Safety, from the Latin word "Salvus" -Safe. 1. The condition or state of being safe; freedom from danger or hazard, exemption from hurt, injury, or loss. 2. Freedom from whatever exposes one to danger or from liability to cause, danger, or harm; safeness: hence, the quality of making safe or secure, or of giving confidence, justifying trust, insuring against harm or loss. (From Webster.) The meaning of the word "Safety" by Webster is very explicit, clear, and plain. It is not obscure or imperceptible. What man, woman or child is not familiar with this word? A mere word by itself, but indifference to its significance means the difference between life, death, permanent or partial disability, or injury. There is no question about a safety program being expensive. It is-it produces no commodity-but when properly organized and with a definite goal in view it will pay 'a dividend by increasing the efficiency of the human worker.
BENEDICT SHUBART: I am rather surprised at one statement of Mr. McKeehan, that he found it satisfactory to bond only one track. It has always been my idea of good practice to bond both tracks and cross bond frequently, so that in case of any break in the bonding of one track, which frequently occurs, there will be no interruption in the circuit.
The 1939 meeting will be held in Salt Lake City, the exact date to be announced later. If you have any suggestions for the place or program, send them to the Secretary at once.
of our good friends and fellow -members: J. R. Gemmill J. J. Walsh J. F. Gieble M. O. Danford John E. Havens J. E. Edgeworth R. S. Rubincam Phil Lloyd E. J. Raddatz who left the world better for their having lived in it.
Thank you, Tom, I appreciate that generous introduction - and your generous welcome. When Doris Finnie asked me to speak here today, my decision to join you couldn't have been easier - for two reasons. First, I can't say no to an opportunity to return to Steamboat Springs. My family has wonderful memories of skiing here. And this time of year, golf in the mountains is so good you almost don't miss the skiing. The second reason this was such an easy decision is that The Rocky Mountain Coal Mining Institute is such an important forum for the coal industry, and it's certainly important to Peabody. We have mines in five western states - Arizona, Colorado, Montana, New Mexico and Wyoming. Last year, our western mines produced more than 110 million tons of coal. That's about two-thirds of our total domestic production. So western states are obviously critical to us. A couple of weeks ago, the west became even more significant to Peabody. Of course, I'm speaking of PacifiCorp's planned acquisition of The Energy Group - including Peabody - announced the middle of this month. Admittedly, when I agreed to speak here - some months ago - I had no idea just how much change Peabody would face in this relatively brief period. Still, not knowing then about the PacifiCorp announcement, I chose change as the subject for this talk. I'll update you on our recent news. But, first I want to establish a broad context for the PacifiCorp/Energy Group announcement and other change in the electricity business, change here in the United States and all over the world. ? We'll see how change is driven by two major trends - privatization in emerging markets and deregulation in mature markets, In turn, those two trends will cause ever-increasing consolidation - in both the coal industry and the broader power industry. ? After outlining those trends, I'll discuss the change that will dramatically affect Peabody following the announcement a week ago that PacifiCorp and The Energy Group intend to join forces to create one of the world's largest international integrated energy companies - an event that adds considerable credibility to the prophesies I'll outline in my remarks today. ? Finally, I will discuss an issue that threatens our industry's future - and, indeed, the economic future of all Americans. That issue is the inappropriate response to the unproven possibility of global climate change. Let's set the stage for change. And let's begin with the first trend I mentioned - the trend to privatization in developing economies. What drives the trend to privatization? Economics. It's all about the supply and demand of capital. And the engine that drives the supply/demand ratio is growth in electricity demand - tremendous growth in demand in developing economies. The U.S. EIA projects worldwide growth in electricity demand at 63 percent between 1990 and 2010, most of it in developing countries. This strong growth means that a new 500 MW power plant will be needed every three and one-half days until the year 2010. Now, if we say that a 500 MW plant will cost about $500 million dollars, we're talking about a bill of about $1 billion dollars a week - through 2010. That voracious demand for capital drives the trend to privatization. It means countries in Eastern Europe and the former Soviet Union want to sell generating assets. And Asian countries - for example, India, Indonesia and the Philippines - want to find private investors to build power plants. Privatization already is well underway. In the future, it will grow, with countries in South America, Central America, and Africa joining the trend. Bottom line: The privatization trend means rich new opportunities for companies willing to think beyond "business as usual." Meanwhile, developed economies face a different but no less fundamental change. Western European countries, the United States and Australia face deregulation. Why does deregulation represent such a big change? Consider a few basic facts about the U.S. electricity market to see what a big change -
Safety (f7fb211e-76ec-469f-b882-916644bb8824)
Discussion Of D. C. McKeehan's Paper