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By P. V. Faragher

A METAL or alloy finds its place in commerce in proportion to its ability to serve certain purposes better and more economically than other materials. While there is some overlapping of the fields of application of the various metals under discussion in this symposium, each one has its uses for which it is especially adapted. While aluminum is the most recent of the metals to enter the field, the development of the industry has been based on its peculiar properties, by virtue of which new uses for non-ferrous metals have been created. There has been substitution of this new metal for other members of the group but there has been a far greater development in entirely new fields. In common with the other non-ferrous metals, aluminum is resistant to atmospheric corrosion. It also withstands the action of many of the common chemical reagents, strongly alkaline substances being the notable exceptions. The outstanding properties on which the application of aluminum is based are its low specific gravity and its ease of fabrication into the forms in which it is used. It is noteworthy that this property of specific lightness is retained in all the commercial aluminum-base alloys. This statement does not apply to aluminum bronze; this is more properly a copper-base alloy, since aluminum enters into its composition to the extent of only about 10 per cent. None of the commercial casting alloys of aluminum has a density exceeding that of the parent metal by more than about 10 per cent., and some are actually lighter. In the so-called "strong alloys" of aluminum in which strengths comparable to that of mild steel are developed by heat treatment, the greatest increase in density is only slightly more than 3 per cent., and one of these, also, is lighter than aluminum. This property of lightness combined with the desirable mechanical properties of the alloys, makes aluminum especially suited for parts of moving assemblies where saving in power, as well as a decrease in stresses resulting from inertia and vibration, are of importance.

Jan 1, 1928

By Goodman, Richard E.

A complete rational analysis for design of excavation slopes and loaded rock masses is a desirable but perhaps unattainable goal. Irregular external and internal boundary conditions, poor understanding of failure criteria for large masses of rock, capricious material properties, and the importance of indeterminate forces and inaccessible and virtually un- sampleable rock defects emphasize the importance of experience in this aspect of rock engineering. The experience must be correlated with geological factors. In certain regions the accumulation of such experience through the observation of existing rock slopes in various formations constitutes an important aspect of studies for design of rock excavations.

Jan 1, 1969

(The following list contains the names of those members of the Institute of whose connection with military service we have only recently become acquainted; it also includes the names of a few who have recently been promoted or transferred, indicated by a *. A complete list was published in the Year Book, issued as a supplement of the Bulletin for March, 1918.) ANDERSON, AMIL A., Co. A, 309th Regiment Engineers, 84th Div., American E. F., Care Postmaster, New York. ARMSTRONG, HAROLD K., Pilot, Naval Aviation, U. S. Naval Air Station, Miami, Fla. BASSETT, ARTHUR F., Co. 6, -E. 0. T. S., Camp Humphreys, Va. BEDDALL, THOMAS H., Adjutant, 1st Battalion, 1st Gas Regiment, American E. F. BERNARD, CLINTON P., Candidate, 12th Observation Battery, F. A. C. 0. T. S., Camp Taylor, Ky. BROOKE, LIONEL, 50th Co., 13th Battalion, 5th Replacement Engineers, Camp Gordon, Ga. BROWNING, EDWARD, Corp., 1st Regiment Engineers, Co. D, American E. F. BUGBEE, EDWARD E., S. A. T. C. Headquarters, Raleigh N. C. BUTTERFIELD, G. BRUCE, CO. C, 605th Engineers, American E. F. CADOT, J. J., 1st Lieut., U. S. Air Service, American E. F., Care Post- master, New York. CARLOCK, J. B., Major, 2d Battalion, 1st Gas Regiment, American E. F., France.

Jan 12, 1918

By C. S. Barrett, D. F. Clifton

THE transformation that occurs in lithium and its solid solutions containing magnesium1,2 is similar in many respects to other diffusionless transformations of the martensitic type. This general similarity makes it desirable to investigate the transformation curves in detail. The current interest in the phenomenon of stabilization in martensitic transformations has created a need for a careful appraisal of possible stabilization effects in both cooling and heating transformations in lithium alloys. The effect of prior heat treatment on the temperature at which transformation begins and the effect of various temperature cycles in partially transformed alloys also merit attention. Limited data on some of these features were presented previously,' but the present studies have been made with improved apparatus, in which erratic fluctuations were smaller than in the earlier work, and include many independent determinations of certain critical observations. Material and Methods Geiger counter X-ray spectrometers were used: a Norelco instrument, original model, and a General Electric XRD-3. The low-temperature specimen holder has been described elsewhere." Specimens 10 mm in diam and 1.5 mm thick were held in firm contact with a copper block which was attached to the lower end of a stainless steel tube that extended up to a reservoir of liquid nitrogen. A heating coil on the tube permitted a controlled temperature gradient along the tube, so that desired temperatures and rates of heating and cooling could be obtained by controlling the heating current. The specimen was surrounded by an atmosphere of evaporated nitrogen in an insulated chamber having double cellophane windows. The temperature of the specimen was read by a thermocouple imbedded in it close to the irradiated area; the specimen could be held at constant temperature within 1°C for long periods. The body-centered cubic 200 reflection near 8 = 26" was used as the index of the amount of b.c.c. material present; occasional checks were made using the most suitable line of the low-temperature phase, the close-packed hexagonal 110 line near 8 = 29". Copper radiation was used throughout. A continuous record was made of the reflected intensities on a strip chart recorder, both when the peak intensity of a line was being followed and when the lines were being scanned at constant temperature. On the continuous recordings of peak intensity, periodic checks were made on the background intensity between the lines, and on the setting of the spectrometer for maximum intensity. The lithium-base solid solution containing 12.4 atomic pct Mg (33.3 wt pct) that had been used previously' was chosen, as it had a transformation range at relatively high temperatures, so as to permit wide temperature cycling within the range. Just prior to use a pellet was cut from the ingot,

Jan 1, 1951

[ ] 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

By Wm. C. Madge, H. P. Allen

The chloridizing mill of the Standard Reduction Co. is located about 75 miles south of Salt Lake City on the Tintic branch of the Denver & Rio Grande Western R. R. and 12 miles from the Tintic Standard mine. The daily capacity is 200 toss of a siliceous, low-grade, silver-lead ore from this property. It has operated continuously since it was started in January, 1921. The process consists essentially of a chloridizing roast followed by a percolating leach with a nearly saturated solution of common salt, acidified with sulfuric acid, the precipitation of silver on sponge copper and of copper and lead on tin-plate cuttings. The precipitates are shipped to a smelter. Some of the general ideas involved are said to have been used by Augustin in England, in 1840. A number of textbooks treat of the subject, especially the chloridizing roast followed by a leach with sodium hyposulfite or amalgamation. The process was revived in this district by Theo. P. Holt, N. C. Christensen, the Bureau of Mines, and others. Nature of Ore Treated The average assay of the ore treated during 1924 is as follows: Gold, ounces per ton...................................... 0.025 Silver, ounces per ton..................................... 18.26 Copper, per cent......................................... 0.30 Lead, per cent........................................... 5.00 Silica, per cent........................................... 65.00 Iron, per cent............................................ 10.00 Lime, per cent........................................... 0.70 Sulfur, per cent.......................................... 3.00 Arsenic, per cent......................................... 0.70 The silver is finely disseminated and occurs as native, combined as a sulfide and, to a very small extent, as the chloride. The lead may be present as carbonate, sulfide, or sulfate.

Jan 1, 1926

By J. R. McWilliams

Several of the current concepts of brittle fracture involve consideration of the existence of defects or flaws. Griffith 1 observed that the tensile strength of brittle materials was several orders of magnitude less than might be expected from the calculated strength of the molecular bonds. He was able to show that the stress concentration at the tip of an elliptical crack is sufficient to raise the local stress level many fold. He therefore proposed that real materials do contain such stress risers in the form of minute cracks and that this accounts for the rather large difference between theoretical and actual strengths of brittle materials. The degree of stress magnification depends to a great extent upon the orientation of the crack with respect to the general stress system, and to the general geometry of the crack.

Jan 1, 1967

By J. C. Reed

CINNABAR was discovered in southwestern Arkansas on Little Missouri River in sec. 1, T.7S., R.26W., in April, 1930, and near Antoine Creek in sec. 28, T.6S., R.23W., some 15 miles farther east in May of the same year. It was not, however, until June, 1931, that cinnabar was identified as such in a specimen from the original discovery area sent to W. M. Weigel1 by Walter F. Hintze of Murfreesboro. Almost simultaneously2, in July, 1931, Moritz Norden of Hot Springs identified specimens from the Antoine Creek area as cinnabar. Immediate interest in the district followed the identification of cinnabar and by January, 1932, the district was known to extend as a mineralized belt about one mile wide trending east-northeast from sec. 13, T.7S., R.27W., in Howard County-across central Pike County and into Clark County to sec. 19, T.6S., R.23W., thence extending southeast into sections 33 and 34 of the same township. Since then, cinnabar has been found in sec. 6, T.7S., R.22W., thus giving a total east-west length to the district of approximately 30 miles. Interest focused mainly on the two discovery areas, with the result that mining development has progressed most rapidly in those localities. In the Antoine Creek area the Arkansas Quicksilver Co. has done con-siderable exploration work and has retorted the high-grade ore so .obtained. In the Little Missouri area the Southwestern Quicksilver Co. has had a 12-ton rotary furnace in more or less continuous operation since April, 1932, and has been the largest producer in the district.

Jan 1, 1935

By R. J. Mechin

TOP-SLICING was introduced in the Pachuca district in 1917 by T. C. Baker, at that time mine superintendent, of the Santa Gertrudis mine. There then existed 1200 ft. (365.7 m.) below the surface, lying between the fourteenth and eighteenth levels (a vertical distance of 108 meters) a block of ore having a length of 295 ft. (90 m.), and an average width of 82 ft. (25 m.) and dipping at an angle of 65°. This block lay in the hanging wall of the vein and consisted of highly altered and fractured andesite, cut through with mineralized quartz stringers. On the foot-wall side, 26 ft. (8 m.) of old filling, left by former operators, was of payable grade. Stoping therein was first undertaken by the square-set filling system, but because of the extremely heavy hanging wall and loose dry filling in the foot wall, all square setting had to be accompanied by spiling, which made the operation exceedingly slow and costly. A system of mining was sought that would eliminate the difficulties inherent to the square-set system in heavy ground and that at the same time would effect the desired economies in mining. After several years, top-slicing has met all the conditions most satisfactorily, so that when similar conditions presented themselves in El Bordo mine, this method was adopted with necessary modifications. El Bordo mine is operated by the Santa Gertrudis company, and is situated about two miles north of Pachuca. Because of the diversity of the orebodies, a number of different mining methods are in use, among them top-slicing.

Jan 10, 1925

By W. A. Clark, E. H. Dresser

ORE from the Minnesota iron ranges is transported from the mines to the loading docks on Lake Superior over four different railways: the Great Northern, Northern Pacific, Soo Line, and Duluth, Missabe and Iron Range, with hauls varying from 60 to 110 miles. For this service a large amount of specialized equipment is used. The steel ore cars are of the hopper type, 24 ft. long, to dump into alternate pockets of the docks, these pockets being 12 ft. long to correspond with the 12 or 24-ft. spacing of the boat hatches. The more recently con-

Jan 1, 1941

By ALBERT P. J. BORDEAUX

THIS paper briefly describes the general outline of cyaniding silver-ores in Mexico, with special reference to personal experiments made in the Temascaltepec district. The most important papers on the subject deal with cyaniding gold-silver-ores, the gold predominating in value, so that the treatment is nearly the same as for gold-ores, the losses of silver being considered of little importance. I describe here the treatment of silver-gold-ores containing very little gold, which is more general in Mexico than elsewhere. The cyanide treatment, which was so successfully applied to gold-ores, did not succeed immediately with silver-ores on account of their varying composition. Gold occurs in nature usually in the native state, while silver occurs generally in combination with sulphur (argentite), and various combinations of sulphur, antimony, and arsenic. In former times there was a complete difference in the treatment of gold-ores and silver-ores. Amalgamation, which was successful with gold-ores, was generally inadequate with silver-ores. The usual treatment in Mexico for silver was the patio process, the theory of which was satisfactorily explained only quite recently by Mr. Ortega and others. GENERAL OUTLINE OP THE CYANIDE TREATMENT. The general tendency of the present practice is to slime the silver-ore as much as possible, and in order to obtain a higher efficiency, with less loss of cyanide, and greater speed, the following lines are observed 1. Crushing by stamps with 30- or 40-mesh screens, then crushing by Huntington or Chilean mills, through 60- or 80-mesh screens. 2. Concentration upon vanners.

Jan 1, 1910

By Frank G. Breyer

THE .following developments in the zinc field during 1935 are listed in the order of their importance. Each will he amplified in later paragraphs. In the field o f Metallic Zinc: (1) Construction of further continuous vertical retort smelting capacity in the United States and Germany. (2) Expansion of fractional distillation capacity in the United States. (3) Great expansion in the zinc-base die-casting industry in the United States and abroad. (4) Wide acceptance of heavy galvanizing by the steel industry. (5) Construction of the first commercial wire electroplating plant for putting on heavy coats of pure zinc. (6) Firm establishment and appreciable expansion of the practice of using zinc dust as a reducing agent in the organic chemical industry.

Jan 1, 1936

The following is an incomplete list of members and guests who called at Institute headquarters during. the period Mar. 10, 1919,. to Apr. 10, 1919. F. T. Agthe, Hannibal, Mo. Jay Lonergan,. Denver, Colo. W. F. Almy, Canada. R. R. London, Cebu, P. I. P. G. Bandy, Mexico. W. D. Mainwaring, Philadelphia, Pa. H. R. Bank, Humboldt, Ariz. _ W. G. Mitchell, Montreal, Can. Alan M. Bateman, New Haven, Conn. Francis Nicholson, Joplin, Mo. C. A. Brooks, Lead, S. Dak: C. H. Palmer, Los Angeles, Calif. Louis J. Brunel, Oakland, Calif. D. A. Powell, Columbus, Ohio. W. Burns, Sante Fe, N. M. W. H. Reber, Dallas, Tex. J. B. Carlock, Major, 1st Gas Regt. Capt. J. B. Richards, Spokane, Wash. Louis S. Cates, Hayden, Ariz. T. C. Roberts, E. Orange, N. J. W. M. Corse, Mansfield, Ohio Max Roesler, Washington, D. C. E. 0. Daue, Philadelphia, Pa. C. 0. Sanford, Los-Angeles, Calif. John Davenport, W. Norfolk, Va. Gustave Sessinghaus, Denver, Colo. James T. Dixon, London, England, . E. H. Shriver, Milford Center, Ohio. S. K. Dahl, Messina, Transvaal, S. Af. H. M. Spoor. W. G. Eberhardt, Tucson, Ariz. W. H. Staver, New York. H. S. Emlaw, Grant Haven, Mich. D. B. Sterrett, Washington, D. C. I. W. Farrand, Camp Merritt. W. G. Swart, Duluth, Minn. Oscar Gotsch, Jr., St. Louis, Mo. A. W. Stickney, London, England. James 0. Greenan, Oakland, Calif. E. C. Templeton, Downey, Calif. Gilbert Hart, Philadelphia, Pa. . . R. T. Walker, Pioche, Nev. K. L. Hsueh, China. A. T. Ward, Bellefonte, Pa. Zay Jeffries, Cleveland, Ohio. Joel H. Watkins, Washington, D. C. R. W. Kern, Verde, Ariz. J. Wertheimer, Cleveland, Ohio. H. D..Kinney, Easton, Pa. C. R. Wilfley, Ouray, Colo. E. L. Lasier, Washington, D. C. J. P. Wood, Engrs., U. S. A. Carl Zapffe, Brainerd, Minn. Leland D. Adams has left the employ of the Weedon Mining Co., Ltd., at Montreal, Quebec, and is going to Oakland, Calif., where his address will be 1180 Mandana Boulevard.

Jan 5, 1919

By B. M. Burchfiel

CALIFORNIA possesses such an abundance of ceramic materials other than clays, that she is quite independent of other states and foreign countries so far as these materials are concerned. Certain users import some feldspar, silica, and allied minerals, but they do so from choice and not necessity. Production is largely for home consumption, so the total volume of ceramic materials produced is comparatively small. Many small deposits of the materials here under discussion are worked by individuals, and their output sold to individual grinding companies or users. The data given here shall be confined to the larger deposits and developments because they give a truer picture of typical deposits, operations, and materials.

Jan 1, 1936

PRESIDENT OF THE COUNCIL. JOHN HAYS HAMMOND NEW YORK, N. Y. (Term expires February, 1909 ) VICE-PRESIDENTS OF THE COUNCIL SAMUEL B. CHRISTY BERKELEY, CAL. JOHN A. CHURCH NEW YORK, N.Y. PERSIFOR FRAZER PHILADELPHIA, PA. (Term expires February, 1909 ) J. PARKE CHANNING NEW YORK, N. Y. FREDERICK W. DENTON PAINESDALE, MICH. JOHN B. FARISH New York, N. Y. (Term expires February, 1910)

Jan 1, 1910

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 J. S. Owens, R. W. Marsden, J. W. Emanuelson, R. F. Werner, N. E. Walker

The iron ores of the Mesabi Range occur in a 340 to 750-foot thick, Precambrian cherty iron formation termed "taconite." For about 65 years, extensive natural iron ore bodies were mined, and the ores either shipped as a direct ore or processed by gravity methods to a shipping grade iron ore. Since 1956, magnetite taconite ores, occurring in magnetite-rich horizons in the Biwabik iron formation, have been commercially concentrated and agglomerated. The transition from natural ores to concentrating-grade ores is progressing rapidly so that, in the near future, a major percentage of the iron ore shipped from the Mesabi Range will be as iron ore pellets produced from taconite. Natural iron ores of the Mesabi Range occur in the Biwabik formation as trough ore bodies in elongated channels and as irregular and tabular deposits in fractured areas associated with faults and folds. Ore bodies range in size from a few thousand tons to hundreds of millions of tons and may occur in any part of the iron formation. In some areas of strong ore development, ore was formed from the hanging-wall argillite to the footwall quartzite. The natural ores and beneficiating-grade natural crude ores were formed by the oxidation of the iron minerals, magnetite, greenalite, stilpnomelane, minnesotaite, and siderite, to hematite and goethite and by the removal of much of the silica in the cherty quartz and in the associated silicates by leaching. The ores are believed to have formed by the oxidizing and leaching action of surface waters. Magnetite taconite ores occur as stratigraphic zones in the Biwabik formation where it contains sufficient magnetite to be concentrated profitably, by magnetic methods, to give a magnetite concentrate that is agglomerated into a high quality product. Unoxidized taconite has an extensive distribution away from and between channels of oxidation and leaching but only a part of the unoxidized taconite is of ore grade. Two general types of magnetite taconite ore occur: ( 1) magnetite taconite of the Main Mesabi Range, generally west of Mesaba, which is composed of magnetite associated with cherty quartz, greenalite, stilpnomelane, minnesotaite, and carbonates and (2) magnetite taconite of the Eastern Mesabi, generally east of Mesaba, composed of magnetite associated with quartz, cummingtonite, actinolite, ferrohypersthene, hedenbergite, fayalite, hornblende, pyroxene, garnet, and biotite. The Mesabi taconite is a metasediment derived from an iron- and silica-rich chemical sediment that has been regionally metamorphosed and, on the eastern end, additionally metamorphosed by the Duluth Gabbro Complex.

Jan 1, 1968

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL.. . MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J. JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y VICE-PRESIDENTS CHARLES W. GOODALE,1 . . . . District 5 BUTTE, MONT. MARK L. REQUA,1 District 6 SAN FRANCISCO, CAL. HENRY S. DRINKER, District 2 So. BETHLEHEM, PA. ROBERT M. RAYMOND,2 . . . . District 0 NEW YORK, N. Y. EDWIN LUDLOW,3 District 2 LANSFORD, PA. A. R. LEDOUX,3 District.0 NEW YORK, N. Y.

Jan 11, 1919

By C. BARING HORIVOOD

(Chattanooga Meeting, October, 1908.) THIS paper is intended, in the light of recent investigations, to call attention to some of the essential features of good practice in sampling and mine-valuation. Mine-sampling may be divided broadly into two classes : (1) development-sampling and computation of ore-reserves; and, (2) stope-sampling and estimation of stope-values. DEVELOPMENT-SAMPLING. It is with development-sampling only that this paper deals-the term development being taken to mean the opening-up of a mine by cross-cuts, drives, connections, etc., preparatory to actual extraction of the ore for milling. In development-sampling the work of the sampler and the consequent estimation of the probable value of the mine or portions of the mine, as the case may be, cannot be verified until a later period, when the ground thus sampled has been exploited; hence, extreme care and accuracy are essential. Moreover, the development-sampler has to foresee and allow for contingencies which may arise when stoping is started. It follows that the sampling, in development-work, demands familiarity with the conditions likely to be encountered later in actual mining. In stopes, on the other hand, sampling is clone under actual working-conditions, and the sampler's valuations are immediately checked by the gold-output, or in some cases by a second sampling of the broken ore. A stope-sampler therefore need not be an experienced miner, though he should possess sound technical training and work accurately. Should he be somewhat inexperienced, be soon has his errors discovered for him, and learns to avoid them. Taking these facts into account, it is obvious that a mining company employing two or more samplers should

Jan 1, 1909

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