Search Documents

By Stanley Gill

The apparatus is composed of sections of small diameter, seamless steel tubing welded into a continuous flexible tube. At the bottom end a 1/4-in. pipe nipple with a 10 to 15-lb. weight is attached, together with a registering thermometer and a pair of ball check valves. The entire length of tubing is coiled in a single layer upon a drum 4 ft. in diameter which can be attached to the platform of a truck and provided with devices for winding and unwinding the tubing. Connections are made with the upper end of the tubing through a stuffing box, thence to a gas manifold to which a pressure gage is connected. Hydrogen gas is carried in standard 2-ft. cylinders and readings are taken by admitting gas into the tubing from one (or both) of the hydrogen cylinders until the pressure has been built up above that to be measured. At this time the gas supply is cut off. Excess gas escapes through the open end of the tubing and when equilibrium is reached, the pressure is read at the surface gage. Corrections are made for the weight of the column of gas. The advantages claimed for the apparatus include accuracy and the ability to measure the pressures at any number of points without removing the gage. Among the disadvantages of the apparatus are the somewhat bulky size of the equipment and its relatively high initial cost.

Jan 1, 1933

By L. W. WALLACE

IN an engineering fashion we have made an assay of the engineering profession, using as a. sample the engineers listed in "Who's Who in America" (1928-1929). We are aware that some will say it is an unfair sample; that it came from the best mine. This is readily admitted, with this qualification: that all engineers and architects by virtue of their training and experience have been freed of most of the dross to which mankind is heir. They are -a selected group to begin with, having all the potentialities those in the sample possess. We are also aware that some will say a part of those included in the sample are not engineers. Our answer to that criticism is this: An engineer is no less an engineer because for the time being he is president of a bank, a university, an opera company, or a hotel company. Moreover, he is no less an engineer because he is a governor of a commonwealth, a United States senator, a member of the Cabinet, or the President of the United States.

Jan 1, 1929

By William H. Spice

The fault zone of south central Texas showed renewed activity during I940 along a trend roughly paralleling the old established Balcones fault-line group of producing fields. This was a result of the new discoveries in the Wilcox (Eocene) formation in southeastern Texas and Louisiana. As of the end of the year, one new field producing from the Wilcox formation had been discovered on the Washburn ranch in La Salle County, along the southwestern limits of the district, and several projected tests into that formation were under way. In the western part of the district, par-titularly in the part of the Rio Grande embayment that is in Dimmit, Webb and Zavala Counties, there has been renewed leasing activity with the shallower sands in the Navarro-Taylor formations (Upper Cretaceous) as the objective in several projected tests for the early part of 1941. Three new fields have been discovered along the old fault-line trend, but these have been comparatively small, producing either from Dale lime, Austin chalk or Buda lime. No new fields were discovered during the Year in the Edwards (Lower Cretaceous) lime horizon. Approximately 260 wells were drilled in the district during 1940, which resulted in four new oil fields. Twenty-seven new wells were completed in the Proven Edwards lime fields of Darst Creek, Luling and Salt Flat and seven were added to production in the Pearsall field. Approximately 160 wells in 18 counties were completed as failures during the year. The district produced 7,659,634 bbl. during 1940, which was a 9 per cent decrease under production for 1939. In all, 3559 wells were producing at the end of I940, compared with 3562 wells producing at the end of the previous year; 104 new producing wells were completed and 163 wells were abandoned in the producing fields of the district. During 1940 considerable exploratory work was carried on along the Wilcox trend within the district, particularly by major companies employing various types of geophysical methods, and leasing activity increased considerably. At the end of the year, the total number of acres of nonproducing leases held by major companies in the district increased about 10 per cent. It is anticipated that this activity will continue into the first part of 1941 and will be supplemented by several exploratory test wells. New Fields B,, Creek, Caldwett County.— . R. Ogden NO. 2 Talley, discovery well of the Bee Creek field, in the northeastern part of Caldwell County, was completed on March 16, I940, in Dale lime from 2091 to 2238 ft., pumping 85 bbl. per day, 39° A.P.1. gravity. The discovery of this field can be credited to a combination of subsurface geology and magnetometer work, which indicated the presence of a serpentine intrusion. At the end of the year, ,3 producing oil wells had been completed and the field has produced a total of 47,050 barrels.

Jan 1, 1941

By William H. Spice

The fault zone of south central Texas showed renewed activity during I940 along a trend roughly paralleling the old established Balcones fault-line group of producing fields. This was a result of the new discoveries in the Wilcox (Eocene) formation in southeastern Texas and Louisiana. As of the end of the year, one new field producing from the Wilcox formation had been discovered on the Washburn ranch in La Salle County, along the southwestern limits of the district, and several projected tests into that formation were under way. In the western part of the district, par-titularly in the part of the Rio Grande embayment that is in Dimmit, Webb and Zavala Counties, there has been renewed leasing activity with the shallower sands in the Navarro-Taylor formations (Upper Cretaceous) as the objective in several projected tests for the early part of 1941. Three new fields have been discovered along the old fault-line trend, but these have been comparatively small, producing either from Dale lime, Austin chalk or Buda lime. No new fields were discovered during the Year in the Edwards (Lower Cretaceous) lime horizon. Approximately 260 wells were drilled in the district during 1940, which resulted in four new oil fields. Twenty-seven new wells were completed in the Proven Edwards lime fields of Darst Creek, Luling and Salt Flat and seven were added to production in the Pearsall field. Approximately 160 wells in 18 counties were completed as failures during the year. The district produced 7,659,634 bbl. during 1940, which was a 9 per cent decrease under production for 1939. In all, 3559 wells were producing at the end of I940, compared with 3562 wells producing at the end of the previous year; 104 new producing wells were completed and 163 wells were abandoned in the producing fields of the district. During 1940 considerable exploratory work was carried on along the Wilcox trend within the district, particularly by major companies employing various types of geophysical methods, and leasing activity increased considerably. At the end of the year, the total number of acres of nonproducing leases held by major companies in the district increased about 10 per cent. It is anticipated that this activity will continue into the first part of 1941 and will be supplemented by several exploratory test wells. New Fields B,, Creek, Caldwett County.— . R. Ogden NO. 2 Talley, discovery well of the Bee Creek field, in the northeastern part of Caldwell County, was completed on March 16, I940, in Dale lime from 2091 to 2238 ft., pumping 85 bbl. per day, 39° A.P.1. gravity. The discovery of this field can be credited to a combination of subsurface geology and magnetometer work, which indicated the presence of a serpentine intrusion. At the end of the year, ,3 producing oil wells had been completed and the field has produced a total of 47,050 barrels.

Jan 1, 1941

By A. Andreas, E.H. Wells

The oil and gas industry of New Mexico recorded notable progress ill 1935. More wells were brought in than in any previous year, and important new discoveries were made. The total number of completions was 340, of which 260 were oil wells, 8 were gas wells and 72 were dry holes. The total oil production was 20,228,947 bbl., an appreciable increase over the 1934 production of 16,636,804 barrels. Many of the wells completed in southeastern New Mexico were acidized. This treatment proved highly effective in increasing the capacity of the wells, the resulting potentials usually being two to ten times as large as before acid treatment. In the Lea County fields in which proration was entirely on an acreage basis, the tendency of many of the operators was to complete their wells according to best conservation practice rather than to obtain the largest possible potential. Much remedial work was done in the Hobbs, Cooper, Jal and Eunice fields, and with excellent results. At many of the wells high gas-oil ratios were greatly reduced and encroaching waters shut off by setting packers. Several companies carried on pretentious geophysical campaigns in the southeastern part of the state. The location of the Amerada discovery well in the Monument field was based on geophysical surveys. The New Mexico Oil Conservation Commission, established by the 1935 Legislature and consisting of the Governor, the Commissioner of Public Lands and the State Geologist, began to function in May. Production in the state thereafter was based on orders issued by the Commission. Proration in the Hobbs field, which had been provided for since July, 1930, by successive proration agreements signed by all operators in the field and approved by the State Geologist, was continued by the Commission by giving approval to the current proration agreement,. A plan of proration for the other Lea County fields that had been in offect since early ill 1934 was adopted. 111 September, 1935, the Commission approved a. proration agreement for the Artesia-Jackson-Maljarnar area in Eddy and Lea counties that had been agreed upon by

Jan 1, 1936

By E. H. Wells, A. Andreas

The oil and gas industry of New Mexico recorded notable progress ill 1935. More wells were brought in than in any previous year, and important new discoveries were made. The total number of completions was 340, of which 260 were oil wells, 8 were gas wells and 72 were dry holes. The total oil production was 20,228,947 bbl., an appreciable increase over the 1934 production of 16,636,804 barrels. Many of the wells completed in southeastern New Mexico were acidized. This treatment proved highly effective in increasing the capacity of the wells, the resulting potentials usually being two to ten times as large as before acid treatment. In the Lea County fields in which proration was entirely on an acreage basis, the tendency of many of the operators was to complete their wells according to best conservation practice rather than to obtain the largest possible potential. Much remedial work was done in the Hobbs, Cooper, Jal and Eunice fields, and with excellent results. At many of the wells high gas-oil ratios were greatly reduced and encroaching waters shut off by setting packers. Several companies carried on pretentious geophysical campaigns in the southeastern part of the state. The location of the Amerada discovery well in the Monument field was based on geophysical surveys. The New Mexico Oil Conservation Commission, established by the 1935 Legislature and consisting of the Governor, the Commissioner of Public Lands and the State Geologist, began to function in May. Production in the state thereafter was based on orders issued by the Commission. Proration in the Hobbs field, which had been provided for since July, 1930, by successive proration agreements signed by all operators in the field and approved by the State Geologist, was continued by the Commission by giving approval to the current proration agreement,. A plan of proration for the other Lea County fields that had been in offect since early ill 1934 was adopted. 111 September, 1935, the Commission approved a. proration agreement for the Artesia-Jackson-Maljarnar area in Eddy and Lea counties that had been agreed upon by

Jan 1, 1936

By Erwin S. Sperry

Brass or bronze chips, grindings, buftings, washings, and miscellaneous scrap metal sooner or later find their way into the hands of the so-called metal-smelter or " refiner," whose refining or smelting operation consists simply in melting the material, adding the requisite amounts of other metals, and then casting it in the form of ingots, which are afterwards sold

Jan 1, 1899

By W. G. Pfann

The problem of forming points on wires that were from 0.002 in. to 0.010 in. in diam arose in the recent appearance of silicon and germanium point contact rectifiers as elements in microwave radar.' In these devices a pointed tungsten wire makes a delicate contact with the surface of a semiconductor. Because the quality of such rectifiers is largely determined by the nature of this contact, considerable attention has been given to the formation of the metal point. Reproducibility of contour and freedom from burrs and even microscopic irregularities are considered essential. The operations involved must be simple and rapid enough for mass production. Previously tungsten wircs had been provided with conical points by a grinding method which involved rotating a wire about its axis and causing it to bear at an oblique angle against a spinning abrasive disc. This was later complemented with an electrolytic polishing treatment which removed irregularities from the ground point and also rounded it off at the tip—a desirable feature. Finally, these operations were supplanted by the electrolytic pointing method described here. Mechanism of Point Formation The wires to be pointed are partially immersed in an electrolyte in a vertical position whereupon they are provided with smooth rounded points entirely by electrochemical action. The process is independent of the depths to which the wires penetrate the electrolyte because the points are formed at the surface level. It may be used to point a single wire or many of them simultaneously and is applicable to wires of different diameters within a limited range. Solution of the immersed portion of a tungsten wire is accomplished by making it the positive electrode in an electrolytic cell, as shown in Fig I. While the wire is maintained at constant voltage the current through the cell falls continuously, principally because of the decrease in wetted area which results from solution of the tungsten. This increase in resistance occurs in a reproducible manner and is used as a control in the process. As thc immersed portion of the wire dissolves, it remains cylindrical in shape except for the short section which is wetted by the meniscus. Here the rate of solution is lower and decreases as the top of the meniscus is approached. The result is the formation of a tapered section inside the meniscus. As solution continues, the cylindrical section either dissolves entirely or drops off just before complete solution, leaving only the taper which is now sharply pointed. Further action causes this point to become rounded and then quite blunt, until finally the end of the wire is almost plane. Fig 2 shows the stages in this development. Contour PF is most representative of those used in point contact rectifiers. Thus a variety of point

Jan 1, 1949

By H. O. Pickard

The Hoover and Mason Phosphate Co. made extensive tests with a rig manufactured by the Paris Manufacturing CO. as shown in Fig I. It is powered by a 20-hp Wisconsin air-cooled gasoline engine, through a single reduction gear and flexible coupling. The machine operates a 4-in. auger with a detachable cutting head, as shown in Fig I. The auger length is 3 ft 4 in. and the cutting head averages 7 in. The unit has a drilling capacity of 100 ft and can drill an average prospect hole in less than 15 min. The weight of the motor is used for the thrust feed for driving the auger and head down, aided by the spiral shape of the auger. The rate of downward motion—i.e., the feed—is regulated by a handwheel. The string of tools is withdrawn from the hole by a gear train controlled by a hand-operated clutch. In fairly dry strata, not of the consistency of mud, the action of the auger

Jan 1, 1948

By H. O. Pickard

The Hoover and Mason Phosphate Co. made extensive tests with a rig manufactured by the Paris Manufacturing CO. as shown in Fig I. It is powered by a 20-hp Wisconsin air-cooled gasoline engine, through a single reduction gear and flexible coupling. The machine operates a 4-in. auger with a detachable cutting head, as shown in Fig I. The auger length is 3 ft 4 in. and the cutting head averages 7 in. The unit has a drilling capacity of 100 ft and can drill an average prospect hole in less than 15 min. The weight of the motor is used for the thrust feed for driving the auger and head down, aided by the spiral shape of the auger. The rate of downward motion—i.e., the feed—is regulated by a handwheel. The string of tools is withdrawn from the hole by a gear train controlled by a hand-operated clutch. In fairly dry strata, not of the consistency of mud, the action of the auger

Jan 1, 1948

By Earl C. Willis

In selecting new or replacement mining machinery to be purchased, there are many considerations to be discussed and taken into account, the most important being the productivity of the machine and the maintenance cost and downtime to be expected with the new equipment. Productivity of a given mining machine is evaluated by the Industrial Engineering Department: analysis of potential upkeep and downtime calls for the Maintenance Department to enter into the task of evaluating new mining machines. This is a very important function of the maintenance department because a wrong decision or mistake in judgment, particularly in a commercial mining company, can be exceedingly expensive. Once the type and size of a machine is decided, an examination of units fitting the basic requirements will sometimes show one particular machine which has a distinct edge on the competitive machine. In this case, the decision is easy. However, in most cases, the performances of the machines being considered are so close that the decision becomes one that is very difficult to make on performance alone. Serious consideration must then be given to maintenance performances and features of the machine which would permit lower maintenance and less downtime.

Jan 7, 1963

By Alexander Anderson

TABLES showing the drift and inclination of wells surveyed in the years 1924 to 28' and in the year 1929' have already been published. Each of these tables included a little over 1,000,000 ft. of rotary hole. In the year 1930 the table -shown-in . Fig. 1, comprising, the results of surveys .of 1,030,344 ft. of hole and representing 11,642 individual survey readings, was compiled. For that purpose we selected 'I only wells that had been drilled in California during that year. The footage of Fig. 1 differs from the two earlier tables in that the wells were all drilled in the year 1930. In the earlier tables, the footage shown was surveyed in the years designated, but some of the wells were drilled in earlier years.

Jan 1, 1931

By G. Carman Ridland

IN conjunction with a geological investigation of the silver-bearing veins at Contact Lake, Northwest Territories, Canada, a survey was made with a Geiger-Müller counter of the gamma-ray emissions from the rocks in the vicinity of the mine workings. Discontinuous pitchblende veins have been encountered occasionally in the silver-bearing fissures, and the geophysical survey was undertaken with the hope that abnormally high gamma-ray intensities, if detected, might lead to larger and more continuous pitchblende discoveries. Before the instrument was used at Contact Lake, preliminary tests were made, first with laboratory specimens at Princeton University, and later over known pitchblende deposits at the Eldorado property, LaBine Point, N.W.T. The Geiger-Müller counter, as adapted for field use, is described; the technique of transporting and operating the instrument is outlined; and the general precautions to be observed are discussed. The results obtained at Great Bear Lake show that the instrument is capable of detecting not only a pitchblende ore shoot in a shear zone, but also the mildly radioactive "host rock" at a considerable distance from the ore body. Hence, use of the Geiger-Müller counter is urged, not just for the detailed search for an ore body in a shear zone, but for the detection of possible radioactive "host rocks" in large-scale reconnaissance surveys of unexplored regions made by prospectors and members of federal geological survey parties.

Jan 1, 1943

By Sidney Swensrud

ABOUT a year ago, I attempted in a general way to trace the origin and development of some of the marketing problems of the petroleum industry, and to describe certain trends which it then seemed possible to foresee. To summarize briefly, it was pointed out that the consumption of gasoline, after increasing for more than a decade at an almost unbelievable rate, was slowing down, but that the two factors which determined the supply of gasoline-namely, the production of crude oil and the percentage of gasoline derived therefrom-were tending steadily to mount. It was suggested that, while the increase in gasoline outlets began with and probably was justified at the start by the rapidly increasing demand, long after all reasonable requirements as to number of outlets had been met the number continued to increase-if anything, at a still more rapid rate-because by that time the overproduction of crude had begun to exert an impelling urge upon the owners of that crude to seek assured outlets for it in the form of gasoline. As more and more companies became integrated all the way from crude oil to marketing, there took place an ever-increasing competition among them, not only for the existing outlets but for new ones. The wide margin between wholesale cost and retail price, which is characteristic of the early stages of most new industries, persisted in the oil industry longer. than in most industries, for various reasons. The existence of that wide margin provided in large measure the means of attracting new outlets, for as the gallonage per outlet declined with the increasing number of outlets, competing companies simply offered the dealers a larger part of the total margin. The very nature of competition suggests that such a process would continue until practically all of the available margin was thus given away, and such was clearly the, tendency. It was a system that in turn produced increasing marketing expense per gallon on account of the -diluted gallonage per outlet; this increased expense might seem to have provided a justification for continuing wide margins. Economics, like its parent, nature, however, progresses by mutations and so began to throw out new types of marketers, in the form cf tank-car service stations, cut-price jobbers, and the like-heretics or

Jan 1, 1932

Organization Place Date 1913 Mining and Metallurgical Society of America New York, N. Y. Jan. 8 American Institute of Electrical Engineers New York, N. Y. Jan. 11 American Society of Civil Engineers New York, N. Y. Jan. 22-25 American Society of Heating and Ventilating Engineers : New York, N. Y. Jan. 22-25 American Institute of Mining Engineers New York, N. Y. Feb. 18-21 National Society for Promotion of Industrial Educa- tion New York, N. Y. Feb.. American Institute of Architects Washington, D. C. April American Iron and Steel Institute New York, N. Y. May New York Electrical Society New York, N. Y. June National Association of Stationary Engineers Cincinnati, 0. Sept. American Chemical Society Cleveland, 0. Sept.

Jan 1, 1918

By George Otis Smith

The Secretary of the Interior in his recent report to the President has defined the new public-land policy, which is in fact "but a new application of an old policy." His words may be more acceptable on this subject of land classification than the repetition of phrases which have served some of us for several years. Secretary Lane says of the past: 1'Congress has always been most generous as to the disposition of the national lands.... There was land for all, and it was the government's glad function to distribute it and let those profit who could.... And this generous donor was not so petty as to discriminate between kinds of lands, the uses to which they could be put, or the purposes which those might have who got them. Land is land, save when it contains minerals; this was roughly the broad principle adopted. To classify was a task too difficult or not worth while. The lands would classify themselves when they arrived in individual ownership. And so the door was opened for monopoly and for fraud." Of the reaction and the evolution of a new policy, the Secretary con. tinues: • ' " A reaction was inevitable. If lands were to be withdrawn from public service, why might not the government do the withdrawing itself? The old philosophy that land is land' was evidently unfitted to a country where land is sometimes timber and sometimes coal; indeed, where land may mean water—water for tens of thousands of needy neighboring acres. For the lands of the West differ as men do, in character and condition and degree of usefulness. We had not recognized this fact when we said 'land is land.' Lands fitted for dry farming and lands that must forever lie unused without irrigation; lands that are worthless save for their timber; lands that are rich in grasses and lands that are poor in grasses; lands underlain with the non-precious minerals essential to industry or agriculture; lands that are invaluable for reservoir or dam sites— these varieties may be multiplied, and each new variety emphasizes the fact that each kind of land has its own future and affords its own opportunity for contributing to the nation's wealth.

Jan 1, 1915

By George Smith

THE Secretary of the Interior in his recent report to the President has defined the new public-land policy, which is in fact "but a new application of an old policy." His words may be more acceptable on this subject of land classification than the repetition of phrases which have served some of us for several years. Secretary Lane says of the past: "Congress has always been most generous as to the disposition of the national lands. . . . There was land for all, and it was the government's glad function to distribute it and let those profit who could. . . . And this generous donor was not so petty as to discriminate between kinds of lands, the uses to which they could be put, or the purposes which those might have who got them. Land is land, save when it contains minerals; this was roughly the broad principle adopted. To classify was a task too difficult or not worth while. The lands would classify themselves when they arrived in individual ownership. And so the door was opened for monopoly and for fraud. Of the reaction and the evolution of a new policy, the Secretary continues: "A reaction was inevitable. If lands were to be withdrawn from public service, why might not the government do the withdrawing itself? The old philosophy that `land is land' was evidently unfitted to a country where land is sometimes timber and sometimes coal; indeed, where land may mean water-water for tens of thousands of needy neighboring acres. For the lands of the West differ as men do, in character and condition and degree of usefulness. We had not recognized this fact when we said `land is land.' Lands fitted for dry farming and lands that must forever lie unused without irrigation; lands that are worthless save for their timber; lands that are rich in grasses and lands that. are poor in grasses; lands underlain with the non-precious minerals essential to industry or agriculture; lands that are invaluable for reservoir or dam sites these varieties may be multiplied, and each new variety emphasizes the fact that each kind of land has its own future and affords its own opportunity for contributing to the nation's wealth.

Jan 6, 1914

By William J. Potter, Roger N. Pyle

Introduction The primary ingredient for survival of mining companies during a recessionary period is to be innovative and resourceful in the structuring and financing of operations. Over the past decade, many mining companies have had to retrench and restructure their operations and to redeploy their assets just to survive. During the same period, traditional sources of financing for mining companies -- commercial banks, subsidized export credit loans and long term straight debt financing in the public markets -- became less available and more expensive. Meanwhile, new markets and new financing instruments provided new alternatives for mining companies. Those companies which exploited these alternatives greatly enhanced their capacity for survival and even for profitability. This article considers the strategies adopted by some companies to adapt to changes in this recessionary environment; the inadequacy of traditional sources of financing; certain of the new financing instruments, structures and markets which have become available; and how several mining companies have utilized these new instruments, structures and financial markets to improve their competitive positions. THE IMPACT OF RECESSION ON MINING COMPANIES AND TRADITIONAL FINANCING SOURCES In its 1983 year-end article "The New Economic Order" Mining Journal characterized many of the large private sector mining companies with operations in the industrialized countries as being "gripped between the jaws of high working costs and stagnating metal commodity prices." The article went on to characterize the Canadian mining industry in particular as being "in the difficult position of having to seek to sell the bulk of its output in a world market characterized by over-capacity, where production costs were determined by internal political and economic factors while prices were set by external competitive forces of supply and demand." Miners of a wide range of commodities in the industrialized countries have come to realize that their domestic mineral resources are in many cases no longer competitive with global sources of supply. To compete and survive they would have to rely on their technical and financial expertise in mineral exploration and development and in mining and processing. Strategies For Survival Global competition has compelled management in the extractive industries to improve their worldwide cost position. This is the only means whereby a mining company can differentiate its product and attain a substantial competitive advantage. During the past decade, for example, ASARCO Inc. and Inco Ltd. chopped their payrolls, postponed expansion plans and otherwise retrenched. ASARCO reduced its capital expenditures and cash requirements for operations in 1984 to a level almost equal to its internally generated cash. The company's finances were also strengthened by increasing total lines of credit from outside sources, by selling common stock, and by reducing annual pension funding through a change in actuarial assumptions. Other companies returned to their traditional organizational structure where they had a demonstrated competitive strength. Consolidated Gold Fields, for instance, resumed its operation as a mining finance house. Its capital investment programs are now devoted solely to resource development. In mid-1984, at a time of firming zinc prices, Union Miniere S.A. used the opportunity to integrate its smelting capacity and to direct investment to certain subsidiaries at the expense of less viable operations. Smaller corporations realized that it was not enough just to be the low-cost producer. For example, Drummond Coal Company in Alabama, which dominates its regional market due to its low-costs, has also developed a world-wide trading capability and has placed incremental tonnage from its own mines as well as brokered coal produced by others, thereby minimizing capital risk. In Canada, Campbell Resources has exploited difficult times by acquiring assets cheaply. In the process it improved its capacity to withstand cyclical economic swings by diversifying from solely a copper and gold producer to a company based upon asbestos, coal, copper, gold and natural gas.

Jan 1, 1985

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

Jan 2, 1919

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J. JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX, NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y

Jan 7, 1919