Search Documents

By Gifford E. White

EXPLANATIONS of the basic procedure for making earth-conductivity studies by the Eltran method have already appeared in several places.1,2,3 In its essentials, this method consists of applying step functions of voltage to one pair of earth grounds and measuring the transient potential resulting at a separate pair of ground points. As previously pointed out,4 the transient potential resulting from a suddenly applied steady voltage is the indicial transfer function of Carson,5 which has been extensively studied in network theory. [ ] The discussion here, with one special exception, will ignore the problem of how the physical configuration of the earth affects the transient response voltage; it appears that this phase of the problem has been solved in only a few special cases having any direct bearing on the prospecting problem. Entirely distinct from the potential theory aspect of the conductivity problem is the interesting material that can be had from studying the well-known network relations between cause and effect in linear circuits, and thus deducing criteria for the application of the several experimental methods available. To do this, only one assumption need be made about the nature of the earth. The earth is to be considered a linear conductor within the tolerance of ordinary measurements. The discussion will be restricted to collinear electrode configuration like that of Fig. I, since this is the only type of spread practical for use with driving currents that vary with time. Here one pair of grounds carries the driving current, and in line with these and external to them is a [ ] pair of potential probes. The problem will be to consider the relation between the different voltages appearing between the potential circuit terminals when various types of driving voltage sources are inserted in the current circuit. Suppose that the grounding points G1 and G2 make good contact with the earth, and that a battery of sufficient voltage to produce one ampere of direct current is introduced into the current circuit by the closing of a switch. The potential transient response to such a voltage can be measured by taking an oscillogram at the potential circuit terminals, giving the time function that has been called A(t).4 This time function has been solved for analytically in the case of a homogeneous earth,6,7 and the

Jan 1, 1941

By Alfred Boyles

"Heredity"1 in cast iron has been a subject of much discussion. Numerous experimenters have found that the properties of gray iron may vary greatly without corresponding variations in composition or thermal treatment. The main structural difference in such cases is in the size and distribution of the graphite flakes and the explanations given usually attribute this difference to some chemical element not shown by ordinary analysis or to some physical factor, such as inclusions in the melt. It cannot be said that any of these theories is completely satisfactory. Much remains to be learned about cast iron and for this reason a study of the material was undertaken as a part of the program of fundamental research at Battelle Memorial Institute. A review of the literature indicated that very little systematic work had been done on the mechanism of freezing in cast iron. The experiments described below are largely concerned with that problem. Normal and "Dendritic" Cast Iron As examples of variation in type of structure, photomicrographs of two test bars of cast iron are shown (Figs. 1 and 2) and the composition and properties are given in Table 1. Both are common, unalloyed gray iron. Test bar No. 13 has normal graphite flakes while No. 49 has very fine, lacy graphite arranged in a dendritic pattern, the matrix in both being pearlite. These two types of cast iron are well known to foundry-men and need no detailed description.

Jan 1, 1937

Organization Place Date 1917 Electric Power Club Hot Springs, Va. June 11-14 Society for the Promotion of Engineering Edu¬ cation Evansville,Ind. June 19-22 American Institute of Chemical Engineers Buffalo, N. Y, June 20-22 American Institute of Electrical Engineers Hot Springs, Va. June 25 American Society for Testing Materials Atlantic City, N. J. June 26-30 Mine Inspectors Institute of U. S. A. Indianapolis Ind. July 9-11 National Association of Stationary Engineers... Evansville, Ind. Sept. 10-15 National Exposition of Safety and, Sanitation .. New York City Sept. 10-15 American Iron, Steel & Electrical Engineers.... Philadelphia, Pa. Sept. 10-14

Jan 6, 1917

[JOSEPHSON, W. G.: The Argonaut Mine of Today, M88, 475 JOUET, C. H., biography, M29, 258 Joule-Thompson effect, 98, 381 JOWETT, J. H., biography, M83, 276 JUDSON, S. A.: Operations in the Gulf Coast of Texas and Louisiana for 1926, G26, 659 JUDSON, S. A., EASTON, H. D. JR. AND SCHAEFFER. W. A. JR.: Estimation of Petroleum Reserves in Prorated Fields 114, 11. Abs., YB35, 50 JULIHN, C. E.: Copper---An Example of Advancing Technology and the Utilization of Low-grade Ores. Brookings Lecture, in Mineral Economics (1931 volume, B. W. Mudd Fund)]

Jan 1, 1936

Organization Place - Date 1918 American Iron and Steel Institute New York, N. Y. May American Water Works Association :.. St. Paul, Minn. May 20-25 American Institute of Chemical Engineers Berlin, N. H.. June 19-22 American Concrete Institute Atlantic City, N. J. June 24-26 American Society for Testing Materials Atlantic City, N. J. June 25-28 New York Electrical Society New York, N. Y. June National Association of Stationary Engineers Cincinnati, 0. Sept. 9-13 National Exposition of Chemical Industries New York, N.Y.. Sept.23-28 American Chemical Society Cleveland, 0. Sept. National Petroleum Association Atlantic' City, N. J. Sept.

Jan 5, 1918

By Tracy C. Jarrett

In 14-karat gold alloys, as in 10-karat gold alloys,3 the addition of such metals as zinc, nickel, copper and silver produces a wide range of physical and chemical properties such as color, hardness, corrosion resistance and melting points. These important factors made gold alloys desirable in the optical work and for jewelry. In 14-karat gold alloys, as well as in 10-karat or 12-karat, it is possible to have two golds of the same color, one of which will corrode more than the other, although it may be harder. Some of these alloys have been investigated by F. E. Carter,' E. M. Wise,= and L. Sterner Rainer.4 In this group of alloys the gold content of 58.3 per cent (14-karat) was held constant, while the copper varied from 36 to 24 per cent. The balance of the alloy consisted of one, two, or three of the metals silver, zinc, and nickel. All the alloys were melted in an induction furnace and cast into an ingot that measured 3 by 1/4 by 3/4 in. The method of determining the melting points, color determinations and acid test have been discussed in previous papers by the author.2, 3 It is necessary to use small test bars (Fig. I). The tensile bars were annealed at 1300oF. for 20 min. and then air-cooled. There being a very marked drop when the yield point was reached, "the drop of the beam" method was used in determining the yield point. Alloys Gold-copper.zilzc A~loys.—Gold-copper-zinc alloys melt, cast, and labricate easily. The low melting points, however, limit their use to some extent. The physical properties of these alloys are not entirely satisfactory. When the ultimate strength is satisfactory, the elongation and reduction of area are too low (Table I). Gold-copper-sinr-nickel A lloys.—In this group of alloys, in which zinc and nickel replace copper in approximately equal parts (Table I), the yield point, hardness, and ultimate strength increase with the increase of zinc and nickel content, while the reduction of area and elongation decrease. The physical properties are desirable, particularly of the white gold alloys. The alloys of this group are not difficult to cast and fabricate, and most of these colors could be used commercially. Gold-copper-nickel A lloys.—Gold-copper-nickel alloys are similar to the gold-copper-zinc and the gold-copper-zinc-nickel alloys. They do, however, possess high yield point, ultimate strength and hardness, somewhat higher than those of the other two groups mentioned (Table I). The difficulty with these alloys is that they fire-crack readily and heavy rolling is necessary between annealings. Being hard to fabricate, many

Jan 1, 1941

By Tracy C. Jarrett

In 14-karat gold alloys, as in 10-karat gold alloys,3 the addition of such metals as zinc, nickel, copper and silver produces a wide range of physical and chemical properties such as color, hardness, corrosion resistance and melting points. These important factors made gold alloys desirable in the optical work and for jewelry. In 14-karat gold alloys, as well as in 10-karat or 12-karat, it is possible to have two golds of the same color, one of which will corrode more than the other, although it may be harder. Some of these alloys have been investigated by F. E. Carter,' E. M. Wise,= and L. Sterner Rainer.4 In this group of alloys the gold content of 58.3 per cent (14-karat) was held constant, while the copper varied from 36 to 24 per cent. The balance of the alloy consisted of one, two, or three of the metals silver, zinc, and nickel. All the alloys were melted in an induction furnace and cast into an ingot that measured 3 by 1/4 by 3/4 in. The method of determining the melting points, color determinations and acid test have been discussed in previous papers by the author.2, 3 It is necessary to use small test bars (Fig. I). The tensile bars were annealed at 1300oF. for 20 min. and then air-cooled. There being a very marked drop when the yield point was reached, "the drop of the beam" method was used in determining the yield point. Alloys Gold-copper.zilzc A~loys.—Gold-copper-zinc alloys melt, cast, and labricate easily. The low melting points, however, limit their use to some extent. The physical properties of these alloys are not entirely satisfactory. When the ultimate strength is satisfactory, the elongation and reduction of area are too low (Table I). Gold-copper-sinr-nickel A lloys.—In this group of alloys, in which zinc and nickel replace copper in approximately equal parts (Table I), the yield point, hardness, and ultimate strength increase with the increase of zinc and nickel content, while the reduction of area and elongation decrease. The physical properties are desirable, particularly of the white gold alloys. The alloys of this group are not difficult to cast and fabricate, and most of these colors could be used commercially. Gold-copper-nickel A lloys.—Gold-copper-nickel alloys are similar to the gold-copper-zinc and the gold-copper-zinc-nickel alloys. They do, however, possess high yield point, ultimate strength and hardness, somewhat higher than those of the other two groups mentioned (Table I). The difficulty with these alloys is that they fire-crack readily and heavy rolling is necessary between annealings. Being hard to fabricate, many

Jan 1, 1941

By A. S. Nowick, E. S. Machlin

ONE of the main criteria used to rate the heat-resisting properties of alloys is stress rupture.1 During a stress-rupture test a tensile specimen is held under a constant load at a constant temperature until it fractures. The chief measurement made during this test is the time required for rupture at the specific test stress and temperature. It was found empirically from a series of stress-rupture tests at a constant temperature that when the logarithm of the time for rupture is plotted against the logarithm of stress a straight line is obtained within experimental error.2~3 This method of showing stress-rupture data has been adopted by many investigators and the KACA.4 By interpolation and extrapolation from these plots, values of the stresses required to rupture the specimens (the rupture strengths) in 10, 100, and 1000 hr are obtained for specific temperatures. Alloys are then rated for a particular application on the basis of their rupture strengths at the rupture life that most nearly represents the application. Inasmuch as stress rupture is an important criterion in rating heat-resisting alloys, it would be advantageous to know the quantitative dependence of the time for rupture on stress, temperature, com- position, and structure. In order to obtain this information, an investigation was made at the KACA Cleveland laboratory during the spring of 1945. The theory of rate processes was used because it has been found to apply to certain processes such as chemical reactions, viscous flow, and creep that occur at a definite rate for given conditions. It was thought that stress rupture was such a process. An equation was derived that gives, for a given com- position and structure, the dependence of the time for rupture on stress and temperature. The investigation is part of a general program to provide information that will lead ultimately to the development of better alloys in order that the efficiency and power output of gas turbines used in aircraft propulsion can be increased. THEORY The theory of rate processes will first be discussed as a general theory. It will then be shown that if stress rupture of heat-resisting alloys can be treated as a rate process, certain equations must be satisfied. Later sections will then show that these equations are satisfied. General Theory of Rate Processes The theory of rate processes5 eveloped by Eyring and others has been applied to chemical reactions as well as to other processes such as viscosity of liquids and diffusion. In every case in which rate- process theory can be applied, there is a small subdivision, so that the macroscopic process is the net effect of all the small processes. This smallest subdivision is called the "unit process.'' For example, in a chemical reaction the unit process is

Jan 1, 1947

By C. H. Keplinger

WARTIME factors have strengthened the production engineering consciousness of the petroleum industry. The basic principles of sound oil-production technology have been accepted as the standard by the industry and the governmental co-ordinating agencies. Every effort is being made to furnish larger quantities of petroleum with a minimum expenditure of materials and under strict conservation practices. The sphere of influence of production engineering extends from fundamental reservoir control of withdrawal rates and reservoir pressures to bolstering production from stripper wells. Serious transportation difficulties in moving oil to the East Coast have stimulated secondary recovery operations in the Appalachian and East Central oil-producing states. Diminishing discovery of new oil reserves by exploration activities increases the importance of promoting efficient oil-producing methods and practices throughout all productive areas in the United Nations.

Jan 1, 1943

By Ross Blake

THE St. Joseph Lead Co. became interested in the Tri-State district in 1921 through acquisition of prospecting and development rights on approximately 20,000 acres of land extending northeastward from the Picher mining field, mostly in Kansas. Prospecting with churn drills was begun the same year and the first commercial ore body was found on the Jarrett tract at the then northern limit of the main Picher field. Operations at this mine began in 1923. Kansas Explorations, Inc., was organized in 1923 by the St. Joseph Lead Co. as a wholly-owned subsidiary to carry on its operations in the Tri-State District from an office at Joplin, Mo. As prospecting of the original acreage proved largely negative, attention was subsequently turned to other sections of the district. Numerous additional leases were acquired and prospected. The Company was successful in developing into operating properties the Jarrett, Isherwood, Robinson, Sullivan and Lotson tracts and, in more recent years, the Ritz, Snapp, Buckingham, Gibson and Jasper mines.

Jan 1, 1947

US 4,190,434 - In the thermal production of magnesium metal, a mixture of calcined dolomite, an iron- silicon-aluminum alloy as a reductant, and residual slag from the production of ferrochromium is smelted to evolve magnesium vapor, which is then condensed. The use of bauxite is lessened or eliminated because of the relatively high alumina content of the residual slag. R. Bonfils, A. Mena, C. Payn, and L. Septier, assigned to Ste. Francaise d’Electrometallurgie (SOFREM). Feb. 26, 1980. 6 pp. (75-10R). Filed: 6-14-78 (915,387). Priority: France, 6-24-77 (77/20,227).

Jan 1, 1982

By H. F. Dunlap, R. R. Hawthorne

A method of calculating formation water resistivities from chemical analyses is presented which is somewhat faster and more accurate than previously described methods. For 26 formation water samples taken from wells in the Texas Gulf Coast, the average deviation of calculated from measured water resistivities was 3.3 per cent, with an average bias of + l.l per cent in the calculated values. This compares with average deviations of 4.6 per cent and 7.8 per cent, with corresponding average biases of +3.2 per cent and -6.3 per cent, for the two methods previously described in the litera-

Jan 1, 1951

By R. R. Hawthorne, H. F. Dunlap

A method of calculating formation water resistivities from chemical analyses is presented which is somewhat faster and more accurate than previously described methods. For 26 formation water samples taken from wells in the Texas Gulf Coast, the average deviation of calculated from measured water resistivities was 3.3 per cent, with an average bias of + l.l per cent in the calculated values. This compares with average deviations of 4.6 per cent and 7.8 per cent, with corresponding average biases of +3.2 per cent and -6.3 per cent, for the two methods previously described in the litera-

Jan 1, 1951

By Henry G. Granger, Edward B. Treville

The Republic of Colombia is the northernmost country of South America. Its northern coast line exteilds from the frontier of Costa Rica to that of Venezuela, on the Caribbean Sea. On the west it fronts on the Pacific Ocean, along the Panama Isthmus, and down to Ecuador. It is bounded on the south by Ecuador, Peru and Brazil, which latter country with Venezuela form its boundaries on the east. Its area exceeds 500,000 square miles. It is deemed unnecessary to give here a map of the country. Fig. 1, a map of the department of Antioquia, studied in connection with a good modern general map of Colombia, will explain itself. Fig. 1 contains also some of the region of the Cauca valley, described in this paper. Access.—The interior of Colombia is reached through the ports of Sabanilla and Cartagena on the Caribbean Sea, each of which places is connected with the Magdalena river by a short narrow-gauge railroad, running respectively to Barranquilla and Calamar. From these points lines of river-steamers serve the ports of the upper Magdalena, which they reach in journeys of a week to ten days. After leaving the steamer, a short railroad journey, followed by a long and tedious mule-ride, reaches the cities of Bogota and Medellin. Quibdo, at the head of the navigation of the Atrato, and its most important town, is connected by steamer-service with Cartagena, by canoe-routes with the various districts of the Choco, and by mule-road, at present well-nigh impassable, with the heart of Antioquia. On the western coast the port of Tumaco is a starting-point for canoe- and mule-travel to the southern part of the department of Cauca, while Buenaventura is the port of the central section of the valley of the Cauca,

Jan 1, 1899

Jan 1, 1916

By Irwin Roman

In studying the possibilities of a continuously recording magnetometer for use along the surface of the earth and in an airplane, the Federal Bureau of Mines was led to a study of the theoretical resolving power of magnetic observations, both in the variation of the total magnetic intensity and in each of the two cornponents ordinarily measured. Along with this general study, an attempt was made to determine the relative worth of the total intensity anomaly and the vertical anomaly in geophysical prospecting. Genera1 considerations led to three conclusions: I. In the northern magnetic hemisphere of the earth, the total intensity anomaly is offset to the south of the vertical anomaly, for a positive anomaly (see Appendix, note 1). 2. The resolving power of magnetic observations decreases rapidly with distance from the disturbing body. 3. The horizontal anomaly has little value in prediction of the disturbing body but might be useful in making a choice between bodies suggested by the vertical or total anomaly. Some of the considerations leading to these conclusions were: I. The normal intensity and the anomalous intensity are vectorially additive; hence for a positive anomaly in the northern magnetic hemisphere the total intensity will be a maximum at some point south of the disturbing body and north of the point at which the line to the disturbing body is parallel to the normal earth's field. The anomaly itself has a maximum value directly above the body. For a positive anomaly of constant magnitude, the total intensity will be a maximum when the anomaly vector is parallel to the normal vector. This is shown schematically in Fig. I (not to scale) for a magnetic distribution not restricted to a relatively thin sheet in the magnetic meridian. The normal field has a magnitude 10 with vertical component V0 and horizontal component Ho. Six station points along a traverse across the body from south to north are shown at M to S. At each of these stations the normal magnetic field vector terminates at F. At each of these stations the magnetic field vector due to the disturbing body B terminates at A. The line through the station point and the point A passes through B. The magnitude of the anomaly, indicated by the length of the vector terminating at A, is proportional to some power of the distance from the station point to the disturbing body. If the disturbing body B is a concentrated point of magnetic material, the anomaly is proportional to the inverse second power of the distance. For a uniform magnetic distribution over a line perpendicular to the observed traverse, the anomaly is proportional to the inverse first power of the distance. For surface distributions, the law of intensity is more complicated. At each field point, the total magnetic intensity T is the vector sum of the

Jan 1, 1949

By C. Kremer Bain

UNDER present economic conditions the necessity of mechanizing the mines of our country has become a very important problem. More and more mines are looking toward increased or complete mechanization of their operations, so in the writer's opinion it is quite pertinent that some of the associated problems that accompany such a program be pointed out. The following generalization on attempting a comparatively slight change in mining methods at the Southeast Missouri properties of the St. Joseph Lead Co. is an attempt to point out to anyone faced with a mechanization program that much time and C. KREMER BAIN, Member AIME, is Assistant to General Manager, St. Joseph Lead Co., Bonne Terre, Mo. AIME Sun Francisco Meeting, February 1949. TP 2743 A. Discussion (2 copies) may be sent to Transactions AIME before March 31, 1950. Manuscript received Dec. 27, 1948; revision received Oct. 13, 1949. effort can be saved, and many headaches avoided, if company policy can be established whereby everyone in the organization from the top down is desirous of improvement and is working towards the common objective. Any changes in mining methods, machinery, and so on, must entah coordination of all the other phases of mining as they all have to mesh as accurately as a smooth running chain of gears if satisfactory results are to be obtained. The purpose of this paper is to point out some of the problems which :have to be surmounted when any mechanization program is attempted, rather than to go into the mechanical details and actual operating data of the equipment employed. After all, machines have to be adapted to best suit the local conditions, so no general formula can be given that would apply to other properties. Although St. Josepll Lead Co. has been mechani-cally-minded for a number of years, as shown by the fact that over 110 million tons have been loaded mechanically since 1922, any further mechanization or changes always present a problem. When our ore bodies were of great height and area the breaking and loading were developed to a high degree of efficiency according to known standards. But in recent years, when our ore bodies became smaller and more scattered, the amount of tonnage we were able to break was not sufficient to supply our shovels with enough rock to keep them working to capacity. Our first step in attempting to rectify this situation was to develop a technique of moving the shovels to the broken ore in various stopes, which sometimes entailed a move each shift. A shovel is not producing when being moved, so within the last two years we have been endeavoring to devise some means of getting more rock broken in these smaller stopes and it was then that we became interested in jumbo drilling. To illustrate the fact that mechanization is a process of a chain of developments rather than a stroke of genius can best be shown by a general summary of conditions and obstacles which were encountered in our present attempt to establish template drilling of a standardized round. Our first jumbo was more or less the conventional type with two machines mounted on a crossbar. This arrangement proved to be impractical to duplicate satisfactorily the regular routine of slabbing in a more or less radial pattern as carried out by column drilling. One machine was either too close to or too far from the face and there was another disadvantage in that one drillman was frequently delayed while waiting for his partner to bottom a hole. Our next step was to eliminate the crossbar so the machines could operate independently of each other, but we still encountered the same objections mentioned above except that one drillman was free to drill three holes instead of one in a vertical plane independently of his partner. Time studies while trying to adapt the jumbo to the regular slabbing practice as accomplished by column drilling, revealed that twice as much time was spent in maneuvering the jumbo into position and aligning the holes as was consumed in drilling.

Jan 1, 1951

By C. Kremer Bain

UNDER present economic conditions the necessity of mechanizing the mines of our country has become a very important problem. More and more mines are looking toward increased or complete mechanization of their operations, so in the writer's opinion it is quite pertinent that some of the associated problems that accompany such a program be pointed out. The following generalization on attempting a comparatively slight change in mining methods at the Southeast Missouri properties of the St. Joseph Lead Co. is an attempt to point out to anyone faced with a mechanization program that much time and C. KREMER BAIN, Member AIME, is Assistant to General Manager, St. Joseph Lead Co., Bonne Terre, Mo. AIME Sun Francisco Meeting, February 1949. TP 2743 A. Discussion (2 copies) may be sent to Transactions AIME before March 31, 1950. Manuscript received Dec. 27, 1948; revision received Oct. 13, 1949. effort can be saved, and many headaches avoided, if company policy can be established whereby everyone in the organization from the top down is desirous of improvement and is working towards the common objective. Any changes in mining methods, machinery, and so on, must entah coordination of all the other phases of mining as they all have to mesh as accurately as a smooth running chain of gears if satisfactory results are to be obtained. The purpose of this paper is to point out some of the problems which :have to be surmounted when any mechanization program is attempted, rather than to go into the mechanical details and actual operating data of the equipment employed. After all, machines have to be adapted to best suit the local conditions, so no general formula can be given that would apply to other properties. Although St. Josepll Lead Co. has been mechani-cally-minded for a number of years, as shown by the fact that over 110 million tons have been loaded mechanically since 1922, any further mechanization or changes always present a problem. When our ore bodies were of great height and area the breaking and loading were developed to a high degree of efficiency according to known standards. But in recent years, when our ore bodies became smaller and more scattered, the amount of tonnage we were able to break was not sufficient to supply our shovels with enough rock to keep them working to capacity. Our first step in attempting to rectify this situation was to develop a technique of moving the shovels to the broken ore in various stopes, which sometimes entailed a move each shift. A shovel is not producing when being moved, so within the last two years we have been endeavoring to devise some means of getting more rock broken in these smaller stopes and it was then that we became interested in jumbo drilling. To illustrate the fact that mechanization is a process of a chain of developments rather than a stroke of genius can best be shown by a general summary of conditions and obstacles which were encountered in our present attempt to establish template drilling of a standardized round. Our first jumbo was more or less the conventional type with two machines mounted on a crossbar. This arrangement proved to be impractical to duplicate satisfactorily the regular routine of slabbing in a more or less radial pattern as carried out by column drilling. One machine was either too close to or too far from the face and there was another disadvantage in that one drillman was frequently delayed while waiting for his partner to bottom a hole. Our next step was to eliminate the crossbar so the machines could operate independently of each other, but we still encountered the same objections mentioned above except that one drillman was free to drill three holes instead of one in a vertical plane independently of his partner. Time studies while trying to adapt the jumbo to the regular slabbing practice as accomplished by column drilling, revealed that twice as much time was spent in maneuvering the jumbo into position and aligning the holes as was consumed in drilling.

Jan 1, 1951

Jan 1, 1883

By George T. Hansen

WHY try to find oil in Utah? Why try to find oil anywhere? Isn't there too much oil already? Answers to these questions involve general oil conditions but are pertinent to my subject. In the first place oil produced in Utah up to the total amount of local consumption would not be subject to nor concerned with the national oil situation. An oil field in this State capable of producing up to 15,000 bbl. per day would have a large value and prompt realization. In the sec¬ond place, there is not too much oil nationally although the markets have been upset temporarily from time to time. Petroleum is so necessary and is in such general demand that an oil field anywhere, anytime, is a valuable and live asset. The oil business in general shows the best condition of any major industry. It has never been hit as hard as most industries and 1932 was a large improvement over its low spot of 1931. It can be and probably will be the one to lead the country back into business stability. Consumption of its products has been reduced less than that of any other important commodity. There are good and valid reasons why it should have been making a normal profit continuously. It has the oil and the processes and the facilities and the policies and the consumption of its products. There is only one reason why it has not been profitable recently and that is the lack of intelligence of from five to ten per cent of the producers. An op¬erator lacks intelligence when he cannot see that it is better for him to sell one barrel of oil at $1 than two or three barrels at 25 or 35c. per bbl.

Jan 1, 1933