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Name and Object Membership Directors Amendments SEC. 1. This Institute is incorporated under the Membership Corporations law of the State of New York; its corporate name is American Institute of Mining and Metallurgical Engineers, Inc.; and its abbreviated title A. I. M. E. SEC. 2. The objects of this Institute, as set forth in its certificate of incorporation, are: "To promote the arts and sciences connected with the economic production of the useful minerals and met&, and the welfare of those employed in these industries by all lawful means; to hold meetings for social intercourse and the reading and discussion of professional papers, and to circulate by means of publications among its members the information thus obtained, and to establish and maintain a place for meeting of its members, and a hall for the reading of papers and delivery of addresses, and a library of books relating to subjects cognate to the sciences and arts of mining and metallurgy."

Jan 1, 1929

Jan 1, 1946

By William P. Lohden

INTRODUCTION It is recognized that, for a variety of reasons, some companies in the mineral industry today are by no means cash-rich and, in fact, are reporting a growing proportion of long-term debt in their capital structures. A review of recent balance sheets of small, medium-size, and some larger companies, indicates that a fair number still have substantial positions in cash equivalents such as U.S. government issues and other short-term money market instruments. In part, this paper concerns itself with companies which have sufficient cash and equivalents and/or cash generation to internally finance mining projects or expansions but which, for some reason, choose to borrow funds. Misconceptions which appear to frequently underlie so-called "leveraging" decisions are explored in this paper. Also considered are those circumstances under which any company, including one that is cash-rich, should consider borrowing for a project in an amount beyond what would otherwise be necessary based upon its internal financing ability. I do not 'attempt to cover the raising of equity capital in public markets in this paper. OVERALL RETURN ON TOTAL POOL OF INVESTABLE CASH SHOULD INFLUENCE FINANCING DECISIONS If you approach an individual with an investment which can be financed from his savings, or by borrowing at a rate higher than he is earning on his savings, he will quickly tell you that to pay interest at a rate higher than he is earning would reduce his overall income. Assuming he is not currently considering any additional investment

Jan 1, 1977

Jan 1, 1916

By AIME AIME

This section contains announcements of general interest to the members of the Institute, but not always of sufficient permanent value to warrant republication in the volumes of the Transactions.

Sep 1, 1906

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. JOHN HAYS HAMMOND* New York, N. Y. (Term expires February, 1909.) VICE-PRESIDENTS OF THE COUNCIL. SAMUEL B. CHRISTY BERKELEY, CAL. JOHN A. CHURCH NEW YORK, N. Y. PERSIFOR FRAZER PHILADELPHIA, PA. (Term expires February, 1909.) J. PARKE CHANNING NEW YORK, N. Y. FREDERICK 1V. DENTON PAINESDALE, MICH. JOHN B. FARISH DENVER, COLO. (Term expires February, 1910.)

Mar 1, 1908

By John B. Hastings

TEN miles from Hartsel, near Antelope springs, in Park county, Colorado, there is a large area of unconsolidated lake beds, which are interesting because at least a part of the lacustrine sands contains in the aggregate an immense amount of gold. During 1906, one of the arms of this dessicated lake was fairly well prospected with shafts and cuts by an Eastern company to test its value, as favorable amounts of gold had in some instances been found upon it. The claims of the company contain about 5,000 acres of the beds; but this is only a small portion of them, a south branch from a main body, which is at least 7 miles in diameter, with other and very wide lateral gulches, paralleling the one herein described on the east and west. A certain amount of digging and sampling was done in the outside areas; but the result was evidently unsatisfactory, since the work was discontinued. his section of Colorado has not been studied geologically, and the age of the ancient lake is unknown. It is probably Quaternary. I spent two weeks on the ground, in September and October, 1906, but was quite absorbed in the sampling. I looked, however, for terraces on the rim-rock and other evidences of movement and erosion, but did not find anything to denote an earlier age than the Quaternary. The granite rim-rock may be Archean; S. F. Emmons says that some of the granites in central Colorado are as old as that. The rim-rock as observed is a gray quartzose biotite-granite, except a small area in Sections 3 and 34, where it is a felsitic (?) breccia. The breccia is silicified by solfataric action at the corner near Shaft No. 7, in Section 34; but this action is older than the sands and does not extend to them. The shaft averaged 50c. per ton, more than twice as much as the rest.

Jan 5, 1908

By AIME AIME

THE following brief description of the main features of the, engineering work was prepared for the use of members of the American Society of Civil Engineers and members of the American Institute of Mining Engineers on the occasion of their visits to the tunnels at the time-of their respective. annual meetings in New York, January and February, 1905. DESCRIPTION. Those portions. of the Pennsylvania Extension into Manhattan and Long Island, lying east of the Terminal Station and west of the East River, have been designated as the " Manhattan ?Cross-town:. Tunnels." They traverse a section of the city second in importance only to the financial district, and one that includes the larger hotels, retail shops and theaters and the residences of many of the best known citizens. Section "D," consisting of twin tunnels for west-bound express and local passenger traffic, lies under Thirty-third Street from a point 400 ft. west of the west line of Sixth Avenue, eastward to the river shaft, situated in the block between Thirty-third and Thirty-fourth Streets east of First Avenue. Beginning at the east end, the tunnels are in separate excavations, leading westward from the subaqueous tubes, on a curve of large radius, gradually closing together until it is found more appropriate to drive them in a single excavation. At a point just west of Second Avenue they reach the tangent, aid from there westward lie directly under Thirty-third Street. At a point about 180 ft. west of the west line of Sixth Avenue, the center concrete-wall between the twin tunnels is omitted, and the excavation somewhat widened to make room for a third storage-track, and the tunnel continues to tile station portal in three-track section. Here reprinted through the courtesy of The United Engineering and Contracting Co. The half-tone blocks used for the illustration of this paper have been kindly supplied by the Chasmer-Winchell Press of New York, Pittsburgh and Cleveland.

Mar 1, 1908

By Samuel S. Wyer

Bethlehem Meeting, February, 1906 THE following abbreviations have been used in the text:¬ Am. MF. and Iron World. American Manufacturer and Iron World, Pittsburg, Pa. Can. Min. Rev. Canadian Mining Review, Ottawa, Can. Cass. Mag. Cassier's Magazine, New York, N. Y. Col. Eng. Colliery Engineer, London, Eng. Col. Guard. Colliery Guardian, London, Eng. Eng. and Min. Jour. Engineering and Mining Journal, New York, N. Y. Eng. News. Engineering News, New York, N. Y. Engr. Engineering, London, Eng. J. I. and S. I. Journal of the Iron and Steel Institute, Lon¬don, Eng. Jour. W Soc. of Engrs. Journal Western Society of Engineers, Chicago, Ill. Lond. Eng. The Engineer, London, Eng. Mines and Min. Mines and Minerals, Scranton, Pa. North of Eng. I. M. E. North of England Institute of Mining Engineers, Newcastle-on-Tyne, England. Oester Zeitsch f. Berg u. Hüt. Oesterrcichische Zeitschrift für Berg. und Hüttenwescn, Vienna, Austria. Pract. Engr. Practical Engineer, London, Eng. Proc. I. C. E. Proceedings Institution of Civil Engineers, London, Eng. Trans. A. I. M. E. Transactions American Institute of Mining Engineers, New York, N. Y. Trans. A. S. M. E. Transactions American Society Mechanical Engineers, New York, N Y Trans. Fed. I. M E. Transactions Federated Institute Mining Engineers, Newcastle-on-Tyne, England. Trans. I M E Transactions Institute Mining Engineers, Newcastle-on-Tyne, England.

Mar 1, 1906

By K. Reinhardt

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

Nov 1, 1906

By AIME AIME

A separate room in the suite occupied by the American Institute of Mining Engineers on the ninth floor of the United Engineering Society Building, has been equipped with furniture and telephone extension for the temporary use of members of the Institute or of sister societies, or visitors suitably accredited. In addition to this general accommodation, another room has been similarly furnished as a business headquarters for a single person, and for a limited period. For the conditions of this privilege, inquiry should be made at the office of the Institute. In order that the benefit of this arrangement shall not be restricted to a few members only, the period of continued occupancy will be limited, and applications will be considered in the order of their receipt. A small fee will be required for the use of the facilities furnished.

Jan 1, 1908

By H. T. Hildage

ALTHOUGH Greater New York does not bear any resemblance to a great mining district, the mining operations that are being conducted in and about the city are both extensive and interesting in character. With regard to the extent, it may be mentioned that, at. present, there is more dynamite used in New York than in any mining district in the United States; that there are under construction about 38 miles of tunnel, and that 66 miles more are projected, most of which must be constructed in the near future ; that since 1902 at least 2,000,000 tons of earth has been removed in underground work, in addition to about 3,500,000 tons that has been removed in, open-cut in connection with tunnel-work, and many times this quantity that has been removed in excavating foundations for buildings not connected with tunnel-work; and that there are to-day probably more than 5,000 men engaged in mining-work in and about New York City. These undertakings include almost every operation connected with underground work, from exploration by means of trench and boring, to the sinking of large shafts and the driving of large tunnels through every kind of ground from hard rock to soft, semi-fluid silt and quicksand. It is proposed in this paper to give a general description of some of the methods and appliances used in the opening-up ,of a "mine" in a large city, and a brief description of some of the "mines" now being developed in New York, connecting as far as possible the methods described with the particular work for which they were designed, in order to give a general idea of the

May 1, 1907

By C. E. Corson

THE experiments of which the results and significance are set forth in this paper do not by any means cover the whole subject of the heat-treatment of the material referred to, yet they constitute a contribution to that general subject, rather than to the special department of annealing. The material here considered is acid open-hearth steel, containing from 0.50 to 0.80 per cent of carbon, with a nearly uniform percentage of other elements. This class of steel is rapidly increasing in commercial importance. It is even rumored that the rail-specifications of some railroads will hereafter require open-hearth steel. Yet this particular grade seems to have received less study and description from the standpoint of the metallographist than many others. The investigation here described was directed to the following points:-Steel containing about 0.50 per cent, of carbon : 1. The structure as related to the temperature, at the same rate of cooling; 3. The structure and physical properties as related to temperature at different rates of cooling; 3. The structure and physical properties as related to different finishing-temperatures and different rates of cooling; 4. The bearing of these observations upon the statement of Prof. Albert Sauveur.1

Sep 1, 1906

By Henry M. Howe

PART I. § 1. Introduction. After giving certain definitions, this paper gives the reasons which led to Roozeboom's form of the diagram of the freezing-point curves and general equilibrium of the iron-carbon compounds, steel and cast-iron ; and then those which led to replacing it with the present or double diagram, in which graphite is at all temperatures held to be the more stable and cementite the less stable (metastable) form of carbon. Next in § 10 the evidence supporting this greater stability of graphite is examined, then in § 17 that which seems to oppose it, and in § 22 a summary of the evidence is presented. The second part of the paper considers the topography of the graphite-iron diagram, rejecting summarily the solubility-lines based on the data of Charpy and Grenet and of Mannes-mann, on the ground that the data even on their face do not really point toward these lines, and that they are wholly incompetent to determine any solubility-lines whatsoever, because they report together with the dissolved carbon also an indeterminate quantity of cement-carbon, and because even such carbon as is actually dissolved, only in part represents the solubility of graphite, and in another and indeterminate part represents the solubility of cementite, or at least of carbon in presence of cementite as distinguished from graphite. It might be thought that graphite is but slightly soluble in iron, because of the absence of any suggestions of eutectoid graphite, corresponding to the eutectoid cementite of pearlite in very many cases in which the cast-iron seems to consist of ferrite and massive graphite only, and because of the micrographs of Goerens and Gutowsky. In these the primary austenite of cast-iron quenched but little below the eutectic freezing-

Jan 7, 1908

By W. S. CAYPLESS, H. O. Hofman, E. E. HARRINGTON

1. INTRODUCTION. AT the Lake Superior meeting, September, 1904, Messrs. A. Gibb and R. C. Philp presented a paper entitled " The Constitution of Mattes Produced in Copper Smelting,)' in which they concluded that ferrous and cuprous sulphides formed the chemical compound, 5 Cu2S, fee. They arrived at this inference from the observed fact that a matte containing Cu2S, 90.4, and Fee, 9.6 per cent (or, in round figures, Cu2S, 90, and Fee, 10 per cent.), did not contain any metallic copper, while one with more than 10 per cent of FeS readily dissolved copper, and with less than this amount retained copper in mechanical suspension. Although they determined the melting-points of five mattes containing from 32.6 to 80.1 per cent of copper, they did not draw a freezing-point curve, as the necessary apparatus was not available. A microscopical examination of 11 polished samples, gave them a grayish-black field of very uniform appearance, except that 5 of the specimens showed the presence of metallic copper. The object of the present investigation was to supplement the above paper by drawing the freezing-point curve of the series ferrous sulphide cuprous sulphide, and to see how the constitution could be further, revealed by microscopical work. The results obtained lead to conclusions very different from those of Gibb and Philp. While their paper bears the date 1904, it was published only in 1906.2 In the meantime, Bolles3 had presented his paper, "The Concentration of Gold and Silver in Iron Bottoms." The raw material which formed the basis of the research was a matte containing Fe, 61.68, and Cu, 11.20

Jan 1, 1907

By Bruno KERL

THE list of deaths reported during the year 1905 comprises the following names (the figures in parentheses indicating the year in which the persons named were elected to membership:- Honorary Member.-Dr. Bruno Kerl. Members and Associates.-Charles Christy Adams (1903), John Wesley Anderson (1898), William Burton Barber (1901), Thomas A. Bennett (1900), Luke W. Bryan (1901), Edwin S. Daugherty (1905), William Scott de Camp (1875), George H. Eldridge (1889), B. W. Frazier (1871), John Broome Guinn, Jr. (1897), Dana C. Irish (1900), Harry Hugh Lee (1899), William Alfred Lindsay (1902), Roland C. Luther (1884), James MacNaughton (1890), Gordon McLean (1899), Herbert Holmes McNamara (1902), August R. Meyer (1886), William Orr (1897), William J. Parker, Jr. (1898), Joseph Phillips, Jr. (1895), Charles O. Ripley (1902), Emmerich J. Schmitz (1883), Ludwig Philip Seeger (1900), Jacob Johnston Sperry (1900), Gustavus H. Stoiber (1902), William L. Study (1905), Robert Macnair Wilson Swan (1900), Richard Henry Terhune (1886), Joseph Thiry (1892), John N. Tisdale (1903), Alfred Isham Totten (1897), Walter H. Virgoe (1902), Charles H. Wellman (1890), Harvey L. Williams (1903). Of these, Dr. Bruno Kerl and Prof. B. W. Frazier have been made the subjects of special Biographical Notices in the Bi-Monthly Bulletin 1 the former in No. 4, July, 1905, p. 743, and the latter in No. 5, September, 1905, p. 1097. Concerning the remainder of the list, the following paragraphs comprise such information as could be obtained by the Secretary. Charles Christy Adams, who had been a member of the Institute since 1903, died in Johannesburg, South Africa, August 31. 1905. He was born in New York City, July 13, 1849, and received his technical training at the Colorado State School of

May 1, 1906

By Francis Church Lincoln

I. SITUATION AND SURROUNDINGS. THE Promontorio mine is situated at the northern end of the Sierra San Francisco de Coneto, in the town of Promontorio, Partido of El Oro, State of Durango, Mexico. As shown in the sketch-map, Fig. 1, the nearest railroad station is Chinacates on the Mexican International Railroad, 82 miles north of the city of Durango. The mine is 16 miles north of the station by air-line. It is reached by means of a good wagon-road which first crosses the Guatimapé Plain, passing the ranches of San Antonio and San Julian, to Estacion-a distance of about 15.5 miles-and then entering the mountains crosses the Sierra to Promontorio-a further distance of 11.5 miles¬making in all a distance of 27 miles by road from railroad to mine. Promontorio is just beyond the summit of the range, at an elevation of about 8,000 ft. above sea-level, or 1,350 ft. above the Chinacates station. The Castillo de San Francisco, the highest peak in the Sierra, has an altitude of 10,000 ft., and the Promontorio road crosses the summit of the ridge at an elevation of 9,000 ft. by a pass just below this peak known as the Puerto del Almagre. The Promontorio mill is situated at Santa Ives, 2 miles by tram or 3 miles by wagon-road to the north of Promontorio and about 600 ft. lower. The Sierra San Francisco de Coneto decreases in height towards the north and west till it comes to an end at the Melchor Arroyo on the ranches of Melchor and Ramos. Beyond this arroyo another range, the Sierra de la Candela, begins. In the vicinity of the Promontorio mine the hills are very rugged and the surface is furrowed by ravines which contain running streams during the rainy season-July, August and

Jan 1, 1908

By AIME AIME

American Institute of Mining Engineers. (Organized in 1871, and Incorporated in 1905.) OFFICERS. For the year ending February, 1906. Directors JAMES GAYLEY (President), R. W. RAYMOND (Secretary), FRANK LYMAN Treasurer). T. A. RICKARD NEW YORK, N. Y. CHARLES H. SNOW NEW YORK, N. Y. R. W. RAYMOND NEW YORK, N. Y. (Terms expire February, 1906.) JAMES GAYLEY NEW YORK, N. Y. FRANK KLEPETKO NEW YORK, N. Y. FRANK LYMAN NEW YORK, N. Y. (Terms expire February, 1907.) JAMES DOUGLAS NEW YORK, N. Y. JAMES F. KEMP NEW YORK, N. Y. ALBERT R. LEDOUX NEW YORK, N. Y. (Terms expire February, 1908.)

Jan 1, 1906

By AIME AIME

General Local Committee.-John Fritz, Chairman; A. B. de Saulles, Vice-Chairman.; R. M. Bird, Treasurer; Henry S. Drinker, Secretary; Robert H. Sayre, E. P. Wilbur, Charles M. Dodson, Abraham S. Schropp, E. M. McIlvain Archibald Johnston, A. B. Fichter, C. G. Convers, W. A. Wilbur, Garrett B. Linderman, Frederick Conlin, George Pettiuos, Albert Brodhead, Garrett L. Hoppes, M.B. Cutter, H. J. Seaman, C. A. Matcham, B. F. Fackenthal, Jr., A. L. J. Queneau, Geo. R. Elder, Eldridge Wilbur, William H. Chandler, Mansfield Merriman, Joseph F. Klein, William S. Franklin, William Esty, Joseph AN'. Richards, Howard Eckfeldt, John D. Irving. Transportation Committee.-H. J. Seaman, C. A. Matcham, B. F. Fackenthal, Jr., A. B. Fichter, A. L. J. Queneau, Henry S. Drinker. Hotel Committee. -Garrett B. Linderman, Charles M. Dodson, W. A. Wilbur, Garrett L. Hoppes, Albert Brodhead. Steering Committee.-William S. Franklin, William Esty, John D. Irving, R. M. Bird, the members of the Tau Beta Pi Society of Lehigh University. Committee on Meetings - William S. Drinker, Joseph W. Richards, Howard Eckfeldt. Entertainmment Committee.-W. A. Wilbur, E. M. McIlvain, Archibald Johnston, A. B. de Saulles, G. G. Convers,.A. L. J. Queneau, Garrett B. Linderman, Frederick Conlin, George Pettinos, Garrett L. Hoppes, Henry S. Drinker, William S. Franklin, Eldridge Wilbur, Robert M. Bird, Secretary. The opening session was held at 8.30 p.m., Wednesday, February 21, 1906, in Gymnasium Hall of Lehigh University, which had been tastefully decorated with flags and bunting. Dr. Henry S. Drinker, President of Lehigh University, and Secretary of the General Local Committee, called the meeting to order, and welcomed the Institute to the Bethlehems, where its first meeting, after its organization in May, 1871, at Wilkes-Barre, was held in August, 1871.*

May 1, 1906

By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT Wm. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY M . HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.) COUNCILORS. F. L. GRAMMER BALTIMORE, MD. JOSEPH HARTSHORNE POTTSTOWN, PA. CHARLES H. SNOW NEW YORK, N. Y. (Term expires February, 1907.) A. A. BLOW WASHINGTON, D. C. FRANK LYMAN NEW YORK, N. Y. T. A. RICKARD SAN FRANCISCO, CAL. (Term expires February, 1908.) THEODORE DWIGHT NEW YORK, N. Y. WALTER WOOD PHILADELPHIA, PA. WM. FLEET ROBERTSON VICTORIA, B. C., CAN. (Term expires February, 1903.) SECRETARY OF THE COUNCIL. R. W. RAYMOND, No. 99 John Street NEW YORK, N. Y. (Term expires February, 1907.) ASSISTANT SECRETARY AND EDITOR. JOSEPH STRUTHERS NEW YORK, N. Y.

Mar 1, 1906