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By E. O. Bennett

When oil is takcn from a subsurface structure it is generally accompanied by gas. The gas thus produced represents the 1ighter hydrocarbons present in the original petroleurn accurnulation, which arc, insoluble at the reduced pressures created around a well when it is producing. In some cases the gas accompanying the oil may come from a gas-bearing stratum not in immediate contact with the oil. The amount of gas from the formation accompanying each barrel of oil is called the natural gas factor. Energy Causing Well to Flow The force causing the flow of fluid into a well when it is drilled into an oil-bearing structure is the pressure differential between the well bore and the formation. A pressure differential between the formation and the well may be set up in three different ways, as follows: (1) pressure due to gas in solution or in contact with the oil, (2) hydrostatic pressure due to water in contact with the oil (it may be either bottom or edge water); (3) pressure difference due to forcc of gravity. The greatest source of energy for producing oil from most oil fields, and the one over which the greatest control can be exerted, is the poten-tial energy in the gas under pressure in the formation. In any pool there is but a definite amount of gas available. Part of this gas may be in solution and a part in contact with oil. The amount of gas in solution in each bard of oil depends on the pressure and temperature in the formation and the characteristics of the oil. Whether the gas is in solution or in contact with the oil it is necessary to use the energy it, contains as efficiently as possible in order to obtain the greatest ultimate recovery from the pool. Bush1 states: Gas being the most efficient aid in moving the oil, it is important to prevent more of it from escaping than is necessary to remove the maximum amount of oil from the sands. The conservation of this energy is far more important to the producer of oil than his returns from sales of gas to distributing companies. The flowing life of the well is the most profitable period, and keeping the gas-oil ratio low, or keeping the

Jan 1, 1928

W. R. Ingalls, since 1905 editor of the Engineering and Mining Journal, retires from that position with the issue of Mar. 22, to open offices in New York City as a consulting engineer. The severing of this connection .will not be complete, however, as Mr. Ingalls will continue as consulting editor, and will handle the metal-market quotations in the Journal which are now the accepted authority for the government settlements of ore importations and the basis of practically all the ore settlements between miners and smelters throughout' the country. No greater compliment can be paid to Mr. Ingalls than this, unless it is the recognized fact that these quotations have been made what they are by his ability and his integrity, which secured for him channels of information vital to the accurate estimating of the market, but denied to anyone else. The Journal, under the. strong hand of Mr. Ingalls, has always been the acme of ethics in technical journalism, and the best wish that can he given to his successor, not yet announced, is that the Journal may long continue to live up to the standards not originated, but so consistently maintained and strengthened by Mr. Ingalls. His spelter statistics are accepted as authoritative wherever the English language is read and zinc ore is mined. He has found time during his very arduous years on the Journal to he the author of several works on the resources and metallurgy of zinc, lead, cadmium, etc.; for 5 years was the editor of Mineral Industry; and was consulting engineer for the Bureau of Mines and joint author of their voluminous and authoritative work on mine safety rules. His retirement from the Journal is a distinct loss to every one of the Journal's readers individually and to the profession as a whole. Universal good wishes go with Mr. Ingalls to his new field, which has for a long time been offering him professional attractions that his confining editorial work has not permitted him to accept.

Jan 4, 1919

By C. A. Hartnagel

In 1939 the production of crude oil in New York totaled 5,105,000 bbl. This marks the third consecutive year production of crude oil has exceeded 5,000,000 bbl. and only once has this total been surpassed—in the year 1882, three years after the discovery of oil in Allegany County, when the annual production was more than 6,000,000 barrels. The most gratifying feature of the industry was the increased demand for lubricants, which resulted in advanced prices for crude. From a price at the beginning of the year of $1.68 per barrel, six advances totaling 82c brought the year's closing to $2.50 per barrel. A further increase in price on Jan. 1, 1940, to $2.75 per barrel places the local industry in a strong position for the year's operations. Most of the oil production of the state is now obtained by water-flooding, and the industry is practically stabilized. No new pools have been discovered in over 25 years, and border drilling indicates little prospect of extending the boundaries of the fields beyond their present limits. Deep drilling to the Oriskany sandstone in and close to the present oil fields hay failed to find oil in substantial amounts. Altogether, the oil pools of New York have produced during the 60 years that they have been exploited approximately 125,000,000 bbl. of oil. Following the flush production of 1882, the annual production gradually dccrcased and the year 1912 marked an all-time low of only 782,000 bbl. In 1919, as a result of flooding operations, a definite upward trend in oil production was recorded. During that year also the production of oil by water-flooding methods as approved by Legislative action. In the 21-yr. period beginning with 1919, oil production in the state ha.: totaled 60,338,000 bbl. Thus it will be seen that by the aid of flooding methods nearly as much oil has been produced in the last 21 yr. as in the preceding 40 yr., although the Iatter period included the flush production in 1882. As there is little hope of extending the area of the present producing oil fields of the state, producers and refiners are concerned regarding the future life of the fields. It is encouraging to observe that earlier esti- Published by permission of Director of New York State Museum, Albany, N. P. Summarized at meeting; manuscript received at the office of the Institute March 20. 1940.

Jan 1, 1940

By C. A. Hartnagel

In 1939 the production of crude oil in New York totaled 5,105,000 bbl. This marks the third consecutive year production of crude oil has exceeded 5,000,000 bbl. and only once has this total been surpassed—in the year 1882, three years after the discovery of oil in Allegany County, when the annual production was more than 6,000,000 barrels. The most gratifying feature of the industry was the increased demand for lubricants, which resulted in advanced prices for crude. From a price at the beginning of the year of $1.68 per barrel, six advances totaling 82c brought the year's closing to $2.50 per barrel. A further increase in price on Jan. 1, 1940, to $2.75 per barrel places the local industry in a strong position for the year's operations. Most of the oil production of the state is now obtained by water-flooding, and the industry is practically stabilized. No new pools have been discovered in over 25 years, and border drilling indicates little prospect of extending the boundaries of the fields beyond their present limits. Deep drilling to the Oriskany sandstone in and close to the present oil fields hay failed to find oil in substantial amounts. Altogether, the oil pools of New York have produced during the 60 years that they have been exploited approximately 125,000,000 bbl. of oil. Following the flush production of 1882, the annual production gradually dccrcased and the year 1912 marked an all-time low of only 782,000 bbl. In 1919, as a result of flooding operations, a definite upward trend in oil production was recorded. During that year also the production of oil by water-flooding methods as approved by Legislative action. In the 21-yr. period beginning with 1919, oil production in the state ha.: totaled 60,338,000 bbl. Thus it will be seen that by the aid of flooding methods nearly as much oil has been produced in the last 21 yr. as in the preceding 40 yr., although the Iatter period included the flush production in 1882. As there is little hope of extending the area of the present producing oil fields of the state, producers and refiners are concerned regarding the future life of the fields. It is encouraging to observe that earlier esti- Published by permission of Director of New York State Museum, Albany, N. P. Summarized at meeting; manuscript received at the office of the Institute March 20. 1940.

Jan 1, 1940

By William O. Hotchkiss

IN COMMON with every other good citizen I long for conditions that will make perpetual peace a reality throughout the world. I have studied the statements of our public men relating to what we must do to bring this about after this war is over. In most of these I find one common error. They always build their plans on the unstated, subconsciously accepted premise that there can be such a thing as an ideal nation whose citizens are possessed of infinite wisdom and actuated only by motives that are above reproach. This heavenly vision fails to correspond with the facts. We wish it could be true but we are forced sadly to admit that the human beings that will live here after this war is over are going to be much like the fallible race that has occupied our planet for the past centuries.

Jan 1, 1943

By Morris M. Fine, Norwood B. Melcher

It is out of the question, at this time, to select any one prereduction process as superior to the others. It is apparent that several share a basic similarity and that within the groups listed in Part 1, the reduction vessel is sometimes the only significant variable. Claims as to the virtues of one machine over another are difficult to substantiate: one may be rapid, another thermally frugal. Based on published data, however, all seem to be performing adequately. It would appear that processes based on carbonized pellets are most applicable to foundry iron at low production rates. Adaptation to large scale manufacture of blast furnace hot metal or to agglomeration of fine concentrates at the mine site is much less likely.

Jan 8, 1966

By R. J. McNally

THERE are three primary plant nutrients—nitrogen, phosphorus, and potassium—expressed in any fertilizer compound as percent N, percent P 2 O 5, and percent K 2 O, in that order. This article will be concerned with the first two. The chief source of P 2 O 5 is phosphate rock. As found in the western states phosphate rock is essentially tricalcium phosphate-calcium fluoride (fluor-patite). As such, it is quite water insoluble.

Jan 1, 1957

IN accordance with a programme arranged by a committee of the Institute, consisting of Mr. William P. Shinn, of St. Louis, chairman, and Mr. Joseph D. Weeks, of Pittsburgh, secretary, the member's of the Institute, with their ladies and invited guests, assembled in Chicago on Sunday morning, August 22d. A special train, provided by the Chicago and Northwestern Railway,. left Chicago on Monday morning at 7.50 o'clock, and conveyed the party to Marquette, arriving at 9 o'clock P.M. Here the steamer Northern Queen, which had been chartered by the committee for the accommodation of the Institute, was in waiting, and the members and ladies at once took up their quarters on the boat. EXCURSIONS IN THE MARQUETTE IRON REGION. Local Committee. EXECUTIVE. -J. C. Morse, chairman; C. Y. Osburn, secretary ; D. F. Wadsworth, treasurer; C. H. Hall, H. Merry. RECEPTION.-S. P. Ely, J. P. Pendill, E. Breitung, W. F. Swift, A. P. Swineford, J. C. Fowle, C. G. Griffey. TRANSPORTATION.-Samuel Schoch, D. Morgan, D. H.. Merritt, J. Pickands. FINANCE.-Peter White, A. W. Maitland, W D. Rees, E. R. Hall. EXCURSIONS.-W. E. Dickinson, H. A. Burt, A.. Kidder, C. E. Wright. REFRESHMENTS.-J. Q. Adams, H. H. Stafford, Joseph Kirkpatrick, D. H. Bacon. On Tuesday the iron mines in the vicinity of Negaunee and Ishpeming were visited, transportation being provided by special trains on the Marquette, Houghton and Ontonagon Railroad. In the morning the McComber, South Jackson, and Jackson mines were inspected, and in the afternoon the Cleveland, New York, Lake Superior, and Barnum mines. Dinner was provided at Negaunee, and gracefully served by, the ladies of the town. In the evening the first session of the Institute was held in the saloon of the steamer. The President, William P. Shinn, of St. Louis, congratulated the Institute on the happy consummation of the wishes of its members to have a meeting on Lake Superior. After tedious and baffling negotiations arrangements had been com-

Jan 1, 1881

By A. W. Ruff

The seismic wave produced by an explosive is very important in blasting. A true understanding of the wave is only important when considering possible structural damage to buildings located near the blast, but it is also of primary importance when considering rock fragmentation. Because of the importance of the seismic wave to fragmentation, a finda-mental study of the seismic wave and its effect was made at the Cananea Consolidated Copper Co.'s mine at Cananea, Sonora, Mexico. Strain gages were used to measure the strain in the rock when nearby explosive charges were detonated. The variance in the circuit voltage caused by changes in the resistance of the strain gage was measured with an oscilloscope and recorded with a Polaroid camera. CONFINED DRILLHOLE CHARGES To record the seismic wave from a confined drillhole explosive charge, a gage was cemented to the bottom of a 4-in diam drillhole. The horizontal gage hole and nine horizontal charge holes were drilled perpendicular to the center line of the 2-39 drift and 4 ft above the floor. The gage hole was 29 in. deep, and the charge holes were drilled so that each bottomed 1 in. deeper than the gage hole. The gage was installed with its axis horizontal and parallel to the 2-39 drift. The charge holes had the following horizontal distances from the gage: hole 3, 3 ft; hole 4, 4 ft; hole 5, 5 ft; hole 9, 9 ft; hole 10, 10 ft; hole 14, 14 ft; and hole 15, 15 ft. Figs. 1 and 2 show the relationships of the gage and the charge holes. Charges of 80 pct special gelatin, which weighed 50, 100, and 150 g were exploded in the charge holes and the seismic waves were recorded. All charges were stemmed with 200 g of mud and detonated with an electric blasting cap. Fig. 3 shows the recorded seismic waves. The reflected components of the waves were too weak to be objectional on these records. Table I shows the data taken from the wave forms. The approximate average velocity of a wave with a 9-ft travel distance was 12,900 fps. Since different charge weights were used, it was necessary to scale the data. The scaled maximum compress ion-strain data and the scaled maximum tens ion-strain data are shown in Figs. 4 and 5, respectively. Figs. 6 and 7 show the strain-distance data from Figs. 4 and 5 converted to a 1-lb charge. The results showed that the wave consisted of an initial compression pulse followed by a tension pulse. The amplitude of the tension pulse approached the amplitude of the compression pulse as the distance between the gage and the shot increased. The decay rate of the seismic wave is very important in the evaluation of the blasting characteristics of a rock. When high-amplitude stresses are produced, as in rock fragmentation, the rate of decay is much more rapid than when small amplitude stresses are produced. In underground mine blasting, the burdens are usually not greater than 6 ft and the decay is very rapid. The rapid seismic-wave decay rate in the fragmentation range means that in practice, if the minimum weight of powder is used to break a specified burden, only a very

Jan 1, 1961

By H. W. Mathews, J. D. Wheeler

AS predicted by Messrs. Fuqua and Thompson, in last year's paper on West Texas1, 1935 saw a marked increase in activity in this area over recent years. Both major and independent operators shared in the increased wildcatting operations, which resulted in the discovery of eight and probably nine new fields in this area. During 1935 there were 700 wells completed as compared with 468 in 1934 and only 236 in 1933. Of these completions 579 were producers with a total 24-hr. potential of over 700,000 bbl. It is estimated that the new fields discovered during 1935 added from 200,000,000 to 400,000,000 bbl. to the known oil reserve in West Texas. In addition to these new fields, many of the older producing areas scored marked extensions during the year. New Fields Goldsmith.—-The Goldsmith field, in west central Ector County, gives promise of being the year's outstanding discovery in this area. The discovery well was completed by the Gulf Production Co. in June at a depth of 4177 ft.; it gaged 275 bbl. of 36° gravity oil in 3 hr. through 85/8-in. casing on its first production test. The field has been extended to the east by wells drilled by Phillips and Pure on their Cowden block. Present indications are that the field may contain 10,000 productive acres, and this, together with the large flush production from only a small penetration into the pay, leads to the belief that Gulf-Goldsmith No. 1 was the outstanding Permian lime discovery of 1935. It is quite probable that production will prove to be continuous to the Landreth-Scarborough No. 1, 33/4 miles to the northwest, which was completed for a small producer late in 1934. Sand Hills (Ordovician).—From the standpoint of creating excitement, the outstanding West Texas test of the year was no doubt Gulf-Waddell No. 1, on the northwest nose of the Sand Hills structure. This test was started late in 1934 as a deep test to the Ordovician. Thc Ordovician was topped above 6000 ft,., considerably higher than expected. Oil shows in the Simpson were passed and the well was drilled down to the

Jan 1, 1936

By J. D. Wheeler, H. W. Mathews

AS predicted by Messrs. Fuqua and Thompson, in last year's paper on West Texas1, 1935 saw a marked increase in activity in this area over recent years. Both major and independent operators shared in the increased wildcatting operations, which resulted in the discovery of eight and probably nine new fields in this area. During 1935 there were 700 wells completed as compared with 468 in 1934 and only 236 in 1933. Of these completions 579 were producers with a total 24-hr. potential of over 700,000 bbl. It is estimated that the new fields discovered during 1935 added from 200,000,000 to 400,000,000 bbl. to the known oil reserve in West Texas. In addition to these new fields, many of the older producing areas scored marked extensions during the year. New Fields Goldsmith.—-The Goldsmith field, in west central Ector County, gives promise of being the year's outstanding discovery in this area. The discovery well was completed by the Gulf Production Co. in June at a depth of 4177 ft.; it gaged 275 bbl. of 36° gravity oil in 3 hr. through 85/8-in. casing on its first production test. The field has been extended to the east by wells drilled by Phillips and Pure on their Cowden block. Present indications are that the field may contain 10,000 productive acres, and this, together with the large flush production from only a small penetration into the pay, leads to the belief that Gulf-Goldsmith No. 1 was the outstanding Permian lime discovery of 1935. It is quite probable that production will prove to be continuous to the Landreth-Scarborough No. 1, 33/4 miles to the northwest, which was completed for a small producer late in 1934. Sand Hills (Ordovician).—From the standpoint of creating excitement, the outstanding West Texas test of the year was no doubt Gulf-Waddell No. 1, on the northwest nose of the Sand Hills structure. This test was started late in 1934 as a deep test to the Ordovician. Thc Ordovician was topped above 6000 ft,., considerably higher than expected. Oil shows in the Simpson were passed and the well was drilled down to the

Jan 1, 1936

By R. E., Head

THE use of lime in flotation has become so general in recent years that its functions are familiar to plant operators. The conditions and phenomena described in this paper are of interest because they are directly associated with the use of lime as a reagent and the resulting formation of lime scale worth nearly $1 per pound for its gold content. It is not known to what extent lime scale is common in flotation plants where lime is used, but as several occurrences have been re- ported, its existence is not limited to one particular plant. In November, 1927, the author's attention was drawn to a lime scale that formed on the sides of Callow flotation cells in the Walker Mining Co. mill at Spring Gar- den, Cal. The scale was described as an accumulation of hard material that built up on the sides of both the rougher and cleaner cells and in some instances attained a thickness of 2 in. The lime scale builds up in the cleaner cell at the rate of about 1/10 in. per month, or slightly more than ?12 in. during six months' operation. The rate of growth in the rougher cells is slower, and about 3/s in. of scale forms in six months. Analyses' of typical lime scale samples are as follows:

Jan 1, 1928

By P. K. Koh

Chi phase (body-centered cubic, a = 8.89A) was found in as-cast 23 pct Cr-10 pct Mo-Fe alloy as well as in heat-treated 316, 316L, 317, and modified 446 stainless steels. Chi phase resembles sigma phase in its metastability, chemical composition, and brittleness. Microstructure and some of physical properties of chi phase were developed. MOLYBDENUM has been established as a desirable alloying element for the enhancement of corrosion resistance in Cr-Ni steels and creep and rupture strength in high temperature alloys. On the debit side, however, the molybdenum addition has been known to stimulate u formation. When the molybdenum-bearing steels were subjected to prolonged heating at elevated temperatures, losses of corrosion resistance and/or ductility have been observed. Andrews1,2 first found the existence of a new phase among the anodic FeC13 extracts from type 316 stainless steel solution treated and then reheated from 800" to 1100°C. This phase was designated x and was identified by diffraction patterns as of body-centered cubic structure with a value equal to 8.89? and similar to that of a manganese. He found that the x phase in this steel always coexisted with s phase, but failed to distinguish one from the other by metallographic technique. No definite conclusion was drawn regarding the equilibrium temperature ranges of these two phases. The appearance of Andrew's work recalled an un- explained structure observed several years ago at the Allegheny Ludlum Research Laboratories during the investigation of an experimental alloy containing 25 pct Cr, 10 pct Mo, and balance Fe. X-ray diffraction patterns on the as-cast material revealed the presence of a body-centered cubic phase having a lattice parameter of 8.89?. The structure was sufficiently similar to that of y chromium that for a time it was thought that the structure might be caused by the presence of some undissolved electrolytic chromium particles. The alloy as-cast was so brittle that it shattered after the slightest hot reduction by hammer cogging. This paper gives the results of some metallographic and X-ray diffraction studies on x phase as found in several experimental alloys as well as a few molybdenum-bearing commercial stainless steels. The analyses of materials studied were as shown in Table I. Experimental Procedure Metallography: Solid specimens were polished mechanically and etched in boiling 50 pct HC1 solution in order to best delineate x and s phases in the alloys studied. X-Ray Diffraction: The difficulty of satisfactorily developing diffraction lines for s phase in solid specimens has been previously reported by Bindari, Koh, and Zmeskal.V or this reason all specimens used in this investigation were subjected to anodic

Jan 1, 1954

By K. Verghese, R. W. Rousseau, R. P. Gardner

A radioactive tracer method and a size-discretized, mass balance model are formulated and demonstrated in a feasibility experiment for the determination of crystal growth rates in MSMPR crystallizers. The system studied is aqueous KN03 with K-42 as the radioactive tracer. The results indicate that the method should prove to be very valuable for this application, particularly when systems exhibiting size-dependent growth rates are of interest. An indicated refinement to the tracer method is the simultaneous use of an additional tracer in the liquid to determine the amount of radioactivity from the liquid that is adsorbed on the samples of filtered crystals.

Jan 1, 1980

By A. F. Beasley

FROM the initial Bunker Hill smelter operations in 1917, to March, 1930, only 50 per cent of the ore production of the Bunker Hill and Sullivan Mining and Concentrating Co. was handled at this plant. Since the date last mentioned, the total mine production has been received. The old lead refinery was equipped with four 105-ton drossing kettles, three 110-ton softening furnaces, four 105-ton desilverizing kettles, three 100-ton refining furnaces, one 150-ton round refined lead-storage furnace, one 75-ton residue furnace and one hand-operated casting wheel. This equipment, with the exception of the residue furnace, could not adequately handle the increased tonnage in addition to the regular supply of custom ore. It became necessary either to install additional furnaces and kettles or to rebuild the entire plant, installing equipment of greater capacity.. The latter course was chosen, partly because of lack of space for additional equipment but mainly because of the more economical operation of larger units.

Jan 1, 1932

By P. Barnes

(Read at the Wilkes-Barre Meeting, May, 1877.) THESE furnaces are of the ordinary Siemens type, and present no special peculiarities of construction. The bed of each is 8 feet by 20 feet clear inside of the walls and ports. The producers are placed at a distance of about 200 feet from the furnaces, and the gas is collected in an iron tube and led across the yard overhead. It then drops underground into the gas flue, and is distributed to the furnaces. A considerable weight of floor-plates over the valve-pits is included in account 39, but none of the general stock of floor-plates for the mill were charged to the furnaces. In Table No. 1 is shown the money cost of the furnaces as distributed to the several accounts named. In Table 2 is shown the proportion of each account due to each of the several items or classes of expenditure named.

Jan 1, 1878

A Page Adam. H. F. and Ruggles! G. H., Results with Xanthate at Inspiration............. 337 Adnic proertiea of....................... 474 Africa; Gold Coast, manganese...........abs.474 191 mining districts......................... 254 Aid, H., biography........................ 154 Air compressors. In flotation................ 45 Air-gas lift: gae-oil ratios relation of......abs. 475 Gulf Coast. mechanical installations... .abs. 475 Seminole field........................abs. 476 Air-sand process. cleaning coal............abs. 89 Alabema, Birmingham district. drainage. . abs. 86 " Alclad." aluminum alloy................. 395 Alexander. W. Homer. biomaphy .......... 37 Allen. Andrews. Preparing Coal after Mechanical Loaders......:....T................. 181 Allison. F. H., Comparison of the Effect of Nickel and Cobalt in Steel.............aha. 151 Alloys: See Metals named. Aluminum: heat treatment...............abs. 444 machining...........................abs. 443 Norway............................... *465 Aluminum alloys: " Alclad "................ 395 application of........................abs. 443 deformation..........................abs. 150 Aluminum Bronze Manufacturers Institute. organized.............................. 188 "Alumnum. The Metal and Its Alloys." B.R. 42 Aluminum-iron-silicon alloys, equilibrium relations.............................aba. 444 Aluminum-manganese alloys, equilibrium relations in..........................aba. 87 Aluminum-silicon alloys. heat treatment. .abs. 398 American Association of Petroleum Geologists. annual meeting................... 81 American engineers. war memorial.......... 499 American Institute of Mining and Metallurgical Engineers: Committees: Douglas. James, medal...... 324 Geophysical Prospecting............. E. 204 Mining Medal........................ 324 Nominating: Election................. 235 report............................. 479 Constitution. votes for.................E. 494 Constitution and By-laws. draft of....... 374 Directors: Minutes of meeting.....110. 235. 323 publications.......................... 523 Directors adopt badge................... 324 Dues. increasing........................ 111 Dues are Due.......................... 236 Institute of Metals Division: annual lecture............................ 187 data sheets.......................... 187 Detroit meeting, (September). . .307. 353, 440 lecturer C. H. Desch................. 15 Local Section Committee. members..... 187 New York meeting (February)......... 115 Research Committee.................. 187 research problems..................... 6 Local Sections: Arizona............................. 365 Boston, meetings................40, 197. 486 Page American Institute of Mining and Metallurgical Engineers—Continued Chicago, meetings...40, 94, 156, 196,240,417 Chicago and St. Louis, joint meeting, Danville....................... 486, 527 Colorado, annual meeting.............. 285 Columbia, meetings 39, 93, 156, 196, 238, 286, 327, 365, 486, 527 El Paso, organized.................... 238 Fort Worth, organization meeting...... 485 Joplin-Miami Zinc, meeting.......... 286 Lehigh Valley: annual meeting......... 197 meetings...................... 239, 527 Los Angeles, meeting.................. 285 Mid-Continent, meeting............... 156 Minnesota, annual meeting............ 326 Montana, meeting.................... 40 New York, meetings................240, 284 North Pacific: meetings.... 39, 157, 197, 527 Fieldner, A. C, speaker............. 486 resolution.......................... 439 Oregon, officers....................... 196 Pittsburgh: meetings........... 156, 327, 526 mine transportation conference....... 485 St. Louis and Chicago, joint meeting, Danville........................... 486 San Francisco, meetings............... 92, 197, 239, 285, 439, 486, 527 Southern California, meetings 40, 157,197,283 Upper Peninsula, meeting.............. 486 Utah, meetings..........40, 93, 156, 239, 365 Washington, D. C, meetings 40, 93, 365, 528 Medals: Douglas, James................34, *84 Fritz, John, award, 1928.............. 480 Johnson, J. E., awarded T. L. Joseph... 83 Saunders, William Lawrence........... 34 meetings: Cleveland, April, 1927.......166, 207 Detroit, Sept., 1927............307, 353, 440 Fort Worth, Oct., 1927.........307, 353, 471 • future............................. E. 102 Knoxville, Nov., 1927.............. 480, 500 New York, Feb., 1927, announcements, programs, etc.................33, 50, *106 Salt Lake City, Aug...............306, *422 Members and jobs...................... 477 Membership, benefits.................8, E. 2 Officers and directors.................... *122 Open-hearth Conference................. 282 Petroleum Division: activities............ 186 annual meeting...................... . Fort Worth meeting............307. 353 471 luncheon............................ 91 New York Petroleum Club, officers..... 110 nominations........................23. 519 officers.............................. 117 President's trip. May.................281. 398 Publications: Directors discuss............ 523 Institute of Metals Division Volume... . 178 Petroleum Volume.................... 192 Technical Publications...........E. 294 323 Transactions. Vol. LXXIV. LXXV....00. 524 Review of the year.........:........... ...E. 104 Stockholders. report to..............E. 49

Jan 1, 1927

By James H. Boettcher

INTRODUCTION A complex interaction of worldwide economic and political forces is increasingly requiring 3 primary participants for the successful development of large natural resource projects in developing countries. They are the host government of the developing country (the "host government"), one or a consortium of international natural resource companies, (the "Resource Company") and one, or more likely, a syndicate of international lenders. The host government typically controls the rights to its country's natural resources and establishes the economic ground rules for their development. However, because of worldwide inflation and the depletion of easily accessible, high-grade resources, the nominal and real capital development and operating costs of projects have been spiraling. Moreover, the depletion of high-grade and mineralogically uncomplicated resources also raises the technical and operating risks associated with resource recovery. Thus, despite increasing political self-consciousness and economic nationalism in developing countries, international resource companies are still often necessary project sponsors since they can provide, among other things, the required technical and management expertise and equity capital. The presence of these factors, and often the addition of worldwide market access in a project, is often critical in determining whether or not the project will be considered creditworthy by international commercial lenders. The international commercial lender is often the critical third party in project development, due in a large part to the ever escalating-costs of project developments relative to the financial resources of many companies and even a growing number of countries. In addition, lenders have other reasons for taking more than a passive interest in all aspects of a project's development. These reasons include the following: 1. Projects are often financially structured such that the primary security for a loan, once completion and performance standards are met, is the cashflow of the project rather than recourse to its sponsors. 2. Lenders, in addition to the "project risk" just described, are frequently asked to assume various elements of "political" risk which nay put them in a sensitive economic position between the host government and international resource firms (This is discussed later). 3. International banks today have large loan portfolios of developing country debt with final maturities ranging from one to fifteen years. The various current projects undertaken are the building blocks of most developing country economies that will hopefully contribute to the long run economic development of a country as well as generate the foreign exchange necessary to repay foreign loans in the future. In this regard it is useful for lenders to realize whether a given project "makes sense" in terms of a country's natural resource endowments and competitive advantages over other countries. The type of framework discussed in this article would help lenders to better make such assessments. In order to facilitate the continued international flow of capital and technology to developing countries and of readily available supplies of raw materials from them, it is important for each of these three parties to increase its awareness of the goals and objectives of the other parties as well as the bargaining process that results in the legal, financial, credit and fiscal structures by which a joint venture project ultimately proceeds. Each of the parties faces increasingly complicated accept/reject decisions when they are faced with difficult choices among. a wide range of alternative structural combinations each of which has different implications for risk and reward to them. Therefore, by increasing the mutual, 3-way awareness of the decision processes of the other parties, it should be possible to: • provide better information and results in the formation of more rational expectations by all parties going into negotiations, • facilitate the project formulation process by allowing parties to focus more clearly on the areas of common interest and conflict, • result more frequently in final structures and agreements that better reflect the economic and political realities associated with a project and thus • result in more creative, innovative agreements that should reduce the need for changes to them and thus promote the kind of long run political stability conducive to attracting capital and further investment.

Jan 1, 1982

By Eugene S. Perry

The oil and gas industries in Montana continued through the year of 1937 with but little change. No new fields were discovered, and production of old fields did not vary greatly. No outstanding wildcat wells were drilled. Perhaps most notable were extensions in the western part of the Kevin-Sunburst field. Acid treatment of wells in the Kevin and Pondera fields continued with gratifying results.

Jan 1, 1938

By J. S. Vanick

An extremely hard, tough, and strong, white or chilled cast iron has been applied for the past several years to industrial and mining services in which its unusual properties have been confirmed by its ability to deliver in many instances much better performance than plain chilled iron, or other wear-resistant materials. It is being produced regularly by alloying a good base composition of chilled or white cast iron with essentially 4 to 6 per cent of nickel and 1 to 2.5 per cent of chromium. Such a material can attain a hardness exceeding 600 to 750 Brinell as against 380 to 530 for corresponding grades of plain chilled iron. The strength is approximately doubled and the toughness significantly increased. These properties make it especially useful for many applications requiring a high hardness for resistance to wear, abrasion, attrition, deformation; to some extent to high compressive loading and to a lesser but important degree to corrosive action. A wide variety of commercial castings is being successfully produced from this iron, ranging in size from the small grain-grinding plates or burrs through medium-sized castings such as sand pumps up to large, heavy castings such as rolls for metal rolling or cement grinding. The composition of this white cast iron may be roughly bracketed within the range shown in Table 1.

Jan 1, 1933