Search Documents

By Sam Harlan

At intervals during the past several years the oil industry has been confronted with the problem of forestalling crises in its affairs. These crises have been reduced to periods of depression which, fortunately, the industry has been able to survive. Under the existing competitive practices which control the producing division of the industry it apparently has been proved that the best efforts logically to curtail development and producing operations are inadequate for effecting a true production balance and the consequent stabilization of prices. The industry is awakening to the fact that the situation warrants revolutionary thought and at this time it is looking for a permanent solution of its problem in a general plan for unit development and operation such as the one first proposed by Henry L. Doherty. Mr. Doherty's proposal was designed not only as a means for stabilizing the industry as a whole, but its principles involve very definite potential benefits for the average individual operator and royalty owner as participants in pooled projects. The benefits to these individuals would be derived from maximum recovery, the maximum utilization of natural energies, the minimization of development and operating costs, enhanced values of leases and royalties through improved efficiencies and ultimate yields, improved earnings through stabilized crude oil prices, etc. This plan was revolutionary to the industry's practices and at the time was rejected, but it now appears that the development and operating policies for new properties are continually approaching the ideal of the original plan. Oil companies are constantly extending their efforts to improve all factors that have a bearing on the costs and efficiencies of their operations. These efforts may, in some degree, be a normal outgrowth of the industry's progress, but the forced consideration of market conditions, the growing appreciation of the importance of regulating operations for maximum ultimate economies and the depreciation of the old principle of maximum flush at any cost, come from a new school of thought which has been stimulated by the immediate pressure of overproduction and

Jan 1, 1930

By Leo F. Reinartz

The history of steelmaking in the United States is a fascinating story of determination, sudden tragedy, exploitation, and inventive genius rolled into one gigantic plot. Mr. Reinartz' flowing interpretation of the progress made in the last one hundred years is being presented in a series of four articles. THIS is the Age of Steel. We live in a mechanized era. Our everyday lives--everything we see or do-are organized and influenced by this versatile metal. Our industries, our farms, our homes, and our transportation-yes, our vocations and avocations, or luxuries and necessities-all are dependent upon smelting iron and making steel. Take away iron and steel and soon our vaunted civilization would revert to a primitive existence. These metals, often in crude forms, have been known for thousands of years. Down through the ages, until about one hundred years ago, steel was made laboriously, and at high est, in small batches. During those years, methods of manufacture did not change very much. Over long periods of time only warriors, royalty, and wealthy people could afford to use articles made of iron or steel. History has recorded that the nations which were expert in iron and steel manufacture, and had access to rich iron-ore deposits, were the leaders in war or in peaceful pursuits. At the end of the 18th century, thirteen struggling American colonies had broken not only the political shackles that bound them to Great Britain, but also many of the economic bonds. They had showed their skill, Yankee ingenuity, and energy by making iron and steel articles for their own use. After the Revolutionary War, more and more hardy American pioneers pushed westward through the Allegheny Mountain passes and down the rivers into the fertile Ohio River and Kentucky country. Demands for articles made of iron increased. The iron industry on the east coast grew and prospered. As this trend continued, iron industrialists moved their plants westward to be near the large deposits of high-grade coal in western Pennsylvania, eastern Ohio, and nothern West Virginia. They also desired to use the local iron ores and water resources of those areas. Blast furnaces and ironworks were built in the Pittsburgh, Youngstown, southern Ohio, and northern West Virginia districts. In 1810, the United States produced 53,908 gross tons of cast iron and 917 tons of steel. Iron ore discovery A white man first discovered large deposits of iron ore in the northern Michigan and Lake Superior country in 1844. One year later, the Sault

Jan 1, 1961

Jan 1, 1895

By F. B. JEWETT

TWENTY FIVE years of doing, finding, and encouraging others to do scientific research in' industry, and of organizing the machinery for the` smooth 'and effective conduct of such research, have left me with a feeling that so far as this branch of human activity is concerned the problems in 'essence are- not, materially 'different from those met elsewhere. Years ago, in a less mature period of life, I may have thought that the effective industrial research man was a being somewhat different from his fellow workers in adjacent 'fields, but I have long since 'changed my views. The rank and' file of the modern industrial research organization are relatively easy to find, though some¬times difficult to get in sufficient numbers. Mistakes in choosing them are not particularly serious to the or¬ganization, however unfortunate they may be for the misplaced individual who persists too long in the wrong environment. The reason for this is obvious from the fact that, taken by and large, the work of the rank and file is at best necessarily a work of detail done under guidance of the more experienced. In this respect the situation of the rank and file in an industrial research organization is not different from that class in any other group activity, whether concerned with industry, the university, or the church. This does not mean, however, that we are not all anxious to have the best possible material obtainable in the rank and file, or that we are indifferent to the utmost of encouragement and stimulation to its individual members.

Jan 1, 1929

By F. M. F. Cazin

In my first paper, relating in general to the movement of solids in a medium, I stated a newly-discovered natural law, and explained its application to mechanical ore-concentration. This law, as applied primarily to the motion of ships in water, had been announced, demonstrated and defended by me in the Journal of the Franklin Institute for March, April and May, 1893, and has not been controverted since then. I therefore contented myself in my first paper with the simple statement of it; and in order to avoid unnecessary repetition, I refer the readers of this paper to that statement (ante, p. 81) and to the earlier publication already mentioned.*

Jan 1, 1895

By L. G. Austin, P. T. Luckie

The Bond Work Index has been used for many years to estimate the power requirement of a material with known work index. The index is determined by a completely empirical test and no logical base for its use has been formulated. However, consideration of grinding as a unit operation which can be mathematically treated offers the prospect of considerably more accurate design and mill power estimation when sufficient data on large-scale mills becomes available. The interrelation of the Bond type with the unit operation approach is discussed.

Jan 1, 1973

By Emil Gathmann

Ik presenting this paper I will attempt to answer certain questions proposed at this meeting and describe and illustrate methods of producing sound steel in an economical and hence commercial manner, which are adaptable to the production of practically all steel manufacturers, by readily effected rational changes in the methods of casting, cooling, and subsequent handling of the ingots. In some of the high-grade mills of America, where it is essential to obtain perfectly sound billets or blooms, it is the practice to discard from 35 to 40 per cent. of the crop- or pipe-end, and even with this excessive discard, secondary pipe or shrinkage-cavities are frequently discovered during subsequent working of the blooms and billets into their various manufactured products. The usual discard of from 10 to 20 per cent, from the crop-end of the ingot, which is made by the present generally employed methods of form and solidifying of the castings, certainly does not give the slightest assurance of the saleable product being physically sound or chemically homogeneous. I am aware that in the past there has been and at the present time there still is a decided difference of expert opinion as to what constitutes physically sound steel. Physically sound steel, as I would classify it, must be free from blow-holes as well as pipe. The line of demarcation between harmless and harmful blow-holes is exceedingly difficult to define. It is certainly the better and safer practice to eliminate blow-holes from the saleable portion of the ingots and to form a well-defined shrinkage-cavity or pipe at the upper crop-end of ingot. The higher grades of steel are all piping-steels. Is not their superior physical quality due to this fact as well as to their better chemical composition ? Such

Jan 1, 1914

By S. R. Smith, W. M. Voorhis, J. D. Young

The Tennessee Valley Authority (TVA) has conducted investigations to identify the major causes of coal pile inventory adjustments. This paper describes past and current attempts to improve inventory survey accuracy and reduce costly inventory adjustments. The unique interaction between accountants and engineers is also reviewed. Data and results of a recent field test wing downward-looking radar developed by Ohio State University are presented. These show great promise in determining coal pile depth and density, thus improving inventory accuracy. This electromagnetic remote sensing technique, if successful, would provide an optimum technical and economic method of surveying all 12 TVA stockpiles without costly borehole drilling or disrupting stockout and reclaim activity. The effect of changing coal quality to meet environmental standards has made accurate coal pile density measurement more important than ever in reducing the costs of electric power generation from coal.

Jan 1, 1984

By E. D. Cockrell, E. P. Hayes

The figures herein presented show that during the year 1938 drilling in the Texas Gulf Coast continued at a slightly lower rate than during 1937. In 1938 there were 21 new oil fields added to the Texas Gulf Coast; also numerous extensions and new sands in old fields. This report for 1938 cannot be compared with the report for 1937 in Volume 127 of the Transactions, because the area covered by this report is less than that covered last year. The cross-hatched area on Fig. 1 shows the limits of this report. Of the new fields, Cordele, in Jackson County, Eureka Heights and Fairbanks, in Harris County, Francitas, in Jackson County, LaRosa, in Refugio County, and League City, in Galveston County, have the greatest promise of prolific production. The 1938 production for the Gulf Coast area was 92,530,467 bbl. as compared to 94,019,355 bbl. for the same area in 1937. This shows a decrease of 1,488,888 bbl. during 1938, regardless of the increase due to the 21 new oil fields. This decrease was caused mainly by the Saturday and Sunday shutdowns (68 days during 1938) and by cut in allowables. The 68 shut-down days amount to approximately 18.6 per cent of the 365 days possible for production. The decrease in the 1938 production amounted to approximately 1.58 per cent. Therefore there was actually a potential increase in the year's production. During the past year, 1637 wells were completed as oil wells, 68 as gas wells and approximately 461 dry holes, as compared to 1672 oil wells, 83 gas wells and 448 dry holes in 1937 on the Texas Gulf Coast. Total wells drilled were 2166 in 1938 and 2203 in 1937. Condensate. sands in old fields and new fields are continuing to increase in importance from the standpoint of retrograde condensation and pressure maintenance. The following fields had major extensions during the year 1938 from the standpoint of increased areas of old sands and new deeper sands:

Jan 1, 1939

By E. D. Cockrell, E. P. Hayes

The figures herein presented show that during the year 1938 drilling in the Texas Gulf Coast continued at a slightly lower rate than during 1937. In 1938 there were 21 new oil fields added to the Texas Gulf Coast; also numerous extensions and new sands in old fields. This report for 1938 cannot be compared with the report for 1937 in Volume 127 of the Transactions, because the area covered by this report is less than that covered last year. The cross-hatched area on Fig. 1 shows the limits of this report. Of the new fields, Cordele, in Jackson County, Eureka Heights and Fairbanks, in Harris County, Francitas, in Jackson County, LaRosa, in Refugio County, and League City, in Galveston County, have the greatest promise of prolific production. The 1938 production for the Gulf Coast area was 92,530,467 bbl. as compared to 94,019,355 bbl. for the same area in 1937. This shows a decrease of 1,488,888 bbl. during 1938, regardless of the increase due to the 21 new oil fields. This decrease was caused mainly by the Saturday and Sunday shutdowns (68 days during 1938) and by cut in allowables. The 68 shut-down days amount to approximately 18.6 per cent of the 365 days possible for production. The decrease in the 1938 production amounted to approximately 1.58 per cent. Therefore there was actually a potential increase in the year's production. During the past year, 1637 wells were completed as oil wells, 68 as gas wells and approximately 461 dry holes, as compared to 1672 oil wells, 83 gas wells and 448 dry holes in 1937 on the Texas Gulf Coast. Total wells drilled were 2166 in 1938 and 2203 in 1937. Condensate. sands in old fields and new fields are continuing to increase in importance from the standpoint of retrograde condensation and pressure maintenance. The following fields had major extensions during the year 1938 from the standpoint of increased areas of old sands and new deeper sands:

Jan 1, 1939

By B. L. Landrum, P. B. Crawford

Theoretical and potentiometric model studies have been made of the effect of non-uniform lateral permeabilities on pattern sweep efficiency and production capacity in waterflood and gas-cycling programs. It is shown that a diflerence in directional permeability by a factor of three may result in a sweep efficiency of only 43 per cent for a five-spot pattern or a sweep of either 79 or 38 per cent for a direct line-drive square pattern, depending on the direction of the line-drive flood. Changes in the pattern conductivity varied from about 0.8 to 1.34 over this same permeability variation, depending on the pattern used. It is suggested that measurements be made to determine the possible magnitude and extent of the directional permeability phenomenon early in the field developinent and certainly prior to the initiation of any fluid-injection progmm. INTRODUCTION Irregularities in reservoir sand properties long have been a major difficulty to anyone attempting to explicitly describe the field characteristics of oil production. In particular, it is well known that vertical and lateral permeabilities often differ appreciably; however, the existence of large regions with lateral permeabflity variation is not widely recognized. A number of years ago, extensive studies were conducted by the Secondary Recovery Research Labcratory of the Pennsylvania Grade Crude Oil Association, primarily on the Bradford field. Johnson and Hughes' reported a permeability trend in the northeast-southwest direction. They indicated that flow in the preferred direction may be 25 to 30 per cent greater in that direction than in the northwest-southeast direction. They also reported that similar effects may be found in other nearby fields. The origin of the permeability variation has been discussed by Griffith Hutchinson' described the results of labora- tory tests on limestone cores, pointing out that per-ferential directional permeabilities were significant in one-half of 10 formations studied and that the average permeability ratio was 16:1. Barfield, Jordan and Moore analyzed the fluid-injection displacement performance in the Spraberry and reported that the effective ratio of permeability parallel to the major axis to the permeability perpendicular to this axis was 144:l and that it inclined along an angle of about 30". To prevent the reduction of sweep efficiency which would normally result from flooding or cycling in such reservoirs, well spacing could be varied from the customary square to a diamond-shaped pattern. Johnson and Hughes' presented a method for determining the desired shape. Another method will be discussed in detail in the next section. It is the purpose of this paper to investigate quantitatively the effect of directional permeability upon the sweep efficiency and production capacity of the five-spot and line-drive well patterns. Information currently in the literature will be applied to this particular problem and augmented by a potentiometric model study. It is stressed that the effects herein discussed may or may not be of great importance because field data on this phenomenon are far too scant to form such an opinion. It is suggested that, if conditions similar to those found by Johnson and Hughes frequently exist (as may well be the case), more consideration cdrtainly should be given to this problem.

By PAUL AUDIBERT

THE downward trend of metal prices seems to act something like a reagent that precipitates selfishness in most business men's hearts; in the same way the upward trend precipitates altruism. Operators do not say: "I continue working my mine without curtailment because I can afford the present prices while my neighbor cannot and thus will give me way." They say: "I continue working my mine because 1 consider it a service for consumers. They will get better prices on a free market. Any curtail¬ment would be an attempt to raise prices artificially, that is to say, bad economics." Copper producers have learned how fallacious is such an opinion. It perhaps was not fallacious in olden times when all mines were worked on a small scale even if operating on a big deposit. At that time the supply and demand law played fair. When prices were too low and profits were vanishing for many mines, they would. shut at once, then little by little the metal scarcity would induce prices to climb up again; finally these prices would reach the point when it became profitable to again work the closed mines. Re-opening and shutting down mines was then a normal custom. Workers and operators weakly deplored this unstability, but there was nothing effective they could, do about it.

Jan 1, 1931

By Morgan Walker

INTERMITTENT injection of gas in gas-lift pumping is a variation of the common practice in that the gas is' .delivered to the well for a short, period, called the "on time," followed by a period during which none is admitted, called the "off time," instead of being admitted continuously at a constant rate or by intermittent flowing in which it is occasionally delivered to the well in just sufficient quantity to flow off the accumulated head of fluid. The term "gas" is used throughout this discussion but it should be remembered that in so far as the operation is concerned either air or natural gas may be used. The equipment at the well is the same as commonly used in gas-lift installations and gas may be admitted to either the tubing or the casing. It seldom occurs that all the wells on a lease can be pumped economically by intermittent injection from one header. Wells that. have flow characteristics which permit their being handled together have their intake lines grouped at a central compressor station. Well groups may consist of two or more wells. The total volume of gas delivered by each group of compressors goes to one well at a time through a quick opening valve, each well connected to the header receiving its charge of gas in turn. Special cases may require a deviation from this arrangement. The distribution of the gas to the different wells is effected by an automatic timing device which operates quick-opening valves on the intake lines. The timing mechanism may be actuated by electricity, liquid or gas pressure. The essential factor in the operation of the timing mechanism is that as one intake valve is closed another must be opened.

Jan 1, 1928

By Guillermo V. Borquez

INTRODUCTION The basic factors that influence the selection of a mining method are the geometry of the ore deposit and the strength of the ore and surrounding rock. These factors usually determine the ore recovery and dilution of the deposit under analysis. For the purpose of this paper we will consider a generalized case of a block caving system and the sequence of the analysis needed to optimize ore recovery. The analysis presented is intended for the preliminary planning stage. The critical factors involved in the caving process are identified and the methods for evaluating the suitability of a particular deposit to the caving method of mining are outlined. The mine design is approached by identifying the two most important, dimensions: the size and spacing of the draw points. These dimensions are estimated from a simulation model which takes into account the ore recovery, the incremental value of the ore recovered, and the safety conditions of the operations. The model estimates the number of draw points required to extract efficiently and safely the broken ore from the caving area. This number is found in the range where the net incremental value of the ore is maximized and the probability of pillar failure does not exceed the limit which is acceptable for a safe mining operation. A mining method and its design are in a continuous process of optimization. This process is unique for each deposit because of the many parameters involved; therefore, a back analysis of the operations should be performed when possible. These analyses will indicate if the ore body responds in a predictable manner to the parameters contained in the geological, fragmentation, and draw point models. SELECTION OF ALTERNATIVE MINING METHODS The selection of a mining method best suited to define the minable ore reserves of a given deposit involves consideration of the geometry of the ore deposit and the strength of the ore and surrounding rock. These two factors are usually sufficient to determine the ore recovery and dilution of the deposit. After analyzing the geological reserves and defining the limits of the deposit, either an open pit or an underground mining method can be selected to define the minable ore reserves. The sequence of steps to follow in the selection of a mining method is presented in Figure I. From an economic point of view, the strip- ping ratio is the determining factor for the selection between an underground or open pit method. In turn, the stripping ratio is a function of the grade distribution and con- figuration of the ore body. In order to obtain a preliminary estimation of the stripping ratio, a parametric analysis could be applied, such as the approach used by Professor E. P. Pfleider (1972) and summarized in Table 1.

Jan 1, 1981

By DULUTH ENGINEERS' CLUB

DULUTH ENGINEERS' CLUB The engineers of Duluth, Minn., have taken the first steps to form a Duluth Engineers' Club by a meeting on May 20, at the Kitchi Gammi Club. At present, Duluth has no club embracing all engineers, although the environment is splendid for the growth of an engineers' organization. Within reasonable 'distance of Duluth are over 100 members of the four large national engineering societies, a number of members of the lesser engineering societies, and many non-member engineers. Until the Duluth Association of Civil Engineers was formed, four years' ago, these engineers had no common ground of meeting, and a force representing education, experience, and high ideals lay dormant. About 70 engineers were present at the organization meeting, and favorable responses were received from others who could not be present. F. E. House, President of the Duluth & Iron Range Railroad, outlined the objects of the meeting, calling attention to the importance of the engineer in all lines of activity in the war and the splendid qualities of American engineers in France. W. H. Woodbury outlined the plan, stating the three objects of the club as professional, social, and civic. Four plans of membership have been considered: First, an organization for all professional engineers, junior engineers, and associates, with .different status for each; second, an organization of members of the four big national societies; third, an organization of members and a limited number of associates; fourth, professional engineers, only, all on equal standing.

Jan 8, 1918

By Alfred H. Brooks

Less than a decade ago the consumption of coal in Alaska was practically limited to the salmon canneries and the few ode-mines and settlements along the Pacific coast of the The-itory. The sparse population of the interior depended on the forests, that of the shores of Bering sea and the Arctic ocean on driftwood for fuel. All this has changed. The thousands, who have sought and mined gold on the Seward peninsula since 1898, have much impoverished the long-accumulated supply of driftwood, and at the same time the constantly increas-ng demand for fuel, on the part of the placer-camps and steamers, has resulted in heavy inroads being made on the accessible timber of the Yukon and its tributaries. While, on the one hand, the immediately available store of wood has decreased, on the other, the consumption of fuel because of the rapid expansion of the mining and fishery industries, and the attendant growth of population has much in-creased. Alaska, therefore, offers a constantly growing market or coal and other fuels. As the local coal-production has been nsignificant, the demand has been met by importations from Washington, British Columbia, and even from Pennsylvania and Australia. Fuel- Consumption. Mr. D. H. Jarvis, Collector for Alaska, has kept systematic records of the trade of the Territory since 1903. The statis-ics of the coal-importations of the past two years are shown n Table I. If data were available for a longer period of years, he increase of coal-importations would be much more striking.

Jan 1, 1906

By John A. Church

The Lake Superior blast-furnaces probably represent the maximum economy of fuel possible in this country. They smelt an ore which is very rich and easily reducible, and as the small amount of gangue present is not all silica, but in part a silicate, the amount of limestone required is a minimum. The average yield of the ore treated at six furnaces was 63 per cent., and the average quantity of limestone 179 pounds per ton of pig. The fuel used is charcoal, so burned as to retain most of the combustible volatile part, which, before the utilization of furnace-gas, was burned away. With these conditions it is not surprising that the Lake Superior charcoal practice is extraordinary in almost every respect. In any scientific discussion of American furnace work, the establishments there will be found at the head of the list, and they work under conditions which are extremely favorable for careful study. The Bay Furnace, near Marquette, has the honor of carrying "the broom" for the largest daily make. With a capacity of 1908 cubic feet it has, for months together, produced 29 tons of pig, graded at

By Louis V. Bender

AfteR investigating the work of coal-dust fired reverberatories of the Canadian Copper Co., at Copper Cliff, Ontario, the management of the Washoe Reduction Works decided to experiment with and ascertain the advantages of using coal dust as a fuel in their reverberatories. Consequently, during the month of June, 1914, reverberatory furnace No. 8 was changed in order to use powdered coal as a fuel. The results obtained by this method of firing are gratifying and show a decided saving in cost of smelting as compared to grate firing with lump coal. The furnace, as remodeled, is 124 ft. long by 21 ft. wide, and varies in height from 8 ft. 6 in. at the back end to 5 ft. 7 in. at the skimming end. The general construction of the furnace is similar to that of the other furnaces at this plant. There are no side doors to this furnace, as it was thought that with the present arrangement for feeding no "fettling" or "claying" would be required. The interior of the furnace can be inspected through the burner port holes, after shutting off the burners and giving a few seconds' time for the gases inside the furnace to clear away. The charging is done on either side of the furnace from longitudinal hoppers, extending a distance of 74 ft. from the back end of the furnace. Leading from the hoppers into the furnace are 6-in. pipes, spaced 191/4 in. apart, through which the charge is intermittently dropped. The charge is kept well above the slag line at all times; in this way the side walls are protected and no fettling is needed on this portion of the furnace. The remainder of the furnace requires fettling. After operating for three months, we found that the bricks were eaten into along each side wall from the skimming door back to the point where the charge had been dropped. The depth of this cutting away was 8 in. close to the front end and gradually tapered to zero at a distance of 50 ft., and was greatest on the side of the furnace having the larger flue connection. Hoppers will be put in for the entire length of furnace, from which fettling material will be dropped, to prevent this cutting. After the run of three months, the roof was in excellent condition. At the back of the furnace the bricks were not cut into at all; at 30 ft.

Jan 1, 1915

By W. M. Peirce

COAL'S importance in the metallurgy of zinc may be gauged by the fact that approximately a million and a half tons is so employed annually in the United States. This brief paper will show in what way the various steps in the treatment of zinc ores utilize this fuel, either in its primary form or as coke or gas, and to what extent. The first step in zinc metallurgy that requires the use of fuel is roasting the sulphide ore, which is the type of ore in which zinc commonly occurs. Since the roasting is nearly or completely autogenous, however, this use of fuel is too minor to warrant further attention. Concentration of zinc ores is usually carried out by conventional milling methods, but a pyrometallurgical method, the Waelz process, is used to concentrate certain low-grade ores, and to recover the zinc content of certain residues in concentrate form. The Waelz process uses a continuous rotary kiln in which a mixture of coal and zinc-bearing material is heated to a

Jan 1, 1948

By Cornelius Kelley

VOLUMES have been written about the organizing genius of American industrialists. American methods of production are being studied by the manufacturers of other nations to ascertain the prac-ticability to foreign adaptation. Mass production and the mechanization of industry have become terms of popular understanding and significance. Our people think, act and talk in terms of economic nomenclature. Under these circumstances is it not a matter of supreme importance that Americans themselves should make an analysis of their own situation? National supremacy has been but a transitory event. Wealth has had no fixed abode, and commerce has followed no permanently established route. One hundred and fifty years, viewed from the abstract idea of time, is but a moment in the fact of continuous or successive existence, yet it measures. the cycle that has witnessed the growth of America from a struggling embryonic union of thirteen colonies estab-lished along the Atlantic seaboard to the nation of un-rivalled proportions, vast wealth, huge enterprises and productive energy that now exists beneath the protec-tion of and renders allegiance to the flag that but then had been created. To appreciate fully the significance of what has occurred, it is necessary that there should bee an understanding of the basic factors that have con-tributed so largely to the realization of our present situation. Among the most important were: First, the establishment of a government that was founded upon the principle of affording the widest pos-sible opportunity for individual effort and accom-plishment. Second, there existed a virgin territory of vast extent, endowed by nature with elements of potential wealth far exceeding that possessed by any other like area upon the globe.

Jan 8, 1928