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By FRABK HERVEY PETTINGELL

THE stock exchange and its functions is about as well understood by the average individual as the fourth dimension. What is a stock exchange? Divested of the rules and regulations by which it is governed, and the facilities it provides for the convenient handling of securities, it would be in its nude state nothing more or less than a meeting place for brokers. The stock exchange in America dates back to 1752, when a group of merchants of New York established a meeting place at the foot of Broad Street for the purpose of dealing in meal and slaves. The first definite orgarization, however, had its beginning in 1792 when 24 New York brokers signed an agreement not to buy or sell public stock for less than one quarter per cent. commission. From this small group has grown by gradual degrees, the greatest organized security market in the world, namely, the New York Stock Exchange. At the present time there are 27 stock exchanges in the United States and 5 in Canada. Based on the volume of business transacted, the Los Angeles Stock Exchange ranks 6th among them. This is attributable to the fact that strictly speaking Los Angeles has never been a stock exchange town, like some other large cities. Take for instance San Francisco, which supported one stock exchange from 1862 to .1882 and has since supported two. No city, by the way, should tolerate two stock exchanges at the same time. It is an economic folly and a senseless duplication that can be compared with rival telephone companies or competing street railway systems, paralleling each other's lines and always leads to trouble and confusion, and sooner or later one or the other falls by the wayside. While Los Angeles has had stock exchanges of one kind or another since 1896, none of them attracted much attention until 1899 when the present exchange was organized and it did not get well under way until along in 1906.

Jan 1, 1925

By Stuart St. Clair

EARLY in 1936, when the American Petroleum Institute issued -J "American Petroleum Industry," which was a survey of the current position of the petroleum industry, and its future outlook, and the figures for petroleum requirements .for 1950 and 1960 were widely publicized by the several oil journals, the impression was given that the petroleum- industry must be nearing maturity and would by 1950 have passed the high' point of its obligations to business progress in the United States.`' Let -us look at the figures which might conduce, this thought. Referring to p. 32 of the report, the total indicated crude-oil requirements in 1940 are 1,099,000,000 bbl-; for 1950, the peak, 1,109,800,000 bbl.; for 1960 a decline to 1,071,020,000 bbl. This downward trend, then established, is probably expected to continue. And this in the face of a crude production in 1935 of 993,942,000 bbl., 38,858,000 bbl.

Jan 1, 1936

By H. F. Dunlap, R. R. Hawthorne

A method of calculating formation water resistivities from chemical analyses is presented which is somewhat faster and more accurate than previously described methods. For 26 formation water samples taken from wells in the Texas Gulf Coast, the average deviation of calculated from measured water resistivities was 3.3 per cent, with an average bias of + l.l per cent in the calculated values. This compares with average deviations of 4.6 per cent and 7.8 per cent, with corresponding average biases of +3.2 per cent and -6.3 per cent, for the two methods previously described in the litera-

Jan 1, 1951

By R. R. Hawthorne, H. F. Dunlap

A method of calculating formation water resistivities from chemical analyses is presented which is somewhat faster and more accurate than previously described methods. For 26 formation water samples taken from wells in the Texas Gulf Coast, the average deviation of calculated from measured water resistivities was 3.3 per cent, with an average bias of + l.l per cent in the calculated values. This compares with average deviations of 4.6 per cent and 7.8 per cent, with corresponding average biases of +3.2 per cent and -6.3 per cent, for the two methods previously described in the litera-

Jan 1, 1951

By Louis Moyd

In the preparation of illustrations to accompany reports of investigations concerning particle shapes of various natural and manufactured materials proposed for use as fine aggretates in concrete structures, it was found that stereoscopic views of such materials presented the information much more effectively than the usual two-dimensional photographs. With the whole-hearted cooperation of the Photographic Section, a technique was developed in the petrographic laboratory of the Concrete Research Division, U.S. Corps of Engineers, at Clinton, Miss., for simple and rapid preparation of paired stereoscopic photographs and micrographs. The method requires only equipment which is usually part of the general stock of any laboratory, and it is adaptable for all purposes in which three-dimensional views would be found superior to ordinary photographs.

Jan 1, 1949

By Walter O. Snelling

Discussion of the paper of WALTER 0. SNELLING, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 100, April, 1915, pp. 695 to 704. A. C. McLAUGHLIN, San Francisco, Cal.-It seems to me that Mr. Snelling's work, if it is what it appears to be, is one of the most important contributions to petroleum technology that has been brought out iii the last 25 years. If his end products are what they seem to be, he has made a discovery, which, in my judgment, will revolutionize the petroleum industry. As to industrially carrying out these processes I do not think there is the slightest difficulty, for I have had some work recently where crude oils were handled successfully at a temperature of 750°F. and pressure of 750 lb. per square inch. WILLIAM A. WILLIAMS, San Francisco, Cal.-What metal did you use, Mr. McLaughlin? - A. C. McLAUGHLIN.-Ordinary seamless tubing, extra strong. WILLIAM A. WILLIAMS.-Tests were made in Dr. Rittman's experimental plant at Pittsburgh, upon samples of residuum furnished by Mr. Bell, the residuum being the remainder of the crude oil after the lighter fractions had been removed. After the material had been run through Dr. Rittman's plant, yields of from 43 to 58 per cent. of material, boiling under 150°C. were obtained. The distillate had a peculiar odor, due to the presence of benzene, toluene, and other unsaturated hydrocarbons. W. N. BEST, New York, N. Y.-What is the difference between the Rittman and the Snelling process or system? WILLIAM A. WILLIAMs.-The fundamental difference is that reactions take place under relatively higher temperatures and pressures and with none of the oil present in its original or liquid state, while the reactions secured by Mr. Snelling and other investigators have been from the liquids in the presence of some vapors. Under such conditions as Mr. Snelling operates, the temperatures and pressures used are limited and the flexibility in the control of these variables is extremely limited when compared with the Rittman process.

Jan 1, 1916

Jan 1, 1968

By Claus G. Goetzel

POWDER metallurgy is known as the art of producing metal powders and fabricating them in a nonfusion process by a simultaneous or consecutive application of pressure and heat under controlled operating conditions. Before the advent of powder metallurgy, the high melting points of the refractory metals and nonmetals made their manufacture and use practically impossible. Today, however, the uses of refractory materials in high-speed cutting tools, surgical instruments, brake linings, electrical contact switches, and filaments in incandescent lamps are commonplace in industry. Lately designers have even been turning to powder metallurgists to develop new techniques of fabricating refractory materials for extreme-service use in high-temperature zones of such modern products as gas turbines and jet engines. The new techniques being born will undoubtedly provide industry with a great number of new alloys and materials for future designing.

Jan 1, 1948

By J. O. Betterton, W. K. Noyce

I~JTI HE work on the indium-zirconium system is part A of a larger investigation of zirconium-phase diagrams with solute elements, silver, cadmium, indium, tin, and antimony, which is intended to provide information about the metallic valency of zirconium. The system is an ideal example since the sizes of indium and zirconium atoms are nearly the same, and the solute and the solvent occur in the same row of the periodic table. The only solute from Group III B which had previously been added to zirconium was aluminum' and it was of interest to determine whether indium would dissolve appreciably in alpha zirconium and stabilize this phase in the same manner. Experimental Procedure The experimental methods used in the indium-zirconium work are similar to those described earlier for the silver-zirconium system.' Reactor Grade 1 iodide zirconium of 99.95 pct purity* and indium of 99.99 pct purity were arc cast, and then annealed in silica capsules with protective foils of zirconium and molybdenum. Annealing temperatures and times varied from 1 day at 1300°C to 43 days at 550°C. The compositions of the alloys were detcrmined by an individual chemical analysis of the actual metallographic specimens after two or more sides were examined to insure the absence of solute segregation. Calibrated thermocouples were used throughout, and the uncertainty in the temperatures reported, owing to calibration error, furnace control, and measurement of the small temperature gradients near the capsules, is believed to be well within ±2°C. Typical impurities in the alloys were found by a neutron-activation analysis of four different alloys. The results are given in Table I where the ranges of values will be seen to compare favorably with the usual values for iodide zirconium. With respect to oxygen, nitrogen, and carbon the absence of any unusual amount of these elements compared to iodide zirconium was indicated by the alloy hardness values, since hardness is increased sharply by the presence of these elements. The value for 0 pct In, obtained from the alloys by extrapolation, is 58 2 7 VPN which is in the low part3 f the normal range of hardness found in iodide zirconium. Results of the Experiments The zirconium-rich portion of the indium-zirconium phase diagram from the annealing experiments is shown in Fig. 1. Indium was found to

Jan 1, 1959

By Harold F. Unger, Byron S. Snowden, William H. Engelmann

The effects of using surfactant solutions while diamond drilling in amygdaloidal basalt of the Upper Michigan copper mining district were investigated. Nonionic, anionic, and cationic surfactant solutions, all biodegradable, were tested with size AX surface-set bits mounted on a drill instrumented for continuous recording of thrust, rotational speed, and torque levels. Water flow and penetrations rates were also recorded. A drilling study was carried out, testing two rotational speed levels, two diamond bit grade levels, and four flushing agents (including water as a control). Comparison of all low-speed/high-thrust groups of tests shows that the non-ionic surfactant produced a 35% overall average increase in penetration rate over water, the anionic a 29% increase, and the cationic a 28% increase. These increases in, penetration rates resulted in a 22 to 26% reduction in cost over flushing with water alone. With the high-speed/low-thrust combination, the surfactants produced less benefits in penetration rate increases over water (14% increase for nonionic, 14% decrease for anionic, and 2% decrease for cationic type). Particle size analyses were run on drill cuttings produced by the three surfactant solutions and by water. All surfactant solutions showed a 20 to 50% increase in solids content over that of water alone. Since flushing rates were constant, these increases in solids content agree well with the penetration rate changes. The diamonds were recovered from each bit by matrix dissolution, and bit wear was measured in terms of total loss of weight. Flushing with surfactant solutions showed a savings in bit wear in most cases. The drill team noted also that surfactant flushing improved recovery of drill core by allowing easier removal of the core from the barrel.

Jan 1, 1976

By Felix Edgar Wormser

JUST as the ancients used the products of their crude mining endeavors to fashion tools with which to make digging easier, so today mining enterprises are dependent upon the very metals they mine for the efficient conduct of mining and metallurgical operations. In fact, the outlet afforded by the production of minerals in the United States is no mean market for the nonferrous metals. I believe that mine managers frequently lose sight of the opportunity they have to select from competitive products those which will help the market for their own metal output. For example, some years ago a large lead mine used storage-battery locomotives for its haulage, common practice, of course, throughout the United States. These particular locomotives, however, were powered not with the ordinary lead storage battery but by a competitive battery product made from an imported metal. After studying this situation, the manager saw how he could help himself by purchasing a product made from his own mineral output, and in his next order turned tip the use of the lead storage battery.

Jan 1, 1935

CYRIL STANLEY SMITH, Chairman CARL E. SWARTZ, Past-Chairman ARTHUR PHILLIPS, Vice-Chairman E. E. SCHUMACHER, Vice-Chairman H. A. MALONEY, Treasurer FRANK. T. SISCO, Secretary 9 West 39th Street, New York, N. 1. Executive Committee 1944 1945 WILLIAM C. ELLIS C. S. BARRETT ALAN MORRIS T. A. WRIGHT KENT R. VAN HORN L. L. WYMAN

Jan 1, 1943

By E. W. Rouse

THE year 1936 has seen rehabilitation of many plants which had been closed or severely curtailed. The Steptoe smelter of the Nevada Consolidated Copper Co. has been transformed by a rearrangement of the flow of material and utilization of mechanical handling to a maximum. The Phelps Dodge Corp. reports the construction of newer and better reverberatories at the Copper Queen smelter, and of particular interest, a single high-pressure waste-heat boiler placed directly over the uptake. There has also been a complete reconstruction of the smelter at the Laurel Hill plant of the Nichols Copper Co.

Jan 1, 1937

For the use of those who prefer manila rope to wire rope for light hoisting and hauling, the Ingersoll-Rand Co. has brought out a new model Little Tugger Hoist which is designated No. 11. The square piston, reversible driving engine, automatic lubrication, inclosed gearing, rum release clutch and worm-operated band brake are essentially the same as in the No. 1 model which was introduced about two Years ago. The main differences are in the diameter and length of the drum, the width of the flanges and, necessarily, the main frame and overall dimensions. The new No. 11 Little Tugger has a hoisting drum 7 in. in diameter by 17 in. long with 5-in. flanges. This accommodates 300 ft. of 7/8 -in. manila, rope. The maximum capacity of this hoist is conservatively rated at 600 1b. The weight of the hoist itself is 358 lb. It is 21 ½ in. long, 31 ¼ in. wide and 23 in. high.

Jan 12, 1916

Jan 1, 1970

By J. C. Trantham, J. W. Marx

From 1955 to 1958 the Phillips Petroleum Co. conducted a series of small scale counterflow combustion field tests in a tar sand about 60-ft deep and 6 to 12-ft thick near Bellamy, Mo. A total of seven different well patterns, including conventional five-spots and seven-spots plus a 15-well line drive pattern and a 10-well radial pattern, were employed. Electric heaters, gas burners and wellbore fuel packs were tested as counterflow ignition devices. Direct drive ignition followed by reversal to counterflow operation was not possible in this case because of formation plugging by the semi-solid tar during the direct drive phase. Sustained counterflow burning was achieved with wellbore fuel packs under conirolled conditions which permitted close correlation of fire front velocity, air velocity, air-oil ratios and yields for a wide variation in process parameters. The tar in place was about 10' APl with a reservoir viscosity greater than 500,000 cp. The composite oil prodlcct was 26' API with a viscosity in the range of 5 to 15 cp. Vertical sweep efficiency in the line drive pattern was essentially 100 per cent, with no evidence of gravity segregation. Original tar in place ranged between 800 and 1,000 bbllacre-ft, specific rock permeability averaged about 800 md before burning and effective air pemeability with residual oil and water in place (at the time of ignition) averaged 250 md. The volume of oil recovered during stabilized line drive counterflow burning represented about 67 per cent of the volume of tar originally in place in the burned out zones. A minimum was found when air-oil ratios were plotted against formation air velocities, and a limiting air velocity existed below which the counterflow fire front reversed and burned back over its own trajectory, using the residual coke left behind. INTRODUCTION Early in 1955 the Phillips Petroleum Co. began preparations to field test counterflow underground combustion as a method for producing oil from high viscosity hydrocarbon deposits, such as bituminous (tar) sands. At that time all published information on the use of underground burning io increase oil recovery was based on the direct drive process, in which the fire front moved through the formatim in the same direction as the injected air stream. Such direct burning is not applicable to many heavy oil sands or to most tar sands because the heat-thinned native hydrocarbon congeals in the cold rock ahead of the fire front forming a gas permeability block which smothers the combustion. Laboratory experiments first demonstrated that this permeability blocking would not occur if the fire front and the air stream moved in opposite directions. In this counterflow (reverse) burning process the heated heavy oil or tar is driven back through the combustion zone. Here thermal cracking produces relatively light hydrocarbon products which pass through the heated rock behind the fire front (largely in the vapor phase) and are incapable of causing a gas permeability block.' Exploratory wring revealed that consolidated bituminous sandstones with a combination of tar saturation, permeability, thickness and depth favorable for experimental field testing existed at several points in western Missouri. By the fall of 1955, a test site for determining technical feasibility of the counterflow process under field conditions had been selected near Bellamy, Vernon County, Mo. — about fifty miles north of Joplin. The pay zone was too thin and too shallow to constitute a commercial prospect, but these same factors permitted controlled experimental operation with a small compressor installation and with a large number of monitor wells. These were needed for adequate observation of the underground phenomena at reasonable cost. RESERVOIR CHARACTERISTICS The reservoir chosen for the experimental field tests was a 124 thick section of tar sand extending from 49 to 61 ft subsurface, with shale and siltstone laminations sealing the top and bottom. This section was part of a larger 30-ft thick tar sand deposit which extended both above and below the test zone. Core analyses showed that the 12-ft sand was effectively subdivided into two approximately equal sections, with the lower zone being consistently more permeable than the upper zone. The most significant laboratory core data are summarized in Table 1. The line drive test which is the principal subject of this report utilized only the lower 6-ft thick zone, with the upper zone regarded as part of the 55-ft overburden. WELL PATTERNS The over-all field test program involved a total of seven different well patterns, including conventional five-spots and seven-spots plus a 15-well line drive pattern and a 10-well radial pattern. In some of the tests the full 12-ft zone was employed; in other cases only the more perme-

Jan 1, 1967

By TENNEY C. DeSOLLAR

TRADITION tells us that the earliest use of Alabama iron was to make shoes for the horses of General Andrew Jackson and his men during the first part of the nineteenth century. The first recorded incident in the making of iron was the request of U. S. Indian Agent Benjamin Hawkins "that a crew of blacksmiths be sent to the Creek Nation in the lower Mississippi territory." These frontiersmen made up the first body of pioneer iron makers in the territory. The first known blast furnace was built by Joseph Heslip in 1818 at Russellville, named after Major William Russell, who was General Jackson's chief of scouts. The Tannehill furnace was built in 1830 in what is now Tuscaloosa County and its ruins, as shown above, can be seen today.

Jan 1, 1937

NEW MEMBERS. The following list comprises the names of those persons who became members during the month of April, 1913: BARNES, BLAKESLEE, Min. Engr Burrwood, La. BOYLSTON, HERBERT M., Cons. Met. Engr 26 Abbot Bldg., Cambridge, Mass. BUEHLER, HENRY A., State Geol Rolla, Mo. CASTO, WILLIAM H., JR., Mining Bonanza, Idaho. COHEN, MAXWELL B., Mill Operator Miami, Ariz. EVANS, MILTON R., Shop Draftsman 92 Division St., Kingston, Pa. HARPER, WALTER S., Asst. Treas 42 Broadway, New York, N. Y. JAMES. JAMES S.. Min. Engr Telluride. Colo.

Jan 5, 1913

By M. ROWE, H. E. Gilliland, L. BARNES

The authors of this paper are to be commended for a clear exposition of a timely subject. However, some important conclusions, in addition to those presented in the paper, can be drawn from the results of their elaborate and rather complete numerical computations. First of all, the major part of the calculations presented in the paper are for semi-infinite slabs of oil shale (the authors designate this as Model I) and a question must be posed — Are these elaborate computations needed to arrive at realistic estimates of the shale oil displaced. Consider the model of Lauwerier* that corresponds to the authors Model I if thermal conduction parallel to the fracture be neglected. If one also neglects the finite (but relatively small) heat capacity of the material in the fracture, it is easily shown from Lauwerier's solution that the cumulative oil production would be:

Jan 1, 1969