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By Leon Orlowski

THE oil-bearing districts of Poland are found on the slopes of the Carpathian Mountains. The oil belt extends from Gorlice southeast to Stanislawow. It is approximately 250 miles long and 30 miles wide, and comprises four geological districts: the western, or Gorlice district; next, to the east, the Krosno district; the Boryslaw district; and, in the extreme southeast, the Stanislawow district. The amount of petroleum produced in Poland from the beginning of the oil industry scarcely totals 26,000,000 metric tons, or 15 per cent. of the estimated supply. Of this amount, 18,000,000 tons have been taken from the fields of Boryslaw within 25 years; and only about 8,000,000 tons from all other fields within a period twice as long, although some of these other fields represent just as good possibilities as did Boryslaw at the beginning of its development. The Polish oil industry was severely stricken by the war. The retreating Russian armies, in 1915, destroyed a large number, of the existing oil wells, nor was the post-war period favorable for the development of this industry;; the money and credit stringency interfered with the expansion of drilling. But since 1921 there has. been a slow steady increase in production and there is now every reason to believe that conditions in the industry will improve. In fact, an increase in new drillings has been reported for the current year. The production of crude oil in Poland, in 1913, amounted to 1,113,668 metric tons. In 1914, the production declined- to 655,600 metric tons. In 1921, the production was 705,596 tons; in 1922, 712,428 tons, and in 1923, 737,182 tons; or more than 5,000,000 bbl. But the fields have a much greater potential output, which could be realized were the capital available for prospecting and new drilling. The principal producing, and at present most exploited, fields are around Boryslaw and Schodnica. These fields were developed rapidly for in the first year of their modern exploitation the wells were gushers of moderate depth. However, as a result of heavy drilling, the shallow folds have been exhausted and oil can be reached now only by deep drilling. Wells of almost 5600 ft. have been drilled in Boryslaw. Because of these drilling conditions, a large number of engineers and workmen specially skilled in deep drilling are to be found in this field.

Jan 3, 1925

By S. E. Bretherton

(San Francisco Meeting, September, 1915) DURING the year 1878-79, Anton Eilers, who was then interested in the lead smelting and refining business near Salt Lake City, Utah, made a somewhat radical departure from the regular practice at that time, which was to use but little lime in the slag, with a high percentage of iron. Lime was not only a cheaper flux than iron, but it enabled the metallurgist to make a more siliceous slag, an economical advantage in smelting where the smelting companies had to purchase either iron or lime to neutralize the excess silica, and penalize the ore shippers accordingly. The larger amount of both lime and silica in the slag also made it of lighter specific gravity, and a better separation of the metals and mattes was secured. This change in the formation of slags for lead smelting was brought about by Anton Eilers, prior to the Leadville mining excitement of 1879. We must also give Mr. Eilers credit for the general introduction of the hollow water-cooled cast-iron jacket for the blast furnace. Again referring to the use of more lime and less iron in the formation of slags,. there is no doubt but that it prevents the formation of a great many so-called "sows" in the lead crucible, such as were made in the early history of lead smelting in the Rocky Mountains; these sows consisted of lead, iron, arsenic, sulphur, copper, and other metals, including gold and silver, mixed with unconsumed fuel, and often, after vain attempts to cut them up or melt them to a suitable size for handling, were buried in the slag clumps to get them out of-sight. Another advantage derived from the adoption of high-lime slags. when smelting ore containing arsenic is the production of less speiss (a by-product heavier than matte, resulting from careless operation of the furnace, the lead being driven out of the crucible and sows built up). This speiss, while usually not as rich in precious metals as matte made at the same time, is too valuable to be thrown away; but it is difficult to treat, and it was thrown away or piled on the slag clumps in the pioneer clays of lead smelting in this country.

Jan 8, 1915

By H. J. Struth

Conditions in the gasoline market undoubtedly influence the oil industry's general economic situation to a greater degree than perhaps any other single factor. No matter how efficiently the oil industry manages to conduct its producing operations, a drop in the price of gasoline exerts definite pressure upon the posted price of crude oil in the field. Efforts of the recent past have shown that profits from the producing division of the industry are closely tied in with the course of the gasoline market. When refinery gasoline prices are depressed, as they have been during recent months, it is utterly impossible for purchasers to maintain a crude market that is commensurate with the cost of production, regardless of how well balanced the producing situation may be. In fact, the producer can no longer regard his operations in the light of an independent unit of the oil industry, since his financial well-being is directly dependent upon the well-being of the refiner. Because gasoline is the principal constituent of crude oil, it is obvious that profitable refining operations can only be maintained through profitable gasoline markets. Likewise, when the price of gasoline influences a profit for the refinery it also influences the prosperity of the producer, through the advent of higher and more profitable posted prices for crude oil in the field. Financial results for 1932 showed material improvement over the preceding year, primarily because the price of gasoline was maintained at levels somewhat above those of 1931. Consequently, the producer was able to record improvement in the crude market, through a somewhat higher level of posted prices. While effective methods of prora-t,ion of crude production are given credit for the advance recorded in the crude market last year, it is also a fact that the advent of higher prices for gasoline had a direct influence upon the posted prices of crude oil. For example, when gasoline was sold in Group 3 at 2 3/4 a gallon in June and July, 1931, the price of 36-gravity Mid-Continent crude was down to its lowest point of only 18c a barrel. As refinery prices advanced, however, there was a corresponding advance in posted prices of crude oil. Thus, when Group 3 gasoline commanded a price of 5c a gallon

Jan 1, 1933

. E. P. MATHEWSON, New York, N. Y.-I would like to call attention to the excellent plan for protecting the lining of the tanks from rough handling by the excavator. Many engineers, when considering mechanical excavators for lead-lined tanks, have been afraid that the machinery might get out' of order and rip out the lining. This difficulty seems to have been entirely overcome in this installation, and those who have been responsible for its success deserve a great deal of credit. A. F. CASE,* Cleveland, Ohio. (written discussion t).-The application of the automatic unloader to the copper leaching process at Ajo was a very radical departure from the common use of this machine, inasmuch as the only previous use of this device has been in connection with the unloading of coal and ore from vessels on the Great Lakes. There are many phases in connection with the unloading of ore from lake vessels that are not presented in the extraction of ore tailings from leaching vats. For instance, in unloading from boats, it is necessary to provide means to reach under the hatches to parts of the cargo hold which do not lie directly under the hatches, and to work in inaccessible places that do not exist in a leaching vat. These necessities require complications that could be very easily dispensed with in this new application. On this account the unloader, is applied to the New Cornelia, plant, represents what is probably the simplest development of the machine that has ever been produced, and, manifestly, in its simplest form it could he expected to show results corresponding to its performances when installed with all of its complications. One of the requirements of vessel unloading is extreme vertical travel, when the bucket is required to reach the bottom of the, cargo hold, often 12 or 13 ft. below water-level, and discharge into a receptacle 30 ft. above-the water. This was materially simplified at Ajo for the reason that the vertical travel was never more than 20 ft. This condition immediately resulted in the possibility of shortening the walking beam which carries the bucket leg, and, in fact, in entirely reducing the size of all the working, parts of the trolley, walking beam, and bucket leg, as far as reaches were concerned.

Jan 11, 1918

By R. W. Raymond

(Reprinted With some additions and changes from the Engineering and Mining Journal)] THE death of Prof. Samuel Benedict Christy on the 30th of November,. at the age of 61 years, cuts short a brilliant and influential professional career. He was born in San Francisco, Aug. 8, 1853, and was graduated as Bachelor of Philosophy at the University of California in 1874. For the five years that followed, he studied mining and metallurgy as a post-graduate in the same institution, serving also as instructor in analytical chemistry, and becoming in 1879 instructor in mining and metallurgy¬a position which he held until 1885. During this period he became known also by his contributions to technical literature, the earliest of which, perhaps, was his report on the Monte Diablo coals (in 1875); but the first which drew my attention to him was an exceedingly able discussion (in 1879) of the genesis of the quicksilver deposits of California, in which he followed with much acuteness and originality the lead of Professor Becker, who had been teaching at the University of California. The notion of the thermo-aqueous formation of such deposits was then new; and the laborers in a field now familiar to every student deserve the credit due to pioneers. For some years the subject of quicksilver seems to have occupied much of Christy's attention. In 1877, he described the mines and works at Almaden, Spain; in 1884, the Imperial quicksilver works at Idria, Austria; in 1889, the New Almaden mines of California. But his great work was the creation of the school, of mining and metallurgy at the University of California, which may be said to have begun with his occupancy of a full professorship of these branches. It is not necessary here to recount the early difficulties and perils of the University, and its long struggle for academic independence of political control or interference. The battle is over, and the institution is now upheld by the intelligent loyalty of the citizens of California, without regard to party. But while the issue was uncertain, the development of special schools of applied science was scarcely practicable. Doctor Becker and William Ashburner had given up the school of mines as a hopeless task when Christy, younger and less experienced, took it up. As he wrote me in February, 1901-

Jan 4, 1915

By Oliver C. Ralston

This paper reports the results of the use of salt in some research work carried on during the past 3 years at the Salt Lake City Station of the Bureau of Mines, which is quartered in the University of Utah, whose Metallurgical Research Department cooperates with the Bureau. Only the work involving the use of salt is described. The authors wish equal credit given to J. F. Cullen, C. L. Larson, C. Y. Pfoutz, C. E. Sims, H. C. Neeld, R. W. Johnson, F. G. Moses, N. C. Christensen, and G. H. Wigton, who have all in some way contributed toward the success of this work, while connected with the station in one way or another. Lead Metallurgy Popularly Supposed to be Without Problems In lead metallurgy it is difficult at first to find metallurgical problems, as the prevailing conception has been that lead is so easily concentrated in its various ores and so easily reduced to its metallic form that the only progress possible is that involved in cheapening methods of mining and of reduction. Most of the problems usually considered are of minor nature and do not involve radical metallurgical changes. During the three years of work of the Salt Lake Station, the following classification of problems in the metallurgy of lead has been made: Oxidized Ores. 1. Ores containing only lead. 2. Ores containing lead and silver or gold. 3. Ores containing lead and zinc, with or without silver. Sulphide Ores. 1. Ores of pyrite carrying some lead. 2. Ores of complex zinc-lead-iron sulphides. 3. Complex sulphides containing precious metals.

Jan 1, 1918

By R. S. Dean

THE numerous theories of hardening which have been advanced in recent years are all satisfactory in accounting for some of the phenomena observed in hardening metals, but none so far presented account for all of the facts observed. Some years ago one of the authors, R. S. Dean,1 presented a theory to account for some of the properties accompanying work hardening. The present paper develops this theory further in the light of recent experimental, work and extends it to other forms of hardening. Many of the ideas included have come from the writings and personally communicated thoughts of others. We have attempted to give proper credit in every case, but it is possible that we have not always done so. As an historical basis it is desirable here to review very briefly the hardening theories which have been current. The first comprehensive theory of work-hardening phenomena was due to Sir George Beilby.2 He contributed the idea that with cold work part of the structure of the metal was rendered amorphous and that it was to this amorphous material that the cold-worked metal owed its difference in properties. According to Beilby's theory this amorphous material was a super-cooled liquid and, therefore, had the characteristics of a vitreous material. That such a theory is not capable of explaining the property changes in metals has been repeatedly pointed out. This theory also allowed a slip to take place only once on a given plane, which, as has been pointed out by Jeffries and Archer,3 is not consistent with the observed length of an individual slip and the amount of elongation which can be obtained by wire drawing. The modifications, which have been proposed to this hypothesis to make it coincide with the experimental facts, have to a considerable extent robbed the theory of its clean-cut characteristics. The commonest of these modifications replaces the amorphous phase with an

Jan 1, 1927

George IV. Goetz, Milwaukee, Wis.: Mr. Campbell deserves much credit for his interesting paper. The literature of the development of the open-hearth process is distributed in many technical journals, and is difficult of access to many engineers. Since the development of the basic process, the open-hearth furnace has been raised from a subsidiary to an independent position. Certain high grades of soft steel can be produced in the basic open-hearth furnace, which cannot be produced by any other known process. In the United States the charges for the acid process generally consist of either scrap and pig-iron or so-called wash-metal and scrap : the pig-and-ore process, as carried out in England, is practiced but very little. The introduction of the basic process has made it possible to use about four times as much pig-iron with scrap as can be used in the acid mixtures. The availability of a cheap pig-iron, very low in silicon and sulphur, and carrying several per cent. of manganese, is one of the reasons why the basic open-hearth process has developed so rapidly in Germany, as regards the output per furnace and the excellent quality of the material produced. The acid Bessemer steel has an inherent stiffness, which is plainly shown when spring steel is made by the Bessemer and by the openhearth processes. In order to get them of about equal stiffness, the open-hearth steel must have about 0.60 per cent. carbon ; whereas, the Bessemer steel must then have ahout 0.45 carbon, the remaining constituents being apparently about the same in each product. It has proved impracticable, with American coke-pig-iron, to interrupt blowing at a certain point in order to make hard steel; and experience has therefore shown that it is best to eliminate nearly all the carbon, and then to recarburize to the desired point. This practice

Jan 1, 1894

By J. E. Johnson

OF the many items of information necessary to the successful management of the blast-furnace, few are more important than knowledge of the location and movement of the stock: line:—whether the furnace is full and has been kept so; whether the stock is settling regularly or slipping; and, if slipping, how often it has slipped, at what times, and how far at each time. To obtain these data, a man is sometimes stationed at the top of a pair of mechanically-filled furnaces, sim-ply to watch and gauge them by hand in the old-fashioned way. A more recent practice is the suspension of test-rods from ropes leading over pulleys to the ground-level, where the ropes are mound on small drums with graduated peripheries and provided with crank-handles, whereby the skip-man or some other person can quickly and conveniently gauge the position of the stock-line in the furnace. I believe the credit for this great improvement belongs to Messrs. McClure $ Phillips of Sharon, Pa., who were, as far as I know, the first to apply it, and who have a patent for it. The valuable indications gained by application of the Uehling pyrometer to the down-comer are not to be ignorcd; but the information thus furnished is somewhat indirect, and there is no scale for the translation of " top-temperatures " into " feet down." Moreover, this apparatus, as a whole, is delicate, and the cost of installation and maintenance is high. If the record furnished by the Uehling pyrometer is not in the most desirable form, the test-rods, on the other hand, give no record at all, except through the memory or notes of a man who, to say the least, is not gauging continuously, and who may omit to report an improperly low stock-line, if it be due to a fault of his own.

Jan 1, 1906

By Rudolf Kudlich

The problem of eliminating the hazards of hoisting in mines has been with us since the industry passed its earliest stages, when coal and ore could be won from surface working and tunnels. At first, safety devices were introduced as means of decreasing the amount of labor necessary to produce the mineral, or to increase the amount that could be obtained from a certain opening. For example, crude ladders replaced winding footpaths or steps cut into the walls of the pit or shaft, decreasing the distance it was necessary to carry the product to the surface and eliminating, to some extent, the hazard introduced by the precarious footing afforded by such paths and steps. Latcr, instead of being carried from the pit on the backs of men, the product was hoisted in buckets or baskets on a rope passing over a pulley or around a windlass. Thus the capacity of the pit was considerably increased, and the hazard due to making many trips up and down the shaft was eliminated. From such beginnings accident prevention in mine hoisting advanced with the importance of the industry, until at present hoisting compares favorably with other branches of the mining industry with reference to safe practices. As in the other branches, this progress has been accomplished along two general lines—by legislation, rules, and education, and by the installation of safety devices. Though due credit must be given the former, it is not so satisfactory as the latter. Legislation, to be effective, requires a policing and inspection system to guarantee enforcement, such as we cannot hope to inaugurate. Rules may be satisfactory so long as the employer controls the labor market, and dismissal or some other form of discipline is an effective means of insuring obedience to the rules; but where labor demand is in excess of the supply, or where labor organizations are in control, such measures are not effective. An educational campaign will draw attention to hazards and may awaken a desire to avoid accidents by exercising the proper care. It is necessary, therefore, to place our reliance mainly on mechanical devices to prevent accidents, and to depend as little as possible on laws,

Jan 1, 1923

By H. M. Wilson

The relation of labor to the accident rate in mines is admirably epitomized by Thomas T. Read in his paper presented at the St. Louis meeting, in the sentence "Reliance for accident prevention must be upon the individual worker himself." In connection with the inspection of mines for the fixing of merit premium rates for insurance under workmen's compensation, it has been the practice of The Associated Companies to allow 60 per cent, of the credits for safeguarding of the physical hazards of the mine and 40 per cent. for the human element. By "human element" is meant that inherent tendency of the industrial worker to be careless, negligent, or disobedient, in respect to his own safety, and after that also of his fellow workman. This is a tendency not only of the laborer or of the skilled miner, but of all human beings, working or traveling anywhere. This element of mine safety, sometimes called the moral hazard, has been admirably shown by statistics, compiled from the records of the Department of Mines of the Union of South Africa, to be due in about equal measure to the carelessness of the miner and to that of the operator. These statistics show that about one-half the fatalities in mines are due to the so-called hazard of the industry, or what is sometimes called the dangers inherent to work or misadventure. Of 2497 fatalities investigated, including over 200,000 employees, for a period of over 21/2 years, it was found that 17.5 per cent. were due to faulty plant or material, fault of the foreman, or of the management—in short were due to the operator; 17.1 per cent. to disobedience of orders, carelessness or ignorance of injured persons; and 5.9 per cent. through fault of others, including fellow workmen. The fault of the operator is evidenced by failure to give proper warning, failure to inspect, failure to furnish proper equipment, and neglecting to comply with the recommendations of the inspector. That education and training of the mine operator, as well as of the mine worker,

Jan 1, 1918

By Rudolf Kudlich

The problem of eliminating the hazards of hoisting in mines has been with us since the industry passed its earliest stages, when coal and ore could be won from surface working and tunnels. At first, safety devices were introduced as means of decreasing the amount of labor necessary to produce the mineral, or to increase the amount that could be obtained from a certain opening. For example, crude ladders replaced winding footpaths or steps cut into the walls of the pit or shaft, decreasing the distance it was necessary to carry the product to the surface and eliminating, to some extent, the hazard introduced by the precarious footing afforded by such paths and steps. Latcr, instead of being carried from the pit on the backs of men, the product was hoisted in buckets or baskets on a rope passing over a pulley or around a windlass. Thus the capacity of the pit was considerably increased, and the hazard due to making many trips up and down the shaft was eliminated. From such beginnings accident prevention in mine hoisting advanced with the importance of the industry, until at present hoisting compares favorably with other branches of the mining industry with reference to safe practices. As in the other branches, this progress has been accomplished along two general lines—by legislation, rules, and education, and by the installation of safety devices. Though due credit must be given the former, it is not so satisfactory as the latter. Legislation, to be effective, requires a policing and inspection system to guarantee enforcement, such as we cannot hope to inaugurate. Rules may be satisfactory so long as the employer controls the labor market, and dismissal or some other form of discipline is an effective means of insuring obedience to the rules; but where labor demand is in excess of the supply, or where labor organizations are in control, such measures are not effective. An educational campaign will draw attention to hazards and may awaken a desire to avoid accidents by exercising the proper care. It is necessary, therefore, to place our reliance mainly on mechanical devices to prevent accidents, and to depend as little as possible on laws,

Jan 1, 1923

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

By S. E. Bretherton

During the year 1878-79, Anton Eilers, who was then interested in the lead smelting and refining business near Salt Lake City, Utah, made a somewhat radical departure from the regular practice at that time, which was to use but little lime in the slag, with a high percentage of iron. Lime was not only a cheaper flux than iron, but it enabled the metallurgist to make a more siliceous slag, an economical advantage in smelting where the smelting companies had to purchase either iron or lime to neutraiize the excess silica, and penalize the ore shippers accordingly. The larger amount of both lime and silica in the slag also made it of lighter specific gravity, and a better separation of the metals and mattes was secured. This change in the formation of slags for lead smelting was brought about by Anton Eilers, prior to the Leadville mining excitement of 1879.. We must also give Mr. Eilers credit for the general introduction of the hollow water-cooled cast-iron jacket for the blast furnace. Again referring to the use of more lime and less iron in the formation of slags, there is no doubt but that it prevents the formation of a great many so-called "sows" in the lead crucible, such as were made in the early history of lead smelting in the Rocky Mountains; these sows consisted of lead, iron, arsenic, sulphur, copper, and other metals, including gold and silver, mixed with unconsumed fuel, and often, after vain attempts to cut them up or melt them to a suitable size for handling, were buried in the slag dumps to get them out of sight. Another advantage derived from the adoption of high-lime slags when smelting ore containing arsenic is the production of less speiss (a byproduct heavier than matte, resulting from careless operation of the furnace, in the lead being driven out of the crucible and sows built up). This speiss, while usually not as rich in precious metals as matte made at the same time, is too valuable to be thrown away; but it is difficult to treat, and it was thrown away or piled on the slag dumps in the pioneer days of lead smelting in this country. About the time of the introduction of the lower iron and higher lime slags in lead smelting, sulphide ores were encountered in Utah and Colo-

Jan 1, 1916

The primary purpose of the Institute is to advance the technologic and engineering arts embraced by it through interchange of knowledge. This can best be clone by the presentation and discussion of technical papers by its members. Short practical papers are especially welcome. An author should always satisfy himself that his material is of a quality that will he a credit to him and to the Institute. The preparation of a good paper frequently leads to a reorientation of the author's thoughts, and publication contributes much to the professional standing of the author. Members are urged to submit papers presenting the results of their work. Attention to the following suggestions will greatly further the prompt and efficient handling of manuscripts. 1. SUBJECTS: The subject must be within the field of the Institute. Original work, the results of field, plant, laboratory or theoretical investigations, new views on old but important problems and occasionally reviews of timely and important subjects of wide interest to our members may constitute the basis of a paper. The mere fact that the work is original does not necessarily justify publication: it must be of a substantial nature, of value to a reasonable number of our members and worthy of permanent record. It is seldom desirable to subdivide the results of a single research for publication in a variety of journals. Previous publication is usually a bar to acceptance. If any part of your paper has been published elsewhere and you regard repetition as absolutely necessary please so state in your covering letter. 2. CONSTRUCTION: Papers should be clearly and concisely written in good English. Care in this regard ensures wider reading and the saving in space permits the Institute to publish more papers. It is the experience of the Papers and Publications Committee that most papers can he improved by condensation. "Readers" who are asked to recommend acceptance or nonacceptance put particular emphasis on the length of the paper and the elimination of unnecessary or any extraneous material. The terminology and units employed should be those current in the particular field. An examination of Institute publications will afford useful guidance in such matters. Webster's New International Dictionary, 1935 edition, is the Institute's authority for spelling and style. Various abbreviations are used habitually; for instance, lb., pound; bbl., barrel or barrels; ft., foot or feet; hr., hour or hours; in., inch or inches; Fig. 1 but Figs. 2 and 3.

Jan 1, 1946

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the length of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel per day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel per day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from the commonly understood barrel per day value, in that the conditions surrounding the sale of one lease or property at a fair market value may

Jan 1, 1922

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the lengt of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel-per-day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel-per-day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable-yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from she commonly understood barrel-per-day value, in that the conditions turrounding the sale of one lease or property at a fair market value may

Jan 1, 1923

GENTLEMEN Submitted herewith are the report of the Treasurer for the year 1938 and reports for the same year of the following standing committees: Admissions, Membership, Papers and Publications, Mining and Metal¬lurgy (Magazine), Library, Speakers for Local Sections and Student Societies, and Student Relations. To these reports members are referred for further details. Membership.-The end of the year 1938 saw Institute membership at an all-time peak: 12,474, made up of 2898 Student Associates and 9576 members of other classifications. The next highest level had been reached at the end of 1921 when corresponding figures were: total, 10,329; student members, 1450; all other classifications, 8879. The net gain for the year was 1495, of which 751 were Student Associates and 744 in the other categories. Two factors contribute to the growth of membership: (1) the enrolment of new members; and (2) the retention of members already on the roll as reflected in a relatively small number of resignations and suspensions for nonpayment of dues. For the first, much credit goes properly to the general Membership Committee that functioned for a second year under the chairmanship of Clyde E. Williams. With the cooperation of Institute members in general, to whom Mr. Williams expresses appreciation in his report, the Committee has been successful in acquainting eligible nonmembers with the purposes, activities and advantages of the Institute. The result has been the receipt during the year of 1162 applications, exclusive of Student Associates. This compares with 1212 during 1937 and 1266 during 1936. However, in considering this modest decline, account must be taken of the somewhat less prosperous conditions prevailing in the mineral industries and, consequently, among engineers engaged ?in those industries.

Jan 1, 1939

By Charles H. Fulton

The process of crushing ore in cyanide solution was first used at the Crown mine, New Zealand, in 1897, by Mr. F. R. W. Daw; and, two years later, Mr. John Hinton tried it experimentally at the old Dakota plant, Central City, South Dakota. To Mr. Hinton belongs the credit of introducing this important modification in the Black Hills, this being its first successful application in the U. S., and its results have been so satisfactory that it has become established as the proper manner in which to treat the dense oxidized siliceous ores of this district. Five mills are now crushing ore in cyanide solution, namely, the Horseshoe, 120 stamps (60 in operation); the Dakota, 30 stamps; the Maitland, 40 stamps; the Hidden Fortune, 60 stamps; the Lundberg, Dorr & Wilson, one 6-ft. Monadnock roller-mill; and several others intend to adopt this practice. The dry-crushing process still holds its place for the treatment of the more porous and open siliceous ores; and two mills continue to dry-crush dense siliceous ores. Character of the Ores. The occurrence of the ores of the Cambrian strata in the northern Black Hills has been frequently described.' In practice they are classified, according to their appearance, into " red " and " blue " ores, the former being oxidized and the latter unoxidized. At the present time, usually the red ores only are treated at the mills, although occasionally small quantities of blue ore, which have become intimately mixed with the red in mining, are included. Generally the extraction of values by the direct treatment of raw ore is from 70 to 75 per cent. for red ores, and from 25 to 50 per cent. for blue ores. The ores consist mainly of a siliceous matrix containing, as a +1SOUTH DAKOTA SCHOOL OF MINES, RAPID CITY, SO. DAK.

Jan 1, 1905

By C. Q. Payne

The art of crushing ores and other materials by means of rolls is a comparatively recent one. While the first record of rolls using iron crushing-surfaces dates hack to the year 1806, when they were employed in Cornwall, their principal developmcnt has taken place during the past 30 years. To Stephen R. Erom belongs the credit of the pioneer in introducing the belted high-speed roll, which has had its origin and a marked development in this country. His notable contrib'ution to the art was in the use of a single bed-plate or frame supporting the roll-shafts, and to which levers holding the mova, ble roll-bearings were pivoted. He also made use of steel tension-rods to support the crushing-strains, and of hammered-steel tires for the crushing-surfaces. These changes brought the design of crushing-rolls to a high level. Following closely thereon, about 1885, W. R. Eckart conceived the idea of the swivel or ball-and-socket support for the roll-shaft bearings. This is an excellent mechanical conception, especially for bearings held against a spring pressure, and while it may not be necessary for all types of rolls, yet it has been quite generally adopted by other roll-designers, and illustrates the refinement which roll-construction has now reached. Other engineers, as, for example, Argall, Vezin, Roger, and Sturtevant, to mention only a few among many, have also given the closest attention to the various details of rolls, such as the frame, springe, bearings, and shafts, and have developed many novel and original designs. It has remained, however, for the boldness and originality of Mr. Edison to extend the field of crushing-rolls in two new directions, and to cause them to ex-

Jan 1, 1913