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The resignation of Herbert Hoover, Director General of Relief in Europe, from his post as Chairman of the Board of Directors of the Food Administration Grain Corporation, in which capacity he had served for nearly two years; and the reorganization of the corporation under the name of the United States Grain Corporation, with Julius Barnes, United States Wheat Director, as its new head, took place at the annual meeting of the stockholders, held in New York, July 1. This action on the hart of Mr. Hoover is believed to be one of the first steps in his intended withdrawal from public service upon the conclusion of the war service of the various departments of the Food Administration, or as soon as they shall have been absorbed by other agencies. The Grain Corporation has been, for the past two years, a vast collection and distribution agency. Its function has been to assist in supplying to the Allies and the American Army and Navy large quantities of wheat, wheat flout, and other foods, with very little disturbance of American prices, and with such an even control of American distribution that reserves from one crop to another have been brought down to the lowest possible compass and without the dvelopment of actual scarcity anywhere in the United States. In the year just past, it carried on all the buying and the shipping for, the Belgian Relief Commission, until the commission retired on May 1 and the Belgian Government itself undertook its own overseas supplies. During the twenty-two months of its existence the corporation had disbursed $3,500,000,000 and collected an equal amount, selling for over-seas shipments commodities valued at $1,800,000,000, at an operating expense of about $3,250,000, or one-sixth of 1 per cent. During this time it has not lost a single dollar through fire loss.

Jan 8, 1919

By Eero Pokki

The Päijänne Tunnel is being constructed to conduct raw water from Lake Päijänne to the Helsinki Metropolitan Area. The length of the tunnel will be 120 km and the cross-sectional area is 15.5 sq m. Excavation started in 1973 and will be completed in 1982. 94 km of the tunnel have been constructed from Lake Päijänne towards Helsinki. The construction has advanced according to plan, and due to Finland's hard bedrock there have not been any great surprises. When completed, the tunnel will meet the water requirements of the Helsinki Metropolitan Area for a long time in the future because, with a free fall of 36 m, 9.6 cu m/s of water can be conducted through the tunnel from Lake Päijänne to the Helsinki Area. With pumping it will be possible to obtain a flow of 15 cu m/s, although at first the discharge will only be 5 cu m/s. The tunnel was partly taken into service as early as March 1979 when it was possible to conduct water to the municipalities north of the Helsinki Area. It is already possible now to conduct water to Helsinki, too, but from the Korpimäki pumping station onwards it must be done through the River Vantaa, which is polluted. When the tunnel is completed in 1982, good quality water can be conducted from Lake Päijänne to the Helsinki Metropolitan Area through a continuous rock tunnel. The cost estimate in 1973 was $ 88 million while it is now $ 90 million notwithstanding high inflation. AREAS NEEDED FOR CONSTRUCTION The areas needed for construction were bought through voluntary deals. Areas of 4 - 5 hectares were bought along the tunnel line at about 5 km intervals. The excavation of access tunnels was started from these places, and the crushed rock from the main tunnel was also transported there. However, it was not necessary to buy the area

Jan 1, 1979

By D. H. Bacon

Nearly all men are too busy with their own affairs to keep informed of the progress in other lines. From time to time we read statistics showing the development in some industry that astonish us; but the feeling of surprise soon fades: to be followed by others that likewise pass away. A short resume of what has been done in one line may be of interest. Down to late in the fifties the ore-product of Lake Superior mas handled over a mule-tram-road to Marquette; now the Duluth, South Shore and Atlantic, the Chicago and Northwestern, the Wisconsin Central, the Duluth, Superior and Western, the Duluth, Mesabi and Northern, the Duluth and Iron Range and the Lake Superior and Ishpeming railroads serve the shippers. Down to nearly 1870 a 700-ton ship was an enormous craft, the loading of which required two days; the unloading being seldom accomplished in that time. In 1871 the largest ore-barge carried 1050 toils and made twelve trips per season. Now the cargoes reach 5000 tons, the loading requiring less than three hours, and the unloading ten hours. Now the mines cover more land than was familiar to even the " timber-cruiser " when the Jackson mine was opened. The annual shipments have grown from a few thousand to 10,000,000 tons, and the ability of the mines to produce is not taxed. Lake-freights are at one-eighth, and rail-freights at one-quarter, of early prices. The deeper waterways, commodious locks and large ships of to-day are in a greater measure due to the movement of ore than to any other cause. Great savings have been made in each detail of each department. The only item of cost that has not been lessened, I am glad to say, is the money paid to men. Wages, measured by what they will buy, are as high

Jan 1, 1898

DEFENSE Materials Procurement Agency has been moving rapidly to encourage copper industry expansion programs. Although copper production is at a high level, a shortage exists on a world-wide basis as well as on the domestic scene. Projected expansion programs will not ease this current demand for most of them are 2 to 5 years off. Refining facilities are adequate but there is a shortage of ore and scrap, and it is for this reason that the expansion programs are directed at developing more sources of supply. The domestic expansion programmed thus far and understood to have been arranged with price escalation should the domestic price go to 271/20, were summarized by American Metal Markets as follows (dates of announcement are given in parenthesis: .1-Copper Cities Mining Co.'s, $15,000,000 expansion near Miami, Ariz., to be operating about 1954. DMPA will buy 22,500 tons of copper a year up to a given amount on an agreed price of 23¢ per pound, with some exceptions and depending upon salability at a higher price to other purchasers in the U. S. (September 25th). 2-An RFC loan of $60,000 to North Butte Mining Co. to be paid off on the basis of deliveries at a purchase price of 241/20 per pound (September 25th). 3-A $25,000,000 expansion program by Phelps Dodge to provide 38,000 tons per year by late 1954. DMPA would purchase it at a price of 22¢ per pound up to 112,500 tons providing other purchasers in the U. S. will not pay a higher price (September 26th). 4-Anaconda Copper Mining Co. $40,000,000 expansion in Nevada to provide more than 30,000 (might be increased to 45,000) tons per year. DMPA would purchase the copper at 250 per pound for a limited period of time if it is not salable to industrial users at above this price. Production would start around 1953 (November 14th).

Jan 1, 1952

By Arnold J. Farstad

The Location Group conversed in the Petroleum Room of the Green Center with the purpose of addressing the following list of topics in light of the Bureau of Mines' requirements for detecting and locating trapped miners by electromagnetic methods. These topics include: Noise, Sources, Antennas (transmit and receive), the Propagation Medium, Signal Processing, Optimum Frequency, Receivers, Pulse vs. CW Techniques, Passive Location Techniques, and Obstacles. Practical constraints such as equipment size, weight and power requirements, cost and intrinsic safety were kept in mind during these discussions. It was emphasized that in-mine equipment must be inexpensive, rugged, simple and lightweight. Otherwise, the mine operators probably would not buy it nor would the miners be able to effectively use it. Present techniques for experimentally detecting and locating trapped miners were discussed, along with techniques to improve their location accuracy. Analytical, numerical, and scale modelling methods were considered as a means of giving further insight into measurement, anomalies caused by terrain variations, conductivity contrasts, and obstacles. After discussion of these topics, conclusions were drawn and existing problem areas were identified. These problem areas were addressed in developing guidelines for future efforts. Following the discussion period, the Chairman gave a summary of the Location Group report and comments were solicited from the entire group. 2.0 GROUP DISCUSSION HIGHLIGHTS 2.1 Noise W. Bensema asked the group whether the noise data provided by NBS was adequate. It was determined that for location systems analysis, the most important form of noise data was the frequency spectra of vertical and horizontal magnetic fields on the surface, and the answer to his question was affirmative. Drs. Wait and Frischknecht pointed out the difficulty in accurately measuring the true vertical magnetic field since these measurements are heavily influenced by the loop setting and the local geology. Nevertheless, these measurements are important since the same perturbations would also affect a receiving loop oriented to receive the vertical magnetic field. Dr. Rankin pointed

Jan 1, 1973

By George W. Doffing

Numerous contradictory statements have been made in the past regarding the importance of the seasonal influence of demand for motor fuel on prices of oil securities. It has often been said that the time to buy oil securities is in the spring, or just prior to the heavy consuming season for gasoline. The fallacy of this argument is brought out in the following paragraphs. Seasonality of Oil-security Prices The indexes used in this paper as indicators of prices of oil securities and general industrials are those compiled by Standard Statistics Co. The oil producing and refining stock index includes 14 representative petroleum companies, while the all-industrials index is made up of 347 issues. All figures are stated as relatives, with 1926 = 100. The primary basis of the index, and one that gives a good weighting of the relative importance of the company within the industry, is the total market value of the stock issue outstanding; i.e., the market price times the number of shares outstanding. Adjustments are made for the addition or elimination of issues from the group index, for stock dividends, split-ups, stock rights, et cetera. At the present time the oil producing and refining index includes the following companies: Atlantic Refining Co., Consolidated Oil Corporation, Continental Oil Co., Gulf Oil Corporation, Humble Oil & Refining Co., Ohio Oil Co., Royal Dutch Co., Shell Union Oil Corporation, Socony-Vacuum Oil Co., Standard Oil Company of California, Standard Oil Co. (Indiana), Standard Oil Co. (New Jersey), Texas Corporation, Union Oil Company of California. In calculating the seasonal for oil-security prices several periods have been selected as indicat,ive of major changes in the industry, as follows: 1. 1918 through 1936. This gives an over-all picture of the industry during the motor-vehicle, motor-fuel era. 2. 1927 through 1936. This period includes the control stages, both voluntary and coercive. 3. 1927 to September, 1933. This is the pre-code period of control.

Jan 1, 1937

By Arthur Knapp

The petroleum industry is confronted with the problem of conservalion. This is not a simple problem in view of a wide difference of opinion among authorities as to whether conservation is necessary and the specific direction that it should take. Many writers accuse the petroleum industry of wasting the natural resources of the country. Others link the consuming public with the industry in this waste. Let us define our terms; agree, if possible, on where and when waste occurs in connection with either the recovery or use of petroleum and select such plans for conservation as appear most practical. A plan for conserv3tion which appears to be logical today may not meet the problem tomorrow. The conservation of petroleum is closely linked with the advancement of marly arts and sciences and as these advance, the plan of conservation has to change. The need for conservation does not necessarily rest upon the elimination of waste. There is not necessarily a fixed connection between waste and conservation. Conservation may be necessary or desirable although there is no waste. Definitions Waste: Useless or unnecessary expenditure. Conservation: The preservation of the natural resources for economical use. Both definitions contain adjectives the interpretation of which is extremely difficult. It is the determination of what expenditures are "unnecessary" or what uses are "economical" that will require study and agreement. If one lets his automobile engine run in cold weather in order to keep it hot, it is difficult to measure that necessity. If an automobile is driven two blocks, when the driver is physically capable of walking, what is the measure of necessity. This question is in the realm of one of the oldest of sociological problems, "What is a luxury?"—a problem which has not been solved. The history of society indicates that the measure of a man's wealth has been the measure of necessity. What he can afford to buy without stinting himself in some other direction, is not a luxury to him and, if it fulfills his desires, may be considered his necessity.

Jan 1, 1927

By D La Rosa, W Valery, A Jankovic, S Ese

Metso Minerals Process Technology Asia-Pacific (MMPT-AP) has been working with many mining companies worldwide performing æMine to MillÆ or Process Integration and Optimisation (PIO) studies. MMPT-AP has developed a proven methodology to improve the efficiency of the mine-mill interface and gain maximum benefit. The PIO methodology involves rock characterisation, mathematical modelling and simulation to generate a list of operational and control changes for both the mine and concentrator. Following the methodology, the list of recommendations is developed relatively easily; the more challenging part depends on the company. Success of a PIO project relies on the ability of an organisation to implement change û both operationally and culturally: the human element. When a PIO project is started, there is initial interest and commitment from the company. But how can this be maintained? How does an operation know if the benefit continues? MMPT-AP is now developing long-term relationships with clients to ensure that the increased production and improved efficiency continues. Direct and indirect measurements are used to determine the key factors involved and to understand the cause/effect relationships. Simulation tools also can be used to compare current with recommended practices û so when material properties vary over time, the benefits can still be quantified. PIO is about empowerment: by measuring and understanding what parameters affect concentrator performance, the site personnel now have the knowledge to make a difference. Rather than simply reporting variable or poor concentrator performance, operations can predict when production will be affected and put controls in place to prevent it from happening. This requires support and commitment from the company or æbuy inÆ. Ensuring this buy in continues is the challenge facing every company involved in PIO work û but the benefits are well worth it. This paper will review MMPT-APÆs experiences in implementing PIO projects in the long term: from both the consulting and operational viewpoints. MMPT-APÆs involvement with a number of companies will be discussed as examples of what works and what does not.

Jan 1, 2007

By Don C. Blackmar

THE production of non-ferrous secondary metals has become a large and important industry in the United States, and deals with practically every type of manufacturing concern. Its business is unique in that it generally buys from its customers as well as sells to them, whether they are individuals, cities, corporations, or the United States government. Its operations are of vital importance to the success and prosperity of many of the nation's most important manufacturers; yet there are few industries about which less is generally known by those outside it, whether concerning the magnitude of its operations or the details of its actual technique. The industry itself is to blame for this meager publicity, because its technical men have made few attempts to openly exchange ideas, in spite of the excellent examples set by the iron and steel or the copper and brass industries. Whether this is due to the ancient shroud of secrecy generally supposed to cover smelting operations, or because its technical men actually felt that the industry was too puny to be interesting, is hard to say. This paper will consider its subject in a general way, attempting to show something of the size and importance of the industry, as well as its fitness to do its work well. Attention will be called to the sound economic reasons for the handling of non-ferrous wastes by specialists, and to the often unseen losses of metals and labor which occur when manufacturers reclaim their own metallic wastes. MAGNITUDE OF THE MODERN INDUSTRY No particular thought is given to the kitchen accident whereby a ruined saucepan is sorrowfully tossed into the ash can, yet it is a fairly safe guess that within a month this saucepan, together with hundreds of its fellows, will again be in service, perhaps in an automobile crankcase, or in an electric vacuum sweeper. It is by this conversion of the useless into the useful, whether from home or large manufacturer, that the secondary tonnage is built up.

Jan 1, 1928

By Frederick Görannsen

McDuffie county, once a part of Columbia county, lies in the eastern part of central Georgia, about 20 miles west of the Savannah river, and bounded on the northtwest by Little river. Wrightsboro, now almost forgotten, was one of the principal towns of Georgia before the Revolutionary war, and much of the land hereafter described as belonging to one of the principal gold-bearing sections of the South had been taken up by the early agricultural settlers, and was already under cultivation. Indeed, some of the present mining companies can trace their chain of title back to the original grant of King George III., made in 1771. The first discovery of gold in Georgia, however, was not made until 1823, when two English miners, who had emigrated to this country and were traveling as peddlers through this section, discovered quartz, rich in gold, on what is now known as " the 40-acre lot," and owned by the Columbia Mining Go. These men had no money to buy the lands, and not being able to stake off a claim and begin work, as is the custom in other places, they were forced to seek the aid of the native farmers. In this we are told that they were for a long time unsuccessful; the farmers and land-owners not knowing or caring anything about gold mining. In 1826, Jeremiah Griffin, a wealthy farmer, became interested with them, and they did some prospecting and located several rich veins. Mr. Griffin soon became enthusiastic, and bought about three thousand acres of supposed gold-lands, lying along Little river.. This purchase was unfortunate for the mining industry, as it effectually shut out all other prospectors, and confined entirely to Mr. Griffin and his associates the mining development of the whole region. As a consequence, the ground was never covered, arid there are virgin lands in this section now, which offer to the prospector as

Jan 1, 1903

By Don C. Blackmar

The production of non-ferrous secondary metals has become a large and important industry in the United States, and deals with practically cvery type of manufacturing concern. Its business is unique in that it generally buys frorn its customers as well as sells to them, whether they are individuals, cities, corporations, or the United States government. Its operations are of vital importance to the success and prosperity of nlany of the nation's most important manufacturers; yet there are few industries about which less is generally known by those outside it, whether concerning the rliagnitude of its operations or the details of its actual technique. The industry itself is to blame for this meager publicity, because its technical men have made few attempts to openly exchange ideas, in spite of the excellent examples set by the iron and steel or the copper and brass industries. Whether this is due to the ancient shroud of secrecy generally supposed to cover smelting operations, or because its technical men actually felt that the industry was too puny to be interesting, is hard to say. This paper will consider its subject in a general way, attenlpting to show something of the size and importance of the industry, as well as its fitness to do its work well. Attention will be called to the sound economic reasons for the handling of non-ferrous wastes by specialists, and to the often unseen losses of metals and labor which occur when manufacturc~rs rcclairn thrir own metallic wastes. Magnitude of the Modern Industry No particular thought is given to the kitchen accident whereby a ruined saucepan is sorrowfully tossed into the ash can, yet it is a fairly safe guess that within a month this saucepan, together with hundreds of its follows, will again be in service, perhaps in an autonlobile crankcase, or in an electric vacuum sweeper. It is by this conversion of the useless into the useful, whether from home or large manufacturer, that the secondary tonnage is built up.

DAVE BARTLEY and Edwin F. Gray, miners, late of Shasta County, California, young, healthy, and "dead broke," arrived at Ely, Nevada, one evening in the summer of 1900. Before rustling jobs and going to work, they decided to look around the camp, and in pursuance of this plan they visited a number of claims owned by D. C. McDonald, Justice of the Peace and pioneer of the district. Among the claims he showed them were the Ruth (named after his daughter) and the Kearsarge. Both were regarded as possible gold or silver properties. For no very definite reason the two miners changed their plan and took a lease and option to buy the two claims for $3500. After the transaction was closed and the partners were alone, Gray asked Bartley what he thought of the ground. "If she's good for anything, it's copper" was the reply; and, so far as the records disclose, that was the first time that anyone ever thought of Ely or the Robinson mining district, as it was called, as a possible copper area. There were some slight surface indications of copper, but it is probable that the fact that Bartley had just come from a copper district had something to do with his predilection for a metal that was much despised around Ely. In any event, his hunch was good, and he spoke with the wisdom of an oracle. For thirty years prospectors had sought gold and silver around the camp. Several stamp mills and cyanide plants had been put up and a hundred shafts had been sunk, but fate had been indifferent in its rewards to the optimistic owners. Copper ore would have to be hauled by wagon, 150 miles down Steptoe Valley to the Southern Pacific Railroad, and there was scant hope of finding ore that would bear this cost. W. B. Graham, who ran the general store in Ely, grubstaked Bartley and Gray, furnishing them with food and mining

Jan 1, 1933

By J. E. Tobey, David R. Mitchell, J. H. Kerrick

DETAILED knowledge of purchase specifications established by coal consumers is essential to the successful design and operation of a coal preparation plant. ANTHRACITE Specifications should be considered by both the consumer and the producer as guide posts outlining a certain path for both to follow. Plants differ, therefore specifications must differ to meet the varied requirements. Specifications are not of themselves a "cureall" or an assurance of complete satisfaction in fuel utilization. Specifications should not be regarded as a license to engage in an orgy of buying any and all coals that may happen to fall within their limits. This would lead to the indiscriminate mixing of coals which may vary in their burning characteristics. Different coals of equal grade tend to be individualistic in their burning characteristics. Rather, specifications should be used to help simplify coal selection, to reduce the actual number of coals used over a given period; in other words, to have a stabilizing influence on coal or customer turnover. In the final analysis, the use of too many coals per year in a plant is costly to both the consumer and the producer. Too many sources usually result in higher operating and maintenance costs for the consumer and higher sales costs for the producer. Finally, the statement included in the report accompanying the comprehensive Coal Selection Charts prepared by the Coal Committee of the National Association of Purchasing Agents, and released in 1938, is significant. This Committee worked diligently for a period of 15 years seeking to find a scientific and reliable method for selecting coals. The two following paragraphs are quoted from its report: More important is the fact that no ready-made classification or set of specifications can possibly replace the judgment and resourcefulness of an experienced combustion engineer or fuel technologist, nor the usual need for full scale plant tests under the exact conditions of use before a final decision is made.

Jan 1, 1950

By J. E. Tobey, David R. Mitchell, J. H. Kerrick

DETAILED knowledge of purchase specifications established by coal consumers is essential to the successful design and operation of a coal-preparation plant. ANTHRACITE Specifications should be considered by both the consumer and the producer as guide posts outlining a certain path for both to follow. Plants differ, therefore specifications must differ to meet the varied requirements. Specifications are not of themselves a "cure all" or an assurance of complete satisfaction in fuel utilization. Specifications should not be regarded as a license to engage in an orgy of buying any and all coals that may happen to fall within their limits. This would lead to the-indiscriminate mixing of coals which may vary in their burning characteristics. Different coals of equal grade tend to be individualistic in their burning characteristics. Rather, specifications should be used to help simplify coal selection, to reduce the actual number of coals used over a given period; in other words, to have a stabilizing influence on coal or customer turnover. In the final analysis, the use of too many coals per year in a plant is costly to both the consumer and the producer. Too many sources usually result in higher operating and maintenance costs for the consumer and higher sales costs for the producer. Finally, the statement included in the report accompanying the comprehensive Coal Selection Charts prepared by the Coal Committee of the National Association of Purchasing Agents, and released in 1938, is significant. This Committee worked diligently for a period of 15 years seeking to find a scientific and reliable method for selecting coals. The two following paragraphs are quoted from its report: More important is the fact that no ready-made classification or set of specifications can possibly replace the judgment and resourcefulness of an experienced combustion engineer, or fuel technologist, nor the usual need for full scale plant tests under the exact conditions of use before a final decision is made . . .

Jan 1, 1943

By J. E. Tobey, David R. Mitchell, J. H. Kerrick

DETAILED knowledge of purchase specifications established by coal consumers is essential to the successful design and operation of a coal-preparation plant. ANTHRACITE Specifications should be considered by both the consumer and the producer as guide posts outlining a certain path for both to follow. Plants differ, therefore specifications must differ to meet the varied requirements. Specifications are not of themselves a "cure all" or an assurance of complete satisfaction in fuel utilization. Specifications should not be regarded as a license to engage in an orgy of buying any and all coals that may happen to fall within their limits. This would lead to the indiscriminate mixing of coals which may vary in their burning characteristics. Different coals of equal grade tend to be individualistic in their burning characteristics. Rather, specifications should be used to help simplify coal selection, to reduce the actual number of coals used over a given period; in other words, to have a stabilizing influence on coal or customer turnover. In the final analysis, the use of too many coals per year in a plant is costly to both the consumer and the producer. Too many sources usually result in higher operating and maintenance costs for the consumer and higher sales costs for the producer. Finally, the statement included in the report accompanying the com¬prehensive Coal Selection Charts prepared by the Coal Committee of the National Association of Purchasing Agents, and released in 1938, is significant. This Committee worked diligently for a period of 15 years seeking to find a scientific and reliable method for selecting coals. The two following paragraphs are quoted from its report: More important is the fact that no ready-made classification or set of specifications can possibly replace the judgment and resourcefulness of an experienced combustion engineer or fuel technologist, nor the usual need for full scale plant tests under the exact conditions of use before a final decision is made ...

Jan 1, 1943

By Ernest Gayford

When the United States Government started buying gold at varying prices per ounce, set by the President and the Treasury Department, the gold miner found himself facing new conditions, as gold became a commodity with a fluctuating market price. While it was self-evident that the miner was to receive more for his gold than the old established price of $20.67 per ounce, there was an element of uncertainty, which made it difficult, and perhaps dangerous, to decide to invest his time and money to produce gold, especially if the profit would represent only the difference between $20.67 an ounce and the new price as set from day to day by the Government. When, however, on Jan. 30, 1934, the United States went off the gold standard, the price of newly mined gold being rather definitely set at $35 per ounce, with some assurance that the price would be maintained at or near this figure for a long time to come, the gold miner was justified in revaluing his property on the basis of the new price, and the prospector was offered inducement to spend his time and energies hunting for new mines, or going back to old locations previously abandoned as of doubtful value. It is interesting to see what this new price means to the producer of newly mined gold, and how much of the increase is passed on to the producer. It will be found that, as with the base metals, the nearer he can get to producing a finished product himself the greater his reward will be; the net returns for bullion being necessarily higher than for the same amount of gold shipped in concentrates to the smelter. Bullion can be shipped to the United States mints or Government assay offices under the following terms and conditions. An affidavit must accompany the shipment, stating, among other things: 1. The source of the gold; whether ore, tailings or placer. 2. The tons of ore, tailings or cubic yards of gravel from which the shipment was recovered.

Jan 1, 1935

By Charles E. Parsons

One of the greatest factors in our industrial development is cheap and convenient power. Long-distance electrical transmission has now reached such a stage that it is feasible, and practicable, to utilize the water-power of the country which was heretofore too remote for consideration. In all of the changes of energy from its various sources to its electrical applications, water-power stands pre-eminent in point of economy. Power-users the world over have endeavored to utilize this force in preference to any other, and until long-distance transmission was found practicable it seemed that every available water-power in this section of the country was doing its full share for the benefit of mankind. The success of each great industrial development has been clue in a greater part to some one man one who is just a step in advance of the rest in his particular field; one who is able to grasp a situation and foresee possibilities; and, above all, one who has that indomitable pluck and perseverance which sees in each obstacle one more step toward success. Such a mail is Eugene L. Ashley, for it was through his efforts that the development of the greatest power on the Hudson river was made possible. For several years prior to 1897 the various properties along the river between Glens Falls and Palmer Falls were in the hands of speculators. These men knew the value of waterrights, but they had not the ability to assemble the properties and finance such an undertaking. In 1897 Mr. Ashley began buying these water-rights, and, after two years of litigation, title mas secured to all of the properties along each side of the river, and the Hudson River Water-Power Company was organized to construct a dam and transmit power to the surrounding cities and villages. A contract was let for a dam

Jan 1, 1904

By Robert B. Parsons

"While it might seem like heresy to suggest that ""taxation"" can be a source of financing, never the less some generous tax rules can considerably enhance the tax savings pertaining to a particular expenditure or project. A basic tax knowledge, and careful tax planning, can optimize government participation in a project. INTRODUCTIONIn trying to identify sources of financing for a project, ""government"" as a source of funding is normally thought of in terms of government grants, loan guarantees, interest rate buy downs, property tax waivers, hydro subsidies, and so on. Generally, such concessions are somewhat difficult to obtain, especially in the current period of apparent fiscal restraint. One source of government funding which should not be overlooked is the income tax regime, and, at the provincial level, the various provincial mining tax regimes.While the taxpayer would not normally view a tax system as a potential source of government financing, nevertheless various federal and provincial rules applicable to the mining industry can offer attractive tax deductions - and tax savings - with respect to particular expenditures. In fact, it is not unusual for a civil servant to refer to a tax deduction as a tax ""subsidy"". For example, in the right circumstances, the cost of a smelter expansion in New Brunswick would cost the operator only 31 cents on the dollar, with the federal and provincial governments paying for the other 69 cents by foregoing tax revenues (Table I). In a sense, such tax savings could be compared to a government grant equal to 69% of project costs. Of course, not every project expenditure will generate that degree of government funding. The fact of the matter is that the percentages of tax savings attached to different expenditures cover a wide range, depending on a complex mix of factors. The point to understand is that the tax rules can offer some valuable savings, even after tax reform, and that a basic knowledge of the tax rules can yield some fruitful rewards."

Jan 1, 1989

"The present and possible futures commercial production of potash from various sources in the United States is discussed below under the following heads:1. Potash from the saline lakes.(a),Nebraska lakes.(b),California lakes.(c),Other lakes.2. Potash as by-product from the cement kilns.3. Potash as by-product from the iron blast furnace.4. Potash from silicate rocks.(a),Feldspathic material.(b),Leucite rocks of Wyoming.(c),Sericite slates of Georgia.(d),Glauconite (greensand) of New Jersey.5. Potash from Alunite.6. Potash from organic sources other than kelp.7. Potash from kelp.In this discussion very little more than passing reference, if any, will be given to those projects which up to date have been de¬veloped only slightly, if at all, beyond the small scale laboratory stage, or for the development of which there appears to be very little financial and technical backing at the present time. Nether or not many of these proposed projects have merit can be determined only by an actual operating demonstration.Generally speaking, the potash industry of the United States has been hardly more than marking time since the armistice. This is, largely due to the fact that the consumers of potash have been expecting that heavy shipments of foreign potash to the United States would be resumed soon at somewhere near the pre-war prices, and they have not been buying domestic potash at present prices for many months. The result has been that domestic producers have been unable to sell their product at even cost and many producers of potash have been obliged to close down. Thu Nebraska lake plants were closed down in February. The California saline plants were operating at below capacity, and the only large alunite plant is closed down. Even the cement plants have little or no inducements to recover the potash being lost in their waste gases, and the production is very small at present."

Jan 1, 1919

By R Razanatsimba, A Galli

A mining company has entered into contractual commitments to supply certain quantities of its product to clients in each time period. Failure to fulfil its obligations would damage its reputation as a reliable supplier. The planned production would normally be sufficient unless major problems such as highwall failures, roof falls, natural disaster, or strikes that interrupt production or delays in obtaining environmental permits, occur. To overcome these difficulties, the company may be able to obtain more of the commodity: from its strategic stockpile (if there is sufficient there); by buying it on the spot market; or for some commodities such as gold and uranium, by leasing it. Two sources of uncertainty, the spot price of the commodity and the occurrence of serious incidents that interrupt production, are considered. For simplicity it is assumed that the commodity price follows a geometric Brownian motion, that productions incidents have a binomial distribution, that they are independent from one time period to another and that they do not affect prices. A branching tree structure is used to model the joint evolution of prices and production incidents. The aim of this research project was to evaluate the companyÆs options for fulfilling its contractual commitments. When evaluating these options, multi-stage stochastic programming with recourse was used to solve this problem because in addition to providing the dollar value of the project, it gives decision-makers the æroadmapÆ to reach the optimal value. That is, how much material should be bought/sold on the spot market, how much to add to/subtract from the stockpile, how much to lease and in the worst case what the shortfall would be, for each time period as a function of the current spot price and breakdown status. A case-study over a five-year period is used to illustrate the proposed procedure. In this study the production would be sufficient to cover the companyÆs contractual commitments unless production incidents occur. Focus is on evaluating the impact of the quantity initially in the stockpile on the value of the project when the commodity market is tight, that is, when only small quantities can be bought on the spot market or by leasing.

Sep 26, 2011