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By John L. Watson

A conceptual model (MAGSEP) is described to simulate the beneficiation characteristics of a drum magnetic separator in terms of the probability of an individual grain being recovered in the magnetic concentrate. This probability is determined as a function of particle magnetic composition and magnetic field strength and is modified by particle size and the separator operating conditions. The model predicts the size, magnetic grade and distributions of magnetic and gangue minerals in the concentrate and tailings produced by the drum separator. The configuration of the magnetic concentration circuit may be altered to permit single or double drum units in parallel or series operation. The characteristics of the feed material, in terms of a magnetic parameter, are essential in permitting the determination of individual grain recovery probabilities upon which the model is based. Thus the model requires input data relating to the distribution of composite grains in terms of magnetic grade and particle size. To illustrate the use of the conceptual model an example is given for the beneficiation of New Zealand iron sands.

Jan 1, 1984

Jan 1, 1911

By Ernest F. Burchard

A reconnaissance of the chrome and manganesel ore deposits of Cuba was made in the spring of 1918 by Albert Burch, representative of the U. S. Bureau of Mines, and the writer, representing the U. S. Geological Survey. The object of the study was to obtain authentic information for use of the United States Government as to the location, character, size, and availability of the Cuban deposits of the ores of these important steel-alloy metals. The Cuban Government courteously detailed Sr. E. I. Montoulieu, a mining engineer connected with the Treasury Department, to act as escort and associate throughout the work on the Island. Mr. George A. Wright, of Baracoa, Cuba, a minirng engineer especially familiar with the chromite deposits of Oriente Province, was a member of the party from Feb. 25 to Mar. 20. It was possible to visit most of the chrome-ore deposits that seemed to be of promise, but there was not sufficient time to visit all that were brought to our attention, some of which may have merit. Furthermore, no attempt was made to examine the extensive chromiferous iron-ore deposits of the Mayari, Moa, and Cubitas districts, as these deposits cannot be regarded as sources of chromium except indirectly. At the close of the field work the essential data concerning the quantity and quality of ore probably available for shipment during 1918 and 1919, in the event of the continuation of the European war, and of the tonnage of ore in reserve, were furnished to such Government bureaus as were interested, including the Shipping Board and the War lndustries Board, and as soon as chemical analyses of the chrome ores could be obtained, a press bulletin on the subject was published by the Geological Survey. In the present paper the engineering data and tonnage estimates contained in the unpublished notes of Mr. Burch have been freely used, and their helpfulness is hereby gratefully acknowledged. Many thanks are due Senor Montoulieu and Mr. Wright for their valuable work in the field; to the officials of the Spanish American Iron Co. and of the various other companies; and to individuals holding chromite claims, for courteously facilitating the work of the party.

Jan 1, 1920

By Milton E. Wadsworth, R. Ted Wimber

Cobalt sulfate solutions containing ammonium acetate and chloroplatinic acid were reduced by hydrogen in a pyrex-glass lined autoclave in the temperature range of 170o to 232°C and hydrogen partial pressure range of 115 to 830 psia. The reduction rate was directly proportional to the hydrogen partial pressure and surface area of the pyrex glass and was independent of the quantity of chloroplatinic acid added initially. Experiments involving the variation of the relative concentration of ammonium acetate indicated that the reducible cobalt complex was probably the diacetate complex of cobalt, Co(AC)4H20, or a new mononcetate complex Co Ac, which was in solubility equilibrium with a pink precipitate of CO(AC)-4HzO. THE reaction in which a metal is dissolved by an acid to produce gaseous hydrogen and a salt solution was discovered early in the history of chemistry. In 1859 Beketoff found experimentally that this reaction could be reversed; i.e., a salt solution could be reduced by gaseous hydrogen to produce a metal and an acid. A review of work done on this phenomenon since that time may be found elsewhere., The hydrogen reduction of a cobalt salt solution is facilitated by complexing the cobalt ion. An ammonia complex of cobalt has been reduced commercially in the recovery of cobalt metal. A new reducible complex of cobalt was discovered5 when it was found that a co-baltous sulfate solution containing ammonium acetate could be reduced by hydrogen at temperatures in the region of 200°C. When a cobalt sulfate-ammonium acetate solution was heated to a temperature below its normal boiling point, a violet color became apparent, indicating complex formation. The nature of this complex was investigated5 by the addition of NH4Ac to a CoSO4 solution maintained at 85o. During the first additions of NH, Ac, the pH of the solution remained fairly constant at about 5.85. However, as the ratio of NH,Ac to CoSO, approached two, the pH rose and then leveled off at about 6.05. The absorption spectra of a Co(Ac), solution and a CoSO,, NH Ac solution were obtained at 85°C and were compared and found to be the same. These findings suggested that the diacetate complex of cobalt, Co(Ac),.4H20, was formed at 85°C. When a cobalt sulfate-ammonium acetate solution was heated to a temperature above about 165o, a finely divided pink precipitate appeared. The X-ray diffraction pattern of this precipitate indicated that it was Co(Ac), - 4H,O. In addition, it was discovered that when chloroplatinic acid, H,PtCl;, was added initially to the cobalt sulfate-ammonium acetate solution, a faster reduction was obtained. The roles of the solution complex, pink precipitate and chloroplatinic acid in the reduction process were then investigated. APPARATUS The experimental work was carried out in a two-liter stainless-steel autoclave. Adetailed description of the autoclave and the auxiliary equipment used in maintaining constant temperature and pressure may be found elsewhere.= Because the stainless steel was corroded, and also because it acted as a hydrogena-tion catalyst, an all-glass liner was fabricated such that the solution came only into contact with flame-polished pyrex glass. EXPERIMENTAL PROCEDURE The solutions used in the experimental work were prepared by dissolving reagent grade chemicals in distilled water. Although variation of the brand of ammonium acetate appeared to have no effect on the experimental results, CoSO, 7H O from the J. T. Baker Chemical Co. of Phillipsburg, N. J.,was found to give faster reductions than that prepared by Allied Chemical and Dye Corp., N. Y. The former was used throughout the course of the experimental work and was weighed up at the outset of each experiment. The ammonium acetate was dissolved to form a 6M stock solution, which was stored under refrigeration. A 10 pct solution of chloroplatinic acid (J. T. Baker Chemical Co.) was diluted to a 1.15 x 1Q2 M stock solution, which was standardized by precipitation of K,PtCl, as outlined by Scott. The appropriate volume of the chloroplatinic acid, H,PtCl,, solution was pipetted into the clean, dry glass liner. The cobalt sulfate-ammonium acetate solution, which had previously been saturated with

Jan 1, 1962

By B. G. Klugh

(New York Meeting, February, 1912). IN a paper before the Institute at Wilkes-Barre, Pa., June 1911,1 Mr. James Gayley discussed the application of this process to iron-bearing materials. The same author2 described the results of operations at the plant at Birdsboro, Pa. The purpose of the present paper is to present further discussion of some technical details involved in the operation of this plant, and of the theoretical and practical relations of this product to blast-furnace practice. Since Oct. 1, 1911, the Birdsboro plant has been in operation at the blast-furnace of the E. & G. Brooke Iron Co. The results have been highly satisfactory, although the material treated, being chiefly the flue-dust currently made by the furnace or taken from the accumulated stock-pile, was excessively high, and yet not uniform, in carbon, so that the desirable control or regularity of the amount of fuel in the mixture treated could not be maintained. Nothing could more forcibly demonstrate the flexibility of the process than the fact that, under these conditions, the sinter produced was, in all cases, of excellent quality. The Dwight & Lloyd process, as such, and its present highly-developed mechanical appliances were described by Mr. Gayley in the paper above mentioned. While the repetition of some particulars will be unavoidable in this paper, it will be confined to features bearing upon the metallurgical principles involved. According to the principle of the process, the finely-divided iron-bearing material to be sintered is intimately mixed with

May 1, 1912

Albin, B. R Billings, Mont. '28 Amster, Nathan L 25 Broad St., New York, N. Y. '28 Bache, Jules S 42 Broadway, New York, N. Y. '28 Barrett, C. P 5338 Harper Ave., Chicago, 111. '28 Bayless, William S Russ Bldg., San Francisco, Cal. '28 Bean, Louis, H 60 E. 42nd St., New York, N. Y. '28 Beatty, Ross J Room 604, 6 N. Clark St., Chicago, III. '28 Benwell, Oswald F Hold Mags. '28 Beymer, Albert S., V.P., Keystone National Bank Pittsburgh, Pa. '28 Blumenthal, Hugo 44 Pine St., New York, N. Y. '28 Boettcher. Charles Ideal Cement Bldg., Denver, Colo. '28 Bowlus, Thomas H., Banker, Pres., Allen County State Bank Iola, Ran. '28 Brown, Colvin B Chamber of Commerce, Washington, D. C. '28 Burt, Maxwell Struthers Southern Pines, N. C. '28

Jan 1, 1934

By Ellsworth Daggett

The ore smelted in the Winnamuck furnace during the year 1872 consisted, for the most part, of oxidized ores from the Winnamuck mine, only sixty tons of outside ore (from the Spanish mine) having been smelted. The latter, like the principal Winnamuck ore, was oxidized or so-called carbonate ore. There was mixed with these oxidized ores three hundred to four hundred tons, or 7 to 10 per cent. of galena, some of which was mined with the oxidized ore, while a part was mined separately from the lower portion of the mine, and afterwards mixed with the ore, with a view of preventing the formation of deposits of metallic iron in the furnaces. The average assay in silver of all the ore handled was 51.46 oz. per ton, most of it existing as chloride of silver. The lead contents were 34.98 per cent,, all, or nearly all, in the form of carbonate of lead. The relative amount of silver is not at all constant, the best silver ore often being poorest in lead. The predominant gangue was silica, several determinations of which have been made on representative samples, yielding in three such samples 26, 38, and 58 per cent. silica, the latter test being ore containing but little lead. The average contents in silica are about 35 per cent., with 6 to 7 per cent. sesquioxide of iron, and small quantities of alumina and lime. Mechanically, the ore was very fine, and so thoroughly disintegrated that it presented few distinguishing characteristics, rendering sorting or separating of ore from waste difficult, and often impracticable. Experiments on a small scale have been tried, with a view to separate the silica by washing; but these were unsuccessful, as the finest slime, requiring a long time to settle in still water, contained a large amount of silver; and on a careful sizing and washing of the sands and coarser parts, the silver contents were found to be less dependent upon specific gravity

By W. Mostowitsch

Lead sulphate occurs as anglesite, and is formed in every roasting of lead sulphides or sulpho-salts containing lead. In smelting in the blast furnace an ore containing natural or artificial lead sulphate, a large part of the sulphur present goes to the formation of the intermediary product matte which requires further treatment for the recovery of the values it contains. It is therefore of importance to study the behavior of lead sulphate at elevated temperatures, both without and with reducing agents, especially as the information available gives data which are more or less conflicting. 11. Decomposition of PbS04 by Heat The dissociation of PbSO4 into PbO and SO3 or SO2 and 0 has been discussed by many metallurgists. The following data are considered to be representative. Doeltz and Graumannl found that PbS04 was not affected-by heat at 800" C.; that dissociation began at 900" C., and was rapid at 1,000° when the salt lost in 1 1/2 hr. 14.3 per cent. of its weight, the dry salt containing 26.43 per cent. SO3. Hofman and Wanjukow2 summarize their work upon the dissociation of metallic sulphates with the statement that the decomposition of PbS04 begins at 195' C., but progresses very slowly, with the formation of the basic salt 6PbO.5SO3 at 705"; that this salt undergoes a transformation at 847") begins to be decomposed at 888") to sinter at 896", and to fuse at 910"; rapid dissociation begins at 952") and is accompanied by volatilization of PbO; retardations at 958" and 962" indicate an acceleration of decomposition which, however, is not complete. Proske3 found that PbSO4 gave off at 900" C. in 30 min. only 0.63 per cent. of its 803, and that the loss increased with

Jan 1, 1917

By W. Mostowitsh

I. Introductory LEAD sulphate occurs as anglesite, and is formed in every roasting of lead sulphides or sulpho-salts containing lead. In smelting in the blast furnace an ore containing natural or artificial lead sulphate, a large part of the sulphur present goes to the formation of the intermediary product matte which requires further treatment for the recovery of the values it contains. It is therefore of importance to study the behavior of lead sulphate at elevated temperatures, both without and with reducing agents, especially as the information available gives data which are more or less conflicting. II. Decomposition of Lead Sulphate by Heat The dissociation of PbSO4 into PbO and S03 or S02 and 0 has been discussed by many metallurgists. The following data are considered to be representative. Doeltz and Graumann1 found that PbSO4 was not affected by heat at 800° C.; that dissociation began at 900° C., and was rapid at 1,000° when the salt lost in 1 ½ hr. 14.3 per cent. of its weight, the dry salt containing 26.43 per cent. SO3. Hofman and Wanjukow2 summarize their work upon the dissociation of metallic sulphates with the statement that the decomposition of PbSO4 begins at 195° C., but progresses very slowly, with the formation of the basic salt 6PbO.5S03 at 705°; that this salt undergoes a transformation at 847°, begins to be decomposed at 888°, to sinter at 896°, and to fuse at 910°; rapid dissociation begins at 952°, and is accompanied by volatilization of PbO; retardations at 958° and 962° indicate an acceleration of decomposition which, however, is not complete. Proske3 found that PbSO4 gave off at 900° C. in 30 min. only 0.63 per cent. of its SO3, and that the loss increased with

Jan 5, 1916

By Ellsworth Daggett

THE ore smelted in the Winnamuck furnace during the year 1872 consisted, for the most part, of oxidized ores from the Winnamuck mine, only sixty tons of outside ore (from the Spanish mine) having been smelted. The latter, like the principal Winnamuck ore, was oxidized or so-called carbonate ore. There was mixed with these oxidized ores three hundred to four hundred tons, or 7 to 10 per cent. of galena, some of which was mined with the oxidized ore, while a part was mined separately from the lower portion of the mine, and afterwards mixed with the ore, with a view of preventing the formation of deposits of metallic iron in the furnaces. The average assay in silver of all the ore handled was 51.46 oz. per ton, most of it existing as chloride of silver. The lead contents were 34.98 per cent., all, or nearly all, in the form of carbonate of lead. The relative amount of silver is not at all constant, the best silver ore often being poorest in lead. The predominant gangue was silica, several determinations of which have been made on representative samples, yielding in three such samples 26, 38, and 58 per cent. silica, the latter test being ore containing but little lead. The average contents in silica are about 35 per cent., with 6 to 7 per cent. sesquioxide of iron, and small quantities of alumina and lime. Mechanically, the ore was very fine, and so thoroughly disintegrated that it presented few distin¬guishing characteristics, rendering sorting or separating of ore from waste difficult, and often impracticable. Experiments on a small scale have been tried, with a view to separate the silica by washing; but these were unsuccessful, as the finest slime, requiring a long time to settle in still water, contained a large amount of silver; and on a careful sizing and washing of the sands and coarser parts, the silver contents were found to be less dependent upon specific gravity

Jan 1, 1874

By Jo. E. Sheridan

The Dawson coal-mines are owned aid operated by the Stag Canon Fuel Co., of which Dr. James Douglas is President and E. L. Carpenter general manager. The property is situated in Colfax county, N. M., and the openings now in operation are in townships 28 and 29 N R. 20 E., and township 28 N E. 21 E., shown in Fig. I. The mines are part of the southern end of the Raton coal-field, which extends north into Colorado and embraces many coal-camps of the Trinidad section. II. Geology. Geologically, the coal-measures, commonly known as the Laramie series of the Cretaceous system, have x thickness of about 800 ft. in the vicinity of Damson. The coal makes an excellent coke, and, according to some authorities, its coking properties are due to the action of intruded sheets and sills of igneous rock, the sheets occasionally thickening into masses resembling laccoliths, at such places making nearer approach to the coal and sometimes producing small areas of natural coke. There are but few dikes throughout the entire southern portion of the field and little or no faulting along the dikes. In some parts of this great coal-field the intrusive sheets are far removed in the green shales below the coal-measures, and are so much altered as to be difficult of identification. There is but little disturbance of the strata throughout the Raton coal-field in as far as it extends into New Mexico. There are two workable seams in the coal-measures, and two or three smaller coal-seams, ranging from 1 to 2.5 ft. in thick-

Jan 1, 1910

By Krahmann, Rudolf

THE following is an account of a survey undertaken to test the possibility of outlining a kimberlite pipe by magnetouietric methods. Kimberlite is a basic igneous rock closely related to melilite-basalt or alnoite, which occurs either in the form of volcanic plugs or as dikes intruded into rocks of various types and geological ages up to and includ¬ing the Lower Cretaceous. The famous diamond mines of South Africa are all in kimberlite pipes and these pipes are probably the original source as well of the vast alluvial deposits found in various parts of the country. The pipe chosen for this experiment is one that ' occurs on the farm Goedgevonden No. 20, about sixteen miles north of the village of Klerksdorp and ninety miles southwest of Johannesburg. Some prospecting has been done on this pipe and diamonds were produced from it but not in paying quantities. The magnetometric survey was made in June, 1932, by R. Krahmann and H. Wallisch and the results are shown on the accompanying plan. On the plan are shown also the boundaries of the pipe as exposed at the surface and details in regard to the surrounding foundations. These are taken from a geological survey made at a later date by W. Beetz, of Johannesburg.

Jan 1, 1935

By G. R. Mansfield

THE third year of Government exploration f or potash by the U. S. Geological Survey and-the U. S. Bureau of Mines under the authorization of the act approved June 25, 1926 (Public 424-69th Cong.) is drawing to a close. The results thus far obtained are thought to be sufficiently interesting and satisfactory to justify the presentation of a brief preliminary account of the work. REVIEW OF EARLIER EXPLORATION The general geologic similarity of the Permian basin of Texas and New Mexico to the potash field of Germany had long ago suggested the possibility of the presence of potash salts somewhere in that basin, but petroleum exploration was then making little headway there and the necessary data could not be obtained. The discovery by Udden in 1912 of potash in brine from the Spur well in Dickens County, Texas, was the first direct evidence of its presence. In 1915-17 the U. S. Geological Survey drilled a test well with standard tools at Cliff side near Amarillo, but failed to find potash. Nevertheless, an observer has been kept in the field, at first in cooperation with the Texas Bureau of Economic Geology but since 1922 by the Survey alone, to `secure data and samples from oil and gas tests. Since the discovery of oil in Reagan County in 1923 exploration by drilling has been rapidly extended to many parts of western Texas and southeastern New Mexico. The identification of the potash-bearing mineral polyhalite was first announced by the Geological Survey in June, 1921, the material having come from cuttings from the Bryant well in Midland County and the Burns well in Dawson County, Texas. Successive discoveries and announcements of similar purport aroused widespread interest in potash exploration, which culminated in the action by Congress already noted.

Jan 1, 1929

Prof. Henry S. Jacoby, Cornell University,Ithaca, N.Y. (communication to the Secretary): When a simple beam supports any given load, the lower fibers me in tension while the upper fibers are in compression, and if its cross-section is rectangular the neutral surface, where the stresses pass through zero from tension to compression, is at mid-depth, provided the elastic limit is not exceeded. In addition to the longitudinal stresses, there are horizontal shearing-stresses between the fibers which have their maximum value in the neutral surface, and which equal zero at the upper and lower surfaces, while there are also vertical shearing-stresses. Let another beam of the same dimensions be placed on top of this one, and the load be doubled, it then produces stresses in each beam of the same character, magnitude and distribution as in the preceding case, provided there be no friction between the adjacent surfaces of the beams. Next let these two beams be so firmly united that there will be no motion between them when the same load is again applied. All the fibers in the upper beam are now in compression, and those in the lower beam in tension, while the maximum stresses in the outer fibers are only one-half as large as before. The strength of the combined beams is therefore doubled. If, however, some motion occurs between the beams, then the stresses in some of the lower fibers of the upper beam pass from compression to tension, and those in some of the upper fibers of the lower beam from tension to compression, while the stresses in the outer fibers have a magnitude between the two values previously stated. These fundamental facts relating to the flexure of beams indicate the necessity of carefully designing the keys or brace-

Jan 1, 1898

By AIME AIME

THE Iron and Steel Division and the Institute of Metals Division are laying plans for a rousing meeting the week beginning Sept. 21 in the land of the bean and the cod-at Boston. The two divisions are collaborating with the American Welding Society, the American Society for Steel Treating, and the Iron and Steel Division of the A. S. M. E., to have technical sessions of widespread interest and social affairs that will compare with the best of previous years. In connection with the meetings an exhibition of production and testing equipment, heat-treating equipment, furnaces, welding equipment, and metal products will be held on Commonwealth Pier all week, where those attending may see the latest developments in the field of their own work.

Jan 1, 1931

By C. W. Goodale

I. INTRODUCTION. In the summer of 1909 the Boston & Montana reduction department of the Anaconda Copper Mining Co. completed a new flue system, at a cost of about $1,100,000, and -is this includes the largest and highest chimney in the world, and some new features of flue construction, a description will be of interest. At the Spokane meeting of the Institute in September, 1909, a brief mention was made of this flue system, in discussing Mr. Brunton's presidential paper on the Progress of Metallurgy in the West, and a promise was given that when a long enough time had elapsed, so that operating results could be given, a paper would be offered. The smelting plant includes blast furnaces, MacDougall roasters, gas-fired reverberatories, and converters.

Jan 8, 1913

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 Gertmdis mine. There then existed 1200 ft. below the surface, lying between the fourteenth and eighteenth levels (a vertical distance of 354.2 ft.) a block of ore having a length of 295 ft. and an average width of 82 ft. 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. 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. Description of Block of Ore Former operators, when mining the original vein, left in the foot wall ore of too low grade to be profitable at the time; also, considerabe low-grade material was sorted out and stored as filling in the stopes. Some pillars were left in place, either for support or because they were not payable. All this has formed a body of ore that can now be exploited

Jan 1, 1925

By Eckley B. Coxe

I wish to call the attention of the Institute to a peculiar variety of anthracite which occurs in the Buck Mountain vein at our collieries at Drifton, and in the same and other veins in different localities in the anthracite coal-fields. It is known among the workmen as iron-gray or cast-iron. It has a dull, greasy appearance, as if a piece of ordinary anthracite had been rubbed with a dirty and greasy rag and allowed to dry. It was formerly considered a very impure coal containing a high percentage of ash, and was picked out of the coal and thrown away. But the following analysis of it and of its ash, made by Mr. J. Blodget Britton, of Philadelphia, shows that such is not the case, the percentage of ash not being much higher than that of the ordinary anthracites as they are prepared for market. ANALYSIS OF COAL. Water,.........4.36 Fixed carbon, by difference,.. 84.90 Volatile combustible matter,. . 3 48 Ash,..........7.26 100.00 The carbon proved to some extent to be of the nature of graphite, and slowly combustible. ANALYSIS OF ASH. Silica,.........25.66 Sulphur,........ .17 Alumina,........27.03 Phosphoric acid,.......21 Ferric oxide,.......42.83 Alkali, undetermined matter and Lime,.........1.56 loss,.........60 Magnesia,........1.83 Manganous oxide,......11 100.00 We recently collected a quantity of the substance and made a fire with it, in an ordinary stove, which was kept up several days. We found that it burned with intense heat, and apparently as freely as our other coal does. Mr. Britton is probably right in his view, that the difference in appearance is not due to impurities in the coal, but to the fact that the carbon is in a more or less graphitic form, as many of the standard coals are no purer. I bring this before the Institute as I know that a large quantity of this valuable fuel is thrown away every year, on account of its supposed impurities.

Jan 1, 1879

By Randall L. Neal

This paper discusses the impact of taxes at the state and federal level on typical on-shore oil and gas exploration economics in the USA. Taxes considered are the windfall profits excise tax, state production (or severance) taxes, state income tax, and federal income tax. Also considered will be market prices for oil and gas in the USA. The effect of government take as a percent of revenue, on rate of return, discounted Payout, and discounted cumulative cash flow is shown on the attached tables. The conclusion drawn is that tax laws, while rarely the most important factor to be considered when drilling a well, can have significant impact on the profitability of oil and gas ventures, and should be considered when determining where to drill. Hypothetical exploration wells were analyzed for the impact of tax laws on project profitability. The results of this study show that when factors other than taxes are postulated to be the same (such as producing rate, capital, operating costs, and prices), cash flow can vary by as much as 68% due to the differences in the tax laws. Other significant findings for the cases studied include: (a) that discounted payout varied by as much as 1.8 years, (b) that rate of return differed by up to 67% and (c) the total tax rate as a percentage of revenue had a maximum variance of 33%.

Jan 1, 1982

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS, NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS, NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND,.. NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 3, 1917