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By William H. Spice

The fault zone of south central Texas showed renewed activity during I940 along a trend roughly paralleling the old established Balcones fault-line group of producing fields. This was a result of the new discoveries in the Wilcox (Eocene) formation in southeastern Texas and Louisiana. As of the end of the year, one new field producing from the Wilcox formation had been discovered on the Washburn ranch in La Salle County, along the southwestern limits of the district, and several projected tests into that formation were under way. In the western part of the district, par-titularly in the part of the Rio Grande embayment that is in Dimmit, Webb and Zavala Counties, there has been renewed leasing activity with the shallower sands in the Navarro-Taylor formations (Upper Cretaceous) as the objective in several projected tests for the early part of 1941. Three new fields have been discovered along the old fault-line trend, but these have been comparatively small, producing either from Dale lime, Austin chalk or Buda lime. No new fields were discovered during the Year in the Edwards (Lower Cretaceous) lime horizon. Approximately 260 wells were drilled in the district during 1940, which resulted in four new oil fields. Twenty-seven new wells were completed in the Proven Edwards lime fields of Darst Creek, Luling and Salt Flat and seven were added to production in the Pearsall field. Approximately 160 wells in 18 counties were completed as failures during the year. The district produced 7,659,634 bbl. during 1940, which was a 9 per cent decrease under production for 1939. In all, 3559 wells were producing at the end of I940, compared with 3562 wells producing at the end of the previous year; 104 new producing wells were completed and 163 wells were abandoned in the producing fields of the district. During 1940 considerable exploratory work was carried on along the Wilcox trend within the district, particularly by major companies employing various types of geophysical methods, and leasing activity increased considerably. At the end of the year, the total number of acres of nonproducing leases held by major companies in the district increased about 10 per cent. It is anticipated that this activity will continue into the first part of 1941 and will be supplemented by several exploratory test wells. New Fields B,, Creek, Caldwett County.— . R. Ogden NO. 2 Talley, discovery well of the Bee Creek field, in the northeastern part of Caldwell County, was completed on March 16, I940, in Dale lime from 2091 to 2238 ft., pumping 85 bbl. per day, 39° A.P.1. gravity. The discovery of this field can be credited to a combination of subsurface geology and magnetometer work, which indicated the presence of a serpentine intrusion. At the end of the year, ,3 producing oil wells had been completed and the field has produced a total of 47,050 barrels.

Jan 1, 1941

By William H. Spice

The fault zone of south central Texas showed renewed activity during I940 along a trend roughly paralleling the old established Balcones fault-line group of producing fields. This was a result of the new discoveries in the Wilcox (Eocene) formation in southeastern Texas and Louisiana. As of the end of the year, one new field producing from the Wilcox formation had been discovered on the Washburn ranch in La Salle County, along the southwestern limits of the district, and several projected tests into that formation were under way. In the western part of the district, par-titularly in the part of the Rio Grande embayment that is in Dimmit, Webb and Zavala Counties, there has been renewed leasing activity with the shallower sands in the Navarro-Taylor formations (Upper Cretaceous) as the objective in several projected tests for the early part of 1941. Three new fields have been discovered along the old fault-line trend, but these have been comparatively small, producing either from Dale lime, Austin chalk or Buda lime. No new fields were discovered during the Year in the Edwards (Lower Cretaceous) lime horizon. Approximately 260 wells were drilled in the district during 1940, which resulted in four new oil fields. Twenty-seven new wells were completed in the Proven Edwards lime fields of Darst Creek, Luling and Salt Flat and seven were added to production in the Pearsall field. Approximately 160 wells in 18 counties were completed as failures during the year. The district produced 7,659,634 bbl. during 1940, which was a 9 per cent decrease under production for 1939. In all, 3559 wells were producing at the end of I940, compared with 3562 wells producing at the end of the previous year; 104 new producing wells were completed and 163 wells were abandoned in the producing fields of the district. During 1940 considerable exploratory work was carried on along the Wilcox trend within the district, particularly by major companies employing various types of geophysical methods, and leasing activity increased considerably. At the end of the year, the total number of acres of nonproducing leases held by major companies in the district increased about 10 per cent. It is anticipated that this activity will continue into the first part of 1941 and will be supplemented by several exploratory test wells. New Fields B,, Creek, Caldwett County.— . R. Ogden NO. 2 Talley, discovery well of the Bee Creek field, in the northeastern part of Caldwell County, was completed on March 16, I940, in Dale lime from 2091 to 2238 ft., pumping 85 bbl. per day, 39° A.P.1. gravity. The discovery of this field can be credited to a combination of subsurface geology and magnetometer work, which indicated the presence of a serpentine intrusion. At the end of the year, ,3 producing oil wells had been completed and the field has produced a total of 47,050 barrels.

Jan 1, 1941

NAME AND OBJECT. SEC. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metallurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1923

NAME AND OBJECT. SEC. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metallurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1923

NAME AND OBJECT. SEc. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metal¬lurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1923

NAME AND OBJECT. SEc. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metal¬lurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1917

NAME AND OBJECT. SEC. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metallurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1923

NAME AND OBJECT. SEc. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metal¬lurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1923

NAME AND OBJECT. SEc. 1. This Institute is incorporated under the Membership Corporations law of the State of New York ; its corporate name is American Institute of Mining Engineers; and its objects are such as are stated in its Certificate of Incorporation. ARTICLE II. MEMBERS. SEC. 1. The membership of the Institute shall comprise four classes, namely 1. Members ; 2. Honorary Members ; 3. Associates ; 4. Junior Members. All members shall be equally entitled to the privileges of membership, except¬ing that Honorary Members, Junior Members, and Members and Associates whose residences shall be outside of the United States, Mexico, and Canada shall not be entitled to vote. Members and Associates residing within the United States of America, Mexico, and Canada, and not in arrears for dues, shall be entitled to vote in person at the meetings of the Institute, or, as hereinafter provided for, by letter ballot. SEC. 2. The following classes of persons shall be eligible for membership in the Institute, namely : as Members, all professional mining . engineers, geologists, metallurgists, or chemists, and all persons actively engaged in mining and metal¬lurgical engineering, geology, or chemistry ; as Associates, all persons desirous of being connected with the Institute who in the opinion of the Board of Directors are suitable.

Jan 1, 1917

By T. B. Counselman

"C" VERYONE who has to calculate cyanide circuits, -¦-' using either thickeners, filters or both, realizes the headaches involved in solving a set of simultaneous equations. When you calculate a large number of these, based on experimental data, trying to arrive at the best flowsheet, you can spend days at the task. T. B. COUNSELMAN, Member AIME, is Manager, FluoSolids Division, The Dorr CO., Stamford, Conn. AIME New York Meeting, Feb. 1950. TP 2783 B. Discussion (2 copies) may be sent to Transactions AIME before March 31, 1950. Manuscript received Aug. 23, 1949. Herewith is presented a short method, equally accurate with the standard simultaneous equation method, and much quicker. Here for instance is the standard simultaneous equation method, for 100 tons per day of $10 ore, with the conditions assumed as below (fig. 1). Conditions Assumed a. 100 tons of ore per day crushed in cyanide solution. b. Discharge from all thickeners with 50 pct moisture. c. $10 value dissolved per ton of ore. d. 50 pct in mill and 50 pct in agitators. e. 400 tons of solution from thickener V precipitated to $0.02. f. Agitation with a dilution of 2 of solution to 1 of solids. g. Let V, W, X, Y and Z represent value in dollars per ton of solution discharged from the resvective thickeners. Equating Out of and Into Each Thickener 1. lOOVplus 400V = 500W plus (0.50 X $10 X 100) 2. 1OOWplus 600W= 500X plus lOOW plus (0.50 X $10 X 100) plus lOOV 3. lOOXplus 500X = 1OOWplus 500Y 4. 1OOY plus 500Y = 1002 plus 1OOX plus (400 X 0.02) 5. 100 Zplus l00Z = l00Y plus 100 tons of water (value $0.00) Simplifying: 1. v = W plus 1.00 2. W = X plus 1.20 3. X = Y plus 0.24 4. Y = 0.2Zvlus 0.064 5. 2Z= Y

Jan 1, 1951

By T. B. Counselman

"C" VERYONE who has to calculate cyanide circuits, -¦-' using either thickeners, filters or both, realizes the headaches involved in solving a set of simultaneous equations. When you calculate a large number of these, based on experimental data, trying to arrive at the best flowsheet, you can spend days at the task. T. B. COUNSELMAN, Member AIME, is Manager, FluoSolids Division, The Dorr CO., Stamford, Conn. AIME New York Meeting, Feb. 1950. TP 2783 B. Discussion (2 copies) may be sent to Transactions AIME before March 31, 1950. Manuscript received Aug. 23, 1949. Herewith is presented a short method, equally accurate with the standard simultaneous equation method, and much quicker. Here for instance is the standard simultaneous equation method, for 100 tons per day of $10 ore, with the conditions assumed as below (fig. 1). Conditions Assumed a. 100 tons of ore per day crushed in cyanide solution. b. Discharge from all thickeners with 50 pct moisture. c. $10 value dissolved per ton of ore. d. 50 pct in mill and 50 pct in agitators. e. 400 tons of solution from thickener V precipitated to $0.02. f. Agitation with a dilution of 2 of solution to 1 of solids. g. Let V, W, X, Y and Z represent value in dollars per ton of solution discharged from the resvective thickeners. Equating Out of and Into Each Thickener 1. lOOVplus 400V = 500W plus (0.50 X $10 X 100) 2. 1OOWplus 600W= 500X plus lOOW plus (0.50 X $10 X 100) plus lOOV 3. lOOXplus 500X = 1OOWplus 500Y 4. 1OOY plus 500Y = 1002 plus 1OOX plus (400 X 0.02) 5. 100 Zplus l00Z = l00Y plus 100 tons of water (value $0.00) Simplifying: 1. v = W plus 1.00 2. W = X plus 1.20 3. X = Y plus 0.24 4. Y = 0.2Zvlus 0.064 5. 2Z= Y

Jan 1, 1951

By H. H. Stout

IN the early fall of 1025, the writer was conducting, in the Ledoux and Co. labora-tory, New York, experiments directed to-ward ascertaining the effect on its impurity content when cathode copper was subjected to a current of various gases at an elevated temperature below the melting point. The apparatus consisted of a vertical I-in. dia. silica tube about 12 in. long, heated on the outside. The cathodes were broken to pass 3/8-in. mesh, and a current of various differ-ent gases was passed up through a 4-in. long column of these loose cathode particles in the vertical tube furnace. Temperature was maintained to 1500° to 1600°F. and the gas treatments lasted from 3 to 6 hr. The writer observed that whenever reducing gas (H2 or CO) was used, these cathode par-ticles stuck together at points of contact with each other. The cohesion was so marked and tenacious that an examination was made of the fractured surfaces, when cathode particles were broken from the cluster. Crystal growth was always found to have taken place across the surfaces where separate particles were in contact, but only after all oxides, sulphates, etc., had been completely removed. The idea of a possible new process was then conceived and was disclosed to A. M. Smoot (V. P. Ledoux and Co.) with intent to obtain his views. The first conception as given Smoot was "to gas-clean broken cathodes, put them in an extrusion press, solidify and extrude them at around 1500°F." Smoot's reaction, after a few moments considera-tion, was, "It looks perfectly all right to me." The writer and his assistants, W. H. Osborn and H. H. Stout, Jr., after confer-ring as to ways and means, decided to go ahead with preliminary laboratory experi-ments, which, it was thought, would move the new process from the possible to the probable. This program followed a course indicated by three basic considerations: I. Since brittle cathodes were often unin-tentionally produced, it seemed probable that the laws controlling this type of deposi-tion could be ascertained. 2. We had already proved the gas-clean-ing feature. 3. There remained to prove: whether a sound, homogeneous metal billet could be produced with crystal growth established over the entire surface of each individual particle in the billet; and, if so, what would be the physical properties? Osborn arranged with Columbia Uni-versity for conducting experiments in its research laboratory to prove or disprove the third item; Columbia assigned C. A. Phillipi, Jr. to assist in the project. A press with a cylinder 2 in. high and of I-in. dia. was used. It was surrounded and heated by a resistance coil of Nichrome wire. Broken tough cathodes were used.

Jan 1, 1940

By Oliver Bowles

EACH year the broad diversified field of industrial minerals offers a panorama of new and interesting developments that not only concern the welfare of the industries themselves but have a more or less direct influence on the lives of citizens at large. Thus, the home life of multirudes may be affected by new building units that transmit light through walls instead of windows, by illuminated processed marble lighting fixtures and decorations, by the vast impetus given to thermal insulation Ly .mineral wool, expanded vermiculite, and related products, and, more remotely, by fireproof rugs and drap-

Jan 1, 1937

By Peter Haasen

INDIUM antimonide has the zincblende structure. A possible defect that does not disturb the indium tetrahedron surrounding any antimony atom in this lattice (or vice versa) is obtained when neighboring

Jan 1, 1958

By William R. Barton

It is generally conceded as axiomatic that the aggregate producer and the average urban resident have mutually incompatible goals. The producer wants to be near his mass market and the average resident wants him as far away as possible. The traditional economic decision to mine local material to avoid transportation costs is increasingly challenged by zoning and planning bodies and by citizens' groups. This conflict generated much written and spoken word and offered opportunity for great flights of rhetoric. The pressure on the producer also has forced re¬appraisal of the need for the classic confrontation with indications that much of the conflict is more apparent than substantive. In New England several factors combine to increase complexity of the siting problem. It is a region of high land values and population density. Due to the proximity of metropolitan areas, even rural communities have experienced a prolif¬eration of environmental groups with concomitant enthusiastic regional planning and critical watch over land use. In New England where there is little public understanding of the necessity for, and the realities of, mineral production a sophisticated approach to aggregate production site location is required.

Jan 1, 1975

By A. L. Slaughter

The Homestake mine, located in western South Dakota, was discovered in 1876. The first reported production was in I 878. Total production through 1965 is 6,554,249 troy ounces of silver and 27,961,276 troy ounces of gold, worth $987,000,000 at present prices. Precambrian sedimentary formations at Lead total 20,000 feet. The Poorman Formation, the oldest, is chiefly ankerite carbonate. The Homestake Formation is iron-magnesium carbonate. The younger formations are argillaceous with some quartzites. The Cambrian Deadwood Formation unconformably overlies the Precambrian. All are cut by Tertiary intrusives. Sideroplesite schist of the Homestake Formation was converted to cummingtonite schist in the zones of higher-grade metamorphism. The Precambrian rocks show the effects of extreme isoclinal folding. A second stage of folding ( cross folds) may have been caused by the Tertiary intrusives. All folds plunge to the southeast. The Homestake ore bodies are pipe-like replacements of the Homestake Formation in zones of cross folding. It is believed that dilatation of the schists has increased permeability in these zones. Chloritization of the schists is the most widespread effect of the mineralization which is divided into four stages. Principal minerals of the first stage are quartz, chlorite, and arsenopyrite; in the second stage, quartz, ankerite, and pyrrhotite. In the third stage only pyrrhotite was deposited. The fourth stage followed the intrusions of Tertiary dikes and deposited mostly pyrite and calcite. Gold accompanies all stages and is always the last mineral to be deposited. It is most closely associated with arsenopyrite of the first stage but can be interpreted as having been deposited during the fourth stage and superimposed on the products of the earlier stages.

Jan 1, 1968

By Heath B. Fowler

The surface mining operations of the Simplot Fertilizer Co. are on the Fort Hall Indian Reservation approximately 16 miles east of Fort Hall, Idaho (Fig 1). The Phosphoria formation outcrops in sec. 2, 3, 11, 14, 15, 22 and 27, T 4 S, R 37 E, Boise Meridian. The ownership of these phosphate-bearing lands is divided between individual Indians and the Bannock-Shoshone Tribe, and the royalties are paid to the respective owners on a tonnage basis, as the rock is mined. The geology and mineral resources of the Fort Hall Reservation were studied by the U. S. Geological Survey in 1913 and reported on in 1920. † However, it was not until the winter of 1945 that exploratory work was undertaken by private enterprise. Diamond drilling was begun by the Simplot Fertilizer Co. in April 1946, and stripping operations were started in June. A camp was established near

Jan 1, 1950

By H. Ries

INTRODUCTION OF the several interesting physical properties of clay which have claimed the attention of investigators in recent years, none is more important than the behavior of the material when heated to temperatures above those of dehydration. Some of the problems to be solved are: 1. The mineralogical changes that take place in firing. 2. The relation between temperature and change in constitution, shrinkage, porosity, etc. 3. The importance of the time factor, as duration of firing, either in reaching a given temperature, or of exposure to a constant temperature. Mineralogical Changes As a result of fusion, reactions take place between the constituents of a clay, which results in a reorganization of the mass, and the formation of new compounds. Of the new minerals developed, sillimanite is the one usually recorded, and has been referred to by a number of observers.1 There appears to he a difference of opinion, however, regarding the temperature at which it is formed. Thus. Klein2 notes that sillimanite forms only above. 1300° C., while Mellor claims that it can develop below 1200° C., the difference in results being conditioned by the time factor. In Klein's experiments the test pieces were fired in 12 hr., while in Mellor's, the temperature rose from 800° to 1180° in 24 hrs., and occupied the same time in cooling back to 800°.

Jan 9, 1917

By Y. Oinouye, H. Ries

Of the several interesting physical properties of clay which have claimed the attention of investigators in recent years, none is more important than the behavior of the material when heated to temperatures above those of dehydration. Some of the problems to be solved are: 1. The mineralogical changes that take place in firing. 2. The relation between temperature and change in constitution, shrinkage, porosity, etc. 3. The importance of the time factor, as duration of firing, either in reaching a given temperature, or of exposure to a constant temperature. Mineralogical Changes As a result of fusion, reactions take place between the constituents of a clay, which result in a reorganization of the mass, and the formation of new compounds. Of the new minerals developed, sillimanite is the one usually recorded, and has been referred to by a number of observers.' There appears to be a difference of opinion, however, regarding the temperature at which it is formed. Thus Klein2 notes that sillimanite forms only above 1300" C., while Mellor claims that it can develop below 1200" C., the difference in results being conditioned by the time factor. In Klein's experiments the test pieces were fired in 12 hr., while in Mel-lor's, the temperature rose from 800" to 1180" in 24 hr., and occupied the same time in cooling back to 800".

Jan 1, 1918

By I. A. Ettlinger

DEPRECIATION allowances have become firmly rooted in our income tax structure both by legislation and by court decisions. Secretary of the Treasury Morgenthau has recently stated before the Ways and Means Committee of the House: A taxpayer who did not provide for depreciation of assets used in his business could not long remain in business and the income tax should be levied on the assumption that he will provide for such depreciation. The 1934 Revenue Act has now been enacted, the depreciation provisions of the 1932 Revenue Act having been carried forward without change. However, there has arisen, in connection with the preparation of this new Revenue Act, a determination by the Treasury Department to make certain changes in the future administration of the depreciation allowances that will affect all corporations, and mining companies in particular.

Jan 1, 1934