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By H. O. Hofman

The sudden decease, April 1, 1910, in Chicago, of Dr. Franklin R. Carpenter was a shock to his many friends. He died in his sixty-second year, of heart paralysis. To most fellow-members of the Institute who have followed the progress of the last twenty-five years in the mining and treatment of non-ferrous ores, the work of Dr. Carpenter in that line is familiar; but very few, even of those who knew hinl well in the later years, are acquainted with his earlier struggles to satisfy an inborn hunger for knowledge. The story of his life resembles that of the pioneer who opens up new country; overcoming hardships with indomitable courage, meeting doubts and difficulties with an alert and open mind, and exercising in the face of reverses an unconquerable perseverance. It seems appropriate to place on record in the Transactions a brief outline of the life and work of this eminent engineer. During the past 15 years of his life Dr. Carpenter was much interested in genealogy. In the pursuit of this study as an avocation, he traced his own ancestry to the time when ((Hugh," called "le Charpentier" on account of the dexterity with which he had swung his battle-axe as a crusader, settled in Sussex on lands received from William the Conqueror. The Carpenters came to this country with William Penn. A prominent member of the family was Joshua Carpenter, the founder of Christ Church, Philadelphia. Dr. Carpenter's branch of the family moved from Pennsylvania into that part of Virginia which is now West Virginia, where his grandfather settled in Harrison county, while the grand-uncle went further west, and built the first iron-furnace at Hanging Rock, Lawrence county, Ohio. In fact, since early times, the Carpenters appear to have been iron-masters. Franklin R. Carpenter mas born, Nov. 5, 1848, in Parkers-

Jan 1, 1911

By Benj. Lyman

The Institute, in June, 1881, visited Low Moor in Alleghany County, Virginia, on the Chesapeake and Ohio Railway, seven miles easterly from Covington. Having occasion myself, a few days later, to make a very hasty geological reconnaissance of the iron-ores there, and finding them to be somewhat different in age from what was said to be the opinion of some of those who were there with the Institute, I have thought it worth while to bring the matter up again at the present meeting. According to the opinion quoted, the principal ore-banks belong to the Oriskany sandstone; and that seems to be the view entertained of the same ore in that region by Prof. Wm. B. Rogers in his reports of 1837 and 1838. it is likewise given by Prof. J. L. Campbell in a paper on the Rich-patch iron region in The Virginias for December, 1880 (vol. i., p. 189). A comparison, however, of the section at Low Moor with sections in Pennsylvania, shows clearly that the main ore-bed is the same as that of the bottom part of the Marcellus shales (part of Pa. and Va., No. VIII), a short distance above the top of the Oriskany sandstone (No. VII). The Upper Helderberg limestone is absent at Low Moor, as indeed it is at many places in Pennsylvania, and that is perhaps the reason why the ore has been thought to belong to the Oriskany sandstone. The ores and their accompanying rock-beds, are exposed in three or four folds near the Low Moor iron-mines on Fork Rim and, as described and pointed out by Mr. Geo. T. Wickes, who had in his management of several years' duration become well acquainted with them, are as follows, from above downwards:

Jan 1, 1886

By R. L. Brown, A. C. Fieldner

Committee it supports pioneering research on the development of a coal-burning gas turbine and through the Mining Development Committee it promotes research on a new type of continuous mining machine that operates without using explosives. Other organizations have contributed major publications on fundamental and applied coal research in the last two decades, including the Minerals Industries Experiment Station of Pennsylvania State College, the Illinois Geological Survey and University of Illinois, the University of West Virginia, the University of Michigan, the University of Alabama, the University of North Dakota, the Massachusetts Institute of Technology, the Koppers Company, the U. S. Bureau of Mines, and, in recent years, the Institute of Gas Technology. Engineering development work, which is included in the overall estimate of $20,000,000, is conducted largely by manufacturers of equipment, and this portion of the estimate is difficult to gage. It represents a large proportion of the estimate and probably is too small rather than too large. For example, the development of mobile coal-loading machines and continuous mining machines, outstanding in recent mining research, undoubtedly involved a high cost. Coal Mining From an economic point of view, the greatest research development in the coal industry obviously has been the growing degree of mechanization in mining. The percentage of underground-mined bituminous-coal output mechanically loaded has risen from 3 pct in 1926 to 67 pct in 1949. Coal operators and equipment , manufacturers have united in designing machinery. Loading machines of large capacity and astonishing flexibility are in common use. Shaking conveyors transport coal from producing faces to transfer points from which it may be carried long distances underground and on the surface; and in many mines rubber-tired shuttle cars carry the coal from the loader to the

Jan 1, 1952

By W. R. Crane

While professiorlally engaged in the oil- and gas-fields of Kansas, in measuring the pressure and flow of gas-wells, and studying the phenomena attendant upon the production of both oil and gas, I noticed in the flow of gas a peculiar and interesting feature. That there are actual lines of flow in liquids (non-compressible fluids) discharged through an orifice, or a short section of pipe, is shown by the external shape of the discharge—the vena contracts. Such lines of flow are not observable in the discharge of gas from an orifice. It can hardly be questioned that they exist. That they are not apparent is probably due to the very small weight of the gaseous particles, which climinishes the momentum of their movement in a given direction, acquired before they issue from the orifice, and also to the expansion of the gases, which would exert a powerful influence in overcoming any such tendency in their flow. Gas flowing from an orifice, supplied by a large reservoir or blowing-engine, exhibits almost the reverse of what is noticed with liquids. Namely, the gas assumes the form of an inverted truncated cone, of large angle: with its apex-end at the orifice. (See BB, Fig. 1.) This external ahape assunled by the flow of gas shows, however, marked differences under varying conditions of volume and pressure. For instance, a large volume of gas under high pressure, flowing through a 2- or 3-in. pipe, as in the case of a natural gas-well, assumes a more definite conical form, the angle of which increases as the pressure falls. Moreover, outside of the well-defined inverted cone is a thin conical heath or zone of gas, A A, the angle of which is considerably greater than that of the main cone, and increases with +1UNIVERSITY OF KANSAS, LAWRENCE, KANSAS.

Jan 1, 1905

By Dorsey Hager, G. W. McPherson

The rapid increase of water troubles in the Mid-Continent oil fields is causing much alarm. Troubles occur at Towanda, Eldorado, Augusta, Cushing, Blackwell, and Healdton, although they had not been acute in the Mid-Continent field until about two years ago, when the unusual conditions in the deeper oil fields were first encountered. California faced the same situation, but, thanks to aggressive measures, has largely overcome the dangers. The following analysis of water trouble may throw some light on the subject and be of assistance in solving the problems involved. Water Troutles Classified The presence of water in large quantities in oil sands has the following results: 1. Diminishes oil production. 2. Diminishes casing-head gasoline production: (a) By curtailing the gas flow. (b) By making the use of vacuum pumps unsuccessful. 3. Increases lifting costs: (a) By making it necessary to pump large quantities of water, which requires a fast motion and long stroke (third hole). (b) By requiring the use of compressors for air lift. (c) By causing break-downs and delays due to the high speed necessary to pump water. (d) By making it necessary to treat "cut" or emulsified oil. Oil production is seriously curtailed by the presence of large quantities of water. Lease records show that wells are shut down 40 to 60 per cent, of the pumping time where serious water trouble occurs. While a small quantity of salt water may cut the paraffine and keep the oil moving, several hundred feet, or a hole full of water, effectually "kills" the oil and gas. The quick return of wells to production, once the water is shut off, shows how wells have been affected. The killing of gas sands

Jan 1, 1920

By D. R. George, J. R. Ross, J. D. Prater

In the United States nearly 200,000 tons of copper per year are being produced, by leaching waste rock and oxidized copper ore with dilute sulfuric acid-ferric sulfate solutions and precipitating the copper on scrap iron. The flow of solutions is in excess of 80 million gpd. A survey conducted by the U.S. Bureau of Mines in late 1965 at 14 mines in Arizona, Utah and Nevada, showed that with a few exceptions, the solutions contain from two to a maximum of 15 ppm U3O8, and there is strong evidence that these represent equilibrium concentration and not merely an accumulated in-process inventory resulting from recycling the solutions for many years. Consequently, it is believed that uranium could be recovered at a constant rate as long as mining and leaching operations continue. Preliminary surveys and estimates by the USBM indicate a production potential of possibly 1000 tons of U3O8 per year at a cost of less than $8 per lb if the major process streams from most of the large copper mines in the western United States were to be treated. Laboratory research by the USBM showed that the uranium could be efficiently recovered as a specification-grade uranium concentrate by a combination of ion exchange resin and solvent extraction of liquid ion exchange techniques. A joint pilot plant investigation by Kennecott Copper Corp. and the USBM was conducted on solutions from the Bingham Canyon mine to evaluate a new system of countercurrent ion exchange developed during the laboratory studies. In subsequent small-scale continuous tests, recovery of uranium from the pregnant eluate by solvent extraction and chemical precipitation techniques was investigated.

Jan 1, 1968

By J. P. Witherow

The Clapp and Griffiths steel-process may be considered a pneumatic system, similar to the Bessemer, with the difference that the converter is fixed or non-tilting, and that the blast is introduced around the lower section of the converter instead of through its bottom. Mr. Griffiths was engineer-in-chief of the Gilchrist & Thomas basic dephosphorizing process during all the time those gentlemen were experimenting and working up their system, as Mr. G. communicated to me. After separating from these gentlemen, he began developing the present Clapp and Griffiths type of converter. Dr. Clapp, of Nantyglow, Monmouthshire, was a prominent physician in a large iron district. Previous to his association with Mr. Griffiths, he took out some patents on a process of his own for the manufacture of steel, which patents stood in Mr. Griffiths' way; hence the consolidation. Early in the summer of 1883, my attention was called to the experiments of Messrs. Clapp & Griffiths in Great Britain by a friend who had just returned from England. Later in that summer I went to Newport, on the border of Wales, where I met Messrs. Clapp and Griffiths and their friends. After visiting two small converters of their type which were in operation at different works, and spending a few days in the iron-districts of Wales, I went to London, where I met my friend Henry W. Oliver, Jr., who had already heard of the new steel-process. We decided to revisit Wales and examine more fully the process, more especially that Mr. Oliver might have the opportunity of coming practically in contact with the men and die process himself, so that his judgment might not be influenced by my sanguine feelings. On

Jan 1, 1885

By Morris M. Fine, Norwood B. Melcher

As a raw material, prereduced pellets can be considered symptomatic of the quiet revolution taking place in the quality and grade of blast furnace burdens for the past decade. In 1954, the average analysis of ores from U.S. ranges in the Great Lakes area was 50.86% Fe (natural), 10.22% SiO2, and 10.90% moisture; ten years later, the average was 56.67% Fe (natural), 8.13% SiO2, and 6.17% moisture. The advance in Canada was even more pronounced in a lesser number of years. In 1957 the average product of Canadian ore-producing areas was 51.62% Fe (natural), 8.59% Si02, and 8.02% moisture; in 1964, the average grade was 59.59% Fe (natural), 6.27% SiO2, and 3.94% moisture.2 These dramatic data are testimony to the giant strides made in iron ore improvement, and the next logical step is prereduction. Prereduction can well be considered as a beneficiation step in which oxygen is the gangue. Since the ultimate objective of milling and smelting is iron metal, non-metallic constitutents in general, whether oxygen or silica, are contaminants. The past and continuing attack aimed at lowering the silica content of concentrates is succeeding. One need only thumb through the Grade Name listings of the American Iron Ore AssociationVo note that virtually all commercial pellets contain less than 8% silica, many are lower than 6%, and a few below 45%. With natural technical evolution, it is expected "many" rather than "few" will ultimately be in the last category and further mechanical concentration will have reached the point of diminishing returns. At this level, oxygen would constitute the only major diluent worthy of attack.

Jan 7, 1966

By C. W. Tomlinson

The analyses which have been made by the writer according to the method described below were made as part of Professor Withey's investigation of the concrete aggregates1 of Wisconsin, in the hope of throwing light on the extent and nature of the influence of the mineral-ogical constitution of aggregates upon the properties of the concrete and mortar made from them. This method was found most satisfactory after four weeks of experiment and modification. It attains an accuracy quite sufficient for the purpose of the analysis, and is fairly rapid. mineralogical analyses may be thus made at a cost considerably less than that of chemical analyses of a similar degree of completeness. The results obtained by this method should not vary in any item by more than 1 per cent. of the total weight of the sample, and may be made very much better than this by the exercise of greater care in the microscopic counting (see below). The accuracy of the hand sorting is of course dependent upon the experience and carefulness of the analyst. After a month's practice, the writer was enabled to turn out these analyses at the rate of four in 33 hr. of working time. It was found most economical to handle four samples at once. The samples analyzed weighed from 290 to 340 g. each. The same method could be applied to larger or to smaller samples, within reasonable limits. The following list covers the necessary apparatus and equipment: 1 good balance capable of weighing accurately to tenths (or, better, hun- dredths) of a gram, and of handling quantities up to 200 g. in weight. 1 Westphal balance, registering densities to two or three decimal places. 1 Meker or Bunsen burner, and gas supply. 1 nest of sieves, 10, 20, 40, and 100 meshes to the inch.

Jan 1, 1916

By John C. Shyne, Eric R. Morgan

WHEN temper rolled low carbon sheet is stored at room temperature before use, changes take place in its mechanical properties. This phenomenon is known as strain aging. Normally these changes are observed by means of Olsen ductility and Rockwell B hardness tests but' unfortunately such tests are relatively insensitive. Strain aging can be readily observed in the laboratory by means of tensile tests. The tensile test method is even more sensitive if the aging is allowed to take place in specimens which have been prestrained in tension rather than by cold rolling. In fact one of the great benefits of commercial temper rolling is that it introduces a residual stress pattern which tends to mask the effects of strain aging when the sheet is finally used in a pressing operation. Curves B, C, and D of Fig. 1 illustrate the changes that take place during the aging of commercial rimmed steel at room temperature following straining in tension, curve A, Fig. 1. The first important change that can be observed is an increase in the stress required to produce plastic flow. This increase is, in this paper, called the aging index. As aging proceeds and the aging index increases, there is also an observable return of the yield point, an increase in the ultimate tensile strength, and a decrease in elongation to fracture. The results of strain aging in deep drawing steel manifest themselves as stretcher strains (L?ders bands) buckling, 2nd tearing. In deep drawn parts such effects are undesirable and strain aging is a serious problem. The rate of strain aging of a steel depends upon its composition and prior mechanical and thermal history? but for most temper rolled ope

Jan 1, 1958

Discussion of the paper of DAVID COLE, presented at the New York meeting, February, 1915, and printed in Bulletin No. 9S, February, 191.5, pp. 431 to 444. R. H. RICHARDS, Boston, Mass.-The Butchart riffle seems to violate, according to our preconceived notions, some of the very essential principles of the Wilfley riffle, and therefore ought not to succeed, but it does. On this account it must conform to other very important principles, or it would not succeed. It would beinteresting to know what these principles are which enable it to succeed. E. P. MATHEWSON, Butte, Mont.-I cannot, explain the principles on which this riffle acts, because I have not given it personal attention. All I can say is that I first saw the riffle in operation several years ago at the Steptoe Valley mill in Nevada, and I was told that a man had been around there guaranteeing that these riffles would make the table do twice as much work and do it better than with the ordinary Wilfley riffles. I heard nothing further about it for a long time. I heard about a year ago, from David Cole, the author of this paper, that the riffles were a success, and that he was using them at Morenci, and if, we were interested he would send the inventor to show us how they worked. As we knew of David Cole's reputation, we invited Mr. Butchart to come up and show us how his riffles worked. We did not have sufficient confidence in the invention to guarantee Mr. Butchart his traveling expenses, but lie came up entirely at his own expense and put in a set of the riffles on one table. It was known as a roughing table in our No.

Jan 5, 1915

By William E. Hubbard

The production of the Texas Panhandle1 up to Jan. 1, 1932, was slightly under 179,000,000 bbl., 90 per cent of which came from Hutchin-son and Gray counties. About 21,500,000 bbl. were produced during 1931. This was about 35 per cent less than the 1930 production and the smallest annual production since the first boom started seven years ago. The present daily production is slightly under 55,000 bbl., which is the production permitted under statewide curtailment. The assumed potential for the purpose of curtailment is 108,708 bbl. and the actual capacity of the wells is probably in the neighborhood of 75,000 barrels. The total initial production of the oil wells completed in 1931 was 40,714 bbl. from 117 wells or 347 bbl. per well as compared to a 511-bbl. average from the 304 oil wells drilled during the preceding year. Gray County led with 71 completions and a total initial production of 29,209 barrels. Completions Two hundred wells were completed in the Panhandle in 1931, as against 526 in 1930. Of the year's completions, 117 were oil wells, 77 produced gas, and but six were dry holes. Of the 3197 wells drilled in the Panhandle to date, 2944 have produced oil, gas, or both, making the ratio of dry holes to producers about 1:11.7. Ignoring the 64 dry holes drilled in nonproductive counties the ratio becomes 190:2944 or 1:15.5, which is somewhat more favorable than that obtained at the end of 1930. Of the oil wells completed 374 have been plugged. Although it is but five years since the peak of drilling operations more than one-fifth of the oil wells in Hutchinson County have been plugged. The percentage of total wells plugged to total completed oil wells, by counties,

Jan 1, 1932

By W. G. Matteson

BENJAMIN L. MILLER, So. Bethlehem, Pa.-In discussing the question personally with Mr. Matteson I have found that he simply proposed this as a suggestion and he recognizes, as well as a great many other oil geologists and oil operators, that to put into practice such a suggestion would mean the overcoming of many difficulties. Yet perhaps it may be possible to overcome the various objections that may be offered. Undoubtedly one of the most serious objections is that of incomplete and inaccurate well records. Faulty records are worse than no records at all. Perhaps, however, definite instructions and insistence on their observation may remedy this defect after a time. THE CHAIRMAN (M. L. REQUA, San Francisco, Cal.).-This subject is a. very important one, but just how far the National Government can go in .taking action is a question: It involves, of course, the question of State rights. California, I .think, has done very well up to date and probably will do better in the future. The law that was passed at the session of the Legislature 2 years ago is working as satisfactorily as anything of that kind can work with so little experience to guide the framers of the statute. We recognize in California the vital necessity of conserving the oil of the State. We have come to the conclusion that there is not as much oil ,in California as we thought there was. In the month of December the State drew on its oil stocks to- the extent of 1,800,000 bbl. and I think that the January statistics will show probably as much more. There is more or less of a.: panic at the present time among the large marketing concerns regarding the question as to where they are going to get their oil for future requirements

Jan 4, 1917

By C. Erb Wuensch

The Eagle mine is situated in the Kerber Creek mining district, Bonanza, Saguache County, Colo. The climate and topography of this district arc similar to those of mining camps of the Rocky Mountain region that lie 9000 to 12,000 ft. above sea level. The district is at the northeasterly edge of the San Juan volcanic region, in which successive Tertiary lavas have built up a high plateau resting upon earlier sedimentary formations, or the underlying pre-Cambrian complex. The latter was exposed in places by erosion previous to the eruptions. In the Bonanza district, proper, only volcanic formations, andesites and latites, are found. Dr. H. B. Patton,1 in his survey of the district, discriminates between several varieties of lavas and maps these as distinct flows. They are local variations within the same lava and it is impossible to determine any distinct line of demarkation between them. Structurally they are members of the same flow. There are three general types of vein occurrences: 1. Lead-zinc-copper-silver-gold veins in well-defined fissures with a quartz gangue; ill these, the various sulfides show a zonal arrangement. 2. Massive gray copper ores high in silver, in irregular fractures in the form of small lenses and pockets, in which little or no quartz is found. 3. Manganiferous quartz veins very low in silver and gold at the surface which, with depth, become important silver veins containing subordinate amounts of gold. These veins have a quartz gangue with an abundance of Phodochrosite. The silver is associated with small amounts of sphalerite, galena, and pyrite; fluorite also is present. The Eagle is the only mine that has been developed in the manganiferous quartz type of vein. It was discovered ill the fall of 1582, but little more than assessment work was done on the property for a number of

Jan 1, 1923

By J. H. Frye, J. W. Caum, R. M. Treco

IT has been suggested that: "Insofar as the hardening due to a solute depends upon the increase of lattice parameter produced by it, it is reasonable to suppose that this hardening might be related to the resistance which the pure solvent would offer to increase in its parameter."' It was further suggested that this hypothesis might be examined by comparing the hardnesses of analogous silver and copper alloys, since the stress necessary to produce a given lattice expansion is quite different in the two metals. Suitable data2,3,4 are now available on these alloys, and we shall proceed to an examination of the hypothesis quoted above. Hardness, Lattice Parameter and Ionic Overlap Increase in ultimate Meyer hardness has been plotted against increase in lattice parameter in Figs. I and 2. It is believed that most of the values are accurate within the limits indicated by the rectangles. These data are also presented in Table I. Ultimate Meyer hardness, P u, is defined by the equation: where L = load, D = diametei of an impression having the same diameter as the testing ball, which in this case is 4 mm. Increase in lattice parameter is defined as the difference between the lattice parameter of the solid solution and that of the pure solvent. The curves in Figs. I and 2 are based on equal solute concentration and an equal degree of plastic deformation pro duced by the testing ball. Hardnesses are corrected to a constant grain size for copper and silver alloys, respectively, and these two grain sizes are approximately equal. Furthermore, all solutes are from the same period of the B subgroup of the periodic table as their solvent. The question arises as to whether Or not lattice parameter is the only factor controlling the hardness of these alloys. There

Jan 1, 1943

By L. S. Reid

THE study of the flow of oil and gas mixtures through oil-bearing formations has received special attention from the petroleum industry within the past few years, and has resulted in a series of research projects based upon various phases of the flow of heterogeneous fluids through porous media. Obviously, the low cost of producing oil during the flowing life of a well makes it desirable to obtain production by natural flow as long as possible and to effect a maximum recovery of oil and gas by the utilization of reservoir energy through efficient methods based upon a thorough knowledge of reservoir characteristics. Despite the extensive research that has been carried out, there is little information available on the behavior of oil and gas mixtures flowing through reservoir formations. This makes it impossible to predetermine the optimum operating condi-tions for flowing wells. A differential pressure must exist in the reservoir in order to induce flow toward the well. It is a well established fact that with homogeneous fluids the relation of pressure drop to linear distance traveled is a straight-line function as long as the flow is viscous. However, in regard to gas-saturated oils, a number of investigators1,3,4 have reported that the flow characteristics are materially altered as some of the lighter hydrocarbons are liberated from the oil to form gas while the fluid passes through the reservoir. Most of the work done has been concerned primarily with steady-state flow of liquid-gas mixtures. Cloud1 has studied the effects of saturating crude petroleum oils with various gases, together with the resultant pressure gradients under steady flow conditions, noting that unsaturated oils flowed faster and yet maintained lower pressure gradients than saturated oils.

Jan 1, 1938

By Alfred F. Beasley

The slags derived from the smelting of lead and copper ores are composed essentially of silicates. The problems arising from the smelting of these ores consequently involve the study of silicate fusions. In the absence of specific knowledge concerning the compounds occurring in slags, it has been the practice of metallurgists to treat them in terms of their total chemical composition. Slags have been classified as monosilicates, bisilicates, sesquisilicates, and subsilicates according to the relative amounts of oxygen in the acid and basic radicles of the hypothetical salt produced. While this has been a useful guide to metallurgists in computing the furnace charges, it falls far short of a basis for the scientific investigation of slags. In order to understand the nature of a slag as a whole it is necessary to learn the physical and chemical properties of the mineral compounds which go to make up that slag. The efficiency with which an ore is smelted in a furnace depends primarily on the physical properties of the compounds formed during the operation. When the melting points and fields of stability of each of the mineral compounds in slags have been established, it will be possible to determine the properties of any given slag by examining the nature and amounts of its mineral constituents. Earlier Investigations In 1884 and succeeding years an extensive survey of lead and copper furnace slags was made in Europe by Vogt, and a large part of the present knowledge of the subject is due to his publications.' Vogt's interest in artificial fusions was directed primarily towards the explanation of problems in igneous and economic geology and his subsequent works have been confined wholly to that subject.

Jan 1, 1930

The Committee, appointed early in May, met and organized in Washington, May 9, 1923, and were then advised that such data as they required would as far as obtainable be submitted to them in tabulations, and that they could not be allowed to see the individual reports nor know the identity of the operators on whose reports the figures submitted were based, therefore the Committee's valuation is based on data received from your statisticians, and on tonnages estimated by your staff and by the United States Geological Survey. Various methods of valuation for mining properties have been suggested, but all authorities seem to agree in accepting, as the fairest and most practicable and logical, a capitalization of the estimated future earnings, when such estimate can reasonably be made. Hoover and Finlay both emphasize this. The United States Supreme Court says in Cleveland, Cincinnati, Chicago & St. Louis Railway Co., v. Backus, 154 U. S. 439: But the value of the property results from the use to which it is put and varies with the profitableness of that use, present and prospective, actual and anticipated. There is no pecuniary value outside of that which results from such use. The amount and profitable character of such use determines the value. The Committee on Federal Taxation of the American Institute of Mining and Metallurgical Engineers, appointed in 1919, in its report states: A proper value of a mining property is the present value of the prospective net earnings, taking into account probable variations in output and value. Ingalls ("Wealth and Income of the American People," p. 97) says: The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding with the lie of the mine. It is a convention that the estimated period shall not be more than 30 years.

Jan 1, 1924

IN this survey of the progressive development of education for the mineral industries throughout the United States, the review of the history of each school has usually been completed wherever it is first mentioned, but the history of the schools in the cities of the eastern seaboard was not carried beyond 1870. It is necessary now to cover what happened during the period of approximately the last quarter of the nineteenth century in several of the schools in the east. PHILADELPHIA Of Philadelphia, it has been related in chapter 4 that the Polytechnic College of Pennsylvania began offering a curriculum leading to the B.S. in mining in 1853; that the school did not prosper, and finally closed about 1890. The establishment of a Department of Mining, Arts, and Manufactures at the University of Pennsylvania in 1855-56 was also mentioned, but its history was not carried beyond 1860. In 1859 J. Peter Lesley was appointed professor of mining in the University of Pennsylvania. The son of a cabinetmaker, born in Philadelphia Sept. 17, 1819, he had taken his A.B. degree at the University of Pennsylvania in 1838 and then secured a position on the Geological Survey of Pennsylvania under H. D. Rogers. When the Survey was discontinued, in 1841, he went to Princeton to study theology, was ordained a Presbyterian minister and followed that career until 1853, when the Pennsylvania Geological Survey was again started and he rejoined its staff. He published "A Manual of Coal and its Topography" in 1856, and studied at the École des Mines, Paris, in 1850-57. He published an 800-page "Iron Manufactures Guide" the year that he was appointed to the staff at the University of Pennsylvania. In 1863-64 a College of Agriculture, Mines, Arts and the Mechanic Arts was established, but it was not a separate school

Jan 1, 1941

THE COMMITTEE, appointed early in May, met and organized in Washington, May 9, 1923, and were then advised that such data as they required would as far as obtainable be submitted to them in tabulations, and that they could not be allowed to see the individual reports nor know the identity of the operators on whose reports the figures submitted were based, therefore the Committee's valuation is based on data received from your statisticians, and on tonnages estimated by your staff and by the United States Geological Survey. Various methods of valuation for mining properties have been suggested, but all authorities seem to agree in accepting, as the fairest and most practicable and logical, a capitalization of the estimated future earnings, when such estimate can reasonably be made. Hoover and Finlay both emphasize this. The United States Supreme Court says in Cleveland, Cincinnati, Chicago & St. Louis Railway Co., v. Backus, 154 U. S. 439: But the value of the property results from the use to which it is put and varies with the profitableness of that use, present and prospective, actual and anticipated. There is no pecuniary value outside of that which results from such use. The amount and profitable character of such use determines the value. The Committee on Federal Taxation of the American Institute of Mining and Metallurgical Engineers, appointed in 1919, in its report states: A proper value of a mining property is the present value of the prospective net earnings, taking into account probable variations in output and value. Ingalls (" Wealth and Income of the American People," p. 97) says: The fundamental principle of mine valuation is the present worth of an annual dividend accruing during the period of years corresponding with the life of the mine. It is a convention that the estimated period shall not be more than 30 years.

Jan 1, 1924