450,000,000 bbl. (Table 3) as of Jan. I, 1943. Abandonment of wells in the stripper areas of the state increased by 32 per cent over the preceding year, there having been 142 wells permanently abandoned in 1942. For economic reasons 279 wells were temporarily shut down as of Dec. 31, 1942. A price increase may start these wells to pumping again and also be the incentive toward the commencing of several secondary recovery projects in the fields discovered between 1922 and 1937. There were 149 wells brought into production in 1942 as against 119 for the

Jan 1, 1943

By C. WIFLARD HAYES

(New Haven Meeting, February, 1909.) I DESIRE to make it perfectly clear at the outset that I fully realize the hazardous nature of any attempt to estimate the quantity of iron-ore or any other mineral in the ground. I should not have had the temerity to venture upon an inventory of the iron-ore supplies of the United States except for the requirements of the Conservation Commission. During the preparation of this inventory I have been impressed by the wide diversity in estimates of those best qualified to. hold an opinion, and I am therefore prepared in advance for criticism of my figures. Inasmuch as this report was prepared in large part for unprofessional readers, I considered it necessary to classify and describe the commercial iron-ores in a somewhat elementary manner, in order to explain the reasons for the large element of uncertainty in the estimates. I have therefore given a chemical and a geological classification of iron-ores, which place the commercial deposits in six classes: (1) magmatic segregations in basic igneous rocks; (2) contact-deposits formed in connection with igneous intrusions; (3) concentration-deposits; (4) replacement-deposits; (5) bedded-deposits, and (6) gossan-deposits. The iron-ores are further distinguished under two classes available and not available. This classification is in large measure arbitrary, and it, is evident that it will vary front time to time. In the available class are placed those ores which can be worked at a profit under conditions essentially as they exist at present. Since it depends wholly on the question of costs, the various factors which affect cost will determine the classification of any particular deposit. Actual production, * Abstract of Report prepared for the Conservation Commission. t Chief Geologist, United States Geological Survey. .

Apr 1, 1909

By William B. Plank

IN my studies during the past twenty years of the enrollments in the mining and metallurgical schools of the United States and Canada, I have been struck with the great diversity in the curricula offered by these schools. In 1933 when I made my first complete study of the schools (Mining and Metallurgy, May 1934, p. 211), I discovered 19 different curricula or programs of study, leading to almost as many different bachelor degrees, in the 49 schools in the United States and the 4 schools in Canada. These were: (1) Mining Engineering, (2) Coal Mining, (3) Metal Mining, (4) General Mining, (5) Mining Administration, (6) Mining and Metallurgy, (7) Metallurgical Engineering, (8) Metallurgy, (9) Petroleum Engineering, (10) Petroleum Refining, (11) Petroleum Geology, (12) Petroleum and Natural Gas, (13) Ceramic Engineering, (14) Ceramics, (15) Geological Engineering, (16) Mining Geology, (17) Economic Geology, (18) Geo- physics, (19) Fuel Technology.

Jan 3, 1950

By AIME AIME

THE meeting of the Petroleum Division at Houston, Oct. 10-12-headquarters, Rice Hotel-was preeminently a technological success. Two hundred and twenty-five attended the Thursday morning session and approximately 200 attended the sessions on Thursday and Friday afternoons and Saturday morning. Harry Power, Chairman of the Division, in his opening remarks, credited Paul Weaver and M. Albertson, respectively chairman and vice-chairman of the local committee, with working long and prodigiously in organizing the program. The theme of the initial session was indicated by Mr. Albertson in a statement relative to the estimation of developed petroleum reserves. He said that the problem of securing more accurate estimates of developed petroleum reserves existed prior to curtailment of production. With curtailment, however, the problem became an acute one. Mr. Albertson gave some of the more important reasons for this situation. Since the decline-curve method became inapplicable, the volumetric method has become the chief one used. It depends on the factors of productive formation volume, porosity, saturation, and recovery. He briefly discussed the factors necessary for application of the volumetric method. P. P. Gregory discussed the estimation of petroleum reserves in prorated lime¬stone fields (see his paper in the October

Jan 1, 1935

By George W. Doffing

Numerous contradictory statements have been made in the past regarding the importance of the seasonal influence of demand for motor fuel on prices of oil securities. It has often been said that the time to buy oil securities is in the spring, or just prior to the heavy consuming season for gasoline. The fallacy of this argument is brought out in the following paragraphs. Seasonality of Oil-security Prices The indexes used in this paper as indicators of prices of oil securities and general industrials are those compiled by Standard Statistics Co. The oil producing and refining stock index includes 14 representative petroleum companies, while the all-industrials index is made up of 347 issues. All figures are stated as relatives, with 1926 = 100. The primary basis of the index, and one that gives a good weighting of the relative importance of the company within the industry, is the total market value of the stock issue outstanding; i.e., the market price times the number of shares outstanding. Adjustments are made for the addition or elimination of issues from the group index, for stock dividends, split-ups, stock rights, et cetera. At the present time the oil producing and refining index includes the following companies: Atlantic Refining Co., Consolidated Oil Corporation, Continental Oil Co., Gulf Oil Corporation, Humble Oil & Refining Co., Ohio Oil Co., Royal Dutch Co., Shell Union Oil Corporation, Socony-Vacuum Oil Co., Standard Oil Company of California, Standard Oil Co. (Indiana), Standard Oil Co. (New Jersey), Texas Corporation, Union Oil Company of California. In calculating the seasonal for oil-security prices several periods have been selected as indicat,ive of major changes in the industry, as follows: 1. 1918 through 1936. This gives an over-all picture of the industry during the motor-vehicle, motor-fuel era. 2. 1927 through 1936. This period includes the control stages, both voluntary and coercive. 3. 1927 to September, 1933. This is the pre-code period of control.

Jan 1, 1937

By AIME AIME

The American Society of Mechanical Engineers.-The semi-annual meeting of the American Society of Mechanical Engineers will be held in Detroit, Mich., June 23-26. A session will be devoted to hoisting- and conveying-machinery; and many other subjects will be treated in professional papers, among which are . Clutches (with special reference to automobile clutches); The Thermal Properties of Superheated Steam; The Horse-Power, Friction-Losses, and Efficiency of Gas- and Oil-Engines; A Journal-Friction Measuring-Machine; A Simple Method of Checking Conical Pistons for Stress, and The By-Product Coke-Oven. The usual receptions will be held and excursions will be made to manufacturing plants, the slip-building yards, and various points of interest in and around Detroit. Among the excursions' planned is one to the University of Michigan at Ann Arbor. The Gas-Power Section of the Society will hold a session, and the Society for the Promotion of Engineering Education and the Society of Automobile Engineers will hold meet-

Jan 5, 1908

By Charles T. Baroch, Charles J. Baroch

Nuclear energy probably has greater potentialities for changing the world's way of life than any other recent discovery. The atomic-bomb bursts over Hiroshima and Nagasaki suddenly changed the concepts of war. Peaceful uses of nuclear energy are advancing so rapidly that no study of economic trends is complete without giving them consideration. The minerals specialist, especially, must be aware of this new force in our lives, as minerals and metals are essential in harnessing the new force, and atomic energy itself is rapidly improving its competitive position in the energy field. Future historians may chronicle December 2, 1942, as the beginning of the Atomic Age. On that day Enrico Fermi and his co-workers at the University of Chicago produced and controlled the first self-sustaining nuclear chain reaction. Lie many inventions, the first application of nuclear energy was as a weapon of war. However, its potential usefulness in man's work and welfare far outweighs in economic importance its destructive use in war, unless its military effect would be considered so great and all-embracing that no major power will hereafter chance a world conflict. Recognition of this potential has generated a vast international effort to exploit the atom for peaceful beneficent purposes. Like its physical manifestation, the advent of nuclear energy has unleashed chain reactions that have pervaded the political, social, and economic environments of the world. The impact of nuclear developments in one of many fields is exemplified by the uranium mining industry. Uranium was discovered in 1789 and in the next century and a half it found only an insignificant use as a ceramic coloring agent; in fact, in the latter part of that period, it was a largely unsalable by-product of the radium and vanadium industries. Up to 1940 the total quantity of uranium metal produced was not more than a few grams, of doubtful purity. Thus the production of 12,400 pounds of pure

Jan 1, 1964

By Maurice L. Pinel, Thomas T. Read, Thomas A. Wright

THE erroneous, but until recently widely prevalent, belief that iron castings were first made in Europe in the fourteenth century has been adequately refuted in a number of earlier papers;1,11,12 but except for an unpublished metallographic study by the late William Campbell, and a phosphorus analysis by T. A. Wright of the metal of the Han dynasty cast-iron stove described by Laufer,2 nothing was known of either the chemical composition or the metallographic structure of the metal of any ancient iron casting, although data on castings of recent manufacture are abundantly available. The metal of the stove, which had been buried in a grave for at least 15 centuries, was so corroded that it seemed inadvisable to publish the results on it until more and better specimens from other ancient castings could be obtained. During a journey through China, extending from Peking in the north to Canton in the south and Cheng-tu, Ssu-chuan, in the west, in the late summer and autumn of 1936, one of us (T. T. Read) was fortunate enough to obtain, and bring home for study, nine castings, all more than 1000 years old, of which the date of manufacture is precisely known because of inscriptions cast in them, another that lacks a dated inscription, but of which the date, as explained below, can be otherwise established, and a specimen from the largest iron casting ever made," which is also dated. The period covered by this suite of specimens extends from 502 to 1093 A.D. In addition, a sample was obtained from a casting of date unknown, but which was certainly cast before 1000 A.D. and possibly as early as the third century A.D. A detailed description of these specimens is as follows: 1. 502 A.D. A pair (right and left) of recumbent lions (Fig. 1). Base 7 ¼ by 14 3/8 in., height over-all 5 ½ in., weight 26 lb. each. The translation of the inscription on the base is: "Made on the twenty-fourth day of the seventh month of the third year of Ching Ming of Great Wei" (Sept. 11, 502 A.D.).

Jan 1, 1938

By William E. Ford, Edward Salisbury Dana

1. Normal Class (25) Barite Type 2. Hemimorphic Class (26) Calamine Type 3. Sphenoidal Class (27) Epsomite Type Mathematical Relations of the Orthorhombic System Crystallographic Axes. - The orthmhombic system includes all the forms which are referred to three axes at right angles to each other, all of different lengths. 296 Any one of the three axes may be taken as the vertical axis, c. Of the two horizontal axes the longer is always taken as the b or macro-axis * and when orientated is parallel to the observer. The a or brachy-axis is the shorter of the two horizontal axes and is perpendicular to the observer. The length of the b axis is taken as unity and the lengths of the other axes are expressed in terms of it. The axial ratio for barite, for instance, is a : b : c = 0'815 : 10 : 131. Fig. 296 shows the crystallographic axes for barite.

Jan 1, 1922

By AIME AIME

FEATURES of the second fall meeting of the Petroleum Division for 1941, held at the Ambassador Hotel, Los Angeles, Oct. 29-30, were the forum on the Paloma Plan on Thursday after- noon, the large attendance from east of the Rockies, and the dinner on Wednesday evening sponsored by the Southern California Section and at which President Suman spoke on the strategic minerals and metals situation. The attendance was large and the technical fare uniformly good ; the presiding officers had the proceedings well in hand at all times and kept things humming. Some- times it was necessary to taper off the discussion because of pressure on time. All this was due to careful groundwork before the respective sessions. These presiding officers deserve citation: L. W. Huebel, Howard Pyle, E. K. Parks, Carlton Beal, E. G. Trostel. R. W. French, Jr., John Dodge, and H. N. Marsh. The Los Angeles local commit- tees and the Southern California Section deserve much credit for the arrangements, which were recognized by suitable resolutions at the end of the meeting.

Jan 1, 1941

The accompanying sketch shows the interesting position of Salt Lake City with reference to Western mining areas and justifies its title "The Center of Western Mining." In the last twenty years, the area embraced within a circle of 600 miles radius with Salt Lake City as its center has produced 79.87% of the gold, 91.9% of the Silver, 77.47% of the copper, 53.61% of the lead and 26.55% of the zinc produced in the United States, including Alaska. This area also contains the greatest coal deposits of the continent, some of the greatest oil deposits, great iron deposits and many other important mineral resources. The 600-mile circle contained 69% of the active operators of other than coal mines and 40% of the men employed in mines other than coal mines of the United States, including Alaska, for the four-year period ended with 1923.

Jan 1, 1925

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 David, Cole

THE years 1914-15-16 were a pioneering period in mining, milling, and copper metallurgy generally. It was uncertain just what path the crushing, grinding, and concentrating processes would take. This situation was quite embarrassing to the directors of some of our large porphyry properties, then being equipped for production. Inspiration had already made several designs for its proposed 15,000-ton concentrator, incorporating in them the latest devices developed in the art of gravity concentration, only to have the work vitiated by the rapid march of events. In a little improvised plant, built on ground that is now in the crater of subsidence over the Inspiration- Miami orebodies, flotation was being experimentally ' applied to Inspiration ore by Minerals Separation engineers in 1914, with results indicating that this process would be of major importance in the concentration of the sulfides. How best to apply it, and especially how to crush and grind the ore to the very much finer sizes required for the new process, was a serious question, properly to be answered only by doing it, in full- sized machines, under regular 'operating conditions.

Jan 1, 1931

The Industrial Minerals Division met jointly with the Materials and Equipment Division of the American Ceramic Society at State College, Pa, Sept 24-26 Headquarters were at the Nittany Lion Inn Thurs- day afternoon was devoted to a tour of inspection of the Bell Mine, American Lime and Stone Co , Bellefonte, Pa The party returned to State College for dinner and in the evening the Division's executive committee held a brief session There were four technical sessions Friday morning, Mining, afternoon, Beneficiation, Saturday morning, Industrial Minerals and Beneficiation There was an informal banquet at the Nittany Lion Inn Friday night with 93 present Edward Steidle was toastmaster Brief talks were made by President F C Flint and Secretary Ross Purdy, of the American Ceramic Society, Oliver Bowles, Chairman, Industrial Minerals Division, Adrian Morse, assistant to the president, Pennsylvania State College, and George Otis Smith, past president A I R'I E

Jan 1, 1937

On Sept. 22 to 26, the Institute will hold its 120th meeting in Chicago. The program arranged provides for technical sessions on: Mine Taxation, Non-ferrous Metallography, Coal and Gas, Milling, Oil, Industrial Organization, Geology, Non-ferrous Metallurgy, Mining and Local Resources, Iron and Steel, Symposium on Sulfur Coals, Symposium on Pyrometry. Inspection trips have been arranged to: Gary Steel Plant. La Salle District: Zinc smelters, coal mines, cement works, America's first permanganate plant, many varied industries, scenic trips. North Chicago and Milwaukee: Mining-machinery manufacturing plants, tungsten and molybdenum reduction plants. East Chicago and Whiting: Lead refinery, oil refinery. Franklin and McCoupin: Coal fields. Chicago: Nearly every kind of metallurgical and manufacturing industry. MONDAY, SEPT. 22d Morning Registration, Non-ferrous Metallurgy, Coal and Gas. Afternoon Coal and Gas Milling Industrial Geology, etc. Evening Smoker. TUESDAY Morning Gary. Afternoon Gary. Iron and Steel. Evening Oil, Iron and Steel.

Jan 9, 1919

By Grover R. Castle

INTRODUCTION "Project Financing" or "Project Loans" have become increasingly popular in recent years, and commercial banks are being asked to consider more and more of such financing. However, the analysis of this type of loan is quite different from the analysis of a loan to a financially sound corporation based on the company's balance sheet. For this reason Chemical Bank did a study of project loans in an attempt to be more sophisticated in our approach to them. As part of this study, we examined 29 project financings for which information was available. In this article I shall describe project loans and set forth the guidelines we developed, as an aid to credit officers who might have occasion to analyse this type of financing. DEFINITION OF "PROJECT FINANCING" OR "PROJECT LOAN" The terms "project financing" and "project loan" commonly describe the various methods that banks and institutional lenders use to finance the construction of new projects on a basis whereby payout is anticipated from the revenue stream generated by the project. A project financing often involves a loan to a new entity formed specifically to own the project. The analysis of a project loan proposal is quite different from the analysis of other term-loan proposals since it involves a credit decision based on the review of a projection or forecast rather than of historical earnings and/or it involves the reliance on contractual obligations of third parties. Lenders are asked to assume the added risks associated with project loans because: 1. Project financing may permit a company to obtain additional leverage. It is possible for companies to arrange financing on a project basis that could not be arranged as a direct borrowing. For example, a company may not be permitted to borrow more money directly, due to a limitation in a bond indenture. However, a project financing can sometimes be negotiated on a basis not prohibited by the indenture. 2. Often the sponsors of, or the stockholders in, the project are seeking an off-balance-sheet financing. For example, 11 of the 29 projects in our study were arranged on an off-balance-sheet basis and one showed on the balance sheet as a deferred income item. An off-balance-sheet financing, for the purpose of this article, is a financing which does not show as a direct liability on the balance sheet of the sponsors of or stockholders in a project. 3. Projects are often located in a foreign country. The financing is arranged so that the lenders assume the political risk on the loan because many companies rightly believe that this arrangement affords a degree of insulation from political risk not otherwise obtainable. 4. Many projects are jointly owned by several sponsors. This form of financing lends itself well to a situation where a new entity is formed to own a project and do the borrowing. Project loans can be used to finance a variety of activities including development of iron-ore deposits and associated pelletizing plants; development of coal reserves; construction of pipelines, alumina plants, fertilizer plants and refineries; etc. The specific areas of analysis can be quite different, depending upon the type of project being financed. It is important, therefore, to classify the proposal according to the type of project, and also by the nature of the financing - nonrecourse financing, financing covered by a guarantee of completion and financing supported by an undertaking lasting for the life of the financing. I will discuss each of these types in more detail later, but first, I should like to make some

Jan 1, 1985

Charles Catlett, Staunton, Va. (communication to the Secretary*):—Mr. Chance's suggestions that the brown hematite-ores of the Potsdam formation are due to the alteration in place of iron sulphide, and that their extension may reasonably he expected to contain valuable deposits of unaltered sulphide, are interesting; hut the facts marshaled by him are too limited

Jan 1, 1909

By W. J. O'CONNOR

THE production of lead in the United States for the period from 1720 to 1912 was 10,432,668 tons valued at $924,600,000. The average price during this period was 4.4c. a pound, although lead sold at times below 3 cents. We know that in the early days of lead smelting in Montana lead was deliberately lost in the slag and only enough reduced as bullion to collect the silver. This bullion was freighted by ox team to Corinne, Utah, the terminus of the railroad at that time, and shipped to Swansea or Omaha, Neb., for refining. The slag from some of the above mentioned operations contained as much as 15 per cent lead and has since been resmelted. Since 1921 the production of lead has increased each year and the price and tonnage have been as follows :

Jan 1, 1926

NEARLY one hundred members of the Mining and Metallurgical Society of America and friends of Professor Peele met at dinner at the Aldine Club, New York, on the evening of April 26, to take part in the ceremonies attending the presentation of the Society's annual gold medal. This had been awarded to Professor Peele by the Society in recognition of his laborious and painstaking work as Editor-in-chief of the monu-mental "Mining Engi-neers' Handbook. Carl A. Meissner acted as toastmaster. W. Y. Westervelt, a student and lifelong asso-ciate of Professor Peele, then recounted some of his friend's early exploits, be-ginning with his mining adventures in the paternal cellar, whereby the neces-sity for adequate ventilation was indelibly impressed on his mind. Graduating from the Columbia School of Mines in 1883, Robert Peele for several years followed the typical mining career, as assayer and superinten-dentatan outlying Colorado mine; mill foreman and assistant superintendent of the Silver King, in Ari-zona; in charge of a mine at Fairplay, Colo.; and superintendent for the Ore-gon Gold Mines Co., at Cornucopia. At intervals during this experience, he spent parts of four years on two mineral investigations m in Peru, Bolivia, Colombia, and Dutch Guiana. He i was called to Columbia as Adjunct Professor of Mining in 1892, and became Professor in 1904. During his sabattical leave in 1903 he travelled around the world, r stopping at some of the most important mining cen-ters, and in 1910 he renewed his acquaintance with South Africa and South America.

Jan 6, 1923