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By J. W. Thompson

SALE AND CONVEYANCE. DEED BY INDIAN ALLOTTEE OF UNSOUND MIND-BONA FIDE PURCHASER. The deed of an Indian allottee whose mind was unsound, but who was not entirely without understanding, is voidable if made before the grantor's incapacity has been judicially determined; and a purchaser of the original grantee who interposes the defense of a bona fide purchaser has the burden of showing a purchase for value and on failure to do so can not claim the benefit of a bona fide purchaser. Adams Oil & Gas Co. v. Hudson (Oklahoma), 155 Pacific, 220, February. 1916. PURCHASER OF MINING CLAIM-RIGHT TO FIXTURES. The purchaser of a mine equipped with an electric hoist, placed in the mine under a rental contract with the owner of the hoist and under an agreement to return it to the owner at the expiration of the term of hiring, can not claim and hold the hoist as against the owner where the agent of the seller explained to the purchaser that the hoist was not owned by the owner of the claim. Montana Electric Co. v. Northern Valley Mining Co. (Montana), 153 Pacific, 1017. p, 1018, October, 1915. AUTHORITY OF GRANTEE TO EXTEND LEASE. A deed conveying lands subject to an oil and gas lease under which the lessee had the right to drill or pay money in lieu of drilling at his option, and reserving to the grantor a share of the royalties under such lease, and expressly authorizing the grantee to lease the land for oil and gas purposes and to take the rentals, authorizes the grantee to extend the existing lease before the expiration thereof in consideration of the annual payment of money in lieu of drilling, as contemplated by the lease.

Jan 1, 1916

By Donald B. Lindsay

This report presents the findings of an investigation into the characteristics of a number of techniques for cleaning ambient air with special emphasis on their applicability to the removal of the short-lived radioactive decay products of 222-radon, the so-called " radon daughters" that have been identified with the induction of lung cancer in underground uranium miners. The purpose of the study was to review the requirements for control of radon daughter concentrations in mine air, and to examine all techniques whose feasibility has been demonstrated in principle and which in our judgment would be capable of meeting those requirements. The study has included a review of all pertinent literature, both technical and proprietary, on the subject of the control of miner exposure to the radon daughters and in the area of potentially applicable air cleaning technology. Information about the nature of the problem and about the experience of the uranium mining industry in applying air cleaning methods to its solution was obtained by visiting mines where such methods are in use, and by written correspondence and telephone conversations with other industry sources. Information on performance characteristics and costs of applicable air cleaning methods and equipment was obtained from the experience of our own engineering staff and by visits, interviews, and correspondence with manufacturers of industrial air cleaning equipment.

Jan 1, 1978

By Dennis R. Twining

Recently a mining analyst for a major bank called me to say that during his travels he had encountered an electric utility interested in a new uranium supply. Since we produce uranium as a by-product of phosphate operations rather than as a primary product, he assumed we simply sold our output in the spot market and that a new prospective purchaser would be of interest to us. This assumption was incorrect; the uranium had already been sold on a long term basis at terms more favorable than the currently depressed spot market. From the outset our approach to the marketing of uranium was based on the principle that by-product marketing is not unlike primary product marketing. This was particularly appropriate in the case of uranium, as we were planning a considerable technical and capital commitment to a new business. This illustrates: that the fundamental principle in by-product marketing is to follow a primary product strategy; that the terms "by-product" or "co-product" are creations of accountants; that they have no place in marketing decisions! Traditionally, the term "by-product" has implied that only a secondary marketing effort is required. Recent history has contradicted that view by demonstrating that by-product values can have marked impact on a mine's revenues and costs. In fact, by-product values can spell the difference between success and failure.

Jan 1, 1983

By Richard L. Gordon

At almost no time since the end of World War I has the coal industry been free from serious threats to its competitive position. At present, the critical question is whether the industry can maintain its position in the electric power market and this paper reviews the prospects in this area. Our report is part of a study, supported by Resources for the Future Inc., dealing with coal demand in general. Like most elements of coal economics, it has received much less analysis than problems in other energy sectors--a defect we felt worth correcting. We have concentrated on electric power elements of the market. The nature of the coal market makes this the natural choice. Three markets absorb over 80 per cent of coal production and are considered in our overall work. The completely excluded sectors are largely catchall categories in which coal use is declining anyway. Comparing the three markets included in the overall study, we see: modest growth is the most optimistic forecast for metallurgical coke; export growth depends to a large extent on policies of foreign governments. Electric power use, however, has rapidly grown to absorb over half of coal output and coal's prospects depend almost entirely on continued expansion of this market. Throughout the 1960's the demand for coal used to generate electrical power in the United States grew at an average rate of 6.5 per cent annually. This growth rate will be sustained until at least 1976.

Jan 1, 1971

By A. M. Beebee

IN the present century the coal and manufactured gas industries have been eclipsed in public interest by oil, natural gas, and hydro- electric energy, which have had the benefit of rapid development and novelty. I sometimes wish that our social- order were such that hydro power had been developed first, that the use of gas from coal had never been seriously considered, and that our domestic energy requirements were supplied by other fuels. Sup- pose the manufacture of gas from coal should then come on the scene at the present time with the current plight of the railroads, coal regions, and labor generally, presenting the fact that it could increase the amount of coal mined and shipped by the railroads by some 16,000,000 tons, and increase the coal used at existing u plants five times. Imagine the great public interest that would be manifested; it would supply the cooking and water-heating requirements of a community with a superior character of service at a cost to the customer approximately half that which had obtained previously. Would not such a situation be heralded as the salvation of our country and all help be given it?

Jan 1, 1940

By R. B. Full

DURING the summer of 1949, the United Nations Scientific Conference on the Conservation and Utilization of Resources met at Lake Success. As summed up by one writer, the purpose was: "That everyone will try to learn how to feed more people from an acre of land." That objective is a stimulus to the phosphate rock industry as well as other industries. Phosphate rock was mined first in the Canadian province of Quebec where it was found as an apatite in pockets. In 1863, mining began near the Rideau Canal, first in open trenches and quarries until shafts were sunk. These operations were difficult since hard rock had to be drilled and blasted. Steam was the source of power. The phosphate rock was hand-selected and recovery ranged from 6 to 10 pct, averaging 70 pct to 85 pct bpl (bone phosphate of lime). Costs, f.O.b. Montreal, were $14 a ton, and selling prices averaged $17 a ton. In 1885, about 29,-000 tons were sold on this basis, but by 1892 the output fell to 8000 tons at an average price of $15 a ton at Montreal. South Carolina Deposits Phosphate rock was first discovered in South Carolina in 1837, but a mining company was not formed until 1867. It was immediately successful, and the industry continued to develop and ship an increased tonnage of land and river rock, shipments increasing from approximately 20,000 tons in 1868 to 537,000 tons in 1890, when the shipments began to decrease. In 1892 only 350,000 tons were shipped. In this field there were two types of deposits: land rock and river rock. More land rock tonnage was mined until about 1887 when river rock production began to equal it. The land rock was mined adjacent to and in the river marshes by pick, shovel, and wheelbarrow. Each worker dug daily a space 6 ft wide, 15 ft long and 6 ft deep, which was overburden, and then loaded about 3 cu yd of phosphate rock into wheelbarrows. His helper would wheel the barrows to small steam railroads up to 250 ft distant. Water was kept from the pits by steam pumps connected to railway cars. The phosphate rock was loaded into railroad cars, hauled and dumped into a log washer to which water was added, and run over trommel screens to eliminate the clay and loose sand. Steam shovels for loading were introduced about 1891. River rock was mined by floating dipper dredges and at low tide was loaded into barges by laborers using oyster tongs, the large lumps being hand-loaded. Barges and bateaus were unloaded by wheelbarrows which were wheeled to the same type of land rock washers. The washer product was piled with stacked pine cordwood in alternate layers and fired for drying. Usually this was done under sheds along the river bank. The dried rock then was transferred to ships, usually three or four-masted schooners. Cost of production of both land and river rock, including $1 a ton royalty paid to the state for state-owned property, was approximately $4.25 a ton averaging 60 pct bpl. The selling price was approximately $7 a ton f.O.b. In 1886 the courts handed down a decision permitting anyone to mine, and many additional companies were organized immediately. As a result, the selling price was lowered to a profit margin of 50Ø or less per ton. The South Carolina mines were eventually shut down when a more profitable source of phosphate rock was discovered in Florida. Florida Deposits Phosphate rock was discovered in Florida in 1882, and in 1883 a small quarry was opened near Hawthorne. In 1886 phosphate rock of good grade was discovered on Peace River, and the Arcadia Phosphate Co. was formed. In 1888 the company began shipments amounting to 3000 tons that year. During the latter part of 1888, hard-rock phosphate was discovered near Dunnellon. Exploration extended rapidly, and deposits of hard-rock phosphate were mined over a wide area so that shortly after 1900

Jan 1, 1952

By H. W. Gillett, G. M. JAMES

In its work on mineral wastes the Bureau of Mines is studying losses in the melting of nonferrous metals and alloys. The greatest of these losses is that of zinc through volatilization in brass melting, but another and considerable loss is that of aluminum and its alloys in the melting of finely divided material. In order to get some idea of the magnitude of the loss in melting aluminum scrap and to find out what methods of melting were used information was gathered in regard to present practice; also experiments were conducted to obtain some data on the relative merits of different methods. As the experiments could be made on a laboratory scale only, they were not expected to solve the problem entirely, the object in making them being rather-by indicating which methods were of greater promise-to narrow the field over which largescale tests and comparisons need be made by those commercially nterested in the problem of melting scrap aluminum.

Jan 1, 1916

By Bertrand L. Johnson

Before 1914 , Chile , because of her extensive resources of natural nitrates , practically monopolized the world markets for one of the leading fertilizer materials . Since nitrogen also is an important war material , constituting in fact the principal ingredient in many high-powered explosives , the World War and the widespread insistence upon national self- sufficiency for war materials brought about the development of nitrogen fixation plants in all of the larger countries . The production of by- product ammonia from gas and coke plants was likewise stimulated . As a result , Chile , even after the ocean lanes were reopened , was forced to fight for her lost markets . Since the world capacity to produce is still far in excess of annual consumption , the competition between natural and synthetic supplies has been keen and prices have fallen below pre-war levels . Chile has recently succeeded in unifying her industry , utilizing the most efficient process now in operation, and the Government is a partner in the new company that will take over all of the present producing companies . These developments place Chilean nitrate of soda , in a much more favorable position among the markets of the world . More intense competition will undoubtedly follow and , in order that those interested may become familiar with the fields upon which the nitrogen conflicts of the near future may be waged , the following general summary of the nitrogen industry has been prepared .

Jan 1, 1931

By M. W. Von Bernewitz, W. J. Sharwood

So far as is known , there is no complete bibliography on sampling, therefore , this one should be of value . In it are nearly eleven hundred references , some dating back 30 years , on sampling at mines , mills , smelters , power plants , pumping stations and refineries . For convenience , there are included a few references to methods for sampling such materials as leather belting in mills , salt impregnated soils , and mine waters . All the important technical journals , - including some in foreign countries- and engineering society publications , also mining and metallurgical text - books , have been studied for anything concerning sampling , and while it is not claimed that every important reference has been listed , the bibliography is fairly complete . The arrangement is alphabetical by authors ' names , and the references are numbered serially in the crder that they appear in the bibliography . Anonyous references are listed under the name of the journal in which they appear , and are numbered like the references bearing an author's name . Patents are grouped in their numerical order , without index nu.bers . Under the heading , " U.S. Bureau of Mines Publications " , are listed all publications of the bureau that deal with sampling . While the serial number is omitted , these same references , of course , have serial numbers where they appear in the list arranged alphabetically by authors .

Mar 1, 1922

Kaiser Aluminum & Chemical Corp. announced that it planned to spend $66 million to increase the efficiency of its Baton Rouge, Louisiana, alumina plant. The improvements are designed to reduce energy consumption but will not change the annual capacity of the plant, now rated at about one million short tons. The project was expected to be initiated immediately and be completed by 1982. ALUMINUM Producers in this country posted unalloyed 99.5 percent aluminum ingot at 53-57.5 cents per pound, yet actual selling prices were closer to 53 cents. Domestic merchants quoted unalloyed ingot on a spot basis at 54-56.3 cents. London Metal Exchange 3-month forward contracts fell during November's trading from 55,2 cents to 52.8 cents per pound.

Jan 1, 1978

By J. W. Thompson

MINERALS OWNERSHIP AND POSSESSION. The owner of minerals under a conveyance from the surface owner does not lose his right or his possession by mere nonusage of the minerals. McBeth v. Wetnight (Indiana), 106 Northeastern, 407, p. 410, October, 1914. QUIETING TITLE TO MINERALS-PLEADING. A complaint in an action to quiet title to minerals and to the min- eral rights in certain land is insufficient in the absence of a direct allegation of possession, although it avers that the plaintiff from the time of receiving the conveyance assessed the mineral interest for taxes each year and paid the taxes thereon and exercised various acts of ownership of such mineral interests, in that he caused test pits to be dug on the land for the purpose of exploring the minerals and ascertaining their quality and extent, in going upon the land and looking after them from time to time, and that he accompanied or caused his agents to accompany prospective purchasers of such mineral interests and exhibited the same to such prospective pur- chasers in efforts to sell them. Fowler r. Alabama Iron & Steel Co. (Alabama), 66 Southern, 672, p. 673, Novem- ber, 1914. SALE BY MARRIED WOMAN-VALIDITY. A conveyance by a married woman of the mineral rights in certain described land is void where she had previously conveyed the land to another grantee who had acquired title by adverse possession under the deed.

Jan 1, 1915

By A. K. Sinha

Inspite of the growing demands worldwide, thermal coal must compete in the market both in price and quality. The design and performance efficiency of coal preparation plants is thus crucial to the survival and profitability of a coal industry. While the coal recovery influences the cost of production, the quality produced by a preparation plant determines the selling price. Several coal preparation plant simulation models have been developed in recent years to help Improve the performance of coal preparation plants. A research project was recently conducted at Southern Illinois University to evaluate the practical applicability of such a model. The results of this study are presented and discussed.

Jan 1, 1986

By Gary A. Kingston

This examination of Pacific Northwest (Idaho, Montana, Oregon, and Washington) ferrous scrap-industry operations, principally those in Oregon and Washington, points out factors influencing the supply and consumption of scrap materials, such as the complete dependence of steel ingot producers in these States on scrap as a metal raw material and the sizable quantity of scrap exported from Seattle and Portland to Japan. The pattern of the industry is presented as a movement of materials from their diverse sources to the consuming market. The geographic locations of the consuming industries in relation to the areas generating scrap materials and the movement pattern of the supply from source to destination strongly influences the cost of the commodity. The best measure of the scrap supply available in an area is experience in terms of how much scrap was withdrawn at a given price. Scrap availability is not finite, because the return of materials as scrap is secular and influenced by constantly varying market conditions. Steel ingot producers use 75 percent of the approximate 500,000 tons of scrap consumed in Oregon and Washington; steel foundries take 15 percent of the total; and iron foundries, ferroalloy plants, and other miscellaneous consumers utilize the remainder. Also, from 1955 to 1960 an average of about 200,000 tons has been exported annually from Oregon and Washington. The foreign exports are supplemented by lesser shipments to other steel producing States, principally in the western United States. From 1955 to 1960 the preferred and higher value heavy melting scrap grades accounted for about 60 percent of total withdrawals which varied between 600,000 and 950,000 tons annually. Total crap withdrawals from Oregon and Washington are projected to 1.8 million tons by 1985, 60 percent (1.1 million tons) of which will be heavy melting grades. No. 1 heavy melting scrap is most attractive to scrap consumers at $35 per ton or less. Price-supply relationships compared with projected scrap requirements indicate future prices possibly over $35 per ton. High prices over a long period could motivate the Pacific Northwest scrap consumers to produce steel from iron ore. However, technologic changes taking place at integrated steel plants could reduce scrap withdrawals from the Pacific Northwest, which might keep the scrap price sufficiently attractive to obviate production of competitive iron products by the Pacific Northwest scrap consumers.

Jan 1, 1964

By J. M. West

Increased leisure time and increased interest in the out-of-doors is leading more and more families to experiment with placer mining of gold, and some- times even to going on into small-scale production. This Bureau of Mines report supplies basic information un areas of occurrence, equipment needed, prospecting, sampling, mining, and regulations concerning the possession and sale of gold. Selected references are given for further study.

Jan 1, 1971

By Samuel H. Dolbear

THE value of a mine is basically dependent on its capacity to yield profits. Since the ore must be mined, treated, and sold, some of it in various future years. there is a risk involved as to future costs, selling price, and working conditions. It cannot be expected that the economic condition existing at the time of valuation will continue unchanged for long periods in the future. During the past 20 years, mineral production in the United States has been conducted under a changing economy in many respects more exacting than that applied to other businesses. There have been increased production incentives, technical aid, exploration of privately owned mineral deposits by government at federal expense, and liberal loans for development and equipment, with risk partially assumed by government.. Some of these benefits have been counterbalanced by price ceilings, consumption controls, and stimulation of competition from foreign producers who have been offered the same advantages extended to American operators. For the present, mines will operate under a government policy directed toward reducing federal aid and control. The tenure of this change will depend upon future elections and the status of foreign relations. War and threat of war are now of the most vital significance to the mineral industries. Other factors which influence cost of production, markets, and price of mine output might be classified as Acts of God or Acts of Government. In some countries expropriation and the difficulty of exporting earnings or investment returns are risks that must be considered by foreign capital. Recognizing that this retards American investment in foreign countries, the Mutual Security Agency offers insurance against such expropriation and guarantees the convertibility of capital and profits. Since it is impossible to predict with certainty either cost of production or selling prices of metals for long periods, some assumptions must be made as to profits in the future. The basic assumption must be that the price of the company's product will vary in proportion to changes in operating cost. There is often a lag in this reaction, however, for prices of minerals are generally more sensitive to declines and less sensitive to increases than are costs. This reflects in part the resistance of labor to downward wage revision and a corresponding alertness in realizing its share of price advances. Some labor contracts include automatic adjustments to metal prices. Notwithstanding the complexity of the, problems involved and the difficulty of weighing their effect on value, such risks may be appraised with reasonable accuracy and a rate of earnings adopted that is compatible with the risk. It is, of course, possible to revert to a yardstick of value such as the commodity dollar, which has been advocated from time to time, but while revaluation in 1933 disturbed public confidence, the theoretical gold dollar continues to be the standard of greatest stability. Its gain or loss in purchasing power is reflected ultimately in cost of production and selling price of the mine product. At present 35 dollars are allocated to one ounce of gold. Measurement of Risk In the application of the Hoskold and most other formulae, a yearly dividend rate commensurate with the risk involved is set aside out of annual earnings. If the risk is great, this rate may be 15 to 25 pct of the amount invested. The remainder is placed in a sinking fund invested in safe securities such as high grade bonds or conservative equities, and the interest or dividends from these securities are added to the sinking fund. The sum of these sinking fund payments and the compounded interest at the end of the mine life is taken as the value of the mine. Admittedly the decision as to the size of the risk rate is the most difficult element in valuation and one requiring the most exacting consideration. It is necessary to look years ahead in an effort to determine future costs, market prices, demand, competition which may develop, including that of substitutes, and other influences common to the mine and to the region in which it is situated. Another phase of risk is the enactment of unfavorable legislation, taxes, and what appears to be an alarming spread of nationalization and expropriation. Capital is sometimes borrowed from the government to finance strategic production. Such loans may be collectable only out of production and involve no liability otherwise. Valuation in these cases must recognize the effect of such a reduction in liability. Offsetting some of these risks are the possibilities of mechanization and other cost-reducing discoveries, improvements in mining and treatment methods, new uses for minerals and metals, and normal growth of markets. In this paper, the terms risk rate, dividend rate, and speculative rate are synonymous. Safe rate and redemption rate are also used interchangeably. These alternatives are used here because they are commonly found in the literature on mine valuation. In Michigan, the State Tax Commission has long employed a risk rate of 6 pct in its valuation of iron mines. There the outline of reserves is well established and operating costs and conditions are based on adequate experience. The following comment on rates appears in the report of the Minnesota Interior commission on Iron Ore Taxation submitted to the Minnesota Legislature of 1941.1 Most engineers agree that 7 percent for the specu-lative rate is "an absolute minimum". C. K. Leith in

Jan 1, 1954

I trust you know now or will know by the time you havecompleted your degree and added a little on-the-job experience,how to make the product from the mine you are working for. Butyou may not know the process to turn it into dollars, which ofcourse will be the life blood of your company. I am not going topromise to turn you into super salesmen, but I hope I can takeyou beyond the level of believing that selling our mineralproducts is as simple as putting in it on to a train, waving itgoodbye and waiting for the cheque to turn up in the mailbox afew weeks later.

Jan 1, 1994

After a stagnant performance in 1982, gross national product (GNP), industrial production, and employment increased during 1983 in nearly all industrial nations, with the U.S. performance generally leading the uneven worldwide recovery. Real U.S. GNP increased 3.3 percent in 1983 (table I). Although investment in nonresidential structures declined, total nonresidential fixed investment in the United States was up 1.5 percent following a 1982 decrease. The increase in worldwide industrial activity and demand in 1983 put greater pressure on prices in many countries. Prices increased from less than 3 percent in the Federal Republic of Germany, Japan, the Nether-lands, and Switzerland to as much as 10 percent in nearly all the other Organization for Economic Cooperation and Development nations. The annual inflation rate in the United States was 4.3 percent (based on the GNP fixed-weight price index).

Jan 1, 1984

By F. W. Gray

IN 1922, the writer communicated to the Institute a paper entitled The Development of the Coal Industry in Canada (1), which summarized the considerations set out in a series of papers (2) concerned with coal-mining in Canada which he had presented in 1920 and 1921. This paper contained a forecast by decades, commencing 1920, of Canadian coal production, importation, consumption, and exports, based on anticipated rate of population increase, and continuation of the gradual increase in the per capita rate of coal consumption in Canada that had taken place every year up to 1920. The following comparative statement brings our the differences between the forecast and actual experience:

Jan 1, 1936

By Charles T. Steuart

The Arkansas Novaculite of Devonian and Mississippian age is the most distinctive formation in the central Ouachita Mountains of Arkansas from the standpoint of both topography and lithology. The formation typically forms precipitous, narrow ridges (hogbacks) which reflect the steepness of dip and the resistance and thickness of the rock units. The Arkansas Novaculite varies from less than 200 feet thick in the north to locally over 800 feet thick in the south and outcrops over an east-west distance of 360 km (200 miles) in the Ouachita Mountains of Arkansas and Oklahoma. Most of the rocks of the formation are highly siliceous with novaculite predominating, and lesser quantities of chert, siliceous shale, conglomerate and rarely sandstone. Novaculite is commonly defined as a homogeneous mostly white rock, translucent on thin edges with a dull to waxy luster and composed almost entirely of microcrystalline quartz. The word novaculite comes from the Latin word novacula, meaning razor hone. This term was first used by Richard Kirwan in his mineralogy text of 1784. The origin of novaculite remains controversial but we believe it was a primary silica derived mostly from the alteration of submarine volcanic-rich materials, with numerous fine biogenic components and some minor clastics (derived mostly from foreland facies via turbidity currents) and deposited as an amorphous siliceous ooze in the deep Ouachita trough. It was subsequently converted to microcrystalline quartz during diagenesis by the compaction of the overlying rocks and the intense Late Paleozoic Ouachita Mountain tectonism. In the central and southern portions of the region three divisions of the formation have been defined: a Lower Division predominantly of light-colored novaculite; a Middle Division of interbedded dark chert and shale; and an Upper Division of massive often calcareous novaculite. In the northern exposures the formation is thinner and contains more black chert and shale, chert-shale conglom¬erate, sandstone and less novaculite. The massive novaculite of the Upper and Lower Divisions is a source of high purity silica (99+%). Indians were the first to use novaculite. They made their various tools and hunting implements from the weathered broken rock until they learned the quarrying techniques. The first white men in the area recognized the use of novaculite for sharpening their tools and knives: previously whetstones were obtained in small quantities from Europe. To this day whetstone is quarried mostly in areas which the Indians and possibly the Spanish previously worked. Some of the current mining practices have changed very little from those of the early quarryman. In areas where the novaculite of the Upper Division is poorly cemented, this friable tripolitic material has found applications in such uses as an abrasive, as a filler or extender in paints, plastics and other purposes. Some of the dense novaculite is suitable as a filler in fire bricks and also in plastics. Because some of it has the tendency to decrepitate when heated not all novaculite can be used for these applications. Several quarry operators are crushing novaculite for road, concrete, and other aggregate. This use was formerly rather limited due to the abrasiveness of the novaculite on crushing and screening equipment. Further potential uses of novaculite are speculative but include application of high purity silica in the production of silicon metal for solar cells, seed or "growing", and fusing quartz for electronics.

Jan 1, 1985

By J. D. A. Morrow

TO my mind the National Bituminous Coal Act so far has proved one of the unhappiest experiences that has ever befallen the bituminous coal operators of the United States. Viewed in the light of its ugly consequences everyone should recognize this measure for what it is -a weird thing as unreal as a page from "Alice in Wonderland." Indeed it might be another stanza to the tale of the Walrus and the Carpenter, with the coal operators in the role of the unfortunate oysters who were taken on that memorable ramble. It is time that coal producers open their eyes, jerk themselves out of any lingering hypnotic optimism about the price-fixing provisions of this law, demand the repeal of these corroding clauses, and then set about remedying as best they can the disastrous effects of this retromingent scheme to regulate the coal business.

Jan 1, 1939