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By Harvey S. Mudd

WHEN talking about Europe it is well to endeavor to keep politics and economics apart but they have become so intermingled in recent years that the discussion of one topic inevitably leads to the other. Economic influences formerly prevailed over politics but today national and international economies are governed by political forces. Commerce in raw materials, food, and manufactured products is now so restricted by governmental controls that the capacity of the world to produce and to consume, to exchange goods and to pay for them, cannot be gauged by the past or predicted by a multitude of experts. In prewar days there were some yardsticks but today there are none. Thus it is hazardous to make forecasts, for in all fields of human effort the world has been cast upon an uncharted sea.

Jan 1, 1947

By W. T. Bell, M. P. Lebourg

The perforating of multiple tubingless completions, in which two or more strings of 27/8-in. OD casing are installed in the same borehole, presents two basic problems. First, good completion practices require an eficient perforator that leaves no debris to interfere with subsequent completion operations. Second, and of more complicated nature, a system is needed for controlling the direction of fire so that adjacent strings are not damaged. Development of of a 2-in. OD, steel retrievable, shnped-charge gun has solved the first problem. The second was resolved through development of three different devices to provide directional perforating for the two types of completion methods being employed today. These include a mechanical orienting device and two self-orienting radiation devices. Conceivably, the latter methods could be adapted to the directional perforating (of .upper zones) of conventional dual and triple completions without removing production tubing and packers. INTRODUCTION The recent trend to multiple tubingless completions,' wherein two or more strings of 27/8-in. OD casing are installed in the same borehole, has presented two basic perforating problems. The first problem to be overcome was the design of a gun that would result in efficient perforations without causing debris to bridge in these small-diameter casings. The second problem was, of course, to devise a system for controlling the direction of fire such that adjacent strings would not be damaged. The problem of gun debris in slim-casing completions has been well defined in the numerous 27/8-in. single tubingless completions which have been effected during recent years with the expendable-type perforators. Failure of expendable-gun debris to settle out properly, even with good gun break-up, has resulted in bridging inside these small-diameter casings. This, in turn, has interfered with completion and re-conditioning operations. The past two years have clearly shown, in fact, that debris problems are not confined to this small range of casing with most designs of expendable-type guns. A high incidence of bridging has even been reported in 4%-in. OD casing. The perforating of multiple tubingless completions has entailed, therefore, the development of a completely debris-free gun of adequate performance, as well as the necessary devices to provide positive directional perforating in the two completion methods presently being employed. THE GUN —DESIGN CONSIDERATIONS The design of a shaped-charge gun for slim-casing perforating has presented a maze of interrelated prob-lems. Since the primary specification has been leveled at efficient charge performance with complete elimination of gun debris, it has been necessary to develop a retrievable steel-carrier gun of tubular construction to house the charges. The carrier must be retrievable through 2.29-in. API pump-seating nipples which are usually installed in 2 7/8-in. strings. To provide for recovery of the gun from the well, swelling of the carrier on firing must be carefully controlled. Control of swelling automatically means control of explosive weight in the shaped charge which, in turn, influences charge performance. Carrier swelling also depends upon the confinement pressure at the level being perforated, which imposes a hydrostatic pressure-depth limitation. Burr interference on the wall of the carrier, resulting from passage of the jet through the carrier wall, must be eliminated by suitable design. Clearly then, a satisfactory shaped-charge gun design for slim-casing operations represents a fine balance between carrier swelling, hydrostatic pressure, explosive weight and charge performance. Additionally, to lend itself to directional perforating, the gun design must provide a positive locking mechanism for individual charges within the gun carrier. This fixes charge orientation within the carrier and prevents

By Sven A. Wehrwein

Leveraged buyouts are a fixture in today's market place. This paper will include comments on how LBO's are analyzed, structured and sold, as well as an overview on the present environment of LBO's.

Jan 1, 1990

By AIME AIME

Change of Meeting from Birmingham to Chattanooga. In consequence of the disturbed conditions attending a long¬continued labor strike in Alabama, the meeting of the Institute was changed from Birmingham, Ala., to Chattanooga, Tenn., where it will. begin on Thursday evening, Oct. 1, 1908. Information. of this change bad been sent to the newspapers through the Associated Press, and by circular to all members, when news was received of the sudden and unexpected termination of the strike referred to. It was, unfortunately, too late to change once more the arrangements for the meeting. But it is hoped that the cordial invitation of the citizens of ,Birmingham may be renewed and accepted at a future time, not too remote. Office Facilities for Visiting Members. A separate room in the suite occupied by the American Institute of Mining Engineers on the ninth floor of the United Engineering Society Building, has been equipped with furniture and telephone extension for the temporary use of members of the Institute or of sister societies, or visitors suitably accredited. Members of the Institute visiting New York for a short time, who need office facilities during their stay, or members residing in the city. who need temporary office accommodation, can arrange to have set apart for their exclusive use a room, equipped with office furniture, telephone, etc.,. in the suite of the Institute. It is not the intention to give possession of the room to any individual for an indefinite time, but to offer to members of the Institute an opportunity to acquire a well-located, well-equipped business headquarters to carry on transactions which

Jan 9, 1908

By Charles Will Wright

MINERAL production in almost all European countries suffered a sharp setback because of the war. Plants were damaged, transportation facilities disrupted, and labor dispersed and demoralized. Since the war, due to lack of confidence and economic stability, there has been little incentive to rebuild and expand the mineral industries even though a big demand at high prices exists for mineral products. Most mining and metallurgical companies in Europe hesitate to invest their capital because of the tendency towards nationalizing industry, high taxes, and low output of labor, as well as the deficiency of mine supplies and equipment within their countries. In short, they do not have faith in the future, and for these same reasons and fears most of the mining companies in America will not risk capital investment in Europe. In Europe, including the United Kingdom, free enterprise has been losing ground and as a result the foundation of their economic welfare is being undermined. American mining interests willing to take the initiative could help in counteracting this influence if a way were found for them to co-operate with the European producer without too great a risk.

Jan 1, 1948

By Nelson P. Hulst

COMMITTEES. DULUTH.-Nelson P. Hulst, Chairman; J. B. Adams, W. C. Agnew, M. H. Alworth, C. W. Andrews, R. Angst, William R. Appleby, C. E. Bailey, G. G. Barnum, E. F. Bradt, Mylie Bunnell, George L. Cheesebrough, Peter Christen¬sen, F. A. Cokefair, T. F. Cole, C. A. Congdon, N. Cowling, George H. Crosby, M. D. Cullum, C. d'Autremont, Jr., H. L. Dresser, C. T. Fairbairn. Walter Fitch, F. L. Gilbert, J. T. Hale, G. G. Hartley, E. B. Hawkins, M. S. Hawkins, J. H. Hearding, Louis Hill, L. J. Hopkins, F. E. House, J. C. Hunter, 0. D. Kinney, J. W. Kreitter, E. J. Longyear, Alexander McDougal, W. A. McGonagle, A. M. Marshall, W. N. Merriam, T. D. Merrill, John Millan, P. Mitchell, Clarence Moore, Hon. Page Morris, C. H. Munger, Henry Nolte, W. J. Olcott, A. L. Ordean, Thomas Owens, F. A. Patrick, H. M. Peyton; D. M. Philbin, Capt. Charles Potter (U. S. A.), L. W. Powell, Harry Roberts, Louis Rouchleau, George A. St. Clair, J. U. Sebenius, Joseph Sellwood, Amos Shepherd, W. B. Silvey, George Spencer, George C. Stone, H. B. Sturtevant, George D. Swift, Kirby Thomas, C. D. Thompson, A. D. Thomson, G. A. Tomlinson, Charles Trezona, R. R. Trezona, Maj. J. H. Upham, Charles Van Barneveld, W. W. Walker, J. L. Washburn, A. C. Weirs, H. J. Wessinger, A. B. Wolvin, Dwight E. Woodbridge. HOUGHTON.-W. E. Parnall, Chairman; W. D. Calverley, Secretary; W. B. Anderson, L. S. Austin, Jacob Baer, William Bath, F. J. Bawden., Simon Beahan, John Been, C. H. Benedict, Walter Bloomfield, S. H. Brady, Samuel Brady, Henry Brett, A. L. Burgan, F. I. Cairns, W. H. Cake, Arthur L. Carnahan, William Carpenter, Phillip Carroll, John J. Case, T. L. Chadbourne, W. A. Childs, B. F. Chynoweth, Captain James Chynoweth, H. P. Clausen, F. G. Coggin, H. D. Conant, J. B. Cooper, J. R. Cooper, John Cuddihy, Thomas Cummings, Robert Davidson, J. B. Dee, J. R. Dee, T. S. Dee, Theodore Dengler, M. M. Dennis, Captain Thomas Dennis,. F. W. Denton, A. D. Edwards, R. M. Edwards, C. S. Fales, Daniel Fisher, Henry Fisher, James Fisher, A. L. Floeter, Frank H. Getchell, M. C. Getchell, W. M. Gibson, W. M. Gilliland, James G. Glanville, George Goodale, H. S. Goodell, A. R. Gray, Edward Grierson, Homer Guck, H. D. Haddock, Captain Josiah Hall, John L. Harris, Captain S. B. Har¬ris, Enos Harrold, F. William Hartmann, George L. Heath, C. M. Hoar, Thomas Hoatson, 0. P. Hood, Captain Thomas Hooper, Captain Joshua D. Husking, Dr. L. L. Hubbard, Arno Jaelinig, E. D. Johnson, G. A. Koenig, Edward Koepel, C. H. Krause, R. H. Leach, A. W. Leonard, James MacNaughton, Edward McCormick, Thomas McDonald, R. T. McKeever, F. W. McNair, James McRae, John Mackey, John C. Mann, Major G. A. Marr, Captain Thomas Maslin, Harry Mercer, James Merton, Michael Messner, William F. Miller, Captain J. Milligan, Dr. J. W. Moore, Charles H. Moss, H. F. Nickerson, Charles L. Noetzel, P. H. Paine, John Penrose, Captain John Pentecost, Graham Pope, R. C. Pryor, James Ramsay, J. T. Reeder, Allen F. Rees, J. H. Rice, W. G. Rice, James

Jan 1, 1905

By J. Robert Van Peli

IT was a strange but highly fruitful marriage-that union of hardy explorers, seeking the rich treasures of copper in the Lake Superior wilderness, with Boston's aristocracy of brains, capital, and enterprise. This historic wedlock, which has continued happily to the present day, was the means by which the wealth of Lake Superior's copper was won for the use and benefit of an expanding America. One branch of this family tree, the western branch, begins with prehistoric Indian miners, embraces the early French explorers of the Upper Lakes, and finally includes the British and American pioneers who reduced the vague rumors of copper to known fact and actually began the mining of copper in the wilderness. The other branch, the New England line, begins

Jan 1, 1948

By T. A. Rickard

An educated man is distinguished neither by his clothes nor by his knowledge; he is replarkable not for the things he says, but for the way he says them. You cannot even stand with him under an archway in the rain without finding him out. He may talk only of the weather. His words and his phrases alike may be simple. -at distinguishes him is the arrange- ment of his words; however desultory his talk, it will be method- ical; he has habituated himself to foreseeing the part to be played by each word he uses and the place to be taken by each sentence he utters. On the other hand, the uneducated man, though shrewd and well-informed, will relate facts and events as they recur to him, generally in disorder; in his effort to recollect and in his attempt to rectify forgetfulness he will pause irregularly, filling the intervals with meaningless phrases, such as "and then ", "and: so ", or 'said he to me", "said I to him"; and even the contipuous parts of his story will be told confusedly-because he has not learned the proper use of words.* My own experience as an editor of technical manuscripts has taught me that the misuse of 'that' and 'which' is a fruitful cause of obscurity and confusion. The relative pronouns have distinct functions, and no writer can express himself clearly until he has learned to discriminate between these I functions. For example:

Jan 1, 1931

By D. W. Brunton

Discussion of the paper of D. W. Brunton, presented at the Spokane meeting, September, 1909, and published in Bulletin No. 33, September, 1909, pp. 837 to 855. WILLIAM' KENT, New York, N. Y.:-The Institute may congratulate itself on the opportunity of reading the splendid address of President Brunton. It is au admirable summary of the progress that has been made in the mining and metallurgical arts in recent years. The paper rightly give's the chief credit for this progress to the aid which has been rendered to these arts by the advances in mechanics, chemistry, and electricity. It is notable that most of the headings in Mr. Brunton's address refer to the work of the mechanical engineer, the electrical engineer, and the chemist, rather than to that of the specialist in mining-operations. It seems that. the most successful mining engineer of the present day is the one who makes the most intelligent application of the inventions and designs of engineers and others who are not directly engaged in mining. A tabulation' of the headings of the address, grouped as below, shows this most clearly. Work of the Mechanical Engineer-Rock-drills, hoisting-machinery, tramming, pumping, ventilation, dredging, sampling, concentration, briquetting, fume-recovery. Work of the Electrical Engineer-Electric machinery for hoisting, pumping, tramming, lighting and signaling, electric . transmission, electric smelting. Work of the Chemist and Metallurgist-Explosives, chlorination, cyanidation, roasting, lead-smelting, and copper-smelting. Work of the Geologist-Economic geology. Work of the Mining Engineer-Mine-mapping, surface-mining, timbering, tunneling; and planning and supervision of the work in general. The mining engineer of the present day, who is in responsible charge of a large plant, finds his chief work not in doing

Jan 1, 1910

By Lord Marley

ACTIVE participation by the United States in the war acted as a stimulant on the Annual Institute Meeting in New York rather than a retardant as feared. Attendance was about 10 per cent under the all-time high reached last year, but considering the number of men who could not possibly come because of active military service and the additional number who are devoting their whole time and effort to turning out vital war materials, the registration was really greater than might have been expected. But all in all the Institute put on a show that taxed the capacity of the Engineering Societies Building as well as the capacity of the visitors to find time to attend everything that promised to be of interest.

Jan 1, 1942

By Harold G. Moulton

IT is highly significant that engineers should seriously consider the interrelations of technology, economics, and government. It is indicative of the emergence of maladjustments and problems that perplex our thinking and frustrate our activities. Instead of a world in which scientific discoveries and their applications through engineering to the processes of wealth production are regarded as the royal road to progress, we now find science and engineering being made responsible, in no small degree, for our economic and social troubles; and the powers of government are even being invoked to stem the tidal wave of technology. Indeed, there is a deep-seated fear, manifested in the writings of some of our greatest scientists as well as in popular discussions, that science may destroy our civilization.

Jan 1, 1938

By Robert Linton

M ETHODS by which Americanization is developed among the foreign workers at the mines in the United States, with particular reference to mines of the Pennsylvania coal region, were discussed in a most constructive way at the Wilkes-Barre Meeting of the Institute. Arthur Notman, of the Phelps Dodge Corpn., as chairman, guided the discussion. Americanization was defined by E. E. Bach, !chairman of the Institute's Sub-committee on Americanization, who said: "Americanization applies either to the native-born or foreign-born and is that process of assimilation which guarantees the full functioning of American citizenship. Naturalization papers merely entitle one to the privileges of citizenship."

Jan 1, 1921

By Andrew Meyer

As a producer of gold and platinum, Colombia is most emphatically an important country. Last year it produced 656,000 oz. of gold-twice as much as any other country in South America, in fact accounting for a third of the production of that continent. In platinum, world data for 1941 are not available, but in 1939 Colombia exported 39,000 oz., apparently ranking fourth among the world's producing countries, being exceeded only by Canada, Russia, and the Union of South Africa. Colombia was always a mining country. Centuries before the Conquest, Indians mined gold, copper, silver, salt, and emeralds. The Spaniards simply intensified mining. The Bank of the Republic states that from 1493 to 1940 52,177,427 oz. of gold was produced by Colombia, and official Chocó statistics show that about $60,000,000 worth of platinum was mined between 1908 and 1941. These figures are impressive indeed considering that only rich pockets and surface showings were mined by the ancients.

Jan 1, 1942

By T. H. Oxnam

INTRODUCTION. THE predominating value of the ores now being treated by the Palmarejo and Mexican Gold Fields, Ltd., is silver, although some gold is also carried. The present method of treatment consists of wet-crushing and concentrating, followed by the cyanidation of the unroasted sands and slimes. The sands are treated by leaching and the so-called accumulated slimes by a system of agitation and decantation. It is only within very recent years that the cyanidation of unroasted silver-ores has been commercially successful. In fact, at the time operations were begun at the cyanide-plant at Chinipas, February, 1902, I knew of no other leaching-plant treating similar ores successfully. The cyanide treatment of the Palmarejo ores differs but little from the ordinary practice in cyaniding gold-ores; and perhaps but little, if any, new information concerning the metallurgy of silver is to be gleaned from it. PALMAREJO MINE. The Palmarejo mines are located in the southwestern part of the State of Chihuahua, Mexico, on the foothills of the Sierra Madre mountains, at an elevation of 3,200 feet. The mills, 12. miles distant, are situated on the Chinipas river, near the town of Chinipas, which is about 150 miles northeast of Agiabampo, on the Gulf of California. Supplies are shipped via this port as this route is the best and most direct to the property. The ore-bodies in the Palmarejo mines have been deposited. along a series of rock-fractures, caused by an intrusion of eruptive rock. The most important of these fractures or fissures, both in width and value, are the Prieta and Blanca veins, which.

Jul 1, 1905

By J. B. Morrow

BITUMINOUS COAL production for 1937 up to Nov. 27, was 400,000,000 ions, an increase of 3.43 per cent over the comparative period in 1936. The in- crease in consumption, however, was not so great as the increase in production. Stocks of coal, mostly in the hands of consumers, on Nov. 1 were 57,000,000 tons, compared to 44,400,000 tons at the same periods in 1936. The prospects were that both production and consumption for December, 1937, would be lower than for the corresponding month of 1936. , Anthracite production for the period ending Nov. 20 was 43,900,000 tons, com- pared to 48,500,000 tons for the corresponding period in 1936, or a decrease of 9.5 per cent. Production of mechanically loaded coal in. 1936 was approximately 57,000,000 tons, an increase of 17.5 per cent over

Jan 1, 1938

By H. Foster Bain

(San Francisco Meeting, October, 1911.) [SECRETARY'S NOTE.-This paper, presented in oral abstract, at the San Francisco meeting, was not at first supposed by Mr. Bain to be required for publication in the Transactions; and the excursion to Japan, in which he took part, immediately after the San Francisco meeting, delayed his presentation of the manuscript. After his return to San Francisco, Mr. Bain, in view of the importance of his paper and its discussion, kindly furnished it in full. The delay in its publication (since it was received in April last) has been due, partly to the circumstance that other contributions had meanwhile acquired the "right of way," and partly to the consideration that, the situation contemplated in Mr. Bain's paper having remained practically unchanged, the paper and its discussion would not lose force or timeliness by this lapse of time.-J. S.] No acute observer of public affairs can have failed to observe a growing disposition on the part of the public to change emphasis in government from political equality to social justice. When our own government was founded it was felt to be sufficient to secure to each individual the fullest possible freedom of opportunity, and such a scheme was excellently adapted to the rapid development of a large territory having a small population. As the number of people in a given area increases, there are more points of contact and conflict; each must move in a smaller orbit, and there must be more regulation. Germany is making faster progress in industry than is any other country. The principal reason is the insistence there on team-play. In Germany there are fewer multimillionaires and more socialists (spelled with either a big or little " S ") than in any other of the leading countries; but Germany wins trade and is steadily improving the conditions of life for her citizens. To some, the change from the freest individualism is welcome; to others it is intensely unacceptable. To this fundamental difference in view-point may be imputed much of the vigor with which the controversy regarding coal-lands has been waged. That present conditions in Alaskan coal-fields are extremely unsatisfactory is generally recognized, but there are wide dif-

Aug 1, 1912

By AIME AIME

THE week, of April 5 will long be remembered by those that attended the Birmingham meetings of the Open-Hearth and Blast Furnace committees of the A.I.M.E. Iron and Steel Division. Birmingham iron and steel own received the 450 delegates with open arms; described and discussed their southern metallurgical practices and problems and compared experiences with their northern brother metallurgists in two days of technical sessions on Wednes-

Jan 1, 1937

By Edward H. Robie

Jan 1, 1971

By John R. Caldon

INTRODUCTION Leasing has become a major industry in many countries because of the advantages it affords. Whilst the accounting, legal and tax treatment of leasing varies from country to country, there is far more similarity than difference. The general approach to the subject is largely the same. This paper looks to the basic financial considerations in the decision to lease or buy. TYPES OF LEASES Before embarking upon the subject, it would seem appropriate to define a "lease". A lease may be defined as: "an agreement granting one party the right to use, for a specified period of time, property owned by another party in return for a series of payments of rental by the user to the owner''. Ownership, of course, generally entitles the owner to unrestricted use of the asset over its useful life in contrast to a lease which gives the lessee use over a limited period. The distinction between the status of owner and a lessee often is fairly small. In this case we are dealing with what is generally termed a "finance lease". A finance lease is one which substantially transfers the risks and benefits of ownership from the legal owner to the lessee. For example, a finance lease would exist where the lessee enters into a lease of an asset for most of its useful life and has an option to buy the asset at the end of the lease for a price which takes cognisance of the rentals already paid. Where a lease does not substantially transfer the benefits and risks of ownership to the lessee, i.e. those benefits and risks remain with the owner and lessor, the lease is termed an "operating lease" and is an agreement for the renting and usage by the lessee of an asset owned by the lessor for a limited period. An example of an operating lease might be where a tenant leases a building for a defined period say 6 years with the rent and occupancy subject to renegotiation at the end of the lease term. The economic consequences of the distinction between a finance and an operating lease is very important. With a finance lease, the lessee has a de facto economic interest in the asset and the alternative to a finance lease is some form of purchase; with an operating lease, the lessee does not have a basic economic interest in the asset and consequently a comparison with a purchase option involves far more than simply a funding comparison. Some of the principal differences between finance and operating leases can be summarised as follows: (a) finance leases: -the risks and benefits of ownership are substantially transferred to the lessee; -the lessor normally recovers his investment during the term of the lease; -the lessor in entering into the transaction is relying more on the creditworthiness of the lessee than the underlying value of the asset; - the lease is either non-cancellable or a large penalty will apply for unilateral cancellation by the lessee; (b) operating leases -the risks and benefits of ownership remain essentially with the lessor; -the lease rental income would not normally cover the recovery of the lessor's investment; -the lessor evaluates his risk in terms of the underlying value of the assets;

Jan 1, 1985

By AIME AIME

IF the observation of our British friends is true that Americans put new records in bigness above everything else then the 150th meeting of the Institute was not the grand success it seemed to be. Just why the attendance slumped a little this year is anyone's guess, but the favourite explanation seemed to be that half the country is planning to come to the New York World's Fair this summer and that two trips from the hinterland to the me- tropolis, with another to San Francisco of course, can hardly be justified with the present condition of the stock market and the prices of the products of our mines. Certainly, some were pre- vented from coming too by the epidemic of respiratory afflictions that was rampant in February. Unfortunately. several succumbed after they had reached New York.

Jan 1, 1939