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By T. D. Yensen, N. A. Ziegler

The elements aluminum,' arsenic,2 silicon,3 tin2 and vanadium,~.~ when used in relatively small amounts as alloying elements, seem to have a beneficial effect on the magnetic properties of iron—i. e., they increase the maximum permeability and decrease the coercive force—whereas there are definite indications that boron,5 carbon,6 nitrogen: oxygen," phosphorus16 sulfur6 and titaninum,~ as well as the metals of and adjacent to the ferromagnetic group, nickel,~ cobalt,1° copper," and manganese,% have a detrimental effect on these properties. The effects of calcium4 and magnesium4 are small, if any, while the effect of chromium12 in small amounts is unknown and in large amounts is generally detrimental. WeveR's Classification13 All chemical elements may be divided into three classes based on their effect on the allotropic transformation points of iron. Class 1 contains the nonmetallic elements (except phosphorus) and these lower the A3 point and raise the A4 point. Class 2 contains the common metals and

Jan 1, 1931

By Robert J. McKay, F. P. Huston, WILLIAM G. HUMPTON

THE manufacture of nickel-clad steel plate and the fabrication of articles from it has progressed far enough to permit a general description of the working methods used. The manufacture of sheets made up of layers of nickel and steel is not new as a sheet of this character was patented in Germany in 1893. Present development differs mainly in the size and finish of the product. The earlier light-gage highly finished products have been limited in their application due to their similarity, in certain respects, to electro-plated and highly finished alloy sheets. The new product is a relatively heavy plate 1/4 or 3/s in. thick and heavier, with one side coated with nickel, the weight of nickel being of the order of 10 per cent of the whole. The finish is that of hot-rolled steel plate.

Jan 1, 1931

By Basil B. Zavoico

CRUDE oil production in the United States during 1938 reached approximately 1,214,355,000 barrels, an average of 3,327,000 barrels per day, or 5 per cent below the 1937 record output of 1,279,160,000 barrels. The decreased production did not prevent the stocks of all products from increasing to a total of 575,954,000 barrels by Sept. 30, an increase of 10,957,000 above the total on Jan. 1, or an average daily storage increase in all products of 40,135 barrels. The increase in total stocks was made entirely in the refined products, stocks of crude oil during the first nine months of 1938 having actually declined 7,155,000 barrels to 299,671,000 barrels, or an average daily decline of 26,209 barrels. The 1937 reversal of the preceding five-year trend of discoveries totalling less than withdrawals was continued through 1938 with indicated reserve addition from both new discoveries and extensions considerably in excess of the

Jan 1, 1939

By M. G. Corson

The iron-silicon alloy series has always been one of the most puzzling among the binary alloys. Examining the well-known mechanical properties of the iron-rich alloys only we meet the following situation: The ultimate strength and yield point of alloys worked and annealed under the usual conditions represent nearly a straight line function of the silicon content up to 1.5 per cent. silicon (Fig. I). Starting at the ultimate strength of 35,000 lb. and at a yield point of 16,000 lb. for pure electrolytic iron, one reaches a maximurn strength of 93,000 lb. and a maximum yield point of 74,000 lb. at 4.5 per cent. silicon. This corresponds to an increase in ultimate strength by 13,000 lb, per each per cent. of silicon added and nearly the same rate applies to the yield point. The data mentioned are taken from the investigation by T. D. Yensen,1 and while they do not exactly corroborate the results obtained by earlier investigators, they seem to be the most correct. Plastic properties of the alloys are controlled by a much more complicated relationship. Up to 2..5 per cent. Si, the elongation stays close to 50 per cent. (in 2 in.) and the area reduction amounts to 85 per cent., a situation that forms the usual feature of all alloys representing strictly solid solutions. The plasticity of the latter is always nearly equal to that of their base metal. Beyond 2.5 per cent. silicon, the situation becomes much more complicated. Yensen observed an enormous drop in elongation and area reduction at about 2.65 per cent. silicon, where the first hardly reaches 10 per cent. and the second is still lower; he found, however, a considerable recovery in plasticity at about 2.8 per cent. Si and up to 1.5 per cent. Si it is represented by 20 per cent. for the elongation and 30 per cent. for area reduction. Yensen's graphs, as shown in Fig. 1, indicate also a considerable drop in strength and yield point at the same point of 2.65 per cent. Si,

By G. R. Speich, L. Zwell, H. A. Wriedt

HORNBOGEN1 has recently shown that it is possible to measure the degree of segregation accompanying cellular precipitation in ferritic Fe-Zn alloys by measuring the lattice parameter of the ferrite phase within the cell. In extending this work to study a wider range of composition and to evaluate the free-energy change accompanying the growth of the cells, the lattice parameter and the boundary of the a! phase in Fe-Zn alloys were redetermined to check the earlier work of Schramm.2 This appeared to be necessary since the Fe-Zn diagram has been drastically revised since the work of Schramm. Stadelmaier and Bridgers3 have recently shown that, contrary to prior belief: the y iron field is closed and the a phase boundary extends to an a + T + L peritectic at 782°C where peritectic a contains 42 at, pet Zn. The phase T in equilibrium with the a solid solution has a composition near Fe3Zn10 and a cubic 081 type structure.' The alloys were prepared by two different methods. In the first method carbonyl iron powder (400 mesh, 99.8 pet pure) and high-purity zinc powder (200 mesh, 99.99 pet pure) were mixed in a ball mill and then pressed in a die at 40,000 psi pressure to make compacts with a diameter of 5/8 in. and a thickness of l/4 in. These were sealed in evacuated quartz capsules, gradually heated to 1100°C over a period of 1 week (3 days at 600°C) 3 days at 800°C, 1 day at (1100°C), and then quenched in iced brine. For the alloys containing 23.4 and 30.1 at. pet Zn, the final homogenization anneals were performed at 1000" and 850°C) respectively, to prevent melting. In the second method, alloys were prepared by saturating high-purity iron millings (0.001 in. thick, 99.9 pet pure) in zinc vapor. For each alloy the impregnation was conducted at a fixed vapor pressure of zinc and a fixed temperature between 750' and 800°C. When saturated, the millings were quenched in water. The compositions of the alloys prepared by both methods are shown in Table I. The lattice parameters of the ferritic solid solutions were determined by comparing the 26 values of their 310, peaks (using Co Ka) or of their 211 , peaks (using Cr Ka) with those of corresponding peaks for high-purity a iron. The 20 values were measured at room temperature with an X-ray dif-fractometer (G.E.-XRD5). By using a fiducial value of 2.8664Å for the lattice parameter of pure a iron at 25oC,5 the lattice parameters of the zinc-bearing

Jan 1, 1964

By J. E. Johnson

Discussion of the paper of Prof. Henry M. Howe, presented in abstract by Bradley Stoughton at the Cleveland meeting, October, 1912, and printed in Bulletin No. 71, November, 1912, pp. 1181 to 1227. J. E. JOHNSON, JR., Ashland, Wis. :-This material is largely beyond the understanding of most of us practical men, but there are certain portions of that diagram that are of enormous importance. We have been conducting a, very extensive investigation of the quality of charcoal-iron and of all iron, and we have found that this eutectic point here (indicating on chart) is a sort of balance point between the good irons and the bad ones, and I have some slides to show what practical results we have found depending on this point here on the d diagram; and it would be a mistake for men who were -concerned with operation and were getting practical results, to think that these things are of no importance. They are exceedingly hard to understand, and I confess that a great deal of them is beyond me, but there is no doubt that the quality of iron depends to an enormous extent on the location of the carbon content of the iron to the right and left of this point, and the position of that point is dependent upon the silicon, and I wish to make a plea to the practical and operating members of the Institute not to disregard this material on account of its being highly scientific, because I hope to show later that there are matters of the highest practical importance that depend directly upon certain portions of this diagram. HENRY D. HIBBARD, Plainfield, N. J. :-T understand that washed metal, which, is practically pure iron and carbon, does not solidify at one instant, is cast-iron does, but passes through a mushy stage. That has been an enigma as to how and why it did so, and possibly some light might be thrown on it in this connection. BRADLEY STOUGHTON, New York, N. Y.:-If Wittorff's propositions are accepted, washed metal containing more than 4.1 per cent. of carbon would begin to solidify as liquid plus Fe4C

Dec 1, 1912

THERE have been two important accomplishments of the Truman administration; the Hoover Commission report on inefficiency and waste in government and the report of the Paley Commission on the natural resources of the United States. Both reports are in the interest of the American people and should transcend the boundaries of political parties. Both reports are starting points for the formulation of policies which must be continuously revised to meet changing conditions. Regardless of the outcome of the election the principles embodied in these two great documents must be kept alive. The Paley report is right in our own bailiwick of mineral raw materials and it behooves us to study it carefully as our responsibility to posterity. To those in the mining industry who have limited their field of observation to moving rock or to metal prices it may come as a surprise that our production of such staples as copper, lead, and zinc has fallen behind increased requirements to the point that substantial tonnages must be imported. Iron ore is next on the list and everybody knows that such metals as tin, tungsten, chromium, manganese, nickel, and cobalt are imported almost exclusively. The crisis in raw materials pointed up by the Paley report has been reported annually by Elmer Pehrson and others to small gatherings at the Mineral Economics Division sessions at the Annual Meeting for as long as we can remember. In September 1949, the United Nations Economic and Social Council held an international resource conference at Lake Success which disclosed these same grave conclusions: - Consumption of raw materials is multiplying at an alarming rate, faster than discoveries or replacements are being made. - Production has been wasteful and utilization lavishly beyond enginee¬ing and practical requirements. - Industrialized nations are depleted and many raw materials consumed by industry are not found in the industrialized countries. - Nations formerly exporters of raw materials are increasingly building their own consuming industries. - Political forces in the world are limiting access to raw materials. The Paley Commission selecting the quarter century, 1950 to 1975, to project raw material requirements for the United States, pointed out obstacles to meeting these requirements, and made recommendations for procurement. It is not important that we disagree that cobalt consumption will reach 344 pct of present, or fluorspar 187 pct when iron and ferroalloys are only expected to increase 75 pct. What is important it that the fabulous appetite of the United States for mineral raw materials has consumed more since World War I than was consumed by the entire world in all recorded history prior to 1914. And, unless the people of the United States are satisfied to remain at their present standard of living (which is unthinkable) this consumption is correctly plotted by the Paley Commission as continuing to expand. If the U. S. is to continue on a course of progress, it must procure raw materials wherever it can at the lowest possible cost. Natural resources are clearly an area in which the broadest cooperation between industry and government must exist to achieve efficient exploitation, economic consumption, and expansion of sources of supply. The message of the Paley report requires action comparable to that of the North Atlantic Pact. Its implication is as significant as military preparedness. It is a world problem. It is a mining engineering problem. Don't let it die!

Jan 1, 1952

By John V. Beall

Early this year at the University of Arizona in Tucson, a survey was made of student opinion about the minerals industry. Over 100 of the three page questionnaires were completed and these were analyzed by the following categories: 40 Mining Engineering students, 20 Geological Engineering with 2 Geophysical Engineering students, 15 Geology students, 7 Metallurgical Engineering, 26 Underclassmen, 29 Graduate students and a composite of 84 total students. Not all of the results of the survey were predictable. After graduation there is a strong preference toward going to work in the mineral industries. The next most popular options, but trailing the first choice greatly, was graduate work or employment in another industry. A smattering of other choices were for teaching, government or research. None checked the box for drop out.

Jan 1, 1971

By W. Rostoker, R. P. Elliott

TWO intermediate phases enter into equilibrium with the primary solid solutions of titanium.' The TiMn2 phase was identified by Wallbaum2 as of the C14 type isomorphous with MgZn2. Contrary to Maykuth, et al.,¹ the phase occuring at about the 50-50 atomic proportion has been shown to derive from a peritectoid reaction.:' A 30 day anneal at 900°C of an alloy containing 52 wt pct Mn developed sufficient of the new phase to give a clear and predominant diffraction pattern. The powder pattern was taken in a 14 cm diameter powder camera using filtered Cu Ka radiation. In all, 75 lines were recognized and measured. Interplanar spacing and observed intensities for the first 26 of these are given in Table I.

Jan 1, 1954

By John J. Collins

Page Purpose and scope..................... 521 Core sampling......................... 521 Sludge sampling....................... 527 Combining core and sludge assays ...... 533 Deviation and surveying of drill holes. . . . 537 Conclusions........................... 544 Acknowledgments...................... 545 Bibliography.......................... 545 Purpose and Scope The purpose of this paper is to review a few of the problems involved in the interpretation of diamond-drill core and sludge samples, with the hope that it will stimulate discussion and bring forth some of the information on the subject that has been accumulated by various organizations. The release of these data would benefit the mining industry as a whole. Particularly valuable would be the details of drilling programs that have been tested by actual mining operations, as most of the available published material is unsupported by production records. The scope of this paper is limited to a few of the commonest problems of interpreting diamond-drill core and sludge samples and the deviation of holes. It does not include the description of routine operations performed by the drillers, nor the estimation of ore reserves. The methods of calculating reserves have been described,25,26,31,32,50,65 but more informa- tion is needed on the results shown by actual mining operations. Core Sampling The accuracy of diamond-drill-hole Sampling depends in large measure on the percentage of core recovery. As a general rule, the longer the run, the poorer is the recovery. Although the longer runs allow cheaper drilling costs, the determining factor should be the percentage of recovery desired. The problem is one of balancing accuracy against costs. Holes of larger diameter may show improved recovery, except as Joralemon* points out that there are some conditions in which small holes give better core recovery than large holes. This is particularly true, he says; in rocks like shattered quartzite, where larger core tends to break in angular fragments and grind up, while the diameter of smaller core is less than the distance between joint planes and grinding is not so serious. In a large measure the length of the sample run should depend on the type of deposit. Favorable drilling may allow uniform sample runs of 5 ft., 10 ft., or perhaps 20 ft. In veins or beds of relatively narrow widths and changing characteristics, however, the ore zone may be overrun and ground in a core barrel full of waste rock. Generally it is desirable to break the sample at a change in the rock or ore. Such a change; often indicated by a color change in the sludge water, should be a a for the driller to make a "dry" block and to pull out that run regardless of the length. Such a procedure permits the segregation of waste from ore samples so

Jan 1, 1946

For the first time in its history the Institute will hold a meeting in the State of Arizona. A few years ago Arizona stood third in the copper-producing districts of the United States. Since that time, with the development of porphyry mines, the output has gone up with great rapidity until it not only is the leading district, but its output at the present time is at the rate of nearly double the Montana output, which now stands second in the list. In connection with this .development, most interesting departures have been made in methods -of mining, concentration and smelting. Principles of mining and metallurgy of the greatest interest will be covered by papers which will' appear in the Bulletin and be presented at Technical Sessions, while ample opportunity will be afforded for those who go to the meeting to see all the points of interest .to them. In addition, members will be well rewarded by the marvelous natural features to be seen on the trip, including 'the petrified forests, the cliff dwellings on the Apache Trail and the Grand Canyon of Arizona. It is planned to start the special train from New York, but members and guests may join the special at other points en route as indicated by the following schedule: ITINERARY . , Thursday, September 14th Lv New York, Grand Central Terminal.. ............... 5.30 p. m. Dinner in dining car a la carte New England Members via B. & A. R. R. . Lv Boston. ............. (Regular train). ............. 2.00 p. m. Lv Worcester. ........... (Regular train). ............. 3.12 p. m. , Lv Springfield. ........... (Regular train). ............. 4.37 p. m. Dinner in Dining Car a la carte Ar Albany.. ......... .New York Central R. R.. ....... 7.45 p. m. Lv Albany .......................................... 9.00p.m. Lv Schenectady.. .................................... 9.32 p. m. Lv Utica ............................................ 11.08~.

Jan 8, 1916

By Lucien Eaton

VENTILATION in the iron mines of the Lake Superior region in nearly all cases is natural; that is, it is induced by the difference in elevation between different outlets in the mine and by the difference in temperature of the air in the mine and that outside. This difference in temperature is frequently augmented by placing a steampipe in the upcast shaft; but aside from this, artificial aids to ventilation have been rare until - recent years. In some of the older mines, as at the Cliffs Shaft mine at Ishpeming, Mich., in the 80's, fans have been used when there was only one opening to surface, but their use was abandoned as soon as a natural circulation of air started. In recent years, the Newport mine at Ironwood, Mich., was the first to use positive mechanical ventilation. The installation was not large enough, however, to give definite results, reliance being placed largely on natural ventilation. With the coming of warm weather in the spring of 1914, the necessity of positive mechanical ventilation at the Lake mine of the Cleveland-Cliffs Iron Co. at Ishpeming, Mich., became evident. The workings of the Lake mine are under the bed of old Lake Angeline, which was pumped out in 1894, and the mine had been in operation for 6 years prior to that date making a total of 26 years of continuous operation. The total production, up to 1914, amounted to over 8,000,000 tons. The ore was first mined by square-set rooms and pillars, but this was later changed to top slicing and caving. Both methods required the use of large amounts of timber, probably 80,000,000 board feet in all, practically all of which remained in the timber mat. The slow oxidation of this timber was one of the principal causes leading to the installation of mechanical ventilation. The mine was served by only one working shaft, called No. 4, a second outlet being provided by a raise to the surface from the old workings on the south side of the mine. This raise was the "down cast;" but it was very small and the drifts and raises leading to it were too small and crooked to permit an adequate amount of air to enter the mine, especially during the warmer weather. Measure-

Jan 8, 1920

By M. L. Fuller

OWING to the nature of the die-casting process, freshly cast alloys are undoubtedly not at equilibrium from the standpoint of alloy phase relationships. After casting, therefore, they tend to undergo phase changes, with the ultimate effect of reaching a state of equilibrium at the aging temperature, beyond which no further change takes place. This phase alteration undoubtedly is one of the primary causes of the changes in dimensions and physical properties that zinc-alloy die castings undergo during aging. It is planned to report on this problem in a series of papers of which this is the first. The writers have made a study of commercial zinc die-casting alloys over a period of several years, utilizing the X-ray diffraction technic of determining the phase composition changes in the alloys. Up to the present, two principal phase changes have been observed which are capable of causing dimensional changes: (1) the segregation of secondary constituents from the zinc-base solid solution and (2) the beta aluminum-zinc decomposition. The latter is the subject of the present paper and studies on the former will be reported upon at a future time.

Jan 1, 1934

By George I. Adams

PHYSICAL AND CLIMATIC DIVISIONS. PERU is divided into three regions-the coast, the sierra, or high mountainous region, and the a montana," or forest region of the Amazon basin. The Coast.-The coast is an arid region. No rain falls excepting in the extreme northern part, which borders the Gulf of Guayaquil. There is, however, a slight precipitation in the form of mist (garua), which occurs on the coast hills during the so-called winter months. The aridity of the coast is due principally to the antarctic or Humboldt ocean-current, which, being cold and having a temperature lower than that of the land, absorbs rather than produces vapors. The coast mists occur during the season when the land is relatively cold. Near the Gulf of Guayaquil the antarctic current diverges from the coast, so that in the Tumbes valley and adjacent country the conditions in the summer months are such as produce rains. In the remaining valleys of the coast, agriculture is made possible only by means of irrigation, and is accordingly very limited in extent, although rich and varied. In the northern and south-central portions of the coast, plains extend inland from the sea, while in the southern part there is a coastal plain separated from the Pacific by a range of coast hills. Between the northern and south-central plains, as well as between the south-central and southern, the foothills of the sierra descend to the seacoast. The Sierra.-The sierra embraces the high land dominated by the lofty cordilleras of the Andes. In the southern part of Peru there are two cordilleras, the western and the eastern, which enter from Chile and Bolivia respectively, and inclose between them the Titicaca Lake basin. To the north of Lake Titicaca these cordilleras unite in the knot of Vilcanota, south of Cuzco. From this knot three cordilleras, known as the western, the central, and the eastern, extend to the northward, reuniting in the

Jan 7, 1908

Thirty years ago a party of American Engineers, with members of their families, belonging to the four national engineering societies, sailed for Europe and visited England and the Paris Exposition of 1889 and received many courtesies, official, professional, and individual. Plans: have been made for a reunion dinner to be held in New York City, about May 26, at which it is hoped that all survivors, ladies as well as men, of that trip may meet again. It is, therefore, urgently requested that anyone who was of that party communicate immediately with the Secretary of the Committee, Jesse M. Smith, Engineers' Club, 32 West 40th St., New York, N. Y. Announcement of the precise date and place, and full details, will he sent to every individual who can he reached.

Jan 5, 1919

By Eugene A. Stephenson

THE year 1935 is noteworthy for the superior legislative measures passed by several states. Sincere efforts have been made to establish equity between the various producing tracts in oil and gas fields. Outstanding legislative measures include the New Mexico law, known as Senate Bill No. 79, approved on Feb. 23; the Oklahoma law on April 22; the Texas law on April 30; and the Kansas law, which became effective July 1. Primarily designed to prevent waste, but more or less the direct out- growth of the current excess of potential oil and gas production, these statutes fall in the class of "Proration Laws."

Jan 1, 1935

By C. Q. Payne

(New York Meeting, February, 1912.) THE art of crushing ores and other materials by means of rolls is a comparatively recent one. While the first record of rolls using iron crushing-surfaces dates back to the year 1806, when they were employed in Cornwall, their principal development has taken place during the last 30 years. To Stephen R. Krom belongs the credit of the pioneer in introducing the belted high-speed roll, which has had its origin and a marked development in this country. His notable contribution to the art was in the use of a single bed-plate or frame supporting the roll-shafts, and to which levers holding the movable roll-bearings were pivoted. He also made use of steel tension-rods to support the crushing-strains, and of hammered-steel tires for the crushing-surfaces. These changes brought the design of crushing-rolls to a high level. Following closely thereon, about 1885, W. R. Eckart conceived the idea of the swivel or ball-and-socket support for the roll-shaft bearings. This is an excellent mechanical conception, especially for bearings held against a spring pressure, and while it may not be necessary for all types of rolls, yet it has been quite generally adopted by other roll-designers, and illustrates the refinement which roll-construction has now reached. Other engineers, as for example, Argall, Vezin, Roger, and Sturtevant, to mention only a few among many, have also given the closest attention to the various details of rolls, such as the frame, springs, bearings, and shafts, and have developed many novel and original designs. It has remained, however, for the boldness and originality of Mr. Edison to extend the field of crushing-rolls in two new directions, and to cause them to exercise new functions. In developing crushing-machinery for his Portland cement works, Mr. Edison constructed ? giant " rolls, having a diameter of 6 ft. and a length of. face of 7 ft.

Jun 1, 1912

By L. L. Wyman

THE exact nature of the changes that take place in the iron-nickel alloys, giving rise to the interesting and useful expansion alloys in the Invar range, has yet to be fully understood. Similarly, the ternary iron-nickel-cobalt alloys, which also possess such commercially useful expansion characteristics, 1,2 are concerned with transformations that appear to be identical with those found in the parent iron-nickel alloys. The investigations on iron-nickel alloys in the range 26 to 29 per cent Ni have been reported by several authors" wherein it is shown that there are factors other than temperature, such as stress and grain size, which play an important part in determining the temperature at which the low-temperature transformation takes place. It will be shown in this paper that the ternary iron-nickel-cobalt alloys having nickel contents comparable to the alloys mentioned above behave in a parallel manner. The alloys in the range of 26 to 31 per cent Ni and 16 to 21 per cent Co have a coefficient of expansion of about 4.0 X 10-1 per degree Centi-grade, and the alloys in this range of composition find considerable application in making glass-to-metal seals, because these expansion properties so well match commercial glasses. The behavior of these alloys is not a simple matter, for it has been observed in alloys of 28.5 per cent Ni and 18.5 Co that severe working can cause the appearance of a second phase having a needlelike structure similar to the martensite structure in carbon steels. Fig. 1 shows the change brought about in an alloy of this composition when a strip of this material was cut with tin shears. This second phase has been identified as the body-centered cubic alpha phase, and it is the purpose of this paper to describe the results of some of the preliminary investigations in the study of the changes involved in these alloys.

Jan 1, 1939

By William E. Ford, Edward Salisbury Dana

1. Normal Class (25) Barite Type 2. Hemimorphic Class (26) Calamine Type 3. Sphenoidal Class (27) Epsomite Type Mathematical Relations of the Orthorhombic System Crystallographic Axes. - The orthmhombic system includes all the forms which are referred to three axes at right angles to each other, all of different lengths. 296 Any one of the three axes may be taken as the vertical axis, c. Of the two horizontal axes the longer is always taken as the b or macro-axis * and when orientated is parallel to the observer. The a or brachy-axis is the shorter of the two horizontal axes and is perpendicular to the observer. The length of the b axis is taken as unity and the lengths of the other axes are expressed in terms of it. The axial ratio for barite, for instance, is a : b : c = 0'815 : 10 : 131. Fig. 296 shows the crystallographic axes for barite.

Jan 1, 1922

By Thomas, J. Elmer

WHEN the price of crude oil was advanced on July 26, 1928, with some 4,000,000 bbl. daily of potential production shut in under proration regulations, and with as much more new production shortly available from semi-proved undrilled reserves, students of the oil industry were made to realize that a new order of things now prevailed in petroleum economics. A new interpretation of the law of supply and demand had taken the place of the archaic method of influencing current production by changing crude price levels. Proration had caused the change. The long period of over-production just experienced, the prospects of a potential over-supply far into the future, had set up certain forces which brought about some fundamental changes. Their cause, effect and future influence can best be developed by a detailed study of the history of the period since war-time regulation

Jan 1, 1928