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 henefit.
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
helief 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; 8,000,000 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
£00,000 acres distributed among the following oil and gas
producing states: Ohio. West Vircinia. Texas. Louisiana.
