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By D. C. Porterfield

ProUuction of crude oil in Venezuela increased from 186,134,000 bbl. in 1940 to 2~8,131,ooo bbl. in 1941, or 22.6 per cent, to establish a new all-time high for the country. While the average production for the year was 625,000 bbl. per day, production during the month of December 1941 averaged 751,000 bbl. per day, and during the last week of the year, 766,000 bbl. per day. Production from the Lake Maracaibo basin averaged 454,000 bbl. per day during the year, or 72 per cent of the total for the country, compared with 73 per cent of the total produced in 1940. Drilling during the year was approximately on the same scale as in 1940, with 438 wells completed in 1941 as compared with 429 the year before. Exploratory completions decreased from 18 in 1940 to 6 in 1941. Of the drilling operations in 1941, 56 per cent was concentrated in the Lake Maracaibo basin and 44 per cent in eastern Venezuela, success being 98 per cent in the Lake basin and 83 per cent in the east. Successful completions for the country as a whole amounted to 92 per cent of the total wells drilled. Exploratory drilling in 1941 resulted in the discovery of three new fields, all in eastern Venezuela; viz., Guara, about II km. to the northeast of the Oficina field but on a separate structure; Santa Rosa, which is east of El Roble field on a structure forming a part of the major Santa -Ana- San Joaquin-El Roble uplift; and Santa Barbara, which is southwest of the Jusepin field on an extension of the main Jusepin anticline. At the close of the year three wildcats were drilling, all of which showed prospects of obtaining production; that is, Mercedes No, 2 in central Guarico, Las Ollas No. I on the Anzoategui-Guarico border near the town of Zaraza, and Quiamare No. I in Anzoategui northeast of the town of San Mateo. In spite of heavy withdrawals and the resultant natural decline in the potentials of older producing areas, new drilling during the year increased the potential production of the country from an estimated 780,000 bbl. per day at the end of 1940 to an estimated 810,000 bbl. per day at the end of 1941, or approximately 4 per cent. Since domestic consumption of petroleum products is insignificant compared with total production, exports of crude and products during the year increased in line with production. Crude exports totaled 196,800,000 bbl., compared with 158,400,-000 bbl. in 1940, and exports of products were 26,100,000 bbl., compared with 21,900,000 bbl. the year before. Exports of crude from Venezuela to the United States amounted to 36,500,000 bbl. In addition, about 2,200,000 bbl. was imported in bond into the United States for transfer to Canada. Total refining capacity of the country in 1941 was approximately 125,000 bbl. per day, including a crude-conversion plant with a capacity of 32,000 bbl. per day, capable of making fuel oil only. Three plants with a capacity of 121,000 bbl. Per

Jan 1, 1945

By W. N. Carr, J. R. Biard, B. S. Reed

An analysis of the semiconductor injection laser is presented which is based on a phenomenological model using device and material parameters. The intent of the laser threshold analysis is not to predict from theory the actual threshold current density but rather to provide a logical means of interpreting experimental results. The device and material parameters have been selected such that they describe both the threshold conditions and quantum efficiency of the lasev. A technique is proposed whereby the current required to obtain a population inversion is predicted from device 1-V characteristics. Experimental data are presented which support the analysis. THIS investigation is concerned with the characteristics of GaAs lasers fabricated in this laboratory. However, the assumptions used in these calculations should not limit their application to GaAs alone. It is felt that the analysis is sufficiently general to be useful in describing the operation of other semiconductor-laser materials. ANALYSIS heavily doped semiconductors to be considered. The absorption and/or generation of optical radiation may be completely specified in terms of q(E) and the probability functions f,,(E) and f,(E) which define the occupancy of the valence-band and conduction-band levels, respectively. The symbols used in this analysis are listed at the end. Following the approach of all' it can be shown that the effective gain coefficient, g, in the plane of a forward-biased P -N junction is g(E)=-ai@)[1-fv(E)-fc(E)] [1I In particular Eq. [I] holds for the photon energy at which lasing occurs, Ep. Throughout the following discussion Eq. [I] is considered only for the lasing transition E = Ep. For simplicity the functional energy dependence of the various factors is omitted in subsequent equations. Unless otherwise stated the symbols used represent the values at Ep. If the analysis is limited to the P-type side of the laser junction, the function q(l -f,,) is recognized as the band-to-band absorption in the P-type material at thermal equilibrium. Under forward-bias conditions the function f, is determined by the electron quasi Fermi level in P-type material. For sufficiently large forward bias the second term in Eq. [3] will become dominant and net gain will result; i.e., g will become positive. In order to simplify the subsequent analysis several assumptions are in order at this point. a) No conductivity modulation occurs. /„ is independent of f, and therefore go is a constant. b) The P-type material is heavily doped such that the degeneracy of the valence band permits popu-

Jan 1, 1964

Jan 1, 1902

Jan 1, 1959

By F. G. Smith

A FEW years ago, the writer encountered a, problem that, at first, seemed to be due to peculiar conditions affecting grain growth. Large cups made from heavy metal failed in the first drawing operation in the process of making seamless tubes. The metal, as cast, appeared to be sound and strong; it rolled successfully and withstood the first cupping operation, but on the first draw it failed, with a crystalline fracture. The failure appeared in the slightly worked part of the bottom of the cup, and microscopic examination revealed exceptionally large grains. Knowing the general conditions governing recrystallization of brass, which were later published by Matthewson and Phillips, an investigation was outlined with the idea of including various conditions under which new grains might form, and which would include the effect that a previous anneal might have upon the anneal following. These conditions were produced by annealing specimens of brass at five different temperatures, indenting them with a 10-inn. ball under four different pressures, and then reannealing at each of the five temperatures five specimens each of which had been annealed at one of the five temperatures.

Jan 8, 1919

By W. C. PAGE

AS the pioneer operation treating the mixed lead- zinc-iron ores from the district tributary to the Salt Lake Valley, the International Smelting Co.'s plant has offered an extremely interesting and instructive opportunity to study some phases of this problem. Basically, there were two main reason for our attempting to work out a successful operation for the separation and concentration of the values contained in the rather widespread deposits of these so- called lead-zinc ores. In the first place, the time was ripe and demanded some method of curtailing the economic waste resulting from the costs of past and present practice of smelting ores of this character, or rather, those ores which could stand the charges inherent with smelting them. Secondly, but rather primarily with us, we believe that such a solution would greatly in- crease in general the production of lead in the district tributary to the Salt Lake Valley. It is generally known that there were and are three relatively large lead smelting plants in the Salt Lake Valley and the decreasing production of correspondingly clean lead ores was not efficient to justify the existence of all three. We could not hope for better lead smelting metallurgy nor more efficient business management than was being practised, so the only prospect was to at- tempt to work out some way to increase the primary production and thus widen the scope of operations.

Jan 1, 1926

By Truman Aldrich

THE Clinton group of the Silurian holds the red or fossiliferous ore; its outcrops have been mapped by the State or U. S. Geological Survey. This group is from 100 to 500 ft. thick in Alabama. There are places where it is entirely missing (doubtless islands in the Silurian Sea). In Etowah County, in part of Greasy Cove and vicinity, the upper seam is a coral reef impregnated with the red ore; in this same county, step, faults bring up the ore in three or four separate ridges practically parallel. In Blount County and on Raccoon Mountain, the ore runs under the carboniferous rocks and outcrops in the valleys. In examining some bore holes made in drilling for oil, the writer found the Clinton group continuing under the Warrior coal field wherever the drill has gone deep enough. It demonstrates the possibility of a source for red ore not seriously thought of until lately. The following bore holes made principally for oil, given in Bulletin No. 22, Geological Survey of Alabama, show the presence of either ore or red rock, and suggest vast resources yet to be outlined and developed for ore in the future. The locations are given by number on the map. Hole No. 1 was drilled 6 miles southeast of Russellville, Franklin County, by the Woodward Oil & Gas Co. It passed through 160 ft. of Clinton, but only a small show of red ore was found at 1280-1400 feet. A test well, No. 2, drilled near Atwood, Franklin County, in section 26, township 8, range 14, penetrated the Clinton at 1608 ft. and found 38 ft. of limy red rock, also 8 ft. of some blood red ending at 1820 ft., making 46 ft. of red rock in all. It is reported that some good ore was cut through but this work was done by a churn drill. The hole was continued by diamond drill from here. At least 400 ft. of the formation was classified as Clinton.

Jan 10, 1924

By Ralph E. Esarey, George V. Cohee

In Indiana, 349 wells were drilled for oil and gas in the year 1942. Of this number, 125 oil wells and 21 gas wells were successfully completed and 203 were dry holes. Drilling activity declined 37 per cent as compared with that of the year 1941. This reduction was brought about largely by Federal Conservation Order M-68, restricting drilling to one well on 40 acres, in order to save steel. This Order was later supplemented to permit closer spacing of wells drilled to sandstone formations in southwestern Indiana. Most of the drilling in 1942 was in the southwestern part of the state. Posey County ranked first, with 94 completions and 44 producers; Gibson County, second, with 77 completions and 38 producing oil wells and 2 gas wells. There were 58 drilling operations in the state at the end of the year. During 1942 a total of 589,734 ft. of hole was drilled, of which 231,702 ft. was wildcat footage. The total initial production of the oil wells completed was 9974 bbl. and of the gas wells, 11,148,000 cu. ft. (Table 2). Of the 349 wells completed, 122 were wildcat wells (Table 3); 26 were completed as oil wells; 17 were extensions to proven fields and 9 discovered new pools. Posey County was foremost in wildcat drilling, with 37 wells completed (Table 6). Thirty-five per cent of the wells drilled in 1942 were wildcat, as compared with 25.5 per cent in 1941. It is anticipated that the percentage of wildcat wells drilled in 1943 will be greater, although the total number ol ,wells drilled in the state will probably be less. The new discoveries in Indiana in I942 were, for the most part, one-well pools in the southwestern part—in Posey, Gibson and Spencer Counties (Table 4). Most of the development in pools took place in the . Hazelton and Kirksville pools in Gibson County, Mr. Vernon pool in Posey County and the Vernon Heights pool in Vander-burgh County. Deeper production was obtained from the Osage limestone in the Hazelton pool at a depth of 2402 ft., 650 ft. below the productive McClosky limestone. The well had an initial production of 140 barrels. Extensions to 17 pools in the southwestern part of the state were successfully completed (Table 5). An interesting development during 1942 was new production from the Devonian limestone in the Dodds Bridge pool, Sullivan County. The Ohio Oil Co. deepened one of its wells, which had been producing from a shallow sand, to the,Devonian, and it was completed for an initial production of 77 bbl. Five other Devonian producing wells were completed in that area. Crude-oil production in Indiana in 1942 was 6,609,000 bbl. (Table I). The Griffin field, Gibson and Posey Counties, which produced approximately 3,550,000 bbl., accounted for more than half of the state's production. The Mt, Vernon and New Harmony fields were next in importance of production, with 684,000 and 523,000 bbl., respectively. The price of crude oil was $1.22 a barrel for the old

Jan 1, 1943

By George V. Cohee, Ralph E. Esarey

In Indiana, 349 wells were drilled for oil and gas in the year 1942. Of this number, 125 oil wells and 21 gas wells were successfully completed and 203 were dry holes. Drilling activity declined 37 per cent as compared with that of the year 1941. This reduction was brought about largely by Federal Conservation Order M-68, restricting drilling to one well on 40 acres, in order to save steel. This Order was later supplemented to permit closer spacing of wells drilled to sandstone formations in southwestern Indiana. Most of the drilling in 1942 was in the southwestern part of the state. Posey County ranked first, with 94 completions and 44 producers; Gibson County, second, with 77 completions and 38 producing oil wells and 2 gas wells. There were 58 drilling operations in the state at the end of the year. During 1942 a total of 589,734 ft. of hole was drilled, of which 231,702 ft. was wildcat footage. The total initial production of the oil wells completed was 9974 bbl. and of the gas wells, 11,148,000 cu. ft. (Table 2). Of the 349 wells completed, 122 were wildcat wells (Table 3); 26 were completed as oil wells; 17 were extensions to proven fields and 9 discovered new pools. Posey County was foremost in wildcat drilling, with 37 wells completed (Table 6). Thirty-five per cent of the wells drilled in 1942 were wildcat, as compared with 25.5 per cent in 1941. It is anticipated that the percentage of wildcat wells drilled in 1943 will be greater, although the total number ol ,wells drilled in the state will probably be less. The new discoveries in Indiana in I942 were, for the most part, one-well pools in the southwestern part—in Posey, Gibson and Spencer Counties (Table 4). Most of the development in pools took place in the . Hazelton and Kirksville pools in Gibson County, Mr. Vernon pool in Posey County and the Vernon Heights pool in Vander-burgh County. Deeper production was obtained from the Osage limestone in the Hazelton pool at a depth of 2402 ft., 650 ft. below the productive McClosky limestone. The well had an initial production of 140 barrels. Extensions to 17 pools in the southwestern part of the state were successfully completed (Table 5). An interesting development during 1942 was new production from the Devonian limestone in the Dodds Bridge pool, Sullivan County. The Ohio Oil Co. deepened one of its wells, which had been producing from a shallow sand, to the,Devonian, and it was completed for an initial production of 77 bbl. Five other Devonian producing wells were completed in that area. Crude-oil production in Indiana in 1942 was 6,609,000 bbl. (Table I). The Griffin field, Gibson and Posey Counties, which produced approximately 3,550,000 bbl., accounted for more than half of the state's production. The Mt, Vernon and New Harmony fields were next in importance of production, with 684,000 and 523,000 bbl., respectively. The price of crude oil was $1.22 a barrel for the old

Jan 1, 1943

AALL,Christian H.,(M '49), Asat.Research Dir , Phosphate Div Monsanto Chem.Co.,Monaanto, Tenn. AAMOT,Olav Crone, (M '29), Dir of Tech., Chromium Min. & Smelt. Co Ltd Box 6215, Hillyard, Spokane, Wash. AARING, Floyd Daniel, (J '48), Prod. Engr., Canadian Gulf Oil Co., 8035 - 102nd St., Edmonton, Alta., Canada AASE, Glenn D., (J '40), Met Engr Western Research Div. ,Amer. Smelt. & Refin. Co., Selby, Calif ABADIE, Henry G (M '43), Senior Prod Engr., Long Beach Oil Dev Co., 255 S Santa Clara Ave Long Beach 2, Calif. ABBOTT,Clarence E (M '04), Civil Engr., 901 Insurance Bldg., Raleigh, N.C. ABBOTT, John, H., (M '46), Resident Mgr., Hickman, Williams & Co., Rm 2205,230 N Michigan Ave., Chicago 1. I11.

Jan 1, 1952

By William G. Pariseau

Advances in numerical methods of analysis and computer technology during the past decade have brought many formerly intractable ground control problems within easy reach of present day graduate mining engineers. However, the new technology brings with it new problems. The identity of these problems are largely those arising from a lack of familiarity with the capabilities and limitations of the new technology. In this regard, the central problem in ground control planning is the calculation of ground motion associated with mining. The fundamentals of this problem leading to a form suitable for computer programming are therefore reviewed. Solution procedures in the broad sense including the gathering of input data and the interpretation of output are described. Computer program capabilities necessary for ground control analysis are discussed and the steps necessary to implement an analysis are outlined.

Jan 1, 1983

By Messervey, J. P.

NOVA SCOTIA is sharing in the rapid advance of the mining industry that is one of the remark- able features of Canada's recent progress. The production of coal and gypsum has increased rapidly, and there has also been a marked development in the mining of gold, salt, zinc, copper and other minerals. Coal, the basis of the principal mining industry in the Province, was discovered by the early explorers on the shore of Cape Breton Island, and used by the garrison at Halifax as early as 1749. The first government record shows total annual sales amounting to 1668 long tons in the year 1785, while last year production was 6,643,000 long tons. The principal mines are discussed in a separate paper by Alexander L. Hay1.

Jan 1, 1928

By Chung Yu Wang

During the time I was in charge of this mine, from 1914 to 1915, I had occasion to read the interesting papers by T. T. Read and C. M. Weld about these deposits, to find how far their observations corroborated mine. To quote from the paper on "The Mineral Production and Resources of China" by T. T. Read:' "The iron ores at Tayeh * * * * lie along the contact between a marble and an intrusive body of a dark gray syenitic rock. * * * * At one place it is slightly magnetic, apparently having been partly reduced to the magnetic oxide by the action of reducing solutions, which have deposited small amounts of copper and iron sulphides along the foot wall." To quote from the paper on "The Tayeh Iron Ore Deposits"2 by C. M. Weld: "I find the orebodies described as occurring along an approximately E-W contact between hornblende-granite and limestone. * * * * The granite is a granitoid rock consisting essentially of quartz, potash-feldspar and hornblende."' These quotations show the differences of opinion entertained by two observers. My own study of these interesting deposits has been intermittent amid the manifold duties devolving upon a superintendent. General DescriptLon of the Deposits The deposits are situated to the west of the Yangtse River, being connected with the river by a standard-gage railroad of 66 li (18.16 miles, 26 km.) in length, as shown in Fig. 1. The general topography of the region is of mature age, showing broad valleys with sluggishly meandering streams. These deposits are worked as two mines, named the Tieh Shan Mining Department and the Teh Tao Wan Mining Department; the former consisting of three orebodies more or less connected, named Tieh Man Kan, Sha Mau Tze and Lung Tung, and the latter consisting of Chang Pei Shan, Sze Tze Shan, Ta Shih Men, Yeh Chih Ping and Tsin Shan, also more or less connected, as shown in Fig. 2.

Jan 1, 1918

By Chung Yu Wang

DURING the time I was in charge, of this mine, from 1914 to 1915, I had occasion to read the interesting papers by T. T. Read and C. M. Weld about these deposits, to find how far their observations corroborated mine. To quote from the paper on "The Mineral Production and Resources of China" by T. T. Read:' "The iron ores at Tayeh lie along the contact between a marble and an intrusive body of a dark gray syenitic rock. * * * * At one place it is slightly magnetic, apparently having been partly reduced to the magnetic oxide by the action of reducing solutions, which have deposited small amounts of copper and iron sulphides along the foot wall." To quote from the paper on "The Tayeh Iron Ore Deposits"2 by C. M. Weld: "I find the orebodies described as occurring along an approximately E-W contact between horn-blende-granite and limestone. * * * * The granite is a granitoid rock consisting essentially of quartz, potash-feldspar and hornblende." These quotations show the differences of opinion entertained by two observers. My own study of these interesting deposits has been intermittent amid the manifold duties devolving upon a superintendent. General Description of the Deposits The deposits are situated to the west of the Yangtse River, being con¬nected with the river by a standard-gage railroad of 56 li (16.16 miles, 26 km.) in length, as shown in Fig. 1. The general topography of the region is of mature age, showing broad valleys with sluggishly meandering streams. These deposits are worked as two mines, named the Tieh Shan Mining Department and the Teh Tao Wan Mining Department; the former consisting of three orebodies more or less connected, named Tieh Man Kan, Sha Mau Tze and Lung Tung, and the latter consisting of Chang Pei Shan, Sze Tze Shan, Ta Shih Men, Yeh Chih Ping and Tsin Shan, also more or less connected, as shown in Fig. 2.

Jan 3, 1917

Jan 1, 1947

Jan 1, 1947

By H. DeWitt Smith

THE mine operated by the United Verde Copper Co. is situated near Jerome, Ariz., on the eastern flank of the Black Hills, at an elevation of approximately 5500 ft. (1676 m.) above sea level. The mine and the town of Jerome are located on a steep hillside, which slopes rapidly to the valley of the Verde River. The smelter town of Clarkdale is situated in the Verde valley 4.1 mi. (6.5 km.) distant in an air line from Jerome, and at an elevation of 3560 ft. The two towns are connected by the standard-gage railroad of the Verde Tunnel & Smelter R. R., a subsidiary of the United Verde Copper Co. This road is 11 mi. long and has a compensated 4 per cent. grade. At Clarkdale, it connects with the Verde Valley branch of the Santa Fe R. R. The narrow-gage (36-in.) line of the United Verde & Pacific Ry. was, until 1919, Jerome's only rail connection with a main trunk line. This road connects with a branch line of the Santa Fe system at Jerome Junction, after traversing 26 mi. of mountainous country. From the time of its location, in 1876, until its purchase by Senator W. A. Clark, of Montana, in 1889, the United Verde mine was worked on a small scale and shipments of high-grade gold-silver ore were made from the surface workings. Until 1894, when the narrow-gage railroad to

Jan 8, 1920

By Francis B. Foley

In examining steel under the microscope, one is constantly confronted with structures that are difficult to interpret. Recently, in a collection of samples for exhibition purposes, the writer found a piece of open-hearth runner metal, 2 in. (50 mm.) in diameter, that had been fractured for use as a sample of cast-steel structure. On polishing and etching a section for the purpose of photographing a field to typify the microstructure of steel in the "as cast" condition, a variety of structures was found (Fig. 1) so arranged as to arouse interest at once. For a distance of about 0.065 in. (1.6 mm.) from the skin of the runner, normal ingot structure was found (Fig. 2); this was followed by a zone, about 0.215 in. (5.5 mm.) wide, of considerably lower carbon content in which occurred a most pronounced Widmannstattian structure (Fig. 3); from this point on to the center of the runner, the metal was again of normal ingot structure (Fig. 4). Representative samples taken from the metal in the three zones showed the following analysis: Carbon Nickel Chromium Per Cent. Per Cent. PeR Cent. Metal from skin........................... 0.34 1.26 0.63 Widmannstattian zone.................... 0.21 1.18 0.63 Metal from center......................... 0.34 1.32 0.67 Such a condition might result from decarburization followed by recarburization of the skin. This section came from one of the branch runners to the bottom of the mold, not from the main runner, and it is difficult to conceive of decarburization occurring in this portion of a runner. If the metal were stripped while quite hot, some oxidation would take place but the recarburization is unaccounted for. It could not occur by segregation after solidification—the tendency then is for diffusion and homogeneity. The following seems to fit the conditions and is offered as an explanation. The outside layer of normal structure 0.065 in. (1.6 mm.) thick was chilled on the walls of the runner brick when the molten metal first entered the runner. As the molten metal flows by, the outside of the stream

Jan 1, 1920

By W. H. Morris

I have been requested to present a paper on the slag from the basic Bessemer process, as prepared for fertilizing. Since Professor W. B. Phillips presented at the Birmingham meeting, in May, 1888, an able paper* on this subject, as it had been developed up to that time, there is little for me to add. Perhaps later practice may be best expressed by the homely proverb, " The proof of the pudding is in the eating." As the Pottstown Iron Company is the only concern manufacturing basic Bessemer slag in this country, the writer's personal experience in the use of it may be interesting. Our slag averages: P2O5, 21.37; SiO2,, 5.10; MgO, 5.90; Al2O3, 4.01; MnO, 5.56 ; FeO, 12.00; Na2O and K2O, 0.80; CaO, 45.26; total, 100.00. This gives over 76 per cent. of phosphoric acid and lime. In using this material for several years past on my lawn and garden, I have found it better than anything else I have ever tried ; and I am sure that any of you who had seen my green grass last month (January), wherever the ground was bare from snow, as bright as in early fall, would be forced to acknowledge the advantages of this soil-enricher. The grass on my private lawn, and around the company's office, is green the whole winter; and we have raised very good sod, by the use of this phosphate, where, without it, we were unable to get the grass to grow either from seed or by repeatedly sodding. The same statement applies to garden-truck; when the soil was first broken up, a good crop of vegetables was easily raised. My own gardener has had several premiums from Philadelphia seedsmen (notably, last year, the first premium for sugarcorn raised in the first part of July, being the first sample sent them). Our method of applying this material is to grind the slag very finely, so that at least 60 per cent. of it will go through a 150-mesh screen (i.e., say, 22,500 meshes to the square inch), and 90 per cent. through a 100-mesh screen (i.e., 10,000 meshes to the square inch). This fine grinding seems to be the main condition of success.

Jan 1, 1893

By W. E. Wrather

CURTAILMENT of production was a matter of far more serious concern to the oil industry through 1933 than the search for new supplies of oil. The huge reserves of crude, built up during past years, instead of inspiring a feeling of security, were viewed apprehensively. The status of past laws and court decisions seemed to guarantee to operators the right to produce oil at will, and this entrenched privilege was so widely adhered to that the market was-in a constant state of chaos. The more modern idea of the ownership of oil in place and correlative rights gained headway slowly, since usually there were enough belligerent producers, staunch believers in the old established order, to defeat the efforts of the majority who sought to' introduce order and restraint. State regulatory commissions were unable to cope, with the rebellion among producers with the result that those who abided by proration rulings were penalized, while those who flouted the rulings and produced unrestrainedly were able to make profits on large volumes of flush oil even at low prices. This situation, known in the vernacular as the "hot 'oil" problem, became so acute that the industry was threatened with ruin. The low price for 36c A.P.I. in the Mid-Continent came in April. at 25c per barrel 'but gradually moved upward to the long-hoped for price of $1.00 per barrel in October, after the Federal Government had taken a hand in the matter and effectively allocated production among the oil producing states and materially curbed the "hot oil" runs.

Jan 1, 1934