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By AIME AIME

Council.* PRESIDENT OF THE COUNCIL. ROBERT W. HUNT CHICAGO, ILL. (Term expires February, 1907.) VICE-PRESIDENTS OF THE COUNCIL. WILLIAM P. BLAKE TUCSON, ARIZ. THOMAS F. COLE DULUTH, MINN. IRVING A. STEARNS WILKES-BARRE, PA. (Term expires February, 1907.) HENRY AL HOWE NEW YORK, N. Y. J. B. GRANT DENVER, COLO. JAMES D. HAGUE NEW YORK, N. Y. (Term expires February, 1909.)

Jan 1, 1907

By George Watkin Evans

The need for mechanization in coal mining wherever it can be successfully introduced is evident when we take into account the fact that during recent years the coal-mine employee's wages have increased and his hours have been shortened. Coal is no longer King, and a brief study of statistics covering the production of coal, petroleum and natural gas and the development of water power will convince anyone that coal has had very powerful competitors during the past 10 years. Petroleum production in the United States between 1918 and 1936 increased from 100 per cent to 309 per cent. Water power increased from 100 per cent in 1918 to 270 per cent in 1936. Bituminous coal slipped from 100 per cent in 1918 to 75 per cent in 1936. The anthracite industry slipped from 100 per cent in 1918 to 50 per cent in 1932, but climbed to 55 per cent in 1936. In 1918, the State of Washington produced a little over four million tons of coal and the production of California oil, at that time, was a little less than one hundred million barrels per year. By 1929 the production of California oil had increased to a little over 292,000,000 bbl. or nearly 300 per cent as compared with 1918. By 1934 the production of coal in the state of Washington had dropped to about 1 1/3 millions of tons per year. Our neighbors in British Columbia had their coal production reduced from a little over 2 1/2 million tons in 1920 to less than 1 1/3 million in 1933. The North western Improvement Co., a subsidiary of the Northern Pacific Railroad Co., owns coal properties in various parts of Washington and Montana. The Northern Pacific is one of the very few railroads using any considerable quantity of coal in its operations. Practically all of the American railroads in the Pacific Northwest, except the Northern Pacific, are using cheap California fuel oil or electricity. This problem, of course, is not a new one in coal mining, and all of the progressive coal companies in the country have tried to meet competition from an overproduction of petroleum and an overproduction of natural gas as well as enlarged developments of hydroelectric plants.

Jan 1, 1938

By M. B. Riordan

A surface indicating pressure, temperature and flow instrument that ernploys variable frequency sensing elements has proved useful in evaluating flow characteristics of wells. Relative productivity of individual oil and gas sands in a given well can be analyzed at several back pressures. The variable frequency sensing elements are an improvement in sensitivity and accuracy and make possible observation of temperature and pressure variations that have not been possible heretofore. The surface indicating featuere results in a more direct approach to solving problems and eliniinate; many assumptions. All three subsurface factors are evaluated, and correlation between them results in a direct means of analyzing reservoir. and well conditions. Surveys have been used to evaluate well performance. locate gas entry In high ratio wells and to investigate gas injection and water flooding conditions. INTRODUCTION In a flowing well that is open to a multiple number of producing sands with varying characteristics. it is valuable to know which sands are producing fluid at a given back pressure and in what relative quantity. Core studies could qualify an interval as productive, and reserves would be computed on this basis. Unless the well is produced so that the interval does contribute. irreparable damage to the interval can occur. It is generally accepted that the optimum condition of pro-

Jan 1, 1951

By Dart Wantland, C. A. Heiland

There once was a little kid, whose lot was a very tough one until he grew up. His parents did not have much in common; from all indications, it is probable that the child was not wanted. His father Geology and his mother Physics separated shortly after his birth, which occurred during the World War amid a smoke screen of mathematics. He was kicked around a great deal. His parents could not agree on a name, and they finally christened him "Geophysics," for short. His relatives insisted that the name should be "Geophysical Prospecting," "Geophysical Exploration" or "Exploratory Geophysics"; though the youngster has grown up by now, this battle is still going on. His father did not think the child would amount to much until he began to show some unexpected talents, which were acquired, no doubt, from his mother Physics. His progress caused his father no little worry, and he began to wonder whether his offspring would help him in his business when he grew up or would set up shop in competition with the old man. His aunt Petroleum watched his growth with benevolent interest; his uncle Mining remained rather skeptical and cousin Civil Engineering not only assumed the attitude of the man from Missouri but was not much convinced even after he had been shown. Making a long story short, the kid decided that he had to stand on his own feet and get along as best he could. Having come from a good family he possessed some outstanding characteristics such as resourcefulness and a reasonable amount of business ability. He therefore decided that it would be to his advantage to follow in his father's and mother's footsteps as much as possible, and develop the good qualities of both. As a result, the youngster did fairly well for himself, and his relatives decided that it might be to their advantage to be on better terms with him. Father Geology had come to the conclusion that the boy could be very helpful to him and now wanted him to live in his house. His mother, who had brought him through the teething and measles stages, felt quite capable of bringing up the boy without the help of his father; and, as the fairer sex will do, would confide to a neighbor every now and then that his

Jan 1, 1940

THE opening session was held on Tuesday evening, October 23d. Mr. J. F. Lewis, on behalf of the local committee of arrangements, made a short address of greeting to the members assembled, and then introduced Gov. A. H. Holley, of Lakeville, Conn. Gov. Holley addressed the Institute as follows : Gentlemen, we give you cordial welcome to a mining, manufacturing, and agricultural country, of which we are not a little proud. We welcome you as an association, and as individuals. We invite you to an inspection of our resources, and to our methods of improving them. We appreciate the results of your efforts in past years, and we anticipate good from your advice and counsel in the future. You are in the vicinity of some of the oldest mining and manufacturing operations in iron in our country. It will be our pleasure to conduct you to a mine which was worked for more than a half century before our country achieved national independence, and to point out to you the spot where the products of this mine were wrought into cannon and shot during the progress of our Revolution. We can show you also a far larger area of mining country than was supposed to exist in this vicinity at that early day. There are, within a radius of thirty miles from this spot, ten mines at least that have been extensively worked, and there are as many more that have been occasionally worked, with a fair degree of success. All the mines that are wrought to any extent produce excellent qualities of iron, while many of them in various combinations produce as good material for the manufacture of steel, car wheels, axles, and many other purposes, as can be found in any country. The old Salisbury iron retains its reputation for tensile strength unsurpassed, when made entirely from the ore of the old mine. The progress that has been made in the development of these mines since the days of the pickaxe, when the product was transported in pounds upon horseback, to those of the steam-engine, which now moves hundreds of tons per day, presents, indeed, a

Jan 1, 1878

By Leonard Logan

The petroleum industry is not peculiar in that it has a problem of stabilization. Economic conditions, not only in the United States but throughout the entire world, are unstable. However, the petroleum industry together with coal mining and agriculture has experienced a longer period of depression than most of the others. It is significant to note that industries engaged in the production of basic raw materials, the primary industries, have not enjoyed as much prosperity since the war as the secondary industries, or those engaged in the fabricating of raw materials and their distribution. The problems of the primary industries are not all the same. Overproduction has existed for several years in agriculture but its causes are not the same as those that have brought about overproduction in the petroleum industry. Unlike agriculture, the institution of property rights and the migratory nature of oil are responsible for the oil man's troubles. Our laws permit the owner of the oil and gas rights, with certain exceptions, to drill when and where he pleases. Since oil is migratory, the adjacent property owner must go and do likewise—drill. This condition spread over a wide area soon brings to the surface more petroleum than can be readily absorbed by the market, creating a condition of overproduction. It is significant to note at this place that when overproduction occurs the complete units in the industry suffer least. A complete unit is taken here to mean a corporation engaged in all the phases of the industry through production, transportation, refining and marketing. In the present depression the complete units in the industry are not in as bad financial condition as those engaged in single phases of the industry. The same thing can be said of the zinc industry, the lumber industry, and the other industries where there are organizations engaged in all the steps through the production of raw materials to the marketing of the finished product. The reason for this is that the complete units are in better position to coordinate all the factors that would work for a stabilized condition than are the units that are engaged in a single branch of the industry.

Jan 1, 1931

By Edward H. Robie

THOUGH the final figures are not available as this is written, it seems certain that the Institute accounts will show $7000 to $8000 surplus for the year 1951. This is the first time this has happened since 1941. No money had to be taken from any of the Funds to bring about this happy condition. Furthermore, the amounts allowed for depreciation, bad debts, and inventory adjustment were more liberal than in the past. Income increased some $29,000 over 1950. Dues received from old members increased moderately, but dues from new members dropped off $2000 and from initiation fees quite severely-from $17,000 to $11,000. The number of new members did not come up to expectations and a change in procedure caused a delay in getting some of them on the rolls. A large number of the new members paid an installment of $5 on their initiation instead of the full $20. Junior Members, of course, pay no initiation fee. Brightest spot in the income picture was the increase in advertising income-from $103,000 in 1950 to $143,000 in 1951. All three of the journals shared in this, Mining being up $18,000; Metals, $9000; and Petroleum $13,000. Nonmember sales of the journals dropped off slightly, and sales of Transactions volumes more so from $35,000 in 1950 to $27,000 in 1951, with a further drop of $5000 accounted for by a change in accounting procedure. On the other hand, sales of other publications increased by $10,000.

Jan 1, 1952

By John M. Dealy, Robert D. Pehlke

Values for interaction parameters in nonferrous systems, as calculated from published data, are tabulated and discussed. The influence of temperature on the parameter is derived and compared with the results of the literature study. Wagner's relationship between the interaction parameter and the self interaction coefficients is compared with the tabulated data. A problem which has been of considerable interest in the field of metallurgy is the prediction of the effect of one alloying element present in dilute concentration on the thermodynamic properties of another dilute alloying element. Ultimately, the prediction may be accomplished entirely from statistical mechanical considerations. At the present, however, the problem remains unsolved since liquid solution models which are simple enough for analytical treatment are inadequate for such purposes. Thus, we desire some means of organizing the information on dilute systems which will serve as a guide for further study on interactions in dilute alloys, and also provide a basis for the utilization of thermodynamic data in the engineering design of alloys.

Jan 1, 1963

The opening session was held on Tuesday evening, October 23d. Mr. J. F. Lewis, on behalf of the local committee of arrange ments, made a short address of greeting to the members assembled, and then introduced Gov. A. H. Holley, of Lakeville, Conn. Gov. Holley addressed the Institute as follows: Gentlemen, we give you cordial welcome to a mining, manufac turing, and agricultural country, of which we are not a little proud. We welcome you as an association, and as individuals. We invite you to an inspection of our resources, and to our methods of im proving them. We appreciate the results of your efforts in past years, and we anticipate good from your advice and counsel in the future. You are in the vicinity of some of the oldest mining and manufacturing operations in iron in our country. It will be our pleasure to conduct you to a mine which was worked for more than a half century before our country achieved national inde pendence, and to point out to you the spot where the products of this mine were wrought into cannon and shot during the progress of our Revolution. We can show you also a far larger area of mining country than was supposed to exist in this vicinity at that early day. There are, within a radius of thirty miles from this spot, ten mines at least that have been extensively worked, and there are as many more that have been occasionally worked, with a fair degree of success. All the mines that are wrought to any extent produce excellent qualities of iron, while many of them in various combinations produce as good material for the manufacture of steel, car wheels, axles, and many other purposes, as can be found in ally country. The old Salisbury iron retains its reputation for tensile strength unsurpassed, when made entirely from the ore of the old mine. The progress that has been made in the development of these mines since the days of the pickaxe, when the product was trans ported in pounds upon horseback, to those of the steam-engine, which now moves hundreds of tons per day, presents, indeed, a

Jan 1, 1879

By M. Muskat R. D. Wyckoff

The phenomenon called "water-coning" is that, observed in many oil wells, in which bottom water gradually and frequently sudderlly displaces a part or all of the oil production when a certain rather critical production rate from the well is exceeded. To follow in detail the process of the formation of a water cone as it breaks through the oil zone and enters the well bore is a problem so complex as to make a theoretical analysis practically impossible. However, an analytical treatment of the flow system before the water has broken through and during the time that it lies statically beneath the oil zone with an elevated or "coned" surface can be carried through under certain approximations. To present an analysis which shows the essential characteristics of the coning mechanism is the purpose of the present discussion. Physical Basis of Theory and Meaning of Approximations As will always be true for flow systems where true water-coning is at all possible, the water will be supposed to lie beneath the oil zone because of its density contrast with respect to the oil. In fact, tinder the usual field conditions, when the pay horizon is reasonably homogeneous, the water most frequently enters the well through the lower zones, but even when it enters from intermediate zones it may, in the later life of the well, displace the bottom layers of oil, thus resulting in a system wherein the oil is effectively floating on the water.

Jan 1, 1935

By R. M. Rose, D. P. Ferriss, J. Wulff

The effect of orientation on the stresses, nctivation energies, and activation volumes for yielding and plastic flow of tungsten single crystals was investigated. Tensile tests showed the proportional limit to be a function of orientation: crystals whose tensile axes were near the [I10} direction were roughly three times as strong as [loo] crystals. The [ 1101 crystals showed low strain hardening and displayed yield phenomena, whereas the other orientations yielded smoothly and showed considerable strain hardening. The fracture mode was cleavage, except for crystals near the [1101 , many of which gave "chisel" fractures at 300°and 373°K. The activation energy for yielding was approximately one- half an electron; volt at all orientations, and the volume of activation was (12 to 14)b3, except near the [1101, where it was 7b3. Activation volumes generally increased after yielding. The most common theoretical models for yielding and strain hardening of bcc metals were. found to be insufficient to the intepretation of the observations here in. An explanation is proposed, based on the dislocation reaction dislocation networks and jogs, md jogs formed during plus tic flow. PRECLSE knowledge of the Drocesses involved in the yielding and plastic flow of the refractory metals is essential to the formulation of models for their flow and fracture. Despite this need, the single -crystal investigations, especially of tungsten, have been sparse. Slip occurs at low temperature, according to schadler,i in <111> directions on {110) planes; as the temperature rises to room tempera-

Jan 1, 1962

By C. A. Heiland, Dart Wantland

There once was a little kid, whose lot was a very tough one until he grew up. His parents did not have much in common; from all indications, it is probable that the child was not wanted. His father Geology and his mother Physics separated shortly after his birth, which occurred during the World War amid a smoke screen of mathematics. He was kicked around a great deal. His parents could not agree on a name, and they finally christened him "Geophysics," for short. His relatives insisted that the name should be "Geophysical Prospecting," "Geophysical Exploration" or "Exploratory Geophysics"; though the youngster has grown up by now, this battle is still going on. His father did not think the child would amount to much until he began to show some unexpected talents, which were acquired, no doubt, from his mother Physics. His progress caused his father no little worry, and he began to wonder whether his offspring would help him in his business when he grew up or would set up shop in competition with the old man. His aunt Petroleum watched his growth with benevolent interest; his uncle Mining remained rather skeptical and cousin Civil Engineering not only assumed the attitude of the man from Missouri but was not much convinced even after he had been shown. Making a long story short, the kid decided that he had to stand on his own feet and get along as best he could. Having come from a good family he possessed some outstanding characteristics such as resourcefulness and a reasonable amount of business ability. He therefore decided that it would be to his advantage to follow in his father&apos;s and mother&apos;s footsteps as much as possible, and develop the good qualities of both. As a result, the youngster did fairly well for himself, and his relatives decided that it might be to their advantage to be on better terms with him. Father Geology had come to the conclusion that the boy could be very helpful to him and now wanted him to live in his house. His mother, who had brought him through the teething and measles stages, felt quite capable of bringing up the boy without the help of his father; and, as the fairer sex will do, would confide to a neighbor every now and then that his

Jan 1, 1940

THE record of the development of physical metallurgy since the founding of this Institute embraces by far the greater part of physical metallurgy as this subject is recognized today. Yet it is not to be supposed that the metallurgist interested in the properties and behavior of solid metals at the beginning of this period was without important and even fundamental information. He had an empirical knowledge of the behavior of solid metals which extended backward into prehistoric times and he had the early beginnings of many of the chapters in the science of metals. Industry was burgeoning in many directions, for methods had been developed, especially in the manufacture of steel that provided materials in extremely large tonnages, permitting applications of metallic materials on a very widespread scale. These multitudinous new uses of metals created an increased interest in the behavior of metals, and provided the basis for the rapid development of a science of metals. Indeed, the development of science generally that accompanied the industrial revolution reached a flood tide toward the end of the century, furnishing the metallurgist basic principles in chemistry, physics, mechanics, and crystallography that would shortly be extensively applied to metallic behavior. In this account, the early developments in the wide metallurgical field will be traced, in order that the status of physical metallurgy in 1871, when this Institute was founded, may be clearly seen. The subject of metallurgy in antiquity has been written upon frequently and at length. We shall here no more than indicate the main features that we need to define the position in 1871 and to provide a proper background for discussing subsequent developments. The writings of Pliny,1 23-79 A.D., to which Robex-ts-Austen3 fre-

Jan 1, 1948

By Ezequiel Ordoñez

THE great activity with which the oil resources of the northern Cantons of the State of Veracruz have been developed has largely resulted from the great success obtained by the important explorations carried out since 1902 in the Ebano district in the North, and several years later near Tuxpam, in the South. It must not be thought that these successes were quickly obtained, since the preliminary studies by good experts, the acquisition of what were thought to be the most promising coast lands, the extensive clearing thereof, and finally the number of unsuccessful drillings at great depth, signified an original outlay of some ten&apos;s of millions of dollars before finding commercial oil. The discovery of oil in industrial quantities at Cerro de la Pez, Ebano district, and the famous Dos Bocas gusher some years later, which was burned, once and for all made famous the Veracruz coast, where today is concentrated the Mexican output of mineral oil. In .1917, this production was nearly 50,000,000 bbl. It is well known that this output represents only a fraction of what the wells in actual production can furnish, because with adequate means of transportation and storage, the present extraction could be somewhat over 300,000,000 bbl. a year. These enormous potential oil resources of the Veracruz coast proceed from a relatively small number of wells, scattered over a few oil fields, separated from each other by large unexplored areas, wherein may be found other favorable fields which, in time, will undoubtedly become just as great centers of oil production. Experts who know our Gulf Coast believe that lands with commercial oil resources lie not only between the Panuco amid Tuxpan Rivers, but that indications are that the oil zone of Mexico, with more or less interruption, takes in the coast zone from Northern Tamaulipas to the foot of the Sierra Madre of Chiapas, and the banks of the Usumacinta River. This generalization is not merely the outcome of optimism, but is the result of the persistency with which one finds, throughout this Gulf Coast, the most usual characteristics upon which we depend for recognizing oil-bearing lands.

Jan 5, 1918

By M. Gensamer

IN applied mechanics and in metallurgy the transition from elastic to inelastic action is a matter of considerable interest and importance. Often the first inelastic deformation is apparently quite homogeneous; that is, uniformly distributed throughout the specimen. Sometimes this deformation is heterogeneous; that is, localized; inelastic deformation proceeds to some definite amount in restricted regions before adjacent regions of the specimen are inclastically deformed. In such cases the deformation does not become homogeneous until the whole specimen has been deformed the amount corresponding to that for each localized deformation. If the test is stopped before uniform extension sets in, the heterogeneous character of the deformation is apparent on the surface of the specimen through characteristic markings, which have been called "Lüders"&apos; lines, "Hartmann&apos;s" lines, the "Piobert effect," or simply "flow figures." These markings are the source of considerable trouble in fabricating operations, particularly in the deep drawing of steel sheet. In many cases where the transition is of this nature, the stress developed at the upper limit of the elastic range is greater than the stress during the period of heterogeneous deformation, giving rise to the familiar "drop of the beam" effect in testing. The amount of the yield-point elongation, as well as the value of the stress at the lower yield point (the value to which the stress drops when yielding begins), are functions of the tempera-ture and the testing speed. Lower temperatures and faster rates of testing increase both the yield-point elongation and the yield-point stress. These matters have been ably discussed in a recent paper by Winlock and Leiter1 though, as brought out by the discussion of that paper, the phenomena are but little understood. The purpose of the present paper is to clarify the problem through the application of a simple principle, and to show that, through the application of this principle, a number of phenomena in the plastic deformation of metals become more read-ily understood.

Jan 1, 1938

By John Chipman

HE lecture on &apos;Thermodynamic Properties of Blast Furnace Slagso prepared in 1959 and published two years later required revision in one particular before it appeared in print. The activity of SiO, was deter mined through studies of the equilibrium: SiO, (in slag) 2C (graphite) = (in Fe) 2C0 (1 atm) The ratio for each experimental temperature was found from the heat of formation of cris-tobalite, the entropies and heat capacities of the re-actants, by virtue of the third law of thermodynamics. Discrepancies between several kinds of data led to investigations regarding other equilibria involving SiO, on the suspicion that there might be an error in the third-law value of its free energy. In particular the equilibrium: was restudied by Kay and Taylor who Confirmed the earlier results of Baird and Tayloron which their SiO, activities depended. The free energy of Sic was also rechecked4 independently. These and other equilibrium measurements led to the conclusion6 that the free energy of SiO, at high temperatures is in error and requires a correction of about -5 kcal. The exact source of the error is uncertain; it could lie either in the entropy of SiO, or in its heat of formation, but it more probably lies in the latter. Adjustment of this free energy lowers the ratio by a factor of approximately 4. Accordingly it will be necessary to multiply by this factor all of the SiO, activities determined by this method.&apos;,B Referring to the lecture cited, this correction should be applied in Figs. 8, 9, 10, 19, and 20. It applies also to the experimental data of Fig. 13, bringing these as well as those on the ternary system into good agreement with the work of Taylor and associates. At the same time it eliminates the discrepancy shown in Fig. 11, lowering both lines until the upper

Jan 1, 1962

By M. B. Riordan

A surface indicating pressure, temperature and flow instrument that ernploys variable frequency sensing elements has proved useful in evaluating flow characteristics of wells. Relative productivity of individual oil and gas sands in a given well can be analyzed at several back pressures. The variable frequency sensing elements are an improvement in sensitivity and accuracy and make possible observation of temperature and pressure variations that have not been possible heretofore. The surface indicating featuere results in a more direct approach to solving problems and eliniinate; many assumptions. All three subsurface factors are evaluated, and correlation between them results in a direct means of analyzing reservoir. and well conditions. Surveys have been used to evaluate well performance. locate gas entry In high ratio wells and to investigate gas injection and water flooding conditions. INTRODUCTION In a flowing well that is open to a multiple number of producing sands with varying characteristics. it is valuable to know which sands are producing fluid at a given back pressure and in what relative quantity. Core studies could qualify an interval as productive, and reserves would be computed on this basis. Unless the well is produced so that the interval does contribute. irreparable damage to the interval can occur. It is generally accepted that the optimum condition of pro-

Jan 1, 1951

By James W. Dally, William L. Fourney, Anders Ladegaard Peterson

For the past 3 years, the authors have been conducting research sponsored by the National Science Foundation (RANN) to improve the process of excavation by drilling and blasting. The approach followed has been experimental where the development of stress waves and fractures initiated at the bore hole have been investigated in order to obtain a complete understanding of the dynamic Fracture process. The second step in the approach has been to introduce modifications in the drill and blast procedure which will permit closer control of the fracture process.

Jan 2, 1978

By Norbert R. Morgenstern

INTRODUCTION An understanding of the role of water in controlling the stability of rock masses is central for a rational approach to the subject. The presence of water can hinder mining opera- tions in two ways: 1. excessive discharge 2. excessive pressure It should be noted that if the rock mass is very tight, excessive pressures can exist without large discharges. Alternatively, if abundant water is available and the rock mass is open, then substantial discharges can occur under quite small pressures. The problems associated with excessive discharge are usually well understood by the mining engineer. Vehicle mobility is inhibited, some areas are flooded and hence become inaccessible; at best, a costly nuisance exists. The methods of solving these problems are also well-known to mining engineers. They generally involve tapping the source of the excessive discharge and channeling it away in such a manner that any hindrance to the mining operation is minimized. The effects of water pressure on the stability of rock masses are less obvious and the following will be devoted solely to this aspect of the problem. The manner in which water pressures enter into the consideration of stability is made clear by an understanding of the concept of effective stress. THE CONCEPT OF EFFECTIVE STRESS The simplest mechanical model for the problem of rock slope stability consists of a rough, rigid block sliding down an inclined plane under the influence of gravity. This is illustrated in [Fig. 1]. The down-slope component of the weight of the block tends to produce movement which is resisted by the shearing force generated by friction along the base of the block. The shear stress per unit area inducing movement is

Jan 1, 1971

By Sam Harlan

At intervals during the past several years the oil industry has been confronted with the problem of forestalling crises in its affairs. These crises have been reduced to periods of depression which, fortunately, the industry has been able to survive. Under the existing competitive practices which control the producing division of the industry it apparently has been proved that the best efforts logically to curtail development and producing operations are inadequate for effecting a true production balance and the consequent stabilization of prices. The industry is awakening to the fact that the situation warrants revolutionary thought and at this time it is looking for a permanent solution of its problem in a general plan for unit development and operation such as the one first proposed by Henry L. Doherty. Mr. Doherty&apos;s proposal was designed not only as a means for stabilizing the industry as a whole, but its principles involve very definite potential benefits for the average individual operator and royalty owner as participants in pooled projects. The benefits to these individuals would be derived from maximum recovery, the maximum utilization of natural energies, the minimization of development and operating costs, enhanced values of leases and royalties through improved efficiencies and ultimate yields, improved earnings through stabilized crude oil prices, etc. This plan was revolutionary to the industry&apos;s practices and at the time was rejected, but it now appears that the development and operating policies for new properties are continually approaching the ideal of the original plan. Oil companies are constantly extending their efforts to improve all factors that have a bearing on the costs and efficiencies of their operations. These efforts may, in some degree, be a normal outgrowth of the industry&apos;s progress, but the forced consideration of market conditions, the growing appreciation of the importance of regulating operations for maximum ultimate economies and the depreciation of the old principle of maximum flush at any cost, come from a new school of thought which has been stimulated by the immediate pressure of overproduction and

Jan 1, 1930