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By Eugene Stephenson

CRITICAL analyses of the work expended in producing oil by the utilization of gas energy have appeared in the publications of Shaw,1 Pierce and Lewis,2 and Herold,3 authors who have ably discussed the factors which must be taken into consideration in comparing energy consumed per barrel in various wells which are flowed by means of gas-lift. However, two distinct phases of oil production are concerned with the ratio of gas energy consumed to oil produced. One of these phases is the gas-lift, which utilizes the differential gas pressures for the purpose of flowing oil, whether these pressures be natural reservoir pressures or be induced by artificial compression of gas or air. The other phase has to do with prorating oil production in pools which are operated either as units, or are subject to such restrictions as those imposed at Oklahoma City by the Corporation Commission, or, by similar controlling groups in other fields. An abundance of literature is available relative to the problems of flowing wells by gas-lift, but the first suggestion that the energy of the gas within the oil and gas pool might serve as a basis for proration, appeared in the timely article by McWilliams.4 Much of the. dissatisfaction with proration in certain fields is because some operators feel that besides the hazard to the wells which accompanies the test, the method of allocating production on the basis of the "potential" gage is inequitable and gives some operators a distinct advantage over others.5 The most severe penalty may be exacted from the most progressive operators or those who attempt to produce their oil with a minimum quantity of reservoir gas. If :no difficulties ever

Jan 1, 1931

By Keats, J. L.

IN THE literature on the elimination of metalloids in basic open-hearth practice, there are a great many heats recorded in which excellent data on changes in slag and metal composition during refining are given, but in almost all of these heats either temperature data or weights and analysis of charge are unrecorded and observations on the physical charac- teristics of the slag are almost always lacking. With these points in mind, a test heat was made in which as complete as data possible on all the factors that affect the elimination of metalloids were obtained.

Jan 1, 1957

By R. A. Bosch, F. V. Lenel, G. S. Ansell

RECENTLY, Ansell and aenel' proposed a dislocation model to account for the yielding behavior of dispersion-strengthened alloys. The criterion for yielding used in this model was that yielding occurs when the shear stress due to arrays of piled-up dislocations fractures or plastically deforms the dispersed second-phase particles. Calculations based on this model predict that the yield strength, uysof a dispersion-strengthened alloy containing particles whose geometry permits them to be considered as straight, i.e. not curved, barriers to dislocations follows the relation where and are the shear moduli of the matrix and dispersed phase respectively, b is the Burger vector of a dislocation in the matrix, A is the mean free path between dispersed phase particles and C is a constant. This yield stress, ys, is closely approximated in polycrystalline alloys by the proportional limit. The offset yield stress, uoy, is the yield stress, uys, plus the increase of stress due to strain hardening in the offset strain increment. Previous investigation1 has shown that Eq. [I] describes the yielding behavior of several different dispersion-strengthened alloys as a function of the mean free path between dispersed phase particles at a constant temperature. The purpose of this investigation was to investigate the temperature dependence of the yielding behavior of dispersion-strengthened alloys. The alloys studied, MD2100 and MD5100, are SAP-type alloys containing flake shaped aluminum oxide particles dispersed in a matrix of commercial purity aluminum. The proportional limit and 0.2 pct offset stress of both of these alloys were determined as a function of temperature over the temperature range from -190" to 500 C. All tests were conducted on an Instron tensile testing machine. Stress was measured by means of the Instron load cell. Strain was measured by means of SR-4 strain gages attached to the tensile specimens. Stress sensitivity was 80 psi. Strain sensitivity was 2 x 10F Fig. 1 shows the values received for the proportional limit and 0.2 pct offset yield stress plotted as a function of homologous temperature for both the MD2100 and MD5100 alloys. Inspection of Eq. [I] shows that of the terms which determine the theoretically predicted yield stress, uy,, only the shear moduli have an appreciable temperature dependence. From Eq. [I] the yield stress at any temperature T, UT, may be predicted from the yield stress at any arbitrary reference temperature, in this case 25 OC, u25, by the relation where the subscripts T and 25 refer to the values of the property at test temperature and at 25"C, respectively. The temperature dependence of the yield stress predicted by Eq. 121, based on the observed value for the proportional limit at 25OC, is also shown in Fig. 1. In evaluating Eq. [2] the following data was used. The values for the shear modulus of

Jan 1, 1962

By J. Robert Van Peli

IT was a strange but highly fruitful marriage-that union of hardy explorers, seeking the rich treasures of copper in the Lake Superior wilderness, with Boston's aristocracy of brains, capital, and enterprise. This historic wedlock, which has continued happily to the present day, was the means by which the wealth of Lake Superior's copper was won for the use and benefit of an expanding America. One branch of this family tree, the western branch, begins with prehistoric Indian miners, embraces the early French explorers of the Upper Lakes, and finally includes the British and American pioneers who reduced the vague rumors of copper to known fact and actually began the mining of copper in the wilderness. The other branch, the New England line, begins

Jan 1, 1948

Jan 1, 1959

By Donald J. Knight

HEAT Treatment at 1500' F of a mild steel containing 0.1 pct C, in an atmosphere which is oxidizing to both carbon and iron, results in the progressive oxidation of the metal surface with little or no change in the carbon content of the underlying metal. Further heat treatment of the scaled metal in either a neutral atmosphere or in a vacuum may or may not result in the decarburization of the metal depending upon the physical nature of the scale. It is apparent that if a continuous layer of oxide is present on the steel surface, the reaction OScale + Cmetal Cogas cannot progress since the SO formed gas would be unable to leave the oxide/metal interface. Thus, in order for the reaction to progress, the oxide must be cracked or porous. Vacuum heat treatment at 1500" F of samples with a thick continuous oxide scale showed no decarburization of the steel. However, when cracks were introduced mechanically into the scale prior to the vacuum heat treatment notable decarburization of the metal resulted and a structure as shown by Fig. 1 obtained, i.e., reduction of the crack walls to ferrite. With reference to the diagram of Fig. 2, it would appear that a mechanism of the following type takes place. Carbon atoms arriving at an oxide/metal/void interface, such as 'A', Fig. 2(a), can combine with oxygen atoms from the scale and leave the reaction site as Cogas thereby reducing the oxide to metal. On a greatly magnified scale, Fig. 2(b),this will appear as a ferrite projection along the crack wall. Carbon atoms entering this projection can react with oxygen atoms at point 'C', which is a new interface, and so on leading to a progressive growth of the ferrite along the crack wall and to the surface, Figs. 2 (c) and 1. It would appear that the only means by which thickening of the ferrite film can take place is by a diffusion of oxygen through the ferrite film to react with carbon at the newly formed ferrite/ void interface. Since the diffusion rate of carbon is reportedly much greater than that of oxygen, and since there is a low probability factor of oxygen and carbon atoms arriving simultaneously at the same site on the ferritehoid interface, there will be a tendency for more rapid lengthening than thickening of the ferrite layer, as is observed.

Jan 1, 1962

E. D. Peters, Jr., Dorchester, Mass.: This paper of Mr. Keller's seems to me a step in a direction that has been very little exploited, and iff likely to lead to valuable practical re-

Jan 1, 1899

By B. D. Harden

FOR over fifty years the Spanish mine, 21 miles northeast of Nevada City, in Nevada County, California, has been one of the Bradley properties. Between 1883 and 1889 it was operated by the late Frederick W. Bradley and P. R. Bradley. The ore averaged only about $1 a ton at that time but the mine was credited with a production of about $900,000 in that period. The property was then closed down until 1922, when the Bradley interests reopened it and continued development for the next nine years, when a 50-ton mill was built. This began operation in April, 1931. This was a selective flotation plant, with the tailing treated on Wilfley tables, and operated on ore from the No. 4 and No. 16 tunnel stopes. This ran from $3 to $6 in gold, 2 to 3 oz. of silver, copper 0.6 per cent, lead 1.5,

Jan 1, 1935

By J. Moore, D. Gault, R. V. Lugn

Impact of small projectiles with velocities between 0.9 and 7.3 km per sec on basalt produce craters chiefly by the ejection of fragments. Weight-size distributions of the ejecta are linear for part of the size range of the fragments. Cumulative weight-size distributions of the ejecta from different craters vary because of erratic formation of large fragments and a large percentage of ejecta below 0.1 mm. In the range of velocities studied, the crater depth is approximately proportional to the 0.75 power of velocity of the projectile. This relationship may represent a transition regime between the fluid impact regime and the undeformed projectile impact regime. The volumes per unit of projectile energy of the craters produced are comparable to those reported for lower speed projectile impact and drill bits. An experimental investigation of projectile impact on rock is being conducted jointly by the Ames Research Center of the National Aeronautics and Space Administration and the U.S. Geological Survey. Projectiles are launched with light-gas guns at the Ballistics Range of the Ames Research Center. The craters and ejecta produced in these experiments are being studied by the U.S. Geological Survey. Steel, aluminum and polyethylene projectiles weighing from 0.25 to 0.015 g were accelerated to velocities of 0.88 km per sec (2,900 fps) to 7.3 km per sec (24,000 fps) with a light-gas gun, using hydrogen as the propellant medium. Projectiles impacted the targets normal to plane rock surfaces in an atmosphere of air with a nominal pressure of 25 to 50 mm of mercury. The metal projectiles were mounted in supporting four-piece nylon sabots, which guided the projectiles down the launching tube. After launch, aerodynamic drag acted to separate the sabots from the projectiles. Impact velocities were determined with time measurements and spark photographs of the projectiles in flight. Ejecta were collected in lucite and aluminum containers placed around the target block. A small hole in the containers permitted projectile entry. Impact of projectiles of the size employed produced craters in the rock targets chiefly by ejection of fragments. The craters are small, roughly conical depressions with crushed and intensely fractured rock at the bottoms of the depressions. The ejecta are composed of pieces of the projectile and rock fragments ranging in size from a few tenths of a micron or less to several centimeters in maximum dimension. In this paper, the structural features of the craters, the weight-size distributions of the recovered ejecta, and crater depth and crater volume relationships are described. DESCRIPTION OF CRATERS Typical craters (Fig. 1) produced by experimental projectile impact in basalt are shallow, wide base

Jan 1, 1963

By H. H. Wade, N. F. Schulz

The large quantities of iron-bearing materials, including taconite, semi-taconite,* and other low-grade ferruginous materials occurring in Minnesota and elsewhere, constitute an important potential source of iron. Satisfactory grade and recovery of iron ore concentrate cannot ordinarily be obtained from these ferruginous materials by simple methods of beneficiation. Iron is distinctive in that the free metal and two of its oxides [magnetite (Fe2O3) and maghemite (gamma-Fe2O3) ] are strongly ferromagnetic. The successful magnetic separation of natural magnetite from taconite has already been established on a commercial scale. The iron in semi-taconite, however, occurs largely as goethite (Fe2O3-H4O) and hematite (Fe2O3) which do not respond to ordinary magnetic separation methods. Magnetic roasting converts these iron oxides to magnetite, which can, after liberation, be magnetically concentrated. MAGNETIC ROASTING Hematite undergoes a stepwise reduction when exposed at moderately elevated temperatures to a reducing atmosphere containing hydrogen or carbon monoxide: Fe2O3? Fe3O4 ? FeO ? Fe Since the desirable product in magnetic roasting is Fe3O4, the conversion is halted after the first stage by controlling the reduction potential of the gas mixture with water vapor or carbon dioxide. The reducing gas mixture must be such that the oxygen partial pressure at the solid-gas reaction interface will be maintained intermediately between the oxygen partial pressures in equilibrium with Fe2O3 and Fe3O4 at the prevailing temperature. Because of the rapid increase in decomposition pressure of Fe3O4 with increase in temperature, the practical upper limit of useful reaction temperature is about 1400°F, above which over-reduction usually occurs in atmospheres containing hydrogen or carbon monoxide. On the other hand, useful reaction rates usually occur only above 800°F. Goethite reacts similarly except that the combined water probably has to be driven off thermally before the reduction to magnetite occurs. Iron carbonate must also be decomposed thermally to an oxide before conversion to magnetite. Iron silicates are apparently not amenable to magnetic roasting. The rate of penetration of the reaction toward the interior of a given ore fragment is dependent on the chemical composition and physical structure of the solid. Most ore fragments tested here reduced satisfactorily to 1/4-in. depth in less than 14 min at 1200°F. Some very dense fragments, however, were reduced to less than 1/32-in. depth under the same conditions. Determination of the optimum temperature, gas composition, ore fragment size, or time of exposure

Jan 1, 1961

By M. L. Requa

EVERY forward step in civilization brings with it an increase in population and increasing demand for raw materials. Modern civilization, because of its industrial development, depends more and more for its well-being on ample supplies of raw materials; the higher the type of that civilization, the greater its dependence. No fact is more obvious than that the raw materials should be put to use with greatest prudence and efficiency. National life is not a matter of a decade or a century. Conservation is no longer a matter for political discussion; it is a vital element in the future welfare of all nations. Unfortunately, to the minds of many, conservation means the locking up of natural resources, their arbitrary withdrawal, bringing about, in short, a condition of industrial stagnation. This has occurred in past centuries through misdirected governmental effort. Two eminent engineers have variously defined conservation as follows:

Jan 1, 1925

By Jack L. Taylor

As expected from similar crystal structures and favorable atomic size factors, titanium, vanadium, and molybdenum are completely soluble in one another above the transformation temperature of titanium. The fl phase parameters of the continuous solid solution are shown graphically. Limiting compositions for retained fl phase have been determined. VANADIUM and molybdenum both have body-centered-cubic structures at all temperatures and, from the atomic diameter comparison factor, 3.9 pct, would be expected to form a complete series of solid solutions. The existence of complete solubility has been confirmed by work' at the Jet Propulsion Laboratory. Furthermore, vanadium and molybdenum have favorable atomic size factors to form complete binary solid solutions with the B phase, high temperature form of titanium, which also has body-centered-cubic structure. Pietro-kowsky and Duwez' and Hansen et al." have established the existence of the complete series of solutions in these binary systems. It would be logical, therefore, to expect that p-titanium, vanadium, and molybdenum would be completely soluble in one

Jan 1, 1957

By E. N. Harshman

Uranium mining and milling are rather new industries in Wyoming and South Dakota, but, in the past 15 years, ore valued at more than $400,000,000 has been mined and milled in the region. The major uranium deposits are in structural and/ or erosional basins or on the flanks of uplifts. The principal host rocks are medium- to coarse-grained sandstones that were deposited in continental or brackish-water environments and were derived in large part from the granitic cores of the uplifts and the sedimentary rocks that flank the cores. The ages of the host rocks range from Cretaceous to Miocene, but more than 95 per cent of the known reserves in the region are in rocks of early Eocene age. The bulk of the ore in the region is unoxidized and lies below the water table; some oxidized ore has been mined in the Powder River Basin and Black Hills districts. The unoxidized ore comprises pyrite, uraninite and/ or coffinite, marcasite, hematite, jordisite(?), and selenium. Minerals in the oxidized ore include hydrous uranium carbonates, phosphates, and sulfates and hydrous uranium and/ or vanadium silicates. The deposits are in the form of ore rolls that contain from a few hundred to a few hundred thousand tons of ore, ranging in grade from 0.1 per cent to 1.0 per cent U3O8. The rolls are at the margins of large tabular bodies of sandstone that has been altered by the orebearing solutions. The deposits are believed to have resulted from the interaction of an alkaline; oxidizing, ore-bearing ground water and a reducing environment. Exploration guides include the spatial relations of ore to altered sandstone, favorable lithology in the host rock, the content of certain elements and/ or compounds in ground water, and the relation of deposits to major paleodrainages.

Jan 1, 1968

By W. J. Verner, J. R. Lucas

Billions of tons of bulk solid materials are processed through our industrial plants each year, and the tonnage is steadily rising. It has been estimated that for every dollar spent in industry as a whole, approxinlately 30 cents is consumed in the handling of bulk solid materials. It is in this category that tremendous savings are possible through the use of improved techniques. Since World War 11, the mining, steel, chemical, and grain industries, among others have made use of increased materials-handling automation in order to gain some of these savings. However, in a chain of automatic operations, every link must be completely reliable, for if there is a single failure, the whole system immediately becomes ineffective. Only too often the weak link in the chain proves to be the flow of bulk solids from bins. To contribute to the fundamental knowledge in this area, a research study has been continuing at The Ohio State University. The principal objective of the investigation has been to study the internal stresses existing in confined bulk solids. LITERATURE SURVEY Literature studies have revealed that many outstanding people have made contributions to the field of bulk solids. For instance, C. F. Jenkin,1 suggested: a. The pressure on a bin wall is not directly proportional to the depth beneath the surface of material in the bin. b. The vertical pressure distribution on the base of a bin is not actually uniform but is a variable. c. Arches form in bins as a result of very small deformations of the material in the bin. This deformation causes a series of gaps to appear, and consequently causes the disappearance of diagonal forces that cannot act across these gaps. The removal of the diagonal forces causes horizontal forces to be introduced which seem to be the chief cause of arching. 11. A. Janssen,4 in 1895 in connection with his experiments on bins, derived a differential equation to describe both the lateral and vertical pressure in bins with vertical sides. This represents a significant contribution to bulk solid theory, and thus its solution is reproduced as follows: L = KV = RW/U' [l-e -U'KY/R] I where L is the lateral pressure of the bulk solid in psf., V is the vertical pressure of the bulk solid in psf., K is the ratio of the lateral pressure to the vertical pressure at any point, R is the hydraulic radius of the bin in feet, W is the density of the bulk solid in lbs. per cubic feet, U' is the coefficient of friction between the stored material and the bin wall, and Y is the head of material above the point in question in feet. In 1903, Jamieson,6 in an elaborate series of experiments on full sized bins measured vertical and lateral pressures by hydraulic diaphragms. He determined many values for mediums of corn, wheat, peas, and flaxseed. In 1951, Caughey, Tooles, and scheer3 measured both lateral and vertical pressure in deep bins by using strain guages on steel bands. Values were calculated for cement, gravel, sand, soy beans, shelled corn

Jan 1, 1961

By John Chipman, Peter J. Koros

The distribution of copper between liquid silver and liquid iron, Fe-C, and Fe-C-Si alloys was studied at 1600°C. From the data and the activity of copper in silver obtained from the phase diagrams, the activity coefficients of copper in iron up to 3 atomic pct are log y, = 0.90 — 2.4 N, and y": = 8.0. The effect of carbon up to saturation is expressed as log y = 1.8 Ni. The effect of silicon up to 11 atomic pct is insignificant. SLOWLY rising copper content of steel being produced is focusing attention on the lack of information on the behavior of copper in liquid steel. Chou' measured the activity coefficient of copper in liquid iron through its distribution between liquid silver and iron. He obtained a value of 9.12 at infinite dilution. Chipman' calculated the activity coefficient of copper in liquid iron at 1600°C from the phase diagram and obtained a value of 12. Ameiln and Pfeiffer- investigated the possibility of removing copper from liquid steel through the use of lead, silver, and bismuth as solvents. They also calculated that the activity coefficient of copper in liquid iron would be increased five or sixfold by addition of 4 pct C. Langenberg and Lindsay' are investigating the effectiveness of lead and sodium sulfide in removing copper from liquid iron. The experimental method was similar to that used by Chou' and Chipman and Floridis." Silver, copper, and iron were melted together, the copper distributing itself between the two layers so that at equilibrium a,.,, (in Ag) - a,.,, (inFe) and N,.,, (in Ag) yc,, (inFe) (in Ag). [21 N,.,, (inFe) Thus, from the concentration of copper in each layer and the activity coefficient of copper in liquid silver, the activity coefficient of copper in liquid iron can be calculated. The effect of an alloying element such as carbon on the activity coefficient of copper can also be determined from its effect on the distribution, provided the new element is essentially insoluble in silver. The one serious limitation of this method is the increasing mutual solubility of silver and iron in the presence of a third component. The mutual solubilities of pure iron and silver are negligible, but increase with increasing copper concentration beyond the range investigated. Ag-Cu System—The activity coefficient of copper in silver at 1600°C had to be estimated, since direct experimental data are not available. Kawakami" measured the heat of mixing of Ag-Cu alloys at 1200°C by a calorimetric technique. Scheil' calculated the heat of mixing in this system by use of the phase diagram, assuming that the solution is random and that the heat of mixing is independent of temperature. The terminal solid solution may be assumed to obey Raoult's law within the requirements

Jan 1, 1957

By Arthur Forsyth

A SEARCH through the available literature shows that the cobalt-nickel-silicon system has not been systematically studied. This seems rather odd because all three elements are fairly abundant and have better than average corrosion resistance; however, they have high melting points, which makes experimental work difficult. Cobalt and nickel form a continuous series of solid solutions and each metal dissolves about 7.5 per cent silicon. Many ternary alloys have been studied and the results have been published in a great many different ways, but to present such data in a short but clear and understandable manner is still a problem. The following pages describe the results of the study of 76 alloys from which the partial ternary diagram (Fig. 1) of the cobalt-nickel-silicon system has been drawn. The alloys were chosen according to the plan in Fig. la by taking definite ratios of cobalt and nickel, such as 70 Ni, 30 Co or 40 Ni, 60 Co, and adding silicon in various percentages. Each section was studied in detail by means of thermal analysis and microscopic examination, but only two of these detailed sections were thought necessary in the point perspective drawing to give a comprehensive picture of the liquidus, solidus and solid transformations that take place over the temperature ranges studied. Complete thermal analyses and microscopic data are given in Table 1.

Jan 1, 1940

In any earth-moving operation, more profit may be earned or lost by equipment scheduling than by any other single facet of the project. Many now-defunct earth movers would have survived the cost-profit squeeze had they followed an efficient, cost saving, equipment scheduling program. The ideal program would have every item of the equipment fleet working all of the time. In practice this ideal situation is not possible. Several basic methods of equipment scheduling, with an infinite number of minor variations, are used. The first approach is the use of a "minimum equipment fleet," of which all items or equipment are scheduled each working shift.

Jan 10, 1967

By A. M. Keenan, R. H. Carpenter

Geologic faults have always been a plague to the mining industry, and have often reduced a mining venture from a profitable to a marginal operation, and even at times have forced companies to liquidation or bankruptcy. The use of geology as an economic tool in coal mining is not generally recognized, particularly in coal deposits which are horizontal or essentially flat-lying, in which faulting might not be prevalent. However in pitching coal seams, the existence of faults is considered an inherent challenge, as the inclination of the seam or seams per se, is a product of geologic disturbance. The problems of faults are a constant challenge to the management of the Thompson Creek Coal and Coke Corp. in their operations in Pitkin County, Colorado, where high grade medium volatile coking coal is mined. The background for this paper has been provided by the experiences of these operations, in overcoming the effects of faults in mining, and resolving the fault structures. The properties of the Thompson Creek Coal and Coke Corp. are located in central Colorado, 13 miles southwest of Carbondale, Colorado, a tow] on the main highway between Glenwood Springs and Aspen, Fig. 1. The elevation at the mine portals is approximately 8000 feet: there is a relief of some 2.000 feet to the adjacent ridges rising away from the [nine portals. 'The entire present production of these properties totaling 180.000 tons of clean coal per year is trucked to the railhead at Carbondale, Colorado, from whence it is shipped to the Geneva Steel Plant at Provo, Utah. The properties were initially opened in September 1952. A total of 125 men are currently employed with the production conting from the Number 1 and 3 Mines, and development workings of the Number 2 and 5 Mines respectively. While the No. 2 Vine was opened in 1953 prior to No, 3 Mine, the encountering of faults without sufficient development work accomplished to sustain production, necessitated the diversion of manpower to the other [nines for economic considerations. GEOLOGY '1-he productive coal seams occur in the Mesaverde formation of Late Cretaceous age which outcrop along the eastern edge of the Piance Creek Basin from the Grand Hogback, a part of the southwestern flank of the White River Uplift north of Glenwood Springs, southward through the 'Thompson Creek area and the

Jan 1, 1961

By Edwin Berry

THE consideration of the present value of a mine is of great importance when planning for the operation of a property,, and it is particularly so in the case of mines that have large ore reserves. At various times during the past 15 years, the writer has had occasion to make rather thorough studies of the subject, and has been greatly impressed by certain important points which these studies have brought out, points which, though they may be well known, are often lost track of in the rush to obtain low mining costs and high daily tonnage output. . It is the object of this paper to present briefly, and in a general way, some of these points, and especially those which have to do with the relationship which (1) ore reserves and plant capacity, (2) grade of ore mined, and (3) ore losses in mining, bear to the present value. Present value, sometimes called present worth or actuarial value, means the value today of the future earnings of an enterprise. Great industrial, manu-facturing or railroad enterprises, if properly handled, go on indefinitely and their value is directly dependent on their estimated annual earnings. Mines, or oil properties, on the other hand, have an earning capacity only until the ore or oil is exhausted, and their present value is dependent not only on their annual earnings but also on their life, which is the length of the period over which they can produce at a profit. A mine, or an oil property, is a "wasting asset," while an estab-lished manufacturing business is not, or should not be. In other words, the present value of a mining property. represents a sum of money on which there could be paid from operating profits a determined rate of interest, say 8 per cent., and in addition an amount which, if invested at compound interest as received, would at the end of the life of the mine pay back the present value. In his "Wealth and Income of the American People," Walter Renton Ingalls says: "The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding to the life of the mine."

Jan 7, 1922

Jan 1, 1967