provision of sufficient reserve acreage for the protection of 
any field against competitive withdrawals and the mainte- 
nance of production on the scale necessary today for any 
large community. 
We must keep constantly in mind for ourselves, and we 
must be unwearying in our efforts to bring it home to the 
public, that true conservation of this great natural resource 
does not consist merely in hoarding our dwindling supply, 
but in its economical and efficient use in the manner best 
suited to secure to the greatest number, for the longest pos- 
sible period, the fullest measure of benefit. 
It is my belief that the natural gas industry, by these 
means—means already well understood, and in many local- 
ities well on the way to adoption—will be able not only to 
bold its present position, but even to expand largely to 
wider horizons of usefulness than we now realize; to post- 
pone indefinitely the ultimate exhaustion of America’s gas 
fields; and to secure to the communities we serve the bene- 
fits of the use of natural gas, for may years to come. In that 
belief we can face the future with confidence 
TRANSCONTINENTAL OIL COMPANY 
The Transcontinental Oil Company was chartered under 
the laws of the State of Delaware on June 28, 1919, “to pro- 
duce, refine, transport, sell and distribute petroleum and its 
products.” The charter is perpetual and the company began 
active operations August 1, 1919. The authorized capitaliza- 
tion is 4,000,000 shares common stock, no par, and 250,000 
shares 7%, preferred stock $100 par; 3,000,000 shares common 
and 157,000 shares preferred now outstanding. The Company 
is a complete unit in the oil business, being in all branches of 
the petroleum industry. from the well to the consumer 
The leaseholds of the Company now held in the United 
States and foreign countries total 1,500,000 acres. The area 
of the leases held in the United States is approximately 
100,000 acres distributed among the following oil and gas 
producing states: Qhio. West Virginia, Texas. Louisiana.