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By F. L. Wolf, A. A. Grubb

There is a tendency on the part of practical foundrymen to accept with reluctance the results of tests on sands, binders, and such materials made in the chemical laboratory alone. They feel that such tests frequently emphasize and measure properties that are of minor importance and fail to take account of characteristics that are important in determining the value of the material in actual practice. Experience seems to indicate that the most thorough and conclusive test for any new foundry material is an actual run in the foundry alongside of a standard material of known value. Such a test, however, involves certain difficulties and necessitates certain precautions. It is not always easy to obtain a fail trial for a new material. We all have certain prejuclices, which unconsciously affect our judgment to a marked degree. A practical test frequently involves so many workmen, each of whom reacts in a different manner to the test, that the personal equation becomes very complex and the true results of the test are obscured. There are times, too, when a thorough experimental trial of a material would interfere too much with the. rush of work in a department or would hazard the quality of the product to such an extent as to make it inadvisable. Under such conditions a laboratory test is advisable before the material is sent into the foundry. These tests should be made as practical as possible and so closely related to foundry practice as to give a true index to the value of a product for the purpose desired. Core sands and molding sands are as numerous "as the sands of the sea" and valy as much in quality. Old sources of supply are continually failing and new ones must be opened, so that we must continually search for new and better grades of sand. During the past year, the Ohio Brass Co. has developed tests for sands, cores, and binders which bear a close relation to the particular use to which these materials are put in the foundry and which arc fairly indicative of their value. While the tests thus far have been confined to cores and core sands, it is expected that tests for molding sand will bc developed in the future.

Jan 1, 1921

By V. R. Garfias

A survey of the resources of mineral fuels, coal, petroleum and natural gas presupposes a clear distinction between the known amount underground and the "proven reserves"; the'portion that can be economically brought to the surface and made available for utilization. Only a fraction of the coal and petroleum in producing fields is or can be economically brought to the surface and not all of this is economically utilized; also, although practically all the natural gas can be economically recovered and utilized, in actual practice a large part of the total volume that reaches the mouth of the wells is wantonly blown into the air and wasted. It is thus estimated that of the total amount of coal underground about 40 per cent remains unrecovered, or is otherwise wasted, before it reaches the consumer; that only some 25 per cent of the petroleum in proven fields is actually brought to the surface; and that even if practically the entire volume of natural gas can be economically utilized, in actual practice close to 25 per cent of the total produced is now absolutely wasted. And the dissipation of this gas, unwarranted as it is, not only diminishes the gas supply but diminishes also the proven reserves of petroleum from such fields as the Panhandle of Texas, where petroleum and natural gas are produced simultaneously. Many factors affect the estimates of the proven reserves of mineral fuels, such as the capacity and nature of the reservoir, its depth, the quality of the product, the efficiency of recovery, the price of the fuel and its byproducts, etc., etc., but superseding at times all of these in connection with petroleum and natural gas deposits is the effect of "subsoil ownership" on the rate and methods of exploitation of the deposits. As a result it should be a comparatively simple matter to eliminate waste and overproduction, and thereby increase the proven reserves of petroleum and natural gas, in Russia, Iran and Iraq, where the subsoil rights are nationalized, or in any country in which there is or can be quickly established an effective legal control of the underground deposits and the manner of their exploitation. It has been and it is now, on the other hand, almost an impossible undertaking to intelligently regulate the petroleum and natural gas production in the United

Jan 1, 1935

By Robert Pring

IN addition to the humanitarian aspects of a dust-control program, certain economic benefits are becoming more fully recognized and now furnish a greater incentive to the mill operator to eliminate the dust from his plant. It is well known that a favorable working environment promotes increased efficiency and improves the morale of em-ployees, with a consequent decrease in labor turnover rates. One progressive mining company estimates its direct and indirect labor turnover costs at from $40 to $50 per man; for skilled labor, such as machine operators, the cost may approach $100 per man. While these figures may not be typical of every plant, they do indicate a potential savings in operating costs. Dust signifies waste; its elimination de-creases maintenance costs of mechanical and electrical equipment; its recovery is often justified from the standpoint of values contained in the collected material, although in large-scale milling operations handling low-grade ore this may not be an important factor. Perhaps the most significant trend in industrial sanitation is that dust-control equipment and procedures are becoming recognized as integral parts of the mill flow-sheet. Exhaust ventilating systems are now afforded equal care in design and mainte-nance to that given other machinery more closely related to the process,

Jan 1, 1940

By James E. Lawver, Jose M. Pastrana

Some of toe magnetic properties of minnesotaite (general formula: Fe3(OH)2Si4O10) were examined. Toe paramagnetic susceptibility values at various temperatures were determined from toe slope of toe magnetizing curve. These values were then compared with toe theoretical values estimated using toe Bohr magneton numbers for toe paramagnetic ions contained in toe missesotaite.

Jan 1, 1975

S. LE FEVRE, Forest Glen, N. Y. (communication to the Secretary*).¬F. L. Nason thinks I could not have studied Mr. Witherbee's paper and doubts the arithmetic used, but in his discussion arrives at practically the same conclusion. He says 10 ft. thickness of ore over a square mile should give 27,878,400 tons, allowing 10 cu. ft. per ton of ore. This is correct, but if he reads carefully he will see that this depth of ore was figured as covering one-tenth of the surface, which reduces the figures to those used by Mr. Nason. I did not say, however, that there were 2,300,000,000 tons of ore in New Jersey, but that applying the same method of computation as used by Mr. Nason, to the area of the iron ore-bearing gneisses in New Jersey, we would get a total of 2,300,000,000. I did say, "In this area are located 366 magnetite mines that have been worked more or less. These lenses may easily be capable of producing (on an average) 1,000,000 tons each, and there are probably double the number listed not opened up." Thus my estimate for New Jersey, as far as any was made, would be: Probable ore 366,000,000 Possible ore in addition 732,000,000 1,098,000,000 Mr. Nason's final conclusion of his personal estimate was one-half of what he erroneously read to be the estimate given in the paper, or half of 2,300,000,000, which equals 1,150,000,000. So the two estimates seem to differ less than 5 per cent., and we have the two sister States of New York and New Jersey on an equal footing of productive possibilities in magnetic ore.

Jan 6, 1917

By A. T. Yu

As the first year of full-scale shiploading operations nears completion, Chile's twin ports of Chafiaral and Caldera have proved instrumental in promoting the growth of that nation's iron ore industry. Located on the Iron Coast several hundred miles below Antofagasta, the two ports boast of new conveyor shiploading facilities uniquely adapted to their coastal environment. Until recently, iron ore producers in this region of Chile have been hampered by antiquated methods of loading crushed ore on ships for transportation to foreign buyers. Use of the "truck-to-lighter- to-ship" method, which dominated heretofore, was too slow and costly to permit expansion of productive mines and exploitation of new high-grade discoveries to meet the growing world demand for such ore.

Jan 8, 1960

By E. I. Larsen, E. F. Swazy, F. R. Hensel

EXPERIENCE has indicated that hard bronzes are not suitable for bearing applications where high bearing loads and speeds are involved. It is the general practice to utilize softer materials for these purposes, such as copper, lead, silver, babbitt, lead-base alloys, and more recently aluminum-base alloys, preferably supported by a steel backing. It was the objective of the present investigation to study a new material produced by powder metallurgical methods susceptible to precipitation-hardening. TEST MATERIALS Preliminary tests were made with compacts containing copper, nickel and silicon in quantities sufficient to form 3 to 5 per cent nickel silicide. It was found that this type of alloy was susceptible to the formation of a soft surface shell when sintered in tank hydrogen. The depth of the shell depended on the length of sintering time and sintering temperature, and varied in thickness from a few thousandths to as much as one eighth inch. This soft shell resulted from the preferential oxidation of silicon, thereby reducing the efficiency of age-hardening by the nickel silicide compound. The body of the sintered compacts below the soft shell could be precipitation-hardened to a hardness of 70 to 85 Rockwell B, by quenching from. 900°C. and age-hardening at 450°C. A series of tests was made with various addition agents, in order to decrease the rate of preferential oxidation, and it was found that phosphorus was most beneficial in this respect. After considerable experimentation, the following nominal composition was accepted as standard: 2.4 per cent nickel; 0.8 silicon; 0.3 phosphorus; balance copper. The physical properties and certain bearing properties of this alloy are described in the present paper. PREPARATION OF COMPACTS Several methods of incorporating the hardening ingredient (nickel silicide) were studied. Compacts formed from copper, nickel and silicon powders were found to be inferior to those fabricated from prealloyed nickel silicide master alloys, because of the rapid oxidation of pure silicon during sintering. The use of a prealloyed nickel silicide hardener containing 25 per cent silicon and 75 per cent nickel could be further improved by preparing a master alloy, incorporating nickel, silicon, phosphorus and copper, having the following nominal composition: 25 per cent nickel; 7 silicon; 3 phosphorus; 64 copper. This alloy is brittle in. the cast condition and can be readily powdered. SINTERING PROCEDURE The blended powders were pressed at 25 to 40 tons per sq. in., the pressure depending on the size and shape of the compacts. Sintering was carried out in hydrogen or cracked ammonia atmospheres at

Jan 1, 1946

By Paul Billingsley

WHEN I was an undergraduate at the Columbia School of Mines, the mining curriculum was subdivided into two major branches's known respectively as the Metallurgical and the Geological Options, which diverged rather widely as the course progressed. When I duly elected the Geological Option, I believed, I am sure, that this divergence would continue throughout the years. The facts have proved otherwise. The mining industry is a closely knit entity in which the search for its raw materials, called mining geology, cannot be separated from the conversion of these raw materials into marketable form, called metallurgy. The mining geologist searches for materials which the metallurgist can utilize, and only such; and whenever an advance in metallurgy opens the gates for new materials, the geologist's problem is correspondingly modified. No better instance of this relationship can be given than that seen in the Salt Lake region in recent years. Our mineral industry here is of long standing. The three principal tributary districts, Bingham, Park City and Tintic, were discovered in the 1860's and have been vigorously and intelligently developed for many decades. Their production has made the Salt Lake valley one of the world's great smelting centers. The maintenance of this industry has for years depended upon the continual development of new orebodies to take the place of those being extracted. Intensive exploration in the old districts has been supplemented by prospecting in outlying districts of lesser prominence. . Many new orebodies have been discovered, such as those of the Daly West, Silver King, and Judge mines in Park City, the Utah Apex in Bingham, and the Sioux, Colorado Chief Consolidated and Tintic Standard in Tintic. New mines in other districts have been discovered also, but without affecting the dominance of the three major districts. In all cases discoveries, to be of value, had to be of ore amenable to treatment in the available metallurgical plants. This meant that, for the most part, zincy ores, both oxide and sulfide, must remain untouched, and also that ores high in iron and ores high in silica had a fictitious value, either high or low, set by the balance of these

Jan 1, 1928

By Paul Billingsley

When I was an undergraduate at the Columbia School of Mines, the mining curriculum was subdivided into two major branches's known respectively as the Metallurgical and the Geological Options, which diverged rather widely as the course progressed. When I duly elected the Geological Option, I believed, I am sure, that this divergence would continue throughout the years. The facts have proved otherwise. The mining industry is a closely knit entity in which the search for its raw matcrials, called mining geology, cannot be separated from the conversion of these raw materials into marketable form, called metallurgy. The mining geologist searches for materials which the metallurgist can utilize, and only such; and whenever an advance in metallurgy opens the gates for new matcrials, the geologist's problem is correspondingly modified. No better instance of this relationship can be given than that seen in the Salt Lake region in recent years. Our mineral industry here is of long standing. The three principal tributary districts, Bingham, Park City and Tintic, were discovered in the 1860's and have been vigorously and intelligently developed for many decades. Their production has made the Salt Lake valley one of the world's great smelting centers. The maintenance of this industry has for years depended upon the continual development of new orebodies to take the place of those being extracted. Intensive exploration in the old districts has been supplemented by prospecting in outlying districts of lesser prominence. Many new orebodies have been discovered, such as those of the Daly West, Silver King, and Judge mines in Park City, the Utah Apex in Bingham, and the Sioux, Colorado Chief Consolidated and Tintic Standard in Tintic. New mines in other districts have been discovered also, but without affecting the dominánce of the three major districts. In all cases discoveries, to be of value, had to be of ore amenable to treatment in the available metallurgical plants. This meant that, for the most part, zincy ores, both oxide and sulfide, must remain untouched, and also that ores high in iron and ores high in silica had a fictitious value, either high or low, set by the balance of these

Jan 1, 1928

Full details of the program for the New York meeting .were given in the January Bulletin and the announcement mailed to members. The following brief synopsis is offered simply as a reminder of the principal events of this meeting which Chairman Browne says is going to be "different." Time.-Monday, Feb. 14, to Thursday, Feb. 17, 1916, inclusive. Place.-Engineering-Societies' Building, 29 West 39th St., New York. Events.-Monday, Tuesday and Wednesday (Morning and Afternoon) Technical Sessions. Tuesday, 10 a. m.: Annual Business Meeting, Luncheon served in the-Engineering Societies Building between sessions each day.

Jan 2, 1916

By F. W. Bremmer

THE drilling of constantly deeper oil wells has made it imperative that the manufacturer of casing be ever searching for new methods and new materials to meet the increased demands. One phase of this search constitutes the subject matter of the present paper. Starting from the original Drake well in 1859, the depth of wells has advanced by leaps and bounds, until today depths of 6000 to 8000 ft. are common. Conditions point to the necessity for drilling to greater depths, and it is not at all improbable that much of the future oil produc- FIG. 1.-TREND IN DEPTH OF OIL WELLS. tion will be from, wells around 10,000 ft. deep. The trend to deeper wells is nicely illustrated by the curve in Fig. 1.1 The points plotted are the maximum depths attained in the various pools which were at their peak for the years given. It may be of some interest to observe the change that has taken place in the tensile and collapsing stresses over the last 25 years. The pressure at the bottom of a 900-ft. hole, equivalent to the pressure caused by an equal column of water, is only 450 lb. per sq. in. The equivalent

Jan 1, 1930

By J. H. Wiggins

Granting that about 600,000,000 bbl. of light oil will be produced in the United States this year and taking the Bureau of Mines' statement that 71/2 per cent. of the total crude production will be lost before the finished gasoline is shipped from the refinery, the volumetric evaporation will be 45,000,000 bbl. of the cream of the gasoline. This is a ConseNative figure and is equivalent to 1,890,000,000 gal. The real value of this liquid is at least 150 per cent. of the value of an equal volume of motor fuel. At only 10 c. per gal., the value lost is $189,000,000; at 15 e. per gal. the loss is $283,000,000. If 750,000,000 bbl. of light and heavy oil are produced here this year and the average price per barrel is $1.333, the gross return to producers will be $1,000,000,000 and the net returns about $200,000,000, if the cost of production is only $1 per barrel. Thus, the evaporation bill is about 20 per cent. of the gross income and is equal to the net income of the crude-oil producers. Two other comparisons with popular phases of the petroleum industry will help give an adequate conception of the evaporation problem. These are: cost of preventing evaporation compared to cost of cracked gasoline and volume of gasoline evaporated compared to volume of gasoline manufactured from natural gas. When gasoline is manufactured from heavy oils by the cracking process, there are two important divisions of the total cost of the product: the manufacturing cost, such as plant cost, operation, maintenance, etc., and the cost of the barrel of heavy oil, from which the cracked gasoline is made. In preventing evaporation loss the cost first mentioned enters into the total cost, but the second cost is eliminated; that is, no charge is necessary for stock from which to manufacture the saving. A detailed analysis of these two costs on a large scale shows that the net income from a dollar spent in preventing evaporation loss from the lease through the refinery is twice the net income from a dollar spent in cracking. Of

Jan 1, 1924

By Charles M. Cooley

In these troubled times free enterprise is maintaining vital molybdenum output, while expanding plant, and bringing in new low grade ore reserves, at Climax, the world's largest known molybdenum deposit. Climax Molybdenum Co. is putting $25 million into additional surface plant facilities and other millions into underground development. The expansion program to be operating by 1954 includes a new mining level, crushing plant, 4000-ft conveyor, milling units, by-products plant, and housing for 198 families. Completion of this program and low grade plant will add 10,000 tons per day to present capacity and several million tons to ore reserves.

Jan 1, 1953

By F. J. Haller

IN 1943, we found, in the new Mather operation, a very unusual and disappointing condition in the footwall rock where all of our main haulageways were to be located. With the exception of a few hundred feet out of the thousands then planned and since driven, all of the openings require support. In general, the ground is not particularly heavy, at least by our standards, but it must be supported and the back carefully covered. Also, our operations require rather wide plat openings (16 to 18 ft) and rather flat curves at the turn-outs, all of which adds to the problem. When this completely unforeseen condition was discovered, ordinary timbering was the only answer, because of the impossibility of obtaining adequate steel supplies in time due to war shortages. Then by the time steel supplies were obtained and a practice developed, we found ourselves with between four and five miles of main haulage drifts and plat openings of a permanent nature, all of which were supported by hardwood timber, some of which had already rotted to an unsafe degree. Also, our drifting program was adding some two miles per year to the above figure. F. J. HALLER, Member AIME, is Superintendent, Mather Mine, Cleveland-Cliffs Iron Co., Ishpeming, Mich. AIME Columbus Meeting, September 1949. TP 2840 A. Discussion (2 copies) may be sent to Transactions AIME before May 31, 1950. Manuscript received Aug. 22, 1949. Revision received Jan. 17, 1950. To give all of the details of our experiments, studies, and experiences would fill a large book, but we were satisfied that our organization had done an excellent job, starting from scratch. You can appreciate our surprise when we discovered that we had added very little to an existing record. Attention was called to a footnote in a copy of "Carnegie Pocket Companion" year 1923. The note read: "Full information as to uses of H-Beams is given in pamphlet entitled 'Steel Mine Timbers.' " A search of our Engineering Library brought to light a pamphlet printed in 1911 showing extensive use of steel for this purpose. Except for welding in place of riveting, we have added very little to the designs in that book. We have, however, developed an experience which proves, at least to our own satisfaction, that steel mine supports pay off under the proper conditions. We are now convinced, in spite of the relatively high initial cost of materials, that steel sets, because of comparatively low installation cost, are actually cheaper than either treated or untreated wood sets, if they are properly designed and adapted. Several Sections in Use: Convenience guided our first experiments in steel sets, since for a number of years, we had used the 4-in. WF, 10 lb per ft section in 10-ft lengths as safety forepoles along with wood forepoles. This section replaced the 40-lb rail which had formerly been used for the purpose. Having the 4-in. WF sections on hand, it was natural that our first experiments in steel sets involved their use. Later, the rolling of the 10-lb section was discontinued in favor of the much stronger 13-lb section, which is now standard for both legs and caps in areas of no particular weight, but which, none the less, require permanent support. Our experiments involved the use of the 10- and 13-lb sections as legs and 6- and 8-in. I beams, 16 and 23 lb per ft, respectively, as caps. Experience soon indicated that, if the ground were heavy enough, and the opening wide enough to require a cap stronger than 13-lb, the 8-in, 23-lb should be used, eliminating the 6-in. I beam. We now know that the 8-in. WF section of the same weight, which we propose to use in the future, is considerably stronger for the amount of money involved. Comparative Strengths: Tables I to IV giving strengths of several species of timbers as compared with the structural sections that we now use have been prepared in accordance with accepted practice. Experience indicates that failure due to compression perpendicular to the grain of the wood does not destroy the effectiveness of a wood set frequently enough to be a practical factor. Therefore, no table of these values is included.

Jan 1, 1951

By F. J. Haller

IN 1943, we found, in the new Mather operation, a very unusual and disappointing condition in the footwall rock where all of our main haulageways were to be located. With the exception of a few hundred feet out of the thousands then planned and since driven, all of the openings require support. In general, the ground is not particularly heavy, at least by our standards, but it must be supported and the back carefully covered. Also, our operations require rather wide plat openings (16 to 18 ft) and rather flat curves at the turn-outs, all of which adds to the problem. When this completely unforeseen condition was discovered, ordinary timbering was the only answer, because of the impossibility of obtaining adequate steel supplies in time due to war shortages. Then by the time steel supplies were obtained and a practice developed, we found ourselves with between four and five miles of main haulage drifts and plat openings of a permanent nature, all of which were supported by hardwood timber, some of which had already rotted to an unsafe degree. Also, our drifting program was adding some two miles per year to the above figure. F. J. HALLER, Member AIME, is Superintendent, Mather Mine, Cleveland-Cliffs Iron Co., Ishpeming, Mich. AIME Columbus Meeting, September 1949. TP 2840 A. Discussion (2 copies) may be sent to Transactions AIME before May 31, 1950. Manuscript received Aug. 22, 1949. Revision received Jan. 17, 1950. To give all of the details of our experiments, studies, and experiences would fill a large book, but we were satisfied that our organization had done an excellent job, starting from scratch. You can appreciate our surprise when we discovered that we had added very little to an existing record. Attention was called to a footnote in a copy of "Carnegie Pocket Companion" year 1923. The note read: "Full information as to uses of H-Beams is given in pamphlet entitled 'Steel Mine Timbers.' " A search of our Engineering Library brought to light a pamphlet printed in 1911 showing extensive use of steel for this purpose. Except for welding in place of riveting, we have added very little to the designs in that book. We have, however, developed an experience which proves, at least to our own satisfaction, that steel mine supports pay off under the proper conditions. We are now convinced, in spite of the relatively high initial cost of materials, that steel sets, because of comparatively low installation cost, are actually cheaper than either treated or untreated wood sets, if they are properly designed and adapted. Several Sections in Use: Convenience guided our first experiments in steel sets, since for a number of years, we had used the 4-in. WF, 10 lb per ft section in 10-ft lengths as safety forepoles along with wood forepoles. This section replaced the 40-lb rail which had formerly been used for the purpose. Having the 4-in. WF sections on hand, it was natural that our first experiments in steel sets involved their use. Later, the rolling of the 10-lb section was discontinued in favor of the much stronger 13-lb section, which is now standard for both legs and caps in areas of no particular weight, but which, none the less, require permanent support. Our experiments involved the use of the 10- and 13-lb sections as legs and 6- and 8-in. I beams, 16 and 23 lb per ft, respectively, as caps. Experience soon indicated that, if the ground were heavy enough, and the opening wide enough to require a cap stronger than 13-lb, the 8-in, 23-lb should be used, eliminating the 6-in. I beam. We now know that the 8-in. WF section of the same weight, which we propose to use in the future, is considerably stronger for the amount of money involved. Comparative Strengths: Tables I to IV giving strengths of several species of timbers as compared with the structural sections that we now use have been prepared in accordance with accepted practice. Experience indicates that failure due to compression perpendicular to the grain of the wood does not destroy the effectiveness of a wood set frequently enough to be a practical factor. Therefore, no table of these values is included.

Jan 1, 1951

By R. G. Davies

Isothermal annealing of quenched Fe3Al reveals that the superlattice forms by the nucleation and growth of ordered domains. The activation energy for isothermal ordering and initial domain growth is -29 keal per mole, which is thought to he the activation energy for vacancy migration. Domain growth, in the absence of excess vacancies, has an activation energy of -100 keal per mole. A maximum in the hardness is observed when the structure consists Of ordered domains, -35-4 in size, growing into a short-range ordered matrix and, also as a function of degree of order, S, with an infinite domain size at S = 0.4 to 0.5. It is proposed that both maxima are due to a transition from deformation by unit dislocations to deformation by superdislocntions. FE-AL alloys containing more than -23 at. pet Al, when quenched from above the critical temperature for the Fe3A1 type of order, always contain the maximum possible amount of FeAl (B2) type of order' (see Fig. 1). Thus when the Fe3A1 superlattice forms, in a 25 at, pet A1 alloy, it does so from an imperfect FeAl structure. The formation of the Fe3Al superlattice has been the subject of several recent X-ray,1, 2 electrical-resistivity,3"6 and dilatometric3 investigations. McQueen and Kuczynski3 concluded that the isotherma1 ordering of Fe3Al, after quenching from 800°C (T,, the critical temperature for order, is 55O°C), takes place by the nucleation and growth of ordered domains. However, Feder and Cahn4 found that the isothermal ordering was complex but more like a homogeneous nucleation process than a nucleation and growth process. Lawley and Cahn2 reported that the degree of order is a continuous function of temperature which is a characteristic of a homogeneous nucleation process. Thus, the evidence is conflicting as to the nature of the Fe3Al ordering reaction. Lipson7 was the first to suggest that ordered domains should exist in the Fe3A1 structure since, as

Jan 1, 1964

By Chairman Hill H. H.

The Round Table Discussion on Petroleum Engineering Research was planned for two purposes. First, to review the work that has been done by petroleum engineers during the past few years on problems that have confronted the industry and, second, to suggest new studies that should be made either on the problems that have been the subject of research during the past or on problems that have arisen only recently. It was believed that by holding an informal discussion of the problems in which the petroleum engineer is vitally interested it would be possible to bring out new ideas as to the relative importance of the different problems that should be studied and to suggest new methods for attacking some of the problems that have resisted the energies of research workers throughout the industry. It was also believed that by arranging for an exchange of experiences between the different engineers it would be possible to prevent a large amount of duplication of effort in conducting research work. Those engaged in petroleum engineering research realize that there is a broad field for study and by coordinating the work it will be possible to obtain the maximum amount of information in the shortest possible time. In planning the program on Petroleum Engineering Research, nine subjects were selected for discussion and each was assigned to a man who is doing work on that subject. These men were asked to lead the discussion on the problem assigned to each one. An effort was made to choose problems of a practical nature and upon which considerable work is being conducted at the present time. Some of the men who were asked to lead the discussion were unable to attend the meeting but most of them submitted a written discussion- of the subject assigned, with the result that there was a discussion of eight of the nine problems. Professor Uren, who was asked to lead the discussion on the subject of Recent Developments in Methods for Reducing Gas-oil Ratios, was unable to attend the meeting and advised that he did not have any new ideas to contribute.

Jan 1, 1928

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Nov 1, 1906

By Frank A. Herald

Through the generous cooperation of the authors of the papers in this chapter, a great wealth of fundamental data is being made available. The same plan of securing and submitting data will be carried forward next year, with the hope of making a nearer approach to complete presentation of the data contemplated in the plan. In order to conserve space, we are printing below such footnotes as have general application to Table 1 in the papers in this chapter: Footnotes to Column Headings Table I In areas where both oil and gas are produced, unless gas is marketed outside the field, such areas are included in column headed "Oil." Manufacture of casinghead gasoline and carbon black is interpreted as outside marketing of gas. Production per acre is determined by dividing into the number of barrels of oil the sum of the number of acres assigned to "Oil" plus such number of acres of the total assigned to "Oil and gas" as represents the portion thereof occupied by oil. Wells producing both oil and gas are classified as "Poducing oil only" unless gas from them is marketed off the lease. W. water; G. gas; A, air. Bottom-hole pressures are preceded by "e." All other figures represent pressures at casinghead with well closed. P, paraffin; A, asphalt; M, mixed. 0 Cam, Cambrian; Ord, Ordovician; Sil, Silurian; Dev, Devonian; Mis, Mississippian; MisL, Lower Mississippian; MisU, Upper Mississippian: Pen. Pennsylvanian; Per. Permian; Tri, Triassic; Jur. Jurassic; CreL, Lower Cretaceous; CreU. Upper Cretaceous; Eoc, Eocene; Olig, Oligocene; Mio. Miocene; Pli. Pliocene. 6, sandstone: SH, sandstone, shaly; Ss, soft sand; H, shale; L, limestone; LS, limestone. sandy; C, chalk; A, anhydrite; D, dolomite; Da. arkosic dolomite; GW, granite wash; P, serpentine. Figures are entered only for fields where the reservoir rock is of pore type. Figures represent, ratio of pore space to total volume of net reservoir rock expressed in per cent. "Par" indicates that the reservoir rock is of pore type but said ratio is not known by the author. "Cav" indicates that the reservoir rock is of cavernous type; "Fis," fissure type. A, anticline; AF, anticline with faulting as important feature; Af, anticline with faulting as minor feature; AM, accumulation due to both anticlinal and monoclinal structure; H, strata are horizontal or near horizontal; MF, monocline-fault; MU, monocline-unconformity; ML, monocline-lens; MC, monocline with accumulation due to change in character of stratum; MI, monocline with accumulation against igneous barrier; MUP, monocline with accumulation due to sealing at outcrop by asphalt; D, dome; Ds, salt dome; T, terrace; TF, terrace with faulting as important feature; N, nose; 9, syncline. Information will be found in text as indicated by symbols: A, name of author, other than above. who has compiled the data on the particular field; C, chemical treatment of wells; G, gas-oil ratios; P, proration; U, unit operation; R, references; W, water; 0. other information.

Jan 1, 1934

By Dr. O’Neil Thomas J., Donald W. Gentry

"October. This is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." -Mark Twain Although the preceding chapters describe the type of preliminary evaluation frequently performed in the mining industry, it has been assumed that input data are known with certainty-clearly an enormous simplification. In reality, estimates of ore grade, mining cost, metal price, etc., are subject to varying degrees of uncertainty due to the inability to predict the future with much precision. Management would probably not, for example, be equally attracted to two projects each offering a 20% DCFROI-one for a new gold venture in Nevada and the other for an undersea manganese nodule operation in the Pacific. The high risk with the latter investment tells the obvious; there is more to investment decision-making than a deterministic analysis using "best estimates" of input parameters. The science of decision theory normally distinguishes between decisions under uncertainty, where probabilities of various outcomes are unknown; and decisions under risk, where such probabilities can be estimated. The first case is rarely en- countered in practical capital investment analysis in mining, so the remainder of this chapter focuses on that class of problems where rational probability distributions for the future states of input variables can be estimated. RISK IN MINING Risk in the context of this chapter is the unforeseen deviation of individual cash flows from expected values for a capital project. For a mining venture, the source of this uncertainty could be any number of factors relating to such items as ore grade, ore reserve tonnage, operating costs, product prices, etc. With conventional *Adapted from O'Neil, T.J., 1979, "Procedures for the Preliminary Financial Evaluation of Metal Mining Ventures," Computer Methods for the 80s, A. Weiss, ed., AIME, New York, pp. 556-573.

Jan 1, 1984