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By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today's environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By John Howe Hall

The recently announced run of three years, nine months and eleven days made by a crucible steel melting furnace of the Columbia Tool Steel Co., which is claimed as a world's record, brings forcibly to our attention the great improvements that have been made in the design, construction and operation of the Siemens regenerative crucible melting furnace since its introduction in this country. Credit for this advance should be given to the furnace designer, the manufacturer of refractories, and the operators, of the furnaces, whose persistent efforts and intelligent co-operation in attacking the problem have resulted so satisfactorily. There are three factors that determine the life of a crucible furnace, or any other furnace for that matter: Design, nature of refractories, and conditions of operation (including the nature of steel melted); and to some extent these factors are interdependent. Thus, for instance, if a crucible furnace is to be operated single turn and allowed to cool off considerably at night, in order to save fuel, the use of clay-brick melting holes may be advisable, since silica brick is not well adapted to endure repeated heating and cooling. But the total life of a clay-brick melting hole is necessarily short. Again, if local conditions such as danger of flood make necessary the building of the furnace largely above ground, so that the radiation of heat is promoted, the cooling down of the furnace over the week ends, when no steel is melted, will be considerable—and the contraction of the furnace that results tends to wrack it to pieces. The character of the metal being melted affects the life of the furnace to a great extent. Low-carbon steels and steels made from iron and charcoal require higher temperatures and much longer melting time than high-carbon steel or steel made largely from scrap; the life of the furnace will be shorter, and the number of heats melted will be much less, when such materials are melted. The figures available, showing the life of furnaces, are for this reason especially not strictly comparative, since the variations in the steel melted undoubtedly affect the life to a greater or less extent. Probably, however, the method of handling is as important a factor

Jan 1, 1914

By C. M. Smith

PILOTED by Cadwallader, Evans, Jr., as chairman, the Coal Division got under way Monday morning for the first of three consecutive sessions. N. F. Patton started the ball rolling with a paper on the economics of anthracite distribution, which was ably discussed by H. J. Rose, W. S. Blauvelt, and others. Mr. Patton pointed out many incongruities in freight rates, dealers' margins, and other factors which are disturbing the distribution of anthracite, one result being that trucks are hauling at least six million tons of anthracite annually, half of which is stolen. In the discussion of the papers the desirability of greater uniformity in the production and shipment of coal from month to month was urged; with larger summer price concessions as a means toward this end. "Performance Expectancy of Domestic Underfeed Stokers for Anthracite," by Allen J. Johnson, brought this important platter down to date by showing the range in capacities and efficiencies to be expected from well-made stokers, and by detailing other of their operating characteristics. One of his most interesting points is that the efficiency of domestic stokers is practically equal to that of handfiring for good installations and operations of both

Jan 1, 1935

By C. E. Shoenfelt

There were 110 important discoveries of either oil or gas in Co1orado in 1935. There was, however, further development of the Price structure in southern Colorado and developments since the first of the year indicate. that an important oil field may be in the making. The discovery of oil in Price structure was made by the Oil City Petroleum Co. late ill Novem-ber, 1934, in its No. 2 Garnett in the northeast corner of lot 3 in the SW.¼ of sec. 25-33N.-2E. This well developed a good showing of oil in Dakota sand at 970 ft. The hole filled up 15 ft. with 40° gravity oil overnight and after standing for several days the oil level was 400 ft. higher. As a result of the discovery of oil by the No. 2 Garnett, three wells were drilled by the William E. Hughes Estate. Two of these wells had good showings of oil and may make good producers but it is doubtful whether they will produce the estimated capacity of 500 bbl. each with which they have been credited. Although the Hughes Estate wells have been completed for some time, they have not been given thorough production tests because of the isolated position of the field and lack of proper facilities. The. first well drilled by the Hughes Estate was located on the west side of the Navajo River on the downthrow side of a fault. It encoun-tered water ill the Dakota sand at 1285 ft, and was abandoned in green shales of the Morrison at 1405 ft. Well cuttings from the Dakota sand showed some evidence of once containing oil, so a 1ocation was selected for No. 2 Fee on the east side of the river and on the upthrow side of the fault. Oil was discovered in Dakota sands ill 1935 by Continental Oil Co. in its No. 3 Hoye, NW.NW.NE. of sec. 34-9N.-78W., on the South McCallum anticline in North Park, Jackson County, Colo., but on account of heavy flows of carbon dioxide gas under high pressure it has been impossible for the company to get an accurate gage of the oil production. The freezing action of expanding carbon dioxide makes the producing of the oil difficult and costly.

Jan 1, 1936

By C. E. Shoenfelt

There were 110 important discoveries of either oil or gas in Co1orado in 1935. There was, however, further development of the Price structure in southern Colorado and developments since the first of the year indicate. that an important oil field may be in the making. The discovery of oil in Price structure was made by the Oil City Petroleum Co. late ill Novem-ber, 1934, in its No. 2 Garnett in the northeast corner of lot 3 in the SW.¼ of sec. 25-33N.-2E. This well developed a good showing of oil in Dakota sand at 970 ft. The hole filled up 15 ft. with 40° gravity oil overnight and after standing for several days the oil level was 400 ft. higher. As a result of the discovery of oil by the No. 2 Garnett, three wells were drilled by the William E. Hughes Estate. Two of these wells had good showings of oil and may make good producers but it is doubtful whether they will produce the estimated capacity of 500 bbl. each with which they have been credited. Although the Hughes Estate wells have been completed for some time, they have not been given thorough production tests because of the isolated position of the field and lack of proper facilities. The. first well drilled by the Hughes Estate was located on the west side of the Navajo River on the downthrow side of a fault. It encoun-tered water ill the Dakota sand at 1285 ft, and was abandoned in green shales of the Morrison at 1405 ft. Well cuttings from the Dakota sand showed some evidence of once containing oil, so a 1ocation was selected for No. 2 Fee on the east side of the river and on the upthrow side of the fault. Oil was discovered in Dakota sands ill 1935 by Continental Oil Co. in its No. 3 Hoye, NW.NW.NE. of sec. 34-9N.-78W., on the South McCallum anticline in North Park, Jackson County, Colo., but on account of heavy flows of carbon dioxide gas under high pressure it has been impossible for the company to get an accurate gage of the oil production. The freezing action of expanding carbon dioxide makes the producing of the oil difficult and costly.

Jan 1, 1936

Discussion o f Papers. Meetings of the Institute offer opportunity for social acquaintance and exchange of ideas, for the--presentation of papers, and-for discussions. thereon ; also incidentally for viewing under especially favorable conditions mining operations and industrial establishments, and for hospitalities which demonstrate the brotherhood clue to kindred interests. Placing sociability prominent is not to be assumed as relegating other features of meetings to subordinate positions; but during about 40 years of membership in the Institute, the value of acquaintances formed (often ripening into close friendship), and the interchange of data, have frequently demonstrated that the social feature of meetings is of great and lasting value to the membership. Of a roll embracing 4,011 members, resident in all parts of our country, and scattered in various portions of the world, only a small fraction are able to attend meetings, even if the localities selected are alternately widely separated. Hence, the return which most members receive for their annual assessment of dues is limited to the publications issued, and the credit of being recognized as a. member of a great and worthy organization. The greater the value of the contents of our publication, the fuller the return which goes to members. While the Institute disavows responsibility for views or statements made ill papers which appear in its Transactions, the fact that these contributions, after passing proper censorship, are accepted by the Institute and spread before the world may properly be received by the writers as endorsements of their (the writers') ability to present a specific technical or industrial proposition worthy of being carefully read. But the mere presentation and publication of contributed papers falls short of fulfilling one important feature of our meetings. If the purpose is confined to having the writers' views, discoveries, theories, or methods published, this can be obtained through the technical or trade journals and magazines. The true value of a paper presented at a meeting of the Institute may often be gauged by the discussion which it encourages, although there are contributions of decided value which do not especially invite discussion. However, most Of the papers offered contain statements apt to encourage criticism or elaboration by others whose experience or knowledge, or both, assist in combating or endorsing statements made.

Jan 7, 1913

By E. H. Dix

The work of Merical and other investigators indicates that the phenomenon of age-hardening in alloys of the duralumin type is primarily dependent upon the variation in the solubility of copper with temperature. In addition to copper, however, these alloys contain small amounts of magnesium, silicon, manganese and iron, which may affect the age-hardening either directly or indirectly. The effect of these elements on the solubility of copper and on the manner in which this solubility varies with the temperature is of considerable interest, therefore. The effect of magnesium is of especial interest because apparently it exerts a marked effect on the natural or room-temperature aging of alloys of the type described.2 A series of investigations3 has been in progress in the research laboratories of the Aluminum Company of America to determine the functions * Metallurgist, Aluminum Research Laboratories. f Metallurgical Division, Aluminum Research Laboratories. Formerly with Metallurgical Division, Aluminum Research Laboratories. 1 P. D. Merica, It. G. Waltenberg and H. Scott: Heat Treatment of Duralumin. U. S. Bur. Stds. Sn. Paper 347 (1910). 2 M. Gayler: Constitution and Age-Hardening of Alloys of Aluminum with Copper, Magnesium, and Silicon in the Solid State. Jnl. Inst. Met. (1922) 28, 213. W. Fraenkel: Vergutbare Aluminiumlegiengen. Ztsch. Melallkunde. (1920) 12, 427. E. H. Dix, Jr.: Note on the Microstructure of Aluminum-Iron Alloys of High Purity. Proc. Amer. Soc. Test. Mat. (1925) 26, Pt. 2, 120. E. H. Dix, Jr. and H. H. Richardson: Equilibrium Relations in Aluminum-copper Alloys of High Purity. Trans. A. I. M. E. (1926) 73, 560. E. H. Dix, Jr. and W. D. Keith: Equilibrium Relations in Aluminum-manganese Alloys of High Purity. Proc. Inst. Met. Div., A. I. M. E. (1927) 315. E. H. Dix, Jr. and A. C. Heath, Jr.: Equilibrium Relations in Aluminum-silicon and Aluminum-iron-silicon Alloys of High Purity. Proc. Inst. Met. Div., A. I. M. E. (1928) 164. E. H. Dix, Jr. and F. Keller: Equilibrium Itelations in Aluminum-magnesium Alloys of High Purity. Proc. Inst. Met. Div., A. I. M. E. (1920) 351. E. H. Dix, Jr., F. Keller and R. W. Graham: Equilibrium Relations of Aluminum-magnesium Silicide Alloys of High Purity. Trans. A. I. M. E., Inst. Met. Div. (1931) 404. W. L. Fink and K. R. Van Horn: Constituents of Aluminum-iron-silicon Alloys. Trans. A. I. M. E., Inst. Met. Div. (1931) 383.

Jan 1, 1932

By Samuel Taylor

IT is customary for the president of an engineering society, in his annual address, to describe either some engineering problem with which he has beer connected or to review the work of the society during his administration. My first thought, this being the sesquicentennial year of our nation, was to review the advance in coal mining for the past fifty years, during which period I have been more or less intimately con-nected with the bituminous coal industry, and have personally witnessed most of the great changes which have occurred in methods and machinery used in the production of coal, but preparation of the requisite address would take more time than could be spared to prepare it, and its presentation would consume so much time that it .would not be suitable. The new arrangement providing for giving the presi-dent's address at the business meeting makes it more .appropriate to review the work of the Institute during the past year, together with some suggestions which appeal to me as being of advantage to the future wel-fare of the Institute, which I will try to do briefly. The work of the business office has been reviewed in the Secretary's report and it will not be necessary for me to dwell on it. Suffice it to say, it seems to be going along very well. Additional work could be done which would be to the advantage of the Institute, if we had the money with which to defray the necessary ex-pense incident to it, but I will refer to this again later. I would be derelict if I did not refer to the splendid work of the Secretary and the Assistant Secretary. Keeping in touch with all the sections, which number now about 26, and affiliated student societies which number 40, besides special committees, and represent-ing the Institute on various boards, provides work enough to occupy the Secretary's time almost exclu-sively. In addition to this the Secretary and the As-sistant Secretary have the work of editing and publishing the TRANSACTIONS of the Institute; the issuing of the magazine, MINING AND METALLURGY, in the splendid manner in which it goes out to the mem-bership is no light task and I think they should receive the commendation of the membership for this work.

Jan 3, 1927

By Ellsworth Daggett

In the first paper on the Russell process presented by Mr. Stetefeldt, in May, 1884 (Transactions, xiii.), the process was treated from a purely theoretical standpoint.. 111 his second paper of October, 1886 (Transactions, xv,), the details of the plant, the chemicals used, and the manipulation in both mill and laboratory were treated. The aim of the present paper is to present economical results recently attained, new data affecting the preparation and manipulation of ore in the mill, and a more complete and systematic scheme of laboratory work. This paper is compiled mainly from Mr. Russell's notes of his own experience. Many of these notes, particularly those relating to work at Cusihuiriachic,* Mexico, have been upon work directly under the personal observation of the compiler, who takes pleasure in thus presenting to the Institute, data and considerations of much interest and value pot only to users of the Russell process, but to mill men generally. The description of the chemicals used and of the preparation of the mill-solutions being' in part the same now as when Mr. Stetefeldt's second paper was published, some use is here made of portions of that paper. No theoretical matter is here given. For a treatise containing also the theory of the process the reader is referred to Mr. Stetefeldt's complete work on " Lixiviation of Silver Ores by Hyposulphite Solutions," now in preparation. To facilitate the consultation of this paper, the following synopsis and index is prefixed. The figures in parenthesis indicate the page of this paper on which the subject is treated.

Jan 1, 1888

By S. E. Bretherton

During the year 1878-79, Anton Eilers, who was then interested in the lead smelting and refining business near Salt Lake City, Utah, made a somewhat radical departure from the regular practice at that time, which was to use but little lime in the slag, with a high percentage of iron. Lime was not only a cheaper flux than iron, but it enabled the metallurgist to make a more siliceous slag, an economical advantage in smelting where the smelting companies had to purchase either iron or lime to neutraiize the excess silica, and penalize the ore shippers accordingly. The larger amount of both lime and silica in the slag also made it of lighter specific gravity, and a better separation of the metals and mattes was secured. This change in the formation of slags for lead smelting was brought about by Anton Eilers, prior to the Leadville mining excitement of 1879.. We must also give Mr. Eilers credit for the general introduction of the hollow water-cooled cast-iron jacket for the blast furnace. Again referring to the use of more lime and less iron in the formation of slags, there is no doubt but that it prevents the formation of a great many so-called "sows" in the lead crucible, such as were made in the early history of lead smelting in the Rocky Mountains; these sows consisted of lead, iron, arsenic, sulphur, copper, and other metals, including gold and silver, mixed with unconsumed fuel, and often, after vain attempts to cut them up or melt them to a suitable size for handling, were buried in the slag dumps to get them out of sight. Another advantage derived from the adoption of high-lime slags when smelting ore containing arsenic is the production of less speiss (a byproduct heavier than matte, resulting from careless operation of the furnace, in the lead being driven out of the crucible and sows built up). This speiss, while usually not as rich in precious metals as matte made at the same time, is too valuable to be thrown away; but it is difficult to treat, and it was thrown away or piled on the slag dumps in the pioneer days of lead smelting in this country. About the time of the introduction of the lower iron and higher lime slags in lead smelting, sulphide ores were encountered in Utah and Colo-

Jan 1, 1916

By Frank T. Sisco

DURING the past year the iron and steel industry of the world as a whole operated on a satisfactory basis. No discoveries nor new processes of outstanding importance were announced either here or abroad, although rumors of such were persistent. In general, the efforts of operating and research men in the iron and steel industry seemed to be confined to improving quality and reducing cost, not a new aim, for the same efforts have been noted in nearly all of the annual reviews of the industry for at least fifty years. Most published papers on blast furnace or steel-making practice were of minor importance, at least when judged by the criterion of radical change in process or product. If the number of reports in the technical journals, or articles in the trade press, is used as a basis for comparison, continuous-mill sheet is still the most important single product of the industry; papers were published detailing the results of the investigation of various phases of the

Jan 1, 1938

By James P. Kimball

Jan 1, 1881

By William J. Coulter

WITHIN the United States the problem of meeting maximum production by our metal mines has been solved by: (1) Conservation of man power by mechanization. (2) Increasing man-power efficiency as expressed in tons per man-shift by the adoption of new and more efficient methods. (3) Production from submarginal properties made possible by some form of government subsidy. (4) Selective mining of high-grade areas. (5) Drawing on broken ore reserves and reducing advanced development work to a minimum. (6) Making maximum use of available equipment. (7) Repairing equipment that normally would be replaced. (8) Working a seven-day week on a three-shift basis to get maximum use of equipment and man power. (9) Adoption of incentive plans to increase maximum efficiency and unit production. (10) Important advancement in metallurgy, resulting in larger recoveries. (11) Improvements in safety, health, and general working and living condi-

Jan 1, 1945

By David W. James

DURING a recent investigation of the transition from a planar to a nonplanar solid/liquid interface for the systems H20-NH4F and 0-AIR,' an apparatus was developed which enabled the morphology of the ice-water interface to be examined during the transition. The slightly curved interface was viewed at a glancing angle with a Bausch and Lomb X30 stereomicro-scope. The interface was obliquely illuminated by a polarized light source. It was thus possible to differentiate between small projections or depressions at the interface, both by a shadowing effect and by the way in which they distorted the colored interference fringes across a particular crystal surface. Many attempts were made to photograph the various stages of interface breakdown. Unfortunately, the limited depth of focus of the microscope rendered the system unsuitable for photographic recording. Visual examination, however, was facilitated by continuous adjustment of the microscope focus control. The following observations of the interface transition were recorded for dilute solutions of ammonium fluoride in water. They are compared with iller's postulated morphologies shown in Fig. 1. i) The initial departure from planarity was characterized by the appearance of a large number of small depressions or "pores" in the interface. ii) The pores were arranged in wavy rows all lying roughly in the same direction within a particular grain. iii) The pores did not appear to form near to grain boundaries. iv) The pores appeared in certain grains before others. v) The transition from the pore structure to the elongated cell structure, Fig. l(d), was difficult to follow. It occurred quite rapidly and no truly irregular cell structure, Fig. l(c), was noticed. vi) The elongated cells gradually became more uniform in size and shape, with straight cell boundaries. They remained elongated, however, and no regular hexagonal cells were observed, cf. Fig. l(e). Several conclusions may be drawn from these observations. Firstly, the appearance of a poxed or, more accurately, a pore structure can be used as a criterion for the onset of constitutional supercooling. Care should, of course, be taken to distinguish between the true pore structure and artifacts caused by splashed-back liquid, particles of oxide, or inefficient decantation of liquid retained between cell boundaries, as described by Spittle et al? Secondly, and contrary to the suggestions of Tiller el l., it seems that interfacial perturbations are characterized not by curved projections but by small depressions or pores. A recent independent investigation by Biloni, Bolling, and cole5 reported in this issue indicates that the depressions might be explained in terms of dislocations intersecting the solid/liquid interface. It is possible that the dislocation concentration is reduced in the vicinity of grain boundaries. This would then explain the grain boundary depleted areas noted in (iii) above. This work was partially supported by the Air Force Office of Scientific Research, Contract No. AF 49-(638)-1029.

Jan 1, 1967

By W. L. Saunders

(New Haven Meeting, February, 1909.) This paper deals specifically with heading-driving as distinguished from the broader term tunnel-driving. A heading is a pilot or path-finder for the main tunnel. Some headings are complete tunnels in themselves; that is, conditions at times warrant driving a heading the full diameter of the proposed tunnel. A tunnel 10 ft. in diameter might be driven to advantage through a single heading, provided the nature of the material admits, but it usually pays to drive rock tunnels of large diameter through the heading-and-bench system. Much de-pends upon the material, as in soft ground tunnels of much larger diameter are driven in a single heading. In mines, the tunnels, drifts, cross-cuts, adits, etc., are usually of small diameter, hence the driving of headings applies to completed tunnels in minim-work, except, of course, in cases like drainage-tunnels and main entries leading into coal-mines, where conditions call for tunnels of large diameter, approximating those driven for railway-service. In building aqueducts the tunnels are driven from 6 to 8 ft. in diameter up to 15 or 20 ft., while in railway-service the dimensions vary from 18 to 30 ft. in diameter. There is no department of rock-excavation so difficult as that of heading-driving. This work. also belongs to the most expensive class in rock-excavation. A heading is driven .directly in the solid. There are no lines of lesser resistance towards which to direct the energy of the blast, but. the material must be blown out by main force. The completion of the heading simplifies all the rest of the work of excavation. It is easy, for instance, to enlarge a heading either from above, below or oil the sides, by breaking towards the open face through holes approximately at right angles to the axis of the heading; or the enlargement sometimes takes place by holes driven outside

Apr 1, 1909

By R. W. Raymond

AT the Pittsburg meeting of the Institute, in March, 1910, the death of Mr. Metcalf was announced, and Col. H. P. Bope, of Pittsburg, delivered in memory of him a brief but eloquent address, which, though expressing the sorrow of Mr. Metcalf's friends, and, in general terms,. the debt of gratitude which his country and his profession owed to him, was not intended to be a complete survey of his life and work. With Colonel Bope's permission, and with the aid of some of the statements in his address, I substitute for it, in our Transactions, this more detailed, yet still inadequate memorial. As Colonel Bope justly remarked, the men who could do justice to this theme-such men, as Jones, Chalfant, Bennett, Oliver, and Park-passed away before Metcalf, leaving him almost the last of the generation of great steel-makers who made Pittsburg the Sheffield of America, and who discharged a double function, as the rear-guard of the old metallurgical practice and the van-guard of the new. I knew many of them; would that I were better qualified to celebrate their achievements. William Metcalf was born Sept. 3, 1838, at Pittsburg, Pa., where his father, Orlando Metcalf, was an eminent member of the bar. At the age, of sixteen, he entered the Rensselaer Polytechnic Institute, at Troy, N. Y., from which he was graduated in June, 1858. Returning to his native city, he became an assistant engineer in the Fort Pitt Foundry, of which. he was made Superintendent in 1859. This famous establishment produced the largest castings and heaviest machinery then known in the United States;-and Mr. Metcalf's intense, intelligent and incessant study of his business prepared him as a manufacturer for a patriotic service to his country more valuable than, as a soldier, he could have rendered in the field. The call came in 1862, when the government needed, above all things, a supply of field, naval and siege artillery. The

Apr 1, 1911

By John F. Walker

WITH an estimated production of over 936,000,000 for the first six months, the gross value of mine production for 1937 in British Columbia should exceed $70,- 000,000. This figure, if attained, will establish an all-time record for the Province. Great changes have taken place in the different divisions of the mining industry since 1929, the previous peak year of mineral production. A brief review of the earlier history of mining in the Province will also be given.

Jan 1, 1937

By Raymond Mancha

THE purpose of the Coal Division's Committee on Ventilation is to cover one principal aspect of mine ventilation thoroughly each year, instead of attempting to touch upon several different subjects. The Committee for 1943 consists of four members besides the Chairman. Members, selected because of both knowledge of the current topic of mine ventilation, and diversity of occupation, are: Carel Robinson, consulting engineer with an operating background; T. G. Fear, chief engineer for the Hanna Coal Co., an operator of varied experience in mine ventilation; E. H. Denny, chief of the coal mine inspection division of the U. S. Bureau of Mines, obviously well qualified; and C. M. Smith, editor of Mechanization with a background of mine ventilation study as a member of the mining department of the University of Illinois, at present retained as a ventilation consultant by the Climax. Molybdenum Co. of Climax, Colo.

Jan 1, 1944

By James P. Kimball

AMONG the curious results of the recent advance of prices in the iron trade of the United States, one of them at least is to be regarded as of great importance. I allude to the utilization of mill cinder as a cheap and almost costless substitute for high-priced iron ores in many blast furnaces, situated within easy reach of such raw material. It has been, with but few exceptions, the practice in this country, based upon tradition rather than upon authority or European precedents, to waste this material on 'account of its high proportion of silicic and phosphoric acids, although known to contain more iron than most ores, and although also known to be sometimes applied to the blast furnace in greater or less quantities without serious detriment to the iron for specific purposes. While in use to a limited extent in the Hocking Valley and Hanging Rock iron regions of Ohio for several years, its use in Western Pennsylvania has only become general of late, under the exigencies of high prices and a short supply of ore. Especially has mill cinder largely entered into the stock of furnaces attached to rolling mills in and about Pittsburgh. Under such circumstances the cinder pig has been paddled on the premises, and the malleable iron produced has been unexpectedly good. Cautiously as at first mill cinder has been applied, it is evident that the temptation to use it freely is a strong one whenever the commercial rates for high-class ores are out of proportion to the general conditions of the iron trade, as sometimes happens in this country, especially as the free use of it is apparently justified by the quality of the iron produced from this cheap and abundant material. Indeed the consumption of cinder pig has., not been wholly confined to mills using up the production of furnaces belonging to the same plant. One furnace at least on the Ohio, at Covington, for several' months has been making foundry pig from "all cinder." The iron has gone into the general trade. It is probable that malleable iron of good quality can he made from the poorest cinder pig, but with what degree of economy will

Jan 1, 1881

By Clinton M. Young

(Pittsburg Meeting, March, 1910.) I. INTRODUCTION. THE experiments herein. described were carried on in 1908-9 . by the State Geological Survey of Kansas. Some months before taking up work on black powder the Survey had resumed work on an interrupted investigation of explosions in coal-mines, a subject which is engaging the attention. of numerous investigators. An unusual number of serious disasters has directed to. the subject a study which discloses the disquieting fact that, in the. United States, the ratio of lives lost per ton of coal mined has been on the increase. Methods of coal-mining have changed to some extent with the great increase of output, attained in, comparatively recent years. These changes involve the working of very extensive mines, with increased difficulty of ventilation, increased accumulation of coal-dust, and. a very great increase in the amount of explosive used.. . This last point assumes truly startling proportions when it is carefully observed. In the fields of the Middle. West it is not now uncommon for a miner to use six ,kegs (150 lb.) of black powder in a "pay" of two weeks, while within the memory. of men still active, one keg (25 .lb.) would last two men for a " pay." So. great has . the use of explosives become in some fields that the skilled coal-miner is hard to find, and the coal is not mined, but blasted. A preliminary study of the subject. of explosions in coal-mines has. led to the belief . that the use of, large -quantities of explosives, in some cases by slightly-trained men, had not been * Associate Professor- of Mining Engineering, University of Kansas, Lawrence, Ran.

Aug 1, 1910