Search Documents

C. W. MERRILL*—Mr. Hughes' paper not only is very well presented but is most timely in that it covers a subject of vital interest to the United States. Tin is one of the strategic metals which has not been found here in appreciable quantities. The total United States tin output since the first recorded production over 100 years ago would not supply current consumption for a fortnight. On the consumption side, tin is extremely important in national defense because of its use in tin plate which, in the form of tin cans, makes it possible to feed properly the armies that the United States recruits from its civilian population in emergencies. Moreover, the internal combustion engines so important in powering tanks, planes, and other war machines, require large quantities of tin alloys for bearings and for soldering. These considerations, along with the fact that Malaya, historically, has been the leading source of tin to the United States, make the kind of information that Mr. Hughes has presented so ably. a matter of vital interest. Your Chairman, Mr. Romanowitz, in his introduction, referred to the fact that I had been a member of the United States delegations to the three meetings of the International Tin Study Group. Some comments on the Group's objectives and deliberations may be of interest. When it appeared that the International Tin Committee, the prewar producer's cartel, might soon revive its operations and extend its control agreement beyond the expiration date of Dec. 31, 1946, the United States Government became interested in some kind of an international trade organization concerned with tin which would give the consumers' interest equal representation with the producers' interests. An international meeting was called in London in October 1946 to consider this problem. I did not attend that meeting hut the result of the meeting was the organization of the International 'Tin Study Group which

Jan 1, 1950

By D. Geiselman, A. G. Guy

Single cvystals were grown from high-purity magnesium containing known amounts of nitvogen in the range 0.0008 to 0.0048 wt pet. Crystals of known ovientation were tested in tension in an Instron ma chine to determine the yield strength and to obsevue wheather a yield point occurred. Slowly cooled crystals or those given a solution heat treatment did not show a yield point. However, crystals that were aged following a solution treatment showed a yield point for all of the nitrogen contents studied. It was concluded that nitrogen caused the yield point by the Cottrell mechanism. NITROGEN has been shown to produce sharp yield points in single crystals of cadmium, zinc,2'3 ß-brass,4 and iron,5,6 as well as in polycrystalline iron7 and molybdenum.8,9 Since magnesium has a structure similar to zinc and cadmium, it seemed reasonable that magnesium should also exhibit a sharp yield point provided it contained sufficient nitrogen. Bobalek and Shrader10 reported a total nitrogen content of 0.002 to 0.0065 wt pct in com- mercial magnesium alloys, an amount well in excess of that required by theory. However. magnesium differs from cadmium and zinc in that it forms a stable nitride, Mg3N2, which has a standard free energy of formation of -95,480 cal per mole at 25" c." If rather than being in solid solution, the nitrogen were predominantly combined as the nitride, it could not act to produce a yield point. This type of behavior is the basis for the elimination of strain aging and a yield point in steel by the addition of strong nitride formers such as titanium,12 columbium,13 aluminum,14 vanadium,15 and boron.16,17 Thus, there appeared to be factors both favorable and unfavorable to the production by nitrogen of a sharp yield point in magnesium, and the purpose of this investigation was to determine the actual behavior of magnesium crystals containing known amounts of nitrogen.

Jan 1, 1960

By C. S. Barrett

THE crystal imperfections known as faults in stacking (stacking disorder) are of importance to both fundamental and applied science and are receiving increasing attention. On the theoretical side there have been recent advances in the analysis of diffraction patterns in terms of stacking faults, and on the experimental side it has been found that certain metals develop a faulted structure on cooling through a phase transformation. Beyond this, little is known of what may be called the physical and mechanical metallurgy of faulting, although there has been no lack of discussion and conjecture as to the presence of faults in metals and the effect of faults on mechanical properties and microstructures. In the close-packed metals the nature of faults can be described very simply. Face-centered cubic (FCC) crystals consist of close-packed layers of atoms, (111) planes, stacked above each other in a definite manner. If one layer is designated as the A layer, the next must be a B or a C layer; that is, every atom of the second layer lies not above the atoms of the A layer, but nestles in the hollows between these, using the hollows designated as the B positions, or the equivalent hollows designated as C. If the sequence of layers is ABCABC...., so that layers three spacings apart are directly over each other, the crystal is FCC; if CBACBA ... it is an FCC crystal that is a twin of the former; if ABAB........or BCBC..it is hexagonal close-packed (HCP). A fault is a break in the sequence, such as ABCABABC .. . which has the effect of inserting an HCP lamella into an FCC crystal. Regularly spaced faults spaced two layers apart would convert an FCC crystal entirely to HCP, or an HCP to FCC. A fault in an FCC crystal is also equivalent to creating an FCC twin of minimum thickness; in fact, the entire crystal would be converted to its twin if faults were introduced regularly. (In HCP crystals, however, twinning does not occur on the basal plane and a fault on this plane is not identical with a thin twin). Faults are one of the possible causes for annealing twins,' for the strain markings that are brought out by etching deformed metal,'," for the altered X ray reflecting power of metal at slip bands that is revealed in X ray reflection micrographs,' for the extinction of Kikuchi lines in electron diffraction patterns, and for the hardening of latent slip planes.' Since other explanations of these effects are also available," there has been no direct proof of faults from deformation; yet it has appeared likely that they would occur. Faults resulting from phase transformations in metals, however, have been clearly revealed by diffraction in cobalt" and lithium. It is to be expected that the faulting tendency is greatest

Jan 1, 1951

By Jamie Girard Dwyer, Edward McHugh, Stanley Miller, Jeffrey Whyatt

This user's guide covers the operation of a suite of three computer programs-Bplane, Bstepp, and Bwedge. These programs can be used to evaluate the potential for plane shear, step-path, and wedge failures along the crest of a slope bench. Such failures reduce the width of a catch bench and may compromise the bench's ability to catch rolling or sliding material before it reaches miners working below. The Bplane and Bwedge programs address sliding of blocks defined by continuous planar joints. The Bstepp program examines sliding of blocks defined by more complex failure surfaces that include steeply dipping cross joints and may even include breaks across small bridges of intact rock. The programs are applicable to jointed rock masses where the joints are small relative to the overall slope and form a number of sets with uniform statistical characteristics within a slope sector. The theoretical basis, application, and operation of these programs are described.

Jan 3, 2007

By Christopher Mark

After the United States and Australia, South Africa has the largest. modern underground coal mining industry in the world. Historically, South Africa has been the cradle of many innovations in ground control, particularly in the area of pillar design. Today, South African mines are grappling with many of the same issues faced by their U.S. counterparts, including safety during pillar retreat operations, selecting the proper roof support, and maintaining long-term pillar stability. The author recently visited seven underground mines in the Mpumalanga, Free State, and KwaZulu-Natal provinces. Mining methods included longwall, room-and-pillar with continuous miners, and drill-and-blast. The mines represented a cross-section of geology and ground support practices. At each mine evaluations were made of the Coal Mine Roof Rating (CMRR), roof support practices, pillar design methods, and general ground control experience. The coal seams observed were generally thick (2-5 m), the depths of cover moderate (less than 200 m), and the roof rocks relatively strong (CMRR greater than 45). Unfortunately, the South African roof fall fatality rate is approximately three times greater than in U.S., perhaps in part because roof bolts seem to be more widely spaced in most South African mines. Roof bolting equipment was generally outdated, and the quality of bolt installation was a major concern. Pillar design, on the other hand, is quite advanced, and pillar failures are rare. Several novel partial pillaring techniques are employed, including "checkerboard" mining in which every other pillar is removed, 3-cut systems, and high-extraction mining where engineered final stumps are left by design. The paper also offers observations on ground control management techniques (including recently introduced Codes of Practice), the role of the mine inspectorate, and the status of the research community.

Jan 1, 1999

By Garth Kuhnhein

The Black River and Maysville underground limestone mines operated by Carmeuse Lime and Stone, Inc. in northeastem Kentucky are two of the largest underground limestone operations in the United States. The combined output of these two options has consistently averaged over 5.5- million tons per year for the last decade. The mines operated beneath 650-ft and 1,200-ft of overburden and are affected by high horizontal stress. In 1982 changes to the mine design were made at the Maysville mine to improve ground conditions. A series of design changes were initiated in 2002 at Black River to improve ground conditions. This paper reviews the results of the changes made at Maysville, recent horizontal stress measurements conducted at the Black River mine, and the recent modifications to the Black River mine design. Roof fall statistics at both operations are used to compare the distinctly different mine layouts used at the two mines.

Jan 1, 2004

By Oliver Bowles

Two striking events marked the year 1871-the establishment of the A.I.M.E. and the beginning of the portland cement industry, the most spectacular of all the nonmetallics in its development. Just as David Saylor's first portland cement, made in a little mill at Allentown, Pa., in that year was the forerunner of a mighty industry, the products of which in 1942 were made in 155 plants scattered throughout the country (having attained a value of nearly $300,000,000), so the Institute from its small beginning has attained a membership of many thousands, likewise decentralized into a series of individual sections of wide geographical distribution. Concurrent with the establishment of the Institute was also the invention of the steam drill, followed by the compressed-air drill about 1904. These mechanical drills were so immeasurably in advance of the hand drill and hammer used previously that quarrying and mining of present-day magnitude could never have been attained without them. Some outstanding occurrences have marked this eventful three quarters of a century. The concrete age, with its enormous demands for cement, aggregates and steel, is of primary importance. Of interest also is the shift of fertilizers from the organic to the mineral field. Nitrates, primarily obtained

Jan 1, 1947

By P. M. Tyroler, W. J. Thoburn, M. R. Alberty

"An initial test of this unique application demonstrated that hot gunned refractory would adhere satisfactorily. Subsequently, it was found that the proportion of material sticking during application increased with increased vessel temperature and when a mix containing pitch was used. About 75 per cent of the latter type adhered when it was applied at 1600°C.TBRC availability increased from an historical average of 62.5 per cent to 64.7 per cent during four campaigns when hot gunning was routinely practiced. Refractory cost was about 20 per cent less than that anticipated without gunning. Average parameters per campaign with gunning ranged as follows: 90 to 108 heats, 10 to 37 applications and 1.4 to 2. 7 hours per application. Prior to gunning, the average number of heats per campaign was 73.IntroductionThe Top Blown Rotary Converter process at Inco's Copper Cliff Nickel Refinery converts copper-nickel-sulphur concentrates to a material suitable for carbonyl refining (1),(2).Operating conditions are particularly hard on refractory. Batch cycles finish at temperatures up to 1650°C, with occasional excursions over 1700°C. New heats are then usually initiated immediately and the refractory is subjected to intense thermal shock from the cold feed. Temperature cycles are also introduced three to four times during a heat when the process is interrupted for scrap charging, temperature measurement or sampling.Abrasion wear results from rotation of the converters at speeds up to 15 RPM and from agitation of the bath with supersonic-velocity oxygen. Mechanical damage also occurs when chunks of scrap or solid matte are processed. Chemical corrosion is also present, as we know from our own laboratory work(2) and reports of operations elsewhere. As a consequence, refractory material and installation form a very large proportion of the converter plant costs. Equally important is the loss of converter availability during rebricking; this significantly reduces plant capacity."

Jan 1, 1981

By R. del Villar, A. R. Laplante

"This article presents four grinding simulation programs, written in Applesoft BASIC. The firs t two calculate residence time distributions (RT Ds) for open and closed loops mills. The third program calculates the select ion functions from the RTD, breakage function and particle size distribution (PSD) o f the feed and discharge. Two linear regression programs are also included to calculate the breakage function. These results are used in the fourth program to simulate continuous or batch grinding kinetics.The modelling approach presented is the size discrete, time continuous matrix formulation presented by Reid (1965) from concepts originally proposed by Epstein (1948). It is at the present time the most widely accepted phenomenological model of grinding kinetics and is standard textbook material (Austin et 01., 1982; Kelly and Spottiswood, 1982, p. 152). The concepts of RTDs and tracer testing originated from chemical engineering theory and practice, and are well presented in Leven spiel (2n d Ed . 1972 , Ch. 9) .Applesoft* was chosen because it is compatible with many micro computers. It is also one of the simplest and least powerful BASIC versions. Thus it can easily be adapted to other more complex BASIC versions.Open Loop Residence Time Distributions (Program RTDOPEN)As mixing, channelling, stagnation and short-circuiting all affect slurry motion in tumbling mills, transport characteristics are very complex an d cannot be derived from fundamental principles. Fortunately , as grinding follows first order kinetics, transport characteristics for the purpose of grinding simulation ca n be represented by the RTD of the slurry phase . It is normally determined using liquid tracers, as it has been demonstrated and is commonly accepted that in industrial ball mill s, the RTD of the so lid phase is particle size independent and equal to that of the liquid phase."

Jan 1, 1985

By R. C. Hartviksen

"The Drumbo Mine is a new gypsum mine located at exit No. 32 of Highway 401 between Woodstock and Kitchener, Ontario. The flat-lying 6-foot (1.8-metre) bed of gypsum is near the base of the Silurian Salina Formation, about 380 feet (116 metres) below surface. The mine is owned and operated by Westroc Industries Limited. A shaft, 12.5 feet (3.81 metres) in diameter, was drilled and then lined with a liner-sinking technique new to this continent. The shaft was completed in the fall of 1977. Gypsum production was started in December 1978, employing a conventional room - and - pillar method of mining.Historical BackgroundA brief mention of gypsum in the Drumbo area is included in a survey of the Ontario gypsum industry by Guillet. This occurrence was discovered in 1958 when National Gypsum conducted some widespread diamond drilling. Western Gypsum Products Limited acquired leases in 1960 and concentrated a drilling program in Blenheim Township near the village of Drumbo; 79 holes were drilled in an area of 1900 acres (770 hectares). Mining rights were then acquired for 170 0acres (690 hectares). A test shaft, 44 inches (1.1 metres) in diameter, was drilled to obtain a 50-ton (45-tonne) bulk sample. This opening will be used as an emergency escape way and for ventilation.Westroc Industries Limited, a wholly owned subsidiary of BPB Industries, has its head office at Mississauga, Ontario and operates gypsum board plants at Mississauga, Vancouver, Calgary, Winnipeg and Montreal. Other gypsum mines are at Windermere, B.C. and Amaranth, Manitoba."

Jan 1, 1983

By Liu Liching, Yan Hongjiu

"In China, the electromagnetic induction initiating system f or blasting engineering has been greatly developed in recent years. With this system, the total number of detonators that may be blasted in each round has been increased from 420 to 940 as a result of the invention of a powerful exploder, and the length of leg wires of a detonator has reached 12 metres. These developments make the new system suitable for blasting engineering of medium scale. Another attractive feature of this system is a set of testing instruments which have been invented that enable a final check of the system to be made before firing as in normal electric blasting. This paper reports on these developments.IntroductionThe initiating system for blasting explosives is one of the key factors to the success of blasting engineering, along with the progress of explosives and blasting technology. Today, we have initiating systems which may be divided into two groups: electric and non-electric. The earliest initiating system was non-electric. Many mines, as well as many projects where rock excavation was involved, were blasting non-electrically before the new nonelectric initiating system came into use in the 1970s. Electric and non-electric initiating systems are the two main initiating systems which are now being widely used, each having its advantages and disadvantages. In electric blasting, the blasting supplies and the blasting circuit can be checked before it is used or fired and, therefore, is regarded to be more reliable. In many large-scale blasting engineering where reliability of the initiation is of great concern, a checkable initiating system is preferable. The electric initiating system is not considered to be as safe as the non-electric initiating system due to its inability to choose proper ignition energy. Therefore, a non-electrical initiating system would be preferable where a hazard of stray currents or static electric energy exists. At this stage of development, one would say it would be advantageous to develop a new initiating system."

Jan 1, 1988

By G. S. Rice, R. V. Wheeler

"FOREWORDThe cooperative mine safety research program was carried on successfully in the year 1930 in a manner similar to that described in the report for 1929It is believed that the results of such fundamental work as is being done are unquestionably of great benefit in their application in coal-mining operations, in the saving of life and health of minera. The research result compared and checked by investigations in the two organizations, and further by large-scale tests, as in the Experimental Mine, give confidence to mine operators, miners and State mining officials in the findings of the various researches.The annual report of the contact officers of the United. States Bureau of Mines and the British Safety in Mines Research Board to the Director of the Bureau and the Chairman of the Board respectively, follows:Annual Reports for 1930 To: The Director, Bureau of Mines.The Chairman, Safety in Mines Research Board."

Sep 1, 1931

By Simon H. Ash

The coal-mining districts of Washington are mainly west of the Cascade Mountains; Fig. 1. The mines are on the foot hills of the slope, the lignite fields of Lewis and Thurston counties extending into the valleys west of the mountains. An exception is the Roslyn field, a small but important area on the eastern slope. If western Washington is divided into three areas from north to south, the bituminous coal fields and most of the active operations will be found largely in the middle area. The southern portion contains lignites over a large area. In the northern portion, mining is practically restricted to one mine, the Bellingham, which is working a subbituminous coal seam near the city of Bellingham. The degree of alteration that the coal of a particular field has undergone may be gaged roughly by the position of the field with reference to the Cascade Mountains. The lignites of Tenino, Tono, Mendota, and Castle Rock, on the railway line connecting Seattle and Portland, occur in a region of low relief, in which the Eocene coal measures have suffered only minor disturbances. Subbituminous coals occur in the foot hills, as at Renton, Newcastle, and Bellingham. Coalg high in fixed carbon are found nearer the mountains, where the measures have been sharply tilted and folded, as at Black Diamond and Carbonado. The two typical anthracite fields are located still higher, in the rugged mountains where outcrops appear both in deep gorges and on ridges at elevations approaching 5000 ft. At Carbonado is found the only semianthracitc seam worked on a commercial basis. The occurrence of this seam in a region of bituminous coal is due to the nearness of an igneous sill, which has changed its character from bituminous to semianthracite. Purpose of Paper On account of the various faults and dips and the varying nature of the wall rock, many difficulties are encountered in mining and winning the coal. The paper gives some of the methods used in mining and, in some detail, the conditions that affect the efficiency of these methods.

Jan 1, 1925

By Armando Alatorre

The Republic of México is the world's largest producer of celestite/strontium carbonate and natural sodium sulfate. It is also a significant producer of flourspar, barite, graphite, sulfur, feldspar, salt and gypsum. New production may be brought on stream for borates, wollastonite, garnet, calcium carbonate and others. The country covers a geographic area of approximately 2 million square kilometers (760,000 square miles), and is divided into seven geological/geomorphological provinces. Less than 20 percent has been explored in detail for either nonmetallic or metallic minerals. This leaves large areas available for the discovery of world-class industrial mineral deposits. In addition to new deposits of those minerals currently being produced, there is exploration and development potential for borates, magnesite, rare earths, nepheline syenite, heavy mineral sands and numerous others.

Jan 1, 1995

By L. R. Bower

"This paper describes a highly versatile variable speed unit with a torque multiplication feature as a direct replacement for a fluid coupling .The unit is comprised of a modulating clutch with torque converter and lock-up options.The UCD does not start or stop the motor. This is carried out in the normal manner.The UCD continually monitors and rapidly regulates the output speed to the requirement of a set point demand from input signals or a pre-set program with full manual override.The pre-set program can include start and stop ramps, top speed and minimum speed regulation and also mid-speed set point with security for man-riding, etc. Speed variation is from zero to 100% on a constant duty basis.The input signals can be from any source, e.g. belt weigher. load profile bunker probes, mine monitoring system, etc.The UCD when fitted with a torque converter has a torque multiplication feature which automatically provides a starting torque up to two and a half times greater than the full load torque without exceeding the normal motor power levels.IntroductionIt is common practice in the mining industry to drive conveyors, whether they be belt or chain, through a transmission system incorporating a fluid coupling between the driving motor and gear-box .However, there are drawbacks and in an effort to attain a better degree of drive and control, two-speed motors - inverters cycle- converters - hydrostatic drives, etc ., have been introduced."

Jan 1, 1986

By John Latilla

Following its introduction on underground collieries, the mandatory Code of Practice to Combat Rockfall Accidents (CoP) was applied to all opencast operations of lngwe Collieries (the South African division of BHP Billiton Energy Coal). The CoP includes, but is not limited to, requirements to assess hazards, manage them and monitor compliance. Information on methods to measure highwall conditions and compliance with control measures on opencast strip mines, as opposed to open pit mines, was found to be anything but freely available. However, on the Ingwe underground mines, a system of rating physical conditions in each section and how well production personnel were managing the situation, has been used with success for some time. It was decided that a similar approach would be taken, and, as with the underground rating system, the resultant rating forms should not be aimed at rock engineering specialists only but should be able to be used by production personnel as well. This paper discusses the highwall risk rating method as evolved over a couple of years and highlights that it is a flexible tool that can easily be changed to suit an individual mine's requirements. It also shows how operational aspects are being measured to determine how well the identified hazards are being managed. Allied to the method is a relatively easy, and certainly "low capex," mapping technique which allows between 500 and 1000m of highwall to be covered in a day. Features generally recorded include lithology, bench height, work still to be completed, coal losses or "toes", presence of water, dolerite intrusions, existing and potential failures, prominent joints, declared special and cautionary areas, cracks on upper benches and condition of spoil piles. Highwall mapping and photography as well as basic geological data collection, enable highwall risk and operational ratings to be determined. The same rating sheets may also be completed by production personnel, but without detailed mapping.

Jan 1, 2002

By Matsubara, A.

THE problem of the equilibrium between iron, carbon, and oxygen was first carefully investigated by E. Baur and A. Glaessner,1 who determined the equilibrium conditions of the two reactions Fe304 + CO ? 3FeO + C02 (1) FeO + CO ? Fe + C02 (2) within the range of temperature of 350 to 900° C. The next series of investigations was made by R. Schenck and his co-workers,2 who sought to check the results of Baur and Glaessner's work within the range of 550° to 700° C. and to elucidate the conditions of formation of iron carbide. The equilibrium conditions at the higher temperatures, however, are generally understood to be much more complicated, owing chiefly to the formation of solid solutions between iron, its oxides, and carbide; nevertheless their determination is of much more practical importance than those at the lower temperatures. It is well known that each of the reactions is reversible; equilibrium is established when the partial pressure of oxygen in the gaseous phase has become equal to the dissociation pressure of magnetic oxide in equation 1 and that of ferrous oxide in equation 2. These equilibria are subsequently designated by "the Fe304-FeO equilibrium" and "the FeO-Fe equilibrium," respectively. As the Fe304-FeO equilibrium has three phases with three components, it must be bivariant. But the reaction involves no pressure change in the gaseous phase, hence the final composition of the latter is practically unaffected by pressure. To know, the equilibrium conditions, the compositions of the gaseous phase at different temperatures must be determined. At the higher temperature, however, iron and its oxides dissolve one another in various proportions forming solid solutions; in many cases the content of oxygen in the solid phase becomes a new independent variable.

Jan 2, 1921

By I. Mc Dougall

"The matte/slag tidal zone in a platinum smelting furnace is subject to severe process conditions which can often lead to premature failure of the lining. The MgO-FeO-Si02 slag is aggressive to refractory bricks, whilst the Ni-Cu-Fe-S matte is aggressive to water-cooled copper cooling elements, and can penetrate and sulphidize refractory bricks, particularly at the high matte temperatures often experienced in the PGM industry. A novel approach to the lining design was taken at Lonmin's new 10MW Furnace 2. An indirectly-cooled graphite ring was applied in the matte/slag tidal zone, with refractory bricks on the hot face. Thermal Finite Element modeling was conducted to determine the optimal lining design in this region of the furnace. The resistance of two graphite grades to damage by slag and matte was evaluated experimentally. The graphite lining is not wet by the matte, and is resistant to slag attack at operating temperatures. In comparison to water-cooled copper in various configurations, cooled graphite shows promise as an indirect refractory cooling system in the tidal zone area of furnaces.IntroductionIn South African Platinum Group Metals (PGM) smelting operations, the PGMs are associated with nickel-copper sulphides in magmatic rocks. After ore is mined, it is concentrated by means of a flotation process prior to smelting. Both rectangular 6-in-line and circular 3 electrode AC submerged arc furnaces are used for this purpose. A new 10 MW round furnace is currently under construction by Tenova Pyromet at Lonmin's Marikana Smelter Division. An overview of Lonmin's smelting operations and Lonmin's approach to smelting high chromite containing PGM concentrates is given by Eksteen et al. [1]"

Jan 1, 2012

Jan 1, 1969

By O. E. Kiessling

A GROWING uneasiness in the oil fields indicates that doubts are arising as to the efficiency of the present technical, economic and legal arrangements affecting production. Recent documents of the federal government, debates in state legislatures, editorials in the daily press and statements of oil company executives re-echo the notion that the present methods of producing oil satisfy neither the business man nor the public. Such intimations are of utmost importance, since oil is a vital clement in modern industry and dependence upon it increases as new uses develop. SECTION I-PRESENT SCHEME OF COMPETITIVE EXPLOITATION IS WASTEFUL The oil industry has convinced itself, for very good reasons, that the present scheme of competitive exploitation results in losses, both in terms of quantities of oil and in terms of profits. The story of these losses is familiar enough, and it is necessary only to distinguish and summarize briefly certain factors that are of importance to the following argument. Oil pools are exploited under a competitive economic system based on private ownership and contract; the hope of profits attracts capital and enterprise, and competition is supposed to serve as a regulative factor. Whether such a scheme of industrial organization works is partially dependent on the ability of the producer to withhold or produce is commodity as he sees fit, in accordance with the dictates of market demand.

Jan 1, 1927