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By R. O. Williams

A study utilizing neutron diffraction, electrical resistance, and chemical extraction has been carried out to clarify the chromium-rich part of the miscibility gap previously proposed for this system. This gap appears to be more symmetrical than previously supposed and is very flat. This flatness is believed to be the result of a cooperative phenomenon perhaps of magnetic origin; in particular, it is believed that the chromium-rich phase is antiferromagnetic. The presence of antiferromagnetism is believed to result in an additional strengthening mechanism very sinzilar to that for ordered precipitates. Likewise, it is proposed that the quenched alloys which are known to be ferromagnetic have antiferromagnetic regions which accounts for the maximum in hardness around 75 pct Cr. It is also believed that the existence of antiferromagnetism in other alloys of transition elements might explain some of their anomolous characteristics. THE iron-chromium phase diagram at low temper atures has recently been constructed as shown in Fig. 1(a)1 based upon that work and the work of Fisher, et al2 This system exhibits a number of extraordinary features but perhaps the most striking is the odd shape of the miscibility gap (in the

Jan 1, 1959

By W. E. Foreman, James A. Redding

INTRODUCTION Screening is a mechanical process that separates particles by size. Modern coal preparation is made possible by efficient sizing. Sizing of coal is defined in terms of the opening through which an individual particle will or will not pass, or as two openings, the larger of which passes the particle and the smaller of which retains the particle. Screening accomplishes sizing by passing coal of a wide range of sizes through a series of screens, each of a decreasing size. The individual screen discharges are then directed into different screen products for subsequent sale or processing. Screening in modern preparation plants is done for the following reasons: 1 ) Removal of fine coal before a size reduction step. 2) Size separation of the coal into a coarse and fine fraction for sized products or processing in coarse and fine coal circuits. 3) Recovery of heavy media from heavy media coal cleaning circuits. 4) Dewatering. 5) Rock and trash removal by handpicking on a screen. Fig. 8-1 is a generalized flowsheet of a plant showing the use of screens in the coal preparation process. Table 8-1 shows the vibrating screen equipment utilized in Fig. 8-1

Jan 1, 1979

By L. D. Hall, S. J. Rothman

The diffusion of lead and of trace amounts of bismuth in liquid lead have been investigated by the capillary method, using ROD and ROE as tracers. The results are compared with existing theories of diffusion in liquids, the agreement with theory being fair. The heat of activation for self-diffusion in lead is found experimentally to be close to the corresponding activation energy obtained from viscosity data. The pioneer data of Groh and von Hevesi for the self-diffusion of liquid lead, using ThB as a tracer, fit in with the present results. OMPARED with the volume of effort expended on solid state diffusion, there has been little attention paid to diffusion in liquid metals. A review of experimental work in this field, covering most of the studies up to 1951, was given by Jost.' More recent papers include those by Hoffman2 on self-diffusion in mercury, Morgan and Kitchener" and Stark, Shchilishchev, and Kazachkev4 on the diffusion of various elements in liquid iron, and Grace and Derge on the diffusion of bismuth in bismuth-lead alloys. The need for more experimental data to aid in the evaluation of existing theories prompted the

Jan 1, 1957

By Duane H. Haley

The century we live in has been an eventful time for the Third World, particularly the country of Peru. Although it will take one or two generations more to see its end and fully evaluate its scope, it is already clear that during the twentieth century, Peru has entered a dynamic industrial, economic, social, and political revolution. This century has seen the end of old governments, and the introduction of reforms which radically change complex traditional patterns. It also has marked the beginning of an era in which the government has elected to undertake, as a national effort, most of the future economic growth of Peru. For the most part, large multinational mining companies, which have helped to discover and put into operation large mineral and ore deposits in Peru, have been sympathetic toward this philosophy. Most big foreign companies, in addition to capital, brought with them to Peru an efficient technology, modern management, and an effective organization for the further processing, sales, and distribution of refined commodities. Nationalization of all basic resources, including mining, is the, trend-not, it is hoped, to the detriment of established technology and production.

Jan 1, 1974

By D. H. Newland

During the year 1907 an investigation of the Clinton formation in New York has been carried out under the direction of the State Geologist, and a full account of the results has been prepared for publication.' The more important economic features of the report are summarized in the present paper. Previous knowledge of this, the type, section of the Clinton has been contributed mostly by Hall and Vanuxem in their reports for the Natural History Survey of New York, which were issued in their final form in 1842-43. Brief accounts of the ore-occurrences have been given by 13. T. Putnam? J. C. Smock: A. H. Chester: and E. C. Eckel.5 Prof. C. H. Smyth, Jr.,6 has discussed the origin of the Clinton ores in two papers, which, so far as the local occurrences are concerned, have removed all doubt that may have existed on that subject. Distribution of the Clinton Formation. The Clinton strata in New York State are restricted to a single belt, which extends from the eastern central part to the Niagara river, which it crosses, and thence continues for some distance into the province of Ontario. The New York

Jan 1, 1910

By J. L. Bruce, N. B. Braly, F. A. Linforth, Wm. B. Daly, Paul A. Gow, C. L. Berrien, R. H. Sales, P. F. Beaudin, John Gillie, G. W. Roddewig

Butte mining district is situated in Silver Bow County, in the southwestern part of Montana. Butte originated as a placer mining camp, gold having been discovered in 1864, on Silver Bow Creek, near the southerly end of what is now Main Street. The Butte placer gold was heavily alloyed with silver, and only commanded $13 an ounce. Placer mining was vigorously prosecuted along Silver Bow Creek and its tributary gulches for about 5 years, at the end of which time, in 1870, the Butte camp was practically deserted. In the meantime, the quartz veins prominently traceable over the hillsides were located, the first location, July 12, 1864, being made by the Missoula Mining Co. and called the Missoula Lode Claim, and later relocated by G. 0. Humphreys. Reasoning from the presence of the gold placers, free milling gold and silver ores were eagerly looked for by the early prospectors. Claims covering the great Rainbow and other silver lodes were located in the 60's. The presence of valuable silver ores in these veins caused the staking of many claims, believed to be valuable only for silver, but which later, at depth, proved to be enormous copper producers.

Jan 1, 1925

By R. Hoffmann

THE Waelz process produces oxides of volatilizable metals from ores, metalliferous products and residues. The process was originally used for recovering zinc and lead, where tailings and residues containing those metals had accumulated at mines or smelters, but it is applicable for obtaining tin, arsenic or other volatilizable metals. It is useful when other methods of obtaining the metals from the ores or residues are too difficult or expensive or show too low a recovery. FIG. 1.-DAILY CAPACITY OF WAELZ PLANTS RUNNING OR BEING ERECTED. The Waelz process was developed in 1923 for the treatment of large calamine dumps in Upper-Silesia, which showed zinc contents of 8 to 10 per cent. and lead contents up to 3 per cent. The rapid development of the process, from the first trials up to the plants now working or in course of erection, is shown in Fig. 1. -The first industrial Waelz plant was started in 1925. Within two years the capacity of the working plants reached 700 tons material per day of 24 hr. During the year 1928 the daily capacity of the plants now at work or in course of erection will rise

Jan 1, 1928

Mining as an industry of Utah had its inception in the activities of United States soldiers who came to the Salt Lake valley under the command of Gen. P. E. Connor, founder of Fort Douglas, in October, 1862. Many of these soldiers were from California and naturally employed their spare time in the search for minerals. Although their military status did not permit them to make locations in their own names, they assiduously prospected the region in accordance with their own knowledge and with in- formation conveyed to them by Indians and others. Their efforts were encouraged by their commander, who thereby fairly earned the title of father of the industry here, and by their other officers, and many discoveries that subsequently proved of great value were made by the soldiers. No systematic prospecting or mining had been done in the Territory previously although early Mormon settlers in the southern portion had mined a little ore from time to time in order to provide supplies of lead for bullets. The Mormon leaders at that time did not encourage mining. They held that agriculture was more important and profitable for their followers.

Jan 1, 1925

By Herbert Clark Hoover, Lou Henry Hoover

DIFFERENT methods of parting gold from silver, and, on the other hand, silver from gold, were discussed in the last book; also the separation of copper from the latter and further, of lead from gold as well as from silver ; and, lastly, the methods for refining the two precious metals. Now I will speak of the methods by which silver must be separated from copper, and likewise from iron.1 The officina, or the building necessary for the purposes and use of those who separate silver from copper, is constructed in this manner. First, four long walls are built, of which the first, which is parallel with the bank of a stream, and the second, are both two hundred and sixty-four feet long. The second, however, stops at one hundred and fifty-one feet, and after, as it were, a break for a length of twenty-four feet, it continues again until it is of a length equal to the first wall. The third wall is one hundred and twenty feet long, starting at a point opposite the sixty-seventh foot of the other walls, and reaching to their one hundred and eighty-sixth foot.

Jan 1, 1950

By Earle Schumacher

THE solidus line above the solid solution field in the lead-antimony system was originally determined by Dean and his associates1 from heating curves. They did not regard this line as having been accurately fixed and in their more recent publications2 the curves drawn do not follow closely the original data. The precise location of the solidus line is of importance in the extrusion of lead-antimony cable sheath, as the temperature of the metal in this process must be less than the lowest temperature at which any part of the alloy in the lead-press charge becomes liquid. It is very desirable, however, to operate at as high a temperature as possible, as the rate of extrusion for a given pressure is approximately doubled for an increase of 10° C. in temperature. The precise location of this line is also important, in the investigation of ternary systems of lead, antimony and a third metal. For these reasons, and because of the differences reported in the literature, data were secured on the lead-antimony solidus line by the classical quenching-test procedure.

Jan 1, 1927

By Fred H. Brooks

INTRODUCTION The toughest job for any mining company, large or small, is to locate and identify a property which it feels has the potential for development and which can be tied up through location, lease or option under terms within their means. In the case of a small company, this precludes grass-roots exploration with its attendant high costs and the extended time required to develop a prospect to the point of being a project. The small mining company, therefore must limit its search to known properties which, for various reasons, have been shut down or were never thoroughly developed at the time of discovery. These types of prospects are located either through literature search, familiarity with many mining areas in general, or through contacts and submittals from a variety of sources. In order to develop a marketable presentation to any investor, the basic requirements are the same: - the property must demonstrate the potential to provide a satisfactory return on investment - the evaluation study must be thorough and professionally developed. In order to promote any mining property, it is first necessary to know what you have. INFORMATION DEVELOPMENT We normally begin with a detailed literature search of the district, assembling all available data on the basic geology, production records, and old reports of this or neighboring properties and any other information which can be found. This will aid in the general understanding of the basic geology and hopefully allow a fairly detailed knowledge of the specific occurrence. With this information one can begin to speculate on the reserve potential and develop some high and low figures for estimating purposes as to mining method, production rate, metallurgy and begin developing estimated capital and operating costs. Cashflow runs are developed for varying tonnages (high and low), estimated high and low grades of metal and at differing market prices for the product. FINANCE CONTACTS Brooks Minerals, from its inception, has been an operating company and we have been able to assemble a small but experienced operating staff. For this reason we try to put together projects and joint ventures where we can be the operator and maintain a certain degree of control. Whether due to familiarity with many colleagues in the mining industry or due to unfamiliarity with the banking houses and securities markets, the approach to raising finance has generally been to contact the established mining companies. This requires a familiarity with the corporate philosophies of these companies with respect to their development goals and financial capabilities. A common mistake is to shotgun the proposal to many companies of different sizes and goals in hopes that one might be interested. It is more beneficial, when possible, to tailor a proposal to each company, stressing the positive points where the specific proposal best meets their interests. One company may be more interested in a development program with fairly certain and conservative return potential. The property may well contain both possibilities but a lack of understanding of the individual company's method of operation could spoil the deal. In another instance, one company may look at a property as a moderate income producer over an extended life, yet a second may elect to high-grade the deposit over a shorter period in order to provide early cash flow or take advantage of a favorable market situation. MAKING THE DEAL There are as many types of deals as there

Jan 1, 1985

By Basil B. Zavoico

The symposium on production for the year 1942 contains no papers on the foreign situation except those on Argentina and Mexico. It has always been the policy of officers in charge of the symposium to refrain from publishing information that might possibly injure national or private interests. At the close of the war we hope again to publish full and accurate records of production abroad. Excerpts From Circular to Authors In order to facilitate interpretation of the data in this chapter, we print the following excerpts from the Circular to Authors. The field is the unit in this tabulation. In cases of fields extending across State boundaries, such as Rodessa, it is suggested that each State author treat the section of the field in his State as a unit, and by a footnote indicate that the field extends into an adjacent State. Each space in Table I may represent one of four possibilities; either it is not applicable to the particular field, or the proper entry is not determinable, or the proper entry may be determinable but is not determinable from data available to the author, or the proper entry is determinable. When spaces are not applicable, leave blank; in spaces where the proper entries are determinable but not determinable from data available to the author, please insert y; in spaces where the proper entries are determinable by the author, make such entries. y implies a Rope that in some future year a definite figure will be available. The entry of a zero is a positive declaration, and it is an important declaration where it is in order. Inability to determine precisely the correct entry for a particular space should not lead the author to insert merely y. Contributions of great value may be made by the author in many cases where entries are not subject to precise determination. In such cases the author should use his good judgment and make the best entry possible under the circumstances. For many spaces the correct entries represent the opinion of the author (for example, "Area Proved") and in such cases the entry need not be hedged to such extent as when the quantities are definite yet can be ascertained only approximately by the author. In cases under definite headings but where figures are only approximate, the author may use x. It is thought that the nearest whole numbers are sufficiently accurate for our purposes except as to percentage of sulphur in oil. If an author desires to report any other figures to tenths, he may do so. The quantity of gas produced should include, where possible, gas sold or otherwise marketed, and gas blown into the air, burned as flares or otherwise wasted. Segregation of these figures would be interesting if the authors can make such segregation. In any event, the figures should represent as nearly as possible the total quantity of gas removed from the reservoir. Under the columns on "Depth," the average depth to the top of the productive zones and to the bottom of the productive wells, when subtracted, should give the approximate thickness of the productive zone. For fields where this is not true because of unusually high dip or for some other reasons, it is suggested that the authors indicate in their text the approximate average thickness of the productive zone.

Jan 1, 1943

The Goodman Mfg. Co., Chicago, builders of underground electric mining machinery, celebrated its 50th Anniversary on April 23rd. The company has a complete line of cutting machines, loaders, conveyors, locomotives, and shuttle cars for service in both coal and metal mines. The Joy Mfg. Co. has received, under the provisions of the Economic Cooperation Administration, an initial order in excess of $1,000,000 for equipment to be used in the mechanization of iron ore mines in France. While the equipment will be used in various privately owned mines, the order was placed through the French Society for the Development of Mechanical Mining. Included in the equipment are the company's recently developed hard rock loaders and shuttle cars. American Brake Shoe Co. has consolidated all operations of its Canadian subsidiaries into one corporation, the Dominion Brake Shoe Co. Ltd., Montreal, Canada. The products of Dominion Brake Shoe include brake shoes, track equipment, manganese steel castings, automotive brake lining, air compressors, and paint spray equipment. Exhibits of more than 2000 electrical products, processes, and techniques, ranging from precise aircraft instruments to complex working models of steel mill, textile and other industry equipment, will be displayed in the "More Power To America Special" when it makes its nationwide tour this spring. C. H. Lang, Vice-President in charge of sales for General Electric's apparatus department, said that the train will visit the country's key industrial centers for inspection by utility and industrial executives and municipal leaders. The train will be hauled by an Alco¬G-E two-unit, 4000-hp., Diesel-electric locomotive which in itself will be part of the unusual series of displays. Sizing of Excavators and Hauling Equipment. The Power Crane and Shovel Association has released a 24-page bulletin dealing with the proper sizing of excavators and hauling equipment, Technical Bulletin No. 3. Rubber Conveyor Belting. "Installation, Care and Maintenance of Rubber Conveyor Belting" is the title of a booklet just published by the Carlyle Rubber Co., New York. Power Transformers. The manufacturing procedure of Allis-Chalmers small power transformers is described in a new 28-page bulletin, 61B6094A, covering the core and coil unit, no-load tap changer, tank construction, cooling methods, oil preserving systems, bushings, terminal compartments, indicators and testing of transformers. Safety Equipment. General Scientific Equipment Co., Philadelphia, has released a 46-page, fully illustrated catalog on personal protective equipment and industrial safety devices. This new catalog covers respiratory devices, eye protection, hats, gloves, carboy pumps, drum pumps, and miscellaneous safety equipment for use in mines, industries, etc. Osmosalts. The Osmose Wood Preserving Co., Buffalo, N. Y., has issued a bulletin on Osmosalts, the wood preservative which, say the manufacturers, makes timber last three to five times longer, slashes maintenace costs, stops rot, and resists wood-destroying insects. Jigs. The Dorr Co. has acquired the Pan American jigs and they are now known as the Dorrco-Pan American jigs. Originally developed as a gold-saving device for dredges, the simplicity, ease of operation. efficiency, and negligible maintenance of these jigs have resulted in wide adoption on all types of placer operations, in the closed grinding circuits of gold mills, and on many applications where a coarse bed concentrate is separated from the ore gangue.

Jan 5, 1950

INTRODUCTION Trade financing is a particularly important component of short-term financing for a minerals company since errors, extra costs, or payment delays/defaults can easily wipe out the profit margin on a particular shipment or can cause problems when arranging purchases of e.g. reagents. It is required to make any minerals operation function and does not have to be cross-border to require proper management. Sources of working capital are as follows: 1. Extended credit terms from suppliers 2. Inventory loans from banks, finance companies 3. Accounts receivable financing or factoring 4. Credit lines or overdraft facilities from banks. TRADE CREDITS These are provided under the familiar terms "net 10 days" or payment due by the "10th day of the following month." Thirty days for payment is usual but longer periods can be negotiated with regular suppliers. Shipment may be made on open account with specified periods for settlement. In the mining industry, a custom smelter gains trade credit by paying for concentrates three months after the month of shipment. INVENTORY LOANS Various forms of inventory finance are provided via "floor-plan" or warehouse financing. A set percentage, usually 60%-80%, of a good-quality, readily saleable inventory item (e.g. bullion, concentrates, ingots) will be provided by a bank or finance company which will usually have security over these products and has a right to inspect the goods from time to time. Legal security will he achieved by warehouse receipts, floating liens, chattel mortgages, trust receipts, or through collateral management service companies. The latter certify control over stock or distribution outlets and often carry insurance against fraud. Costs range around 1.5% - 2.0% p.a. or more plus some fees to cover out-of-pockets or other costs. ACCOUNTS RECEIVABLES Accounts receivable financing is based on the company's generation of satisfactory receivables which are continuously assigned to a bank or finance company ("factoring"). Because of the risks in being able to collect receivables, such as payments to a smelter for its blister copper shipments to a refinery, this form of financing costs as much as 3% - 5% of the debt amount purchased plus an additional charge for processing paperwork. Receivables can be purchased with or without recourse and on a notification or non-notification basis to the client's customer to, respectively, pay the invoice directly to the bank or not. LETTERS OF CREDIT Letters of Credit ("L/C's") are a common feature of international trade finance whereby a bank, at the request of the buyer, issues a written undertaking to an exporter to pay a specified sum of money within a set time on presentation of previously specified documents. This undertaking means that the exporter is no longer relying on the credit standing and integrity of the foreign importer. A dispute about shipment does not otherwise affect the obligation to pay upon presentation of a "clean" set of documents. These documents include the hill of lading and other documentation, often on standard "form" bases. There are a number of conventions and techniques in L/C's such as irrevocable/revocable L/C's, time L/C's, confirmation/advising L/C's and transferable L/C's. These are tools to adjust for the varying risks that the importer will not pay. Other routes where one is comfortable with an importer include documentary sight hills (D/P hill), documentary term bills (D/A bill), and, of course, open account.

Jan 1, 1985

By S. F. Ravitz, S. R. Zimmerley

High-grade cobalt concentrates were produced from the complex Blackbird ore with very good recovery in continuous pilot-plant operations in which a low-grade bulk cobaltite-pyrite flotation concentrate was roasted in a multiple-hearth furnace to oxidize the pyrite selectively. The cobaltite was floated from the resulting calcine. THE existence of the cobalt-copper deposits in the Blackbird district, Lemhi County, Idaho, has been known for many years. However, these deposits have not yet been exploited successfully because of the low grade of the ore, absence of information on ore reserves, and lack of feasible methods for concentrating and recovering cobalt from the ore. In 1941, when it appeared that World War II might interfere seriously with imports of cobalt from overseas, the U. S. Bureau of Mines started an extensive mining and metallurgical investigation of the Blackbird deposits. Exploration by trenching and drilling1 indicated that ore reserves were adequate to warrant consideration of large-scale exploitation. A process for producing high-grade cobalt concentrates from the ore was developed at the Salt Lake City Station of the Bureau,2 and hydrometallurgical procedures for producing cobalt metal or oxide from the concentrates were developed at the Boulder City Station.3 The Howe Sound Co., through a subsidiary, the Calera Mining Co., carried out further exploratory work, which increased probable ore reserves to a tonnage commensurate with a large investment in mine, mill, transportation facilities, and refinery. Simultaneously, the metallurgical staff of the company, working in cooperation with the Bureau of Mines, further investigated the metallurgical problems. It was the opinion of both groups that pilot-plant testing was required to translate laboratory results into plant operation. In general, the Blackbird ore has a high content of pyrite and some pyrrhotite and contains 0.5 to 1 pet cobalt and 1 to 2 pet copper, which are present essentially as cobaltite and chalcopyrite. The copper can be recovered readily as a high-grade concentrate by selective notation. The cobalt then can be recovered as a bulk sulphide concentrate assaying 4 to 5 pct cobalt, but no satisfactory procedure for separating the cobalt from the pyrite and pyrrhotite directly by flotation had been found. The method developed by the Bureau for producing a high-grade cobalt concentrate is essentially an application of the old Horwood process of selective roasting.4 The bulk sulphide concentrate is roasted to form an oxide coating on the iron mineral particles, and the calcine is then treated by flotation. The oxide coating prevents the iron minerals from floating so that it is possible to obtain a high recovery of cobalt in concentrates assaying more than 20 pct cobalt. Laboratory tests by metallurgists of both the Bureau and the Howe Sound Co. had indicated the optimum roasting temperature to be 425° to 450°C. At lower temperatures the rate of oxidation of the iron minerals is too low, whereas at higher temperatures substantial quantities of cobalt are rendered water-soluble. Because of its high sulphur content (35 to 40 pct), the bulk concentrate tends to continue to burn after it has reached the optimum roasting temperature. Although excessive temperatures could be avoided in the small-scale laboratory furnaces, there was considerable doubt that the temperature could be controlled properly in industrial equipment. To provide material for the pilot-plant tests, the Calera Mining Co. installed a small, temporary flotation mill at the Blackbird property and treated

Jan 1, 1951

By John J. McCabe

INTRODUCTION Over the years, Congress has written into the Internal Revenue Code various provisions aimed at lessening at least one financial burden faced by taxpayers in the mining industry - the federal income tax burden. These provisions include the election to deduct exploration expenses, the election to defer deduction of development expenses, and the percentage depletion deduction. Careful tax planning from the very beginning of a mining venture is essential in taking maximum advantage of these tax benefits. A major decision to be made is the choice of organizational structure. (For a more detailed discussion of this subject, see McCabe, John J., "Developing Structures for Investments in Mineral Property," New York University Institute on Federal Taxation, 42 NYU 24, 1984). One such structure is the use of multiple corporations, with mining activities conducted by one corporation and nonmining activities, such as manufacturing, financing and administration, conducted by the other corporation. This technique, which will be discussed in detail below, can be particularly advantageous in delaying recapture of previously deducted exploration expenses and in maximizing depletion deductions. TAX BENEFITS IN MINING Exploration Subject to certain restrictions discussed below, exploration expenditures (i.e., expenditures paid or incurred during the taxable year for the purpose of ascertaining the existence, location, extent, or quality of any deposit of ore or other mineral, and paid or incurred before the beginning of the development state of the mine are deductible at the election of the taxpayer (Section 617(a)).* Were it not for this option, exploration expenditures would be required to be capitalized and recovered through depletion, after production begins. Exploration of a mineral deposit can be very costly and may not result in commercial production for some time. If the taxpayer has income to he offset by the deductions, a mining venture can usually be structured in such a way as to allow the offset of mining losses against the other income. With today's high interest rates, this election can be quite valuable in present value terms. Corporate and noncorporate taxpayers are subject to different restrictions on this tax benefit. Corporations may elect to deduct only 85 percent of eligible exploration expenditures (Section 291(b)). (The Tax Reform Act of 1984 reduced this to 80 percent effective for expenditures after December 31, 1984, in taxable years ending after such date). The remaining 15 percent (20 percent after December 31, 1984) is capitalized and recovered at the same rate as five-year ACRS property (Section 291(b)). Individual taxpayers are not subject to this 85 percent rule; however, any amount deducted in excess of ten-year straightline amortization is a tax preference item for individuals (Section 57(a)(5)). Individuals may avoid the tax preference by electing to capitalize exploration expenditures and amortize them over ten years (Section 58(i)). In order to prevent the taxpayer from, in effect, converting ordinary income into capital gain by selling property that has given rise to exploration expense deductions, the Code requires recapture of such deductions upon the occurrence of certain events (Section 617): 1. Upon disposition of the property, adjusted exploration expenditures are recaptured to the extent of gain realized on the disposition (Section 617(d)). 2. If the property is leased, the lessor is disallowed any depletion deduction until his adjusted exploration expenditures have been recaptured in the form of foregone depletion deductions (Section 617(c)).

Jan 1, 1985

The work of the Committee on Industrial Preparedness* is well summed up in the following letter written by Thomas A. Edison, Chair-man of the Naval Consulting Board, after President Wilson and signed the army appropriation and army reorganization bills: "The Committee on Industrial Preparedness of the Naval Consulting Board, of which committee Howard E. Coffin is chairman, after a five months' campaign in many ways unique in vigor and vision has played a very definite part in the measures for the national defense which have just become law. It is responsible for having laid the foundation for a true industrial preparedness in this nation. "Five months ago the committee, wholly non-partisan in make-up, acting with the civil, mechanical, mining and electrical engineers and the chemists of the country, members of five great scientific bodies, began its work in' every nook and cranny of the land. The purpose was to prepare American industry efficiently to support the armed forces of America in the event of war. "The public, the business men and the legislators at Washington knew little regarding the demands on industry in connection with modern war. No department at Washington was charged with the duty of coordinating the needs of the army and navy with transportation, industry, and kindred functions. The purchasing, quartermaster's and ordnance departments of the army and navy were unable to buy military supplies except by competitive offering in the open market. No one had considered the need, and no legislative machinery was in existence, for preventing the presence of skilled workers on the fighting front when they would in time of war be needed in the factories, mills and mines of the country. Neither at Washington or elsewhere was there even a list of the industrial resources of the nation in such shape as could be used for practical purposes in case war should come. "The three things, then, that the committee headed by Mr. Coffin set out to do and that now have been brought about were as follows: First, to mobilize concretely the business men of America and their output against a day of need. This meant chiefly to discover in fullest detail just what equipment our manufacturers possessed that might be swung over to supply the army and navy swiftly and bountifully from the hour the colors were raised. In a few weeks this initial task, which has been a truly colossal one, will be at an end. A complete report of the equipment of practically every concern of substantial size in the country is now in the hands of the - committee. Directly in charge of the great inventory has been W. S. Gifford, Supervising Director of the Committee. The second step was to procure legislation making possible the placing by the war and navy departments of annual orders for munitions in small quantities to American manufacturers now not producing such things, so that quietly, efficiently and thoroughly they could learn in time of peace how to supply the government in time of war. The new laws make all this possible. It should be said here that this practice will bring about a geographical diffusion of munition plants all over our country, instead of affording us only a few such concerns for the most part near the exposed seaboards, as at present. It is obvious that this system will also throttle all talk of a munitions trust.

Jan 10, 1916

The following advertisements show the contemporary view of the value of coal on a tract, usually as compared with farming advantages of several kinds. Fayette Gazette and Union Advertiser, February 10, 1798: "For Sale in Washington twp., Fayette Co., 211 acres of land whereon is a good new grist merchant mill, a good stone dam, and a house for the miller, about two acres of bottom, cleared and fenced, an excellent coal bank and saw-mill seat unimproved." Pittsburgh Gazette, March 19 and 26, 1802: Ads. offering for sale two properties, one of 38 acres, "together with a Coal Pitt and Lime Quarry, lying on the Monongahela side of Grant's Hill, and within one mile and a half of Pittsburgh," and the other two tracts of 700 acres on "Racoon creek, contiguous to which is a valuable limestone quarry, and a quarry of building stone, also plenty of stone coal." Pittsburgh Gazette, Oct. 8, 1802: A farm between Pittsburgh and Greensburg "with house, barn and a Smith shop-also, a fine sugar camp, and a Coal Bank within sight of the house," was offered for sale. The Farmers Register, Greensburg, Pa., March 13, 1802: An advertisement of a "plantation, six miles from Greensburg, there are two coal banks on it, one at each end of the place." The Commonwealth, Pittsburgh, Aug. 4,1805: A number of lots were laid off on Saw Mill Run, nearly opposite the first opening made on the Pittsburgh seam. They were from two to twenty acres each "and a great quantity of Limestone and stone coal." Pittsburgh Gazette, Aug. 9, Sept. 6, Sept. 27, Oct. 4, 1811; The Commonwealth, Aug. 19, 1811: Five tracts were advertised that contained coal. One had "fine springs and an inexhaustible mine of coal;" one, "excellent sugar camps, coal banks and limestone and a good mill seat;" one, "good sugar camps, an excellent coal bank and an elegant seat for a distillery;" another, a tract of 45,000 acres in Allegheny and Butler Counties affording "stone coal and iron ore, and seats for water works;" and the last a tract on Beck's Run, four miles from Pittsburgh "and a coal pit opened about one fourth of a mile from the river." The Mercury, Pittsburgh, April 8, Jan. 14, Feb. 11, 1813; Pittsburgh Gazette, April 16, Dec. 3, 1813: These tracts were advertised during the year in the vicinity of the city. One had "a good sugar camp, woodland and plenty of coal;" another, "a sugar camp and a coal bank on the premises;" while the others were "well timbered or well watered and had excellent stone coal." The Mercury, Pittsburgh, Feb. 2, 1814: A farm was offered for sale on the headwaters of Robinson's Run, in Washington County, four miles from Burgettstown, containing 60 acres, "a young bearing orchard,... a coal bank and a good sugar camp." Genius of Liberty and Fayette Advertiser, Uniontown, Pa., March 2, 1814, carried an advertisement of a sale of lots in the new town of Perriopolis; "the quantity and quality of the clay, sand and salt licks, near the premises, together with the timber and abundance of .stone coals The town of Perriopolis was situated upon a . farm at one time belonging to Washington.

Jan 1, 1942

By Basil B. Zavoico

The symposium on production for the year 1942 contains no papers on the foreign situation except those on Argentina and Mexico. It has always been the policy of officers in charge of the symposium to refrain from publishing information that might possibly injure national or private interests. At the close of the war we hope again to publish full and accurate records of production abroad. Excerpts From Circular to Authors In order to facilitate interpretation of the data in this chapter, we print the following excerpts from the Circular to Authors. The field is the unit in this tabulation. In cases of fields extending across State boundaries, such as Rodessa, it is suggested that each State author treat the section of the field in his State as a unit, and by a footnote indicate that the field extends into an adjacent State. Each space in Table I may represent one of four possibilities; either it is not applicable to the particular field, or the proper entry is not determinable, or the proper entry may be determinable but is not determinable from data available to the author, or the proper entry is determinable. When spaces are not applicable, leave blank; in spaces where the proper entries are determinable but not determinable from data available to the author, please insert y; in spaces where the proper entries are determinable by the author, make such entries. y implies a Rope that in some future year a definite figure will be available. The entry of a zero is a positive declaration, and it is an important declaration where it is in order. Inability to determine precisely the correct entry for a particular space should not lead the author to insert merely y. Contributions of great value may be made by the author in many cases where entries are not subject to precise determination. In such cases the author should use his good judgment and make the best entry possible under the circumstances. For many spaces the correct entries represent the opinion of the author (for example, "Area Proved") and in such cases the entry need not be hedged to such extent as when the quantities are definite yet can be ascertained only approximately by the author. In cases under definite headings but where figures are only approximate, the author may use x. It is thought that the nearest whole numbers are sufficiently accurate for our purposes except as to percentage of sulphur in oil. If an author desires to report any other figures to tenths, he may do so. The quantity of gas produced should include, where possible, gas sold or otherwise marketed, and gas blown into the air, burned as flares or otherwise wasted. Segregation of these figures would be interesting if the authors can make such segregation. In any event, the figures should represent as nearly as possible the total quantity of gas removed from the reservoir. Under the columns on "Depth," the average depth to the top of the productive zones and to the bottom of the productive wells, when subtracted, should give the approximate thickness of the productive zone. For fields where this is not true because of unusually high dip or for some other reasons, it is suggested that the authors indicate in their text the approximate average thickness of the productive zone.

Jan 1, 1943

By Winthrop P. Haynes

The symposium on production for the year 1944 includes more foreign papers than any one of the past three years, because of a partial relaxation of the censorship in many Western Hemisphere countries. The committee was not successful, however, in securing papers from Europe and the Near and Far East at this time, with the exception of Saudi Arabia and Bahrein. Where possible, these papers include summaries upon production for the missing war years, so that we shall have no permanent gap in the records. At the close of the war, we hope again to publish the usual more complete form of report for all important oil-producing countries. EXCERPTS FROM CIRCULAR TO AUTHORS In order to facilitate interpretation of the data in this chapter, we print the following excerpts from the Circular to Authors. The field is the unit in this tabulation. In cases of fields extending across State boundaries, such as Rodessa, it is suggested that each State author treat the section of the field in his State as a unit, and by a footnote indicate that the field extends into an adjacent State. Each place in the table may represent one of three possibilities; either the proper entry is determinable and can be supplied by the author, or an approximate figure can be supplied which is the author's best guess and should be entered followed by an x, or it does not apply to the particular field and the space is left blank. Contributions of great value may be made by the author in many cases where entries are not subject to precise determination. In such cases the author should use his good judgment and make the best entry possible under the circumstances. The entry of a zero is a positive declaration, and it is an important declaration where it is in order. It is thought that the nearest whole numbers are sufficiently accurate for our purposes except as to percentage of sulphur in oil. If an author desires to report any other figures to tenths, he may do so. The quantity of gas produced should include, where possible, gas sold or otherwise marketed, and gas blown into the air, burned as flares or otherwise wasted. Segregation of these figures would be interesting if the authors can make such segregation. In any event, the figures should represent as nearly as possible the total quantity of gas removed from the reservoir. . Under the columns on "Depth," the average depth to the top of the productive zones and to the bottom of the productive wells, when subtracted, should give the approximate thickness of the productive zone. For fields where this is not true because of unusually high dip or for some other reasons, it is suggested that the authors indicate in their text the approximate average thickness of the productive zone. The net thickness of the producing formation should be the thickness of the producing zone, less the estimated amount to cover the portions of the zone that do not yield oil, such as dense shales, etc. It is recognized that for some fields the authors can only make rough guesses; in such cases, they should enter their best estimate followed by an x. Average production per acre-foot need not be reported as it can

Jan 1, 1945