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The House Committee of the Engineering Societies Building has lent to he members of the three welfare committees a room on the ground floor of the building where they can carry on some of their war activities. Two sewing machines and two knitting machines are installed there and ladies are invited to sew for the Foreign War Relief Committee and knit for the Emergency Committee, which is working for the 27th Engineers, a special mining regiment. The Emergency Committee, Mrs. H. Norman Spicer, Chairman, reports the formation of a committed of 21 members. The organization meeting was held March 7, and plans were made for future activities as follows: A letter was read from Mr. Ingalls asking for 72 sweaters, 72 helmets, 66 pairs of wristlets as well as 772 pairs of socks, 272 being for immediate delivery. To meet this request it was decided to secure the helmets and wristlets from the Navy League, and to undertake the making of the sweaters and socks ourselves. Accordingly Mrs. H. N. Spicer and Mrs. J. H. Devereux were empowered to buy wool in sufficient quantities, and woven material for the 72 sweaters, sending the bills to Mr. Ingalls, who had guaranteed the money from the Engineering and Mining Journal. This was attended to promptly, and the materials were ready for distribution to the committee on March 13. After considerable difficulty, knitting machines for the socks were discovered and the agent came to demonstrate them. Mrs. Spicer gave one to the Committee and Mr. Ingalls has guaranteed the money to buy two when the manufacturers can deliver them. Up to April 6, 130 pairs of socks, machine and hand-knitted, have been handed in-also 68 sweaters, 80 helmets and 90 pairs of wristlets. It has been calculated that it needs five women knitting behind each man at the front to keep him continuously supplied with knitted garments.

Jan 5, 1918

F. G. SMITH, Waterbury, Conn.-I would like to ask whether small amounts of iron give the maximum resistance at a low temperature, and if the large amounts of iron raise the temperature at which the maximum resistance occurs? That is, with a small amount of iron, will a maximum be at, say, 10°? F. E. BASH.-With the small amount of iron, the maximum is at a lower temperature, and with the increase of iron, the maximum increases; it seems to come to a maximum and then decrease; that is, increasing the iron up to a certain value increases the temperature at which there is a maximum of resistance, and any increase of iron beyond that value will start decreasing this temperature. With 2 per cent. of iron, the maximum is lower than for 1.5 per cent. which was the value that we found to be satisfactory. F. L. DRIVER,* Jr., Harrison, N. J.-I would like to ask what chance there is of the instrument companies getting together and deciding on standards for both manganin and constantan? We make both of these alloys in this country and we find that each one of the instrument com-panies who buy these materials require different standards of specific electrical resistance and thermal e.m.f. For instance, some of our cus-tomers require an electrical resistance in manganin or therlo of 240 ohms per circular mil foot and others require it with a specific electrical resist-ance of 270 ohms per circular mil foot. They buy these alloys in relatively small quantities so that it means much extra melting and supervision when making up small quantities for each consumer. If something could be. clone to eliminate this, it would be a benefit to the instrument com-panies, who could secure their material more cheaply, and to the manu-facturers, who would not have to spend so much time and effort in special manufacturing.

Jan 12, 1919

By AIME AIME

PERHAPS the outstanding characteristic of the newly elected President of the Institute is his rare ability to set aside nonessentials, and pick out the few basic elements on which a valid conclusion on any question can be drawn. This holds whether he is appraising a mining enterprise, selecting a man for an important position, deciding whether to buy or sell a bond, or choosing the best method for mining a huge body of ore. For example, he has pointed out that the two primary factors that make for success in a copper-mining venture are a large reserve of reasonably good ore and competent management. Usually the first is not as difficult to gauge accurately as the second. In a big enterprise the quality of the management

Jan 1, 1939

By Gary B. Williamson, Barton K. Cross

Digital simulation is a modern analysis tool which allows the mine operator to evaluate the result of making a decision without actually changing the organization or buying the equipment. The purpose of this paper is to demonstrate the use of digital simulation in evaluating a decision of whether or not to introduce dispatching in an open pit mine. The analysis shows that appreciable savings can be realized by dispatching. In certain cases, an operator can reduce the number of trucks required to move a specified tonnage. A second analysis evaluates the alternatives of using one large shovel or two smaller units. In this case, the operating cost of the haulage equipment necessary to support the shovels turns out to be the critical factor in this decision.

Jan 1, 1969

By W. E. C. Eustis

During the last year I had occasion, on behalf of our New York copper works, to send to various chemists samples, intended to he accurate, of material which we were buying and selling, and I was astonished to find what differences were reported. After talking over the probable reasons for this with a number of chemists and metallurgists, it was suggested that it would be of real use and some scientific interest to send samples to the different chemists, and take such care in making up the samples that we could feel sure that each chemist had as nearly identical a sample as it was possible to make. After some consideration it was determined to send a mixture which should carry about 50 per cent. copper, and

Jan 1, 1883

By G. P. Moore

BOLIVIA still remains among the oil countries that have proved oil acreage but no production which is being marketed. No steps have been taken during the past year to provide facilities for transport of Bolivian oil to market nor are any known to be contemplated for 1930. The only active operator to date is the Standard Oil Co. of Bolivia, subsidiary of the Standard Oil Co. of New Jersey. The potential production from completed wells is practically unchanged from the 1928 figure of 6000 bbl. daily. As far as is known, there has been only one completion during the year 1929. This is the Machareti well, which is about 50 km. north of Villa Montes along the road to Charagua. The well is reported at about 250 bbl. daily initial production. The gravity of the oil is not known but is presumed to be about 40" Bé., the average for the region. The Standard Oil Co. of Bolivia has five strings working on various parts of its concession. No new locations have been made definitely. Company Activities There was no change in the situation of American holdings in Bolivia during 1929. The oil rights of an English company, acquired under a special colonization contract with the Bolivian Government, are being negotiated in New York and may mean the entrance of another of the large American oil companies in Bolivia. The Sucre Syndicate sold its holdings to the Standard Oil Co. of Bolivia during the past year. .A local company called the "Aguila Doble" was formed during 1929 to drill a well or wells near the town of Cochabamba on structures mapped by a local geologist. It is reported that the Government is buying about one-fourth of the capital stock of this company for 500,000 Bolivianos (about $180,000). The company has not yet raised sufficieht funds to buy drilling equipment so that no operations have been started. According to the statements published in La Pas, this company has acreage on seven anticlinal structures near Cochabamba. This area lies about 8500 ft. above sea level on the eastern Hank of the Andes Moun-

Jan 1, 1930

By S. D. Strauss

The marketing of nonferrous metals and of the ores and concentrates from which these metals are recovered is a fascinating trade, international in character, sensitive to every change in the economic tide, and complex in its organization. Each individual metal has its own marketing mechanism; no two are exactly alike. The differences sometimes are a matter of tradition rather than of necessity, but usually they have developed because of the very nature of the problems of producing or consuming the individual metal. This description, because of limitations of space, can do no more than indicate the major aspects of the trade and touch lightly on the marketing structure of each metal. The dictionary states that a market is a "meeting of people for selling and buying." In the case of nonferrous metals this meeting may occur on a half-dozen different occasions between the time the ore has been first mined and the time the refined metal is available for use by industry; or it may not occur at all until after the metal itself has been rolled, drawn, stamped, cast, or forged into a useful semifabricated shape. To illustrate: A Chilean miner may sell his small ore production to a custom mill, which produces concentrates that are sold to an ore dealer, who finances the shipments of the concentrates to a United States custom smelter, which buys these' concentrates for conversion into blister, which is subsequently refined into electrolytic copper and sold. Conversely, much of the production of aluminum is in the hands of integrated concerns that mine bauxite, convert bauxite to alumina, smelt the alumina to produce aluminum, and then fabricate the aluminum into semifinished or even finished products before title to the material changes hands for the first time. Some nonferrous ores are not converted into metal at all but are sold by the miners or dealers directly b the ultimate consumers. A good example would be chrome ores used by the chemical industry. And of course a substantial part of the commerce in nonferrous metals is in scrap, which is the reconversion into useful form of metals that have long since been mined and smelted. Thus, one-third of all the lead used in the United

Jan 1, 1959

By S. D. Strauss

The marketing of nonferrous metals and of the ores and concentrates from which these metals are recovered is a fascinating trade, international in character, sensitive to every change in the economic tide, and complex in its organization. Each individual metal has its own marketing mechanism; no two are exactly alike. The differences sometimes are a matter of tradition rather than of necessity, but usually they have developed because of the very nature of the problems of producing or consuming the individual metal. This description, because of limitations of space, can do no more than indicate the major aspects of the trade and touch lightly on the marketing structure of each metal. The dictionary states that a market is a "meeting of people for selling and buying." In the case of nonferrous metals this meeting may occur on a half-dozen different occasions between the time the ore has been first mined and the time the refined metal is available for use by industry; or it may not occur at all until after the metal itself has been rolled, drawn, stamped, cast, or forged into a useful semifabricated shape. To illustrate: A Chilean miner may sell his small ore production to a custom mill, which produces concentrates that are sold to an ore dealer, who finances shipments of the concentrate to a custom smelter, which buys them for conversion into blister, to be subsequently refined into electrolytic copper (sometimes by a refinery having no corporate ties with the custom smelter) and sold. Conversely, aluminum production is mostly by integrated concerns that mine bauxite, convert it to alumina, smelt that to produce aluminum, and then fabricate that into semifinished or even finished products before title to the material changes hands for the first time. Some nonferrous ores are not converted into metal at all but are sold by the miners or dealers directly to the ultimate consumers. A good example would be chrome ores used by the chemical industry. And of course a substantial part of the commerce in nonferrous metals is in scrap, which is the reconversion into useful form of metals that have long since been mined and smelted. Thus, one-third of all the lead used in the United

Jan 1, 1964

By Zay Jeffries

Rearmament superimposed on buying sprees by the public, caused a general shortage of metals in 1911. and the rare metals were no exception; they also shared with the more common metals the uncertainty of future demand. In general, the apparent undersupply of metals is a favorable condition for the realization of sleeping possibilities of the rare metals, especially if the supply can he made sufficient to take care of the possible new demand. Many changes in metal usage in 1941 were forced because of shortages. When such changes are in the direction of the economic trend there is a speeding up in the tempo of the inevitable change, but when the forced changes are against the economic trend they are likely to be shortlived. In any event, the latter is not a solid foundation on which to build a future business.

Jan 1, 1942

By John V. Beall

There is an underlying surge to mining in the Philippines." So said A. R. "Ham" Reed, general manager Itogon-Suyoc Mines, Inc., to this reporter last November. Itogon-Suyoc is a small company with a struggling gold mine, a mixed sulfide mine and some prospects. In the Republic of Philippines (ROP), politics, which have an effect on mining, create some uncertainties. By July 1974, no mining company may have more than 40% foreign ownership. The ownership provision is a matter of concern to such important companies as Atlas and Benguet Consolidated and is generally considered a deterrent to new foreign investment. Under these circumstances, Reed's comments are of interest. On foreign prospectors: Don't come in cold; find a Philippine partner or buy into a company already here. Physical conditions of exploration are tough-terrain, communications -but the mineral potential is excellent.

Jan 4, 1969

By Salinger, Herbert

WITH the large amount of metallurgical re- search work now being done and the constant effort of the engineer to effect economies of operation, I think it is a safe prediction that the next few years will see a great change in the handling of mine products. The well-managed mine, with sufficient ore reserves to warrant the necessary plants, will increasingly call upon the metallurgist and chemist for the solution of its problems. Shipping sorted ore or concentrate to the nearest smelter will not be the course followed. From ore to metal, or at least to a product directly salable to the consumer, will be the practice followed. As a consequence, mine managers will be increasingly interested in metal trade problems. By metal trade I mean the buying, selling, shipping, handling, and all the practices, forms and customs that go to make up the trade.

Jan 1, 1928

By Paul M. Tyler

FOR the same reason that water is not missed until the well runs dry, the roles of many industrial minerals in wartime are often overlooked. In contrast to the growing shortages of many metals, our supplies of most nonmetallic minerals are limited only by our machinery for taking them from the ground and by our processing facilities. With few exceptions, the demand for increased supplies has been met without fanfare or delay. Only Brazilian quartz crystals, certain kinds of mica, and, latterly, industrial diamonds are on the so-called strategic list, although asbestos, beryl, corundum, cryolite, fluorspar, crucible-grade graphite, ilmenite, iodine, kyanite, monazite, nitrates, rutile, and zircon have caused more concern among those responsible for procurement and are included in our preclusive buying programs. Such specialties are needed urgently, but they are far less important in the over-all picture than the more abundant minerals.

Jan 1, 1942

U.S. Signs Pact With Miami Copper Miami Copper Co., of Arizona has agreed to mine lowgrade copper ores in an extension of its Globe-Miami mining district operations at a guaranteed price of 27.35[] per lb, under a contract signed with defense Materials Procurement Agency. Terms of the contract call for delivery of 230 million lb of refined copper between 1955 and 1962. DMPA said highgrade ore in the de posit will soon be exhausted and it is considered advisable to have Miami continue the operation. The Government has an option to buy 120 million lb of refined copper from present production at market prices. Miami will develop the new ore- body at its own expense-estimated at $3 million. If losses under the new contract reach a specified point, Miami may cancel the agreement. The company plans to use the block caving method in the underground operation.

Jan 4, 1953

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

FOLLOWING the presentation of the papers by Messrs. Mahan and Butler, the discussion printed below ensued. A. C. LANE* With particular reference to the New England con-sumer, I entirely agree with Mr. Mahan that intelli-gent marketing methods will do a good deal, but there is more than one way of improving them. For instance, coal can be shipped best to New England about this time of year-after the storms of the winter and before the movement of crops in the summer. For that reason there ought to be seasonal freight rates. This will be agreed to by most coal men if you will ask them, especially those who are connected with large concerns like the Metropolitan Coal Co., and yet they do not get seasonal freight rates partly because the railroads are afraid if they once reduce them they will never have a chance to get them back again. But it would be an improvement to have seasonal freight rates. Another thing: When we are buying in New England we want really a certain amount of heat value in our coal. There is no great advantage in our buying ash, nor is there any particular advantage in the railroad shipping ash and clogging the circulatory system of the body politic any more than clogging the circulatory system of the physical body. It would be desirable if the wholesaler, and to some extent the retailer, could guarantee the amount of ash or sell their coal on heating value. If you are interested in that you will find some interesting charts, in "Anthracite Coal Costs Analyzed," a pamphlet issued by the Anthracite Coal Consumers Association, Inc., New York City, as to rates from various and sundry points for bituminous and anthra-cite coal from the field to New York, Buffalo and Chi-cago. Here in New England they are both up against the competition of oil. About 3 or 3 1/2 bbl. oil will do the work of a ton of coal. One of my millionaire friends who is well posted on the situation is putting oil in his Commonwealth Avenue house because it is the most economical. Moreover, we can get Welsh coal from across the water (and help equalize this matter of exchange with Europe) in close competition with Penn-sylvania coal.

Jan 4, 1928

By Paul M. Tyler

MARKETWISE the year 1935 was rather a good one for most of the rare and minor metals; as a class they climbed out of the depression much faster than the common metals. The diamond market, too, was better than it had been for years, attributable only in part to investment buying, as there was a genuine pick-up in consumer demand. Wars and rumors of war tended to speed up purchases of certain metals, but consumption for peaceful purposes was the principal factor. Significant was the important role played by new industrial uses. New discoveries during the year were disappointingly few, considering the broad extent of this research frontier. Scientific developments were far from being at a stand-still, of course, but the dominant note was the cashing in on research consummated in former years. With even a moderate upturn in general business a surprising number of laboratory ideas donned overalls and found jobs in industry.

Jan 1, 1936

By ABBOT A. HANKS

WHEN gold was discovered in California, and San Francisco grew almost over night from a handful of people to many thousands, one of the first difficulties experienced was the lack of money. Gold dust in considerable quantities was rushed into the city from the various mining camps but there was no money. Purchases were paid for by weighing out dust in hand scales. We can appreciate' the difficulty of paying for a drink or buying a postage stamp under these conditions. All this gold was in the form of dust from placer workings and the first metallurgists were the assayers' who melted and refined this gold, casting it into bars which were weighed, assayed, stamped with fineness; value, and the name of the assayer. Many .of these plants were of considerable size, handling shipments that were accumulated by banks and express companies throughout the "Diggings" and sent to San Francisco to be shipped by water to the eastern states. Several

Jan 1, 1931

By O. G. Lellep

IN every country economic circumstances prescribe the method used to produce a commodity at lowest cost. In Pennsylvania a man's wages for working 4 hr buys a ton of coal wholesale; in Germany a laborer must work 40 hr, or ten times as long. In western Europe, therefore, conservation of fuel is of primary importance, and recent practices of burning lime and cement differ from those employed in the United States. This paper presents data collected during a trip through western Europe in 1953. Considered uneconomical, shaft kilns for burning cement disappeared in the United States two generations ago. But because required capital investment is low and operation greatly improved, shaft kilns are still used to some extent in Europe, where fuel costs are high, and are even included in designs for plants under construction. During the last 50 years shaft kilns have been maintained at the same physical size, while their output has been increased at least four times.

Jan 7, 1954

By Rush Greenslade

THE oil and gas lease is the basic contract of the oil and gas industry; it is the foundation stone upon which the producing industry, particularly, is based. As the industry is precarious and highly speculative, the foundation contract should be of the utmost integrity and certainty. But right there an anomaly exists; the oil and gas lease is the most obscure, most uncertain, doubtful contract in the realm of law today. That is a condition that must be considered when taking oil and gas leases, and when buying, selling, and holding them. It may fairly be asked why should this industry rest upon so insecure a foundation. Why should not the oil industry rest upon the contract that is the basis of all industry, the warranty deed? There are many contributing reasons, but the principal one is business expediency. The Anglo-Saxon idea of ownership of land is that every land owner owns from the center of the earth to the sky all that is above and all that is below-consequently the oil and gas are owned by the person who owns the surface. That idea is not exactly true with reference to oil and gas, for many states have adopted the doctrine that oil and gas are like wild animals; they are fugacious and migratory and belong to the man that traps them. But, except for that doctrine, we believe that oil and gas are owned by the owner of the surface, wherein we differ from the Latin-American countries where the mineral rights are owned by the government. The United States was settled largely by homesteading. The owners of land were, in the main, farmers, who did not have the means or the faith to drill for oil or gas. The operators or speculators did not want to buy the land on the mere possibility of finding oil; hence a compromise resulted by which the land owner gave the speculator or the operator what he called an oil and gas lease, or a right to go upon his land and drill for oil and gas. What is supposed to be the first oil lease placed on record reads as follows: Agreed this 4th day of July, A.D. 1853, with J. D. Angier of Cherrytree township in the county of Venango Pennsylvania that he shall repair up and keep in order the old oil springs on land in said Cherrytree township, or dig and make new springs, and the expense to be deducted out of the proceeds of the oil, and the balance, if any, to be

Jan 8, 1924

By Rush Greenslade

The oil and gas lease is the basic contract of the oil and gas industry; it is the foundation stone upon which the producing industry, particularly, is based. As the industry is precarious and highly speculative, the foundation contract should be of the utmost integrity and certainty. But right there an anomaly exists; the oil and gas lease is the most obscure, most uncertain, doubtful contract in the realm of law today. That is a condition that must be considered when taking oil and gas leases, and when buying, selling, and holding them. It may fairly be asked why should this industry rest upon so insecure a foundation. Why should not the oil industry rest upon the contract that is the basis of all industry, the warranty deed? There are many contributing reasons, but the principal one is business expediency. The Anglo-Saxon idea of ownership of land is that every land owner owns from the center of the earth to the sky—all that is above and all that is below—consequently the oil and gas are owned by the person who owns the surface. That idea is not exactly true with reference to oil and gas, for many states have adopted the doctrine that oil and gas are like wild animals; they are fugacious and migratory and belong to the man that traps them. But, except for that doctrine, we believe that oil and gas are owned by the owner of the surface, wherein we differ from the Latin-American countries where the mineral rights are owned by the government. The United States was settled largely by homesteading. The owners of land were, in the main, farmers, who did not have the means or the faith to drill for oil or gas. The operators or speculators did not want to buy the land on the mere possibility of finding oil; hence a compromise resulted by which the land owner gave the speculator or the operator what he called an oil and gas lease, or a right to go upon his land and drill for oil and gas. What is supposed to be the first oil lease placed on record reads as follows: Agreed this 4th day of July, a.d. 1853, with J. D. Angier of Cherrytree township in the county of Venango Pennsylvania that he shall repair up and keep in order the old oil springs on land in said Cherrytree township, or dig and make new springs, and the expense to be deducted out of the proceeds of the oil, and the balance, if any, to be

Jan 1, 1924