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In accordance with the requirements of our By-Laws I beg leave to submit herewith the report of the Library Committee for the year 1915. The activity shown by the sale of the institute publications during the year continues satisfactory, although not as large as last year. The total sales amount to $6,666.81, distributed as follows: Sale of Transactions...:: :. $4,585.42 Sale of Special Editions 553.17 Sale of Pamphlets and Bulletins 2,028.22 It should-be borne in mind that the sale of special editions was only begun last year,, and most of the members who did not have the special editions immediately bought them for their libraries. This year only a little less than half of the same number have been disposed of, and it is more than probable that from now-on the number will be considerably lessened.

Jan 2, 1916

By T. D. Parris

Within a 30-mile radius of Sudbury, Ontario, the Ontario division of the International Nickel Co. of Canada, Ltd., operates nine underground mines and two open pits. Prior to 1966, ore removal from the underground workings was mainly by scraping, using 125-hp electric slushers in blasthole and caving mining, and 30-hp or less air-operated slushers for fill- method mining. The development and evaluation of low-profile, diesel-powered front-end loaders, designed specifically for underground operations, was followed with keen interest during the period 1964-1965.

Jan 6, 1969

By Breaux B. Castleman

The ultimate test of a business strategy is whether it achieves the owner's objectives. Most shareholders are interested in growth and profits, and share values on stock exchanges are very often closely correlated with profit growth and profitability measured as return on equity (ROE). Strategic management, then, involves managing investments or resource allocations to optimize long-term growth and real return on equity, within reasonable limits of risk. Figure 1 shows a plot of the five year, weighted average ROE of a number of communications companies against their stock market valuations in 1983, measured as a ratio of market value to book value. The principal explanation of the differences in the relative valuations of the individual stocks is historical ROE, weighted toward the most recent years. Further analysis demonstrates the added importance of growth in explaining the differences in stock market to book ratios. [ ] Research conducted by Booz Allen and others in recent years suggests that the relationships between ROE and market to book multiples hold true in industry after industry. Furthermore, we have found that in assessing business strategies for companies in these industries, the analyses should focus on whether proposed strategies are likely to lead to consistent long-term growth in real ROE, without excessive leverage. Our research also reveals, however, that these approaches to strategy assessment are not consistently applicable in the natural resource extractive industries. Figure 2 shows a similar comparison of market to book values against five year average ROE for a group of nine mining companies in 1983. Market value of the shares shows little correlation with ROE. [ ] Analysis of the data for other extractive industries indicates a similar pattern; that is, low correlation between share values and

Jan 1, 1985

By Orson Shepard

THE leaching method that was first widely used with the cyanide process consisted of percolation leaching of crushed ore in vats or leaching tanks. It was frequently necessary to separate the sand for cyanide treatment and discard the slimes, because only granular material allows the necessary amount of solution to percolate through it in a reasonable time. Later a slime process consisting of agitation followed by thick-ening and filtration was developed, and is extensively used to the pres-ent day. Even though the agitation-leaching slime process is considered satis-factory, the cost of plant and of operation are both greater than for a percolation-leaching plant of equal capacity. This situation has been recognized in the hydrometallurgical treatment of copper-bearing slimes; and a considerable amount of j work has been done at the Southwest Experiment Station of the U. S. Bureau of Mines in an effort to develop a percolation method of treating slimes. Experimental work on the copper-leaching problem was started by H. E. Keyes1, and later tests were made by J. D. Sullivan and A. P. Towne2. The Bureau of Mines work resulted in the development of a process by which slimes were moisture-agglomerated with sand and crushed ore, to form a permeable mass through which solution could be trickled without breaking clown the glomerules. The agglomeration trickle-leaching method was devel-oped on a small scale and finally tried out in a 12-ton vat. Successful results were obtained as long is the leach solution was added slowly, so that the agglomerated charge was never flooded. If the leach solu-tion flooded the charge, the glomerules broke down and, the charge became impervious. There are two important difficulties in the application of the agglom-eration trickle-leaching-method to the cyanide process for gold and silver ores:

Jan 1, 1937

By Charles E. Packard

Many coal producers have been faced recently with the problem of arranging their production facilities to accommodate recent trends in the transportation of their product. Each operator is normally faced with a different problem requiring a system to meet his specific needs. It may be that he would be required to load a seven or eight thousand ton integral train each day which would naturally call for a large storage pile, high loading rate, accomplished in a minimum of time On the other hand, it may be that he is faced with furnishing coal to make up one-half of a unit train that is to be assembled twice a week. Whether the problem is large or small, many considerations must be given to each specific problem to be certain that the proper scheme is applied. The operator actually has several choices as to what type of storage and loading facilities he may consider. The storage pile, for instance, may be open type, conical in shape, kidney-shaped, or long and wedge-shaped. It may also be enclosed by steel or concrete

Jan 8, 1964

G. A. ROUSH,* South Bethlehem, Pa. (written discussion?).-Mr. Frey is correct in his impression that ice floats, but "frazil" ice happens to be the exception to the rule. The requirements for the formation of

Jan 12, 1919

By A. W. Ambrose

The present plans for the Petroleum Division of the American Insti-tute of Mining and Metallurgical Engineers provide for two principal meetings in the year 1928. The first will be at Tulsa, Okla., in September or October, 1928, with the exact date largely dependent upon the date of the .International Petroleum Exposition. The officers wish to hold the meeting at the same time as the Exposition in order that members of the Petroleum Division of the A. I. M. E. may have the advantage of attending both meetings at the same time. It is planned that this meeting will be devoted largely to petroleum production engineering problems. A tentative outline of subjects to be discussed is as follows: 1. Repressuring New Oil Fields, and naturally in conjunction with this falls Repressuring of Old Fields. 2. Air or Gas Lift. 3. Flow Strings in New Wells. 4. Deep Drilling Technique. It is also planned to have at this meeting a general paper relating to Supply and Demand of Petroleum and its Products. The second meeting is planned for February, 1929, in New York at the same time as the annual meeting of the Institute. Special details have not been carried very far on this meeting, although it is expected the program will cover technical problems in relation to production and refining of crude oil, as well as 1928 development in foreign fields and the United States. It is planned during 1928 to cooperate with the Bureau of Mines in an attempt to compile a set of definitions on petroleum engineering. These would be of value to the petroleum engineering profession, in order to better standardize various terms used in discussion of current problems. It has also been suggested that the Petroleum Division study certain problems in which research work is needed by the petroleum industry and outline certain definite programs that could be carried out by the Bureau of Mines and the U. S. Geological Survey, as a follow-up to

Jan 1, 1928

By Magnus Troilius

INTRODUCTION BY C. P. SANDBERG. SINCE the discussion On steel rails in America has forcibly drawn attention to the value of chemical analysis, if not as a necessary stipulation, at least as a guide to control the usual mechanical tests, some doubt has been thrown upon the accuracy of the analytical results Obtained by different chemists. To any One having the least acquaintance with chemistry., it is quite clear that if exactly similar results are to be obtained from the same borings of steel, exactly the same methods must be used by the different analysts. Hence the necessity (if complications are to be avoided) of establishing what I may call standard or normal methods, to be used both by the inspectors and by the chemists at the works. Remembering that the application' of chemistry to steel-rail inspection is yet in its infancy, it is of great importance to possess a perfect acquaintance with the best methods in use. Being myself a grateful pupil of Professor Eggertz, of the School of Mines in Sweden, it Occurred to me, two. years ago, that I could not do better than start a laboratory of my. own, and engage One of his pupils, Mr. Troilius, for the purpose of analyzing the steel borings from mechanically-tested rails, so that I might thus Obtain without delay thoroughly accurate determinations. Moreover, in Order to carry on the, operations in perfect accordance with the methods used at the steel works in England and Germany, where I had to control the manufacture, I deemed it desirable to allow Mr. Troilius to go through a course of training at these works; and I gladly seize this opportunity of expressing my grateful acknowledgments to several works in England and in Germany for affording every facility for such an exchange of information as was found necessary in arriving at the best analytical methods to be used.

Jan 1, 1882

AS provided in Article VIII, Section 4 of the By- laws, the Papers and Publications Committee has formulated the following, rules of pro-cedure and submitted them to the Board of Directors for consideration and approval. In preparing these rules the committee, and an active subcommittee con-sisting of Messrs. Norris, Sharpless; Fohs and Wither-ell, have kept in mind the desirability of codifying the practice that has grown up through the now sev-eral years of experience of the committtee, without casting them in a mold so rigid as to be hampering. The problems of the Institute change from year to year and the methods of publication must change also to meet each new situation as it arises. "The estab-lishment of divisions and special volumes devoted to the papers. read before each required certain changes from former practice. These rules have been framed with this in view. The committee suggested, however, in its letter of transmittal, that the system will be made all the more workable if the Board will, as far as practicable, in making appointments to this committee, arrange for representation from each of the professional divisions and technical committees. It is understood that the chairman of the committee will be named by the Board. The rules regarding spe-cial volumes have been framed, keeping in mind the present policy of distribution, as already approved by the Directors under which the special volumes go only to the special. groups except on request. The committee has not attempted to provide rules governing consideration of any appeal made to the Board from one of its decisions, but its services and files will necessarily be at the full service of the Board in any such event. The rules which were ap-proved by the Board at its meeting on March 30, 1928, are as follows: Signed by C. S. Witherell, Chairman. (A) The authority of. the Committee on Papers and Pub-lications, hereinafter called the Committee, is defined in Art. VIII, Sec. 4 of the By-laws of the Institute, which reads as follows: "Papers and Publications: The Committee on Papers and Publications shall consist of the Secretary of the Institute, and at least twelve members of the Institute, to assist in passing on all papers offered for publication. They shall be appointed annually by the Board of Direc-tors, on recommendation of the President, and shall have authority, subject to appeal to the Board, to accept or reject papers for publication in the Transactions and Technical Publications of the Institute. The Commit-tee shall formulate a set of rules of procedure which, when approved by the Board, shall have the force of By-laws until revoked or amended." The policy of the Committee will be to uphold the ob-jects of -the Institute as set forth in the Constitution (Arti-cle 1, Sec. 2).

Jan 5, 1928

By AIME AIME

FREE competition, long the controlling ideal of domestic trade within the United States, has had the fundamental geographical advantage of functioning in the world's largest area of unrestricted commerce. Goods moved back and forth across state lines, unimpeded by customs, and industrial operations have developed rapidly to meet the expanding needs of a pioneer country richly endowed with natural resources. Fifty years ago, antitrust laws were adopted to protect the competitive private enterprise principle. It became illegal for one person to combine with another to restrain trade or commerce among the several states or with foreign nations. The original legislative measures defining this philosophy were the Sherman Act of 1890 and the Clay- ton Act passed in 1914. The development of Europe and other parts of the world was influenced by different conditions which led to a different theory of trade. Here were many small nations, with limited natural resources and a thin market, and they attempted to protect their national economy by tariff walls. International business arrangements for the purpose of diminishing the ups and downs of the more competitive system --crux of the modern cartel operations-seemed a logical device to stabilize production and guard the interests of both workers and consumers. European governments as well as European industrial interests became convinced that if com- petition could be held in bounds the danger of business depressions and un- employment could be reduced.

Jan 1, 1944

By A. C. Dorenfeld

In most mineral enterprises, what is the progress, and shift in responsibilities, as the young engineer advances in the corporation? You are all familiar with the normal pattern-in mine production from level boss, to shift boss, to superintendent to manager; in milling from test engineer, to shift boss, to foreman, to superintendent and then manager; in engineering from surveying on to Chief Engineer; and all then aspire to the corporation presidency. Note the shift-from purely technical jobs, say in the first five to ten years in the profession, to administrative positions for 30 to 40 years. What is the average preparation given to mineral engineering students, who can look forward to about 30 years of administrative work? From the catalogs of 21 institutions, offering 36 curricula of four years length, in mining and/or metallurgy, requiring the equivalent of about 150 to 160 semesterhours for graduation, the following results were obtained: Average number of semester hours of economics, 3 hr. Range of requirements, 0 to 8 hr. Thirteen curricula do not require any economics. Accounting and business law, average: 1 semester hr, 26 curricula do not require business law or accounting.

Jan 2, 1955

By James A. Barclay, Ralph C. Kirby

The US minerals posture will be increasingly dominated by three interrelated factors. First, when viewed over the long range, the US supply situation can be expected to steadily deteriorate as demand increases. Domestic high-grade ores have been used up, and other nations compete with the US for world supplies. Second, as environmental awareness becomes more acute, an aroused citizenry is demanding that minerals industries conform their operations to rigorous new standards. Finally, the changing energy situation that confronts the US is forcing an appraisal of energy-use patterns on operations previously guided solely by economic principles and not by national priorities. While future US mineral production and consumption patterns are unclear at this time, it is certain that US demand for minerals will continue to outrun domestic supply. Thus, the US is faced with a challenge of producing more minerals and metals from lower grade resources. Meeting this challenge means a strengthening of US research and development efforts, coupled with their application in the remaining leadtimes available. Some specific examples of how the US Bureau of Mines (USBM) is assisting in the processing of low-grade resources follow.

Jan 6, 1975

By H. M. Bannerman

IN the past few years the mineral raw materials problem has risen from comparatively obscurity to great national significance. The transition has come so rapidly that the nature of the problem and what it portends have not yet been clearly defined. Consequently there are wide differences of opinion among the experts as to what can, or should be done to insure a continuing, adequate supply. On one hand, it is said that depletion of known domestic deposits and lagging discovery of new ones will bring about an imminent decline in mineral production and that in future U. S. mineral-using industries will have to depend on foreign sources for more and more of the major mineral raw materials. On the other hand, it is argued that domestic mineral resources are virtually inexhaustible if there were only legislation against competition from low-cost foreign producers. Still another school of thought contends that within the past decade the country has entered a period of unprecedented mineral discovery that is rapidly solving the problem of depletion. Only time will tell which of these widely divergent views is nearer the truth, for mineral resources are, after all, the result of research and adaptation, and resources of the future, as of the past, will depend largely on human response to circumstances. Of 18 substances now termed reactive metals, only 8 (boron, thorium, potassium, sodium, lithium, uranium, molybdenum, and tungsten) were considered of commercial significance at the turn of the century. Except for hafnium and rhenium, the other ten were well known to chemists and mineralogists before this, but none had found use commercially, whereas some, like titanium, were looked upon as nuisances in the ores of other metals. Of these ten elements, several were considered of minor commercial significance, and others were of little more than academic interest as recently as 15 years ago. Before World War II only a few of the better informed spoke of uranium or thorium as possible sources of power. Still fewer talked of converting boron into a super- fuel, and the time had not yet arrived when hafnium, rhenium and even zirconium were thought of as critical to U. S. welfare and safety.

Jan 10, 1957

By Rodney G. Ravenscroft

Leasing is not a new phenomenon. Experts have identified its origins as early as biblical times. It is a method of finance that has grown rapidly and is now used in most countries, including those of South East Asia, South America, the Middle East and even the People's Republic of China. Internationally, the leasing world divides fairly easily into two groups and this is determined, by and large, according to whether a country has Anglo-Saxon origins or not. Most of the Anglo-Saxon countries have seen tax-oriented leasing become a sophisticated means of financing the acquisition of large and costly items of equipment and large projects. Countries such as France, Spain and Japan have a highly developed leasing industry but it is not tax-oriented. This paper will not address leasing of this kind. LEASING - THE CONCEPT Wide acceptance of leasing as an alternative for financing capital equipment has grown with the recognition by the users of equipment that it is use and not ownership that generates profits. Whilst this seems obvious, memories of repossession of assets during the Depression and attitudes towards leasing as "last resort financing" have raised strong philosophical resistance that has only recently begun to be overturned. A financial lease is a commitment by way of contract between a user of equipment (lessee) and a financial owner (lessor) under which the lessee makes a series of payments in return for use of the equipment. The lessee is acquiring economic value associated with ownership but not ownership of the equipment itself - that remains with the lessor. A lease is a method of financing the use of an asset; other methods finance the assets themselves. It is the taxation aspects that then become important. The lessee is giving up some or all of the taxation benefits of ownership such as depreciation and investment tax credits. The lessor claims these benefits, as he is entitled to do as owner, and takes them into consideration when determining the level of lease payments that are necessary to generate his required rate of return. These lease payments are, of course, lower than they would have been without those taxation benefits. The lease payments themselves are fully tax deductible. This is tax shelter leasing. The lessor is acquiring taxation deductions that are applied fully and immediately against his other taxable income so as to reduce the amount of tax he is to pay to the revenue authorities. It is this concept that makes financial leasing work. Governments provide incentives by way of tax concessions to encourage capital investment. Governments presume that prudent capital investment will offer employment opportunities, generate sales and streamline economic activity. These, in turn, will lead to the collection of government revenue. It makes no difference at all whether these incentives are claimed by a commercial or industrial owner/user or by a financial owner who makes equipment available for use by industry. Rather, the issue is to ensure that if an incentive is available, it is used so as to achieve its desired results. No greater or lesser incentive is available for leasing and leasing does not misuse the taxation aspects of equipment ownership. The critical issue is whether the full value

Jan 1, 1985

By AIME AIME

NO MORE SUITABLE time and place than LOS Angeles on Thursday and Friday, July 28 and 29, could have been chosen for the Western Regional Meeting of the~1nstitutk. After attending two clays of technical sessions and enjoying the luncheons and dinners of the meeting, visitors, on the following days, could see the opening ceremonies and events of the Olympic Games, which started on July 30 and continued to Aug. 14. Such d spectacle can be seen only once in a generation in this country.

Jan 1, 1932

By Raymond Brandon, Marshall Pease

A pattern for providing a large utility, The Detroit Edison Co., with an adequate fuel supply is outlined. From the standpoint of both fuel procurement and utilization, consideration has been given competition relationships, fuel properties as well as operating conditions that must be met to provide dependable service and reliable plant operation.

Jan 2, 1951

By AIME AIME

IN accordance with the provisions of Art. XII, See. 3, of the By-laws of the American Institute of Mining and Metallurgical Engineers, the Board of Directors hereby give notice of their intention to amend the By-laws as follows : Art. V, Sec. 2. Amend by substituting the word "senior" for ('first" before the words "Vice-president" in line two of the third paragraph of said section which relates to the calling of special meetings of the Board in the absence or disability of the President.

Jan 1, 1930

By Clement K. Chase

The ammonia leach for copper recovery is discussed from historical and current practice standpoints. The chemistry of the system is presented together with Eh-pH and copper-ammonia solubility curves. A list of metals forming ammine complexes is presented. The advantages and disadvantages of the ammonia leach as applied to copper recovery in conjuction with modern liquid ion exchange techniques are compared.

Jan 1, 1980

We are advised by Second-Lieutenant Maxwell E. Erdofy, a member of the Institute, and athletic officer of the 602d Engineers, stationed at Camp Devens, Mass., that his regiment, representing all branches of the engineering profession, is in need of athletic equipment and supplies. The regiment will highly appreciate any assistance in the way of financial contributions, or of apparatus and equipment for their athletic needs.

Jan 5, 1918

Rossiter Worthington Raymond, Ph.D., LL. D-1840 to 1918.-Dr. Rossiter W. Raymond, Past President, Honorary Member and Secretary Emeritus, died suddenly of heart failure at his home, 123 Henry'St., Brooklyn, N. Y., on the evening of Tuesday, Dec. 31, 1918. He was one of the founders of the Institute and its second President. A Memorial 'Service will be held on Monday afternoon, Feb. 17. James Douglas.- The Institute suffered a second very severe loss by the death of Dr. James Douglas, Honorary Member, Past President (having served as President for two years), and in three separate respects the greatest benefactor of the Institute: first, in raising funds by volun¬tary subscription and his own personal gifts to pay the Institute's share of the money owed on the land on which the Engineering Societies Build¬ing now stands; second, as original donor to Engineering Societies Library; and third, by his bequest of $100,000 for the maintenance of the library of the American Institute of Mining Engineers. A resolution regarding the death of Dr. Douglas was passed by the Board of Directors and at the meeting of the Institute on Sept. 4, 1918, in Colorado, at which time a memorial service was held in the thea¬ter of the Hotel Broadmoor, attended by about 400 members and guests. A copy of the resolution was prepared and sent to the family. A bronze tablet is now being prepared and will be placed in the Members' Room and unveiled at the February meeting. A biography and portrait of Dr. Douglas was published in the September, 1918, Bulletin. There is also placed in the Engineering Societies Library an oil portrait of Dr. Douglas which had his own approval and was presented by him. American Institute of Metals.--During the Spring of the year, plans were completed with the American Institute of Metals whereby this society became the Institute of Metals Division of the American Insti¬tute of Mining Engineers. This body was a dignified aggregation of metallurgists which had been in existence for about 11 years. A bronze tablet commemorating the American Institute of Metals is now being placed in the Members' Room of the Institute, and during the year 1919 the Bulletin will bear the following title: "Bulletin of the American Institute of Mining Engineers, with which is consolidated the American Institute of Metals." Visits to Local Sections.-During the year President Jennings made visits to six of the Local Sections, on three of which occasions he was accompanied by the First Vice-president and the Secretary. First Vice-president Goodale made five visitations and the Secretary made eight.

Jan 1, 1923