are, however, all vital points, and were investigated simultaneously in a preliminary and somewhat superficial way to determine whether the probabilities were good enough to justify a more thorough investigation. In this preliminary work a personal inspection of the property convinced the interested parties that the quantity was likely to be more than sufficient, also that some modification of the refining process already in use would give a practical and economical method of separating the asphalt from the sandstone in which it was found. The matters of title, of demand, and of market were more difficult. The title came through the Chickasaw Indians and seemed decidedly doubtful. It was, however, passed, pending further investigation, upon the assurance of the owners-reinforced by the statement of other responsible parties—that it was the best that could be secured, and that large and valuable coal mines in the general neighborhood had been operated for years under similar titles. The question of the market for the material could only be settled far enough to show that very large quantities of asphalt were used annually in the United States for paving, varnish, paints, and waterproofing, and that the price ranged from $20 to $200 and upwards per ton, depending upon the kind and quality of the asphalt, and the veracity and imaginative powers of the informants. The results of the preliminary research were deemed sufficiently favorable to the property to justify a more searching investigation. 4. Title and Quantity. The question of title was then submitted to attorneys who reported that while it was not satisfactory, it was the best that could be had at that time; that it was the same as that of other mineral properties then being operated in the neighborhood; that it would probably hold, and if so could be perfected later when the mineral properties belonging to the Indians were formally opened for lease or purchase. It was decided to accept the title if the other conditions were favorable. To determine the question of quantity, the services of the state geologist of Texas-a personal friend of the interested parties were secured. This geologist, after careful investigation and measurements, together with drilling to determine depths and a consideration of the general geologic structure, reported that the quantity was sufficient to justify a large commercial development of the property. He also expressed his opinion that the asphalt was of excellent quality, but as he was not a specialist in this line his opinion was not looked upon as decisive. 5. Cost and Production Problems. As no other sandstone asphalt was being mined at the time, the investigation of the cost and method of producing refined asphalt could be established only by the erection of an experimental plant. This was next undertaken, and a small plant was erected on the site of the former works. This plant showed that the asphalt could not be produced profitably on a small scale at the prices then obtainable, but gave ample grounds for the belief that with a larger production the cost could easily be reduced to a point at which profits were possible. This plant also gave opportunity for improvements in the process and the character of the machinery employed, and furnished all necessary samples and material. It also gave the basis for a fairly reliable estimate of the cost of a larger commercial plant. While this demonstration of production methods and costs was in progress, many of the other important features were determined, such as water and fuel supply, methods of mining the crude material, manner of handling the refined asphalt, etc. 6. Quality and Value. The determination of the value of the product was by far the most difficult feature of the investigation. The general asphalt industry was, as stated, in the hands of a strong monopoly which strenuously resisted invasion of any portion of the field and refused information of any kind, save such as would mislead. VOL. I-9 As a simple and practical method of getting information as to the quality and value of the material, samples were sent to a number of users of asphalt, who were asked if the material could be used by them and, if so, at what price. Much information was obtained in this way, almost all of it unreliable or unrelated and therefore worse than useless. Finally by dint of persistent effort and inquiry extending over a year, a general knowledge of the real situation was obtained. This information came from independent dealers, from the users of asphalt, from experts, from direct personal work, and from the employees or ex-employees of the monopoly. A few asphalt experts were found who were willing to undertake investigations of the material and make at least partial reports, reliable so far as they went. Others were willing to give guarded information on special points and-checking one against the other-all this, in connection with the accumulated information from the many different sources drawn upon, gradually pieced out a reasonably fair, full, and accurate knowledge of the whole situation. As to material, the final determination of the matter was that the asphalt was of unusual purity, much resembling the excellent asphalt known as "Bermudez," was quite suitable for paving and roofing, and, when refined to the proper point of hardness, excellent for paints and some grades of varnish. As to price, it was determined that the material could be produced at a cost of from $15 to $18 per ton, and that its sale price in moderate quantities would range delivered between $25 and $40 per ton according to condition, location, etc. As to the market, it was settled that a sufficient demand to justify development could be worked up for the material at these prices-prices which after payment of transportation charges left a satisfactory margin of profit. 7. The Results. All this was ascertained from what was practically the investigation of the undeveloped property, as the little plant that was erected and the very limited sinking and drifting that were done could hardly be called development. At the con clusion of the investigation, however, the parties having the property in hand were in a position to present their enterprise to capitalists with some reason for expecting a favorable consideration. This was done, and after much discouragement and many failures, strong and competent parties were found who agreed to take the property up, erect a fair-sized plant, and operate it on prescribed terms. These terms were reasonable, and the arrangement would have been consummated but for an unfortunate disagreement among the parties controlling the property. This effectually tied up the whole enterprise; shortly after the little plant was burned a second time, and the property remained for years unworked, deserted, and in a condition of most melancholy desolation. Investigation of a Fire-Brick Property 1. The Property. The great difficulty in the investigation of the asphalt property just discussed lay in the very effective opposition of the monopoly which then practically controlled the asphalt business of the country. In an ordinary enterprise this difficulty would not exist. Expert assistance, as a rule, may be obtained with the certainty of full and reliable reports, the general conditions may be easily ascertained by direct investigation, and, where necessary, working tests can be made with but little trouble or expense. As an illustration of the investigation of an enterprise of this nature, the contemplated development of a silicate clay bed supposed to be suitable for the manufacture of refractory fire-brick may be briefly considered. This bed lies exposed in the side of a low bluff almost abutting on the railroad track. The title to the property is unquestioned, it can be obtained on reasonable terms, and the location and general character of the beds are such as to establish the fact that the quantity of clay is sufficient. Transportation is at hand at a fixed and satisfactory rate and the demand for fire brick is reasonably large and constant at a known and steady price. The only important points left for investigation before the value or the possibilities of the development can be reasonably well determined are: 1. The qualities of the clay. 2. The qualities of the product. 2. Testing the Clay. The investigation necessary to establish these three points may be outlined as follows. The nature and value of the clay up to the point of the finished brick may be easily and cheaply settled by sending a sufficient quantity of the material to nearby brickyards. Here at small expense it may be worked, molded, and burned with the apparatus and equipment there in use. If these brickyards should decline to assist in the establishment of a possible competitor, more distant brickyards must be resorted to where an actual trial may be made. In such case the total cost would be more, but still very moderate. In either case a practical working test of the clay would be secured that would determine its behavior and the appearance of its product under conditions that hardly permit of error. In addition to this actual test, the nature of the clay and its products might also be determined and should be determined as a check on the working test and as a general precaution-by expert testing and analysis. In this way its exact composition may be ascertained; and, as the requisites of a good fire clay are wellknown, the value of the particular clay for this purpose could be decided almost as positively as by a working test. There is no difficulty in finding competent chemists and engineers who make a specialty of such work, and their reports can be relied upon. 3. Testing the Product. The endurance and general value of the finished brick may, of course, be determined by an extended practical test and should be so determined so soon as possible. It may, however, also be ascertained and almost or quite as |