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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 A. Keith Brewer

RECENT advances in the fields of chemistry, biology, and metallurgy have confronted the analytical chemist with an entirely new set of problems. Development of plastics and synthetics has brought about a need, not only for adequate methods for their analysis but also for the various raw materials entering into their manufacture. The remarkable advance made in biochemical and agricultural research resulting from the use of isotopes as tracers or "tagged atoms" has established the necessity for the development of methods for the concentration of natural isotopes and for a means for their analysis. Similarly the advent of new and complex alloys calls for accurate analytical methods. Fortunately the analytical chemist has been able to meet some of these new demands by adapting to his purposes an instrument which has long been the most exclusive toy of the physicists. Solubility and the chemical properties of the atoms, which have always served as the basis for chemical analysis, do not enter into this new technique. Instead, momentum, defined as mass times velocity, is utilized as the means for the separation of atoms or mass groups.

Jan 1, 1946

By L. A. Cowan

IF the elements of personality be those characteristics in which humans differ, and if this definition be applied to the purchasing department for the Climax operations in Colorado, it must he concluded that this department has no distinguishing traits that would give it a departmental personality different from that possessed by the similar department of any progressive mining enterprise. Or, one may go further by stating that the rudimentary functions of any purchasing practice employed principally in the acquisition of maintenance, repair, and operating supplies are much alike, whether or not the industry involved be mining or milling. However, in the fact that the principal purchases of a mining company are materials for maintenance and repair and consumable operating supplies lies that essential characteristic which differentiates mining and milling purchasing functions from those of the manufacturer, the fabricator, or the ordinary processor.

Jan 1, 1946

By Cyril Stanley Smith

ARCHEOLOGISTS, by use of the terms Bronze Age and Iron Age, indicate that metals have in the past determined the character of civilization. The relatively simple discovery by a primitive metallurgist that the addition of tin to copper both facilitated the production of castings and increased the durability of the product enabled hunter, warrior, and housewife alike to do things never dreamed of before. Similarly, the smelting of iron and the discovery of hardening methods greatly changed the arts of peace and war. Discoveries of low-melting-point alloys for joining and for making household utensils, and perhaps the adornment of a feminine form by sparkling precious-metal jewelry, have at times changed the destiny of a country. Bronze cannon, the cast and wrought iron Watt engine, copper transmission lines, and aluminum alloy aircraft, are cases of particular metals making possible the realization of an improved engineering design. Perhaps of the greatest influence of all upon civilization was the development of type metal. The rapid increase in the rate of dissemination of knowledge dates from the day that the technique of the pewterer was utilized in making rapidly reproducible and accurately sized letters for printing. It was not movable type, but metal type that was important, for metal castings could be made of identically the same shape and size at an enormous rate, and possessed excellent inking and wearing characteristics.

Jan 1, 1946

By O. C. Wheeler

In order that the series of reports on oil and gas in Colombia may be complete, the report for the year 1941, which was not available for Volume 160 of the TRANSACTIONS, is given here. The report for 1945 begins on page 4o6.

Jan 1, 1946

By Louise B. Freeman

Kentucky for the first time in its oil history passed the 10 million barrel mark. Of the total 10,019,641 bbl., 8,262,516 bbl. were produced in Western Kentucky, and Union County surpassed all others, with 4,056,142 bbl., or 40 percent of all the production for the state. There were 930 wells known to have been drilled during the year; 510 in Western Kentucky and 221 in the gas-producing area of Eastern Kentucky.

Jan 1, 1946

By F. W. Willard

VIEWING with alarm is a preoccupation not exclusively the habit of the political spellbinder. In good faith many of our mineral technologists have been and are genuinely alarmed over the prodigal consumption of our mineral reserves. Most competent observers are cautiously pessimistic. There are sound technical reasons for such caution. It is the purpose of this paper to discuss some of those reasons without benefit of a gift of prophecy. Perhaps the outstanding reason for caution is ignorance of accessible but undiscovered mineral reserves. The petroleum technologists have an edge on their metallurgical brothers for they have better tools for exploration. This is not to say that the mining geologist has to depend on hunches or the divining rod. The outstanding work on orogenesis by Lindgren and others has provided the mining geologist with some sound scientific knowledge as to where accessible metallic minerals are most likely to be found, As Clinton H. Crane has recently observed, most of the accessible areas of the earth have been combed for easily identified outcrops, and those have been or are being actively exploited. To find ore bodies hidden below the surface is still a costly speculation.

Jan 1, 1946

By K. Harms, T. D. Jones

TO unload large tonnages of lead bullion cast in 100-lb. bars is a problem which has confronted the lead refineries for many years. The bars, on arrival, must be restacked for unloading by truck or hand-charged to charging machines. Selected crews of labor, capable of working at sustained speeds for five- or six-hour periods, are required for this exhausting task. Due to the fatigue involved crew personnel changes rapidly. During the war it became increasingly difficult to maintain crews, especially in critical labor areas, so that the development of casting and shipping ten-ton lead blocks from the smelters to the refineries became a must in our operating program. For many years lead refineries, when making interdepartment or intradepartment transfers, have cast lead blocks weighing five or ten tons which are easily handled by crane by merely attaching the crane hook to a steel anchor embedded in the frozen lead blocks. In previous years, the practice was to use regular smelter slag pots which, due to their rounded shape, produced what were called "buttons" by the refinery personnel. The button-type blocks were unsafe as they rolled and tipped easily and were unsatisfactory for stacking since no piling pattern could be followed. To remedy this situation, flat-bottom molds came into general use and later the bottoms were made concave to prevent slipping.

Jan 1, 1946

By S. G. Lasky

EVENTS during and since the war indicate that the nations of the world are trying to initiate an era of international co-operation. Definitions and objectives include social, economic, and human considerations no less than political considerations. The mineral resources of the world and the absolute and relative position of each nation enter into this situation. The possible use of armed might, the application of sanctions, the international flow of commerce, the ways in which this flow may encourage or hamper international well-being, and the influence of international and domestic well-being upon one another are all matters that must take mineral resources into account. If the United States is to act wisely and forthrightly in such matters we must be thoroughly informed as to our position with respect to mineral resources. What is the mineral position of the United States? A variety of widely conflicting opinions are held in authoritative and intelligent quarters: (1) For practical purposes our mineral resources are already exhausted.

Jan 1, 1946

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 Harry J. Evans

DURING the fury of the conflict it was believed quite generally that World War II was being fought for and would accomplish a permanent peace. Yet, before the guns were actually stilled on all fronts, the American people realized that the devastated world would continue to be dominated by suspicion and uncertainty. The misunderstandings which rapidly developed indicated that it may prove unwise to rely wholly on mutual international agreements and contracts to avoid war. Before the celebrations of V-Day died down serious thought was being given toward measures for preparedness for the next conflict. Along with a realization of the enormous loss of life caused by the destructive forces of war, the American people came to understand the seriousness of the rapid and unwarranted depletion of our natural resources. During the last half of 1945 the question of stock-piling strategic and critical raw materials for a future national emergency became an intensely live subject.

Jan 1, 1946

By R. L. Sebastian

ALUMINUM'S war history is the record of a successful race to expand facilities fast enough to meet the multiple increases in military requirements, principally for aircraft. From the beginning of the war program in 1940 through 1942, requirements estimates were repeatedly lifted to new high levels, and plans for increasing capacity had to be constantly revised. In 1943, basic metal supply caught up with and exceeded requirements, and by 1944, the surplus of primary production was large enough to force reduction in output and plant closings. In the past two years, ingot capacity has been ample, though periodic critical shortages have been experienced for a few fabricated shapes as a result of sudden shifts in demand. And now with all controls lifted we are faced with surplus capacity, surplus stocks, and surplus scrap. In 1938 the Aluminum Co. of America was the only U. S. producer of primary

Jan 1, 1946

By H. E. McKinstry

LIKE nearly everything else, mining geology has been reconverting. Many geologists had been in military and other government service. Many more, with mining companies, had been working primarily toward increasing production from known reserves. All of these are turning now toward their normal peacetime endeavor-the search for new ore; for most mining companies, finding themselves with accumulated deficits in development work, are more than ready to go ahead with their postwar plans made a year or more ago but still stalled at the close of 1945 for lack of man power. These plans include not merely development in the old home camp but also wide exploration for new prospects both domestic and foreign. Most of the large concerns have geologists and engineers in the field in the United States, despite the outlook for higher mining costs here, and at least half a dozen strong American companies are already investigating opportunities abroad, notwithstanding past unhappy experiences in certain Latin-American nations which have welcomed capital but later found means of preventing investors from reaping the reward of their enterprise. A few of these new foreign expeditions are following well-planned programs, but too many, in their haste to get any sort of footing, are proceeding without well-considered policy. with the result that their geologists can do little more than desultory scouting.

Jan 1, 1946

By Paul Queneau

FROM the first days on the Norman beaches to the last days on the Elbe the Army Engineers of World War II lived off the countryside for the great bulk of the construction supplies needed for the fulfillment of their ultimate mission-to keep the army moving. To accomplish this end, vast tonnages of rock, timber, and steel were required in the construction of roads, railroads, and bridges. Combat Engineer battalions operated quarries under shell fire as a routine matter. An Engineer forestry company was decimated while cutting bridge timber on the Siegfried line. Oneof the more spectacular feats of the Army Engineers in obtaining construction materials was the operation of the Hadir Steel Works during the fall and winter o f 1944.

Jan 1, 1946

By H. K. Work, H. B. Emerick

IN the past year the steel industry underwent an abrupt conversion from a war tempo to a highly competitive peacetime schedule. It is still too early to gain a comprehensive picture as to which of the measures in production metallurgy, that made the war effort so successful, will remain in the postwar production of steel, but many of them undoubtedly will fill an important place after the war. Considerable speculation has developed regarding the disposition of the war-born production facilities of the steel industry. These include new open-hearth and electric furnaces, as well as vast numbers of auxiliary, supplementary, and balancing units that increased and speeded up production beyond the normal capacities of existing melting furnaces and finishing mills. Although these facilities were installed primarily to help meet war requirements, consideration was also given, in planning, to their possible peacetime use. The new equipment is generally modern and efficient, and it seems reasonable to suppose that strategically located units will gradually be absorbed by various steel companies to supplement their own facilities, or to replace in kind, obsolete and inefficient equipment now ready to be scrapped. Some, however,

Jan 1, 1946

By C. M. Fellman

THE over-all picture of safety in mining has been encouraging during the past few years, and in mining activities as a whole the trend in accident occurrence is downward. This is the more noteworthy when the type of labor used in mines during the war period is taken into consideration. The drafting of young mining employees into the armed services and the departure of others for work in other war industries took a heavy toll of young, husky, active men. Their places were taken in large part by older men who returned to the mines, or by inexperienced men with little if any knowledge of mining. Despite the lack of labor and especially of skilled labor, and the difficulty of obtaining new equipment as well as maintaining and replacing worn or broken equipment, and numerous other difficulties the mining industry not only reached and maintained maximum production but made the increase with little if any sacrifice of safety. In fact, in many instances better safety records were. established than in normal

Jan 1, 1946

By J. R. Linney

THE Eastern Magnetite Industry produced approximately 7,850,000 long tons of crude ore in 1945 from which was obtained approximately 3,650,000 long tons of shipping product or a ratio of 2.10 to 1. Lack of skilled or experienced miners was the greatest handicap. Veterans returning to work improved the underground labor shortage in some localities but as a whole the labor shortage was keenly felt throughout the industry. One cannot now predict what may be accomplished in 1946 but barring major steel strikes a worthwhile improvement can be expected. At the Richard mine of the Richard Ore Co., the shipping product for the year amounted to approximately 124,650 long tons of concentrate and lump ore. Crude-ore production was 160,600 long tons. The average analysis for lump ore was 63 per cent iron and for concentrates 66.05 per cent. The Warren Foundry and Pipe Corp. at their Mt. Hope mine produced 73,000 long tons of lump ore averaging 59.5 per cent and 57,000 long tons of concentrate averaging 67 per cent. The total mine hoist was approximately 209,000 long tons. Operations were commenced through the new Leonard shaft on Jan. 18; the Brown shaft through which operations had been conducted since 1912 caved beyond repair on Sept. 26. No one was injured but pumping facilities were somewhat disrupted. In order to reach designed capacity a total of 400 men will be required with 300 underground. Due to shortage of labor all operations in 1945 were concentrated on the 1700 level. As fast as men can be hired and trained development of the 2100 and 2500 levels will commence. Mt. Hope has a consider-

Jan 1, 1946

By Earl R. Parker, Ralph Hultgren

DURING the past year publications in physical metallurgy have not been abundant when compared with the output of prewar years. Nevertheless, some noteworthy contributions have been made to the literature. Because of the necessity for war production, much of the metallurgical effort has been directed towards the solution of problems of production processes. The limited amount of time devoted to other problems is reflected in the small number of papers devoted to nonapplied research, though a few excellent contributions have been made to the fundamentals as will become evident in the following pages. Results of many of the government-sponsored research investigations have been released to the public and are being published in the technical journals. Many more of these papers may be expected to appear in the 1946 publications.. Public distribution of information obtained in the course of these investigations should be of great value to American industries in the postwar era. Continued activity in research of all kinds is apparently assured because of intense

Jan 1, 1946

By H. W. McCue

In 1945 the number of oil wells drilled was less than in 1944 but the number of gas wells was greater. The oil wells numbered 176, completed for an initial production of 25,214 bbl., an average of 143 bbl. per well as against a total in 1944 of 245 drilled for 32,886 bbl., or 134 bbl. per well. All of these wells were in proven areas and no new discoveries

Jan 1, 1946

By E. H. Rose

IN the realm of ore dressing the most pregnant feat of all time was announced in 1945: the winning of the mineral raw materials which made the harnessing of atomic energy possible. Lost in the stupendous implications of the end result, in the two billion dollar hugeness of the project, and in the famous names attached thereto, the fact that crude uranium ores had to be concentrated received relatively little notice in the press. Only the final link in the concentrating chain was publicized-ether extraction of uranyl nitrate, developed by Hoffman and carried on by the Mallinckrodt Chemical Works, or methods developed by the Ames group under Spedding. Some of the earlier links represented less glamorous but equally difficult and exacting research. One may only speak a word of admiration for those who worked hard, accomplished much, and said nothing. The universal lament for most of the year was "man shortage." A group of Canadian engineers expressed it as "being so short of labor that no labor was available to develop laborsaving devices." . Despite this, an outstanding amount of mineral-dressing progress was made in 1945. Necessity allowed no alternative. The insatiable demand of war for minerals forced the exploitation of lower and lower grade ores, and of others not before considered of commercial character or use, requiring the mineral dresser to fight for and win new bridgeheads on the home front.

Jan 1, 1946