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By Walter J. Mead

By American tradition, if not by rational decision, publicly owned natural resources have been transferred to private industry for processing. The process of transfer requires specific determination of the price which the patentee, buyer, or lessee must pay to the government in exchange for the right to develop a resource, and selection of the patentee, buyer, or lessee from among several possible contestants. Pricing of natural resources owned by the government presents a set of problems quite different from ordinary commodity pricing. Natural resources in situ are not homogeneous commodities. Within any class of natural resources, specific leasable parcels will differ in value by reason of location and accessibility, as well as quality and quantity. Thus, there is no "going price;" every lease within a specific resource class will have a different value. To complicate further the pricing and buyer selection problems, competition may not be reliable. Natural-resource markets are characterized by oligopsony conditions. In a significant number of cases, as will be shown later, there has been only one bidder for a given lease, and in most lease sales the number of bidders is equal to or less than three. As a further complication, there is great uncertainty regarding the value of specific resources, even among the best-informed buyers, as well as within the leasing agency. In some instances, particularly with regard to oil and gas resources, there may be uncertainty about the presence of resources, as well as the quantity and quality of any resources contained in the tract offered for lease. In other cases, such as oil shale and some deep ocean minerals where new technologies are involved, the presence of the resource is clearly established. There may be a relatively high degree of knowledge about the quantity and quality of the resource, but there is great uncertainty concerning the cost of production. These problems in total make it difficult for the leasing agency to appraise accurately the resource to be leased, as well as for the potential bidder to calculate a bid price that will yield him a normal profit. The pricing goal of the federal government as the seller or lessee may be to capture the economic rent; that is, the price of a resource might equal its discounted present value. A required price substantially above this amount would either generate no bids, or, in the long run, would bankrupt the buyer. A price below this amount is a disguised subsidy to the lessee. A subsidy to mineral lessees, as to any other economic interest group, as a minimum should be justified by a clear showing of net external benefits from the economic activity. In the case of timber sales by the U.S. Forest Service, the Forest Service Handbook asserts that "the aim in national forest stumpage appraisal is to determine market value,"8 and "market value" is equated to "fair market value." Regarding minerals, there is no reference in legislation or regula-

Jan 1, 1976

Jan 1, 1967

By Robert Glass Cleland

IN gathering material for this book, I have made extensive use of the archives of Phelps Dodge, contemporary news- papers, and a wide range of secondary sources. Two manuscripts-one on the history of Phelps Dodge by Arthur Train, Jr., and John L. Lawler, the other a biography of William E. Dodge by Richard Lowitt-have been of the greatest value. I owe a particular debt to the authors whose names I have just mentioned. I have also gathered important information and obtained revealing points of view from conversations with many people. Personal visits to the company's mines and plants added knowledge and understanding that nothing else was able to supply. I am greatly obligated to the officers of the company, especially to Mr. Louis S. Cates, chairman of the board of directors, Mr. Robert G. Page, president, Mr. George R. Drysdale, vice-president of Phelps Dodge Corporation, and Mr. Walter C. Bennett, president of Phelps Dodge Refining Corporation, for their co-operation and assistance. Mr. Wylie Brown, former president of Phelps Dodge Copper Products Corporation, also supplied valuable data and deeply appreciated hospitality. In my visits to the Phelps Dodge properties, company representatives extended every hospitality and placed at

Jan 1, 1952

By J. M. GLEDHILL

(Washington Meeting, May, 1905.) A Discussion of Mr. J. M. Gledhill's paper, read by title at the Lake Superior meeting, but presented first at the New Yolk meeting of the Iron and Steel Institute (October, 1904), and here published under a mutual agreement. Between the two Institutes. Discussion. MR. E: WINDSOR RICHARDS, Past-President, said that at a recent meeting of the Institution of Mechanical Engineers a paper was read on tool steel, and he called the attention of the members to the high-speed tool steel at the Bethlehem Works. They would have the pleasure of seeing those wonderful works and would see 60, 70, 80 and 100 tons oil lathe with half-a-dozen of these high-speed tools running. PROP. H. M. HOWE (Columbia University) said that they all looked upon these high-speed tool steels as of very great importance, particularly to the machine shop. One point occurred to hire : Had it really been shown that Swedish steel is necessary, or better than equally pure steel that is not Swedish; and is cemented steel really necessary, and is there any advantage in using that, rather than equally pure open-hearth steel'! It might be well if the author could indicate the kind of evidence on which lie bases his assertion that it is necessary to have cemented Swedish steel. Many were hoping for the development of high-speed steels from elements which exist in great quantities, such as silicon, manganese and chromium, rather than from rarer metals like molybdenum, vanadium and tungsten, the supply of which is likely to be soon exhausted. If the high-cutting speed was to last more than a generation, it. seemed to him that they would have to draw upon the common ele¬ments and not upon the rare ones. MR. Tom WESTGARTH (Middlesbrough) said he fully appreci¬ated what had been said about the advantages of using high-speed steel, because great benefit had been derived from the

Mar 1, 1905

William Kent, New York, N. Y.:—The Institute may congratulate itself on the opportunity of reading the splendid address of President Brunton. It is an admirable summary of the progress that has been made in the mining and metallurgical arts in recent years. The paper rightly gives the chief credit for this progress to the aid which has been rendered to these arts by the advances in mechanics, chemistry, and electricity. It is notable that most of the headings in Mr. Brunton's address refer to the work of the mechanical engineer, the electrical engineer, and the chemist, rather than to that of the specialist in mining-operations. It seems that the most successful mining engineer of the present day is the one who makes the most intelligent application of the inventions and designs of engineers and others who are not directly engaged in mining. A tabulation of the headings of the address, grouped as below, shows this most clearly. Work of the Mechanical Engineer—Rock-drills, hoisting-machinery, tramming, pumping, ventilation, dredging, Sampling, concentration, briquetting, fume-recovery. Work of the Electrical Engineer—Electric machinery for hoisting, pumping, tramming, lighting and signaling, electric transmission, electric smelting. Work of the Chemist and Metallurgist—Explosives, chlorina-tion, cyanidation, roasting, lead-smelting, and copper-smelting. Work of the Geologist—Economic geology. Work of the Mining Engineer—Mine-mapping, surface-mining, timbering, tunneling; and planning and supervision of the work in general. The mining engineer of the present day, who is in responsible charge of a large plant, finds his chief work not in doing those things he was trained to do as a specialist, but in making use of the knowledge of geologists, chemists, and electrical and

Jan 1, 1910

By Wayne Loel

The application of aerial photographs to all phases of geologic mapping is set forth, indicating the advantages to be gained in different types of country and undcr varying climatic conditions. Methods of field and office procedure are given from a geological point of view, as well as suggestions regarding the best methods of aerial mapping for different uses and under varying field conditions, including the study of submarinc geology. Aerial photographs with accompanying geologic maps are shown to illustrate the appearance from the air of different geologic features under varying climatic and topographic conditions. Introduction The following paper is in no sense a contribution to knowledge; it is merely an attempt to indicate some of the benefits that may be expected from the use of aerial photographs in geologic mapping and to mention some inherent limitations. The writer has used aerial photographs in his own work for the past 13 years and has had ample opportunity to observe their use in the hands of others. From this experience certain conclusions have been drawn, which may be helpful to those using aerial photographs for the first time. It must he remembered that a photograph of the earth's surface can delineate only that which the eye can see; therefore the geologist should not expect more from an aerial photograph than he would be able to observe were he in the photographer's airplane looking at the area to be photographed. Theoretically, if the geologist had sufficient artistic ability, he could draw as good a geologic map from his position in the plane as he could from observation of the photograph. Practically this cannot be done because the airplane moves at a high rate of speed, which in itself prohibits detailed observation and, no matter how great the geologist's artistic ability, he could not reproduce the detail that can be recorded by a camera. An aerial photograph is a picture map of an area. The picture may be studied in the office until the geologist is thoroughly familiar with every minute detail of the surface of the ground he is about to geologize. If it is an area, underlain by sedimentary rocks, much may be learned

Jan 1, 1941

By Wayne Loel

The application of aerial photographs to all phases of geologic mapping is set forth, indicating the advantages to be gained in different types of country and undcr varying climatic conditions. Methods of field and office procedure are given from a geological point of view, as well as suggestions regarding the best methods of aerial mapping for different uses and under varying field conditions, including the study of submarinc geology. Aerial photographs with accompanying geologic maps are shown to illustrate the appearance from the air of different geologic features under varying climatic and topographic conditions. Introduction The following paper is in no sense a contribution to knowledge; it is merely an attempt to indicate some of the benefits that may be expected from the use of aerial photographs in geologic mapping and to mention some inherent limitations. The writer has used aerial photographs in his own work for the past 13 years and has had ample opportunity to observe their use in the hands of others. From this experience certain conclusions have been drawn, which may be helpful to those using aerial photographs for the first time. It must he remembered that a photograph of the earth's surface can delineate only that which the eye can see; therefore the geologist should not expect more from an aerial photograph than he would be able to observe were he in the photographer's airplane looking at the area to be photographed. Theoretically, if the geologist had sufficient artistic ability, he could draw as good a geologic map from his position in the plane as he could from observation of the photograph. Practically this cannot be done because the airplane moves at a high rate of speed, which in itself prohibits detailed observation and, no matter how great the geologist's artistic ability, he could not reproduce the detail that can be recorded by a camera. An aerial photograph is a picture map of an area. The picture may be studied in the office until the geologist is thoroughly familiar with every minute detail of the surface of the ground he is about to geologize. If it is an area, underlain by sedimentary rocks, much may be learned

Jan 1, 1941

By AIME AIME

AT the end of September, ' the metal-producing industries were almost prostrate, the production of fuels was largely curtailed, there was a fair degree of activity in general manufacturing, while retail trade was moderately good. Looking at industry on the whole, there was a large percentage of unemployment, the degree of which has increased, progressively, month by month since the beginning of 1921. There is the prospect of much destitution and misery this winter; yet while' in some, quarters, idle workers are already being fed from, commissaries; in other quarters profligacy; in "spending continues, unabated. Amid this confusion in conditions there is;' much that appears paradoxical, but in fact it is not so and indeed everything is running pretty true to form: Such activity in production as there is to be seen is mainly in textiles; - leather goods, foodstuffs, etc., i.e., consumption goods for immediate use. Even in hard times 105,000,000 people must buy a good deal of clothing and food. Besides this there is indispensable repair work and- maintenances. Thus, the good business of the year in white lead for painting. The chief uses for the metals, however, are in the production of capital goods, and except for occasional and special reasons nobody in his senses is capitalizing anything at present prices for labor. Hence several millions of men are idle. The impoverishment of Europe and the exhaustion of her credits adds to this by curtailing our export trade.

Jan 1, 1921

By AIME AIME

As already announced in the January Bulletin, this publication will be issued during the coming year monthly instead of bi-monthly as heretofore. Among other reasons for this change, it is desired to effect thereby the earlier transmission to members of important papers, lists of candidates for membership, and other items of timely information. Spokane Meeting and Excursions. Further details of the 97th meeting of the Institute have been sent to members in the Circular of May 8, 1909. The list of those intending to go on the excursion is filling up, and since preference in position of state-room or berth is given in the order of application, members and guests who expect to accompany the party and have not yet communicated with Mr.. Theodore Dwight, 29 West 39th St., New York, N. Y., are earnestly requested to do so without delay. For convenience of the members a summary of the additional information is here presented. A special train of Pullman cars will leave Chicago about September 15. This train will be side-tracked at all places visited, and the sleepers will be available for lodging and the dining-car for meals during the entire trip, except during the Yellowstone Park tour. The general cost of the trip per member will be $300, which includes transportation, berth, and meals for the entire trip from Chicago back to Chicago, almost 6,000 miles, and the tour through. Yellowstone Park, occupying in all about 30 days. Special, accommodations on the train will be furnished at the following rates

Jun 1, 1909

By AIME AIME

THE following paragraphs, constituting the concluding portion of the Annual Report of the Council for 1903, have been withheld from publication until now, in order to make them as accurate and complete as possible. They will be published in Volume XXXV. of the Transactions in their proper place at the end of the said Annual Report. Franklin Ballou was born in Pittsburg, Pa., May 29, 1845. He was the son of an old resident, Arthur Ballou, a manufacturer and wholesale dealer in vinegar. In early youth Franklin attended the Western University of Pittsburg, but left school at the age of 16 to become book-keeper for his father, upon whose retirement from business, in 1868, he associated himself with Walter C. Childs, of Pittsburg, in the manufac¬ture of furnace-grates and asbestos-cement for blast-furnaces. This firm was known as W. C. Childs & Co., and did a success¬ful business for several years. In 1869 Mr. Ballou married Miss May S. Wilson, daughter of Judge Wilson, of Lewistown, Pa. In 1876 he spent several months traveling in the West and studying the mining industry, which greatly interested him. In consequence of this journey, he wound up his business in Pittsburg and removed in 1877 to Georgetown, Colo., where for several years he conducted a sampling-works, and built up an extensive business as an agent for the sale of ores, besides engaging to some extent in mining enterprises. , It is said that he controlled at one time about one-eighth of the output of the Leadville mines. In the early 80's, he became Vice-President and General Manager of the Bimetallic Smelter at Leadville, of which Mr. David H. Moflat was the principal owner. This was practically the first successful demonstration of pyritic smelting in Colorado. Upon the sale of the works in 1897 to the American Smelting and Refining Co., Mr. Ballou retired

Jan 1, 1905

Jan 1, 1965

By T. Lane Carter

(Canal Zone Meeting , October , 1910.) INTRODUCTION. IT is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua; our near neighbor. To be most interested in distant objects, like the moon, .and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I :able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole.. I hope this paper will be the precursor of many others to be printed in our Transactions, dealing not only with the mining possibilities of Nicaragua, but with the whole of Central America, where there are vast areas awaiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and other Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. II. HISTORY. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors penetrated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Dec 1, 1910

By Alfred Boyles

"Heredity"1 in cast iron has been a subject of much discussion. Numerous experimenters have found that the properties of gray iron may vary greatly without corresponding variations in composition or thermal treatment. The main structural difference in such cases is in the size and distribution of the graphite flakes and the explanations given usually attribute this difference to some chemical element not shown by ordinary analysis or to some physical factor, such as inclusions in the melt. It cannot be said that any of these theories is completely satisfactory. Much remains to be learned about cast iron and for this reason a study of the material was undertaken as a part of the program of fundamental research at Battelle Memorial Institute. A review of the literature indicated that very little systematic work had been done on the mechanism of freezing in cast iron. The experiments described below are largely concerned with that problem. Normal and "Dendritic" Cast Iron As examples of variation in type of structure, photomicrographs of two test bars of cast iron are shown (Figs. 1 and 2) and the composition and properties are given in Table 1. Both are common, unalloyed gray iron. Test bar No. 13 has normal graphite flakes while No. 49 has very fine, lacy graphite arranged in a dendritic pattern, the matrix in both being pearlite. These two types of cast iron are well known to foundry-men and need no detailed description.

Jan 1, 1937

Jan 1, 1970

By James P. Sloss

MOST students that plan to enter the mining profession attempt to obtain some kind of practical experience before graduation. Six or seven years ago it was an easy matter for undergraduates to find employment during the summer vacation and return to school in the fall filled with enthusiasm to dig deeper into the theoretical field. However, during the past few years it has become extremely difficult for an inexperienced undergraduate to obtain even a menial job in mining. This was the situation which presented itself to the author and his partner, T. M. Patten several months before school closed in May, 1934. At that time, Mr. Patten's training consisted of two years study in Mining, and mine included three years' study in Mining Geology at the Missouri School of Mines and Metallurgy. With this technical training and no practical experience, we conceived the idea that custom assaying in some of the western mining districts should be a lucrative business. We thought that the renewed interest in prospecting for gold and the opening of new mines should provide more assay work, and believed that we might secure it if we were on the spot where the assaying was needed. We realized that it would be out of the question for us to obtain the necessary equipment with which to establish an assay office. Even if such an office were established we had a maximum of but three months during which to operate. So we determined to build some kind of inexpensive equipment that could be placed in an automobile, or trailer, and be moved from one camp to another. We then began to study the theoretical aspects of assaying and started experimental work with the equipment that we proposed to build.

Jan 1, 1935

By AIME AIME

THE graduating class whom I am particularly addressing are going into the world at least a month earlier than normal, because of the war. You have been free to choose your work. You have chosen to be mining engineers. The principal importance of your engineering education to date has been in teaching you how to think and how through books to have ready access to the accumulated experience of previous generations, as well as the current experience of the day. You should by now have acquired something of the engineering point of view, the open skeptical mind. the power to observe, experiment, and draw conclusions, form theories and test these by further experiment, and weigh the inherent probability of conclusions drawn by others. I am asking you today to consider certain facts and the conclusions I am drawing from those facts.

Jan 1, 1942

United Engineering Trustees, Inc. W. D. B. MOTTER JR., '44 A. L. QUENEAU, '41 ALBERT ROBERTS, '43 The Engineering Foundation GEORGE D. BARRON, '44 F. F. COLCORD, '42 A. L. QUENRAU, '41 Engineering Societies Library Board A. T. HASTINGS, '41 J. W. LAIST, '44 A. B. PARSONS, EX-Officio T. T. READ, '42

Jan 1, 1941

Jan 1, 1963

The 128th meeting of the American Institute of Mining and Metallurgical Engineers constituted a two weeks trip through the Great Northland of Ontario and Quebec and was a most memorable occasion. The last visit of the Institute to Canada was made in 1907 when the mines, which now have brought world wide fame to some of the camps, were not yet dis-covered. The party reached its greatest numbers at Porcupine where 167 visitors and nearly one hundred local members participated. Five members of the party from the States were on the previous trip in 1907. They were Mr. and Mrs. L. D. Huntoon, John Stevenson and son and E. F. Eurich. The Minister of Mines for the Province of Ontario attached his private car to the "Mining Engineers' Special" and made the complete trip through Ontario. This was a happy incident in many ways and gave the visitors an opportunity to discover a spirit of mutual accord between the Minister and mining industry that might well be emulated elsewhere. Two compartment cars and one standard Pullman with the Institute members from New York and the metropolitan district were attached special to the 6.15 p.m. Lehigh Valley train from New York, Sunday, Aug. 19, en route to Toronto, where was held the first session of the Institute's 128th Meeting.

Jan 9, 1923

By Henry G. Granger

NOTHING in this paper is to be understood as even suggesting a moment's suspension of the splendid work now going forward on the Isthmus of Panama, except so far as it is related to the proposed locks. All the work already done, and all material purchased or ordered, would be available for the plan herein proposed. The situation and the problem concerned may be summarized as. follows : The scheme of a lock-canal through the Isthmus of Panama was adopted, as is well known, on two principal grounds-namely, the greater expense of a sea-level canal, and the longer time required for its construction. Of these, the latter is believed to have been the more influential. But further developments have diminished the weight of both, so that a reconsideration of the question is warranted. It is the purpose of this paper to advocate such a reconsideration-emphasizing the importance of certain objections to the lock-canal not mentioned or not duly appreciated in the report of those members of the International Board of Consulting Engineers who favored this form; showing the nature and bearing of the new facts developed; and, finally, proposing a combination of well-known methods and apparatus, which would, in my judgment, effect the construction of a sea-level canal in less time, and perhaps at no greater cost, than will be required for the remaining work on the lock-canal. I. OBJECTIONS TO A LOCK-CANAL. 1. Earthquakes. Two centuries ago Panama is said to have been destroyed by an earthquake. In 1882 a rather violent earthquake was felt at the southern end of the Isthmus. In 1898 I felt a slight shock near the present border-line of Colombia. In 1900 I felt three shocks at Quibdo, the head of navigation of the

Jan 1, 1909