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By Richard Moldenke

ONE of the gravest problems of the iron foundry today is the accumulation of sulfur in commercial scrap and its effect on the castings made therewith. The ordinary jobbing castings today show a sulfur content of 0.18 per cent., and occasionally as high as 0.22 per cent. The product of the foundry during the war is undoubtedly .to blame for this rapid increase and conditions will become worse as the millions of tons of gray-iron castings of the war period return to the foundry in the form of commercial scrap. In the ordinary cupola remelting of pig and scrap, at least 0.02 per cent. sulfur is taken up; often double that amount. The high cost and difficulty of obtaining pig iron during the war period compelled the use of considerable scrap in the mixtures; frequently charges containing. 90. per cent. of bought scrap were melted. Naturally the sulfur content of the castings increased. Until the advent of the basic-hearth electric furnace, the only method of holding the sulfur within reasonable limits was to use high percentages of pig in the foundry mixtures. Pig iron seldom contains over 0.05 per cent. sulfur, if well made. With pig iron forming 60 percent. of the .charge and the gates, runners, rejections, and bought scrap the other 40 per cent., the sulfur content of the castings can easily be held down to 0.10 per cent. Pig iron, however, costs more than scrap even when melting loss differences are considered, hence as small a percentage as possible will be used.

Jan 2, 1921

Tooele Flue-type Cottrell Treater Discussion of the-paper of A. B. YOUNG, to be presented at the New York meeting, February, 1921, and printed to accompany MINING AND METALLURGY No. 162, June, 1920. HARRY V. WELCH,* Los Angeles, Calif. (written discussion).-The basic requirement in the electrostatic process of electrical precipitation is that gases containing solid particles in suspension are forced to pass through an electrical field consisting of an insulated high-potential wire, or other type of discharge member, and a grounded plate, or other, type .of collecting member. Commercial. operation and efficiency of precipitation are secured by electrical and structural arrangements to provide the maximum value of the variable factors modifying the degree of precipitation. That is to say: 1. A unidirectional flow, of high-potential current is vastly more effective in precipitation than a high potential alternating-current flow.

Jan 2, 1921

By George Rice

SOME form of longwall mining is generally used in Continental Europe; also in Great Britain where the coal is weak and friable, or the coal bed provides material for pack walls and filling, or where the bottom is soft and squeezes up easily, or the roof is pliable, or the bed is thin and brushing provides building material, or the thick multiple seams are mined in layers, such as the 24-ft. seam at Weymss, Scotland or the 10-yd. pitching bed near Coventry, England. Pillar methods have been retained in British fields where the coal beds are from 5 to 9 ft. (1.5 to 2.7 m.) thick, and free from thick partings or binders or without draw slate, which would provide waste rock for pack walls, or where the roof is hard and requires shooting to bring down and also the bottom or floor is comparatively hard. The room-and-pillar system, by which probably 95 per cent., of the coal of the United States is produced, is now found in only a few mines in Wales, where it is known as the pillar. and .(single) stall method. The American room-and-pillar system is not equivalent to the bord-and-pillar or stoop-and-room system. The essential difference between the bord-and-pillar and the average American room-and-pillar system is probably due to natural conditions. The majority of the coal mines in the United States have a depth of less than 700 ft. (213.m.). The bulk of the coal mined in Europe comes from a depth of more than 1200, ft., while the deepest mines in Great Britain, Belgium, and France reach 3500 to 4000 ft. In deep workings wide spans are impracticable, even with the use of abundant timber; accordingly, as the mines in the United States become deeper the rooms will become narrower and the pillars thicker, and the bulk of the coal will be extracted on the retreat. It is generally conceded, without reference to the cost of production, that the larger the pillars left on the first mining, the more thoroughly can the, coal be extracted. In Europe complete extraction is generally compelled either by the lessors or by the governments; whereas in this

Jan 2, 1921

By D. L. Ward

This paper is the result of a study, in 1919, to determine how much surplus power could be produced through the proper utilization of the entire gas flow from the two furnace stacks at the Federal Furnace Plant, South Chicago, Ill. Obviously, the problem was to measure the flow of gas through the main beyond the point where the amount necessary for stove operation was removed. In all probability, blast-furnace gas is the most difficult gas to measure, because of the high moisture and dust content, and the widely fluctuating flow from the furnaces. This wide fluctuation of flow forbids the acceptance of any one group of flow readings as indicative of normal operating conditions. A study of the conditions showed that a recording device on gas flow was necessary. As the gas at the point of measurement had passed through wet washers, and accordingly was saturated with water and contained considerable dust carried past the scrubbers in the form of sludge, no form of Pitot tube could be used, for this sludge would quickly plug the dynamic and static holes, spoiling the gage readings. An even more serious objection to the use of Pitot tubes was the impossibility of accurately measuring the cross-sectional area of the gas main on the plane of Pitot-tube installation. Given an absolutely clean gas and a perfectly circular pipe, it would be safe to assume, through measurements of the pipe diameter, that the gas main was of a certain cross-sectional area. But the continual depositing of sludge and the fact that the main was fabricated from riveted sheets led us to discard the idea of using Pitot tubes for this service. The Venturi tube was then considered, and had there been a sufficiently long straight run of gas main to accommodate a tube of the required size (72 by 28 in.) such an installation would very likely have been made.

Jan 2, 1921

By Thomas Fraser

About 24 per cent of our total production of bituminous coal is used in industrial power plants. As regards fuel conservation, therefore, the recovery of unburned fuel from furnace refuse presents interesting possibilities. Considerable attention has been given to this problem in the past, but because of the comparatively low initial cost of power plant fuel in the pre-war period little progress, has been made in this direction in the United States. Because of the higher price of coal in Europe more attention has there been given to the problem. In Germany a process has been developed for separating unburned coal in refuse by using an electromagnetic separator In the United States the use of mechanical stokers enabled low-priced screenings of high ash content to be used, so that even with relatively high percentages of combustible material remaining in the refuse, the loss in money is not excessive. If the price of screenings returns to the pre-war level around $1.00 per ton the process proposed here will probably not be especially interesting, except where the freight charges are very high. However, if the price of delivered coal continues high, such a process should result in considerable saving. The cost of continuous operation of such a refuse treating plant should not exceed 75 cents per ton of fuel recovered.

Jan 1, 1921

By W. P. Sykes

THIS investigation was undertaken primarily to establish the relations existing between temperature and mechanical properties in molybdenum, nickel, and an aluminum-copper alloy. Molybdenum (m.p. 2500° C.) was chosen because it is partly similar to tungsten and partly similar to the common ductile metals. Also it is known to furnish, by proper treatment, a desirable material to use in studying relation of grain size and physical properties. The molybdenum used was of the quality that is drawn into wire 0.003 in. in diameter for use as filament supports in incandescent lamps; chemical analysis shows less than 0.1 per cent. of impurities. Nickel belongs to the same class as iron. Its melting point is 1450° C. and an allotropic change at about 370° C. results in a loss of magnetism above that temperature. This feature made nickel doubly valuable for the purposes of these tests. The nickel used was obtained from the Driver-Harris Co. as 0.090 in. (2.3-mm.) wire, annealed; analysis showed 99.8 per cent. nickel and 0.150 per cent. iron. Aluminum is one of the low melting-point metals. Some tensile tests at elevated temperatures have been reported by Bengough but the possibility of learning more with the low temperature and sensitive apparatus available recommended this metal. The samples marked Al are an aluminum-copper alloy; they contained 3 per cent. copper, 0.42 per cent. iron, and 0.21 per cent. silicon. The presence of the copper somewhat complicates the analysis of the results; but the action of copper in aluminum has been studied so that its influence might have been foretold, in part at least. The material and analyses were furnished by the Aluminum Castings Co. The nickel wire, which was deformed at 400° C., was drawn under a bath of molten lead and through a die, which also was immersed in the bath. A thermocouple was suspended in the molten metal to indicate

Jan 1, 1921

[Proceedings VOL. II. PART VI. CONTENTS PAGE A Few of the Adverse Conditions Encountered in Mining Coal in the Utah Fields, by J. B. Forrester ..185 Growth of the Electric Power System of the Union Pacific Coal Company at Rock Springs, Wyoming, by D. C. McKeehan ?.. 193 Screening and Preparing Coal at the Tipple, by Benedict Shubart ?.199 Coal Mine Accounting, by E. R. Gibson List of Members ?.211]

Jan 1, 1921

By R. S. Morton

MR. CHAIRMAN AND GENTLEMEN: To be invited to address the members of The Rocky Mountain Coal Mining Institute on a particular subject is an honor I sincerely appreciate. The subject of this paper is, ?The Advantages of Having Such Men as the Fireboss Under State, Rather Than Corporation Jurisdiction." On the fireboss, primarily, depends the safety of the mine. When all the rest of the mine workers are still comfortably sleeping in the wee small hours of the morning the fireboss steals noiselessly away, from his bed to take up his daily task, a tour of inspection. He enters the mine, he inspects alone they workings that will be filled with men whose safety is in his keeping. Loyal to his fellow men and responsibilities of his position; he seeks for danger in every place, on every road and travelingway; going over caves, through dangerous places where none of the others are expected or allowed to go alone. How many of us give a thought to these dangers and the faithful work that this guardian performs for our safety. After the fireboss has made this round of inspection, he reports all the dangerous places to the foreman and enters them in the book; he is supposed to have performed his duties; he has no authority to enforce his recommendations. He has found a number of rooms that have not been timebered as they should be for the safety of the digger; he has told the diggers to they timber, up better for their own safety; he has kicked to the foreman about these same places. These conditions. continue until there is an accident. The fireboss reports, broken crossbars or bad roof on a roadway or some other danger to the foreman, but the foreman does not have it fixed, making, excuses, as he cannot put any one on that work today; or that it will stand until some idle day, and that is the way things go until the fireboss gets so he wonders what good he really is, is it any wonder it is hard to get good men to take this position of fireboss? The remainder of the shift the fireboss is used as a general roust-about, having to do such, work as building stoppings, help the timberman or track layers, pull rails out of danger in pillars, a trapper is off and he is told to trap that day, when the mine is idle he is laid off to cut expenses. That is the way the fireboss is treated. The fireboss is not merely a merely a necessity to be lightly regarded but a factor whose authority should be unquestioned. The fireboss has made his district and knows just what conditions the workings are in, and sees lots of dangers that the foreman does not. In the morn-

Jan 1, 1921

Jan 1, 1921

By Robert Linton

In 1898, Joseph L. Giroux and J. A. Snedaker organized the Pilot Knob Copper Co. and began developing the Pilot Knob mine at Kim-berly, Nev., for high-grade copper ores, carrying good gold and silver values, that the formation had disclosed. At that time the nearest railroad was over 150 mi. distant. The high-grade ores did not prove to be extensive at this point—at least to the depth (240 ft.) to which the work was carried—but development of neighboring claims indicated extensive deposits of sulfide porphyry ore of concentrating grade lying at shallow depth, and deeper deposits of direct-smelting oxidized ores occurring in limestone near the limestone-porphyry contact. The properties passed through the hands of several organizations, with only meager development, until acquired in 1913 by Consolidated Coppermines Co., whose holdings now comprise 3480 acres of mining claims in the Robinson district. Since that time development has been prosecuted more actively; and for the purpose of determining the most efficient and economical method of treating the ores, considerable testing work has been done during the past three years, both in the laboratory and in actual mill operations. At first, the shipments were of ore high enough in grade to be profitable even with the long wagon hauls to the railroad and prevailing freight and smelting charges. In 1905, a blast furnace and a concentrator were erected at Kimberly. On account of insufficient ore supply, the blast furnace was never blown in and later was dismantled. The concentrator as originally equipped was operated for only about two months, both because the ore supply at that time was not sufficient and because gravity concentration did not yield satisfactory extraction. The location and arrangement of the mill further entailed high operating costs. In 1908, the Nevada Consolidated Copper Co. began to mill successfully, on a large scale, its sulfide porphyry ores, which are similar in character to the adjacent Coppermines ores. After that time, all of the ores and concentrates produced by Coppermines Company were smelted and a considerable part of the Coppermines low-grade ores concentrated at the Steptoe works of the Nevada Consolidated Co.

Jan 1, 1921

By A. G. McGregor

In the Southwest a number of large steel chimneys discharge the gases from the copper smelting furnaces. Some of these chimneys show no deterioration after twenty years, others show serious deterioration after tour years service. A steel stack 20 ft. 7 1/2 in. (6.3 m.) in diameter by 279 ft. (85 m.) high, Fig. 1, used for roaster gases only at the Calumet & Arizona Mining CO.'s plant at Douglas, Ariz., was lined to the top of the bell, 40 ft. (12 m.) from the base, with common brick placed on end, lime and cement mortar being used. Above the bell, the stack was lined with 4 by 4 by 8 in. (10 by 10 by 20 cm.) building tile, placed on end, making a lining 4 in. thick. The tiles were supported on angle-iron rings, riveted to the inside of the chimney shell about 15 ft. apart. The chimney was put into use in the latter part of 1913. Four years later, considerable of the tile lining had fallen out of place and mixed with the flue dust at the bottom of the chimney. About a year later, several flattened and distorted sheets were noticed about 70 ft. below the top. An investigation showed that the thickness of these distorted sheets, which was originally 1/4in., had been reduced one half. One year later, or six years after the chimney went into use, several holes, a square foot and smaller in area, appeared near the flat spots mentioned. Soon afterwards, when the chimney was shut down for repairs, it was found that most of the tile lining for 125 ft, from the top had fallen out and that the steel shell was badly corroded; but where the lining remained in place the shell was undamaged. Many of the tile which had fallen out of place had become soft or flaky and crumbling, others were as hard as when placed. An analysis of the hard and soft tile is shown on p. 2. These tile were of a fireclay mixture, and were used instead of common brick on account of lower cost. The steel forming the upper 125 ft. (38 m.) was replaced, and a 4 1/4-in. (11-cm.) lining of firebrick was laid from the bell to the top of the chimney. The brick were placed on end, wedges and keys being used. After each 8-in. course was set, keyed, and wedged tight, thin mortar —water, sodium silicate, and finely ground silica—was worked into the joints. The brick are supported on angle-iron rings, every 15 ft., in the same way as the tile.

Jan 1, 1921

By L. C. Karrick

The Bureau of Nines has received many inquiries on the subject of assaying oil-shales, both from individuals who desire to wake their own assay while in the field, and also from Commercial assayers and investigators. The present paper describes the assay retort used by the Bureau of Mines. in the research work on oil-shales now in progress at the Intermountain Experiment Station of the Bureau at Salt Lake City, Utah, and at the Colorado cooperative oil-shale laboratory, Boulder, Colorado. This retort, which was developed through experimentation in the bureau's laboratories, has been found to be convenient in use and. capable of yielding reproducible results. M. J. Gavin, Oil-Shale Technologist, gave valuable assistance in preparing the subject matter for publication and made many helpful suggestions during the experiments made by the writer in the course of the development of the assay retort. L. A. Anderson, research "fellow" University of Utah, assisted in the preliminary development of the assay retort.

Jan 1, 1921

By A. I. Krynitzky, Henry S. Rawdon

The most commonly used material for terminals in spark plugs is commercial nickel wire, because of its relatively high temperature of melting, excellent heat conductivity, and slow rate at which the metal is oxidized, even upon continued heating at high temperatures. The grade commonly used for this purpose averages 97 per cent. nickel, the remainder being manganese, cobalt, iron, copper, with traces of other impurities always found in commercial nickel. A peculiar and interesting type of deterioration that occurs in these nickel terminals during the service life of the spark plug was recently brought to the attention of the Bureau of Standards. Commercial spark plugs vary greatly in their size and shape and the terminals differ considerably as to their relative size, shape, number, and arrangement with respect to one another. Although this defect was studied in detail in only one form of spark plug, the deterioration is a characteristic of the material, i.e., of nickel wire, rather than of the particular type of spark plug in which it was noted and studied. The mechanical features of the plugs, however, have a considerable bearing on the time required for the deterioration to become serious. The results of this study of the deterioration of nickel terminals in service should be of value to the makers of all types of spark plugs in which the terminals are made of this metal. CharacteR of Deterioration of WIres During Service Macroscopic Appearance and Properties of Changed Wire.—The nickel terminals in which the deterioration was studied were taken from spark plugs having a central terminal with the ground or side terminals attached firmly at both ends to the shell of the plug. In some of the plugs, two side terminals were used, one on each side of the central one. Although both terminals were found to have deteriorated to some extent, the attack of the central one was quite negligible compared to that of the side ones. These latter wires had developed, in service, transverse cracks that, in many cases, were as sharp and definite as a knife-cut. After a separation occurred, the breach widened by loss of material from the

Jan 1, 1921

By Raymond Ladoo

THE milling of talc, as is the case of many non-metallic minerals, until recently, has not received adequate technical consideration, for the talc industry has become of importance only within the last decade. At first, talc was used only in the massive form, for foot warmers, griddles, and so on, and milling methods were unnecessary. As the demand for ground talc increased, producers adopted the machinery used in the milling of flour; in fact, many talc mills were rebuilt flour mills. Improvement has been slow, but today several types of grinding and separating machinery are in use; many of them, however, are still inadequate and inefficient. To determine the best methods of milling talc, it is necessary to understand the essential properties a talc must possess to fit it for a particular use. For toilet purposes, whiteness, freedom from lime and grit, fineness of grain, and good "slip" are essential. As a paper filler or coating, the talc must be white, have a good slip, be free from grit and iron, uniform, and fine grained; freedom from lime is a disputed point. Fibrous talc is supposed to be superior to massive on account of the interlocking of grains in the paper, thus increasing its strength; this point, though, is in doubt. In general, talc for the paper industry need not be of as high quality or as fine grained as that used for toilet purposes. Talc is usually bought by sample, for which reason it is difficult to state the essential properties for use in paint, rubber, roofing, and so on. The adoption of standard screen tests and standard grades by producers is necessary before an accurate basis for manufacturing or selling standards can be established. Off-color tales might be utilized, as in Germany and-Austria, by the establishment of standard grades of colored tales.

Jan 1, 1921

By Benedict Shubart

The subject of this paper may seem threadbare to, many of you, but even if I repeat what you already know, just smile to yourself and think how much wiser you are than your neighbor, for it is startling what a number of tipples are erected that violate the elementary fundamentals not only of good design but of practical operation. Possibly a coal screening plant is a simple plant. If so, we treat it like we do a great many other simple things. We treat it entirely too lightly and fail to take into consideration, not only the changes that may occur later, the conditions we may be compelled to meet as competition changes, but even the elementary physical conditions that exist right at the tipple site. If I get too positive over some particular point, don't blame me, but remember some of the heart-breaking experiences we have had correcting these omissions, trying to make a tipple do merely what it was designed to do, when the builder tied everything up in such a constricted space, that no room was left to get the results he must have. Perhaps some of the things will look too expensive. Don't say that you can't afford them. Many of them you can't afford to do without, and when you figure that a tipple is put up for possibly twenty years of operation, you can't afford to omit any reasonable precaution not only in taking care of the present, but in foreseeing the future. We will consider a tripple screening plant, suitable for Western conditions, capable of handling approximately 2,500 tons per eight hours. The largest screen sizes must be loaded into either open cars or box cars, and arrangement provided for screening and loading not less than five sizes of coal: lump, egg, nut, slack, dust, or any reasonable combination of these. As we are considering only the preparation of the coal, we will omit all consideration of the method of haulage, pit cars, methods of dumping, and will take the coal after it is in the dump hopper. The track arrangement will frequently be determined by the ground layout. Our sizes and tonnage can be loaded on three tracks, but four tracks are better. The two outer tracks should be left for loading lump coal, No. 3 track should be left for egg coal, and No. 4 track for loading nut, slack and dust. Where a fifth track can be provided, No. 5 track should be held open only for run-of-mine coal, to act as a storage where emergency coal can, be run, should there be any delay in the screening equipment or in changing cars. Track No. I should be used for loading lump coal into box cars only. Track No. 2 should be used for loading lump coal into open cars only, and may or may not be provided with picking table, loading boom, or both. Where picking is necessary, a picking table can frequently be put between the two "lump tracks, heading down track, pivoted at one end, so it may be raised or lowered to feed either open or box cars; with

Jan 1, 1921

By Hemingway J, Read T. A, Anderson V. G

IN the determination of very small amounts of lead, the usual analytical methods are far from being satisfactory. Small amounts of lead may be present in the reagents empioyed, and it is customary to run a blank experiment to correct the error arising in this way. When the correction is of small magnitude compared with the amount of lead in the sample, this procedure may be adopted; but when very small amounts of lead are being determined it may happen that the lead found in the blank is as much, or even more, than the lead actually present in the sample, and the analysis has to be rejected. Moreover, the blank experiment cannot check errors which are not common to the blank and the analysis itself eg, the apparatus used in the parallel experiments, etc. It seemed to be desirable, tl;l.erefore, to make an investigation of the problem to ascertain, as far as possible, the nature of the errors arising from the introduction or loss of lead during the analysis, and how far these could be eliminated or corrected for; also, to determine the limits of accuracy of the improved method and the minimum amount of lead that could be reliably estimated.In the investigation, reliability and sensitiveness were regarded as essential features. Speed of operation, on the other hand, was considered of less importance. The amounts of lead dealt with being usually less than 1 mg, there is no alternative to the use of a colorimetric method. The latter, depending as it does upon the development of a brown coloration when ammonium sulphide is added to a very dilute -solution of a lead salt, is far from being a characteristic test for lead. Indeed, it is well known that the salts of most of the commonly occurring metals interfere with this test. Hence it is of vital importance that the lead should be isolated in the form of a pure compound possessing quite definite and characteristic properties before the colorimetric estimation is proceeded with...

Jan 1, 1921

By D. L., Hayes

THE concentration of zinc ore in Wisconsin is a comparatively simple process, although it presents problems that must be overcome in an efficient manner in such a way that installation and operating costs are low. As the ore deposits are small, the first cost of the concentrating plant must be low; while the low margin of profit makes it necessary to have the minimum operating costs. The original mills were copied from those of the Joplin district, as most of them were built and operated by Joplin millmen. These served the purpose well; they made a clean concentrate, which was the chief requirement at that time, as most 'of the mines were' considerably 'richer than the average at the present time, and wages and supplies were also considerably lower. ' The apparatus used at present has changed very little in principle. . The grizzly opening has gradually been increased to 12 in. and sometimes no grizzly 'is used. The crusher, gradually grew in size, the largest crusher has -an opening of about 24 by 13 in. and a 7/8-in. throw on the. eccentric shaft.

Jan 1, 1921

By R. H. Johnson

The Manual of the Oil and Gas Industry, under the Revenue Act of 1918, published by the Treasury Department for the guidance of oil companies in preparing their estimates of future recoverable oil for the purpose of calculating depletion, gives the first large public collection of comparative decline curves for the whole country. It is a matter of both scientific and practical interest to so arrange these data that the pools can be readily compared. There are certain difficulties in such a comparison, however: (1) The economic limit varies from 50 to 2000 bbl. a year in different pools taken. (2) Because of this variation in economic limit, the range of data shown makes comparison possible only for wells of intermediate size. In order to be as inclusive as possible, I have taken as an expression of the rate of decline the amount of oil produced in the period during which a well drops from 3000 to 2000 bbl. a year. No period of smaller production could be used because of the high economic limit in California; and no period of larger production and yet include the small well areas of the Appalachian. As it is, the Lima-Indiana wells are excluded. In a few instances, curves were extrapolated to obtain the reading, where the curve seemed regular enough to warrant it. In general, the amount of oil, in barrels, produced while a well declined from 3000 bbl. to 2000 bbl. a year is shown in Table 1.

Jan 1, 1921

By P. D. Merica, J. R. Freeman, R. G. Waltenberg

Contents Page Constitution of Commercial Aluminum.................. 4 Solubility of CuAl2 in Aluminum at Different Temperatures........ 9 Effect of Magnesium on Solubility of CuA12 in Aluminum ......... 15 Solubility of Mg4Al8 in Aluminum at Different Temperatures........ 15 Solubility of Metals and Metal Compounds in Aluminum.......... 20 Summary and Conclusions......................20 Aluminum and its alloys have been the subject of much investigation1 during recent years, in the course of which the principal features of the constitution of most of the binary alloy systems with aluminum have been determined. Except in the case of a few metals—silicon, bismuth, cadmium, lead, zinc, and tin—an aluminum-rich compound is formed in each binary system, which forms a eutectic with the aluminum or its solid solution with this compound: Thus such compounds as FeAla, CuA12, Mg4Al3, and NiAls are formed, which are found in aluminum-rich alloys of their respective series as eutectics with the aluminum solid solution. These compounds are, in all cases, hard and brittle and their presence affects profoundly the physical properties of the alloys in which they occur. Within the zinc-aluminum system a compound, Al2Zn,, is formed that decomposes at lower temperatures. Silicon and tin each form a simple eutectiferous series with aluminum; bismuth, lead, and cadmium are only partly miscible in the liquid state with it. The extent of the solubility in aluminum, in solid solution, of these compounds or of the elements themselves, in the case of those series in which compounds are not formed, is of the greatest importance in

Jan 1, 1921

By Earl Oliver

The term oil property, in this discussion, includes any type of easement or grant under which petroleum might be produced; it ranges from the mere right to drill on undeveloped wildcat acreage up to a fully developed oil property. The values of an oil property, as thus defined, vary widely according to the use for which it is intended, whether it is from the viewpoint of the speculator, the fraudulent stock promoter, the refiner and pipe-line owner, or the oil producer. The market value of a property is usually a combination of some two or more of these influences, and occasionally a combination of all of them, but we prefer to treat each viewpoint as distinct from the others, allowing the reader to make his own combination in such proportions as his inclination and property seem to require. This paper will treat the subject from the viewpoint of the oil producer. However, the other influences have such bearing on the cost of property to the producer and on the price he might obtain by its sale as to warrant brief discussion of them. Speculation, particularly lease speculation, is a parasitic growth on the oil industry, healthy enough, but of no economic value. The class of property usually dealt in for this purpose is the undeveloped lease. Its speculative value may have some relation to its probable productive value, but most frequently this value is the product of temporary excitement due to local development. The lease speculator, seeking out the trend of development or securing early information regarding a proposed test or a new discovery, immediately secures leases whose market value will be increased when the existence of such development becomes more widely known. His profits are purely unearned increment. Not proposing to spend money in exploration, he can afford to compete in purchase with the operator, who, in addition to bonus paid, must spend large sums in testing out his own acreage and that of the nearby speculator as well. It has a tendency to compel unduly high bonuses. The so-called "checker-board1' system of leasing wildcat acreage by the larger companies is on the same principle of attempting to secure the

Jan 1, 1921