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By K. C. Heald

THE places where, yesterday, oil was unknown contain tomorrow's fields. Unquestionably, some states that now yield little or no oil have great potentialities, and developments in these states, although perhaps of less immediate interest than those in regions where great pools now exist, may easily be of greater ultimate importance than the results of exploration closer to known fields. Not long ago, Montana had only a quarter of an oil pool, and that was regarded by many as an accident that had strayed from Wyoming. More recently, the northern line of Louisiana was a dead line that would not be crossed by any Louisiana operator who valued his reputation for sanity. Within the past few months, Colorado has shown that it is far from being a negligible factor in the oil supply of the Rocky Mountain states, and it is now known that western Kansas, long shunned by many reputable geologists and operators, should be reckoned with. There may be a vast difference between what a wildcat well yields and what the well signifies. The fact that no commercial production is encountered may be lamentable and may well be disastrous to an individual or a company, but the same well that spells ruin to one may convey to another the information that will result in opening a new field. In presenting the conclusions, in this paper, the writer recognizes fully the possibility of erroneous deductions, particularly since he has had contact with only a few of the wells that are mentioned. Information comes principally from the scout. maps and files maintained at the Geological Survey by M. E. Latimer and G. K. Drach, without whose cooperation this summary would not be possible, supplemented by some personal contact and second-hand information gained by. conversation and correspondence. However, it is felt that the data contain few errors, and that the conclusions are at least reasonable.

Jan 3, 1924

On my arrival in New York after the Russian examinations John D. Ryan, president of Anaconda, asked me what my plans were. I told him I wanted to be useful somehow in the World War that we had entered while I was away, but I did not know how. Ryan and Thayer told me that the new American Air Corps was gathering a group of executives, most of them young, to go to France as Army officers to help with the industrial side of our aviation activities. This would include construction of military airports, maintenance, and supply for our rapidly growing Air Corps. They thought I might be accepted in this group of about 30. It seemed to be just what I wanted, and I put in my application at once. My application was accepted about three weeks later and I was told to come to Washington to take physical and other tests and to meet others of the group. I liked them. They were a cross section of competent American manufacturers, bankers, automobile executives, and merchants. I was the only miner. I had many discussions in the days in Washington with members of our organization and others I knew who were going into war service. Attitudes were very different from those 55 years later. There was no discussion as to whether war was right or wrong. We were in it and must do all we could to help. At the same time there was a holdover from the days when, at least for the elite, war was high adventure. Even the most high-minded did not then realize that war is a horrible form of wholesale murder and, in 1917, it would have been treason to suggest this. I had two weeks before our industrial group was to start work which gave me time for a hurried trip to Berkeley where Dorothy and I announced our engagement.

Jan 1, 1976

By R. S. Hutton

WHEN I had the honor of receiving an invitation to give the-Institute of Metals Lecture, it occurred to me that it might be of interest to review the advances which have been made in refractories, considering how important these materials of construction are in the carrying out of many metallurgical operations and what a large factor they represent in our costs of production. Frankly, I can claim no recent contact with the refractories industry and what little work I myself have been concerned with has been rather unorthodox in character. However, perhaps in consequence of this, I can approach the review without bias and include some suggestions which may prove stimulating or provocative to some of you, who have a more intimate knowledge of refractories and their uses than I Possess. It is neither possible nor necessary for me to survey the progress of industrial refractories, for this has been so thoroughly undertaken by others1-7 in recent publications. Perhaps the best way to get a broad picture of this progress is to compare the Faraday Society Symposium on Refractory Materials 20 years ago8, containing a report on one of the first attempts at standardized testing, with the American Society for Testing Materials Committee Report of February 1935. Suffice it to say, lest my provocative remarks be misunderstood, that I do appreciate that great advances have been made, particularly by companies that have established their own research laboratories and by universities and cooperative research institutes working for the common weal of groups of manufacturers or for national and international progress. The scientific study of the constitution diagrams of binary and ternary refractory oxides, which American workers have been foremost in under-taking, ? led by the work of the Geophysical Laboratory at Washington, has laid a firm foundation for the whole subject. It should be remem-bered, however, that to a much greater degree than with the constitution of metal alloys, the equilibrium conditions are so sluggishly arrived at

Jan 1, 1937

By W. Henry Weimer

A successful surface coal operation requires the combined efforts of engineering and operating personnel. In the planning for a mine, machines should be selected to do the best work in getting the coal uncovered, loaded, and transported to the preparation plant. The best system and extent of cleaning will be determined by the market. After the fundamentals of operation have been established, the operating personnel should see they are carried out. There is no simple solution to some of the every day problems facing the operating officials. Here the production engineer with the technical approach, time studies, control methods, past experience, and available records can help in detecting causes of inefficient phases of the operations. With these studies, a careful analysis can be made in setting up the expected standards to be followed. Management can then compare the job under study with the standards and make corrections to solve the problems. 5.2-1. Annual or Daily Coal Production. Once the production cycle has been established, it is paramount that coal sales keep the productivity of the mine as high as possible. A successful company does this by what they call "the control approach." The daily tonnage report is one of the things that is a potent control tool in attaining the goals to be achieved. If production is falling short of the goal, the daily tonnage report will reveal what has to be done in the remaining days of the month or year to achieve the expected schedule. When goals are reached or exceeded, then budgeted tonnages and costs will be reached or exceeded and thus assure attainment of a profit. Failing to keep to the scheduled pace shows up quickly and prominently, facilitating any necessary action to get things back to the projected plans. The sales target is usually set a little higher than the operating production. The sales tonnage is scheduled and sales are made accordingly, slightly

Jan 1, 1968

By J. V. Richards

The Altar district, State of Sonora, Mexico, is for the most part a desert with but little rain-fall and few running streams. On account of this scarcity of water it is necessary for the natives to " dry-wash" the placer-gravel, and the object of the present gaper is to describe some of the more commoil Mexican dry-mashing devices. My observations were confined to a property known as Las Palomas placers, 15 miles from the Gulf of California and about 150 miles south of the United States border; a brief description of which property may be of interest as illustrating what is, perhaps, a typical Sonora dry placer. It is said that as long as a century ago the Yaqui Indians discovered rich cement-gravel, known as argo masa, at Las Palomas, and that there has been a more or less steady production of gold from the property ever since. The argo masa, is a fairly-coarse gravel, the pebbles being quite firmly held together with a lime cement. Gold is scattered through this cement in particles ranging from fine specks to pieces several grams in weight, and occasional large nuggets are encountered. The contents vary so widely that it is difficult to estimate the average value, but returns of from $10 to $50 per cubic yard are common, and it is doubtful if the Indians considered anything less than from $4 to $5 a yard as "pay dirt.'' This ar-90 masa, occurs in channels varying in thickness from a few inches to several feet, and in width up to 300 ft. These channels are continuous and are probably ancient stream-beds. They are for the most part covered with an over-burden of a more recent gravel, varying from 30 to 50 ft. thick, and the fact that this over-burden contains values as high as $1.50 per cubic yard, and yet was not worked by the Indians, shows that their idea of what constituted mas high.

Jan 1, 1911

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

"There are two characters to the value of mining properties-one mine may have a value, owing to its real intrinsic worth; an- other (having no intrinsic value) may have a value by being so situated as to harass the working of the really valuable mine-in mining camps one is looked upon as much of ligitimate enterprise as the other.'' -Victor Clement to Simeon Reed, Wardner, Jan. 11, 1890, Reed Mss. APPROACHES TO VALUATION Value and costs are two terms basic to financial analysis which cause, perhaps, the greatest amount of misunderstanding in mine valuation studies. When discussing the value of an asset or the costs of producing a product, it is absolutely essential that the speaker define the terms being used. There are many types of value and many categories of costs. Without specific accompanying definitions, value and cost data are not very meaningful. Value refers to a measure of the desirability of ownership of property. Some of the types of value which might be encountered in a mine valuation study are: 1) Market value 2) Full cash value 3) Salvage value 4) Replacement value 5) Capitalized value 6) Book value 7) Assessed value 8) Insured value Each of these has a specific meaning which can be applied to determine a monetary amount in a specific situation. The major item of interest here is the broader question of "what is the value of the mine?" or "what is the mine worth?" In this case, we are speaking of market value. Market value is the value (price) established in a public market by ex- changes between a willing buyer and a willing seller when neither is under duress to complete the transaction. Market value fluctuates with the degree of willingness of the buyer and seller and with the conditions of the sale. The use of the term market suggests the idea of barter. When numerous sales occur on a market, the

Jan 1, 1984

By David White

IN these days, when detailed investigations of stratigraphy, structure, and sand conditions so frequently result in the discovery of new oil fields, and applause from oil companies and the public, geologists do well to walk humbly, and punctiliously to admit that the geologic principles controlling the distribution of oil and gas have as yet been discovered only in part, and that what remains yet to be learned is probably vastly more than what is already known. The few experiments already at-tempted have been fragmentary, and somewhat desultory, and however positive each of us may be with respect to certain theoretical conclusions, many of the fundamental questions as to the origin and mode of occurrence of petroleum are subject to radical disagreement. Of the chemical changes attending the generation of petroleum from organic matter, little is actually known. Most of the postulated formulas are liable to be misleading, through ignorance of essential factors. Open-mindedness is therefore a prime essential at the present stage of our science. Nevertheless, adopting the hypothesis that oil originates in some manner fundamentally connected with the organic theory, and in possible departure from such open-mindedness, the writer will pay no attention to the so-called inorganic theory, since every attempt to apply this theory to the study of old oil fields, or to the discovery of new ones, affords cumulative evidence of its inadequacy. In this paper, some of the factors affecting the occurrence of petroleum that the writer believes worthy of consideration by the prospector for oil in any new region will be discussed. Some of these, which are less generally understood, will be considered somewhat in detail. Other points, the significance of which cannot now be determined, require more field study, and for that reason are here brought to the attention of the field geologist. On the other hand, certain theoretical points which do not bear especially on the oil possibilities of a new region will be given little

Jan 2, 1920

By Larry M. Southwick

Pneumatic converting (Bessemerizing) of iron revolutionized the steel industry. Bessemerizing of copper (conversion of copper sulfide matte to copper metal) was proposed at almost the same time, but it was slow in being accepted. The differences between iron and copper converting were great and technical problems were substantial. It took 25 years for the process to become viable and another 25 years before a truly economical solution was found. A major economical and productivity problem was the short life for converter refractory linings. The first converters had acid (silica) linings, which were quickly consumed since silica was a flux for the process. Converters had to be relined at least once per day, a laboriously expensive manual process with only the most rudimentary mechanical aids available to assist. The industry was revolutionized almost overnight when finally a viable basic (magnesite) lining was developed. This lasted 100's of days versus less than one, leading to converters that were easier to operate and which handled larger charges. This change occurred after W.H. Peirce and E.A.C. Smith, with support from the Guggenheim interests, successfully operated a basic lined converter in a copper refinery in Baltimore. While Peirce and Smith are generally given credit for the development and explosive acceptance of this idea, a Pittsburgh industrialist, Ralph M. Baggaley, working in an independent smelter in Butte, Montana, successfully built and operated a basic lined converter four years before they did. In fact, the early support for Peirce and Smith likely occurred because Guggenheim's staff were encouraged after thoroughly examining Baggaley on his earlier successes. The questions of technology primacy between Baggaley and Peirce/Smith are ironically similar to those between Wm. Kelly and Bessemer in converting iron to steel. This paper will review what Baggaley (and other early researchers) accomplished, examine why he (or they) did not receive credit equal to Peirce and Smith and explore what his (their) place should be in the development of successful basic linings. More suspects than a Victorian Whodunit.

Jan 1, 1999

By Charles H. Snow

The engineer has often to penetrate difficult or unknown regions. Mineral, irrigation, boundary and railway problems frequently necessitate journeys through, or long residence in, localities whence sustenance cannot be drawn. The selection and conveyance of provisions, outfit and implements thus become a matter of the first importance. Scientific skill, even of the highest order, is powerless unless supported by the proper appliances and foods. The advance of civilization favors the engineer, in that it is constantly enlarging his facilities and thus reducing his difficulties. Notwithstanding this fact, many are yet brought face to face with the problems considered in this paper. Distinction must be made between parties which are to be in constant or even occasional touch with a base of supplies, and those which will be for a long time dependent on their original outfit. Again, the requirements of a party on the march are different from those of a fixed camp. The district, season, cliinate, size and personnel of party also influence the character of the outfit. A party that is to be detached from its base of supplies for some time requires a greater variety of food than if it is to be gone for a short time. Much less in proportion need be taken where the journey is not long, so that privation is confined to a limited period. The ability to establish a fixed camp permits a larger outfit than would be possible if the camp mere to be moved from day to day. Transportation, climatic and other conditions are thus so varied that lists prepared for one work could hardly be applied to any other without some modification. Lists that have proved successful in some instances may, however, serve as bases to be added to, or otherwise altered, for the case in hand. The mistake usually made is in providing too large an outfit. Every emergency cannot be provided for; so that it is well to take, not what may be needed, but what cannot be spared.

Jan 1, 1900

By M. Moss Stanley, Ronald P. Klepper

The objective of this chapter is to provide data that will assist in the selection and sizing of equipment utilized in the filtration method of separating solids from liquids. It should be recognized at the outset that in some situations more than one option may be available to achieve the target desired. In some cases purely technical objectives may be sacrificed because of cost considerations, design factors or other elements in order to satisfy optimization within the flowsheet and/or to provide bottom line results. Before considering available options, and prior to the next step of sizing out the selection, the operating criteria should be set down. The test work to develop selection and sizing data will be based on this data and the final products desired. This will help to establish initial parameters. A. GENERAL DATA 1. Material to be filtered: a. Solids b. Mother liquor 2. Feed rate of slurry in GPM 3. Density of slurry: Sp. Gr. Solids 4. Slurry: Temp. pH Viscosity 5. Source and method of feed 6. Valuable product: Solids Filtrate Both 7. Details on: Volatility Toxicity Stability 8. If flocculant is indicated, what has been used? 9. Describe product: (i.e., fibrous, cor 10. rosive, abrasive, inflammable, explosive, pasty, 11. Does product alter or require special environment during transport? 12. What type of filter media has been used successfully? 13. Is there any objection to use of a filter aid? If not, is there any preference? B. SOLIDS DATA 1. Sp. Gr. Bulk density 2. Screen analysis 3. Desired percentage moisture in cake 4. Solubility (state conditions): In mother liquor In wash water 5. Description of cake: (i.e., amorphous, fibrous, crystalline, colloidal, gran¬ular, thixotropic, 6. Special requirements for moisture de¬termination? 7. Can solids be compressed during dewatering? 8. Proposed product handling 9. Subsequent thermal drying or other pro¬cedure C. FILTRATE 1. Is separation of wash water and mother liquor desirable?

Jan 1, 1986

By H. M. Chance

(Butte Meeting, August, 1913.) ADEQUATE treatment of the difficulties surrounding the valuation of mineral lands requires that agreement be first reached defining value as understood for the purpose of appraisal. To define value as the price of a product is not sufficient, and does not assist us in using the factors that cause variations in values and in relative values. The real value of any product depends primarily upon its relation to the necessities, comforts and pleasures of mankind. As the necessities, comforts and pleasures of the civilized races differ from those of more primitive man, the value of products varies with the degree of civilization and the environment of the consumer. Coal has no value to the savages of warm climates, and arrow-head flint none to the residents of New York. It has long been recognized that what has been termed ? intrinsic value " must be limited to materials that are essential to existence-air, water, food. But "intrinsic value" cannot be measured in monetary terms. The intrinsic value of a bushel of wheat is due to the fact that it will support the life of an individual for a certain definite time, but this fact does not enable us to measure or to express that value in monetary terms. It has often been proposed to adopt as a measure of the value of any product the quantity of labor necessary to produce it, but this method is of limited application, and will not apply to what may be termed "intrinsic values." For many reasons it might be well, while assenting to the fact that any material may he intrinsically valuable, to abandon the use of the term " intrinsic value." One of these reasons is the tendency to confuse the idea of intrinsic value with a value that is conferred by economic conditions, that is purely artificial and that may be permanent or evanescent; Intrinsic value must from its nature be permanent and unchangeable.

Jan 7, 1913

By H. M. Chance

(Butte Meeting, August, 1913.) ADEQUATE treatment of the difficulties surrounding the valuation of mineral lands requires that agreement be first reached defining value as understood for the purpose of appraisal. To define value as the price of a product is not sufficient, and does not assist us in using the factors that cause variations in values and in relative values. The real value of any product depends primarily upon its relation to the necessities, comforts and pleasures of mankind. As the necessities, comforts and pleasures of the civilized races differ-from those of more primitive man, the value of products varies with the degree of civilization and the environment of the consumer. Coal has no value to the savages of warm climates, and arrow-head flint none to the residents of New York. It has long been recognized that what has. been termed ?intrinsic value " must be limited to materials that are essential to existence-air, water, food. But " intrinsic value " cannot be measured in monetary terms. The intrinsic value of a bushel of wheat is due to the fact that it will support the life of an individual for a certain definite time, but this fact does not enable us to measure or to express that value in monetary terms. It has often been proposed to adopt as a measure of the value of any product the quantity of labor necessary to produce it, but this method is of limited application, and will not apply to what may be termed " intrinsic values." For many reasons it might be well, while assenting to the fact that any material may be intrinsically valuable, to abandon the use of the term "intrinsic value." One of these reasons is the tendency to confuse the idea of " intrinsic value with a value that is conferred by economic conditions, that is purely artificial and that may be permanent or evanescent. Intrinsic value must from its nature be permanent and unchangeable.

Jan 7, 1913

By Henry D. Hibbard

The finishing and casting temperature of steel is a subject concerning which there is so much to learn that some temerity is required to write about it. This paper is, therefore, suggestive rather than dogmatic, though the views expressed seem now to the writer to be correct; nevertheless, they may be modified by future developments or discoveries but until then may be of some utility, particularly to beginners in the making of steel. Consideration is limited to the temperatures of simple steels, also called carbon steels, which are those in which carbon is the only element introduced for the purpose of conferring desired physical properties. Alloy steels will receive attention later. Three things largely determine what a batch of steel really will be; via., composition, casting temperature, and rate of teeming. Each has its advocates as being the most important; but they are so interrelated that each must conform to or be right for the other two. When one is claimed to be the most essential to have right, that, probably, was the one that it was found had to be of a certain description, within narrow limits, to suit the already adopted variations of the other two; that is, it was the last of the three to be brought into line. The term "casting temperature" is rather indefinite as there ale several temperatures to which the term may be applied. Most writers who have mentioned casting temperature of steel have alluded to it in relative terms. The few who have given actual temperatures, including Langmuir, Burgess, Styri, and Bash, do not give full information about them. Their results demonstrate the efficiency of pyrometers used rather than aid the steelmaker. In order to understand and use the temperatures, one should know in each case what the steel was, the stage at which the temperature was taken, whether it was usual or not, and whether or not it was right for that steel at that stage. When these

Jan 1, 1925

By J. E. Pollock, W. R. Hicks, E. Camp

IN the oil-refining industry, steel comprises by far the greatest proportion of the materials used in construction work, but with an enormous number of alloy steels and nonferrous alloys available, and a greater knowledge of their properties and corrosion resistance, a substitution first in the "hot spots" and then in locations of moderately severe corrosive conditions will be made as the greater expense can be justified. In new construction work, advantage is taken of the experience already gained and appropriate materials used, whether for high temperatures and pressures demanding additional strength or for corrosive conditions. The locations, however, where equipment in operation constantly requires replacement will soon become evident, as will the necessity for replacement in more resistant materials, if considerable down-time is to be avoided. In what direction and how far to go in the matter of alloys then becomes a question of the highest importance. Obviously, any replacement with more costly material must be justified economically by the promise of longer life, thereby saving both material and installation costs besides the reduction of loss of production. Where the equipment is overcapacity and a regular schedule of cleaning periods is in force, the last item frequently must be ruled out and justification made on the basis of the first two only. Installation of material that will outlast the remainder of the equipment and have no recovery value must also be avoided; this is particularly important in temporary construction or in old equipment that will soon become obsolete. TEST METHODS Either one Of two methods or a combination of both, in the absence of reliable data in similar services, may be adopted to determine to what extent replacement with other, and perhaps more expensive, materials is justified. A unit may be constructed incorporating different metals or alloys so that comparative service may be obtained under the same service conditions; this has been applied in many instances, such as condenser and tank construction, but the opportunities for inspection may be few and

Jan 1, 1935

By C. A. Heiland

The following summary is written for the benefit of the practical operator in the nonmetallic field who wishes to know what geophysics has done and may be expected to do in his line of work. His problem is quite different from that of the geophysicist who has operated with various or all methods and has followed the literature, and who is assumed to be familiar with the geologic possibilities and limitations of each method. This article is not written for the latter, although he may be interested in the four or five hitherto unpublished surveys described. To the operator, on the other hand, geophysics is only secondary. His problem is to determine which geophysical method is best suited to his special needs. If he wanted to know, however, which method could be used to locate a certain material of given physical properties, building stone, for instance, he would have to wade through a tremendous amount of geophysical literature, bibliographies and articles, before he could find what he wanted. Therefore, the purpose of this summary is to present the geological problems first and then to discuss the comparative merits of the geophysical methods that can be, or have been, applied. Choice of Geophysical Methods in Oil, Civil and Mining Engineering In the first two of these fields, the geological problems are not nearly so complex as in the metal and nonmetallic mining fields. The selection of the correct geophysical method in these fields is not nearly so difficult for the operator. For oil prospecting, his problems have been discussed exhaustively by E. DeGolyer.(1) † In civil engineering (foundation and ground-water work), the usefulness of electrical methods has been so well established that there is hardly any choice of other methods at present. The situation may be changed in the future with the perfection of the seismic reflection method for shallow depths. In the mining field the operator and often the geophysicist himself finds difficulty in determining which method is best suited for a given

Jan 1, 1934

THE CHAIRMAN.- This meeting is under the auspices of the American Institute of Mining and Metallurgical Engineers, and I think the germ of the idea originated in the steel business. Last year there was a meeting of prominent people in the steel industry with the idea of getting together and discussing practical phases of their business, so that everybody could contribute and from that there might be benefit derived for the industry. Several months ago when Mr. Bain was in Salt Lake City, he and Mr. Oldright asked me what I, as an individual, thought of it. From that originated this idea of having the copper people come together to discuss reverberatory smelting and all its phases. In starting out, it seemed the best plan to ask members what particular subjects they wished to discuss first; that is, the ones that would be considered more important. We asked Mr. Oldright, or suggested sometime ago that the meeting be postponed until May because May is a lovely month in Salt Lake. There are a number of attractive features around the city. We have a number of smelters here and I think that probably the most of the benefit will be derived from talking in an informal way and visiting the various plants around. the valley. At any rate, speaking as a resident of Salt Lake, I am glad to see all of you gentlemen here, and hope you have an interesting and instructive time. The tentative list of subjects for discussion at this conference is as follows: Construction Walls, etc. Walls, proper design and thickness of brick for various types of charging. Bottoms, construction of. Binding steel, correct weight and arrangement, where thrust of arch should be taken. Refractory materials, feasibility of using different material in various parts of the furnace. Water jackets, where applicable. Should bricks be used inside of same. Gas space, proper design for, height of roof above bath, etc. Roof Shape of Roof, in hot zone and elsewhere, longitudinally. Construction of roof, in various zones, around openings.

Jan 1, 1930

By W. R. Hicks, J. E. Pollock, E. Camp

In the oil-refining industry, steel comprises by far the greatest proportion of the materials used in construction work, but with an enormous number of alloy steels and nonferrous alloys available, and a greater knowledge of their properties and corrosion resistance, a substitution first in the "hot spots" and then in locations of moderately severe corrosive conditions will be made as the greater expense can be justified. In new construction work, advantage is taken of the experience already gained and appropriate materials used, whether for high temperatures and pressures demanding additional strength or for corrosive conditions. The locations, however, where equipment in operation constantly requires replacement will soon become evident, as will the necessity for replacement in more resistant materials, if considerable down-time is to be avoided. In what direction and how far to go in the matter of alloys then becomes a question of the highest importance. Obviously, any replacement with more costly material must be justified economically by the promise of longer life, thereby saving both material and installation costs besides the reduction of loss of production. Where the equipment is overcapacity and a regular schedule of cleaning periods is in force, the last item frequently must be ruled out and justification made on the basis of the first two only. Installation of material that will outlast the remainder of the equipment and have no recovery value must also be avoided; this is particularly important in temporary construction or in old equipment that will soon become obsolete. Test Methods Either one of two methods or a combination of both, in the absence of reliable data in similar services, may be adopted to determine to what extent replacement with other, and perhaps more expensive, materials is justified. A unit may be constructed incorporating different metals or alloys so that comparative service may be obtained under the same service conditions; this has been applied in many instances, such as condenser and tank construction, but the opportunities for inspection may be few and

Jan 1, 1935

By H. M. Chance

Adequate treatment of the difficulties surrounding the valuation of mineral lands requires that agreement be first reached defining value as understood for the purpose of appraisal. To define value as the price of a product is not sufficient, and does not assist us in using the factors that cause variations in values and in relative values. The real value of any product depends primarily upon its relation to the necessities, comforts and pleasures of mankind. As the necessities, comforts and pleasures of the civilized races differ from those of more primitive man, the value of products varies with the degree of civilization and the environment of the consumer. Coal has no value to the savages of warm climates, and arrow-head flint none to the residents of New York. It has long been recognized that what has been termed " intrinsic value " must be limited to materials that are essential to existence—air, water, food. But " intriusic value" cannot be measured in monetary terms. The intrinsic value of a bushel of wheat is due to the fact that it will support the life of an individual for a certain definite time, but this fact does not enable us to measure or to express that value in monetary terms. It has often been proposed to adopt as a measure of the value of any product the quantity of labor necessary to produce it, but this method is of limited application, and will not apply to what may be termed " intrinsic values." For many reasons it might be well, while assenting to the fact that any material may be intrinsically valuable, to abandon the use of the term " intrinsic value." One of these reasons is the tendency to confuse the idea of intrinsic value with a value that is conferred by economic conditions, that is purely artificial and that may be permanent or evanescent. Intrinsic value must from its nature be permanent and unchangeable. Possibly for present purposes the value of any material may be considered as having a dual origin: First, that due to economic

Jan 1, 1914

By J. E. Pollock, W. R. Hicks, E. Camp

In the oil-refining industry, steel comprises by far the greatest proportion of the materials used in construction work, but with an enormous number of alloy steels and nonferrous alloys available, and a greater knowledge of their properties and corrosion resistance, a substitution first in the "hot spots" and then in locations of moderately severe corrosive conditions will be made as the greater expense can be justified. In new construction work, advantage is taken of the experience already gained and appropriate materials used, whether for high temperatures and pressures demanding additional strength or for corrosive conditions. The locations, however, where equipment in operation constantly requires replacement will soon become evident, as will the necessity for replacement in more resistant materials, if considerable down-time is to be avoided. In what direction and how far to go in the matter of alloys then becomes a question of the highest importance. Obviously, any replacement with more costly material must be justified economically by the promise of longer life, thereby saving both material and installation costs besides the reduction of loss of production. Where the equipment is overcapacity and a regular schedule of cleaning periods is in force, the last item frequently must be ruled out and justification made on the basis of the first two only. Installation of material that will outlast the remainder of the equipment and have no recovery value must also be avoided; this is particularly important in temporary construction or in old equipment that will soon become obsolete. Test Methods Either one of two methods or a combination of both, in the absence of reliable data in similar services, may be adopted to determine to what extent replacement with other, and perhaps more expensive, materials is justified. A unit may be constructed incorporating different metals or alloys so that comparative service may be obtained under the same service conditions; this has been applied in many instances, such as condenser and tank construction, but the opportunities for inspection may be few and

Jan 1, 1935

By Granville S. Borden

The fruits of industry are divided between capital, labor, and governments. Capital takes its redemption and remuneration through profits or dividends; labor takes its share through wages; governments take their share through taxes. Each must have a just share, and the question of what is a just share and the question of who-shall make the allocation are vital current political and economic issues. Certain political philosophies con- tend that government should take all the fruits and that some dictator or politician should have irrevocable discretion and power to distribute the fruits. Believers in democracy and free enterprise adhere to the view that capital is entitled to redemption and fair remuneration; that labor shall have a fair wage; and that governments shall make equitable levies. But since all human beings, both individually and in groups, are inherently selfish, there are many variable views in regard to the question of what ratios shall be applied in a division of the fruits and who shall have the power to fix these ratios. Perhaps all parties should devote more energy to means of increasing the crop, and not so much time to quarreling over a division of the existing crop. Moreover, all three parties must guard against killing the goose that lays the mineral eggs. For example, if the tax burden becomes oppressive and the taxpayer refuses to carry it, then business stagnates, with consequent unemployment, reduction of profits, and curtailment of government revenue. If a producer assumes the increased tax burden, marginal operations must be closed down, and again the consequences are increased unemployment and diminished government revenue. Quite often an increase in a rate of tax results in a reduction of government revenue. Perhaps the worst detrimental feature of selfishness and greed on the part of any one of the three distributees of the fruits of industry is the retardation of expansion of the enterprise. Growth means new jobs, more government revenue, better trade, and better standards of living. Explorations and discoveries have resulted in tremendous contributions

Jan 1, 1959