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Erwin S. SperRy, Bridgeport, Conn.: The analysis of refined copper is a subject of great importance, and has not received the attention it deserves. Copper metallurgists, therefore, will welcome the paper of Mr. Heath with satisfaction. The state of the art of the chemical analysis of copper has been such that consumers, if they could not afford to run any risk, have been obliged to buy copper from the smelter having the best reputation, and a specification for copper to meet certain requirements could not be drawn up by the mere giving of the chemical constituents. Mr. Heath has brought the analysis of the copper to such a state that when a specification calls for copper " equal to Lake copper " one will know immediately what percentage of the pure metal to expect. It seems to be a pretty well established fact that the copper of Lake Superior is practically free from antimony and bitmuth ; and, with the exception of arsenic, the other elements are easily separated from copper by electro-deposition in an acid solution. The authorities differ in regard to the question whether antimony is deposited with the copper in an acid solution. Classen* recommends the employment of a solution containing 10 per cent. of free nitric acid, sp.gr.1.21, and the strength of the current from 0.3 to 0.4 ampere, in order to prevent the other metals from being deposited with the copper; and for this reason, I presume, the method has been generally used. I, myself, have been accustomed to use such a solution for the analysis of copper-alloys, but have found that for such alloys only a small quantity of nitric acid is necessary, if sulphuric acid is present in sufficient amount to give the solution the required conductivity.

Jan 1, 1898

By H. O. Hofman

(Canal Zone Meeting, November, 1910.) I. INTRODUCTION. IN a previous paper,1 The Behavior of Calcium Sulphate at Elevated Temperatures with Some Fluxes, we published the results of our investigation, into the behavior of calcium sul-phate in air; that, is, under oxidizing conditions. The results as a whole hold good for a neutral atmosphere, or one which has no chemical effect upon calcium sulphate. The present paper deals with the behavior of calcium sulphate under reducing conditions, the reducing-agents employed being carbon monoxide and carbon, and the changes the calcium sulphide formed undergoes when it is subjected to an oxidizing-roast. Technical literature deals very sparingly with the subject. The information furnished by the recent leading chemical manuals is general. Thus Dammer,2 Moissan,3 and Abbegg,4 quote Berthier as having reduced, in 1823, calcium sulphate with carbon, and Stammer as having done the same in 1851 with carbon monoxide; Gmelin Kraut 5 add Leplay and Laurent (1848) as third investigators. Metallurgical authorities confine their statements to the known fact of reduction by carbon. II. PREPARATION OF RAW MATERIALS. 1. Calcium Sulphate.-This salt was prepared in the same manner as described in our previous paper,6 and was found to be chemically pure. * Professor of Metallurgy, Massachusetts Institute of Technology. + Metallurgical Instructor, Imperial Technological Institute. 1 Trans, xxxix., 628 to 653 (1909). 2 Handbuch der anorganischen. Chemie, vol. ii., part 2, p. 309 (1894). 3 Traité de Chimic Minérale, 1904, vol. iii., p. 543. 4 Handbuch der anorganischen Chemie, vol. ii., part ii., p. 116 (1905). 5 Handbuch der anorganischen Chemie, vol. ii., part 2, p. 233 (1909). 6 Trans., xxxix., 630 (1909).

Nov 1, 1910

By Charles R. Keyes

Discussion of the paper of Charles R. Keyes, Bi-Monthly Bulletin, No. 19, January, 1908, pp. 1 to 31. BERNARD MACDONALD, Guanajuato, Mexico (communication to the Secretary*) :-Mr. Keyes's paper is very interesting to me because of my personal experience with the development of the ore-deposits of Lake Valley. Seeing that many of the important facts connected with the early history of the development of these mines are either now unknown, or have become more or less distorted, and thinking that it would be interesting as well as valuable to have these recorded as a historical supplement to Mr. Keyes's elaborate paper, I present the following narrative: In February, 1881, soon after the Atchison, Topeka & Santa Fé railroad made connection with the Southern Pacific at Denting, N. M., the Lake Valley properties were brought to the attention of New York and Philadelphia capitalists by John A. Miller, of Silver City, N. M. At that time silver was $1.10 all ounce and silver-mining was very attractive. Vast fortunes were being made in Leadville and other Colorado camps, and Tombstone was pouring out its millions. Lake Valley, like all' other mining-camps in their early history, had its drawbacks, but the railroad, then passing within 14 miles of it, mitigated many of these. The camp lay in the foot-hills of the Black range, in which the Apaches had their stronghold, and raided, when it suited their convenience, the surrounding country, killing the prospectors and pioneer settlers and stealing their cattle. This band of Indians was joined by the outlaws and desperadoes from the frontiers of Texas, Arizona, and Mexico, who collectively defied the United States soldiers, restrained, as the latter were, by the mollycoddles from the East. The brutality of the Indian raids through Arizona and New Mexico in those days would scarcely be believed now, but they stain in deep

Feb 1, 1909

By Leo Wolrnan

IN the relations that exist between capital and labor in this country, there is a bright as well as a dark side. After many years of distressing conditions of labor and a plentiful supply of propaganda, it is doubtful that the doctrine of the class struggle, however defined and stated, has been embraced by any influential and numerous elements of our population. Extreme and uncivilized methods of conflict, whether they be the labor spy as used by the employer or the sit-down strike by organized, labor, have come to be abandoned as the result of the pressure of sober and distinterested public opinion. Unwise terms of our law of trade unions and the unbridled zeal of its administrators show some slight signs of being revised in the light of 'experience and the protests of the law's own beneficiaries. At the point where labor policy touches economic conditions, the two powerful factions in the American labor movement appear to look with a less friendly eye on the bewildering succession of economic experiments and to have a deep nostalgia for a simpler and more prosperous economy.

Jan 1, 1938

By DOOLITTLE E. M.

(Canal Zone Meeting, November, 1910.) The following notes are contributed, not with the idea of offering a complete history of the development of this very important process as applied to the Leadville district, but with the hope that the practice, as it was carried out in the Bi-Metallic Smelter, may still be of interest to others. The Bi-Metallic Smelter, at Leadville, Colo., was the first to make a commercial success of the process described in the following pages, which consisted essentially of smelting raw silver- and copper-bearing sulphide ores in blast-furnaces to form a matte, which was generally re-smelted with siliceous ores for a second high-grade matte. Robert Sticht, in his excellent monograph on the subject,1 has outlined briefly the plant belonging to this company. He says, in effect: The Boulder, Mont., enterprise set the example for others with whom the patentee (w. L. Austin) had been negotiating, and the old La Plata lead-smelter at Leadville, Colo., was fashioned into a crude, temporary experimental plant for the Bi-Metallic Company, and the feasibility of the process demonstrated by a trial run. Subsequently, the plant was considerably improved, and, being supplied with very favorable ores, continued to run without interruption from August, 1892, to June, 1893. In September, 1893, smelting was resumed in a completely remodeled establishment, some $200,000 having been expended upon the new work. Thus, aside from the Montana experiments, which, under the direction of W. L. Austin, began as early as- 1885 2 at Toston, and continued with indifferent success for six or seven years, the Bi-Metallic plant at Leadville may be said to have * Formerly Superintendent, Bi-Metallic Smelting Co. + Formerly Chief Assayer and Chemist, Bi-Metallic Smelting Co. 1 Modern Copper Smelting, E. D. Peters, 7th ed., p. 415 (1895). 2 Trans., xvi., p. 259 (1887-88).

Dec 1, 1910

By GERALD H. HUTTON

SINCE the inception of dredge mining, the attention of engineers and operators has been directed primarily toward mechanical improvements and refinements calculated to, reduce operating costs and to increase recoveries. The result has been to develop an efficient excavating and value-saving machine, which, in some instances, has an actual capacity of 15,000 cu yd. per day. Steel hulls and superstructures minimize the risk of destruction by fire and lengthen the life of the plant. Dredges now restore, to some extent, agricultural possibilities to mined ground. Large buckets, with correspondingly heavy parts, are able to handle heavy wash and massive boulders. Mechanical weaknesses have been strengthened. The use of manganese steel in bucket lines and tumblers permits the application too the bank of a digging force that can be withstood only by solid material, such as rock, cement or frozen ground. Various alloys of steel have been applied to certain duties and experiments in their heat treatment are still progressing. Haulage by tractor or truck is in common use. Discarded and worn steel parts are repaired or rebuilt by the use of the oxy-acetylene flame and the arc-welding machine. Gold and platinum saving is more efficient, although still subject to improvement. Dredging for tin ore is in successful operation. Crews are now highly specialized and experience has developed improved methods of work; particularly in the manipulation of dredges to build levees of tailings and to leave open waterways where desired. To sum up by the distribution of overhead expense over several units, ground under favorable conditions can now be dredge-mined for 5)2 c. per cu: yd., in spite of the increase in cost of supplies, power, and labor during, the past few years. Improvements in prospecting methods, however, have not kept pace with mechanical developments. Standard practices of ; testing ground today produce only wide approximations of values; although they obtain information concerning the character of the deposit and bedrock. It is interesting to note that few important changes in the methods of ten years ago are .to be recorded; the latest comparisons between pros¬pecting results and mined recoveries-have been at such variance as to cause confusion to the operator, and, in a degree, the sacrifice of the confidence of the capitalist. On this account, and because the growing scarcity of dredging ground. demands closer calculations on the part of the engineer, this appeal for collaboration and

Jan 1, 1921

By Robert H. Leach, C. H. Chatfield

This paper gives a brief summary of the process of manufacture of sterling silver, and some of its more important physical properties, as observed in conlmercial production of rolled sheet and wire. Although papers have been published by Turner and Smith,1 Rose,2 Sperry3 and Jordaq4 there are few technical data available, and unfortunately the time allowed for the preparation of this paper has not been sufficient to make it as comprehensive as the title might indicate. Analysis of Steeling Silver Fine or pure silver is too soft for coinage and the manufacture of articles in which strength and resistance to wear are desired. From the earliest times of which we have record, copper has been the metal generally used to harden silver. Analyses of coins and silver articles from ancient tombs show varying amounts of copper, and old Roman silver objects in the British Museum have approximately the same ana,lysis as our sterling. The first authentic record of the establishment of a standard alloy is during the reign of Henry I1 in England. During the twelfth and thirteenth centuries, the people in the Eastern Provinces of Germany had a reputation for the standard and purity of their silver coinage, and it is said that Henry II employed some of these Easterlings, as they were called, to improve and standardize the English coinage, which had become debased. The peculiar standard adopted is probably accounted for by the system of weights used. A troy pound contains

By Roy A. Anderson, Roger H. McConnel

The Metaline district from 1906 through 1965 has produced nearly 16 million tons of ore yielding 400,808 tons of zinc and 178,062 tons of lead. The sediments, ranging from Precambrian into the Devonian, are schist, phyllite, conglomerate, greenstone, quartzite, limestone, dolomite, and carbonaceous slates. Quartz monzonite and granodiorite of the Cretaceous(?) Kaniksu batholith are exposed over a large area beginning a few miles south of the district. There is minor Tertiary conglomerate and basalt. Abundant glacial deposits obscure much of the bedrock. Northeasterly trending folds, having steep to overturned northwesterly limbs, and thrust faults, striking northeasterly and dipping southeasterly, characterize the deformation of the Precambrian and Paleozoic rocks. Recent drilling indicates that the Slate Creek fault, too, is also a southeasterly dipping thrust fault. This new evidence suggests that the Valley Block, like the other major structural blocks, may in part be a thrust plate rather than a graben, and that thus the district may have greater structural unity with the surrounding region than has heretofore been apparent. The Cambrian Metaline Formation of limestone and dolomite contains essentially all the lead-zinc mineralization. Most of the ore mined to date has come from a carbonaceous and irregularly siliceous breccia of sedimentary and diagenetic origin, locally called the "Josephine Horizon," that makes up the top few to 200 feet of the formation. The Josephine Unit is a breccia of gray limestone, coarse light gray dolomite, very thin-bedded, dark gray siliceous dolomite, and "zebra rock" believed to be of algal origin, embedded in a matrix of black dolomite or black jasperoid or some mixture of these two. The jaspcroid fragments and irregular blobs embedded in the black dolomite matrix and the jasperoid laminae in the very thin-bedded dark gray dolomite suggest that jasperoid was formed at the same time as the breccia matrix and as the laminated dolomite. So too, the marked tendency of sphalerite and galena to be disseminated mainly in the dark breccia matrix and their tendency to be most abundant in the jasperoid laminae of the very thin-bedded dark gray dolomite, even where the mineralized and laminated dolomite is fragmented and engulfed in black dolomite breccia matrix, suggests that in these ha bits the sulfides also were deposited contemporaneously with the sediments. Yet very commonly, veins and vague veinlets and patches of white quartz, usually carrying rather coarse sphalerite and sometimes galena crosscut all rock types. These contradictory relationships throughout the Josephine Unit suggest that both the black jasperoid and the sulfides were original constituents of the Josephine Unit but that, locally, they later were remobilized and deposited as white quartz and coarser grained sulfides. Possibly, at least in part, this "metamorphism" is one of the effects produced during or shortly after the intrusion of the Kaniksu batholith.

Jan 1, 1968

By Eugene McAuliffe

AS anthracite is no longer used to a marked extent by the rail- ways of the United States (1,513,000 tons in 1933), that portion of the mining industry engaged in the production of bituminous coal is, and will continue to be, the one chiefly concerned with the future use of its product by the railways. In a period such as the present, when all enter- prise is unsettled, when fundamental principles of industrial management and control are being swept aside or else changed overnight, it is difficult to predict what will happen. The relation between the total production of bituminous coal and the volume consumed by the steam rail- ways of the United States, Classes I,

Jan 1, 1936

By John Lohrenz

Consider an investor who, knowing future costs and revenues, can choose how rapidly to produce from a given mineral source. If the investor elects to make that choice to maximize present value of future profits, how do policies affect the choice? Various alternative policies are examined. Some, such as higher royalty rates, lead to slower production rates than would otherwise obtain. Clearly, the chosen rates of production are policy-dependent. One is wisely counseled to consider how mineral policies affect the rate of production from given sources when analyzing current and alternative policies.

Jan 1, 1982

By J. J. Beeson

For the past fifty years or more, the structural features of the Cordil-leran mountain system of western United States have presented some most interesting problems. Any geologist or engineer living in this region, or even making occasional examinations of the mines, will lose much of interest and importance if he is not familiar with the literature. Some of the greatest works on geology have been the result of studies carried on in sections of this region. Among the more important of the earlier works are those of Dutton,l King,2 Gilbert3 and Powell;4 of the more recent Lindgren,5 Ransome,6 Spurr,7 Butler8 and others have contributed much. Many of the papers are largely of scientific interest but even these lay the foundation for the commercial application of the broader features of the geology. I have read many of these works with the keenest interest and pleasure; in fact, some have been read until some of the more important findings seem to be my own. In this paper, however, it is my aim to accept credit for little more than the labor of assembling some of the ideas of others. This is done with the hope that an interesting and valuable discussion will be the result. If some of the ideas presented should

Jan 1, 1927

By W. B. Plank, A. C. Callen

WAR and normalcy do not walk hand in hand, whether it be in industry, the educational field, or in the daily lives of individuals. Schools and departments offering curricula in mineral engineering have been seriously disrupted, beginning with 1942 and reaching a low during 1944. Selective Service regulations and voluntary enlistments have effectually stopped the flow of college-trained men into the mineral industry, and the flow into the colleges is little more than a dribble. The year just closed has been a most serious one for our institutions. Until March many of our faculties had been kept reasonably intact because of the large training programs of the Army and Navy. Although the number of

Jan 1, 1945

By Walter Fuchs

It is now generally conceded that coal is the product of deposition and transformation of debris of forests and swamps.29 Ample data are available to illustrate the metamorphosis of biochemical substances through biological action; other data show the progressive regional metamorphism existing in coal beds;25 and numerous examples of change effected by intrusion of igneous dikes into coal deposits have been established.23 However, often the relative importance of the biological and the geological factor in determining the character of the various natural coals is a debatable question. Since both biological and geological factors are ever present in nature, the problem, at first glance, would appear to resemble certain probability problems: specifically the simultaneous toss of two coins, with the biological factor as heads and the geological as tails. The probability is 2:I for the combined effect of both factors, as compared to the exclusive effect of either one, if the a priori probability is the same for each factor. This condition can be analyzed by a thermodynamic treatment of data, which may be obtained from a consideration of pertinent biological, chemical, geophysical and geological facts. Synopsis of Biological and Chemical Facts The biosphere is not sterile; i.e., microorganisms are always present. Microor- ganisms have been established in the ocean deep, under the ice of the polar regions, in the sand of the deserts, and in swamps far below the surface. The various biological media may be acid, neutral, or alkaline, and they may or may not be readily accessible to air. Microorganisms are encountered almost everywhere, except where the temperature is not within the range tolerable by microbial life. Of course, with changing conditions, the type of microorganisms will change. All chemical products of life—proteins, fats, carbohydrates, lignins, waxes, resins— may serve as a habitat of microorganisms. In the decomposition of a medium, some microorganisms macerate organic matter mechanically and remove certain constituents for their own nutrition; others decompose a large part of the organic matter but may leave certain constituents undecomposed. Some attack only certain specific ingredients of the organic matter. All of them build up cell substance. The nitrogen content of the medium largely determines the degree of decomposition. Below 1.7 per cent nitrogen, growth of microorganisms and hence decomposition of organic material is retarded; consequently organic material will accumulate.17,32 Such accumulations of organic material may give coal eventually. Coals differ in type and rank. The nature of the original vegetation and the conditions attending the transformation of the accumulated debris determine the type of coal such as bright, splint, cannel, and algal or boghead coals. Chemical analysis of representative samples of a given type of

Jan 1, 1942

By Walter Fuchs

It is now generally conceded that coal is the product of deposition and transformation of debris of forests and swamps.29 Ample data are available to illustrate the metamorphosis of biochemical substances through biological action; other data show the progressive regional metamorphism existing in coal beds;25 and numerous examples of change effected by intrusion of igneous dikes into coal deposits have been established.23 However, often the relative importance of the biological and the geological factor in determining the character of the various natural coals is a debatable question. Since both biological and geological factors are ever present in nature, the problem, at first glance, would appear to resemble certain probability problems: specifically the simultaneous toss of two coins, with the biological factor as heads and the geological as tails. The probability is 2:I for the combined effect of both factors, as compared to the exclusive effect of either one, if the a priori probability is the same for each factor. This condition can be analyzed by a thermodynamic treatment of data, which may be obtained from a consideration of pertinent biological, chemical, geophysical and geological facts. Synopsis of Biological and Chemical Facts The biosphere is not sterile; i.e., microorganisms are always present. Microor- ganisms have been established in the ocean deep, under the ice of the polar regions, in the sand of the deserts, and in swamps far below the surface. The various biological media may be acid, neutral, or alkaline, and they may or may not be readily accessible to air. Microorganisms are encountered almost everywhere, except where the temperature is not within the range tolerable by microbial life. Of course, with changing conditions, the type of microorganisms will change. All chemical products of life—proteins, fats, carbohydrates, lignins, waxes, resins— may serve as a habitat of microorganisms. In the decomposition of a medium, some microorganisms macerate organic matter mechanically and remove certain constituents for their own nutrition; others decompose a large part of the organic matter but may leave certain constituents undecomposed. Some attack only certain specific ingredients of the organic matter. All of them build up cell substance. The nitrogen content of the medium largely determines the degree of decomposition. Below 1.7 per cent nitrogen, growth of microorganisms and hence decomposition of organic material is retarded; consequently organic material will accumulate.17,32 Such accumulations of organic material may give coal eventually. Coals differ in type and rank. The nature of the original vegetation and the conditions attending the transformation of the accumulated debris determine the type of coal such as bright, splint, cannel, and algal or boghead coals. Chemical analysis of representative samples of a given type of

Jan 1, 1942

By LUIS EAIYLNN SALAS

IF the ordinary wet method be attempted for silver-bullion containing tin, much trouble is experienced, varying with the amount of tin present. Even with a percentage as low as 0.05, the end-point is masked by a persistent turbidity, while with amounts ranging from 0.5 per cent. upward, the determination of the exact end-point is impossible, owing to the finely divided or colloidal metastannic acid resisting all efforts to cause it to settle, or to give a clear supernatant liquid. The object of the following experiments was to seek a remedy for these difficulties, and to find the conditions whereby the Gay Lussac method might be applied directly to these bullions. Material containing tin is met with frequently in bullion from Mexico or Bolivia; and tin is carried (sometimes in large quantities) in jewelers' sweeps. 1. A bullion was prepared containing Ag, 74; Cu, 25; and Sn, 1 per cent. A weighed amount was treated by the humid assay-method as if it were an ordinary bullion free from tin. Ten cc. of HNO3 (1.21) was added, and the bottle was heated until all traces of red fumes had been expelled. Before heating, the solutions were moderately turbid; and after heating, the turbidity greatly increased. One hundred cc. of normal NaCl solution was added and the bottle was shaken vigorously at intervals during 30 min. The turbidity persisted. The bottle was allowed to stand over

Mar 1, 1912

By D. M. Clippinger, J. J. Eidel, J. E. Frost

At Ithaca Peak, one of three peaks situated on Duval Corporation's Mineral Park property, a 'Single pulse of quartz monzonite magma intruded the isoclinally folded Precambrian Cerbat complex consisting of schist, quartzfeldspar gneiss, and amphibolite. The magma reacted with the Precambrian rocks, yielding a quartz-diorite rim. As the magma crystallized within the rim, it produced, progressing in'ward, annular bodies of quartz monzonite porphyry, quartz porphyry, and a distinctive quartz porphyry containing abundant podiform, tabular, and irregular quartz masses. These quartz masses are spatially associated with discontinuous crenulate and tabular quartz veinlets. Following crystallization, the Ithaca Peak stock and part of the surrounding Cerbat complex were fractured, producing a stockwork of predominantly northwest and northeast-trending fractures. The stockwork was then mineralized during a period of decreasing temperature by: ( 1) quartz-pyritechalcopyrite veinlets without distinct selvages and with distinct alteration envelopes in which orthoclase was altered to quartz and sericite; (2) quartz-pyrite-chalcopyrite veins and veinlets with distinct selvages and without distinct alteration envelopes; and (3) pyrite-chalcopyrite- galena-sphalerite veins. The Ithaca Peak stock was pervasively sericitized or argillized. The Mineral Park property is surrounded by a zone of propylitization Alteration and mineralization are coextensive in space and were, at least in part, coincident in time. The Mineral Park property possibly was elevated and exposed twice prior to its present exposure. The protore has been enriched by a factor of three. The Ithaca Peak supergene ore body is conformable with present topography and lies above the present water table. The shape of the ore body was controlled by erosion and oxidation of the previously enriched mineralization. Hematite, goethite, and jarosite present at the surface indicate a high primary pyrite environment, but it is possible to recognize that a small proportion of veins and veinlets contained greater amounts of chalcocite and chalcopyrite than pyrite. The igneous facies on Ithaca Peak are the products of differentiation within a solidifying rim according to Bowen's Reaction series. The innermost facies contain more quartz and orthoclase than the outer facies. Late magmatic quartz in the case of Ithaca Peak contains small amounts of pyrite and molybdenite. It is suggested that this quartz-sulfide mineralization, may also have been the product of differentiation the product of differentiation, may indicate that the later hydrothermal mineralization may also have been the product of differentiation.

Jan 1, 1968

By M. F. Goudge

LIMESTONE surpasses any other rock or mineral in the number and diversity of its uses and in the quantity consumed fur industrial purposes. Either in the raw state or when calcined to lime it enters directly or indirectly into the manufacture of a great variety of products and its sphere of usefulness is continually expanding. The term "limestone" as here employed includes all varieties from high-calcium limestone, consisting almost entirely of the mineral calcite, to the highly magnesian variety, largely dolomite. Lime is also discussed .because lime is simply calcined limestone and often the material may be used in either the calcined or natural state. Limestone has been of service to man since prehistoric times but only in the last hundred years has it become one of the most important raw materials in industry. In every industrial country it comprises the greater part of the total stone produc-

Jan 1, 1937

By E. H. Griswold, C. E. Beecher

DURING 1931 the petroleum industry has faced the most hazardous periods of its existence, caused by large potentials, overproduction, and demoralized markets. Two state governors actually resorted to the use of the militia in an effort to restore a semi-stabilized condition within the industry, to prevent waste of the states' natural resources, and to restore prices to a level that would yield the states a reasonable tax revenue. These conditions have made it necessary to put into effect most. stringent economies and have produced a spirit of cooperation between companies to an extent that never before existed. The necessity for unified action on such matters as proration and the advantages to be gained by unit operation are being realized by the oil industry as a whole. Fewer wells have been drilled and wildcat operations almost eliminated: development and operation costs have been greatly reduced and more attention is being paid to efficient recovery methods. The net work of oil pipe- lines has grown rapidly especially in the area of East Texas. The construction and operation of natural gas and gasoline pipelines into areas far distant from the source of supply has been one of the outstanding accomplishments. Refining efficiency has continued to increase and the public is being supplied with a better grade of gasoline at a lower price. The unreasonable tax which state politicians have succeeded in placing on gasoline has encouraged tax evasion and unfair competition by un- scrupulous dealers and has misled the public as to the true price of gasoline.

Jan 1, 1932

By S. A., Taylor

IT is very difficult to arrive at exact figures for the cost of maintaining excess capacity of coal mines, but we can approximate the various items. To do this, I will take the Pittsburgh district of Pennsylvania and the other districts can be compared to this one. I believe we can take the depreciation item of plant ac- count as a whole and discount it over a period of 20 years; while this is high for some items it is low for others and I believe it is not far from a safe basis. This equals 5 per cent per year, and this depreciation will take place about as rapidly when not in use as when in operation. A fair value in the Pittsburgh district to- day for plant and houses is close to $4 per ton per annum. At 5 per cent this will equal 20 cents per ton per year. The item of keeping the mine in condition, free from water, etc., will be close to an average of 2y2 cents per ton per annum.

Jan 1, 1928

By Joseph E. Pogue

FOR a number of years the petroleum department of The Chase National Bank has been making a continuing study of the financial aspects of thirty oil companies. (See Pogue and Coqueron, "Financial Analysis of Thirty Oil Companies," pamphlet, The Chase National Bank, November 1945, for data covering eleven years, 1934-1944, and the list of the companies making up the group. See also "Capital Employed in the Petroleum Industry," by the same authors, M&M, November 1944.1 This group represents a large sample of theAmerican petroleum industry, covering about two thirds of the business. Certain aspects of this study concern the capital employed in crude oil production, the main features of which arc presented in this paper.

Jan 1, 1946