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By R. C. Allen

About four years ago the writer proposed a revision of the correlation of the Huronian formations in Michigan, and noted the bearing of the question on the correlations of the Huronian rocks in Wisconsin and Minnesota.1 Dr. C. K. Leith opposed this revision and argued for the retention of the correlations of the United States Geological Survey, published in 1911,2 for which he and Dr. Van Hise were mainly responsible. As late as June, 1917, Harder and Johnson, following Leith, thought it "premature to change radically a correlation based on years of careful field work."3 The work of Wolff on the Mesabi and Cuyuna Ranges, of Hotchkiss on the Gogebic Range (unpublished), and of the writer and assistants on the Michigan ranges, together with data developed by exploratory and mining operations, has introduced so many new facts not recognized in the scheme of the U. S. Geological Survey that the correlations of 1911 must be considered, in some important respects, obsolete. Indeed, new data are accumulating so rapidly that any classification, which for the moment may seem best to explain the facts, is almost immediately modified or refined by further observations. The problem of Huronian correlations is difficult, but interesting and important. With the aid of fossils, stratigraphers of the post-Algonkian formations have been able to show that slight disconformities mag separate strata of vastly different ages, and that within physically conformable strata may be concealed a hiatus of great magnitude. In the non-fossiliferous Huronian group, minor physical breaks in the strata are only beginning to attract attention, and it is too early to discuss what bearing these will have in correlating the formations of one area with those of another, but it is safe to say that the "lost intervals" which are not disclosed by physical relationships will remain forever lost; therefore we may not hope to discover the ultimate truth concerning the

Jan 1, 1920

By W. L. DeMoulin

A rather detailed description of the entire plant and leaching process was given in a paper recently presented to the Institute,I so this paper will cover briefly only the crushing practice of the New Cornelia Copper Co. for the year 1918. The ore, which is mined by steam shovels and loaded in side-dump cars, passes through two crushing plants. These crushing plants were constructed to crush the ore required by a leaching plant of 5000 tons daily capacity, during a crushing period of 16 hours. The primary plant reduces to less than 3 in. (76 mm.) and the secondary plant, to 1/4 in. (6.35 mm.), which is sufficiently fine for satisfactory percolation of solution through the ore in the leaching tanks, and to give-good extraction. The ore is then conveyed to the leaching tanks by a system of 28-in. (71-cm.) belt conveyors. On the way to the leaching tanks, it passes through an automatic sampling plant, where a 1-per cent. sample is taken. From the primary crushing plant, the ore is conveyed by two 36-in. (91-cm.) belt conveyors to a 10,000-ton steel storage bin, with a reinforced-concrete flat bottom. The ore discharges from the bottom of this' bin onto four 20-in. belt conveyors, which deliver it to the four units of crushers in the secondary crushing plant. There is no storage bin between the mine and the primary crushing plant. The ore breaks very coarse, is very hard, and contains a great many boulders, some as large as 4 1/2 by 4 1/2 by 10 ft. (1.3 by 1.3 by 3 m.). Jams form in the bowl of the coarse crusher in the primary crushing plant, as a consequence, and are freed by means of an immense steel hook operated from a 40-ton electric traveling crane. Primary Crushing Plant The primary plant consists of one No. 24 Gates, style K, gyratory crusher, followed by four Gates No. 8, style K, gyratory crushers. All

Jan 1, 1920

By J. R. Cain

In every process for making steel there are one or more stages where the metal is exposed to gas of one kind or another. Thus, in the open-hearth furnace, the carbon dioxide and water vapor in the products of combustion are oxidizing toward the ferrous and manganous oxides in the slag, tending to convert these to higher oxides; the higher oxides then , oxidize the steel, so that indirectly the products of combustion are oxidizing toward the steel. In the Bessemer process, there is direct contact of air and steel; also, the water vapor in the air blown into the converter is continually decomposed by the molten steel, yielding hydrogen and ferrous oxide, both of which are in part taken up by the metal. In the electric-furnace processes, there is always more or less air in contact with the slag covering the metal, and this air and the gaseous reaction products from it are dissolved in the slag to some extent and thus transmitted in part to the steel. In the crucible processes, there is always entrapped air in the charges and the crucibles are more or less permeable to the gaseous products of combustion from the furnace. In all the processes of manufacture, the molten metal is exposed to air while tapping into ladles and ingot molds and has an opportunity to saturate itself with air or with gaseous or solid products generated by chemical reactions between air and steel. Sievertsl has shown that molten metals requirc but a few seconds to saturate themselves with a surrounding gas. No one familiar with the operations at a steel plant needs to be reminded of the important role that gases play at all stages. The familiar "boil" of open-hearth furnaces, due to evolution of carbon monoxide when iron ore is added to the molten steel; the spectacular operation of the Bessemer converter brought about entirely by a gaseous reagent; the almost magic effect of small quantities of silicon, manganese, or aluminum added to the molten metal in ladle or furnace in quickly preventing bubbling and evolution of gases; the unwelcome phenomena of blowholes in ingots that have not been properly manufactured—these

Jan 1, 1920

By Francis B. Foley

In examining steel under the microscope, one is constantly confronted with structures that are difficult to interpret. Recently, in a collection of samples for exhibition purposes, the writer found a piece of open-hearth runner metal, 2 in. (50 mm.) in diameter, that had been fractured for use as a sample of cast-steel structure. On polishing and etching a section for the purpose of photographing a field to typify the microstructure of steel in the "as cast" condition, a variety of structures was found (Fig. 1) so arranged as to arouse interest at once. For a distance of about 0.065 in. (1.6 mm.) from the skin of the runner, normal ingot structure was found (Fig. 2); this was followed by a zone, about 0.215 in. (5.5 mm.) wide, of considerably lower carbon content in which occurred a most pronounced Widmannstattian structure (Fig. 3); from this point on to the center of the runner, the metal was again of normal ingot structure (Fig. 4). Representative samples taken from the metal in the three zones showed the following analysis: Carbon Nickel Chromium Per Cent. Per Cent. PeR Cent. Metal from skin........................... 0.34 1.26 0.63 Widmannstattian zone.................... 0.21 1.18 0.63 Metal from center......................... 0.34 1.32 0.67 Such a condition might result from decarburization followed by recarburization of the skin. This section came from one of the branch runners to the bottom of the mold, not from the main runner, and it is difficult to conceive of decarburization occurring in this portion of a runner. If the metal were stripped while quite hot, some oxidation would take place but the recarburization is unaccounted for. It could not occur by segregation after solidification—the tendency then is for diffusion and homogeneity. The following seems to fit the conditions and is offered as an explanation. The outside layer of normal structure 0.065 in. (1.6 mm.) thick was chilled on the walls of the runner brick when the molten metal first entered the runner. As the molten metal flows by, the outside of the stream

Jan 1, 1920

Prof. A. Ledebur, Freiberg, Saxony :* Mr. Sauveur has presented and enriched with original observations a valuable summary of the theories advanced hitherto concerning the hardening of steel; but in one particular, it seems to me, his statements call for correction. He says:

Jan 1, 1898

Jan 1, 1894

Prof. G. W. MAYNARD, New York City (communication to the Secretary): Prof. Christy, in his admirable paper on "The Growth of American Mining Schools," has overlooked the work done by the Rensselaer Polytechnic Institute in its department of mining and metallurgy. This oversight is naturally due to the fact that the department was, for lack of money, discontinued in 1871. It was organized by the writer in 1867, starting with ten students, who had already completed the first two years of the civil engineering course in the Institute. The course covered two years, specifically devoted to mining, metallurgy and assaying, which, in connection with the two years' drill in the civil engineering department made a four years' course. During the four years of the existence of the department, thirty-five students took the course, of whom twentyfive graduated; and of this number eight have been members of the Institute of Mining Engineers, and the majority of them have occupied high positions in the profession. The equipment of the department was, at that time, second only to that of the Columbia School of Mines. As Prof. Christy has cited other institutions which are not distinctively mining schools, but in which the ruining course was subordinate to other courses, it seems to me that the work in this line carried out by the oldest engineering school in the country may very properly be referred to. In addition to the regular mining course, a special course in assaying was given; and many young men were here prepared for positions in the mines and metallurgical works of the west. PROF. George F. Swain, Boston, Mass.: I have listened with great interest to Prof. Christy's valuable paper, but there is one conclusion at which he arrives that appears to me entirely unjustifiable, and to which I desire to take exception. Prof. Christy finds that of the total wage-earners in the United States in 1880,10.41 per cent. were employed in " trade and transport;" 20.24 per cent. in " manufactures and mechanics," and 1.83

Jan 1, 1894

Robert T. Hill, Washington, D. C.: Having studied very minutely the geology of the district referred to by Prof. Branner, I beg to state that his quotation of my classification of the Cretaceous deposits of Arkansas is not the one which I originally gave,* nor is it the one which has since been published and is now generally accepted.? I did not assign ally of the Cretaceous formations of Arkansas to the " middle Cretaceous,"

Jan 1, 1898

R. 8. MACPHERRAN, Milwaukee, Wis. (communication to the Secretary): The importance of carbon in pig-iron, as well as the desirability of buying, for some purposes, irons which are high in carbon, has always been recognized. Mr. Summers, I think, has given undue weight to the carbon-determinations. The combined carbon often decreases materially as the center of the pig is approached, with a corresponding increase in the graphite. Even the determination of total carbon, to be of service, must he supplemented by that of other elements. By it alone, the softness of a foundry-iron cannot be determined. Car-wheels and No. 5 iron, for instance, frequently contain 3.75 per cent. of carbon. This is the percentage specified by Mr. Summers for his No. 1 iron, " with the silicon about anywhere the furnace-man wants it." It is true that, other things being equal, the higher the carbon the softer the iron for foundry-use. But to introduce any given percentages of graphitic and total carbon into a pig-iron specification would but make the specification more complicated, without increasing its value in a commensurate degree. Mr. Summers does not believe in the governing of mixtures by the silicon, and, in support of his views, gives several tables. It seems to me that both his conclusions and his tables are somewhat unsatisfactory. He comments on the irregularity in carbon, but fails to note the significance of the irregularity in silicon..The variation of 0.7 per cent. in silicon, for example, is too great to be accounted for by difference in blast. It might better be attributed to bad grading at the furnace, unsystematic sampling, or irregular charging. Deductions drawn under such conditions are of little value. In ordinary work the castings from the same mixture should

Jan 1, 1899

Jan 1, 1898

By A. S. Learoyd

The Anthracite Division, Bureau of Distribution, of the United atates Fuel Administration, came into existence about Oct. 20, 1917. There had been no definite policy determined upon and the distribution had been carried out by the producers and distributors of this fuel as under normal conditions. The domestic sizes had been shipped from the beginning of the coal year on Apr. 1 in about their usual proportions to the various sections of the anthracite consuming territory of this country, which, in a general way, extended as far west as Nebraska and Montana, and in the south along the Atlantic seaboard to Florida. With the advent of cold weather, about the middle of November, acute shortages commenced to develop all over the northeastern section of the country, due to largely increased demand by the public in general, to enormously increased population in centers where industrial war activity was concentrated, and by the needs of the war industries themselves. Commencing with the early part of December, this demand was aggravated by extreme low temperatures and heavy snow; and the production decreased for the same reasons. From that date until the change in the weather, about the latter part of February, it was simply a question of getting coal into communities as emergencies occurred, to take care of individual cases. No definite plan of distribution could be followed. The coal mined between Apr. 1 and Nov. 1 had been distributed as mined and therefore only current production was available for distribution. The Anthracite Division, during this period, consisted of a Director, two assistants, together with an office force .of seven or eight clerks and stenographers. The trying experiences of the winter of 1917-18 had, however, shown a ready willingness on the part of the anthracite operators and distributors to cooperate in every way with the United States Fuel Administration. It was realized that if a definite and comprehensive plan of distribution could be formulated to become effective Apr. 1, 1918, determined on the actual needs of each state and community, the producers

Jan 1, 1920

By C. F. Willis

Many of the failures in vocational education are due to the fact that the educational methods were not designed to the capabilities, habits, and environments of those to be trained; rather they were based on the policy that education is education and lessons are lessons, whether for youngsters of fifteen or for men of forty. Vocational education among miners involves, first, a study of the men themselves, their habits, and the use of their leisure time; second, a study of the differences between the methods of teaching required for men and for children. Certain fundamental requirements of training methods for miners are reasonably universal and may be applied with success to any ordinary mining community. The rate of labor turnover is another consideration; it would be useless to design a four-year course for men who remain in one place only a few months. Length of Course The first consideration should be the length of the course. Few mining communities have a sufficiently stable population to make it possible successfully to carry on a course for over a year. While some men might complete a four-year course, the number is comparatively small compared with the number to whom a shorter course would be of service, and it is better to raise the standards of education even a little for a large number than to raise them to a high level for a few. It is perfectly possible to attain both objectives by arranging the courses in small units; all the units, when grouped together, should comprise a fairly complete course, yet any one unit should be complete in itself and of benefit to the workman. It should not take many of these units to make a miner or a timberman out of a mucker; but to do this the course should be short, because muckers seldom stay in one place long. By grouping a number of these units together it Would be possible for a miner to become a shift boss or a shift boss a foreman, and so on. As far as possible the units of the course should not be dependent on those preceding or following. The workman understands the completed job but he is not accustomed to carrying on several jobs at the same time and

Jan 1, 1920

By C. W. Parmalee

The ideal fuel for burning ceramic wares is the one that, among other characteristics, has little or no sulfur. For that reason wood was long considered the most desirable fuel but its high cost has practically eliminated its use except in regions where it is very abundant or other circumstances warrant its choice. The fuels commonly employed are natural and producer gas, oil, and coal. The last named is undoubtedly the most important, not only in this country but abroad. Occasionally anthracite is used but the larger part is bituminous. The quality of the coal used depends on the kind and the value of the products being manufactured. For some materials, such as common brick, hollow block, etc., the quality of the coal is of less importance than in the manufacture of polychrome terra cotta, pottery, porcelain, etc. It is obvious that in burning clays that contain notable amounts of pyrite, marcasite or gypsum, as is the case with many common clays, the sulfur content of the fuel is of much less importance. The permissible amount of sulfur in the coal used will depend on the kind of product being manufactured. "A good sample1 of coal commonly used in pottery ovens has something like this quantity of sulfur: total sulfur, 1.20 per cent.; sulfur in ash, 0.11 per cent.; volatile sulfur, 1.09 per cent." This is based on English pottery practice. Correspondence with a. number of leading manufacturers in this country has produced the following figures: Sanitary Ware.—(a) 1.0 per cent, maximum, (b) 0.5 per cent. Sewer Pipe.—(a) 1.2 per cent., (b) 1.1 per cent, present run, 3.0 per cent, has been used. Terra Cotta.—(a) 0.5 per cent, basis of contract, 1.0 per cent, approximate. Pottery.—1.0 per cent, contract, 1.5 per cent, probable content. Enameled Brick.—1.3 per cent, maximum, (a) and (6) designate different firms giving figures. Since a pottery kiln for sanitary ware will require about 14 tons of coal for a bum, the quantity of SO2 that will be generated from a 1-per

Jan 1, 1920

By G. A. Reinhardt, H. J. Cutler

ThE Youngstown Sheet & Tube Co. has produced a large tonnage of 0.35 to 0.45 carbon forging steel, the acceptance of which was based on the physical properties of test specimens obtained by forging the original 5 3/4-in. (14.5 cm.) square bloom to a 3/4-in. (1.9 cm.) round. Annealed and tempered specimens were required. The test bars were annealed by heating from 900" to 950' C. and cooling slowly in mica. The test bars were tempered by heating to 825' to 875" C., quenching in water, and drawing to 515" to 535" C. Immediately after heat treatment, the test pieces were machined to a diameter of 0.534 in. (1.38 cm.) and tested. Very good physical properties were obtained and no difficulty was experienced in meeting the specifications called for. UlTimate Strength.. Elongation, Lb. pER Sq. In. PEE Cent.. in 4 In. Not LeEs Than Annealed specimens.............. 78,230 to 92,450. 18 Tempered...................... 120,000 to 149,350 9 After experience on this material, production of slightly higher carbon forging steel was started. The method of testing this material required that test blooms be either normalized or annealed. The normalizing consisted in heating to 850" to 900" C. and cooling in still air; the annealing, in heating to 850" to 900" C. and cooling in the furnace or in mica. From the treated bloom, the test pieces were taken either by core drilling or by sawing from points midway between the edges and the intersection of the diagonals. The cores or blocks were turned to a standard 2-in. test piece with a diameter of 0.564 in. and tested without further treatment. The physical requirements of the test pieces were: yield point, pounds per square inch minimum, 44,800; ultimate strength, pounds per square inch, 89,600 to 112,000; elongation, per cent. in 2 in. not less than 17. Difficulty was encountered as soon as work on this material was started. Many precautions and refinements were instituted but it was found very difficult to secure the required elongation.

Jan 1, 1920

By Henry D. Hibbard

FoR the purpose of this paper all steels will be divided into two divisions: effervescing and non-effervescing. This classification must be borne in mind as many statements true of one class are not true of the other. Effervescing steels are those that effervesce in the molds, evolving large volumes of gases, which, in escaping, throw up a spray of molten particles of steel and give the molten metal in the mold a rapid stirring or churning motion until it freezes, or, at least, becomes pasty. This effervescing is intended and proper. The non-effervescing steels, which are more or less completely killed, should not evolve any gas in the molds. Many years ago the writer proposed to call the two classes of steels evolution and solution steels, depending on whether the gases in the molds are evolved or kept in solution, but the present designations seem to be better. In America, at least, effervescing steels are in a class by themselves and include steels made for boiler, tank, and ship plates, steel pipe, soft steel wire, wire nails, soft machincry, and structural steels. These are all low-carbon steels with less than 0.40 per cent. carbon. Low-carbon steels that do not effervesce but are killed are also made; these are put into ingots and castings but they are outside the limits of this paper. Effervescing steel is cast into square or slab molds, either top or bottom poured. Most of the effervescing steel is made in the basic open-hearth furnace, though much is made by the acid Bessemer process and a little is made in the acid open-hearth. It is not made by the crucible or electric-furnace process, in which the volume of gas required cannot be produced in the steel and evolved from it in the mold to give the effervescence desired. Any steel ingot, when teeming is finished, is of a certain size or volume. Leaving out of consideration for the moment the lessening of the over-all dimensions of the ingot through contraction due to loss of heat, the ingot may be placed in one of three classes: It may settle, losing in volume; it may stand, that is, remain constant in volume; it may rise, that is, increase in volume. Into which class an ingot will fall depends on the gases of the steel,

Jan 1, 1920

By Charles H. Fulton

Experimental work on the process was begun on a laboratory scale at Cleveland, Ohio, in 1914, and transferred to East St. Louis, Ill. in 1916, where a commercial sized furnace was in technical operation until January, 1918. The essential steps of the process are as follows: Oxidized zinc ore or roasted zinc concentrate is mixed with crushed coke and coal-tar pitch and formed into briquets 9.25 in. (23.5 cm.) in diameter and 21 in. (53 cm.) long in a manner similar to that used in the manufacture of graphite or carbon electrodes, except that much less care and time are required. The composition varies with the nature of the ore; in one case, the composition was 100 parts ore, 70 parts coke, and 18 to 20 parts pitch. These briquets maintain their form and volume during and after the distillation of the zinc. This object is gained by using coke as the matrix and coal-tar pitch as the binder; this pitch becomes coke on heating and unites the ore particle and the original coke particle into a continuous mass. The briquet is an electrical conductor but only to such a degree that it can be used as a resistor. The size of the ore, as in the present practice of zinc metallurgy, ranges from fine material, such as flotation concentrate, to coarse table and fine jig concentrate. The process is not restricted to any particular kind of ore, but is applicable to pure high-grade ores, ores high in iron, and complex zinc-lead ores, since the residue from the distillation IS held immovably in place within the briquet. In the case of complex zinc-lead ores, the distillation is conducted with a carefully regulated temperature so that a high percentage of lead is retained in the distilled briquet, which may then be smelted for its lead content. In present zinc smelting practice, the reduction fuel is from 40 to 50 per cent. of the weight of the ore. In the briquet, it is from 60 to 85 per cent. of the ore; but unless the ore is exceptionally high in residue, the distilled briquet may be used over again as coke, or as a high ash coke for fuel purposes in power production. Baked briquets are hard and tough and may be handled roughly

Jan 1, 1921

By C. A. Hansen

The furnace used for experimental work is shown in Fig. 1. One fireclay sagger, or pot, was set within another and the space between the two filled with Silox heat insulation. The hearth is a cast-iron plate with an imbedded ribbon of nichrome wire; this wire heater is connected to a potential regulator, which permits a very close voltage control. A mechanically driven arm is fitted with rabble blades so arranged that a uniformly thick ore bed may be maintained indefinitely. This arm is usually driven at about one revolution per minute but its speed of rotation can be varied as desired. Compressed air is led into the furnace through a meter, and it was found necessary to preheat the air in order to secure the definitely isothermal conditions sought. With this arrangement, it is possible to maintain any desired temperature constant within about 5" C. for any desired length of time and to

Jan 1, 1921

By C. A. Herbert, C. M. Young

WithIn the past few years, considerable development has been made in the coal-mining industry in Illinois and Indiana and it is the purpose of the authors to record its most important phases. Perhaps the two most striking features are the entry into the producing fields of certain large consumers of coal and the magnitude of some of the new operations. Mines are now being equipped by the Chicago & Northwestern R. R., the Chicago, Burlington & Quincy R. R., the Standard Oil Co., of Indiana, and the Union Electric Light & Power Co. of St. Louis. Besides, the U. S. Steel Corpn. has increased its coal-mining activities by commencing operations on its large holdings northeast of Benton, Franklin CO., Ill. Until recent years, the supply of coal has commonly been adequate and prices have generally been favorable, especially to large consumers, as the magnitude of their purchases enabled them to obtain satisfactory quotations from producers. In fact, most consumers of coal have believed that they could buy their fuel more satisfactorily in the open market than they could produce it themselves. The entry of the United States into the war was accompanied by various disarrangements of industrial conditions, and a demand for coal in excess of the supply seemed likely to be experienced for an indefinite period. Under these circumstances it seemed that the greatest assurance of a supply of fuel was its production by the operation of mines. In the case of the Chicago & Northwestern R. R. and the U. S. Steel Corpn. the production of coal has been carried on for many years with satisfactory results, but the C. B. & Q. R. R., the Union Electric Light & Power Co. and the Standard Oil Co. of Indiana had not been producers of coal, at least in this district. Apparently the most impressive feature of the newest mines is their capacity, for in some cases it is planned that production shall be in the neighborhood of 1000 tons per hr. There are mines now in this field having nearly that output, but these were not planned for such output; in fact, when the shafts were sunk and the machinery installed it was generally supposed that the daily outputs would be only in the neighborhood of 4000 to 5000 tons. Incidentally, there has risen

Jan 1, 1920

By A. E. Bellis

There is a wide difference of opinion among rifle experts in the matter of barrel steel, and the relative importance to the life of the barrel of the steel's composition, heat treatment, structure, and physical properties. In order to promote discussion, which it is hoped may' lead to the discovery of the source of some of the traditional beliefs on the subject, the results of some tests are presented here, with data on heat treating, physical tests, and erosion. The detailed metallographic study of this steel is given in another paper.l The conclusions from these tests should be capable of wider application than their direct bearing on the barrel-steel problem. The Government specifications for barrel steel for model 1903 rifle (Springfield) call for carbon 0.50 to 0.60 per cent., manganese 1.00 to 1.29 per cent., silicon under 0.25 per cent., sulfur under 0.06 per cent., phosphorus under 0.08 per cent. The minimum physical requirements are: Tensile strength, 110,000 lb. per sq. in. (7733 kg. per sq. cm.); yield point, 75,000 lb. per sq. in (5472 kg. per sq. cm.); elongation, 20 per cent.; reduction of area, 45 per cent. Material fulfilling these requirements gives practically no failures when proof-fired, with charge of 70,000 lb. per sq. in. pressure, which is 40 per cent. in excess of the service charge. The turning and drilling operations show up any seams or laps such as accidentally occur even in the best heats of open-hearth steel, so that faulty stock is practically all eliminated before proof-firing. These physical requirements are met either by rolling billets at a proper temperature down to the form of tapered barrel blanks or by heat treating bars that have been upset to cnlarge the breech section. The transformation temperature of this steel, on heating, is around 1350" F. (732' C.), varying somewhat with the composition and the rate of heating. The actual treatment of the barrel blanks, as carried out by different manufacturers, gives four kinds of barrels, which will be called A, B, C, and D, for convenience. A barrels result from heat treating upset blanks by quenching at

Jan 1, 1920

By Carl H. Beal

The most important factors that should be given consideration in the valuation of oil lands are: (1) the amount of oil the property will produce; (2) the amount of money this oil will bring (based upon the future prices of oil); (3) development and production costs; (4) the rate of interest on the investment; (5) the retirement or amortization of invested capital; and (6) the salvage or "scrap" value of the equipment when the property is exhausted. These factors are of varying importance and some of them may not enter all valuation problems, but most of them should be given consideration in any valuation even though only a rough estimate of the value of the property is desired. The value of a property may be changed over night by the completion of important test wells, by the sudden water flooding, or by a change in the price of oil. The best a petroleum engineer can give is the value of the property under the conditions existing at the time the appraisal is made with a fair forecast of future action of the wells and of the price of oil. Our experience in the scientific valuation of oil lands is not broad and there is very little published information on the subject; it, therefore, becomes necessary in studying such problems to form comparisons with the factors involved in the valuation of mines—the closest parallel. One of the reasons for the lack of substantial progress in oil-land valuation methods has been the necessity of making an estimate of the future production of the oil property to be valued. Oil men and accountants have not generally conceded that such estimates could be made with any degree of accuracy. It has been shown, however, in several recent publications that with certain data available reasonably close estimates can be made. The accuracy of an appraisal depends chiefly on the accuracy of the estimates of future production and of the future price of oil. The accuracy of the former is sometimes necessarily based on geological inferences. Geology is not an exact science and geological data in connection with oil production cannot always be mathematically evaluated.

Jan 1, 1921