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By Frederick G. Coqueron, Joseph E. Pogue

The purpose of this study is to present the results of a detailed survey of the financial and operating aspects of 30 oil companies comprising a major sample of the American petroleum industry. This review supplements a previous paper entitled "Capital Flow and Capital Formation in the Petroleum Industry, 1934-1941,"a and deals not only with a longer period but also gives new and more revealing analyses of the capital movements and characteristics. The data are gathered from published financial statements of the companies, especially the annual reports to stockholders and Form 10-K to the Securities and Exchange Commission, supplemented by confidential information. The 30 oil companies covered by this study are listed on the leading stock exchanges and for the purpose of analysis are grouped as follows: 9 companiesb engaged principally in crude production, 4 companiesc with production averaging in excess of refinery requirements, and 17 companiesd with refinery throughput in excess of crude production. These samples are sufficiently broad and representative to constitute norms against which individual company performances may be profitably compared. The 30 companies in 1942 produced 54 per cent of the Nation's total output of crude oil and refined 79 per cent of the country's crude run to stills. The financial data apply predominantly to the domestic oil business, although 15 of the companies have investments and operate facilities in foreign countries. The net value of these foreign holdings amounted to 724 million dollars, or 12 per cent, of the combined net assets of the 30 oil companies at December 31, 1942.

Jan 1, 1944

By Edward Keller

About a dozen years ago the art of bessemerizing copper- * matte, brought to these shores from France, was first established at the smelter, in Butte, Montana, of the Parrot Silver and Copper Company, which had bought the process from Mr. Manhks, the inventor. Through the efforts of Mr. J. E. Gaylord, general manager, and Mr. A. J. Schumacher, snperintendent,, assisted by an able staff, the new method rapidly underwent, at the Parrot establishment, an evolution towards higher perfedion, and within a few years its success and its advantages were so marked that all the great works in the west followed in the footsteps of this pioneer. The converter-process has now practically superseded the reverberatory-process in this country. The latter will undoubtedly, in a not very distant future, be relegated to metallurgical history. The writer has availed himself of what was perhaps the last chance to make comparisons of the two methods, working practically on the same material on an extensive scale, the reverberatory process being that of the Baltimore Copper Smelting and Rolling Company,* while the converter-process is that of the Anaconda Copper Company—both using the matte from the latter company's works in Anaconda, Montana. For the greater portion of the material considered in this paper, the writer is indebted to the two companies. In order to understand the difference of behavior of the several elements, and the difference of the copper produced in the two processes, it is best to study and follow those elements

Jan 1, 1899

By D. C. Jackling

I BESPEAK your indulgence for a brief expression of the views of a patriarch in the field of mineral industry technology relative to young men's problems in that sphere of education and endeavor. Wherever hereafter I employ the terms "technical education," "engineer," "technologist," or similar expressions, these are intended to be understood as relating to the broad field of the sciences and arts applicable to the mineral industries. First, the usefulness of technical education to either the possessor of it or those to whom its services may be made available industrially depends primarily upon the quality of the education and the capabilities of the educated to put his talents to effective and constructive employment in his chosen field of applied science.

Jan 1, 1940

By Ira Joralemon

THE Ajo copper district is in the heart of the Arizona desert, near the western boundary of Pima county. Gila Bend, the nearest railroad point, is 43 miles north of the camp, and the little Mexican border town of Sonoita is 30 miles south. Between Gila Bend and Sonoita, Ajo is the only settlement save for one or two small cattle ranches and the uncertain villages of nomadic Papago families. The Little Ajo mountains rise a few hundred feet above wide desert valleys, beyond which are lava mesas. The camp itself lies at an elevation of about 1,900 ft. above sea level, in a little basin on the east side of the range, separated from the open desert by low hills. In the center of the basin the brilliantly iron and copper stained rocks of Copper mountain rise 150 ft. above -the village. Many varieties of cactus and low desert bushes cover the hills, while in the large valleys there are clusters of mesquite paloverde, and ironwood trees which furnish limited amounts of fairly good fuel. A scanty supply of water is obtained from wells in the desert and from prospect pits in the camp. The nearest abundant source of water is the Gila river, 50 miles north of Ajo. (See Fig. 1.) HISTORY OF THE AJO DISTRICT The Ajo, next to Santa Rita, New Mexico, is claimed to have been the first copper district in the Southwest worked by Americans. In the '60's or even earlier high-grade native copper and cuprite Ore was mined from shallow surface workings and hauled by bull team 400 miles across the desert to San Diego. From there it was carried in sailing ships to Swansea, Wales. Later, the ore was hauled to Yuma, floated down the Colorado river to the Gulf Of California, and shipped to Swansea. Bat-infested old workings and the massive axles of the bull carts are shown to prove the truth of the stories.

Jan 8, 1914

By G. P. Boomslitter

In previous discussions on stresses in hoisting ropes, little has been said concerning the effect of the elasticity of the rope itself on the stresses due to acceleration. Laschinger1 has calculated acceleration stresses for several cases but he has ignored the elasticity of the rope as a factor, except as it compresses the drum and stretches itself as it winds thereon. He also deals with steam plants and he shows the effect of the "jerky" start of the engine. This effect would actually be reduced by the elasticity of the cable. With the advent of the motor-driven hoist, new conditions have arisen. The jerk mentioned by Laschinger has been eliminated and smoother starting made possible. But the elastic properties of the rope seem to introduce considerable periodic acceleration stresses in the rope. The following discussion of acceleration stresses is based on the assumption of a constant acceleration at the drum. To be exact, the mathematical work is based upon the assumption that the top is moving upward with a constant acceleration, and ignores the fact that the cable is shortening as it winds. However, the effect of the shortening would be inconsiderable during the first part of the acceleration period. Most hoisting engineers make the assumption of constant acceleration at the drum. Under the older method of calculating acceleration stresses, this would be true with a constant torque motor. But if stresses vary, as this paper attempts to show that they do, constant torque would not give constant acceleration, although the velocity-time curves obtained in the full size test herein described showed that they approach rather closely to this condition, at least as nearly as could be measured. Theoretical Discussion According to elementary physics, the force required to accelerate a Wf body of weight W at the rate of f ft. per sec.2 is wf . To raise the body Wf with acceleration of f ft. per see.2 the total force required is I + Wf, in if

Jan 1, 1927

By Bradley Stoughton

[Secretary's Note.—TO avoid repetition of foot-notes, references to authorities are made in this paper by means of figures, referring to a numbered list in the appendix.—J. S. 1 Introduction. This paper gives the results: first,, of a research into the somewhat extensive literature of titanium; and second, of a series of original tests upon the effect of titanium on iron castr ings. New investigations have also been made upon the effect of titanium on steel, but I hope to treat this subject in an independent paper at some later date, and, therefore, will not discuss the experiments in detail here. The combined results of this study, which extended over a period of more than two years, can be briefly summarized as follows : 1. Steel or cast-iron, in which the titanium is properly proportioned, and which has been properly treated, is improved in strength, toughness, and durability against wear, such 'as, for example, the wear of railroad-rails, of steel and chilled-iron rolls, car-wheels, etc. 2. These improvemerits seem to be caused, not so much by the direct effect of titanium on the metal, as by its cleansing influence in removing harmful impurities, such as oxygen and oxides, nitrogen, occluded slags, and perhaps also sulphur. It appears also to reduce segregation, which would contribute to the same end. 3. In order that its effects may be fully realized, the treatment of steel or iron with titanium must be correctly performed. There are a few simple, but essential, details to be observed; if they are neglected, the best results cannot be expected. To illustrate by an example: A series of tests on cast-iron

Jan 1, 1913

By David Sinclair, Philip B. Bucky

The dimensions and shapes of mine structures may at present be determined by (1) field experience, (2) structural calculations, and (3) barodynamic tests. § None of these, however, provide information as to the stresses, their direction and distribution in a mine structure. For the design of pillars, the placing of openings relative to working places such as gangways, haulage levels, etc., this information is desirable. Photoelastic methods provide this and, while relatively new, their application in all engineering fields is assuming increasing importance. This paper, therefore, will present the method with a few applications to mining, and with sufficient reference for further study by the reader. PART I The Photoelastic Method The photoelastic method of stress measurement determines the stress distribution in a two-dimensional model by optical means. It makes use of the fact that when a piece of isotropic transparent material, such as glass, celluloid, or Bakelite, is stressed and viewed in polarized** light a picture is seen which indicates by its color bands of light, or fringes, the magnitude of the stresses, their direction and their distribution. General Explanation The stress at any point 0 in a structure (Fig. I), may be resolved into two components, P and Q, each a pure tension or compression, at right angles to each other, called principal stresses.' To fully identify the stress, the values of P and Q and their directions or angle F must be known.

Jan 1, 1940

By David Sinclair, Philip B. Bucky

The dimensions and shapes of mine structures may at present be determined by (1) field experience, (2) structural calculations, and (3) barodynamic tests. § None of these, however, provide information as to the stresses, their direction and distribution in a mine structure. For the design of pillars, the placing of openings relative to working places such as gangways, haulage levels, etc., this information is desirable. Photoelastic methods provide this and, while relatively new, their application in all engineering fields is assuming increasing importance. This paper, therefore, will present the method with a few applications to mining, and with sufficient reference for further study by the reader. PART I The Photoelastic Method The photoelastic method of stress measurement determines the stress distribution in a two-dimensional model by optical means. It makes use of the fact that when a piece of isotropic transparent material, such as glass, celluloid, or Bakelite, is stressed and viewed in polarized** light a picture is seen which indicates by its color bands of light, or fringes, the magnitude of the stresses, their direction and their distribution. General Explanation The stress at any point 0 in a structure (Fig. I), may be resolved into two components, P and Q, each a pure tension or compression, at right angles to each other, called principal stresses.' To fully identify the stress, the values of P and Q and their directions or angle F must be known.

Jan 1, 1940

By R. W. Shoenberger, J. E. McNulty, B. R. Kuchta, William Spackman, A. A. Terchick, M. E. Hopkins, Norman Schapiro, R. J. Gray, A. F. Duzy, M. P. Corriveau

INTRODUCTION * The United States is fortunate in having abundant reserves of metallurgical-grade coals. Although these coals are better in quality and more accessible than most metallurgical-grade coals found throughout the rest of the world, the best grades of these coals are being depleted. Consequently, more efficient exploration tools and techniques, such as advanced methods of core drilling and logging, correlation by petrography, paleontology, palynology, † physical stratigraphy, and geophysical methods are being used to help assess the extent and quality of the remaining coal reserves. Exploration and assessment of new and existing coal properties become of utmost importance in determining ( 1 ) the economic justification for mining the coal, (2) the optimum design of the preparation plant, and (3) the most effective use of the coal. Recent progress has been made in relating mineral matter, especially pyrite, in coal to geologic conditions and paleogeographic trends. l * Editor's note: Because of the numerous and varied contributions of the associate authors of this chapter, the text does not differentiate between sections prepared by each individual as has been done in other chapters. † Palynology is the science concerned with plant microfossils, especially spores. pollen. and other fossils of microscopic size.

Jan 1, 1979

PRESIDENT HORACE V. WINCHELL MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J. JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y.

Jan 1, 1923

By W. F. Durfee

In the year 1862 the author of this paper was called upon to design and superintend the erection and working of the machinery of an experimental works for the production of steel by a process

Jan 1, 1884

By Charles T. Malcomson

In the United States, improvements in methods of combustion have made possible the use of the smaller sizes of anthracite. This coal is now being reclaimed from the culm banks accumulated by the miners in the more prodigal years. To-day the freshly mined "slush" is segrega,ted and stored against the time when, through briquetting or some other means, it may be utilized as a commercial fuel. For many years Europe has achieved enviable results in the conservation of her small coal by briquetting. This profitable industry, first placed on a commercial basis in France in 1842, has grown to such magnitude that the production during 1913 exceeded 36,000,000 short tons. Briquets produced in Great Britain are used principally for steam purposes and the greater part of the output is either exported or taken by the Admiralty. On the Continent the briquets are sold in all branches of the coal trade. The French railways consume from 16 to 40 per cent. of their fuel in briquet form, and in Germany the lignite briquets (of which 20,000,000 tons were produced in 1913) are as familiar and interesting to the American traveler as the huge porcelain stoves in which they are burned. It is not strange, therefore, that aggressive and far-sighted promoters heralded this means of converting our ubiquitous coal waste into revenue. To the superficial student the briquetting process seemed so simple as to make success easy. It is for this reason principally that the path of the industry in America has been strewn with failures. The rash enthusiast had either not worked out the mechanical problems involved or had failed to grasp the local conditions under which the briquets must be made and sold. It may be confidently stated, however, that in spite of the many vicissitudes through which it has passed, coal briquetting is now an accomplished economic success in this country, and as a profitable adjunct to the coal industry it has come to stay. Several valuable contributions relating to coal briquetting are found in the Transactions. Charles Dorrance, Jr., has sketched briefly the history of the anthracite briquetting plants from the time of Loiseau's pioneer plant down to that of the Lehigh Coal & Navigation Co. at Lans-ford. Since then this phase of the industry has remained practically at

Jan 1, 1915

By Frank W. Harris

The strength of hard drawn copper wire is a question of considerable importance to both manufacturer and consumer. Unlike steel and alloy wires, in which strength is governed by both chcniical and physical considerations, t,he high conductivity required for copper wire in the clcc-trical industry generally precludes the possibility of obt,aining tensile strength through the use of alloys. Consequently, this strenglh is largely a rnatter of the ~hysical structure, and all factors known to affect this structure, such as rolling temperature, die contours, lubricants, drawing speeds, etc., arc matters of prime importance. The experiments described here have becn carried out dl~ring the past year at the Baltimore plant of the American Smelting & Refining Co., in connection with a general investigat,ion of sorne of the questions mentioned above, with the object of studying thc physical ~t~ructure of hard drawn copper wire and the influence of ccrtain factors on t,hat st'ruct.ure. The work has been of an exploratory nature, rather than con~prehensivc., but it was thought that the result,s might prove of sr~fficient general interest tjo warrant their publicatlion. The bulk of the hard drawn coppcr wire used in places where strength is an important factor is rnanufacturcd to strict specification, based USU-ally in the United States on thab of t,he Arrlerican Society for Tcst'ing Materials (B-1-23). This specification calls for almost as high a, valuc of t,ensilc strength, consistent with elongation, as it is possible pract'icnlly to obtain, and only physically perfect mlaterial can be relied on to lliect such a specification. Obvious defects, such as laminat'ions protluc:etl through fins in bhe original rods or brittleness duo lo ovt~rdrawing, arc. usually recognized and need only passing refercncc. Laminatlions can be detected by twisting and untwisting the wircx several times; they will show up on the surface in the form of fins. Pig. 1 shows a very bad example of this defect. Thc wire may bc perfectly smooth before twisting hut, when such larrlinations arc3 prcstmt they will readily show up under this treatrncnt. This trouble is caliscd by sirriilar defects in the original rod produced by overfills in rolling. Fig. 2 shows the cross-section of the rod from which thc wire in Fig. 1 was drawn.

By Robert F. Mehl

Jan 1, 1944

By Robert F. Mehl

Jan 1, 1944

By T. Sterry Hunt

THERE are about sixty bodies which chemists call elements ; the simplest forms of matter which they have been able to extract from the rocky crust of our earth, its waters, and its atmosphere. These substances are distributed in very unequal quantities, and in very different manners. As regards the frequency of these elements in nature, neglecting for the present those which constitute air and water, and confining ourselves to the solid matters of the earth's crust, there are a few which are exceedingly abundant, making up nine-tenths, if not ninety-five hundredths, of the rocks so far as known to us. The elements of which silica, alumina, lime, magnesia, potash, and soda are oxides, are very common, and occur almost everywhere. There are others which are much rarer, being found in comparatively small quantities. Many of these rarer elements are, however, of great importance in the economy of nature. Such are the common metals and other substances used in the arts, which occur in nature in quantities relatively very minute, but which have been collected by various agencies, and thus made available for the wants of man. It is chiefly of the well-known metals, iron, copper, silver, and gold, that I propose to speak to-night; but there are two other elements not classed among the metals, which I shall notice for the reason that their history is extremely important, and will, moreover, enable us to comprehend more clearly some points in that of the metals themselves. I speak of phosphorus and iodine. You all know the essential part which the former of these, com- * An address before the Polytechnic Association of the American Institute, during the meeting of the American Institute of Mining Engineers in New York. Printed in this volume by request of many members.

Jan 1, 1873

YEAR OF ELECTION 1913. FRANK DAWSON ADAMS, Montreal, Canada. 1922. FEDERICO GIOLITTI Torino, Italy. 1921. FRANK WILLIAM HARBORD London, England. 1917. HERBERT HOOVER Washington, D. C. 1941. DANIEL COWAN JACKLING San Francisco, Calif. 1939. HENRY KRUMB New York, N. Y. 1921. C. McDERMID London, England. 1913. EZEQUIEL ORDONEZ Mexico City, Mexico. 1935. ROBERT PEELE New York, N. Y. 1938. A.M. PORTEVIN Paris France 1937. JOHN V.W. REYNDERS, New York, N. Y. 1937. GEORGE S. RICE Washington, D. C. 1911. ROBERT H. RICHARDS Cambridge, Mass. 1934. T.A. RICKARD Victoria, B.C., Canada

Jan 1, 1942

By Charles H. Fulton

(Cleveland Meeting, October, 1912.) I. INTRODUCTION. THERE are comparatively few accurate data on the melting-or the freezing-point temperature of metallurgical slays, or on related physical phenomena, such as fluidity near the melting-point, specific heat, latent heat, etc. With the exception of the work of H. 0. Hoffman,1 and some older work by R. Akerman, P. Gredt, and H. M. Howe, no information is available that is of direct interest to the metallurgist. Hofman's valuable work is the only one that refers to slags produced in the metallurgy of copper and lead. The classic work of J. H. L. Vogt,2 who views slays from the standpoint of physical mixtures (solutions in which the entities are minerals), has opened up a. new field in the study of slags, and has placed the investigation of such properties as melting-temperatures, etc., on a rational basis. The recent work of A. L. Day, E. T. Allen, and W. P. White, of the Carnegie Institution, at Washington, and of European investigators 3 on certain systems of silicate minerals confirms the value of the investigation of silicate series from this standpoint, and it is my aim to apply this method to metallurgical slaws, in order to gain exact data of value in metallurgy. The work recorded in the present paper is the result of an investigation of reverberatory-furnace slags made for a Western smelting company to determine exactly the influence of change in composition, within comparatively narrow limits, on the melting-point. For a general discussion concerning the mineralogical character of slaws and the principles on which this investigation is based, reference should be made to other work,4 for the subject is too large to be stated in this paper, except very briefly in the following outline 1 Trans., xxix., 682 (1899). 2 Die Silikatschmelzlösungen; I. Ueber die Mineralbildung in Silikatschmelzlösungen; II Ueber die Schmelzpunkt-Erniedrigung der Silikatschmelzlösungen (Christiania, 1903-04). 3 Doelter, Handbuch der Mlineralehevu:e (1911) 4 C. H. Fulton, Principles (of Metallurgy. Chapter viii., on Slags, p. 24.5 (1910).

Dec 1, 1912

By J. T. Mackenzie

HENRY MARION HOWE, in whose memory we are gathered together, was one of the great thinkers who develop from time to time to whom is given the rare gift of synthesis. Analysis is given to few, but synthesis, the ability to show the relation of all parts to each other and thus to give a clear picture of the whole, is reserved for the very few. Analysis can be achieved by honesty, intelligence, and industry, but synthesis is only given to genius Professor Howe's crowning achievement is the picture of the whole iron-carbon series shown in Fig. I, which places steel, malleable, gray iron, mottled and chilled irons in their proper relation to each other and shows the essential unity of the series. Perhaps his best statement of the case is found on page go of the Metallography of Steel and Cast Iron in these words: "Each member of the gray cast-iron series consists of the metallic matrix approximately equivalent to that member of the steel-white-cast-iron series to which it corresponds in percentage of combined carbon with its continuity broken up-by masses of graphite . . . " Apparently he had taken considerable interest in this idea around the turn of the century, for he refers to a discussion at the Franklin Institute in 1900 in which he said: "Though many others had probably conceived this relation between the steels and cast irons, it was here enunciated for the first time, so far as I know. It was received with great incredulity." The concept was explained in some detail in a paper on 'The Constitution of Cast Iron" presented before the A.S.T.M. in 1902 when Professor Howe was retiring president of that young society. In the discussion Dr. Sauveur stated that he was "very well acquainted with Professor Howe's theory of the constitution of cast iron," and went on to say that while he "shared it to the fullest extent, some foundrymen . . . claim cast iron is a metal entirely different from steel . . . that steel and cast iron have very little in common, and that therefore the knowledge gained in the study of steel is of little or no value in the study of cast iron." Dr. Moldenke, in discussing the same paper, said he had been working on the same theory for 12 years but he laid no claim to publication. Discussing the difference in the micro- structure of the metallic matrix, Professor Howe pointed out that "such minor struc- tural differences are indeed to be expected, because of the difference in the conditions under which these constituents are generated. "One difference in these conditions is that the steel of most micrographs has been either forged or at least treated thermally in such a way as to give a new structure radically different from that which formed during the initial solidification, whereas the cast irons have not. Hence what we see in the steels is a transformation structure, but in the cast irons a solidification structure. By giving the cast

Jan 1, 1944

By W. C. Phalen

SALT-MAKING PROCESSES THE production of salt in the United States divides itself at the outset into two distinct classes: (1) The mining of rock salt and its purification and separation into marketable sizes, and (2) the production of salt by evaporation from brines, bitterns, and other solutions. The processes employed at the present time in the manufacture of salt by evaporation may be outlined as follows: 1. Solar evaporation. 2. Direct-heat evaporation (a) in open kettles; (b) in open pans. 3. Steam evaporation, (a) in jacketed kettles, (b) in grainers. 4. Vacuum-pan evaporation. In this paper only the solar-evaporation processes practised in different parts of the United States will be described. SOLAR EVAPORATION Localities In the Eastern States the solar-evaporation process is not generally employed for climatic reasons. In the Western States, particularly in California and Utah, the great bulk of the salt produced originates in the solar-evaporation process. Of the Eastern States producing salt, this process, so far as the writer is aware, is employed in New York State only.

Jan 9, 1914