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By R. L. Whiting, H. J. Ramey

The basic study from which this paper was prepared was started as the result of the growing need throughout the world for increasing quantities of energy in all forms. Quite obviously, natural forms of energy that are readily available at low development cost are those in greatest demand. The underdeveloped countries — and particularly those having little or no petroleum resources — are the countries in which the most interest is being shown in the newer energy sources. One of the least expensive energy sources is natural geothermal steam.'-* Although this form of energy has been recognized for centuries, it has been only during the past 20 years that serious efforts have been made to harness it. Natural geothermal steam energy in Italy, New Zealand, Mexico, Japan, and California is now being produced through wells to drive turbines and generate electricity. Further, active exploration for natural geothermal steam is being conducted in Hawaii, Fiji, Taiwan, Chile, Russia, Greece, and Katanga. It is surprising to find that most geothermal steam exploration is in the "steam seep" stage. That is, surface studies are made and exploratory wells are drilled in the general area of steam seeps. However, in the larger geothermal steam areas, there have been efforts to apply the most modern geological and reservoir engineering principles in order to define the reservoir parameters, particularly those relating to estimates of reserves and future productivity. This paper is concerned with the development of appropriate equations and techniques to facilitate these estimates. Production of natural steam or hot water presents problems different from those experienced in the production of oil and gas. For example, steam or hot water systems may be essentially single-component systems, while hydrocarbon systems are most frequently multicomponent fluid systems. Heat effects are much larger for water than for hydrocarbon systems; and the natural steam production may or may not be isothermal, while production of petroleum reservoirs is considered normally to be isothermal. Petroleum reservoir engineering principles may be applied to natural steam or hot water reservoirs if the inherent differences in the systems are considered. The basic considerations involved in geothermal steam reservoir engineering are: thermodynamics, physical and thermal properties of water, materials and energy balances, fluid influx, and performance matching and predicting. Thermodynamics Fig. 1 is a pressure-temperature diagram for the liquid-vapor region for pure water, showing the critical point and five other points representing possible initial conditions for a geothermal steam reservoir. To generate a physical appreciation for the mechanics of natural steam production, it is helpful to consider

Jan 1, 1970

By Charles W. Merrill

Obsolescence in the mineral world is virtually nonexistent if the term is taken to mean that a mineral commodity, once established in commerce and industry, subsequently has fallen into disuse. We are living in an age of minerals. Each generation puts an increasing array of mineral-based commodities, in larger quantities, to more uses than ever before. Bastnasite, a museum mineral and a collector's item a few years ago, is now produced in quantity at Mountain Pass, Calif. Uranium, a minor byproduct of vanadium mining in the Rocky Mountain plateau area before World War 11, has grown to be a leading mineral product in several western States. And finally the total quantity and value of minerals both in the United States and in the World establish new records almost yearly. Surely the mineral industry as a whole is not obsolescent in our economy. Nevertheless, there are particular uses for particular minerals that are obsolescent and some applications have been supplanted entirely. Tin does not occupy the prominent place in foil manufacture that it once did, and the schoolboy's slate left most classrooms before the oldest of us were born.

Jan 9, 1964

By AIME AIME

EDWIN W. KEMMERER, professor of international finance at Princeton, in a speech before a banking conference at Urbana, Ill., on Nov. 26, stated that the increase in the store of gold held by the United States is not so alarming as it appears on the surface. Excerpts from his address, as reported by The New York Times, follow: "It is significant . . . that the value of gold as expressed in its purchasing power in the United States during the last half-dozen years has been higher than at any other equivalent period since our records began 140 years ago. Our so-called 59-cent dollar today buys about 25 per cent more goods at wholesale than did our old dollar in the prosperous year 1926, and an ounce of gold will now buy considerably more than twice what it did then. This present high value of gold is one reason for its recent large production.

Jan 1, 1941

By R. C. Earlougher

Jan 1, 1970

By R. C. FLEMING

MINING rock asphalt for use as a paving material is an industry which has grown with the spread of the good roads movement. "Mineral Industry During 1930" reports asphaltic pavements constructed, including maintenance and repair but excluding pavement constructed with road-oil, cut-back or emulsified asphalt, as grown from 23 million square yards in 1911 to a high of 144 million in 1927. In 1930 the same source reports 106 million square yards of such paving laid and, in that year, 664,871 tons of native rock asphalt were so utilized. Many states contain rock asphalt deposits of greater or less importance but in only a few places are the de¬posits being mined commercially. In the year cited Ken¬tucky produced 305,024 tons of bituminous sandstone, Texas 270,138 tons, mostly bituminous limestone, while Alabama, Oklahoma, California and Utah produced 89,709 tons of bituminous rock for road construction. In addition Utah produced 37,906 tons of the purer asphaltic products, gilsonite, wurtzilite and ozokerite, for other uses. Speaking generally, the rock asphalt is a sandstone or limestone naturally impregnated with asphalt to an extent that makes it an ideal road surfacing material without mixing or treatment other than crushing. The asphalt content of the commercial product runs 8 to 12 per cent.

Jan 1, 1933

By W. F. Boericke

WORLD production of silver in 1929 totaled 256 million ounces. In 1928 production was 258 million ounces, and in 1927, 254 million ounces. With an actual decrease in the amount of silver produced last year, as compared with 1928, and an increase over 1927 of less than one per cent, obviously there has been no overproduction of the metal in the popular sense. But the price of silver tells a different story. For 1927, the average quotation was 56.37 cents; it was 58.17 in 1928, and 53.0 in 1929. During the last year it reached a high point of 57 cents in January, and fell steadily, without interruption to the downward trend, to a low of 47 cents in December. Since then it has dropped to an all time low of 43 cents on February 6.

Jan 1, 1930

By J. L. Christie, R. H. Leach

SO much has been written recently about the use of silver to replace scarce metals that certain facts about silver and its uses should be of interest. Figures for the production and use of silver, taken from the Handy & Harman annual reviews of the silver market, are given in Table 1. It will be seen that the rate of production has remained fairly constant and has been affected in recent years by the production of base metals, of which silver is a by-product. In each of the years 1937, 1938, and 1939, the U.S. Government acquisitions alone exceeded the entire world production, the difference, of course, being made up by imports of previously accumulated stocks. In 1940 and 1941 the U. S. Government acquisitions plus the United States and Canadian uses in the arts and industries exceeded the Western Hemisphere production. The U.S. Government pays a premium price for silver newly mined in the United States, at present 71.11c. compared with the price of 35'/8c. for foreign silver, with the result that the current U. S. production is not used commercially for the arts and industries. At the time this is written (June 1942) there is much uncertainty as to the future effect of this situation.

Jan 1, 1942

By G. P. Halliwell, C. R. Austin

The investigation described in this paper deals with the development of high-temperature alloys of the Konel series over a considerable period of time at t,he Research Laboratories of the Westinghouse Electric and Manufacturing Co. The word ''Konel" has been coined to designate a class of alloys which are essentially nickel-cobalt-iron with other elements added, usually in small quantities. Most of these alloys contain titanium, usually about 2.5 per cent. The main consideration related to strength at high temperatures but the thermionic characteristics of the alloys was also of considerable importance. It is, however, with the mechanical properties at elevated temperatures that we are herein concerned. Much attention has also been devoted to their age-hardening characteristics. There is little need to stress the utilitarian aspect of this subject, as it has been discussed frequently. Alloys exhibiting superior properties at normal or elevated temperatures rapidly find many suitable applications. There may be some question, however, as to what constitutes a "superior alloy," or an alloy that may have good service possibilities at high temperatures. The problem is complex and various means have been employed to predict the useful life that may be expected of a material. In recent years the "creep limitJ' has been used as the best means of evaluation. Such tests necessarily are prolonged and hence collection of data is very slow. In a general survey of many alloys therefore the creep test is not desirable and recourse must be had to much shorter time tests in order more rapidly to select alloys which appear to show promise. For this reason the present survey has been made using the high-temperature tensile test and a bend test developed by Howard Scott.' In the tensile test the conditions have been standardized for all tests, so that values obtained are at least comparable, one alloy with another, although the absolute values recorded merely indicate the mechanical properties at the given temperature under a definite rate of loading.

Jan 1, 1932

[JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Montieello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 210 La Arcada Bldg. Santa Barbara, Calif.]

Jan 1, 1952

JAMES A. BARR Consulting Engineer Mt. Pleasant; Tennessee Washington, D.C. BEHRE DOLBEAR G COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4. N. Y. BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia LENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 210 La Arcada Bldg. Santa Barbara, Calif.

Jan 1, 1952

JAMES A. BARR Consulting Engineer Mt. Pleasant. Tennessee Washington. D.C. BEHRE DOLBEAR G COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 210 La Arcada Bldg. Santa Barbara, Callf.

Jan 1, 1952

By CHARLES R. KETES

I. INTRODUCTORY. INDUSTRIALLY, the most important service that geological science can now render to mining in the Upper Mississippi leadand zinc-fields is to devise some practical scheme whereby the productive ore-belts may be located with greater certainty than they have been in the past. Up to the present time there has been little service of this kind, and in spite of all that has been worked out concerning the geologic features of the region, and notwithstanding all that has been written about these ore-deposits, this particular phase of the subject has been, for some reason or other, the very one that has received the least consideration. The neglect by geologists in this respect has been all but complete. The following notes are suggestive of some practical solutions to the problems presented. As here suggested, the geologic relationships of the ore-bodies were surmised some years ago, though somewhat vaguely perhaps. No opportunity for securing critical data appeared until recent investigations of a private character were undertaken, which bad in view the extensive prospecting of undeveloped areas. Fresh from rather wide experiences of a decade in the principal mining-regions of four continents, and after a lenstrum's residence among the chief mining-camps of the West and of Mexico, under conditions which measured geologic hypotheses in meters and rigidly tested their values in, terms of dollars, the recent return to the Joplin field and a new survey of its ore-conditions were fraught with somewhat unexpected results. Aspects of the ore-deposition were presented of which previously there was no hint. Ten years' absence from the district had tended greatly to clarify former hazy impressions. It enabled many features, then only dimly outlined, to be considered more nearly in their true perspective and in their real relationships to their surroundings. It permitted a great mass of details collected a dozen years before in connection with the work of the Missouri Geological Survey to be viewed under new light and to

Feb 1, 1909

By R. W. Raymond

THE sudden death of Dr. Drown, on Nov. 17, 1904, brought to multitudes the pang of personal loss. Of all those who, as students at Lafayette College, the Massachusetts Institute of Technology and Lehigh University, were brought under his influence, not one can have forgotten him, and all will now acknowledge, with an unfading gratitude, what they owe in professional equipment to his wise, clear, skillful guidance, and in character to his sympathetic, stimulating personality. Outside of this wide circle, the experts of both hemispheres will lament the departure of one who, in his department of scientific inves¬tigation, both knew what work was needed, and how to do it so that it needed not to be done again. The older members of the American Institute of Mining Engineers will remember with gratitude the part he took, as Secretary from 1873 to 1884, in promoting the interest of that organization, and in shaping the plan and policy which it has followed with such noteworthy success. And, in addition to all these (though partly included among them), there are a host of friends; who can scarcely think of the public loss by reason of their own. Thomas Messenger Drown was born March 19, 1842, at Phil¬adelphia, Pa. His parents were natives of New England; and. he was the youngest of their three sons. He received his preliminary education in the public schools and the High School of Philadelphia, from which he was graduated in 1859. Be-

Jul 1, 1905

By Samuel Hoyt

SOME of the more important properties of finished materials are strength, ductility, toughness, resistance to alternating and repeated stresses, etc: Of these, the property that appears to have received the least consideration, at least in this country, is toughness, which is clue, possibly, to our regarding toughness as a qualitative property or, at any rate, as one that, parallels ductility. This arises out of our greater experience with the simple carbon steels in the rolled or forged (non-heat-treated) condition which, qualitatively, are tough if ductile and are not tough if brittle. In this way we have erroneously become, accustomed to judging the toughness of a material from its behavior in the tensile or similar test. The point of view presented in the present paper is that toughness, like hardness or tensile strength, should be regarded as an independent property and of sufficient importance to require, in so far as that may be possible, quantitative determinations. If such be true, it becomes at once necessary to devise experimental means for measuring, or valuating toughness, and the notched-bar impact test (the Charpy test) is advanced as the most logical test that has so far been developed for this purpose. It is further advanced, with particular emphasis, that we have two kinds of toughness to deal with and, accordingly, they will be dealt with independently. CLASSIFICATION OF MATERIALS ACCORDING TO TOUGHNESS Toughness has been defined somewhat as follows: Tough materials are those that offer considerable resistance to permanent deformation but which, once such resistance has been overcome, may' be deformed plastically, but only by the expenditure of considerable energy. In other words; tough materials may be deformed plastically but they absorb a considerable amount of work in the process. This kind of toughness may be called "static" toughness when the rate of loading is reasonably slow or "dynamic" toughness when the rate of loading is

Jan 2, 1919

By D. K. MACKAY

The production of oil and gas in Arkansas is confined to two distinct and widely separated regions of the state; namely: (1) South Arkansas in the Gulf coastal plain, where 49 fields-many containing two or more reservoirs or pools-yield oil, condensate and gas from beds in the Cretaceous and Jurassic, and (2) Northwest Arkansas, a part of the Arkansas Valley, where only dry gas is produced in 21 fields from sandstones of Pennsylvanian age. Exploration during the year 1945 centered largely in these two producing regions, but some of the geophysical surveys were made and wildcat drilling was done a considerable distance outside these regions.

Jan 1, 1946

By TSUYEE PEI

I FEEL greatly honored and appreciate this opportunity to be able to say a few words about that rather perplexing subject, silver. The constant decline in the price of this metal has now reached the stage where it is of much concern and the cause of serious discussion among the leading financiers, economists, and statesmen of the world. Further- more, it is significant that this subject is so important that almost every day one can read articles pertaining to it in the newspapers and trade publications. Being essentially a banker, and not an economist, I do not claim to be an authority on the silver question. These remarks are merely some of my observations in, regard to the many puzzles which-I came across in my recent studies of this very important question.

Jan 1, 1931

By P. B. Baxendell

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

By John Mathews

IT is a great honor to be asked by. the Board of Directors of this Institute to deliver the Henry Marion Howe lecture. The invitation carries with it a great responsibility, which I accept with considerable hesitation and with a feeling of unworthiness to perform the duties expected of me in this hour devoted to the memory of the life, character, and work of the late Professor Howe. Many of you recall the scholarly address delivered here a year ago by Prof. Albert Sauveur, and the beautiful tribute he paid-to his friend and colleague of many years in the great work of changing the art of iron making into the science of iron. My association with Professor Howe, was of brief duration-only one year-and the relation was that of pupil to teacher. My feeling toward him in later years was always that of a humble disciple at the feet of a master. He attained his third academic degree in the year that I was born. I recall the pride I felt when, after entering the, steel industry, I received from him, from time to time, letters asking for information or, perchance, asking my opinion, and he was always most punctilious in acknowledging the source of such bits of information in his writings. It was also my good fortune to sit at the feet of another great teacher-Sir William Roberts-Austen, at the Royal School of Mines. I mention him because his name was used by Osmond in coining the word "austenite," which is the subject of this address, and Osmond's suggestion was heartily approved by Howe. These three international metallurgists were the best of friends and delighted to honor the achievements of one another. There are other reasons for mentioning Roberts-Austen at this time. It was an introduction from Howe that opened to me the door of his -laboratory as well as of his heart. It was while at Roberts-Austen's laboratory that I .worked side by side with William Campbell

Jan 4, 1925

By M. R. Pickus, I. W. Pickus

ORDINARILY age-hardening is thought of as being associated with a limited solubility of one metal in another. Much less has been written about the type of age-hardening that attends the formation of superstructures. Solid solutions generally have a disordered or random arrangement of atoms; that is to say, in a unit cell, such as that of the face-centered cubic lattice, there is no distinction between atomic sites. Atoms of a given metal may occupy cube corners or face centers. Under certain conditions, however, some alloys develop what is known as an ordered structure. In this case, cube corners would be occupied by only one type of atom and face centers by another type, Associated with this ordering process are many interesting changes in physical and electrical properties. Moreover, in many instances the alloys become susceptible to age-hardening. From the evidence now to be described, it appears that age-hardening in 14-carat gold alloys is due to the formation of both a super-structure and a precipitate. Alloys of the metals gold, silver and copper were known in antiquity. The available knowledge regarding their constitution has been ably summarized and extended by Sterner-Rainer,1 Janecke,2 Carter,3 Wise,4 and Coleman.5 Despite the long familiarity with these alloys and the numerous investigations of their properties that have been made, there is still much that remains unexplained. It has been known for a long time that the hardness of these alloys is closely related to the rate of cooling, Similar changes have been observed in the binary gold-copper system,6 one alloy of which corresponding to the formula Cu3Au, has been the subject of a careful and competent report by the English investigators, Sykes and Evans.7 They have established the fact that the shift of atoms from the ordered to the disordered condition takes place in some critical temperature range. At temperatures above the critical range the structure is random, and at temperatures below it the structure is ordered. No difference between these two structures is revealed by the microscope. Both have a face-centered cubic lattice and complete solubility, so that there is no evidence to suggest that the changes in properties are associated with a phase change, The more slowly the alloy is cooled, the higher is the degree to which the ordering process proceeds and the more marked is the increase in hardness. As experimental data were accumulated on 14-carat gold alloys, several contradictions arose. Certain observations tended to confirm the existence of a superstructure, while other observations seemed to be inconsistent with such a transformation. PRESENT INVESTIGATION As a focal point about which to develop this subject, it is expedient to consider first

Jan 1, 1943

By C. H. Mathewson

CONSIDERABLE progress has been made during the last few years in analyzing the action of plastic deformation in metallic crystals. This is due largely to the development of X-ray spectrographic methods for studying changes in the orientation of single crystals, or of conglomerates, as they occur during the process of plastic deformation, but partly to the widespread knowledge of suitable technique for preparing large (single or variously combined) crystals for direct crystallographic observation under stress or in various conditions of strain. These two methods of studying changes in the crystalline structure of metals may of course be used in conjunction with features of mutual support, but unfortunately the advantage of direct crystallographic observation is lost when we proceed to the study of severely cold-worked structures, owing to the occurrence of real or apparent crystalline discontinuities which become more and more complicated as the amount of plastic action increases. Furthermore, the X-ray methods do not appear to be adequate, at least in their present stage of development, to fix definitely the character of structural alteration in the parent crystal lattice by plastic deformation. The principal question at issue concerns the nature of the crystalline particles that remain after plastic deformation. These are generally known in our American metallurgical literature as crystalline fragments,' and they seem, indeed, to diffract as individuals causing the Hull pattern of a severely cold-worked metal to resemble the pattern of a fine powder,2 with certain features of preferred orientation among the particles deter- mined by the manner and intensity of cold working. We must freely concede that there are conceptions of lattice alteration, apart from that of simple fragmentation, which would account for an increasing number of lattice positions according to X-ray spectrographic observation as the degree of deformation increased.

Jan 1, 1927