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By O. C. Wheeler

In order that the series of reports on oil and gas in Colombia may be complete, the report for the year 1941, which was not available for Volume 160 of the TRANSACTIONS, is given here. The report for 1945 begins on page 4o6.

Jan 1, 1946

By Charles T. Holland

IN connection with the problems of bumps in coal mines, much has been written concerning the manner in which roof action and methods of mining enter [ ] into the pressure effects observed but little has been written upon the relationship between the physical properties of coal and associated rocks and the cause of bumps. The question of the strength of bituminous coal, of its elasticity, and the energy it can absorb and store has been neglected to a considerable extent in connection with this problem. STRENGTH OF COAL It is generally agreed that one of the necessary conditions for bumps is a strong [ ] coal.1 Therefore, since the strength of coal is an important factor, a study of this property should be made. Several investigators have conducted laboratory experiments upon the strength of coal, using small cubical or rectangular test pieces. An attempt will not be made to go into all of these investigations, but they are briefly summarized in Table I. Experiments of the U. S. Bureau of Mines8 and of Lawall and Holland (pp. 27 and 34 of ref. 9), however, indicate that regardless of whether the coal is a soft and weak semibituminous (Pocahontas No. 3) or a hard and strong bituminous (Stockton) coal, the maximum ultimate unit stress developed in laboratory tests is higher in small cubes than in larger cubes of the same coal.

Jan 1, 1942

By Ove Sandberg, Olav Bowitz

The operational characteristics of the Soderberg vertical spike anode are briefly discussed stressing the importance of the flow properties of paste in the fluid zone, the thermal shrinkage in the carbonizing zone, and the surface disintegration in the consumption zone. The requirements for paste recipe and binder quality are combined with design and operation of cell. A low temperature susceptibility of viscosity and low thermal shrinkage of paste together with a low microporosity of the binder coke are important properties. PRACTICAL application of Soderberg's idea of a selfbaking carbon electrode proved successful just before 1920. Shortly after, experimental work was started with the aim of developing a continuous electrode that could be adopted as anode in aluminium reduction cells. The intermittent operation of a large number of small prebaked anodes made the idea of developing a continuous anode for electrolytic production of aluminium especially tempting. Moreover, the electrode consumption in this process, even on a theoretical basis, is very high. Many installations were carried out in the 1930's and during the Second World War. During the tremendous post-war expansion of the aluminium industry, the Soderberg electrode has been steadily more widely adopted. Thus, today more than 60 pct of the Western World's output of aluminium is produced in cells with selfbaking anodes, see Big. 1. The quality of the anode paste of Sfiderberg elec- trodes is considered a major factor influencing the specific carbon consumption. The purpose of this paper is to survey the fundamental requirements which must be met in order to obtain good anode operation. We have limited this paper to a discussion of Elektrokemisk's research on the vertical spike type anode. I) FUNDAMEKI'TALS OF ANODE CARBON PERFORMANCE A) Brief Introduction. The only practical method for producing a conductive carbon anode of the size required is to form and carbonize a mixture of a carbonaceous binder and a precalcined dry aggregate coke. In the Soderberg electrode, the forming and carbonization take place in the electrolytic cell

Jan 1, 1962

By Henry F. Cooper, Scott E. Blouin

Large jacking test procedures that have been applied to obtain static in-situ rock properties (Ref. 1) have shown that the in-situ rock modulus and strength can be considerably less than what would be obtained from laboratory tests on intact samples. This trend is also expected to be true for dynamic properties, but few dynamic in- situ rock property tests have been conducted. During the past several years, high explosive test procedures have been developed to simulate the airblast and direct induced ground motions (Ref. 2) produced by nuclear explosions . These test procedures load large volumes (up to 10 7 f t3) of the earth with stress levels sufficiently high to produc5 feet of particle displacement over surface areas up to l0 5 ft2. This paper discusses some of the data obtained, and the implications of these results for our understanding of the dynamic response of in-situ rock. DESCRIPTION OF TEST PROCEDURES As shown in Fig. 1, the High Explosive Simulation Technique (HEST) consists of a cavity of uniform height bounded on the sides by a soil berm, above by an overburden of uniform thickness, and below by the test bed on the earth's surface. Horizontal racks of detonating cord are placed in the cavity and detonated at one end of the test bed. This detonation produces an explosive wave that propagates across the test bed, loading the earth with an overpressure pulse that decays with time because of the compression and lifting of the overburden. Since 1964, there have been approximately 40 such tests on test bed areas ranging from a few hundred to l0 5 sq ft., simulating peak overpressure conditions between about 100 and 6000 psi and specific impulses between a few and over 100 psi-sec.

Jan 1, 1971

By J. A. Singmaster

A REPORT that it did not pay to use present-day galvanized iron on account of the short life of the material, accompanied by proofs of the state-ment in the form of a tabulated history of the first costs of various kinds of building materials and their main-tenance expense, started an investigation of modern galvanized products. At the very outset it was apparent that our experience with galvanized products was by no means unique. Correspondence with the State Agricultural Depart-ments, the Agricultural Experiment Stations, the County Agents and State Granges all over the United States brought a mass of complaint on this same score. Visits to large buyers of galvanized sheet and wire revealed the same condition coupled with an ever-increasing use of substitutes for galvanized iron. We believe, therefore, that the title of this article is fully warranted by the experience of the consuming public. A study of the proceedings of the various societies having to do with the testing and use of sheet iron and steel products revealed a tremendous amount of work on the life of the base metal itself. Great stress was laid on differences in life of various types of iron and steel, the difference amounting at best to months rather than years. Very little recent attention has been paid to a study of the life of the zinc coating and the causes of its present-day lack of durability. There have been some real exposure studies published, how-ever, which show that the weight of the zinc coating determines the protection afforded by the galvanizing, which is of far greater influence on the life than the base-metal composition. An interesting paper was published by the Phillipine Journal of Science in 1916, entitled: "Galvanized Roofing in the Phillipines," a contribution from the Bureau of Science of the Phillipine Island Government. The author, Mr. Arguelles, found on 18 old galvanized sheets, after from 30 to 35 years' exposure, from 2.3 to 4.1 oz. of zinc per sq. ft. of sheet and sums up the study by saying: Of the various factors influencing the durability of galvanized iron which have been studied with a view towards accounting for the difference in behavior of old and modern sheet, it appears evident that the greater weight of zinc per unit of area on the former accounts for the greater durability.

Jan 10, 1922

By H. Conrad, E. Stofel

The fracture behavior of 60-deg-oriented sapphire crystals was investigated for both tension and compression. Plastic flow on the basal plane was found to be a factor in reducing the tensile stress required to produce fracture in the temperature RECENT experiments1-' have shown that single crystals of a alumina (sapphire) can deform plastically, particularly at temperatures greater than 1000°C. The effect of this plastic flow on the fracture behavior of sapphire was not established, but range 1100º to 1500ºC. Mechanical twins, both (0001) and (0111) types, were produced by compression in the temperature range 1100" to 1300°C. Cracks propagated more readily along the twin boundaries than in the nontwinned crystal. experiments with other ceramic crystals4'5 have shown that plastic flow can initiate cracks that lead to catastrophic failure. This suggests by analogy that plastic flow might also be an important factor in the fracture of sapphire crystals. A recent experimental investigationS undertaken to determine the mechanism of plastic flow in sapphire provided an opportunity to study the type of fracture produced after various amounts of plastic shear strain. The results of this study of fracture are reported in the present paper. During the course of

Jan 1, 1963

By AIME AIME

The Washoe plant, 1 in Anaconcla. Mont., together with the local street-railroad, ranches a. foundry and machine-shop a brick-plant and the Montana hotel, form a property under one management; to which should be added the mines in Butte owned by the company, from which part of the ore-supply of the plant comes. The Anaconda Copper Mining Co., controlled by the Amalgamated Copper Co., was reorganized under the laws of Montana in 1893. A map of the plant, showing the numerous departments and illustrating the details of tracks, pipe-lines, and charging-stations for compressed-air locomotives, is given in Fig. 1.

Jul 1, 1906

By Arthur Phillips, E. S. Bunn

During the past few years considerable interest has been shown in the study of fiber, and its effect, in wrought metals. Fiber has recently been defined as a "condition of parallelism of important lines or details in the structure."' Briefly stated, two distinct types of fiber are commonly encountered. One results from the alignment in the direction of working of constituents, more or less segregated, such as slag, oxides, carbides and dendritic formations. The second, and least understood, type is produced by working the metal below the recrystallization temperature in such a way as to develop a parallelism of the grains. This condition is readily recognized by the pronounced elongation of the grains in the direction of working. Under certain deformational treatments the grain fragments produced by cold working tend to orient in certain definite directions with respect to the axis of extension. Furthermore, even in metals that have been annealed after cold working preferred orientations may be present. It is perhaps logical to assume that such marked parallelism of structural elements would be manifested by directional properties in the metal. As a matter of fact, tests on many kinds of materials have shown differences in varying degrees. In recognition of this condition, proper design, for many purposes, places the fiber axis in such a way as to present the direction of maximum strength to the greatest applied stress. Earlier Investigations Howe2 has written at considerable length regarding the causes and practical significance of fiber in steel and wrought iron. His studies showed that wrought iron and the puddled steel sheets (materials of plastic origin) were weaker transversely than longitudinally. The transverse deficit ranged from 5 to 29 per cent. The longitudinal tests

Jan 1, 1931

By E. S. Greiner

Germanium and silicon have been plastically deformed in torsion at elevated temperatures. Slip took place on the four {Ill} planes. Dislocations, revealed by etch pits on a (111) face, occurred in rows that were traces of operative slip planes. THE plastic deformation of germanium and silicon by bending and tension at elevated temperatures has been reported by Gallagher.&apos; Transla-tional slip during plastic flow in these materials, according to Gallagher&apos; and Treuting,&apos; occurs on (111) planes. Recent work by Treuting&apos; indicates the direction of slip to be <1l0>. The present paper describes the plastic flow characteristics of germanium and silicon deformed by torsion. Torsional deformation was accomplished by twisting 1/4x1/4x2 in. specimens held in molybdenum grips and contained in an atmosphere of helium in a transparent quartz tube and heated by an external resistance furnace. The angular displacements were measured on a graduated circle with a pointer attached to the movable grip. Temperatures were measured with a chromel-alumel couple; the hot junction was within the quartz tube and in close proximity to the specimen. Photographs of samples of germanium and silicon twisted at 850" and 1180°C, respectively, are shown in Fig. 1. The germanium was twisted 230" per in. and the silicon 80" per in. These deformations are larger than those used in experiments to be described later and are presented only to emphasize the extensive plasticity of these materials. Germanium A single crystal specimen of germanium (n-type, 7 ohm-cm resistivity) with a (111) plane normal within 3" of the torsion axis, Fig. 2, was chemically polished with CP-4 solution" and then twisted 9" during the twisting of these specimens of germanium, the slip lines from the (lli) plane should have appeared in the four lateral faces instead of in only two. Perhaps the absence of rotational slip is brought about by the square cross-section. A cylindrical specimen would have a more uniform stress distribution in torsion than one with a square cross-section, and may deform by rotational slip. A specimen of germanium (n-type, 5 ohm-cm resistivity) twisted less than 8" per in. at 550°C, was cut to expose the (111) face 19" 28&apos; from the torsion axis, Fig. 4a. This face, after metallographic

Jan 1, 1956

By C. D. Broadbent

INTRODUCTION The slope stability research plan at Kennecott was developed to serve the specific needs of large, open pit mines; primarily those developed in faulted and highly-fractured intrusive deposits. The program emphasis is on applied research; being defined in this case as research into the engineering mechanics of discontinuous rock and into the related rock property survey and slope design techniques. The program has been developed in phases, with each phase organized to explore more thoroughly the most significant findings of previous work and to improve on techniques found to be applicable. The current work is based on principles developed early in the program and that show promise of having engineering and economic value. A brief summary of the conceptual principles of the program is given to put our current work in context. This is followed by a review of the two cooperative programs done with the U. S. Bureau of Mines. Most recent work is described and interpreted in terms of practical slope design. Although failure-free slopes are a desirable goal, it is recognized that some failures will occur when overall slope designs approach a calculated safety factor of one. A discussion of failure control research is therefore offered. BACKGROUND In 1965 Kennecott management specified that a slope stability technology must be used to achieve optimum development of ore resources. The subject was carefully explored and by 1960 it had been established that there was no technology readily applicable to open pit slope design. Therefore, in 1962, Kennecott Copper Corporation and the U. S. Bureau of Mines agreed upon a cooperative research program having the objective of developing a mine slope stability science. One of the first decisions made by the cooperating groups was that the research must be conducted primarily in the field and not in the unrealistic environments of a laboratory. Accordingly, the Kimbley Pit, an abandoned mine once operated by Kennecott&apos;s Nevada Mines Division in Nevada, was selected for the full-scale research. Fortunately, there was near-universal agreement on the basic stability parameters and thus on the areas to be investigated. These parameters were acknowledged to be: (1) anisotropy (generally due to faults or joints), (2) stress, and (3) water; in that order of importance.

Jan 1, 1972

By George Rice

THE A.I.M.E. Ground Movement and Subsidence Committee, pro-posed in 1920, held its first technical meeting in February 1923, under the able chairmanship of Mr. H. G. Moulton. The following list of papers and discussions, indicating the scope of the problems and relation to various conditions and method of mining, were given at that meeting by the distinguished mining engineers: J. Parke Channing, on Subsidence at Miami, Arizona; Howard N. Eavenson, on Mining an Upper Bitu-minous Seam after a Lower Seam Has Been Extracted; J. J. Rutledge, on Subsidence in Two Oklahoma Coal Mines; Benjamin F. Tillson, on Caving Cracks at the Franklin Mine, New Jersey; Dr. F. W. McNair, on the Dome Theory; William Kelly, on disadvantageous effects in Mining and Back-filling Working Upward a Steep-Pitching Iron-ore Bed; Eli T. Conner, on the good results of Back-Filling by Hydraulic Means in Preventing Destructive Subsidence in the Anthracite District; Thomas H. Claggett, on the merit of Systematic Pillar Drawing in Preventing Cracks in an Upper Seam; Henry H. Otto, successful results in the anthracite district in Mining Lower Seams before Upper Seams; Douglas Bunting, on Leading Factors Incident to Successful Mining of an Overlying Seam; Edwin Ludlow, on there being "less damage to buildings when there was complete removal of coal with complete packing than when room and pillar is used without extracting the pillars"; Edward O&apos;Toole on "bumps" in eastern Kentucky mines, which he thought were the result of geologic stresses: H. A. Buehler, on Upheaval of Surface in an Illinois Case in Advance of the Face; and R. Dawson Hall, on The Mechanics of Subsidence from Mining. The author of this paper discussed various Winds of problems of ground movement and subsidence in both metal mining and coal mining; the production of great landslides by workings near an outcrop, as at Turtle Mountain, Alberta, Canada; and general

Jan 1, 1939

By George Rice

THE A.I.M.E. Ground Movement and Subsidence Committee, pro-posed in 1920, held its first technical meeting in February 1923, under the able chairmanship of Mr. H. G. Moulton. The following list of papers and discussions, indicating the scope of the problems and relation to various conditions and method of mining, were given at that meeting by the distinguished mining engineers: J. Parke Channing, on Subsidence at Miami, Arizona; Howard N. Eavenson, on Mining an Upper Bitu-minous Seam after a Lower Seam Has Been Extracted; J. J. Rutledge, on Subsidence in Two Oklahoma Coal Mines; Benjamin F. Tillson, on Caving Cracks at the Franklin Mine, New Jersey; Dr. F. W. McNair, on the Dome Theory; William Kelly, on disadvantageous effects in Mining and Back-filling Working Upward a Steep-Fitching Iron-ore Bed; Eli T. Conner, on the good results of Back-Filling by Hydraulic Means in Preventing Destructive Subsidence in the Anthracite District; Thomas H. Claggett, on the merit of Systematic Pillar Drawing in Preventing Cracks in an Upper Seam; Henry H. Otto, successful results in the anthracite district in Mining Lower Seams before Upper Seams; Douglas Bunting, on Leading Factors Incident to Successful Mining of an Overlying Seam; Edwin Ludlow, on there being "less damage to buildings when there was complete removal of coal with complete packing than when room and pillar is used without extracting the pillars"; Edward O&apos;Toole on "bumps" in eastern Kentucky mines, which he thought were the result of geologic stresses: H. A. Buehler, on Upheaval of Surface in an Illinois Case in Advance of the Face; and R. Dawson Hall, on The Mechanics of Subsidence from Mining. The author of this paper discussed various kinds of problems of ground movement and subsidence in both metal mining and coal mining; the production of great landslides by workings near an outcrop, as at Turtle Mountain, Alberta, Canada; and general

Jan 1, 1939

By C. J. Frosch, J. A. May, H. G. White, C. D. Thurmond

Gallium phosphide epitaxial layers were grown from the vapor phase on undoped single-crystal galliurn arsenide substrates in silica tubes by an open-tube wet-hydrogen process. The epitaxial layers were grown over a range of water pressures at three substrate temperatures. Excess donor concentrations were determined by surface barvier capacitance measurelrzents without removing the layers from the substrates. The excess dmlor concentration, ND-NA, is fo~ind to vary approxilnately inversely with the pressure of water added to the hydrogen carrier gas. This is the relationship that would be expected for singly ionized silicon donors on gallium sites in extrinsic galliunz phosphide, with the silicon coming from the SiO generated by the reaction of hydrogen with the silica tube. An increase in the partial pressure of water in the hydrogen stream decreases the SiO pressure. The results indicate that ni, the intrinsic hole and electrmt concentration for gallium phosphide at the three substrate temperatures, is smaller than the concentration estimated from available data for the density of states effective masses and the energy gap. Mass-spectrographic measurements confirm that the dono?, introduced into gallium phosphide is silicon. The equilibrium concentrations of silicon in vapor-flown gallium Phosphide have been estimated from available thernzodynamic information that includes the solubility measurements of silicon in gallium phosphide in equilibrium with a gallium-rich liquid phase. Satisfactory agreement with the measured silicon concentrations is obtained. FROSCH1 has described an open-tube process for growing single-crystal Gap from the vapor phase by a GazO transport mechanism. The method depends upon the reaction of H20 in an H2 carrier gas with a heated source of polycrystalline Gap which provides the necessary vapor species. When the temperature of these vapor species is lowered, super saturation occurs and single-crystal Gap will deposit on a suitable substrate. Unintentionally doped single crystals of Gap grown by the wet H2 process in silica tubes are n type. Evidence is presented to show that the donor introduced is silicon, and that a qua si-equilibrium model accounts for the inverse dependence of the donor concentration on the water partial pressure and predicts the magnitude of the donor concentrations. Ainslie et al. experimentally showed a similar inverse relationship between the carrier density and oxygen pressure for GaAs. Emission-spectrographic analyses showed a decrease in the silicon concentration with increasing oxygen overpressure for GaAs. Cochran and Foster suggested the theoretical possibility of suppressing silicon contamination by using Ga20 generated by the reaction of gallium with water vapor. 1) EXPERIMENTAL The apparatus and procedures are essentially the same as those described by Frosch.&apos; The apparatus consists of a 25-mm-ID SiO2 tube extending through a controlled high-temperature flat zone for the location of the polycrystalline Gap source and a downstream temperature gradient falling at a rate of about 14°C per cm. The latter provides the region of super saturation for the location of the single-crystal substrate. The partial pressure of water in the inflowing hydrogen stream, pA2, O was controlled by mixing me-tered proportions of dry H2 with H2 saturated with H2O vapor at 0°C. The total gas flows were about 200 cu cm per min in all experiments. The Gap sources were prepared by pulverizing boat-grown polycrystalline ingots to pass a 20-mesh sieve. The substrates were cut from an undoped single-crystal boat-grown GaAs ingot purchased from Monsanto. This ingot had a carrier concentration of about 1015 atoms per cu cm, a resistivity of about 5 ohm-cm, and a mobility of about 5000 sq cm per v sec at 25°C. Substrates with dimensions of 1 by 1 by 5 x lo-&apos; cm were employed. The growth faces were chemically polished (111) arsenic faces. Epitaxial layers, at least 7.5 x 10-3 cm thick, were grown,. This required from 1 to 24 hr depending upon the Pii2Q values and the temperatures. In all of the runs, the source temperatures were 50°C higher than the substrate temperatures. Samples were prepared

Jan 1, 1968

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

By AIME AIME

THE Board of Trustees, made up of three from each of the four societies, conducts the business com- mitted to United Engineering Society by its Founder Societies under its Charter, the Founder&apos;s Agreement and the Library Agreement. A draft of a budget of revenue and expenditures for the ensuing calendar year is presented each September to the secretaries of the Founder Societies for the information and comment of their governing bodies. After revision, the budget is adopted, by the incoming Board of Trustees at its meeting in January.

Jan 1, 1929

By Galen G. Waddell

Several years of rock-burst research conducted by the U.S. Bureau of Mines in cooperation with the mining companies of the Coeur d&apos;Alene mining district, Idaho, in addition to progress made by others throughout the world, have led to a good understanding of the rock-burst problem. This paper describes conditions which have caused specific bursts, present capabilities of detecting stress buildup and bursts, control methods, and a suggested approach to analyzing any individual mine-burst problem. A rock burst is the sudden, violent release of stored strain energy in rock by some mechanism of rock failure, generally accompanied by expulsion of rock with consequent damage to the mine. A burst may be audible for only a few hundred feet, or on the surface it may sound like a sonic boom miles away. A Dictionary of Mining, Mineral, and Related Terms, U.S. Bureau of Mines (USBM)* 1968yand defines a burst as Bureau "That phenomenon which occurs when a volume of rock is strained beyond the elastic limit and the accompanying failure is of such a nature that accumulated energy

Jan 1, 1971

By Richard Hamburger

Calculating machines permit the use of the more rapid cotangent and semigraphic solutions of plane triangulation. The results of these methods are as accurate as those of other methods. Simple adjustment of the net, and ease of calculation encourage more complete field work. Errors in field work or in computation are easily localized.

Jan 1, 1950

By WILKES BARRE

AS PREVIOUSLY announced, the semi-centennial meeting of the Institute is to be held at Wilkes-Barre, Pa., on Sept. 12, 13, 14, and 15. An interesting program of technical sessions and excursions is now being prepared by the Local Committee. At the time of going to press the program had not been completed in sufficient detail to permit its being pub¬lished in this number. The detailed program will be published in the September MINING AND METALLURGY, which will be printed in time to be distributed before the Wilkes-Barre Meeting. It may be said in advance, however, that the Com¬mittee has progressed so far in its work that we are assured of one of the -most notable meetings the Insti¬tute has held and that members will miss a rare .treat if they do not attend. The many trips and excursions, as well as the banquet, will be -given to the members as a compliment from the members of the Local Com¬mittee. . . The paper by Howard Eavenson on the Lynch Plant of -the United States Coal and Coke Co. will be illustrated by lantern slides and moving pictures. One of the most appropriate discussions will be that opened by Prof. J. F. Kemp on the Stratigraphy of the Anthracite Region; this also will be amply illustrated.

Jan 1, 1921

By Walter Loel

THE application of aerial photographs to all phases of geologic mapping is set forth, indicating the advantages to be gained in different types of country and under varying climatic conditions. Methods of field and office procedure are given from a geological point of view, as well as suggestions regarding the best methods of aerial mapping for different uses and under varying field conditions, including the study of submarine geology. Aerial photographs with accompanying geologic maps are shown to illustrate the appearance from the air of different geologic features under varying climatic and topographic conditions.

Jan 1, 1938

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