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By K. G. Davis, P. Fryzuk

A study has been made of the effect of undercooling on the grain structure and solute distribution in small ingots of pure bismuth and of a 100 ppm Ag in bismuth alloy. Autoradiographic evidence shows that in undercooled melts a network of dendrites is formed throughout the melt immediately after nu-cleation. At large undercoolings the dendrites are very thin and closely spaced. The origin of the observed grain morphology can be explained on the basis of information about the mode of solidification revealed by the impurity substructure. WHILE a great number of studies of nucleation in undercooled molten metals have been made, comparatively little attention has been given to the mode of solidification from melts with large undercool- ings. Colligan and Bayles1 and Walker2 have measured the rate of advance of the solid-liquid interface in undercooled nickel melts, but the morphology of the solidifying material remained a matter of speculation. Fehling and Scheil3 have described the grain structure in ingots formed from undercooled melts of nickel, palladium, and copper, and a series of Ni-Cu and Ni-Pd alloys. At small undercoolings, equiaxed structures are observed, the grain diameter tending to increase as the temperature of nucleation is lowered. At greater undercoolings, a columnar structure is developed, while with still further undercooling there is a smaller grain size incorporating rather coarse subgrains. All-bright and Colligan4 examined the grain structure shown by ingots solidified from melts of nickel and of Ni-Ag alloy at an undercooling of 105°C, and concluded that considerable grain growth had taken place after solidification. The object of the present work is to correlate the mode of solidification from undercooled melts with both the grain structure and impurity segregation, using tracers to examine the latter.

Jan 1, 1965

By Edward W. Parker

This plant was built in 1907 at the Bankhead mines to manufacture briquettes by the Zwoyer process under license from the Zwoyer Fuel Go., of New York, N. Y. The building was constructed to contain two units, each of a capacity of 10 tons per hr.; one unit was installed at the time the building was constructed, and the second unit is now being built. The coal used is an anthracite, which is more friable than that of Pennsylvania, and, as a consequepce, a larger percentage of dust or waste is produced, which was formerly thrown upon the slack-pile as waste, but is now passed to the " dust-bin " in the breaker, from which it is conveyed to the briquette-plant. An average analysis of the coal, published by Lewis Stockett and 13. R. Warden,' is as follows: Per Cent. Moisture,.........0.50 Volatile,..8.00 Fixed carbon,... 83..50 Ash,.......8.00 Total,.100.00 Sulphur,.........0.40 per cent. Specific gravity,...... 1.40 Color of ash,.white Heat value,.......14,000 B.t.u. The plant is run under two 12-hr. shifts, the force consisting of 1 superintendent for both shifts, 1 engineer for each shift, 1 briquetter for each shift, 1 helper for each shift, 1 laborer cleaning up for each shift. In the pitch-melting house, 2 men are on duty for one shift. The steam for the engine is furnished from a central boiler-plant, which also supplies steam for the breaker, the electric light and power-plant, machinery-shop, and boiler-shop. During March, April, May, and half of June, in 1907, the

Jan 1, 1909

By D. K. Crampton

ON giving thought to the subject of this paper, my first reaction was that many and striking changes have come about as a direct result of the war. However, more careful analysis indicates that few, if any, of these changes can be wholly attributed to it. The actual situation is that all these changes were conceived and most of them at least partially executed in re- cent prewar years, it remaining the role of war to achieve results in a fraction of the time that might normally have been taken, lacking its driving impulse. The further discussion will therefore be with the premise that the individual changes have been greatly hastened rather than directly and primarily caused by any war conditions. Co-operation among copper alloy producers on production problems is agreed to be much worth while. The industry was too long noted for jealousy and secrecy as to equipment, methods, and even materials produced. Gradually, a more open and co-operative policy evolved but even just prior to the war the interchange of ideas was relatively cautious and limited. The need for a great increase in production in record time fostered a more co- operative attitude; exchange of ideas and experience concerning all phases of production increased tremendously to the benefit of the individual participants and thus the war effort, too. This more united effort has undoubtedly led to many specific improvements in process or equipment and these in turn to more rapid and economical operation than could have taken place on an each-for-himself basis.

Jan 1, 1944

THE Institute assembled in the metallurgical lecture-room of Pardee Hall, Lafayette College, at 7 o'clock P.M. on Tuesday evening, October 21st. The session was opened by the President, R. W. Raymond, with an address on Mining Industry as illustrated at the Vienna Exposition. The second session was held on Wednesday morning. The Council reported the following names for election as members and associates. They were unanimously elected. †Ayres, W. S., - Easton, Pa. *Baker, Prof. A. L., - Easton, Pa. †Browne, Thomas Nicholl, - Hamilton, Nev. *Carter, Frank, - Pottsville, Pa. *Davis, E. F. C., - Pottsville, Pa. *Fox, Prof. J. G., - Easton, Pa. *Haight, Ogden, - Etna, Pa. †Hall, Norman, - Sharon, Pa. *Knap, Joseph, - Fountain Mill, Pa. †Miller William McKeen, - Easton, Pa. †Pardee, I. P., - Easton, Pa. *Plater, John E., - Eureka, Nev. *Platt, Joseph L., Jr., - Franklin Furnace, N. J. *Plumb, W. H., - Mauch Chunk, Pa. *Reis, George L., - New Castle, Pa. *Samuel, Edward, - Philadelphia, Pa. *Smith, William Allen, - Trenton, N. J. *Smock, Prof. John C., - New Brunswick, N. J. *Weberling, Charles, - Salt Lake City, Utah. Also the following as foreign members Beaulieu, Ad. le Hardy de, - Brussels, Belgium.. Beaumont, Major Fred., - London, England. Beck, Alexander, - Mons, Belgium. Bodmer, J. J., - London, England. Brassert, Berghauptmann, Dr., - Bonn, Prussia. Brogden, James, - London, England * Members. † Associates.

Jan 1, 1874

The Institute assembled in the metallurgical lecture-room of Pardee Hall, Lafayette College, at 7 o'clock P.M. on Tuesday evening, October 21st. The session was opened by the President, R. W. Raymond, with an address on Mining Industry as illustrated at the Vienna Exposition. The second session was held on Wednesday morning. The Council reported the following names for election as members and associates. They were unanimously elected. Ayres, W. S.,.......Easton, Pa. *Baker, Prof. A. L.,.. Easton, PR. Browne, Thomas Nicholl,.... Hamilton, Nev. *Carter, Frank,......Pottsville, Pa. *Davis, E. F. C.,... Pottsville, Pa. *Fox, Prof. J. G.,...,..Easton, Pa. *Haight, Ogden,...Etna, Pa. Hall, Norman,...Sharon, Pa. *Knap, Joseph,......Fountain Mill, Pa. Miller William McKeen,.... Easton, Pa. Pardee, I. P.,....Easton, Pa. *Plater, John E.,......Eureka, Nev. *Platt, Joseph L., Jr.,.....Franklin Furnace, N. J. *Plumb, W. H.,......Mauch Chunk, Pa. *Reis, George L.,......New Castle, Pa. *Samuel, Edward,. ..Philadelphia, Pa. *Smith, William Allen,.....Trenton, N. J. *Smock, Prof. John C.,..... New Brunswick, N. J. *Weberling, Charles,.....Salt Lake City, Utah. Also the following as foreign members: Beaulieu, Ad. le Hardy de,. . Brussels, Belgium. Beaumont, Major Fred.,..London, England. Beck, Alexander,.Mons, Belgium. Bodmer, J. J.,..London, England. Brassert, Berghauptmann, Dr.,. .. Bonn, Prussia. Brogden, James,.London, England.

A dinner was given to Ambrose Swasey by the United Engineering Society, at the Engineers' Club, on November 14. Those present -included -twenty-one presidents and past presidents of the Founder Societies. Charles F. Rand, President of United Engineering Society, presided. President Robert S. Woodward, of the Carnegie Institution of Washington, and Dr. Robert W. Hunt, of Chicago, made addresses to which Mr. Swasey responded. Dr. Michael I. Pupin, Chairman of Engineering Foundation, made the closing address. The evening was marked by the high character of the addresses, inspiration for grave duties lying before the engineering profession, and by the spirit of good fellowship. Among the seventy-two persons present were the following members of the Institute: E. E. Bartlett, William N. Best, J. Parke, Channing, C. R. Corning, F. C. Cottrell, J. V. Davies, J. V. N. Dorr, H. S. Drinker, Karl Eilers, H. M. Howe, A. C. Humphreys, Robert W. Hunt, Wm.. B. Jackson, D. S. Jacobus, J. H. Janeway, J. E. Johnson, Jr., John Johnston, George F. Kunz, Edwin Ludlow, Philip N. Moore, Fred'k. H. Newell; Wm. H. Nichols, H. Hobart Porter, Charles F. Rand, R. M. Raymond, .Jesse M. Smith, E. Gybbon Spilsbury, Bradley Stoughton, . Joseph Struthers, Benj. B. Thayer, Wm. H. Wiley, S. T. Wellman.

Jan 1, 1919

By R. E. Wade

The Butte, Anaconda & Pacific electrification is of peculiar interest, in an incidental way, to the entire mining fraternity, and especially the engineering branch, not only in this great Northwest country but throughout the entire Western mining country, which is rich in minerals and water power. It is probably fair to say that the prime object of mining and smelting engineering is to reduce the cost of production, and in the case in hand the relative location of mines and smelter brings the cost of transportation of ore to the front. While some might assign this item to the railway people, it is inseparably a part and parcel of the general scheme of the production of metal from the ore. In considering the electrification of the B., A. & P. railway the mining and smelting engineer, above all, wants to know what saving will be effected by the change in motive power. Unfortunately the new power has been in use during a very limited period and on the Smelter Hill section of the road only, and no reliable data, from actual service conditions, can be obtained until the entire electrified section has been in service for a reasonable length of time. Any remarks on this subject at the present time, therefore, must of necessity be general in nature and more or less descriptive. The railway, electrical and mining worlds and the country in general are indebted to the B., A. & P. railway for the pioneer work it is now doing, as it undoubtedly marks the beginning of the electrification, within the comparatively near future, of all transcontinental roads between the Missouri river and the Pacific coast. Together with this goes the development of an untold wealth in water power and all natural resources within the same territory. For the first time in the history of electric railway work, in this country, direct current at a potential of 2,400 volts is being used. With this potential there is a great saving in transmission of energy to the locomotives and there are only two substations, one at either end and 26 miles apart, for supplying the power for the movement of trains of heavy tonnage over the main line and for switching movements at terminal and intermediate yards, and comparatively little feeder copper is required.

Jan 1, 1914

By R. E. Wade

THE Butte, Anaconda & Pacific electrification is of peculiar interest, in an incidental way, to the entire mining fraternity, and especially the engineering branch, not only in this great Northwest country but throughout the entire Western mining country, which is rich in minerals and water power. It is probably fair to say that the prime object of mining and smelting engineering is to reduce the cost of production, and in the case in hand the relative location of mines and smelter brings the cost of transportation of ore to the front. While some might assign this item to the railway people, it is inseparably a part and parcel of the general scheme of the production of metal from the ore. In considering the electrification of the B., A. &. P. railway the mining and smelting engineer, above all, wants to know what saving will be effected by the change in motive power. Unfortunately the new power has been in use during a very limited period and on the Smelter Hill section of the road only, and no reliable data, from actual service conditions, can be obtained until the entire electrified section has been in service for a reasonable length of time. Any remarks on this subject at the present time, therefore, must of necessity be general in nature and more or less descriptive. The railway, electrical and mining worlds and the country in general are indebted to the B., A. & P. railway for the pioneer work it is now doing, as it undoubtedly marks the beginning of the electrification, within the comparatively near future, of all transcontinental roads between the Missouri river and the Pacific coast. Together with this goes the development of an untold wealth in water power and all natural resources within the same territory. For the first time in the history of electric railway work, in this country, direct current at a potential of 2,400 volts is being used. With this potential there is a great saving in transmission of energy to the locomotives and there are only two substations, one at. either end and 26 miles apart, for supplying the power for the movement of trains of heavy tonnage over the main line and for switching movements at terminal and intermediate yards, and comparatively little feeder copper is required.

Jan 11, 1913

By Walter Bonsack

THE CHAIRMAN.-This is the third and last session of the Institute of Metals Division's Symposium on Secondary Metals, and certainly the best of those that I have attended in the last few years. I would say that the increase in interest in secondary metals is quite noticeable by the steadily increasing attendance at these meetings. We have heard about the necessity of utilizing salvaged materials, but we still speak about them as low-grade, or down-graded materials. We still have the wrong perspective. We must willingly admit that these materials are valuable; we cannot go on using the choicest primary metals as morsels for our economic diet in a war of such unbelievable dimensions. This brings up the question-why are we so selective. The answer certainly is not that we know nothing else will do, but rather that we do not know what else will do. To be honest, we should admit our lack of knowledge concerning our complex alloys. Compared to the organic chemists, we metallurgists are very conservative, and the sooner we realize this and start to overcome it the better, because if we do not eliminate this difference, many customers of the metals business will go over to the plastics. If we take for example the development of aluminum alloys, you will see what I mean. From the binary aluminum alloys of 1920, we have progressed to ternary and quarternary alloys in the 1930's. We are only now beginning to use more complex alloys as we are forced to learn more about the effect of various elements on existing alloys. The effects of these elements should be studied now. They can be studied by two methods of approach. The usual method is to start from the base alloy and add various elements one by one in increasing amounts and study the resultant changes in properties. This is a tedious, long way. The other method which the smelters frequently use is to take the off-grade heats and study their characteristics. While the producer of primary alloys often has difficulties in alloying certain elements with the alloy under investigation, the smelter often finds them well alloyed in his raw materials and has no difficulties at all. Elements such as lead are difficult to alloy with aluminum and they tend to segregate severely. However, the amount which will remain alloyed in the metal is usually found in some "secondary" aluminum alloys. If one considers such concentration as the saturation, then by dilution with the same type of alloy, but free of such element, one can produce numerous intermediary alloys for investigation. In this fashion one is fairly certain to get uniformly spaced concentrations of the element under investigation. Similar cases probably exist with other metals. Nevertheless, the amount of work necessary to study all possible combinations is still tremendous. Necessity forces us now to utilize alloys which contain more elements than we are accustomed to. It is, therefore, necessary to study carefully the more complicated alloys. In secondary aluminum we are working and using the alloys which contain as many as 6 to 10 elements and we have learned over a period of several decades to balance

Jan 1, 1943

Discussion of the paper of ROSWELL H. JOHNSON, presented at the New York meeting, February, 1915, and printed in Bulletin No. 98, February, 1915, pp. 221 to 226. A. C. LANE, Tufts College, Mass.-About a year ago Mr. Washburne read a paper on the same characteristic oil-sand waters, discussing their chemical character, and the possibility of their chemical character being modified by adsorption in passing through the shale. We are used to consider circulation as being in one stratum, and I have often gone so far as to think that 2,000 or 3,000 ft. clown I could recognize the chemical character as in part connate to a given water. For instance, the St. Peter sandstone, far underneath oil sands, seems to retain' a relatively fresh and peculiar character. I am, therefore, tempted to ask the writer if in his experiments lie has made any test to see whether the chemical character of these waters is also changed, where there is any adsorption, so that the water passing through these fine-grained beds should leave behind its salt as well as its oil. In many cases salt-waters are associated with oil and-gas. A second question has occurred to me. In these days when we hear a good deal about oil flotation, may it not be well to repeat these experi-ments with pyritic concentrates, and see if they observe precisely the same with regard to the selective accumulation of oil and gas. ROSWELL H. JOHNSON.-I thank Profesor Lane for bringing this question forward. I recognize its importance, but. am not able to say I have any data upon that point. It is also very interesting in connection with Dr. Day's hypothesis of fractional filtration, and we may very easily get something happening to the water corresponding in some degree to what we get with oil. D. B. REGER, Morgantown, W. Va.-Mr. Johnson in his paper states his belief that the oil is formed originally from organic matter in the shale, and is forced out of the shale into the porous reservoir of the sand above the shale. He states further, that as you go deeper iii the measures where there is an increasing overburdens, the oil becomes less and the gas increases in large proportion, or lie says that the oil is forced back out of the sand by pressure, into the shale.

Jan 5, 1915

By Victor A. Phillips

A series of specimens of a Cu- 3.23 pct Co alloy were prepared with particle diameters from zero to 590A. The samples were then cold-rolled 95 pct and the effects of the particle size on the behavior on annealing for hr at temperatures between 100" and 900°C were studied (by hardness, light, and electron metallography). Particles, particularly for d r 105 to 590A, greatly impeded softening and vecvystallizn-tion, and tended to give elongated grains. Particles deformed fairly homogeneously with the ,matrix, be- IN a previous study by the author,' the growth of cobalt-rich precipitates was followed electron microscopically in Cu-3.12 Co alloy as a function of aging, typically at 650°C. The coherent spherical precipitates grew to 520 + lOOA average diam before spontaneously losing coherency and developing (111) facets. Stretching a few percent after precipitation 2aused loss of coherency to occur sooner at about 220A average particle diam. The particles apparently retained their fcc structure after loss of coherency. coming lau2ellae. For d = 55 to 180A, these lamellae gave streak-contrast effects apparently due to coherency strains , and spheroidized on annealing at 600" to 650°C, forming coherent particles. Particles of d = 250 ov 320A lost coherency during t-olling, giving incoherent lamellae. Recrystallization apparently occured by growth of new grains into unrecrystallized (recovered) material at temperatures below that at which cobalt atoms had much mobility. The present study was undertaken to explore the effect of cobalt-rjch particles of various average sizes from 50 to 600A diam on the isochronal annealing behavior of copper after heavy cold rolling. The previous work' was used as a guide in preparing the two-phase series of prerolling structures. The solution-treated alloy was also rolled for comparison. A further question of interest in the present study was whether dislocation and particle hardening were additive, since the prerolling structures covered the full range unaged - peak aged — overaged, and further precipitation might occur on annealing after cold rolling. Although there have been exhaustive studies of the isothermal2"6 and is~chronal annealing behavior of

Jan 1, 1967

By R. V. Wheeler

A matter of much concern at present to the coal-mining industry of Great Britain is the effect of the working of the Coal Mines Act, 1930. This Act, which received the Royal Assent on Aug. 1, 1930, contains five parts: (1) production, supply and sale of coal; (11) the reorganization of the coal-mining industry; (111) hours of work; (IV) the Coal Mines National Industrial Board; (V) general. The first three parts are of major interest and discussion can be confined to them. Part I.—Production, Supply and Sale of Coal Under Part I of the Coal Mines Act, 1930, provision is made for central and district schemes to regulate the production, supply and sale of coal by the fixation of standard tonnage, quota and minimum prices. By Nov. 1, 1930, all the district schemes came into force with the exception of that for Scotland, where the majority of the coal-owners did not see their way to accept the amendments to their draft scheme demanded by the Mines Department. A compulsory scheme for Scotland was thereupon prepared by the Mines Department and put into force on Nov. 24, 1930. It is administered by the coal-owners of the district. The essence of the schemes is the allocation of tonnage for each district by a Central Council, and the allocation of quota for each pit in a district by an Executive Board for that district. Up to Dec. 31, 1930, the various bodies of coal-owners engaged in administering the schemes were employed in work preliminary to their full operation. Standard tonnages had to be determined and coals had to be classified. In consequence, it was not found possible to put the regulation of output into force until Jan. 1, 1931. The determination of minimum prices proved to be an even longer process, and only in a few districts were minimum price schedules operative during the first quarter of this year. The working of the schemes during the March quarter, 1931, has been reviewed in an official publication by the Mines Department,' which can be summarized as follows:

Jan 1, 1932

By Walter Kauenhowen

Germany's crude-oil production during 1937 totaled 3,174,157 bbl., an increase of 1.9 per cent over the 3,112,494 bbl. produced in 1936. According to official published data, and using a conversion factor of 1 metric ton = 7 bbl., the oil production of Germany in 1937 by fields was as follows:

Jan 1, 1938

By GEORGE A. KIERSCH

The awesome destructive power of known and projected weapons of war presages a new need for geologists and engineers, who may be called upon to locate vital industry underground, thereby protecting it from sky-borne destruction. The Corps of Engineers is now conducting special tests to establish design standards covering the general field of underground installations as well as surveys a of construction methods and the operational hazards connected with such plants. National planning must dictate a policy that is either tactical, where surface manufactured parts; are stored underground and during art emergency assembled, or operational with both the manufacturing and assemblage completed in subsurface plants. Both plans of operation require the use of subterranean plants. Relocation of vital plants underground will probably involve only a small percentage of the production capacity of this nation. The cost of rebuilding in new location will obviously limit its adoption

Jan 1, 1949

By F. L. Robertson, C. H. Bacon, J. W. Till

A description is given of the development of a process for making low sulphur steel on furnaces fired with 2 1/2 pet sulphur oil. Slag and metal are analyzed at melt. Slag weight is estimated. A simple method for calculating necessary lime additions for making 0.025 and 0.035 pct sulphur steel is given. DURING the last 15 years John Summers & Sons have been confronted increasingly by the problem of producing a low sulphur steel from high sulphur materials. The principles adopted, the processes used, the data collected on a furnace specially set aside to study this problem, and speculation on future developments are dealt with in this paper. This study is limited to two melting shops which make sheet steel only, of the following analysis: C, 0.06 pct; Mn, 0.33; S, 0.04, 0.035, 0.03, and 0.025; and P, 0.02 and 0.015. All the processes described have reference to the manufacturing of this steel and are not necessarily applicable, without modification, to other steels. The raw materials used are given in Table I. Development of Process About 1934, Schenck's work on phosphorus was applied to frame quantitative rules for the removal of phosphorus, with great success. We could however, neither in our own work nor in the voluminous literature, find any assistance to frame quantitative furnace rules to remove sulphur. Perhaps, we should have persevered with Schenck's outstanding chapter on sulphur in The Physical Chemistry of Steelmaking, but we missed the importance of one (Ss) sentence on p. 478. "Evidently this ratio -------- is [S] the important quantity to be considered from the point of view of chemical reaction; it is clear that the sulphur content of the steel alone, as frequently given in the literature cannot suffice for judging the success of the reaction unless special details are given regarding the sulphur charge and the amount of slag."' We were not however very successful in getting values for Schenck's "n" that agreed with (S) arrived at by our direct analysis. [S] In addition to Schenck's work much attention was given to V value. The formula selected for V was: (SCaO) — 1.57 (2 P2O5) (S SiO2) After plotting many charges a curve was obtained, based upon the relationship between the percentage sulphur in the finished steel and V value, Fig. 1. For a long time this was used as standard with about a 60 to 70 pct success on producer-gas fired furnaces, if all uprising scrap was used and no bought scrap used. An inspection of this curve shows clearly that it is not a quantitative manufacturing process, and that it was not sure enough to go to the trouble and expense of doing stage analysis for P,O,,

Jan 1, 1952

Prof. J. W. Richards, South Bethlehem, Pa. (in reply to several questions):—The cut representing some of the round briquettes which were under test shows that, at the brcaking-stresses, they break into lumps, and do not disintegrate into powder. The process is simplicity itself. I have followed the different processes for sintering iron-ores and flue-dust, am interested in all of them and wish them all success; but this process appealed to me strongly by its simplicity. It is in line with a method which I once tried to work out myself, but which never came to anything, namely, the agglomeration of fine iron-ores by means of Portland cement. As small an amount as 5 or 6 per cent. of Portland cement will enable fine ore to agglomerate and set into a briquette, but when I came to estimate the cost, I found it was a little too high. The Schumacher process, curiously enough, does not work well on iron-ore, but flue-dust thus treated does harden and give a strong briquette. In my attempts to find a reason for this difference, it has occurred to me that possibly the particles of flue-dust had been coated over with some sublimed silica, which might be an agent in the setting. But I found by experiment that neither sublimed silica, nor ordinary silica, nor ordinary alumina, would briquette. Chemically pure iron oxide briquetted quite hard; but the application of pressure is a necessary part of the operation. If simply moistened with the solution and allowed to stand it does not set hard, but the more pressure applied to it the hardcr it sets. Evidently the flue-dust particles must be pressed very close together in order to get the small proportion of active material wet, so that the particles shall act at their points of contact; for it is evident that only at the points of contact does the cementing action take place. The reactions are facilitated by considerable pressure, bringing the acting particles close together, and may go on with

Jan 1, 1913

The American Association of Petroleum Geologists, P. 0. Box 1552, Tulsa, Okla. J. P. D. Hull, Business Manager. The official publication of this Association is the Bulletin of the American Association of Petroleum Geologists, issued monthly. It contains illustrated papers, maps, current notes, discussions, reviews and personals. Annual subscription is $15 ($15.40 outside the United States). Back numbers of the Bulletin, practically all of which are available, cost from $1.50 to $3 each; for several years back a uniform price of $1.50 each is charged.

Jan 1, 1933

While coal was mined in New Mexico in 1860, production was on a small scale during the period considered here, and Table 77 contains all the data found. [ ]

Jan 1, 1942

By Thomas R. Stauffer

The principle that conventional schemes for taxing petroleum or mineral resources are "inefficient" is illustrated using simulation calculations tested against an "ideal" system. Inefficiency is defined as the relative success in maximizing expected government revenues from the resources. Most systems fail because: 1) they leave oil in limbo, i.e. unproduced because of excessive fiscal burden; or 2) they unnecessarily increase the variance in the explorationist'c, rate of return by undertaxing large fields and overtaxing smaller but infra-marginal fields. This increases his discount rate and reduces taxable surplus. An "ideal" tax system is specified which maximizes government revenues while minimizing risk to the operator. Two criteria are developed: 1) the tax falls to zero on fields which yield only the minimum necessary rate of return ("marginal" fields); and 2) the after-tax present value of all fields is the same for all fields above a threshhold size. In particular, marginal fields, while contrib- uting little to expected values, do contribute to reducing variance and hence risk praemia by distributing the exploration costs over a higher probability of successful outcomes.

Jan 1, 1982

Discussion of the paper of EDWARD G. NORTON, presented at the New York meeting, February, 1915, and printed in Bulletin No. 97, January, 1915, pp. 93 to 102. G. D. HARRIS, Ithaca, N. Y. (communication to the Secretary *).¬Since I have on several occasions1 expressed at length my general views on this interesting subject, it seems fitting that I endeavor here to comment as briefly as possible on a few points suggested by the paper. Doubtless you all know of the rather extensive publications of Lachmann on mid-European salines and his scarcely successful, attempt to make the phenomena presented by our domes fit. into his "Exzeme" theory based on studies of European phenomena. This paper is a most welcome indication that scientific America is very much alive to the difficulties that have been encountered in attempts already made to explain the origin of the salt domes in the lower Mississippi embayment region. Praiseworthy, too, is the attempt to explain these phenomena by agencies still in operation. I may, perhaps, be permitted to state here that a former student of mine, and co-worker in Louisiana, A. C. Veatch, is now interested in the Algerian region, where it would seem similar dome-phenomena are to be found, and hopes may well

Jan 5, 1915