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By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2 versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Florian Kongoli

While calcium ferrite slags have been successfully used in continuous copper converting for the last 30 years, ferrous calcium silicate slag was proposed about 8 years ago as an additional alternative for copper smelting. Although both slags are normal extensions of each other their phase relations have not been completely clarified. In this paper the liquidus relations of both slags have been quantified at various areas that cover both of them. The existing experimental data have been first reviewed and discussed in relation to the solidification procedure. An original physical model is then used to predict various diagrams of the liquidus surface of both slags. It is shown that the ternary liquidus diagrams normally used for FeOx-SiO2-CaO system are not suitable for industrial slags. The new model diagrams of Fe/CaO versus SiO2 and Fe/SiO2 versus CaO as well as Fe/CaO versus Temperature and Fe/SiO2 versus temperature are proven to be much more convenient for ferrite and ferrous calcium silicate slags. Based on these diagrams the effect of SiO2 and CaO on the melting temperature is quantified. The effect of Cu2O is also quantified through the model. Some Fe/CaO versus Cu2O and Fe/SiO2versus CaO at various copper contents are predicted and the results show good agreement with the experimental data. It is also shown that in the presence of liquid copper, Cu2O is dissolved in the slag depending on the oxidation degree of the system and might lower the liquidus temperature. Some discussions are also presented taking into account plant observations and important conclusions are drawn for copper smelting and converting

Jan 1, 2006

By Y. C. Guan

The cementation of gold on to copper and zinc in ammoniacal solutions has been studied using rotating disc electrodes. The cathodic reduction of aurous ammine was studied on a gold rotating disc electrode and the anodic dissolution of copper and zinc was studied in the absence of aurous ammine. The cementation rate was found to be a first order with respect to the concentration of aurous ammine and to be proportional to the square root of the disc rotating speed. Based on the results obtained, it was concluded that the cementation reaction was controlled by mass transfer of aurous ammine to the reaction surface under the experimental conditions.

Jan 1, 1995

By S. S. Clarke

THEN sufficient ore has been blocked out on a lease to warrant a shaft, the proposed. Location of the shaft should be carefully considered, as the old promoter's method of sinking wherever his hat landed is a sad mistake as some: of us have learned by trying to operate such mines. In some instances certain conditions exist, such as mill location, railroad right of way, etc., that necessitate a change of location from the. ideal, but under average conditions and with the knowledge of the formation gained from the drill logs and with the general trend of the orebody known, the shaft can be located from. the standpoint of its future relation to the mine with re-gard to hauling and' hoisting a maximum tonnage: at a minimum cost per ton, also taking into account the minimum amount of expense and trouble- in sinking. Quite a few shafts are located in the wall of a run or just in the thin edge of the orebody: As a general rule the formation here is solid and permits rapid and safe sinking, and the shaft pillars are left in practically valueless material. This permits the withdrawal of pillars and still keeps the shaft protected. By opening a shaft in thin ground, you are not tempted to cut it high, wide, and handsome, but to shape it up-with ample clearance for lay-bys and with more of an idea of permanency, as a few hundred extra dollars spent around the shafts for proper track installation will re-turn, a good rate of interest in ease of handling "cans," quick get-away; and fewer wrecks. Nearly all the shafts in this district are sunk on a contract basis, the con-tractors furnishing all labor and explosives, and the company building the sinking-derrick, dump-track, and furnishing, all equipment, material, and power. The following costs are the averages, for three shafts sunk through good solid formation, with no water to, contend with, and approximately 260 -ft., deep, having about-100 ft. of shale. The contract price was $9 per foot with the shale and $13 per foot in the solid, making a total of $2,980 paid to the contractor. The wages paid by the contractor were, $5 per shift for the hoist-man, who also sharpened steel, $6 for the lead shaft man, and $5 for the helper;, the cribbing was sawed on contract for 40c. per shaft: foot; about. 94 board feet. of cribbing was used per foot of staggered cribbing and 168 board feet per foot of solid cribbing.

Jan 8, 1928

By H. I. Smith

THE recently developed potash industry in southeastern New Mexico, though based on a relatively new discovery, marks the latest and perhaps culminating phase of the effort to obtain a domestic source of potash that began with the leaching of wood ashes more than 300 years ago. In the search for mineral potash in America, the Geological Survey has played a conspicuous part and has paved the way for much of the private activity that now bids fair to free the nation of foreign domina¬tion in supplying the nation's potash requirements. HISTORICAL REVIEW A pamphlet published by Thomas Stephen in 1758 pictures the industry in its early struggling condition.1 Just before the Civil War, a deposit of mineral potash had been found in Germany and its value as a fertilizer had been discovered. On this account and because the supply of wood ashes had decreased, the Ameri-can potash industry gradually lost its importance. During the next 50 years, with European potash available with little effort and with satisfactory substitutes on the market for the manufacture of soap, the interest of the American people in American potash declined. In 1910 this interest was suddenly revived by the abrogation of American potash contracts in Europe. Congress passed an act, approved by President Taft March 4, 1911, providing for "researches with a view to determining geological conditions favorable to the presence of deposits of potash salts." Appropriations were made to the Geological Survey and the Bureau of Soils to carry out the provisions of this act. The work of the Survey was directed toward the finding of commercial bodies of natural soluble potash salts; the Bureau of Soils was more concerned with the processes of extracting potash from industrial wastes and organic sources. Private agencies also became interested in the program. The Geological Survey has continued its search throughout the ensuing period of more than 20 years and has studied many types of deposits in many parts of the country.

Jan 1, 1933

By J. Mirza, E. Nicol, J. Lipkowski

Gold passivation in thiosulfate leaching media is a major barrier to its implementation. Addition of Cu (II) into the leaching solution has shown to aid in gold dissolution, but the mechanism by which it acts, and its role in the passive layer, remains unknown. Surface Enhanced Raman Spectroscopy (SERS), in tandem with linear sweep voltammetry, were employed to determine the dependence of leaching currents on mass transport and for fingerprint identification of sulfur species on the surface of gold. SERS leaching experiments were performed using gold nanorod electrodes that showed increased stability compared to other SERS active surfaces.

Jan 1, 2011

By A. S. Richardson

VENTILATION of the Butte mines has long been a rather difficult problem because of the natural high temperature of the rock. With increase in mining depth, higher rock temperatures have been encountered, and this has caused a constantly growing demand for more effective ventilation measures. During recent years the hazards of dust in mine air have been more clearly recognized, and have necessitated the adoption of dust-prevention methods. To meet these ventilation problems in the mines of the Anaconda Copper Mining Co., a mines ventilation department was organized in 1918, to act under the direction of the general superintendent of mines. At the present time, under normal operating conditions, the force employed includes the ventilation engineer, two chief assistant ventilation engineers and eight assistant ventilation engineers. The activities of the department are, briefly: (1) planning and supervising operation of the general ventilation system; (2) planning and supervising the operation of dust-prevention measures, together with dust sampling and related microscopic work for the quantitation of the dust samples and determination of particle-size distribution; (3) the design and development of air- conditioning methods to meet present exceptionally severe temperature conditions and in anticipation of future requirements. To a large extent the technical features of the ventilation methods have been described in earlier papers by the author. This paper is written mainly to summarize past accomplishments bearing most closely on health and safety, with a somewhat more detailed account of the dust- prevention measures that have been developed comparatively recently. FACILITATING FLOW OF AIR As a basic requirement for the safety of the men, all ventilation plans are subject to a ruling that the main operating shafts must be maintained as inlet air courses. Under this condition, a safe, fresh-air escapeway is assured if a fire occurs within the mine, and the shaft is available as a base for fire-fighting operations. Control of the direction of air flow is

Jan 1, 1938

By R. B. Newcombe

Despite abnormal economic conditions and the unhealthy state of the petroleum industry, 1930 closed without any marked decline in total production of oil in the Middle Western States. The most accurate figures available would indicate for this district an output of close to 25,000,000 bbl. for 1930 as compared to 26,000,000 bbl. for 1929. This can be accounted for by the settled nature of a great many of the wells producing in this area and the favorable geographical position, which affords adequate refining and marketing facilities. The only new flush production field discovered in the area was the Legrande oil pool in southeastern Hart County in western Kentucky, where wells up to 1000 bbl. initial have been reported from a shallow depth. Important extensions have been found in a number of central Ohio fields, and activity in the central Michigan area resulted in new pools along the northwest trend of the Mt. Pleasant structure. These new districts, known as the Leaton and Vernon pools, have not yet reached the scope of the Mt. Pleasant field proper, and although the structure is similar, sand conditions are not strictly analogous. Wildcatting was retarded somewhat by the scarcity of market for oil and many important wells were shut down for several months. This has not shown such a profound effect on production as the reticence of operators to drill inside proven locations. The major companies have not been able to dispose of their oil and the smaller operating units are having trouble financing their projects. The result is that oil in sight is not being produced and output is suffering accordingly. Another important effect on production was the introduction of proration by the major crude purchasers and a voluntary shut-down by Kentucky operators. This step became necessary because of the glutting of lake port refineries with Mid-Continent oil, and was not fostered by regulating state bodies, as in the case of the southwestern states. Small refining units have sprung up to meet this situation in a number of instances but they have experienced some difficulty in disposing of their product because of "dumping" tactics from other quarters. New refinery outlets on the Great Lakes and new pipe line connections should tend to alleviate this difficulty during the coming year. The

Jan 1, 1931

By P. R. Day, W. K. Webster

"The introduction of large boreholes underground initially involved taking the techniques of open-pit bench blasting to the production stope, but with deeper boreholes and narrower stopes more controlled techniques must be developed in order to maintain good stope walls and prevent dilution of ore or structural damage to pillars due to blasting overbreak. The points discussed are drilling accuracy and drill pattern, the relationship between open-pit wall control and underground mining, the varied explosives products and initiation devices available, and some of the many ways that variations in loading, such as deck charging, etc., can produce desirable results.IntroductionThe use of large-diameter blastholes for underground mining began ten years ago and today they are widely employed in a variety of orebodies and stope configurations. These big blastholes, which range in size from 4.5 to 8 inches in diameter, were originally employed in the same manner ' as open-pit bench blasts; that is, the stope was silled out to full width and all holes were drilled vertical and parallel. This was suitable for competent, massive orebodies, however the popularity of the big drills saw their usage in more narrow stopes, often with poor ground conditions. The dipping orebodies and small drill sublevels resulted in inclined drilling.Today, there is full-ring drilling of 4.5-inch holes. Some 6.5-inch holes are drilled up to 350 feet deep. A 350-foot borehole may contain 6000 to 7000 pounds of explosive. The detonation of this size of charge weight within the confines of an underground stope can have considerable effect on the stability of stope walls and adjacent pillars. Obviously, precautions must be taken to minimize the damage which would result from the large charge weights possible with these big boreholes."

Jan 1, 1982

By S. Shokri

The increasing size and complexity of mega construction projects result in having several geographically distributed stakeholders, collaborating with each other to successfully deliver the project. Electronic Product and Process Management Systems (EPPMS) are recently emerging to facilitate the collaboration between stakeholders, reduce the surprises and issues, and improve the project productivity. These are commercially successful but evolving systems. An important component of EPPMS is the Interface Management System, which aims at formalizing and automating the communication channels between stakeholders. An interface is generally considered the link between construction elements, phases, or stakeholders. An interface Management System (IMS) involves five iterative steps: (1) Interface Identification, (2) Interface Documentation, (3) Interface Transferring, (4) Interface Communication, and (5) Interface Closing. A fundamental part of step 2 is recognizing different roles in dealing with interfaces. Each stakeholder is assigned a different role, such as responsible, accountable, consulted, and informed. In a mega project, several thousands of interfaces exist with complex relationships between stakeholders. Therefore, identifying stakeholders with higher responsible roles has been requested as useful information to the project owner in dealing with some of the project risks. After the interfaces are determined, and the responsibilities are allocated, the critical stakeholders are identified using the centrality concept in Social Network Analysis. The critical stakeholders can be determined at the highest level, considering all types of interfaces, as well as for each specific type or discipline-related interfaces. The proposed methodology is applied on a hypothetical offshore project with over 500 interfaces. In fact, this project is a simplified representation of a real scale Liquid Natural Gas project. In order to reduce the complexity of calculations and clarity of explanations, the simplified case study is used. By implementing IMS in mega projects, different parties not only formalize the communication between each other, but also gain better visibility concerning their roles and responsibilities. In addition, the owner benefits from analysing the complex relationships between stakeholders to further identify critical ones, along with other criteria like package cost, stakeholders? experiences, etc.

Aug 1, 2013

By Raymond B. Ladoo

TIIe milling of talc, as is the case with many non-metallic minerals, until recently, has not received adequate technical consideration, for the talc industry has become of importance only within the last decade. At first, talc was used only in the massive form, for foot warmers, griddles, and so on, and milling methods were unnecessary. As the demand for ground talc increased, producers adopted the machinery used in the milling of flour; in fact, many talc mills were rebuilt flour mills. Improvement has been slow, but today several types of grinding and separating machinery are in use; many of them, however, are still inadequate and inefficient. To determine the best methods of milling talc, it is necessary to understand the essential properties a talc must possess to fit it for a particular use. For toilet purposes, whiteness, freedom from lime and grit, fineness of grain, and good "slip" are essential. As a paper filler or coating, the talc must be white, uniform, and fine grained, have a good slip, and be free from grit and iron; freedom from lime is a disputed point. Fibrous talc is supposed to be superior to massive on account of the interlocking of grains in the paper, thus increasing its strength; this point, though, is in doubt. In general, talc for the paper industry need not be of as high quality or as fine grained as that used for toilet purposes. Talc is usually bought by sample, for which reason it is difficult to state the essential properties for use in paint, rubber, roofing, and so on. The adoption of standard screen tests and standard grades by producers is necessary before an accurate basis for manufacturing or selling standards can be established. Off-color talcs might be utilized, as in Germany and Austria, by the establishment of standard grades of colored talcs. The machinery to be used depends on whether the talc is fibrous, foliated, or massive; hard or soft; of uniform or variable grade; pure or impure. In some cases, it is possible to change the mining practice or to utilize different sections of the deposit in order to vary some of these factors, but in many cases these factors are fixed, so the milling must be designed to suit the conditions.

Jan 1, 1922

By J. Wickens

This paper discusses how Bald Mountain Mine dramatically reduced mercury production by treating process solutions with a liquid reagent called UNR 811A. The reagent is marketed by Cherokee Chemical Co., Inc. A summary of the bench tests comparing several different reagents is given. The ensuing plant trial is discussed and results are presented. The plant trial treatment costs are discussed. Finally, potential cost savings are discussed.

Jan 1, 2001

By A. H. Lee

Discussion of the paper of H. P. HOWLAND, printed in Bulletin No. 111, March, 1916, pp. 627 to 650. A. H. LEE, Buffalo, N. Y. (communication to the Secretary*). The statements and results recorded in Mr. Howland's paper can be accounted for by the use of coke with a low sulphur content (0.60 and under). This allows the furnaces to be run on a small volume of acid slag, which it is presumed was done in Mr. Howland's practice. H. A. Brassert has admitted that this was the largest factor in low fuel consumption in his practice. Where the coke contains from 1.00 to 1.25 per cent. of sulphur the situation is quite different and I doubt whether the results mentioned by Mr. Howland could be obtained under such circumstances. ` N. M. LANGDON, Mancelona, Mich. (communication to the Secretary + ).-Gruner's ideal working (which is but a statement of the law first enunciated by Bell) as given in Gordon's Translation of Studies of Blast Furnace Phenomena, "supposes that the reduction of the oxide of iron is effected by the CO only, without intervention of solid carbon." This ideal, if reached, would mean theoretically perfect or 100 per cent. efficiency of reduction. The workings of the large number of furnaces as given in Bell's and Gruner's great works do not show that this standard of perfection ever was reached. This problem has been worked out by the writer for a number of furnaces, and his results, as well as those given by others, all show a failure to reach perfection. Some furnaces, however, approach nearer to perfection than others. The "ideal" as given by Gruner was not stated as a solved problem in blast-furnace practice, but as an ideal to the attainment of which furnace managers should strive. A study of the factors involved from every angle is interesting and instructive and the paper on this subject contributed by H. P. Howland is no exception to the rule. This article is fairly open to criticism, not because of the unique method of presenting the subject, but for the reason that, as the writer conceives, erroneous assumptions are taken which lead naturally to incorrect conclusions.

Jan 7, 1916

By W. A. Backofen, N. E. Paton

DEFORMATION twinning contributes to the plasticity of titanium and has been reported on {10i2}, {1121},{11221}, {1123}, and {1124} planes.' Twinning on {1011} has also been reported in commercially pure titanium as a result of quenching from 1000', but no reports of such twins occurring as a result of deformation alone are known to the authors. In this study single crystals grown from iodide titanium were compressed parallel to the c axis over the temperature range 25 to 800°C. From it has come evidence that (10il) deformation twins are the most common type between 400" and 800°C. Crystals about 6 mm high with a rectangular cross section measuring about 3 by 4 mm were used in the tests. Chemical analyses showed them to contain 220 to 250 ppm 0 arid 10 to 15 ppm N. The long axes of the crystals were made parallel to the c axis while the sides were parallel to (i100) and (1120), as shown in Fig. 1. The crystals were compressed between polished alumina platens with no lubrication, in a vacuum of 2 x lom5 torr. Between 25' and 300°C the predominant twinning mode was (11221, which is to be expected for this stress state. There was an abrupt change at 400°C, however, and from that temperature up to 800°C twinning took place almost entirely on (10i1 ). Twin planes were determined by the two-surface rnethd. Measurement of the crystal orientation within several (10i1) twins by means of polarized-light4 and transmission electron microscopy showed that the lattice reorientations were the same as those previously reported for the (10i l ) twinning in magnesium.' This reorientation is consistent with The calculated (10il ) twinning shear for titanium is 0.10, while that measured from surface offsets on a (1150) face, which is parallel to the shear direction, was about 0.15. Slip within the twins, or in the matrix adjacent to the twins, probably accounts for the larger measurement. Slip in both locations was judged to have occurred from observations on foils in the electron microscope.

Jan 1, 1970

By David B. Reger

Extensive drilling for gas and increased pipe-line building were the major petroleum activities in West Virginia during 1937. According to the West Virginia Department of Mines, 1034 permits to drill were issued. A running account of operations from trade journals and other reports shows that 1041 wells were drilled, resulting in 193 oil wells with 1238 bbl. of daily production; 680 gas wells with 1,048,057,000 cu. ft. of daily open flow; and 168 dry holes. The new oil-well average is 6.4 bbl. per well per day; the gas-well average is 1,541,260 cu. ft. per well per day; the ratio of dry holes to completions is 16.13 per cent. Very little attempt was made to develop new supplies of oil. Because of the continued low price, operators evidently considered it good business to leave oil in the ground rather than to produce it at a loss or on a small profit basis. The principal oil wells completed, by counties, are: Calhoun, 16; Clay, 10; Pleasants, 17; Ritchie, 42; Roane, 16; Tyler, 13; Wetzel, 11; Wirt, 14; Wood, 13. The leading counties in gas, with the number of successful wells in each, are: Boone, 54; Braxton, 31; Cabell, 48; Calhoun, 46; Gilmer, 82; Kanawha, 134; Lincoln, 44; Ritchie, 56; and Wayne, 26. General State of the Industry In Table 1 will be found an approximate summary of oil and gas territory and reserves, oil and gas production and number of oil and gas wells. The amount of land under lease is an approximation, because the exact figures are not available through any public or private agency. The proved land and reserves represent the opinion of the writer. The oil production for 1937 is subject to revision, and the gas production for the same year is only an estimate, based on demand and supply. The number of oil and gas wells now active is also an approximation, based on previous studies, and revised for completions and abandonments. Principal, Areas of Activity In Boone County, 62 wells were drilled in various localities, resulting in 4 oil wells and 54 gas wells with 18,170,000 cu. ft. of new production.

Jan 1, 1938

By J. E. Pogue, F. G. Coqueron

This paper describes the sources of funds required by the petroleum industry to finance capital expenditures and also presents a discussion of the effect of rising construction costs on these expenditures. The petroleum industry obtains its capital funds from several sources: (I) internal, from retained cash earnings; and (2) external, from borrowings and the sale of securities to the public. The upward trend of capital expenditures of the petroleum industry is caused in the main by the influence of two powerful factors: (I) the physical growth in the demand for oils; and (2) the rising cost of drilling wells and constructing refineries, pipe lines, and other facilities. The segregation of these factors is accomplished by deflating the actual capital expenditures so that they are shown in terms of 1939 costs and then subtracting the adjusted series from the actual figures to yield a set of data representing the expenditures made on account of higher costs. Rising costs affect prices and the portion attributable to this factor had to be generated from the cash earnings of the industry, which called for higher oil prices. Introduction Capital may be defined as "wealth employed in or available for production." All production requires capital. Expanding industries require more capital than static ones, and technological industries employ more capital than. those in which little equipment is needed. The petroleum industry is both rapidly growing and highly technological, and, being a large industry, its capital requirements are prodigious, amounting to about one-seventh of the total of all American business, excluding agriculture.* Capital formation may be defined as the method by which the wealth or capital needed in the productive processes is created. There are various ways in which capital funds may be obtained but there is only one way in which capital can be created—out of production in excess of consumption, that is, savings. The physical realities are simple, but the monetary concepts are complicated because the mechanism of credit can draw upon future savings. Source of Capital Funds An industry, such as the petroleum industry, can obtain its capital funds from

Jan 1, 1949