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Nominating Committee.-On the recommendation of the President, the Board of Directors, at their meeting on Apr. 25,1913, appointed the following Nominating, Committee to nominate officers and directors for next year: John Hays Hammond (Ex-President), Chairman. Robert H. Richards Chairman of Boston Local Section. Richard S. McCaffery, . . . . Chairman of Spokane Local Section. Chester F. Lee Chairman of Puget Sound Local Section. Frederick G. Cottrell, . . . . San Francisco, Cal. Charles W. Goodale Butte, Mont. James W. Maleolmson, . . . . Kansas City, Mo.

Jan 5, 1913

Remarks of Mr. Robert W. Hunt, General, Superintendent, Albany and Rensselaer Iron and Steel Company., Troy N. Y.—In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to' draw conclusions. There are so many circumstances hearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill

Jan 1, 1879

Remarks Of Mr. Robert W. Hunt, General Superintendent, Albany And Rensselaer Iron And Steel Company., Troy N. Y. - In discussing Dr. Dudley's two most interesting papers, I feel a natural hesitancy in disagreeing with conclusions formed after such careful and conscientious work. But I think he has made his deductions from too meagre premises. The analyses of but twenty-five samples are entirely too few to justify the establishment of so important a formula. When we consider that he indirectly proposes to regulate an interest amounting, even at the present low prices, to over $20,000,000 per annum, we may well hesitate before accepting a formula based upon the chemical and physical analyses of but twenty-five steel rails. Dr. Dudley touches the keynote in referring to the proposed labors of the Government Test Commission. They based their hopes of attaining success upon the chemical and physical analyses of a very large number of samples, and in the only branch of investigation which the short-sighted policy of Congress has allowed them to complete, i.e., chain cables, we find that a dozen, twenty-five or one hundred tests gave no satisfactory results. It was only after many hundreds that they were enabled to draw conclusions. There are so many circumstances bearing upon the life of a rail, that the task of extracting a correct result seems herculean. I presume I am right in stating that in our Northern latitudes early winter and spring months witness the breaking of the greatest number of rails, thus seeming to prove that an unstable road-bed has much to answer for. Then, again, broken and flattened wheels must be taken into account, but I am convinced that more rails have been broken by the treatment which they received before leaving the rolling-mill * The remarks of the participants in this debate have been written out by the speakers, and are here given without any attempt to retain the order of the dis¬cussion. While the report does not, therefore, preserve the vigor and spontaneity of the debate, it is believed that it gains in value by giving the matured views of the speakers. The continuation of this discussion at the Pittsburgh Meeting, May, 1879 (beginning with remarks of Mr. Cloud on page 401), is appended for convenience of reference.-T. M. D., Sec'y

Jan 1, 1879

[AARONSON, E.: Discussion on Recent Developments in Fractionation as Applied to Tube Still Distillation, G26, 418 Abbe. See Microscope. Abbe apertometer, 95, 16 ABBOTT, W. L.: A.S.M.E. president, M26,113 biography, M26,113 ABORN, R. H.: Discussions: on Effects of Columbium in Chromium-nickel Steels 113, 159 on Pure Iron and Allotropic Transformations 84, 342 on Prevention of Intergranular Corrosion, 100,329 ABORN, R. H. AND BAIN, E. C.: Discussion on Widmanstätten Structure in Ironcarbon Alloys 105, 252]

Jan 1, 1936

By Frank W. Dickson, George Tunell

Five hot spring areas of the western United States show evidences of present day deposition of HgS; two also show evidences of accompanying Sb2S3 deposition. Sulfide minerals are depositing at or near the surface from hot waters that differ for each spring ai:ea in amount and kinds of dissolved matter. All the springs contain dissolved substances that act as buffering agents and that cause increased alkalinity with increasing temperature. Transport of Sb2S3 is possible in H2O and in boron and sulfide solutions. Increasing alkalinity and temperature enhance stibnite solubility. Quantitatively important transport of HgS appears restricted to alkaline sulfide solutions that contain HgS2=. Elemental mercury probably forms in deep hot waters because HgS breaks down into mercury and sulfur above 200°C, and free S is removed by reaction with water. Elemental mercury should accompany HgS2= in solutions that were at 200°C or higher. Cinnabar deposits from saturated alkaline sulfide solutions because of combinations of temperature decrease, dilution, oxidation, and reactions with wall rock: Amedee Hot Springs, Boiling Springs, and Coso Hot Springs are areas in which HgS is the only sulfide deposited. Hot waters at Amedee and Boiling Springs are supersaturated with HgS or transport colloidal HgS. Steamboat Springs waters deposit mainly silica and stibnite, but they have deposited HgS recently. Sulphur Bank waters deposit mostly stibnite and some HgS. The hot-spring waters of all springs represent highly modified deep water. Field and laboratory studies support the concept of transport of HgS in moderately alkaline sulfide solutions as HgS2=. Fluctuating deposition of stibnite and cinnabar reflects availability of sulfide or variations in deep-source HgS and Sb,S,. Silica and HgS dissolve mutually in alkaline sulfide solutions, and cinnabar and quartz would be expected to deposit simultaneously. Free mercury given off by hot-spring waters would impregnate country rocks.

Jan 1, 1968

By Theodore Marvin

FOLLOWING the receipt of questionnaires from many parts of the world, the Aviation Committee is completing a review of the use of aviation in mining and petroleum operations. The summary of this study should be available at the 1937 Annual Meeting in New York City, at which time several papers will be presented on specific application of aerial geologizing. From the reports received, there is little question that this air branch of mining is here to stay. Of course, the transportation of personnel arid material continues to merit attention but it is in the division of aerial geologizing that flying is finding its widest, most technical application.

Jan 1, 1937

By C. C. Harris

An analytical solution of the integro-differential equation of batch grinding is proposed as a first appoximation to the xYt surface. The size distribution equation (xY plane) is a three parameter equation previously suggested. Possible refinements are outlined. Comminution kinetics research is presently following several related courses. Some are equivalent, in that they represent different ways of viewing the same facet of the problem, though the entire endeavor cannot be described as being completely integrated. The purpose of this note is to propose and discuss a framework into which the various approaches might be fitted. This must clearly be founded upon an analysis of the xYt surface.' (See also Fig. 1 of Reference 26.) The investigations referred to above comprise mainly researches into the following: (1) The kinetics of the creation of the finer sizes during relatively small grinding times. This is the Fahrenwald-Arbiter-Bhrany 2-3 approach which leads to equations equivalent to a special case of the charles4 relationship. It emerges that initial production of fines follow essentially zero order* kinetics. (2) Disappearance kinetics of the coarser fractions. This appears to be a first order relationship.5-6 (3) Prediction of the xYt surface via the selection and breakage functions utilizing computer-programmed or approximate solutions of the integro-differential equation of batch grinding.5,8-17 A recent discussion by Mika et al.5 references the relevant literature up to about 1966. In addition to these main-stream researches there is some work on the minor topic of extremely long grinding time considered as a limiting case.18-19 The field is supported by investigations into the size distribution of fragments produced by breakage processes, some of this work being most valuably statistical-mechanical in nature.20-25 Better fitting equations, however, are obtained by statistical and curve-fitting methods.26 This

Jan 1, 1969

By C. K. Leith

GENERAL GEOLOGY OF THE LAKE SUPERIOR IRON-BEARING AND COPPER-BEARING SERIES. THE geology of the Lake Superior region is of general interest, both from an economic and a scientific standpoint. The presence of large and rich iron- and copper-deposits has made a knowledge of the geology of the region necessary for purposes of exploitation and exploration. The ores of the region are contained in rocks of pre-Cambrian age, 'pith for most of the country up to recent years have usually been referred to as « crystalline schists " or " crystalline complex;" and regarded principally as metamorphosed basement-unit upon which the sedimentary rocks, beginning with the Paleozoic, were laid down. In the Lake Superior re¬gion this pre-Cambrian complex presents an unusual variety of rocks with determinable relations. It has been possible, with the large expenditures which-the magnitude of the iron-mining industry warrants, to work out their stratigraphy to a larger extent than has been possible in almost any other area of pre-Cambrian rocks. The real complexity of Lake Superior geology, the confusion of names and the multiplicity of reports covering small parts of the region, are such that interested persons, other than. geologists directly engaged in the work, may well hesitate to attempt to comprehend the geology of the region as a whole. The following paper is a somewhat elementary outline of the geology of the Lake Superior region with special reference to new developments not yet covered in published reports. Geological information concerning the region has been gath¬ered by mining companies, and by the geological surveys of Michigan, Wisconsin, Minnesota, Ontario, Canada, and the United States.. Perhaps in no other part of the country have the mining men themselves spent such large sums in purely geological work. This has made possible the publication of ,reports and maps by the State and Government surveys in much less time and at far less cost than would have been otherwise possible. The. U. S. Geological Survey is the only organization which has covered all of the region on the United 'States side of the boundary, and as its reports include the in¬formation gathered by the mining companies and State organi

Mar 1, 1905

By E. T. Turkdogan

Jan 1, 1962

By Edward Hart

The specimen of glazy iron used for analysis was highly characteristic in appearance. It was made at one of the furnaces of the Glendon Iron Works, working a light burden of ore with a highly silicious cinder. There are very few records of analyses of this variety of iron. I have been able to find but the two given by Bell, and I add these to my analysis for comparison. Bell. 1. 2. Iron,......89.47* 88.18 90.70 Carbon, combined,.... 0.00 0.79 0.71 Graphite,......2.88 2.59 2 68 Silicon,......5.47 5 13 5.13 Manganese,.....1.54 0.77 0.56 Sulphur,......0.04 0.17 0.23 Phosphorus,.....0.60 1.12 1.12 Titanium,.....- 0.26 0.18 Calcium,......0.00 0.22 0.20 Magnesium,.....0.00 0.06 0.03 100.00 9929 101.54

By D. A. Dahlstrom

Although the liquid-solid cyclone is a relatively recent innovation in the field of coal preparation, various authors have already indicated three distinct applications to operations encountered in the modern tipple. Driessen's articles and work at the Dutch State Mines exhibited its possibilities in the beneficiation of fine coal with apparently high efficiencies down to the 200-mesh fraction. 1 2 3 4 Other publications point out its use as a recoverer, thickener, and preliminary dewatering agent of fine coal which in too many cases is being wasted due largely to former high operating cost limitations 5 6. Finally, certain authors have emphasized the practicability of applying the cyclone to the elimination of coarse and fine solids from water slurries in the tipple in order to produce a water suitable for recycle purposes containing only minute particles far below the 200-mesh size.6 This would result in a closed water system for many cases, with its accompanying economic and operating advantages to locations where water quantity and quality problems are severe; better operation of washing equipment using a consistent water devoid of injurious fine particles; lowered maintenance costs due to the lesser abrasion resulting when the fine abraiding particles are removed; and the greater ease of disposing of refuse streams of reduced volume containing greater percentages of solids.

Jan 1, 1949

By E. W. Rouse

THE year 1936 has seen rehabilitation of many plants which had been closed or severely curtailed. The Steptoe smelter of the Nevada Consolidated Copper Co. has been transformed by a rearrangement of the flow of material and utilization of mechanical handling to a maximum. The Phelps Dodge Corp. reports the construction of newer and better reverberatories at the Copper Queen smelter, and of particular interest, a single high-pressure waste-heat boiler placed directly over the uptake. There has also been a complete reconstruction of the smelter at the Laurel Hill plant of the Nichols Copper Co.

Jan 1, 1937

By R. F. Rolsten

VAN Arkel 1 prepared ductile tantalum by the thermal decompoiition of tantalum pentachloride on a resistively heated wire (2000° C) in an evacuated bulb maintained at 100°C. Burgers and Basart2'3 observed the formation of a mixture of tantalum carbide and free metal when a carbon deposition base was used. campbel14 suggested the thermal decomposition of the iodide if a lower decomposition tem- perature was desired. To date, the details for preparing high-purity iodide tantalum have not been disclosed. EXPERIMENTAL The tantalum to be purified was symmetrically placed around the clear quartz deposition surface centrally located within a 64 mm cylindrical Vycor bulb. The deposition vessel usually employed5 was modified6 by incorporating a reentrant fin,mer in place of the customary metal filament in the head

Jan 1, 1960

By E. B. Brauer, W. Hurst, J. D. Clark

Because of drilling, completion, and workover practices, the permeability around a wellbore generally is different from the permeability of the formation. The zone with the altered permeability is called "skin" and its effect on the pressure or flow behavior of the well is called "skin effect". Hawkinsl has shown that the radius and the permeability of this zone are related to the skin by: If the permeability in the skin zone is less than that of the formation, the skin is positive; if it is more than that of the formation, the skin is negative. If the two permeabilities are equal, s is zero; that is, there is no skin. Van Everdingen2 and Hurst3 have given mathematical solutions to the case of a zone of reduced permeability around the wellbore. This skin effect is illustrated in Fig. 1. They treat the positive skin as a zone of reduced permeability of infinitesimal thickness around the wellbore. When applied to a well with negative skin, however, their solutions lead to the calculated flowing well pressure which is smaller than the formation pressure, i.e., an injection situation. This is a physical contradiction. In this paper, it is shown that this mathematical difficulty can be overcome by assuming an effective wellbore radius larger than the actual wellbore. Existing solutions2"4 are modified to include the effect of an enlarged wellbore radius, and thus enable the engineer to deal with negative as well as positive skins. Theoretical Development Van Everdingen and Hurst,4 through the use of Laplace transformation, obtained the following expression for transient fluid influx into a wellbore: The values for QtD, reported extensively by van Everdingen and Hurst,4 are obtained from the following integral:

Jan 1, 1970

By J. R. Stone, J. T. Roy

ASARC09s continuous tapper for lead blast furnace is described. Its use throughout the company's plants has resulted in higher production rates, lower labor costs, and better working conditions. It has also permitted wide latitude in blast pressures, as well as in charge and slag compositions. The practice of tapping a lead blast furnace has remained essentially unchanged for many years. In principle, it is a batch operation discharging the products from the continuous smelting of lead-bearing materials. As such, it imposes certain restrictions on the proper functioning of the smelting operation. First, it calls for a highly developed sense of timing, and a considerable amount of physical effort on the part of the operator. Dirty and hot working conditions, as well as the hazards of flying metal and slag, usually prevail. These conditions have resulted in higher labor costs, both in rate and in amount. Labor turnover has also been high. Secondly, rigid control of mechanical and metallurgical factors must be maintained. Frequent oxygen lancing of the tap hole is needed to permit tapping, thereby increasing operating costs. Rapid increases in smelting rate, plugged tap holes, or forgetfulness on the part of the operator may permit the molten material to rise above the tuyeies and freeze the furnace. Also, the operator will often blow out the tap hole after draining, filling the area with fume. Composition of charge also vitally affects the tapping. The type of lead-bearing material being smelted will naturally affect the smelting rate, and thus the frequency of tapping. The amounts and types of fluxing materials, which determine the ultimate fluidity of the slag, must be regidly controlled. Finally, the batch tapping of a continuous smelting operation of this type appears to be wrong in principle. The molten material drains into the crucible at the bottom of the furnace where it starts cooling immediately and continues to cool until tapped out. While keeping the lead molten is no particular problem, maintaining a fluid slag at all times is often difficult, and sometimes impossible. These factors all point to the desirability of a method for the continuous tapping of a lead blast furnace. The expected advantages would be more desirable working conditions, lower labor costs, increased production, and a much wider latitude in both blast pressure and charge composition. CONTINUOUS TAPPING Historical. A number of devices, e.g., mechanical tappers, siphons, and lead wells, have been tried in the past in attempting to effect continuous tapping. None proved to be entirely satisfactory for tapping lead and slag simultaneously. It was not until 1955, however, that ASARCO designed and put into operation a successful tapping unit at its East Helena, Mont. lead smelter. This unit is described in detail in U.S. Patent NO. 2,890,951. Continuous Tapping Unit—See Figs. 1 and 2. Fig. 1 is a schematic drawing of the unit in place, showing front and side views. The component parts are identified in the caption. Fig. 2 is an actual photograph, front view, of the tapping unit attached to the base of the blast furnace. Operation. The operation of the tapping unit is quite simple. Essentially it consists of a narrow tapping bay surrounding the furnace tap hole, with a deep notch in the front wall. When the blast furnace is started this notch is open down to the level of the tap hole. Starting the furnace may be accomplished in several ways but the most satisfactory method is to plug the tap hole with clay, permitting metal and slag to build up inside the furnace. Before the liquid reaches the tuyeres, the plug is removed and the furnace is drained to the settler. The blast is then stopped momentarily while the notch in the front wall of the tapping bay is dammed with chrome brick and plastic chrome ore. The blast is again started, and the height of the dam is adjusted so that the liquid in the bay will counterbalance the internal pressure of the furnace. When the desired level is reached the slag and metal will overflow to the settler. It should be noted that the molten material ,is not siphoned from the furnace and that the metal 'acts as a liquid valve controlling the flow of slag through the tap hole. During normal operations the tapping bay is filled primarily with lead, covered with a thin layer of slag. Thus, the heavier lead plays the major role in compensating for variations in furnace pressures. Due to the high specific gravity of lead, changes in the liquid level in the tapping bay will never exceed a few inches. For this reason it is seldom necessary to change the height of the dam due to minor variations in operating conditions. Some turbulence of the liquid in the bay is essential at all times. This indicates that the level of the

Jan 1, 1963

By Warren E. Wilson

THE transportation of solids in pipe lines is a matter of deep concern in many fields of engineering. Much experimental and theoretical work has been done in an effort to devise means of designing pipe lines that will satisfactorily transport given solid loads, but there remain many unanswered questions in this field. The present discussion will be confined to a rather narrow portion of this field and will endeavor to point out certain factors that may well be considered when comparing the relative economy of various installations. The data have been presented previously but a new interpretation was prompted by a suggestion in a paper by Professor O'Brien,1 of the University of California, that the friction work per pound of dry material should be considered in determining the relative efficiency of various installations. This method of considering relative economy in various pipe lines leads to some rather unexpected conclusions, especially with reference to the economy of large pipe sizes. A previous suggestion by the writer3 concerning the economy of a rather peculiar type of installation is strengthened. It is not believed that the considerations set forth herein apply directly in the case of dredge lines, where economy is largely a matter of a high rate of pumping in order to reduce the unit overhead charge. However, it is believed that some value may be gained from these considerations in cases involving the disposal of a fixed amount of solids per unit time with a minimum expenditure of energy and at a low cost for replacement of worn pipes. Such situations are not uncommon in the disposal of mill tailings and the disposal of solids deposited from irrigation waters. It was found that data leading to general conclusions for various pipe sizes were not available but certain definite trends are indicated and methods of analyzing available data are presented in the hope that they may be of assistance in preparing engineering estimates on designs of pipe lines of the type described above. ENERGY. REQUIREMENTS Carrying out the idea contained in Professor O'Brien's paper concerning the method of computing energy required to transport solids, the following analysis leads to some rather interesting conclusions. Let us represent: [Solids load in terms of mass per unit time by W Ratio of mass of suspended solids to total mass of mixture flowing by p Volume rate of flow of mixture by Q Length of pipe by L Slope of energy grade line by s Mass per unit volume of solids by m, Mass per unit volume of liquid by ml Mass per unit volume of mixture by m,,, We then have as an expression for the solids load: W = pQm¬] The work done per unit mass, P, on the mixture to move it along the pipe the

Jan 1, 1945

By Edward L. Beutner, Robert M. Crump

Benson Mines low-grade iron ore reserve is a replacement deposit within the Grenville gneisses of the Adirondacks. The average grade of the crude ore is about 23 per cent iron. The iron minerals are principally magnetite and hematite disseminated throughout the gneisses as discrete grains about 1 mm in size. Both the ores that are beneficiated by magnetic means and the non-magnetic ores that are treated by a gravity method of concentration are found in stratigraphically different positions but are mined from one open pit, which is about 2.5 miles long and 800 feet wide and are treated separately. The gneisses are described and named according to the distinctive mineralogy of each. Recognition of the gneissic types permits the interpretation of the structure as a northward-plunging syncline overturned to the west. A large subsidiary anticline-syncline complex occurs on the east limb of the major syncline. Iron minerals in sufficient quantity to be considered ore are confined to areas where the footwall rock has been overturned to become the hanging wall.

Jan 1, 1968

By Hal M. Lewers

IN the past few years and especially since the beginning of World War No. 2, gold has attained a new, important. and critical place in the international scene, and in world affairs. In the past, as far back as history records, most wars have been waged for the purpose of acquiring it from someone else by conquest. But now, the most titanic struggle of all time is being waged with the avowed purpose of not only destroying it, but of destroying all that it stands for and represents. A tradition dating back to ancient Rome, affirms that battles are fought by men with weapons, but wars arc eventually won by gold. The validity of that tradition is now being subjected to its major test. Hitler has proclaimed that in his new world order, the work dollar or reichsmark, a beautifully engraved paper currency representing only a theory of value, based on unit of work and production, will become the supreme medium of world exchange, and that gold eventually will he valueless and obsolete.

Jan 1, 1942

By Sherwin F. Kelly

Twenty five years of exploration has shown that the "geophysical dollar" is worth $1780 in the Orange Free State, $1488 on the Witwatersrand, $85 in Sweden, $28,000 in the Transvaal and $3500 or more in the U.S.

Jan 6, 1951

By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.