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By Wayne A. Greenwalt

A method that determines venture participation when the decision maker's level of risk aversion varies according to venture profitability and risk investment is presented. The decision maker's fundamental aversion to risk is established by the selection of a desired working interest for a venture that anticipates only a discounted payout.

Jan 1, 1982

By J. J. Beeson

For the past fifty years or more, the structural features of the Cordil-leran mountain system of western United States have presented some most interesting problems. Any geologist or engineer living in this region, or even making occasional examinations of the mines, will lose much of interest and importance if he is not familiar with the literature. Some of the greatest works on geology have been the result of studies carried on in sections of this region. Among the more important of the earlier works are those of Dutton,l King,2 Gilbert3 and Powell;4 of the more recent Lindgren,5 Ransome,6 Spurr,7 Butler8 and others have contributed much. Many of the papers are largely of scientific interest but even these lay the foundation for the commercial application of the broader features of the geology. I have read many of these works with the keenest interest and pleasure; in fact, some have been read until some of the more important findings seem to be my own. In this paper, however, it is my aim to accept credit for little more than the labor of assembling some of the ideas of others. This is done with the hope that an interesting and valuable discussion will be the result. If some of the ideas presented should

Jan 1, 1927

By H. J. Rose

Sixty-five million net tons of coal were carbonized in the by-product and beehive coke ovens1 of the United States during 1924. This tonnage represented 13.4 per cent. of the bituminous coal which was mined in that year. Table 1 shows production and disposition.2 Table 1.—Production and Disposition of Ocen Coke in 1924 By-product Beehive Total Coal charged into ovens, tons................ 49,061,339 15,914,310 64,975,649 Coke produced (exclusive of screenings and breeze), tons............................. 33,983,568 10,286,037 44,269,605 Average yield of coke, per cent ............. 69.3 6.46 68.9 Disposition of coke, per cent.: Blast furnace.......................... . . 82.6 Foundry............................... . 13.3 6.6 Domestic.............................. . 1.4 6.7 Water gas manufacture and all other uses.. 4.6 . 4.1 Cokes having somewhat different combinations of chemical and physical properties are desired for the various uses listed above, and these properties depend primarily upon the types of coal used. American coals have a wide range of purity and coking quality, and the chief subject of this paper will be the selection of coals for the manufacture of blast furnace, foundry, domestic, and water-gas coke, in by-product coke ovens. It will obviously be necessary to include a discussion of those physical and chemical characteristics that are generally considered essential or desirable for each type of coke. Suitable Coals The examination and development of new sources of coking coal are important because of the irregular and limited distribution of high-grade

Jan 1, 1927

By John Lohrenz

Consider an investor who, knowing future costs and revenues, can choose how rapidly to produce from a given mineral source. If the investor elects to make that choice to maximize present value of future profits, how do policies affect the choice? Various alternative policies are examined. Some, such as higher royalty rates, lead to slower production rates than would otherwise obtain. Clearly, the chosen rates of production are policy-dependent. One is wisely counseled to consider how mineral policies affect the rate of production from given sources when analyzing current and alternative policies.

Jan 1, 1982

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 Associate¬ship are set forth in Section 9, Article I, of the Bylaws of the Institute (see page 74 and following pages) During 1934, sundry amendments were made for the purpose of improving the student relationship Post-graduate students are now eligible, and associateship can be maintained, with the payment of the regular dues of $2 per year, for 18 months following graduation in June With his regular dues, each Student Associate is entitled to receive during the year his choice of MINING AND METALLURGY, METALS TECHNOLOGY, MINING TECHNOLOGY, PETROLEUM TECHNOLOGY, or COAL TECHNOLOGY, and on payment of an additional fifty cents he can have both MINING AND METALLURGY and any one of the others He is accorded the privilege of getting special publications such as "The Porphyry Coppers" and "Elements of the Petroleum Industry" at the reduced prices applicable to Members, he has the privileges of the Engineering Societies Personnel Service and the Engineering Societies Library, and he is not only invited but urged to attend all meet¬ings of the Institute, its Divisions and its Local Sections The Institute wants to extend the hand of professional fellowship to students following mineral industries curricula

Jan 1, 1952

News has just been received that Flight Commander William T. Hall, a Junior Member of-the Institute, was killed in action on Saturday, May 19, 1917. According to the' Toronto Star, Commander Hall was 24 years of age, a native of Toronto, and a grandson of the late William Kersteman. During the four years of his course in mining at the School of Practical Science, Toronto University, he passed every examination with honors. When war was first declared Commander Hall endeavored to join the artillery as an officer, and for that purpose secured a provisional lieu- tenancy with a Hamilton battery, but he did not receive an overseas appointment, and on being graduated as a mining engineer in 1915, he was offered a position in Chile, which he accepted. He left Toronto on May 27, 1915, and was engaged in Chile as a mining engineer for nearly a year. In the latter part of April, 1916, he decided to offer himself again for service at the front. He crossed the Andes and sailed for Liverpool, where he landed on May 13, 1916. On May 27, 1916, Capt. Hall was given a commission as lieutenant in the Royal Flying Corps. He went to the front on Sept. 1, 1916, and remained there continuously. On April 4, 1917, he was promoted from lieutenant to the rank of flight commander. No details of how Commander Hall came by his death have as yet been received.

Jan 1, 1918

Geological and Natural History Survey of Minnesota, Minneapolis, Minn W. H Emmons, Director A list of publications will be sent upon application Orders for publications should be addressed to The University of Minnesota Press, Minneapolis, Minnesota The Geological Survey of Minnesota has a record of long and useful service Some of the papers published have been outstanding in their field A series of 24 Annual Reports, covering the years 1872 to 1895-98, inclusive, was issued, of which 16 are still available at a price. More important however, are the six volumes of Final Reports, in which is collected the material presented in the earlier Annual Reports. All the strictly geological papers are found in four of the volumes of the Final Reports. vol 1 (1872-1882), principally geology by counties, 2 (1882-1885), same as 1, 4 (1896-1898), same as 1, 5 (1898-1900), Structural and petrographic geology Prices for each volume, leather $3, cloth $2 50, excluding postage, unless other directions accompany the order, volumes of the Final Reports will be sent express collect. A series of Bulletins has been issued, of which a few are out of print. Considering only those available, and of greatest interest, they are: Bulletin 5, Natural gas in Minnesota, by N H Winchell (1889), 50 cents, 6, Iron ores in Minnesota, their geology, discovery, development, qualities and origin, by N H Winchell and H V.

Jan 1, 1933

The President was authorized to appoint. a liaison committee to cooperate with the American Mining Congress in respect to the establishment of a Secretary of Mines and Mining in the President's Cabinet. He appointed Edwin Ludlow, Chairman; Mark L. Requa, and J. E. Johnson, Jr. It was resolved to accept the invitation from the Chicago Section to hold the. 120th meeting of the Institute in Chicago during the week of Sept. 15, 1919. The action of the Executive Committee in appointing Past President E. Gybbon Spilsbury as representative of this Institute to visit France upon the invitation of the Société des Ingénieurs Civils de France was approved. The final budget for 1918 was approved. Tile President was authorized to appoint a committee, of three members, on the Development of Activities of the Institute. The committee was requested to report at the February meeting of the Institute, and the Secretary was requested to invite each local section to have a member present to discuss the subject. The President appointed J. W. Richards, Chairman; P. N. Moore, and Allen H. Rogers. Thirty-six members, ten associates, and five junior associates were elected; one change of status from associate to member was granted; two members were reinstated; and eight resignations were accepted. An extension of time was granted to nine members. The dues of eight members were suspended on account of their being in active service.

Jan 2, 1919

The Institute maintains a dual relationship with students: (1) an indi¬vidual relationship with a Student Associate; and (2) a relationship with local organizations of students, known as Affiliated Student Societies or Stu¬dent Chapters. 1. The conditions of Student Associateship are set forth in Section 9, Article I, of the Bylaws of the Institute (see page 57 and following pages). During 1934, sundry amendments were made for the purpose of improving the student relationship. Post-graduate students are now eligible; and associateship can be maintained, with the payment of the regular dues of $2 per year, for 18 months following graduation in June. With his regular dues, each Student Associate is entitled to receive during the year his choice of Mining and Metallurgy, Metals Technology, Mining Technology, Petroleum Technology, or two "classes" of Technical Publications; and on payment of an additional fifty cents he can have both Mining and Metallurgy and any one of the others. He is accorded the privilege of getting special publications such as "The Porphyry Coppers" and "Ore Deposits of the Western States" at the reduced prices applicable to Members; he has the privileges of the Engineering Societies Employment Service and the Engineering Societies Library; and he is not only invited but urged to attend all meetings of the Institute, its Divisions and its Local Sections. The Institute wants to extend the hand of professional fellowship to students following mineral industries curricula.

Jan 1, 1938

The Institute maintains a dual reltionship 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 60 and following pages). During 1934, sundry amendments were made for the purpose of improving the student relationship. Post-graduate students are now eligible; and associateship can be maintained, with the payment of the regular dues of $2 per year, for 18 months following graduation in. June. With his regular dues, each Student Associate is entitled to receive during the year his choice of MINING AND METALLURGY, METALS TECHNOLOGY, MINING TECHNOLOGY, PETROLEUM TECHNOLOGY, or two "classes" of Technical Publications; and on payment of an additional fifty cents. he can have both MINING AND METALLURGY and any one of the others. He is accorded the privilege of getting special publications such as "The Porphyry Coppers" and "Elements of the Petroleum Industry" at the reduced prices applicable to Members; he has the privileges of the Engineering Societies Personnel Service and the Engineering Societies Library; and he is not only invited but urged to attend all meetings of the Institute, its Divisions and its Local Sections. The Institute wants, to extend the hand of professional fellowship to students following mineral industries curricula.

Jan 1, 1941

By Bruce A. Kennedy

The long awaited new Mining Engineering Handbook is taking shape under the leadership of A. B. Cummins, Chairman of the Editorial Advisory Board for the SME Mining Engineering Handbook, and Ivan Given, Editor-in-Chief. The last Mining Engineers' Handbook, the Peele edition, published by John Wiley and Sons, was last revised in 1941. This book was and still is a virtual mine of information although a good deal of its content, especially the cost tables, is becoming rather antiquated. The new one-volume work will contain approximately 1600 pages and be divided into 36 sections. A brief summary of the sections follows: The Place and Contribution of Mining, Mining Costs: Mining Geology-Minerals and Mineral Deposits; Minerals Discovery-Prospecting and Exploration Methods and Equipment; Site Exploration and Selection; Minerals-Mining Design; Soil and Rock Mechanics; Design of Excavations; Opening and Development: Underground Mining Systems and Equipment; Roof and Ground Control; Groundwater and Groundwater Control: Open-Pit and Strip-Mining Systems and Equipment: Underwater and Ocean Mining; Fragmentation-Cutting, Drilling, Blasting; Underground Haulage: Hoists and Hoisting Systems; Surface Haulage, Hoisting. Lowering Pumping and Drainage; Ventilation: Mine Surveying; Ore and Coal Processing; Mill Design; Industrial Minerals-Specifications and Markets: Power; Maintenance plant and Equipment; Supply Service; Health and Safety; Reclamation and Surface Restoration: Administration and Management; Operations Optimization (Systems Engineering) : Mint, Costs and Control: Mine Examination. Valuation. Reports; Engineering Terms: and Consulting Engineering.

Jan 1, 1970

By John V. Beall

Probably it won't happen to us again in a thousand years, but it was very embarassing at the time. It is only because of certain matters that have come up this month that we tell you at all about it. At the beginning of our trip to Peru and Chile last summer, we were flying with Bill Haddon from Lima to Tacna aboard Fawcett. Being an old hand at foreign travel, particularly in South America, we felt obliged to explain some of the special features of travel in Latin America and the niceties of etiquette in particular and were so engaged when the plane landed at the airport. We led the way briskly into the terminal, expecting at any moment to have a representative of Southern Peru Copper pop up and present himself. However, this didn't happen so we repaired to the baggage arrival station to wait. All the bags were quickly picked up, but ours were no where to be seen. Bill was slightly agitated because the plane was being buttoned up for take off. However, rising to the emergency with our usual aplomb, we took charge of the situation. Brandishing the claim checks under the nose of the porter who pointed to them and said, "si, Tacna," we nodded briskly and in our serviceable Spanish said "si se[n]or, vayase viejo, rapido." He was off and back with our suitcases quickly enough.

Jan 1, 1970

The Secretary of the Treasury, acting through the National War Savings Committee, soliciting the support of patriotic associations in America in the sale of War Savings Stamps, has addressed the following letter to the President of the Institute: It is particularly desirable to have you urge the members of your association to give their assistance wholeheartedly, and to this end we urgently request that you write a letter to each of your members, outlining the aims of this campaign. That you may more easily draft your letter, we mention a few things in which your members could render a special service. Agencies and Sales Stations.-We desire immediately to establish several hundred thousand agencies and sales stations. It is as easy to sell a War Savings Stamp as it is in ordinary postage stamp, and we have launched a great drive to establish sales stations everywhere. The plan is simplicity itself! Your town, city, county or State Director can furnish you with supplies, posters and publicity matter. You can get the stamps from your post office or bank. Such stations should be at every pay window of manufacturing, industrial and mercantile establishments, and at every retail counter in the country. These stamps should be the easiest bought merchandise in the world, and when these agencies are established this end will have been accom-plished. Therefore, please lay extra pressure on the thought of immediately establishing these sales stations.

Jan 3, 1918

By Bert Sandell

MUCH has been said and written about the various uses of die-castings, their applications in the various industries and their advantages and disadvantages. Examination of this literature, however, fails to disclose any data concerning the effect of temperature upon any of the physical properties of die-casting alloys. The uses and applications of die castings are so numerous, and of such a varied nature, that far too lengthy a manuscript would be required to list all of them. Brief mention of some specific cases will suffice to illustrate the temperature ranges in which certain die castings function. Automobile hardware, such as hub caps, door handles, radiator caps, etc., can be used as one example. Castings of this type are constantly exposed to varying climatic conditions, temperatures ranging from below zero to upwards of 100° F. Refrigerator parts, such as ice-cube trays, etc., form another example. Approaching the other temperature extreme, we encounter conditions such as are found in kitchens in which oven-heat indicator parts, cooking utensils, waffle grids, etc., embody use of die castings, where temperatures as high as 500° F. are often met with. Because of this variation in service temperatures, it was felt necessary to ascertain the effect of these temperatures upon the physical properties of die-casting alloys. The Charpy impact test was chosen first because of its simplicity, and because of the fact that brittleness is more likely to be objectionable in die castings than hardness or other physical properties.

Jan 1, 1932

M. AlbERtson, Chairman. Production Engineer, Shell Petroleum Corporation, Houston, Texas. R. P. McLaughlin, Associate Chairman. General Manager, Burnham Exploration Co., Los Angeles, Calif. Eugene A. Stephenson, Secretary-Treasurer. Professor of Petroleum Engineermg, Missouri School of Mines and Metallurgy, Rolla, Mo. Ezecutive Commillee M. Albertson, Chairman. C. E. Beecher, Empire Oil & Refining Co., Bartlesville, Okla. L. L. Foley, Petroleum Engineer and Geologist, Tulsa, Okla. R. B. Kelly, Division Manager, Pure Oil Co., Fort Worth, Texas. Hallan N. Marsh, Production Engineer, General Petroleum Corporation of California, Los Angeles, Calif. R. E. Somers, Geologist, The Gulf Companies, Pittsburgh, Pa. Production Engineering T. V. Moore, Vice-chairman. Charge Production Research Division, Technical Service and Development Dept., Humble Oil & Refining Co., Houston, Texas. Joseph Chalmers. De Bataafsche Pet. Maatschappij, The Hague, Netherlands. M. L. Haider, Petroleum Engineer, Carter Oil Co., Tulsa, Okla. Emile HUGUENIN, Deputy State Oil and Gas Supervisor, Los Angeles, Calif. Carl E. Reistle, Jr., Petroleum Engineering Dept. Humble Oil & Refining CO., Houston. Texas. Produclion J. Terry DUCE, Vice-chairman. Geologist, The Texas Company, New York, N. Y. Basil B. Zavoico, Associate Vice-chairman. Consulting Geologist, Houston, Texas. Engineering Research R. L. Huntington, Vice-chairman. Associate Professor, Petroleum Engineering, University of Oklahoma, Norman Okla. Economics Sidney A. Swensrud, Vice-chairman. Assistant to the President, Standard Oil CO., Cleveland, Ohio. Refinery Engineering Walter Miller, Vice-chairman. Vice-president, Continental Oil Co., Ponca City, Okla.

Jan 1, 1937

PUGET SOUND SECTION SIMON H. ASH, Chairman, I. F. LAUCKS, Vice Chairman, CHARLES SIMENSTAD, Sec.-Treas., 425 Lyon Building, Seattle, Wash. GLENVILLE A. COLLINS, JOHN N. POTT. The Puget Sound Section met at the Arctic Club, Seattle, Wash., on Jan. 20, 1917. Sixteen members and five guests were present. Dinner having been served, the meeting was called to order. A letter from secretary of Associated Engineering Societies was read, requesting payment of this section's assessment to the quarterly budget, and upon motion it was voted that the Secretary-Treasurer be instructed to pay this assessment. It was moved and carried that this section join with the Chemical Society in a meeting. At the, close of the business meeting, Mr. Asa C. Baldwin gave an illustrated lecture on the "Alaska Boundary Survey." On Feb. 24, the Puget Sound Section again held a meeting at the Arctic Club, 16 members and three guests being present. Chester F. Lee, as member of a committee representing this section in the joint council of the Associated Engineering Societies, reported that by lots it had been decided that the term of service of said committee would be as follows: Chester F. Lee, two years; George. Watkin Evans, one year. Following adjournment of the business meeting, Prof. Joseph Daniels, of the University of Washington, delivered a very interesting lecture on "Milling Practice of The Alaska-Castineau Mining Company." CHAS. SIMENSTAD, Secretary.

Jan 5, 1917

Another excellent Swedish underground crushing plant is that at Crusher Station 51 of LKAB in Kiruna, Sweden. Bottom-dump rail cars pass over a dump scroll to discharge magnetite ore into a 288 cu yd (220 m3) pocket equipped with a Hewitt Robins E-13 vibrating grizzly feeder. The grizzly section is 59 in. (1500 mm) long and has bar spacings 3 in. (76 mm) wide. Any oversize boulders which will not pass the chute opening to the feeder are blasted. The primary breaker is a Morgardshammar overhead eccentric 55 in. by 71 in. (1400 by 1800 mm) jaw crusher powered by a 200 hp (149 kw) motor. An open side setting of 10. 8 to 11. 8 in (275 to 300 mm) accounts for the high capacity of this crushing unit (2760 stph or 2500 mtph). This figure compares favorably with the capacity of many gyratory crushers but is typical of the Swedish jaw crushing installations, which are often followed by three more stages of crushing or by autogenous grinding. Crushed ore from the jaw crusher is combined with the grizzly under- size in the crushed ore pocket and is fed by a second vibrating grizzly feeder to the secondary cone crusher. Both crushers are serviced by 50/5 ton overhead bridge cranes. During maintenance operations air -operated gates shut off the flow of ore from the dump and primary crushed ore pockets.

Jan 1, 1978

Date of Congress: Sept. 20-25, 1915 The Committee on Local Affairs is fortunate in having secured for a period expiring on Oct. 17, an option. on 100 rooms at the Palace, St. Francis. and Fairmont hotels, the three leading hotels in San Francisco, with the distinct understanding that, on account of previous engagements whereby the hotels are reserved to their capacity, the rooms must be vacated on Sept. 25, 1915. The rates applying will be $7 per day for the court rooms occupied by two people, or $10 per clay for outside rooms occupied by two people. The outside rooms will face the main thoroughfares at the Palace and will face the city and bay at the Fairmont, which latter is situated oil a high hill. The St. Francis faces an open square and is flanked by main thoroughfares on two sides. If any members desire their reservation to extend either before the 20th or beyond the 25th, the Committee will use its best endeavors to secure such extension in individual cases, in accordance with the indicated wish. The Hotel Bureau in San Francisco is co-operating actively and closely with the. Committee on Local Affairs of the International Engineering Congress and offers the choicest rooms in any of 350 hotels other than the three mentioned above. This Hotel Bureau controls 50,000 rooms in San Francisco, which are all provided with hot and cold water, stationary basins, baths, house telephones, elevators, and bell boy service.

Jan 9, 1914

During the year terminating at the date for the third annual meeting of Engineering Foundation, the Board completed, its undertaking to sustain the National Research Council for one year. Assistance given in the organization of the National Research Council has been amply justified by the results. The Council is now well established in a 4¬story building at 1023 16th Street, N. W., Washington, and has recently secured another similar building near by in order to house its increasing force. The breadth, importance and volume of work done have steadily grown. Foreign offices have recently been established in London and Paris, Dr. H. A. Bumstead being in charge of the former and Dr. William F. Durand of the latter. The total expenditure by Engineering Foundation for the National Research Council was $9,036, derived partly from income of the endowment fund and partly from special gifts from Ambrose Swasey and Edward D. Adams. In May, Walter M. Gilbert was appointed Assistant Secretary of Engineering. Foundation, with headquarters in Washington, his services being contributed by the Carnegie Institution. He also became and has remained to date Assistant Secretary of the National Research Council. In September, resolutions were exchanged between the Engineering Foundation Board and the National Research Council, setting forth a policy of continuing reciprocal relationship, and a conference committee, Chairman M. I. Pupin, Dr. Charles Warren Hunt, and Gano Dunn, was appointed to inform the National Research Council of the readiness of Engineering Foundation to work upon definite problems sug-gested by the Council. No problems have yet been suggested.

Jan 5, 1918

A. L. BLOMFIELD, ? Colorado Springs, Colo. (written discussion?).¬I congratulate the author on bringing out a paper of real service to the profession. His contention of uniform size in balls is borne out by my own experience; in coarse crushing at the Golden Cycle in 6 by 6-ft. (1.8 by 1.8-m.) ball-mills we unquestionably gain by screening out the small balls once or twice a month. The point of gaging the ball size to be used by the uniformity of screen sizing is of particular interest. The necessity of sufficient return feed from classifier to the ball-mill is sound and clearly shown. In connection with this, I wish two further points had been gone into as thoroughly: (1) The effect of the quality of classification. In general, it is true that the smaller the per cent. of undersize in the feed the more effective is the mill's work. This is true on a bucking board, in tube-mills, ball-mills, and grinding pans. Given the possibility of returning. a full-feed load to any mill, it has been my experience that the effective work in the grinder is almost proportional to the quality of the return feed. (2) Again speaking generally, the shorter the tube-mill the greater is the quantity of return feed necessary to keep it loaded. The classification thus keeps the oversize in the mill more free from finished product and thus the crushing more efficient. It is very easy to overload any long mill with too much return

Jan 4, 1919