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By Leason Adams

THE thermocouple as a device for the measurement of temperature is rivaled only by the platinum-resistance thermometer. Both instruments are capable of the highest precision, but the thermocouple, on account of its cheapness, ease of construction, and small cross-section, is finding a continually widening field of usefulness for industrial control as well as for laboratory measurements. Formerly, the thermocouple was subject to two disadvantages: errors due to lack of homogeneity of the metal and the labor involved in the interpolation between fixed points on the temperature scale. Former publications from the Geo-physical Laboratory have described the methods' for the selection and testing of thermocouple wire and have presented standard calibration curves2 for platinum-platinrhodiun and copper-constantan couples, so that the most important objections to the thermocouple as a precision thermometer have been removed. The calibration tables published in 1914 covered the range 0-1755° for the platinum-platinrhodium couple and 0-350° for copper-constantan. It has seemed desirable to extend the table for copper-constantan to -200 and also to include a table for the Hoskins thermocouple. Accordingly, in this paper, the new tables are presented, together with a brief explanation of their use; and, finally, certain diagrams and a paragraph on "cold-junction corrections" are given. Standard Calibration Tables.-In Fig. 1, which illustrates how the electromotive force (e.m.f.) of each of the three couples varies with the temperature, the temperatures of one junction are plotted as abscissas and the corresponding thermo-e.m.f.'s as ordinates. The second junction of the couple is supposed to be at 0°; the curves, therefore, pass through

Jan 9, 1919

General discussion on the above subject, presented at the Pittsburgh meeting, October, 1914. GEORGE S. Rice, Pittsburgh,. Pa.-Undoubtedly there is a serious problem through the juxtaposition of gas and oil wells and coal mines, not only at the present time, but possibly of far more serious import for the future. If one examines a map of the coal fields on which is superposed the oil and gas fields of the country, one finds that they overlap to a very great extent. I may say at the beginning that we have not, so far as I know, had any very large number, of accidents growing out of this situation causing loss of life. Such accidents, or rather incidents, that have occurred have all been rather potential possibilities for disasters due to the leakage of gas from wells into the adjacent coal mines. The condition has been most acute in the Fairmont district of West Virginia, and in the general coal fields southwest of Pittsburgh in Pennsylvania. The accidents which have actually occurred were summarized in Bulletin No. 65 (Oil and Gas Wells through Workable Coal Beds) issued by the U. S. Bureau of Mines, reporting the transactions of several meetings in Pittsburgh, February, 1913, of oil and gas well representives, State geologists, State mine inspectors, coal-mine operators, and representatives of the U. S. Bureau of Mines. This conference was partly brought about through a case in which the Pennsylvania State inspection department had brought suit to restrain a gas company from completing a well through a certain mine. The office of the Attorney General of Pennsylvania asked the opinion of the Bureau of Mines upon the matter; about the same time the Association of State Geologists, at its New Haven meeting, asked the Bureau to take up the problem. Accordingly, it was thought advisable to bring together the several, interests. For the most part the danger is, I think, greater in the future, than at the present time Many parts of the coal fields of Pennsylvania, in Greene County particularly, have been penetrated by numerous wells very close together, and with the present practice of having a large coal pillar around each well, has made or will make the mining of many areas difficult or pro-

Jan 4, 1915

By John A. Baker

S EVERAL FACTORS have brought about a vastly greater interest in the gold-mining industry in the last two or three years. Outstanding is the fact that there is an open market at a fixed price for all that can be produced. a condition that holds for no other commodity. Costs of production have decreased greatly, owing to lower prices of supplies and equipment and lower wages. Improved metallurgical processes and equipment are also available. To big new gold district is being opened up but virgin ground is being prospected with some success in many of the more remote parts of the world and right here in the United States many old properties are being reopened 111 the light of present condition<, tailing dumps are being re- worked, and profitable leases taken on abandoned property. Many of the men who are becoming interested in gold are mining engineers whose experience has all been with base metals heretofore: some are engineers with no mining experience; some are not engineers at all but men who cannot find profitable employment in their usual field of activity and are attracted by the age-old lore of the yellow metal. Some are business men with a little money and an idea that under present conditions gold mining offers a safer investment for it than most other kinds of business. It is to those more or less inexperienced new- comers in the gold-mining industry that this article i4 ad dressed. Those who are connected with the large gold mines or who have had rears of experience with the small ones will find in the following pages little or nothing of interest but it is hoped that the newer generation of small mine operators, on whom the healthy growth of the industry depends so much, may find here some helpful hints.

Jan 1, 1932

By Robert Mehl

THE Widmanstätten figures found in the steels have been long recog-nized and in some aspects carefully studied,1 especially as they occur in cast hypoeutectoid alloys. Aside.from the practical importance of the structures obtained in the steels by various heat treatments, a study of the characteristics of these figures is interesting because of the rich opportunity the system affords, to, obtain new data on the mechanism of segregation from solid solutions. This opportunity is twofold: first, by changing composition within the austenite range the proeutectoid precipitate may be changed from that of ferrite to that of cementite, thus offering the same opportunity for changing the type of precipitate while maintaining the same basic lattice as that afforded by the Cu-Zn alloys;2 and second, the eutectoid inversion leads upon drastic quenching to the formation of martensite, a Widman-stätten figure of unique interest from ;the crystallographic viewpoint, particularly in comparison with those formed on-slow cooling.3 We have, therefore, two types of structure to study: that formed on slow cooling of hypoeutectoid and hypereutectoid alloys, and that formed on quenching hypoeutectoid, eutectoid, and hypereutectoid alloys. For each of these types of structure we require the crystallographic plane in the mother austenite along which the precipitate forms (we shall see that the precipitates in these alloys are invariably platelike in form), and also the orientation of the precipitate upon this plane. Some of these

Jan 1, 1933

By Samuel M. Cassidy

The exact date of man&apos;s first use of coal is lost in antiquity. The discovery that certain black rock would burn was undoubtedly accidental and probably occurred independently and many times in the world over thousands of years. It is quite likely that these independent discoveries were made when primitive man chanced to build camp fires on exposed ledges of a black rock, then was amazed when it caught fire. The Chinese recorded the use of coal 1100 yearn before the Christian Era and from the Bible we learn that King Solomon was familiar with coal in what is now Syria. In Wales, there is evidence that the Bronze Age people used coal for funeral pyres, and it is known that the Romans used this fuel. There are other ancient references. So the knowledge that coal would burn, and even some uses of that knowledge, go back thousands of years. However, practical and consistent use of coal seems to date to England in the Middle Ages. COAL IN AMERICA In the Americas, there is evidence here and there of occasional use by the Indians. However, the first recorded discovery of coal, in what is now the US, was by French explorers, who reported an outcrop exposure on the Illinois River in 1679. Following this, other discoveries were made by French and British explorers, but the first recorded actual usage was in Virginia in 1702, where a French settler was granted permission to use coal for his forge. Earliest recorded commercial mining was in 1750, from the James River coaEeld near Richmond, VA, a deposit now abandoned. Besides local consumption from this field, shipments were made to Philadelphia, New Pork, and Boston. During the Revolution this coal was of impor- tance in the manufacture of shot and shell; so important, in fact, that the British sent an expedition in 1781 to destroy the iron works and

Jan 1, 1981

By R.J. Anderson

Roughly, a crack in a casting may be considered, for the moment, to be due to fracture of the alloy resulting from the stress set up by the contraction in volume on passing from the liquid to the solid state. Cracks may be external or surface, internal or deep-seated, or incipient or so-called strain cracks. Draws may appear as depressions, unevenness, and "pinching in" of the surface of a casting. Roughly, draws are due to contraction in volume and are governed largely by the same factors as cracks. A casting may be cracked, however, without being drawn. Shrinkage is a foundry term and refers to the contractio~l in volume of a metal or alloy on passing from the liquid to the solid state. Patternmaker&apos;s shrinkage is the total contraction in volume (including liquid, solidification, and solid shrinkage) that occurs when an alloy is poured into a mold. The contraction in volume of aluminum is one of the principal factors affecting the occurrence of cracks, as will be shown later, and the question of shrinkage and its control requires careful study in any treatment of cracking in castings. In the case of sand and die castings, cracks have been attributed to a number of causes, but in the case of most light aluminum alloys, they are due to the large contraction in volume on freezing and the lack of its regulation or control. The most important factors are: (1) Contraction in volume; (2) composition of alloy; (3) quality of melting charge; (4) design of casting; (5) method of molding; (6) hardness of ramming; (7) method of gating; (8) hardness and characteristics of cores; (9) chills; (10) risers; (11) melting temperatures; (12) furnace used for melting; (13) pouring temperatures; (14) inclusions in alloys; (15) hot shortness of alloys; and (16) physical properties of alloys at high temperatures. Of these, the first, second, third, and eleventh to sixteenth involve ascertainable metallurgical facts; the remainder are largely matters of opinion, judgment, and technical knowledge of men experienced in the production of castings.

Jan 1, 1923

By R. J. Anderson

Roughly, a crack in a casting may be considered, for the moment, to be due to fracture of the alloy resulting from the stress set up by the contraction in volume on passing from the liquid to the solid state. Cracks may be external or surface, internal or deep-seated, or incipient or so-called strain cracks. Draws may appear as depressions, unevenness, and "pinching in" of the surface of a casting. Roughly, draws are due to contraction in volume and are governed largely by the same factors as cracks. A casting may be cracked, however, without being drawn. Shrinkage is a foundry term and refers to the contractio~l in volume of a metal or alloy on passing from the liquid to the solid state. Patternmaker&apos;s shrinkage is the total contraction in volume (including liquid, solidification, and solid shrinkage) that occurs when an alloy is poured into a mold. The contraction in volume of aluminum is one of the principal factors affecting the occurrence of cracks, as will be shown later, and the question of shrinkage and its control requires careful study in any treatment of cracking in castings. In the case of sand and die castings, cracks have been attributed to a number of causes, but in the case of most light aluminum alloys, they are due to the large contraction in volume on freezing and the lack of its regulation or control. The most important factors are: (1) Contraction in volume; (2) composition of alloy; (3) quality of melting charge; (4) design of casting; (5) method of molding; (6) hardness of ramming; (7) method of gating; (8) hardness and characteristics of cores; (9) chills; (10) risers; (11) melting temperatures; (12) furnace used for melting; (13) pouring temperatures; (14) inclusions in alloys; (15) hot shortness of alloys; and (16) physical properties of alloys at high temperatures. Of these, the first, second, third, and eleventh to sixteenth involve ascertainable metallurgical facts; the remainder are largely matters of opinion, judgment, and technical knowledge of men experienced in the production of castings.

Jan 1, 1923

By W. B. Gogarty

With flow of non-Newtonian fluids in porous media, effective viscosities are needed for use in the Darcy equation. These viscosities depend on the rock parameters and flowing conditions. In this investigation, rheological and flow results were correlated to develop an expression for calculating effective viscosities. Surfactant-stabilized dispersions of water in hydrocarbon were used with consolidated sandstone cores of different permeabilities. The average shear rate in a core was related to the permeability and porosity of the core and the frontal velocity through the core. By using the correlation obtained for determining effective viscosity, experimental and theoretical values were compared for each fluid system by determining average and maximum errors. For the fluid system showing the largest average error, the correlation fit 38 experimental points with an average and maximum percentage error of 4.3 and 14.8, respectively. For the fluid system showing the least error, average and maximum percentage errors of 1.8 and 4.3, respectively, were calculated using 29 experimental points. INTRODUCTION Use of non-Newtonian fluids in the petroleum industry is not new. Fluids of this type have been used for many years as fracturing agents and drilling muds. Recently, attention has focused on the use of high molecular weight polymer solutions for secondary recovery. Results have been reported on studies relating to the flow behavior of polymer solutions in porous media.1-4 Each study gives the viscosity in the Darcy equation as a function of the rheological properties of the fluid, the characteristics of the porous medium and the pressure gradient. The functional forms of the reported expressions differ somewhat in each study. The first three studies used unconsolidated porous media while the fourth used a single consolidated core. Because of the limited information available on the flow of non-Newtonian fluids in porous media, further investigation was undertaken in this area. We selected non-Newtonian fluids that did not contain high molecular weight polymers in order to minimize core plugging. The over-all objective was to gain a better understanding of the flow behavior of non-Newtonian fluids in consolidated porous media. Specifically, our goal was to determine the relationship between the average shear rate in a core and the frontal velocity. Because of this goal, it was necessary to determine the effect of permeability on the shear rate-frontal velocity relationship. We wanted to replace the viscosity in the Darcy equation with an expression relating to the average shear rate in the core and the rheological properties of the non-Newtonian fluid. THEORY For a time-independent, non-Newtonian fluid, the apparent viscosity is a function of the shear rate. This relationship is given by µ = F(v&apos;)...........(1) With Eq. 1, a single value of shear rate determines the apparent viscosity at that shear rate. With flow in porous media, a spectrum of shear rates occurs at any average throughput. An average shear rate v&apos; can be used to represent the spectrum of shear rates that exists within the core. By using v&apos; and the rheological data given by Eq. 1, an effective viscosity is determined for the flowing fluid. If v&apos; is the correct average, µe becomes the appropriate viscosity for use in the Darcy equation. Under these conditions, flow rate-pressure drop relationships can be determined for non-Newtonian fluids. HOW the correct average shear rate might be related to the frontal velocity through the core and the characteristics of the porous media will now be considered. Later, the experimental data are presented that indicate the validity of these

By A.J. PHILLIPS, Wm. B. Price

ADMIRALTY nickel is a new corrosion-resisting and heat-resisting white metal alloy composed of 70 per cent. copper, 29 per cent. nickel and 1 per cent. tin. It has been given the trade name "Adnic." In 1924, Win. B. Price1 described this alloy and its successful use as a diaphragm metal. The physical properties of Adnic at ordinary and elevated temperatures were given in Mining & Metallury.2 A patent3 was granted on Adnic, April 28, 1925. Work was first started on this alloy during December, 1921. An investigation of the patent situation in this country and abroad, and also a search of the literature, did not reveal any work on the ternary diagram, copper-nickel-tin; and the only wrought copper-nickel-tin alloy found was that known as "Newloy," composed of copper, 64 per cent.; nickel, 35 per cent.; tin, 1 per cent. This was being manufactured and sold by Wm.. Gallimore & Sons, Ltd., Sheffield, England, for unplated spoon and fork stock, and first came to our attention in January, 1922. The preliminary work in connection with the development of Adnic was started by casting four, binary copper-nickel alloys of the compositions shown in Table 1. Various amounts of tin were added to each of these mixtures, to produce the series of ternary copper-nickel-tin alloys also given in Table 1. A 200-gm. sample of each of these was cast by melting in a clay graphite crucible and allowing the melt to slowly cool with the furnace. A longitudinal section from each of these castings was polished and etched for-examination. The castings were not homogeneous solid solutions, but showed the usual cored structure associated with cast alloys. However, from an examination of these sections we roughly determined

Jan 1, 1928

By Pol Duwez, Howard E. Martens

INTRODUCTION THE high temperatures encountered in the operation of jet engines have imposed most drastic requirements upon the materials used in their construction. There are two different approaches to the materials problem connected with the design of parts in contact with high temperature gases. The first approach is to use a material which will perform satisfactorily at a temperature comparable to that of the gas. The second approach is to use a cooling system so that the material is maintained at a temperature appreciably lower than that of the gas. Besides the conventional method .of cooling by means of a liquid in contact with the material exposed to a high rate of heat transfer, a less orthodox method consists of making the part to be cooled of a porous material, so that the cooling fluid can be forced through the pores. In this scheme, the temperature of the coolant moving in a direction opposite to that of the heat flow increases gradually while passing through the porous material, and the coolant forms a protective layer on the surface exposed to heat. This method, referred to as "sweat cooling," was proposed at the jet Propulsion Laboratory in September 1944, and the experimental work on the preparation of porous metals was started early in 1945. The sweat cooling method opens new lines of research in powder metallurgy by extending the field of application of porous metals. The porous metals available at the present time are used mostly as bearings or filters, and a rather limited number of alloys are made for these applications. In addition, the fabrication of bearings or filters does not require a very dose control of the permeability, while in the case of sweat cooling such a control is of primary importance. In designing a sweat cooled part it is imperative to assure a given rate of flow of coolant under certain conditions of pressure drop. Generally, the proper pressure drop and the rate of flow of coolant are deduced from heat transfer and design considerations, and consequently the permeability of the porous metal to be used is also determined. It is therefore necessary for the designer to have available a continuous series of porous metals covering a range of permeability as wide as possible. Contrary to the requirements established in the fabrication of filters, the actual pore size of a porous metal intended for sweat cooling is of little consequence, except for its effect on permeability. The tensile strength is likely to be of great importance for some applications. Since the tensile strength of a porous alloy decreases with increasing porosity, an important problem is to develop porous alloys having the maximum permeability with minimum porosity.

Jan 1, 1948

By Carl Henrich

I have read with particular interest that portion of the discussion by Anton Eilers referring to the high-lime (and also high-alumina) slags made by August Raht in 1881, while smelting the Horn Silver ores at Franklin, Utah. The two analyses of such slags, furnished by Mr. Raht to Mr. Eilers are: (a) Not determined in this analysis. (b) Not given in Mr. Eilers&apos; paper. Oxygen ratio, A1 as base. I. 0 in acid: O in base:: 18.1:18.9:: 0.96:1 11. 0 in acid :O in base:: 18.7:17.5::1.06:1 Average: 18.4:18.15=1.01:l Oxygen ratio, AI as acid. I. O in acid: O in base: :23.2:13.8:: 1.68:1 11. O in acid: O in base::23.1:13.5:: 1.76:1 Average: 23.15:13.4 = 1.73:l By assigning to alumina the the of a base, Mr. Eilers deduces the formula 3Feo.-2SiOa + 4Cao.2SiO². The nearest approach to a simple formula expressing the average composition of these slags, which I can figure, is 9RO.Al2O3.6SiO2. Allowing a ratio of 4Feo : 5Cao, we have for this formula:

Jan 1, 1917

By C. W. Volek, G. Mandl

Steam-injection tests in the field have shoum that heat transport into the oil/water region, ahead of the steam zone, may have a significant effect on the production process. Earlier theoretical work on reservoir heating by hot-fluid injection can be used to describe the growth of the steam zone, but only if heat transport from steam zone into oil/water region is neglected. It therefore became necessary to re-examine and extend the earlier theory. It was found that this theory ceases to be consistent with the physical model of the process at a certain critical time, tc, which depends on reservoir thickness, temperature, and quality of the steam. The critical time marks an important change in the heat flow across the condensation frovt: the heat flow, which is purely conductive during 0 < t < tc&apos; becomes predominantly convective at t = tc. Accordingly, at t = tc, the equation which governs expansion of the steam zone changes. On the basis of the new equation, an approximate description for the steam-zone growth during t > tc is developed by making use of upper and lower bounds for the exact solution of the problem. The boundary conditions for heat and mass flow inside the oil/water region are established, and a simple method of detennining the saturation at the downstream side of the condensation front is presented. Experimental results show that the theory gives an accurate description of steam-zone expansion before the critical time. At times near critical time, and also after critical time, experimental data show theoretical steam-zone volumes to be high. Even so, the accuracy of the calculated steam-zone volumes is sufficient for practical purposes. THEORY OF STEAM-ZONE GROWTH INTRODUCTION The engineering evaluation of steam-drive processes is based mainly on a mathematical description of reservoir heating by hot fluid injection presented several years ago by Marx and Langenheim.l This theory can be used to determine the growth of the steam zone,2 provided the flow of heat from the steam zone into the liquid zone ahead of the condensation front (Fig. 1) is neglected. Since we must expect, however, that heat transport into and inside the liquid region (the region between condensation front and production wells) will affect both the water/oil flow and the growth of the steam zone, it is necessary to re-examine and to generalize the Marx and Langenheim theory as applied to steam drive, which will hereafter be termed the "old" theory. Observations made in several field tests emphasize the need to study the heat flow across the condensation front (CF). On several occasions it was discovered that heat was transported in the liquid zone far ahead of the advancing CF, resulting in an early breakthrough of warm water. This seems to occur most often when high injection pressures are applied, when "wet" kONINKLIJKE/SHELL EXPLORATIE EN PRODUKTIE LABORATORIUM RIJSWIJK, THE NETHERLANDS SHELL DEVELOPMENT CO. HOUSTON, TEX.

Jan 1, 1970

By J. L. Gregg, C. W. Kuttner

ReceNtly there has been considerable interest in the production and use of extra hard alloys composed primarily of tungsten and carbon. Dr. Hoyt&apos;s recent paper1 gives a good description of these alloys and describes their performance when used as tools. There are a number of these alloys on the market sold under various trade names, and it is the purpose of this paper to describe the results of an investigation of the structure of five of these alloys by means of microscopic and X-ray methods. The samples studied were in the form of small tools or wiredrawing dies, which were either purchased or supplied as samples. They were in some cases not supplied by the original makers but were furnished by the agents in this country, and we wish to call attention to the fact that they may not be truly representative of the materials supplied under the various trade names No performance data are given and no inference as to the inferiority of one alloy as against any other is made. K. Schröter2 recently described methods for polishing alloys of this type for microscopic examination and has presented photomicrographs of several alloys. However, he did not identify their constituents or describe methods for their identification. Constituents and Their Identification As far back as 1915 attempts were made to utilize tungsten carbides commercially, but the great brittleness of these carbides made these first attempts unsuccessful. Later, successful dies were made by sintering the powdered carbides with small amounts of iron, nickel, or cobalt. Due to the high melting points of the tungsten carbides (2600" to 2800" C.), it is difficult to melt the carbides without volatilizing almost quantitatively the added element of the iron group. Inasmuch as the added metal does not exceed 20 per cent. and is usually present in much smaller amounts, some understanding of the tungsten-carbon equilibrium dia-

Jan 1, 1929

By C. W. Kuttner, J. L. Gregg

ReceNtly there has been considerable interest in the production and use of extra hard alloys composed primarily of tungsten and carbon. Dr. Hoyt&apos;s recent paper1 gives a good description of these alloys and describes their performance when used as tools. There are a number of these alloys on the market sold under various trade names, and it is the purpose of this paper to describe the results of an investigation of the structure of five of these alloys by means of microscopic and X-ray methods. The samples studied were in the form of small tools or wiredrawing dies, which were either purchased or supplied as samples. They were in some cases not supplied by the original makers but were furnished by the agents in this country, and we wish to call attention to the fact that they may not be truly representative of the materials supplied under the various trade names No performance data are given and no inference as to the inferiority of one alloy as against any other is made. K. Schröter2 recently described methods for polishing alloys of this type for microscopic examination and has presented photomicrographs of several alloys. However, he did not identify their constituents or describe methods for their identification. Constituents and Their Identification As far back as 1915 attempts were made to utilize tungsten carbides commercially, but the great brittleness of these carbides made these first attempts unsuccessful. Later, successful dies were made by sintering the powdered carbides with small amounts of iron, nickel, or cobalt. Due to the high melting points of the tungsten carbides (2600" to 2800" C.), it is difficult to melt the carbides without volatilizing almost quantitatively the added element of the iron group. Inasmuch as the added metal does not exceed 20 per cent. and is usually present in much smaller amounts, some understanding of the tungsten-carbon equilibrium dia-

Jan 1, 1929

By Pedro L. Lizaur

INTRODUCTION The degree of success of an association between parties in establishing a new venture ultimately depends on three factors: a. the venture&apos;s underlying economic strength, which is based on the complementarity of the comparative advantages brought by each party to the negotiating table; b. the ability to reach an agreement which satisfies each party&apos;s objectives and constraints; and, c. the capacity to design and implement a funding structure which is consistent with the project economics. A thorough assessment of the venture&apos;s profitability and associated risks under alternative technical and economic scenarios is the basis for a sound "go" or "no go" decision. In-depth evaluation of the risks and rewards to each of the parties involved under alternative legal and financial structure must be the foundation for a long lasting "how to go" decision. The allocation of risks and rewards should be consistent with the objectives and constraints of all parties and the sharing mechanisms, established in the contract, should be flexible to assure the long-term stability of the agreement. Rapidly changing economic conditions during the last decade have had a dramatic impact on the envisaged allocation of risks and rewards between host countries and private investors. The effects of these changes, and the fact that the relative strengths of the parties involved may shift during the life of a project (e.g. before and after major capital investments have been made), have forced the renegotiation of a multitude of contracts. Therefore, the present and future stability of an economic agreement would depend not only on the originally designed provisions, but also on provisions which allow for the automatic adjustment of rewards to project sponsors under a variety of future economic situations. A pre-condition for the allocation and quantification of risks and rewards is the definition of standards of measurement used by each of the parties. This is critical in international negotiations when one of the parties represents the national interests of a country. The understanding and use of different standards for the measurement of rewards for risk taken between a government and private enterprise facilitate the negotiation of a satisfactory agreement. This is possible because certain trade-offs between the negotiating parties may have different relative values. STANDARDS OF MEASUREMENT OF REWARDS FOR RISK TAKEN The negotiating process takes a step forward when the parties are able to focus on their interests, explore different alternative solutions and then base results on a set of objective standards. Unfortunately, the parties frequently put more effort into "staking out" and defending positions, than into understanding their intrinsic interests. Moreover, when one party, such as a governemnt owned corporation, represents a country&apos;s national interests, the negotiation process increases in complexity. Private firms focus on commercial profitability, using discounted cash flow techniques such as NPV, IRR, or ROE. In contrast, the government is also concerned with the project&apos;s impact on the local socio-economic environment. Without entering into a discussion of alternative economic development theories and approaches, there exist several possible measures that could be pragmatically utilized by each party in evaluating the socio-economic impact of a project. The more complete measure is the National Profitability (NP). The NP is a discounted cash flow procedure similar in structure to IRR or NPV but in which the project&apos;s financial cash inflows and outflows and discount rates are adjusted to take into consideration the local conditions. The NP is calculated on an unlevered basis and all taxes and duties are removed from the project

Jan 1, 1985

By M. L. Requa

This paper is abstracted from the report of the Appraisement Committee of the Independent Oil Producers&apos; Agency, of which the writer was Chairman. The other members of the committee were M. V. McQuigg and R. S. Haseltine. To Thomas Cox, engineer in charge of the investigation, and to his efficient staff of assistants, is due the credit for the detail work necessary in carrying out the plan of the Committee. It treats only of the valuation of the lands, wells, and piping, without going into details of equipment and other features. It was recognized, early in the operation, that the value of oil lands was the value of oil ,to be extracted and marketed, less the costs attendant thereon. Referring this back to the costs in cents per barrel, it became obvious that surface improvements, absolutely necessary in the production of oil, from wells then drilled, had no separate and independent value aside from the value of the land, but that any excess equipment, not necessary for the production of oil from present wells, such as drilling tools, well casing, etc., should be given a present condition value. In valuing the properties of the Independent Oil Producers&apos; Agency, the Committee has considered the following facts: 1. That from each property there will ultimately be produced a certain total quantity of oil. 2. That in the production of that oil a certain total quantity of money will be expended. 3. That a certain total amount of money will be received from the oil. 4. That the total net receipts will be the total gross receipts less the cost of development and production. 5. That the present value of the net receipts must be such an amount that when invested by a purchaser it will be returned with 8 per cent, interest additional during the life of the property. The initial procedure consisted in making a general reconnaissance of the entire district in which the property was located and determining the lithological and structural conditions underlying the area. The data obtained from each individual tract comprised the logs of all the wells

Jan 1, 1918

In response to Dr. Ledoux&apos;s paper, a large number of metallurgical establishments and individual assayers expressed their willingness to co-operate in the plan he proposed. The necessary samples were prepared as follows : Matte.—A car-load of matte was put through a Blake crusher, then automatically subdivided into tenths by a Taylor and Brunton sampler, and one-tenth passed through Cornish rolls and through a 12-mesh screen. This was again subdivided by an automatic sampler into tenths, and a final tenth, representing 1 per cent. of the original lot, was finished by hand-sampling on an iron floor until 100 pounds remained. This was pulverized to pass a 40-mesh screen and then thoroughly mixed and divided in the presence of my assistant for distribution to the parties co-operating. Copper Borings.—These were taken from a lot of anodes, the dip-samples from several batches having been united, remelted and cast into a plate, which was proved by assay to be of uniform quality in its different parts. Borings from this plate were intimately mixed and divided in the presence of my assistant. Samples were sent out November 1,1894, with the following letter: New York City, November 1, 1894. Samples of matte and copper (about I pound each) carefully prepared in the presence of my assistant and sealed with his seal as below, are sent you by express for assay and report according to the plan of Dr. Ledoux. These samples are constituted about as follows: Matte. Copper. From. To. From. To. Copper, per cent.,.....50 60 ..........., Gold, oz. per ton,.....2 3 0.20 0.50 Silver, oz. per ton,.....100 150 140 180

Jan 1, 1896

The Institute maintains a dual relationship with students: (1) an individual relationship with a Student Associate; and (2) a relationship with local organizations of students, known as Affiliated Student Societies or Student Chapters. 1. The conditions of Student Associateship are set forth in Section 9, Article I, of the Bylaws of the Institute (see page 61 and following pages). During 1934, sundry amendments were made for the purpose of improving

Jan 1, 1939

By Frank Harwood Riddle

Products made from the ores of the sillimanite group, and synthetic substitutes for them, have unique properties, and service tests prove that they are playing, and will continue to play, a major part in improvements in metallurgical processes. Also, they are examples of how comparatively useless, rare, or "museum" minerals have been made available in commercial quantities. Until research developed uses for them, the minerals had been observed only in small, scattered masses, or crystals. Improvements in ceramic processes and compositions have come about very gradually. In the last 10 or 15 years, several outstanding developments have been made. Of greatest interest to the mining and metallurgical engineers are those affecting the composition, necessitating the mining of new minerals, and improvements in ceramic products used in metallurgical processes. Sillimanite and Mullite Sillimanite (Al2O3.SiO2), then known as Fibrolite, according to Dana,&apos; was first reported in 1792. In 1796, cyanite (Al2O3.SiO2) was first described.2 In 1873, Behrens published results of his microscopic study8 of porcelain. He showed that it contained what appeared to be crystals, which dissolved less readily than quartz and glass in hydrofluoric acid. Hussak4 described the presence of needlelike crystals as occurring in some instances in small amounts in certain porcelains. In 1908, Plenske and Zoellner both studied porcelain structure.5 Plenske observed that "sillimanite" might be present in masses of exceedingly minute grains which apparently were amorphous. Zoellner advanced the theory that the needlelike crystals were formed by a molecular change in the clay,

Jan 1, 1932

By Oliver Bowles

A HEAVY gel of bentonite clay has been proposed as an effective lubricant to speed down the ways to sea, river, or lake, the mighty cargo ships now hitting the water at the rate of about three a day. Another unusual application of a nonmetallic mineral is in food conservation, for the claim has been made that the next new item on the menu for poultry and rabbits will be vitamin tablets prepared from mont-morillonite clay. These uses have minor importance but illustrate not only the diversity in utilization, but the notable trend in 1942 toward mobilizing nonmetallic minerals for the war program. Although occupying less headline space than iron, steel, copper, aluminum, magnesium, and other metals, the nonmetallics are filling important emergency needs. Mica and quartz crystal are essential to communication; asbestos is urgently needed in fireproof heat and electrical insulation; and strontium minerals are utilized in the manufacture of signal flares and tracer bullets.

Jan 1, 1943