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By L. V. Gregor, C. F. Aliotta, P. Balk

The structure of silicon surfaces, thermally oxi&zed in dry oxygen and in steam, was studied using the electron microscope. It was found that the structure on the original (etched) surface is retained at the outer surface of the oxide, whereas the oxide-silicon interface is smoothed out considerably. This supports the idea that, both in oxygen and in steam, the oxidation reaction occurs at the oxide-silicon interface. Mechanical damage of the original silicon surface affects the rate of oxidation. It also changes the chemical properties of the oxide, as shown by the enhanced rate of etching in buffered HF at the locations of damage. However, the oxide at the originally damaged surfaces still exhibits a high electrical breakdown strength. Exposure of thermal oxides to P205 or BzOs vapor, which will yieldphospho- or borosilicate layers, results in complete annihilation of all fine structure on the surface. Reaction of silicon with C02 gives a surface film which probably does not consist of pure SiO,. THERMAL oxidation of silicon yields uniform and strongly adhering oxide films which are normally amorphous and continuous. Contamination and surface imperfections have been reported to cause local crystallization and the formation of pinholes."' The parabolic-rate law of film growth observed by several workers for the oxidation both in steam and in dry oxygen at higher temperatures suggests that diffusion of one or more reactants through the oxide is the rate-deter mining step. One of the dif-fusants is an oxygen species and oxide is continuously formed at the oxide-silicon interface. This was concluded for high-pressure steam oxidation by Ligenza and spitzer5 from an infrared-absorption study of the isotopic exchange of oxygen. Jorgensen arrived at the same conclusion for the oxidation in dry oxygen by measuring during oxidation the resistance change between silicon and a porous platinum marker electrode in the oxide. Recently, Pliskin and Gnall' reported similar conclusions concerning the growth mechanism from controlled etch studies using a phosphosilicate marker. The work communicated in the present paper was aimed at studying oxide growth on locally damaged silicon substrates and relating it to the chemical behavior and electrical breakdown properties of the films. Since etched and oxidized silicon surfaces normally appear to be very smooth when examined by optical microscopy except for some occasional pits, it was decided to use the electron microscope as a tool. In this way, the detection of surface roughness and damage on a scale comparable to or smaller than the thickness of the film is possible. Also, the microstructure of the original substrate surface constitutes a built-in marker which represents a minimum of perturbation to the growing oxide layer, and no foreign material is introduced. Thus information on surface reactions and additional evidence on the location of oxide formation in steam and in oxygen could be obtained. EXPERIMENTAL Electron micrographs7 were obtained using a Philips EM100 electron microscope. Collodion surface replication was used since this is a nondestructive technique and thus permits replicating the same surface at different stages of processing. In order to establish the effect of different treatments it was found essential to make successive observations of the same area by using a reference point. Reference points were conveniently provided by scribing a small v mark on the original surface with a silicon carbide tip. This procedure yields damaged and damage-free areas near the reference point. Upon replication, the samples were thoroughly cleaned before subjecting them to the next process step. Mechanically lapped silicon wafers (Dow-Corning, 100 ohm-cm p-type, cut perpendicular to the (111) direction) were chemically polished in a rotating beaker with a mixture of 1 part HF (48 pct), 2 parts glacial acetic acid, and 3 parts HNO3 (70 pct) by volume. This procedure yields a smooth surface with a faint "orange peel'' structure due to a "ripple" less than 20002i deep. Oxidation in steam or oxygen was carried out in an Electroglas tube furnace. Steam oxidations were always preceded and followed by a brief exposure to oxygen at the same temperattre. The thicknesses of the oxide films under 3000A were determined with a Rudolph Model 436-2003 ellipsometer,' whereas those over 3000A were measured using the VAMFO technique. In the present study, a solution of 300 g of N&F in 25 ml HF (48 pct) and 450 ml water was used to detect areas of increased chemical reactivity in the

Jan 1, 1965

By K. A. ACKLEY

The petroleum industry experienced a year of satisfactory accomplishment in Oklahoma during 1945. Crude oil production was increased, a new record for recent years was established in well completions, and refinery operations were maintained at a maximum level. Daily average crude oil production increased to 382,000 bbl., reflecting a 13.5 per cent gain compared with production during the previous pear. Total wells drilled during 1945 amounted to 2556, a gain of 28.7 per cent over 1944 Refinery throughout averaged 187,500 bbl. daily, an increase of approximately 4 percent over the preceding year.

Jan 1, 1946

By Charles A. Anderson

Arizona and western New Mexico contain 17 of the 25 leading copper mines in the United States. Production of molybdenite, lead, zinc, and by-product gold and silver is important. Precambrian ore deposits are largely limited to the Yavapai Series in central Arizona and most of the metal production has come from massive sulfide deposits, dominantly pyritic but containing different amounts of chalcopyrite, tennantite, sphalerite, and galena. Their origin has been interpreted by some geologists as hydrothermal replacement of schist, and by others as syngenetic deposits later metamorphosed. Most of the important ore deposits are of Mesozoic and early Tertiary age, dominated by the porphyry copper deposits spatially related to stocks, plugs, sills, or dikes of quartzbearing porphyritic to granular rocks. Host rocks for these deposits include the associated intrusive rocks, Precambrian schist and granitic rocks, Paleozoic limestones, Mesozoic(?) porphyritic andesite, and Mesozoic arkose and siltstone. Chalcopyrite and pyrite are the dominant hypogene sulfide minerals in the porphyry copper deposits, accompanied by minor molybdenite. The Questa deposit in New Mexico is largely molybdenite. Supergene sulfide minerals are chalcocite and minor covellite. Some ore bodies consist largely of hypogene sulfides, some are dominantly supergene sulfides, and others are mixed hypogene-supergene sulfides. Supergene oxide-copper minerals locally are important. Intense hydrothermal alteration accompanied the metallization in all of the porphyry copper deposits; five types are recognized, ( 1) propylitic, (2) argillic, (3) potassic, ( 4) quartz-sericite (without clay), and (5) lime silicate. The origin of the closely spaced fractures that contain ore minerals in intersecting veinlets is debatable; some geologists favor tectonic forces and others suggest cooling of magma or shrinkage due to alteration. Breccia pipes, veins, and limestone replacements account for some important deposits of Mesozoic and early Tertiary age, and presumably these are genetically related to the various intrusive rocks of this age. The St. Anthony deposit of Cenozoic age in southeastern Arizona is unique, consisting of a lead-zinc vein associated with later molybdenum and vanadium oxide-minerals. Cenozoic manganese deposits in western Arizona are an important resource in the Artillery Mountains, but the extent to which they may be exploited is a metallurgical and economic problem.

Jan 1, 1968

By PERCY E. BARBOUR

SECONDARY copper1 has &come more or less of a bugbear generally. What is its influence is often the subject of heated argument. The inedapable fact usually quoted is that since in 1929 primary production of copper in the United States was 1,026,348 tons and secondary production was 626,550 tons, there- fore, 0.6 lb. of secondary is produced for every pound of primary, and "How can you get around that?" The matter seems very plain, now that I have reached my conclusions, but they are the result of much laborious study and research. I shall show that' the production of secondary copper is not 0.6 per lb. of primary, in spite of statistical appearances; that the production of secondary is a function of primary production rather than of price; that secondary production has 'only a sub-. ordinate influence on the price of copper and then only in abnormal times; that there is not an accumulating reservoir of secondary from which the country is some- time to be drowned in copper, as is believed by some, or a reservoir from which we are going to draw much needed and more or less inexhaustible stores in the future, as is believed by others; and finally, that the United States always produces more copper than it uses and exports the surplus. These are all controversial points, and for that reason and to anticipate argument I have set forth my reasoning in considerable detail.

Jan 1, 1931

By David B. Reger

Wildcat drilling for new supplies of gas and the expansion of previously discovered oil and gas pools were the principal petroleum activities in West Virginia .during 1942. Much of the new gas exploration is still uncompleted and still indecisive but various wildcats made substantial extensions to existing pools. Out of 53 wildcats drilled 27 resulted in commercial gas and 6 in commercial oil. Four of the oil discoveries also had commercial gas. No strictly new pools of oil or gas can safely be described as discovered but several scattered oil and gas wells previously drilled have been confirmed as the openers of definite pools; also, various completions closed wide gaps between apparent gas pools already discovered. The proved oil territory of the state was increased about 4850 acres and the proved gas territory about 51,000 acres. The new proved oil reserves should about balance withdrawals and the new gas may represent a substantial increase. Aside from the drilling in four rather lively pools, oil activity was slight because of unfavorable operating conditions and prices. Gas drilling also declined for reasons beyond the control of the operators. The account of operations, as gathered from trade journals and other reporting services, shows that 797 new wells were drilled, providing 119 new oil wells with 2762 bbl. of daily new production; 536 new gas wells with 1,228,501,000 CU. ft. of daily open flow: and 142 dry holes. Also... 76 old wells were drilled to deeper sands, with 71 bbl. and 26,034,000 cu, ft. of added production. On the new wells the oil average was 23.21 bbl. per well per day; and the gas average was 2,270,406 CU. ft. per well per day. On new wells the ratio of dry holes to completions was 17.82 per cent. On deeper drilling the ratio of failures was 21.05 per cent. Production of oil for the year was estimated by the Oil ad Gas Journal as 3,492,000 bbl., as compared with 3,378,000 bbl. in 1941. Production of natural gas for the year is estimated by the author as 220,000,000,000 cu. ft., as compared with the U. S. Bureau of Mines final figures of 207,000,000,000 cu. ft.* in 1941. General State op Industry Leasing of wildcat acreage increased considerably. The total land of all classes under lease may now exceed 5,000,000 acres. Taking into consideration completions, abandonments and corrected figures or estimates, Table I shows cumulative and late annual statistics. New Pools and Extensions Table 2 shows the principal areas of drilling activity during 1942. Various consolidations of territory, hitherto treated as separate pools, have been made. in addition to these active pools, extensive drilling was done in numerous other areas where pool boundaries can hardly be defined. Summary or Exploration Table 3 gives a summary of important wildcat or exploratory wells drilled during

Jan 1, 1943

By David B. Reger

Wildcat drilling for new supplies of gas and the expansion of previously discovered oil and gas pools were the principal petroleum activities in West Virginia .during 1942. Much of the new gas exploration is still uncompleted and still indecisive but various wildcats made substantial extensions to existing pools. Out of 53 wildcats drilled 27 resulted in commercial gas and 6 in commercial oil. Four of the oil discoveries also had commercial gas. No strictly new pools of oil or gas can safely be described as discovered but several scattered oil and gas wells previously drilled have been confirmed as the openers of definite pools; also, various completions closed wide gaps between apparent gas pools already discovered. The proved oil territory of the state was increased about 4850 acres and the proved gas territory about 51,000 acres. The new proved oil reserves should about balance withdrawals and the new gas may represent a substantial increase. Aside from the drilling in four rather lively pools, oil activity was slight because of unfavorable operating conditions and prices. Gas drilling also declined for reasons beyond the control of the operators. The account of operations, as gathered from trade journals and other reporting services, shows that 797 new wells were drilled, providing 119 new oil wells with 2762 bbl. of daily new production; 536 new gas wells with 1,228,501,000 CU. ft. of daily open flow: and 142 dry holes. Also... 76 old wells were drilled to deeper sands, with 71 bbl. and 26,034,000 cu, ft. of added production. On the new wells the oil average was 23.21 bbl. per well per day; and the gas average was 2,270,406 CU. ft. per well per day. On new wells the ratio of dry holes to completions was 17.82 per cent. On deeper drilling the ratio of failures was 21.05 per cent. Production of oil for the year was estimated by the Oil ad Gas Journal as 3,492,000 bbl., as compared with 3,378,000 bbl. in 1941. Production of natural gas for the year is estimated by the author as 220,000,000,000 cu. ft., as compared with the U. S. Bureau of Mines final figures of 207,000,000,000 cu. ft.* in 1941. General State op Industry Leasing of wildcat acreage increased considerably. The total land of all classes under lease may now exceed 5,000,000 acres. Taking into consideration completions, abandonments and corrected figures or estimates, Table I shows cumulative and late annual statistics. New Pools and Extensions Table 2 shows the principal areas of drilling activity during 1942. Various consolidations of territory, hitherto treated as separate pools, have been made. in addition to these active pools, extensive drilling was done in numerous other areas where pool boundaries can hardly be defined. Summary or Exploration Table 3 gives a summary of important wildcat or exploratory wells drilled during

Jan 1, 1943

By O. R. Bergmann

Two approaches were taken to obtain direct experimental evidence jar the existence oj a jet in the explosion-cladding pvocess: 1) direct observation of the claddirg jwocess by rtzeans ojf kig-h-speed photography using a fvartziiy catnera and 2) use of a plated-surface experiment in contribution with clzetrzical analysis. The framing-camera records showed clearly the presence of a jet it1 the form of what appears to be a line spray. The jet velocity is considerably highev than the detonation velocity arid in vacuum it is almost twice as high as the detonatiou velocily. The results jrorrz the plated-surface experiment also corzfivtned the preseizce of- a jet. The artzoutlt o,f etzergy dissipated in the jetting process was foundd lo be consislent with the basic theovetical model o/ the cladding mechanism.. MaNY reports on metal working with explosives have appeared in the literature during the last few yearsThis paper describes experiments concern- ing the mechanism of the explosive metal-cladding process. It has become increasingly important as a unique method for bonding metals and a typical cladding arrangement is shown in Fig. 1. A theoretical analysis of the mechanism of explosive bonding and a description of the nature and types of bond zones obtained was given by Cowan and oltzman." A further discussion of the basic principles of the process, a detailed description of the different bond-zone types, and extensive information on the properties and the applications of explosively bonded metals was recently published by Holtzman and cowan. " The process is now in commercial use by E. I. du Pont de Nemours & Co. The concept of the existence of a jet during metal bonding with explosives forms a central part in the theoretical analysis of the cladding mechanism described by Cowan and Holtzman When a layer of explosive is detonated on a metal plate that is separated from a second metal plate by a small distance the metal plate in contact with the detonating explosive is accelerated by the detonation pressure. An angle is established between the undeflected and deflected portions of the plate. Subsequently the deflected portion of the first plate collides with the second metal plate.

Jan 1, 1967

By R. G. Knickerbocker, R. R. Lloyd, W. T. Rawles

In July 1041, the Experiment Station of the Bureau of Mines at Boulder City, Nevada, began a study of methods of producing magnesium metal from magnesium oxide, with particular emphasis upon the direct use of magnesium oxide in a molten chloride electrolyte. The program was extended to include pilot-plant study of chemical methods for the preparation of pure magnesia from dolomites and magnesites. Preliminary work on the production of magnesia from dolomite was done with the cooperation of Kobert D. Pike and the Harbison-Walker Refractories Co. These investigatipns included a cooperative arrangement whereby the Bureau tested certain steps of the Harbison-Walker-Pike process. The process finally developed by the Bureau includes the precarbonation mixing step of the H.W.P. flowsheet prepared by Mr. Pike. Two magnesium-reduction plants using MgO as a source of magnesium were being constructed in the West, and they enormously stimulated interest in various dolomite deposits as possible sources of the magnesia needed by them. This paper describes one phase of this program—the operation of a pilot plant for producing cell-grade magnesia from dolomite from Sloan, Nevada. The process developed for this purpose is an adaptation of a well-known process first proposed by Clossonl and modified by others,2"1 involving the use of calcium chloride and carbon dioxide. It is based on the following chemical reactions: MgCl2 + Ca(OH)2 = CaCl2 + Mg(OH)2 [1] Mg(OH)4 + CaCU + CO2 = MgCl2 + CaCO, + H2O [2] The first reaction proceeds almost completely to the right because of the much greater solubility of calcium hydroxide as compared with magnesium hydroxide. Under equilibrium conditions, when only the four components shown in reaction I are involved, the ratio of magnesium to calcium in solution, according to solubility-product relationship, will be: This reaction is the basis of present commercial processes for recovering magnesium from sea water and dolomite. The second reaction is, in effect, a reversal of the first reaction produced by adding COz. This reaction also proceeds nearly to completion, the solubility relationship being: Ca where P indicates partial pressure of COz, in atmospheres.

Jan 1, 1944

By Samuel J. Sims

The Grace mine magnetite deposit, located 2 miles north of Morgantown in Berks County, Pennsylvania, was discovered in 1948 by an aerial magnetometer survey. It is situated on the southern border of the Triassic lowlands section of the Piedmont province. Cambrian sandstones, shales, and limestones overlie Precambrian crystalline rock and were folded and thrust-faulted during the late Paleozoic Appalachian revolution. Late Triassic continental sediments were deposited on the deformed basement rocks and were intruded by Late Triassic diabase dikes and sills before regional tilting and normal faulting occurred. The Grace mine magnetite ore is characteristic of the Cornwall type. The ore has replaced a Cambrian limestone lens isolated between Triassic diabase footwall and Triassic sedimentary rock hanging wall. The ore body is roughly tabular in shape, dips 20° to 30°NE and plunges about 20°N80°E. The ore is granular, fine- to medium-grained, typically consisting of unevenly distributed magnetite in a matrix of light green to white serpentine gangue. Magnetite is the major ore mineral, pyrite and chalcopyrite are common accessory minerals, and pyrrhotite occurs locally. Sphalerite, marcasite, galena, hematite, digenite, and goethite are uncommon. Serpentine, talc, and chlorite are the major gangue minerals; calcite and dolomite are common, and phlogopite, tremolite, and biotite are present locally. Apatite is a common accessory; sphene is rare. Calcium-magnesium silicates were formed first by contact metamorphism of impure limestone by the intruding diabase. Later, the silicates were altered hydrothermally to the serpentine- talc-chlorite assemblage now present. Magnetite, the first ore mineral, formed by replacing serpentine and was followed by pyritepyrrhotite and then by chalcopyrite-galenasphalerite. Marcasite, secondary pyrite, goethite, and hematite are secondary minerals resulting from alteration of pyrrhotite and magnetite. It is estimated that confining pressure was about 1500 bars and the temperature range was 500° to 675°C during ore formation.

Jan 1, 1968

By GEO H. DEIKE

NOT much activity has been evident during the past year in the establishment of co-operative scholarships but the interest among the coal-mining companies is more pronounced than ever. This is apparent from the replies received to a letter sent out by the Committee on the Promotion of Student Interest in Coal Mining to over 120 coalmine operating officials. With that letter was forwarded a bulletin issued by the school of mineral industries of The Pennsylvania State College entitled ?Industrial Scholarships ? a Partnership of Industry and Education.? In that circular was outlined the need for trained men in the war and postwar world, and particularly as such demands pertain to the growth of the mineral industries.

Jan 1, 1943

By Herbert K. Kutter

This paper is concerned with the physical phenomena in the fracture process of presplitting and only indirectly with the establishment of the optimum presplitting parameters. Its nature is therefore qualitative, rather than quantitative.

Jan 1, 1968

By M. Guney, A. R. Bell

In Mindola mine on the Zambian Copperbelt, there is a plan to extend the current production level of 1.2- 1.5 km (3,900-4,900 ft) with five additional production levels. Research work indicated that the present total heat output of 38.6 MW will inevitably increase to 63.2 MW in 25 years. Estimated WE and DB temperatures, representing the total heat generation in stope faces and development headings during these same periods are predicted to increase to 33.8/40.2°C (93/104°F) and 35.3/42.1°C (95/108°F) respectively. It is assessed that the nominal refrigeration capacity needs to be progressively increased to 9,000 M W.

Jan 1, 1984

By Eckley B. Coxe

IN the anthracite coal regions of Pennsylvania the custom has been to sight either at an open light (generally a mine-lamp), or at the string of a plumb-bob. If the station was intended to he a permanent one, a spud, as it is called, that is, a nail resembling a horseshoe nail with a hole in the head, is driven into the timbers over the station, or, if there be no timber, a hole is drilled in the coal or rock roof, into which a wooden plug is driven, which serves to hold the spud. The first operation in making a survey is to lay out the stations, that is, to mark the place where the holes are to be drilled for the plugs or the points on the timbers where the spuds are to be driven in. This should be done before any instrumental work is begun, as much labor can generally be spared, and the use of very short sights can often be avoided, by carefully laying out the stations beforehand. When the stations were laid out, a plumb-bob was hung from the innermost spud, which I will call No. 1, the instrument was put in position at No. 2, by plumbing down and putting a centre-pin under the spud, and then setting up over the centre-pin, and another plumb-bob was suspended from No. 3. If great accuracy was not required, a mine-lamp was set up under the plumbbobs, at No. 1 and No. 3, and the engineer sighted at them. If great accuracy was required, a lamp or some white sbface was held by an assistant behind the strings of the plumb-bobs. To work with any speed by the latter method (i. e., the accurate one), it was necessary for the engineer to have three assistants on whom he could rely even when the chaining was done afterwards; viz. : one to hold the light behind the string at No. 1, one at No. 3, and an assistant at the instrument to hold the light while levelling, reading the in

By Eckley B. Coxe

IN the anthracite coal regions of Pennsylvania the custom has been to sight either at an open light (generally a mine-lamp), or at the string of a plumb-bob. If the station was intended to be a permanent one, a spud, as it is called, that is, a nail resembling a horseshoe nail with a hole in the head, is driven into the timbers over the station, or, if there be no timber, a hole is drilled in the coal or rock roof, into which a wooden plug is driven, which serves to hold the spud. The first operation in making a survey is to lay out the stations, that is, to mark the place where the holes are to be drilled for the plugs or the points on the timbers where the spuds are to be driven in. This should be done before any instrumental work is begun, as much labor can generally be spared, and the use of very short sights can often be avoided, by carefully laying out the stations beforehand. When the stations were laid out, a plumb-bob was hung from the innermost spud, which I will call No. 1, the instrument was put in position at No. 2, by plumbing down and putting a centre-pin under the spud, and then setting up over the centre-pin, and another plumb-bob was suspended from No. 3. If great accuracy was not required, a mine-lamp was set up under the plumb-bobs, at No. 1 and No. 3, and the engineer sighted at them. If great accuracy was required, a lamp or some white surface was held by an assistant behind the strings of the plumb-bobs. To work with any speed by the latter method (i. e., the accurate one), it was necessary for the engineer to have three assistants on whom he could rely even when the chaining was done afterwards; viz.: one to hold the light behind the string at No. 1, one at No. 3, and an assistant at the instrument to hold the light while levelling, reading the in-

Jan 1, 1873

By F. E. Bash

WHENEVER electric and open-hearth steel men discuss the relative advantages of their respective methods, the question of temperature is always discussed, so that this paper is written in the hope that definite data may settle some of the questions and encourage further investigations along these lilies. The writer has had the opportunity of taking the tapping temperatures of steel from electric furnaces of different sizes in various plants and from a number of open hearths handling the same kind of steel. All temperature measurements were made with the same disappearing-filament type optical pyrometer and the corrections for emissivity applied were those worked out by Burgess,1 which are 0.40 for steel streams and 0.65 for slag. The correction is applied by calculating the curve giving the relation between the true and apparent temperature in the following formula: Log E = CZ log e( 1 _ 1 x \T2 T1) in which E = emissivity; C2 = 14,500; e = base of Napierien logarithms; ? = wave-length of light used = 0.65/4; T2 = true temperature, in degrees absolute; T,1 apparent temperature, in degrees absolute. The curve showing the relation between true and apparent temperature for steel and slag arc given in Fig. 1. For the purpose of comparison of open-hearth and electric furnaces, there are given in Table 1 the tapping temperatures of two 25-ton Heroult electric furnaces and one 6-ton with one 50-ton acid, one 40-ton basic, and one 65-ton acid open-hearth furnace, all making nickel ordnance steel for guns. The two 25-ton Heroult electric furnaces were finishing steel refined by the triplex process and the 6-ton Heroult finished steel that was partly refined in an open hearth.. In this table, the tapping temperature and the temperature of the steel stream into the first ingot

Jan 9, 1919

By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today's environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By L. E. Porter

The demand for crude oil on the Pacific Coast during the year 1945. was so acute that the California crude supply had to be augmented by tank-car imports from the Texas and Rocky Mountain fields. Crude imports reached a high of 64,800 bbl. per day during June, with a total of 14,259,000 bbl. imported during the first 11 .months. The U. S. Navy also implemented the crude output from California pools by drilling and completing approximately 300 wells in the Naval Petroleum Reserve No. 1 (Elk Hills), from which an established production of 65,000. bbl. per day was reached in late February and maintained until Aug. 17, 1945, when it was reduced to its preprogram level of 15,000 bbl. per day. Even with the conclusion of the Pacific war on V-J day (Aug. 14), the military petroleum product requirements have permitted little material reduction in output of California crude to prewar rates. During the year, a total of 327-760,000 bbl. of crude was produced, or 19 per cent of the total crude production within the United States during the same period, as compared with 310,996,000 bbl. or 18.4 per cent of the nation's crude production in 1944.

Jan 1, 1946

By F. S. McNicholas, M. S. Walker, V. C. Rogers

During the year of 1944 and the first half of 1945, the Climax Molybdenum Co. made a study of some of the problems in block and panel caving, with the use of a scale model. The experiments dealt essentially with the type of rock and conditions at Climax, but some experiments were carried out to simulate conditions found in other mines. Most of the previous experiments on the caving characteristics of rock have dealt with sedimentary or broken igneous material. The series of experiments described here was designed to show the caving action of unbroken igneous rock. Con- siderable difficulty was experienced in duplicating unbroken material in the model. The results obtained are believed to be relatively correct, but verification must necessarily come from future mine operation. Observations in the mine and glory hole, together with statistical data, were used as criteria for creating similar conditions in the model. In 1913, George R. Lehman' experimented with broken material in a model for the Inspiration Consolidated Copper Co. and, more recently, P. B. Bucky2 experimented with broken material with a capping of mill tailings. Mr. Lehman's model represented a maximum ore height of 70 ft. capped by 55 ft. of waste. He varied the draw-hole spacing from 6¼ ft. to 8? ft. and 12½ ft. The material used graduated from fines to 30-in. maximum size. Some of his conclusions were: "(I) The less the distance between chute centers, the greater the extraction (Fig. I); (2) the higher the ore column, the greater the extraction; (3) the less the amount drawn at a time from each chute, uniformly, the greater the extraction of clean ore before the capping appeared, but not the greater the total extraction to a I per cent copper final product." (Fig. 2.) Professor Bucky concluded, in part: "(I) Drawing of ore may take place at any time from any finger and in any amount without affecting materially: (a)

Jan 1, 1946

The Institute is custodian of funds for support of numerous gold medals and prizes and has representatives on boards awarding still others. Details regarding the Institute Awards are given be- low. The Institute is represented on the boards of the John Fritz Medal, the Hoover Medal and the Washington Award, in connection with the three national societies of Civil, Mechanical and Electrical engineering; and, also, in the case of the Washington Award, with the Western Society of Engineers. The Institute is represented with these four societies on the committee in charge of the Alfred Noble Prize.

Jan 1, 1934

PRESIDENTS DAVID THOMAS 1871 Born November 3, 1794, Cadoxtan, Glamorganshire, South Wales. Died in 1882. Attended schools in Wales. Came to America in 1839. A.I.M.E.: Member, 1871; Honorary Member. Iron manufacturer; inventor. Built first anthracite fired hot-blast furnace in America. Known as the "Father of the Lehigh Valley." President, Catasauqua and Fogelsville Railroad; Director, Lehigh Valley Railroad; Founder, Thomas Iron Co. and St. Luke's Hospital at Bethlehem, Pa.; Trustee, Lafayette College.4 ROSSITER WORTHINGTON RAYMOND 1872-1874 Born April 27, 1840, Cincinnati, Ohio. Died in 1918. Brooklyn Polytechnic Institute, 1857; Lafayette College, Ph.D., 1868; Lehigh University, LL.D., 1906; University of Pittsburgh, Hon. LL.D., 1915., Gold Medal, Institution of Mining and Metallurgy (London). A.I.M.E.: Founder, Member of 1871; Vice President, 1871, 1876-1877; Secretary, 1884-1911; Secretary Emeritus, 1911-1918; Honorary Member. Consul¬ing mining engineer; practicing lawyer, sailor, soldier, writer, orator, editor, theologian, teacher, novelist, chess player. Recognized as the "Grand Old Man of the Institute." ALEXANDER LYMAN HOLI,EY 1875 Born July 20, 1832, Lakeville, Conn. Died in 1882. Brown University, 1853; Hon. LL.D., 1878. A.I.M.E.: Member, 1871; Vice President, 1874; Manager, 1877-1879. Bessemer Medal (Iron and Steel Institute, London), posthumously. Brought bessemer process to United States. A statue was erected in Washington Square in his memory and presented to the City of New York in 1889. The inscription notes: "foremost among those whose genius and energy established in America and improved throughout the world the manufacture of bessemer steel." ABRAM STEVENS HEWITT 1876 Born July 31, 1822, Haverstraw, N. Y. Died in 1903. Columbia University, 1842; Hon. LL.D., 1887. A.I.M.E.: Member, 1871; Manager, 1872-1875. Bessemer Medalist and Honorary Member, Iron and Steel Institute (London). Gold Medal, Chamber of Commerce of New York City. Philanthropist, lawyer, statesman, publicist, pioneer in the iron and steel industry. Mayor of New York City in 1887. Business partner of Peter Cooper, Executive Manager of Board of Trustees, Cooper Union, New York City.

Jan 1, 1947