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By R. M. Raymond

The Mining Section of The National Safety Council recently sent out a questionnaire to operators, regarding the class of rope used, specifications required or obtained, factors of safety observed, methods of fastening ropes, lubrication, inspection, and points observed when rope is to be discarded. The answers received from this questionnaire, largely from metal mines, give interesting information, from which recommendations for safety practice on hoisting ropes are drawn. Depth of Mine The depth in the majority of cases noted is from 1000 ft. to 1500 ft. (304 to 457 m.) and records come from a number hoisting from depths of 2000 to 3000 ft. Hoisting is generally done in balance, with a few companies using counterweights. Seldom, more than two shifts are occupied in hoisting. A number of large operators limit the shift for engineers to 6 hr. A few of the larger operators have separate hoists for men and supplies, with a higher class rope for men. The range of loads varies from 7 to 17 tons and greater in a few cases, with a balanced weight of 4 to 7 tons. Size or Drums and Sheaves The size of drums and size of sheaves are generally in accordance with recommendations of rope manufacturers. Only one-half of the operators use grooved drums; one, The Sulphide Corpn., New South Wales, uses wood-lagged drums. Very few operators have drums capable of holding all the rope in a single wrap. Cone drums or cone and cylinder drums, in the mines heard from, are very rare. A few mines of shallow depth use a small drum and large-sized sheave. While this may be allowed, and in some cases is all right, the size of drum and sheave should be fully equal to that recommended by the rope manufacturers and should be at least 60 to 100 times the diameter of the

Jan 1, 1923

By R. Taggart, J. W. Barton, G. R. Purdy, J. G. Parr

The constitution and mechanical properties of heat-treated alloys containing up to 10 pct* Ni in Ti have been investigated. The effects of quenching and of various isothermal treatments ale described, and C-curves are presented. The production of the precipitated and the martensitic hexagonal phases on quenching is discussed. MARGOLIN, Ence, and Nielsenl have determined the titanium-nickel phase diagram. A study of the transformations in gas-quenched and tempered powder specimens was made by Polonis and Parr.' Some isothermal transformation work was carried out by Margolin and ~unshah, who determined transformation curves for 4 and 6 wt pct alloys, while Robinson et al.investigated the formation of the w phase in a quenched and tempered alloy, Margolin and Bunshah showed that while a martensitic transformation could be obtained on quench- ing thin sections of a 4 wt pct alloy, a 6 wt pct alloy precipitated a nonmartensitic phase. The present investigation was undertaken to obtain more information on the transformations in quenched, quenched and tempered, and isothermally transformed lump specimens of alloys containing up to 10 pct Ni. Isothermal transformation curves have been determined for 7 and 10 pct alloys and cooling curves have been obtained for quenched alloys containing up to 7 pct Ni. The mechanical properties of 2, 5, and 10 pct alloys were studied, with the object of relating properties to microstructures. EXPERIMENTAL METHODS Alloys containing up to 10 pct Ni were prepared from sponge titanium and spectrographic standard nickel by levitation-melting and chill-casting in a split copper mold. The 5 and 10 pet alloys were prepared from sponge Ti having an as-melted hardness of 115 Vpn. The other alloys were made from a sec-

Jan 1, 1961

By H. M. Chance

Probably no other prosperous mining district is so little known as the Black Hills. The name leads one to assume that the district is a rolling country, consisting of more or less insignificant hills. Nothing could be more untrue, as the Black Hills is an elevated region rising to heights of 7000 and 8000 feet above sea-level, and broken by deep gorges and ravines. It is, in fact, a mountainous country in all that that term implies ; but the cañons and gorges are of such a character that the country is easily penetrated by railroad-lines, and good wdgon-roads exist to-day, affording access to every portion of it. Aside from the stampede to the Black Hills country in 1876, when gold-placers were discovered, and 15,000 or 20,000 people became infected with the mining fever, the region has never had a mining " boom." Quartz-mining commenced in 1877 or 1878, and has been successfully prosecuted ever since; the output of gold steadily growing, until at present the yield is about $7,000,000 annually. This great production is about equally divided between two entirely different classes of deposits. The first class, comprising the so-called quartz or free-milling ores (of which the Homestake mine is the principal producer), are veins of generally steep dip, in the older metamorphosed rocks, and similar to the veins worked in other mining districts. The second class of mines is located in what is known as the " siliceous gold-belt." The Siliceous Gold-Belt. This belt, more particularly to be described in this paper, lies in the immediate vicinity of Deadwood and Lead City, and covers an area 6 or 7 miles in length by 3 or 4 miles in width. The formation in which the siliceous ores are found is a nearly horizontal series of sandstones and shales, generally

Jan 1, 1901

By T. F. Archbold, P. G. McCormick

Silica fiber 11arkevs and hardness irzdentatiozs have been used to study the thermal diffusion of racancies in zinc placed in temperature gradients of 460o and 706oK per Cm All markers mored toward the higher temperatures, and the data show that the heat of trarlsport Q is greater than the eizthalpy of z,acancj3 forrjalion E by an amount equal to 3.5 kcal per mole. These results ore not in agreement with those obtained in either of the two previous studies with zinc. The problem is discussed in terms of experimental differences and racancy source and sink efficiencies. THE general interest in thermal-diffusion phenomena over the past several years has prompted a number of marker movement studies using pure metals. In order to understand better the relationships between thermal and mass flow, a general goal of the experiments has been to obtain values for the net enthalpies carried by the diffusing atoms. For self-diffusion by means of the vacancy mechanism, the determination of relative marker positions before and after an anneal in a temperature gradient permits a calculation of a value for (Q - Ef). Q is the transferred enthalpy, and Ef is the enthalpy of vacancy formation in the metal being investigated. The initial experimental study of thermal diffusion in pure metals was accomplished by Shewmon who found essentially no movement of surface-hardness indentation markers in single and bicrystals of zinc held for 20 days in a temperature gradient of 310°C per

Jan 1, 1967

By James O. Elton

This paper covers, besides laboratory work, a study of actual operation at the Washoe Smelter over a considerable period of time, together with the results of a visit to the Midvale plant of the United States Smelting & Refining Co., near Salt Lake. For the latter privilege, as well as permission to publish the resulting data herein given, I am indebted to George W. Heintz, General Manager of the Midvale plant, and here take pleasure in expressing my appreciation for the many courtesies extended to me by Mr. Heintz and members of the technical staff at the smelter. Almost all of the world's supply of arsenic is recovered as a byproduct in the smelting of other metals. It is seen 'on the market in various forms, the most common being arsenic trioxide, the " white arsenic " of commerce, which is sold as a heavy white powder, or in white, glassy, translucent masses. The trioxide is used in the manufacture of pigment, glass, and insecticides. About 50 per cent. of the domestic consumption is supplied by imports. Statistics of Arsenic Trioxide in United States.' Production. Consumption. Price Per Pound. Year. Tons. Tons. Cents. 1907..........1.010 5.471 5 1908,.........1,302 6,098 33/4 1909,.........1,007 4,600 2 7/8 1910,.........1,526 5,428 2 1/2 1911,.........3,081 6,539 2 1912,2........ 2,926 Closed at 4 7/8 Arsenic occurs in combitlation with sulphur and the metals in a large number of minerals. It is present in small amounts in many ores. In the roasting and smelting furnaces many of its compounds break down, liberating arsenic trioxide, which is volatilized and carried by the gases into the flue system, where a part is condensed and settles with the flue dust.

Jan 1, 1914

EXECUTIVE COMMITTEES OF LOCAL SECTIONS New York L. W. FRANCIS, Chairman. WILLARD S. MORSE, Vice-Chairman. THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y. P. A. MOSMAN; Treasurer. LOUIS D. HUNTOON. WILLIAM A. POMEROY Boston HENRY L. SMYTH, Chairman. ALFRED C. LANE, Vice-Chairman. AUGUSTUS H. EUSTIS, Secretary-Treasurer, 131 State St., Boston, Mass. ROBERT H. RICHARDS, ALBERT SAUVEUR. Columbia FRANK A. ROSS, Chairman. RUSH J. WHITE, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. FREDERIC KEFFER, FRANCIS A. THOMSON.

Jan 1, 1915

By P. Stark, B. S. Lement

ACCORDING to Hanemann1 the hardness of retained austenite in a 1.7 pct C steel is increased by subsequent tempering. He reported that the hardness of this constituent increases only slightly on tempering to 300°F, rises more rapidly above this temperature, and attains the same value as the tempered martensite present in steel at approximately 480°F. The variation of hardness of both retained austenite and martensite with tempering temperature as obtained by Hanemann1 is shown in Fig. 1. Hanemann attributes the increase in hardness of the retained austenite essentially to continued formation of fine needles of martensite on tempering. Although he did not explain the actual mechanism involved, work hardening of retained austenite by the plastic deformation associated with such martensite formation appeared to be a possibility. Recently Lement, Averbach, and Cohen2 reported the existence of subgrains, about l000Å in diameter, in retained austenite and suggested that they may be delineated by a subboundary carbide. This raised the possibility that carbide precipitation might be responsible for the hardening reported by Hanemann. In view of these conflicting possibilities, an investigation" was carried out on a high purity, Fe-C alloy containing 1.7 pct C in order to clarify the nature of the phenomenon involved in the reported hardening of retained austenite. This investigation involved correlation of changes in microhardness and microstructure of the austenite as a result of tempering. Microhardness tests were made with a Tukon tester using a 25 gram load and a Vickers diamond. It was found that two groups of austenite hardness values were obtained after tempering at a series of temperatures up to 450°F, which was the highest temperature at which retained austenite regions could be identified microscopically. One group represents a high hardness level which in-

Jan 1, 1955

By Leo Behr

RECENT years have seen important practical advances in the construction of recording instruments for use with thermocouples. The difficulties of the problem will be appreciated when it is remembered that a 10° F. change in temperature of a base-metal couple at 1500° means a change in the electromotive force of about 0.00035 volt. In a circuit having a resistance of 350 ohms, this means a change in the current of 0.00000,1 amp.; and despite this requirement of great sensitivity the instruments must be sufficiently robust to withstand the rough usage which is so often their lot. Two methods are in common use for the measurement of the electromotive force produced by a thermocouple: 1. The milliammeter method, in which the current produced by the thermocouple in a circuit of known resistance is measured and from. this the electromotive force is deduced by Ohm's law. 2. The potentiometer method in which a known potential difference is opposed to the thermocouple electromotive force. The use of thermocouple and milliammeter for measuring temperature introduces some possible sources of error, for the reading depends on a number of factors, including the following: (1) Electromotive force set up at the hot junction, (2) electromotive force set up at the cold junction, (3) resistance of the circuit including thermocouple, lead wires, and meter, (4) field strength of magnets, (5) strength of controlling springs in meter, (6) friction at pivots, of pointer on paper, etc. It is obviously necessary to so design and maintain the installation that the reading is independent of all the factors except the first. The electromotive force set up at the cold junction can easily be taken care of provided it is constant. This has been approximately accomplished by burying the cold junction in the ground or actually secured by locating it in a container, the temperature of which is kept constant by means of a thermostat.

Jan 9, 1919

By AIME AIME

A JOINT meeting of the Canadian Institute of Mining and Metallurgy and the American Institute of Mining and Metallurgical Engineers was held at Spokane, Wash., and Cranbrook and Kimberley, B. C., on Oct. 13 to 16, 1926, with a total attendance at one or another or all of the meetings of about 300 members, ladies and guests. At the opening meeting, on Oct. 13, in the Davenport Hotel, Spokane, about 175 were present. The morning was occupied with addresses of welcome by M. H. Sullivan for the Columbia Section, who called on Mayor Charles A. Fleming, President John F. Davies for the Chamber of Commerce, and E. R. Hannibal, president of the Associated Engineers, each of whom heartily welcomed the visitors. Philip N. Moore, former president, and special representative of President Samuel A. Taylor, replied for the A.I.M.E., and Lewis Stockett, president, and Charles A. Banks, chairman, British Columbia Division, Canadian Institute of Mining and Metallurgy, and Henry M. Parks for the visiting A.I.M.E. sections, made appropriate responses on behalf of those they represented. The members and ladies had luncheon with the Associated Engineers. Philip N. Moore addressed the assembly on "The Opportunity of the Engineer"; an excerpt from his address appears on another page. At the afternoon meeting, with Lewis Stockett in the chair, Frank M. Smith was asked to make a brief statement of the proceedings of the Silver Producers Association in Denver. Supplementing his talk by placing a well-prepared statement on "Silver and the Plan of the Royal Commission on Indian Currency and Finance" in the hands of those present, he narrated what had been undertaken by the Silver Producers Association and what they hoped to accomplish.

Jan 1, 1926

By J. W. Bolton

THIS paper discusses some fundamental metallurgical principles involved in production of sound cast bronze. In a previous paper the writers advanced the theory that "oxidation" in bronze castings is due to incipient shrinkage, and showed the effect of reducing melting atmospheres. In the present paper the effects of certain impurities and of actual oxidizing conditions are shown. The appendix deals with the appearance of various inclusions. For many years the prevailing opinion has been that unsoundness, dark colored fractures and other phenomena accompanying porosity and weakness in bronzes are due to oxidation. The actual troubles are caused by fissures of intercrystalline type, which are often mistaken for intercrystalline films. These weaken the metal and make it porous. Grave doubt regarding the accuracy of the oxidation theory appears when several research papers presented within the last 10 years are reviewed critically. In 1919, Comstock conducted metallographic researches, attempting to identify "oxides" in synthetically prepared metals. He found that oxides of tin, aluminum, zinc, etc. are different from the intercrystalline films (or cavities) to which porosity is due. Apparently he believed that these "oxide films" may be caused by volatile oxides of zinc or of phosphorus or by dissolved gases thrown out of solution during solidi-fication of the metal. In 1923, Woyski and Boeck3 definitely questioned the accuracy of the oxidation theory and indicated the danger from reducing atmospheres. They say that "oxidation, gassing and shrinkage may produce effects very similar."

Jan 1, 1930

By James Gayley

The paper presented to the Institute in 1910, by H. O. Hof-man, on Recent Progress in Blast Roasting,' has called the attention of the iron industry to the adaptability of these processes to the reclamation of by-products such as flue-dust and blue billy, and the better preparation of concentrates and fine ores for use in blast-furnaces. The waste of valuable iron-ore through the production of flue-dust has increased at an enormous rate, and much of it has in

Jan 1, 1912

By H. M. Howe, W. E. C. Eustis

The processes which form the subject of this paper have been experimented on in the laboratory of W. E. C. Eustis, but have not passed beyond the experimental stage. The first is the invention of Mr. J. L. Thomson, of Capelton, Quebec, Canada, the others have been invented by the writers. Thomson's PRocess foR the Extraction oF Nickel. This consists essentially in first rendering the nickel magnetic, and then separating it from the materials with which it is mechanically vol. X.—20

Jan 1, 1882

EXECUTIVE COMMITTEES OF LOCAL SECTIONS New York, L. W. FRANCIS, Chairman, WILLARD S. MORSE, Vice-Chairman. THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y. P. A. MOSMAN, Treasurer. LOUIS D. HUNTOON. WILLIAM A. POMEROY. Boston HENRY L. SMYTH, Chairman. ALFRED C. LANE, Vice-Chairman. AUGUSTUS H. EUSTIS, Secretary-Treasurer, 131 State St., Boston, Mass. ROBERT H. RICHARDS, ALBERT SAUVEUR. Columbia FRANK A. ROSS Chairman. RUSH J: WHITE, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. FREDERIC KEFFER FRANCIS A. THOMSON,

Jan 2, 1915

EXECUTIVE COMMITTEES OF LOCAL SECTIONS New York L. W, FRANCIS, Chairman, WILLARD S. MORSE, Vice-Chairman. THOMAS T. READ, Secretary, Woolworth Bldg., New York, N. Y. P. A. MOSMAN, Treasurer. LOUIS D. HUNTOON. Boston HENRY L. SMYTH, Chairman. ALFRED C. LANE, Vice-Chairman. AUGUSTUS H. EUSTIS, Secretary-Treasurer, 131 State St., Boston, Mass. TIMOTHY W. SPRAGUE, HENRY A. WENTWORTH. Columbia F. A. THOMSON, Chairman. GEORGE W..RODDEWIG, Vice-Chairman. LYNDON K, ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. R. S. McCAFFERY, S. H. RICHARDSON.

Jan 7, 1914

WILLIAM B. PRICE* and PHILIP DAVIDSON, ? Waterbury, Conn. (written discussion?).-A few months ago we became interested in deter-mining the properties of. pure nickel as a metal for certain uses and arranged, in cooperation with the International Nickel Co., a series of tests on cold-rolled so-called pure nickel and both longitudinal and transverse specimens annealed at 100° intervals from 250° to 1050° C. Since our tests confirmed; in a general way, the observation put forth by Messrs. Browne and Thompson, they are given at this time. A bar of hot-rolled nickel about 9 in. (23 cm.) wide and 1/2 in. (12.7 mm.) thick made by the International Nickel Co. -of grade A stock, analyzing nickel plus cobalt 98.48 per cent., iron 0.67 per cent., manganese 0.27 per cent., carbon 0.07 per cent., silicon 0.162 per cent., sulfur 0.033 per cent., and copper 0.22 per cent., was cold-rolled down to a final thickness of 0.134 in., malting a 73.2 per cent. reduction by rolling. Test specimens, 9 by 1 in., cut parallel (marked longitudinal) and normal (marked transverse) to the direction of rolling were milled to give a test section 2 5/8 in. long by 0.5 in. wide. Three specimens each, longitudinal and transverse, were annealed at one time in a nichrome-ribbon-wound tube furnace. The temperatures were taken with a Pt-PtRh thermo-couple in conjunction with an Engelhard millivoltmeter. An annealing period of .) 2 hr. plus 25 min. preheating was used in all cases. Sclero-scopic and Brinell hardness tests and static tensile tests were made on the rolled and annealed specimens. The tensile tests are shown in graphic form in Fig. 7. The Brinell and scleroscopic values are given herewith.

Jan 11, 1919

By H. M. Hobart

This paper deals principally with investigations undertaken by the Welding Research Sub-committee of the Welding Committee of the Emergency Fleet Corporation. The general object of the investigations has been to extend the use of welding in the construction of merchant ships and, specifically, to provide a definite basis for obtaining the greatest economy and efficiency in employing welding in place of riveting in the construction of the hulls of such ships. Composition of_ Ship-plate Steel The chemical composition of the steel employed in such hull construction varies with the thickness of the plates. Through the courtesy of Mr. H. Jasper Cox, of Lloyd's Register of Shipping, the following information may be given concerning the kind of steel plate employed in American shipyards in 1918 for the hull construction of merchant ships. Lloyd's requirements do not relate to the chemical composition. They require a tensile strength of 58,000 lb. per sq. in. (40.75 kg. per sq. mm.) for their lower limit and 72,000 lb. per sq. in. (50.59 kg. per sq. mm.) for their upper limit. For the information of the Committee, Lloyd's obtained from their surveyors at various works data of the carbon content, which is as follows: Works Carbon Content for Plates 1/4 In. Thick 1 In. Thick A..................... 0.14 0.23 B..................... 0.14 0.25 C2.................. 0.19 0.25 D................. 0.20 0.30 E Upper limit..... 0.35 Lower limit..... 0 24 0.29 Upper limit,.... 0.25 0.30 Lower limit..... 0.21 0.27 Upper limit..... 0.25 0.35 Lower limit..... 0.22 0.28

Jan 1, 1920

By Harry Seltz

INTERMETALLIC compounds are formed in many binary metal systems. Some compounds are stable to their melting points, and others decompose at lower transition temperatures. Even those of the first class are dis-sociated in the liquid state, as indicated by the continuous for in of their solubility curves at their melting points1. While the lattice structures of some of these compounds have been determined, their thermodynamic properties have not been investigated. In this paper is described the determination of the free energy and heat of formation of the compound CdSb, which is of the first class mentioned above, melting congruently at 455° C. This compound shows a rhombic structure, and the lengths of the edges of the elementary cell containing four molecules are: a =6.52, b = 8.60, c = 4.16 A.2 There are three possible methods of determining the free energy of formation of a compound of this type. The first method, applying the third law of thermodynamics, requires the measurement of its heat capacity preferably to liquid hydrogen temperatures, and a calorimetric determination of its heat of formation. The second method involves the study of the equilibrium of the compound in some gas reaction, such as: CdSb + CO2 = CdO + CO + Sb From the known free energies of formation of CdO, CO2 and CO the free energy of formation of CdSb could be calculated. The third method measures the electromotive force of a galvanic cell in which the cell

Jan 1, 1935

By W. R. Shimer

In his valuable report on Finishing Temperatures and Properties of Rails,l Dr. G. X. Burgess, Chief of the Division of Metallurgy, U. S. Bureau of Standards, has begun a line of investigation which should be continued by those interested in the subject, and who have proper facilities for carrying out the work. For the past year or more the Bethlehem Steel Co. has been conducting experiments to learn the effect of rail finishing temperatures on their physical properties and microstructure and the results are here given for the consideration of those interested in the rail situation. Considerable differences of opinion have been expressed by various authorities, in the past, as to the effect of large or small grain size and high or low finishing temperatures of steel rails on their physical properties and wearing qualities. Low finishing temperatures and, therefore, low shrinkage, have been advocated on the theory that the wearing qualities would be improved. Others have recommended high finishing temperatures. The generally accepted cause for rail failures, due to the development of transverse fissures, is excessive wheel pressure on hard rails. One of the causes advanced for hard rails has been that they contain too high percentages of carbon and manganese; another that the rails were finished at too low a temperature, i.e., at or near the critical point. In the experiments herein described the rails were rolled from reheated blooms. All the rail blooms were charged hot in a reheating furnace and brought up to about the original ingot-rolling temperature before rolling into rails. These rails gave better results in deflection, withstood a greater number of drops before breaking, and showed greater ductility than rails of identically the same composition and section which were rolled direct from the ingot. Rails rolled from reheated blooms, finished at somewhat higher temperatures than when rolled direct from the ingot, have a different microstructure, which the writer does not believe is due so much to the difference in finishing temperatures, as to the difference in

Jan 1, 1915

By B. R. Palmer, G. Gutierrez B., M. C. Fuerstenau

Selective flotation in nonmetallic systems is often complicated by the presence of iron-bearing silicates occurring as gangue. Minerals such as augite, diopside, hornblende, and tourmaline respond readily to flotation under the same conditions as ore minerals. Mechanisms by which these minerals respond to flotation with anionic collectors must be established if selective separations are to be made in these systems. It was the objective of this investigation to determine the mechanisms involved in the flotation of two pyroxenes, augite and diopside, with potassium oleate. Experimental Materials and Methods Pure potassium oleate, prepared by neutralization of oleic acid with KOH, was used as collector, while reagent-grade HC1 or KOH were used for pH adjustment. Conductivity water, made by passing distilled water through a mixed-bed ion exchange column, was used in this investigation. Two pyroxenes, [ ], were involved in this work. One member of this class of minerals was augite and was found to contain 3.3% calcium, 4.6% iron, and 9.6% magnesium. The source of this mineral was Tillamook County, Ore. The other pyroxene involved was diopside which contained 8.3% calcium, 2.7% iron, and 7.6% magnesium. The source of this sample was Bancroft, Ont. Microflotation experiments were conducted with a Hallimond cell. Mineral samples were ground dry and sized to 100 x 200 mesh. One-gram charges were conditioned for 3 min in the presence of various additions of potassium oleate. Flotation was conducted for 1 min with a nitrogen flow rate of 50 cm3/min. The electrophoretic mobilities of these two minerals were measured with a Zeta Meter in the absence and presence of [ ] salts and in the presence of an indifferent electrolyte, NaC1, added to maintain ionic

Jan 1, 1978

By Arthur Knapp

OIL-WELL depletion curves, to be of value, should show when a well or lease may no longer be operated at a profit. The difference, at any time, between the total expenditures and the total income of a lease or well may be called the lease status. Plotting this lease status against time will give a curve subject to more accurate and different interpretations than the barrels-time curves. According to the hypothetical barrels-time curves shown in Fig. 1, well A, at the end of 16 mo., is producing twice as much oil as well B and will continue to produce for another year whereas well B will cease producing in about 6 months. DATA FOR LEASE STATUS-TIME OR DOLLARS-TIME CURVE TIME LEASE MONTHS STATUS Lease purchased for $3000 0 -$ 3,000 No expenses chargeable to lease for 3 mo 2 - 3,000 Well A is started; cost of drilling for month is $16,000 3 - 19,000 Well is completed at additional cost of $10,000 4 - 29,000 Well A is brought in and flows 10,000 bbl. first month (see Fig. 1). Necessary to invest in tanks, boilers, pipe lines, etc.: difference between expenditures and receipts gives profit for month of $5,000 5 - 24,000 Investment is small, cost of operating well A is small, so profits are $15,000 6 - 9,000 Well ceases to flow so there is additional investment for pumping equipment and additional operating expense; net earnings from 6,000 bbl. of oil produced is $4,000.... 7 - 5,000 Lease operation now becomes normal and curve becomes smooth 8 - 500 9 2,000 10 4,500 11 6,000 12 7,700 13 8,700 14 9,000 15 9,500 16 10,000

Jan 1, 1921