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By R. S. Cartwright

TWO types of automatic drilling controls, the Halliburton and the Hild, are now available and are coming into more or less general use in deep drilling. The primary function of both is to maintain a safe limit of torque on the drill pipe, this being accomplished by automatically controlling the weight or pressure on the cutting tool. Neither type will necessarily increase drilling speed, but by permitting advantage to be taken of "breaks" in the hole higher average cutting speed may be maintained. The control is essentially a safety device, and should be considered as such. It is not the purpose of this paper to discuss the merits of drilling controls, although the advantages over manual feed at the brake drum are obvious, but rather to point out some of the limitations. The Halliburton Control The Halliburton control is designed to operate during drilling through the agency of the draw works. Automatic and constant control of the torque on the bit is governed by clutches on the control itself, and the line shaft to drum shaft drives on the draw works. In operations other than drilling the control is simply a jackshaft between prime mover and draw works. It is, of course, adaptable to any type of power. Because control of the torque on the bit is dependent on the various ratios or clutch combinations available on the Halliburton control and the draw works, it follows that there are certain limitations in points of control. Table 1 shows the possible ratios which can be obtained with the control and a popular type of three-speed draw works, it being assumed that the highest possible gear combination—the combination which when engaged will suspend the least amount of weight—has a value of 1.00. According to the table there are "blind spots" in the series. This is true particularly among the lowest ratios, which are most used to suspend the major part of the weight when great depths are reached. It will be noted that there is a difference of nearly three units in the value of the

Jan 1, 1929

During the presentation of the papers, questions were deferred until after the last paper in the afternoon. At that time, the authors and co-chairmen formed a panel for discussion of any pertinent questions. The panel was as follows: Carl Gerity - Ozark Lead Company – Chairman Mike Young - Master Mechanic - Ozark Lead Company Largo Albert - Maintenance Specialist (hoisting) Mines Maintenance Dept. - International Nickel Company, with assistance from Co-author Alan Cameron - International Nickel Company Gary Beerkircher - Product Manager - Rexnord Inc., Nordberg Machinery Group Richard Schaal - Director of Maintenance - Superior Division, Magma Copper Company Rich Hodgson - Assistant Production Superintendent - FMC Corporation The remarks have been edited by the panelists for readability, the basic ideas were not changed. Additional thoughts by the panelists submitted at the time of their revision are indicated by ***.

Jan 1, 1975

By W. C. McBee, B. W. Jong, T. A. Sullivan

A sulfur concrete technology has been developed by the US Bureau of Mines, where chemically modified sulfur is used with suitable mineral aggregates to produce construction materials that are resistant to corrosion by acids and salts. This report presents a summary of the basic technology and results of testing the materials under actual operating conditions in 50 corrosive environments in 40 commercial plants. After four years of testing, there was essentially no evidence of material degradation or loss of strength. Regular concrete materials were attacked and, in some cases, completely destroyed under the same conditions. Testing is continuing to establish ultimate longevity and durability of the sulfur concretes. The materials are finding widespread applications in metallurgical, chemical, and fertilizer processing plants.

Jan 1, 1986

By C. D. Locker

COMMON salt is mentioned in the most ancient writings as an impor-tant article of diet. It is fairly certain that it was used by men and animals long before the dawn of civilization. Its presence in natural springs has often been the determining factor in colonization; wars have been fought for possession of salt deposits; trade routes have been estab-lished expressly for the purpose of traffic in salt. Naturally this led men into adventures and discoveries that altered history and advanced civilization. In the early days the uses for salt were few and the methods of manu-facture were crude and the purity low when compared to salt of the pres-ent day. Then the salt came largely from springs, shallow wells or the ocean, while today deep wells must be drilled to the natural brines or beds of rock -salt and spacious shafts sunk so that the ancient deposits may be made to yield their supply of stored mineral.

Jan 1, 1936

By G. Koves

The behavior of case-hardened AISI C-1213 free -machining steel under complex impact-fatigue -wear load conditions was investigated. The inherently poor dynamic properties of the steel are mainly affected by the stress distribution in the case, component shape, and tempering. Cold-riveted components showed unexpectedly high dynamic strength compared to basic parts. A compromise beatment—which provides good dynamic properties, reasonable wear resistance, and fair riveting characteristics—zuas developed. A number of mechanical components in data-processing machines are made of free-machining carbon steel. Although, selected primarily due to manufacturing requirements, components made of these grades frequently undergo complex heat treatment and must sustain impact-fatigue loads. A typical free-machining steel is the AISI C-1213 grade, which is a resulfurized and rephosphorized open-hearth steel. While the undesirable effects of sulfur and phosphorus on the mechanical properties are well-known, data on dynamic properties are scarce.1"3 Rapid rotating or oscillating motion while carry- ing a high cyclic load requires a combination of wear resistance with high endurance limit and impact toughness. The inherently poor dynamic properties of the free-machining steel are further degraded by the machining, which introduces local stress-concentration areas. While the heat treatment (usually case hardening) improves some mechanical properties, it necessarily impairs others. Another problem arises when components, such as studs, must be fastened by riveting. The high crack-sensitivity of the free-machining steel, especially in the presence of a hardened case, makes this operation difficult. In view of the preceding considerations, it is of interest to investigate the behavior of a typical component under complex impact-fatigue-wear loading conditions in order to explore the effects of material, machining, and heat treatment, to obtain specific data on the dynamic characteristics of free-machining steel, and to arrive at a process which would adequately utilize the inherent qualities of this material. EXPERIMENTAL PROCEDURE To simulate actual service conditions, a typical component was selected, based on frequency of application, complexity of load, and processing difficulties. The dimensions and shape of the component—a stud used in many electromechanical document-handling machines—are shown in Fig. 1.

Jan 1, 1964

By R. H. Frazier, C. H. Lorig, F. W. Boulger

This investigation establishes the effect of ferrite grain size resulting from various heat treatments on the transition temperature of a semikilled steel plate. Different austenitizing temperatures and various cooling rates were used. The ductile-brittle transition temperatures were determined by the Navy tear test and the keyhole Charpy test. THE data presented in this paper deal with quality characteristics of ship-plate material which were investigated in a research project sponsored at Battelle by the Bureau of Ships, Dept. of the Navy. Specifically, the object of this investigation was to establish the effect of ferritic grain size (resulting from various heat treatments) on the so-called transition temperature of ship-plate steel. Transition temperature is not a fixed property of steel. It is derived from a series of static or dynamic tests made at various temperatures and is qualified by specifying the type of test employed as well as the testing criteria. Because in earlier investigations of ship-plate quality1,2 the so-called Navy tear test and standard notched-bar tests (keyhole Charpy) proved to be useful in interpreting instances of brittle behavior of ship plate in service, these tests were used in the investigation reported in this paper. By definition,' in the Navy tear tests the highest temperature at which one or more of four specimens breaks with a brittle fracture (that is, when less than 50 pct of the fracture area has a dull fibrous texture) is termed "transition" temperature. In the Charpy tests, the 12 ft-lb level of energy absorption was used as a criterion indicating the "transition" temperature, although other levels of energy absorption were also used for comparison. Earlier work" on ship-plate steels indicated that the temperature at which ship plate is finished has a very significant effect on its notched-bar properties. Plates rolled in the laboratory, where the finishing temperature can be carefully controlled, showed a 16°F decrease in tear test transition temperature when the finishing temperature was lowered 200°F (from X" to Y°F). The same plates showed a drop of 10°F in the keyhole Charpy transition temperature from the same decrease in finishing temperature. Commercially finished plates' exhibit a similar trend. When the ferrite grain size of the hot-rolled laboratory plates was determined, a close relationship was found between the ferrite grain size and the notched-bar transition temperature." " he indicated relationship between grain size and transition temperature was in agreement with the findings on low carbon steels of Hodge, Manning, and Reichhold' despite the differences in composition of the steels. The cooling rate after rolling varies from one steel plant to another. This variation changes the micro-structure" and appears very likely to affect the notched-bar properties of the steel plates. In the investigation summarized in the present paper, heat treatments simulating finishing practices in the hot rolling of ship plate were used in order to vary the ferritic grain size. It is believed that the indicated relationship between grain size and transition temperatures of the ship-plate material will prove useful in estimating the effect of rolling temperature and of cooling rates from rolling temperatures on the notched-bar properties of semikilled steel plate. Material The semikilled steel plate used in this investigation was a ¾ in. hot-rolled plate from an open hearth heat. Other plates from this heat have been used on many other studies performed for the Ship Structure Committee," "," and the heat has been identified as project steel "A". The chemical composition of the plate1 was 0.25 pct C, 0.49 pct Mn, 0.011 pct P, 0.045 pct S, 0.04 pct Si, and 0.004 pct N.

Jan 1, 1956

By J. M. Schopt

COAL petrology is the study of the lithologic composition and texture of coal and includes megascopic as well as microscopic differentiation. Coal petrography is a quantitative study, principally (but not exclusively) microscopical in nature. The distinction between coal petrologic and coal petro-graphic studies usually is not important, but it is important to recognize that these studies differ materially from other types of petrology that deal primarily with minerals. The petrologic entities* of coal are less clearly distinguished than most minerals and the basis of distinction is not always clearly expressed. The relation of coal petrology to geologic, mining, and technologic problems is most evident when results of coal petrologic studies can be stated quantitatively. The chemical and physical composition of coal and the determination of its quality and properties are continuing problems. The source of these problems lies in the heterogeneity of coal and in its almost complete insolubility in ordinary solvents at normal temperatures. The empirical and comparative character of standard chemical coal analytic values is one of the consequences resulting from heterogeneity and insolubility of coal. Nevertheless, these coal analytic methods are highly technical and diversified. Coal petrol.ogy employs a group of similar analytical methods which provide information about coal that the other methods cannot supply. The heterogeneity of coal is most clearly demonstrated by means of petrologic studies. The properties utilized in coal petrologic studies are related to texture (size, form, and association), hardness, light reflectance, and light absorption and transmission (color). Size relations are most evident but are commonly overlooked. Coal is classed chemically as a mixture, and chemical analyses thus show the composition of the sample as a whole. Geologically coal is an organic clastic deposit, derived from diverse plant fragments and particles having a size range comparable to that of a conglomerate or breccia. The mixture of different materials that compose coal, large and small, can be realized only by microscopic study. This is because the fundamental cellular units of plants, from which coal is formed, are microscopic in size. The kinds of altered plant particles and fragments in coal have specific differences in hardness, reflectance, and color that signify differences in composition. These differences must be taken into account in evaluating the aggregate properties of coal. Terminology and Texture Full discussion of terms applied by various petro-logists in analysis of coal is beyond the scope of this article. For convenience the simpler types of petrologic entities that are defined without reference to lithologic occurrence or texture will be called coal components. Fig. 1 lists reactive and relatively inert

Jan 1, 1957

By Feridun A. Albayrak

Jan 1, 1985

FREQUENTLY the careful engineer puts the word porphyry in quotation marks or precedes it with "so-called," when he writes of the Porphyry Copper mines. This is done by way of serving notice that he is aware that the term is not a precise one, though no one who is informed on the subject would in any event misinterpret it. The name originated from the fact that the rock containing the copper at Utah Copper, Morenci, Nevada Consolidated, and Braden-the first four to be developed-was in each instance known as porphyry. The term was convenient; and when Ray, Miami, and inspiration came along they fell into the Porphyry category even though the ore consisted essentially of a rock called schist instead of porphyry. The word is not inclusive enough; nor as a matter of fact is it sufficiently exclusive. Numerous copper deposits occur in porphyry rocks that are not Porphyry Coppers, paradoxical as it may seem. Desiring to be more accurate and at the same time to use a word that is in some degree descriptive, various engineers have adopted the expression "disseminated copper deposits." This alludes to the characteristic scattering of grains or specks of copper minerals more or less uniformly throughout the mass of the rock. Yet here again the implication is not entirely accurate, for the following reason: in some of the ores, the proportion of copper minerals "peppered" in the rock is small, compared with that which coats the walls of cracks and minute fissures; and that which is found as veinlets along planes of fracture. Many geologists have extended their interpretation of the term disseminated to include both types of mineral occurrence. One of the most striking features of the Porphyry ores is the intense shattering and fracturing that the rock underwent at some period or periods prior to the deposition of the copper

Jan 1, 1933

By J. H. Jackson, R. B. Fischer

VERY little is known about the properties of relatively pure refractory metals in the cast state since these metals are customarily made by powder-metallurgy methods. Recently, the development of the vacuum arc-melting furnace has made possible the study of large, sound ingots of cast molybdenum. The ductility of molybdenum, at room temperature, may vary considerably. Often the brittle state depreciates the utility of molybdenum, even for the material prepared by powder-metallurgy techniques. At the outset of this program, it was felt that if the causes of brittleness were to be determined it might be possible to reduce the difficulties met in the working of molybdenum. Also, the problem of producing strong, fusion weldrnents of molybdenum might be solved. The conditions required to produce ductile molybdenum by the powder-metallurgy technique are reasonably well known. A fibrous or elongated-grain structure has good ductility although this property is probably directional. The equiaxed structure obtained in fully recrystallized molybdenum has been considered to be brittle. The reasons for this behavior of molybdenum have not been established. The preparation of cast molybdenum ingots by the vacuum-arc method was described by Parke and Ham.' By this method, ingots weighing up to 250 Ib were produced." Parke and Ham1 found that molybdenum ingots containing more than approximately 0.0025 pct oxygen could not be hot forged. On the other hand, they found that fully deoxidized cast molybdenum, containing up to 0.06 pct carbon, could be hot forged. However, the as-cast ingots containing either carbon or oxygen were brittle at room temperature. Parke and Ham,1 Woodside,3 and Zapffe, Landgraf, and Worden4 noted the inter-granular precipitation of oxide or carbide in cast molybdenum. This study—part of an extensive program on mo-lybdenum—had the following objectives: (1) To investigate the causes for the brittleness of cast molybdenum at room temperature, (2) to investigate the means for improving the ductility of cast molybdenum at room temperature, and (3) to add to the knowledge of cast molybdenum and of cast metals in general.

Jan 1, 1951

By D. L. Wood

INTERNAL oxidation' is a process in which oxy-gen, diffused into a suitable alloy, causes precipitation of solute oxide particles as the oxidation front moves inward. During an investigation of internal oxidation now in progress it was observed that the grain size is relatively small in thin strip specimens that have been internally oxidized in the as-rolled condition. This may be due to the restraint of grain growth by the precipitated oxide particles. It was observed also that the grain size in unoxi-dized portions of partially oxidized specimens was

Jan 1, 1958

By E. C. Dominguez, H. B. Scharf

The Sparrows Point plant of Bethlehem Steel Co., southeast of Baltimore, is the largest Bethlehem plant, with an annual rated capacity of 6.2 million ingot tons. There is considerable diversity of product, but a high percentage is sheet, tin plate, galvanized sheets, and rod and wire. The large amount of light-weight end product requires a number of pickling installations that necessarily consume large quantities of sulfuric acid. In the coking operations sulfuric acid is also consumed in recovery of ammonia as ammonium sulfate and in treatment of recovered light oil derivatives. Total sulfuric acid consumption in the plant is currently approaching 10,000 tons per month, of which 55 to 60 pct is required for pickling. In 1951 the acute sulfur shortage caused grave concern as to future sulfuric acid supply for the Sparrows Point plant. Raw materials for acid making were already at hand in the form of hydrogen sulfide and pyrites sufficient to produce nearly half the sulfuric acid required at that time. It was also known that the Bethlehem mining activities would produce additional pyrites in the future. Late in 1951 Bethlehem management decided to build a 250-ton sulfuric acid plant at Sparrows Point to utilize these raw materials. The plant was built and put in operation in May 1953. The steel plant has expanded considerably since 1951, and it is now necessary to operate the acid plant far over rated capacity in order to supply plant demand. Production of acid in 1954 amounted to 93,000 tons.

May 1, 1956

By R. J. Brison, R. D. MacDonald

This chapter is written primarily from the standpoint of development of flotation processes for treatment of specific ores. However, most of the principles and techniques discussed are equally applicable to other forms of applied flotation research such as improvement of procedures in existing plants and development of new reagents or methods without reference to specific ores. Because it is not possible to cover this subject in detail here, much of the material presented is in the form of a guide to the literature, with emphasis on readily available, English language publications. Details are included only if considered to be widely applicable or not readily accessible in the literature. Related subjects which are covered elsewhere in this volume, such as flowsheet design and statistical techniques, are not emphasized in this chapter. The material presented is intended primarily for those familiar with the theory and practice of flotation, but with limited experience in applied flotation research. It may be of value to the experienced investigator as well, by calling to his attention some useful viewpoints or techniques that he may have overlooked. It has often been said that flotation is more of an art than a science. In- deed much of the knowledge of flotation behavior is empirical. However, the unsystematic, artisan approach to flotation problems results only in an ac- cumulation of unrelated data. Like any other physical or chemical process, flotation is amenable to investigation by systematic experimental methods. The experiments should be based, as far as possible, on an understanding of the natural laws that govern the process and on good experimental procedures. SAMPLING OF A DEPOSIT In working out a flotation process for a mineral deposit, no step is more important than that of obtaining a suitable sample or samples. Experimental procedures cannot compensate for the lack of a representative sample. Methods of sampling a deposit have been published elsewhere,l-4 but a few points are of special importance from the standpoint of flotation. First, the sample should be representative of the deposit, not only in respect to chemical composition, but also in respect to mineralogical composition and degree of dissemination of the valuable minerals. To help ensure

Jan 1, 1962

By Neil H. Cole

Cost and price inflation and financial gearing through loans are characteristic of modern resources projects. Conventional discounted cash flow and 1P.R analyses, in real terms, and without financing, have inadequacies which can yield misleading results. The degree of improvement in value for project equity owners is limited to the value of the additional tax benefit accorded through the financing instrument used. Debt financing may be low in price and value, but its priority means that the equity owners assume a higher risk, thereby increasing the cost, or price, of their capital. The cost of equity capital, or investment hurdle rate, is related to the Capital Asset Pricing Model. Distortions do occur, with inflation, due to depreciation effects, which can cause the adoption of misleading project rate of return or hurdle rate criteria. For investment decisions, the greatest accuracy possible in forecasting is essential, especially for inflation rates,

Jan 1, 1985

TO THE BOARD OF DIRECTORS AND MEMBERS Of THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS GENTLEMEN Submitted herewith are the reports of the Treasurer for the year 1947 and the reports of the following standing committees Membership, Admissions, Papers and Publications, MINING AND METALLURGY (Magazine), and Library 75th Anniversary Celebration The founding of the Institute at Wilkes-Barre, Pa, in 1871, vas appropriately commemorated by a three-day Celebration, March 17, 18 and 19, 1947, at The Waldorf-Astoria, in New York City The Celebration had been scheduled for the preceding September but had been postponed, perforce, because of conflict with meetings of the Assembly of the United Nations The Celebration immediately preceded the Annual Meeting which was deferred from the usual February dates The proceedings took the form of a "World Conference on Mineral Resources " More than three thousand people, including eight hundred ladies, participated in the proceedings in one way or another Twenty-eight foreign countries were represented, some of them by five or six individual delegates Likewise, official representatives were designated by fifty institutions of higher learning in the United States A special 820-page Anniversary Volume entitled "Seventy-five Years. of Progress in the Mineral Industry,".(which

Jan 1, 1952

By E. O. Jones, E. Whitehead

During the heating of cold-worked nickel silver, the tendcncy of the material to crack is well known. The present research deals with this question, and may conveniently be divided into the following sections: Changes in these alloys during heating and cooling, determination of the temperature at which cracking occurs, effect of grain size, quenching cracks, methods of overcoming annealing cracking. The work is far from complete, in particular the influence of impurities on this tendency has not been investigated, but the results so far obtained lead to certain definite conclusions, which are of theoretical and practical importance. Changes in Alloys During Heating and Cooling During the annealing of many metals at a temperature just below that at which recrystallization sets in, there is evidence of some change, the effect of which is to harden and embrittle the material. This effect has been most clearly demonstrated in the cases of aluminum, copper, brass, and nickel silver, and appears to be a common property of cold-worked metals and alloys, or, at any rate, the non-ferrous ones. The effect would obviously offer an explanation for certain types of annealing cracking, but the trouble is so much more common in the nickel silvers than in the other alloys that some special cause should be looked for. There is, however, fairly good reason for believing that similar cracking may occur in some of the brasses; D. Bunting1 suggests that the a brasses toward the saturation limit are subject to a transformation closely allied in nature to that known to occur in the nickel silvers at around 320" C. Although the existence of this critical temperature range was known, it did not necessarily follow that this transformation was responsible for the trouble under investigation, so the first portion of this paper deals with the attempts made to determine whether other critical changes might not occur in these alloys. There were already reasons for the belief that such would prove to be the case, as the mechanical properties of the nickel

Jan 1, 1926

By Robert Glass Cleland

Jan 1, 1952

By G. H. Enzian

THE effects of phosphorus and nitrogen on the properties and behavior of low carbon steels are important considerations to both the manufacturer and the user of such material. For one thing, these two elements are the principal points of distinction between the chemical compositions of Bessemer and open-hearth grades. Further, open-hearth steels themselves may vary considerably in nitrogen content depending on the raw materials and ..practice used. In addition, appreciable amounts of rephosphorized open-hearth steels are being used at the present time in some low alloy, high strength grades and in certain other cases. For these and other reasons, it was felt desirable to obtain more complete knowledge of the effects of simultaneous small variations in phosphorus and nitrogen content on such properties of low carbon steel as tensile strength, impact toughness, sensitivity to cold work, and strain aging. A long range investigational program designed to furnish such information, was carried out, and the present paper summarizes some of the data currently obtained. General Discussion The strengthening effect of relatively small amounts of phosphorus in steel has been recognized, and to some extent utilized, for many years. A number of investigators have pointed out, from time to time, that under proper conditions of control, phosphorus can be a useful alloying element in low carbon steels.1-3 Nevertheless, in spite of the volume of data on the subject, the use of phosphorus for this purpose has always been handicapped by widespread feeling that its presence makes the steel brittle, difficult to cold work, and unreliable at low temperatures. This belief on the part of some steel users is not entirely justified in many cases, and often stems from early experience with acid Bessemer steels which have appreciably higher phosphorus (and nitrogen) contents than basic open-hearth grades. Nitrogen in steel, and its effect on properties, has also received considerable attention in the literature.4 In 1906, Braune5 ascribed the brittleness of Bessemer rails to the nitrogen content, and proposed a schedule of nitrogen limits for steels for various uses. This was one of the first papers to recommend directly the use of nitrogen content as a quality control measure, but it did not meet with much favor or support; as a matter of fact, the Jernkon-toret was rather sharply criticized for publishing the paper. In the intervening years a number of papers have been published on the subject of nitrogen in steel. As a result, it is now generally recognized that nitrogen can have an important effect on the properties and behavior of steel and that the presence of this element should be considered in any systematic study of factors affecting steel quality. In 1932, Graham6 introduced the concept that the quality of various steels could conveniently be evaluated and compared in terms of "sensitivity", which was defined as "the characteristic reaction rate of a piece of steel toward brittleness or hardness." This concept formed the basis for a broad research program into factors causing variations in the quality of commercial steels. At an early stage of this work, it became apparent that the observed effect of either phosphorus or nitrogen on the sensitivity of steel depended, in no small measure, on how much of the other of these two elements was also present. Indeed, the combined effect of phosphorus and nitrogen in steel may often be more important than the specific effect of either. With a few exceptions, it is not possible to predict accurately the effect on steel properties of a change in the amount of either phosphorus or nitrogen in the steel without also specifying the approximate amount of the other element. It seems desirable, at this point, to discuss briefly the distinction between strain-sensitivity and strain aging as used in this paper. In the early stages of its development, the work-brittleness test7 (which will be described in more detail later) was used

Jan 1, 1951

By Robert Mehl

METALLURGISTS are properly interested in papers dealing with subjects ranging from the theories of the metallic state to very practical details on the use of metals. A review of theoretical metallurgy naturally excludes papers concerned with the usefulness of metals and limits itself to those concerned purely with the science of metals. Even in this more limited field the reviewer is confronted with thousands of papers dealing with facts and theories of metallic behavior, from which he can select only a few hundred. The selection is necessarily highly arbitrary. Certain classes of papers definitely fall within the scope of this review. Thus, papers on the deformation of metals, on the structure of alloys, on recrystallization, to select only a few, are fully represented. Other subjects, which verge on what is generally accepted as the science of metals, such as the magnetic properties of metals, the less familiar electrical properties and theories, adsorption of gases by metal surfaces, and the like, are treated scantily. Particular attention is given to reviews of subjects that fall with in the groups chosen; in a summary such as this, which is largely in the nature of a progress report, capably written reviews are of importance, particularly since the monograph and text book literature is so meager in this field.

Jan 1, 1935

Discussion of the paper of James R. Finlay, presented at the New York meeting, February, 1912, and printed in Bulletin No. 75, March, 1913, pp. 487 to .503. CHAIRMAN JOHN BIRKINBINE :-Having been invited to preside at this session, the Chairman feels that the part he takes in discussions should be limited, although the subject presented is one of much interest to him and there are diverse viewpoints concerning methods of valuing expectancies from what may be considered " ore in sight," a term itself subject to various definitions. Estimates of quantities upon which valuations are made may differ without subjecting the estimators to criticism of unfairness if made by a prospective purchaser or by a seller, or if they are used as the basis for taxation. The hopes of the seller may influence a liberal allowance for estimated reserves, while the expectancies of a willing purchaser are less optimistic, and the tax assessor is expected to limit his consideration to the producing capacity of a mine, with possibly modest allowance for reserves. The knowledge that a property contains or yields mineral or the expectancy that it may be a producer of value adds to the estimate placed upon it by any of the above classes, and a just determination of this value is often a complex problem.

Jan 5, 1913