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The Institute's stock of Volumes XXXI, LI, and LII has become much reduced by sales. If members have copies of these volumes which they can spare, the price of $3 per volume will he paid for them, if in good condition. If desired, a copy of the Index for Volumes XXXVI to LV will be given for one of these volumes of the Transactions and one dollar additional. For two volumes of the Transactions, a copy of the Index will he sent and the balance will be credited to the payment of dues.

Jan 1, 1919

This study of engineering education arose out of the action of a joint committee on engineering education, representing the principal engineering societies. The committee had gathered so much material that it decided the work could best be carried out by some one trained in applied' science, who would devote his entire attention to the study.. The Carnegie Foundation therefore asked Prof. Charles R. Mann, of the University of Chicago, to undertake the work. After making a thorough study Prof. Mann has made a most comprehensive report. In it he says: The engineering schools of the United States began their work upon a definite teaching plan and one that had at least pedagogic consistency. But during the past half century the course of study has been overlaid with many special studies intended to enable the student to deal with the constantly growing applications of science to the industries. As a result, the load upon the student has become so heavy that there is a feeling that the students fail to gain a satisfactory grounding in the fundamental sciences and do not fulfil the expectations of engineers in d manufacturers in dealing with the practical problems with which they are confronted on leaving school. At present 60 per cent. of those who enter the schools fail to graduate, still many of them persist in engineering and make a success of it. It is evident, therefore, that the present systems of admission are not satisfactory. If a group of schools will take up the careful study of their entrance systems and experiment with objective tests and records of the students' youthful interests and achievements, the percentage of elimination can be reduced to at least a fourth of its present size, with an enormous saving of time, energy, and money for both student and school. The number of required credit hours per week should be less than eighteen, preferably sixteen. The few experiments that have been made indicate that college students do their best work when not more than five subjects are studied at a given time.

Jan 1, 1919

By J. M. WADSWORTH

The purpose of this bulletin is to describe the methods of constructing and operating representative types of plants in the United States used for removing the light hydrocarbons from petroleum by continuous distillation, such plants being commonly known in the trade as topping or skimming plants. In the discussion of each plant an endeavor has been made to arrange the text similarly in order to facilitate comparison and to emphasize the important features. The various experimental values for the specific and the latent heats of the oils apply approximately to the oil treated. Careful experiments with each oil and its commercial fractions were not justifiable in view of the purpose of this report. It is regretted that limitations for recording data at the different plants made impossible the determination of a heat balance for each, which would have provided an equitable method of comparing efficiencies. The writer has confined himself to a comparison of the relative efficiencies of the distilling apparatus alone by the following method: Effi . f till d tt" _ Heat theoretically required. ciency 0 SIS an se mgs - Heat content of fuel consumed. The plants described are all in California where the topping industry has had its growth accentuated by the character and the use of the oil handled. The scarcity of suitable coal made the adoption of other fuel necessary, and the heavy oil of California supplied the need. To raise the flash point and to dehydrate this oil, various plants have been developed. However, the topping industry is represented in other fields; the Roxana Petroleum Co. of Cushing, Okla., and the Warner-Quinlan Asphalt Co. of New Jersey, are operating Trumble plants, and Texas and Oklahoma operators have been experimenting with different pipe retorts for continuous running. In addition to the reasons for topping cited above, in California topping has other purposes which give the plants practically a universal field in the oil industry. These additional purposes are (1) to remove the lighter constituents of the oil prior to storage for a long period, thus reducing the losses from evaporation, (2) to dehydrate and clean the oil, and (3) in conjunction with a complete refinery, to remove the lighter fractions cheaply and quickly, leaving a residue to be rerun for lubricants, coke, and other products. The reader in studying a plant for possible adaption to his own use should note that local considerations enter into the design and size of a plant. Several questions present themselves, as follows: 1. What type is suitable for the oil? 2. How much money is available for construction? 3. Will the volume of residuum be large enough for heat exchange with the crude? 4. Can the heat content of the vapors be used to reduce the cooling-water requirements? 5. What method will best recover the heat from stack gases? 6. Are the various pieces of apparatus adequate in size and best adapted to their purpose? 7. Is every possible provision made for the recovery of waste heat? 8. What products will be made, and what volume of each? 9. Is there provision for the recovery of light vapors? 10. Will the saving of fuel justify the capital and maintenance charges on the regenerative apparatus contemplated? It is regretted that information concerning the operation of topping plants with eastern and Middle West oils is not available. The writer carefully canvassed the Middle West, but did not find a plant where operation had progressed beyond the early experimental stages and reliable figures could be furnished. The reader will find fuel economy and heat recovery emphasized throughout the descriptions. The conservation of the available petroleum supply is of the utmost importance, and the Bureau of Mines presents this paper to encourage the hearty cooperation of operators to that end. The Baume gravity scale used throughout the report is that of Tagliabue with a modulus of 141.5 for conversion to specific gravity.

Jan 1, 1919

By E. H. Burroughs

HISTORICAL REFERENCES OCCURRENCE-GEOLOGY AND ORIGIN. 4. ARNOLD, RALPH. Conservation of the oil and gas resources of the Americas, Econ. Geol., vol. 11, Apr.-May, 1916, pp. 203-222; June, 1916, pp. 299-326; Proc. 2nd Pan American Sci. Cong., 1915-1916, vol. 3, Conservation of natural resources, pp. 207-237. Shows occurrence of oll, and status and possibilities of oil Industry in each country. Discusses briefly ways in which oll reserves may be conserved. 5. RUTIS, A. A. Petroleum known since remote times. Oil and Gas Jour., vol. 15, Nov. 2, 1916, pp. 33, 37. Gives historical reférences to the use of petroleum from Bible times to its discovery In America. See also Nos. 3, 257, 202, 337, 1843.

Jan 1, 1919

By Van H. Manning

The term war minerals has been applied t.o those ores and minerals that were largely imported. before the war. Among the mon important of these are manganese, essential for making high-grade steel for munitions and industrial use; graphite, for u,.akin1 crucibles; tin, for plating utAmsils and for bearing-met.al; mereury, used as fulminate t.o explode shells; pot.uh, for making fertilizer and explosives; tungsten and molybdenum, for high-speed t.ool steel; antimony, for hardening bul!et lead; chromite, for tool steel, for tan- , ning leather, and as a refractory lining in furnaces; magnesite, for :refract:A>ry linings; mica, as insulating material; platinum, for the manufacture of sulphuric acid and for electrical apparatus. When the United States entered the war it was clear that every ship would be needed and that the number available for importing minerals would be small. Hence a quick and thorough survey of domestic resources was necessary. . Throughout the war the scope and volume of the war-minerals work increased until it covered practically every mineral that was known t.o be or was liable to be in short supply.

Jan 1, 1919

By EDGAR K. SOPER, Clarence A. Wright, DOUGLAS C. LIVINGSTON, Thomas Varley

In 1917 the Federal Bureau of Mines and the University of Idaho arranged to cooperate in an investigation looking to the improvement of mining and milling methods in the mining districts of the State of Idaho, with an especial view to the wider development of the minerul deposits and greater efficiency in the treatment of the lowgrade ores of the State. This work has been made possible lnrgely through the generosity and active assistance of the mine operators, especially certain companies in the Coeur d'Alene region. As the first step in the work under the cooperative agreement it wa.s decided to gather all data possible on the various mining districts throughout the State, both active and abandoned, in order to ascertain their potential possibilities, especial attention being paid to methods of metallurgical treatment and to the solution of the many metallurgical problems in order to effect a greater commercinl saving. With this plan in view, field work was begun in the latter part of May, 1917, and was continued during the summer. E. K. Soper, formerly professor of mining, University of Idaho, and now dean of the mining department of Oregon Agricultural • College, Corvallis, Oreg., visited the mining districts in central and southwestern Idaho and also some of those in the northern part of the St.ate. D. C. Livingston, professor of geology at the University of Idaho, Moscow, Idaho, also visited some of the mining districts in central Idaho during the summer; in addition, much valuable information he had gathered on former trips to many other districts is included in this report. Credit is also due Mr. Livingston for the maps covering the State, as well as the bibliography nt the end of each chapter. Thomas Varley, superintendent of the Seattle mining experiment station of the Bureau of Mines, spent a short time in the field, principally in the mining districts in central and . northern Idaho, and made a brief visit to the southwestern districts with Mr Soper. The field work of Mr. C. A. Wright, metallurgical engineer of the Bureau of Mines, in direct charge of the cooperative work, was chiefly in the Coeur d'Alene region. Mr. Wright visited nearly all of the mining districts in the region and devoted most of his time to studying the milling methods. The results of the investigation are set 1iorth in this bulletin. The bulletin aims to give the l9Calities of the various mining districts, and the nature of the present operations and those that have been carried on in the past. The geology is discussed only in a general way, the descriptions being intended more especially to bring out the types of ore deposits and the character of the ores, a knowledge of which is essential in determining the proper treatment of the ores. The writers do not wish to imply that all districts mentioned in this bulletin were visited during the summer of 1917, for a great deal of the material has been gathered from other reports, especially from publications of the United States Geological Survey. However, it is hoped that this report will be of help to those who are interested in mining in the State of Idaho. The plan is to continue the field work and subsequently publish the results of the investigations in much more detail, with greater emphasis given the metallurgical treatment of the ores and the problems involved.

Jan 1, 1919

By J. W. Thompson

The term "minerals" when employed in a conveyance in the State of West Virginia is understood to include every inorganic substance which can be extracted from the earth for profit, whether it be solid, as rock, fire clay, the various metals and coal, or liquid, such as salt, and other mineral waters and petroleum oil and gas. Horse Creek Land & Mining Co. v. Midkiff (West Virginia), 95 Southeastern 26, p. 27. TERM INCLUDES OIL AND OAS. The term "minerals" used to describe the interest in land granted or reserved bona fide includes petroleum oil and natural gas. Horse Creek Land & Mining Co. v. Midkiff (West Virginia), 95 Southeastern 26, p. 27. INJUNCTION TO PREVENT RElllOVAL. The removal of ore from the premises of another without his consent will be enjoined. Barnes v. Esch (Oregon), 169 Pacific, 512, p. 518. TITLE TO MEXICAN BULLION-JURISDICTION OF FEDERAL COURTS TO DETERMINE. Where bullion within the jurisdiction of the Mexican Government was seized, condemned, and sold for war supplies by the Constitutionalist forces in the revolution acting under authority from Gen. Carranza, claiming to be the provisional President of the Republic of Mexico, a United States district court of Texas, into which State the bullion has been imported from Mexico, has jurisdiction to try and adjudge as to the validity of the title acquired by and through the seizure, appropriation, and sale by the Carranza forces as against an American citizen claiming ownership of such bullion prior to its seizure.

Jan 1, 1919

By J. W. Thompson

BURYING DEAD MINERS. BURYING BODIES OF DEAD MINERS. REVISED STATUTES (HURD) 1874, P. 263. SEC. 22. LIABILITY OF RAILROADS, ETC., FOR BURIAL EXPENSES.-When any railroad company, stage or any steamboat, propeller, or other vessel engaged in whole or in part in carrying passengers for hire, brings the dead body of any person into this State, or any person dies upon any railroad car or in such stage, steamboat, propeller or other vessel in this State, or any person is killed by cars, or machinery of any railroad company or by accident thereto or by accident to or upon any such stage, steamboat, propeller, or other vessel, or by accident to or in or about any mine, mill or manufactory,* the company or person owning or operating such cars, inachinery, stage, steamboat, propeller, or other vessel, mine, mill or manufactory shall be liable to pay the expenses of the coroner's inquest upon and burial of the deceased and the same may be recovered in the name of the County in any court of competent Jurisdiction. NOTE--The original Act of February 15, 1855 (Laws 1855, p. 170), makes no reference to the dead bodies of persons killed" by accident to, in or about any mine."

Jan 1, 1919

By J. W. Thompson

A mining company for a period of 12 years bad been selling its ore to a certain smelting company for the purpose of obtaining a continuous and steady market for its ore and for the purpose on the part of the smelting company of obtaining a continuous and steady supply of ore for smelting; an agreement was entered into by which the mining company agreed to eell and the smelting company agreed to purcshase at ruling prices all the ore produced by the mining company of certain' stated grades, and to this end the mining company agreed to actively operate its mines. It is no longer the rule that a suit will not lie for the specific performance of a contract relating to personal property ; but the question for determination in such a case is whether the complainant has a plain, speedy and adequate and complete remedy at law, and if he has no such remedy, specific performance will be granted. In an action by a smelting company for the specific performance of a contract of sale it appeared that the ore produced by the mining company bad a peculiar value for smelt. i.ng purposes and was not readily obtainable elsewhere, and it would be practically impossible to measure the value for determining the loss the complainant would sustain· if the smelting company were not ,able ,to obtain the ore under the contract. It is comparatively simple for a court of equity to enforce the agreement as it pertains to the normal product of the mine and there is no plausible reason why a court may not require a performance on the part of the mining company where the mining company obligated it:Belf to operate all its mines. There is no delicate or complex condition involved in the production or delivery of the ore 'or in obtaining_ the stipulated prices agreed upon, and there is nothing apparent that will necessitate supervisory· control in requiring performance on the part of the mining company. A decree for specific perfoi:m,ance would require no supervision by the court either for the operation of the mines or for ascertaining and fixing the prices the mining company is to receive for its ore.

Jan 1, 1919

By J. W. Thompson

MEANING OF TERM, The term "minerals" when used in grants or in reservations or instruments of conveyance is not limited to metals or metalliferous deposits, whether contained in veins that have well-defined walls or in beds or deposits that are irregular and are found at or near the surface or otherwise. Byron v. Utah Copper Co., Utah, 178 Pacific 53, p. 58. The term "mineral" in its commercial sense has been defined as any organic substance found in nature having sufficient value sepa- rate from its situs as part of the earth to be mined, quarried, or dug for its own sake or its own specific use. Rockhouse Fork Land Co. v. Raleigh Brick & Tile Co., - W. Va., 97 South- eastern 684, p. 685. CONSTRUCTION AND MEANING. It can not be said that the term "minerals" includes only such substances as are procured by tunnelling and shafting, as much gold is procured by placer mining and rich deposits of manganese and other like ores are found upon the surface of the earth and are some- times obtained without either quarrying or mining. Rockhouse Fork Land Co. v. Raleigh Brick & Tile Co., W. Va. ——, 97 South- eastern 684, p. 685. GRANITE AS MINERAL. It has been determined that granite was included in a grant of minerals. Rockhouse Fork Land Co. v. Raleigh Brick & Tile Co., -W. Va., 97 South eastern 684, p. 685. See Armstrong v. Lake Champlain Granite Co., 147 N. Y. 495, 42 Northeastern 186.

Jan 1, 1919

By J. W. Thompson

ESTATE IN MINERALS. Minerals beneath the surface may be made the subject of separate ownership either by a grant of the minerals by the owner of the land or by a grant of the land excepting the minerals, and thereby an estate in fee simple is created in the minerals, as corporeal things real. Colby, In re, Iowa, 169 Northwestern 443, p. 444. DEEDS EXCHANGING DIFFERENT MINERALS-RIGHTS OF PARTIES. The lands of two adjoining owners were underlaid with cement rock and clay at a depth of about 100 feet from the surface and with coal veins some 600 feet below the surface. By an exchange of deeds one of the land owners conveyed to the other the cement rock and clay with the right to mine and remove the same without entering upon the surface, but the deed contained no covenant not to injure the surface. The other deed conveyed the coal seam and so much of the rock and other minerals just above and below the coal as might be required in connection with the mining and removing of the coal, together with the right to mine and remove the same, and the adja- cent rock, clay, and other minerals, without entering upon or injuring the surface, with one immaterial exception. The deeds do not define the word "surface" and neither expressly nor by implication did they secure to the coal owner the right to subside the overlying cement rock; but the implication is to the contrary, as the deed gives the right to mine and remove coal without entering upon or injuring the surface. The provision that the coal owner should not enter upon or injure the surface amounts to a clause that the coal mine. shall not be worked so as to let down the surface and this does not create any inconsistency with the provision giving the right to mine and carry away the coal.

Jan 1, 1919

The Institute's stock of Volumes XXXI, LI, and LII has become much reduced by sales: If members have copies of these volumes which they can spare, the price of $3 per volume will be paid for them, if in good condition. If desired, a copy of the Index for Volumes XXXVI to LV will he given for one of these volumes of the Transactions and one dollar additional. For two volumes of the Transactions, a copy of the Index will be sent and the balance will be credited to the payment of clues.

Jan 12, 1918

G. H. CLEVENGER, Colorado Springs, Colo.-Mr. Crowe's paper will be of great interest to cyanide operators, as it is a distinct new development in cyanidation. After reading the paper it occurred to me that some of us had done practically the same thing some time ago, but without design and unconsciously. I refer particularly to the operation of some of the earlier types of vacuum filter, used in connection with a dry vacuum pump and a receiver, which is somewhat similar equipment to that employed by Mr. Crowe. However, we did not appreciate the good effects we were getting from such of this solution as was precipitated, and it has remained for Mr. Crowe to bring distinctly to our attention the advantages of removing air from cyanide solutions before precipitation. Full credit is therefore due him for this very clever improvement in the cyanide process.

Jan 11, 1918

. E. P. MATHEWSON, New York, N. Y.-I would like to call attention to the excellent plan for protecting the lining of the tanks from rough handling by the excavator. Many engineers, when considering mechanical excavators for lead-lined tanks, have been afraid that the machinery might get out' of order and rip out the lining. This difficulty seems to have been entirely overcome in this installation, and those who have been responsible for its success deserve a great deal of credit. A. F. CASE,* Cleveland, Ohio. (written discussion t).-The application of the automatic unloader to the copper leaching process at Ajo was a very radical departure from the common use of this machine, inasmuch as the only previous use of this device has been in connection with the unloading of coal and ore from vessels on the Great Lakes. There are many phases in connection with the unloading of ore from lake vessels that are not presented in the extraction of ore tailings from leaching vats. For instance, in unloading from boats, it is necessary to provide means to reach under the hatches to parts of the cargo hold which do not lie directly under the hatches, and to work in inaccessible places that do not exist in a leaching vat. These necessities require complications that could be very easily dispensed with in this new application. On this account the unloader, is applied to the New Cornelia, plant, represents what is probably the simplest development of the machine that has ever been produced, and, manifestly, in its simplest form it could he expected to show results corresponding to its performances when installed with all of its complications. One of the requirements of vessel unloading is extreme vertical travel, when the bucket is required to reach the bottom of the, cargo hold, often 12 or 13 ft. below water-level, and discharge into a receptacle 30 ft. above-the water. This was materially simplified at Ajo for the reason that the vertical travel was never more than 20 ft. This condition immediately resulted in the possibility of shortening the walking beam which carries the bucket leg, and, in fact, in entirely reducing the size of all the working, parts of the trolley, walking beam, and bucket leg, as far as reaches were concerned.

Jan 11, 1918

An "international gold conference" was held at Spokane, Wash., on Sept. 5, 1918, under the auspices of the Northwest Mining Association, which was attended by a large number of engineers, mine operators, and bankers, representing the northwestern states, as well as Alaska and British Columbia. The principal subject under consideration was the doleful condition of the gold-mining industry, gripped between the diminished purchasing value of its product, and the increased cost of its operation. Two resolutions were adopted by the meeting. The first approved the resolution adopted Aug. 12 by the American Gold Conference, a permanent organization formed at Reno, Nev., in which it is stated that relief by the United States to the gold producers of this country should he made to correspond with the increased cost of production, the extent of the relief to be fixed from time to time to Meet changing conditions. The second resolution, adopted after serious and long-continued discussion, was introduced by F. A. Ross, mining engineer, of Spokane, and a member of the Institute, and was as follows: WHEREAS, it is now clearly understood and agreed by the allied nations that national gold reserves must be augmented without delay if rapidly expanding credits are to be secured; and WHEREAS, at this time, the production of gold is daily decreasing to an alarming extent because of well known conditions that, render the mining of gold-bearing ores unprofitable; and WHEREAS there is no way by which the mining of gold-bearing ores may be made profitable except by the direct' aid and influence of the government; and WHEREAS the government has appealed to the mining industry for practical information and practicable suggestions upon this subject; therefore, be it

Jan 10, 1918

By Moore, Richard B

PROBABLY no other metal excites as much interest, among both scientific men and the general public, as radium. This is due partly to the high cost of radium salts and partly to the peculiar properties of the element. Since radium-bearing ores were discovered in the United States, the interest of American scientific men has been stimulated and, at the present time, more radium is extracted and refined in this country than in all the rest of the world together. HISTORY The property of radioactivity was discovered, partly by accident, by Henri Becquerel, the French physicist, in 1896. He was experimenting with certain fluorescent substances in order to find, if possible, a connection between fluorescence and the recently discovered Y-rays. Among other chemicals which possess the property of fluorescence, he was using

Jan 8, 1918

The fifth convention of the National Foreign Trade Council was held in Cincinnati, Apr. 18, 19 and 20. More than one thousand accepted delegates were registered, the American Institute of Mining Engineers being represented by W. L. Saunders and W. N. Thayer. The convention was called to order Thursday morning, Apr. 18, in the convention hall of the Hotel Gibson; by the Chairman, Mr. James .A. Farrel, president of the U. S. Steel Corporation, and was in continuous session for two clays, several group sessions being held simultaneously. The convention adjourned Saturday morning after receiving the report of the central committee. The dominant themes of the convention were: First, "Win the War" and second, "Establish Foreign Trade on a. Firmer Basis." The discussions included textiles, lumber, chemicals, automobiles, finance, and agriculture, and also those things in which mining engineers are particularly interested, metals, oil, and coal. The report of the central committee, which was adopted, recommended the stimulation' of production of all materials required for war purposes; the subordination of all trade that will not impose new and heavy penalties on our adversaries; the maintenance of such foreign trade as will support national credit and supply materials required for military and naval purposes; the continued interchange so far as possible of merchandise and products between the United States and. Latin-America, Asia and Oceania; the immediate increase of tonnage in the north Atlantic; the cheerful and whole-hearted cooperation of importers

Jan 6, 1918

By Rossiter Raymond

This regiment, originally known as the First Engineer Reserve, will be remembered as the one recruited in New York City through the efforts of the Joint Military Committee of the National Engineering Societies. It was sent to England in August, 1917, and, after a few clays, forwarded to France and attached for immediate service to the British Expeditionary Force, without any opportunity for further field-training. This circumstance has led in some quarters to the impression that the regiment was one of engineers and mechanics merely, and had never been drilled under arms; whereas, in fact, it had received such instruction at Fort Totten for some time previous to its embarkation. It is true that in the famous affair of the German counter-attack after Byng's victory near Cambrai, the men of the Eleventh Engineers fought with pick-axes and tools, as well as with rifles borrowed from dead or wounded soldiers; but that was because they had left their own arms in camp, while doing the railroad-building work to which they had been detailed. The accomplishment of that work is really more remarkable than the behavior of the men under a German surprise-attack. It was before that counter-attack, and immediately after Byng's advance, that Field-Marshal Haig issued his despatch, announcing that the engineers deserved as much credit for that victory as the infantry, having performed miracles in keeping the railway transportation up to the fighting line. Indeed, the subsequent scrimmage, of which so much has been said, was ?Date possible only by the extraordinary position of the engineers at the very front, instead of in the rear, as might have been expected of them. A letter recently received from an officer of the regiment says: We have only recently been receiving the New York papers of early December, in which our regiment seems to have received much favorable mention. The stories were, in the main, true. Our men behaved themselves creditably, and certain of the officers received special mention for valor. Two of our 2d lieutenants were pro-moted to 1st lieutenant rank by special orders of General Pershing for "gallant con-duct in action," and about four others would have been decorated by the British,

Jan 4, 1918

The annual meeting of the Woman's Auxiliary was held on February 19, at 10 a. m. The president, Mrs. Sidney Jennings, said in her greeting "it is a matter of congratulation that during the past year when the demands upon women for work of all kinds has been so large our membership has grown from the 50 enrolled at the first meeting a year ago to over 300 today. Some women, when. asked to join the organization, say that they are doing so much work in other ways that they have no time for work in a new organization, but the director for Canada struck the right note in her report when she told us of the splendid work the wives of mining engineers are doing in Canada, as individuals and as leaders and members of various organizations doing patriotic work. We do not want to divert such women from the work they are now doing, but we do want them to enroll as members of the Woman's Auxiliary and let us know what they are doing, that they play give inspiration to others." Reports were made by the directors of the following sections: Canada, Chicago, Colorado, Columbia, New York, Puget Sound and St. Louis, in some of which sections excellent progress has been made in food conservation, foreign war relief, including the adoption of fatherless French children, and in work for our own engineering regiments. These reports were read, accepted, and placed on file. The reports of the corresponding secretary, of the recording secretary, and of the treasurer, were read, accepted, and placed on file. Various amendments to the Constitution were proposed and accepted, and copies of the Constitution, as amended, will be mailed to all the members of the Woman's Auxiliary.

Jan 4, 1918

By M. L. Requa

This paper is abstracted from the report of the Appraisement Committee of the Independent Oil Producers' Agency, of which the writer was Chairman. The other members of the committee were M. V. McQuigg and R. S. Haseltine. To Thomas Cox, engineer in charge of the investigation, and to his efficient staff of assistants, is due the credit for the detail work necessary in carrying out the plan of the Committee. It treats only of the valuation of the lands, wells, and piping, without going into details of equipment and other features. It was recognized, early in the operation, that the value of oil lands was the value of oil to be extracted, and marketed, less the costs attendant thereon. Referring this back to the costs in cents per barrel, it became obvious that surface improvements, absolutely necessary in the production of oil, from wells then drilled; had no separate and independent value aside from the value of the land, but that any excess equipment, not necessary for the production of oil from present wells, such as drilling tools, well casing, etc., should be given a present condition value. In valuing the properties of the Independent Oil Producers' Agency, the Committee has considered the following facts: 1. That from each property there will ultimately be. produced a certain total quantity of oil. 2. That in the production of that oil a certain total quantity of money will be expended. 3. That a certain total amount of money will be received from the oil. 4. That the total net receipts will be the total gross receipts less the cost of development and production. 5. That the present value of the net receipts must be such an amount that when invested by a purchaser it will be returned with 8 per cent. interest additional during the life of the property.

Jan 2, 1918