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By Fred McConnell

FROM beginning to end, the processes of coal stripping are of great interest. From the time the prospector enters upon the property to examine it and to prove it, until the coal is loaded into railroad cars, every step must be taken with careful thought and planning. In proving the merits of a prospective property, an examination and computation of the overburden is of almost equal importance to the determination of the extent and quality of the coal bed itself. Is the overburden hard, and will it require drilling and shooting? How many yards of it will have to be handled to produce a ton of coal? Will it remain in place when .put in the spoil bank, or will it spread and run back into the pit? Are the drainage problems serious, and what will it cost to handle the water? Does the coal have bad dips, and what will be the grades and curvatures for haulage? These are a few of the physical problems that confront the prospector, and they can be ascertained only by adequate and careful drilling and engineering of the property to be considered. The engineer is an ever-present necessity, not only in the prospecting but in the daily operation of the property after it has' been approved and developed. The first step in operation after the location of the tipple is the contouring of the surface to be stripped and the laying out of the pits for operation, having in view again adequate room for spoil, drainage, haulage and other problems. If the overburden is hard, as much of it is in the larger stripping areas, it must be drilled for shooting with churn or well drills, the holes continuing from the surface down to or near the coal bed. The location of these holes should be made, and marked with stakes, by the engineer, acting in conjunction with the shooting foreman. The usual practice is to drill holes 6 in. in diameter, although the present tendency is to increase the diameter of these holes so that they will hold, without springing, a larger charge of explosive. With the use of the old method of shooting, the holes were sprung or chambered several times with charges of dynamite, and in the cavity thus made, the explosive was placed, largely at the bottom of the hole; but with the use of liquid oxygen as an explosive, and with the later

Jan 1, 1931

By A. M. Hall

SULPHUR, even in small amounts, may often be harmful to nickel and high-nickel alloys, causing impairment of mechanical strength and destruction of malleability and ductility, as shown by Merica and Waltenberg.1,2 It may act. either in the form of nonmetallic inclusions produced in the liquid state during furnacing or as reaction products resulting from its diffusion into the solid metal. In recognizing the action of this element, ability to identify its various forms by means of the microscope is often of considerable importance, especially when direct quantitative methods are inapplicable. [ ] Of the sulphur compounds associated with nickel and high-nickel alloys, the sulphides that may be found in malleable nickel, Monel? and Inconel? are an important group. These sulphides were investigated by metallographic methods in order to provide descriptive data by which to identify them. The nominal compositions of malleable nickel, Monet and Inconel are given in Table I. The term "sulphide" is employed here in a very general sense, to designate a substance in which sulphur and one or more metallic elements are combined. The term includes any combinations of compounds and solid solutions. METHOD OF INVESTIGATION Three groups of small laboratory melts were made, one group to represent each of the three types of alloy under investigation. Within each group, a number of ingots with a sufficient variety of chemical analyses were prepared so that the effect of each of the elements entering the complete commercial alloy could be isolated and observed. In most cases, to facilitate metallographic study by exaggerating the number and size of the resulting sulphides, somewhat greater amounts of the minor elements were added than are present in the commercial alloys. Likewise, considerably more sulphur was added than is normal, but not enough to complicate the system. Transverse sections were cut at a point one third of the distance from the butt to the head of each ingot, polished and examined with an inverted stage metallograph equipped with a combination polarizing-analyzing vertical illuminator. The light source was a tungsten-mercury vapor arc lamp.

Jan 1, 1943

By T. A. Read, M. S. Wechsler, D. S. Lieberman

IN the formation of martensite in steel, it has been observed that the habit plane does not change continuously as the alloy content is varied. Instead, it appears that discrete habits correspond to certain ranges of composition. Greninger and Troiano' found that in low-, medium-, and high-carbon steels, the habits are approximately (1l1), (225), and (259), respectively.* The work of Mehl and Van Winkle2 indicated that the change from the (225) to the (259) habit is fundamentally a consequence of the lower transformation temperature rather than the higher carbon content. Also, Otte and Read3 observed that the habit plane orientation for a chrome-carbon steel scattered within a cone of semivertex angle of 5 deg, which was outside of the experimental error in the determination of the habit plane. These observations suggest the importance of investigating what factors in the crystallography of the formation of martensite account for the several types of habit and the inherent scatter in the precise orientation of the habit plane. A theoretical treatment of the austenite-martensite transformation has been given,4 which considers the total transformation distortion to be composed

Jan 1, 1961

By W. A. Weimer

Australia, the land of the kangaroo, koala, and the platypus, is often referred to as "down under" by people of the Northern Hemisphere. It is a tropical land and has very little freezing and thawing; consequently the in-place rocks are near the surface, exposing some of the unaltered mineralization. This type of geology induces the prospector and miner to search for minerals which lie at his feet (or not far under them), and it is adapted to open cut surface mining. Some of the rules and regulations applicable to exploration and mining in Australia will be interesting and helpful towards understanding acquisitions and control of minerals. They are common and basic to the United Kingdom. Throughout Australia practically all minerals are the property of the Crown (government), and their exploration and exploitation are administered by the state Department of Mines. Surface owners, or land lessees, do not control the minerals. Their mining codes protect the prospector. If a prospector obtains a permit, "miner's right," it entitles him to search for minerals any place within the state, only holding him responsible for damages he may incur in his exploration. If he finds something of interest, he may then apply for an authority to prospect, which gives greater latitude and protection in his work to develop the find. However, he will be obligated to spend a minimum specified amount to exclusively hold an area. He will be required to furnish maps, analyses, and geological data to the Mines Department. Presuming that he has located something economically valuable for mining, he may then apply for a mining lease or be granted a franchise to produce a specific material. It will contain a quantity clause so that the area cannot be held indiscriminately without production of the mineral. The states have Bureaus of Mineral Resources, Geology, and Geophysics that keep constantly abreast of the search for minerals and often do much of the drilling and deep boring to promote geological study for the states.

Jan 1, 1969

By Guy Jordan

HIGH-IRON cements have a number of advantages over cements carrying little or no iron. The presence of iron in, Portland cement aids in the manufacture of the cement and also imparts certain advantageous physical properties to the finished product. In manufacture, the presence of iron lowers the fuel consumption, increases the ease of proper burning, and lessens the destructive action of the charge on the kiln refractories. In the finished cement the presence of iron reduces the expansion and contraction, adds strength, adds increased resistance to freezing and thawing, and increases the resistance of the cement to sea or sulphate waters. During the past few years the construction of numerous dams through-out the Southeast by the Tennessee Valley Authority has stimulated the production of high-iron cements. At present a great number of specifica-tions call for an iron cement, and the industry is supplying this demand with a Portland cement carrying approximately 5 per cent iron oxide. Several manufacturers are now making practically all of their cement of this type and a number of others manufacture it as a special cement over short periods to meet demands from the Tennessee Valley Authority and other buyers. The recent increase in the use of iron in Portland cement has created a market for iron products that previously was nonexistent. The chief sources of supply for the cement manufacturers at present are iron sand, iron sinter and slag, and ocher. The Copperhill mining district, Ten-nessee, supplies both iron sinter and slag for use in cement. The Carters-ville district supplies iron sand, ocher, and some iron resulting from the magnetic separation of iron from barite. The advantages of these products vary according to the chemical properties of the raw materials and the methods of handling used by the different manufacturers. Where the iron is to be handled by conveying belts and in hopper cars, the iron

Jan 1, 1939

By Frank H. Macpherson

FEW people realize the tremendously important part that Saline and Pulaski Counties in central Arkansas have played in the winning of the war. The present favorable war situation might have been very different if we had not had the bauxite produced during the past two years from these two small areas, a total of about 15 square miles. As a general statement, it can be said that the Arkansas bauxite deposits are, individually, relatively small, irregular in thickness, somewhat scattered and, therefore, compared with coal or iron-ore or open-pit copper deposits, relatively ill adapted to a rapid and drastic expansion in output. A few years ago it would have seemed an impossibility for these two counties to produce over six million long dry tons of bauxite in one year. However, with the cooperation of the operators, that is what happened in 1943, when the state of Arkansas achieved the seemingly impossible with a production of 6,020,684 1 long tons (dried equivalent) of bauxite ore during the calendar year, compared with an average annual production of 323,725 2 tons in the period 1931 to 1941. It became apparent early in the year 1941 that the United States soon might be drawn into the war, and, therefore, that an immediate study of the domestic metal situation was necessary. Aluminum is by far the most important metal used in the manufacture of aircraft and many other implements of war and it was evident that there would have to be a tremendous increase in the domestic production of bauxite, which is practically the only present source of this metal. As more than 95 per cent of the known bauxite reserves of the United States was in Arkansas, careful preliminary studies were made in that state by representatives of the United States Bureau of Mines, the United States Geological Survey and the War Production Board in the summer of 1941. Reserves in other states also Were studied. The result of these studies was a recommendation by the War Production Board that mining in the bauxite-producing areas of Arkansas be geared for maximum production, in order to supply sufficient ore for this country's war requirements and, if necessary, to supply the war needs of Canada as well. The annual goal of eight million long tons (dry Weight) set for Arkansas by the War Production Board Was exceeded in 1943, when in August the output reached a rate equivalent to more than 8,300,000 long tons, dry basis. Because of the comparatively small tonnage of bauxite reserves, Congress appropriated funds for an extensive drilling program to be carried out by the Bureau of Mines in cooperation with the Geological Survey. Drilling began in May 1942 but owing to delay in delivery of drills, and trucks upon which the drills were mounted, the program did not get into peak operation until early in 1943. By the end of July 1944, the Bureau of Mines records indicated an addition to the Arkansas reserves of 10,000,000 long tons (wet basis) in place

Jan 1, 1945

By Edwin Hopkins

The year of 1924, in Venezuela, has been one of especial interest. The figures for production marketed are not so impressive, but to the well-informed followers of the development, the ease with which this production has been obtained and with which it apparently can be increased at will merits most careful consideration. For several years, the oil world, especially in the financial centers, has been closely following the slow unfolding. of the' Venezuelan developments, which has been, and still is, one of the great pioneering achievements in the history of oil exploitation. Venezuela, from the first days of its recognition by geologists and financiers as a great future source of oil, has been a field for the enterprising vision of the larger capital groups. The laws of the country have been drafted with almost an inspired foresightedness that has favored the exploitation of the resources along constructive lines, which' has eliminated the irrational promotion schemes that accompany many of the oil developments in the United States. Developments have been exclusively in the hands of strong financial groups, who have followed a conservative policy with respect to the dissemination of detailed information concerning the geological findings and detailed production data. Within the last year, however, the rapid expansion of the production phase of the developments has been on such an important scale and has involved such a large and rapidly increasing personnel, that further restraint with respect to information of a general informative' nature can serve no useful purpose. Certainly, from the volume of references to Venezuelan oil affairs, which are now of almost weekly occurrence in the oil trade journals, the public must appreciate the fact that in Venezuela, and in the Maracaibo district in particular, a new oil region of the first magnitude is about to emerge from comparative obscurity and occupy a commanding position on the stage of world oil affairs.

Jan 3, 1925

Discussion of the paper of N. V. Hansell, presented at the Cleveland Meeting, October, 1912, and published in Bulletin No. 72, December, 1912, pp. 1497 to 1,517. C. Q. PAYNE, New York (communication to the Secretary*) :-Mr. Hansell has presented in his paper a very interesting and valuable summary of the various methods of enriching iron-ores which have been developed during recent years. Particularly striking in this connection is the high degree of enrichment of the concentrates from magnetic iron-ores which is now commercially feasible. Magnetic concentrates containing from 6 7 to 139 per cent. of metallic iron, showing an efficiency of 90 and even 95 per cent. in. their separation, are not now uncommon. Such results exceed those obtained by gravity methods of treatment of all copper-, lead-, and zinc-ores, and are only equaled in the cyaniding of gold-ores and in the flotation treatment of certain copper-ores. It is of interest to note that the-type of magnetic field which is employed in securing these results, in the Gröndal (wet) and the Ball & Norton (dry) systems of treatment is the same in each case : viz., a field of alternating north and south poles. The credit for developing this simple and useful field, which has found so wide an application both in this country and abroad, is due to two American inventors and engineers, Clinton M. Ball and Sheldon Norton. At the same time, it should be noted that part of the improvement in the grade of the magnetic concentrates, especially in the case of the wet treatment of finely mineralized ores, is due to a well-devised scheme of mill-treatment, whereby a rough concentrate is usually obtained as an intermediate product, which is then recrushed and reseparated in obtaining final clean products.

Jan 3, 1913

By H. P. Allen

THE Achotla mill of the Cia. Minera de Peñoles is of special interest in that it is one of the few still employing the chloridization process. The ore milled comes from the Suriana mine and consists of both oxide and sulphide, from neither of which can the gold or silver be extracted by a simple cyanide treatment. The mill was built in 1927, after several years of study in the development of the process1, and operated from December of that year until October 1930. Operations were resumed in February 1935, and have been continuous since, treating approximately 5000 tons per month, while the mine is getting up to full tonnage of 6500 tons per month.

Jan 1, 1937

By M. R. Geer, H. F. Yancey

Coal washing assumed an important role in the mining industry of the Pacific Northwest long before washing practice became firmly established in the Appalachian field. A Scaife washer was operated in the state of Washington in 1887; and by 1927, the fist year for which complete statistics were compiled, nearly a third of the state's coal production was washed, in comparison with only about 5 pct for the country as a whole. Mechanical preparation was adopted in Alaska in 1922 in a plant constructed by the United States Navy at Chickaloon to provide bunker coal for naval forces operating in northern waters. Many of the coal beds mined in Washington and Alaska contained more impurities than those mined elsewhere, and this circumstance contributed to the early interest in mechanical cleaning. A much more important factor, however, was the inclination of the coal beds. With steeply pitching beds, hand sorting by the miner at the face is impossible; consequently, all material must be loaded and dealt with on the surface, just as is now proving the case with mechanical mining of flat beds. Thus "full-seam" mining afforded the same stimulus to the early development of coal washing in the Northwest that it is providing under mechanization in the rest of the country today. Objeet and Scope ' This report is intended to provide a general summary of the status of coal-washing practice in Washington, Oregon, and Alaska—an area in which some of the coals mined are more difficult to wash than those mined elsewhere in the country. Detailed flowsheets of plants, statistical data on production, and cost figures have been omitted, largely for the sake of brevity but also because such information is principally of only local interest. On the other hand, considerable washability data have been included because they are Washington At present Washington leads all other states in the percentage of its total production that is cleaned mechanically, 82.1 pct in comparison with the national average of 25.6 pct in 1945.' The washing problems encountered in this state are highly variable because the mountain-building forces that created the Cascade Range caused such intense folding and faulting of the beds in some fields that the rank of the coal was increased to anthracitic, while in other fields more distant from the mountains the beds were relatively undisturbed, and the rank of the coal ranges down through subbituminous to lignitic. The complicated and burdensome schedule of sizes prepared in most coal fields has never been required by the Washington market. With but few exceptions, lump is prepared on a round-hole screen of about 3 in. size, egg is about 3 to 1 5/8 or 1½ in., and nut is 1 5/8 or 1½ in. to either 1 or ¾ in. Some mines screen no finer than ¾ in. and market a slack coal of that top size, but generally the coal is screened at about ¼ in. to give a stoker coal of ¾ or 1 to ¼ in., and a ¼ in. to 0 "buckwheat." During recent years the market for lump coal has largely disappeared, and lump is crushed to supplement the pro-

Jan 1, 1950

By T. C. Atchison, W. I. Duvall, D. E. Fogelson

Dr. Clark has given an excellent resum6 of the recent theoretical re- search work that has been done on the generation and propagation of stress waves in various types of media.1 Unfortunately the dynamic properties of rock do not fit the assumed properties of the idealized media. As a result, none of the theoretical solutions for the generation of stress waves by applied pressures to interior boundaries of the spherical or cylindrical cavity appear to be completely satisfactory to explain experimental data. This fact does not mean that the theoretical work is in error. It simply means that the appropriate dynamic properties of rock have not been taken into account in the present theoretical derivations. Because of the difficulty of theoretically accounting for the crushing and cracking that takes place when explosives are detonated in spherical or cylindrical cavities, it seems advisable that future theoretical studies should attempt to separate the generation of stress waves from the propagation of stress waves. Perhaps if these two problems are separated, we may be able to solve one of them satisfactorily so that theory and experimental data agree. Dr. Clark's resumé of the research work on scaling and crater formation by point charges is aimed at obtaining a basic understanding of the physical theory of rock breakage, wave generation, and wave propagation. A cursory reading of Dr. Clark's paper shows that there is very little information summarized that can be used by the practicing engineer in the field of blasting. When problems become too difficult to solve theoretically it is always helpful to take the empirical approach and collect experi-

Jan 1, 1967

The following table summarizes the information on the Hurghada field. which is still the major producing field in Egypt. Age of field to end of 1937. years..................... 24 Producing area for gas and oil. acres.................. 1.050 Babbels Total oil production to end of 1937................... 30.188.500 Total oil production during 1936..................... 1.219.406 Total oil production during 1937..................... 1.141.230 Average oil production per acre to end of 1937.......... 28.750 Average oil production per acre-foot to end of 1937.... 2.359 Daily average production (Nov. 1937)................ 3.162 Daily average production per well (Nov. 1937)........ 41.88 MillionB Cu. Ft. Total gas production (Aug. 1925 to end of 1937)....... 4,189 Total gas production during 1936.................... 281 Total gas production during 1937.................... 222.5 Maximum daily average in 1937 (July)............... 0.7 Number of producing wells completed to end of 1937... 97 Number of producing wells completed during 1937..... 3 Number of wells abandoned during 1937.............. 1 Producing wells at end of 1937....................... 78= Total number abandoned wella at end of 1937......... 19 Total number dry wells at end of 1937................ 20 Average depth of bottom of producing horizon, ft...... 1,720 Average depth of top of producing horizon, ft.......... 1,598 Character of oil, approximate average in 1937: gravity at 60" F., 0.900; base, mixed. Character of gas, approximate average during 1937: gallons gasoline per 1,000 cu. ft., 6.9. Producing rock (main): Nubian (?) sandstone. Cretaceous (?); character, sand rock and sandstone. 1 Figures were given in E. tons. A conversion factor of 6.98, based on 0.900 sp. gr., was used to obtain the number of barrels.—Ed. *All pumping.

Jan 1, 1938

By Campbell Hunter

PETROLEUM is found in almost every province in Persia. On the northern frontier, along the southern shore of the Caspian Sea, it is found near Anzelli and Shakhtesar and gas at Khoremabad. Oil is also found at Gumush Tepe, northwest of Astrabad, on the southeastern shore of the Caspian Sea. Further inland, to the south of Astrabad, oil is found at Schahkuh-i-balae, also on the margin of the Khorasan desert at Semnan, 115 mi. (35 m.) east of Teheran. Along the western frontier, from northwest to southeast, oil is encountered at Ouschachi, north of Lake Urumieh; in the province of Azerbaijan, at Zohab, Khanikin, and other places in the district of Kormanshah in the province, of Ardelan. Further south, in the province of Luristan, oil is found east of Mendeli and in the Pusht-i-kuh districts. Considerable quantities of oil are also obtained from Schuster, Maidan-i-Naphtun, Ram-Hormuz, Beheban, which are almost on a straight line, running northwest and southeast along the foothills of the Bakhtiari Mountains. At Ahwaz, in the province of Arabistan, oil has been found along another range of hills whose axis also lies in a northwest-southeast direction. In the Fars province, boring for oil has taken place at Daliki, and indications of oil are found at Kheri, Fasa, Darab, and other places. A gas show is also recorded at Kuhi-Sung-Atush in this province, 30 mi. (48 km.) east of Darab. In the south of Persia, oil is encountered on. Qishm Island, also at Ahmedi and other places north of Bunder Abbas. On the southeastern frontier, oil is found on the Sarhad range of hills. Thus, oil indications have been noted over a distance of approximately 1100 mi. along the western and 700 mi. along the northern frontiers of Persia.

Jan 2, 1920

By Edgar Bain

IN STUDYING the structural characteristics of martensite it is desirable that a clear conception of the material from which martensite is produced should first be obtained. Any theory of its formation and structure incompatible with the facts of its parent substance, austenite, can be eliminated with little consideration. Austenite is the name applied to solid solutions of carbon and other elements in gamma iron. At temperatures above about 900° C. (1650°, F.), pure iron exists in a system of crystallinity1 entirely different from the crystal structure below that temperature. This high-temperature allotrope of iron is of an atomic structure associated with great ductility, having very manifold symmetry and an abundance of easy slip planes. The exceptionally ductile and malleable metals (gold, silver, platinum, copper, aluminum, and nickel) have this same atomic arrangement-the face-centered cubic. The low-temperature allotrope of iron, alpha iron, the solid solutions of which are known as ferrite, has a body-centered cubic arrangement of atoms. Like it, in crystal structure, are the less ductile and malleable metals, molybdenum, tungsten, titanium and chromium. Fig. 1. shows the two atomic arrangements known in iron; the diagrams are drawn to scale. Either of these modifications of iron may dissolve other elements in the solid state; by so doing, the temperature of the transformation is changed. In general2-7, it appears that a solid solvent metal dissolves a metal solute by substituting foreign atoms in its own space lattice. Thus, iron may dissolve nickel in either of its crystalline forms by permitting an atom of nickel here and there to occupy the normal position

Jan 2, 1924

By Sidney Powers

INTRODUCTION THIS paper aims to present the results of an investigation concerning gravitative differentiation in lava flows, based on a quantitative microscopic and chemical study of a Triassic basalt from Nova Scotia, and confirmed by data secured from a study of certain Keweenawan ophites. At Cape d'Or, Nova Scotia, near the head of the Bay of Fundy, marine erosion has exposed a series of Triassic basalt flows in which copper has been sought for a number of years. Studies of the thickest flow of the series with regard to volumetric composition, specific gravity, and grain have been made by the junior author, and measurements by students at Tufts College, together with confirmatory observations of the same nature on this and other flows by the senior writer, and chemical analyses made by the Division of Mines, Mines Branch, Ottawa,1 all show differentiation in lava flows comparable to that in intrusive bodies. The work was made possible by the availability of the drill-cores, the property of Tufts College, and emphasizes the desirability of the study of drill-cores from other localities. Measurements of the specific gravities of certain Keweenawan lava flows of -Michigan by the senior author, from material collected in 1915, will be given as a comparison to those of the Cape d'Or flow. It has been found that the specific gravity of drill-cores, or volume per cubic foot, can be readily obtained by measuring their dimensions. This can be done to an accuracy of within 1 per cent. in pieces of core over 100 min. in length by using a micrometer gage for the diameter, and taking the average of six measurements of the diameter; and the average of four measurements of the length made with a finely graduated ruler. Then, after weighing them, the weight in grains per cubic centimeter, or what is practically the same thing, ounces per cubic foot, is obtained. System-

Jan 2, 1916

By D. Harrington

During the past few years, there has been a trend toward the use of rock-dusting, rather than relying on humidifying, or the use of water, to limit or prevent explosions in the coal mines of the United States. This is partly because British coal mines have adopted rock-dusting and, at least in a sense, have condemned the use of water. Moreover, during the past few years, particularly in the latter part of 1922 and in 1923 and 1924, several explosions with heavy loss of life occurred in coal mines of the United States that were known to have more or less extended sprinkling, or humidifying, systems. The sentiment created by these disasters quickly caused a distrust of explosion-prevention methods requiring use of water and simultaneously caused more or less of a stampede into rock-dusting. Much of the wholesale condemnation of watering methods was without adequate knowledge, or at least without adequate consideration, of local conditions in each case, and rock-dusting was adopted largely without sufficient knowledge of how to rock dust safely or correctly. However, mines that had been using watering methods and had suffered these recent serious disasters (notably Dolomite, Dawson, and Castle Gate) instead of abandoning the use of water when operations were resumed after the disaster, greatly extended their watering systems. At the same time they took other precautions as to electricity, ventilation, blasting, etc., and supplemented the watering system with rock-dusting where the latter was likely to be the more effective. The trend toward rock-dusting during the past year or two (succeeding the recent mine disasters) is very similar to the rapid movement toward watering, or humidifying, methods, about 1910 to 1912, after a series of disastrous mine explosions. The Phelps-Dodge Corpn., which operates a large property at Daw-son, N. M., after an explosion in its No. 1 mine in February, 1923, decided that it is dangerous to have all its "explosion-prevention eggs in one basket" and so adopted what may now be termed the Western coalmine explosion-prevention system, in which both rock-dusting and watering are used, supplemented by other up-to-date mining methods and practices; such as exclusive use of modern electric safety lamps, with magnetically locked flame safety lamps for testing purposes; use of

Jan 1, 1925

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

Money is like an arm or leg-use it or lose it." -Henry Ford INTRODUCTION If it were not for the existence of interest, the analysis of investment opportunities would be greatly simplified. In the absence of interest, investors would be indifferent as to when cash outlays are made or cash benefits are received. It would, in fact, be irrelevant whether the outlays preceded or followed inflows as long as both amounts are known with certainty. Of course, it does make a considerable difference whether, for example, a firm receives $1 million now or five years from now. The reason is that money does, indeed, have a value which is a function of time. Interest is how this time value is measured. Interest is generally defined as money paid for the use of borrowed money. In other words, interest is the rental charge for using an asset over some specific time period. The rate of interest is the ratio of the interest chargeable at the end of a specific period of time to the money owed, or borrowed, at the beginning of that period. In order to understand why interest exists, it is necessary to take the lender's viewpoint. The lender can justify charging interest for several reasons: 1) Risk: The lender is faced with the possibility that the borrower will be unable to repay the loan. 2) Inflation: Money repaid in the future will be in units of lower value due to inflation. 3) Transactions Cost: There will be expense incurred in preparing the loan agreement, recording payments, collecting the loan, and other administrative tasks. 4) Opportunity Cost: By committing limited funds to one borrower, a lender is unable to take advantage of other available opportunities. 5) Postponement of Pleasure: By lending money, an individual (or organization) is postponing the pleasure which that money could purchase. Each of these is a valid reason for a lender demanding interest from a borrower. The level of interest is, like the price of other assets, determined by supply and demand. Nonetheless, from time to time various analysts have taken a then current average interest rate and broken it down into the components described previously.

Jan 1, 1984

By N. M. Macmillan, R. S. Kalyoncu, A. R. C. Westwood

The environment-sensitive hardness and laboratory-scale rotary drilling behavior of granite, quartz, and feldspar have been studied. By controlling the chemistry of the drilling environment, it is possible to triple the rate of drilling granite. Pre-existing flaws or other microstructural features play a minor role.

Jan 1, 1975

By Henry Lloyd Smyth, J. Ralph Finlay

The most important area of the so-called Keewatin rocks of northern Minnesota is that which runs westerly from Lake Saganaga, near the national boundary, and finally disappears beneath the drift (or has not been farther traced), in the neighborhood of Vermilion Lake. With this belt we have a general acquaintance, extending back some four years. During the past year we have had the opportunity of studying in considerable detail a small part of it, embracing an area of about 12 square miles on the south and east shores of Vermilion Lake. In this paper we desire to record our observations and conclusions, which seem to us important. II.—Literature. Outside the Minnesota Geological Survey, the list of the investigators who have studied the geology of the Vermilion Lake area is not long. Whittlesey, in 1876,* mentioned the occurrence, in the area about Vermilion Lake, of rocks resembling the Canadian Laurentian. Chester,? in 1884, described the iron-ore at Vermilion Lake as occurring in connection with jasper and quartzite, intimately bedded with the country-rock, chiefly sericite schist, and standing in a nearly vertical attitude. The Vermilion iron-bearing rocks, and those of the Mesabi range, he says, are of the same age.

Jan 1, 1896

By A. G. Willard

Quantification of size, shape and composition has been one of the more difficult areas for those concerned with fine particle processing of coal.' Image analysers fed by optical microscopes and by scanning electron microscopes possessing backscatter detectors and energy dispersive facilities now offer techniques to improve the speed and precision of previous methods. This paper discusses the methodology and procedural difficulties associated with the microanalysis of coal. Photographs show display quality on the image analyser monitor and the equipment mentioned. Data illustrating several of the procedures are included. The major portion of data for design and operation of plant for fine particle processing depends on information regarding size, shape and composition of granular material. The lower limits of particle sizes become more important as lower grade deposits are mined. Because of the trends towards treatment of finer materials, the use of image analysis offers advantages in time, effort and accuracy. As energy becomes more critical, the above applies especially to coal processing. The Zeiss Microvideomat 2, a leading member of the second generation instruments, is now available for image analysis. There is a precision television scanning system with monochrome camera, display, control panel and central processor (see Figure 1).

Jan 1, 1980