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In 1962, minerals beneficiation showed definite signs of coming out of the doldrums into which it has drifted after the uranium boom. Demand by steelmakers for high-grade iron pellets has created the need for concentrating plants to upgrade specular hematite by spiral concentration or flotation and magnetites by magnetic means and flotation. According to a paper given at the AMC annual meeting by C. S. Arms of Pickands Mather, "the shipment of pellets, started in the mid-1950's, has increased to 17.6 million tons in 1961 from North American operations. Many plants already underway will raise this production to about 42 million tons by 1965. This will be a very sizeable percentage of the total iron ore production contemplated by that date." Iron ore concentration methods are gradually raising the assay of pellets into the 65 to 69% Fe range and lowering silica to the 4 to 7% range. Quebec Cartier's Lac Jeannine concentrator went into operation in late 1961 and all grinding units were running by 1962. The Iron Ore Co. of Canada's new Carol Lake plant was started in mid-1962.

Jan 2, 1963

By E. H., Edwerd H. Robie

WILLIAM CHURCH was one of the founders and the first president of the Detroit Copper Mining Co. and was the first man to interest the Phelps Dodge company in the possibilities of the Morenci district, in the '70's. One rather interesting story concerning him is told by James Colquhoun, at one time president of the Arizona Copper Co., in his "History of the Clifton-Morenci Mining District." It seems that a geologist visited the Detroit company's mines and gave Alec McLean, then mine superintendent, quite a lesson on the proper mineralogical terms for what he saw in passing. Later, McLean handed out a few of them to Mr. Church as they walked through the mine on a tour of inspection. The latter had even less regard for a geologist than he did for sulphide ore, which meant little indeed, for in those days the rich ore was all oxidized, and there was no money in the sulphides. So Church was completely unimpressed by the geological and mineralogical terms that McLean had acquired from the visiting geologist. Church turned on him and warned him that so long as he was a member of his staff he was to understand that there were only two kinds of rock in his mines-the one was smelting ore and the other was waste rock, and he was not to forget it.

Jan 1, 1942

By William Paxton Hewitt

In the Santa Eulalia mining district, Chihuahua, Mexico, the main mineral zone occurs in a gently warped dome with simple associated structures and contains orebodies distributed through a vertical range of over 900 m. The stratigraphy of 1945 m of geologic column is described and an abrupt shrinkage is documented in the volume of limestones immediately associated with large orebodies. Termed collapse, this shrinkage occurred during the course of mineralization. Contacts of limestone with igneous sills, and 366 m of fossiliferous limestone beds, particularly the main fossil bed, have been important localizers of ore-bodies. Up-dip gravitational controls may have been important. Fractures have exerted only local controls and over short distances. Thrust zones have displaced diabase sills and in turn have been intruded by upper members of a group of rhyolite porphyry sills. Mineralizers were related to the rhyolite porphyry, and ore has been introduced to the limestone where certain sills lie between the displaced segments of diabase and have been cut by north-south fissures. Speculations are raised that fields of unreleased strain may have influenced orebody locations; the district's zoning pattern may be a reflection of the filtering effects of large volumes of limestone; and that metal-rich brines mobilized by or incorporated within the invading porphyry might be the source of the mineralizers. PRODUCTION AND LOCATION The Santa Eulalia district has a production record approaching or exceeding 35 million tons of silver-lead-zinc ore from replacement bodies in limestone. In operation since the first years of the 17001s, production has been confined to two intensely mineralized areas separated by 2 km of barren limestone, the West Camp and the East Camp. Probably 50% has been mined since 1908, with over 90% from the West Camp. The West Camp, exploited through a vertical depth of 1945 m and now approaching exhaustion, is the subject of this paper. The district lies in the northern part of the Santa Eulalia Mountains in central Chihuahua in northern Mexico, 400 km south of El Paso, Texas, and 22 km southeast of Chihuahua City. Dominating the northern part of the range is the Cerro de Santa Eulalia, a broad rolling upland which contains the district's West and East Camps. The West Camp, on the west side of the range, centers around the village of Santo Domingo, which is 2 km northeast of the Real de Santa Eulalia (Fig. 1). REGIONAL GEOLOGY Thick-bedded middle Cretaceous limestones, probably Aurora, form the great bulk of the Cerro de Santa Eulalia. These beds, warped into a gentle dome, are severed on the west by a faultline scarp and truncated on the north by the Dolores Pass, a wind gap that

Jan 1, 1969

By J. L. Lytton

The flow-stress recovery of high-purity aluminurn following a 10 pct tensile prestrain was studied in terms of a fractional flow-stress recovery parameter fr. The flow-stress recovery behavior was related to the dislocation arrangements using transmissiort electron rnicvoscopy. During recovery at 120° and 160°C, nearly stable strength levels were attained, the strength level for 120°C recovery being greater than that for 160°C. This stabilization of flow stress was related to the formation of meta-stable dislocation networks bounding nearly perfect cells. Both network formation and the annealing of dislocation loops were found to be recovery mechanisms, and the stronger metastable strength level joy 120°C recovery was related to a smaller average cell size. Analysis of the networks was consistent with the reaction of sets of dislocations with a/2 (110) Burgers vector to give product Burgers DURING isothermal annealing of cold-worked metals, a degree of softening occurs without re-crystallization, and the processes responsible for this change are termed recovery processes. During recovery annealing, the dislocations generated during cold work become rearranged into low-energy configurations, and as much as 50 pct of the stored energy is released."' The relationship between this rearrangement of dislocations and mechanical behavior is of considerable importance, since the dislocation substructures formed during recovery provide a significant degree of low-temperature strength3j4 and can favorably alter the course of primary creep at high temperatures.4 The purpose of the present study was to relate the flow-stress recovery behavior of high-purity aluminum to the substructural modifications that occur. Electron transmission microscopy was therefore employed for direct observation of dislocation substructures at various stages of recovery following 10 pct prestrain. Several investigators5-' have proposed that dislocations can become rearranged or lost during the preparation of thin foils. It was found early in the present study that the dislocation structures in the thicker regions of the foils changed in a systematic way during the course of recovery. Therefore, it is unlikely that substantial losses or rearrangements occurred during thinning. This point will be discussed in more detail later. The results of various investigators indicate that recovery processes in fcc metals can result in release of 50 pct or more of the total energy stored in the as-prestrained metal, this percentage decreasing with increasing prestrain.' Alloying elements or impurities tend to increase this percentage. The release of stored energy of fcc metals during recovery appears to occur by 1) annealing of point defects if the deformation occurred at sufficiently low temperaturesg and 2) rearrangement of dislocations into low-energy Configurations.1,2In bcc metals, the annealing of dislocation loops has also been observed during recovery after prestrain,10-12 and it has been proposed that this is a recovery mechanism for unidirectionally strained fcc metals.' The density of dislocations in bcc metals has not been observed to decrease appreciably during recovery,10 although the formation of regular dislocation networks has been observed. has shown that the formation of such networks can result in elimination of long-range stresses and can lead to significant release of stored energy without dislocation annihilation. It might thus be expected that network formation is a significant recovery mechanism in fcc metals, although extensive network formation has apparently not been reported in controlled recovery experiments. The formation of sub-boundaries in aluminum has been observed by various investigators13'17 during recovery studies of aluminum, but the structure of these boundaries was not resolved. In this regard, it is significant to note that Bailey and Hirsch,' using transmission electron microscopy, detected no network or sub-boundary formation during recovery of 99.99 pct Ag. Furthermore, Clarebrough et al.2 found no such rearrangements during recovery of copper. EXPERIMENTAL PROCEDURE The high-purity aluminum used in this investigation was obtained in the form of 0.125-in.-thick sheet. Spectrographic analysis revealed that the sheet was 99.995 pct A1 with the following weight-percent impurities: 0.001 Cu, 0.002 Fe, 0.001 Si, and 0.0004 Mg. The as-received sheet was in the heavily cold-rolled condition. The as-received sheet was cold-rolled at room temperature to 0.040-in.-thick sheet in the longitudinal direction, which was the original rolling

Jan 1, 1965

By A. M. Keenan, R. H. Carpenter

Geologic faults have always been a plague to the mining industry, and have often reduced a mining venture from a profitable to a marginal operation, and even at times have forced companies to liquidation or bankruptcy. The use of geology as an economic tool in coal mining is not generally recognized, particularly in coal deposits which are horizontal or essentially flat-lying, in which faulting might not be prevalent. However in pitching coal seams, the existence of faults is considered an inherent challenge, as the inclination of the seam or seams per se, is a product of geologic disturbance. The problems of faults are a constant challenge to the management of the Thompson Creek Coal and Coke Corp. in their operations in Pitkin County, Colorado, where high grade medium volatile coking coal is mined. The background for this paper has been provided by the experiences of these operations, in overcoming the effects of faults in mining, and resolving the fault structures. The properties of the Thompson Creek Coal and Coke Corp. are located in central Colorado, 13 miles southwest of Carbondale, Colorado, a tow] on the main highway between Glenwood Springs and Aspen, Fig. 1. The elevation at the mine portals is approximately 8000 feet: there is a relief of some 2.000 feet to the adjacent ridges rising away from the [nine portals. 'The entire present production of these properties totaling 180.000 tons of clean coal per year is trucked to the railhead at Carbondale, Colorado, from whence it is shipped to the Geneva Steel Plant at Provo, Utah. The properties were initially opened in September 1952. A total of 125 men are currently employed with the production conting from the Number 1 and 3 Mines, and development workings of the Number 2 and 5 Mines respectively. While the No. 2 Vine was opened in 1953 prior to No, 3 Mine, the encountering of faults without sufficient development work accomplished to sustain production, necessitated the diversion of manpower to the other [nines for economic considerations. GEOLOGY '1-he productive coal seams occur in the Mesaverde formation of Late Cretaceous age which outcrop along the eastern edge of the Piance Creek Basin from the Grand Hogback, a part of the southwestern flank of the White River Uplift north of Glenwood Springs, southward through the 'Thompson Creek area and the

Jan 1, 1961

By J. E. Harris

The metallic elements, beryllium, calcium, cerium, lithium, manganese, titanium, vanadium and zirconium are used in metallurgical practice in relatively small percentages for the purpose of improving the physical properties of various alloys. No important uses for any of these elements have thus far been developed either in the pure form or in alloys of which they constitute the major constituent.

Jan 1, 1935

By E. H. Rose

IN the realm of ore dressing the most pregnant feat of all time was announced in 1945: the winning of the mineral raw materials which made the harnessing of atomic energy possible. Lost in the stupendous implications of the end result, in the two billion dollar hugeness of the project, and in the famous names attached thereto, the fact that crude uranium ores had to be concentrated received relatively little notice in the press. Only the final link in the concentrating chain was publicized-ether extraction of uranyl nitrate, developed by Hoffman and carried on by the Mallinckrodt Chemical Works, or methods developed by the Ames group under Spedding. Some of the earlier links represented less glamorous but equally difficult and exacting research. One may only speak a word of admiration for those who worked hard, accomplished much, and said nothing. The universal lament for most of the year was "man shortage." A group of Canadian engineers expressed it as "being so short of labor that no labor was available to develop laborsaving devices." . Despite this, an outstanding amount of mineral-dressing progress was made in 1945. Necessity allowed no alternative. The insatiable demand of war for minerals forced the exploitation of lower and lower grade ores, and of others not before considered of commercial character or use, requiring the mineral dresser to fight for and win new bridgeheads on the home front.

Jan 1, 1946

By Elmer W. Pehrson

NINETEEN FORTY-SIX was an eventful year for the mineral industries. Perhaps the most significant development was the socialization of industry in Great Britain, initiated in 1945 but carried to fruition in the coal industry in 1946. On Jan. 1, 1947, management of the coal industry will be vested in a National Coal Board, responsible to the Ministry of Fuel and Power. A sum of £164,660,000 has been provided to compensate private owners for assets transferred to the Board. The British coal industry has been a problem for many years. Production has declined to a point where serious shortages of fuel for domestic needs have developed. Exports have dwindled to a small fraction of the previous trade. Costs have increased greatly, and quality has deteriorated. The industry's physical plant has not kept pace with the rapidly mounting wage scales in recent years. Some claim that the best and most accessible coal reserves of Britain are heavily depleted. The industry has been harassed by difficult labor problems, including bad morale among the workers and a shrinking labor force.

Jan 1, 1947

By R. W. Raymond

THE sudden death of Dr. Drown, on Nov. 17, 1904, brought to multitudes the pang of personal loss. Of all those who, as students at Lafayette College, the Massachusetts Institute of Technology and Lehigh University, were brought under his influence, not one can have forgotten him, and all will now acknowledge, with an unfading gratitude, what they owe in professional equipment to his wise, clear, skillful guidance, and in character to his sympathetic, stimulating personality. Outside of this wide circle, the experts of both hemispheres will lament the departure of one who, in his department of scientific inves¬tigation, both knew what work was needed, and how to do it so that it needed not to be done again. The older members of the American Institute of Mining Engineers will remember with gratitude the part he took, as Secretary from 1873 to 1884, in promoting the interest of that organization, and in shaping the plan and policy which it has followed with such noteworthy success. And, in addition to all these (though partly included among them), there are a host of friends; who can scarcely think of the public loss by reason of their own. Thomas Messenger Drown was born March 19, 1842, at Phil¬adelphia, Pa. His parents were natives of New England; and. he was the youngest of their three sons. He received his preliminary education in the public schools and the High School of Philadelphia, from which he was graduated in 1859. Be-

Jul 1, 1905

By Alan M., Bateman

MR. JORALEMON'S dispassionate discussion of this subject in TECHNICAL PUBLICATION 340 of the Institute shows clearly some of the failures and successes of geology in the discovery of ore deposits. He forces us to recognize, with humility, that chance has played a greater part than geology in the recent discovery of several great copper deposits. I think, however, he wrongly ascribes to unexpected or chance discovery some deposits that were found as a direct result of geological investigation. I refer to the Rhodesian copper deposits,, particularly Roan Antelope and Mufulira, both mentioned by him as having been found by chance. Also,. I think Mr. Joralemon's paper, inadvertently, does not- give the proper credit for the early recognition of the possibilities of these deposits. I feel sure that Mr. Joralemon and the gentlemen given credit by him will welcome any further information on this subject that will throw light on what will some day- be of. historical interest and importance. Consequently, I should like to set forth some additional data that throw light on who should receive the most credit, and' to indicate that, in my opinion, sound. geological reasoning and not chance is to be, credited for the development of the. Roan Antelope and Muf ulira mines.

Jan 1, 1931

By Gerald Edmunds, R. K. Waring, E. A. Anderson

Brass is liable to failure under the combined influence of stress, certain corrosion media, and time, a phenomenon commonly termed season cracking or stress-corrosion cracking. The consequences of this are serious in applications of brass generally, including the important field of cartridge cases. Cartridge cases (70 Cu: 30 Zn) that fail from this cause may allow the escape of gas from the gun breech, a hazard to the shooter, and may not eject, thus temporarily putting the gun out of action. In loaded cartridge cases, the stress present is partly residual from the, drawing and necking operations and partly applied by the insertion of the projectile. Ammonia, present as a decomposition product of smokeless powder, air and moisture constitute corrosive media. The prevalence of season cracking has been reduced considerably, but not eliminated, during the past quarter of a century by low-temperature annealing to relieve stresses residual from fabrication, a method suggested by Diegel 38 yr. ago(I).2

Jan 1, 1945

By Arthur La Motte

I NDUSTRIAL explosives, as distinguished from military explosives, include high explosives and blasting powder. The high explosives which are best known are straight dynamite, gelatin dynamite, ammonia dynamite and permissibles. There are two kinds of blasting powder, saltpetre blasting powder and nitrate of soda blasting powder. Blasting powders are mechanical mixtures of nitrate of potash or nitrate of soda with sulfur and charcoal, highly compressed, granulated and glazed. They ignite from a spark and burn with relative slowness, the rate of burning and hence the rate of conversion into gases depending upon the size of the granulation and upon the degree of. confinement under which the powder is placed. High explosives, on the other hand, are chemical compounds which detonate; that is, when the explosive is subjected to a violent shock, provided in practice by a blasting cap or an electric blasting cap, the molecule of the essential ingredient, usually nitroglycerin, is disrupted and the energy and heat released cause any other explosive ingredients which may be present, such as ammoniuin nitrate or T.N.T., to decompose with a resultant evolution of gases at an extremely rapid rate varying from 6000 to 20,000 ft. per second.

Jan 1, 1924

By W. L. Connell, O&apos

The properties of some heavy liquids which can be used in sink-float separations are discussed with major emphasis being given to the halogenated hydrocarbons. Data are presented on density, viscosity, thermal characteristics and the effects of moisture and temperature on the corrosiveness of the liquids towards various materials of construction. The toxicity of these materials, the hazards involved in handling them, and the procedures for handling them safely are also discussed. True liquids have certain advantages over colloidal suspensions for sink-float separation of minerals which makes their use especially advantageous when close separations, fine particle sizes or water-soluble minerals are to be treated. For best separating results, the medium should have an easily controlled, uniform, stable density. Here, true liquids have the advantages of allowing closer control of density and of not requiring agitation to maintain a uniform den- sity in the equipment. Low viscosities are desired in a separating liquid so that rapid separations of fine material can be made. Many liquids have lower viscosities than the colloidal suspensions at operating gravities of 1.4 to 5.0. For economic reasons and to prevent contamination of the product, the separating medium must be easily and completely removed from the ore. Normally, true liquids must be more completely removed than the cheaper suspensions and thus cause more problems in this area. The fact that the medium should not react with the minerals, air, water or the common materials of construction limits the choice of liquids which can be used, but many are available which are sufficiently stable. A more serious objection to the use of true liquids is that many of them present a toxic hazard to operating personnel and users of the product. Most true liquids are toxic to some extent, but modem knowledge of toxicity allows us to recognize the hazards inherent in handling them and enables us to design around them. Three types of true liquids are available for this use: 1) Halogenated hydrocarbons cover the gravity range from 1.2 to 3.3. They are generally more volatile and less viscous than the other liquids.

Jan 1, 1963

By AIME AIME

T HE Institute of Metals Division and the Iron and Steel Division will meet jointly at the Stevens Hotel, Chicago, during the week of the American Metals Congress, Sept. 22-26. The Iron and Steel Di- vision of the American Society of Mechanical Engineers, the American Society for Steel Treating and the American Welding Society meet at the same time. but the sessions have been arranged to conflict as little as possible. A rich program of papers and plant visits has been arranged for the members and guests of the two Institute Divisions. The annual dinner and a pro- gram of entertainment are being arranged by the Woman's Auxiliary of the Chicago Section. Members are urged to register immediately up011 arrival and to make dinner and plant visit reservations at the same time.

Jan 1, 1930

By J. H. Bain, D. C. Haigh, L. C. Parsons

Jan 1, 1964

By C. A. Fisher

THE discovery of petroleum in Pennsylvania in 1859 marked the birth of an industry of paramount importance. Spreading from - Oil Creek, this remarkable industry may be said to have embraced the earth in a little more than half a century. Those who made the discovery little realized its deep significance or far reaching influence on our national life. For over sixty years, during which time this nation has created and developed the oil industry to a high state of efficiency and' carried its activities to all parts of the world, we have' at all times been the leaders in the production of crude oil and in the development of its technology. During the unprecedented growth and expanse of the oil industry there has been an increasing dependency of our basic industries on, petroleum, until at present it has become essential to our national existence. To meet the ever increasing demand for petroleum and its products, we have explored, at one time or another, for their oil possibilities, practically all parts of the sedimentary rock area in the United States. Furthermore, detailed surface and, in many places, subsurface studies have been made of all the promising regions; over 640,000 jewells have 'been drilled for. oil since the beginning of the industry; $12,000,000,000 have been spent in this work; seventeen major fields exceeding 100,000 bbl. daily production and more than a thousand minor pools have been opened up, and 8,000,000,000 bbl. 'of oil have been produced, or an amount nearly equal to the estimated future reserves of the United States made in 1921.

Jan 1, 1925

THE Institute met on Wednesday evening, May 22d, in the parlor of the Stanton House, Dr. T. Sterry Hunt, President, in the chair. The President delivered an introductory address on the Brown Hematite Deposits of the Great Valley, after which the following papers were read and discussed : Note on the Result of an Experiment with the Wheeler Process of Combining Iron and Steel in the Head of a Rail, by W. E. C. Coxe, of Reading, Pa. On the Jenks Corundum Mine, Macon County, N. C., by Dr. R. W. Raymond, of New York City. On Wednesday afternoon, previous to the opening session, the members who had already arrived in Chattanooga, were taken by the Local Committee to the works of the Roane Iron Company, and Chattanooga Iron Company, and then to the top of Lookout Mountain, where, at the request of the members present, Dr. Hunt described the geological and geographical features of the Chattanooga region, with the magnificent panorama spread out before them as a map. On Thursday morning an excursion was made by steamboat down the Tennessee River as far as Shellmound. Here cars were taken to the coal mines of the Dade Coal Company, where the members were courteously received by Mr. E. B. Wells, the Superintendent. After a trip through the mines the party partook of a collation provided by the company. South Pittsburgh, on the Tennessee River, was next visited, where the Southern States Coal, Iron and Land Company have a large blast-furnace plant in the course of erection. After conducting the party through the works, shops, etc., Mr. James Bowron, the manager, entertained the members with graceful hospitality at dinner. The second session was held on Thursday evening for the transaction of business. The President, Dr. T. Sterry Hunt, appointed Messrs. W. E. C. Coxe, R. H. Richards, and F. J. Slade, scrutineers, to examine the ballots for officers for the ensuing year.

Jan 1, 1879

By AIME AIME

The Institute Headquarters at Spokane was established at the Spokane Hotel, and included a Bureau of Information for the benefit and comfort of members and guests of the party during the time of the meeting. The first session, held Tuesday afternoon, Sept. 28, 1909, in the beautiful Convention Hall ,of Masonic Temple, was called to order by Mr. E. J. Roberts, Chairman of the Spokane Local Committee, who introduced Mr. J. C. Ralston, City Engineer, representing the Mayor of Spokane and the Spokane Chamber of Commerce. Mr. Ralston extended to the members and guests of the Institute a cordial welcome to the city of Spokane, substantially as follows:

Dec 1, 1909

By Ralph Hultgren, David W. Mitchell

Magnesium alloys usually are superheated before casting in order to ensure fineness of grain. Superheat temperatures in common use range from 1600" to r 7o0°F.; the casting temperature, which depends upon the mold shape, is usually 200° to 300°F. lower. The process of superhcating requires considerable time and seriously shortens the life of the iron pots used. Recently it has been reported1 that if acetylene, carbon dioxide or natural gas is bubbled through molten electrolytic A.S.T.M. No. 4 alloy at 1400°F. for 5 min., grain refinement equivalent to that of superheating will take place. Addition of certain solids such as graphite or aluminum carbide accomplishes the same results? As will be shown in this paper, it is possible to achieve grain refinement in magnesium casting alloys at low temperatures by mechanical stirring of the molten metal for a short time. This process was developed in the course of research work, supervised by the War Metallurgy Committee under the "Restricted' project NRC-550, for the Office of Production Research and Development of the War Production Board. This paper, based on that work, has been released for publication by the O.P.R.D. Materials and Methods The alloys studied were the most common American sand-casting alloys designated as No. 4 and No. 17 by the American Society for Testing Materials. The magnesiun used in these alloys was of both carbothermic3 and electrolytic' origin. Chemical analyses supplied by the producers are shown in Table I. Each heat consisted of approximately 5 lb. of alloy melted in a Tercod crucible. It was refined by fluxing with Permanente No. 7* refining flux at 1300° to 1350°F. After cooling to 1200° to 1250°F., portions of approximately one pound each, were ladled into iron crucibles contained in an electric furnace at about 1250°F. The molten metal was covered with Permanente No. 21 † covering flux and then heated to the temperature to be investigated. Normally each of the four portions was given a different treatment. In a typical case one portion was stirred vigorously for 5 min., acetylene gas was passed through a second portion for 5 min., a third portion was superheated to 1600°F. for 15 min., then . cooled to casting temperature, and the fourth was held for 5 min. at the temperature of stirring or gassing without other treatment. Each portion was then cast into one-inch diameter cylinders in three "nonturbulent" molds of identical shape. One mold was made of cast iron and the other two of baked sand. The cast-iron mold and one of the baked sand molds were heated to 360°F., the other baked sand mold was at room temperature. The freezing times in these molds were

Jan 1, 1945

By R. E. Allen

THERE was once a time when a practical oil man would appraise or buy a producing property on the basis of from $200 to $500 per barrel of average daily settled production. Curtailment-has, for the present at least, caused a virtual abandonment of the "barrel -of settled production" as a yardstick of, oil property value and in its place has come the "barrel of allowable production," which, although an artificial thing, is nevertheless now the principal factor governing the rate of ?pay out? or investment return. The potential production of a well, settled or otherwise, is of less importance in determining the present worth of a well than is the rate at which it may be produced. Speaking only of true potential for the moment, it is obvious that of two similar wells having the same potential, the one having the highest rate of allowable production would be worth proportionately more than the one of lesser allowable. The discount factor for deferred return and risk can easily vary the present values of the two wells by as much as 20 per cent when allowable rates are not greatly different.

Jan 1, 1934