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By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.

By Willard P. Ward

The numerous direct processes which have been patented and brought before the iron-masters of the world, differ materially from that now introduced by Mr. Wilson. After a careful examination of his process, I am convinced that Mr. Wilson has succeeded in producing good blooms from iron-ore, and I think that I am able to point out theoretically the chief reasons of the success of his method. Without going deeply into the history of the metal, I may mention the well-known fact, that wrought-iron was extensively used in almost all quarters of the globe, before pig or cast-iron was ever produced. Without entering into the details of the processes by which this wrought-iron was made, it suffices for my present purpose to say that they were crude, wasteful, and expensive, so that they can IE employed to-day only in a very few localities favored with good and cheap ore, fuel, and labor. The constructiou of larger furnaces and the employment of higher temperatures led to the production of a highly carbonized, fusible metal, without any special design on the part of the manufacturers in producing it. This pig-iron, however, could be used only for a few purposes for which metallie iron was needed; but it was produced cheaply and with little loss of metal, and the attempt to decarbonize this product and bring it into a state in which it could be hammered and welded was soon successfully made. This process of decarbonizatioa, or some modification of it, has successfully held the field against all, so-called, direct processes up to the present time. Why ? Because the old-fashioned bloomeries and Catalan forges could produce blooms only at a high cost, and because the new processes introduced failed to turn out good blooms. Those produced were invariably "red-short," that is, they contained unreduced oxide of iron, which prevented the contact of the metallic particles, and rendered the welding together of these particles to form a solid bloom impossible. The process of puddling cast-iron, and transforming it by decarhonization into wrought-iron has, as everybody knows, been in successful practical operation for many years, and the direct process referred to so closely resembles this, that a short description of the theory of puddling is not out of place here.

Jan 1, 1884

A New Ingersoll-Rand Turbo Blower The Ingersoll-Rand Co. has added to its Turbo Compressors and Blowers a low-pressure machine t o handle volumes from 3,000 to 35,000 cu. ft. per minute at from 1-2 ½ lb. These are particularly adapted to such service as foundry cupola blowing, atomizing oil for oil burners, supplying blast to heating and annealing furnaces of various kinds, blowing air for water-gas generators, pneumatic conveying and ventilating. They are of the single stage, double flow type and are furnished either electric motor, steam turbine or water wheel driven.

Jan 6, 1916

By E. J. Haug, K. L. Clifford, K. L. Purdy

St. Joe Minerals Corp.'s Southeast Missouri Mining and Milling Division produces lead, zinc and copper sulfide concentrates at three of its operations. The Viburnum and Fletcher mills have been described in previous papers. The new Bushy Creek mill, dedicated in May of 1973, is an updated version of the Fletcher mill incorporating 8.5 m3 (300 cu ft) lead and zinc

Jan 2, 1979

By Martin G. Castro, Renato G. Bautista, Morton Smutz

During the last 25 years, multistage mixer-settlers have been used extensively for liquid ion exchange work. The mixer-settler has the advantage of being a compact device in which a large number of stages can be assembled in a relatively small area. They are particularly advantageous for the separation of rare earths. Most of the adjacent rare earths have separation factors which are near one, which means that a large number of stages are needed to produce a good separation. When two elements (m, n) are extracted simultaneously, the separation factor (ßm, n) is defined as: [ ] where Ym, Yn are the molarities of the respective elements in the organic phase and Xm, Xn, are their molarities in the aqueous phase at equilibrium. The industrial consumption of rare earth oxides rose to over 6800 tons in 1968, an increase of 33% over 1967.1 The increased production and demand for rare earth and lanthanum chlorides for petroleum cracking catalysts was one of the principal factors in this increased consumption of rare earths. In 1968 approximately 59% of the rare earth oxides produced were used for gasoline cracking catalysts in the form of rare earth and lanthanum chlorides. There was also an increase in the sales of lanthanum oxides for use in optical lenses and in fiber optics. The future looks good for the rare earth industry. The rare earths can be expected to be used in many new products which are being developed. Until the late 1950's tributyl phosphate (TBP) was the principal solvent used in rare earth liquid ion exchange. In 1957 Peppard3 reported the use of di (2-ethyl-hexyl) phosphoric acid (D2EHPA) as a solvent for separating the rare earths. Rare earth separation factors of up to 2.5 were obtained in nitrate and chloride systems while the maximum separation factor using the

Jan 1, 1972

By M. ROWE, H. E. Gilliland, L. BARNES

The authors of this paper are to be commended for a clear exposition of a timely subject. However, some important conclusions, in addition to those presented in the paper, can be drawn from the results of their elaborate and rather complete numerical computations. First of all, the major part of the calculations presented in the paper are for semi-infinite slabs of oil shale (the authors designate this as Model I) and a question must be posed — Are these elaborate computations needed to arrive at realistic estimates of the shale oil displaced. Consider the model of Lauwerier* that corresponds to the authors Model I if thermal conduction parallel to the fracture be neglected. If one also neglects the finite (but relatively small) heat capacity of the material in the fracture, it is easily shown from Lauwerier's solution that the cumulative oil production would be:

Jan 1, 1969

By Helmut Thielsch

In recent years an ever increasing amount of interest has been directed toward research studying the principles and various applications of sonic and supersonic waves. Though still in their early stages of practical development, sonic vibrations are already used in the emulsifi-cation and degasification of liquids. Metals exposed to sonic or ultrasonic vibrations while solidifying show a considerable amount of grain refinement. Often sound waves are applied instead of radiography to test engineering materials for internal cracks and flaws.' In the field of pure research these waves are used in dispersion and also in coagulation of particles or liquids in gaseous or, under certain conditions, in other liquid systems. In the settling and thickening of slurries considerable time is necessary to compress the solid particles and to squeeze out the liquid to obtain as low a dilution (liquid to solid ratio) as possible. Various methods have been developed to increase the amount of coagulation of the very fine solids (colloidal or semicolloidal) and to shorten the over-all time. The addition of small amounts of electrolytes and the warming of the suspension represent merely the more important techniques. Some of the effects of supersonic vibrations have been reported previously. From preliminary studies, therefore, it was hoped that by application of sonic vibrations it would be possible to reduce the time required to thicken such materials to a specific dilution, as well as to thicken to lower ultimate dilutions than could be obtained by quiescent settling alone. By increasing the volume thickened per unit time—i.e., improving the plant efficiency— great savings in equipment and time would be obtained for industrial processes. Also, faster settling rates should result if coagulation of particles could be increased. Experiments have been conducted for a period of several months in the Allis-Chalmers laboratory to study the effect of sonic vibrations on settling of particles of different sizes and concentrations. Apparatus The sedimentation apparatus used in these experiments is illustrated in Figs. I and 2. The essential features are the stationary field coil and the movable voice coil. Both windings are placed around a solid iron core. A leather diaphragm connected to the steel frame holds the voice coil in place. A brass rod is fastened to the voice coil with a metal disk connected to the other end. This disk is sealed to the lucite cylinder with a flexible rubber diaphragm. The lucite tube is 17 in. long; its inner diameter is 2½ in. and the wall thickness is ¼ in. The tube is calibrated on the outside in 10 c.c. divisions for a total of 1000 cubic centimeters.

Jan 1, 1947

By Helmut Thielsch

In recent years an ever increasing amount of interest has been directed toward research studying the principles and various applications of sonic and supersonic waves. Though still in their early stages of practical development, sonic vibrations are already used in the emulsifi-cation and degasification of liquids. Metals exposed to sonic or ultrasonic vibrations while solidifying show a considerable amount of grain refinement. Often sound waves are applied instead of radiography to test engineering materials for internal cracks and flaws.' In the field of pure research these waves are used in dispersion and also in coagulation of particles or liquids in gaseous or, under certain conditions, in other liquid systems. In the settling and thickening of slurries considerable time is necessary to compress the solid particles and to squeeze out the liquid to obtain as low a dilution (liquid to solid ratio) as possible. Various methods have been developed to increase the amount of coagulation of the very fine solids (colloidal or semicolloidal) and to shorten the over-all time. The addition of small amounts of electrolytes and the warming of the suspension represent merely the more important techniques. Some of the effects of supersonic vibrations have been reported previously. From preliminary studies, therefore, it was hoped that by application of sonic vibrations it would be possible to reduce the time required to thicken such materials to a specific dilution, as well as to thicken to lower ultimate dilutions than could be obtained by quiescent settling alone. By increasing the volume thickened per unit time—i.e., improving the plant efficiency— great savings in equipment and time would be obtained for industrial processes. Also, faster settling rates should result if coagulation of particles could be increased. Experiments have been conducted for a period of several months in the Allis-Chalmers laboratory to study the effect of sonic vibrations on settling of particles of different sizes and concentrations. Apparatus The sedimentation apparatus used in these experiments is illustrated in Figs. I and 2. The essential features are the stationary field coil and the movable voice coil. Both windings are placed around a solid iron core. A leather diaphragm connected to the steel frame holds the voice coil in place. A brass rod is fastened to the voice coil with a metal disk connected to the other end. This disk is sealed to the lucite cylinder with a flexible rubber diaphragm. The lucite tube is 17 in. long; its inner diameter is 2½ in. and the wall thickness is ¼ in. The tube is calibrated on the outside in 10 c.c. divisions for a total of 1000 cubic centimeters.

Jan 1, 1947

By J. B. Dyess

TARNISH films on some of the common metals (particularly on copper and silver) have been of much scientific and commercial concern for a long time, but before the development of the electrical method1 of measuring film thicknesses there was no satisfactory quantitative approach by which to study the separate parts of these complex films. This method has been adapted to the measurement of duplex (cuprous-cupric) oxide films on copper .2 In the present work it has been used to measure tarnish films on copper when they were mixtures of cuprous oxide and cuprous sulphide, and also when they contained cuprous oxide, cupric oxide and cuprous sulphide, each component part being measured at a different potential value. Oxide-coated copper specimens, prepared by heating copper in air at chosen temperatures for given periods, were exposed to moist hydrogen. sulphide in air to form the various oxide-sulphide films studied. The comparative resistances afforded by (1) different thicknesses of oxide films, and also (2) equal thicknesses of oxide and sulphide films, against severe attacks of hydrogen sulphide were measured. The electrical method requires that the time be observed for the cathodic reduction of each part of the film substance, and these respective time values multiplied by the constant current give the corresponding quantities of electricity expended. Then each millicoulomb per square centimeter represents a film thickness of T= MX10 8 2D X 96,494 X 103 (a) where M is weight of oxide (or sulphide) giving one gram-atom of oxygen (or sulphur) for cathodic reduction, D is density of the oxide (or sulphide) and t is the thickness in Angström units per millicoulomb per square centimeter. The value of t for cuprous sulphide (cubical) is 14.27, and is obtained by substituting 5.78 for D and 159.20 for M in equation a. Previous values2 of t for cuprous and cupric oxides (12.36 and 6.39, respectively) were used in the present work.

Jan 1, 1939

By T. K. Smith

The comments contained in the discussion of the paper concerning the prediction of fracture gradients are of considerable interest, since the subject is of a very controversial and timely nature. It is regrettable and Fairhurst2 contradicts the author's statement in the third paragraph of Other Applications. These references create significant doubt that Eaton's Eq. 1 predicts fracture pressure during the injection of fluid into old wells. 3. No evidence is presented in this paper to support the author's Conclusions 2 and 3. While an empirical coefficient related to back-calculated field data is correlated with depth (Eaton's Fig. 4), there is no reason to suspect that this coefficient might be the Poisson's ratio of the various formations involved. 4. Until the field data supporting the empirical approach proposed by the author are presented and evaluated, the accuracy claimed in Conclusion 5 is without substantiation. References 1. Geertsma, J.: "Problems of Rock Mechanics in Petroleum Production Engineering", Proc., First Intl. Symposium on Rock Mechanics, Lisbon (1966) 585. 2. Haimson, B. and Fairhurst, C.: "Hydraulic Fracturing in Porous-Permeable Materials", I. Pet Tech. (July, 1969) 811-817. that the comments are those of a critic and do not offer an alternative and better method for the prediction of fracture gradients. Nevertheless, a reply is in order.

Jan 1, 1970

By A. M. Gaudin

THE purpose of ore dressing is to separate the rough ore into one or several valuable concentrates and a discarded tailing. The first step is to crush the ore so that the resulting particles may be individually valuable or worthless. The next step generally has to be a sizing operation, because the property by which concentration is effected depends on the size of the in-dividual mineral particles as well as on their physical properties. These two effects may cancel each other if a preliminary sizing is not resorted to. Sizing is accomplished by screening or classifying. Screening depends almost solely on the dimensions of the particles; classifying depends also on the specific gravity of the particles and the viscosity of the settling medium in which the classifying operation is conducted. Classification, therefore, is to a certain extent a con-centrating operation as well as a sizing operation. Before the days of concentration by flotation, the available screens were mechanically poor. As a result classification was employed for sizing in the range. of comparatively coarse sands (table feeds). In recent years, the advent of stage-grinding to flotation size has brought about the development of good screens, which are more economical than classifiers down to about 20, -mesh. With decreasing size at which separation is to be made, screens become increasingly uneconomical, while classifiers become increasingly economical. The line of demarcation between the respective fields of screening .and classification is, therefore, fairly sharp. With the development of processes of concentrating finely comminuted ore, the need for classifiers or other sizing devices operating so as to make efficiently a split at a very fine size has become increasingly apparent. Such classifiers might be termed de-slimers, from the fact that they separate a material having a slimy ap-pearance from one having the characteristics of a sand. Sizing-tests are carried on by means of testing sieves, the finest of which have apertures of about 1/500 of an inch. The 200-mesh sieve, which has an average open-ing of 0.0029 linear inches is generally considered the limit of practical test-sizing. As a result, little is known of minus 200-mesh material and the advantages of classifying concentrator feeds within the minus 200-mesh range has been overlooked. An extension of the -present sieve scale beyond the 200-mesh screen is given in Table 1.

Jan 2, 1927

By Charles Hardy, George D. Cremer

POWDER metallurgy has been established for some time as a novel method for manufacturing a great variety of articles generally specialties that could not be made conveniently by any other method. In this category are such parts as porous hearings cutting tools of sintered carbides, and electrical contacts in which the metallic constituents do not tend to alloy in the proportions employed. The industry, however, is now at a stage where it has begun to manufacture articles that can and have been made by other methods. Thus, powder metallurgy is now preferred technique for the production of numerous machine parts characterized by high strength, accuracy of configuration, and substantial lack of porosity. Manufacture of such machine parts from metal powders has no doubt been stimulated by the war, although the trend in this direction has been apparent for several years. In any case, quantity production of high-density precision pieces by ponder metallurgy is now in full suing in the United States, and such production can and should continue to expand during and after the war.

Jan 1, 1942

By H. N. Egan

Faced with a severe disposal problem of their fines from a coal mine in the heart of the Appalachian Mountains of extreme eastern Kentucky, Eastern Coal Corporation has built a special plant to pelletize the fines into high quality coal pellets meeting the requirements of the metallurgical market. These low-ash, low-sulfur pellets measuring 3/4 x 3/8 in. contain less than 1.5% moisture and have the same stability as raw coal of the same size. Although Eastern Coal is mining 6000 tpd, the company had, until recently, no provision to recover the fine coal which was included with the plant effluent pumped to a 12-acre refuse pond. The pond, impounded behind the coarse refuse dump, rose 15 ft last year and obviously no pond can stand many years at this rate. Limited pond space in this rugged area of steep hills and narrow valleys dictated a revised disposal method.

Jan 11, 1967

By H. Jehn

Like some other Pt-group metals palladium shows a low but considerable solid solubility of oxygen, which was found already from oxidation studies. The oxygen solid solubility of palladium in equilibrium with gaseous oxygen has been investigated at 900 - 1300 °C in oxygen (665 mbar) and air by gassing and analyzing polycrystalline samples. The 0-concentrations range from 40 to 90 ppm and decrease with rising temperature. The isobaric solubility can be represented by the least-squares fit log c0 = 0.5 log p02- 0.32 + 920/T (c0 in wt. ppm, p02 in mbar, T in K). The thermodynamic data of the exothermic solution reaction are calculated to ?H°= -17.6 kJ?mol-1 and ?S° -76.5 J?mol ? K-1. The behaviour of palladium in an oxygen atmosphere is characterized by the simultaneous reactions of the solution of oxygen in the metal and the formation and evaporation of volatile oxides besides the pure metal evaporation.

Jan 1, 1984

By Saluja, Sunder S.

Man had to learn to break rocks as early as the Stone Age, when they formed his main source of raw material. He started with chipping and over the years has reached a stage where he can employ atomic blasts and break, with one blast, millions of tons of rock. In between these two extremes there have been several stages of development including fire setting, use of the expansion of water on freezing in chipped cracks in cold climates, the use of low or deflagrating explosive black powder in about the 17th century, the use of high explosives with the discovery of nitroglycerine in 1846 by Sobrero, followed by the monumental discoveries of the great Swedish scientist Alfred Nobel in the latter half of the nineteenth century.

Jan 1, 1968

By Louis A. Carapella, William E. Shaw

Magnesium and its alloys have long been characterized as possessing limited capacity for mechanical forming at atmospheric temperatures prior to rupturing despite their outstanding performances in this respect at elevated temperatures. Responsible for this behavior are the fundamental facts that these hexagonal-type metals have comparatively few slip elements at low temperatures for any extensive deformation and that, at high temperatures, additional slip elements become operative, thus enhancing greater plasticity under strain. The transitionai point has been set at 2 25°C by Schmidl for single crystals, and at 250°C by Morel1 and Hanawalt² for extruded magnesium metal. In a recent X-ray investigation on poly-crystalline magnesium-alloy sheets, Barrett and Haller3 have revealed that, below the transitional tempelature, the initial plastic deformation proceeds mostly by a twinning action; that, above such a temperature, the action is mostly by slip. The deep-drawing performance of the magnesium + 1.5 pct alloy sheet† over a wide range of temperatures has been investigated by Weber and Vanden Berg,' and their results are presented in Fig I. It should be noted from this work that a maximum drawability of about 25 pct at room temperature has been obtained on this alloy under the conventional deep-drawing operations. For the same alloy, it is now possible to augment the cold drawability to about 40 pct by a process to be disclosed. Hitherto, this value has been obtained only by deep-drawing the alloy at around 230°C. That greater plastic flow is attainable at atmospheric temperatures on magnesium under certain deformational techniques was discovered by the authors6 in their analyses of plastic-deformational behaviors of pure magnesium. This fact is best illustrated in Fig 2 from the Har-greaves analysis6 performed by the authors under two different modes of loading. For direct test, a separate unstrained specimen was used for each load duration, whereas for the integrated test the same specimen was employed for all the five intermittent loadings so that the load duration was made additive throughout the investigation. The higher plastic flow-rate at room temperature, as designated by the Har-greaves constant S, was obtained by the integrated or intermittent loading procedure. The authors6 in further tests showed that, under such a procedure greater plastic flow was also realized with a progressive increase in deformatione 1 loads. These findings have been applicd

Jan 1, 1947

By William E. Shaw, Louis A. Carapella

Magnesium and its alloys have long been characterized as possessing limited capacity for mechanical forming at atmospheric temperatures prior to rupturing despite their outstanding performances in this respect at elevated temperatures. Responsible for this behavior are the fundamental facts that these hexagonal-type metals have comparatively few slip elements at low temperatures for any extensive deformation and that, at high temperatures, additional slip elements become operative, thus enhancing greater plasticity under strain. The transitionai point has been set at 2 25°C by Schmidl for single crystals, and at 250°C by Morel1 and Hanawalt² for extruded magnesium metal. In a recent X-ray investigation on poly-crystalline magnesium-alloy sheets, Barrett and Haller3 have revealed that, below the transitional tempelature, the initial plastic deformation proceeds mostly by a twinning action; that, above such a temperature, the action is mostly by slip. The deep-drawing performance of the magnesium + 1.5 pct alloy sheet† over a wide range of temperatures has been investigated by Weber and Vanden Berg,' and their results are presented in Fig I. It should be noted from this work that a maximum drawability of about 25 pct at room temperature has been obtained on this alloy under the conventional deep-drawing operations. For the same alloy, it is now possible to augment the cold drawability to about 40 pct by a process to be disclosed. Hitherto, this value has been obtained only by deep-drawing the alloy at around 230°C. That greater plastic flow is attainable at atmospheric temperatures on magnesium under certain deformational techniques was discovered by the authors6 in their analyses of plastic-deformational behaviors of pure magnesium. This fact is best illustrated in Fig 2 from the Har-greaves analysis6 performed by the authors under two different modes of loading. For direct test, a separate unstrained specimen was used for each load duration, whereas for the integrated test the same specimen was employed for all the five intermittent loadings so that the load duration was made additive throughout the investigation. The higher plastic flow-rate at room temperature, as designated by the Har-greaves constant S, was obtained by the integrated or intermittent loading procedure. The authors6 in further tests showed that, under such a procedure greater plastic flow was also realized with a progressive increase in deformatione 1 loads. These findings have been applicd

Jan 1, 1947

Discussion of the paper of Robert Henry Lee, presented at the New York Meeting, October, 1913, and printed in Bulletin No. 82, October, 1913, pp. 2515 to 2522. J. E. JOHNSON, JR., New York, N. Y.:-This subject is of great and increasing importance, as the exhaustion of the deposits of ore of ideal character compels the iron industry to turn more and more to those which are less desirable on account of physical structure as well as analysis. Thus there has come about the use of the Mesabi ores in this country and also of the Minette ores in Europe, which produce far greater percentages of flue dust than did the lumpy ores first used. It is a matter of common knowledge that the utilization of this flue dust, containing commonly 50 per. cent. or more of metallic iron, has been a problem very difficult and tedious of solution. The number and variety of the solutions now offered is a sufficient proof of this. . I have no intention of going into the merits or demerits of any of these processes as such, but there are certain considerations concerning the effect of their product on the operation and fuel economy of the blast furnace which I believe to be new and which I desire to bring out. There are two methods, so different as almost to be direct opposites of each other, whereby an ore may exercise an unfavorable effect on the economy of the blast furnace. The first of these is well known and results from the ore being refractory and highly resistant to the action of the reducing gases of the blast furnace. This results in its being incompletely reduced when it reaches the zone of fusion and in the reduction being finished by the direct action of carbon in the lower portion of the furnace. This is so well understood as to need little elaboration or comment. There is, however, another action which may be equally as fatal to the economy of the furnace as the foregoing, and as this point is, to the best of my knowledge, not generally appreciated, it is one upon which I desire to lay particular stress. This consists in the ore being, in a sense, too reducible.

Jan 12, 1913

Jan 1, 1965

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