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By John D. Gill

THIS paper assumes the incontrovertible nature of the statement that the validity of competition in the nonnatural resource industries is established firmly on the rate and extent of the economic development of the United States. It then demonstrates the nonexistence of any condition within the petroleum industry that would invalidate the principle of competition as applied to it. It points to the benefits that competition has effected in the oil industry and the reasons why the practice of the competitive principle should continue to keep the industry virile and progressive in meeting the requirements of future generations for the kind of products natural to it. Finally, it pleads for a clearer view of the affairs of the oil industry by seeing them against a background of the whole economy. INTRODUCTION Even a few years ago there would have been only an academic reason for presenting before this Institute a paper on the validity of competition in the oil industry or any other natural resource industry; today there is no more practical subject for this body to consider. In social importance it transcends attempted solutions of perplexing technical problems; and even the numerous legal and economic problems that grow out of administration of state regulatory measures appear to be of secondary importance because they would cease to exist if competition were abolished. The aspiration of certain elements of the Federal Government to acquire control of the oil industry has long been suspected The vital need for petroleum in the national defense ... confirms my belief in the urgent need of Federal legislation to safeguard our petroleum supply through prevention of waste and by establishment and maintenance of sound economic conditions in the oil industry... . But also it may be dismissed with this mere mention of it because it predicates government control and the abandonment or broad reduction of competition on a war emergency. Clearly, the fight for a nation's life may justify a government's control over men and resources that would be abhorrent and economically enervating under conditions of national security. More pertinent to the present matter, because it appears expressive neither of a personal ambition nor of an emergency condition but rather of the long-range view of a certain school of conservationists, is the pronouncement of no less an authority than the Attorney General of the United States, who has been repeatedly quoted by the press as saying that the American Petroleum Industry constituted a case "where the principle of conservation of an exhaustible and irreplaceable resource should replace the principle of competitive exploitation." The significance of this statement in the light of the commonly accepted meanings of the " principle of conservation" and of the "principle of competitive ex-

Jan 1, 1941

By H. B. C. Nitze

Monazite is a phosphate of the rare earths, cerium, lantha num, and didymium (Ce, La, Di)PO,. It also contains thoria (Tho,) and silica, which are present in varying percentages, probably as impurities.

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Jan 1, 1912

By Enrique Touceda

The question as to the proper amount of total carbon that the malleable founder would prefer to have in pig iron for use in the production of air-furnace, white iron castings, must be considered from different angles, that is, whether it is desirable or advantageous from an economic standpoint to use some kind of low-carbon scrap on his mixture, or make use of pig and sprue only. Whereas silicon is the acknowledged scrap carrier in the case of cupola gray iron castings, carbon performs this role for the most part in malleable iron practice, irrespective of the character of furnace used for the production of the white iron castings. In this particular, the advantage lies with the maker of gray iron castings in that the silicon content in pig iron through a regulation of furnace temperature is under very easy control by the blast-furnace manager, whereas he has little or no control over the resultant percentage of carbon, as this is dependent on the quantity of coke in the hearth, and hearth temperature, coupled with the amount of hearth slag and its particular composition. As perhaps more than 95 per cent. of white iron castings are made in air furnaces the following statements are intended to cover that situation particularly: In the malleable process the composition of the hard iron castings (that is determined upon as best suited for the work in hand) is the one factor that must control the composition of the mixture to be used; because if the elements are not between certain definite limits individually and collectively the annealed or finished product will be unsoitable, due, perhaps, to lack of sufficient strength or because it is too hard, to machine easily. The annealed product can be divided into two classes, one of which greatly predominates, that is, by far the largest tonnage is used for machine parts where high strength and ductility are essential requisites, while a far smaller amount, light in weight and thin in section, is used for other manufactured products in which castings of any reasonable degree of strength and ductility have proved satisfactory.

Jan 1, 1927

Established as a Division December 15, 1948 Clayton G Ball, Chairman Louis C Raymond, Vice-Chairman Sheldon P Wimpfen, Vice-Chairman Henry T Mudd, Vice-Chairman A H Lindley, Jr, Secretary-Treasurer Division of Foreign Activities U S Bureau of Mines Washington, D C

Jan 1, 1956

For the year ending February, 1920 PRESIDENT HORACE V. WINCHELL,. MINNEAPOLIS, MINN. PAST PRESIDENTS PHILIP N. MOORE ST. Louis, Mo. SIDNEY J., JENNINGS NEW YORK, N. Y. FIRST VICE-PRESIDENT A. R. LEDOUX, NEW YORK, N. Y. TREASURER GEORGE D. BARRON NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 3, 1919

By W. P. Haynes

DuRing 1939. there were no discoveries of oil and gas in Rumania worthy of mention. and the only important extension was the anticipated

Jan 1, 1940

Mr. Address - Member is hereby proposed by 'the undersigned, as a Associate Junior Member of the American Institute of Mining Engineers. Signature of three Members or Associates (not Junior Members). Place of birth Year of birth Education, when, where and how acquired, with degrees, if any. A technical education is not requisite for membership. Dates . . Please give record of experience on following page with dates; for example, in the form used by "Who's Who In America" and similar publications.

Jan 2, 1918