has a vital relation to the purchase of certain commodities. In deciding upon the location of a new store their calculations are made with such exactness that they rarely have to repeat the survey.

Investigating the Transmutation of Metals

1. The Proposition. When an enterprise has features new or outside the realm of established industry, the problem of investigation may be one of greater difficulty, requiring some modification of the usual methods for its proper solution. Also the manner of investigation varies with the particular undertaking. The matter may perhaps be best illustrated by a discussion of methods that have been employed in the investigation of specific enterprises.

The first of these was nothing more nor less than the transmutation of metals, the party submitting the proposition claiming to have discovered new applications of natural laws enabling him to convert ordinary spelter, i.e., zinc, into high-grade brass at a total cost for labor and materials—at that time-of a cent or two per pound above the cost of the spelter. As the principal constituent of brass is copper, the claim if verified amounted to the profitable and commercial conversion of zinc into copper. Ordinarily, in New York business circles a proposition of such a nature would be dismissed with mild amusement. In this instance, the gentleman presenting the proposition was at the head of a small but successful manufacturing concern in which the metal he proposed to produce was largely used, and his personal intelligence, ability, and commercial standing were such as to warrant a certain amount of confidence in his statements.

Very handsome samples of the transmuted metal were submitted for examination. Satisfactory explanations of the necessity for capital were forthcoming. The offer made was unusually fair and straightforward, involving no payment of any kind to the owner of the process except from profits. Finally the process itself was vouched for so strongly and with such frank plausibility

that the matter was at last, with many misgivings, taken up by the New York concern to which it had been offered.

The process was naturally a secret one, but the owner agreed to make any demonstrations required, provided only that the actual secret of the transmuting material should be retained by him until final contracts had been entered into. As soon as these had been executed, the process was to be revealed to some trustworthy and competent person to be mutually agreed upon. Then, under the supervision of these two, the manufacture would be begun at once, and as soon as an adequate output was secured the copper markets of the world would be controlled with resulting wealth to those in charge "beyond the dreams of avarice."

2. Points for Investigation. The proposition was right," the conditions were reasonable, and the whole thing then hinged on the investigation of the process. The New York concern had undertaken, if the demonstration of the process was successful, to supply all the capital that might be required.

In this case most of the factors were known and the investigation at once narrowed down to the two points: (1) Could the transmutation be made? (2) Could it be made within the price named, or at a price that would make the process commercial?

The value of the whole enterprise would be established if these two points were satisfactorily settled, and they were of such a nature as to permit of an absolute demonstration. It may have been a preposterous proposition but it was not a speculative one, as these two points could be readily proved or disproved.

As a preliminary step the samples of the alleged transmuted metal were submitted to a well-known chemist for analysis. This step was out of the logical order, as an analysis would come in due course when brass was produced in the demonstration of the process. It was undertaken at this time merely as an incidental "bracer," for the benefit of the investigating parties, only necessary or desirable because of the very remarkable nature of the whole proposition. The results of the analysis fully confirmed all

claims as to the grade of the brass, a good-sized nugget of copper being secured from the brassy samples submitted to the chemist.

3. The Demonstration. The investigation of the inventor's ability to effect this interesting transformation was then undertaken. A preliminary demonstration at his laboratory in Philadelphia was completely successful, beautiful samples of brass being produced-apparently from ordinary spelter. Something less open to deception than this laboratory test was, however, essential, and a formal demonstration was arranged for in a foundry near New York. To make this test the more complete and satisfactory, and to guard against fraud, the preparations were made, and the materials furnished-except the very small quantity of transmuting material necessary-by the investigating parties, the owner and discoverer of the process merely indicating the temperature of the furnace, the quantity and quality of the spelter, and the size and kind of crucible required. He even agreed to accept the assistance of one of the regular foundry helpers in place of his own trusted assistant. All this looked very fair and open. The arrangements were made as agreed, and at the appointed time the owner of the process put in his appearance.

The test was picturesque to an unusual degree. For the sake of privacy it was conducted in a small detached smelting-room used for experimental purposes, crowded with the apparatus and paraphernalia of the craft, and with its murky walls and bare beams blackened and discolored by age and metallic exhalations. As a matter of convenience the test was made after banking hours in the early gloom of a winter's evening; and in the half light which struggled through the grimy windows the scene was strangely medieval. Around the sunken furnace a little group of intensely interested spectators was gathered; and as, from time to time, the furnace covers were raised, the white-hot radiance streamed forth on their intent faces with dazzling brilliancy, producing light and shadow effects that would have delighted Rembrandt. This, as the magician-in-chief added his materials,

stirred the molten mixture with his rod, and from time to time cast his mysterious powder into the crucible within, rose and fell, changed hue, and was obscured by dense and curiously colored fumes. Only the wand and the flowing robes of the alchemist were lacking to complete the effect.

The scenic effects were, however, the only satisfactory results of the demonstration. Otherwise it was a complete failure. At the end of the operation the spelter was still spelter, and the magician-in-charge merely a warm and perspiring gentleman, much occupied in trying to explain the absence of results. The investigation practically ended there, and the whole matter was dropped. It subsequently transpired that the gentleman had been the victim of his laboratory assistant, who, through the medium of a hollow stirring rod, and for purposes not remotely connected with the perquisites of his position had surreptitiously introduced enough copper into the "home demonstrations" to produce brass.

An Asphalt Development

1. The Conditions. Another enterprise within the experience of the writer was the development of an asphalt deposit. The undertaking was entirely legitimate and well within the scope of ordinary business, but its investigation was rendered difficult by the dominated condition of the asphalt industry, the remote location of the deposit, the peculiar features of the material, the lack of asphalt experience on the part of those interested, and the impossibility of securing assistance from reliable technical experts.

The "dominated" condition of the asphalt industry and some of the other difficulties encountered in this particular investigation no longer exist in that industry, but the illustration is included here because it brings out clearly features and conditions that are frequently encountered when enterprises are undergoing investigation.

The property was located in Oklahoma, and any clear reading of its title was at that time difficult. The deposit consisted of an immense perpendicular vein or lead of sandstone 50 to 200 feet wide, impregnated with asphalt. This vein was exposed on the surface, went down to unknown depths, and extended for a mile or so on either side of the point selected for investigation. It was developed to a very limited extent, the work done consisting of a large open pit 15 or 20 feet deep with a cross-cut of some 15 feet at the bottom. A small refining plant had been in operation on the deposit, but unfortunately was burned a few weeks before the investigation was undertaken.

At that time the production of asphalt was controlled by the Barber Asphalt Company with practically every competent asphalt expert in the United States in its employ. Also the various concerns using asphalt were so closely allied, or tied to the "trust" that information was not only difficult to get, but when obtained was apt to be misleading.

2. Points to be Determined. Satisfactory terms had already been arranged with the owners of the deposit, and the principal points to be decided before the nature and value of the undertaking could be determined were about as follows:

1. Was the title good?

2. What existing demand was there for asphalt?

3. Was the material of a nature to meet this demand or any part of it?

4. Was the quantity of crude material sufficient to maintain commercial operations?

5. Could the crude material be refined on a commercial basis?

6. Could the refined asphalt be sold at a price to allow a satisfactory profit?

3. Preliminary Investigation. These points are not and, of necessity, cannot be arranged in exact logical sequence. They