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By Joseph E. Pogue

FOR a number of years the petroleum department of The Chase National Bank has been making a continuing study of the financial aspects of thirty oil companies. (See Pogue and Coqueron, "Financial Analysis of Thirty Oil Companies," pamphlet, The Chase National Bank, November 1945, for data covering eleven years, 1934-1944, and the list of the companies making up the group. See also "Capital Employed in the Petroleum Industry," by the same authors, M&M, November 1944.1 This group represents a large sample of theAmerican petroleum industry, covering about two thirds of the business. Certain aspects of this study concern the capital employed in crude oil production, the main features of which arc presented in this paper.

Jan 1, 1946

By DR. RICHARD RATHBUN

ON behalf of the Regents and the Secretary of the Smithsonian Institution, it gives me great pleasure to welcome you to the National Museum; but it is to your own museum, since it belongs to you in common with all the people of the country. Still young in a life which has been beset with many difficulties, it has gathered strength and attained a growth quite unprecedented. In fact, it is this very growth which has been the chief cause of trouble, always leading far and away beyond the capacity for storage ; and to-day there is nearly as much material contained in outside buildings as is displayed in this one. You will, accordingly, find the collections crowded, the cases so close together that their contents are often difficult to view, and the arrangement generally lacking symmetry. You may, therefore, be inclined to regard us as poor custodians of the collections of a great nation, but I beg you to withhold your judgment for a while. From the beginning there has been abundant zeal and activity and a proper direction of affairs, but space and money have been lacking. There is now a prospect of better times. All about you here is a beautiful park, but without. a covering it is not adapted to museum purposes. Upon it, however, a new large building is going up, so extensive in its dimensions that technology can soon be given a fitting home, thus realizing one of the earliest aspirations of the Regents. Some sixty-five years ago the extensive returns of specimens from the famous Wilkes Exploring Expedition around the world began to reach Washington, where they were deposited in the Patent Office Building, and formed practically the first of the National Collections. Six years later the Smithsonian Institution, based upon the bequest of James Smithson, was

Jul 1, 1905

By AIME AIME

FOLLOWING careful study of the relations of the Institute to students and the younger members of the profession, the Membership Committee recommended to the Board a change of plans abolishing the Junior Associate class of membership, substituting a -Junior membership and providing for Student Associates. The Board adopted this report at its meeting on Nov. 23, and asked Counsel to draft the necessary amendments to the By-laws, and gave formal notice of intentions to amend as provided in Section I, Article XI1 of the existing By-laws. The By-laws as it is proposed to amend Article I, 11, 111, IV, X, and XI follow. The new plan requires no changes in the other Articles. The matter will come before the Board for vote on Jan. 25.

Jan 1, 1929

By AIME AIME

A THOROUGHLY satisfactory crowd turned out at the fall meeting of the Industrial Minerals Division and took an active part in the entire program. On Thursday afternoon, Sept. 24, a limestone plant was inspected, technical sessions occupying the attention of the visitors all day Friday and Saturday morning. Headquarters were at the Nittany Lion Inn, an attractive hostel on the Penn State campus, at State College, right in the center of Pennsylvania. We are still in the dark, despite inquiries, as to just what breed of lions Nittany lions are. As nearly as we could find out, Nittany is not a Biblical name, as it sounded to us, but a corruption of the name of an Indian princess, or maiden, or maybe just girl that haunted those parts in bygone times and after whom a near-by mountain was named. Penn State athletes are "lions" and there you are. The meeting was supposed to be a joint one with the American Ceramic Society's Materials and Equipment Division; but it was quite evident that the Institute had a much better publicity agent than the Society, which bothered Ross. Purdy, the aggressive secretary of the ceramic people, no end. However, Secretary Purdy saw to it that everyone present fully understood that the Ceramic Society was present, so that that contingent all but stole the show, its representatives presiding at every meeting. The Pittsburgh Section of the American Ceramic Society was also supposed to be holding its fall meeting there at the same time, but made no trouble at all for anybody, as one of the speakers remarked.

Jan 1, 1936

By AIME AIME

THE 140th meeting of the Institute will be held in the Engineering societies Building, 'New York, Feb.: 16-19, and one of the most important features, one which cannot be reduced to text in the TRANSACTIONS, will be the opportunity to renew old friendships and make new friends, to talk things over -to orient one's self in these troublous .times. There will be daily get-together luncheons for all, luncheons and dinners for specialized groups, an informal dance, the annual reception and banquet, and a smoker. And such a smoker! It starts with dinner at .dinnertime, shows signs of cabaret, turns smoker, and then goes entertainment-all for the price of one. This year one can stay long after 11 o'clock-there will be time and opportunity to amble around and meet everyone present. The formal program is rapidly rounding into shape. The annual business meeting will -be held on Tuesday morning and the banquet will be at the Commodore. The four Divisions and the various, Technical Committees are arranging their sessions. and scheduling for these a long list of significant papers. A .feature of the meeting will be a number of round tables on timely subjects.

Jan 1, 1931

By Charles Hardy

ACTIVATED alumina is an aluminous material which may be 1 classified chemically as a partially dehydrated aluminum trihydrate having a high porosity and a perma¬nent physical structure. In general, it may be employed effectively and economically for the complete removal of water vapor from gases and vapors; for the selective adsorption of certain as especially those of the higher boiling points, and as a catalyst or catalyst carrier. Other forms of alumna are available and may be employed similarly but not so effectively nor can reactivation be accomplished with uniformity over many cycles without deterioration. The adsorption-reactivation cycle of activated alumina can be repeated many times without any apparent depreciation ill

Jan 1, 1934

By AIME AIME

ADDRESSING the Ohio Section at a recent meeting in Columbus, Ohio, R. C. Allen, executive vice-president for Oglebay, Norton & Co., Cleveland, spoke on "The Iron-Ore Industry of the Lake Superior Region in Prosperity and Depression." The speaker considered this region in connection with the problem of national security. This is the age of minerals; progress depends on them; and next to agriculture, the mineral industry is of prime importance. The United States has no shortage of minerals rather an over-supply; but many mines have been and are being exhausted. The shifting of the sources of supplies of minerals so important as copper, petroleum, and iron to other countries would create internal strains and affect international relations. There will be no early decline of ore mining in the Lake Superior region unless it is forced by unwise public policies. Iron ore is industrial strength and self-sufficiency. A study of economic geography is important for statesmen and mining men, because the minerals essential for peace and war are haphazardly or irregularly distributed throughout the world. Of these minerals, 75 per cent are owned by 10 per cent of the population, mainly peoples of Anglo-Saxon origin.

Jan 1, 1934

By AIME AIME

T HE appointment of Herbert Hoover to the portfolio of Commerce in the President's Cabinet is to engineers the fulfillment of a long deferred hope to have an engineer in high political office and is a matter of congratulation to us for three reasons; because he is a mining engineer who represents the highest type of idealistic engineering effort; because he is a past president of the Institute; and because he has probably a broader grasp of world problems than any other living engineer. Frank A. Vanderlip in the preface to his book "What Happened to Europe" tells of the many interviews he had with the most prominent men in Europe which were made possible for him by his eminence as a banker and by the courtesy of the American ambassadors. He cites by name such well known figures as Austin Chamberlain, Sir Auckland Geddes, Monsieur Delacroix, Monsieur Briand, Mr. Padkrewski, Mr. Venizelos, Colonel House, General Pershing, Mr. Baruch, and many others and says :

Jan 1, 1921

By AIME AIME

THE 139th meeting of the Institute will be held Feb. 17-20, in the Engineering Societies Building, New York. The annual business meeting will be held on Feb. 18 at 10 a. m., and no technical sessions will be scheduled at that time, so that all members may participate in the election of officers, hear the presentation of the annual reports of officers and committees and discuss any matter which they may care to bring up at that time. The annual dinner will be held at the Conlmodore Hotel on the evening of Feb. 20, and the usual good time is promised. Arrangements for this and other social features of the meeting are, as usual, in hands of the New York Sec- tion, of which the chairman this year, Ralph M. Roosevelt, has a well-established reputation earned as president of the Zinc Institute, as host.

Jan 1, 1930

By Philip D. Wilson

IT has been my privilege to read the article prepared by R. S. Dean entitled "Production of Alumina from Low-Grade Domestic Materials" which appears on another page of this issue. Dr. Dean should be congratulated on the preparation of such an erudite and scholarly dissertation on bauxite and on the work which the Bureau of Mines has been doing in connection with the development of processes to use low-grade domestic materials.

Jan 1, 1943

By H. Foster Bain

THE "miracle of production." which was such an essential element in winning the European war, was nowhere more in evidence than in our Western States. In shipbuilding alone the Pacific Coast States -et a mark never before equaled, and in production of war goods of many kinds, both Rocky Mountain and Coast States accomplished more than their proportionate share if measured by population standards. This was only possible because of the building of immense new plants of many types, largely financed with Government money. Their operation has built up payrolls in the West and brought a measure of prosperity which Westerners are naturally anxious to have made permanent. A widespread doubt obtains, however, throughout the nation and even in the Western States themselves, as to whether, and if so to what extent, this may prove possible. The question has been raised as to whether the national treasury has not been raided to stock the Western ranges with a voracious breed of white elephant .

Jan 1, 1945

By A. C. Dittrick

THE Simon-Carves washer, originally known as the Baum jig washer, was first built in Europe about 1892. It was probably the first washer to use intermittent pressure of air on water in one part of the wash box to obtain water pulsations in another part. This type of washer was also the first to successfully clean various sizes in the same unit. Previous practice was to size closely before washing. Today there are several large firms abroad, and a few in the United States, that are constructing the Baum type washer. The design of all is practically the same, their differences being only in details. In 1928, the Hanna Coal Co. first gave consideration to the question of coal cleaning. It was believed at that time that by efficient removal of so-called noncombustibles appearing in the Pittsburgh No. 8 seam, certain markets that had been lost due to poor preparation might be recovered. Mechanical cleaning and mechanical loading were under consideration. This type of cleaning was considered the most practical means of removing impurities in the sizes below 4 in. It was decided to adopt mechanical cleaning and develop a system of mechanical loading that would be successful on No. 8 coal.

Jan 1, 1935

By P. R. Bradley

NO thought had been given to deep level mining at the Alaska Juneau mine prior to 1930, but in that year a prospect winze was started and continued for 1000 ft. vertically below the main haulage or adit level. The point at which this winze was started was selected entirely by the prevailing physical conditions, such as proximity to established workings, convenience, and the presence overhead of a substantial pillar of dimensions sufficient to lo¬cate the sheave wheel and loading pocket. It was, therefore, with some surprise that the unusually high-grade ore found just below the collar of the winze persisted, with certain vari¬ations, to a full depth of 1000 ft. vertically. Likewise this unusually high-grade ore was found to persist on the various crosscuts driven on levels at 200-ft. vertical intervals. To be brief, this deep level work found richer ore than any yet found in the mine over like areas, and inasmuch as the area was sufficient to plan for extensive deep level mining, plans for such work were given extended consideration.

Jan 1, 1936

By C. A. Heiland

WITH seventeen papers submitted. and thirteen presented in three sessions, the geophysicists had a most successful meeting at New York in February. The first paper on Monday morning dealt with the location of a diabase dike near Chapel Hill, N. C., by magnetic and resistivity methods. The magnetic indications were pronounced directly over the dike. whereas the anomalies of apparent resistivity were less distinct and displaced away from the dike. In the second paper, Professor Keys reported on the results obtained with four different methods of depth calculation on known portions of the Falconbridge

Jan 1, 1937

By NORMAN D. FitzGkrald

IN 1942 the outstanding characteristic of the petroleum industry was the multiplicity of war-induced distortions in virtually every segment of the business. So devastating was the success of the Nazi submarine campaign along the shores of the western Atlantic and on transoceanic routes that within six months after our entry into the war petroleum rationing was necessary in the East Coast area. The conquest of the Netherlands Indies by the Japanese three months after the opening of the war in the Pacific cut off our normal sources of rubber, and in our first year of war nationwide rationing of gasoline had to be invoked to conserve rubber-borne transportation facilities. Meanwhile the oil industry faced the imperative necessity for rapid expansion in the output of aviation gasoline and later accepted the vast responsibility for developing a new industry. synthetic rubber manufacture. Probably no other essentially peacetime industry has been forced to make so many complicated adjustments, yet its response to its wartime obligations has been nothing short of dramatic.

Jan 1, 1943

By R. McDonald, B. C. Maine

CERRO'S power system consists of three main hydroelectric plants and one steam-electric plant. These are located on the eastern slope of the main Andes range at altitudes between 12,000 and 13,000 ft. The hydroelectric group utilizes the watershed which extends for about 150 kilometers south from Cerro de Pasco, divided into two catchment areas which lie adjacent. The northern area serve,, the medium-head plant of Mal¬paso. while the southern area provides for the high-head plants at Pachachaca and Oroya. The rainfall, as registered at the rain gauging stations of the three hydroelectric plants, averages 33 in. per year; all these stations are subject to the same hydrological conditions, and the bulk of precipitation occurs between October and March. Rainfall during the dry season, April till September, has no appreciable effect on the total annual runoff. Table 1 shows the storage capacities of the main reservoirs of the hydroelectric group. The four plants are tied together electrically by a 50-kv. transmission network, the system being 3-phase 3-wire at 60 cycles with a solidly grounded

Jan 1, 1945

By A. B. Stickney

UPWARDS of 200,000 engineers in this country are sufficiently interested in engineering as a profession to have joined a society, but not over 10% of them belong to any one society. There is a widely-felt need of an over-all organization of all the societies to act as spokesman for all engineers on matters of common concern. On a local basis, over 100,000 engineers in 35 metropolitan areas have organized themselves into local councils, and are doing an effective job of intersocietal co-operation within their sphere of activity. In the last few years much has been said and written about a similar organization on a national scale. Everybody wants iteverybody is talking about it-it's in the air-it's coming-it's inevitable. Although it is no longer necessary to talk about why or whether there should be such an organization, there is no such unanimity about what it should be like. This paper outlines a proposed organization by answering four questions-who, how, what, and who will pay for it.

Jan 1, 1946

By Arthur S. Dwight

THE professional career of Thomas Septimus Austin, who died at El Paso, Tex., August 23, 1906, was contemporaneous with the growth of the silver-lead smelting-industry of the Far West, to which his talents and zeal contributed in no small degree. Born at Stratford, Conn., December 7, 1853, he was the seventh son in a family of thirteen. His parents were well-to-do; and he received a thorough preliminary training at the Hopkins Grammar School, New Haven, Conn., passing thence to the Columbia School of Mines, in New York, where he was graduated in 1876. His first professional work was that of analytical chemist with a Cuban sugar company. In this position he spent a year, and, whatever else of benefit he may have acquired during that year in Cuba, he gained a facility of speech in the Spanish language which was of inestimable value in his subsequent work in Mexico and the southwestern United States. In 1877, he went to the Rocky Mountains, and, under the firm name of Murphy & Austin, opened an assay-office in Leadville, Colo., which was just then coming into public notice as a rich silver-lead camp. The next year, however, he entered the service of the Germania Smelting & Refining Co. at Salt Lake City, Utah, where he remained until 1882, first as assayer and chemist, and later as Assistant Superintendent. The Germanic bears the honorable distinction of being one of the first of the large " custom " lead-smelters erected in the West. Its founders may be called the pioneers of the modern lead-smelting practice, and the Germania served, to a large extent, as a model for the many plants that sprang into existence during the next few years in Utah, southern Idaho, Colorado and other lead-producing districts. The formulation, for the first

Jan 1, 1908

By AIME AIME

UNQUESTIONABLY the Coal Division has never had a meeting in which so many outstanding technical papers were presented of immediate practical application to problems of personnel, mining, safety, preparation, combustion, and carbonization. Should there have been those present with the lingering idea that all that was needed for success in the coal industry was a strong back and a weak mind they must have had a rude awakening.

Jan 1, 1942

By John R. Lotz

DEVELOPMENTS in Iran currently arousing interest in a considerable portion of the world, particularly on the part. of that country's immediate neighbor on the North and in our own country, an inseparably related to and largely dependent upon the government's attempts to strengthen its economy and improve the standard of living of its people. These efforts are encompassed by provisions of the Seven-Year Development Plan recently enacted and not, in the process of implementation. It is a fine example of what one financially sound but extremely backward and poorly equipped country has undertaken to do on its own account and with its own resources. This Seven-Year Plnil was formally authoriztld by an act of the Iranian Parliament in February 1948. Its stated objects are to carry out such plans for the development of the country and its economy as ail1 raise the standard of livinc: and standard of education of the people, and re- duce the cost of living. A seven-yrar program for carrying out the work within the limits of appropriations was assigned under the law. The total amount to be expended during the seven- year period was fixed at the equivalent of $670 millioil at current rates of exchange.

Jan 1, 1950