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By THEO L. JOHNSTON

In preparing for war , Japan built an iron and steel industry that ranked high with other industrial nations . Deficient in raw materials for making iron and steel , it had to acquire the bulk of its iron ore and much of its coal and scrap iron from foreign sources . Steel manufacture, and fabrication , however , were reserved mostly for the Home Islands , where modern integrated plants produced the implements of war . The vulnerability of relying on imports during the war was recognized early, and steps were taken to exploit iron-ore deposits and develop treatment processes on the Home Islands in order to be as self - sufficient as possible . Although the industry had expanded considerably, the capacity of the large plants still was insufficient for military requirements, so other meth- ods of producing iron and steel were adopted, which in some ways illustrate the desperate effort made to supply the war machine. In developing the iron and steel industry, modern practices of other countries were studied and followed with modifications to suit Japanese con- Aitions. German and American technical ability and equipment played a large part in the program; however, the Japanese had competent furnace technologists capable of obtaining proper equipment performance. For the most part, the standard practice consisted of smelting iron ores in blast furnaces and then refining the pig iron to make steel in open-hearth furnaces. Electric furnaces played an important part, especially in the manu- facture of alloy steels. Various other methods yielded minor but significant production. Among the various other treatment processes used, the production of sponge iron in rotary kilns 'probably was the most important in producing melt- ing stock for steel making. Of special importance was the fact that sponge iron made from low-grade ores contained critical metals, such as nickel and chromium, so that the results were more significant than was generally believed.'

Mar 1, 1948

By R. S. McFarland

OKLAHOMA, in 1924, recorded the largest single increase of any state; the total oil production for the year being 176,206,397 bbl. (Oil & Gas Jnl.), which gives an increase over 1923 of about 9 per cent. Oklahoma ranked second in total amount, California being first, and produced almost 25 per cent. of the total production of the United States. This gain in production is accounted for entirely by the rapid development, deeper drilling, and efficient management of productive areas known at the beginning of the year, for, due to the small number of wells drilled, few new pools were discovered and developed up to any important stage during the year. Three major pools, Burbank, Tonkawa and Cromwell, furnished 37 per cent. of the total production. Burbank led by a wide margin, having the largest production of any single pool; there was a steady increase in production until September. The close. development of the pools in Okfuskee, Seminole, and Hughes Counties, together with the new deep-sand production at Tonkawa and increased drilling operations in Osage County, accounted for the big increase shown during the year. In January, 1924, the shutdown movement and curtailment of production in Hewitt and Tonkawa, which had been effective during the year of 1923, were stopped. The shutdown movement and curtailment of operations in 1923 does not give a fair comparison with 1924, as undoubtedly a great deal more oil would have been produced in 1923 had it not been for these measures. The sensational developments during the year, which were certainly beyond the prediction of the oil industry, were the Cromwell field, which started the year with 10,478 bbl. for January and increased rapidly to 1,267,032 bbl. for. December, and the discovery of the Wilcox productions below 4000 ft. in the Tonkawa field in May, which by the end of the year had produced 11,650,000 bbl. In this connection, it can be safely said that 1924 was a banner year for the Wilcox sand series; it has been estimated that between 40,000,000 and 50,000,000 bbl. of the production for the year came from this sand. Although numerous Wilcox pools were opened throughout the state, the big Wilcox production came from. the Tonkawa and Stroud pools. Oklahoma's deepest well, the Kingwood Oil Co. No. 1 Barnett in the northwest corner of the northeast quarter of the southeast quarter of Sec. 7 T. 7 N. R. 10 E., Hughes County, was abandoned in January, at 5281 ft. with numerous good shows recorded, which have stimulated-further drilling in the locality.

Jan 3, 1925

By Kendrick C. Hardcastle

Although the basic techniques employed in hydraulic pumping in open pit mining have been practiced throughout the better part of this century, only relatively recently have studies of' sufficient depth and scope been conducted to improve these techniques. This paper will point out the basic techniques involved and some of the more recently discovered data concerning hydraulic pumping, Inherent in all hydraulic transportation systems apart from the consideration of transportation cast, is the outstanding advantage of slurrying the matrix at the mining pit so as to provide a lengthy and thorough soaking and washing of the material while in the pipe line and thereby reduce the necessity for washing, scrubbing and other treatment in the beneficiation plant. This is quite important in view of the constant increase in demand for a cleaner product.

Jan 1, 1964

By Dr. O’Neil Thomas J., Donald W. Gentry

"We should be concerned about the future be- cause we will have to spend the rest of our lives there. " -Charles Kettering INTRODUCTION Since the early 1970s, there has been no economic phenomenon that has been more widely discussed or experienced in the United States than inflation. Al- though its precise definition and measurement are elusive, inflation has had pro- found and extensive impacts on the manner in which nearly everyone lives. It is painfully obvious to consumers that inflation is characterized by a continuing up- ward spiral of prices. In a capital-intensive industry like mining, those increases can be positively breathtaking. An interesting example is shown in Table 1. Table I shows that on a unit basis, the equivalent 1980 capital cost of Cuajone was over six times the cost of the adjacent and quite similar Toquepala operation completed in 1959. Such sobering statistics weigh heavily on the minds of executives who are contemplating major investments in new mining facilities. In spite of its monumental presence, inflation has usually been either inadequately covered or totally ignored in textbooks on engineering economy. The reasons for this are not entirely clear, but a contributing factor is the inherent difficulty in accurately predicting inflation. However, under certain conditions, inflation may become the most important factor in a mining investment, and it can rarely be safely ignored in capital investment analyses. DEFINING AND MEASURING INFLATION Defining inflation and related terms is relatively easy. Its measurement, how- ever, is the source of almost endless debate in economic and political circles. How- ever, much of that debate is not relevant to the scope of this book, so that only those issues which impact directly on the capital investment decision are covered in this section. Inflation is the general decline in the value of money as measured by what it will buy. It is clear, then, that the rate of inflation varies with the particular currency under consideration as well as the type of goods and services being purchased. One would find, for example, that the general rate of inflation relative to German marks

Jan 1, 1984

By C. D. Woodward

PRIOR to 1902, the tramming of ore from the stopes to the shafts, in the Butte mines, was done by man or animal power, but the demand for greater tonnage and the need for more improved methods of tramming the ore resulted in the installation of the compressed-air locomotive in a few mines. Some of the objections to animal haulage were thus eliminated, but this locomotive was not generally adopted, because of a number of limiting features. It was superseded by the electric trolley locomotive. The early types of trolley locomotives were not satisfactory from the operators' viewpoint, but. they had many economic advantages and after a number of years, in which improvements were constantly made in the structural details, they became dependable, so that the use of animals for main haulage in the mines has now been practically abandoned. There are now operating in the Butte mines of the Anaconda Copper Mining Co., 185 trolley-type locomotives, each of which has replaced five animals. It cost approximately $50 per month to keep an animal, hence the economies that resulted fully justified the expenditure of electrifying the haulage systems. The haulage conditions in this company's mines possess many advantageous features that are not always found in underground mine workings. The drifts and crosscuts are large, approximately 5 ft. (1.5 m.) wide by 7 ½ ft. (2.3 m.) high, and have curves of no less than 18 ft. (5.5 m.) radius; and the roadbeds of the drifts and crosscuts have a uniform grade of 0.5 per cent. toward the shaft, or in favor of the loaded trips. In all of the mines, except two, the track gage is 18 in. (45.7 cm.), and all tracks in the main haulageways are laid with 25-lb. (11.3 kg.) rails. The stations at the shaft are large, well-lighted, clean, and cool. The average temperature of ,the stations, however, is about 75° F. (24° C.), while the average temperature in some of the drifts and crosscuts is 92° F. (33.5° C.).

Jan 2, 1922

By Earl Chairman Oliver

The major development in stabilization of the oil industry during 1933 was the transition in the United States from state control to federal control in many of the functions that government is presumed to exercise. A brief review of the influences leading to that transition is given here to suggest its significance and to assist in forecasting its further development. Bitumens were known to the ancients and have been applied to minor uses since earliest historic times, but it was not until after the discovery of oil in considerable quantities near Titusville, Pennsylvania, in 1859 that it was made the basis of extensive commercial undertakings. In 1859 little was known about the origin of oil and gas, the nature of these deposits, and the physical laws that controlled their accumulation. Scientists soon began to study them, but 50 years or more of active oil-field development had elapsed before sufficient geological information had been accumulated to point the way toward efficient recovery of these products. In fact, only within the past five years has the function of reservoir energy become widely understood, yet it is a primary factor in oil recovery. discovery near Titusville, this infant industry has developed into an industrial giant. In complete ignorance of their destructive effect, wasteful development methods were initiated in Oil Creek and these became industrial habits. These habits in turn became oil and gas law. Under that law vast sums of money have been expended, rights have become vested and development methods fastened on a great industry that not only bring upon it periodic demoralization but cause ruthless destruction of the nation's reserves of these important natural resources. This is occurring in the midst of a petroleum era when oil is essential to the nation's security, its industrial supremacy, and the personal convenience of every citizen. Its conservation, therefore, has become a question of grave national concern. Conflict between PHysical Facts and Oil Law This destruction of an important natural resource and periodic demoralization of a vast industry can be halted only by readjusting oil

Jan 1, 1934

By J. E. Powell

Introduction The disposal of mine tailings, development rock, and other unwanted refuse material underground in mines by using pneumatic conveying techniques has been undertaken in the coal industry for many years. Similar equipment has been utilized for backfilling hard rock mines and is currently being applied in a gold mine in South Africa where development rock is being stowed in the mined-out stopes to help reduce the incidence of rock outbursts. On a limited scale, pneumatic conveying has been applied for backfilling uranium mines and one particular mine in New Mexico, U.S.A., has used this technique for 8 years. Other uranium mines in this area are now considerinq the dry backfill technique to eliminate the problems associated with hydraulic fill. The need to backfill in uranium mines is primarily of importance to improve ventilation, stabilize the pillars and roof, and possibly to extract a larger percentage of the uranium ore. If this can be achieved by utilizing the tailings from the beneficiation plant and using rock from the development headings which in itself may be slightly radioactive, then a greater benefit can be derived. Backfill can be achieved with hydraulic fill methods by running slurry into the stopes and allowing the water to decant and return through the footwall development entries to sumps for pumping to the surface. However there are several disadvantages associated with this method in that water is percolating throough the mine workings; it is necessary to build bulk heads in flat lying deposits; it is difficult to fill right to the back; and the decanted water takes with it quantities of the finer sand particles which results in maintenance problems with the mine pumps. Pneumatic conveying can overcome these problems in that the voids can be completely filled with high degree of compaction, heavy bulk heads are not necessary, the development rock can be added to the pneumatic system for disposal underground so eliminating hoisting cost to the surface, and cement can be added to the wetted material. To

Jan 1, 1980

By W. J. Keep

Manganese is a nearly white metal, having about the same appearance when fractured as white cast-iron. Its specific gravity is about 8, while that of white cast-iron, reasonably free from impurities, is but a little above 7.5. As produced commercially, it is combined with iron, and with small percentages of silicon, phosphorus, and sulphur. It is generally produced in the blast-furnace. If the silicon is under 0.50 per cent., the product will be white. If the manganese is under 40 per cent., with the remainder mostly iron, and silicon not high enough to make the product gray, the alloy is called spiegeleisen, and the fracture will show flat reflecting surfaces, from which it takes its name. With manganese above 50 per cent., the iron alloy is called ferromanganese. As manganese increases beyond 50 per cent., the mass cracks in cooling, and when it approaches 98 per cent. the mass crumbles or falls in small pieces. When the percentage of manganese is high, the planes of the fracture are not so bright as when it is lower. The ferro-manganese which we have used in the experiments reported in this paper, contains Mn, 81.62; Si, 0.256 ; and combined carbon, 6.153 per cent. We have not been able to make test-bars from this, because the alloy cracks in small pieces in cooling. Manganese combines with iron in almost any proportion, but if an iron containing manganese is remelted, more or less of the manganese will escape by volatilization, and by oxidation with other elements present in the iron. If sulphur be present, some of the manganese will be likely to unite with it and escape, thus reducing the amount of both elements in the casting. Hence, in remelting irons, some of the sulphur which has entered from the fuel with which the iron is melted will very likely unite with some of the manganese in irons which make up the mixture and escape. Remelting, therefore,' reduces the percentage of manganese in cast-iron.

Jan 1, 1892

By Thomas Read

AMONG the large number of deep mines in the world there are several which do not differ much in depth. The St. John del Rey mine, in Brazil, has reached a vertical depth of 6726 ft. below the top of its shaft; miners enter it, however, through an adit which intersects the shaft 324 ft. below its top, wherefore it might be said that the mine is really only 6400 ft. deep. In the Kolar gold field of India there are a number of deep shafts, one of which reaches to a vertical depth of 6140 ft. below surface. In South Africa also there are a number of deep shafts, the Village Deep being 6100 ft. early in 1921. The City Deep, Ltd., proposes to sink to a depth of 7000 ft. but pre-sumably by the time it does so the St. John del Rey will be deeper than that, since it has been increasing in depth at an average rate of about 150 ft. per year. The deepest shaft in the United States, the Tamarack No. 5, although it is only 5308 ft. deep, actually approaches nearer to the center of the earth (4100 ft. below sea level, as against 3958 ft. , at St. John del Rey). The deepest workings in the Calumet & Hecla go down to 4600 ft. below sea level. The St. John del Rey is not only the deepest, mine in the world, but it also is worked by the oldest registered English mining company, which was organ-ized in 1830 to work a mine at a considerable dis-tance from this one. That mine proved unprofitable, and in 1837 operations were transferred to the. deposit now under discussion, where operations have been prac-tically continuous ever since.

Jan 6, 1923

By T. Lane Carter

It is a curious fact that while in our Transactions there are papers dealing with mining-districts in all parts of the world, in Europe, Asia, Africa, and Australia, there is not one which describes the mining possibilities of Nicaragua, our near neighbor. To be most interested in distant objects, like the moon, and to neglect what lies at our feet, appears to be a trait of human nature. The neglect of Nicaragua is not confined to the American Institute of Mining Engineers. In no other transactions am I able to find papers dealing with mining in Nicaragua, some parts of which are as much in need of discovery and research as the North Pole. I hope this paper will be the precursor of many others to be printed in our Transaclions, dealing not only with the miniilg possibilities of Nicaragua, but with the whole of Central America, where there are vast areas a,waiting skill and capital for their development. Much of this capital and skill should come from the United States in the future, although it is probable that European capitalists, when they appreciate fully the possibilities, will investigate more and more the mining-resources of Nicaragua and ot'her Central American republics. Fig. 1 is a sketch-map of Nicaragua showing the principal mining-districts. 11. History. Mining in Nicaragua did not begin yesterday. It was commenced by civilized man when the Spanish conquerors pene-' trated into the interior and forced the natives to procure the precious metal for them. It is strange that the Spaniards did not find more gold, and work on a scale as extensive as in Colombia and other parts of South America. Probably in Nicaragua the Indians covered up most of the rich prospects

Jan 1, 1911

By T. R. Ellis

A number of important international events took place in 2001 in the development and evolution of mineral valuation standards internationally. In Canada, the CIMVal Committee released a draft discussion paper for public and industry comment on principles to guide the development of the planned Canadian mineral-property valuation standard. The International Accounting Standards Board (IASB) received comments on its Extractive Industries Issues Paper. IASB will decide whether the financial statements of public mining and petroleum companies will be allowed to provide the value of mineral and petroleum assets on a current value basis instead of an historic cost basis. The author led the Extractive Industries Task Force of the International Valuation Standards Committee (IVSC) in developing its submission to IASB. IVSC intends to develop an extractive-industries valuation section for its International Valuation Standards, which could support the planned IASB standard. In Australia, AusIMM has carried out an in-depth review of its highly regarded VALMIN Code. The AusIMM's MICA subdivision organized the VALMIN `01 Conference in Sydney, Australia, with a range of international and current issues papers published in the VALMIN '01 book. Considerable support for the IVSC initiative was evident at this conference. The results of the review of the extractive industries submissions to the IASB were expected to be released in early 2002. The CMMI Congress in Cairns, Australia in May 2002 is likely to prove to be an important forum for continued discussion of the development and implementation of international standards and qualifications for mineral valuation. The outcomes and implications of these events are discussed.

Jan 1, 2003

TULSA SECTION At the smoker concluding the two day meeting of the Tulsa section of the American Institute of Mining and Metallurgical Engineers, Tulsa, Okla., Feb. 26, 1919, Dr. Willis T. Lee, the new head of the Geological Department of the University of Oklahoma, was introduced to the assembled geologists and mining engineers. Dr. Lee requested that the geologists and engineers who were making a specialty of petroleum geology assist him in giving a good course in practical oil geology in the Geological Department of the University. After a motion offering the services of all present in giving lectures on their special subjects had been adopted, Dr. Perrine of Hutchinson, Kans., named the geologists who were pledged to give lectures in Dr. Lee's course. The students in geology at Norman are assured of the latest information regarding practical work in petroleum geology and will have the inspiration derived from contact with men who are actually at work upon the problems which they are studying. Dr. Lee and President Brooks of the University are to be congratulated upon the introduction of this .method of instruction. The plan thus put into operation is similar to the graduate system of coaching in athletics followed at many of the large universities; what is good for instruction in athletics should also prove good for instruction in applied geology.

Jan 6, 1919

By G. L. Oldright, T. B. Brighton, C. M. Dice

The base bullion from the lead blast furnace contains varying amounts of the impurities left in the smelter feed by the concentrator, regardless of the method of smelter operation. These impurities may be held in part in mechanical suspension rather than being present as true alloys. However, usually there is little free space in the crucible in which to separate these drosses before the bullion is taken from the lead well. When such a dross is melted in a laboratory crucible and allowed to cool, the products obtained are lead bullion, speiss, and matte in well separated layers. Typical analyses of layers are: Analyses. Per Cent Element Bullion Speiss Matte Pb.............................................. 92.0 41.2 38.3 Cu.............................................. 2.4 36.3 40.6 As............................................... 4.0 16.5 4.3 Sb............................................... 0.7 0.2 0.4 S................................................ 0.6 1.9 13.1 Fe............................................... 0.0 0.0 0.0 Totals......................................... 99.7 96.1 96.7 The absence of iron in these products drossed from the blast-furnace bullion proves that the impurities for the greater part are not simply finely divided blast-furnace speiss or matte that has been dissolved or dispersed in the lead, but are held in solution by the liquid metal and rise to its surface as infusible compounds when the temperature of the bath is lowered. In general, the drosses made locally are metal sulphides and arsenides and not oxidized compounds. The large content of metallic lead also does not seem to be retained because of oxidized compounds

Jan 1, 1937

By Herbert E. Lindberg

Laboratory-scale intact and jointed rock masses were tested in field and laboratory experiments to investigate tunnel response in high stress environments. In most of the experiments the tunnels were modeled by a rigid-plastic foam polyurethane with a crush strength of 3.4 MPa (500 psi) and emphasis was placed on jointed rock parameters: joint sets (single set of parallel plane joints versus a double set of orthogonal parallel plane joints), joint plane angle with respect to the direct loading direction, and joint spacing. Other parameters were loading stress, loading direction, and tunnel reinforcement strength. Results show quantitatively the increase in tunnel deformation in jointed compared with intact rocks, double versus single joint sets, and large versus small angle between the joint plane normal and the loading direction. A surprising result was the decreases in tunnel deformation with increases in the number of joints across a tunnel diameter. The efficacy of scale modeling with laboratory-constructed rock was tested by modeling complex reinforced concrete and steel tunnel reinforcements in jointed rock masses and comparing the results with large scale tunnels previously fielded in highly jointed granite. Tunnel response was reproduced in surprising detail, including concrete fracture, steel liner bending and fracture, and critical load to produce these responses. The scale models also allowed sectioning of the jointed rock masses to observe gross sliding along the joints that accompanied tunnel failure.

Jan 1, 1982

By AIME AIME

THOUGH the dust-control systems in the crushing plants and other buildings at Morenci do not differ materially from similar installations in other large copper reduction works, it is probable that in few other plants has as much attention been paid to the dust problem. Possibly the most striking feature of the Morenci installation is the manner in which the necessary equipment has been built into the various structures, and the absence of unsightly pipes, ducts, and fan houses. That this result has been attained is due, in no small part, to the basic conception that the control of the dust in a milling plant should be an essential part of the process itself and not something to be tacked on later after the plant is in operation. The control systems were designed and developed along with the general plant construction program and when the first car of ore was dumped into the crusher the dust-control equipment was ready.

Jan 1, 1942

By Dan Mackie

Since the production prototype continuous vat leaching pilot plant was installed at Ariel Resources in Costa Rica in 1995, the test results and lessons learned have been invaluable in plotting the future of this method. Vigorous test programs in base and precious metals as well as design developments for studies have shown the advantages, economically, technically, and environmentally that favor this method over current practices in heap leaching and stirred tank leaching. Much larger individual vats have been developed with throughputs as high as 5000 t/d with larger vats envisaged, and there has been a trend towards using vats with ground ore. Five projects are slated to begin detailed engineering this year, three in precious metals and two in copper. Of particular interest to future producers is the ability to deposit d,y, detoxified tailings at a fraction of the cost of conventional methods. Proprieta,y work is ongoing which promises to eliminate the need for tailings dams when using other methods of processing such as flotation. This is of particular importance in light of dam failures around the world in recent years.

Jan 1, 2000

By Ian McFeat-Smith, Odd G. Askilsrud

Introduction Given the mountainous nature of the local igneous terrain, hard rock tunnelling plays an important role in the development of Hong Kong's infrastructure. In 1990, tenderers for two tunnel projects were encouraged to consider using hard rock TBMs, the territories' first. As a result the 7.5km long, 3.56m diameter Tolo Effluent Tunnel and the 5.3km long, 4.8m diameter Hong Kong Electric Cable Tunnel were excavated by hard rock TBMs. The successful completion of both projects in 1992 should make the TBM method an attractive construction alternative for planned, upcoming projects in Hong Kong. Tunnelling Conditions Tunnelling solutions are frequently adopted in Hong Kong due to the intensity of development, lack of flat landscape and proximity of mountainous terrain to the main centers of population. This is carried out primarily in granites or granitic-type rocks which surround Victoria harbour, and to a lesser extent in the outlying volcanic rocks which include extremely hard tuffs and lavas. Tunnelling will generally take place in granitic rocks, normally about 100-250 MPa in strength, and with an average joint spacing of 0.3m and a quartz content of 30-

Jan 1, 1993

By W. N. Hamilton

Industrial minerals are plentiful in Alberta. Although exi ting in variety and in quantity, they constitute a minor segment of the province's mineral industry, which is based on oil and gas. In 1983 Alberta led all the other provinces in value of mineral production with a total of $22,2 18 million, 62 per cent of the total for Canada. Of Alberta's total, $22 million or about 3 per cent came from the indu trial minerals. Nearly two-third of this production is accounted for by sulphur, which is actually a by-product of the oil and ga industry. Alberta ranked third among the province in industrial minerals production for 1983, with about 20 per cent of the national total.

Jan 1, 1984

By Jun Han

Coal has been mined in the Kailuan mining area for more than 130 years. The remaining reserves consist of, in large part, coals that would have been considered economically unminable or technically not feasible by the previous generations. Some of the current operations have to resort to overmining because the lower seams had been extracted in the past. This paper deals with the feasibility and proper layout of mining roadways of overmining carried out in the No. 5 seam of Qianjiaying coal mine of Kailuan mining area using numerical and physical simulation. FLAC2D was used to investigate the characteristics of stress and displacement in the overburden after extraction of the lower seams. It also analyzed the proper layouts of gateroads in the upper seams, i.e. locating them in the stress-relief zone of the gob so that their stability can be easily maintained. In addition, a two-dimensional physical model was constructed for investigation of damages to the upper seams due to mining of the lower seams. Finally, based on the results of investigations, proper gateroads layout was designed and successful extraction was implemented for panel 1357 in the No.5 seam.

Jan 1, 2009

By E. DeGolyer

THE petroleum production of the world for 1924 again passed the billion-barrel mark, as it did in 1923. A preliminary estimate of production is 1,016,000,000 bbl., a decrease of 1,100,000 bbl., or less than 1 per cent. from the 1,017,100,000 bbl. produced in 1923, the year of greatest production. FIG. 1.-TOTAL WORLD AND UNITED STATES PRODUCTION. Production in the United States decreased 18,500,000 bbl., the. first decrease in yearly production since 1906. Mexican production decreased almost 10,000,000 bbl. Russia, Persia, Roumania, Venezuela, and Peru increased their production by an amount almost great enough to offset the decline in the United States and Mexico. The decline in the production in the United States and Mexico was considerably less than anticipated by leading geologists, economists, and statisticians; nor did the increase in consumption entirely meet the expectations of estimators. Early in the year, the statistical department of one of the most important oil companies forecast a draft on stocks, from an excess of demand over supply, of about 80,000,000 bbl. Instead of decreasing our stocks, they were increased by about 33,000,000 barrels.

Jan 3, 1925