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IN discussing the art of the goldsmith, it is apparent that it is an art requiring skill. He who wishes to be acclaimed a good master therein must be a good universal master in several arts, for the different kinds of work that come to his hands to be done are infinite. Those who work in gold and silver must outdistance all other craftsmen in learning and achievement to the same degree that their materials outdistance other metals in nobility. Therefore, it is necessary first of all to be a good designer, because design is the key that opens the doors not only to the goldsmith's craft but to all others. Then it is necessary that he understand melting and that he know well how to work with a hammer and how to use flat gravers and burins in engraving, as well as files and chisels. He must also possess certain secrets that are needful to the art, which in truth are parts of alchemy, such as softening gold when it is brittle and raw, coloring it when it has little color, soldering, enameling, working in niello, blanching, gilding, and an infinite number of things which must all be known in detail. But above all he who wishes to do this art well must be very patient in working, must know how to mould and how to proceed with the melt and with the file, hammer, chisel, or other implements for bringing his gold or silver work to the final state which he plans. He must also have good judgment in gems and know well how to recognize every [134v] good or defective quality they possess, and to distinguish the false gem from the true, either when set or when unmounted, as there is need; also how to value them both in buying or selling and in satisfying others who seek his appraisal. He should also be experienced not only in the technique of melting but also in the methods of assaying, parting, refining, cementing, and the like, and still many others. But if I wished to tell you of every part

Jan 1, 1942

By W. M. Bertholf

To establish the minimum or break-even efficiency of a preparation plant it is necessary to determine the ratio of production costs per ton of run-of-mine coal to sale price per ton of clean coal. This ratio is then divided by the percentage of plant recovery. Assume, for example, that washability data indicate that 80 pct of the run-of-mine coal may be recovered as clean coal selling for $5.50 per ton. If the same plant incurs $4.00 per ton mining costs and $0.25 per ton preparation costs, the cost to sale price ratio would be 4.25/5.50, or 77.3 pct. Since the plant is capable of recovering 80 pct of the run-of-mine coal the minimum plant efficiency would be 77.3/80, or 96.6 pct. If the plant efficiency were increased to 100 pct the limit on preparation costs would be increased to $0.40. Therefore, the washing operation must be accomplished at a cost of $0.25 to $0.40 per ton and the efficiency must be 96.6 pct or higher. By plotting a curve of efficiency vs preparation costs and taking into consideration the plant cost, feed rate, operating costs, and yields of the various flowsheets it is possible to select a financially sound process. Table I classifies preparation processes according to their nature of separation. It must be remembered that what is thought to be ideal does not always prove practical under actual operation. An outstanding example is the work done on the plunger-type jig. It was determined by the law of equivalence that this unit could treat satisfactorily only sizes differing by no more than a ratio of 2. Yet these same plunger-type jigs are successfully treating sizes considerably greater than this ratio.

Jan 12, 1957

Joseph E. Thropp, Jr., Indiana Harbor, Ind.:—To what do you attribute the fact that in some localities the by-product coke sells at a premium over the ordinary bee-hive coke for foundry use ? If the cell-structure is preferably soft and rather thick in coke for foundry use, as I understand it, do you mean that by-product coke has soft and thick cell-walls ? William H. Blauvelt, Syracuse, N. Y.:—As I say in one of the paragraphs of my paper, the tendency seems to be towards the manufacture of foundry- and furnace-coke under somewhat different conditions. The development of the best cell-structure in coke, of course, has not reached perfection, but we are making progress, and we are inclined to believe that under ordinary conditions the best furnace-coke, that is, coke with the hard cell-wall and the well-developed cell, is produced at fast coking-time and high heats, whereas the best foundry-coke seems to be produced at somewhat lower heats. In one of our plants we are making furnace-coke in 16-hr. coking-time, and foundry-coke in 20-hr. time. Foundry-men want the strong, tough coke. I think the furnace-men present will agree that the best furnace-practice requires a hard coke, with a well-developed cell-structure. Replying to the question as to the reason for higher prices being realized for by-product foundry-coke than for bee-hive coke, of course, the immediate reason is that it suits the foundry-men better. Perhaps one cause may be that we are able, by the selection of coals, which is not usually practicable at bee-hive plants, to get a quality and analysis best suited to foundry-work, with high carbon-content, and with cell-structure and physical strength especially suited to the foundry-men's ideas.

Jan 1, 1913

LEAD and tin mixed together make an alloy through an attachment of natural affinity which they have with each other, so that when they are mixed it is difficult to recognize by the sight which one it is, if the essences of their qualities are not surpassed by more than half. If, indeed, one can be recognized, it is the tin which gives off a certain sharp odor to the sense of smell, besides having a greater hardness and whiteness. The best of these is the one that is the purest in its kind. In the alloy of tin it is the one that is the whitest and hardest, or, when it is bent or some thin end of it is held tightly by the teeth, is heard to crackle as frozen water does. Because this happens more with this than with other metals, I do not wish now to inquire into it. It is enough that it be a sign for recognizing when tin is pure or mixed. Pewterers say that it should be joined in alloy with lead and that it is better for working when it contains four or six pounds to the hundred because it makes it softer to the hammer and more fluid in casting. But I do not like to hear this, even if all they say is true, for I see that the tin that comes from England, when worked as well as in cakes that show it to be pure, is much more beautiful and better in all works than is that made in Venice. And I believe that it is not better for any work when mixed than when pure, except for the advantage of the master who, if he does nothing else, sells lead that is worth little for tin that is worth much. I find that when mixed it serves in only two things. One is when it is wished to make a solder for copper, for use when it is not worth while to solder the bottoms and large pieces of vessels with low-grade silver as should be done. The other is when master potters calcine it in order to make glazes and to apply white to their vases. I consider lead to be useless in all other works of any kind of metal, since it unites with none of the other metals of good company except tin.

Jan 1, 1942

By Richard Moldenke

The author discusses some economic conditions which have made the career of the cast-iron pipe industry in the United States a checkered one. He next describes the two new developements in the manufacture of cast-iron pipe-both along the lines of centrifugal casting. The advantages and disadvantages of both processes are presented in some detail. Finally, statistics on the production of pipe in the United States at the present time are given, as well as the plants-and their capacities-so far as these are situated in the South. No SINGLE branch of the foundry industry has been brought to a production basis of huge tonnage, low manufacturing cost, and producing material of a remarkably high quality, as has the making of cast-iron pipe. The pipe shop is an excellent illustration of the fact that repetition work in specialties leads to mechanical equipment and manipulation that lower production costs to an. astonishing degree. Hence cast-iron pipe, in dull times, has been sold at a few dollars a ton over the selling price of the pig iron used. On the other hand, these same pipe, shops make fittings .of many varieties, and in much smaller quantities, where the cost is high, and when pipe may be sold, say, at $50 a ton, the fittings on the same shipment will be sold for nearly double that price. The history of pipe-making, in the United States, is a checkered one the mortality of plants is high and, from the nature of the industry, plants must be large to live. In spite of the fact that the best processes must be used to turn out this rather strict specification material, pipe is easy to make and a pipe plant is more of a tonnage mill than the really high-class specialty foundry it should be. Every time, therefore, that the demand for pipe is strong new shops spring up, only to close when the demand has ceased, but the financial damage to the more permanent plants has been done. Both the South and the North have had abundant experiences of this kind, and when recently a northern Public Service Corporation gave its order to France, the pipe plants thus adversely affected were content to have this occur rather than see-a plant started to supply the surplus demand.

Jan 9, 1924

By R. H. Wightman, G. H. Adams

In order to secure good results in the prevention of accidents, it is generally recognized that the desire for such accomplishment, as well as the aggressive and constructive action to achieve it, must emanate from the Top Management and permeate successively down through the "Chart of Authority" to the workmen. Several years ago, with the above as a basis and with full support of the Top Management, the Mining Department started a program of selling the foremen and bosses the idea that safety could be achieved and that it was desired and required. Using psychology, persistence and numerous other methods, the foremen and bosses were finally impressed with the idea that "It can be done" and "It will be done." With this in mind, new ideas were brought forth by the foremen and bosses regarding the caving operation and the specific jobs in the operation. These new ideas were taken up in round-table discussions and resulted in certain changes in the undercutting method and the actual drawing of the blocks. These changes resulted in increasing fragmentation of the blocks which prevented the usual hang-up areas in the blocks. With the rock smaller in size and within reasonable reach from the tapping drifts, accidents were prevented in the tapping section. At the same time, an enforced campaign of housekeeping throughout the mine was undertaken with very beneficial results. The foremen and bosses then, in turn, educated and trained the workers themselves to become safety conscious. In so doing, a constant reminder was given on all jobs assigned that the job was to be done safely as well as efficiently. No man is assigned a job who is not qualified for the type of work required. Efficiency and safety go hand in hand. Safety Rules To supplement and aid this safety conscious attitude, certain safety rules applicable to our operation, a modified block caving system of mining limestone, in addition to the established state regulations, were put into effect and enforced. The specific rules referred to above and which will be mentioned below are in most cases simply a means of applying and complying with the very adequate "Mine Safety Orders" issued by the Industrial Accident Commission of the State of California. Some of the safety rules and policies are as follows: All men are required to wear safety

Jan 1, 1950

Discussion * of the paper of H. M. Chance, presented at the butte meeting, august, 1913, and printed in bulletin No. 79, July, 1913, pp. 1315 to 1341. George H. Ashley,+ Washington, d. C.:-Mr. Chance's long practical experience in reporting on coal lands admirably fits him for a discussion of the value of such lands. On behalf of the government geologists, I wish to express my appreciation of Mr. Chance's friendly, constructive criticism of the government method of valuing coal land in the first part of his paper and, at the same time, to reply to some queries he makes. All admit that coal has no " intrinsic "-monetary value, in the sense that a pound of coal of certain chemical and physical characters is worth " intrinsically " so many cents or fractions of a cent. The term has, however, been found very useful as including those natural factors of coal value, among which are its position and location in the earth, that affect its sale price in contrast with the other cost elements involved in the labor and capital necessary in mining, preparing, transporting, and selling the coal (extrinsic factors). Mr. Chance, while recognizing the " dual origin of value," does not offer any better terms. The survey agrees with Mr. Chance in his definition of coal conservation, that it means the fuller utilization of the heat contents of the coal, and the more complete recovery of the coal from the ground. Coal land withdrawals have not been made to keep such lands off the market, but to prevent their acquisition as non-coal lands before they could be classified so as to be disposed of under the proper law. Nor has the pricing of the more valuable coal lands above the minimum been to raise money for the reclamation fund, to which the money goes, but primarily to discourage the alienation, for holding or speculation, of coal lands not intended or needed for development, and, secondarily, to secure to the people the ?unearned increment," which they are certain in any case to be charged.

Jan 11, 1913

By Robert B. Fulton

It is a pleasure to talk to you about the world economics of industrial minerals on this occasion of AIME's 100th anniversary. In order to fit this topic into the time and tenor of such a session as this where you are hearing subjects equally broad in scope one after the other, I will deal with the subject through the medium of eight minerals selected to illustrate import- ant economic factors. I must admit to some bias in the selection, since I picked personally familiar ones to elucidate facts of life in the industrial minerals business. It is a very interesting field, different in many respects from metals and certainly far different from petroleum. The minerals chosen are celestite, diamond, fluorspar, salt, sulfur, ilmenite, rutile and zircon. Celestite The market for celestite is mainly in the U. S. where it is consumed in the manufacture of strontium compounds for red-colored flares and other pyrotechnics, for the production of electrolytic zinc, for glass manufacture, and for the manufacture of ceramic ferrites. Smaller markets exist in Europe and Japan. Production comes from England, Mexico and Spain, and a new mining operation is being started in Nova Scotia. There is no significant production in the U. S. nor in the other principal consuming countries, except England; so it is mainly an international commodity. Celestite illustrates many of the factors important in the economics of industrial minerals. To have a marketable product, grade and freedom from deleterious elements are important for materials used by the chemical industry. In the celestite used to make strontium nitrate, calcium is the most objectionable of the commonly associated cations. Selling price is adversely affected because nitrate manufacturing costs are greatly increased if calcium is pre sent, hence less can be paid for the raw material. Meeting specifications can add significantly to the vendor's cost; hence a balance must be struck between the producer's capability and the consumer's requirements, permitting a reasonable profit for both. Sizing of industrial mineral products is often important to the consum-

Jan 1, 1971

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 beneficial 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.

Jan 1, 1929

By Edwin 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

Jan 4, 1916

By Barnabas Bryan

During the boom period of 1928 and 1929, several oil companies took advantage of high security prices to sell stocks, thereby securing money for the company very cheaply. Few if any of those companies realized that the money received was not at all cheap in view of the fact that it was for investment in fixed assets at inflated prices. Suppose a company borrowed twenty millions of dollars to expand its marketing facilities during the boom. It diluted its capital and acquired fixed property which could not earn its interest requirements during the following deflation and therefore consumed income from other company activities. The company also had to stand the deflation in the capital value of all the property it bought. Since the mistaken expansion during the boom accelerated the decline in net income during deflation, the financial position of the company was harmed in proportion to the amount of that expansion. Thus the company was unable to get money to buy fixed assets in the depression when all property is cheap. The same condition holds for the company that sold common stock for the purpose of developing potential production in a newly discovered oil field. Regardless of what the ultimate value of the new field may be, potential production does not increase the net income of the company. The difficulty of meeting the enlarged dividend requirements due to the increased number of shares outstanding impairs the financial position of the company during deflation in some relation to the probability of decreased dividends. This company also is not in a position to expand during the depression when properties and companies can be bought for a fraction of their real value. Expansion of fixed assets during boom times has been the ruin of many otherwise good companies. Some of those which most extensively bought property during the post-war boom have not yet recovered. A number of cases could be cited in sugar, leather, fertilizer and wool. This does not seem to be governed by the quality of the property bought, for examination shows the assets to have been of individual high quality in many cases. When recovery is long deferred it is likely to be true, as in sugar or textiles, that the industry has a large "potential" capacity for overproduction.

Jan 1, 1931

By John V. Beall

Copper production in the. United States in 1972 amounted to 1,658,000 tons according to the USBM. This figure is up over 1971 but falls below 1970 production of 1,719,101 tons. This report is essentially about the status of copper mining operations in the U.S. and is an update and expansion of the report "Southwest Copper-A Position Survey" published in [A=], October 1965. At that time, the trend was toward using larger equipment to mine lower grade ore and toward the expansion of dump leaching practice. That trend continues today but, it is overlain by intensive activity to comply with existing environ¬mental legislation and uncertainty over proposed revisions of venerable laws governing mining. In the U.S. today there is, practically speaking, no excess smelting capacity so that expansion of copper production through the startup of new mines is inhibited. Owners of a large undeveloped orebody would have to decide before going into production whether to sell the concentrates offshore, which has many problems, whether to try one of several unproved chemical processes for producing refined metal from concentrates or embarking on the construction of a traditional pyrometallurgical plant in the face of considerable uncertainty over the pollution standards that eventually must be met. The situation is such that not only is the present rate of U.S. copper production threatened but the ability to meet projected increased demand in the years ahead may have been severely retarded.

Jan 4, 1973

By C. S. Simons

The conversion of a successful research and development effort into a money-making business venture requires careful attention. Problems of a business nature, such as market size, product selling price, raw materials and fuel availability and cost, financing factors, local and national taxes, licensing arrangements, etc. must, of course, be considered and resolved. In addition, the technical questions involving the scale-up of pilot plant or laboratory results to the full-scale plant must be resolved in order to avoid the financial disaster that attends a major delay in the startup of a commercial facility. The very difficult and demanding task of providing the interface between the research laboratory and the profitable metals processing plant will be discussed with examples from the author's extensive experience. After I had accepted the invitation to present a paper on the above subject of the interface between R & D and production operations, I began to give some serious thought to the subject. The program chairman had told me, in conveying the invitation, that what the committee had in mind was a discussion of positive and negative, forces in that interface, based on "gray-hair" experience. I am, therefore, at least physically qualified! My first reaction was one of mild shock; after over twenty years in the direct pursuit of the conversion of research and development findings into plant operations, I had never tried to sort out my , experience into a formal system of DO'S and DON'TS for the edification of posterity. However, after a little further reflection, I realized that this carries no stigma. No one has been able to formulate such a set of rules, and it is not really very likely to be done. Particularly if they are to be practical. I shall therefore settle for a more modest goal; I will simply discuss the factors that I have come to believe are the most critical in insuring that re- search and development results are converted into successful operation.

Jan 1, 1973

By E. E. Bach

The administration of industrial organization today embraces more than the cost of production and selling prices. Competition is deeper seated than mechanical devices, overhead charges, and a shrewd manipulation of the markets. Despite the " down-to-the-minute " equipment and the "last word in organization," it is quite evident that "capacity production" will be an unknown quantity until the workman is considered as a producer, in relation to his home, as he is now considered in relation to industry. Whether or not a man shall do an honest day's work is as much a psychological condition as it is a matter of physical strength or skill. His attitude toward his work each morning is determined, to a large degree, by the environment of his home. Whether this attitude, good or bad, obtains the day through will depend entirely upon the one fact as to whether the corporation which employs him does or does not differentiate between the mechanical factor and the human factor in industry. To be more specific, sociological work, under whatever name, should be of such a character as to influence the life of a workman in such a manner as to establish a cooperative interest in his work, foster within him a spirit of contentment in his home, lead him so to employ his leisure time that he will not lower his efficiency as a workman, destroy his domestic happiness, or endanger his standing in the community as a citizen. While no fixed rules of procedure can well be formulated for the development of the work, yet definite lines of activities will readily present themselves as applicable to the individual needs of a community. This is especially true where community influences and agencies pertaining to general welfare are easily correlated. Any definite work attempted must be determined by the type of the

Jan 1, 1918

By Lawrence Addicks

Some three years ago the smelter connected with the Chrome, N. J., refinery of the United States Metals Refining Co. found itself embarrassed by constantly increasing piles of unsmelted blast-furnace flue dust. The charge was fine and 10 to 15 per cent. of it was blown over into the flue. Sulphur was at that time too scarce to make the sintering of the finer part of the charge attractive, and raw-ore smelting in a reverberatory with a partly oxidized charge was not to be thought of. A great many schemes were considered, including leaching, blowing into the converters, and briquetting, the problem finally narrowing down to blast roasting and nodulizing. It was found by experiment that blast roasting would not yield a satisfactory sinter without the addition of coke dust or sulphide fines to augment the fuel value of the flue dust, and on this account, together with the low first cost of a kiln, the latter was decided upon. A couple of tons of flue dust were tried out in the experimental kiln in the laboratory at Yorktown, Va., of J. H. Payne, who acted as consulting engineer in this connection. This kiln was approximately 2 ft. in diameter and 20 ft. long and was fired with fuel oil. A run of several hours yielded excellent nodules. The ki1n showed no tendency to build in and form "nose rings" and gave a fuel consumption of 50 gal, of oil per ton of flue dust. There was no indication of any stack loss. The roasting was strongly oxidizing. A study of what full-size kilns were doing on cement clinker and on nodulizing pyrites cinder indicated that a 60 by 6 ft. kiln would certainly not consume over half of the oil per ton of flue dust shown on the test and as fuel oil at that time was selling around 2 1/2 c. per gallon it was decided to let it go at that. A 60 by 6 ft. kiln was decided on, as that size is standard in cement practice, although fast being replaced by much larger ones with their greater fuel economy, and as it fitted in the building space available. A 6-in. brick lining brought the net diameter down to 5 ft. The inclination

Jan 1, 1915

By Raymond B. Ladoo

TIIe milling of talc, as is the case with many non-metallic minerals, until recently, has not received adequate technical consideration, for the talc industry has become of importance only within the last decade. At first, talc was used only in the massive form, for foot warmers, griddles, and so on, and milling methods were unnecessary. As the demand for ground talc increased, producers adopted the machinery used in the milling of flour; in fact, many talc mills were rebuilt flour mills. Improvement has been slow, but today several types of grinding and separating machinery are in use; many of them, however, are still inadequate and inefficient. To determine the best methods of milling talc, it is necessary to understand the essential properties a talc must possess to fit it for a particular use. For toilet purposes, whiteness, freedom from lime and grit, fineness of grain, and good "slip" are essential. As a paper filler or coating, the talc must be white, uniform, and fine grained, have a good slip, and be free from grit and iron; freedom from lime is a disputed point. Fibrous talc is supposed to be superior to massive on account of the interlocking of grains in the paper, thus increasing its strength; this point, though, is in doubt. In general, talc for the paper industry need not be of as high quality or as fine grained as that used for toilet purposes. Talc is usually bought by sample, for which reason it is difficult to state the essential properties for use in paint, rubber, roofing, and so on. The adoption of standard screen tests and standard grades by producers is necessary before an accurate basis for manufacturing or selling standards can be established. Off-color talcs might be utilized, as in Germany and Austria, by the establishment of standard grades of colored talcs. The machinery to be used depends on whether the talc is fibrous, foliated, or massive; hard or soft; of uniform or variable grade; pure or impure. In some cases, it is possible to change the mining practice or to utilize different sections of the deposit in order to vary some of these factors, but in many cases these factors are fixed, so the milling must be designed to suit the conditions.

Jan 1, 1922

By Frank 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 hydro-carbons 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 12, 1917

By David Reger

LITTLE new oil was found in West Virginia, during 1923, but there were important discoveries of gas. Most of the large oil producers have contented themselves with pumping old wells or in drilling only enough new wells in defined territory to maintain a fairly constant production, the attitude being that no, profit is made in producing high-grade oil at a low price and that an eventual loss is sustained by draining the reserves of a limited commodity that, at some more favorable time, will be of much value. The representative of one large company said: "We have done nothing but pump old wells during 1923 and we have made no plans for 1924." Careful attention to producing wells has been the rule, there having been few abandonments; the belief is prevalent that small wells will eventually become profitable under more favorable marketing conditions. In natural gas, the opposite point of view prevails. Because of the vast capabilities of the state for producing gas, its output being ahead of all others, great systems of transportation and distribution into the markets of four adjoining states have been built and a demand has been created that no present, or apparently potential, production can satisfy. This demand has become so great that large distributing companies not only discourage new applications for service but advise old customers to install coal furnaces for auxiliary fuel; some have requested public-service commissions to grant higher 'rates against large industrial consumers than those allowed for domestic heating. The response to this known market has been a rapid increase in price, both at the well mouth and at the door of the ultimate consumer, and the industry has become so stable that the only uncertainty, or hazard, appears to be the question of the presence of gas in fair quantity in a given territory under consideration. Several oil companies have now forsaken their policy of selling gas, wells outright when drilled and ;have organized gas departments to drill for gas and to dispose of the daily output by meter to distributing corporations. With such companies and with other producers whose interest is chiefly gas, the year has been busy and profitable. Some new territory of apparently large value has been proved and deeper producing sands in old fields have been tapped.

Jan 3, 1924

By Thomas T. Read

The cost of labor turnover in industry is so large as to justify the adoption of almost any means to bring about its reduction. Intensive study has shown that faulty methods of hiring and discharging men is the most important factor in labor turnover. Complete control over hiring and discharging by the foreman is a relic of outgrown industrial conditions; centralized hiring permits this work to be put on a scientific basis and also does away with many serious evils that cannot, otherwise be reached. Centralized hiring does not impair the authority of the foreman; he hires his men from the employment office and discharges them back to it, instead of from and to the street. The employment manager, being a direct representative of the employer, tends to restore the former relation of direct intercourse between employee and employer that was helpful in avoiding friction between them. Being a specialist,, he is able to bring special knowledge and skill to bear upon the task of selling employment in his concern to desirable workmen; he is also able to give the foreign workman the special attention he requires. Employment managers have been used for the past few years by a number of large organizations, a few of which are engaged in the mining and rnetallurgical industries. They have invariably reduced labor turnover, in some cases to as little as one-tenth of what it had been. So great a reduction is due in part to other changes made in the light of the data made available by scientific study of the labor problem. In my former paper on personnel work' I advocated the more general use of the employment manager in mining and metallurgical enterprises as a means of reducing labor turnover. The form of organization recommended seems not be to understood by all, and I have requested the privilege of explaining it at greater length, since it is perhaps the most important factor of all in personnel work, and has a vital influence on the cost sheet of every industrial enterprise.

Jan 1, 1918

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

Introduction “A Western mine is a hole in the ground owned by a liar. . ." -Mark Twain THE CAPITAL INVESTMENT DECISION Decisions pertaining to a firm's proposed capital investments can have vital short- and long-term consequences on the organization's ability to compete, and even survive.Capita1 investment decisions, in general, center around two fundamental activities: (1) allocating capital funds to specific investment projects or assets, and (2) obtaining necessary financing in such proportion as to increase the overall value of the firm. In essence these activities or decisions describe the science of finance (as contrasted with economics). Fimnce has been described in general terms as the study of how a present, known amount of cash is converted into a future, perhaps unknown, amount of cash (Archer, Choate, and Racette, 1979). Fundamental to understanding the science of finance and the capital investment decision process in general are the basic concepts relating to cash flow transactions, time, income generation (markets), expected returns, and risk. The functions of finance may be segregated into three fundamental decisions which a firm must address: (1) the dividend decision, (2) the financing decision, and (3) the investment decision. These decisions are interdependent and their joint impact on the objective of the firm must be considered. This book primarily addresses the concepts and components associated with the investment and financing decisions as they affect the practice of mine valuation. Responsibilities of Management A primary assumption incorporated in this book is that the fundamental objective of any firm is to maximize its value, or wealth of its owners (stock- holders). Here, the term wealth refers to the total current market value of the firm's assets. In the case of corporations, the wealth or value is considered to be represented by the market price of the firm's common stock. The price of the firm's common stock obviously will be affected by its investment, financing, and dividend decisions. Consequently, an optimal combination of these three decisions should maximize the value of the firm to its stockholders. It is important to point out that wealth maximization is a more appropriate and inclusive goal for the firm than profit maximization. Indeed, there is a difference between the two objectives in most situations. For instance, a firm can always raise profits by selling stock and investing the proceeds in treasury bills or certificates of deposit. This type of activity, however, would rarely cause net shareholder wealth

Jan 1, 1984