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By Frederick G. Coqueron, Joseph E. Pogue

The purpose of this study is to present the results of a detailed survey of the financial and operating aspects of 30 oil companies comprising a major sample of the American petroleum industry. This review supplements a previous paper entitled "Capital Flow and Capital Formation in the Petroleum Industry, 1934-1941,"a and deals not only with a longer period but also gives new and more revealing analyses of the capital movements and characteristics. The data are gathered from published financial statements of the companies, especially the annual reports to stockholders and Form 10-K to the Securities and Exchange Commission, supplemented by confidential information. The 30 oil companies covered by this study are listed on the leading stock exchanges and for the purpose of analysis are grouped as follows: 9 companiesb engaged principally in crude production, 4 companiesc with production averaging in excess of refinery requirements, and 17 companiesd with refinery throughput in excess of crude production. These samples are sufficiently broad and representative to constitute norms against which individual company performances may be profitably compared. The 30 companies in 1942 produced 54 per cent of the Nation's total output of crude oil and refined 79 per cent of the country's crude run to stills. The financial data apply predominantly to the domestic oil business, although 15 of the companies have investments and operate facilities in foreign countries. The net value of these foreign holdings amounted to 724 million dollars, or 12 per cent, of the combined net assets of the 30 oil companies at December 31, 1942.

Jan 1, 1944

By Henry Rawdon

THE structure of wrought iron as usually described by metallographists and workers in metal in general is that of a fairly pure iron. Impurities, if present, are usually considered as being in solid solution in the crystals of the ferrite matrix or as forming part of the ever present "slag streaks." Attention is herein directed to one type of these dissolved impurities; to the detection of such impurities, particularly in low-grade irons, and to their possible influence on the physical properties of the metal. The attention of the Bureau of Standards was first directed to wrought iron of the peculiar and unusual characteristics to be described later, in material which had failed in service and was submitted for test. The examination was extended to other grades of wrought iron, to see whether such features are of common occurrence in this class of material. MICROSTRUCTURE OF WROUGHT IRON Usual Structure The general microstructure of wrought iron is so well known that a detailed description of it here is needless. There is shown in Fig. 2 the structure of a sample of Swedish iron which illustrates well the matrix of ferrite crystals in which are embedded the slag threads so characteristic of the puddling process and the subsequent working of the material. The usual commercial product contains varying amounts of the impurities commonly associated with iron and steel, i.e., manganese, phosphorus, silicon, and sulphur together with small amounts of carbon. Of these, the larger part of the phosphorus and some of the silicon present are held in solid solution in the ferrite while most of the remaining impurities, other than carbon, exist in the inclosures of slag. Aside from the discontinuities introduced by the slag streaks the ferrite matrix has the microstructure and appearance of a pure metal. No definite orientation of the various crystals or grains is apparent; deep etching of the specimens reveals no intracrystalline features (i.e., within the grains) other than those noted in "pure" metals in general (etching pits).

Jan 9, 1917

By Edward H. Bzirdick

THE territory under particular consideration in this article comprises portions of La Plata and Montezuma Counties, situated in the southwestern corner of Colorado, and around the base of the La Plata Mountains. (See Fig. 1.) In southeastern Utah and northeastern Arizona there are several mountain systems whose origin and structure are practically identical with the La Platas so that ore occurrences found in the latter can be hopefully looked for in the former. With this assumption, there is an area around the laccolithic ranges which offers promise for a successful exploration for gold ores. Ore occurrences of the Silverton, Telluride, Rico, or Ouray Districts will not be discussed, although in these areas the Mesozoic sediments are more or less involved within the ore-bearing complex. These have been intensively studied and developed. The idea is to set forth what my mining experience has been within the largely unaltered . Mesozoic horizon which remains around the extreme bases of the La Plazas. This, until recent years, has been almost entirely neglected by prospectors and operators and, so far as similar territory in Utah and Arizona is concerned, so remains.

Jan 1, 1934

By C. L. Kinney

The rapid increase in the amount of steel produced by the basic open-hearth process is an index of its ability to produce high-grade steel from raw materials of the most, varied physical character and chemical analysis. This inherent adaptability of the process has resulted in a lack of care in the selection of raw materials, so that in far too many cases charges are used of a chemical and physical character not justified by local economic conditions. A practice, or series of practices, should be used that will result in the greatest economy for the plant as a whole; therefore, the operations of blast furnace and open hearth must be considered together. In this paper, an effort has been made to show those variations in both open-hearth practice and cost that follow changes in the analysis of the pig iron arid it may be said that the theoretical costs shown are worthy of careful study and consideration. Carbon, manganese, silicon, phosphorus, and sulfur constitute the principal metalloids in basic pig iron and play the leading role in the production of steel by the basic open-hearth process. The percentages of each of these metalloids, with the exception of carbon, is a variable that has its genesis in the economic relation of the blast-furnace plant to its ore and fuel supplies. As the amount of carbon in the iron is a saturation function of the temperature at which it is produced, the variation in the amount carried is, for any given locality and grade of iron, practically negligible and is so considered in the eight heats discussed in this paper. The melting and refining reactions in an open-hearth furnace, either acid or basic, are essentially oxidizing and vary greatly with the type and age of the furnace, as well as the character of the fuel employed. The outstanding characteristic of the basic process, and the one that explains its predominance over the acid, is its ability to form out of the lime charged and the phosphorus oxidized from the charge a stable

Jan 1, 1924

By AIME AIME

THE Hazleton district of the Pennsylvania Anthracite Region will be the scene Oct. 14 and 15 of the fall meeting of the Coal Division and the Pennsylvania Anthracite Section. Here, coal mining has been active for more than 100 years and hereabouts industrial necessity inspired the numerous inventions of the Pardees, Eckley B. Coxe, a former A.I.M.E. president, and the Marltles, who contributed much to the success of the Institute in its early days, as well as to the upbuilding of modern methods in the anthracite and bituminous industries. Headquarters will be the Altamont Hotel, Hazleton, Pa. There will be two technical sessions Friday, registration preceding the first which is scheduled for 11 a.m. to 1 p. m. The second will be called at 2:30 p.m. Saturday is reserved for mine and plant visits, with golf and tennis after luncheon for those so inclined. The ladies are cordially invited to the meeting and arrangements have been made for their participation in much of the program. The chairmen of the committees preparing for the meeting are: Donald Markle, president, Jeddo-Highland Coal Co., General Committee; R. E. Hobart, mechanical superintendent, Lehigh Navigation Coal. Co., Committee on Visits and Inspections; H. D. Kynor, general manager, Northumberland Mining Co., Committee on Programs and Papers; B. H. Stockett, general manager, Weston; Dodson, Inc., Reception Committee.

Jan 1, 1932

Andy H. Vassiliou – Introduction Ladies and gentlemen,.good evening and welcome to the Paul F. Kerr Memorial Symposium dinner. I believe we are all here to honor the memory of a great teacher and advisor, and a true friend -- Professor Kerr, or Dr. Kerr, or to most of us who were his students, "Pappy" Kerr. Most of us who attended the Paul F. Kerr Memorial Symposium earlier today at the New York Hilton had the opportunity to read, or listen to, or discuss scientific papers presented in honor of Dr. Kerr. In addition, all of the speakers had the opportunity to reminisce about their association with Dr. Kerr, who was credited as having contributed substantially to their graduate education and the development of their careers. Dr. Kerr's two daughters -- Ruth and Nancy -- who attended the Symposium at the Hilton are also here with us tonight. I think we should keep tonight's festivities on an informal basis since we are all old friends or former students of Dr. Kerr. Some of us may want to say a few words about our experiences at the time we were students at Columbia, and hopefully include some anecdotes relating to Professor Kerr. I would like to invite everyone to do so, but first we have arranged for two of us to be the lead speakers, whom I will introduce in a few moments.

Jan 1, 1985

By Edmund J. Korber, Donald E. Raab, Frank A. Burns

During the early 1960s, the advent of self- advancing longwall roof supports triggered serious consideration by Bethlehem management to introduce the technique of longwall mining at one of our central Pennsylvania coal mines. Although longwall mining was initially justified as a means to cope with the severe roof conditions at our Mine 32 (Watson, B., 1971), the result of the endeavor has been a consistent and reliable level of coal production, first from Mine 32 and then later from Mine 33, over a period of fifteen years. Longwall production from the Cambria Division has been the mainstay of the low volatile coal required by Bethlehem Steel for steel production. Let us review the events that led to this accomplishment, as well as where we stand today.

Jan 1, 1981

DAVE BARTLEY and Edwin F. Gray, miners, late of Shasta County, California, young, healthy, and "dead broke," arrived at Ely, Nevada, one evening in the summer of 1900. Before rustling jobs and going to work, they decided to look around the camp, and in pursuance of this plan they visited a number of claims owned by D. C. McDonald, Justice of the Peace and pioneer of the district. Among the claims he showed them were the Ruth (named after his daughter) and the Kearsarge. Both were regarded as possible gold or silver properties. For no very definite reason the two miners changed their plan and took a lease and option to buy the two claims for $3500. After the transaction was closed and the partners were alone, Gray asked Bartley what he thought of the ground. "If she's good for anything, it's copper" was the reply; and, so far as the records disclose, that was the first time that anyone ever thought of Ely or the Robinson mining district, as it was called, as a possible copper area. There were some slight surface indications of copper, but it is probable that the fact that Bartley had just come from a copper district had something to do with his predilection for a metal that was much despised around Ely. In any event, his hunch was good, and he spoke with the wisdom of an oracle. For thirty years prospectors had sought gold and silver around the camp. Several stamp mills and cyanide plants had been put up and a hundred shafts had been sunk, but fate had been indifferent in its rewards to the optimistic owners. Copper ore would have to be hauled by wagon, 150 miles down Steptoe Valley to the Southern Pacific Railroad, and there was scant hope of finding ore that would bear this cost. W. B. Graham, who ran the general store in Ely, grubstaked Bartley and Gray, furnishing them with food and mining

Jan 1, 1933

By Hallet R. Robbins

KOREA, the ancient " Hermit Kingdom," is a peninsula jutting out from the coast of eastern Asia. By the natives it is called " Chosen," which, translated, means " Land of the Morning Calm." It lies between the Yellow sea and the Sea of Japan. On the north it is separated from Manchuria and the Russian province of Primorsk by the Yalu and Tiumen rivers ; on the south the Korean straits interpose a rough voyage of 120 miles to the nearest point in Japan. The entire country is situated between the parallels of 34° and 42° N. latitude. The surface of the country is made up of successive ranges of unglaciated mountains, separated by narrow, fertile, and more or less densely populated, valleys. Through all the obscure centuries of its history, Korea has succeeded in maintaining a monastic seclusion, over which, from time immemorial until the late Chino-Japanese war in 1894, China exercised a shadowy sovereignty. Although Korea had been forced into slight foreign contact previously, her first foreign treaty was signed with Japan in 1876. Under the restraining guardianship of China, the Japanese treaty bore but insignificant innovations for Korea; but when, in 1883, a treaty was made with the United States, the first of the western nations, a decade after the American gunboats, under Commodore Rodgers and Lieutenant Schley, forced their way up the Salee river, shooting daylight through the ancient walls and fastnesses, Korea awoke from her sleep of 4,000 years. The Korean peninsula suddenly became the arena where rival nations' enterprises and individuals met in fiercest conflict. Out of this struggle grew two singularly successful American

Jan 7, 1908

By D. L. Ritter, N. J. Grant, B. C. Giessen

Forty-six alloys covering the complete concentration range of the Nb-Rh system were examined by metallographic and X-ray methods; solubility limits of terminal ad intermediate phases and transformation and solidus temperatures were determined. There are nine intermediate phases; two eutectic, five peritectic, two eutectoid, and three peritectnid reactions were encountered. The experimental methods and the constitution diagram are described in Part I. Part 11 deals with the crys -tallography and relation of the intermediate phases. The Nb-Rh system was selected for study for three reasons: first, it was hoped that the anticipated similarity of the Nb-Rh phase diagram to the Ta-Rh1 and Ta-Ir2 diagrams treated earlier (see also Ref. 3) and to the Nb-1r4 diagram treated simultaneously would allow a crystallographic and comparative evaluation of the intermediate phases in these related systems; second, it was likely that the previous experimental methods could be carried over without significant change; and third, it was expected that the interesting mechanical properties of the a1 phase of the Ta-Rh and Ta-Ir systems would also be encountered in similar phases of the new systems, and that these phases could be investigated more closely. The phase diagram had not been treated fully in the literature; only brief surveys of some intermediate phases were found.5-7 It was attempted to cover the details of the phase boundaries, Part I, as well as to present the crystallography of the intermediate phases, Part 11. EXPERIMENTAL METHODS Specimen Preparation and Treatment. The following high-purity starting materials were used. 1) Niobium powder, 99.8 pct pure, mesh size -60 +200, from Wah Chang Corp., Albany, Ore. The analysis furnished by the supplier showed the following major impurities: Ta, <500 ppm; Zr, <500 ppm; 0, 300 ppm; Fe, 280 ppm; Ti, <I50 ppm; W, Si, <100 ppm; C, N, 30 ppm; all other impurities, <30 ppm. 2) Rhodium powder, ground sponge, 99.9+ pct pure, mesh size -80, from J. Bishop Co., Malvern,

Jan 1, 1964

By Barry S. Epstein

Financing the acquisition of a going coal mine operation has not had the exposure other finance-oriented projects have had. Therefore, C.I.T. feels that coal mining people and financial people should improve their understanding of the factors involved in this important type of acquisition. The discussion consists of two major subjects: analysis of the acquisition of the property, and sources and terms of funding the acquisition. Source and Terms of Funding There is a need to keep the competent medium-sized independent operator in the coal business, especially in these times of energy shortage. The creation of a resale market for coal mines encourages new investment in the coal mining business by medium-sized operators and their financial backers. Who provides debt and equity financing to acquire going coal mine operations and on what terms?

Jan 9, 1975

By PROCEEDINGS OF MEETINGS

THE opening session of the Institute was held at Hazle Hall, Tuesday evening, October 27th, with a large attendance of members. President Raymond called the Institute to order, and after a few introductory remarks, introduced Mr. I. Lowthian Bell, President of the Iron and Steel Institute of Great Britain, and Honorary Member of the American Institute of Mining Engineers. Mr. Bell was received with great applause, and made his acknowledgments in a brief speech, of which the following is the substance: He desired to thank the Institute personally for the honor conferred upon him in his election to membership, and also for the invitation extended last year to the body of which he was President. The difficulty felt by many members of the Iron and Steel Institute, of leaving for a long journey the works of which they had charge, aggravated by special industrial troubles at the time of the invitation, had obliged them to conclude that it could not then be accepted in a fitting manner. The iron manufacture of this country is a subject of great interest to Englishmen, who look with pride upon the achievements on this side the water of the descendants of a common ancestry. His own reception in this country had far surpassed in cordiality even the well-grounded anticipations he had formed from the assurances of the President and other friends. Notwithstanding the flattering manner in which his friend, in introducing him to the Institute, had spoken of his contributions to the science of iron metallurgy, he could not take to himself alone the significance of this welcome. He knew it was a recognition of the services rendered by the body which he had the honor to represent; and he was glad to see present a member of that body, Mr. Thomas Whitwell, who had fortunately been able to make the journey at this time, and whom he had had the pleasure of meeting on the shores of Lake Champlain. He had been requested to say something of his impressions of the American iron industry. It was not easy to digest so soon the vast

Jan 1, 1875

By S. Frederick Ravitz

IN most applied sciences there are two distinct methods of carrying out research and development work. One of these, the theoretical, attempts to solve problems that may arise and to predict facts of practical importance by the application of the various laws of science, the other, the experimental method, attempts to each the &apos;same goal by obtaining data and trying out various processes in the laboratory. Since individuals frequently find themselves better adapted for one or the other type of procedure, it is natural that -two groups should &apos;arise, both working toward the sane objective but with somewhat different points of view, although many in each group are thoroughly competent in both fields. Metallurgy, in particular, offers an excellent opportunity for a comparison of the two methods.

Jan 1, 1935

By James Johnston

Synopsis.-A description of the working of the mills of this company and the metallurgical practice in vogue, by which a remarkably. complex silver ore, averaging 54 oz. of silver per ton (run-of-mine ore), is treated to give a 95.66 per cent. extraction. The main features of the, processes are: The cyanide amalgamation of the high-grade ore. The cyanide treatment of the low-grade ore, after extremely fine grinding and close classification, in a caustic soda solution. The use of a wet desulphurizing process to break up refractory silver minerals. The substitution of aluminum dust for zinc dust as a precipitant. The recovery and shipment of over 13,000,000 oz. of silver in bullion at. 997 to 999 fine since this metallurgy was inaugurated, about 2.5 years ago. On the completion and successful operation of the mill to treat their . high-grade ore,1 the Nipissing Mining Co., under the general management of R. B. Watson, started a series of investigations of the possible treatment of the low-grade ore by the cyanide process, so that they would be in a position to market only silver bullion. These tests were run in July, 1911, on a large scale, by G. H. Clevenger, on an average mixture of Nipissing ore. The results obtained by a partial amalgamation followed by cyanide treatment gave an extraction varying from 90 to 93 per cent. and were sufficiently encouraging to warrant Charles Butters, the company&apos;s Consulting Metallurgist, in recommending that the new low-grade ore mill under contemplation should be a cyanide mill, instead of a concentrator. The cost of such a mill, capable of treating 200 tons per day, to obtain a 90 per cent. extraction at a working cost of $3 per ton of ore treated, was estimated at $250,000.

Jan 1, 1914

By M. Albertson

UNITED STATES petroleum pro-dU6tion during 1937 materially exceeded? that of any previous year. Firm control of the production rate was maintained under State and Federal laws and aided by the&apos; Interstate Compact. During the first ten months," crude oil prices were stable, except for a slight increase early in the year. Toward the end of the year, uncertainty of price structure be-came evident and a sharp reduction in allowable production was under way. Exploration for new pools and development of .pools already discovered continued active throughout the year. Production control agencies in Texas, and to a less extent in New Mexico and Louisiana, appear to have had increasing difficulty in holding crude oil output to allowable limits. The situation elsewhere is less well known but probably the same condition exists in other important producing States whether control is by State commissions or by unofficial bodies.

Jan 1, 1938

By Moore, Richard B

PROBABLY no other metal excites as much interest, among both scientific men and the general public, as radium. This is due partly to the high cost of radium salts and partly to the peculiar properties of the element. Since radium-bearing ores were discovered in the United States, the interest of American scientific men has been stimulated and, at the present time, more radium is extracted and refined in this country than in all the rest of the world together. HISTORY The property of radioactivity was discovered, partly by accident, by Henri Becquerel, the French physicist, in 1896. He was experimenting with certain fluorescent substances in order to find, if possible, a connection between fluorescence and the recently discovered Y-rays. Among other chemicals which possess the property of fluorescence, he was using

Jan 8, 1918

By Arthur M. Miller

FROM the time of its establishment in 1933, the Tennessee Valley Authority has been active in the field of phosphates. Under the T.V.A. Act it has a broad Congressional mandate to guide a unified development of the resources of the region for the long-range benefit of the people. As one phase of this function, it is directed to co-operate with farmers in the experimental large-scale use of improved fertilizers and development of better fertilizer practices. Following careful study, it was concluded that the objectives of this phase could best be attained by soil rebuilding through the use of phosphatic fertilizer and lime in an improved farm management sys- tem. This activity was launched through a program of test and demonstration on farms and simultaneous technical investigations to develop new and improved phosphatic fertilizers. Phosphorus has since become a keystone of the Authority&apos;s resource development and conservation program. Human effort is being conserved by phosphate utilization on the farm, and mineral conservation has been promoted by technical developments in phosphate mining and manufacturing operations.

Jan 1, 1944

By Thirumalai, K.

Although the term "spalling" has long been known, Norton l first referred to its usage for the fracture or disintegration of materials subjected to rapid temperature changes. Spalling of ceramic materials at high temperatures has received attention in the past. Removal of the char formed during ablation in re-entry of space vehicles has been referred to as mechanical spalling. The first experiments to evaluate the process of rock fragmentation by thermal spalling were conducted by Stoces using a series of gasoline burners on the quartz veins of the Zinnwald deep mines in Germany. After the development of rocket-jet burners, the principles of &apos;thermal spalling combined with high fluid momentum found wide practical application in rocks. The well-known jet piercing process for drilling blastholes in taconite and for jet channeling in the quarrying of granite are among the more notable of these application^.

Jan 1, 1970

By M. Bevis, A. F. Acton, P. C. Rowlands

Defor~nation twinning and transformation twinning modes most likely to be operative in Fe-Ni and Fe-Ni-C martensites have been determined using a new theory of the crystallography of deformation t~inning.~ This analysis shows that potentially important conventional and nonconventional twinning modes1 have been omitted in previous analyses. Discussion is given on the relevance of the predicted twinning modes to the lattice invariant shear associated with the martensite transformation in steels and to anomalous deformation twinning in Fe-Ni-C martensites. THE two most important criteria which appear to govern operative twinning modes in metallic structures1 are that the magnitude of the twinning shear should be small and that the twinning shear should restore the lattice or a multiple lattice in a twin orientation. The latter criterion ensures that the shuffle mechanism required to restore the structure in a twin orientation is simple. These criteria have been adhered to in the prediction of twinning modes2"6 in bcc and bct single-lattice structures with axial ratios in the range y = 1 to 1.09 as, for example, encountered in martensite occurring in steels. Refs. 2 and 3 in particular consider the martensite transformation in steels and the twinning modes in these cases relate to transformation twinning, and hence the lattice invariant shear associated with the martensite transformation. The list of twinning modes which can be compiled from these sources is incomplete and the ranges of magnitude of shear considered could be unrealistically small, particularly in the case of deformation twinning. The latter consideration is supported by the fact that twinning modes with magnitudes of shear large compared with the smallest shear consistent with a simple shuffle mechanism have been established in, for example, the single-lattice structure mercury7 and the multiple-lattice structure zirconium.&apos; In addition the anomalous deformation twins reported by Ftichrnan4 to occur in a range of Fe-Ni-C martensites still remain unexplained. It is clear that a comprehensive analysis of twinning modes likely to be operative in martensite In steels is required. The results of the application of a new theory of the crystallography of deformation twinningg to these structures are presented in this paper. The theory has been used to determine all shears which restore the lattice or a multiple lattice in a new orientation with magnitude of shear up to a required maximum. The orientation relationships between parent and twinned lattices are not restricted to the classical orientation relationships of reflection in the twin plane or a rotation of 180 deg about the shear direction. PREDICTED TWINNING MODES Twinning modes which restore all or one half of lattice points to their correct twin positions will be referred to as m = 1 and m = 2 modes, respectively. These modes are the most likely to describe operative modes in single lattice structures. The bcc m = 1 and m = 2 modes which have magnitudes of shear s in the range s < 2 and s < 1, respectively, have been given10 and are reproduced here in Tables I and 11. Detailed discussion of the crystallography of these modes and cubic modes in general will be discussed elsewhere (~evis and rocker, to be published). The four twinning elements Kl, &,ql,7)2 as well as the magnitude of shear s are given for each twinning mode, and the twinning modes are given in order of increasing shear. Two twinning modes are given in each row of the tables, the twinning mode Kl, Kz, ql, q2 and the reciprocal twinning mode with elements Kl = K,, Ki = Kl, q: = q2, and 17; = ql. The m = 1 and m = 2 twinning modes which describe twinning shears with small magnitudes of shear and simple shuffle mechanisms in bct crystals with -y = 1 to 1.09 are given in Tables I11 and IV, respectively. On increasing the symmetry of the tetragonal lattice to cubic, that is making y = 1, all modes listed in Tables 111 and IV must reduce to crystallographically equivalent variants of the modes given in Tables I and 11, respectively, or become twinning modes with both shear planes as symmetry planes in the cubic lattice and hence not considered in Tables I and 11. With the exception of this last type of mode only those tetragonal twinning modes which reduce to modes 1.1, 1.2, 2.1, and 2.2 of Tables I and I1 are considered in Tables 111 and IV. For values of y in the range -y = 1 to 1.09 the tetragonal modes and the corresponding cubic twinning modes have approximately the same magnitude of shear. The twinning modes listed in Tables 111 and IV are therefore by the criteria given above the most

Jan 1, 1969

By John V. Beall

BROMO Seltzer blue has gone to war. The blue of the Bromo Seltzer bottle is a product of cobalt, the Nation&apos;s No. 1 strategic metal. When the National Production Authority, on Nov. 21, 1950, ordered a 70 pct cutback in domestic use of cobalt, a stab of pain was felt in the hearts of the glass, porcelain enamel, steel, paint, pottery, and electrical and electronic equipment industries. The reason: A full-scale wartime economy with astronomical requirements for jet engines, high velocity projectiles, armor plate, electronic equipment, and the many products needed to win a war. There is little potential comfort for cobalt users in nonessential manufacturing, and the military will be pinched for optimum supplies of the metal. However, if proper measures are taken immediately and current plans are completed, in two years there will be far more cobalt available than ever before. When normal times return, cobalt supplies should be sufficient to meet peacetime military requirements, and greatly expanded domestic requirements that will result from new technological development for wartime but adaptable to peacetime products. The pres-

Jan 1, 1951