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By R. V. Norris

In a former paper on this subject,' I summarized Murgue's theory and experiments, and presented a large number of tests of mine-fans, stating some conclusions, " more or less warranted by the evidence," as to design, capacity and efficiency. Since that time the very valuable report of Mr. M. Walton Brown: Committee on Mechanical Ventikators, Institution of Mining Engineers, has appeared, and I have made additional experiments which tend to clear up some points in connection with this subject. Design and Tests of the Luke-Fidlbr Colliery Fan. The Luke-Fidler fan (see Figs. 1, 2 and 3), built to replace an old wooden fan at a very fiery colliery, presents some pecu-

Jan 1, 1905

By H. E. Ellis, O. L. Patterson, Granville Dutton

A large-scale water-injection program for the Holt Bryant reservoir of the Delhi field has been established by means of the new automatic multi-pool analyzer. The objectives of this program were to increase reservoir pressure and eliminate a cross-dip gradient of 200 psi. Pressure increases during the first 15 months of operation have allowed for increased oil production rates of 2,600 BID or 25 per cent. To determine the required water injection it was necessary to predict natural water influx ram. Elimination of the pressure gradients required the water-injection program to account for the fluid migration and pressure interaction between segments of the reservoir. An integral part of the ana1ysis included the determination of in-place volumes of oil and gas. The operation of the automatic multi-pool analyzer in determining the water-injection program is described. New features of the analyzer inc1ude an automatic maferial balance analog and a leart-squares computer for determination of unknown reservoir properties. Operational procedures are sufficiently simple to allow direct use by reservoir engineers on a routine basis. The rapidity and accuracy with which problems may be solved permit repeated ana1yses as a check upon reservoir performance. INTRODUCTION This paper describes the use of a new analog com- puter in determining the optimum injection program for a complex reservoir. The Holt-Bryant (Fig. 1) is the major reservoir in the Delhi field of Louisiana. Production is from the Tuscaloosa at subsea depths of 2,970 to 3,286 ft. The sand dips to the south and southwest from three to five degrees. The reservoir is approximately 12 miles long and varies in width from 1/2 to 2 miles. Various calculations have placed the initial volume of oil in-place in the wide range of 275 to 355 million STB. Two small gas caps were initially present in the reservoir. The Holt-Bryant reservoir was discovered in Dec.. 1944, and was fully developed with 188 producing wells by 1948. After development was completed, an east-west pressure gradient began to establish itself. This

Jan 1, 1957

By M. R. Daly

In a recent paper on Geologic Structure in the Cushing Oil and Gas Field, Oklahoma,l Carl H. Beal has pointed out some interesting peculiarities in the distribution of the hydrocarbons and the disposition of the "planes of separation" between the oil and the water (water surfaces). Mr. Beal's principal statements on this matter may be, summarized as follows: I. In every important dome in the Cushing field, which has not been complicated by folding along its sides, the oil area in each of the three oil and gas sands studied (Layton, Wheeler and Bartlesville) apparently extends farther down on the long axis of the dome than it does on the steeper sides. The result is that water is encountered at a lesser depth below datum plane (sea level) on the steep sides of the dome than along the ends where the beds are more gently tilted. II. In the Layton and Wheeler sands (to which the detailed study of water surfaces has been almost entirely confined), the water surface is not level, but dips at a gentle angle (maximum dip 100 ft. to the mile) away from the center of the structure. This inclination existed prior to development, and it has been rendered greater by the rapid extraction of oil and gas. To these statements, the following observations are added: The dominant structural feature in the Cushing field is a broad north and south anticlinal fold, along whose axis the domes are distributed (Fig. 1, p. 897), and the more important oil areas in each sand lie on the west side of the field. In many cases, gas has been forced to the east side of the structure, sometimes as far as the water line. From the distribution of the oil and gas bodies, Mr. Beal concludes that the hydrocarbons in this region probably migrated from the west or the northwest. It seems as if these different features would be susceptible of some

Jan 1, 1918

By Francis L. Vinton

THE eccentric theodolite I exhibit is one constructed by the Stack poles of New York, from drawings, considerably modified, of Combes's theodolite. The telescope is on one side of the horizontal limb, and the vertical circle is opposite to the telescope ; thus they nearly balance each other, making already the construction lighter than in the instrument of Combes, where the telescope and vertical circle are together on the same side, and are both balanced by a considerable weight. The instrument stands upon three levelling screws or feet, an improvement upon the old or general style of mounting a transit on four feet for indeed the instrument is easier levelled, and, moreover, stands more stable on three than on four points of support. The general advantage of an eccentric theodolite is evident, namely, that it can measure Any and all vertical angles, from 0 to 360, without being interfered with by the horizontal limb as is the transit; besides this advantage, it needs no preparatory adjustment or correction for eccentricity; on the other hand, however, that correction

By J. D. Price, W. M. Bertholf

W. J. PARTON*—I have not had the opportunity to read this paper, and I do not have a written discussion. However, I thought it might be interesting for me to relate some of the experiences we had with equipment similar to the vibrating filter as described by the' authors. At the Tamaqua flotation plant of the Lebigh Navigation Coal Co. approximately 40 tons per hour of froth concentrate carrying 60 pct by weight moisture are produced. The major problem encountered at this plant is the dewatering of this coal froth so that a satisfactory product can be sent to market. In the original design of the plant a centrifuge of solid bowl type was included for de-watering this material. The centrifuge did not work out as well as we had hoped. High maintenance costs and moisture content in the cake were obtained. A Robbins dewatering screen was installed at a later date with the idea of using it in conjunction with the centrifuge. The froth concentrate from the flotation cells was fed directly to the Robbins dewatering screen. The cake from the screen carried approximately 55 pct of the feed solids. Moisture in the cake was approximately 24 pct by weight. The underflow from the screen carried 45 pct of the feed tonnage at about 80 pct moisture by weight. The underflow product was then pumped into the centrifuge with the idea of using the cen-trifuge for recovering the tonnage lost through the screen. This circuit did not operate as satisfactorily as we expected. The only benefit derived was in the reduction in the power consumed by the centrifuge. The maintenance on the centrifuge was approximately the same as previously. The next step in our experiments was to pump the underflow from the screen into a cyclone thickener which was mounted directly over the vibrating screen. This thickener increased the concentration of the solids to approximately 60 pct by weight and dropped the mate- rial back 011 the filter cake which had formed toward the discharge end of the screen. Unfortunately, the screen was not capable of handling this additional tonnage, and our experiments stopped at that point. We have been considering installing a second screen to make possible the complete mechanical dewatering of this product by the use of the dewatering screen and the cyclone thickener. Another possibility under study is to pump the underflow from this screen to a thickener which is available in the flotation plant, and to combine this thickeued underflow with the original feed going to the screen. Again, however, a second dewatering screen will be required to handle the total tonnage. 0. R. LYONS*—I had an opportunity to read this paper ahead of the meeting, and I did a little pencil engineering on it. As Mr. Bertholf said, it is very difficult to make a comparison and to carry the results of work at one plant over to what might be expected at another. What I did was to find information on filtering operations more or less comparable to the type of operation that Mr. Bertholf has with his vibrating filter. The only information that I was able to find was for drum type filters, and I found the operating characteristics of the vibrating filter and the drum type filters were very similar. The moisture contents of the cakes were almost identical. The output per square foot was about the only way that I could compare their capacities— using square foot of screen area against square foot of filter area—and I found the capacity of the vibrating filter to be slightly greater per unit area than the capacity of the drum-type filters. W. H. NEWTON†—Do I understand that the only escape for the solids is by overflowing the thickener? That is, does the filter have a chance to recover all the solids except that lost in the thickener overflow ? W. M. BERTHOLF (authors' reply)— Actually, the only escapc from that part of the circuit is over the top of the thickener. There are other places the fines could be lost in the washery. but once they get into that part of the circuit, they must go over the top to escape. W. H. NEWTON—I would like to ask Mr. Lyons if, in the study of rotary filters, he has any basis for comparison of operating costs? 0. R. LYONS—No, I had no information on costs. The only information I was able to find was on screen size, moisture content, and tonnage output per unit area. W. L. McMORRIS*—Are you wasting that overflow water or re-using it? W. M. BERTHOLF—Right now, we are not re-using it. D. R. MITCHELL† —What is the approximate per capita cost of one of these units? W. M. BERTHOLF—It appears to be somewhere in the neighborhood of $200, for the screen. W. H. NEWTON—The cost would be about $2500 for the complete unit including the vibrating power unit. G. A. VISSAC‡—I do not like to come on the floor after I have been talking so long, but I thought you might be interested in our experience in dewatering, as well as drying our very fine coals. We have used both centrifuge and vibrating screens. The type of vibrating screens we have used in Canada are called the Zimmer. That is a screen of German construction, and I guess it is along the same lines as the dewatering screens you are using now. We use wedge wires, and the minimum size opening is a quarter of a millimeter. In our experience, the cheapest way is still a dewatering bin. A dewatering bin takes 48 hr to do work that takes 20 min in a dewatering screen. We use old wedge wire from our driers which we cover with brattice cloth, and

Jan 1, 1950

By RICHARD MAIZE

IN this critical period of our history, the coal industry of the nation, faced with many obstacles, performed its work safely during the first ten months of 1943. Thousands of the younger mine workers were inducted into the armed forces of our country and in many instances their jobs have been filled by others without much if any experience and training. This situation alone would seem to be sufficient to interfere with the safe and orderly operation of the industry but the Government's demand for a substantial increase in coal tonnage over that produced in normal times introduced a hazard which always accompanies speed, regardless of the skill of the worker.

Jan 1, 1944

By E. S. Greiner

STUDY of the plasticity of germanium or other semiconductor crystals affords unusual opportunities to extend our knowledge of deformation mechanisms. Crystals are available having extraordinary perfection and very high purity. They deform by slip on the systems {111} <110>,1-3 as do crystals of the simple face-centered-cubic structure. Dislocations generated in them during slip are easily revealed in the form of etch pits on either (111) or (100) surfaces.4,5 This fact alone makes possible more detailed studies of mechanisms than is usually the case with metals but, even further, the effect of deformation on their electrical conductivity is very large compared with metals. This comes about not only because the mobility of the charge carriers is reduced, as in deformed metals, but also because the number of these carriers is greatly altered. This latter effect seems closely related to the formation of both line and point imperfections during deformation and thus provides a needed tool for the study of the kinds and distributions of these imperfections. Other investigators have deformed germanium at elevated temperatures by bending,1, 6-8 compres-sion,6, 0,10 tension,2,3,6,11,12 torsion,23 and indentation." Wang and Alexander" have also reported successful indentation at room temperature. Dislocation etch pits consequent to deformation have been observed and studied.7,8,10,18,14,20 The experiments to be de- scribed here include principally the compression and the subsequent annealing of germanium with concomitant studies of etch pits, microstructures, and electrical properties. Both single crystals and heavily twinned specimens were used. Some indentation studies are included. Experimental Methods Plastic compression was effected in the apparatus shown schematically in Fig. 1. It consists of two tantalum platens contained in a helium atmosphere and so arranged that pressure can be applied by a hydraulic press. The specimen between the platens is heated by the surrounding furnace. The specimen is usually a small crystal cube about 0.30 in. on an edge. A control specimen is always inserted so, that it is subject to the same thermal cycle as the one being deformed. This serves to detect any impurity contamination that might accompany the thermal treatment. For high temperature work, where such impurity contamination often occurs, the specimens were first plated with gold whenever subsequent electrical properties were to be determined. This method" is effective in preventing significant contamination of germanium up to temperatures at least as high as 750°C, as evidenced by the constancy of the electrical conductivities of control specimens subjected to the same heat treatments. The total range of temperature used for deformation was from 375°C, the lowest at which significant flow was observed, up to 900°C. Microscopic examination was made after mechanical and chemical polishing and etching. Dislocation pits were revealed with CP-4 etchant by the tech-

Jan 1, 1958

By AIME AIME

THE annual meeting of the A.I.M.E. was fittingly closed with a joint meeting of the Metropolitan sections of the four National societies on Feb. 18, at which this subject was adequately discussed by leading engineers before an audience that completely filled the Engineering Auditorium. The large amount of publicity that has been given the Diesel electric loco- motive, and the often garbled reports of its performance and possibilities that have been circulated, makes it particularly fitting that the facts should be given the profession as determined by those who have aided in developing and operating this latest form of prime- mover in railroad operation. C. A. Stein, general manager of the Central R. R. of New Jersey, opened the meeting with a discussion of the problem of electrification, and the relation of the short haul, switching, and terminal service to heavy electrification. Referring directly to the problem of the Central R. R. of New Jersey, some subtitution for the steam locomotive is necessary within the city limits of New York because of local ordinances against the smoke nuisance. While the improvement in the design of the steam locomotive has been marked-the efiiency today is over fifty times that of the locomotive of 100 years ago-it has now probably reached the point of maximum perfection. If anything, it is open to the criticism of having Coo many appliances to get out of

Jan 1, 1926

By V. H. Gottschalk

THE solubility of gases in metals has been of interest since Graham&apos;s time in 1866, but, although the subject was actively studied by iron and steel metallurgists during the eighties, the era of painstaking laboratory investigation begins in 1907 with the publication of Sieverts&apos;1 thesis on the occlusion and diffusion of gases in metals. Since then, Sieverts has worked almost continuously in this field, and his views on the subject are the prevailing ones at the present time.2 Probably the most important result obtained by Sieverts, and frequently verified since by other observers, is the discovery that at a constant temperature the solubility of almost all gases in both the liquid and solid state of most of the metals is proportional to the square root of the pressure (for pressure above 100 mm.). The obvious explanation of this fact is that the gas dissolves as atoms and not as molecules, although it has been pointed out a number of times, first by Donnan and Shawl in connection with their work on the solubility of oxygen in silver at 1075° C., that the formation and solution of a compound of the metal and gas would also be indicated by a variation of the solubility with the square or higher root of the pressure. Sieverts4 himself raised the question whether the usual explanation (i. e., that the gas dissolves as atoms) may not be wrong, when he found that the square root law held also for the solubility of sulfur dioxide in molten copper; in which case dissociation into simpler molecules or atoms does not take place. Stubbs5 subsequently showed that Sieverts and Krumbhaar&apos;s "constant" for sulfur

Jan 1, 1932

By Ove Rehnberg

Catalytic purifiers are widely used as exhaust treatment devices on diesel equipment in confined spaces. The paper summarizes some studies carried out at the University of Lulea on diesel exhaust purifiers. The main purpose has been to elucidate important chemical activities of catalysts useful for the improvement of their effect. The effects of platinum catalysts on exhaust constituents such as carbon monoxide, nitrogen oxides, unburned gaseous hydrocarbons, and polynuclear aromatic hydrocarbons are discussed. Also pointed out are the great differences in catalyst activity and advantages/disadvantages associated with the catalysts.

Jan 1, 1982

By J. J. Forbes

THE Federal Coal Mine Safety Act (Public Law 552, 82nd Congress) was approved on July 16, 1952. It incorporates, as Title I, the Coal Mine Inspection and Investigation Act of May 7, 1941 (Public Law 49, 77th Congress), which gave Federal inspectors only the right to enter coal mines for inspection and investigation purposes but no power to require compliance with their recommendations. Title II contains the enforcement provisions of the act; its purpose is to prevent major disasters in coal mines from explosions, fires, inundations, and man-trip or man-hoist accidents. At this point a brief account of events that pre- ceded the enactment of the Federal Coal Mine Safety Act seems appropriate. The hazardous nature of coal mining was recognized by the Federal Government as long ago as 1865, when a bill to create a Federal Mining Bureau was introduced in Congress. Little was done, however, until a series of appalling coal- mine disasters during the first decade of this century provoked a demand for Federal action. As a result an act of Congress established a Bureau of Mines in the Department of the Interior on July 1, 1910. The act made it clear that one of the foremost activities of the Bureau should be to improve health and safety in the mineral industries. One of the first projects selected by the small force of engineers and technicians then employed was to determine the causes of coal-mine explosions and the means to prevent them. By investigations after mine disasters the fundamental causes and means of prevention were soon discovered, and the coal mining industry was informed accordingly. However, despite this knowledge and the enactment of State laws and the Federal Coal Mine Inspection and Investigation Act of 1941, mine disasters continued to occur with disheartening frequency and staggering loss of life. The devastating explosion at the Orient No. 2 mine on December 21, 1951, resulted in the death of 119 men. The Orient disaster rekindled the memory of the Centralia, I11., disaster of March 25, 1947, which caused the death of 111 coal miners. These two tragedies ultimately brought about enactment of the Federal Coal Mine Safety Act.

Jan 1, 1954

By S. M. Marshall, B. M. Bird

For a number of years European investigators have used laboratory methods of predicting the probable strength of coke made from coal, and recently several investigators in the United States have reported the use of various tests for this purpose. There is at present no method accepted as standard, however, nor is there even agreement as to the general type of test that should be used. Furthermore, because the details of most of the tests have not been worked out carefully, one investigator can not hope to duplicate the work of another. The extension of coke manufacture to new localities in the United States, and the increasing need for cokes of exceptional qualities made from the most economical mixtures, made it desirable to have some simple laboratory test which will determine whether given coals, alone or blended with other coals, are more satisfactory from the standpoint of coke strenpth- than others of different cost. The work described herein has resulted in the development of a simple laboratory test which, it is believed, can be generally adopted in coal laborat,ories, and which will give concordant results even though performed by different investigators in different laboratories. The general method of predicting whether a coal or a mixture of coals will produce a strong coke, resistant to crushing and shattering, has been to correlate the known strengths of the cokes produced in commercial ovens with some measurable constituent or with some property of the coals, and then to use the relationship so found for forming an estimate of the coking strengths of coals unknown. Several such correlations have utilized the percentages of the various ultimate constituents of coal, such as the oxygen content and the hydrogen-oxygen ratio;(39)§ other correlations have involved the proportion of a, B and r com-pounds, (17,21,30c) or of "oil and solid bitumens."(16,30) Also a relationship has been traced between the coking properties of coal and the rate of change of the resistance offered to the flow of an inert gas by fine particles of the coal while being slowly heated. (11,176) But the most general corre-

Jan 1, 1930

By Daniel M. Bass, Paul B. Crawford

Laboratory investigations have been made to study the effect of variations in fluid characteristics, gas saturation, water saturation, and water injection rate on oil recovery by water flooding. Three synthetic gas-saturated crude oils having bubble points of 860, 1,540 and 1,885 psi were used as reservoir fluids. Repeated tests were made in which a and pack, saturated with water and synthetic oil, was produced by solution gas drive followed by water flooding at various pressure levels. Oil recovery by solution gas drive and subsequent water injection is shown to vary with the pressure and rate at which the water flood is conducted. The pressure at which optimum flooding conditions exist is shown to be a functiotl of the physical characteristics of the reservoir fluid. For the systems studied, increases in oil recoveries of near 10 per cent were obtained by flooding at the most desirable conditions. Va- riations in initial water saturations gave results similar to those in the literature. INTRODUCTION Most of the waterflooding studies investigating means of improving present exploitation processes have been conducted at low pressures with little effort to simulate reservoir conditions. Holmgren and Morse&apos; performed a waterflooding study at 300 to 500 psi wherein the gas saturation was created by injecting gas, letting dissolved gas evolve from the oil, and then flushing the core with "live" oil until the desired gas saturation was obtained. Their results show increasing oil recoveries with increasing gas saturations. Data presented by Guerrero&apos; and Kennedy, et al, indicate that in some instances water flooding at approximately 500 psi below the original bubble point results in a lower residual oil saturation than is obtained when water flooding above the bubble point. In their work gas saturations were created by primary depletion. By correcting low pressure flooding data for fluid shrinkage, Dyes found that a maximum oil recovery may be obtained by flooding with initial gas saturations of from 7 to 12 per cent. The purpose of this work was to determine the variations in oil recovery caused by initiating a waterflooding program at various stages of primary depletion of a core. This is a part of a more comprehensive study of obtaining criteria for determining when to initiate a pressure maintenance program and what fluids to in-ject. EQUIPMENT A schematic diagram of the apparatus is shown in Fig. 1. Fluid transfer was accomplished with metering pumps. Pressure control was ob-

Jan 1, 1957

By Sherwin F. Kelly

THOUGH the Geophysics Commit- tee limited itself to two sessions this year, both of them marked by a high percentage of absentee authors, even this situation failed to dampen the and or of the ebullient geophysicists, who bandied no small amount of good- humoredlv barbed discussion. Hans Lundherg offered some constructive criticism of last year&apos;s report by the Geophysics Education Commit- tee, making a plea for more training in field techniques and less insistence on rigorous theoretical training. Carl Heiland pointed out the necessity of making geophysics and geology courses more attractive in order to draw more students into these fields. Exception was taken to this line of reasoning by Father Macelwane and Sherwin F. Kelly who emphasized the necessity for sound basic training if competent geophysicists were to be turned out. This discussion developed apropos of the report of the Geophysics Education Committee, which had been postponed from the Education Division meetings, but was not read as it was available in mimeographed form. Except for this diversion the morning program fol-

Jan 1, 1944

By WM. HUFF WAGNER

Computations and allowances for mine depletion for Federal income tax purposes depend upon the meaning of certain terms in the pertinent provisions of section 114(b) 4 of the Internal Revenue Code. Unfortunately, but one of these terms is defined in the Code. Congress left it to the Commissioner to define the other terms in the Regulations. Even though the Commissioner, through his staff, labored long and earnestly to draft these definitions they have not been satisfactory to the mining industry, because the definitions in the Regulations and the interpretation placed thereon by the Commissioner do not state what the industry believes to be the clear and obvious intent of Congress. Consequently serious and prolonged disputes, unduly delaying the settlement of Federal tax returns involving percentage depletion deductions are continually arising between taxpayers and the Commissioner.

Jan 1, 1949

By L. C. Kern

This paper presents information on the use of a new propping agent (malleable aluminum particles) which has been used successfully for producing high-conductivity fractures. The conductivity of a packed fracture depends on the width of the fracture as well as the permeability of the propping material. It is significant that the flow capacity of a propped crack is often increased many fold by propping the crack with a sparse distribution of particles. However, the flow capacity of a sparsely propped crack can be limited by two phenomena: (I) crushing of the propping particles, and (2) embedment of the propping particles in the formation walls. Malleable aluminum particles exhibit interesting properties which tend to overcome these limitations. As high loads are applied to the particles they will deform slightly, rather than shattering. The deformation results in a greater bearing area against the formation wall. This reduces the stress on the particle and reduces particle penetration into the formation. The behavior of aluminum particles under load and the bearing capacities of serveral formation rocks have been measured in the laboratory. By properly using these data, as explained in this paper, the flow capacities of aluminum-propped cracks can be calculated for a variety of conditions. Aluminum particles have been used successfully in the field to prop fractures. Where high-conductivity fractures were needed, the aluminum-propped fractures have given greater well stimulation than could have been expected for conventional fracturing processes. INTRODUCTION The purpose of a hydraulic fracture treatment is to create a conductive channel from the wellbore out into the oil or gas formation. The word conductive is emphasized because we believe that the fracture conductivity (flow capacity) is one of the most important factors influencing fracturing results. Previous papers have pointed out the additional well stimulation that can sometimes be achieved by increasing fracture conductivity. Several years ago, we investigated in some detail the effect of fracture conductivity on productivity increases to be expeced from vertical fractures. Both electrical analog and theoretical studies of unsteady-state flow behavior were made. A discussion of the electrical analog equipment and some of the results of the study were given in a previous paper&apos; by Dyes, Kemp and Caudle. Further details were given recently by McGuire and Sikora.5 Fig. 1 shows the remarkable influence of relative fracture flow capacity and length on well stimulation. Briefly, the study indicates the following. 1. High-permeability formations require high-conductivity cracks for best results. 2. The longer the crack, the higher the fracture conductivity required for best results. 3. If the conductivity of the crack is very large compared to the formation (i.e., flow is not being limited by crack conductivity), then the longer the fracture, the better will be the results. Judging from recently published articles,1,314 there is current interest in methods for obtaining high fracture conductivities. Hence, we would like to present in this paper a discussion of a new fracture propping process (use of aluminum particle) which we have used successfully to obtain highly conductive fractures. There are several factors which influence the conductivity of a propped crack. Conventional fracturing techniques frequently result in a crack completely packed with fracturing sand. For such conditions, the crack conductivity is the product of the width of the packed fracture and the permeability of the propping material. It is significant that a large increase in conductivity sometimes can be obtained by propping with particles which are distributed sparsely (less than a

By WILFRED SYKES

THE story of the rolling of strip steel is not limited to any one plant or individual or group of individuals. It is a story with many ramifications. First of all, it should be understood that the strip mills we are considering are continuous mills, in that the steel passes directly from one mill to the other in a more or less straight line. Continuous mills are not new; in fact, they have been used for many years in the rolling of a few simple shapes. They were, however, driven by one motor through jackshafts, and as a result the speed of each roll stand had a fixed relation to that of every other stand in the series. This in turn fixed the reduction that could be made in each stand. The mill could produce simple things, but was not satisfactory for the production of the variety of strip now required. It was, therefore, necessary to get away from the restrictions of that kind of drive. To accomplish this, the designer could either separate

Jan 1, 1936

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

By D. R. Mitchell

MEETING for the thirteenth time in New York as part of the five-ring circus known as the Annual Meeting A.I.M.E., the Coal Division experienced a wartime boom in attendance. Technical sessions were crowded and whereas 65 seats were set up for the annual luncheon meeting of the Division over 100 members showed up, many of whom had to be fed elsewhere. Possibly the Coal Division should adopt "13" as its lucky number. Discussions at technical sessions, formal and informal, were lively. Those papers containing material directly concerned with the war, or containing information that might be usable for war industries, were enthusiastically received. Some criticism was made in regard to the present method of handling discussions and it was suggested that better success would be had in getting discussions in the record by the use of hired reporters. This is being considered by the executive committee of the Coal Division.

Jan 1, 1943

By J. H. Henderson, H. J. Ledbetter, N. B. Gove, J. D. Griffith

INTRODUCTION The results of a series of laboratory flood tests using liquid Iso-butane to displace refined oils from test cores are pre- ented and interpreted on an empirical bask. The study Revealed the similarity of the miscible liquid displacement to that of the immiscible-fluid displacement mechanism. The efficiency of the iso-butane flood decreased markedly as the oil Viscosity increased. but the effect of injection rate on the effectiveness of the primary production stage was negligible over the range investigated. The presence of free-gas saturation prior. to iso-butane breakthrough increased the volume of iso- Butane required to recover a given percentage of the oil present. Injection of liquid i.e.-butane prior to water follicle sculpted in a marked improvement in oil recovery by the water flood. INTRODUCTION The production of petroleum is often enhanced by the injec-1i1)n of extraneous fluids into the reservoir. It has been suggeited that the injection or cycling of a wet gas or a liquefied petroleum gas would he instrumental in increasing the effic.ienr!; of oil recover! to a greater degree than the commonly injected fluids. dry pas and water. Although instances of injection of light liquid hydrocarbons are not unknown, a systrmatic recording of the result is unavailable and superfi- cially, the practice gives the impression of being economicaIIy unsound. For specific types of displacement, analytic: solutions have been advanced which aid in understanding the physical mechanisms involved. However, there is no generalized theoretical concept which permits adequate prediction of displacement efficiency from a knowledge of readily measured reservoir rock and fluid properties. The Buckley-Leverett approach to oil displacement by an immiscible phase is an admirable analysiy of that type of mechanism. Dykstra and Parsons have introduced a useful concept in their evaluation of the role of the mobility ratio and its merit in rationalizing displacement phenomena. Everett, Gooch and Calhoun3 in their report on the effect of viscosity ratio and miscibility have pointed out the lack of a comprehensive theoretical approach and the desirability of investigating the mechanism of miscible-miscible displacement. In lieu of a well-developed theory concerning miscible-111isci1)le displacement and in view of the scarcity of engineering information on actual LPG injection trials, the limited program of laboratory experimentation described below was undertaken. OBJECTIVES The original broad objectives of the program, to study the oil recovery process using LPG as the displacing phase, defined the direction and scope of the laboratory tests. The specific objective. of the experimentation were to evaluate

Jan 1, 1953