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By AIME AIME

THE outstanding event of the past month has been the conference in Washington of the representatives of about seventy-five of the leading national, regional and local engineering and allied technical organizations." Editorial-July Journal-The American Society of Mechanical Engineers. ?Prominent engineers from all parts of the country, representing more than 75 engineering societies, with an aggregate membership of more than 125,000, participated in the organization.? Editorial-July Journal-American Institute of Mining and Metallurgical Engineers. ?Civil, mechanical, electrical, mining, heating, sanitary, chemical, agricultural, marine, refrigerating, radio, fire protection, automotive, industrial and military engineers, as well as some architects and geologists assembled at Washington, D. C. to consider the advisability of organizing a national federation capable of bringing the united efforts of the entire membership to a focus on any problem of mutual interest." American Architect, June 23, 1920. ?"the object sought places it above any engineering gathering ever held." Editorial-American Machinist, June 17, 1920. "The youngest. profession has voluntarily accepted its responsibility in human affairs and is now reaching forward to a career of essential service." "This is .unmistakably the meaning of the Organizing Conference " Editorial-Industrial Management, July; 1920.

Jan 1, 1920

For the year ending February, 1917 PRESIDENT L. D. RICKETTS, 1............... NEW YORK, N. Y. PAST PRESIDENTS BENJAIMN B. THAYER.1 ............... NEW YORK, N. Y. WILLIAM L. SAUNDERS,P ................ NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS,1 .....,...... ., .... NEW YORK, N. Y. TREASURER GEORGE C. STONE,l. ................ NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, .... .,. .......... NEW YORK, N. Y

Jan 9, 1916

By M. W. BERNEWITZ

ALTHOUGH many persons know that a lot of type metal and etchings are used in the U. S. Government Printing Office few would expect to find anything on metals in the annual report of the Public Printer, George H. Carter. Yet the report for the fiscal year ended June 30, 1931, contains many interesting items. For example: Among the 57,500,000 lb. of materials and supplies delivered to the printing office was little new metal, but the metal in circulation is 6,000,000 to 7,000,000 lb. In the cost of production $31,523 is charged against metal, nearly one-third for salaries and wages. In miscellaneous sales were $4,696 from waste metal and $1,147 from waste gold (from books). Electrotype and stereotype covered 11,438,314 sq. in. The vaults and storage rooms contain 1,700,000 plates and 130,000 pages of type containing 4,600,000 lb. of metal valued at $275,000. In what was known as the Congressional Globe vault were 46,000 stereotype plates; these were salvaged by remelting for other platemaking service. The Congressional Record superseded the Congressional Globe in 1873.)

Jan 1, 1932

By Clyde Evarts Weed

SOME one once affirmed his great belief in luck, adding that he had found that the harder he worked the more luck he had. Clyde Weed is a firm believer in this method of courting the fugitive lady. He is at work early and late, often leaving his staff at Anaconda's offices at 25 Broadway breathless trying to keep up with the ideas teeming from a fertile brain and the actions those ideas entail. Miles ahead of his assistants much of the time, he still manages to be an agreeable fellow to work with, no small accomplishment as many can testify. Mr. Weed arrived in the world at Moorestown, Mich., on Aug. 8, 1890. Sixteen years later he entered Michigan Agricultural College, a lowly freshman. The following year, with the experience and wisdom expected of a sophomore, he transferred his studies from the reaping of a harvest on the surface of the earth to delving into the deeper, unpredictable bowels of the earth, his studies now shifted to the Michigan College of Mines. Last June his alma mater conferred upon him the degree of Doctor of Engineering.

Jan 1, 1947

By E. A. Holbrook

AS A whole, engineering schools have not awakened A to the fact that the workmen compensation laws passed in most of our states between 1914 and 1917 effected a quiet but none the less real revolution in. the relations between labor and management; no longer are industrial accidents unfortunate or careless happenings over which we feel a humanitarian interest and sorrow, they are a cost of the process and the finished product, as vital as improved design and increased efficiency. Last year the writer and others made a committee report to. the American Institute of Mining and Metallurgical Engineers on the cost of accidents in the coal industry of Pennsylvania. Comparatively the accident record in Pennsylvania coal industry is not high, yet the direct compensation cost plus the interference with operation cost of accidents was over 5 per cent. of the total cost of producing the coal. This stands out more vividly -if you realize that about 70 per cent. of the' cost of producing the coal is for payment of labor, wages that are fixed and over which engineering efficiency and management skill have little or no direct effect. This leaves 30 per cent. of the cost chargeable .to hoisting, haulage, overhead 'and other items subject to engineering control. One sixth of this is due to cost of accidents. Surely a direct place 'for an engineering attack.

Jan 1, 1925

By H. W. Morse

THE CHAIRMAN (H. W. MORSE).-Gentlemen, for the first time in the history of the American Institute of Mining Engineers, we have a full session on the subject of leaching-especially on the leaching of copper ores.. This branch of metallurgy is rather in its infancy. We have had one big plant running for a year or more, and pretty successfully; and another one which will be started in February or March, the New Cornelia. We have another one at Garfield for the Utah company, which is just designed and construction begun; and from several other points come reports of interesting test work. The first paper on the program this evening is one of some of the test work on the New Cornelia ore by myself and Mr. H. A. Tobelmann. LAWRENCE ADDICKS, New York, N. Y. (written discussion).-The Ajo proposition has had, as I understand it, two great advantages: it has not been obliged to measure leaching against flotation or some other metallurgical process, and it deals with a copper content high enough

Jan 12, 1916

By Norman Weiss

THE need for more efficient utilization of labor in the metal-mining industry has been the subject of several recent editorials in the mining press, and one attractive possibility for such improvement lies in the designing of future milling plants particularly with economy of man-power in mind. We are accustomed to think of mill design as the selection and coordinated arrangement of process equipment, but if labor is to be efficiently utilized it must be given early consideration in planning the new mill. There are three good reasons for economizing in labor: (I) to reduce costs, not only in the form of wages but also in housing, hospital, welfare, and other obligations that a company accepts when a new man is added to the payroll; (2) to prepare for recurrent periods of manpower shortage, during which a well-designed plant can manage to get along with skeleton crews; (3) because a milling plant that must depend upon an inordinately large labor force for its operation and maintenance is certain to be inefficient in other respects, for many of the shortcomings in design that make necessary the excessive use of labor are generally not corrected merely by having too many men. A simple example of this is a poorly designed ore-feeding system: if this is inadequate to the extent that one man must be constantly unclogging feed chutes, it may help the situation to put two men or three at this task instead of one, but the feed rate will still be inconstant. First of the factors that affect labor saving is the location of the mill. This is often determined by transportation costs alone, and as a result the mill may be placed close to the mine regardless of the nature of the terrain. The designer must then adapt his layout to the conditions, favorable or not. This happens often at small properties, where capital investment may seem more important than operating expense. In most instances, however, a mill site carefully selected for the advantages it gives the designer in laying out the plant is the most economical in the long run, even if it involves a slight increase in cost of ore haulage. Given some freedom of choice, the design engineer may be able to find just the piece of ground that provides the proper gradient for the needs of the flowsheet, permits installation of essential yards and trackage, and perhaps supplies an excellent site for a tailing dam. Further justification for having placed the mill not too close to the mine sometimes emerges only years later as an opportunity to treat ores from other properties. When it is known from the beginning that the new mill will serve a number of scattered mines, a free choice of mill site is naturally stimulated. The most important single factor in limiting the labor requirements of a mill is its materials-handling system for bring-

Jan 1, 1946

By Charles Will Wright

Brief descriptions of the occurrence of the various deposits of strategic minerals then known in South America are published in "The Mineral Deposits of South America," by B. L. Miller and J. T. Singewald, 1919; in "Ores and Industry in South America," by H. F. Bain and T. T. Read, 1934; and in many publications on the individual countries. To give a gen.era1 idea of the situation today and possibilities for future output of strategic minerals in several of the countries, the following notes are offered. All tonnages are in metric units.

Jan 1, 1940

By D. E. Hawk, R. F. Burdyn, F. D. Patchen

Earlier work on a mud separator for barite recovery is extended to the design and construct ion of a rugged field unit. Problems associated with scale-up for field use include the me of dilution water and its effect on capacity, power requirements and pressures developed. Equations for these quantities are derived and applied in maximizing the beneficial effects of dilution and minimizing the power required. Tests on the full-size rotor show that its performance can be predicted by theory. The completed unit is compact and lighter than current decanting types. Its capacity is from 10 to 22 gal/min with corresponding barite recovery efficiencies of 92 to 86 per cent. INTRODUC'TION In an earlier publication a new type of centrifugal device was described for solid-liquid separations.l In that paper an operating equation was derived, and its validity demonstrated in laboratory scale experimentation. Some of the features apparent in this new device seem particularly well suited to the conservation of barite in field drilling-mud systems, hence the development was extended to the design and construction of a field unit. In the present paper the design problems associated with scale-up are considered. A full-scale, rugged self-contained field unit is described, and test results discussed which verify that the performance of the large field unit can be described by a simple operating equation. PRINCIPLE OF OPERATION OF SEPARATOR In principle, the new device is simply a perforated cylinder rotating within a body of fluid which is contained within a stationary case, as in Fig. 1. The frictional drag generated by the rotating cylinder causes part of the fluid to rotate. At the surface of the cylinder, assuming no slip occurs, the angular velocity of fluid and of the cylinder are identical. If there are suspended particles present of greater density than the fluid, the centrifugal force acting on these particles causes them to move radially away from the cylinder at some velocity vp . Where the Stokes settling equation holds, this velocity may be expressed as:2 d2 ?p rw2 If the case is provided with openings at both ends, a suspension can be pumped in at one end at a fixed rate. Part of the suspension can then be removed at a fixed rate at the other end of the case as underflow, and the remainder forced through the perforations and hollow shaft of the rotor to appear as effluent, also at a fixed rate. The radial component of the flow velocity of this stream as it reaches the rotor surface, is simply effluent flow rate divided by cylindrical surface area: Because up is a function of particle size, for some particular particle size, the velocities vp and v, will be equal in magnitude. This is defined as the critical particle size and represents the size above which all particles appear in the underflow and below which all particles appear in the effluent. For this equilibrium condition at the rotor surface, Eqs. 1 and 2 combined give

Jan 1, 1966

By Thomas R. Stauffer

The principle that conventional schemes for taxing petroleum or mineral resources are "inefficient" is illustrated using simulation calculations tested against an "ideal" system. Inefficiency is defined as the relative success in maximizing expected government revenues from the resources. Most systems fail because: 1) they leave oil in limbo, i.e. unproduced because of excessive fiscal burden; or 2) they unnecessarily increase the variance in the explorationist'c, rate of return by undertaxing large fields and overtaxing smaller but infra-marginal fields. This increases his discount rate and reduces taxable surplus. An "ideal" tax system is specified which maximizes government revenues while minimizing risk to the operator. Two criteria are developed: 1) the tax falls to zero on fields which yield only the minimum necessary rate of return ("marginal" fields); and 2) the after-tax present value of all fields is the same for all fields above a threshhold size. In particular, marginal fields, while contrib- uting little to expected values, do contribute to reducing variance and hence risk praemia by distributing the exploration costs over a higher probability of successful outcomes.

Jan 1, 1982

THE third annual Joint Western Mining Convention, held at Los Angeles, Sept. 10 to 13 inclusive, was a notable success both as to attendance and interest. Registration the first day amounted to 201, and the total crept up to 347 before the close. The American Institute of Mining Engineers was well represented, approximately 80% of those registered and most of the speakers being members. This illustrates largely the amount of interlocking membership and the reason for holding at one time and place meetings of the several related organizations. The plan has proved so successful that it is probable that Spokane will extend an invitation for next year that seems likely to be accepted. It is proposed that the convention be timed so as to permit visitors from the East to stop there Oct. 3 to 5, en route to the American Institute of Mining Engineers meeting at San Francisco, Oct. 7 to 9. Simultaneously, it is expected that the Petroleum Division will hold its fall session at Los Angeles, the two streams of travel meeting in San Francisco, just before departure of the party of engineers traveling to Japan to attend the World's Engineering Congress. The Los Angeles meeting opened Monday morning with a general session under the auspices of the Western Division of the American Mining Congress with Philip Wiseman in the chair. After a series of short responses to the welcome extended, Charles W. Merrill discussed the needs of the western mining industry. A complimentary luncheon to members and delegates followed.

Jan 1, 1928

By R. A. Wagstaff

SINCE the time of the early Egyptians, the use of copper has been a boon to the life of most of the civilized world. Its use has been varied; in many connections, the art by which it attained its greatest usefulness has been lost. In this paper an endeavor will be made to take into consideration some of the many changes that have occurred during the last 40 years of copper-smelting operations. During that period the copper blast furnace has been almost forced out of existence by new methods of ore concentration-first, gravity concentration, and then flotation. These new methods of concentration introduced many new factors into the metallurgy of copper. The product was wet, it was fine and it was high grade. To overcome all these factors many changes have been necessary throughout the smelting agenda. New equipment has been necessary for transportation, unloading, sampling, bedding and moisturing in all smelting plants, especially the custom smelter. During the early days of "flotation," little was known about filtering or the use of an alkaline circuit; often the concentrate going to the smelter contained 20 to 25 per cent moisture. It is easy to imagine the difficulty arising with a product of this nature when it had to be shoveled by hand labor. To meet these conditions, mechanical unloading and sampling devices were soon developed. In many instances such good progress was made that actual costs for handling this unfavorable product were lower than those formerly incurred on the old product. Today most sampling of copper ores and concentrates is being done by mechanical sampling, pipe or augur sampling, or shovel sampling. Where concentrates are uniform in metal content, a great many of the plants now use pipe or augur sampling. For spotty ores, the old shovel sample with cone and quartering during the final stages is still in use. Where big tonnages are handled, mechanical sampling of concentrates is being done, with satisfactory results. To curtail slow and tedious cutting and mixing procedure, mechanical mixing boxes, splitters and cutters are used to cut down labor costs. MILLING As crude ores become scarcer, the use of milling operations increases. The few crude ores that are still smelted are used as fluxing types. To use these ores finer grinding has been found advantageous. This has made for better bedding and fluxing conditions, which in turn makes for faster smelting, lower fuel consumption and better metal recovery. The degree of fineness is more or less determined by the nature of the product. Most plants have set a standard of through ¾ -in. mesh screen for roaster- reverberatory smelting and through ¾ in. mesh screen for converter fluxes. For some refractory ores; even finer grinding has been found to be advantageous for good reverberatory smelting.

Jan 1, 1944

By Arthur Notman

THE COMMITTEE on Production Control of the Institute has accomplished little or nothing tangible during the last year. For this the chairman must accept responsibility and whatever praise or blame goes with it. However, we have all had plenty of opportunity to observe the results obtained by various producing groups in their attempts to regulate production to meet demand dur¬ing the last few years. It would be putting it mildly to say that these have not been such as to inspire confidence in the methods pursued. The present plight of the wheat, cotton, coffee and sugar growers; the oil, copper, lead, zinc and tin producers, to name a few of the unfortunates, suggests a common cause perhaps beyond their control. There is a growing tendency to question as outmoded the theories of laissez faire economics, with its laws of competition, supply and demand, with price as the automatic regulator. The position is maintained that something new should be substituted because these laws no longer work. Many solutions are offered, ranging in the world at large from the planned economy of Russia, with the profit element removed, to the military controlled economy of Fascism, and in our own country from voluntary curtailment to martial law. But one hardly feels driven by any irresistible logic to put his finger on any one of these proposals, and to say this is the one in which I believe. On turning to one's neighbors, one is still more confused by the realization that this intellectual uncertainty is wide-spread. Isolation or cooperation, protection or free trade, the gold standard, bimetallism or managed currencies, de¬flation or inflation, all have their proponents in whose eyes one or the other of these slogans will afford the panacea for all our ills.

Jan 1, 1933

For the year ending February, 1919 PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. PAST PRESIDENTS L. D. RICKETTS NEW YORK, N. Y. PHILIP N. MOORE ST. Louis, Mo. FIRST VICE-PRESIDENT C. W. GOODALE BUTTE, MONT. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 12, 1918

By E. L. Kinsella, F. S. White

Solids fluidization utilized in two ways for the commercial production of lime is described. Crushed —6 mesh limestone is dried and dedusted in a single bed reactor, then calcined in a 5-stage reactor. Construction, operation, and results obtained with both processes are given. THE solids fluidization process brought out by the Standard Oil Development Co. in the early forties for catalytic cracking of petroleum enabled rapid transfer of large quantities of heat from gases to solids under closely controlled temperature conditions. As the technique developed, it was natural that applications for the process outside the petroleum industry would be sought. The calcination of limestone to quicklime requires the transfer of a large quantity of heat at high and closely controlled temperatures. For these reasons, this possible application was one of the first to be investigated. Laboratory work conducted by the Dorr Co. indicated that lime produced by solids fluidization would be of exceptional quality. Calculation of theoretical heat balances showed that savings in fuel could be expected. Accordingly, a pilot plant of 10 tons per day capacity was erected by the New England Lime Co. at Adams, Mass., to substantiate the process. Operation of the pilot plant, previously described,' showed that excellent lime could be produced with a saving in fuel. The work also indicated the necessity of preparing feed to remove the finer fractions if dust losses were to be held to a tolerable level. A single-stage fluidized solids drier-stripper was developed to accomplish this sizing.' Subsequently a commercial lime reactor was erected at Adams, beginning operation in June 1949, followed by air sizer facilities completed in November 1951. This paper will describe these two applications of solids fluidization. The raw material for preparation of lime by the fluidizing process is a high calcium crystalline lime- stone having the approximate chemical composition shown in Table I. The stone is first prepared by crushing and grinding in conventional equipment to pass a 6-mesh sieve. After crushing, the material is sent to the FluoDry unit for drying and dedusting. Fluidized Drying and Sizing As shown in Fig. 1, the FluoDry unit consists of a -in. cylindrical steel shell, 9-ft ID by 22-ft 6-in. overall height. Attached horizontallv at the bottom is a 6-ft diam combustion chamber, approximately 7 ft 6 in. long. A refractory constriction dome, consisting of first-quality fire brick shapes, partitions the inside into two sections. The lower section is called the windbox and the upper the bed compartment. The vertical wall of the shell is lined with 6-in. first-quality rotary kiln blocks. In the bottom of the windbox a hoppered section is formed with castable refractory to permit the windbox to be readily cleaned via a 6-in. screw conveyor. The combustion chamber is similarly lined with refractory shapes. On the 6-in. diam section, 4 in. of insulating brick, HW-26, are used. The inner combustion chamber is lined with 4-in. Korundal brick to withstand the high flame temperatures encountered. An 8-in. steel feed pipe, entering vertically through the top and fitted with an air-operated cone valve,

Jan 1, 1953

By F. S. White, E. L. Kinsella

Solids fluidization utilized in two ways for the commercial production of lime is described. Crushed —6 mesh limestone is dried and dedusted in a single bed reactor, then calcined in a 5-stage reactor. Construction, operation, and results obtained with both processes are given. THE solids fluidization process brought out by the Standard Oil Development Co. in the early forties for catalytic cracking of petroleum enabled rapid transfer of large quantities of heat from gases to solids under closely controlled temperature conditions. As the technique developed, it was natural that applications for the process outside the petroleum industry would be sought. The calcination of limestone to quicklime requires the transfer of a large quantity of heat at high and closely controlled temperatures. For these reasons, this possible application was one of the first to be investigated. Laboratory work conducted by the Dorr Co. indicated that lime produced by solids fluidization would be of exceptional quality. Calculation of theoretical heat balances showed that savings in fuel could be expected. Accordingly, a pilot plant of 10 tons per day capacity was erected by the New England Lime Co. at Adams, Mass., to substantiate the process. Operation of the pilot plant, previously described,' showed that excellent lime could be produced with a saving in fuel. The work also indicated the necessity of preparing feed to remove the finer fractions if dust losses were to be held to a tolerable level. A single-stage fluidized solids drier-stripper was developed to accomplish this sizing.' Subsequently a commercial lime reactor was erected at Adams, beginning operation in June 1949, followed by air sizer facilities completed in November 1951. This paper will describe these two applications of solids fluidization. The raw material for preparation of lime by the fluidizing process is a high calcium crystalline lime- stone having the approximate chemical composition shown in Table I. The stone is first prepared by crushing and grinding in conventional equipment to pass a 6-mesh sieve. After crushing, the material is sent to the FluoDry unit for drying and dedusting. Fluidized Drying and Sizing As shown in Fig. 1, the FluoDry unit consists of a -in. cylindrical steel shell, 9-ft ID by 22-ft 6-in. overall height. Attached horizontallv at the bottom is a 6-ft diam combustion chamber, approximately 7 ft 6 in. long. A refractory constriction dome, consisting of first-quality fire brick shapes, partitions the inside into two sections. The lower section is called the windbox and the upper the bed compartment. The vertical wall of the shell is lined with 6-in. first-quality rotary kiln blocks. In the bottom of the windbox a hoppered section is formed with castable refractory to permit the windbox to be readily cleaned via a 6-in. screw conveyor. The combustion chamber is similarly lined with refractory shapes. On the 6-in. diam section, 4 in. of insulating brick, HW-26, are used. The inner combustion chamber is lined with 4-in. Korundal brick to withstand the high flame temperatures encountered. An 8-in. steel feed pipe, entering vertically through the top and fitted with an air-operated cone valve,

Jan 1, 1953

For the year ending February, 1919 PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. PAST PRESIDENTS L. D. RICKETTS NEW YORK, N. Y. PHILIP N. MOORE ST. Louis, MO. FIRST VICE-PRESIDENT C. W. GOODALE BUTTE, MONT. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 4, 1918

By Grover R. Castle

INTRODUCTION "Project Financing" or "Project Loans" have become increasingly popular in recent years, and commercial banks are being asked to consider more and more of such financing. However, the analysis of this type of loan is quite different from the analysis of a loan to a financially sound corporation based on the company's balance sheet. For this reason Chemical Bank did a study of project loans in an attempt to be more sophisticated in our approach to them. As part of this study, we examined 29 project financings for which information was available. In this article I shall describe project loans and set forth the guidelines we developed, as an aid to credit officers who might have occasion to analyse this type of financing. DEFINITION OF "PROJECT FINANCING" OR "PROJECT LOAN" The terms "project financing" and "project loan" commonly describe the various methods that banks and institutional lenders use to finance the construction of new projects on a basis whereby payout is anticipated from the revenue stream generated by the project. A project financing often involves a loan to a new entity formed specifically to own the project. The analysis of a project loan proposal is quite different from the analysis of other term-loan proposals since it involves a credit decision based on the review of a projection or forecast rather than of historical earnings and/or it involves the reliance on contractual obligations of third parties. Lenders are asked to assume the added risks associated with project loans because: 1. Project financing may permit a company to obtain additional leverage. It is possible for companies to arrange financing on a project basis that could not be arranged as a direct borrowing. For example, a company may not be permitted to borrow more money directly, due to a limitation in a bond indenture. However, a project financing can sometimes be negotiated on a basis not prohibited by the indenture. 2. Often the sponsors of, or the stockholders in, the project are seeking an off-balance-sheet financing. For example, 11 of the 29 projects in our study were arranged on an off-balance-sheet basis and one showed on the balance sheet as a deferred income item. An off-balance-sheet financing, for the purpose of this article, is a financing which does not show as a direct liability on the balance sheet of the sponsors of or stockholders in a project. 3. Projects are often located in a foreign country. The financing is arranged so that the lenders assume the political risk on the loan because many companies rightly believe that this arrangement affords a degree of insulation from political risk not otherwise obtainable. 4. Many projects are jointly owned by several sponsors. This form of financing lends itself well to a situation where a new entity is formed to own a project and do the borrowing. Project loans can be used to finance a variety of activities including development of iron-ore deposits and associated pelletizing plants; development of coal reserves; construction of pipelines, alumina plants, fertilizer plants and refineries; etc. The specific areas of analysis can be quite different, depending upon the type of project being financed. It is important, therefore, to classify the proposal according to the type of project, and also by the nature of the financing - nonrecourse financing, financing covered by a guarantee of completion and financing supported by an undertaking lasting for the life of the financing. I will discuss each of these types in more detail later, but first, I should like to make some

Jan 1, 1985

By S. A., Taylor

IT is very difficult to arrive at exact figures for the cost of maintaining excess capacity of coal mines, but we can approximate the various items. To do this, I will take the Pittsburgh district of Pennsylvania and the other districts can be compared to this one. I believe we can take the depreciation item of plant ac- count as a whole and discount it over a period of 20 years; while this is high for some items it is low for others and I believe it is not far from a safe basis. This equals 5 per cent per year, and this depreciation will take place about as rapidly when not in use as when in operation. A fair value in the Pittsburgh district to- day for plant and houses is close to $4 per ton per annum. At 5 per cent this will equal 20 cents per ton per year. The item of keeping the mine in condition, free from water, etc., will be close to an average of 2y2 cents per ton per annum.

Jan 1, 1928

By H. Foster Bain

In the preparation of this series of books it was considered particularly appropriate to include this work. Gunther was one of the younger men who was associated with Colonel Mudd in the finding and development of ore deposits. Supported by Mudd, Gunther undertook a systematic survey of the sources of copper of ancient Europe. This survey resulted in the rediscovery of the deposits now worked by the Cyprus Mines Corporation for which Gunther was, until shortly before his death, the resident manager. In finding and developing these mines, Gunther applied the methods and data embodied in this book and proved their usefulness. It is believed that other young engineers may profit similarly. In presenting a new edition, the form and substance of this work have been preserved and no changes have been made in any direct statement of the original author. Individual illustrations, paragraphs and mine descriptions appearing in the first edition have been omitted in order to permit introduction of new material. The latter has been chosen so as to present a somewhat more balanced picture of the mining industry as it now exists. The new material relates largely to the so-called porphyry coppers, to mines in Canada, Rhodesia, Alaska, and a number in the United States that have become important since the book was first written. The new material was prepared by Mr. Russell C. Fleming, using the best that had been published and items of which he had personal knowledge or had obtained by correspondence with men familiar with the deposit described. Whenever possible the description used has been submitted to the original author for correction. In a number of instances

Jan 1, 1932