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By A. W. Schlechten, R. F. Doelling

Parkes' process crusts were vacuum distilled using a shortened Pidgeon retort. Zinc was effectively removed below 800°C and recovered as a zinc sheet easily stripped from the furnace liner. Lead dasdistillationazinc required about 950°C and the resulting lead condensate tillationtended to stick to the thin metal liner. Final purity of residue is limited only by nonvolatile metals such as copper. THE successful commercial application of vacuum distillation for the removal of zinc from lead, as described by W. T. Isbell,' raises the question of whether or not a similar method can be used for other metal separations. Preliminary laboratory experiments on the vacuum distillation of Parkes' crusts by one of the authors' gave such encouraging results that it was decided to make a series of tests with large scale equipment to determine the results that might be expected in plant operation. The pilot-plant test results are reported in this paper. The great advantages of vacuum dezincing are its simplicity, the relatively low temperature of operation, and the fact that the zinc is recovered in the metallic state ready for use again in the desilveriza-tion of lead bullion. These same advantages and others would be realized from the vacuum distillation of the zinc-lead-silver crusts made in the Parkes' process. Zinc readily will distill over at temperatures of 800" to 900 °C as contrasted with the 1200°C or more used in the Faber du Faur furnace. Furthermore, the recovery of zinc as metal is practically perfect since there is no loss by oxidation or fuming. If the vacuum distillation is continued and hastened by raising the temperature to around 1000°C, the lead will distill over at an appreciable rate and deposit in a warmer zone of the condenser. This lead will contain a small amount of silver, but it can be returned to the desilverizing kettles and there is not the chance of loss that there is in disposing of the rich litharge from cupelling. The lower temperatures required will mean a saving of fuel and less wear on the equipment. One further point is that the vacuum distillation could be run on a small scale practically continuously, so as to avoid the accumulation of large amounts of silver-rich material and the need of assembling a large crew for special cupellation runs. It should be pointed out here that the final purity of the silver residue will depend on the copper or iron content of the crusts, as these and other metals with low vapor pressure will not be eliminated. The idea of treating the silver-zinc-lead crusts from the desilverization of lead bullion by vacuum distillation is not a new one, but such experiments have not been reported, as far as can be determined. In 1912, T. Turner presented a paper3 before the Institute of Metals on the vacuum distillation of brass, and a member of the audience suggested that he try his method on Parkes' crusts. In 1935, W. J. Kroll, noted for his discovery of debismuthiz-ing lead by calcium additions, published a paper' on vacuum distillation of metals and pointed out possible applications in the lead industry. Principles of Separation The successful separation of two or more metals by distillation depends upon an appreciable difference in the effective vapor pressures of the metals in the alloy to be treated. The vapor pressures of the common metals have been determined with considerable accuracy; for example, at 800°C the vapor pressures of the individual metals which are of particular interest in this paper are about .as follows: Zn, 241 mm; Pb, 0.0553 mm; and Ag, 0.0000276 mm. Unfortunately,, data are not available on the activities of the components in the ternary system Zn-Pb-Ag, but it can be estimated that on the basis of the vapor pressures of the individual metals a good separation can be made by distillation. The preliminary laboratory tests previously mentioned' supported this assumption. The pilot-plant size vacuum distilling furnace is shown in Fig. 1. It consisted of an abbreviated Pidgeon retort, 5 ft long with an ID of 8 in., heated by six silicon carbide elements placed symmetrically

Jan 1, 1952

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

By G. B. Gould

Every mathematical statement of a measure of anything (as distinguished from a count') is followed by a qualification—always implied if not explicity stated—-that the statement is only an estimate, which may vary from absolute accuracy within certain limits, according to the accuracy of the measuring instrument. This basic fact, so obvious to engineers, is not so well understood by many that make use of laboratory coal tests. The tolerances that must be allowed in measurements of coal quality are very important in both their commercial and engineering applications—and the significance of these tolerances depends upon the use made of the laboratory coal test. Only in recent years has there been any intensive study of this question of tolerances as applied to measurements of coal quality. There is very little in our published literature on the subject, and what has been published is not readily comprehended by those who sell coal, or buy coal and use it, unless they happen to have made a study of the subject themselves. There is great need for more widespread understanding of what lias been discovered and how it applies to the use of laboratory coal tests. What follows is an attempt to condense into a few pages the results of the major investigations so far reported, and to explain their meaning in simple nontechnical language, with the addition of some recent illustrative experiments. Determining Deviations in Quality It is necessary at the outset to distinguish between: (I) the accuracy with which one test indicates the quality on one lot of coal; and (2) the accuracy with which a test of one lot of coal represents the average quality of a commercial product, of which the buyer will presumably receive a series of shipments—perhaps many thousands of tons. It is necessary to make this distinction because coal is a variable material—a heterogeneous mixture of a variety of components—the quality of which will vary from one lot to another. Therefore an absolutely accurate determination of the quality (if that were possible) of one lot of a coal is an

Jan 1, 1938

In 1803 the purchase of the immense territory called the province of Louisiana wm arranged between Thomas Jefferson, President of the United States, and Napoleon Bonaparte, First Consul of France. This central portion of what is now the United States was claimed in 1682 by the explorer Robert de La Salle for France, who continued to hold her title to the vast domain until 1762, when it passed by treaty to Spain, only to be retroceded to France in 1802, in consequence of Napoleon's military domination of Spain. Jefferson did not care to see New Orleans and its extensive hinterland pass into the hands of France. Spain did not matter so much; she was quiet and feeble, whereas France was restless and aggressive under Napoleon, who had dreams of founding a French colonial empire on the American continent. The expression of American feeling that Jefferson elicited came as a surprise to Napoleon, who concluded that a contest was not worth while, for his navy had been shattered by the English, and it was evident that only maritime supremacy could enable him to retain this trans-Atlantic possession; so he resolved to put it out of the grasp of England and at the same time replenish his military chest by selling Louisiana to the United States. The price was 60 million francs. By the terms of the Louisiana purchase a magnificent territory was added to the national domain; it covered more than a million square miles, or more than the total area of the United States at that time. Louisiana included the present States of Louisiana, Arkansas, Missouri, Kansas, Iowa, Nebraska, South Dakota, North Dakota, Wyoming, Montana, Oklahoma, with parts of Colorado, Idaho, and Minnesota; but

Jan 1, 1932

By Don Blackmar

THE production of non-ferrous secondary metals has become a large and important industry in the United States, and deals with practically every type of manufacturing concern. Its business is unique in that it generally buys from its customers as well as sells to them, whether they are individuals, cities, corporations, or the United States government. Its operations are of vital importance to the success and prosperity of many of the nation's most important manufacturers; yet there are few industries about which less is generally known by those outside it, whether concerning the magnitude of its operations or the details of its actual technique. The industry itself is to blame for this meager publicity, because its technical men have made few attempts to openly exchange ideas, in spite of the excellent examples set by the iron and steel or the copper and brass industries. Whether this is due to the ancient shroud of secrecy generally supposed to cover smelting operations, or because its technical men actually felt that the industry was too puny to be interesting, is hard to say. This paper will consider its subject in a general way, attempting to show something of the size and importance of the industry, as well as its fitness to do its work well. Attention will be called to the sound economic reasons for the handling of non-ferrous wastes by specialists, and to the often unseen losses of metals and labor which occur when manufacturers reclaim their own metallic wastes.

Jan 1, 1928

By Jerry G. Rose, Robert C. Howell

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14 000 kPa (2000 psd were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room and-pillar mines so that a substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction because of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal-crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 1, 1980

By H. J. Wasson

WITH the close of 1932 and the third year of the depression, the activity of oil production presents, amidst the general wreckage and chaos of industrial society, a somewhat unique picture of rationalized economic effort. East Texas still dominates the contemporary horizon, but it has become, at least for the time being, a definitely known factor. With its 9500 wells it is approximately 90 per cent drilled up. So long as production control obtains, it is merely one important factor of the national oil reserve. Each succeeding month of stabilized production tends to lull the industry's fears and the menace, both actual and psychological, of this giant field becomes ever more remote.

Jan 1, 1933

By G. A. Beiswenger

The application of the law of supply and demand to the sale of crude oil is generally conceded, but the motives underlying the buyer's (refiner's) demands are not always obvious to the seller (producer). In some cases this obscurity has led to the conclusion that the refiner may be unnecessarily particular when he selects one crude and rejects another. This preference, however, is very largely the reflection of the refiner's product demands and the quality of the stocks obtainable from the selected crude. The purpose of this paper is to point out critical characteristics of the major classes of refined products and to show how crudes vary in their suitability for such products. With relatively few exceptions, available processing methods and addition agents make it theoretically possible to produce any type of refined product from any crude source, although it may not be economi-cally sound to do so. The widespread application of thermal cracking for converting higher boiling stocks into gasoline is well known. More recently cracking and refining in the presence of catalysts9 have been developed, as well as various processes for polymerizing lighter hydro-carbons into gasolines having desirable characteristics.6 For several years, selective solvents have been applied commercially to refining inferior quality kerosene, Diesel fuel and lubricating oil distillates .3 Improved methods for refining lubricating oils from crude residua,4 formerly suitable only for fuel, are now in use and a number of special solvent processes are available for dewaxing lubricating oils to low pour point.5 These improved refining methods have been developed not only to meet the demand for improved product quality but also to enable the refiner to obtain quality products from crude sources that would not yield such products by the older refining methods. In many cases, the utilization of these modern refining tools necessi-tates an appreciable expenditure for equipment as well as added manufac-turing costs, and their application therefore must be justified economically. Despite the availability of such tools, the added processing costs involved and yields obtainable may render their application entirely impractical. To illustrate this point, inspections of typical cuts from various crudes

Jan 1, 1940

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

It was a western truism that more money was made from selling mines than from buying them, just as it was accepted that many a good mine had been spoiled by working it. from R. E. White, "The Mining Town," Alta California August 18,1873 INTRODUCTION One of the most important aspects of mineral enterprises of US corporations is the influence of the depletion allowance on cash flow. This allowance permits mineral producers to claim sizable federal income tax deductions not available to other industries, and these deductions significantly increase cash flows in mining. In the past several years the minerals depletion allowance has come under increasingly heavy fire from many sectors as a tax loophole that deprives the federal government of large amounts of revenue. One estimate of the loss of tax dollars in 1968 was $2.25 billion due to depletion deductions and intangible expenses in the oil industry. Largely on the basis of such arguments, the Tax Reform Act of 1969 reduced percentage depletion rates for a number of minerals, and the Tax Reduction Act of 1975 totally eliminated statutory depletion for most oil and gas. In regard to percentage depletion for hard minerals, the federal government has estimated its resulting loss of revenue at $1.75 billion for 1980. The TEFRA legislation of 1982 further reduced the statutory depletion allowance available to iron ore, coal, and lignite beginning in 1984. Thus, it is clear that minerals engineers and managers should have a thorough knowledge of the origin, evolution, justification, and computational procedures relating to the depletion allowance. ORIGIN AND EVOLUTION OF THE DEPLETION ALLOWANCE

Jan 1, 1984

By C. M. Nickerson

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

Jan 1, 1930

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definitive life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital writeoffs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral properly possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulphur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. PRESENTVALUEOFAMINERALPROPERTY In essence the present value of a mineral property is a sum of money in today's dollars that future earnings from the property are worth. It differs

Jan 1, 1959

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

Jan 1, 1942

By Edwin M. Chance

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

Jan 1, 1917

By W. N. Carr, J. R. Biard, B. S. Reed

An analysis of the semiconductor injection laser is presented which is based on a phenomenological model using device and material parameters. The intent of the laser threshold analysis is not to predict from theory the actual threshold current density but rather to provide a logical means of interpreting experimental results. The device and material parameters have been selected such that they describe both the threshold conditions and quantum efficiency of the lasev. A technique is proposed whereby the current required to obtain a population inversion is predicted from device 1-V characteristics. Experimental data are presented which support the analysis. THIS investigation is concerned with the characteristics of GaAs lasers fabricated in this laboratory. However, the assumptions used in these calculations should not limit their application to GaAs alone. It is felt that the analysis is sufficiently general to be useful in describing the operation of other semiconductor-laser materials. ANALYSIS heavily doped semiconductors to be considered. The absorption and/or generation of optical radiation may be completely specified in terms of q(E) and the probability functions f,,(E) and f,(E) which define the occupancy of the valence-band and conduction-band levels, respectively. The symbols used in this analysis are listed at the end. Following the approach of all' it can be shown that the effective gain coefficient, g, in the plane of a forward-biased P -N junction is g(E)=-ai@)[1-fv(E)-fc(E)] [1I In particular Eq. [I] holds for the photon energy at which lasing occurs, Ep. Throughout the following discussion Eq. [I] is considered only for the lasing transition E = Ep. For simplicity the functional energy dependence of the various factors is omitted in subsequent equations. Unless otherwise stated the symbols used represent the values at Ep. If the analysis is limited to the P-type side of the laser junction, the function q(l -f,,) is recognized as the band-to-band absorption in the P-type material at thermal equilibrium. Under forward-bias conditions the function f, is determined by the electron quasi Fermi level in P-type material. For sufficiently large forward bias the second term in Eq. [3] will become dominant and net gain will result; i.e., g will become positive. In order to simplify the subsequent analysis several assumptions are in order at this point. a) No conductivity modulation occurs. /„ is independent of f, and therefore go is a constant. b) The P-type material is heavily doped such that the degeneracy of the valence band permits popu-

Jan 1, 1964

By L. C. Raymond

Valuations in the mineral industry differ from those of other enterprises because mines and oil wells have a definite life so cannot be considered a perpetuity. This requires that in any mineral-property evaluation the recovery of invested capital is necessary during the life of the property. Capital writeoffs for nonextractive industries are assumed to be continuously plowed back to sustain the operation and produce yields on the capital invested. The extractive or mineral industry, however, generally attempts to return to the investor both interest and principal during the life of a property. Normally this is done currently and the dividend includes both items. Where the mineral properly possesses large reserves and the life factor approximates a perpetuity, the return on investment is generally comparable to that of industrial stocks. The valuation of a mineral property, at best, is based on educated estimates and judgment factors. This is particularly true as it relates to estimating selling prices over a long term or assessing the quality of management. Also, it is possible to make various assumptions as to rapidity of working out the deposit, varying time for start-up of operations, varying earning rates, so as to obtain different results with the same basic facts. Thus it is not surprising that two engineers, irrespective of their abilities, may not agree exactly even when given the same facts, but their results should be close enough to be used in establishing a fair value for trading purposes. The valuation is no better than the source of basic data and the soundness of judgment factors. Fundamentally the basic principles of mineral valuation are similar for base metals, sulphur, oil, or any other mineral. Each mineral, however, requires an engineer to have a knowledge of such factors as its occurrence, distribution, mining and processing methods, and marketing problems in order to gather and analyze all the facts and data that have a bearing on the earning potential of the property. PRESENT VALUE OF A MINERAL PROPERTY In essence the present value of a mineral property is a sum of money in today's dollars that future earnings from the property are worth. It differs

Jan 1, 1964

26. G. H. S. Price, S. V. Williams, and G. J.O. Garrard: Heavy alloy, its production. properties and uses. Metal Industry (1941) 599 354s 372. 394. 27. R. Kieffer and W. Hotop: p. 320 of ref 12. 28. F. R. Hensel. E. I. Larsen, and E. F. Swazy: Physical properties of metal compositions with a refractory metal base. Chap. 42, 483, Powder Metallurgy, ed. by J. Wulff (1942) Cleveland. 29. R. Kieffer and W. Hotop: p. 290 of ref. 12. 30. H. Freundlich: Kapillarchemie. 211 (1923) Leipzig. 31. W. Ostwald: Zisch. f. Phys. Chemie. (1900) 34, 503. 32. G. A. Hulett: Zisch. f. Phys. Chemie. (1901) 37. 385; and (1904) 47, 357. 33. J C. Chaston: Discussion to Price, Smithells and Williams, p. 257 of ref. 4. 34. W. Dawihl: Untersuchungen ueber die Vorgaenge bei der Abnuetzung von Hartmetallwerkzeugen. Ztsch. f. techn. Phys. (1940) 21 336. 35. W. Dawihl and J. Hinnueber: Ueber den Aufbau der Hartmetallegierungen. Kol-loidzlsch. (1943) 104, 233. 36. F. 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Drapeau: Sintering of powdered copper-tin mixtures. Chap. 32. 332, Powder Metallurgy, ed. by J. Wulff (1942) Cleveland. 47. H. E. Hall: Sintering of copper and tin powder. Metals and Alloys (1939) 10, 297. 48. F. Sauerwald: Present status of powder metallurgy. -.Melallwirlschafl. (1941) 20, 649. 671. 49. H. L. Wain: Powder metallurgy; influence of some processing variables on the properties of sintered bronze. Report ACA-25. Australian Council for Aeronautics (1946) Melbourne. 50. S. L. Hoyt: Constitution of copper-tin alloys. Metals Handhook, 1364. (1939) Cleveland. 51. T. Ishikawa: Studies on the interdiffusion of copper, tin and graphite powders. Nippon Kinzoku Gakkai-Si (1937) I, 226. 52. A. Carter and A. G. Metcalfe. The struc- ture of porous bronze bearings. Special Rep. No. 38, p. 99. Iron and Stecl Inst. (1947) London. 53. R. P. Koehring: Sintering atmospheres for production purposes. Chap. 25, 278. Powder Metallurgy, ed. by J. Wulff (1942) Cleveland. 54. C. G. Goetzel: Some properties of sintcred and hotpressed copper tin compacts. Trans. AIME (1945) 161, 569. 55. J. W. Lennox: The production of some non ferrous engineering components by powder metallurgy. Special Rep. No. 38. p. 174. Iron and Steel Inst., 1947, London. . P. Duwez and H. E. Martens: The power metallurgy of porous metals and alloys having a controlled porosity. TP 2343, Metals Tech. April 1948. This volume. p. 848. 57. E. A. Owen and L. Pickup: X-ray study of the interdiffusion of copper and zinc. Proc. Royal Soc., London, Series A. (1935) 149, 283. 58. C. G. Goetzel: Sintered and hotpressed compacts of copper-zinc powder. Chap. 34. 352, Powder Metallurgy, ed. by J. Wulff (1942) Cleveland. 98, R. Chadwick. E. R. Broadfield, and S. F. Pugh: Observations on the pressing. sintering, and properties of iron-copper powder mixtures. Special Rep. No. 38, p. 151, Iron and Steel Inst. (1947) London. 60. A. Squire: The properties of iron-copper compacts. Watertown Arsenal Lab. Rep. WAL No. 67101. 61. F. C. Kelley: Properties of sintered iron- comer uowder. Iron Age (Aug. 15. 193) 158 57. 62. G. H. Howe: Sinterinn of Alnico. Iron Age (Jan. 11. 1940) 14.5, 27. 63. R. Kieffer and W. Hotop: p. 359 of ref. 12. 64. W. Hotop: Permanent magnets from sintered iron-nickel-aluminum. Stahl und Eisen (1941) 61, 1105. 65. P. R. Kalischer: Some experiments in the production of aluminum-nickel-iron alloys by powder metallurgy. Trans. AIME (1941) 145, 369. 66. S. J. Garvin: Production of sintered per- manent magnets. Special Rep. NO. 38. p. 67. Iron and Steel Inst. 1947, London. 67. F. C. Kelley: Discussion to P. R. Kalischer. p. 375 of ref. 65. 68. R. Kieffer and W. Hotop: p. 357 of ret, 12. 69. C. H. Howe: Sintered alnico. Chapter 48, 530, Powder Metallurgy, ed. by J. Wulff (1942) Cleveland. Powder Metallurgy Seminar (C. G. Goetzel presiding) C. G. Goetzel—The seminar has been opened by a man who has been active in the field for over fourteen years and has made, since then, some major contributions to the advancement of the art. After having been associated with the Moraine Products Division of General Motors Corporation for over ten

Jan 1, 1949

By Dewitt T. Ring

Lack of reliable detailed production figures for earlier years, together with the loose nomenclature in reference to producing horizons and the application of the term "field" without any definite meaning or restriction, has made it impossible to gather statistical data suitable for the Institute's form. In common with all other producing areas in the United States, Ohio has felt severely the economic ills of the entire industry during the past year. With overproduction, not only of crude but also of refined products, going on throughout the country, the price structure as a direct consequence has weakened on Ohio oils. Valuable crude is being sold at a big loss today because producers arc willing to, and do, sell more than the market can absorb. The axe hangs heavy over the heads of Ohio producers, and will until something constructive is done to keep supply in proportion to demand. This not only applies to Ohio but to the entire industry. Production of Pennsylvania grade in Ohio was under 50 per cent proration, which has been in effect since Oct. 1, 1937. Three price cuts since February have lowered the posted price from $1.70 to $1.18, a 30 per cent reduction; other grades were less drastically reduced. Pipeline storage facilities were limited; many producers were faced with the problem of providing their own storage or the risk of ruining their wells. If they wanted to pull and abandon wells, there was no market for junk equipment. Many employees have been cut to half time and in a number of instances their services entirely dispensed with. Summary of Production and Drilling Both oil and gas production in the state during 1938 showed a definite decline over the previous year. (A table showing production by years from 1876 through 1937 was published in Vol. 127 of the Transactions.) The total production of crude oil in the state for 1938 was 3,357,914 bbl., as compared with 3,654,000 bbl. in 1937, a decrease of 7.1 per cent. At

Jan 1, 1939

By Dewitt T. Ring

Lack of reliable detailed production figures for earlier years, together with the loose nomenclature in reference to producing horizons and the application of the term "field" without any definite meaning or restriction, has made it impossible to gather statistical data suitable for the Institute's form. In common with all other producing areas in the United States, Ohio has felt severely the economic ills of the entire industry during the past year. With overproduction, not only of crude but also of refined products, going on throughout the country, the price structure as a direct consequence has weakened on Ohio oils. Valuable crude is being sold at a big loss today because producers arc willing to, and do, sell more than the market can absorb. The axe hangs heavy over the heads of Ohio producers, and will until something constructive is done to keep supply in proportion to demand. This not only applies to Ohio but to the entire industry. Production of Pennsylvania grade in Ohio was under 50 per cent proration, which has been in effect since Oct. 1, 1937. Three price cuts since February have lowered the posted price from $1.70 to $1.18, a 30 per cent reduction; other grades were less drastically reduced. Pipeline storage facilities were limited; many producers were faced with the problem of providing their own storage or the risk of ruining their wells. If they wanted to pull and abandon wells, there was no market for junk equipment. Many employees have been cut to half time and in a number of instances their services entirely dispensed with. Summary of Production and Drilling Both oil and gas production in the state during 1938 showed a definite decline over the previous year. (A table showing production by years from 1876 through 1937 was published in Vol. 127 of the Transactions.) The total production of crude oil in the state for 1938 was 3,357,914 bbl., as compared with 3,654,000 bbl. in 1937, a decrease of 7.1 per cent. At

Jan 1, 1939

By Francis N. Flynn

Many excellent papers, descriptive of the milling and smelting of every kind of commercial ores, the refining of virgin metals, the casting into various shapes demanded by the trade, the rolling into shapes best suited to the factory machinery and the making of composition alloys to suit every requirement have been issued by the many technical societies dealing with non-ferrous metals. It is a wonderful collection of papers, of which the mining and metallurgical engineers may well be proud, but strange as it may seem, metallurgists in general appear to take the stand that when they have delivered suitable alloys to the foundry and rolled products to the factory their duty to write papers has ceased, at least in so far as the A. I. M. E. is concerned. Still we read in the daily papers that the mining companies are absorbing metal-manufacturing industries. The purpose of this paper is to describe the reclaiming of non-ferrous scrap metals at manufacturing plants, taking as an example the automobile industry. Collection and Disposition of Scrap Until about five years ago, much of the factory scrap, with little or no preliminary treatment, was sold to secondary-metal smelters. Of late years the factory salvage department has become an important part, of the plant in reclaiming everything of value and incidentally does much of the work formerly done by the smelters. Like most good things, it is sometimes overdone, and much work is done at the factory with inexperienced men that could be done much better by experienced skilled labor at the custom smelting plants. Employees of the salvage department collect the waste products in all departments at the source and in that way avoid much contamination. Every reasonable precaution is taken to keep the scrap clean. It is hand-sorted, cut, burned, magnetized, concentrated, separated or compressed, as the case may be, preparatory for re-use in the plant or for selling to others.

Jan 1, 1930

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