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By Wm. A. Haven

ON the northern part of the globe, almost since the earliest days of mankind's history. ironmaking has been practiced in one form or another. Some investigators question the generally accepted belief that copper and bronze were in earlier general use than iron, explaining the greater age and abundance of copper relics by their greater resistance to natural oxidation. However, the occurrence of copper in its natural state and its greater ease of reduction from the simpler copper minerals is a strong argument that the making and use of copper came first. Nevertheless, good evidence exists that ironmaking was practiced in ancient India and China, as well as in ancient European countries. Some interesting vestiges of those early operations still survive and have a place, in the background at least, of a discussion of modern blast-furnace practice.

Jan 1, 1940

J. H. HEGINBOTHAM, a, metallurgist of the General Engineering Co., talked on "Current Milling Practice at Kirkland Lake," at the December meeting of the Utah Section. The ore is enough alike through the whole district so that some generalizations and comparisons may be made. The question as to whether or not the flotation process should be used in the flowsheet for extracting gold by cyanide solutions is still being vigorously debated, and it will seemingly need some years for a definite answer to be given. Most of the gold is either free, though much of it is finely dispersed in quartz, or occurs with pyrite. At times there may be 2 per cent of telluride compounds in the ore, but the amount of gold telluride present is small and has not been definitely established. It has been shown by Dr. Haultain and others that though gold tellurides may be so finely disseminated that it is necessary to grind the ore exceedingly fine, the compounds themselves are not difficultly soluble. (An increase in temperature helps to dissolve tellurides, and also to settle pulps.) It is likely that if the ore were ground through 400 mesh, practically all of the gold would be soluble. As it is, with 96 to 98 per cent of the ore ground to minus 200 mesh, and some 70 per cent minus 325, the cost of

Jan 1, 1934

By John A. Church

In the year 1874, when the price of pig-iron was still high, that staple product became the subject of discussion in the newspapers and among those philosophers who are determined to know the "reason why" for all things. The object of the inquiry was to find out Why iron did not fall in price as much as some other things had fallen. Indeed, there seemed to be an impression that iron and gold ought to move on nearly parallel lines, for the fact was constantly brought forward that iron then cost twice as much as it did before the war, though gold had returned to within twelve or fifteen per cent. of its former value. After some time the papers, by what seemed to be nearly unanimous consent, reached the conclusion that the maintenance of high prices was the work of the furnace proprietors, who, as the result of their shrewdness, were pocketing enormous profits. No proof was given to support this opinion, and the figures of cost and sale that were produced were of the most general kind, and used in the most vague manner. Visiting the president of the Thomas Iron Company, whose great works at Hokendaqua and Catasauqua, in Pennsylvania, are so well known as the largest and among the best conducted in America, I found him quite willing to meet the vague suspicions of the newspaper wiseacres, by a publication of the figures contained in the furnace-books of his company. These were accordingly given to the world through the Engineering and Mining Journal, and attracted the general attention they so well deserve. Though my own name became connected with these statistics, from the fact that I used them as the basis for the first attempt ever made to calcalate the furnace economy of an American works, I can, without the suspicion of egotism, say that the statistics referred to are the most valuable contribution the literature of American blast-furnace work has yet received, for their interest is independent of personal considerations, and due entirely to the fact that they represent faithfully the details of practice in one of the most prominent American works. They are an exact transcript of the furnace-books, and form a body of accurate information of the greatest value to the metullurgical student. Their importance is shown by the fact that though the theoretical conclusions which I based upon them have been several times attacked, not one of my critics has made the slightest contribution to

By John A. Church

IN the year 1874, when the price of pig-iron was still high, that staple product became the subject of discussion in the newspapers and among those philosophers who are determined to know the "reason why" for all things. The object of the inquiry was to find out why iron did not fall in price as much as some other things had fallen. Indeed, there seemed to be an impression that iron and gold ought to move on nearly parallel lines, for the fact was constantly brought forward that iron then cost twice as much as it did before the war, though gold had returned to within twelve or fifteen per cent. of its former value. After some time the papers, by what seemed to be nearly unanimous consent, reached the conclusion that the maintenance of high prices was the work of the furnace proprietors, who, as the result of their shrewdness, were pocketing enormous profits. No proof was given to support this opinion, and the figures of cost and sale that were produced were of the most general kind, and used in the most vague manner. Visiting the president of the Thomas Iron Company, whose great works at Hokendaqua and Catasauqua, in Pennsylvania, are so well known as the largest and among the best conducted in America, I found him quite willing to meet the vague suspicions of the newspaper wiseacres, by a publication of the figures contained in the furnace-books of his company. These were accordingly given to the world through the Engineering and Mining Journal, and attracted the general attention they so well deserve. Though my own name became connected with these statistics, from the fact that I used them as the basis for the first attempt ever made to calculate the furnace economy of an American works, I can, without the suspicion of egotism, say that the statistics referred to are the most valuable contribution the literature of American blast-furnace work has yet received, for their interest is independent of personal considerations, and due entirely to the fact that they represent faithfully the details of practice in one of the most prominent American works. They are an exact transcript of the furnace-books, and form a body of accurate information of the greatest value to the metallurgical student. Their importance is shown by the fact that though the theoretical conclusions which I based upon them have been several times attacked, not one of my critics has made the slightest contribution to

Jan 1, 1876

By AIME AIME

THE climax of the various programs and entertainments in connection with the holding of the World Engineering Congress* in Tokyo in October was the complimentary dinner given by the visiting members of the Institute to our members in Japan. At the same time President Bradley conferred an honorary membership on Baron Takuma Dan, the vice-president of the World Engineering Congress.

Jan 1, 1930

By E. A. Breitenbach

A computer program has been developed to afford rapid and complete quantitative log analysis for exploration and production decisions. The computation consists of automatic selection of tops and bottoms of porous intervals from the digitized data, and then point-by-point calculations within each selected interval. Nearly all log types can be analyzed. This paper presents the calculation techniques found to be appticable to machine evaluation and gives examples of their use. INTRODUCTION As the quantitative interpretation of well logs entails repetitive use of charts and equations, it is natural that digital computer programs would be written. A Universal Log Interpretation Computer Program (ULICP) has been developed to afiord rapid and complete analysis for exploration and production decisions. Application of this program enables the log analyst to: (I) apply rapid quantitative log analysis for exploration and production decisions on either a field, a well or on a single zone basis; (2) apply concepts of interpretation requiring detailed numerical analysis; (3) analyze all porous intervals on each log, rather than a few selected zones, and complete the analysis in less time than previously required. Computations are reported for every digitized point in each zone; (4) use empirical techniques applicable to a given area as an integral part of the computation; (5) experiment with the empirical coefficients and exponents in the interpretation equations to find the best possible solution; and (6) automatically plot both the original and computed data to scales analogous to the field prints. The primary utility of a log interpretation program stems from its ability to do an overwhelming amount of work with very little man-power. If a calculation procedure or thought process can be formalized to the extent that step-by-step logic can be written, a computer program can be developed that follows this logic. The major question is one of economics. A feasibility study of the costs for such a program indicates that digital processing is economical primarily as a means of increasing the productivity of the log analyst. In effect, the probability of missing productive intervals in any well, because of a lack of time to do detailed calculations, is greatly reduced. The nucleus of ULICP is programmed to compute large sections of a suite of logs by selecting zones automatically and then performing all pertinent computations on a data point by data point basis within each zone.'.' An entire suite of logs can be processed in this manner with very little manual intervention. Sufficient programming logic is available so that each log analyst can request computations pertinent to his area. These requests are made by simple additions or deletions of information on the input header cards. Hence, the log analyst is always in complete control of the computation process. The evaluation of a suite of logs requires pre-editing, digitization, computation, presentation of results and interpretation. Work by the log analyst is reqilired only in pre-editing and interpretation. Thus, he is allowed more time for comprehensive interpretation, rather than calculation. For continuity, the discussion of ULICP is organized sequentially: pre-editing, digitization, computation and presentation of results. DISCUSSION PRE-EDITING The extent of pre-editing prior to computation is dependent on the format of the original data. For analog prints, it requires inspection, correlation and editing of the logs, plus the entering of required data an special forms. For digitized data such as magnetic tape field recordings, only the special forms are necessary. The process for analog prints will be given here. The inspection and correlation process involves the selection of sections for digitization and the correlation of the traces to a common depth. To decrease the cost of digitization, traces that exhibit large variations in shale formations can be redrawn to a non-zero baseline. The next step is to enter all pertinent data on the input header cards. The header cards presently used for ULICP are presented as Figs. 1 through 6. Cards 1, 2, 3 and 4 (Fig. 1) are defined as the Main Header Cards. They describe the particular well for output identification and give basic information. Cards 5 through 15 (Figs. 2 through 6) are defined as the Block Header Cards. As such, they define the log types and the interpretation parameters for the block of data immediately following. Cards 1 through 10 are required for every computer run. Cards 11 through 14 pertain only to nuclear logs. Card 11 is required if any nuclear log is supplied, and cards 12 through 14 are required only when gamma-ray, density or neutron log data, respectively, are supplied. Card 15 (Fig. 6) must be supplied when cross-plot calculations are required. Either two- or three-component

Jan 1, 1967

By Linney, Robert J.

REPUBLIC Steel Corporation's iron-ore properties in the Adirondacks consist of mines, mills, and sintering plants in the Mineville and Port Henry area and at Lyon Mountain. This article will deal with the properties in the vicinity of Mineville and Port Henry. In 1938, when Republic leased the Mineville- Port Henry operations from the Witherbee Sherman Corp., these properties had just come through some hard depression years. As a result, the mine development program was far behind schedule; most of the equipment needed replacement; and above all, the entire system of mining had to be completely changed to reduce operating costs. The concentrator had been in operation for many years; the process was dry and dusty. Machinery and equipment were either badly worn or entirely obsolete. The sintering plant, also long in operation, was badly in need of repairs.

Jan 1, 1943

By H. B. Pulsifier

THE following report on the structure of copper is the result of work done in the laboratory of the Rome Wire Co. early in 1925. Previous work had indicated to the author that excellent results might be expected if a suitable technique in surfacing and etching could be developed. The resources of the Rome Wire Co. enabled this metal to be studied more intensively than previously, although none of the materials were investigated exhaustively. The material presented is hardly more than a preliminary summary of the most obvious character of the metal; a much longer research would have been necessary to solve many of the pressing problems connected with the casting and working of copper. The Rome Wire Co. has generously released the paper; to Dr. E. H. Darby, technical supervisor of the company, are due particular thanks for his appreciation of the importance of metallographic study of copper and for his effective support in the prosecution of the work and in making its publication possible.

Jan 1, 1926

By Dwight L. Sawyer

IF it had not been for the testimony of former Secretary of the Interior, Harold L. Ickes, before the Senatorial investigating committee the public would have heard little about the Federal Government's suit against California for the ownership of the tidelands. The Ickes-Pauley dispute brought to public attention that the California tideland oil deposits are the last remaining large Federal oil reserves. Ickes contends that these tideland oil deposits belong to the nation for the benefit of all the people of all the states and not solely to the State of California. Ickes also accused California oil man Ed Pauley of offering to give $330; 000 to the Democratic party fund if Ickes would drop the Federal Government's suit against the State of California for the ownership of said tidelands. The tidelands may be considered as the land bordering the coast line between mean high tide and outward under the ocean for a distance of a marine league, or about three statute miles. This strip of land along the coast of southern California contains large oil deposits which have a present and future prospective value of several billion dollars.

Jan 1, 1947

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

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

By AIME AIME

THE following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1903, have been withheld from publication until now, in order to make them as accurate and complete as possible. They will be published in Volume XXXV. of the Transactions in their proper place at the end of the said Annual Report. Franklin Ballou was born in Pittsburg, Pa., May 29, 1845. He was the son of an old resident, Arthur Ballou, a manufacturer and wholesale dealer in vinegar. In early youth Franklin attended the Western University of Pittsburg, but left school at the age of 16 to become book-keeper for his father, upon whose retirement from business, in 1868, he associated himself with Walter C. Childs, of Pittsburg, in the manufac¬ture of furnace-grates and asbestos-cement for blast-furnaces. This firm was known as W. C. Childs & Co., and did a success¬ful business for several years. In 1869 Mr. Ballou married Miss May S. Wilson, daughter of Judge Wilson, of Lewistown, Pa. In 1876 he spent several months traveling in the West and studying the mining industry, which greatly interested him. In consequence of this journey, he wound up his business in Pittsburg and removed in 1877 to Georgetown, Colo., where for several years he conducted a sampling-works, and built up an extensive business as an agent for the sale of ores, besides engaging to some extent in mining enterprises. , It is said that he controlled at one time about one-eighth of the output of the Leadville mines. In the early 80's, he became Vice-President and General Manager of the Bimetallic Smelter at Leadville, of which Mr. David H. Moflat was the principal owner. This was practically the first successful demonstration of pyritic smelting in Colorado. Upon the sale of the works in 1897 to the American Smelting and Refining Co., Mr. Ballou retired

Jan 1, 1905

By M. D. Hassialis

THE object of a technical paper is to communicate new technical knowledge, the paper being the vehicle of communication and the existence of new knowledge its reason for being. It follows that the development of information worthy of communication, the criterion being novelty, is prerequisite to exercising the privilege of communication. The act of communication is achieved when the reader perceives the nature of the new knowledge, i.e., when he understands it. A paper achieving this objective is an acceptable technical paper. Development of new knowledge has as one of its purposes the increase of the existing state of knowledge and the enjoyment of the benefits derived therefrom. Technical knowledge is a collection of facts so ordered as to make apparent, relations existing between the facts. When the interrelations have been exposed the facts have been interpreted or explained Three broad, overlapping categories of technical papers may be recognized: papers consisting of (a) a report of facts, (b) an explanation of facts, or (c) a combination of a report and an interpretation. Ideally a technical paper should belong to one of the last two categories but current practice is to accept papers belonging to any of the three categories. Based on a small sample drawn from the scientific and engineering literature, the relative frequency of the three types is a: b: c:: 20:1:14. If the sample be limited to engineering literature, the ratios become a:c::2:1; type (b) being nonexistent. This large departure from the ideal is a consequent of the

Jan 1, 1948

By O&apos, M. M. Fine, K. G. Meara

One of the principal activities of the Bureau of Mines connected with the recent war was to help to increase the supply of strategic and critical minerals. Fluorite was one of the most critical of the nonmetallic minerals because of the increased demand for it as a flux in basic open-hearth and electric steel furnaces and as a raw material for the production of artificial cryolite used in the aluminum industry. Wartime developments in the technology of hydrofluoric acid, such as the use of the anhydrous acid as a catalyst in production of high-octane gasoline and the use of organic fluorides as carriers for insecticides, also increased the demand for acid-grade fluorite.f In 1943 the consumption of acid-grade fluorite was advancing at a more rapid rate than production, and was only slightly less than production during the latter half of the year.' The outlook for the postwar market for fluorite is encouraging. Steel production is expected to remain high until the domestic demand for commodities not manufactured during the war is satisfied. The uses for hydrofluoric acid are expected to increase under the impetus of war-initiated research. In considerbtion of these and other factors some authorities predict a postwar demand for fluorite equal to about 60 to 75 per cent of the wartime production.1,2 Others believe that the postwar fluorite industry will be permanently expanded over its prewar status.3 Acknowledgment This paper is one of many reporting on various aspects of the Bureau of Mines program directed toward the more effective utilization of our mineral resources. The program has been under the general supervision of R. S. Dean, Assistant Director, since July 1942. The scope of the paper falls in the province of the Metallurgical Branch, whose activities embrace the separation of difficultly beneficiated ores, the production of pure metals from domestic deposits, the exploitation of marginal orc reserves, the recovery of secondary metals, and the improvement of present industrial metallurgical practice. The investigation was initiated at the request of Mr. J. H. Steinmesch, vice-president and general manager, Minerva Oil Co., Eldorado, Ill. His hearty cooperation and helpful suggestions, and those of Mr. 0. E. Anderson, mill superintendent,

Jan 1, 1948

By K. G. Meara, M. M. Fine, O&apos

One of the principal activities of the Bureau of Mines connected with the recent war was to help to increase the supply of strategic and critical minerals. Fluorite was one of the most critical of the nonmetallic minerals because of the increased demand for it as a flux in basic open-hearth and electric steel furnaces and as a raw material for the production of artificial cryolite used in the aluminum industry. Wartime developments in the technology of hydrofluoric acid, such as the use of the anhydrous acid as a catalyst in production of high-octane gasoline and the use of organic fluorides as carriers for insecticides, also increased the demand for acid-grade fluorite.f In 1943 the consumption of acid-grade fluorite was advancing at a more rapid rate than production, and was only slightly less than production during the latter half of the year.' The outlook for the postwar market for fluorite is encouraging. Steel production is expected to remain high until the domestic demand for commodities not manufactured during the war is satisfied. The uses for hydrofluoric acid are expected to increase under the impetus of war-initiated research. In considerbtion of these and other factors some authorities predict a postwar demand for fluorite equal to about 60 to 75 per cent of the wartime production.1,2 Others believe that the postwar fluorite industry will be permanently expanded over its prewar status.3 Acknowledgment This paper is one of many reporting on various aspects of the Bureau of Mines program directed toward the more effective utilization of our mineral resources. The program has been under the general supervision of R. S. Dean, Assistant Director, since July 1942. The scope of the paper falls in the province of the Metallurgical Branch, whose activities embrace the separation of difficultly beneficiated ores, the production of pure metals from domestic deposits, the exploitation of marginal orc reserves, the recovery of secondary metals, and the improvement of present industrial metallurgical practice. The investigation was initiated at the request of Mr. J. H. Steinmesch, vice-president and general manager, Minerva Oil Co., Eldorado, Ill. His hearty cooperation and helpful suggestions, and those of Mr. 0. E. Anderson, mill superintendent,

Jan 1, 1948

By PHILIP N. MOORE

THE development of the power of the Tennessee River at Muscle Shoals has become a matter of political interest as well as engineering possibility. The controversy over it has been so active that the facts have been obscured, the possibilities exaggerated. Although the members of the American Institute of Mining & Metallurgical Engineers are not generally specialists in hydroelectric development, those who visited Muscle Shoals in October, following the Birmingham meeting of the Institute, were interested, and many of them surprised to learn the actual conditions. These have long been familiar to those who have studied the matter through the reports of the U. S. Engineers on the subject. The approved plan contemplates three dams-No. 1, a low dam close to the City of Florence, planned in the interests of navigation, since the construction of the other dams has rendered impossible the use of the river without it. No. 2-named the Wilson Dam is now under construction. Concerning it political argumentation has waged. No. 3 Dam-much smaller, is planned to be erected several miles above No. 2.

Jan 1, 1925

By P. Barnes

(Read at the Philadelphia Meeting, February, 1878.) SOME statements have already been made to the Institute in reference to the cost of other departments of the above-named works, and some details have been given in tabular form.* For the purpose of the present paper it may be sufficient to say that this converting works is made up of three buildings, a cupolahouse, an engine-house, and a converting-house. The machinery and fixtures comprise two blowing-engines, two pressure-pumps, two five-ton converters, five hydraulic cranes, three pig-iron cupolas, four spiegel cupolas, two lifts for the cupolas, together with the usual arrangements of smaller parts. Every effort was made in the construction to combine efficiency of operation with durability, and the general course of the operation of the works during two and a half years seems to warrant the belief that the large outlay has been fully justified. • In the accompanying tabular statement all items on vouchers less than ten dollars, and all freight items have been omitted. * See Transactions of the. Institute, iv, 105, v, 427; also, Engineering and Mining Journal, vow. xxi, 561, xxiii, p. 439, xxiv, 419.

Jan 1, 1878

By F. F. Aplan

Mineral processing engineers have recorded an- other year of active research and development work. Most gratifying was the broadly based attendance at the Mineral Processing Fundamental (formerly Basic Science) Committee sessions at the 1968 Annual Meeting of the AIME. Because of the availability of good papers, the active discussion and the growing attendance, sessions have grown from one to three at the annual meeting. Prof. M. C. Fuerstenau of the University of Utah will chair the Mineral Processing Fundamentals Committee for the next two years and we may thus be assured of continued active leadership. The name change from "Basic Science Committee" to the more descriptive "Mineral Processing Fundamentals Committee" approved by the MBD executive council is a welcome improvement. Our profession continues to attract the interest and cooperation of those in other professional groups. The 1968 Engineering Foundation Particulate Matter Conference, under the chairmanship of John Karpinski of Bethlehem Steel, was devoted exclusively to comminution this year. It attracted conferees from five continents and served as a particularly stimulating source of interchange of knowledge from many technical fields. Next year's conference will be under the chairmanship of Professor L,. G. Austin of The Pennsylvania State University. This conference plus the Symposium on Wettability and Flotation to be held at the annual American Chemical Society meeting in Minneapolis in April indicates the success achieved in the inter-disciplinary approach to problems. Other evidence of this spirit of professional cooperation is the forth- coming book on Size Reduction edited by D. W. Fuerstenau. This is the outgrowth of an AIChE symposium on size reduction held in 1965.

Jan 2, 1969

By Peter J. Maxworthy

INTRODUCTION There is no hard and fast rule on whether functions within a company, diversified or otherwise, should be strongly centralized or decentralized. In all diverse organizations, there are certain basic functions which remain common (or central) to each element of the business, viz: Personnel Management Cash Management Taxation Management Legal Planning Accounting Standards It would follow that each of these common factors requires some supervision at a central level to ensure that overall group objectives are met. It is true that other functions including: Industrial Relations Marketing and Distribution Production Research and Development Purchasing Management Accounting may also be common to each element of the organization. However, there is far less commonality in the degree to which these functions are central to the efficient performance and financial well-being of the business. Role of Operating Units The resources of operating centers may be viewed as a bank of funds, the nature of which can be changed from time to time, but the employment of which must provide for ongoing increases in the net worth of the total enterprise expressed in terms of market values. Operating units are required to continually review products, methods, and opportunities and to monitor avenues for incremental investment--all with a view to attaining the necessary additive net present value of future cash flows of the enterprise. Operating units should be permitted sufficient autonomy to enable the best use to be made of the skills and experience of the people it employs in order to produce a return appropriate to the value of assets employed. Role of Head Office The head office will typically comprise a specialist group--the leaner the better if one strongly adopts the decentralist approach--often acting as Service Centers but also performing a control function in the corporate sense. The head office function is a cost center. It may be instrumental in developing strategies for increasing revenues or reducing costs on a group scale, but it does not generate revenue. Every dollar spent on this function is an extra dollar to be generated by the operating centers in order to achieve an increase in corporate wealth. TREASURY MANAGEMENT Treasury management is concerned with the provision of finance, cash-flow management, and risk analysis. Each decision taken within the enterprise has a cash implication. It follows that a well-integrated central Treasury function can, in all likelihood, produce economic benefits. The degree to which the function should be centralized depends largely upon the unique nature of the operating units it is servicing. Levels of ownership, the calibre of unit operating managers, and the nature and geographic distribution of the business are all factors determining the degree to which the Treasury function is centralized. In the case of Peko-Wallsend, the Treasury Department is small, comprising four people. While divisional cash-flow management is largely decentralized, Treasury is responsible for the daily management of funds surplus to the immediate needs of operating units. Treasury also operates as central banker and provides funds to

Jan 1, 1985

By Donald B. Gillies

TO me a graduating class of engineers constitutes one ' of the finest inspirations I can imagine. You have finished your four- year scholastic career and are starting out in competition with thou- sands of other young men from other universities to make your mark. Be- cause of your training you men are such an essential part of our present- day civilization that a great weight of responsibility rests on your shoulders, especially at this time, for this is an engineering era. Today, it is the engineer who dreams the dreams and makes our civilization better. It's the engineer who carries those dreams into realization and fulfillment. No matter where we go in business and industry, we find- engineers in key positions, charged with great responsibilities.

Jan 1, 1939

By G. A. Vissac

O. R. LYONS *—I wish to thank Mr. Vissac for his compliment. I hope that his paper is not only well received, but that it will serve to bring forth more papers on the subject of thermal drying. One of the primary purposes of the work performed by Battelle for Bituminous Coal Research in investigating the thermal drying of coal was to stimulate other investigators and to get them to contribute their knowledge in the form of papers such as this one. We at Battelle and the personnel of Bituminous Coal Research are very gratified that Mr. Vissac and other persons have responded in this matter of the thermal drying of coal. I wish to state that I think that Mr. Vissac's paper is a very clear and easily understood description of a method of calculating the design requirements for a screen type drier, and I think that it would be exceedingly valuable to operators and to those who intend to purchase any type of thermal drier and use it in the future, if the manufacturers or operators who have such information for other types of driers would provide the same type of information for the other makes of driers now on the market. 1 also wish to point out—an idea that is new to me, and I know is new to most of the operators of driers in the United States-—the idea of recovering the heat that is normally lost in the coal and in the exhaust gases. This heat is not being recovered at most (of the thermal drying operations in the United States, and the possibility of recovering it should be called to the attention of every single one of those operators. I know many of them have never given any thought to the matter, but they will be interested once they realize the ease with which it could be done and the savings that could be realized. I also wish to compliment Mr. Vissac for presenting the method of analysis that he uses to determine the difficulty of drying any particular coal. It is a very simple method, and yet it seems to me that it should be a very effective, very efficient method for determining the difficulty of drying for his particular problems. C. Y. HEINER*—I do not know that I can add anything very illuminating to what Mr. Vissac has said. I think anything that Mr. Vissac said in regard to coal drying is a contribution because, to my personal knowledge, he has studied the matter carefully for many years and made many valuable contributions. I am not too familiar with coal drying problems in the east, but I know in the west we have not made enough coal drying studies. I think coal operators too often just take the coal as it is and make more or less the best of it. There are relatively few washing plants in the west now, and so the problem has not come to the front as much as it probably will in the future. In this connection, it seems to me that this matter of drying the raw coal, as Mr. Vissac brings up, is an extremely important one. We have not a continuous miner ourselves, yet, but we expect to get some this year, and we think the percentage of fine coal-—that is, minus 3/16 in.—will double. We have about 20 pct minus 3/16 in. in the 8 in. by 0 size now, and we think we will likely have 40 pct, which will have a surface moisture of the order of 8 pct. To wash it satisfactorily, we will have to dry the raw coal first in order to screen it, and after that, I suppose, there will have to be dry cleaning of some sort. We have not really used dry cleaning on fines in the west yet to my knowledge, but it is a matter that has to be faced by the industry, and I am very hopeful that Mr. Vissac's study will assist us in that connection. W. L. McMORRIS*-In my company we are preparing largely metallurgical coal for a great number of byproduct coke plants. The most outstanding thing to me about the requirements of moisture in the finished product is that there is a different requirement for almost every coke plant. Each operator has a different set of factors on which he establishes his coking costs where they involve moisture. For our corporation operations in Birmingham, my company does not produce the coal, but in Birmingham they are getting away with moistures very much higher than our plant at Clairton, Pa., would tolerate. The moisture that we have to produce for the plants along the lakefront where they are subject to much more severe weather is something else again. We have not tackled heat drying, primarily because our customers do not know what heat drying will do to the coking characteristics of the coal. If the temperature of drying can be held down

Jan 1, 1950