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By Erwin H. Leeman, Raymond R. Rice, Gerald L. Hassler

In the past few years a great deal of preeise information has been obtained about the relation of natural gas to oil production1. The improvement of our understanding has been of great value, both in prolonging the life of wells and in providing a much needed technical background for the legal problem of proration. But there are two principal aspects of the problem of production. It is necessary to consider not only the energy available, in the form of compressed and dissolved gas and in the pressure of driving water, but also the tenacity with which the sandstone holds the oil. The amount of oil that each sand condition will produce under given conditions of gas content should be determined. Hitherto the effect of the sand has been judged by a study of the flow of each well coupled with a procedure for extrapolating the production curve; hut, as is well known to evaluation engineers, such production curves are subject to changes that are not well understood, and often are affected by outside disturbances. On the whole, the concept of "potential production" is vague principally because the influence of the sand in production is not known beyond the simple ideas of porosity and permeability. The permeability is a quantity that has only inference value where mixtures of gas and oil or of gas, oil and water are present. Excellent studies of the production of oil from reservoirs packed with unconsolidatcd sand are available2, but these studies treat largely of small-scale analogzes to a producing field, and the conclusions to be derived from them arc necessarily of a qualitative character because it is not known in what way these miniature oil fields resemble large ones.

Jan 1, 1936

By Alwyn Birchmore Cox, Ian William Wark

In defending the chemical theory of flotation, Taggart, del Giudice and Ziehl have criticized1 the views of those who prefer to attribute the effects of certain flotation agents to adsorption. Perhaps with some justification, they describe the latter term as the "haven of refuge of writers lost in a morass of shaky experiment and muddy thinking." We prefer to regard it, however, as a haven of refuge for writers who seek a conventional term to describe the formation of films of flotation reagents on solid surfaces, because in many cases it is not yet possible to specify the forces that hold them there. Originally, as Taggart and his associates state, adsorption connoted a concentration difference and nothing more. In recent years, workers in the field of surface chemistry have tacitly added other meanings, and they now speak of orientated adsorption of unimolecular films on a solid sub-strate, of chemi-adsorption, and of exchange adsorption. Thus the term adsorption may connote simply the Gibbs layer of excess concentration at the surface of a solution, or a unimolecular film at the surface of a solid. Perhaps this has led to the misunderstanding of Taggart, del Giudice and Ziehl concerning the relationship between surface tension and adsorption at solid surfaces. The change in "surface tension" accompanying adsorption at a liquid surface can be used as a measure of the adsorption, and the Gibbs equation as quoted by these authors correlates these two conceptions. But, to correlate two conceptions docs not necessarily imply an attempt to explain either, although sometimes such an "explanation" is carelessly inferred. Use of "surface energy per unit area" instead of the numerically equal but more difficult and less definite conception of "surface tension per unit length " would lessen many of the present difficulties. (Compare with Adam.2) At interfaces involving a solid phase, neither '" surface tension " nor " interfacial tension "can have any meaning, but the conception "interfacial energy per unit area" call be understood by anyone who is familiar with the concept of free energy. While it is true that surface energy cannot be directly measured at a solid surface,

Jan 1, 1939

By G. W. Jarman

The purpose of this paper is to present briefly a description of some of the special methods of separation or concentration, either singly or in combination with others, and to give certain operating data and examples. Explanation of the usual methods of large-production mill treatment, such as flotation or wet tabling, or of chemically treating industrial minerals, is not included in the scope of this paper, although one of these methods might be, in certain instances, augmented by one or more of the special methods that will be enumerated herein. Description of these special methods will be centered on magnetic separators, electrostatic separators and air flotation or air tables. Magnetic Sepaeatohs In general, separation is achieved by exerting upon a particle some kind of force opposed to gravity, either directly or at an angle. For example, in the Wetherill or cross-belt type of magnetic separator some particles are lifted vertically from the others because they have been exposed to a force to which they respond more readily than particles of lesser magnetic susceptibility. Of course, there is a limitation to this vertical rise, for the particle must be of a high enough susceptibility to receive a magnetic force greater than the 980 dynes per gram of gravitational urge. To overcome this limitation, the induction type of magnetic separator was developed, so that it is only necessary to instill, say, 30 to 60 dynes per gram instead of the 080, to cause a deflection away from the vertical in falling, and that deflection can be used advantageously when falling by inserting a dividing knife-edge. The induction magnetic separator (Fig. 1) has become a fairly well known method of concentrating and purifying. For example, abrasive grain was among the materials that did not respond to the previously best known type of magnetic separator, such as the Wetherill type, and the development of the induction magnetic separator in the plant of a

Jan 1, 1942

By F. E. Bachman

Although it has been apparent to me for a long time that too great weight was currently given to the silicon-contents of foundry-iron, and that the theory of the control by silicon of the carbon-contents of cast-iron is unsound, or that, at best, the influence of silicon is too small to be of much practical value as a guide in foundry-work, it never seemed to me desirable to enter the lists against either the " silicon-fad " or the theory, for the reason that I had neither the time nor the facilities to prove my position, nor any better theory to offer. But since Mr. Summers has taken the step, it seems but right that I should give such facts as are at hand in support of his contention. At the same time I do not think these are enough to prove the case if the contrary proposition were not itself, as it seems to me, based on insufficient evidence. Both Keep's and Turner's conclusions seem to be drawn from irons carrying less than the normal amount of carbon; Turner's " base " being, moreover, a steel rather than a pig-iron, and both the white base and the ferro-silicon of Keep being so low in carbon that compounds of them would not give a material approaching the carbon-contents of a normal casting, and having, therefore, little value as showing the effects of silicon on foundry-irons, even if his samples were treated under the same conditions as those to which pig-metal is subjected in making castings.

Jan 1, 1899

By Oliver U. Bradley

The conditions affecting the supply of casinghead gas, the different degrees of productivity, the difficulty of determining the quantities utilized, and the evaluation of the gas in casinghead-gasoline units and related data, having an economic bearing on the industry as a whole, are important questions and offer an interesting field for study. Casinghead-gas data have been gathered in some of the oil fields of Oklahoma where testing work has been done regularly and the volumes of casinghead gas were available. The area covered embraces 219 scattered leases in 29 townships, with a total of 18,039 acres and 1921 wells. The accompanying table gives specific locations of the areas under consideration, number of leases, range depth of wells, average age of production, sand depths and oil production data. The results of this investigation are set forth in the accompanying charts, showing volumes of casinghead gas in 6-month periods from Jan. 1, 1918, to June 30, 1921, when full record was available, production of casinghead gasoline, average productivity of the gas in gallons per thousand cubic feet, average price of the gas and the market price of the casinghead gasoline. The cases enumerated in the table and the data shown in the graphs do not represent the greater part of oil or casinghead gas production from any one township, nor are the leases contiguous. The properties in each township, however, may be considered as typical of general conditions, such as the date of completion of wells, depth, character, and thickness of oil sand, time of pumping, present oil production, Vacuum carried on wells, and usual operating practices. It was deemed advisable to subdivide the time into 6-mo. periods, as it was impracticable to make the tests more frequently, furthermore 6 mo. is probably the minimum period within which there would occur a noticeable increase in the productivity of the gas. It must be remembered that the figures on volumes are subject to the usual irregularities and relative inaccuracies of meter measurenlents of gas under varying degrees

Jan 1, 1924

ALABAMA Alabama City.-Eddy, L. Altoona.-Cain, J. America.-Foreman, J. T. Anniston.-Foster, R. N. Ashland.-Sturdevant, J. C. Bessemer.-Ball, E. M. Calhoun, F. W. Maschmeyer, W. L. McKenzle, W. C., Jr. Birmingham.-Abbott, C. E. Aldrich, T. H. Aldrich, T. H, Jr. Ashton, J J.

Jan 1, 1923

By Klaus Emicke

The paper describes the lead refining process operated at Norddeutsche Affinerie (N.A.). Incoming materials are different grades of lead with varying percentages of impurities: Cu, Te, As, Sn, Sb, Bi, precious metals. The facilities are designed for charge-wise operation. After drossing, generally Te, As, Sn and Sb are removed substantially by the Harris Refining Process using fused NaOH. A certain selectivity during refining is achieved by controlled addition of NaNO3. Another refining step is decopperizing by means of elemental sulfur. Complete separation of Te, As, Sn and Sb is accomplished by chemical methods in a leaching plant. A Howard Press is used in the Parkes Process for desilverizing. After vacuum dezinking in kettle, Bi is removed, if required, by means of Ca and Mg. In an end refining step Ca, Mg and Zn are removed by having the lead melt treated with NaOH and NaN03. The refined lead as such, or in the form of special alloys, is cast by an ingot casting machine into 50-kg ingots. Zinc which is used as a precipitant in the Parkes Process is recovered by distillation from the high grade Ag-Zn-Pb crystals in Faber du Faur retorts while the Pb/Ag alloy is fed to the cupellation furnace. Ca and Mg are removed from the Ca-Mg-Bi crystals formed in the course of Bi removal, and the Bi-bearing lead is cast into anodes. The electrolytic lead refining facilities at N.A. are operated largely for the purpose of separating Pb and Bi. These facilities are also used particularly for the refining of Bi-bearing lead which had gone through the above process, but from which Bi has not been removed by Ca and Mg.

Jan 1, 1970

By Charles R. Fettke

BefoRe the Drake well on Watson Flats below Titusville, Pa, inaugurated the modern petroleum industry on Aug. 28, 1859, a considerable industry, based on the manufacture of mineral oils through the destructive distillation at relatively low temperatures (750' to 800' F.) of cannel coals and shales in closed, air-tight retorts, had already sprung up in Europe and America because of the increasing cost of animal and vegetable oils and fats and the growing demand for illuminating and lubricating oils. In 1860, eight out of 55 such coal-oil companies in the United States had plants located in Pennsylvania.' Of these, the Lucesco Works, costing $120,000, situated near Kiskiminetas Junction, was the largest operating in the country. It was equipped with 10 revolving 2.5-ton retorts and 16 stills for rectifying the oil, each holding 2000 gal. The total output of crude oil was almost 6000 gal. per day.2 The discovery of an abundant supply of natural petroleum by the Drake and other wells stopped the distillation of coal oil in America. Most of the smaller plants were closed and others were converted into petroleum refineries. At present, in spite of the temporary over-production of petroleum, the coal and oil-shale carbonization industries are again attracting the attention of far-sighted oil companies who realize that the gradual exhaustion of the American petrol-

Jan 1, 1923

By Dr. O’Neil Thomas J., Donald W. Gentry

Introduction “A Western mine is a hole in the ground owned by a liar. . ." -Mark Twain THE CAPITAL INVESTMENT DECISION Decisions pertaining to a firm's proposed capital investments can have vital short- and long-term consequences on the organization's ability to compete, and even survive.Capita1 investment decisions, in general, center around two fundamental activities: (1) allocating capital funds to specific investment projects or assets, and (2) obtaining necessary financing in such proportion as to increase the overall value of the firm. In essence these activities or decisions describe the science of finance (as contrasted with economics). Fimnce has been described in general terms as the study of how a present, known amount of cash is converted into a future, perhaps unknown, amount of cash (Archer, Choate, and Racette, 1979). Fundamental to understanding the science of finance and the capital investment decision process in general are the basic concepts relating to cash flow transactions, time, income generation (markets), expected returns, and risk. The functions of finance may be segregated into three fundamental decisions which a firm must address: (1) the dividend decision, (2) the financing decision, and (3) the investment decision. These decisions are interdependent and their joint impact on the objective of the firm must be considered. This book primarily addresses the concepts and components associated with the investment and financing decisions as they affect the practice of mine valuation. Responsibilities of Management A primary assumption incorporated in this book is that the fundamental objective of any firm is to maximize its value, or wealth of its owners (stock- holders). Here, the term wealth refers to the total current market value of the firm's assets. In the case of corporations, the wealth or value is considered to be represented by the market price of the firm's common stock. The price of the firm's common stock obviously will be affected by its investment, financing, and dividend decisions. Consequently, an optimal combination of these three decisions should maximize the value of the firm to its stockholders. It is important to point out that wealth maximization is a more appropriate and inclusive goal for the firm than profit maximization. Indeed, there is a difference between the two objectives in most situations. For instance, a firm can always raise profits by selling stock and investing the proceeds in treasury bills or certificates of deposit. This type of activity, however, would rarely cause net shareholder wealth

Jan 1, 1984

By Charles Pack

Extensive progress has been made in the metallurgy of alloys for die castings. Enthusiastic proponents of some alloys are inclined to make extravagant claims for their materials, which may be justified by physical tests on test bars made from the respective alloys but are seldom justified by the results obtained with commercial die castings made from those alloys. Chemical analysis of the test bars and castings fails to determine the cause of these variations, since they are due to other physical factors entering into the commercial production of die castings. In this paper, an attempt will be made to outline some of the factors in commercial die-casting practice to which these variable results may be attributed, in the hope that the manufacturer of die castings, recognizing the importance of these factors, will devote more attention to them in the design and construction of dies and equipment. In 1914,l the author defined die castings as "metal castings made by forcing molten metal, under pressure, into metallic molds or dies." This definition was given in order to differentiate die castings from other molded metal products such as "permanent-mold" castings, L'slush" castings and similar products that are sometimes erroneously termed die castings. The term "die casting" could be interpreted to include all castings made in metal molds or dies; but since this term, like most of our technical nomenclature, has been developed by commercial practice we must look to this practice for its proper definition. The Germans, with their usual devotion to desecriptive names, have adopted the name of sprilzguss (squirt cast) for die castings. Undoubtedly this name is more descriptive of the die-casting process, where the metal is literally squirted into the die and serves to differentiate this process from other metal mold processes, where the metal is poured into the die. In the earlier paper mentioned, the author also emphasized the fact that the definition given for die castings indicated clearly that the satisfactory operation of the process must comprise three factors, all of which must be considered of vital importance to the successful operation of the die-casting process:

Jan 1, 1931

By J. S. Harris

AS a result of the study of social problems to which so much thought has been given in this country and Europe in the last half century, many employers of labor have come to think that some provision should be made for their workingmen in case of injury. There has been a growing tendency so to administer the laws governing industrial pursuits in these countries as to add self-interest on the part of capitalists, to the plea urged by humanity, that every possible care should be taken to guard the workers from accident; but as no care can guarantee immunity, there is a necessity to supplement these precautions by some method of providing pecuniary aid that shall be available when disabling accidents do occur. It was once a favorite idea of theorists on political economy, that in the ideal state of society every man should take care of himself, and that the less care or control there was assumed by any man over others' private affairs, the better; but this gospel of selfishness has had its day, and it is now generally recognized that in the existing state of affairs the stronger and richer cannot escape the duty of being to some extent, the keepers of their less fortunate brethren ; and, on the other hand, that an assumption of care for them involving to some extent an exercise of authority, is not a thing to he necessarily and always resisted. Out of these convictions, many efforts for the amelioration of the condition of workingmen have grown—which or one result have produced various plans which combine the con-

Jan 1, 1884

By John Van N. Dorr

Introduction.................... 212 The DoRR Classifier.........212 History................ 212 Description................... 215 Regulation of Products............. 216 Cost of Operation.............216 Power...........216 Capacity..............216 Uses.................217 The Dorr Thickener.............219 History...........292 Description.............. 221 Speed............ 222 Power......,....223 Repairs.............,... 223 Labor................. 224 Capacity................ 224 Density of Underflow............... 224 Uses.........,.......226 Continuous Counter-Current Decantation....... 227 Concentration..............227 Industrial Uses................228 Acid-Proof Thickeners.......... 228 The Dorr Tray Thickener........... 229 Description.................. 229 Capacity................. 231 The Dorr Agitator................. 232 History................... 232 Description................... 233 Speed.................... 234 Power.................... 234 Renewals................... 235 Efficiency................... 236 Selective Agitation................ 236 Conclusion................... 237

Jan 1, 1915

By Ralph J. Schilthis

Several investigators1-8 have reported evidence of the existence of native or connate water in oil-and-gas-bearing strata. Both water and salt have been detected in cores of oil sands that yielded oil and gas exclusively when produced. Electrical logs often reveal unexpectedly low resistivity through oil and gas sands, indicating the presence of some material that is a considerably better conductor of current than oil and gas. Furthermore, calculationsg of the oil and gas content of reservoirs based upon production and reservoir-pressure decline data indicate appreciably lower values than are arrived at under the assumption that the pore space is occupied completely by oil and gas. Origin and Occurrence of Connate Water in Oil-and-gas-bearing Formations The view has been expressed, 10-15 and is generally agreed upon, that the expulsion of oil and gas material from source beds and the subsequent migration and accumulation occurred in the presence of salt water. As the strata that usually form reservoirs for oil and gas were laid down by, or in the presence of, ancient seas, the pore space within the strata must have been saturated with salt water before the entrance of the oil and/or gas. Thus, the accumulation of oil and/or gas in the upper regions of structures suitable for reservoirs must have required displacement of the connate water therefrom. In the absence of any forces other than gravitational, it would be expected that the displacement of the connate water out of the zones finally occupied by gas and oil would be complete, and that the vertical distribution of gas, oil, and water in a reservoir would be strictly in the order of their densities. Apparently, however, surface and interfacial forces that will not permit complete segregation of the fluids are active within the capillary spaces comprising a reservoir. The effects of these forces on both accumulation and production of oil and gas have been the subject of study by a number of investigators.16-37 In general, the view is held that the character of most materials that make up the reservoir rock leads to preferential wetting of the rock by

Jan 1, 1938

BEFORE an audience which included many notable members of the engineering profession, the John Fritz Medal was presented to Senator Guglielmo Marconi on July 6, 1922, in the auditorium of the Engineering Societies Building, in New York. The medal was awarded for achievements in the development of wireless telegraphy, but all of the speakers emphasized the inventor's service to mankind, in saving life at sea, especially, as well as his remarkable scientific attainments. SIGNIFICANCE OF THE JOHN FRITZ MEDAL The John Fritz Medal is presented from time to time for notable achievements in applied science, as a memorial to the engineer and metallurgist whose name it bears, one of the charter members of the American Institute of Mining and Metallurgical Engineers. The medal fund, contributed by friends of Mr. Fritz, is administered by representatives of the four national engineering societies. Seventeen awards have been made to men of eminent distinction in the various branches of the profession of engineering, whose names are more familiar to the civilized world than are the names of most of the presidents of the United States. Four of the medallists were present on the evening of July 6: Dr. Elihu Thomson, the dean of the electrical engineers, General Goethals, Orville Wright, and J: Waldo Smith, who developed the New York City water supply, system. In opening the meeting, Dr. Comfort A. Adams, president of the Board of Award, said in part: The profession of engineering knows no national boundaries. That the engineers of this country sense this fact deeply is evi-denced by the absence of any limitations as to nationality in the award of the John Fritz Medal. The engineer is seeking for the truth wherever it may be found, and it frequently happens that the most helpful sugges-tions for the solution of a particular problem are the results of the work of men of other nationalities on the other side of the world, whom we have never seen. Thus through this long range interchange of information and of ideas, there has grown up a feeling of real kinship among the engineers of the civilized world, a sense of interdependence and of the need and value of cooperation, in wide contrast with the all too prevalent sense of conflicting interests, of racial and national antagonisms of bitterness and misunderstanding. We often think of the nations of the earth as separated by walls or barriers, of various kinds and of various heights. Some of these are the natural results of evolution, for example, differences of language, customs and traditions; while others are more artificial, being maintained by law and dictated by fear, greed, and shortsightedness or ignorance. There is deep conviction that the degree in which we can abolish these barriers is a true measure of our progress towards real civilization, and that the destruction of these barriers is the only method of attaining that world-wide peace for which every

Jan 8, 1922

By Joseph L. Patrick

Geologic exploration, which has experienced an upward trend in the United States since 1962, continued with increasing activity through 1965. New, spectacular discoveries of recent years and continued questionable economic and political climates in many areas of the world have continued to focus the exploration attention of an increasing number of companies on the United States. Traditional geologic field methods are being bolstered by development of new methods, techniques and geophysical instruments. Reports from the states emphasize that successful exploration is dependent upon the combined effort of geochemistry, geophysics and geology, with high quality laboratory support of the field effort becoming increasingly necessary. PROGRAMS NOW UNDERWAY IN WEST During 1965 mineral exploration reached an all- time high in Nevada. Although examinations are being carried on throughout the State, much of the work is limited to two areas. The first area to attract recent exploration interest, initiated by discovery of the Carlin gold mine by Newmont Mining Corp., is an area of windows near the leading edge of the Roberts Mountains thrust fault in northeastern Nevada. Included in this area are the old camps of Mountain City, Battle Mountain, Cortez, Mineral Hill and Eureka. Major mining companies are using a combination of surface mapping, geochemistry, geophysics (largely induced potential surveys), following up with drilling. The second area of exploration is along the Walker Lane, a wide shear zone that parallels the Nevada-California boundary from Virginia City to Las Vegas. Activity has been intense in the Tonopah-Yerington area. Discovery of a large copper-iron deposit following an airborne magnetometer survey first focused recent attention on Walker Lane. Sixteen major companies are involved in exploration in the State.

Jan 2, 1966

By Edward Thomas

ROCK bolting, third great change in postwar underground mining, is inseparably tied to the other two changes: better drilling and mechanized mining. Mechanized mining provided the impetus, when conventional supports restricted maneuver-ability of equipment-while carbide-tipped bits lent the means of drilling required holes cheaply. With the need and the tools at hand development snow- balled. In just six years, from January 1948 to January 1954, some 800 mines adopted bolting for systematic support, and over 100 of these mines now use rock bolts exclusively. Simultaneously, foreign mines have adopted the idea, but to a lesser extent. What held back this major change? The concept of fastening loose material to unbroken and apparently solid material is probably as old as mining itself, and sporadic use has been reported from virtually every mining region in the world. But falls of rock have always been the greatest source of both fatal and nonfatal accidents in underground mining and miners have understandable reluctance to work under roof or back material if they even suspect that it might be hanging like a "sword of Damocles" -supported only by a thin bolt.

Jan 11, 1954

Jan 1, 1880

By W. C. Lacy

Urban development in semi-arid portions of the Southwest has upset a natural balance of geological conditions resulting in broad-scale and local subsidence or heaving ground conditions, Subsidence can be traced to two general causes: irrigation of reclaimed desert lands that have dry, low-density soils; and depression of the water table by ground water withdrawal. Accumulation of weathered volcanic tuff produces areas with swelling characteristics. Soil and subsidence studies made in the Tucson area in Arizona illustrate foundation problems typical of the Southwest that must be considered in the design of building codes. Anticipation of problems and the adoption of corrective measures in the design of engineering structures, establishment of pertinent building codes, and urban planning and zoning to obtain optimum land usage and conservation of natural resources demands a thorough understanding of geological conditions of a developing urban area. In the arid to semi-arid southwestern United States erosional and depositional processes result in special situations that require special precautions in building practices. A series of studies currently underway in the Tucson area, prompted by foundation failures and breaking of buried service lines, serves to illustrate some of these relationships between the geological environment and history and engineering problems. ENVIRONMENT The desert region of the Southwest is characterized by isolated mountain ranges rising abruptly from low valleys or plains — the ranges generally occupy less area than do the intervening valleys. In southern Arizona the valley floors step up from near sea level to 2000 ft or more in elevation, and the ranges may rise to over 7000 ft. Desert and steppe-type climates predominate — climate is controlled more by elevation than it is by latitude. Both climate types are characterized by a lack of precipitation, the former more so than the latter. Practically all the rain that falls in the region evaporates; runoff or recharge generally occurs only during the wettest period. Water table levels are generally being depressed. Vegetation is restricted and consists mainly of creosote bush, cacti and sage brush on the deserts, and mesquite, pinon juniper and various types of grass on the steppes. Precipitation varies from about 3 in. on the warm deserts to about 12 in. on the steppes. Most of this falls in the summer or winter, with only rare storms in other seasons. Summer thunderstorms, often accompanied by hail, bring cloudbursts which send torrents of water streaming down the mountains onto

Jan 1, 1964

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

By Robert H. Richards, Richard W. Lodge

A great deal of speculation, as well as actual experiment, has been devoted to ascertaining the changes in the materials (luring their descent in an iron blast-furnace, affecting (1) the chemical constitution, (2) the mechanical condition, and (3) the arrangement of the materials. With a view to throw some light upon the third question, we constructed a model and tried experiments which are here described. Our model is a vertical section of a furnace, with the lines of the Edgar Thomson furnace D of 1885 for the use of which we arc indebted to Mr. Gayley. The model is 40 inches high, and made to scale (1/2 inch equals 1 foot), and the horizontal section of the space through which the charge falls at any point in the descent is 11/2 in. x d, d being the diameter of the furnace at that place. We are unable to say just where the idea of making this model came from ; perhaps, partly from The Principles of the Manufacture of Iron, and Steel, 1884, I. Lowthian Bell, p. 124 ; partly, also, from

Jan 1, 1888