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By A. T. Yu

Over the last 80 years the conveyor belt has advanced from the troughed rubber belt to those with standard steel cable cores and those which can navigate curves or climb steep inclines. Now the latest generation of belt conveyors can claim hitherto unheard of capacities of 20,000 tph and single flight lengths well exceeding 16,000 feet. The stranded steel cable core belt is principally responsible for the spectacular improvement in load carrying ability of belt conveyors. The allowable working tension of these belts ranges from 2,500 lb per in. of belt width for 1/4 in. diam cable to 4,000 lb per in, for 3/8 in. diam cable. These ratings far exceed the 240 lb per in. per ply for rayon or nylon construction, and 30 lb per in. per ply for a lowcost cotton fabric.

Jan 1, 1970

By AIME AIME

THE technical material in hand and the plans under way for the 141st meeting of the Institute clearly indicate a well-rounded program of unusual excellence. The meeting will be held in the Engineering Societies Building, Feb. 15 to 18, and while it is too early to announce definitely the time of the various sessions much of the detail has been organized up to that point. Every group in the Institute membership will find much of special interest, and several features should prove generally attractive. The various committees in charge of the lighter side of the meeting are hard at work to emulate the standard established last February In this connection and in this paragraph it will suffice to say-there will be a Smoker-dinner! The Committee on Mining Methods plans two sessions for which these papers are in prospect:

Jan 1, 1932

By Richard Moldenke

The paper describes the making of pig iron from the Mayari iron ores of Cuba. The outstanding feature f this pig iron is a considerable content f nickel and chromium. As a marked improvement in the quality of castings has been noted when this iron is used in the foundry mixtures, a series f melting tests f mixtures of great variety of composition was conducted with the idea f getting comparative strengths from which the effect of nickel¬chromium could be seen. These tests, on account of their number, and degree of accuracy desired, were made by the crucible melting method. The paper gives the tables of results, a series f curves showing the inter-relation of the elements involved, and a summary of the conclusions derived. THE presence of nickel-chromium in pig iron made from Cuban ores is so well known that the word "Mayan" is unconsciously associated with it. Since 1904, when exploration of the Mayari deposits of iron ore in northeastern Cuba was undertaken, there has been increasing interest in these ores. The TRANSACTIONS contain numerous references to them. This iron ore, which is shipped to the. United States in the nodulized state, has been thoroughly tested and found very valuable; the deposit covers over 25,000 acres and there is in sight over 500,000,000 tons of ore that, by systematic mining, runs practically constant in composition. With nickel and chromium present, also titanium in sufficient quantities to attract attention, as well as extremely low phosphorus and sulfur contents, the iron founder is naturally interested in the utilization of Mayari ore for pig iron for the better grades of finished iron products. The present point of consumption of Mayari ore is at Sparrow's Point, where Mayari pig iron of any desired composition is made. The com-

Jan 9, 1922

By Kenneth A. Gutschick, Robert S. Boynton

Lime has become a general and loosely used term to denote almost any kind of calcareous material or finely divided form of limestone or dolomite, as well as burned forms of lime. However, according to Webster, lime is only calcined limestone (known as quicklime, unslaked lime, or calcium oxide). It also embraces the secondary product of quicklime, i.e., hydrated lime or slaked lime (calcium hydroxide). There are two basic types of limestone used for lime manufacture-high calcium and high magnesium (dolomitic). The dolomitic quicklimes and hydrated limes correspond to their "high calcium" counterparts. The only difference is that the dolomitic types are a combination of the elements calcium and magnesium, in varying percents, whereas high calicum limes contain less than 5% MgO down to 1/2%. In either case a pure form of limestone of at least 97% combined carbonate content is needed to make salable lime, barring a few exceptions. The calcination of both types is diagrammed chemically as follows: [ ] In the foregoing reversible reactions the limestone is burned (calcined) in lime kilns, with the carbon dioxide content of the stone expelled as a gas. The weight loss during calcination of pure high calcium limestone is 44%; with equimolecular dolomitic limestone, the weight loss is 48%. Since lime has a strong affinity for CO_, particularly if moisture is present, it will readily revert to its original carbonate form. This occurs when quicklime "air-slakes" and adsorbs CO.. from the air. Thus, quicklime is perishable and should be stored in dry, water-tight areas. Depending upon the type of kiln used and the physical structure of the stone, the size of the quicklime may range from sandlike granules to 8 in. lumps. However, pebble sizes ranging from 1/4 in. to 2 in. are the most common. Screened quicklime fines are also com¬pressed (pelletized) into 1 in. pellets. For some purposes ground or pulverized forms of quicklime are used, ranging from No. 10 mesh to dust. Generally a pebble of quicklime is about the same size as the pebble of limestone before calcination (perhaps shrinking slightly). A more stable form of lime is hydrated lime. This is obtained by adding water to quicklime, slaking it into a dry, fine, subsieve size white powder. Because its affinity for moisture has been satisfied, it is not vulnerable to further moisture like quicklime. However, it has the same strong affinity for CO_. The following reversible chemical reactions illustrate how hydrated lime when heated (or dehydrated) can revert to the original oxide form:

Jan 1, 1975

By AIME AIME

S ULFURIC acid made in the United States during the last four years has averaged approximately 7,000,000 tons of 50" B6 acid a year. This is double the production of the year 1913. About 66 per cent of the acid is made from sulfur, 16 per cent from pyrite, 13 per cent at copper, lead, and zinc smelters, and the remainder from miscellaneous sources it her the chamber process or the contact process, (at some plants both) is used. In 1923, the contact process accounted for nearly 30 per cent of all the sulfuric acid made in this country and since then it has been increasingly employed. It was first introduced here in 1898, and has always .proved less expensive than the chamber process for the manufacture of .acid of high concentration and purity, but the latter produces acid of low strength suitable for many industries.

Jan 1, 1929

By Robert I. Jaffee, Walter L. Finlay

IN the broad survey of the nonferrous' metallic elements contained in this book, the reader may well be impressed by the wide range of property combinations offered by the many metals and alloys the metallurgist has prepared since before Kubla Khan. The diversity is great and the overlap is considerable. It is particularly surprising, then, to find the latest structural metal new- comer designated by such extravagant terms as "Cinderella Metal," "Wonder Metal," "Miracle Metal," "The Metal of Tomorrow," "Dream Metal or Nightmare?" and "The Middleweight Champion of the Structural Metals." Of these and others, the most appropriate designation for the metal involved, titanium, appears to be that of The Middleweight Champion. Its intermediate density of 4.5 and elastic modulus of 16 million is a unique combination between the lower density and modulus of magnesium and aluminum and the higher density and modulus of copper, nickel, and iron. It is light, strong, ductile, and corrosion resistant. A chemical neighbor in group IV of the Periodic Table, zirconium, is similar to titanium in many respects but is appreciably denser, 6.5 instead of 4.5, less stiff and relatively much less abundant. On the other hand, the resistance of zirconium to acids and alkalies is better than that of titanium. Also, compensating for its higher density, lower stiffness, and somewhat lower strength level compared with titanium, zirconium has much better permeability to slow neutrons and is much more suitable as a material of construction for nuclear reactors.

Jan 1, 1953

By T. A. Rickard

The function of a preposition is to show the relation of one thing to another; it is necessary therefore for the writer to select the preposition that indicates the particular relation, otherwise he will fail to express himself clearly. Is it against common sense' to suggest that a Government is justified, morally as well as constitutionally, in preventing the decay of an industry by insisting upon the amalgamation of the prosperous with the needy? All these seven prepositions are used correctly. With the first dredge introduced in Russia, of Werf Conrad, Haarlem, make, this method of alluvial dining became important. Here the prepositions "with", "in", and "of" are used wrongly. He means: "This method of a1lu;ial mining sprang into importance shortly after the first dredge, made at the Werf Conrad, Haarlem, was introduced into ;Russia." The statement itself ii not true, but for that I am not responsible. Once, while I was serving with him, we were frozen in out of sight of land in the Gulf of Pichili in the North of China. Admiral Fisher wrote thus. He has used nine prepositions in making this brief statement. The sequence of three prepositions "in out of" is particularly awkward.

Jan 1, 1931

Erwin S. SperRy, Bridgeport, Conn.: The analysis of refined copper is a subject of great importance, and has not received the attention it deserves. Copper metallurgists, therefore, will welcome the paper of Mr. Heath with satisfaction. The state of the art of the chemical analysis of copper has been such that consumers, if they could not afford to run any risk, have been obliged to buy copper from the smelter having the best reputation, and a specification for copper to meet certain requirements could not be drawn up by the mere giving of the chemical constituents. Mr. Heath has brought the analysis of the copper to such a state that when a specification calls for copper " equal to Lake copper " one will know immediately what percentage of the pure metal to expect. It seems to be a pretty well established fact that the copper of Lake Superior is practically free from antimony and bitmuth ; and, with the exception of arsenic, the other elements are easily separated from copper by electro-deposition in an acid solution. The authorities differ in regard to the question whether antimony is deposited with the copper in an acid solution. Classen* recommends the employment of a solution containing 10 per cent. of free nitric acid, sp.gr.1.21, and the strength of the current from 0.3 to 0.4 ampere, in order to prevent the other metals from being deposited with the copper; and for this reason, I presume, the method has been generally used. I, myself, have been accustomed to use such a solution for the analysis of copper-alloys, but have found that for such alloys only a small quantity of nitric acid is necessary, if sulphuric acid is present in sufficient amount to give the solution the required conductivity.

Jan 1, 1898

By J. H. East, E. R. Maize

Probably no other type of equipment is now being introduced into American underground mines about which less is known and about which there is more misinformation than the Diesel mine locomotive. Any equipment installed underground brings with it hazards that were not present before, and it is the purpose of this paper to show that Diesel-powered equipment can be used with safety in underground mining if certain feasible but very important precautions are taken. Diesel locomotives are not new in underground mining, since they have been used successfully in European mines for at least 19 years, but their use in American mines is exceedingly limited; so far as is known, only five Diesel mine locomotives are operating at present in United States mines. Diesel locomotives were permitted underground in Great Britain for the first time in 1939, and the rapid increase in the number in use in those mines testifies to their safety and efficiency. More than 1300 Diesel mine locomotives are in use in European mines, according to the latest statistics; these locomotives are employed in coal, iron, lead-zinc and mercury mines. SO far as is known, the Diesel mine locomotive has not yet caused an explosion or mine fire, and has not been the cause of any fatalities from toxic gases in the mines in which it has been used. Adjustments of Diesel Engines foR Underground Use A Diesel engine adjusted to work in an underground mine should not be confused with the same engine adjusted for use outside the mine. Adjustment of the air:fuel ratio for engines that are used on the surface is intended to give the maximum fuel economy, and little or no attention is given to the chemical composition of the exhaust gas produced. Many such engines are poorly adjusted and perhaps poorly maintained, with the result that the engine emits smoke in quantity as well as the disagreeable odor familiarly associated with Diesel engines. The air:fuel ratio in the case of Diesel engines operated on the surface is generally around 15:1; that is, 15 lb of air to burn I lb of fuel. Diesel engines adjusted to work underground usually have an air:fuel ratio of about 20:1, as at this ratio the minimum quantity of toxic gases is given off in the engine exhaust. Diesel engines operated underground must be maintained in better condition than similar engines used on the surface; otherwise, the smoke emitted in the exhaust becomes objectionable if not unendurable. Practically normal air is required for safe operation of Diesel engines underground or in confined places; failure to provide virtually normal air for Diesel engine operation is almost certain to result in trouble. Bureau of Mines engineers have determined that the air in which a Dicsel Operates hi confined places should contain less than % pct of carbon dioxide and at least 20 pct of

Jan 1, 1949

By N. Arbiter, C. C. Harris

In 1961, a research program started at Columbia into the mechanical aspects of flotation,* and certain ends are now in view. The purpose of this note is to explain these tentative conclusions in the hope of stimulating discussion and eliciting new data, especially industrial data, with which to test the views expressed. The variables presently under consideration are impeller rotational speed, N, volumetric air rate, Q, and impeller diameter, D, the latter being the parameter chosen to designate cell size. The most favorable *The latest work 1 references all previous publications. chemical environment is not under discussion since the procedures for establishing it are better understood than those for optimizing N and Q by virtue of a longer history of more intensive investigation. THE GRADE AND RECOVERY SURFACES With a given ore, chemical treatment, and flotation machine, both grade, G, and recovery, R, are functions of N and Q. The GNQ and RNQ relationships are best viewed in terms of three-dimensional surfaces (Fig. 1) which are experimentally determinate.2 TO maintain grade at an acceptably high level, it is necessary for N and Q to lie within certain limits, and similarly with recovery. However, the ranges of N and Q for grade on the one hand and recovery on the other are rarely the same. Selecting the single N

Jan 1, 1970

By L. G. Sprague

The fact that this latest and most modern of the Universal Atlas Cement Company's plants at Northampton, Pa., is the fifth to be built on these same properties, and their development has been coincidental with the development of the portland cement industry in the United States, makes it appropriate to sketch briefly the history of the successive steps. In 1889 the original Atlas Portland Cement Co. started its first plant at Coplay, Pa., which is just across the Lehigh River from the present operation. Here the first successful rotary kiln was operated. These kilns were 6 ft. in diameter and 60 ft. long; they used oil for fuel until 1895, when the company developed the first burner for pulverized coal. Shortly thereafter the Atlas company acquired property on the Northampton side of the river and built its plants Nos. 2, 3 and 4 within the following 10 years. During the same period the production of portland cement in the country was increasing rapidly; owing largely to the development of the rotary kiln and improved grinding machinery, which lowered the cost and improved the quality of cement. The general tendency has been to increase the length of the kiln and grind both raw material and finished product Liner. In 1930 the Atlas Portland Cement Co. and the Universal Portland Cement Co. united to form the Universal Atlas Cement Co., and the same policy of improving the product has been continued. Because of the large amount of research carried on by manufacturers and consumers, including government agencies, there is a demand for cement of different chemical and physical characteristics for different kinds of structures. Hence many engineers in recent years have been asking for cements of certain definite chemical analyses, which they think are best for their particular jobs. This has compelled the manufacturer to make several different types of cement by variations of chemical composition. These are generally made by adding silica, iron and lime to the standard mixture, which necessarily increases the cost of the product. Therefore the Universal Atlas Cement Co., in planning the modernization of its Northampton plant, gave this particular phase of the problem considerable study. Research and experimentation have developed the practicability of making a wide variety of differently proportioned raw materials for cement by a process of subtraction rather than by addition. With such process, it is possible to discard the undesirable aluminates and silicates from the ample supply of impure limestone available from the company's property rather than by adding high-grade limestone obtained from distant sources. This procedure requires mineral separation by centrifugal sedimentation and froth flotation. Since the chemical and mineral constituents of Lehigh Valley "cement rock," together with the methods of separating them, have been thoroughly described in published

Jan 1, 1948

By L. G. Sprague

The fact that this latest and most modern of the Universal Atlas Cement Company's plants at Northampton, Pa., is the fifth to be built on these same properties, and their development has been coincidental with the development of the portland cement industry in the United States, makes it appropriate to sketch briefly the history of the successive steps. In 1889 the original Atlas Portland Cement Co. started its first plant at Coplay, Pa., which is just across the Lehigh River from the present operation. Here the first successful rotary kiln was operated. These kilns were 6 ft. in diameter and 60 ft. long; they used oil for fuel until 1895, when the company developed the first burner for pulverized coal. Shortly thereafter the Atlas company acquired property on the Northampton side of the river and built its plants Nos. 2, 3 and 4 within the following 10 years. During the same period the production of portland cement in the country was increasing rapidly; owing largely to the development of the rotary kiln and improved grinding machinery, which lowered the cost and improved the quality of cement. The general tendency has been to increase the length of the kiln and grind both raw material and finished product Liner. In 1930 the Atlas Portland Cement Co. and the Universal Portland Cement Co. united to form the Universal Atlas Cement Co., and the same policy of improving the product has been continued. Because of the large amount of research carried on by manufacturers and consumers, including government agencies, there is a demand for cement of different chemical and physical characteristics for different kinds of structures. Hence many engineers in recent years have been asking for cements of certain definite chemical analyses, which they think are best for their particular jobs. This has compelled the manufacturer to make several different types of cement by variations of chemical composition. These are generally made by adding silica, iron and lime to the standard mixture, which necessarily increases the cost of the product. Therefore the Universal Atlas Cement Co., in planning the modernization of its Northampton plant, gave this particular phase of the problem considerable study. Research and experimentation have developed the practicability of making a wide variety of differently proportioned raw materials for cement by a process of subtraction rather than by addition. With such process, it is possible to discard the undesirable aluminates and silicates from the ample supply of impure limestone available from the company's property rather than by adding high-grade limestone obtained from distant sources. This procedure requires mineral separation by centrifugal sedimentation and froth flotation. Since the chemical and mineral constituents of Lehigh Valley "cement rock," together with the methods of separating them, have been thoroughly described in published

Jan 1, 1948

By ROBERT R. ABUOTT

(Cleveland Meeting, October, 1912.) THE practice of carbonizing steel for the purpose of case-hardening has assumed great commercial importance within the past, 10 years. Formerly, case-hardened steel was held in more or less contempt, since it. was considered a cheap substitute for tool-steel. This is no longer the case. The development of the motor-car industry, and coincidentally that of modern alloy-steels, has resulted in overcoming many difficulties formerly experienced in case-hardening. This result has been accomplished by increased knowledge regarding the analysis of the steel which would respond most readily to case-hardening, and by more careful methods of treatment of the carbonized steel. The ordinary method of carbonizing consists in packing the steel with the carbonizing-material in cast-iron boxes and placing them in a furnace at a temperature of from 1,500° to 1,900° F. for a time sufficient to give the required depth of cc case." The steel is then either quenched directly from the box, or is allowed to cool without unpacking, and finally given a single hardening-heat., or, for special work, two or three heats. During the year 1911, more than 100,000 tons of carbonizing-material was sold in the United States, at an average price of probably $55 per ton. More than 85 per cent. of this material consisted of granulated bone. Within the past four years, many manufactured compounds have been placed on the market, consisting largely of some form of carbon or carbonaceous material, with or without the addition of chemicals. Steel will absorb carbon placed in contact with it at the temperature of the atmosphere. The reaction is exceedingly slow, but. increases rapidly with increasing temperature. Below * Metallurgical Engineer, The Peerless Motor Car Co.

Dec 1, 1912

By G. F. LOUCHLIN

A FEATURE of the International Geological Congress to be held at Pretoria, South Africa, in the summer of 1929,. will be a symposium on the gold resources of the world. In this connection the U. S. Geological Survey and Bureau of Mines have been asked to prepare a report, showing production in the United States, describing the geology of its principal gold- producing districts, and estimating reserves (a) assuming a continuation of presen6economic conditions, and (b) assuming lower costs. This report will not be completed before April 1, but data thus far assembled are here presented with the hope of profiting by discussion and by information from those well informed on any of the important gold-producing districts. Gold production in the United States rose to a maximum exceeding $100,000,000 in 1915 and then rapidly declined to about $52,000,000 in 1920. Since then it has fluctuated, but on the whole slightly declined. Reviews of the eight leading states afford the following tentative conclusions :

Jan 1, 1929

By Samuel S. Wyer

Bethlehem Meeting, February, 1906 THE following abbreviations have been used in the text:¬ Am. MF. and Iron World. American Manufacturer and Iron World, Pittsburg, Pa. Can. Min. Rev. Canadian Mining Review, Ottawa, Can. Cass. Mag. Cassier's Magazine, New York, N. Y. Col. Eng. Colliery Engineer, London, Eng. Col. Guard. Colliery Guardian, London, Eng. Eng. and Min. Jour. Engineering and Mining Journal, New York, N. Y. Eng. News. Engineering News, New York, N. Y. Engr. Engineering, London, Eng. J. I. and S. I. Journal of the Iron and Steel Institute, Lon¬don, Eng. Jour. W Soc. of Engrs. Journal Western Society of Engineers, Chicago, Ill. Lond. Eng. The Engineer, London, Eng. Mines and Min. Mines and Minerals, Scranton, Pa. North of Eng. I. M. E. North of England Institute of Mining Engineers, Newcastle-on-Tyne, England. Oester Zeitsch f. Berg u. Hüt. Oesterrcichische Zeitschrift für Berg. und Hüttenwescn, Vienna, Austria. Pract. Engr. Practical Engineer, London, Eng. Proc. I. C. E. Proceedings Institution of Civil Engineers, London, Eng. Trans. A. I. M. E. Transactions American Institute of Mining Engineers, New York, N. Y. Trans. A. S. M. E. Transactions American Society Mechanical Engineers, New York, N Y Trans. Fed. I. M E. Transactions Federated Institute Mining Engineers, Newcastle-on-Tyne, England. Trans. I M E Transactions Institute Mining Engineers, Newcastle-on-Tyne, England.

Mar 1, 1906

By J. R. FINLA

THE three great war periods of recent times involving the-chief industrial, commercial, and military nations of the world have been the following: 1. Wars centering around the French Republic and Napoleon Bonaparte, .1791-1815;. involving every nation in Europe, parts of Asia Minor and *North Africa., and the United States of America. 2. Wars in Europe, Asia, and North -America beginning with the Crimean War, 1854-56, the British Empire, France, Sardinia, and Turkey against Russia; the Sepoy rebellion in India, -1857; -war of France . and Sardinia against ..Austria in Italy, .185.9; :the Taiping rebellion in China, 1861; Civil War in , America, 1861-65; French. occupation .of .M Mexico, .1863; Prussian war against :Denmark, :1864; (Prussia and Italy against Austria sand various -south German : states, 1866; :the Franco-German War, 1870.7,1.

Jan 1, 1931

By J. F. Wolff

CARL ZAPFFE, Brainerd, Minn. (communication to the Secretary*).¬Unless one has actually directed explorations for iron ore, it is doubtful whether the importance of Mr. Wolff's paper, the value of the information contained, and the large amount of detail work involved in what is set forth can be fully appreciated. It is indeed rare to get such a com-

Jan 3, 1917

[ ] Utilizing tendencies for low grade ores in the Sudbury District of Ontario to cave after higher grade ore has been mined, International Nickel Co., of Canada, Ltd., is recovering millions of tons of nickel-copper ore once regarded as submarginal. Inco is working lower grade ore than ever mined before from its underground operations because of the caving method and metallurgical practices. In the caving method, blocks containing as much as 1.5 million tons of ore are undercut. As ore from the undercut block is withdrawn, the block to be mined breaks away and starts to disintegrate as it moves downward. Inco is also using the blasthole method, using explosives to break slices of harder, tougher ore from solid material. Inco has built a new concentrator at one of its most recent shafts for handling the increased tonnages of low grade ore. The concentrator presently has a 10,000-ton per day capacity, and is scheduled to be increased to 12,000 tons. Hoisting from the mine is by push-button control and the ore is milled on the spot. A 7 ½ -mile pipeline carries bulk concentrate to reduction plants at Copper Cliff. Giant crushers, weighing 165 tons each, have been installed underground. Twenty-ton electric locomotives haul ore to the crushers. The expansion program is expected to lift total annual production of nickel in the free world to 375 million pounds annually, an increase of 150 million pounds. Inco is presently mining more than 1 million tons of ore per month from combined surface and underground operations.

Jan 1, 1952

Faulty rock dusting of the New Orient Mine at West Frankfort, Ill. was declared to have been the primary cause of the extent of the blast that killed 119 men on December 21. Walter Eadie, state director of mines and minerals, ascribed the explosion to the ignition of methane in a working place about a mile northwest of the shaft of the mine. The initiation of the combustion was either by a spark from electrical machinery or from men smoking in the mine. It was surmised that a train of empty cars stalled in a ventilation door, had caused sufficient disturbance in the ventilation system to permit accumulation of gases. The Federal Bureau of Mines said that the Illinois explosion was caused by an electrical spark that touched off the clouds of gas present because of the faulty ventilation equipment. The bureau report listed three conditions as primarily responsible: An inadequate ventilating system, operation of faulty electrical equipment and the presence of large accumulations of fine coal dust capable of exploding. "This coal dust, principally along roadways, was not removed from the mine or rendered inert by the application of sufficient rock dust," the report stated. Investigations showed that an even more disastrous blast was averted because the explosion eventually reached areas where it could expand into open workings and where enough rock dust had been applied to retard it.

Jan 1, 1952

By Samuel Wyer

F. G. CLAPP, New York, N. Y. (communication to the Secretary*).¬I assume that where this valuable paper states, near its end, that "it is not possible to establish a market price, " the author means that no particular price which will fit all conditions and fields can be given. I am not in agreement with Mr. Wyer, however, that the actual value of natural gas leaseholds is "largely a matter of opinion." I would even be willing to express myself very strongly as believing that if we, as experts, cannot give anything closer than a mere opinion, our testimony or reports are not of great value to our clients. I believe, moreover, that by detailed geological examinations and with our latest knowledge of geological structure, principles of natural gas occurrence, etc., we can approach just as near a certainty in natural gas valuations as we can in oil valuations, and much more so than in the valuation of many metal prospects, in which only the upper few feet of the vein has been opened. In other words, we are getting nearer and nearer every year to bringing geology as applied to oil and gas development into the class of an exact science. Mr. Wyer's paper gives an excellent outline for methods of leasehold valuation. Being presumably intended as an outline only, it can be expanded indefinitely by a detailed discussion of the methods of valuation for the four different classes of leaseholds which he mentions: (A) "Producing;" (B) "Protective;" (C) "Reserve;" and (D) "Prospective." This classification is probably as good as can be made in practice. In the producing leaseholds in particular it is easy to establish a market price at which these leaseholds should be bought or sold. The question would arise in any case whether or not the leases are connected with a pipe line or the distance from the pipe line. Assuming that a pipe line already taps the property and that gas is already being sold for a certain figure, this price must be multiplied by the number of thousand cubic feet still "in sight" in the ground, from which is to be deducted (a) bonuses, (b) rentals, (c) royalties, (d) cost of drilling, (e) taxes and

Jan 12, 1916