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By Howard S. Bryant

The state of Kansas in 1931 continued to hold fourth place on the list of oil-producing states, despite the fact that low prices for crude oil curtailed drilling to just one-half the amount done in 1930, which itself was the lowest in the preceding 10 years. The estimated crude oil production for 1931, according to sources available to the writer, will approximate 37,037,000 bbl., the lowest since 1925. Thus Kansas produced one-eighth less oil this year than it did last year when it produced 42,729,085 barrels. This year's development was characterized by a very small amount of wildcat drilling; however, large new areas were semiproven for oil production, and several thousands of acres were added to the actually proved areas in western Kansas, so that the state now has larger proven areas of oil reserves than at any time in its history since the heyday of the famous El Dorado pool. The general prospects for oil production in the near future are indeed promising for central western Kansas, where drilling costs are moderate and depths are relatively shallow compared to the remaining unexplored parts of the northern Mid-Continent area. Probably the greatest singular achievement in the state for 1931 was the development of its natural gas reserves. This development took place principally in two spots, McPherson County in central Kansas, and Stevens and Morton counties in southwestern Kansas, and it is a matter of record that more than one and one-half billion cubic feet of open-flow capacity per day were added to reserves, nearly twice the amount developed in 1930, previously the largest amount in the history of gas development in Kansas. Gas pipe lines already built and now building are in position to deliver natural gas by one system to Chicago, Ill., by another to Indianapolis, Ind., from whence lines already lead practically to the Atlantic seaboard, and to other cities large and small located west, northwest, north and northeast of Kansas. Table 2 shows all well completions for 1931 in a form to compare with the results of previous years.

Jan 1, 1932

By W. Irwin Moyer

Two methods for the rapid valuation of oil properties are in common use. The one best known and most widely used is the "per barrel" value, based on the present daily production of the well, without regard to its past performance or the history of the sand or pool from which it produces. The second method is the "time to pay out," or the length of time required for a well to place itself upon the credit side of the ledger, from which time the returns from its production (less the operating expenses) will be clear profit. The time basis for valuation is also commonly used in the appraisal of an undeveloped lease. In most oil fields, it is not thought good business to invest in production that will not pay out in at least 4 to 5 years. Nearly all buyers (except in certain regions of very persistent production like the deep-sand territory of the Appalachian field) expect wells to pay out in considerably less time than this. Like the barrel per day price, the time necessary for a well to pay out has been determined for each field, so that one frequently hears a field or district referred to as having a certain time to pay out. This is considered the norm for that field or district and the buyer and seller base their value, to greater or less extent, on their belief in the accuracy of this time. The writer long ago became convinced of the inaccuracy of the barrel per day method, except when greatly modified for local conditions, such as the age of the wells, their economic limit, operating conditions in the field, the future price of oil, and the persistence of the sand as a producer. When so modified, this method becomes more of an analytic or predicted probable yield valuation. While the appraiser may not go through each step in a valuation based on future returnable revenue, his knowledge of the field and the local conditions surrounding his leases make it possible for him to estimate a fair sales value that, in many cases, will be a close approximation to the truth. This is quite different from the commonly understood barrel per day value, in that the conditions surrounding the sale of one lease or property at a fair market value may

Jan 1, 1922

By S. P. Burke

OUTBURSTS in coal mines have contributed greatly to the hazard of mining operations in localities in which they occur. They have been responsible for many casualties and fatalities and much property damage. An excellent review and symposium on the subject appeared recently1. From a study of the papers included in this symposium, and other litera-ture on this subject2, the following conclusions or statements seem justified: 1. Outbursts are more likely to occur in deep mines; that is, where the coal seam being mined has considerable overburden. 2. Outbursts usually occur when hard, dense, nonfractured coal is being mined. It is believed that in most cases a fault or a pocket of friable or soft or pulverized coal existed some distance behind the dense coal at the time of the outburst. 3. The outburst involves a rending or pushing of the solid material of the coal face, the roof, or the floor outwards and often is accompanied by the discharge of large quantities of very fine coal. 4. Drill holes or borings into the coal ahead of the workings have failed to yield information either from evidence of increased gas pressure or increased gas flow that makes possible the prediction of outbursts. 5. Mines in which outbursts occur are usually considered "nongassy," or only very slightly "gassy"; yet large volumes of gas may be produced at the time of the outburst. Despite the varied conditions and varied locations in which outbursts have occurred, the foregoing general statements appear to be applicable in whole or in part to all the recorded cases. These observations there-fore should be significant and any explanation of the mechanism of the phenomena should be consistent with them. The following suggestion seems to be in accord with this requirement, and is offered in the hope that it may assist in the further elucidation of this phenomenon.

Jan 1, 1935

By Joseph Singewald

I. THE GENESIS OF THE DEPOSITS THE ore deposits at Firmeza have been worked continuously since 1884; those at Daiquiri since 1895. It is surprising, therefore, that they have not been the object of careful geologic study until quite recently. It is true that considerable attention was paid to these deposits by A. C. Spencer, in 1901, in the report on the geology of Cuba, by Hayes, Vaughan, and Spencer,1 but this was only incidental to a hasty general reconnaissance of the Island. As far as the Daiquiri deposits are concerned, this gap has been filled by the appearance of the two papers by Prof. James F. Kemp2 and by Prof. Waldemar Lindgren and Clyde P. Ross respectively.3 Max Roesler, first holder of the Emmons fellowship, made a detailed study of the Firmeza deposits during the past summer, so that soon we can expect a full description of them. Consequently, there is no. demand at the present time for a description of the deposits from other sources, rind that is not the purpose of this paper. The papers on Daiquiri, however, leave unsolved problems in regard to the age of the rocks of the district and certain phases of the genesis of the deposits, and it is with the. hope of aiding in the solution of some of these problems that this contribution is offered. Kemp, and Lindgren and Ross agree in assigning these deposits to the type of contact metamorphic deposits. They disagree in part on the question of their localization. The deposits occur in an extensive area of diorite which includes numerous blocks of limestone, and some-

Jan 3, 1916

By P. K. Kaiser, C. Mackay

A circular shaft with a diameter of 6m was excavated by the conventional drilling and blasting method to a depth of 235m through 60m of glacial till, 1 Om of water bearing basal sand, 1 1 Om of clay shale (Bearpaw Formation) and finally a strata of coal, mudstone, siltstone and sandstone (Oldman Formation). The lined shaft was instrumented at three levels by multipoint extensometers to determine the displacement field near the shaft bottom, embedment strain gauges to measure the strains in the liner and IRAD-stress change gauges to observe the radial and tangential stress changes in the rock mass. The data from these gauges were used to determine the in situ stress field. An attempt to measure in situ stresses by overcoring was also made at a higher elevation. The performance of the shaft and its support was then evaluated by use of the "Convergence-Confinement Method". For this purpose the measurements of stress changes and displacements were combined to determine by extrapolation the displacements ahead of the shaft and after the liner installation. The convergence curves calculated in this fashion were then used to evaluate the performance of the cast-in-place concrete liner and of an alternate shotcrete shaft support system.

Jan 1, 1983

By Cyril Stanley Smith

METALLURGISTS - or at least metals - have been of central importance in most of the inventions that have shaped the course of man's history. From the first Bronze Age tools to the iron armor of the Roman soldier, the cannon, cast type for printing, the steam engine, the electric motor and modern electronic devices, technological progress has revolved around some particular property or comb nation of properties selected from the metallurgist's repertory. The recent utilization of the energy of the atomic nucleus (currently for military purposes alone but with great constructive implications for the future) is no exception to this, although the use of uranium and plutonium in metallic form is of secondary importance, since the significant properties are those of the nucleus and not of the electrons responsible for metallic behavior. THE METALLURGIST AND ATOMIC ENERGY The metallurgist has a role of central importance to play in the future development of atomic energy. Not only must he make and shape the fissionable materials themselves, but he must also develop auxiliary materials to withstand the extreme conditions imposed on nuclear reactor components by the high heat-transfer rates needed for efficient utilization of the fuel and by the perplexing but interesting effects of radiation on the structure and properties of materials. It is doubtful if there is currently any other field potentially more rewarding to a young metallurgist. Quite apart from the all important but relatively short-range considerations of national security is the vision of the effect on civiliza-

Jan 1, 1953

By R. Jr. Schuhmann

PROBLEMS in expressing, interpreting, and using size-distribution data recur in many phases of mineral dressing; therefore it is desirable that size analyses be ex-pressed in such a form, either numerically or graphically, that comparisons can be made readily. The size distribution of comminuted material is a result of a specific physical operation on the material and therefore should be governed by some definite physical principle, or cause-effect relation. Although this principle has not been dis-covered, it has been found that the size distribution of comminuted, homogeneous solids may be expressed by relatively simple mathematical equations. Two equa-tions in particular, proposed by Gaudin1 and by Rosin and Rammler,2 respectively, have stood out, both having wide demon-strated ranges of application. The form and the method of application of the two appear almost irreconcilably different on the surface, but, as will be shown, they are asymptotic in the fine sizes when expressed in the same units. This paper gives the results of a further study of the Gaudin and Rosin-Rammler relations, made with the object of develop-ing a form of size-distribution equation that will be more usable and more signifi-cant-particularly in comminution studies, both for interpreting the nature of size distribution and for evaluating surface. The work is summarized in the following:

Jan 1, 1940

By Mark D. Tabak

Measurments of the transient photoconductivity in fillns of amorphous selenium with blocking- contacts haue been used in studying the transport properties. The results shozu that the transport of free carviers cannot be explained in terms of a model using bulk trapping. Measurments of the photocurrent-applied field characteristic as a unction of sample thickness do not pvoduce the scaling lau,s approps-iate lo a range-limited model. THE investigation described here was undertaken to explore the mechanisms of transport in amorphous selenium films. These films are used in xerography, where a photoconductor is charged electrostatically and then exposed to light to form a latent image. The sensitivity that one can expect when operating in this mode is directly related to the transport properties of the photoconductor material. The study of photoconductivity at high fields in insulating materials is often complicated by contact effects. Injection from the contacts can easily mask the fundamental transport processes that are being studied. A technique is described in this paper that allows a study of photoconductivity and transport processes in amorphous selenium films without the complicating effects introduced by contacts. Accordingly, the samples are prepared using insulating films between the sample and the metal electrodes, where the electrodes are capacitively coupled to the surfaces of the sample under study. A transient measurement is performed with pulsed light, and the photocurrent measured near the beginning of the pulse before the field is distorted by polarization at the blocking elec- trodes. A similar method has been described by Manyl using pulsed electric fields in studying the high field transport in insulating cadmium sulfide. EXPERIMENTAL It is possible to eliminate undesirable contact effects and maintain uniform high fields across the sample by using blocking electrodes and measuring the current-field characteristic under transient conditions. The sample configuration is shown schematically in Fig. 1. Each of the gold electrodes is separated from the amorphous selenium film by a layer of insulating plastic (Formvar) approximately 2000~ thick. The electrode on the front surface is semi-transparent to allow illumination of the sample. The whole configuration is mounted on a KEL-F substrate, which is a transparent insulating plastic having a thermal expansion coefficient that allows low-temperature measurements without cracking the selenium film. Fig. 2 shows a block diagram of the measurement apparatus. Light was obtained from a 450-w Xenon arc lamp, the intensity of which was controlled by stainless-steel screen filters and monitored by a pho-tomultiplier which was calibrated periodically against a thermopile. A camera shutter operated at 1/200 sec provided the light pulse and a synchronized signal to the oscilloscope. The photocurrent transient is ob-served with a high-speed picoammeter (response time of 1 msec) the output of which is displayed on an oscilloscope. The applied voltage is constant throughout the transient measurement. The selenium films were prepared by evaporation of four 9's pure selenium shot supplied by Canadian Copper Refiners. Spectrographic analysis showed about 1 ppm of Te and Fe, 5 ppm of C1, and 0.05 ppm

Jan 1, 1968

By C. R. Johnson, R. A. Greenkorn, L. K. Shallenbarger

This paper describes a study, based on core data, of the directional permeability of a sandstone reservoir. Directional air permeabilities are explained and correlated with lithology by the tensor theory of permeability, which is extended to the more general case of heterogeneous anisotzopic porous media. In this case, the permeability tensor is made up of two components: (I) anisotropy (variation around a point) which correlates with bedding, and (21 heterogeneity (variation from point-to-point) which correlates with grain size. INTRODUCTION Previous studies of directional permeabilityl.5-8 have concerned themselves only with anisotropy at a point, rather than with both point-to-point differences and local anisotropies. In this paper, we present the existing tensor theory of permeability for anisotropic porous media and then extend it to the more general case of heterogeneous anisotropic porous media. The laboratory measurements of directional permeability are explained in view of this extended theory and the data are discussed in terms of the lithologic factors that correlate with it. The results show what the heterogeneity and anisotropy of the reservoir element are, and that the directional permeability correlates with lithology. Data used in this paper are measurements of air permeability in eight directions, spaced at 45° intervals, on 142 2-in. vertical plugs from 30 cores. The core data are meaningful in terms of directional permeability because the cores were oriented to within 45O during drilling and coring.3 Although we initially thought that only 60 per cent of the core material was reliable, subsequent study showed that almost all of it was reliably oriented. After determining the air permeabilities, the data were reduced to three independent variables for each plug: the major and minor permeability axes, and the direction of the major axis. These were obtained by converting the permeability data to the reciprocal square root of permeability and fitting the transformed data with ellipses according to the tensor theory of permeability.8 The point-to-point areal variation of the minimum permeability axis is related to grain size. The direction of the permeability axes, where the major axis exceeds the minor axis by at least 5 per cent (measured variation is about 4 per cent), correlates with the bedding. The permeability tensor used in this study must be considered as the sum of a scalar and a tensor, with the scalar being the minor axis permeability as a function of position, and the tensor the directional effect, which is additive permeability over the minor axis. In this case, the point-to-point variation or heterogeneity (minor axis) is substantially larger than the variation at a point or anisotropy. It may be important that this separation of "directional permeabilities" be recognized when considering migration of fluids due to permeability variation. Local migration may be due to anisotropy and point-to-point migration may be due to heterogeneity, but the direction and magnitude of these may not be the same. Furthermore, in truly heterogeneous systems, one would expect that anisotropy would be the smaller of the two effects. THEORY TENSOR THEORY OF PERMEABILITY FOR ANISOTROPIC POROUS MEDIA8 Darcy's law for flow in porous media in its usual form is where qis the flow rate vector, k is the permeability, is the viscosity, is the vector differential operator, and P is the Pressure. Consider flow, q, through a unit area in the direction of the unit vector n from elementary flow tubes parallel

Jan 1, 1965

H. W. NICHOLS, Secretary-Treasurer, Field Museum of Natural History, Chicago, Ill. , R. S. BONSIB, H. B. PULSIFER, . HORACE H. CLARK, H. T. WALSH. Seventy-four members of' the two organizations attended a three-day joint field meeting of the Chicago Section and the Illinois Mining Institute at La Salle, Ill., on May 17, 18 and 19. The meeting began with a technical session in the rooms of the Illinois

Jan 7, 1917

By E. J. Wasp, T. C. Aude, F. B. Raymer

Abstract-The following paper deals with technical aspects of terminal facilities for western coal pipelines. The information is taken from the Ohio and Black Mesa pipelines and the proposed one in Wyoming. This paper first discusses the feed terminal, the product that it must produce, and the reasons for coal cleaning. Then, in the delivery terminal section, the various methods of dewatering the coal and some recent innovative ideas on bunkering the dewatered product and storing the dewatered coal in large outdoor piles are discussed.

Jan 2, 1978

By C. E. Beecher

The application of gas or air under pressure to obtain more oil from a sand which has been practically exhausted by ordinary production methods has been practiced to a limited extent for many years. Until recently such methods were confined to the Eastern fields, principally those of Ohio and West Virginia, where in many cases the production obtained after applying pressure for a few years was nearly equal to the total production prior to that time which had been obtained by the usual production methods. As early as 1917, J. 0. LewisL called attention to this method of increasing the recovery of oil and cited the phenomenal results obtained by H. E. Smith, I. L. Dunn and 0. C. Dunn, who pioneered the application of air or gas pressure recovery methods. With this information available it would appear that other oil-producing sections of the country have been extremely slow to realize the advantages of repressuring. However, after a few successful projects in the Mid-Continent area, the oil producers appreciated t' e value of this method for obtaining further and profitable production from their practically exhausted leases and are now making extensive use of it. In general, it has been the practice to apply pressure to the sands when production has declined to a small yield per well. The purpose of this paper is to discuss some of the advantages which may be expected from returning gas under pressure to the oil sands during the early stages of development, before the rock pressure has been dissipated and the gas exhausted, and to stimulate discussion of this subject on which comparatively little actual field data are available. The Function of Gas Gas associated with or dissolved in the oil is the source of energy causing movement of the oil to the well. When this energy is dissipated production ceases. The exception to this general statement is found in fields where hydrostatic water pressure may supply energy after the gas

Jan 1, 1929

By Gerhard Derge, Harold Markus

The introductory paper1 of this series described the potential behavior of tin in sodium carbonate and bicarbonate solutions whose pH ranged from 8.4 to 11.2 and demonstrated that significant and reproducible results could be obtained by proper attention to experimental technique. In examining the corrosion of tin under such conditions, it is desirable to know the effects of anions, aside from carbonate, that are likely to be present in commercial materials packaged in tin. Therefore, in this paper the potential behavior of tin in carbonate solutions to which sodium fluoride, chloride, bromide, iodide, sulphate, nitrate, monobasic phos-phate, dichromate, perborate and acetate have been added will be dcscribed. For most of the additions, solutions containing 0.001 and 0.01 moles of the added material were studied. The experimental procedure was exactly the same as that described in the first paper; the pH of the electrolyte was controlled by adjusting the ratio of carbonate to bicar-l,ol~ate as follows: pH 0.1 M NaHC0............................................ 8.4 2 parts 0.1 M XaHCOr, 1 pa.rt 0.1 M NaZCO?................. 9.5 1 part 0.1 M NaHCOs, 2 parts 0.1 M iVa.,C03. ................ 10.0 0.1 M Na2C0............................................. 11.2 The reagents used were all of C.P. grade. The anions studied may be divided into three groups: (1) anions that had little or no effect upon the potential curves—sulphnte, nitrate, and acetate; (2) those that helped to prevent corrosion at low pH only -fuoridc, chloride, bromide, and iodide; (3) those that helped to prevent corrosion at high pH also—phosphate, pcrborate, and chromate. Potential Measurements f The time-potential curves represntative of group 1 are shown in Fig. 1. These are the curves for 0.005 M sulphate ion and their similarity

Jan 1, 1939

By Harold Markus, Gerhard Derge

The introductory paper1 of this series described the potential behavior of tin in sodium carbonate and bicarbonate solutions whose pH ranged from 8.4 to 11.2 and demonstrated that significant and reproducible results could be obtained by proper attention to experimental technique. In examining the corrosion of tin under such conditions, it is desirable to know the effects of anions, aside from carbonate, that are likely to be present in commercial materials packaged in tin. Therefore, in this paper the potential behavior of tin in carbonate solutions to which sodium fluoride, chloride, bromide, iodide, sulphate, nitrate, monobasic phos-phate, dichromate, perborate and acetate have been added will be dcscribed. For most of the additions, solutions containing 0.001 and 0.01 moles of the added material were studied. The experimental procedure was exactly the same as that described in the first paper; the pH of the electrolyte was controlled by adjusting the ratio of carbonate to bicar-l,ol~ate as follows: pH 0.1 M NaHC0............................................ 8.4 2 parts 0.1 M XaHCOr, 1 pa.rt 0.1 M NaZCO?................. 9.5 1 part 0.1 M NaHCOs, 2 parts 0.1 M iVa.,C03. ................ 10.0 0.1 M Na2C0............................................. 11.2 The reagents used were all of C.P. grade. The anions studied may be divided into three groups: (1) anions that had little or no effect upon the potential curves—sulphnte, nitrate, and acetate; (2) those that helped to prevent corrosion at low pH only -fuoridc, chloride, bromide, and iodide; (3) those that helped to prevent corrosion at high pH also—phosphate, pcrborate, and chromate. Potential Measurements f The time-potential curves represntative of group 1 are shown in Fig. 1. These are the curves for 0.005 M sulphate ion and their similarity

Jan 1, 1939

By R. G. Mallon, A. E. Lewis, R. L. Braun, C. J. Sisemore

Large ore-bodies, too deep to mine economically by underground methods, may be mined using nuclear explosives and a high pressure leaching technology. Breaking of a hypothetical ore-body with a series of nuclear explosives is described. The leaching would be accomplished by pumping oxygen into the flooded rubble under the normal hydrostatic pressure. The injection of oxygen gas into the bottom of the rubble chimney induces a circulation of the solutions which carries dissolved oxygen to all parts of the chimney. Copper and other metals would be recovered from the solutions by solvent extraction as they are circulated through a surface plant in a closed system. This provides for control of pH as well as containment of radioactivity. Radioactivity levels in the solution are low, and no radioactive impurities are expected in the copper. This technology will allow production from deposits too deep to be of interest with present technology and will reduce or eliminate some environmental effects of conventional mining, such as open pits, mine dumps, tailings ponds, and SO2 effluent. Close proximity of cities and towns is a limitation because of seismic damage. The technology requires further development for commercial application, and exploration targets must be enlarged to include deeper deposits, before the technology can be applied on a large scale.

Jan 1, 1974

By H. B. Goodrich

In considering historically oil development in Oklahoma, it must be recognized that basic evolutionary factors interlock and have an effect in common throughout the whole oil industry, regardless of locality or minor problems. Oklahoma, as the third in rank of oil-producing states (Texas being first and California second in production for 1929) has, like the rest, advanced to at least a partial recognition of the words, "Conservation," "Unitization," "Curtailment," "Prora-tion," and especially "Cooperation." Whether through altruism (of which there have been examples) or by exercise of good business common sense, Oklahoma operators realize that the oil business can run itself by cooperative action for the good of all. In this long-continued period of overproduction, Oklahoma has brought the advancing output down to limit of market requirements at least temporarily. Sources of Statistical Data For this paper, figures published by four recognized authorities were consulted. Between themselves these vary only a negligible per cent, in their totals. To be consistent, and on account of earlier availability the estimates published by the Oil and Gas Journal are mainly used herein, supplemented from other public and private sources. General Oil ProdCction in Oklahoma In 1927 Oklahoma's peak of all years was 276,022,024 barrels. In 1928 Oklahoma's total production was 247,500,851 barrels. In 1929 Oklahoma's total production was 252,229,474 barrels. The efforts of proration and curtailment programs on flush and semi-flush districts such as Greater Seminole, Oklahoma City, Logan County and others, with the natural decline of older pools, kept 1929 below 1927, but still the total was greater than in 1928. The total United States production for 1929 is herein taken as estiiated at 1,004,266,723 bbl.† Oklahoma produced 25.1 per cent. Of

Jan 1, 1930

OLIVIA'S recent revolution, by hindsight, seems to have been inevitable. The misery of the majority of the people, coupled with the economic crisis engendered by the refusal of the United States to meet Bolivian demands for a higher tin price, gave the National Revolutionary Movement party all the excuse it needed for overthrowing the government. Most of the mines in Bolivia are owned by three families. Precisely what it will mean to the United States is still a moot question. Argentina, with a mixture of Marxism, Fascism, and few twists created by the Perons, is in a position to grab off much of the tin we need. Because of the contingencies of geographical location, language and a natural simpatico, Argentina may be able to continue its efforts to oust the United States from its South American markets. Point Four aid was supposed to be given to Bolivia, but only for agriculture. Even this was entirely too slow. Mining, Bolivia's other major source of income was forgotten by the Washington planners. Primary aim of the new power will be to diminish its dependence on the world tin market. At a time when the free world is fighting a battle for control of metal, it stands a chance of losing an important source of supply. With the accent placed on agriculture and other industries, mining in Bolivia is certain to suffer. Argentina will be in a position to get the available supply of tin, make a strong ally in the world order of things, and add to its power play against the United States in South America. Ten labor groups have formed the Bolivian Central Workers Union. The first item on their list for immediate action is the nationalization of the mining and railroad industries. They also came out for agrarian revolution and diversification of industry. President Victor Paz Estenssoro has promised to appoint a committee for the investigation of nationalization of the mines. At least, this is indicative of a feeling for the need for caution.

Jan 1, 1952

A few years later another gazetteer said of Virginia: "The Ouasioto Mountains are 50 or 60 miles wide at the Gap. These mountains abound in coal, lime and free-stone." The Gap was the Potomac River. "Copper, iron, black-lead, coal, marble, limestone &c are found in this country."' In the Morris papers, in Louisa and Goochland Counties, some records of operations in 1797 and 1798 have been preserved. These are: [ ]

Jan 1, 1942

By H. K. Shearer

There is little of importance to be added to the production record of south Arkansas, north Louisiana and Mississippi as a result of developrnents during 1931. No discoveries of any probable commercial value were made, and the only additions to proven acreage were extensions to the Zwolle producing area. " Includes 29 parishes: Avoyelles, Bienville, Bossier, Caddo, Caldacll, Catahoula, Claiborne, Concordia, De Soto, East Carroll, Franklin, Grant, Jackson, LaSalle, Lincoln, Madison, Morehouse, Natchitoches, Ouachita, Rapides, Red River, Rich-land, Sabine, Tensas, Union, Vernon, Webster, West Carroll and Winn. Tables I and 2 show the number of wells completed in 1931 in 25 counties of south Arkansas and 29 parishes of north Louisiana, with the

Jan 1, 1932

By Constantine Michalopoulos, Roger C. Van Tassel

Commercial demand for gold in the United States is important. It has a large impact on the total world commercial and overall non-monetary demand. Given the present free market price and our need to import gold, it has a substantial adverse effect upon our international payments position. But, according to most recent estimates, the United States demand is perhaps no more than 20% of the world as a whole. In 1971, United States consumption was estimated at 215.6 tons out of a total of 1,412.1 tons 1. This figure is very close to the 16% figure developed by Consolidated Gold Fields as the average for the years 1968-1970.2 Surveys of both production and use of gold on a world-wide basis are not new. With the bulk of gold production in only a few countries, it has been possible to develop fairly reliable series on gold output. Estimates have been developed on the known reserves of gold and probable output at various prices.3 On the demand side, figures have been somewhat less complete and reliable. The Bank for International Settlements and the Director of the United States Mint have regularly published estimates of commercial use in major industrial countries. The IMF has issued an increasingly comprehensive survey in its Annual Reports. The IMF has attempted to cover all nations-not restricting its efforts to major industrial nations-and has tried to estimate both gold taken for commercial uses (Estimated Industrial and Artistic Use) and for private hoarding. Their method is to begin with data on free world output plus any net sales by the Soviet Union, subtract any additions to world monetary stocks (or add to available supply for any net reductions in world monetary stocks), subtract estimates for commercial demand and have left as a residual an estimate for private hoarding. The method is straightforward and simple but the quality of the data is suspect. Industry sources tend to believe the figures as biased on the low side because of a persistent tendency to underreport gold movements.4

Jan 3, 1974