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By R. W. Raymond

Edward Cooper was born in New York City, Oct. 26, 1824. His father, Peter Cooper, to say nothing of manifold reasoils for fame as an inventor and philanthropist, deserves to be remembered as a pioneer in the establishment .of public schools ; and it is not surprising that. he sent his son to one of the democratic institutions in which he was himself so ardently interested. From the public school Edward Cooper went to Columbia College, where he made the acquaintance of Abram S. Hewitt, who was first his tutor, afterwards his traveling companion, brother-in-law, business partner and life-long friend.' For twenty years I was the consulting engineer of the firm of Cooper & Hewitt, and also connected with the work of the Cooper Union, in which they were both deeply interested and faithfully active. On the basis of the intimate knowledge thus gained, I venture an estimate of Edward Cooper's character and career which, if not fully comprehensive, may facilitate a juster estimate than would be reached by the student of those data which the modesty of the man permitted to be placed upon public record.

Jan 1, 1907

By Elmer W. Pehrson

NINETEEN FORTY-SIX was an eventful year for the mineral industries. Perhaps the most significant development was the socialization of industry in Great Britain, initiated in 1945 but carried to fruition in the coal industry in 1946. On Jan. 1, 1947, management of the coal industry will be vested in a National Coal Board, responsible to the Ministry of Fuel and Power. A sum of £164,660,000 has been provided to compensate private owners for assets transferred to the Board. The British coal industry has been a problem for many years. Production has declined to a point where serious shortages of fuel for domestic needs have developed. Exports have dwindled to a small fraction of the previous trade. Costs have increased greatly, and quality has deteriorated. The industry's physical plant has not kept pace with the rapidly mounting wage scales in recent years. Some claim that the best and most accessible coal reserves of Britain are heavily depleted. The industry has been harassed by difficult labor problems, including bad morale among the workers and a shrinking labor force.

Jan 1, 1947

Meeting of Mar. 26, 1915.-The following Committee on Nominations was appointed: Fred W. Bradley, Chairman; James F. Kemp, Past President; Frank M. Smith, Chairman Montana Section; R. C. Gemmell, Chairman Utah Section; Frank A. Ross, Chairman Columbia Section; Louis S. Cates, Arthur Thacher. The Committee on Precious and Base Metals and the Committee on . Coal and Coke were appointed, the personnel of which is shown in another part of this Bulletin. The President was authorized to appoint a Committee on Welfare with J. Parke Channing as Chairman. W. P. Cutter, Librarian of the United Engineering Societies' Library, was appointed a representative of the Institute on-the Committee oh Classification of Engineering Knowledge to co-operate with similar committees of other engineering societies. A vote of thanks was extended-to Edward B. Sturgis for his excellent work in arranging for the Annual Dinner. in February, of this year. The suns of $57.30 was appropriated to the New' York Section. It was resolved that in response to the courteous invitation from 36 members of the Institute in Arizona and the neighborhood, the 1916 summer meeting of the Institute be held in Arizona.

Jan 5, 1915

By R. H. Lynn, T. C. Craig

During the year 1933, in the Texas Panhandle, 113 oil wells were completed, adding 33,337 bbl. to the daily potential of the field. The field potential on Jan. 1, 1933, as determined by the Texas Railroad Commission, was 149,260 bbl., with a daily allowable production of 41,000 bbl. The potential was raised gradually, until on July 16, 1933, it reached 155,344 bbl. with a daily allowable of 55,000 bbl. This potential and allowable was maintained over a period from July 16, 1933, to Sept. 8, 1933, when the potential was reduced to 136,893, with a daily allowable of 43,727 bbl. Since Sept. 8, 1933, there has been a gradual increase, until on Jan. 1, 1934, the field potential reached 159,740 bbl. with a daily allowable of 42,000 bbl. Of this amount 26,429 bbl. arc "marginal oil" and 2682 bbl. are exempt on account of water. Deepening of Wells During the year 64 wells were deepened, increasing their total oil production 9631 bbl. per day. Of this amount the Gray County granite wash contributed 9256 bbl. from 57 wells. It has been found in many places that the granite wash carries an additional oil pay from 50 to 75 ft. below sea level. The majority of the wells that were .drilled during the early development in Gray County encountered their oil above sea level. When the wells producing from the upper horizon have become unprofit-

Jan 1, 1934

By Wilhelm Borchers

In all special branches of the chemical and metallurgical industries, in which large electric furnaces became necessary for carrying out new processes or for the improvement of old ones, the development of the electric furnaces took place on much the same lines. The endeavors to make a success of a new idea brought forth many ingenious designs, which, however, almost without exception, furnished the proof that the safest and shortest way to practical success is the utmost simplicity of construction of the necessary apparatus. Our knowledge of the qualities of materials for building electric furnaces and of the constituents of the furnace-charges, especially their electric conductivity and their chemical affinity towards one another at high temperatures, is still far from being complete, and from this fact we must conclude that the smaller the number of elements in the construction of a furnace, the fewer the number of unreliable factors both in the construction and in the operation of the electric furnace. This conclusion deserves special attention when an electric furnace for making steel has to be chosen from the constantly-growing number of inventions, inasmuch as the chief constituent of steel, the element iron, is a substance which in its liquid phase has so great an affinity for those elemen'ts which are to be removed from the charge, that it is very difficult to comply with the following conditions: 1, to heat the refining-slag to the highest point of its chemical activity ; 2, to prevent the iron from entering the slag, or, where this cannot be done, to make it enter so that it finally appears in the end-product

Jan 1, 1911

By C. G. Rhodes, D. Kramer

The kinetics of precipitation of transient a phase during the transformation in U-16 wt pct Mo between 400° and 550°C were studied using quantitative metallography and electrica1 resistiuity measurements. The volume percent of a phase goes through a maximum in time, corresponding to a critical degree of progress of y' formation. prior to its re-solution after prolonged annealing. The fastest rate of a precipitation oc-cuvs at 500°C with a concomittant lowest peak of 9.5 vol pct a. At 450°C, 14 vol pct a, greatest fov any temperature, was observed after 24 hr witlz an associated slowest rate of formation. a precipitation at 400°C ceases after approximately 160 hr and the amount of a present remains unchanged after long times at temperature; no y' was observed metallographically at this temperature. IN the U-Mo system at 16 wt pct Mo, an ordering reaction takes place below 600°C, see Fig. 1, whereupon the random bcc solid solution, y, transforms to the ordered bct phase, y'."2 The new unit cell is constructed of three old unit cells somewhat distorted. While attempting to study the kinetics of this transformation it was observed that an unexpected phase was precipitating out early during the transformation anneal reaching appreciable amounts before disappearing after long times. The y' appeared in the presence of this new phase and after long times constituted the whole sample. Owing to the high optical activity of this unexpected phase under polarized light, it was suspected to be the a phase. Subsequent X-ray powder pictures confirmed this belief. The kinetics of a phase formation and disappearance is the subject of this paper. EXPERIMENTAL PROCEDURE A) Alloy Preparation. Alloys for this study were prepared by vacuum induction melting normal reactor grade uranium and 99.5 wt pct Mo pellets in thoria crucibles. Two ingots were prepared, and sections of the top and bottom of each ingot were chemically analyzed for uranium and molybdenum content. The results of the analyses appear in Table I. B) Metallography. Samples of 16M were wrapped in tantalum foil, sealed in evacuated (5 X 10"6 mm of Hg) quartz capisules, and annealed at 1110"C prior to being transferred directly to the transformation temperature. They were examined metallographically after increasing times to determine the progress of the transformation at 400°, 450°, 500°, and 550°C. The samples were prepared for metallographic examination by mechanical polishing with diamond paste and electrolytic polishing with a solution of glacial acetic acid and chromic acid. Since the y' phase is tetragonal, its presence can be detected by viewing the sample in polarized light. To increase the contrast between y' plates, the samples were electro-etched in a 10 pct oxalic acid solution. To reveal a phase in bright field (it can be seen in polarized light in the "as-polished" state), the samples were electro-etched in a solution of citric acid and nitric acid. To determine the vol pct a phase, a variation of the one dimensional systematic point count method as described by Hilliard and cahn3 was used. The

Jan 1, 1962

By Donald A. Brobst

The minerals barite (BaSO4-barium sulfate) and witherite (BaCO3-barium carbonate) are the chief commercial sources of the element barium and its compounds whose many uses are nearly hidden among the technical complexities of modern industrial processes and products. Barite, the major ore mineral, is extremely vital to the petroleum industry which in 1980 consumed at least 90% of the world's production of 8.8 million tons as a major ingredient of the heavy fluid, called mud, that is circulated in rotary drilling of oil and gas wells. The remaining 10% of the barite production was consumed chiefly in the manufacture of barium chemicals and glass and as a pigment, filler, and extender. Barite occurs throughout much of the world and is available from three major geologic types of deposits-vein and cavity filling, residual, and bedded-in sufficient quantity at competitive prices to meet current demands. The world's demand for barite is expected to increase, and geologic circumstances are favorable for the discovery of new deposits of commercial value. Witherite is much less common and abundant than barite, although it is more desirable in many ways as a raw material for the production of barium chemicals. The United States has not produced witherite since about 1950; England is currently the chief producer of witherite. End Uses Most of the world's barite production since 1926 has been used as a weighting agent for the muds circulated in rotary drilling of oil and gas wells. The muds fundamentally are mixtures of water, clay, and barite in different proportions that vary according to local reservoir conditions. Muds with a specific gravity as great as 2.5 are used. The mud is pumped down the hollow drill stem, passes through the bit at the bottom of the hole, and rises to the surface in the space between the drill stem and the wall of the hole. In the course of this circulation the drill bit is cooled, cuttings are removed, the drill stem is lubricated, the walls of the hole are sealed, and the hydrostatic head of the column of weighted fluid helps to confine high oil and gas pressures. The latter feature aids in prevention of gushers, thus reducing both environmental pollution and waste of oil and gas resources as well as conserving the natural reservoir pressure for greater production and rate of recovery of the products contained in the rocks. Barite is particularly well suited for drilling mud because it is clean, easy to handle, soft (nonabrasive), heavy, virtually inert chemically, and relatively inexpensive compared to many other available heavy materials. Barite is used in the manufacture of glass in continuous tanks. The addition of barite homogenizes the melt and gives greater brilliance and clarity to the finished glass. Ground barite, both unbleached and bleached by sulfuric acid, is a common industrial filler, extender, and weighting agent. The rubber industry is a major consumer of barite as a filler. Barite also is added to bristolboard, heavy printing paper, playing cards, rope finishes, brake linings, clutch facings, plastics, and linoleum, to name but a few uses. Bleached barite has long been an extender in white lead paint because of its weight. The low index of refraction of barite, however, makes its ability to cover marks poorer than some other substances, but its low capacity for absorption of oil is a good feature. Off-color or unbleached barite can be used as a filler in colored paints. In the construction industry, some lump barite is used in concrete aggregate to weigh down pipelines buried in marshy areas and to shield nuclear reactors. Because barite absorbs gamma radiation well, its use reduces the amount of expensive lead shielding otherwise

Jan 1, 1983

By L. W. McKeehan

THE occurrence of twins in large ferrite crystals, made by a new process, was reported in a recent note. This paper describes a typical case of such twinning and suggests, on the basis of the observed facts, why smooth slip-planes are rarely observed in this metal. METHOD OF PREPARATION The material In which the crystals here dealt with were grown was made from 1/8 -in. Armco iron welding rod containing C, 0.04; S, 0.037; P, 0.003; Si, 0.008, and Mn, 0.02 per cent. This rod was cold drawn into wire about 1 mm. dia. A piece of this wire was supported vertically and was locally heated in hydrogen at atmospheric pressure to about 1400° C. by an alternating current (60 cycles per sec.) of about 35 amp., passed through it between a pair of travelling contacts about 8 cm. apart. The rate of travel for the case in hand was 12 cm. per hr. After some 30 cm. of the length of the wire had been heated and cooled in this manner the whole wire was immersed for a few seconds in dilute nitric acid, not restrained by alcohol. Etching was continued until, as nearly as could be judged by eye, the original smooth cylindrical surface of the wire was no longer capable of specular reflection.

Jan 1, 1927

By M. M., Fine

In a laboratory study of grinding and classification' of silica sand, a satisfactory means of producing the medium-fine specification sand desired by producers of flint-glass containers was developed. The best procedure consisted of ball-mill grinding and double classification, which gave a properly sized sand containing less iron than the feed.

Jan 1, 1950

By W. Armstrong Price

INVESTIGATION by German chemists during the World War showed that particles of iron oxide form rapidly in iron pipes carrying hydrogen gas under pressure when the gas contains small amounts of water. Under these conditions, the gas frequently exploded when expanding into a dirigible. The explanation of the explosions lies in the building up of a charge of static electricity in the flow just beyond the orifice and the ignition of the gas by a spark accompanying discharge of the electricity. Friction between the moving particles and the pipe generated the electric charge, which was manifested by a pale blue glow formed in the flow at pressures above two atmospheres. In one experiment, this glow, at eighty atmospheres, extended for a distance of forty to fifty centimetres, but did not ignite hydrogen and air mixtures until the charge was col-lected by a conductor and discharged across a gap between electrodes placed at the side of the column of gas. Autoignition did not occur when this discharge was effected at a distance from the gas column, nor if the gas used was thoroughly dried and free from impurities. The electric charge has been studied by placing various wire and screen conductors in the outcoming stream of gas, Guest having summarized these experiments. The application of these conclusions to fires in petroleum and natural gas issuing uncontrolled from wells is made in the following paper, citing the ignition of a wild gas well in Texas.

Jan 1, 1936

By Joseph E. Pogue

The writer visited the Muzo emerald mines in July, 1915, and spent six days in their study. This paper embodies the results of his observations, plus information personally communicated by Robert Scheibe, Professor of Geology in the Mining Academy of Berlin, who at the time of the visit was completing a detailed field investigation of nearly a year's duration of the emerald deposits of Colombia. An elaborate account of this valuable work may be expected at a future date from the pen of Professor Scheibe.

Jan 1, 1917

By Ernest R. Lilley

THOSE acquainted with the fundamental differences between the, educational .systems of Great Britain and. the United States would hardly expect .the training of men for the petroleum industry to proceed along the same lines- in the two countries. The youth entering an English university is, except in the case of-the student from some of the British colonies or from foreign countries, almost invariably a product of the English "public school." This is in no sense comparable .with the American public school. It is a private institution, frequently of considerable age and heavily endowed. In many aspects it seems to be comparable with the American preparatory school. Yet to some extent its activities remind one of the first years of the undergraduate: course in the American college. Certainly it takes to-itself many of the social, functions of the American college.

Jan 1, 1931

By C. A. Heiland W. E. Pugh

The principle underlying the majority of magnetic intensity variometers is a comparison of the force to be measured with another force of known magnitude. The known force may be (a) of a magnetic nature, such as magnetic fields produced by magnets or coils, or (b) of a mechanical nature, such as (1) the elastic forces of wires, or (2) the force of gravity, such as employed in bifilar magnetometers and magnetic balances. In instruments of such type, usually a magnetic system is employed, free to move about either a horizontal or vertical axis, on some sort of a suspension. If the earth's magnetic field alone were present, such a system would adjust itself into the direction of the field or that of its components. Owing to the simultaneous action of the comparison force, however, the magnetic needle assumes a position that differs from the direction of the magnetic force; for all such instruments, the angle of deflection is given by tan = FIX, where F is the known and X the unknown earth magnetic force component. In other words, the magnetic system merely serves as an "indicator" for the position of balance of the two forces. Considering the matter from this point of view, it is not immediately obvious why the temperature of such a magnetic system should modify the results. In magnetic instruments, we may distinguish two different effects of temperature: (1) a magnetic effect and (2) a mechanical effect. The first is due to the fact that the magnetic moment of a magnet drops with an increase in temperature. This drop is characterized by the temperature coefficient of the magnetic moment (see equation 1). The second effect is due to the change in the torsion of suspension wires with temperature or to the expansion of lever arms of masses acting on magnetic balances.

Jan 1, 1934

By Otto Wartenweiler

AFTER the phenomenal development of the new mine, the United Eastern Mining Co., with Mr. Frank A. Keith as President, decided to install a reduction plant. The character of the ore, closely resembling the product of other mines in the district, did not offer any particular metallurgical problems, since these neighboring mines had been operating milling plants very successfully for several years. Thus, with the general metallurgical treatment fairly well-defined, the matter of next importance was to design and construct a plant as economically as possible, that would give the best results obtainable. The ore consists of a mixture of calcite and quartz in about equal quantities with some decomposed andesite, while the average value of mill heads were calculated to be $20 plus in gold, no silver being present. The tonnage to be treated at ,the start was fixed at 200 tons, but, in view of the favorable condition of the mine, it was considered advisable to arrange facilities, for increasing the capacity to 400 tons. . While it is best in some cases to adopt a distinct independent unit system where future enlargement is contemplated, in this instance the plans worked out differently. Summarized, the treatment adopted consists of coarse crushing, coarse grinding, fine grinding and cyanidation. For coarse crushing the selection of the No. 6 size gyratory crusher was governed not so much by its capacity as by the size of the feed openings to properly receive the run-of-mine material, which was too coarse for a No. 5 crusher. To accomplish the coarse grinding to. best advantage, a careful comparison was made between the modern steel ball mill-the last word in crushing and grinding-and one of its older, and, at that time better-established, competitors, the rolls.' The following conclusion was reached: While it is possible that for the sized plant under consideration the cost of operating rolls might be a little cheaper, it is preferable to use ball mills because a simpler arrangement is possible, and1 because. the handling of, ball mills is preferred by the operator.

Jan 11, 1917

By H. J. Rose

Sixty-five million net tons of coal were carbonized in the by-product and beehive coke ovens1 of the United States during 1924. This tonnage represented 13.4 per cent. of the bituminous coal which was mined in that year. Table 1 shows production and disposition.2 Table 1.—Production and Disposition of Ocen Coke in 1924 By-product Beehive Total Coal charged into ovens, tons................ 49,061,339 15,914,310 64,975,649 Coke produced (exclusive of screenings and breeze), tons............................. 33,983,568 10,286,037 44,269,605 Average yield of coke, per cent ............. 69.3 6.46 68.9 Disposition of coke, per cent.: Blast furnace.......................... . . 82.6 Foundry............................... . 13.3 6.6 Domestic.............................. . 1.4 6.7 Water gas manufacture and all other uses.. 4.6 . 4.1 Cokes having somewhat different combinations of chemical and physical properties are desired for the various uses listed above, and these properties depend primarily upon the types of coal used. American coals have a wide range of purity and coking quality, and the chief subject of this paper will be the selection of coals for the manufacture of blast furnace, foundry, domestic, and water-gas coke, in by-product coke ovens. It will obviously be necessary to include a discussion of those physical and chemical characteristics that are generally considered essential or desirable for each type of coke. Suitable Coals The examination and development of new sources of coking coal are important because of the irregular and limited distribution of high-grade

Jan 1, 1927

By Paul Tyler

STRATEGICALLY situated in almost the heart of the leading fertilizer-consuming area of the United States, Tennessee long has ranked second only to Florida as a phosphate-producing state. Since 1932 its share of the national output of phosphate rock has increased steadily, and in 1937 its production mounted to an all-time record. More significant even than the increase in tonnage are the forward strides in technology. The Tennessee Valley Authority's research program has led to quasicommer-cial operations using hydroelectric power to manufacture concentrated phosphatic fertilizer that is used to further the farmer education program designed to streamline the fertilizer business and halt the appalling waste of farm land by soil erosion. Even more stimulating to chemically minded imaginations is the production of elemental phosphorus by a private company that not only has succeeded in extracting it from the phosphate rock in electric furnaces but actually has contrived to capture it and to transport it safely in tank cars. New values have been created for low-grade phosphate deposits, and the economic life of reserves has been lengthened while the waste of former years goes back into the mills for recovery of its values by modernized methods. Tennesse's phosphate-mining industry dates from the discovery of blue rock in Lewis County in December 1893. Its known reserves are of the order of 101,500,000 tons, which compares with the production of 825,099 tons in 1937; that is, 21 per cent of the phosphate-rock output of the whole nation. The total output reported from 1894 until July 1, 1938, was approximately 19,000,000 tons. Official estimates of reserves are overly conservative and evidence submitted before a joint Con-gressional committee in November 1938 places "probable" reserves at more than 6,000,000,000 tons.

Jan 1, 1939

By Eugene McAuliffe

AS this is written, the probability A is that the bituminous coal out- put for 1936 will approximate 420,000,000 tons (of 2000 lb.) with an average working time for all mines of 205 days. The results for 1935 approximated 369,224,000 tons, with the mines working about 185 days. The increase in production of 14 per cent is heartening. In anthracite, it is probable that the preliminary figures covering output for 1935, 51,- 003,000 tons, will be exceeded this year although the percentage of in- crease will almost certainly be small. The substantial tonnage of anthracite illegally mined, estimated to be 3,600,- 000 tons in 1935, with a similar large Lonnage in 1936, is in addition to the figure given above; it represents an open and flagrant disregard of law and property rights. It is hard to understand why the officials of the State of Pennsylvania do not enforce the laws against theft and brigandage, more so when the legitimate employees of the established producing proper-

Jan 1, 1937

By Northcutt Ely

This chapter deals with the systems of laws by which governments regulate the exploration for and production of the minerals within their jurisdictions. It is a summary, restricted by necessary space limitations, of material assembled by the author for a publication of the United States Bureau of Mines, "Summary of Mining and Petroleum Laws of the World," (Information Circular 80 1 7, 196 1. ) The present study is organized in three parts, dealing with (1) the historical background of these legal systems, (2) laws of the United States, and (3) laws of other countries of the world. The reader's attention is invited to the acknowledgments at the end of the chapter, which inadequately express the appreciation due those who have assisted in the collection of this material. Part I. Historical Development of Major Western Systems of Land Tenancy with Respect to the Ownership and Control of Minerals The use of metals in primitive societies was largely confined to the manufacture of weapons for self-preservation. The ruler's control over copper, then bronze, then iron, was essential to maintenance of his own ascendancy at home and his group's position against neighbors who had access to similar metals. Ancient societies were thus characterized by the ruling group's ownership of minerals and metals. The Egyptian civilization, which emerged in the fourth millenium B.C. upon the agricultural subjugation of the lower valley of the Nile, was responsible for extensive development of the upper valley as a source of mineral wealth. The production of gold during the height of that civilization has been estimated at $30,000,000 per year, thus equaling the early placers of California and Australia. The mines of Egypt were the property of the Pharaohs and were controlled at their direction. Greek mining developed a different scheme of land tenancy which more closely resembled modem concepts. Development of mineral resources was

Jan 1, 1964

By James R. Finlay

SOMETIMES the American Institute of Mining and Metallurgical Engineers appears to be a strictly technical society, and if so my paper should deal with the technical operations of finding and producing gold. But I have not been engaged in practical gold mining since 1910. What I have been doing mainly for the last 25 years is to try to figure out what the income of a mine-gold, or any other-would be worth to an investor. So I have been in contact with gold mining, in one way or another, for some 42 years. I say that with a purpose. In that time the industry has been through one of its cycles. The value of gold mines is very dif¬ferent at different points in one of these cycles. For this reason the cycle of gold mining is a highly practical study. The cycle of gold is a more or less rhythmical change in its value or purchasing power measured in the grand average of other commodities, which is the same thing as its price. Taking the price of gold in 1897 as a stand¬ard, a dollar at that time declined to 55c. in 1913, to 26.8c. in 1920, and since then it has risen to 47.4c. in 1930 and to about 64c. in 1932. It is worth about 21/ times as much now as it was in 1920, but less than two¬thirds as much as in 1897. When this change is applied to the value of a gold mine still greater differences are evident. The cost of producing gold is of course measured in labor and other commodities, and as that cost goes down the margin of profit measured in the gold itself increases. Thus a mine which might make only 10 per cent profit in 1920 on its gross output may easily make 25 per cent now. The stockholder gets 2 ½ times more gold that is worth 2 1/2 times as much in purchasing power, therefore the real value of his holding has risen by the one factor multiplied by the other, giving him 61/4 times as much goods or services as he had in 1920.

Jan 1, 1933

By Carroll C. Bailey, William F. Boericke

Mine financing, or providing adequate capital for developing and bringing a mining property into production, is an essential requirement for a successful operation. Today it presents a different picture than even twenty-five years ago. The day appears to be gone when a mining property could pay its own way from grass roots to production. The country has been quite thoroughly combed for surface showings from which sufficient initial profit could be immediately garnered to pay for further development and production facilities. The four M's for success in mining-mineral, market, management, and money-are still essential; but doubled or tripled wage costs and steep advances in cost of equipment and supplies throw increased emphasis on adequate capital funds for bringing in a prospect and making it a producer. Consequently, the old picturesque, although seldom rewarding, grub- staking procedure where a single venturesome citizen might advance funds to a prospector on a fifty-fifty basis for whatever discovery he might find, has largely disappeared. Its place, to some degree, has been taken by the small syndicate of venturesome members who band together for furnishing funds to a group of prospectors for the same general purposes. Such a syndicate has a definite organization and is usually assured of sufficient initial funds, or flow of funds, to carry on work for several years. It is headed by an engineer-promoter who has had considerable field experience as well as personal knowledge of his prospecting crews. For the owner of a potential mining property who has ample capital, the problem is to determine (1) justification for the necessary investment in exploration and development, and (2) the economics of the enterprise as to size and degree of integration of the final operating entity. If the owner of such a property has little or no capital, he also faces these same basic problems but, in addition, must be able to present the findings of fact and persuade the prospective investor that the enterprise will produce

Jan 1, 1959