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By B. Alexander, G. Derge W. Peifer

This is part of a research project in the Metals Research Laboratory of Carnegie Institute of Technology, sponsored by the Carnegie-Illinois Steel Corporation. In organizing our program it became apparent that the problem of analyzing molten steel for hydrogen must be divided into two parts: (I) the correct analysis of a given sample, and (2) the correct sampling of the bath. Emphasis has been placed upon these divisions in the order named because methods of sampling cannot be evaluated until a satisfactory method of analysis is available. Vacuum fusion was selected from the list of possible analytical methods because it seemed to us to offer the best possibilities for giving rapid, accurate results on solid steel samples. A number of objections have been raised against this method as usually practiced. We have sought to meet some of these by proper design of the apparatus. Experiments will be described which show that others are not valid. In the conventional apparatus the sample is held under high vacuum for a period of several hours before it is actually analyzed and one might expect considerable hydrogen to escape during this period. We have provided a means of introducing the sample to the vacuum just before analysis. Another difficulty has been that the entire apparatus has been designed primarily for the purpose of analyzing for oxygen, which constitutes upward of go per cent of the total gases evolved from the sample The volume and pressure measurements have therefore been insensitive to the relatively small amounts of hydrogen present. This difficulty obviously can be taken into account in any apparatus designed especially for the amounts of hydrogen expected. Analysis in Vacuum-fusion Apparatus A number of experiments were carried out to determine the importance of several factors that have been stated as possible sources of error or uncertainty in vacuum-fusion analysis for hydrogen; namely, that hot graphite will absorb some of the gases, that metal vapor will cause discrepancies, and that low results may be obtained as a result of the water vapor (produced by the oxidation of the hydrogen) dissolving in the butyl phthalate of the manometer, or that the blanks obtained from the apparatus are so great as to make the method inaccurate. The experiments also checked on the accuracy and feasibility of using differential freezing as a method of gas analysis in a vacuum-fusion apparatus.

Jan 1, 1945

By D. B. Hobbs, H. O. Burrows, T. D. Stay

ALUMINUM which has lost its original identity as to source may be considered as secondary. This would include scrap originating in the fabrication of aluminum, which is not consumed at the plant of fabrication, and all material resulting from fabrication, which has lost its original identity regardless of whether it be consumed at the plant of fabrication or not. In general, secondary aluminum may be divided into two classes, commercially pure and alloyed. The chief impurities found in commercially pure aluminum are copper, iron, titanium and silicon; while in aluminum alloys, copper, iron, titanium, silicon, zinc, manganese, magnesium, nickel, or tin, may be present in varying proportions. Occasionally lead and antimony are found in secondary aluminum alloys, especially if the alloy results from remelting vender's automotive scrap. Such alloyed elements as are found in the scrap cannot be removed on remelting. In this, the remelting of secondary aluminum differs from the smelting of secondary copper or most other secondary metals. The majority of secondary materials reach the consumer in the form of remelt ingot or remelt No. 12 ingot. This ingot varies greatly in quality, depending upon the source of the material, and the manner in which it is refined and blended. The principal differences between primary and secondary ingot are: 1. The composition of secondary ingot may be more or less indefinite. 2. Secondary ingot may contain more dross and oxide. Secondary ingot may, however, be used successfully in a great many products. RELATION OF PRIMARY PRODUCTION TO SECONDARY PRODUCTION Table 1, compiled from data published by The American Metal Market, gives an approximate idea of the relation of primary to secondary production. Information obtained from other sources leads the authors to believe that the figures for secondary production are somewhat low.

Jan 1, 1928

By Georges Caraghiaur

INTRODUCTION A small, independent mining enterprise (SIME) is an independently owned and operated business concern engaged primarily in mineral development, from the exploration to the production stage. A SIME may or may not be listed on stock exchanges. By definition, a SIME is not dominant in its field and has no long-term financial backing. As such, it is not a major producer of minerals, nor is it a petroleum company, a government organization or a subsidiary of such organizations. The survival and growth of a SIME is most often controlled by an independently minded entrepreneur, who not only conceives and carries out new projects, but is materially affected by the success or failure of these projects. Usually, a SIME does not have a large or constant cash flow. Such a lack of long-term financial backing forces the SIME to meet the challenge of finding capital for its activities on a step-by-step basis. Its survival strategy is thus based on finding funds at the right time, of the right type and in the right quantities. The purpose of this paper is to show that the type of venture in which a SIME is involved affects the difficulty of raising new capital and the choice of possible sources of funds. The Small, Independent Mining Enterprise The SIME, also called small miner, junior mining company, speculative mining company, and pennystock mining company, is not a figment of the imagination of financial speculators. In Canada, there are more than 1,800 small mineral enterprises which spend on the average less than $1,000,000 per year on activity which is directed at bringing forth new mineral supply. In the United States, 64 percent of the non-fuel mining operations are conducted by nine or fewer men, and the coal industry is characterized by several thousand smaller independent producers, still predominantly family-owned or controlled. In Chile, 80 percent of the mines can be classified as small mines. In the Philipines, approximately 60 percent of metal mining operations are classified as small mines. The SIME is actively engaged in mining all over the world, and very much so in the Pacific Rim. The Mineral Supply Process The whole process of bringing forth new mineral supply involves a dynamic sequence of activities, ranging from the initial exploration for a mineral occurrence to the production of a marketable product. A typical sequence is outlined in Figure 1. At the grass-roots exploration stage, a series of geological, geophysical and geochemical tests is aimed at locating a mineral occurrence. Especially in the early phases of such activities, the uncertainty (risk) surrounding a venture is high, since only general geological information exists on which to base a judgement of the economic viability of the venture. Such risk is attractive to few investors.

Jan 1, 1982

By Frederic Benard

This paper constitutes a preliminary report on experimental work done to date on the anode-furnace treatment of blister copper containing relatively high percentages of nickel. The investigation has not been completed but results obtained to date are considered of sufficient interest to warrant publication. Blister copper treated by the Ontario Refining Co. originates from the Copper Cliff smelter of The International Nickel Company of Canada, of which the former is a wholly-owned subsidiary. The blister as received contains from 0.50 to 1.50 per cent Ni, and in this respect differs from that treated by other refineries on this continent. During the anode-furnace treatment, only a portion of the nickel content is removed, and of the amount remaining in the anodes a varying percentage is found in the anode slimes. This necessitates a more extensive treatment than ordinary nickel-free material. Sometimes it is necessary to repeat roasting and leaching operations several times before the nickel colltent is low enough to permit the slimes to proceed to the dorè furnace. This, besides increasing treatment charges, causes greater selenium stack losses and involves a longer tie-up of precious-metal values. Therefore this investigation was undertaken with the aim of determining the factors influencing the diversion of nickel into the anode sludge. From experience it was known that by keeping the nickel content of anodes at 0.55 to 0.60 per cent maximum a relatively satisfartory slime resulted. One avenue of attack therefore was developing improved elimination in the anode-furnace treatment so that the anode content mentioned above was not exceeded. Another angle was to improve the solubility, during electrolysis, of the nickel constituent in the anodes, thus decreasing the percentage diverted to slimes. . It may be mentioned here that nickel dissolving electrochemically and entering the electolyte presents no difficulty from a treatment standpoint. Both of these approaches were studied and are discussed separately below.

Jan 1, 1943

By Frederic Benard

This paper constitutes a preliminary report on experimental work done to date on the anode-furnace treatment of blister copper containing relatively high percentages of nickel. The investigation has not been completed but results obtained to date are considered of sufficient interest to warrant publication. Blister copper treated by the Ontario Refining Co. originates from the Copper Cliff smelter of The International Nickel Company of Canada, of which the former is a wholly-owned subsidiary. The blister as received contains from 0.50 to 1.50 per cent Ni, and in this respect differs from that treated by other refineries on this continent. During the anode-furnace treatment, only a portion of the nickel content is removed, and of the amount remaining in the anodes a varying percentage is found in the anode slimes. This necessitates a more extensive treatment than ordinary nickel-free material. Sometimes it is necessary to repeat roasting and leaching operations several times before the nickel colltent is low enough to permit the slimes to proceed to the dorè furnace. This, besides increasing treatment charges, causes greater selenium stack losses and involves a longer tie-up of precious-metal values. Therefore this investigation was undertaken with the aim of determining the factors influencing the diversion of nickel into the anode sludge. From experience it was known that by keeping the nickel content of anodes at 0.55 to 0.60 per cent maximum a relatively satisfartory slime resulted. One avenue of attack therefore was developing improved elimination in the anode-furnace treatment so that the anode content mentioned above was not exceeded. Another angle was to improve the solubility, during electrolysis, of the nickel constituent in the anodes, thus decreasing the percentage diverted to slimes. . It may be mentioned here that nickel dissolving electrochemically and entering the electolyte presents no difficulty from a treatment standpoint. Both of these approaches were studied and are discussed separately below.

Jan 1, 1943

By E. E. Brownson

This paper will be confined to the treatment of methods as applied in the laboratory of the Boston and Montana Reduction Department of the Anaconda Copper Mining Co. at Great Falls, Mont. As the electrolytic plant of this company operates at a current density of approximately 35 to 40 amperes per square foot when running up to capacity, the arsenic and antimony content of the anodes delivered to the plant is of considerable importance as bearing on the purity of the refined cathodes turned out. Owing to the rather high relative percentage of antimony, it has always been the custom to determine antimony as well as arsenic in all forms of copper. Thus, anodes have been analyzed in which the antimony was about equal to the arsenic, although the average shows about 2 parts of arsenic to 1 of antimony. In the refined copper the relative proportions of the two impurities vary considerably, but probably in the average are about equal. In this latter case, the percentage of the two is SO small that ordinarily no attempt is made to separate them, the report of analysis showing percentage of As and Sb combined. Although rapid and exceedingly accurate determinations of arsenic may be made by means of various distillation schemes, the determination of antimony, either by itself or together with arsenic, has always been more or less cumbersome and has required a considerable amount of time. By the methods, details of which follow, the determination of arseluic and antimony, either separated as in the case of anodes or together in case of refined copper, is accomplished in 24 hr. from the time the sample is received by the chemist. As to the accuracy of the results obtained, it can be quite positively stated that in this respect these methods are very satisfactory, much more so than any heretofore employed in our work, and when the rapidity of determination is considered, the results are very accurate.

Jan 1, 1914

By A. H. Miller

THIS survey is one of the more recent tests of geophysical methods of prospecting by the Dominion Observatory and the Geological Survey of Canada, of which the purpose is to find out what application such methods may have to geological problems in Canada. The Malagash salt deposit lies on the north shore of Nova Scotia about 40 miles east of the New Brunswick boundary, and forms a part of faulted and folded Carboniferous strata. The salt beds are exposed only in the mine workings, which are about 1000 ft. deep and at one place extend for 1000 ft. along the strike. Lack of rock exposures, complicated folds, and faults make it impossible to predict the location of salt away from the mine. A survey of an area in the vicinity of the mine was therefore undertaken to find out whether the salt could be located by the torsion balance and whether its extension from the mine workings could be traced. As the gravitational effects at Malagash may be fairly typical of those at other concealed salt deposits in the Carboniferous rocks of the Maritime Provinces of Canada, the survey has a direct bearing on prospecting for other deposits. The survey was made in 1934 by A. H. Miller in collaboration with Dr. W. A. Bell, of the Geological Survey of Canada. Observations began on June 15 and were completed four months later, on Oct. 15. Definite gravitational effects including a lowering of gravity were observed over the deposit. The survey also disclosed one other area of low gravity east of the mine but whether this area is underlain by a large body of salt is not yet established.

Jan 1, 1936

By Allen D. Garrison

The chemistry of clays and shales has been assuming increasing importance in the petroleum industry, and two factors have greatly influenced this trend. The first has been the growing evidence that the marine shales are source beds, and that the petroleum compounds have migrated to the sand reservoirs overlying or underlying these shales: the second has been the demand for drilling fluids better adapted to penetrate these marine shales without difficulty and expense. Origin and General Composition of Clays and Shales Clays, shales and surface soils are all closely related materials. They are mixtures of finely divided compounds formed during the weathering of the solid crust of the earth. Their nature is essentially colloidal; that is, their behavior is determined by the state of division of the materials and the surface reactions of the smallest grains. Many of their chemical changes affect only the exposed areas and do not involve the interior of the grains of matter. The extent of these reactions is more nearly proportional to the area of the substances than to their mass, therefore it is possible for a small amount of a material in an extremely fine state of division to completely dominate the character of the mixture. More than 83 per cent of the crust of the earth is composed of three elements—oxygen, silicon and aluminum. Consequently, the corrosion products of the crust are predominantly aluminosilicates, or compounds of aluminum, silicon and oxygen. If we add the compounds of six elements—iron, calcium, sodium, potassium, magnesium and hydrogen—more than 98 per cent of the crust has been accounted for. These six elements, together with the first three, also appear in soils, clays and shales. But direct chemical analysis is of little value in describing the nature of such materials. Many chemical individuals may be present in variable amounts, and the extreme subdivision of any one of the individuals may contribute qualities that dominate the mixture.

Jan 1, 1939

By Allen D. Garrison

The chemistry of clays and shales has been assuming increasing importance in the petroleum industry, and two factors have greatly influenced this trend. The first has been the growing evidence that the marine shales are source beds, and that the petroleum compounds have migrated to the sand reservoirs overlying or underlying these shales: the second has been the demand for drilling fluids better adapted to penetrate these marine shales without difficulty and expense. Origin and General Composition of Clays and Shales Clays, shales and surface soils are all closely related materials. They are mixtures of finely divided compounds formed during the weathering of the solid crust of the earth. Their nature is essentially colloidal; that is, their behavior is determined by the state of division of the materials and the surface reactions of the smallest grains. Many of their chemical changes affect only the exposed areas and do not involve the interior of the grains of matter. The extent of these reactions is more nearly proportional to the area of the substances than to their mass, therefore it is possible for a small amount of a material in an extremely fine state of division to completely dominate the character of the mixture. More than 83 per cent of the crust of the earth is composed of three elements—oxygen, silicon and aluminum. Consequently, the corrosion products of the crust are predominantly aluminosilicates, or compounds of aluminum, silicon and oxygen. If we add the compounds of six elements—iron, calcium, sodium, potassium, magnesium and hydrogen—more than 98 per cent of the crust has been accounted for. These six elements, together with the first three, also appear in soils, clays and shales. But direct chemical analysis is of little value in describing the nature of such materials. Many chemical individuals may be present in variable amounts, and the extreme subdivision of any one of the individuals may contribute qualities that dominate the mixture.

Jan 1, 1939

By Thomas Bannon

PROSPECTING for oil in Spain has been going on for many years but only in a very haphazard way and without adequate geological or technical advice. Shallow wells have been drilled in several provinces but, for the most part, they have been doomed to failure from the beginning because of unfavorable geological locations, inadequate drilling equipment inexperienced operators, or lack of sufficient capital. Geologists seem to agree that the most favorable chances for commercial fields are in the northern part of Spain where the petroliferous Triassic beds underlie Cretaceous and Tertiary sediments. The prov-vinces of Santander, Burgos, Alava, Vizcaya, Navarra, and Guipuzcoa seem to offer the most promising localities. Several shallow wells have been drilled near Villamartin about 60 Km. northeast of Cadiz. One of these wells produced a small quantity of light oil but was never operated. The Spanish Government has been drilling on a well in this district for some time, using the Russian free-fall drilling system. The present depth is about 3000 meters. Several years ago the Compania Petrolera Franco-Espanola drilled a well to a depth of about 700 meters near Elorrio, province of Vizcaya. A diamond-core drill was used. The well was located on vertical Cretaceous beds near an igneous dike. The same company, in March, 1923, made a new location about 500 meters away from the first well and the same distance from the dike, in beds dipping about 80°, and is now drilling its No. 2 well. The last depth reported was about 200 meters.

Jan 3, 1924

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, Inc. When Mr. Carnegie made. his gift ?for the erection of a suitable home? for the engineering societies,

Jan 1, 1942

By J. S. Aronofsky, J. P. Heller

This paper presents a mathematical analysis of the fluid mixing which occurs during flow through porous media. The analysis is based on the well-known diffusion equation with mass transfer term. It is pointed out that the use of this equation is justified by a single general assumption which does not specify any particular mechanism for the mixing process. Formulas are given for tracer fluid concentrations for two different boundary and initial conditions. Calculated numerical values compare closely with some published results of experiments in which no viscosity or density difference existed between displaced and displacing fluids. INTRODUCTION A phenomenological theory of the mixing and diffusion process is presented for the flow in a porous medium of two miscible liquids of equal viscosity and density. This is based on the classical diffusion equation which has been used to explain such processes as Brownian motion and heat conduction. More recently, this same differential equation has been derived (in a manner analogous to the work in this paper) for the problem of heat transfer during fluid flow in porous media.' The purpose of this paper is to show that the available experimental evidence justifies the use of this simple diffusion equation. The recent data of Koch and Slobod' and of von Rosenberg' are used to test this diffusion model by comparing concentration curve shapes and calculating "effective diffusion coefficients". The same differential equation for miscible displacement, as well as some experimental confirmation, has been published in Japan by K. Yuhara,4 and recently in this country by Day.5 Yuhara arrives at his con-clusions through analogy with turbulent diffusion, de- scribing the microscopic velocities in terms of "eddy motion" — although unlike the ordinary eddies of hydraulics. Day proceeds directly from Scheidegger's6 concept of the dispersion of velocities. After a very clear description of Scheidegger's theory, he applies it to calculate the motion first of a drop and then of a thin layer of brine into a bed of sand. For the latter case, Day derives and solves the same differential equation as Eq. 1. In our presentation no detailed assumptions are made as to the mechanism of displacement. In fact, several microscopic processes may well be involved—the only general assumption made is that their cumulative microscopic effect may be described by the addition of a second-order term to the differentirl equation of continuity. DERIVATION OF EQUATIONS Let us consider the displacement in one spatial dimension of Liquid A from a sample of porous media by Liquid B. A and B are assumed completely miscible and of the same viscosity and density. Both fluids are also assumed to be incompressible and it is specified that the total flow is the same for any cross section. It is evident that the rate at which Liquid B would be carried across such a section would be given by the product of the fluid velocity, u, and the concentration, C, of B in the fluid mixture assuming the constancy of u and C over the cross section. Since the volume of Fluid B is conserved, this leads to the one-way wave equation - u ?C/?x = ? ?C/?l where x increases in the direction of u—the "Darcy velocity", Q/A (or velocity flux per unit area), and 9 is the fractional porosity. Consider the case where fluid B is displacing Fluid A and the concentration distribution is represented by a step funcLon (with a vertical discontinuity). The solution of Eq. 1 predicts no mixing

Jan 1, 1958

By Richard H. Terhune

It cannot be said that the development of processes for roasting in Utah has been evolutionary. Some of the best systems were contemporaneons with smelting here, and one of the most primitive methods, pile roasting, is still entrenched, to the exclusion of all others, at one works. This is certainly not because we have not had sulphur, in place and out of place, to contend with, but rather because roasting has not been a necessity, we having, like most other smelting districts in America, a good share of oxidized ores.

Jan 1, 1888

By William Reynolds

THIS paper deals with the results of a study of the application and development of mining machines for cutting out and removing dirt bands in bituminous coal beds. FACE PREPARATION When one or more dirt bands1 occur in a seam of coal, the problem of elimination of impurities becomes manifest. The degree of complete-ness to which these impurities are removed at the face has an important bearing upon labor costs, haulage costs and outside cleaning costs, and often the ash content of the product is markedly affected. Yet, because the present-day miner is paid for the number of tons he loads he often lacks interest in the quality of the coal. To insure a clean product, a system of penalties for dirty coal is enforced, but control of extraneous impurity content in the loaded coal is often inadequate and ineffectual when coal and banded impurity are shot as one. It seems only logical that to reduce the amount of impurities by proper face preparation before the men are permitted to load the coal is the most efficient method of preparation.

Jan 1, 1936

Jan 1, 1915

By Harvey S

After considerable experience in connection with the magnetic iron-ores at the South, especially in the Cranberry district of western North Carolina and eastern Tennessee, the writer was led into a thorough investigation of the magnetic separation of iron-ores, and, from this investigation, has gradually been developed a separating machine which it is the purpose of this paper to explain. Numerous United States patents have been issued upon machines for magnetic separation. Since the original patents date back to 1849, it is not possible to-day to establish broad claims upon the principles of electro-magnets as applied in such machines. Among these inventions there are certain types of separators which have very marked practical advantages over the others; and these successful machines, while varying radically from each other in their proportions and arrangements, are all based upon a principle originally explained in a patent which was granted in 1870, and which has now expired by limitation. The problem of practically separating iron-ores, as found in the mines, is very different from the separation of a purely magnetic substance from a purely non-magnetic one, since the crystals of magnetite, scattered through the ore-bearing rock, and sometimes collected in masses, are of very different sizes. The average size of the particles may be definitely ascertained for each mine, and the crushing- and screening-machinery may be adapted thereto, but there will still be a large percentage of very fine crystals which, in the crushing for the average, will not be broken apart from the gangue. If these mixed particles are thrown into the heads they carry gangue with them, and if thrown into the tails they occasion a loss of ironore. There are two methods for preventing such loss. One is, to crush all the material to the size of the finest particles, which means, of course, a large crushing-plant, heavy wear and tear, and excessive cost for repairs, and the production of only a very fine-grained concentrate which our blast-furnace managers, to say the least, do not

Jan 1, 1893

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Jan 1, 1938

By R. R. Hawkins

PEoperly designed tubing strings make it possible to continue the flowing life of wells beyond the stage where ordinarily they would be put to pumping. Wells no longer able to flow through 2-in. tubing can be made to produce through smaller tubing if conditions within the well are carefully studied and correctly designed strings are installed. In this way, pumping expense may be postponed and in some pools it is within reason that the entire recovery may be obtained by natural flow if maintenance of pressure is practiced. Infrequent tubing changes would be necessary but their cost would be much less than that of installing and maintaining pumping equipment. If small wells are to be made to flow naturally, careful consideration must be given the actual lifting mechanics within the string, so that fairly accurate knowledge of reservoir conditions, especially pressure, is essential. Wells producing between 5 and 25 bbl. daily are classified here as "small wells." Exponential Flow A maximum of the energy contained in the expanding gas must be employed to do useful work if natural flow is to be continued. It is evident that adiabatic expansion would defeat this purpose, therefore the velocity of the gas must be held down to a minimum in order that isothermal expansion may be approached. Of course, true isothermal expansion would not be obtainable in an oil well, hence the use of the term "exponential." 1 Obviously the closer the approach to isothermal expansion, the more efficient the lift. Experiments by the U. 8. Bureau of Mines² have shown that for isothermal expansion to take place in a gas well where water is being produced, a definite relationship exists between the depth of the well and the minimum operating pressure. The latter must be such that the tubing fill-up, if static conditions prevailed, would be equivalent to 14 per cent of the distance between the top of the fluid inside the tubing and the tubing head. It has been observed that variations in this essential ratio

Jan 1, 1932

By David Reger

ONLY a few small pools of oil were found in West Virginia during 1924. The price of oil was so low that there was no incentive for active effort toward the discovery of new pools or the exploitation of reasonably certain productive areas. At present, several encouraging edge-pool developments are being held in reserve in the hope that a more favorable market is not far distant. In the old pools, wells are being carefully tended; there being little tendency toward abandonment. even in cases where production is temporarily unprofitable. In natural gas, however, the total value of which at the well mouth is now more than that of oil, the year has been busy and profitable. , The decline of old pools, together with the increasing demand, has caused the large operators who carry their gas to the consumer to make great efforts to preserve or increase the rate of production; while the small operators, who sell their product to the large companies at the well mouth, have been stimulated toward the same effort by more favorable prices. These conditions brought about the completion of a greater number .of gas wells in 1924 than in 1923. Few pools of gas have been discovered during the year, the principal production having been obtained in old areas and in the unusually large new territory that was revealed as potentially productive by the drilling of 1923. Some of these latter areas are still without pipelines but definite plans for getting most of this gas are now being executed.

Jan 3, 1925

By N. D. Gerald

The mathematical analysis, which is an essential part of this paper, has revealed the interesting fact that contrary to the opinions of many, determinate and measurable economic factors are largely responsible for the price of crude oil. It should, however, be well understood that the results of this analysis are applicable, without qualification, only to the particular period and market studied. There are certain peculiarities of the petroleum industry which make the consideration of its economics very difficult, and at times practically impossible. Noneconomic factors often become highly important and have serious economic effects, which make unqualified predictions based on economic data extremely hazardous and ill advised. However, in spite of the attendant difficulties there are many problems, especially in price analysis, to which approximate solutions must be made for the proper guidance of public and private policy, but their limitations should be kept clearly in mind. An understanding of the nature of prices is of fundamental importance for a number of purposes. Measurement of the motivating factors giving rise to trends and other price movements is essential to forecasting for the intelligent engineering and financial administration of the industry. The fixing of prices, maintenance of an intelligent industrial dictatorship, or the making of other industrial adjustments, demand, for success, an accurate understanding of their probable consequences. The establishment of a system of equitable relations within an industry, or between industries, by methods other than the natural competitive ones, requires a thorough knowledge of the price structures and the nature and trends of the normal and basic prices of their products. This research has shown that in this case, even though the statistical records are only fair, quantitative economics offers a direct and satisfactory approach to the problems of economic consequences dependent on the reactions of mass intelligence. A consideration of commodity prices naturally leads to costs. The true cost of petroleum is so complex and elusive that its accurate deter-

Jan 1, 1934