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By C. W. Allen, L. C. Moore

THE Mather mine, of the Negaunee Mine Co., is within the limits of the City of Ishpeming, on the Marquette iron- range in Michigan's Upper Peninsula. It is named for William G. Mather, who has served as President, and Chairman of the Board, of The Cleveland-Cliffs Iron Co. for well over 50 years. The property comprises nearly the square mile of section 2, T.47 N. R.27 W., which, except for 20 acres in the northeast corner, was leased by The Cleveland-Cliffs Iron Co. to the Negaunee company. The latter is a partnership of Cleveland-Cliffs and the Bethlehem Steel Co., organized to equip the property, retaining Cliffs in charge as operator. Shipments of ore from this area are mainly through Marquette, which is 16 miles to the northeast on Lake Superior, or through Escanaba, a Lake Michigan port, 65 miles to the south. Cleveland-Cliffs, in 1943, operated 12 mines in the Lake Superior district, with shipments of 6,635,576 tons for the year. GEOLOGY The north footwall of the Marquette Range synclinorium outcrops near the north line of sec. 2, the iron formation dipping to the south at an angle of about 40º. The south side of the trough reappears at a distance of 4 ½ miles on sec. 26 and the surface geology between shows iron formation or intrusive diorites. The latter are harder than most phases of the iron formation and, as a result of glacial action, appear as buttes or low-lying hills. The general elevation of sec. 2 is about 1450 ft. above sea level, or 850ft. above Lake Superior, and the higher diorite outcroppings about 1600 ft. above sea level. The geological structure has been complicated by a series of major and minor faults, one of which may be illustrated by the diorite sheet, which tilts south with the iron formation in the north half of the section and then reappears near the center to repeat this sequence. Sectionally the geological series includes a nearly eroded capping of Goodrich quartzite followed by the considerable thickness of Negaunee iron formation, which is cut by intrusive dikes or diorite sheets, and underlain by the Siamo slates grading into quartzites. The ore deposits occur mainly in troughs formed by the intersection of impervious dikes and the footwall slate, but include locally enriched lenses or bands in the iron formation and also interbedded with the Siamo slate. The ore is a soft red hematite with an indicated dried analysis from the surface drilling to date of 61.50 per cent Fe, 0.134 per cent P, 5.40 per cent Si, 2.87 per cent Al and 0.015 per cent S. EXPLORATION A diamond-drilling campaign started in 1937 actually had its inception in 1917, when a number of shallow test holes were put down for the purpose of locating ore that might be quickly developed and mined

Jan 1, 1945

By C. W. Allen, L. C. Moore

The Mather mine, of the Negaunee Mine Co., is within the limits of the City of Ishpeming. on the Marquette iron range in Michigan's Upper Peninsula. It is named for William G. Mather, who has served as President, and Chairman of the Board, of The Cleveland-Cliffs Iron Co. for well over 50 years. The property comprises nearly the square mile of section 2, T.47 N. R.27 W., which, except for 20 acres in the northeast corner, was leased by The Cleve-land-cliffs Iron Co. to the Negaunee company. The latter is a partnership of Cleveland-Cliffs and the Bethlehem Steel Co., organized to equip the property, retaining Cliffs in charge as operator. Shipments of ore from this area are mainly through Marquette, which is 16 miles to the northeast on Lake Superior, or through Escanaba, a Lake Michigan port, 65 miles to the south. Cleveland-Cliffs, in 1943, operated 12 mines in the Lake Superior district, with shipments of 6,635,576 tons for the year. Geology The north footwall of the Marquette Range synclinorium outcrops near the north line of set. 2, the iron formation dipping to the south at an angle of about 40. The south side of the trough reappears at a distance of 4J5 miles on sec. 26 and the surface geology between shows iron forma- tion or intrusive diorites. The latter are harder than most phases of the iron formation and, as a result of glacial action, appear as buttes or low-lying hills. The general elevation of sec. 2 is about 1450 ft. above sea level, or 850 ft. above Lake Superior, and the higher diorite outcroppings about 1600 ft. above sea level. The geological structure has been complicated by a series of major and minor faults, one of which may be illustrated by the diorite sheet, which tilts south with the iron formation in the north half of the section and then reappears near the center to repeat this sequence. Sectionally the geological series includes a nearly eroded capping of Goodrich quartzite followed by the considerable thickness of Negaunee iron formation, which is cut by intrusive dikes or diorite sheets, and underlain by the Siamo slates grading into quartzites. The ore deposits occur mainly in troughs formed by the intersection of impervious dikes and the footwall slate, but include locally enriched lenses or bands in the iron formation and also interbedded with the Siamo slate. The ore is a soft red hematite with an indicated dried analysis from the surface drilling to date of 61.50 per cent Fe, 0.134 Per cent P, 5.40 per cent Si, 2-87 Per cent A1 and 0.015 per cent S. Exploration A diamond-drilling campaign started in 1937 actually had its inception in 1917, when a number of shallow test holes were put down for the purpose of locating ore that might be quickly developed and mined

Jan 1, 1946

By C. E. Corson

THE experiments of which the results and significance are set forth in this paper do not by any means cover the whole subject of the heat-treatment of the material referred to, yet they constitute a contribution to that general subject, rather than to the special department of annealing. The material here considered is acid open-hearth steel, containing from 0.50 to 0.80 per cent of carbon, with a nearly uniform percentage of other elements. This class of steel is rapidly increasing in commercial importance. It is even rumored that the rail-specifications of some railroads will hereafter require open-hearth steel. Yet this particular grade seems to have received less study and description from the standpoint of the metallographist than many others. The investigation here described was directed to the following points:-Steel containing about 0.50 per cent, of carbon : 1. The structure as related to the temperature, at the same rate of cooling; 3. The structure and physical properties as related to temperature at different rates of cooling; 3. The structure and physical properties as related to different finishing-temperatures and different rates of cooling; 4. The bearing of these observations upon the statement of Prof. Albert Sauveur.1

Sep 1, 1906

By Marius R. Campbell

VARIOUS classes of coals are recognized in this country at the present time. These classes depend largely upon physical characteristics rather than upon chemical composition, and consequently they cannot be accurately defined. The divisions into anthracite, semi-anthracite and semi-bituminous are fairly satisfactory; but the term bituminous embraces so large a variety of coal that it is of little value, and the term lignite is so loosely applied that it has little or no place in a scientific classification. At present there is no way of accurately defining the vari¬ous classes of coal, because no adequate scheme of classification, which applies to lignites as well as bituminous coal and anthracite bas been proposed. The object of this paper is to present such a scheme, which is based upon data obtained dur¬ing the past year by Prof. N. W. Lord,1 in charge of the chemical laboratory of the United States Geological Survey coal-testing plant at the Louisiana Purchase Exposition, St. Louis. All the classifications of coals proposed prior to 1877 were based either on physical characteristics or on proximate analyses, including all of the impurities. These schemes were illogical and highly unsatisfactory, for the physical properties of a coal give little indication of its true composition; and impurities, such as ash and sulphur, are largely the results of acci-

Sep 1, 1905

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

By B. E. Grant

THE major metal mine operations of the United States Smelting Refining and Mining Company in Utah are in the Bingham area. The Company also owns and operates metal mines in the Ophir district, twelve miles south of Bingham, and in the Tintic district, 28 miles south of Ophir. Operations of the Company in the Park City area have been idle since early in World War II. These mining camps, lying at moderate elevations, serviced by railroads, hard-surfaced highways, in close proximity to mills, smelters, cities and towns, fertile valleys, winter and summer vacation areas, and airports are probably as favorably situated as any mining camps in the world. The Bingham district, known principally for its copper production from

Jan 1, 1948

By Frederick M. Becket

AFTER all the chronology that has been given, what is the present status of chromium steels? For the purpose of this discussion the different types of chromium steels can be divided into three classifications-those containing relatively low , percentages of chromium, say 5 per cent or less; the medium-chromium steels containing up to about 18 or 19 per cent chromium; and the steels containing still higher percentages of chromium, and some of the special alloys. Chromium has some unique effects in steel, so it is well to make a few generalizations. The affinity of chromium for carbon is great and the metal is unique in the manger in which it supplements and enhances the effects of carbon. Chromium retards -considerably the thermal transformations on cooling and exerts an opposing influence both on the absorption and precipitation of the carbides in steel. These statements make it easy to understand the fact that chromium .steels are capable of producing a hardened product at a much slower rate of cooling than is, true of plain carbon steel, and that chromium carbide or -the mixed carbides of iron and chromium do not contribute to brittleness to as great a degree as does iron carbide.

Jan 1, 1929

By George A. Miller

THE outstanding characteristic of the American business man is that he likes to run his own business his own way, without any interference from his wife, his friends, his bankers, and least of all from his government. The oil man, like the miner, is an American business man in which this special characteristic is even more pronounced. It may be because he has been an explorer and is more nearly like those pioneering Americans who explored, developed, and built these United States.

Jan 1, 1944

By B. D. Saklatwalla

FOR the proper understanding of the inclusion of certain elements in this review it seems necessary to state the meaning of "rare metals." Certain elements occur in deposits limited in extent or concentration, so that the extraction of the element in relation to market conditions becomes uneconomical. Others may occur in extensive and rich deposits but the reduction of the metal may be difficult and costly. Both these conditions effect the same result, namely, make the metal rare and costly. As an example of the first kind may be mentioned radium and of the second, calcium.

Jan 1, 1939

By AIME AIME

ON JULY 12, 1921, S. S. Arentz, representative at large from Nevada, introduced in the House of Representatives, under the number H. R. 7736, a bill to revise, amend and codify laws of the United States relating to the location of mining claims on public domain, and other purposes. This bill had been drafted by a committee of consulting engineers of the U. S. Bureau of Mines. The immediate purpose of this introduction in Congress was to make it avail- able for general information and discussion. In pursuance of this purpose Mr. Arentz issued the following circular: This proposed codification and revision of the mining laws of the United States as received from a committee of mining and metallurgical engineers appointed by the Director of the United States Bureau of Mines was introduced in the House of Representatives by the undersigned (who has operated and developed mines throughout the West for many years). It is submitted to prospectors, mine operators and mining engineers, all of whom are affected and vitally interested in the subject with the hope that they will give this bill their careful consideration and study.

Jan 1, 1921

THOSE NOT MARKED ARE MEMBERS; MARKED THUS ? ARE ASSOCIATES. HEAVY-FACED TYPE SIGNIFIES HONORARY MEMBERSHIP. JUNIOR ASSOCIATES ARE MARKED II. THE FIGURES AT THE END OF THE ADDRESS INDICATE THE YEAR OF ELECTION. ?AARONSON, ALFRED E Pres., Tuloma Oil Co., Unity Bldg., Tulsa, Okla. '18 ABADIE, EMILE R., Min. Engr Box 291, Porterville, Tulare Co., Cal. '76 ABBOTT, CLARENCE E., Gen'l Supt., Iron Mines Div., Tenn. Coal, Iron & R. R. Co. 1405 Minnesota Ave., Bessemer, Ala. '04 ABBOTT, LOUIS BENJAMIN, Chief Engr., Consolidation Coal Co., Elkhorn Div. Jenkins, Ky. 115 ABBOTT, ROBERT R. Met. Engr., Peerless Motor Car Co., Cleveland, Ohio. '12 ABE, ASAKA Fujitagumi Taiwan Office, Taipeh Formosa, Japan. '14 ABEEL, GEORGE H., JR., Cons. Min. Engr., 4111 Lafayette Ave., St. Louis, Mo. '18 ABEY, HIROSHI, Min. & Met. Engr., Arakawa Mine, Mitsubishi Co., Senpoku-gun, Akitaken, Japan. '17 ||ABOUCHAR, S. S., Cia. de Minerales y Metales, S. A. Santa Eulalia Unit, Apt. 70, Chihuahua, Chih., Mexico. '17 ABRAHAMS, A. I 1391 Madison Ave., New York N. Y. '14 ?ACKER, E. O'C., Met., 128 East Washington Lane, Germatown Philadelphia, Pa. '86 ACKER, WILLIAM L., Diamond Drill Contractor... Mears Bldg., Scranton, Pa. '18 ?ACKERMAN, ERNEST R., Pres., Lawrence Portland Cement Co. Plainfield, anion Co.. N. J. '15

Jan 1, 1923

By A. J. Stosick, J. R. Hoffman, E. Rudy, St. Windisch

The binary alloy system Mo-C zoas investigated by means of X-ray, metallog/aphic, thermoanalytical, and melting-point techniques on chemically analyzed specimens. The system, Fig. 39, is characterized by three congruently melting, intermediate phases, Mo2C, n MoCi-x, and aMoC1-,, of which only Mo,C is stable at temperatures below 1650°C. Substoichio-metrzc (~32.5 at. pct C) dimolybdenum carbide undergoes a homogeneous sublattice order-disorder transformation at temperatures of approximately 1400°C, whereas hyperstoichiorrletric compositions undergo a discontinuous Phase change. The order-disorder transitions in the Me, C phases are discussed in terms of the structural changes involved in the transformation processes and the absence of long-range sublattice coherency in stoichiometric or hyperstoiclziomet-ric compositions attributed to the impossibility of obtaining long-range order in a linear chain of alternating carbon atoms and vacancies. From the experimental phase relutionships and the known thermody-namic data for Mo2 C, limits for the free energies of formation for the high-temperature phases r) MoC1-, and aMoC1-, are deriued and found to be in good agreement with data previously obtained from phase equilibria in ternary metal-carbon systems. IN the course of studies of the high-temperature phase relationships in ternary systems of refractory transition metals with carbon,' a number of inconsistencies found in previous work necessitated a reex-amination of some of the related metal-carbon binaries. A reassessment of the binary system data also seemed

Jan 1, 1968

By John Wulff, Robert Kamm, M. A. Steinberg

IN a previous paper1 from this laboratory, the development of a lead grid method for exploring the distribution of strain and density within metal powder compacts was described, In that work thin lead foil with rectangular holes cut at regular intervals was inserted with the powder fill, the arrangement pressed and then radiographed to permit measurement of the deformation of the lead grid. Densities at each grid element obtained in this manner were plotted as a function of the die dimensions. From such plots it was, found that the densest part of a compact pressed from one side (the top) is at the top outer region and the least dense at the bottom outer region -of the specimen. The axial density maximum occurs more often nearer the bottom than at the top. As a result of such exploratory measurements, it appeared reasonable to conclude that variations in density could be attributed in the main to die wall friction. Thus compacts of large diameter appeared relatively uniform in density except where the die fill had been uneven. Finally it was found that lubrication of the finely finished die cavity contributed more to magnitude and uniformity of density within the compact than interparticle lubrication. Since publication of the above results, it was found that circular-hole grids could be more accurately made and, when deformed within the powder, more readily measured and analyzed. Much of the former work was repeated and new results which include the effect of lubrication, compact height, pressure, speed of pressing and vacuum pressing are reported in the present paper. CIRCULAR-HOLE GRIDS AND ANALYSES OF RADIOGRAPHS Commercial lead sheet 0.008 in. in thickness was used in all the work reported. The 0.0938-in. diam holes were punched in the sheet on 1/8-in, centers to an accuracy of 0.001 in. The finished grid used contained eight or more holes in a row and from I to 24 rows. The lead sheet was clamped between two pairs of brass strips bolted to a small milling machine table which was itself bolted to a bench in correct position near a vise which held the punch. Travel of the lead grid in two dimensions was controlled by two steel lead screws calibrated in 0.001-in. divisions. A stripper plate was used on the punch to avoid distortion of the lead foil. A high carbon-high chromium (chrocar) one-piece steel die was used throughout the work. The die cavity was 1,125 in. in diam and the clearance between plungers and die wall was 0.001 in, The die was also used for pressing from both ends with two long plungers. Finally, lapping of die and plungers gave a surface whose rms value on an Abbot profilometer was 5 micro-in. The die walls and plungers were, except where otherwise noted, lubricated with a stearic acid suspension in benzene. This was put on in multiple layers and allowed to dry before filling the die.

Jan 1, 1948

By M. A. Steinberg, J. Wulff, R. Kamm

In a previous paper1 from this laboratory, the development of a lead grid method for exploring the distribution of strain and density within metal powder compacts was described. In that work thin lead foil with rectangular holes cut at regular intervals was inserted with the powder fill, the arrangement pressed and then radiographed to permit measurement of the deformation of the lead grid. Densities at each grid element obtained in this manner were plotted as a function of the die dimensions. From such plots it was found that the densest part of a compact pressed from one side (the top) is at the top outer region and the least dense at the bottom outer region of the specimen. The axial density maximum occurs more often nearer the bottom than at the top. As a result of such exploratory measurements, it appeared reasonable to conclude that variations in density could be attributed in the main to die wall friction. Thus compacts of large diameter appeared relatively uniform in density except where the die fill had been uneven. Finally it was found that lubrication of the finely finished die cavity contributed more to magnitude and uniformity of density within the compact than interparticle lubrication. Since publication of the above results, it was found that circular-hole grids could be more accurately made and, when deformed within the powder, more readily measured and analyzed. Much of the former work was repeated and new results which include the effect of lubrication, compact height, pressure, speed of pressing and vacuum pressing are reported in the present paper. Circular-hole Grids and Analyses OF Radiographs Commercial lead sheet 0.008 in. in thickness was used in all the work reported. The 0.0938-in. diam holes were punched in the sheet on 1/8-in. centers to an accuracy of 0.001 in. The finished grid used contained eight or more holes in a row and from I to 24 rows. The lead sheet was clamped between two pairs of brass strips bolted to a small milling machine table which was itself bolted to a bench in correct position near a vise which held the punch. Travel of the lead grid in two dimensions was controlled by two steel lead screws calibrated in 0.001-in. divisions. A stripper plate was used on the punch to avoid distortion of the lead foil. A high carbon-high chromium (chrocar) one-piece steel die was used throughout the work. The die cavity was 1.125 in. in diam and the clearance between plungers and die wall was 0.001 in. The die was also used for pressing from both ends with two long plungers. Finally, lapping of die and plungers gave a surface whose rms value On an Abbot profilometer was 5 micro-in. The die walls and plungers were, except where otherwise noted, lubricated with a stearic acid suspension in benzene. This was put on in multiple layers and allowed to dry before filling the die.

Jan 1, 1949

By Wilhelm Borchers

IN all special branches of the chemical and metallurgical industries, in which large electric furnaces became necessary for carrying out new processes or for the improvement of old ones, the development of the electric furnaces took place on much the same lines. The endeavors to make a success of a new idea brought forth many ingenious designs, which, however, almost without exception, furnished the proof that the safest and shortest way to practical success is the utmost simplicity of construction of the necessary apparatus. Our knowledge of the qualities of materials for building electric furnaces and of the constituents of the furnace-charges, especially their electric conductivity and their chemical affinity . towards one another at high temperatures, is still far from being complete, and from this fact we must conclude that the smaller the number of elements in the construction of a furnace, the fewer the number of unreliable factors both in the construction and in the operation of the electric furnace. This conclusion deserves special attention when an electric furnace for making steel has to be chosen from the constantly growing number of inventions, inasmuch as the chief con¬stituent of steel, the element iron, is a substance which in its liquid phase has so great an affinity fir those elements which are to be removed from the charge, that it is very difficult to comply with the following conditions: 1, to beat the refining-slag to the highest point of its chemical activity ; to prevent the iron from entering the slaw, or, where this cannot be done, to make it enter so that it finally appears in the end-product

Jan 1, 1910

By George Newton

When Mr. Bailey asked us to present a paper describing our new BOF shop, he requested that we avoid a presentation heavily laden with detail and statistics. Not only have we attempted to do this, but also we have prepared a number of colour slides which, hopefully, will provide you with a graphic conception of the facility. The installation of the BOF facility at the Steel Co. of Canada's Hilton Works was delayed many years because of the remarkable production growth of the oxygen open hearth furnaces in No. 3 shop. However, in mid-1960 it became strongly evident that not only would increased ingot capacity be required, but also that N0.2 shop - with vintage non-oxygen open hearth furnaces - would have to clean its stacks in the near future, or be closed down. A decision to embark on the BOF facility was made in 1967 after an extended period of in-depth planning and assessment of industry trends.

Jan 1, 1972

By Alfred H. Bell

IN 1945, Illinois produced 75,210,000 bid. of oil, or 4.4 percent of the total for the United States, and ranked sixth in the nation in oil production for the third consecutive year. Production decreased about 3 per cent from that of 1944, when the total Illinois production was 77,413,000 bbl. This is the smallest percentage of decrease in production in the state for any year since a peak was reached in 1940. Daily average production for 1945 was approximately 206,000 bbl. Daily averages by months were as follows:

Jan 1, 1946

By Earle Schumacher

THE solidus line above the solid solution field in the lead-antimony system was originally determined by Dean and his associates1 from heating curves. They did not regard this line as having been accurately fixed and in their more recent publications2 the curves drawn do not follow closely the original data. The precise location of the solidus line is of importance in the extrusion of lead-antimony cable sheath, as the temperature of the metal in this process must be less than the lowest temperature at which any part of the alloy in the lead-press charge becomes liquid. It is very desirable, however, to operate at as high a temperature as possible, as the rate of extrusion for a given pressure is approximately doubled for an increase of 10° C. in temperature. The precise location of this line is also important, in the investigation of ternary systems of lead, antimony and a third metal. For these reasons, and because of the differences reported in the literature, data were secured on the lead-antimony solidus line by the classical quenching-test procedure.

Jan 1, 1927

By H. P. Croft

[ ] Professor Hibbard's paper presents a very interesting theory concerning the influence of texture on the tendency of brass tube to stress-corrosion crack. I should like to present the result of some work done in 1941 which may throw further light on the subject. In the first place, in regard to his review of the influences of grain boundaries, we not only confirmed the findings which he quoted, but also were unable to crack single crystals of beta brass in the standard mercurous nitrate test in 50 hr under loads up to 18,500 psi. Samples containing two or more crystals of beta brass always cracked at grain boundaries and generally followed the same pattern as for alpha brass, although cracking occurred sooner than in alpha brass under the same conditions. Such a specimen is shown in Fig 4. Second, at the possible risk of repetition, we should like to call attention to the reported role of grain size as influencing the tendency to stress-corrosion crack. This phenomenon, originally mentioned by Dr. Allan Morris in the Transactions, AIME, 1931, is illustrated in Fig 5, showing the effect of variations in grain size on the tendency of drawn brass wires to crack under load in the mercurous nitrate solution. This was taken from my work published in Proceedings A.S.T.M. 41, (1941), 905.

Jan 1, 1948

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