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By Rodney G. Ravenscroft

Leasing is not a new phenomenon. Experts have identified its origins as early as biblical times. It is a method of finance that has grown rapidly and is now used in most countries, including those of South East Asia, South America, the Middle East and even the People's Republic of China. Internationally, the leasing world divides fairly easily into two groups and this is determined, by and large, according to whether a country has Anglo-Saxon origins or not. Most of the Anglo-Saxon countries have seen tax-oriented leasing become a sophisticated means of financing the acquisition of large and costly items of equipment and large projects. Countries such as France, Spain and Japan have a highly developed leasing industry but it is not tax-oriented. This paper will not address leasing of this kind. LEASING - THE CONCEPT Wide acceptance of leasing as an alternative for financing capital equipment has grown with the recognition by the users of equipment that it is use and not ownership that generates profits. Whilst this seems obvious, memories of repossession of assets during the Depression and attitudes towards leasing as "last resort financing" have raised strong philosophical resistance that has only recently begun to be overturned. A financial lease is a commitment by way of contract between a user of equipment (lessee) and a financial owner (lessor) under which the lessee makes a series of payments in return for use of the equipment. The lessee is acquiring economic value associated with ownership but not ownership of the equipment itself - that remains with the lessor. A lease is a method of financing the use of an asset; other methods finance the assets themselves. It is the taxation aspects that then become important. The lessee is giving up some or all of the taxation benefits of ownership such as depreciation and investment tax credits. The lessor claims these benefits, as he is entitled to do as owner, and takes them into consideration when determining the level of lease payments that are necessary to generate his required rate of return. These lease payments are, of course, lower than they would have been without those taxation benefits. The lease payments themselves are fully tax deductible. This is tax shelter leasing. The lessor is acquiring taxation deductions that are applied fully and immediately against his other taxable income so as to reduce the amount of tax he is to pay to the revenue authorities. It is this concept that makes financial leasing work. Governments provide incentives by way of tax concessions to encourage capital investment. Governments presume that prudent capital investment will offer employment opportunities, generate sales and streamline economic activity. These, in turn, will lead to the collection of government revenue. It makes no difference at all whether these incentives are claimed by a commercial or industrial owner/user or by a financial owner who makes equipment available for use by industry. Rather, the issue is to ensure that if an incentive is available, it is used so as to achieve its desired results. No greater or lesser incentive is available for leasing and leasing does not misuse the taxation aspects of equipment ownership. The critical issue is whether the full value

Jan 1, 1985

By L. E. Porter, H. P. Hassel

The state of California produced 310,-996,696 bbl. of oil and about 415,832,000 M cu. ft. of gas in 1944. Such oil production represented 18.5 per cent of the nation's production, as compared with 19 per cent in 1943 ,The tremendous demand placed upon the California fields is indicated by the monthly production in 1944, as follows: Month Barrels per Day Jan................... 809,262 Feb.................. 820,712 Mar.................. 824,592 .4pr ................. 829,973 May.................. 832,068 June.................. 846,038 July.................. 849,231 Aug.................. 858,932 Sept.................. 885,823 Oct................... 877,667 Nov.................. 876,613 Dec.................. 883,847 In all, 2100 wells in proved areas and 269 wildcats were drilled in California during the year 1944. At the end of the year, approximately 270 wells were drilling in the state, as compared with 156 wells at the same time in the preceding year. Nine new fields or new zone discoveries were made during the year, which, according to best estimates, will contribute some 77,000,000 bbl. of new reserves; in addition, the extensions of old fields will increase the new reserves about 165,000,000 bbl., or a combined total, through dis- coveries of new fields, zones, and extensions, of 242,000,000 bbl., offsetting to the extent of about 78 per cent the total oil produced during the year. Geographically, the reserves from these new field and zone discoveries and extensions are distributed as follows: Per Cent San Joaquin Valley........ 72 Coast Area............... 24 Los Angeles Basin Fields. . . 4 100 The state's reserves of crude oil at the end of the year have been estimated to be distributed as follows: The outstanding development project for the year was that of the United States Navy in the Naval Petroleum Reserve No. I, Elk Hills field. During the year, 115 wells were completed in this field, and at the close of the year an average of 19 strings of tools were drilling. This program is being jointly conducted by the Standard Oil Co. of California with the Navy and is designed to increase the production of Naval Petroleum Reserves from approxi-

Jan 1, 1945

Now producing 35,000 tpd of coal from a deposit whose estimated reserves total 1.1 billion t, the Navajo mine of Utah International Inc. near Farmington, N. M., is the largest open-pit coal operation in the US. The history of this mine began in 1953 when, foreseeing the growing need for electrical power in the southwest, Utah International obtained a prospecting permit from the Navajo tribe. The lease, now covering 31,000 acres of the 12-million acre New Mexico-Utah-Arizona Navajo Indian reservation, was entered in 1957; in the next 3 years, Utah International negotiated with the State of New Mexico for water rights on the San Juan River, and finalized an agreement with the Arizona Public Service Co. to provide coal for the proposed Four Corners power-generating plant near Farmington.

Jan 10, 1974

By Paul T. Allsman

Recently the U.S. Bureau of Mines completed organizational changes that, for the first time since the beginning of World War 11,. re-emphasize mining research as an important part of its responsibilities. A progress report follows on the Bureau's improved program for mining research. During World War II the Bureau's mining research lapsed in favor of short-range, more urgent activities. Since the end of the war mining has grad- ually returned to an economy where reduced costs and increased efficiency are essential to a vigorous industry, and demand for improvement through expanded research is again pre-eminent. In recognizing this situation, the Bureau is again emphasizing mining technology and has reinstituted some of its earlier mining research activities. Recent research, however, follows a more scientific approach in solving mining problems because new technology, particularly new instrumentation, has developed rapidly during the past decade.

Jan 7, 1960

The 139th meeting* of the American Institute of Mining and Metallurgical Engineers was held at New York, February 17 to 20, 1930, the attendance totaling approximately 1800. The meeting consisted of the annual business session, 34 technical sessions at which were presented 166 papers, two meetings of the Board of Directors, two meetings of Section Delegates, two formal lectures and one special lecture, five group dinners and one group luncheon, luncheon daily for members and guests, fourteen committee meetings and conferences, the President's reception, the dinner-dance, an informal dance, a smoker, an exhibition of rare minerals and metals, two meetings of the Woman's Auxiliary and a special program of entertainment for the ladies. The Petroleum Division held seven sessions, including two general sessions featuring, respectively, a symposium on unit operation of oil pools and reports on developments in the petroleum industry during the previous year. The Iron and Steel Division held four sessions, at one of which Dr. Zay Jeffries delivered the Howe Memorial Lecture, the title of which was "The Future of the American Iron and Steel Industry." The Institute of Metals Division held six sessions, including two devoted to a symposium on the Melting and Casting of Metals, and the general session at which Dr. S. L. Hoyt delivered the annual Institute of Metals Lecture. The title of his lecture was "Hard Metal Carbides and Cemented Tungsten Carbide." The Coal and Coal Products Committee devoted one session and the greater part of another to Coal Classification and at a third session organized as the Coal Division of the Institute. The Committees on Mining Methods and Ground Movement and Subsidence each held a session, besides which they met jointly. Sessions were held by other Technical Committees as follows: Nonferrous Metallurgy, 1; Geophysical Prospecting, 2; Nonmetallic Minerals, 2; Milling Methods, 1; Rare Minerals and Metals, 1; Mining Geology, 2; Mine Ventilation, 2; Engineering Education, 1. At the annual business meeting on February 18, the following ticket was elected, and the reports of the President, Treasurer and Secretary were presented: William H. Bassett, President; Scott Turner, Vice-president; Henry Krumb, Vice-president; R. C. Allen, Cadwallader Evans, Jr., John M. Lovejoy, John A. Mathews and Milnor Roberts, Directors. At an executive session of the Directors on Tuesday afternoon, H. A. Guess was elected Vice-president to fill the vacancy created by the

Jan 1, 1930

By David Cole

The appearance of the Wilfley table in 1897 marked an epoch in the art of concentration of ores. The table has merited and received an almost unprecedented measure of public approval, lasting through its whole patent life. It has been very little improved in itself, or improved upon by competitors. The new machines bidding for popular favor have been of the Wilfley family, but without ability to do markedly better work than the parent machine, or to do more work except by the use of superimposed decks, the latter having obvious disadvantages. During the past three years there has been developed at Morenci a new type or arrangement of riffles applicable to the Wilfley type of concentrating table which corrects many of the objectionable features or limitations of the older system and obviates most of the difficulties encountered with it, particularly when handling ores having a low ratio of concentration. The new type is known as the Butchart1 riffle system, and its general arrangement is shown in Figs. 1 and 2. The old system accomplished stratification satisfactorily but has

Jan 1, 1915

AS provided in Article VIII, Section 4 of the By- laws, the Papers and Publications Committee has formulated the following, rules of pro-cedure and submitted them to the Board of Directors for consideration and approval. In preparing these rules the committee, and an active subcommittee con-sisting of Messrs. Norris, Sharpless; Fohs and Wither-ell, have kept in mind the desirability of codifying the practice that has grown up through the now sev-eral years of experience of the committtee, without casting them in a mold so rigid as to be hampering. The problems of the Institute change from year to year and the methods of publication must change also to meet each new situation as it arises. "The estab-lishment of divisions and special volumes devoted to the papers. read before each required certain changes from former practice. These rules have been framed with this in view. The committee suggested, however, in its letter of transmittal, that the system will be made all the more workable if the Board will, as far as practicable, in making appointments to this committee, arrange for representation from each of the professional divisions and technical committees. It is understood that the chairman of the committee will be named by the Board. The rules regarding spe-cial volumes have been framed, keeping in mind the present policy of distribution, as already approved by the Directors under which the special volumes go only to the special. groups except on request. The committee has not attempted to provide rules governing consideration of any appeal made to the Board from one of its decisions, but its services and files will necessarily be at the full service of the Board in any such event. The rules which were ap-proved by the Board at its meeting on March 30, 1928, are as follows: Signed by C. S. Witherell, Chairman. (A) The authority of. the Committee on Papers and Pub-lications, hereinafter called the Committee, is defined in Art. VIII, Sec. 4 of the By-laws of the Institute, which reads as follows: "Papers and Publications: The Committee on Papers and Publications shall consist of the Secretary of the Institute, and at least twelve members of the Institute, to assist in passing on all papers offered for publication. They shall be appointed annually by the Board of Direc-tors, on recommendation of the President, and shall have authority, subject to appeal to the Board, to accept or reject papers for publication in the Transactions and Technical Publications of the Institute. The Commit-tee shall formulate a set of rules of procedure which, when approved by the Board, shall have the force of By-laws until revoked or amended." The policy of the Committee will be to uphold the ob-jects of -the Institute as set forth in the Constitution (Arti-cle 1, Sec. 2).

Jan 5, 1928

By Robert E. Ennis

This somewhat misnomered "continuous" face section is, in most mines today, still far from perfect continuity. Achieving uninterrupted flow of coal from the mining machine to the outside has been a long sought for goal. Clearly, the largest problem to be solved in continuous mining today is one of increasing the cutting time of the miner. Full machine utilization can never be achieved with the new high capacity miners as long as their performance is tied to that of the shuttle car. A recent development has proven, however, that truly continuous mining and haulage is possible. The Bell & Zoller Coal Co. working with the Research and Development Department of Hewitt-Robins Inc. developed and perfected a new mining system which offers advantages in terms of increased productivity at reduced mining costs and enhances the safety of personnel at the face. This new system involves the use of two pieces of equipment that form an unbroken link between the mining machine and the mine belt haulage system. These pieces are a Mobile Bridge Conveyor and an Extensible Panel Conveyor.

Jan 4, 1965

By Gail Moulton

THE oilfields in Illinois are located principally along the LaSalle anti-cline in the southeastern part of the state. The oil produced comes most largely from beds of Pennsylvanian and Mississippian age, but there is an increasing important production from deeper horizons, as will be noted under new development. The oil is largely of paraffine base, and has an average specific gravity of about 35° Baume. The rank of Illinois as an oil producer has dropped from third since 1913, when its production was exceeded only by that of California and Oklahoma, to eighth in 1923. This has been the result of failure to find new pools of considerable size to offset the declining production of the old wells and of the greatly increased production of some of the other states. The noteworthy features of petroleum production in Illinois during 1924 are: the low rate of decline for the state as a whole; the smaller percentage of dry holes; and the larger average initial yield of the new wells.

Jan 3, 1925

By Gail Moulton

THE oilfields in Illinois are located principally along the LaSalle anticline in the southeastern part of the state. The oil produced comes most largely from beds of Pennsylvanian and Mississippian age, but there is an increasing important production from deeper horizons, as will be noted under new development. The oil is largely of paraffin base, and has an average specific gravity of about 35° Baume. The rank of Illinois as an oil producer has dropped from third since 1913, when its production was exceeded only by that of California and Oklahoma, to eighth in 1923. This has been the result of failure to find new pools of considerable size to offset the declining production of the old wells and of the greatly increased production of some of the other states. The noteworthy features of petroleum production in Illinois during 1924 are: the low rate of decline for the state as a whole; the smaller percentage of dry holes; and the larger average initial yield of the new wells.

Jan 3, 1925

By Roshan B. Bhappu

Selenium is found most frequently as an accessory mineral in the ores of lead, copper, and nickel, and is recoverable as a byproduct in the treatment of many of the ores of these metals. The geographic distribution of the selenium industry closely follows that of electrolytic copper, with the United States and Canada producing approximately 75% of the total output of the non-communist world. This situation is problem number one for selenium-its dependence upon the electrolytic refining of copper- for this byproduct source is not sufficiently flexible to permit a normal supply-demand balance. Furthermore, selenium has become a strategic material in short supply. Thus, new sources are being sought by both government and private interests. Although considerable attention has been given to this effort during the last few years, hardly any research has been published concerning the recovery of small amounts of selenium present in low-grade deposits. In such ores the metal occurs as native selenium or as selenides of iron, copper, silver, lead, and bismuth. In recent years, some native selenium (in both the gray and red form) and selenides, especially iron selenide (ferroselite), reportedly have been found in the sandstones of the Morrison formation near Grants. New Mexico. Similar occurrences have been reported in the Hagan coal basin, in Sandoval County, New Mexico. Samples from New Mexico ores have contained from a trace amount to as high as 0.425% Se. Some of the samples from uranium mines in the Grants area represent mixed ore and mill feed fur uranium reduction plants. In such cases, the selenium usually is reported as an impurity and is lost in the tailings. At present, no attempt is made to recover this waste metal.

Jan 8, 1962

By Charles A. Kelliher

In November of 1957, the Aliquippa Works started operation of the third basic oxygen furnace shop in North America. This high speed basic steelmaking method provided a very economical increase in capacity at the Works. The success of these two (2) 81-ton furnaces led to the construction of a second B.O.F. shop, producing heats of 230 tons at J&L's Cleveland Works in 1962. The experience gained operating both shops provided the background for the design of the new steelmaking complex at the Aliquippa Works. This new complex consists of a three (3) furnace shop with two (2) furnaces blowing alternately producing heats ranging from 120 to 207 tons. This variation in heat size is predicated on the requirement that approximately 20% of the shop production will be used to supply steel to a six (6) strand casting machine, producing 4' through 7" billets. The new B.O.F. shop has replaced all other steelmaking units including the #1 Shop, where operations were discontinued in September of 1968. With the advent of the strand casting facilities in September of 1969, many of the standard shop practices had to be changed to compensate for higher tap temperatures, longer handling times, and reduced ladle availability. The subsequent changes in these areas led to the evolution of the strand cast ladle practice which is described in this paper.

Jan 1, 1972

By Lester Uren

WITH the depletion of our older, and relatively shallow, oilfields and the necessity for securing new production from deeper horizons, much attention is being given to the improvement of oil-well pumps in order that they may function satisfactorily under the more difficult conditions imposed by increased depth. Until recently, practically all of the world's petroleum was secured from wells less than 3000 ft. deep, whereas horizons are now being explored to depths of from 5000 to 7000 ft. in some of the more prolific fields, and it seems probable that the greater part of the future supply must come from depths in excess of 3000 ft. While much of the early production in a new field is obtained by natural-flow methods, when the stimulus of high gas pressure fails, recourse must be had to some method of pumping. The perfection of a pump capable of economically and efficiently lifting oil from depths ranging from 3000 to 7000 ft. is therefore a matter of prime importance to the oil-producing industry. This paper is offered as an estimate of the present state of development of the oil-well plunger pump and as a review of the general principles involved in its operation in deep-well pumping. A design for a new type of oil-well pump embodying several novel features, is also described.

Jan 9, 1925

PRESIDENT SAMUEL A TAYLOR, District 3 PITTSBURGH, PA PAST PRESIDENTS WILLIAM KELLY, District 5 IRON MOUNTAIN, MICH J V W. REYNDERS, District 0 NEW YORK, N Y FIRST VICE-PRESIDENT E DEGOLYER, NEW YORK, N Y TREASURER CHARLES F RAND. . . NEW YORK, N Y

Jan 1, 1923

By S. Epstein

THE new low-alloy high-strength steels are obviously here to stay. With 75 per cent higher yield strength and 50 per cent higher tensile strength than plain carbon structural steel, they permit 20 to 40 per cent weight savings and 10 per cent or more increase in pay load in the con-struction of railroad cars, buses, trucks, and a great variety of material-handling equipment. Their cost is low enough so that the extra cost of the new lighter construction over that with carbon steel offers an attrac-tive self-liquidating investment; in some instances new construction with these low-alloy steels may even be as cheap as with plain carbon steel. A considerable and rapidly growing demand for the low-alloy steels has already sprung up. The many steel compositions that have appeared on the market lately 18,27,28,29,30 to meet this demand would seem to indicate that no single composition is uniquely fitted for the purpose. However, no doubt some compositions are more suitable than others. The purpose of this study was, therefore, to compare the effects of the various alloying elements that might be used in the low-alloy steels in order to choose the metallurgically most logical composition, paying due regard, of course, to the economic aspects involved.

Jan 1, 1936

By John Cogan

INTRODUCTION Lake tapping is a method of blasting an intake into a body of water from below the natural water surface without first lowering that surface or installing a protective cofferdam around the tap hole. Lake taps are done by first excavating a tunnel almost to the water/rock contact and then blasting out the final protective rock plug at one time to allow water to suddenly inflow into the tunnel from the lake. This procedure can be done "dry" or "wet." In the dry method the tunnel is empty of water before the final plug blast while in the wet method it is partially filled with water. This paper describes a wet method lake tap as performed at Alaska Power Authority's Tyee Lake Hydroeletric Project in southeast Alaska. The Tyee Lake project is located approximately 40 miles southeast of Wrangell, Alaska, in a glacially formed valley called the Bradfield Canal. The project consists of a powerhouse located at sea level on the canal, a system of tunnels and shafts connecting the powerhouse to Tyee Lake at elevation 373 m (1225 ft), and an 129 km (80-mile) electrical transmission line leading from the powerhouse to Wrangell and then Petersburg, Alaska. Tyee Lake itself is a natural lake gouged out of the rock by glacial ice during the last ice age. The objective of the project was to tap into the lake and use the water as a source for power production. The techniques used for lake taps have been developed in Norway where conditions are favorable for their use in hydroelectric proj¬ects. Over 100 have been performed. In the United States the Tyee

Jan 1, 1984

OFFICERS OF THE WOMAN'S AUXILIARY AIME President-Mrs Robert D Coombs, 375 Paramus Road, Paramus, N J First Vice-President-Mrs W McG Peirce, Troy Court 73 F, New England Avenue, Sum¬mit, N J Second Vice-President-Mrs Andrew E Beer, Richardson Avenue, Sea Cliff, Long Island, N Y Third Vice-President-Mrs Ira T Hook, 494 Norton Parkway, New Haven, Conn Fourth Vice-President-Mrs John R Kenney, 427 W Wrightwood Avenue, Chicago 14, Ill Fifth Vice-President-Mrs Alfonso Ballon, Montero Rosas 115, Barranco, Lima, Peru Recording Secretary-Mrs Arnold H Miller, 601 West 115th St, New York 25, N Y Assistant Recording Secretary-Mrs R J Mechin, 66 East 79th Street, New York 21, N Y Corresponding Secretary-Mrs Theodore Nagel, 76 Remsen St, Brooklyn 1, N Y Treasurer-Mrs Robert W Rowen, 116 East 68th St, New York 21, N Y Assistant Treasurer-Mrs Samuel H Dolbear, 11 Broadway, New York 4, N Y Assistant Treasurer-Mrs H A Kursell, 12 Murray Hill Road, Scarsdale, N Y

Jan 1, 1956

The following is an incomplete list of members and guests who. called at Institute headquarters during the period Dec. 10, 1917 to Jan. 10, , 1918: A. A. Arluck, Camp Merritt, N. J. W. Spencer Hutchinson, Boston, Mass. C. L. Bruns, Santiago de Cuba. William F. Jahn, New York, N. Y. Henry C. Carr, New York, N. Y. C. H. James, Tucson, Ariz. L. J. Charles, Santa Fe, N. M. Charles Janin, San Francisco, Cal. W. A. Deane, Waxhaw, N. C. Joseph T. Kupferstein, Shreveport, Pa. P. St. John Dixon, Rio de Janeiro, Brazil. Richard Lamb, New York, N. Y. M. C. Drake, Marquette, Mich. Walter R. Malm, San Francisco, Cal. F. W. Draper, Petrograd, Russia. W. H. Nash, Buffalo, N. Y. Paul W. Gaebelein, Boise, Idaho. Edmund Newton, Minneapolis, Minn. H. F. E. Gamm, Rutherford, N. J. Guy C. Riddell, Port Pirie, South Australia. C. A. Grabill, El Paso, Tex. Williams A. Simkins, San Francisco, Cal. William H. Hampton, New York, N. Y. Henry B. Smith, Northampton, Mass. R. M. Henderson, Brackenridge, Colo. H. E. Smith, Chicago, Ill. Geo. B. Holderer, Northpines, Ont., H: C. Spaulding, Washington, D. C. Canada. Y. Wakabayashi, Tokyo, Japan. H. H. Howry, Camp Upton. N. Y. A. P. Watt, Mine La Motte, Mo. L. Douglas Anderson", superintendent of the Midvale, Utah, smeltery of the United States Smelting Co., has been appointed manager of smelteries for the company at Salt Lake City, Utah.

Jan 2, 1918

By Helmer Hedstrom

GRAVITY surveying with the torsion balance or the pendulum for ore prospecting purposes has generally not been considered practical or even possible. It is the intention of this paper to show that a fast and sensi-tive gravimeter can be very useful in ore prospecting, as an auxiliary to the electrical and magnetic instruments. A number of gravimeters have been constructed and put in practical use in the last seven or eight years; for instance, by Ising, Lejay-Holweck, Haalck, Hartley, Thyssen, Noergaard, the Humble Oil and Refining Co. and the Gulf Production Co. Their main application, apart from their use for geodetic surveys, has been for structure mapping in oil prospecting. There is no record that any of them have been used for ore prospecting. About the middle of 1934 the Boliden Mining Co., in Sweden, began experiments in constructing a static gravity meter sensitive enough for ore prospecting. Calculations and considerations that will be discussed later in this paper showed that this would necessitate an accuracy in the measurements of 0.1 milligal-roughly, one ten-millionth part of the total force of gravity. The first successful practical field tests of the instrument were made in January 1936. About the middle of 1937 the Boliden gravimeter was perfected. Ore prospecting with this instru-ment is now regular practice in Sweden, especially for the testing of indications given by geoelectric and magnetic methods.

Jan 1, 1938

By Gill Montgomery

The strong upward curve of fluorspar consumption continued through 1968, with domestic producers unable to furnish more than 30% of U.S. requirements. Stocks of all grades were quite short at all points during most of 1968. This resulted in price increases as both domestic and foreign producers sought to cover spiralling labor costs. Further increases are probable for 1969. All Illinois mines were closed by strikes in January and February. The strong trend in metallurgical imports reflects the increased use of fluorspar in steelmaking, as new oxygen process steel plants come into production. The growth of use of all fluorocarbon chemicals continues to require additional acid grade fluorspar, with military uses a major factor. Several new aluminum smelting facilities coming into production are adding to the aluminum fluoride needs, bringing further pressure upon the world supply of acid grade fluorspar. The world-wide consumption pressure on all grades of fluorspar is pushing prices up, and no end to the tight supply is in sight, even assuming that all the new projects cited here are finished on schedule.

Jan 3, 1969