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

Jan 4, 1928

By Francis S. Peabody

This paper will not be a technical paper, because, although I have been in the business of mining and selling coal for 30 odd years, I am neither a mining engineer nor a practical miner. If I digress from time to time from my thesis, I must be forgiven by the expert engineers and highly technical gentlemen for whose proceedings this article is written. Waste of the wonderful store of power that the Creator placed at our disposal appears to have been the theory and the basis of our methods of extracting this power—waste from the time the coal is mined to the time it is consumed. Let us consider the prime causes of this wastage which has been the heritage of the coal mining industry. In the early days—about 150 years after " Stone Cole" was discovered in Illinois by Joliet and Marquette, and Father Hennepin noted a "cole" mine on his map—the mode of mining prevalent among farmer landowners, on whose property coal was discovered near the surface or outcropping on the hillsides, was to enter the seam by a shallow shaft or drift into the hillside and remove the coal by wedging it down until a large room was left. The roof without support would fall and our primitive coal operator would then sink another shaft or drive another drift. In these early operations only the large lumps were taken and all small pieces and screenings were left to be covered by the fall of the roof—in fact this condition prevailed in Illinois up to about 1885. Gradually the method of mining changed from the open chamber, to a single entry with rooms turned to the right and left. Later, as the demand for coal increased and the necessity for larger mines became evident, the "room and pillar" system grew to be regular practice. The room and pillar system of mining consisted of starting away from the shaft bottom or drift mouth, with a pair of entries usually 12 to 15 ft. wide and about 30 ft. center to center, one entry being used for the air intake and the other for the return air and haulage; from each entry rooms or chambers were turned, narrow at the mouth and widening

Jan 1, 1918

By Oscar A. Glaeser

It is common knowledge that the iron orebodies of the Mesabi Range lie nearly horizontal and are of trough or blanketlike types. These orebodies are from a few feet to several hundred feet thick and vary from a few acres in extent to the size of the largest one, at Hibbing, Minn., which is over 1 mile wide and 3 miles long. They are covered with sand, boulder and clay overburden and occasionally shallow depths of ledge material, varying in total depth from about 20 to 200 ft. Large areas are not capped with overlying ledge material; the top of the ore lies directly underneath the surface material. Because of the comparatively great tonnage of ore, open-pit mining has made tremendous strides since the first open-pit ore was shipped from this range by the Merritt brothers, from the Mountain iron mine in October, 1892, and along with the great development of open-pit mining on the Mesabi Range has gone a tremendous change in the character of. equipment used. Early Stripping Operations The first stripping at the Burt mine at Hibbing, Minn., started in 1902. The engineers spent a long time in selecting the most suitable location for a small pit area, involving a stripping contract of 350,000 cu. yd. This property afterwards had several million yards of stripping and several million tons of ore removed from it, but inasmuch as it was the first open pit of the Oliver Iron Mining Co. in this district it was necessary to try several different locations for the small pit area, to uncover maximum tonnage and the best grade of ore so as to sell the idea of open-pit mining and discontinue the underground operation then going on. The writer's first open-pit work on the Mesabi Range was in 1903 as an Oliver company mining engineer on a stripping job of 1,500,000 cu. yd. at the Monroe mine, Chisholm, Minn. Here the contractor, an old-timer used to railroad methods, was, to a small extent, using teams of horses hitched to 2-yd. narrow-gage cars and hauling the stripping material from the pit area to outside of the pit limits. The dirt thus moved was loaded by hand. The same contractor was also using 60-ton and 70-ton railroad-type shovels with dippers of 21/2 and

Jan 1, 1930

MAY began with a general strike of the bituminous and anthracite coal miners in the United States in progress, while in Great Britain about three quarters of a million workers became idle by a lockout, caused by a dispute respecting the question of the rights of management in their shops. The employers opened their shops on May 3 to men wishing to resume work, but few availed themselves of the opportunity. Up to this time the statistics had been showing a little increase in the rate of employment in Great Britain and business conditions were considered to be improving. From Russia came reports that the results of the famine had not been so bad as had been prophesied, which is not to say that they were not grievous. In prognostications such things are habitually overesti-mated. Seeding for the new crop has now begun in Russia, with hopes for better results than last year. However, the general economic situation in Russia steadily becomes worse. We had advices during May to the effect that the Soviet Government had decided to abolish the gold ruble even as a theoretical calculating unit and substitute a "goods index." This idea would be somewhat on the lines of Professor Fisher for stablizing the dollar, and there may be a chance to see how it will work in practice. There was a contradictory report from Russia, however, that it had been decided to revert to the gold basis. This is the more plausible report, for if there be anything to be deduced from economic theory and history the present paper rubles will completely collapse and return to gold basis will ensue simply because the people will refuse to sell their goods on anything else. The civil war in China came to a head during the first week in May when General Wu-Pei-fu crushed the forces of General Chang Tso-lin around Pekin. The victor declared his intention to be to reunite the North and the South and in course of time to arrange for a constitutional convention. We probably do not under-stand the conditions in China, but recent events do not appear to have solved the grave difficulties there, though they may be a step toward it. However, the immediate outlook does not appear good, General Chang having retired to the north and declared the secession of Manchuria and Mongolia.

Jan 6, 1922

By C. M. Nickerson

It is apparent that repressuring of the oil measures is becoming increasingly important to the oil industry, and is a matter that warrants the best efforts of the petroleum engineer charged with applying this method of operation to a producing property. Considerable attention has been directed to repressuring in various California oil fields, such as Dominguez and Seal Beach, which have served to sell the more progressive operator on this idea and also to keep him sold. The projects that have received most attention are in comparatively young fields where the fluid levels are high, the wells, perhaps, still flowing, where the wet gas production is of considerable volume, and where there is vital need of immediate conservation of gas, which otherwise would be blown to the air. The new State of California Gas Law, which prohibits the waste of gas, has served to interest the oil industry in means of conserving the gas that is now being blown to the air because of lack of markets. This vitally affects the operator in the older, well-depleted oil fields of the state, because in many cases he has a limited market for gas, on account of the flush production from the more active oil fields. While the waste of gas is relatively small in these older fields, such as the Midway-Sunset area, it now attains considerable importance, since under the new State Gas Law it must be put to some bcneficial use. Repressuring in the older fields of California has not received the attention of the petroleum engineers that is warranted by the present situation. This paper was prepared with the view of presenting the salient features connected with repressuring in the well-depleted oil measures of the older fields, and to show what results have already been obtained in these fields by injecting the unmarketable gas into the sands, particularly in the Midway-Sunset field in the San Joaquin Valley of California. Other projects in the older fields of the state offer some supporting data in this connection, such as the Shields Canyon and the Brea Canyon fields. Gas Storage and RepressuRing On account of the lack of market for a large portion of the dry gas produced in certain of the older, well-depleted oil fields of California, the

Jan 1, 1930

ALTHOUGH iron ores occur in many parts of Sweden the two principal deposits are those at Grängesberg (see accompanying map) and at Kiirunavaara-Gellivare. Both of these deposits are con-trolled by a holding company, Trajikaktiebolaget Grängesberg-Oxelösund, which sells annually about one-half of, the iron in ore traded in world markets and has a fleet of 24 seagoing ore boats, with a total dead weight capacity of 172,500 tons. Because of its pre-eminence in international iron ore trade a brief outline of its operations will be of interest. ORE DEPOSITS OF GRÄNGESBERG The Grängesberg deposits have been known since the Middle Ages, but up to the middle of the nineteenth century the ore was transported from the mines to the furnaces in winter in. sleighs. Railway building began in 1853, and in 1873 the complicated structure of capital investment was tottering, but the basic bessemer process created a demand for ore high in phosphorus, as this is, and refinancing on the initiative of Sir Ernest Cassel put the principal operation on a firm footing. There are numerous property owners in the district, but they are all controlled by a joint administration board, and 90 per cent of the ore is produced by a subsidiary of the Grängesberg company from proper-ties which it either owns or leases. The ore, a mixture of magnetite and specular hematite, is in lenticular bodies, dipping about 70 E. in. fine-grained gneiss, and contains about 61 per cent Fe and 1 per. cent. P. There are two principal veins; the total ore reserves to a depth of 500 meters are estimated at 150,000,000 tons. As seen in the accompanying illustration, the ores were first worked in open cuts, but eventually underground shrinkage stoping was adopted. Difficulties were encountered in the support of the workings and from the freezing of the ore in the stopes, so slicing was adopted, although block-caving is used in one place. Most of the mining is now done at a depth "of 150 to 190 meters. The present annual output is about 1,400,-000 tons of crude ore, which yields about 1,000,000 tons of concentrate after being subjected to magnetic con-centration and jigging.

Jan 1, 1927

By F. P. Peterson

The manufacture of gasoline by extraction or precipitation from the natural gases in which it is found, the present status of the industry, its past development and future extensions, offer a subject which is so broad that to handle it in its entirety would require a voluminous paper. The writer will, therefore, attempt to concentrate the essential matter of the subject for a general presentation, giving some of the most interesting details of the factors that are important to the industry. This industry has drawn liberally on the principles of physics and chemistry, and, to a large extent, has had to adapt such information as is most useful—not from data recorded with reference to petroleum, but from data recorded with reference to general treatment of other materials. Because of the complex character of the petroleum series of hydrocarbons and the fact that data, such as solubilities, 'vapor pressures, etc., . of the different petroleum compounds have not been determined, we are still working by rule of thumb in some essential phases of the industry. Furthermore, the difficulties of determining such data are almost insurmountable. We have not one, but two butanes to deal with—not one, but several, pentanes, hexanes, heptanes, and, as we ascend in the series the complexity and multiplication of isomers increases at such a rate as to make the task of isolating and studying their physical characteristics almost beyond the hope of possible attainment. The industry is the connecting link knitting the interests of oil producers and refiners into a much closer relationship than ever existed prior to its inception and development. The relation between the producer and the refiner of petroleum prior to 1910 was a rather antagonistic one in a commercial sense. It was to the interest of the producer of crude petroleum to sell it for a maximum consideration; the refiner's interest was to obtain the same product for a minimum consideration; therefore, each side of the business transaction retained within his own hands as far as possible the trade secrets of his business. Each side maintained an attitude of cold-blooded business sympathy only for the other. Cas-

Jan 1, 1918

By Edwin M. Chance

During the last decade many conditions have been encountered that have materially increased the cost of the production of coal. As in most cases it has not been practicable to increase the selling price of such coal sufficiently to insure the necessary margin of profit, the mine management has been forced to avail itself of what might be termed unusual means that costs might be held at as low a figure as possible. The so-called efficiency engineer has been called upon, costly power plants have been built and machinery has been installed to replace manual labor wherever possible. Another aid used recently to secure economies through the more intelligent production of coal, is the chemist. As the coal industry, barring the production of byproduct coke, does not at once give evidence of its need of the services of the chemist, the writer will endeavor to point out a few of the services that this branch of the staff has been able to render. The preparation of coal in the past has been carried on entirely upon an empirical basis, that is, the criterion adopted has been an ocular inspection. Unfortunately, the appearance of a coal and especially of an anthracite, has but little relation to its fuel value, and as long as coal is purchased for the heat that can be obtained from it by its combustion, the quantity of such heat that is purchased must be one of the principal desiderata in selecting or preparing a coal. Were coals purchased for use as bric-a-brac or for exhibition in museums it might be both wise and just to purchase them upon their appearance. After 4 or 5 years of investigation the fact has been established that coals of very inferior appearance, and I now have special reference to anthracite, might and often did possess heating and burning properties superior to those possessed by bright coals which in the past had commanded considerable and uniform premiums in the market. This being the case the question arose as to whether the trade could be convinced of this fact. While at first some difficulty was experienced in establishing the quality of such dull coals, still it was found that the real obstacle to the sale of these materials in the past had been the fact that the coal producers' own sales departments felt convinced of the inferiority of this type of fuel and when complaints were registered they were given ready credence. Upon convincing the sales department of the quality of this type of fuel, but

Jan 1, 1917

By George H. Ashley

The present critical state of the supply, distribution, and utilization of coal and the necessity for pooling and zoning coals calls renewed attention to the lack of any fully adequate classification of coal. In the past coals have been classified as anthracite, semianthracite, semibitumi-nous, bituminous, subbituminous coals, and lignite, and a few special types, such as splint coal and cannel coal. But under the term bituminous coal are included a great variety of coals differing markedly both physically and chemically. The term subbituminous coal covers as great a range of chemical differences. In order to distinguish these varieties of bituminous coals it has been customary to designate coal by names derived from the place where mined, or by the name of the bed from which it is mined. Thus, in the market reports, coals are quoted as Pocahontas coal, New River or Sewell coal, Moshannon coal, Ohio coal, Williamson County coal, Jellico coal, and so on indefinitely, no limit being set as to the boundaries of the area to which a given name is applied. Nor is there any scale by which the coal from one place may be compared with the coal from some other district or some other bed. On the one hand, coals from the same district may be quite distinct and sell at very different prices or coal from the same bed may differ greatly in different districts; on the other hand, coals from different states may be so similar physically and chemically that one could replace the other in practical use without any appreciable difference in service. The following classification, arrived at after a careful review of a large number of systems of classification and of all of the recognized characteristics of coal, brings together all coals that so nearly resemble each other physically, chemically, and in heating qualities that any coal of a given type could replace any other coal of the same type and grade in use. Thus, if coals A and B are classed as of the same type and grade they have, so far as known to the writer, approximately the same heating value when burned under the same conditions, and the same character, length of flame, and properties affecting transportation and stocking; and if of the same grade, approximately the same percentage of impurities.

Jan 1, 1920

By G. W. Thompson

G. W. THOMPSON,* Brooklyn, N. Y.-This subject has two aspects, neither of-which can be ignored: these are the economic aspect and the technical aspect. Under ordinary conditions, economic law will take care of the conservation of tin. Under present conditions it seems desirable that economic law should still be permitted to operate as far as is practicable. It is true that this law operates rather slowly, and that under war conditions it cannot be depended upon to give our Government the supply it immediately needs. There should, therefore, be a designation of the essential industries by the Government, and tin should be supplied for those needs, letting the non-essential industries take what is left. At the same time, information ought to be forthcoming as to how tin can be conserved; with tin selling at 80 c. per pound, more or less, it is to the interest of every consumer to get the best information he can as to how he can save tin. Economic law would properly punish those who do not study their own interests in this way. I deprecate, therefore, any centralized socialistic effort toward avoiding penalties through failure to observe and obey economic law. In saying this, however, I am not unmindful that it is desirable for our Government to take such control of the tin situation as may be necessary to the prosecution of the war, practically regardless of the effect of such action upon individual industry, which should studiously seek to adjust itself to the new condition. The Government should promulgate such technical information as it can collect, showing how tin can be conserved, and should urge upon every consumer the exercise of his common sense in self-protection. There is very little danger of any one attempting to hoard or corner tin, in the present state of the market. Most consumers will be glad to live from hand to mouth, covering their sales by purchases, or vice versa. As to the technical aspects: Tin and tin alloys are used to give certain practical and also certain artistic results. The practical factors are those involved in proper adhesion, continuity of surface, protection, the right degree of hardness, proper working qualities, etc. The artistic results are those that appeal purely to the eye or to our cultivated sense of what is desirable. There is no doubt that a great deal of tin could be saved if there were not a demand for certain pleasing effects. How can this saving be brought about? The users of tin hearing alloys are not the only ones involved in this question. The manufacturers of solder and babbitt have for a long time sought to give certain appearances to their fabricated bars and ingots in order to make them more salable. The user of a solder is very apt to judge of its working qualities by the appearance of the bar; the same thing is true with regard to babbitts. Under ordinary conditions, manufacturers are justified in trying to

Jan 12, 1918

By Donald W. Scott

GENERALLY speaking, there is nothing very difficult about taking good micrographs of photogenic thin sections or grains with a petrographic micro-scopecamera setup. However, sometimes it is desired to show some detail that cannot be illustrated satisfactorily by the usual micrographs taken with parallel polarized light, with crossed nicols, or even with two micrographs. A simple procedure giving good results has been used at Battelle Memorial Institute for subjects falling into this classification, and it is believed to be of interest, especially to research people who must sell a point to executives through the medium of well-illustrated reports. The following problem illustrates a typical application: It is desired to photograph a thin section of an iron ore to illustrate the character and association of the iron oxides and the individual quartz crystals. A magnification of 75 dia. is acceptable. A micrograph of the field in question (Fig. I[a]) was taken with parallel polarized light. Due precaution was taken to provide critical illumination, correct exposure, a sharp focus, a good darkroom technique, and other essential conditions. It illustrates correctly the iron oxides, but it fails to show the individual quartz crystals. A micrograph of the identical field (Fig. I[b]) was taken under the same precise conditions, but with crossed nicols. It gives a better idea of the character of the individual quartz crystals but is likely to be misinterpreted unless accompanied by a lengthy descriptive note. This micrograph suggests that the centrally located, large black area is composed entirely of iron oxides. That this is an incorrect interpretation is evident by reexamining the micrograph of Fig. I[a]. The correct interpretation is that the dark area contains quartz crystals oriented with their optical directions parallel to, or nearly parallel to, the vibration directions of the polarizer and analyzer of the microscope. Thus, the executive, or anyone who had not done the work personally, would get no more than a fair interpretation, even if two micrographs were included; and in the interests of both brevity and clarity, one micrograph usually is more desirable. Exactly how many quartz crystals occur in this region cannot be told from the two micrographs, and a printing of the two negatives in register would likewise not show the detail desired. Thus, it is evident that some subjects cannot be satisfactorily illustrated by the usual procedures. In photographing Fig. is the light was subdued and, during the entire exposure of 75 sec., the analyzer nicol was rotated uniformly in its mounting from a crossed position to 45° uncrossed position to introduce the desired amount of contrast in the various individual quartz crystals. The true reproduction of the character and association of the iron oxides, and the additional structure and detail in the quartz areas, is apparent. It might be

Jan 1, 1946

By A Allen, J. A. Garcia

The large increase in the wages of mine workers makes it imperative that all factors tending to limit production per miner be eliminated, if possible. The trolley and storage-battery locomotive, mining machine, hoisting engine, mining system, etc., have increased the possible output per man. But this output is still limited by the capacity of the hoisting engine and cable and by the size of the mine car. The superiority of skip hoisting in metal mining is shown by its almost universal adoption. By varying the size of skip and the rope speed, any desired tonnage can be secured and, since frequently only one kind of material is handled and breakage is unimportant, the loading of the skips can be easily and cheaply effected from bins into which the cars are dumped. The cars may then be designed to fit the conditions in the mine instead of being a compromise between hoisting and mining conditions, very likely suiting neither. In coal mines, the usual practice has been to hoist the car to the surface, either on platform or self-dumping cages. Of late years the number of skip-hoisting plants in coal mines has been rapidly increasing, but there is more or less inertia to overcome in establishing so radical a change in practice; also the earlier skip operations were not uniformly successful. As a result, it became evident that metal-mining practice would require radical modification before skip hoisting could be successfully used in coal mining. Objections to Skip Hoisting Breakage Except where coal is used for coking, or for other purposes whcre breakage is unimportant, breakage of the coal is vitally important all the way from the face to the railroad car. The average selling price is seriously reduced when the percentage of screenings is increased. Following metal-mining practice exactly, the coal would be dumped into a deep pocket, cut off into a skip load by a measuring hopper or other means, dumped into a deep, narrow skip, and dropped into a bin at the top, all of which would contribute to excessive breakage.

Jan 1, 1922

The following additional notes about prices of coal in the early days were collected from the sources shown. Several data about canal tolls and labor conditions are also included. 1796, November: "The inhabitants lay it (coal) in at about 3;d. (83¢) sterling per bushel." (Ref. 73: p. 147.) 1804, March: "In March, 1804, I sent a person accustomed to mining to open the vein of coal, and to load the ark, which was accomplished, and early in the month of April the ark, with the first cargo of bituminous coal passed safely the Conewago falls, and landed her coal at Columbia, Lancaster County. The coal was sold at 31¢ per bushel at Columbia." ($7.75 per ton). This was the first coal from Clearfield County near the town of that name. (Letter from William Boyd: Pa. Senate Jour., 1833-1834, vol. 2, p. 561.) 1807: The following notice appeared in the Bedford Gazette: "Huntingdon, June 4. "Stone Coal.-Such of the farmers as wish to make experiment with stone coal as a substitute for plaster, in manuring their Indian corn, may be supplied with coal gratis upon application to Peter Hughes, at Mr. Riddle's mines, on the Raystown Branch. The proprietor of the mines offers not only to refund the carriage, but to pay the expenses of applying the coal, if upon a fair experiment it is found to be inferior to plaster, which now sells at two dollars per bushel." (Ref. 735: p. 708.) 1809: Coal was delivered in Pittsburgh at 5¢ per bushel or $1.25 per net ton. (Ref. 444: p. 50.) Coal was delivered in Connellsville at 4¢ per bushel or $1.00 per net ton. (Ibid.: p. 185.) 1810: Pittsburgh.-"Coal may be obtained of a good quality, ready delivered at 5¢ a bushel." ($1.25 per net ton.) (Ref. 315: vol. 2.) 1811: "It (coal) costs 6¢ a bushel at your door." ($1.50 per net ton.) (In Pittsburgh.) (Ref. 277: 1811, p. 68.) 1814: At Columbia, now part of Donors, Washington County, Pa., an original sale of lots in 1814 gave the purchaser of each lot the right to mine stone coal gratis from a bank on the property. (Ref. 410: vol. 1, p. 547.) "A laborer is able to dig upwards of 100 bushels per day." (4 tons.) (Ref. 277: 1814, p. 109.) A paper about the early newspapers in West Virginia says: "Collier Wanting. From 10 to 20 steady and industrious men, who understand digging coal, may obtain high wages in Kenhawa for that business, if immediate application is

Jan 1, 1942

By Rush Greenslade

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

Jan 8, 1924

By Babbitts and Solder

G. w. Thompson,* Brooklyn, N. Y.—This subject has two aspects, neither of which can be ignored: these are the economic aspect and the technical aspect. Under ordinary conditions, economic law will take care of the conservation of tin. Under present conditions it seems desirable that economic law should still be permitted to operate as far as is practicable. It is true that this law operates rather slowly, and that under war conditions it cannot be depended upon to give our Government the supply it immediately needs. There should, therefore, be a designation of the essential industries by the Government, and tin should be supplied for those needs, letting the non-essential industries take what is left. At the same time, information ought to be forthcoming as to how tin can be conserved; with tin selling at 80 c. per pound, more or less, it is to the interest of every consumer to get the best information he can as to how he can save tin. Economic law would properly punish those who do not study their own interests in this way. I deprecate, therefore, any centralized socialistic effort toward avoiding penalties through failure to observe and obey economic law. In saying this, however, I am not unmindful that it is desirable for our Government to take such control of the tin situation as may be necessary to the prosecution of the war, practically regardless of the effect of such action upon individual industry, which should studiously seek to adjust itself to the new condition. The Government should promulgate such technical information as it can collect, showing how .tin can be conserved, and should urge upon every consumer the exercise of his common sense in self-protection. There is very little danger of any one attempting to hoard or corner tin, in the present state of the market. Most consumers will be glad to live from hand to mouth, covering their sales by purchases, or vice versa. As to the technical aspects: Tin and tin alloys are used to give certain practical and also certain artistic results. The practical factors are those involved in proper adhesion, continuity of surface, protection, the right degree of hardness, proper working qualities, etc. The artistic results are those that appeal purely to the eye or to our cultivated sense of what is desirable. There is no doubt that a great deal of tin could be saved if there were not a demand for certain pleasing effects. Row can this saving be brought about? The users of tin bearing alloys are not the only ones involved in this question. The manufacturers of solder and babbitt have for a long time sought to give certain appearances to their fabricated bars and ingots in order to make them more salable. The user of a solder is very apt to judge of its working qualities by the appearance of the bar; the same thing is true with regard to babbitts. Under ordinary conditions, manufacturers are justified in trying to

Jan 1, 1919

By C. E. Lesher

THE Disco* process for the production of low temperature coke and its immediate predecessor, the Wisner or Carbocite process have been described in the voluminous literature of low temperature carbonization.1-4 This paper will describe the development of the process from the first attempt at commercial operation by the American Gas and Electric Co. at Philo, Ohio,' in the 1920's to the successful operation in 1949 by the Disco Co., a division of the Pittsburgh Consolidation Coal Co., of the 1000-ton per day Disco plant near Pittsburgh, see Figs. 1-2. In the 1924 coal industry depression following the hectic post World War I expansion, the northern Appalachian, unionized bituminous coal fields were affected first and foremost, and Western Pennsylvania as hard as any. Competitive market pressure was heaviest on the lower grades of steam coals, notably those from the Panhandle district where ash and sulphur are inherently higher than in the same Pittsburgh coal bed to the east along the rivers. The firm structure of Panhandle coal while favoring the prepared sizes, depressed the usefulness and value of the finer sizes. Panhandle slack and nut slack were marketed with difficulty at consistent, and at times considerable, loss. Many solutions were suggested, and the Pittsburgh Coal Co. investigated all. Lower delivered prices through lower mine costs and more advantageous freight rates were obvious goals, but equally obvious were the difficulties of self attainment of either in any substantial measure. Selling Btu's in pipes was abandoned as an idea after a thorough study of the economics of distribution of what was then, and is even now, the only developed continuous process of complete gasification of bituminous coal-producer gas. Although the coal company purchased huge blocks of electric power, it sold not a car of coal to the central power stations. Public utilities controlled the markets for electric current, and it was found that no matter at how low a cost current might be put on the bus bars by the coal company, distribution to its widely scattered coal mines made such an enterprise practically impossible. Consolidation of underground operations and a huge modernization program of mining operations in the 1920's were but preparation for the introduction of mechanical cleaning of the coal for market, particularly the smaller sizes of steam, gas, and by-

Jan 1, 1952

By Thomas P. Bispham

INTRODUCTION From the lender's point of view, the greatest period of risk in a project financing occurs during the construction phase. Therefore, most projects are supported during this phase by completion guarantees supplied by some credit-worthy entity; for example, the project sponsors in the case of a joint venture, such as that of W.R. Grace, Hanna Mining, and Liberty Capital; or by a strong contract with a utility or foreign importer/investor, such as the way North American Coal Corporation has structured many of its transactions. THE PROJECT LOAN REQUEST A project financing is a more complex form of term loan than one using an ongoing corporation's balance sheet as a credit base and, therefore, a potential lender will subject the loan request to a more rigorous analysis. To support this effort, the financial institution will require a more detailed information memorandum to evaluate the credit and technical risks of a project - especially since much of the necessary information is not otherwise available. (See also Gibbs and Sroka paper above in this Chapter) A well-prepared information memorandum will impress prospective lenders with the planning ability and general competence of management. Also, the process of preparing the memorandum will help management understand the true extent of the opportunities and limitations of its venture. Appendix A outlines the topics which comprise a complete information memorandum for a loan request. Of some interest to those seeking to sell a currently-operating mining venture, a similar information memorandum should be prepared i.e., covering the same topics discussed here, for the investment banker to use with potential purchasers. For that purpose, though, one might not want to prepare quite as much detail as for a lender. Appendix B outlines the elements of a reserve evaluation and feasibility study, often called the "Bankable Document." Usually, these studies are prepared by independent engineering consultants for use by potential borrowers and sellers. (Potential purchasers will often contract for a similar study for their use in evaluating an acquisition.) ELEMENTS OF A LOAN INFORMATION MEMORANDUM 1. Outline: The information memorandum should begin with a one-page outline covering such topics as: a. The borrower's name, address, and phone number. b. Principal contact at the borrower. c. Amount of the proposed financing. d. Desired pricing and structure of the proposed financing. This should include a description of the amount and source of equity in the proposed financing. e. Use of the proceeds and timing. 2. Summary: The most important information contained in the memorandum should be summarized in two pages. Note - If the borrower is a recently-formed single-purpose company, then elements 3, 4, and 5 will apply to the guarantors of completion and to the project sponsors. 3. The Borrower: This section is a brief biography of the borrower including such topics as date and state of incorporation, founder(s), lines of business, etc. 4. Capitalization: The borrower's current debt and equity position, including leases and trade debt, with amounts, terms, names, and addresses enumerated. Equity owners, and percentage ownership, should be identified. 5. Historical Financial Statements: If available, a minimum of five year's worth of complete historical financial statements

Jan 1, 1985

By Donald W. Scott

Generally speaking, there is nothing very difficult about taking good microgrztphs of photogenic thin sections or grains with a petrographic microscope-camera setup. However, sometimes it is desired to show some detail that cannot be illustrated satisfactorily by the usual micrographs taken with parallel polarized light, with crossed nicols, or even with two micrographs. A simple procedure giving good results has been used at Battelle Memorial Institute for subjects falling into this classification, and it is believed to be of interest, especially to research people who must sell a point to executives through the medium of well-illustrated reports. The following problem illustrates a typical application: It is desired to photograph a thin section of an iron ore to illustrate the character and association of the iron oxides and the individual quartz crystals. A magnification of 75 dia. is acceptable. A micrograph of the field in question (Fig. Ia) was taken with parallel polarized light. Due precaution was taken to provide critical illumination, correct exposure, a sharp focus, a good darkroom technique, and other essential conditions. It illustrates correctly the iron oxides, but it fails to show the individual quartz crystals. A micrograph of the identical field (Fig. Ib) was taken under the same precise conditions, but with crossed nicols. It gives a better idea of the character of the individual quartz crystals but is likely to be misinterpreted unless accompanied by a lengthy descriptive note. This micrograph suggests that the centrally located, large black area is composed entirely of iron oxides. That this' is an incorrect interpretation is evident by reexamining the micrograph of Fig. Ia. The correct interpretation is that the dark area contains quartz crystals oriented with their optical directions parallel to, or nearly parallel to, the vibration directions of the polarizer and analyzer of the microscope. Thus, the executive, or anyone who had not done the work personally, would get no more than a fair interpretation, even if two micrographs were included; and in the interests of both brevity and clarity, one micrograph usually is more desirable. Exactly how many quartz crystals occur in this region cannot be told from the two micrographs, and a printing of the two negatives in register would likewise not show the detail desired. Thus, it is evident that some subjects cannot be satisfactorily illustrated by the usual procedures. In photographing Fig. Ic the light was subdued and, during the entire exposure of 75 sec., the analyzer nicol was rotated uniformly in its mounting from a crossed position to 45° uncrossed position to introduce the desired amount of contrast in the various individual quartz crystals. The true reproduction of the character and association of the iron oxides, and the additional structure and detail in the quartz areas, is apparent. It might be

Jan 1, 1949

By G. W. Josephson

Since the earliest years of recorded history the durability and protective qualities of asphalt and tar have been known and utilized. The mummies of early Egyptian kings were coated with asphaltic materials, and asphalt mastics were common in Babylon. However, according to various authorities, it was not until 1780 that the first forerunner of present-day composition roofing was discovered,l and the large-scale expansion of the industry has taken place since 1900. Historical Background Development was stimulated by the growing popularity of manufactured gas. The by-product tars from these operations accumulated in large waste piles that had no commercial value and were a source of annoyance and expense to the gas companies. These tars were offered at very attractive terms to anyone who would take them away, and the infant "composition" roofing industry benefited accordingly. At first the process consisted simply of dipping sheets of burlap or other fabric in a tank of molten tar or asphalt. The long strip of roofing was rolled up for convenient handling, and the early experimenters soon found that it was necessary to dust the surface of their new "roll roofing" with some kind of material that would prevent the tarred surfaces from sticking together. Any finely divided, low- priced local material like sand or fine gravel served this purpose and from its application the roofing-granule industry grew. As time went on other characteristics of a properly applied mineral surfacing were recognized. As with wooden shingles, tar and asphalt can be ignited by flying embers from near-by fires. It was found that by increasing the largest particle size to the maximum that could be successfully embedded, and by properly controlling the amount of smaller fractions retained in the grade so as to cover the asphalt completely a high degree of resistance to fire was attained. Needless to say, in this early period asphaltic roofing needed such selling points to gain acceptance in a field dominated by wood, slate, and tile. When asphalt is protected from the sun's rays it is extremely durable, but when exposed to sunlight its surface is comparatively rapidly decomposed. Completely covering asphalt roofing with mineral surfacing protects the asphalt and adds materially to the life of the roof—conservatively, 500 per cent. Slate Graftules In the production of split slate shingles a large quantity of waste slate is accumulated, as 60 to go per cent of the rock quarried is discarded. This waste was a continuing burden on the industry. Some was marketed as ground slate flour for filler in paint and linoleum, and there is a record that as early as 1906 two carloads of coarse screenings from slate flour were marketed as granules for surfacing roofing. This new field appeared to the slate Pro-

Jan 1, 1948

By G. W. Josephson

Since the earliest years of recorded history the durability and protective qualities of asphalt and tar have been known and utilized. The mummies of early Egyptian kings were coated with asphaltic materials, and asphalt mastics were common in Babylon. However, according to various authorities, it was not until 1780 that the first forerunner of present-day composition roofing was discovered,l and the large-scale expansion of the industry has taken place since 1900. Historical Background Development was stimulated by the growing popularity of manufactured gas. The by-product tars from these operations accumulated in large waste piles that had no commercial value and were a source of annoyance and expense to the gas companies. These tars were offered at very attractive terms to anyone who would take them away, and the infant "composition" roofing industry benefited accordingly. At first the process consisted simply of dipping sheets of burlap or other fabric in a tank of molten tar or asphalt. The long strip of roofing was rolled up for convenient handling, and the early experimenters soon found that it was necessary to dust the surface of their new "roll roofing" with some kind of material that would prevent the tarred surfaces from sticking together. Any finely divided, low- priced local material like sand or fine gravel served this purpose and from its application the roofing-granule industry grew. As time went on other characteristics of a properly applied mineral surfacing were recognized. As with wooden shingles, tar and asphalt can be ignited by flying embers from near-by fires. It was found that by increasing the largest particle size to the maximum that could be successfully embedded, and by properly controlling the amount of smaller fractions retained in the grade so as to cover the asphalt completely a high degree of resistance to fire was attained. Needless to say, in this early period asphaltic roofing needed such selling points to gain acceptance in a field dominated by wood, slate, and tile. When asphalt is protected from the sun's rays it is extremely durable, but when exposed to sunlight its surface is comparatively rapidly decomposed. Completely covering asphalt roofing with mineral surfacing protects the asphalt and adds materially to the life of the roof—conservatively, 500 per cent. Slate Graftules In the production of split slate shingles a large quantity of waste slate is accumulated, as 60 to go per cent of the rock quarried is discarded. This waste was a continuing burden on the industry. Some was marketed as ground slate flour for filler in paint and linoleum, and there is a record that as early as 1906 two carloads of coarse screenings from slate flour were marketed as granules for surfacing roofing. This new field appeared to the slate Pro-

Jan 1, 1948