Search Documents

By E. D. Gardner

VICTOR G. HILLS, Denver, Colo. (communication to the Secretary*).¬If anyone advocates the abolition of the antecedent mineral discovery requirement for the purpose of making it easier to secure title to public land, I hasten to say that I am not of that number. I am in Hearty accord with all that Mr. Gardner has to say in regard to easy patenting as a handicap to small camps, and that in general it acts to retard the mining industry. And the following sentences I want to repeat in order to emphasize and endorse them, "None of the writers on this subject seem to have taken into consideration the effect amending the law pertaining to mineral discovery will have upon the Government's administration of the public land. It must be borne in mind that this land belongs absolutely to the people of the United States as a whole, and their interest must be considered. It is not a no-man's land, as some people would appear to believe." However, I believe that the discovery prerequisite should be abolished, because it fails to effect the protection for which it was designed, and I look for other provisions that will better serve the purpose. We propose to abolish the law of apex not because the theory is objectionable but because the question of physical fact gives rise to never ending litigation. Now the design of antecedent mineral discovery is good; the court rulings are unobjectionable; but when it comes to the physical fact this requirement is second only to the apex law as a healthy litigation breeder. The only circumstance that has prevented the pre-discovery lawsuits from becoming as famous and as: expensive as the apex

Jan 12, 1916

Charles R. Eeyes, Des Moines, Ia. (con~munication to the Secretary*):—It is not in a spirit of criticism that I offer a supplemental suggestion or two on the subjects covered by this valuable and highly instructive memoir. There are two points which, in my opinion, should have received greater emphasis in Mr. Emmons's excellent paper. One is the fundamental r6le played by the chlorides under certain conditions in ore-formation. The other is the possible establishment of geographic relationships among the four pheilomena of (1) excessive chlo-ridic content of mine-waters; (2) the abundance of chloridic compounds of the precious metals; (3) the presence of man-gancse oxides; and (4) the diminishing importance, in ore-genesis, of the metallic sulphates. Although Mr. Emmons's notes refer to gold alone, it may be pertinently asked whether the same principles do not hold good for silver and copper also, since these metals form, together with gold, a distinct and well-known chemical group. That the reactions involved apply equally well to the other two metals mentioned, is sbown by a number of recent observations and discussions. Chloridic ores of silver are, as I have lately endeavored to show, mainly worked in arid or desert regions only; and the great deposits of disseminated copper-ores are similarly characteristic of such regions, in which both classes doubtless owe their formation to the abundance of saline materials derived from desert dusts, and to the plentiful and almost universal presence of manganese oxide. Under these climatic conditions, silver is somewhat more abundantly deposited than copper and gold, because its chloride is so much less soluble. During volcanic emanations, the metallic chlorides perform at all times distinct functions; when these are

Jan 1, 1912

By W. K. Whiteford

Until the beginning of the year 1930, conditions in the oil industry were such that the production engineer was chiefly concerned with improving the efficiency of development and production technique. Good engineering practice had been adopted to devise and improve methods and materials better suited to drilling for and producing oil and gas. These efforts reduced the hazard and expense of deeper drilling, increased the ultimate recovery from reservoirs and lowered production costs. Equipment was of better design and materials were better suited for the work and were more permanent. These improvements naturally have contributed their share toward increasing the volume of crude oil produced each year. The industry is now faced with a need for preventing a waste of this natural resource; waste which came as a result of continued reckless drilling of new reservoirs. To make a careful study of this economic problem and to devise methods for correcting these conditions was a logical problem for the production engineer. Much time and study have been devoted to the question, and remedial plans have been suggested during the last year and a half. The principles of unit operation have attracted the engineer's attention, as they present ideal conditions for the most scientific and economical development of an oil field. Unitization During 1930 unitization of producing and potentially producing areas has made real progress, and as each new unitized development is agreed upon the objections that loomed so large at the inception of the idea fade into comparative insignificance. Undoubtedly the outstanding example of the efficacy of unitization is the Kettleman Hills project in California. Unitizing this structure, with its almost incredible reserve, is an important step forward in the industry's concerted effort toward conservation. With this partial acceptance of the principles of unit

Jan 1, 1931

By F. T. Lee

Directional dependence of strength and deformation properties of the Mount Waldo granite pluton in southeastern Maine is controlled by joints and microfractures whose orientations are linked to flow- induced alignment of microcline crystals. Longitudinal and cross joints which formed during cooling of the mass, as well as much younger sheeting fractures, are commonly associated with subparallel, discontinuous microfractures. The orthogonality of microfractures (open, closed; filled, unfilled; bubble planes) establishes the ease of splitting of the granite. The easiest splitting direction (rift) is subhorizontal, the second easiest direction (grain) is parallel to the cross joints, while the direction of least easy splitting (hardway) is parallel to the longitudinal joints. Static and dynamic measurements made in the field and laboratory established that structural features are responsible for the marked stiffness anisotropy of the granite. In the central part of the pluton the static Young's modulus in the north-south direction averages 31.1 GPa, and 20.9 GPa in the east-west direction; the stiffer direction being parallel to the long C-axes of microcline phenocrysts and microfractures as identified in outcrop, core samples, and thin sections. Vertical downhole sonic measurements of dynamic moduli ranging from 2.5 to 16.2 GPa appeared to be anomalously low when compared to the static horizontal values. However, the field sonic values were confirmed by laboratory sonic pulse testing of oriented cores. The field results reflected closely spaced layers of open horizontal microfractures. Those deformation and strength properties that are closely tied to bubble planes, filled microfractures, and microcline orientation could be extrapolated to greater depths with good hope of success.

Jan 1, 1984

By Harold Cook

Discussion of the paper of HAROLD EARLE COOK, presented at the New York meeting, February, 1916, and printed in Bulletin No. 110, February, 1916, pp. 375 to 400. ALBERT SAUVEUR, Cambridge, Mass.-I think we must all agree with Lieutenant-Commander Cook when he says that there is a great deal of room for improvement in the annealing of steel castings and that better results would be attained if the annealing were conducted in closer agreement with scientific requirements. Whether even a carefully annealed steel casting can ever be made the equal of a steel forging of good quality is still a debatable question. Nevertheless, we all realize that very greatly improved results can be attained by careful annealing. Lieutenant-Commander Cook refers to some requirements calling for annealing steel castings above the Ac1 point. He is undoubtedly right where he says that this should be the Ac3 point. Take, for example, a steel casting containing, say, 0.35 per cent. of carbon, having a very coarse structure made up of coarsely crystalline ferrite. If this is heated just above the Ac1 point the ferrite remains, of course, just as it was before, while the pearlite is converted into a solid solution, austenite. Upon cooling, all this austenite is again converted into pearlite, or sorbite, while the coarse structure of the ferrite remains unchanged and the annealing has accomplished very little. It is therefore surprising that the requirement of annealing above the Ac1 point should appear, in these specifications.

Jan 5, 1916

By AIME AIME

ENGINEERS in the past have been largely associated with private enterprise and there has been a considerable tendency on the part of some members of our profession to depreciate government service for engineers. We engineers must change our mental attitude about employment in government service, particularly in view of the present most friendly attitude of the U. S. Civil Service Commission toward engineers for major posts in our Government. We must also take a much more active interest in public affairs. It must be realized that the national-defense program, which we are now organizing, will require for its effectiveness large numbers of engineers skilled in a wide range of technical and administrative services. In fact, the success of this undertaking will depend largely upon the extent to which our Government can command expert engineering talent to serve during the emergency. There is an acute shortage of technical and supervisory engineering personnel not only in the industries concerned with national defense but also in the Army, Navy, and other defense agencies of the Government. By an Act of Congress, approved on Oct. 9. 1940. $9,000.- 000 was turned over to the U. S. Office of Education, the regular defense agency of the Government which has co-operated with higher education for

Jan 1, 1941

By Joshua E. Clayton

THIS remarkable gold and silver bearing district is situated on the middle fork of Boise River, in Alturas County, Idaho Territory, about eighteen miles north of Rocky Bar, and sixty-five to seventy miles, as the crow flies, east of Boise City, the capital of the Territory. This district lies in the very heart of one of the most wild and mountainous regions of Idaho. For many miles in every direction nothing can be seen but bold granite mountains, with deep narrow gorges cutting into their sides in every direction, rendering them almost inaccessible except to the hardy mountaineer and adventurous prospector. The mountain sides are covered, in most part, by dense forests of pine, fir, and spruce timber. In every canon there are clear streams of pure running water that empty into the principal forks of Boise River. The only line of approach to this mountainous region at present is from the southwest, by way of Rocky Bar, the county seat of Alturas County, to which place there is a good wagon-road. From thence to Atlanta City, eighteen miles, the road, or pack-trail, passes over the high, steep range that separates the south and middle forks of Boise River. During severe winters this line of approach is closed up by deep snows for months at a time, thus leaving the district isolated, in the bosom of the grand old mountains. The geological formation is granite, of a coarse, friable texture, and in many places is traversed by numerous dikes of syenite, and three or four varieties of porphyry, which cut through the granite in easterly and westerly directions. The metal-bearing veins also have an easterly and westerly trend, but are occasionally intersected by the dikes. The largest number of the gold and silver lodes are confined to a

Jan 1, 1877

By J. Jolly, R. V. Wheeler

This short note on the probable character of the organic sulfur compounds in coal can do no more than indicate lines of research. We have no new experimental work to describe, nothing comparable in value with the careful studies of American coals by Powell and Parrl and Yancey and Frazer. A study of the manner in which sulfur compounds exist in British coals (and their behavior on heat treatment) is rendered increasingly necessary by the fact that the British reserves of good coking coals of reasonably low sulfur content are fast being depleted. We believe that it is essentially by a study of the modes of formation, occurrence, and decomposition of the various types of inorganic and organic sulfur compounds in coal that it will be possible, with hope of success, to attack the problem of purifying coals, otherwise eminently suitable for coking, from these objectionable ingredients. Sulfur, so far as is at present known, does not normally occur in the free state in the coal conglomerate, but is chiefly distributed, irregularly, in three forms : 1. As primary constituents of the coal conglomerate, organic in nature and probably associated with those molecular complexes that have resulted from the degradation of the proteins of the plant tissues responsible for the formation of the coal mass. These constituents can be classed as "organic sulfur." 2. As metallic sulfides, e.g., iron pyrites. 3. As metallic sulfates, e.g., calcium sulfate and ferrous sulfate. (The occurrence of these compounds varies with the occurrence and degree of degradation of class 2.) It is usually found that sulfur compounds of class 3, the metallic sulfates, are present in coal in small proportions only, amounting to about 1 or 1.5 per cent. of the total sulfur. The compounds in classes 1 and 2 are therefore of more importance. Class 1 alone will receive considera-

Jan 1, 1925

By Joshua E. Clayton

This remarkable gold and silver bearing district is situated on the middle fork of Boise River, in Alturas County, Idaho Territory, about eighteen miles north of Rocky Bar, and sixty-five to seventy miles, as the crow flies, east of Boise City, the capital of the Territory. This district lies in the very heart of one of the most wild and mountainous regions of Idaho. For many miles in every direction nothing can be seen but bold granite mountains, with deep narrow gorges cutting into their sides in every direction, rendering them almost inaccessible except to .the hardy mountaineer and adventurous prospector. The mountain sides are covered, in most part, by dense forests of pine, fir, and spruce timber. In every canon there are clear streams of pure running water that empty into the principal forks of Boise River. The only line of approach to this mountainous region at present is from the southwest, by way of Rocky Bar, the county seat of Alturas County, to which place there is a good wagon-road. From thence to Atlanta City, eighteen miles, the road, or pack-trail, passes over the high, steep range that separates the south and middle forks of Boise River. During severe winters this line of approach is closed up by deep snows for months at a time, thus leaving the district isolated, in the bosom of the grand old mountains. The geological formation is granite, of a coarse, friable texture, and in many places is traversed by numerous dikes of syenite, and three or four varieties of porphyry, which cut through the granite in easterly and westerly directions. The metal-bearing reins also have an easterly and westerly trend, bat are occasionally intersected by the dikes. The largest number of the gold and silver lodes are confined to a

By John J. Reed

This paper was prepared as a supplement to the general review by Dr. N. G. W. Cook. His analysis of the problem in terms of the strain energy involved in making the excavation is excellent. It will contribute much towards a clearer understanding of rock behavior and control. Several of the practical applications described herein can be directly related to Dr. Cook's theories and conclusions, and are based on the very same principles. CONTROLLED BLASTING IN ROCK EXCAVATION Generally speaking, the natural rock is a relatively strong and competent structural material, if we conserve its inherent good properties and perhaps reinforce its weak spots. The difficulty often lies in blasting out the tunnel or chamber without damaging the walls and roof we wish to have remain afterwards. Much progress has been made in the last five years in better understanding the controlled excavation of rock. The specialized techniques known as smooth wall blasting and presplit blasting have now developed from the status of curiosities of rock excavation to the point where these techniques are specified in contracts drawn up for such rock excavation projects as tunnels, underground pourer houses, etc. These techniques have been well described and discussed in previous publications; there is no need to reiterate here. It might be well to point out that recent research has demonstrated the effect that inherent rock stress may have on presplitting in certain directions. Material can be presplit most readily parallel to the direction of maximum compressive stress, and this may not always be in the direction desired. Inherent rock stress measurements by stress relief over coring, etc., may have important value in deciding how to best presplit proposed excavations. In addition, recent work at the Colorado School of Mines has demonstrated the feasibility of con-

Jan 1, 1967

By Carl S. Westerberg

Coal preparation practice and trends follow, among other factors, production trends in any given area. Considering an area the size of a state, some broad predictions may be made after a review of the annual production records. As this paper is concerned with coal cleaning in Utah, data on its production record are pertinent. Table 1 shows the percentage relation of coal production in Utah to the national total as a single figure up to 1935 which includes all recorded production. From 1935 through 1947 these data are presented by years. It is evident from these data that the production of Utah coal is ascending. The reason for this trend is industrial growth in the West resulting in a population shift which accounts for more people than the normal increase would supply together with Utah's relatively fortunate geographical location and its abundance of good-quality coal. Utah is also hopeful of supplying more coal in the future for West Coast power generation.I Utah is not unique among coal-producing states in anticipating greater production in the future. Coal Age states, " . . . it is now evident that a billion-ton yearly production of anthracite and bituminous by 1960 is not impossible." At present it is about 610,000,000 tons, the all-time high in 1947 was approximately 687,803,000 tons. In view of the trend outlined above, obviously more new mines will be required to produce the necessary tonnage. These in turn will require more mechanical cleaning capacity. Whether the required new plants will be built by present operators of mines and mechanical cleaning plants or by others now in the business of producing coal or expecting to enter it is of no consequence in this discussion. The fact is— they will be built.

Jan 1, 1950

By F. W. Gordon

Since the waste gases of the blast-furnace came to be generally utilized in heating the blast and raising steam, the gradual improvement in the economy of fuel, mainly through the nse of higher temperature in the blast, has impoverished the gases. The increased output per unit of measurement of the furnace, and the increased height of the furnace, have markedly increased the resistance to the blast, thus enormously increasing the duty required from the gases. In other words, a gas reduced in heating power by a further dilution of CO, is required to raise the temperature of the blast to 1800' Fahr., where formerly 600' was a good temperature, and at the same time to raise steam enough to drive the air into the furnace at a pressure of from four to eight pounds in coke practice, and from eight to twelve pounds in anthracite practice, and also pump at least double the water formerly used at furnaces. Hence the necessity for the employment of the best scheme for thoroughly consuming these gases with the least dilution of air, and the use of the best device for absorbing the heat prodnced for the purposes above mentioned. In a former paper before this Society the writer called attention to such improvements as had been made by his firm, by which it was claimed 1400' Fahr. could be maintained in the blast by a less consumption of gas than was required to maintain 900' when using pipe-ovens; and it would not be too much to say that 1600' Fahr. might now be written in place of the 1-400. The object of this paper is to give the practice of our firm in the

Jan 1, 1884

By Woolsey McA. Johnson

Independently of the recognized chemical reactions involved in the production of metallic zinc, the process is affected by physical conditions in efficiency, and by commercial as well as technical economy. To offer some observations concerning these conditions is the purpose of the present paper. Among the important elements of this problem is the physical nature of the particles constituting the mass of zinc oxide to be reduced. This may be the result, either of the manner of the original deposition of the mineral, or of the treatment to which it has been subjected in the roasting-furnace. The physical character of the reducing-agent is another important factor, since the carbon of some coals is much more active in reduction than that of others. The degree of fineness, whether of ore or coal, or both, likewise plays a significant part. These factors, together with the physical admixture of foreign substances with the ore, may give rise also to chemical " side-reactions," sometimes hindering or retarding, and sometimes accelerating, the reduction. Finally, thermal conditions, including the relative conductivity of the materials, deserve to be taken into account. In firing a furnace with retorts charged with a mixture of roasted ore and coal, the first reaction is naturally the boiling-off of the contained water; the next is the distillation of the light hydrocarbons from the coal; the next is the reduction of the iron oxide to protoxide and sub-oxide successively, and then to metallic sponge; and the final reaction is the reduction of the zinc oxide in the ore by the carbon to metallic zinc. This reaction commences at 1,022o to 1,060o C., according to the physical nature and condition of the coal and ore. Since the retort and the charge are far from being good con-

Jan 1, 1908

By G. A. Reinhardt

THE Youngstown Sheet & Tube Co. has produced a large tonnage of 0.35 to 0.45 carbon forging steel, the acceptance of which was based on the physical properties of test specimens obtained by forging the original 5 3/4 in. (14.5 cm.) square bloom to a ¾ in. (1.9 cm.) round. Annealed and tempered specimens were required. The test bars were annealed by heating from 900 ° to 950° C. and cooling slowly in mica. The test bars were tempered by heating to 825° to 875° C., quenching in water, and drawing to 515° to 535° C. Immediately after heat treatment, the test pieces were machined to a diameter of 0.534 in. (1.38 cm.) and tested. Very good physical properties were obtained and no difficulty was experienced in meeting the specifications called for. ULTIMATE STRENGTH, ELONGATION, LB. PER SQ. IN. PER CENT. IN 4 IN. NOT LESS THAN Annealed specimens 78,230 to 92,450 18 Tempered 120,000 to 149,350 9 After experience oil this material, production of slightly higher carbon forging steel was started. The method of testing this material required that test blooms be either normalized or annealed. The normalizing consisted in heating to 850° to 900° C. and cooling in still air; the annealing, in heating to 850° to 900° C. and cooling in the furnace or in mica. From the treated bloom, the test pieces were taken either by core drilling or by sawing from points midway between the edges and the intersection of the diagonals. The cores or blocks were turned to a standard 2-in. test piece with a diameter of 0.564 in. and tested without further treatment. The physical requirements of the test pieces were:

Jan 7, 1919

Discussion of the paper Of ROBERT H. BEDFORD and WILLIAM HAGUE, presented at the Salt Lake meeting, August, 1914, and printed in Bulletin No. 92, August, 1914, pp. 1807 to 1816. W. L. SAUNDERS, New York, N. Y. (communication to the Secretary *) . -Messrs. Bedford and Hague have given us a very interesting and practical paper. No better excuse for such a paper could be desired than the statement made that the expense of drilling. in this mine is one-third of the cost of delivering the ore at the mill. This statement. should be written in red letters, because it applies to a great many mines besides the one referred to and because it is generally true that in a mining plant, as also in papers read before the Institute, more attention by fat is given to the metallurgical side of mining than to the excavation of the ore, and no study of the excavation work is properly made that does not involve a careful inquiry into the merits of the rock drill used. Next in importance to the selection of a good rock drill, in a case where the actual drilling cost is one-third the cost of delivering the ore, is that. the drill should be maintained in order and kept up to its highest efficiency. The best rock chill may run down in efficiency through accidents, wear, or other conditions which are sometimes beyond supervision or control. The machine is usually in the hands of men who know how to get workout of it, not men who know how it works. The best drill runners are not machinists,. but miners. They could not tell you how the valve operates or the principle of the rotation, but they know how to get the work done. A testing machine, particularly the type described in this paper, may he of the greatest value in maintaining a uniform state of efficiency.

Jan 11, 1914

Have your name and address on the first page of your manuscript. Typewritten manuscript is preferred, but is not essential. If you have the manuscript typewritten, have it double spaced and written on one side of the page only; send two copies to us if convenient; only one copy of the illustrations is desired. In typewritten manuscript, formulas are better inserted by hand. Keep a copy of your manuscript in case of loss in the mail. ILLUSTRATIONS.-Photographs reproduce best when printed on glossy paper. Solio is one of the best varieties. A good print is preferable to a negative. Blueprints, drawings, or pen or pencil sketches can be used for line engravings, but care should be exercised to make them legible and clear, especially in the case of blueprints. Tracings or photographs of drawings are preferable to blueprints. Rough sketches can be used, if necessary. Photographs should be sent flat, not rolled. Do not put reference letters or other marks on photographs; if such letters or marks are necessary, fasten a piece of tracing paper to the top edge, trace a rough outline of the picture upon it and then place all letters, etc. on the tracing paper lithe exact position you wish them to appear. Restrict the number of micrographs as much as possible on account of the considerable expense involved. Standard magnifications for non-ferrous metals and alloys are recommended as follows: 10, 25, 50, 75, 100, 150, 250, 500, 750, 1000, 1500. Micrographs should be trimmed to 2 1/4 X 2 1/4 in. (six micrographs to a plate), or, if larger, up to 3 1/2 X 4 in. (two to a plate). The smaller size should be adopted if consistent with adequate representation of the subject. With each micrograph should be attached an explanatory title, together with the actual magnification, etching medium, treatment, etc., indicating what the author intends to show.

Jan 1, 1919

By J. Wes Blakely

In the mid-1950s the importation of foreign oil began to encroach on traditional coal markets such as railroad steam engine fuel, home heating, electrical generating plants, and others. Many of the smaller coal companies with substantial coal reserves subsequently found that they could no longer continue to mine economically and merged in various ways with larger established coal mining concerns. As the seats of top management and authority were removed from the mines to large metro centers such as New York, Pittsburgh, and Chicago, the more personal relationship between mine workers and management that had existed prior to these mergers began to be eroded and replaced by "remote control" mine management. The disappearance of this face-to-face contact of upper management with mine employees tended to create barriers blocking simple effective communications between coal mine management and labor. In examining the human relations aspects of the coal mining industry, many elements, some concerned with work and others not, have depicted the industry as almost devoid of good applied human relations and communications practices, and, in truth, little has been done to alleviate this situation. In past years many coal producing companies, with the exception of one of the largest, failed to adequately define the term "communications ' as it applied to their companies, whether internally or externally. Internally many still place heavy reliance on written communications such as company-wide newspapers to do the job of communicating with their employees which they feel ought to be done. One company puts an inordinate belief in its company "newspaper" as the primary instrument to stimulate its work force into increasing productivity. Primarily aimed at the workers, who greatly outnumber the salaried administrative people, this publication mainly documents the fortunes of individual mine workers who are felt to have achieved something with their lives, e.g., a mine worker who had managed to put four children through universities, the

Jan 1, 1981

A cooperative service for engineers and their employers under the direction, of the American Institute of Mining and Metallurgical Engineers; American Society of Civil Engineers; American Society of Mechanical Engineers; and American Institute of Electrical Engineers, and with the cooperation in Chicago of the Western Society of Engineers, and in San Francisco of the California Section of the American Chemical Society and the Engineers Club of San Francisco. For information as to men available or positions open, address the nearest office. New York Walter V. Brown Manager, 31 West 39th St., Telephone Penn. 9220 Chicago A. Krauser, Manager, Room 1736, 53 West Jackson Boulevard, Telephone Harrison 1238 San Francisco Newton D. Cook, Manager, Room 715, 57 Post . St., Telephone Sutter 1684 UNITED ENGINEERING SOCIETY This is a corporation organized by the American Institute of Mining Engineers, American Society of Mechanical Engineers and the American Institute of Electrical Engineers to hold the title and administer the property at 29 West 39th St. In 1916 the American Society of Civil Engineers was admitted, and each society now holds an equal one-fourth interest in the ownership, occupancy, and administration of the building. The value of this property is estimated at two million dollars. A. I. M. E. representatives are : Arthur S. Dwight, J. Vipond Davies and J. V. N. Dorr. ALFRED D. FLINN, Secretary, 29 West 39th St., New York City. ENGINEERING FOUNDATION This is a fund established by the United Engineering Society in 1915 with a gift of $200,000 from Ambrose Swasey. Subsequent gifts had increased the fund to $600,000 on Jan. 1, 1927. The income, of the fund is used to further research in science and engineering and to advance the profession of engineering and the good of mankind. A. T. M. E. representatives are: H, M. Boylston, J. Vipond Davies, Galen H, Clevenger. ALFRED D. FLINN, Secretary, 29 West 39th St,, New York City.

Jan 1, 1928

By Glenn Alvey

THE measure of value of an oil property is approximated by the length of time it takes to "pay out;" viz., the time required for it to return the original investment. This time varies in different fields. In the Appalachian and Mid-Continent fields, a good investment pays out in about four years; in California, it requires a slightly longer time; and in the Gulf field about two years. The two principal methods for establishing these values are based on acreage, as in California, and on production, as in the Appalachian field. The method of establishing values based on production1 was worked out in the Appalachian fields and approximates the value remarkably well in some fields; but it is a rule of thumb and should be used intelligently. Briefly, the method is as follows: An arbitrary number of dollars (called the barrel-day price) multiplied by the number of barrels of settled daily production of the property gives the value.. In its crudest application, the barrel-day price is determined by the "$10 to $.01" rule, which means that the barrel-day price is one thousand times the prevailing price of oil. For instance, with oil at $3.50 per bbl. the barrel-day price would be $3500 per bbl. This rule, however, is not strictly applied, for the, barrel price is varied according to whether or not the wells "hold up." But when a barrel price for a district has been fixed it is quite general to raise or lower the price with the fluctuation in the price of oil; here the" $10 to $.01" rule is used extensively. However, the prospective purchaser takes into account tangible equipment upon the property, the extent to which the drilling program has been carried out, whether or not the wells are "shot" or natural, depth of wells, spacing of wells, paraffin trouble, etc.

Jan 1, 1921

By Foster Bain

THE outstanding characteristic of the last hundred years has been the world-wide rise in the standard of living. Man's dominion over nature is increasing with an accelerating pace and more and more the forces and materials of this world are being made to serve man's necessities and his convenience. We demand both quantities and varieties of goods that were beyond the dreams, to say nothing of the reach, of our fore-fathers, and our possession of them has become so much a matter of course that they excite no remark. Literally, thousands of young folks have required an explanation of a recent popular song, "Thanks for the Buggy Ride," for the reason that their own experience does not extend back into the pre-flivver age. This transition from the use of vehicles made mainly of wood and drawn by animal power, to metal made cars propelled by mineral fuels is all but complete and the memory even of older conditions is already fading. This is symbolic of what is happening all around us. In a recent book, Dr. Frank J. Goodenough, president of Johns Hopkins University, referred to Chinese civilization as a ?vegetable" civilization meaning thereby that the Chinese depend mainly upon the plant world for food, clothing and other necessities and luxuries. Our own people did the same hardly more than a hundred years ago. In 1820, this country produced and used only 5 lb. of pig iron per capita, but a quick and enormous change was wrought in the hundred, years that followed, and in 1920 the amount was 119 times as much, or 597 lb. It has since increased even beyond this and touched a peak of 809 lb. in 1923. In that year our output was more than twice that of 1903 and nine times that of 1883. This increase in production

Jan 10, 1926