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By B. Gilbertson

This paper presents a method that enables one to estimate the risk-adjusted discount rate. that should be used In project discounted cash-flow analysis. The risk-adjustment process is carried out via the capital asset pricing model of modern finance theory, in which the appropriate measure of risk is the beta coefficient of the project concerned. The resulting discount rate thus depends on the properties of the project Itself, and not on the nature or cost of the capital of the firm considering the investment.

Jan 1, 1980

By H. S. Drinker

THE first discovery of zinc 011 the property now worked by this company was made by the celebrated mineralogist, Prof. William Theodore Rapper, in 1845. Different claimants kept the property in continual litigation till 1861, when everything was satisfactorily settled by the purchase of the land by the company, who have worked it ever since. The mines are situated in a valley, four miles south of Bethlehem, Pa., in Lehigh County. The valley is from two to three miles broad, and is bounded 011 the north and south by syenitic hills. Syenite underlies the valley, and upon this is deposited the Potsdam sandstone, then a layer of slate, and, finally, a dolomitic limestone, belonging to the Chazy or Black River formation, in which the zinc deposits are inclosed. The rocks occur in folds, and have evidently been subjected to tremendous pressure from below, the zinc deposit being found in an anticlinal axis, in nearly vertical veins. I t is supposed that the zinc was originally disseminated through the

By R. P. Rothwell

THE first difficulty mentioned is that in some instances two or more beds of coal separated by sandstone or slate rocks of considerable thickness in one part of a basin, are found running together in another part. Of course, we may happen to strike first the part of the basin where there is but a single seam, and in this case the bed would appear 60 divide into two or more branches within a short, distance. Such cases are not rare in the anthracite coal-fields. I would suggest as an explanation of this phenomenon the gradual sinking of the peat-marsh-the embryo coal-bed-on one side, and the moving forward of the marsh, so that on one part of the bed the formation of peat would still be progressing, while another part, being under water, would be covered with mud and sand. Thus we have different portions of the same bed of different ages. Now if the sinking of the marsh be stopped for a time, the bed will become thicker in the portions left exposed, and if the sinking now changes in direction, so that the part that had previously gone down commences to rise, we should have the phenomenon of a bed, continuous throughout, with one portion overlying another, and separated from it by rock strata. These are exactly the conditions observed in splitting beds. While one side of the lake is sinking, and the peat marsh moving on in that direction, the other side may be rising,

By Francis L. Vinton

THE eccentric theodolite I exhibit is one constructed by the Stack poles of New York, from drawings, considerably modified, of Combes's theodolite. The telescope is on one side of the horizontal limb, and the vertical circle is opposite to the telescope ; thus they nearly balance each other, making already the construction lighter than in the instrument of Combes, where the telescope and vertical circle are together on the same side, and are both balanced by a considerable weight. The instrument stands upon three levelling screws or feet, an improvement upon the old or general style of mounting a transit on four feet for indeed the instrument is easier levelled, and, moreover, stands more stable on three than on four points of support. The general advantage of an eccentric theodolite is evident, namely, that it can measure Any and all vertical angles, from 0 to 360, without being interfered with by the horizontal limb as is the transit; besides this advantage, it needs no preparatory adjustment or correction for eccentricity; on the other hand, however, that correction

By Eckley B. Coxe

At the first meeting of the Institute, a paper was read by Mr. Rothwell, calling attention to the importance of at once considering the great waste of anthracite coal under the present system of mining and preparing that fuel for market, and a committee was appointed to examine and report upon the method now in use. About the time the committee were selected, a general resumption of work, after the long strike, took place in the coal regions, and the members of the committee have not in consequence had as much leisure to devote to the study of the question as its importance demands. In the present preliminary report we shall merely sketch out the . plan which we propose to pursue in our investigations, so that when our fellow-members are called upon to assist us in our work by furnishing statistics, etc., they may understand more clearly for what object our inquiries will be made. As one of the most practicable methods of obtaining the information requisite for an intelligent consideration of our subject, we propose to send, from time to time, to members and others interested in the mining of anthracite coal, printed sets of questions relating to points under consideration. We would here impress upon our fellow members the importance of filling up these papers as far as they can from their own knowledge. We would, of course, wish each question to be answered as fully as possible, but we do not expect every one to answer them all. One question well answered would be of more use to us than the whole paper filled up with answers, many of

By E. Gaujot

IN connection with the question of coal waste and economy in mining, we would call the attention of those interested to an apparatus invented by M. Dernencourt, Superintendent of the Anzin Division of the Anzin Coal Company, North of France. This apparatus is known in France and Belgium under the name of prop screw-jack (vis botte), and has been used with good results in the above-named countries for some years past. M. Ponson gives, in his " Trait6 de I'exploitation des Mines," a description of it (page 533), but as the description given is old, the work not widely known in this country, and as some valuable improvements have been made since, I thought it might be useful to give a description of it, having seen it in 'operation in 1867, while in Europe to attend the great Exposition, and on a scientific tour to the mining districts of France, Germany, Belgium, and Italy. The prop screw-jack is composed of the following pieces : I. The body or column B, Fig. 4 [Plate (I)], of oak or yellow pine, sawed square, the bark taken off, and any length, proportionate to the vein. The smallest are 10 inches diameter at the base, and 9 inches at the top, the height being from 12 to 15 inches less than the size of the vein. In the axis of this column, and at the top end, is a cylindrical opening or hole, C, 22 inches diameter, 10 inches deep, for the screw, S. II. Two wrought-iron rings, R R, to strengthen the two extremities of the column ; the rings must be put on hot. III. A cast,-iron washer, E, with hole in centre a little larger than the screw, to be put on the top of the column, and on which the nut is to rest; the top side of this washer must be faced on the lathe, also the bottom of the nut, to prevent friction. IV. The screw, S, having a total length of 12 inches and a diameter of 24 inches (for very high veins this diameter may be increased to 3 inches), and has on its top a wrought-iron plate, T,

By John F. Blandy

IT is not my intention in this article to consider this subject in the light of the geographer or geologist, but rather in that of the mining engineer, and to endeavor to show the necessity and value to him of studying the minor details of the field or district in which he may be engaged. I t has been said by a distinguished geologist that "the natural boundaries of the geographer are rarely described by right lines. Whenever they occur, however, the geologist may look for something remarkable." And again : " Physiognomy is no idle or doubtful science in connection with geology. The physiognomy of a country indicates almost invariably its geological character." Our country furnishes examples enough of the truth of these remarks, and in no part of it is it so beautifully illustrated as in our own State, which has been so ably described by Prof. Lesley in his admirable little work on the "Topography of Coal." As the great mountain lines become guides to the geologist in determining and mapping out the geography of the formations, so do the minor details of topography become guides to the mining engineer in conducting his explorations, discovering of dislocations, and determining the character of the deposits which are the object of his search. I t is therefore requisite that he should, whilst making his surveys, pay the strictest attention to every variation of the landscape and surface of the ground. Until he has mapped out every feature he may be unable to read the geological changes which may have

By 000-001-568

August 15th, 1871. THE Institute assembled in Packer Hall of the Lehigh University, the President, Mr. David Thomas, of Catasauqua in the chair. Professor Henry Coppée, President of the Lehigh University, made an address of welcome to the Institute, and placed at its disposal a convenient hall for purposes of meeting. Mr. Thomas tendered his resignation as President of the Institute, as advancing years prevented him from actively participating in its meetings. The Institute declined to accept the resignation, and, on the assurance that active duties would not be expected of him, Mr. Thomas was induced to withdraw it. Invitations were received from Mr. B. C. Webster, President of the Lehigh Zinc Company, to visit the mines and works of the company; from Mr. Charles Brodhead, to visit the Chapman Slate Quarries ; and from the Lehigh Coal and Navigation Company, to visit their works at Summit Hill and Mauch Chunk and the Nesquehoning Tunnel. The Council reported the names of persons already elected in the two classes of members and associates. The following resolutions were passed: Resolved, That a committee of three be appointed, who shall take into consideration the printing and publishing of papers originating with the Institute, and that a uniform system as regards size and execution be adopted. The committee appointed consisted of Messrs. R. W. Raymond, E. B. Coxe, and the Secretary. Resolved, That the Council design and prepare a seal for the Institute at the earliest practicable time. Resolved, That a committee of six, with power to add to its numbers, be appointed to examine into the question of the more economical production of iron in this country. The committee appointed consisted of Messrs. G. W. Maynard,

Jan 1, 1873

THE Institute assembled in Packer Hall of the Lehigh University, the President, Mr. David Thomas, of Catasauqua in the chair. Professor Henry Coppée, President of the Lehigh University, made an address of welcome to the Institute, and placed at its disposal a convenient hall for purposes of meeting. Mr. Thomas tendered his resignation as President of the Institute, as advancing years prevented him from actively participating in its meetings. The Institute declined to accept the resignation, and, on the assurance that active duties would not be expected of him, Mr. Thomas was induced to withdraw it. Invitations were received from Mr. B. C. Webster, President of the Lehigh Zinc Company, to visit the mines and works of the company; from Mr. Charles Brodhead, to visit the Chapman Slate Quarries; and from the Lehigh Coal and Navigation Company, to visit their works at Summit Hill and Mauch Chunk and the Nesquehoning Tunnel. The Council reported the names of persons already elected in the two classes of members and associates. The following resolutions were passed : Resolved, That a committee of three be appointed, who shall take into consideration the printing and publishing of papers originating with the Institute, and that a uniform system as regards size and execution be adopted. The committee appointed consisted of Messrs. R. W. Raymond, E. B. Coxe, and the Secretary. Resolved, That the Council design and prepare a seal for the Institute at the earliest practicable time. Resolved, That a committee of six, with power to add to its numbers, be appointed to examine into the question of the more economical production of iron in this country. The committee appointed consisted of Messrs. G. W. Maynard,

Jan 1, 1907

By H. O. Olsen

"GeneralTHE IRON ORE at Marmora is a replacement deposit of Precambrian limestone and is overlain with Palaeozoic limestone. It is a low-grade magnetite deposit and the ore will require concentration be-fore it can be used economically for the production of iron and steel.Present plans estimate an annual production of 500,000 tons of concentrate in the form of pellets. This will require mining approximately two million tons of ore and\ waste annually. Shipment of pellets from Marmora to a ship-loading dock at Picton will be made by rail on a year-'round basis. Shipments from Picton to the Lackawanna plant of the Bethlehem Steel Company at Buffalo, N.Y., will be carried on during the Lake shipping season.LocationThe mine, located a mile southeast of Marmora village in Hastings county, Ontario, is 31 miles north of Belleville and 3•7 miles east of Peterborough. Marmora is 130 miles from Toronto and 150 miles from Ottawa. Highway No. 7 passes half a mile north of the mine and Highway No. 14 half a mile west of the mine. The Canadian National railways' branch line between Trenton and Bancroft passes through the property just east of the open pit.HistoryThe Ontario Department of Mines conducted an airborne magnetic survey of the district during 1948 and 1949. Maps of this survey were released to the public early in 1950. Bethlehem representatives carried out ground surveys in the Marmora area shortly thereafter and in June, 1950, commenced diamond drilling."

Jan 1, 1955

By Albert R. Ledoux

I am indebted to The Kaolin Co. of West Cornwall, Conn., and particularly to its engineer, Mr. M. Wanner, for permission to make public, through the Transactions of the American Institute of Mining Engineers, the interesting results of his experiments, having in view the winning of kaolin from deep deposits without shaft-sinking or removing of the overburden. So far as I am aware, nothing like it has been accomplished heretofore, although it reminds one of the methods successfully employed in Louisiana for the winning of sulphur from deep beds by the sinking of pipes one within another, injecting superheated steam under pressure through one pipe, the heat of the steam liquefying the sulphur and the pressure forcing it up through the other pipe to bins at the surface. The kaolin-deposit at West Cornwall is an alteration in situ— that is, it is not sedimentary. A series of clay-veins, dipping about 50" from the vertical, lie between a foot-wall of' limonite and a hanging-wall of gneiss and hornblende schist. The clay-veins alternate with veins or seams of more or less broken quartz, and unaltered feldspar. The deposit, which occurs at a point about 600 ft. above the Housatonic river, was opened five years ago, and about 5,000 tons of a superior grade of washed kaolin have been extracted from open pits, and sold. It soon became evident that this mode of extracting the product would prove unremunerative, by reason of the dip of the vein and the intercalary strata and lenses of quartz, and a more satisfactory method of working the deposit was sought. It is well understood that, in the preparation of all clays for market, especially residuary kaolin, the most important as well as the most difficult step is the washing of the crude product. The dificulties increaee with the percentage of foreign matter, especially quartz and mica, contained in the product. Hence, a system

Jan 1, 1907

By F. A. Emmerton

I have used for about two years, in the laboratory of the Joliet Steel Company, a rapid method for the determination of phosphorus in iron, steel, and ores, which possesses one or two features sufficiently novel to warrant description. In general, it is the method described by Mr. Benjamin B. Wright (Transactions, vol. x., p. 197), involving the precipitation of the phosphorus by means of molybdate solution, and its estimation in the yellow precipitate by reduction of the molybdic acid, and titration of the resulting oxide with a standardized permanganate solution, according to the principles laid down by Werncke (Fres, Zeit., vol. xiv., p. 1). In the use of this method, I had difficulty at first in obtaining a yellow precipitate of reasonably uniform composition. It is a well-known fact that, to secure this result, the conditions of precipitation must not vary. The principal condition is temperature; and acidity, concentration, proportion of nitrates and chlorides, and time, are important elements. I am aware that uniformity in these conditions has been obtained to a reasonable extent by many chemists,. so that they are enabled to use with success, methods based on the

Jan 1, 1887

By Wilbur E. Sanders

At some period during the operation of metalliferous and other commercially valuable mineral-deposits in connection with their underground mining, when the developments therein have become so extensive that their description is tedious and confusing, some scheme for naming or numbering the various workings and their parts is necessary for convenience of reference. A simple and symmetrical yet expansive system of classification must be devised, one that is capable of being extended to cover all possible exigencies and conditions of future operations within the property. Such a scheme, properly arranged, greatly simplifies communication between the various departments of the mining business, as, for instance, between the administrative and the operating departments of the concern, and is of the greatest assistance to the officers of the mine in enabling them to locate and describe particular points and parts of workings and specific kinds of work. Again, in the proper segregation and differentiation of mine-accounts, when they are carried out with that detail which will furnish ready information concerning the cost of a particular piece of work, or the various items and totals of expense connected with the development, operation and repair of each or all of the mine-workings, some such method of clesignatioi~ becomes a necessity. Moreover, such a plan is acl- mirably adapted to the needs of the mining engineer, who, in connection with his reports upon mining-properties, is sometimes required, in his descriptions of certain blocks of ore, to locate lists of assays of samples taken from many and various places, and to designate workings and parts of workings that are located in different parts of the mine, sometimes at points wide apart. To write out in full a sufficient description of any particular

Jan 1, 1907

By Arthur F. Wendt

The hot-blast oven of which the accompanying plate gives complete details, was designed by the writer for the spiegel-furnace of the Lehigh Zinc and Iron Co., at Bethlehem, Pa. Members of the Institute who visit these works will have occasion to notice the large amount of zinc-dust in the gases, and the consequent dirtiness of both the hot-blast and the boilers. The zinc collects in a crust on the iron hot-blast pipes and leads to the frequent burning of them. A large vertical standing-pipe stove, a modification of the "Pleyer," thus gave considerable trouble by the burning of pipes and, on one occasion, the toppling over of a whole row. These inconveniences are avoided in the hanging-pipe stove under consideration, and less heating-surface has been found to be required to heat the blast to a given temperature. The construction of the stove is so simple and so plainly shown in the plate that it is needless to enlarge upon it. Each pipe rests in a box and is connected by U-branches with the next adjoining pipes. An iron sleeve is placed around the joint and tightened, as usual, with iron filings. In case of a pipe burning out, that particular section is cut off by the valves and the sleeves are broken. The pipe is then readily lifted out of the box and a new one is substituted. The whole operation requires only a short time and the section can then be at once put into use. The boxes supporting the pipes cover the whole surface of the hot-blast and are closed by iron covers rammed with fire-clay. Owing to the air-space around the U-pipes there is little loss of heat in the upper part of the stove. Each section as built has 280 square feet of heating-surface. The furnace is blown by a horizontal engine with 46-inch stroke and 48-inch diameter of blowing-tube. At 28 to 30 revolutions, the engine delivers 3000 cubic feet of air per minute, at a pressure of 5 pounds. When five sections of stove are in use, the blast enters the furnace at a temperature of 850" F. That is, there are over two cubic feet of air per square foot of heating-surface heated to that temperature per minute.

Jan 1, 1887

By Richard H. Terhune

Slag and matte, in lead and copper smelting, are, for convenience of removal, tapped into pots of small capacity, usually of paraboloid form, of cast-iron, weighing 275 to 300 pounds, and holding the same weight of slag. As in many smelting districts one ton of ore makes a ton and a quarter of slag, a large number of pots is needed to equip an ordinary plant. Sudden and frequent expansion of the solid bowl causes the pots to crack at the bottom in a few months, and the matte, a very fluid sulpliide, enters these rough fissures and speedily corrodes its way through the vessel. 1 find, from one year of practice with a slag-

Jan 1, 1887

By Roberts H. Richards

It is nearly twenty years since Dr. Raymond, then U. S. Commissioner of Mining Statistics, wrote the first paper (so far as I have been informed) upon the education of tile mining engineer, as a distinct profession for American youth. At that time nearly all the prominent mining engineers in the country had studied in one or more of the foreign schools, or had reached their high standing through years of experience in the school of life. The paper mentioned five schools in the United States in which some attention was paid to the teaching of mining engineering, but as four of them had barely graduated their first classes, their influence had not begun to make itself widely felt. Two years later the American Institute of Mining Engineers was formed, and it has been a most potent factor in the problem of "disseminating information on mining and metallurgical subjects," so potent that the need of a national school of mines as headquarters for information as well as for instruction is no longer urged. The number of schools also increased, and in 1876 Abram S. Hewitt, in his Presidential address on "A Century of Mining and Metallurgy in the United States,'' gave a list of fourteen. In 1876 the series of discussions, led by Holley's admirable paper, brought the whole subject of technical education before the country. These discussions, while mostly devoted to the engineering professions in general, touched upon the question of mining and metallurgicel training to some extent. Since that time several papers, inspired by the publication of that series of discussions, have appeared in our Transactions, and several notable addresses have been delivered at the opening or at the commencement exercises of various schools. But nothing directly bearing upon the curriculum of the mining and metallurgical schools has ever appeared in our annual volumes. As education is one of the many-sided subjects which cannot be discussed too often, I have ventured to bring it up again. There have been so many good things said upon the subject that one would only need to use the scissors and paste-brush judici

Jan 1, 1887

By Frank Firmstone

The piece of spiegeleisen, the analysis of which is given below, was collected by my father, together with various other specimens, while he was manager of the Glendon Iron Works. It bears a label stating that it was taken from a building in the town of Newton, New Jersey, erected in 1765 and torn down in 1863. The building belonged, in 1863, to T. N. McCarter, Esq. The label is in the hand-writing of Mr. McCarter, now deceased, well known as a member of the bar of northern New Jersey. The specimen was, no doubt, given by him to illy father, with whom he had business in 1863 and 1864. It is now in the metallurgical collection of Lehigh University. I know nothing further as to the history of the specimen, but there is no reasonable doubt that it was made from ore from the Andover mine, at the old charcoal-furnace which once stood at the village of Andover, about 5 miles south of Newton, on the Sussex railroad. It was probably broken from one end of a bearer over an open fire-place, is about 6 in. wide by 2.5 in. thick, has been cast in open sand and shows the charcteristic fracture of spiegeleisen rather low in manganese, as shown in Table I. One edge has been white-washed. Table I.—Analyses of Spiegeleisen Made from Andover Ore. 1. 11. Per Cent. Per Cent Graphite,.0.101 0.005 Combined carbon,... 4.529 4.212 Silicon,..0.037 0.294 Manganese,..... 5.760 3.750 Sulphur,.0.003 0.031 Phosphorus,.0.060 0.072 Iron,........ 89.440 91.570 99.920 99.934 I. Spiegeleisen made at Andorer (charcoal) furnace not later than 1765. IT. Spiegeleisen made from Andover ore at Phillipsburg, N. J., anthracire-furnwe, 185-. Both analyses were made by Dr. P. W. Shimer.

Jan 1, 1907

By Samuel S. Wyer

The following abbreviations hare been used in the text: Am. Mfr. and Iron World. American Manufacturer and Iron World, Pittsburg, Pa. Can. Min. Rez;. Canadian Mininy Review, Ottawa, Can. Cuss. Mag. Cassier's Mayazine, New York, N. Y. Col. Eng. Colliery Engineer, Scranton, Pa. Col. Guard. Colliery Guardian, London, Eog. Eng. and Min. Jour. Engineering and Mining Journal, New York, N. Y. Eng. News. Engineering News, New York, N. Y. Engr. Engineering, London, Eng. J. I. and 8. I. Journal of the Iron and Steel Institute, London, Eng. Jour. W. Soc. of Engrs. Journal Western Society of Engineers, Chicago, Ill. Lond. Eng. The Engineer, London, Eng. Mines and Min. Mines and Minerals, Scranton, Pa. North of Eng. I. M. E. North of England Institute of Mining Engineers, Newcastle-on-Tyne, England. Oester. Zeitsch f. Berg u. Hüt. Oesterreichische Zeitschrift für Berg-und Hittenwesen, Vienna, Austria. Pract. Engr. Practical Engineer, London, Eng. Proc. I. C! E. Proceedings Institution of Civil Engineers, London, Eng. Trans. A. I. M. E. Transactions American Institute of Mining Engineers, New York, N. Y. Trans. A. S. M. E. Transactions American Society Mechanical Engineers, New York, N. I!. Duns. Fed. I. M. E, Transuctions Federated Institute Mining Engineers, Newcastle-on-Tgne, England. Trans. L 31. E. Transactions Institute Mining Engineers, Newcastle-on-Tyne, England.

Jan 1, 1907

By R. W. Raymond

Alexander Brinton Coxe was born in Philadelphia, Pa., Jan. 19, 1838, the second of five sons of Hon. Charles Sidney Coxe and Ann Maria Brinton. A more extended history of his family and its important relations to the development of the United States will be found in my Biographical Notice of his younger brother, Eckley B. Coxe, published in 1895. It is therefore sufficient to say here that Dr. Daniel Coxe, a clis-

Jan 1, 1907