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By C. Richard Tinsley

INTRODUCTION The economic analysis (Chapter 3), the engineering studies (Chapter 10), the credit structure (and the consequential funding sources) - Chapter 11, and the overall feasibility structure for any venture are all directed to determining one major decision element: How much and how certain is the reward for taking these risks? Risk assessment is a surprisingly weak area of analysis and is usually addressed in a checklist fashion. It is much preferable to deal within a risk system so that the inevitable tradeoffs among risks are correctly made. DEFINITION The first step toward risk definition must be to ascertain all of the risks to which a project or a company is exposed; otherwise one will remain ignorant of the possibility of a financially crippling loss until it occurs. (Carter and Crockford, 1974). However, simply stating what "risk" is can lead to debate. For example, risk could be (adapted from Vaughan, 1982): -the chance of a loss - uncertainty of loss -possibility of loss - uncertainty -dispersion of actual from expected results - probability of an outcome different from the one expected - possibility of an occurrence of an undesirable contingency -a condition in which a possibility of a loss exists. For the minerals industry financier, the last definition is probably the most appropriate. However, from a mineral company's point of view the definition might well include the possibility of not achieving the expected financial return. RISK CLASSIFICATION Risk identification will be readily agreed as the all-important first step. There are five major "branches" of risk classification. These are: -Statistical -Modellers -Checklist -Project Financing -Insurance The Statistical set discovered probability theory and any risk discussion soon deteriorates into a mathematical jungle (Megill, 1977; Hartman, 1976; Reutlinger, 1970; and Pouliquen, 1970).Their use of terminology tells its own story: coin toss (binomial distribution), gamblers' ruin, delphi (oracle) techniques, monte-carlo simulations, random walks, etcetera. These techniques inadequately represent the judgements necessary in an increasingly complicated and interrelated world. The risk Modellers have turned to the computer to handle these inter-relationships but soon find barriers because of "simultaneity". Certainly the computer has its uses to conduct various analyses (marketed as "sensitivity" analyses) but very often one finds that this involves changing one or two variables at a time, all other things being equal. Unfortunately, in a modern and complex world all other things do not remain equal. The statisticians will, no doubt, jump to their own defence by citing this

Jan 1, 1985

By AIME AIME

T HE 121st meeting of the Institute held in New York City, February 16 to 19, 1920, was a great success despite vicissitudes of weather of unusual severity. On account of tremendous snowstorms, only two members of the Canadian contingent arrived, and several of our members from the west arrived thirty hours late. Two weeks prior to the meeting, the heaviest snowstorm in 34 years wrecked the surface transportation in New York; and it was only by special dispensation that arrangements were effected, with the New York Street Cleaning Department to clear away 39th street in front of this building so that vehicles could reach the curb. The total registration of members and guests was 1138.

Jan 1, 1920

By Freeman Bishop

More than a few discussions are taking place these days among management economists seeking a way out of the dilemma of lower productivity vs. higher labor costs. Most suggestions would be illegal under present antitrust laws. Otherwise interindustry cooperation could be used to divide up some of management's tasks. Or price structures might be tuned to the special machinery and skills of some plants. Both remedies would be under attack almost immediately. There is one other remedy that is getting lots of attention: some form of compromise between management and labor to phase out no longer needed work practices that unions insist shall be retained. Railroads are the national industry suffering the most from this disease, still known as "featherbedding," an epithet coined by the railroaders themselves.

Jan 1, 1971

By G. P. Halliwell, C. R. Austin

The investigation described in this paper deals with the development of high-temperature alloys of the Konel series over a considerable period of time at t,he Research Laboratories of the Westinghouse Electric and Manufacturing Co. The word ''Konel" has been coined to designate a class of alloys which are essentially nickel-cobalt-iron with other elements added, usually in small quantities. Most of these alloys contain titanium, usually about 2.5 per cent. The main consideration related to strength at high temperatures but the thermionic characteristics of the alloys was also of considerable importance. It is, however, with the mechanical properties at elevated temperatures that we are herein concerned. Much attention has also been devoted to their age-hardening characteristics. There is little need to stress the utilitarian aspect of this subject, as it has been discussed frequently. Alloys exhibiting superior properties at normal or elevated temperatures rapidly find many suitable applications. There may be some question, however, as to what constitutes a "superior alloy," or an alloy that may have good service possibilities at high temperatures. The problem is complex and various means have been employed to predict the useful life that may be expected of a material. In recent years the "creep limitJ' has been used as the best means of evaluation. Such tests necessarily are prolonged and hence collection of data is very slow. In a general survey of many alloys therefore the creep test is not desirable and recourse must be had to much shorter time tests in order more rapidly to select alloys which appear to show promise. For this reason the present survey has been made using the high-temperature tensile test and a bend test developed by Howard Scott.' In the tensile test the conditions have been standardized for all tests, so that values obtained are at least comparable, one alloy with another, although the absolute values recorded merely indicate the mechanical properties at the given temperature under a definite rate of loading.

Jan 1, 1932

By John Mathews

IT is a great honor to be asked by. the Board of Directors of this Institute to deliver the Henry Marion Howe lecture. The invitation carries with it a great responsibility, which I accept with considerable hesitation and with a feeling of unworthiness to perform the duties expected of me in this hour devoted to the memory of the life, character, and work of the late Professor Howe. Many of you recall the scholarly address delivered here a year ago by Prof. Albert Sauveur, and the beautiful tribute he paid-to his friend and colleague of many years in the great work of changing the art of iron making into the science of iron. My association with Professor Howe, was of brief duration-only one year-and the relation was that of pupil to teacher. My feeling toward him in later years was always that of a humble disciple at the feet of a master. He attained his third academic degree in the year that I was born. I recall the pride I felt when, after entering the, steel industry, I received from him, from time to time, letters asking for information or, perchance, asking my opinion, and he was always most punctilious in acknowledging the source of such bits of information in his writings. It was also my good fortune to sit at the feet of another great teacher-Sir William Roberts-Austen, at the Royal School of Mines. I mention him because his name was used by Osmond in coining the word "austenite," which is the subject of this address, and Osmond's suggestion was heartily approved by Howe. These three international metallurgists were the best of friends and delighted to honor the achievements of one another. There are other reasons for mentioning Roberts-Austen at this time. It was an introduction from Howe that opened to me the door of his -laboratory as well as of his heart. It was while at Roberts-Austen's laboratory that I .worked side by side with William Campbell

Jan 4, 1925

By John A. Baker

S EVERAL FACTORS have brought about a vastly greater interest in the gold-mining industry in the last two or three years. Outstanding is the fact that there is an open market at a fixed price for all that can be produced. a condition that holds for no other commodity. Costs of production have decreased greatly, owing to lower prices of supplies and equipment and lower wages. Improved metallurgical processes and equipment are also available. To big new gold district is being opened up but virgin ground is being prospected with some success in many of the more remote parts of the world and right here in the United States many old properties are being reopened 111 the light of present condition<, tailing dumps are being re- worked, and profitable leases taken on abandoned property. Many of the men who are becoming interested in gold are mining engineers whose experience has all been with base metals heretofore: some are engineers with no mining experience; some are not engineers at all but men who cannot find profitable employment in their usual field of activity and are attracted by the age-old lore of the yellow metal. Some are business men with a little money and an idea that under present conditions gold mining offers a safer investment for it than most other kinds of business. It is to those more or less inexperienced new- comers in the gold-mining industry that this article i4 ad dressed. Those who are connected with the large gold mines or who have had rears of experience with the small ones will find in the following pages little or nothing of interest but it is hoped that the newer generation of small mine operators, on whom the healthy growth of the industry depends so much, may find here some helpful hints.

Jan 1, 1932

By Thomas Lane Carter

THE history of mining in South Africa differs somewhat from that of other countries in the part taken by the aborigines in the development ?of the mineral deposits. The Spaniards in America, and the fortune-seekers of Australia and New Zealand, found large numbers of natives in these new countries, but the inhabitants did not become willing or efficient workers ill the mines which the white men started. The Kaffirs of South. Africa have not shown the same antipathy to labor, nor do they show any signs of dying out in the presence of the white man&apos;s civilization. They are a virile race, and so far the vices of civilization have not killed. them. While it is true that the brain and skill necessary for the exploitation of the mineral resources of this sub-continent-have been supplied by the white race, it is also a fact that most of the rough labor in the development of the mining industry of South Africa has been done by the Kaffirs. The Kaffir tribes differ greatly in their mental and physical capabilities. Compare, for instance, a Zulu of Natal with a Bechuana, or a Xosa of Cape Colony with some of the degenerate tribes of Central or East Africa, and you will find that they have little in common, save that their skin is black and that they do not believe in clothes. As a general rule, the tribe&apos;s in the milder, healthier climates are far superior, both in mind and body, to the Kaffirs brought up in the hot malarial sections of Central Africa; and it naturally follows that the black men from the temperate zones of the country, are much finer workmen than the degenerates from less favorable sections: It is universal in South Africa to speak. of the .Kaffirs as " boys." No matter if he is 90 years old, the Kaffir is always a " boy," and in this paper the word " boy " is synonymous with Kaffir.

Nov 1, 1908

By WM. HUFF WAGNER

Computations and allowances for mine depletion for Federal income tax purposes depend upon the meaning of certain terms in the pertinent provisions of section 114(b) 4 of the Internal Revenue Code. Unfortunately, but one of these terms is defined in the Code. Congress left it to the Commissioner to define the other terms in the Regulations. Even though the Commissioner, through his staff, labored long and earnestly to draft these definitions they have not been satisfactory to the mining industry, because the definitions in the Regulations and the interpretation placed thereon by the Commissioner do not state what the industry believes to be the clear and obvious intent of Congress. Consequently serious and prolonged disputes, unduly delaying the settlement of Federal tax returns involving percentage depletion deductions are continually arising between taxpayers and the Commissioner.

Jan 1, 1949

By George A. Roberts, Arthur H. Grobe

H. H. Hausner (Sylvania Electric Products Inc., Bayside, N. Y.)—I tested the 18-8 stainless steel powder described by Grobe and Roberts and the results were excellent. The powder was compacted and sintered in purified hydrogen to a very low density (approximately 20 pct and more porosity). Where the other powders show very little ductility when sintered to such a low density, the described stainless steel was surprisingly high in ductility. I would appreciate it if the authors could give us some data on a similar powder but without silicon and also data on 430 stainless steel powder. H. S. Kalish (Sylvania Electric Products lnc., Bay-side, N. Y.)—I should like to verify the excellent results obtained by Grobe and Roberts with their pre-alloyed stainless steel powder. It seems to me, however, that their data are conservative and that even better densities and higher tensile strength can be obtained with these powders by the selection of proper particle size fractions. The accompanying data were obtained by sintering compacts pressed from the powder made by Vanadium-Alloys Steel Co. to 0.8 in. in diam about % in. high in a cylindrical double action die without the use of lubricant. The compacts were sintered for 1 hr at 2370°F in hydrogen purified by passing it through a Deoxo unit (palladium catalyst) and a Lectrodryer. Even the density obtained using the as-received (—100 mesh) compacted at 40 tsi was quite high as was the hardness. This indicates that by increasing the sintering temperature slightly above 2350°F the coining and subsequent secondary sintering operation can be avoided. With the — 325 mesh fraction, however, very much higher density can be obtained and a high hardness. I have no tensile data to present, but I feel that it is not too optimistic to expect. that unusually high tensile strengths and good ductility can be obtained in this sintered material on the basis of the density and hardness data. The sintered stainless steel made by the above-described methods came out of the furnace very bright and clean. The purified hydrogen atmosphere is important in sintering stainless steel to reduce the oxide present in the powder. The result of such a sintering is good densification and good ductility of the sintered product. G. A. Roberts (authors&apos; reply)—We are greatly indebted to Messrs. Hausner and Kalish for their discussions of our paper. Their encouraging remarks are greatly appreciated and their confirmatory data will do much to add to the value of the paper. At the present time it is impossible to provide complete data on a similar stainless steel powder without silicon, but we do know that, in general, the properties are slightly inferior. Data on such a powder and on other stainless steel types are to be published in the near future.

Jan 1, 1952

By R. J. Brison, W. C. Bleimeister

The International Salt Company has long been interested in finding an efficient process for the removal of impurities from rock salt, and particularly from the rock salt produced at the Detroit mine. Methods which have been used previously at the Detroit mine included both hand sorting and differential crushing in a Bradford breaker with rejection of the oversize. Neither of these methods was adequately effective. The development of a new process for removal of impurities from rock salt has been described in the preceding article." Basically, the process consists of exposure of crude rock salt to radiant heating which selectively heats the impure particles. Subsequently the heated particles are removed by adhesion to a heat sensitive-coating on a conveyor belt. This method was found to be effective in improving both the quality and appearance of rock salt by the rejection of the dark, impure particles. The first commercial unit employing the new thermoadhesive method of dry separation of minerals was installed at the Detroit mine of International Salt Company in Detroit, Mich. (Fig. l). This unit was first put into operation in March 1957. The purpose of the Detroit installation was 1) to serve as a pilot plant for evaluating the process on a commercial scale and 2) to produce marketable quantities of rock salt of improved quality and ap- pearance. The design of this plant was based on the results and information obtained from a 1-tph pilot plant at Battelle Memorial Institute. DESCRIPTION OF PLANT Location: The separation plant was installed underground near the crushing and screening plant, for this was the most suitable location from the standpoint of material handling. Furthermore, ample space was availabe at this location. Because the process requires a relatively constant temperature, the uniform year-around temperature of the mine (57°F) gave an added advantage to an underground operation. Feeding: The rock salt is conveyed to a surge bin, from which it is fed to the heating unit by a conveyor. The feed-rate control consists simply of an adjustable gate at the bottom of the surge bin. The plant may be fed either No. 1 grade of rock salt (0.279 to 0.375 in.) or No. 2 grade (0.375 to 0.500 in.) with a maximum input capacity of 500 tons per 15-hour day. Heating Unit: The heating unit (Fig. 2) consists of a panel of infrared lamps suspended inside a low-speed revolving screen. The radiant-heat panel, which is curved for most effective utilization of the heat, holds 240 infrared lamps of standard industrial type, each rated at 500 watts. The position of the panel is adjustable so that it can be placed centrally over and to within 6 in. of the salt bed on the screen. The entire heat panel is suspended by rollers in ¦ R. J. Brison and O. F. Tangel: Development of a Thermo-adhesive Method for Dry Separation of Minerals.

Jan 1, 1961

By K. Reinhardt

THE idea of burning blast-furnace gases directly in gas-engines, instead of under steam-boilers, as had previously been done, was first put into practice barely ten years ago, almost simultaneously in Great Britain, Germany and Belgium. The pioneers of this movement made their first experiments with small engines. After these experiments had given satisfactory results, and it had been shown that the thermal value of the poor blast-furnace gases, in spite of defective scrubbing, could with safety be directly transformed into mechanical work in the gas-engine, there very soon arose a considerable demand for gas-engines of large power, similar to the large steam-engines employed in metallurgical works. In face of these sudden requirements, the gas-engine builders were placed in a difficult position; for up to that time the gas-motor was considered as suitable for small engines only, and it was generally believed that the limit of size bad been attained with 100 to 150 effective h.p. in a single cylinder. Manufacturers of gas-motors, however, did not underrate the advantages offered by this new field for their manufactures, and it so happened that in Germany the Berlin-Anhaltische Maschinenbau-Gesellschaft, of Dessau, was the first to undertake the construction of a 600-h.p. two-cycle gas-engine, with two cyl¬inders of the Oechelhäuser-Junkers type, for the Hoerder Mining & Smelting Company. The engine was started in 1898, and, with a few improvements and alterations, is still working satisfactorily. This engine worked with astonishingly high of efficiency, considering the period. The builders were therefore

Nov 1, 1906

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. B. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" B Howard-Canfield Bldg. Santa Barbara, Calif. COWIN & Co. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I- 18th St. S. W. B&apos;ham, Ala., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfleld Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I- 18th St. S. W. B&apos;ham, Ala., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. Rd., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. B. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 158, Ataturk Bulvari-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfleld Bldg. Santa Barbara, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction 1-18th St. S. W. B&apos;ham, Ala., Phone 56-5566]

Jan 1, 1952

[RALPH ADAIR Ore Dressing Consultant Bull Mtn. d., Asheville, N. C. Phone 4-1693 JAMES A. BARR Consulting Engineer Mt. Pleasant, Tennessee Washington, D.C. BEHRE DOLBEAR & COMPANY Consulting Mining Engineers and Geologists 11 Broadway New York 4, N. Y. I. R. BERENT Engineering Consultants and Contractors Mineral Exploration, Mine Evaluation, Mine Designs and Mine Management 156, Ataturk Bulvarl-Ankara, Turkey BLANDFORD C. BURGESS Registered Professional Engineer Mining Consultant Monticello, Georgia GLENVILLE A. COLLINS Mining Engineer Uranium examinations Cable "Coins" 8 Howard-Canfield Bldg. Santa Barbers, Calif. COWIN & CO. Mining Engineers and Contractors Consulting Shaft & Slope Sinking Appraisal Mine Development Reports Mine Plant Construction I. 18th St. S. W. Wham, Ale., Phone 56-5566]

Jan 1, 1952

Q: It is May 1961 at Bill Wrather&apos;s Washington house. Bill, think back to your first job after college. Wrather: Perhaps I ought to go back a little bit further than my first job. I entered the University of Chicago with the idea of studying law. My intention was to take a 4-yr liberal arts course and superimpose a law degree on that. But during my undergraduate work I fell under the influence of R. D. Salsbury. He decided I had some talent as a geologist and influenced me to take a geological course. Nevertheless, I did not give up the idea of law. While in school I took a spell of typhoid fever and almost died. The doctor recommended outdoor exercise, so a geological job seemed logical. W. H. Emmons was a graduate student in the University and he interceded with Dr. Hayes of the USGS. I went on the payroll as assistant packer at $60 a month. I had one of the most glorious summers I ever spent in my life. That fall and the following year I took law courses and became thoroughly convinced that I was cut out for a geologist rather than a lawyer. I finished up my law work in 1908 while waiting for a job with Bill Emmons, who was doing a careful study of Goldfield and Tonopah.

Jan 4, 1964

By James Douglas

THOUGH liberality is not supposed to be a prominent trait of the Scottish character, Canada owes to a Scotchman, Sir Wm. Macdonald, more than to any other of its people, not only wise ideas, but pecuniary help towards extending education: and another Scotchman, in New York, has sumptuously housed under one roof three branches of the engineering fraternity, of which we are one. Having thus created us members of the same family-for the metaphorical meaning of house and kinship is identical-Mr. Carnegie expresses more emphatically than even he could in words, that, by affording facilities for closest intercourse, he in¬vites the mechanical, electrical and mining engineers to par¬ticipate in the freest interchange of idea and experience, and to correlate and combine the results of their studies and activi¬ties; and, being members of the same household, to banish re¬serve and secrecy. And now we, the members of the - American Institute of Mining Engineers, meet as though we were at home in a neighboring country. For whether we meet in Canada, in England, or elsewhere, the Institute is always received as though no political or geographical divisions separated its members from those of congenial associations in the land of its host. In truth, the title which we have assumed claims for the sphere of our activities the whole American continent, regardless of such trifling details as boundary-lines. The fact that we meet to communicate each other&apos;s experience, to discuss our difficulties, and to seek each other&apos;s aid in solving the intricate problems that so often present themselves in the course of our profes¬sional life, is an acknowledgment of our individual helpless¬ness; and therefore an argument for united effort. But no effort can be of any value if there is an underlying suspicion

Jan 9, 1907

By Betty J. Laswell, Gerald W. Laswell

The stepped-up pace of US open-pit and surface mining during the 1970&apos;s is a direct response by mining firms and equipment manufacturers to rising costs and declining ore grades. In the race for bigger and more efficient machines, rotary drills have emerged as the foremost leader in primary drilling at major US surface operations. At least 12 different manufacturers now offer rotary rigs in the 102- mm-diam. (4-in.) or greater blasthole size range. With capital investment for the larger units quickly approaching $1 million, the question is asked, "What&apos;s been the performance record to date of rotary drill rigs operating in North America?" To answer that question, a comprehensive study of rotary blasthole drills was conducted which qualitatively reveals various problem areas inherent in the rotary drill market and indicates some new directions for improvement.

Jan 6, 1978

The problems confronting the development of Latin America&apos;s mineral resources have hinged largely on the political and economic climates-in short, the investment climate--existing and often changing in each nation. .The attractions and risks confronting today&apos;s investors in such mineral developments have been described and debated to considerable length during the past two decades, the arguments pro and con colored by the previous experiences incurred by the would-be investor, whether company or individual. In an effort to shed light on the investment climates existing today throughout Central and South America, the Council of Economics brought four experts together at the AIME Annual Meeting last March to give their views on this subject.

Jan 7, 1966

By Northcutt Ely, Charles F. Wheatley

This chapter deals with the systems of laws by which governments regulate the exploration for and production of the minerals within their jurisdictions. It is a summary, restricted by necessary space limitations, of material assembled by the author for a forthcoming publication of the United States Bureau of Mines, "Summary of Mining and Petroleum Laws of the World." (Information Circular, 1959.) The present study is organized in three parts, dealing with (1) the historical background of these legal systems, (2) laws of the United States, and (3) laws of other countries of the world. The reader&apos;s attention is invited to the acknowledgments at the end of the chapter, which inadequately express the appreciation due those who have assisted in the collection of this material. Part I. Historical Development of Major Western Systems of Land Tenancy with Respect to the Ownership and Control of Minerals The use of metals in primitive societies was largely confined to the manufacture of weapons for self-preservation. The ruler&apos;s control over copper, then brass, then iron, was essential to maintenance of his own ascendancy at home and his group&apos;s position against neighbors who had access to similar metals. Ancient societies were thus characterized by the ruling group&apos;s ownership of minerals and metals. The Egyptian civilization, which emerged in the fourth millenium B.C. upon the agricultural subjugation of the lower valley of the Nile, was responsible for extensive development of the upper valley as a source of mineral wealth. The production of gold during the height of that civilization has been estimated at $30,000,000 per year, thus equaling the early placers of California and Australia. The mines of Egypt were the property of the Pharaohs and were controlled at their direction. Greek mining developed a different scheme of land tenancy which more closely resembled modem concepts. Development of mineral resources was

Jan 1, 1959