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By E. H. Griswold, C. E. Beecher

DURING 1931 the petroleum industry has faced the most hazardous periods of its existence, caused by large potentials, overproduction, and demoralized markets. Two state governors actually resorted to the use of the militia in an effort to restore a semi-stabilized condition within the industry, to prevent waste of the states' natural resources, and to restore prices to a level that would yield the states a reasonable tax revenue. These conditions have made it necessary to put into effect most. stringent economies and have produced a spirit of cooperation between companies to an extent that never before existed. The necessity for unified action on such matters as proration and the advantages to be gained by unit operation are being realized by the oil industry as a whole. Fewer wells have been drilled and wildcat operations almost eliminated: development and operation costs have been greatly reduced and more attention is being paid to efficient recovery methods. The net work of oil pipe- lines has grown rapidly especially in the area of East Texas. The construction and operation of natural gas and gasoline pipelines into areas far distant from the source of supply has been one of the outstanding accomplishments. Refining efficiency has continued to increase and the public is being supplied with a better grade of gasoline at a lower price. The unreasonable tax which state politicians have succeeded in placing on gasoline has encouraged tax evasion and unfair competition by un- scrupulous dealers and has misled the public as to the true price of gasoline.

Jan 1, 1932

By William P. Jones

THE consumption of sulphuric acid, one of the most important commodities in our modern industrial world, is often used as a barometer for industrial activity. The economics of acid manufacture are largely dependent upon the location of the place of consumption and the availability of raw materials in that locality. Sulphuric acid is made from SO,, oxygen from the air and water. Therefore the sulphur dioxide is the only raw material to be considered in an economic study. SO, can be obtained from almost any material containing inorganic sulphur, such as elemental sulphur, pyrites, coal, sour gas and oil, metallurgical gases, waste gases, or gypsum and anhydrite. Many tons of acid can also be reclaimed by the recovery and concentration of spent acids. The aim of this paper is to present a guide to the economic aspects to be considered when the installation of an acid plant is contemplated. It must be remembered that 1 ton of elemental sulphur produces 3 tons of sulphuric acid and that the shipping of sulphuric acid by tank car is very costly. The size of the plant must also be given careful consideration. For instance, operation of a plant producing 5 tons of acid per day might be warranted in Brazil or Pakistan, whereas economics usually favor buying quantities up to 50 tons per day for use within the United States. Elemental sulphur, when available at the low price of 1M4 per lb delivered at an acid plant, has always been the raw material most frequently used for sulphuric acid. All conditions favor its use at this price. The so-called sulphur shortage has been the subject of so many technical papers, magazine articles, and newspaper items during the past y6ar that it hardly seems necessary to mention it again, but a very brief review of the matter will serve as a foundation for the discussion that follows. There is no shortage of sulphur. Only a shortage of low-cost Frasch-mined brimstone exists today. Other more expensive sulphur-bearing materials are plentiful, both in the United States and abroad. The low cost of Frasch-mined brimstone has discouraged the development of higher cost sources. However, the approaching depletion of Gulf Coast dome deposits and the greatly increased demand for sulphur here and abroad have made it necessary for industry to prepare for conversion to utilize sulphur in other forms. For future planning this situation must be considered permanent and not temporary. This conclusion is based on the fact that although sulphur demand will continue to rise, the production of Frasch-mined sulphur probably will not increase greatly beyond its present level of about 5,000,000 long tons per year. The International Materials Conference in Washington estimates 1952 requirements of the free world at nearly 7 million long tons; and the Defense Production Administration has recently set a new goal for 8,400,000 long tons annual domestic production by 1955. The total sulphur equivalent produced in this country in 1950 was 6 million tons. What, then, are the alternatives for the manufacture of the vital chemical, sulphuric acid? Today about 85 pct of this country's sulphur, and nearly 50 pct of the world supply, comes from our Gulf Coast salt domes and is extracted from the earth by Frasch's hot water process. The Gulf Coast salt dome deposits have been the most important known natural deposits in the world, producing 90 million tons of sulphur during the past 50 years. However, at the present rate of extraction these deposits cannot be expected to last indefinitely. Pyrites Pyrites are, and have been for many years, the source of more than 50 pct of the world's sulphur requirements. The principal use, of course, is in the manufacture of sulphuric acid. The use of pyrites in the United States has diminished greatly because of the availability of low cost native sulphur, but pyrites have continued a major source of sulphur in many other countries. The most available pyrites for use in this country are in the form of lump pyritic ore and in mill tailings from flotation of other minerals such as lead, zinc, copper, gold, and silver. An important factor, when the use of pyrites for acid manufacture is being considered, is the disposal of calcine. A ton of sulphuric acid requires approximately ton of high-grade pyrite and results in 1/2 ton of calcine. If the calcine is a fairly pure oxide, free of harmful impurities, it can be used, after sintering, in an iron blast furnace burden. Its value might be as high as 15d per unit of Fe at the blast furnace; or possibly $10.00 per ton of sinter, if it assays 65 pct Fe. This might result in a credit of $4.00 per ton of acid if the sintering plant and blast furnace are both located adjacent to the acid plant. On the other hand, several factors must be considered before this credit can be realized, i.e., freight to blast furnace, availability of sintering facilities, methods of eliminating impurities, and the removal of valuable metal values. In some locations it would be most economical to dump the calcines.

Jan 1, 1953

By William P. Jones

THE consumption of sulphuric acid, one of the most important commodities in our modern industrial world, is often used as a barometer for industrial activity. The economics of acid manufacture are largely dependent upon the location of the place of consumption and the availability of raw materials in that locality. Sulphuric acid is made from SO,, oxygen from the air and water. Therefore the sulphur dioxide is the only raw material to be considered in an economic study. SO, can be obtained from almost any material containing inorganic sulphur, such as elemental sulphur, pyrites, coal, sour gas and oil, metallurgical gases, waste gases, or gypsum and anhydrite. Many tons of acid can also be reclaimed by the recovery and concentration of spent acids. The aim of this paper is to present a guide to the economic aspects to be considered when the installation of an acid plant is contemplated. It must be remembered that 1 ton of elemental sulphur produces 3 tons of sulphuric acid and that the shipping of sulphuric acid by tank car is very costly. The size of the plant must also be given careful consideration. For instance, operation of a plant producing 5 tons of acid per day might be warranted in Brazil or Pakistan, whereas economics usually favor buying quantities up to 50 tons per day for use within the United States. Elemental sulphur, when available at the low price of 1M4 per lb delivered at an acid plant, has always been the raw material most frequently used for sulphuric acid. All conditions favor its use at this price. The so-called sulphur shortage has been the subject of so many technical papers, magazine articles, and newspaper items during the past y6ar that it hardly seems necessary to mention it again, but a very brief review of the matter will serve as a foundation for the discussion that follows. There is no shortage of sulphur. Only a shortage of low-cost Frasch-mined brimstone exists today. Other more expensive sulphur-bearing materials are plentiful, both in the United States and abroad. The low cost of Frasch-mined brimstone has discouraged the development of higher cost sources. However, the approaching depletion of Gulf Coast dome deposits and the greatly increased demand for sulphur here and abroad have made it necessary for industry to prepare for conversion to utilize sulphur in other forms. For future planning this situation must be considered permanent and not temporary. This conclusion is based on the fact that although sulphur demand will continue to rise, the production of Frasch-mined sulphur probably will not increase greatly beyond its present level of about 5,000,000 long tons per year. The International Materials Conference in Washington estimates 1952 requirements of the free world at nearly 7 million long tons; and the Defense Production Administration has recently set a new goal for 8,400,000 long tons annual domestic production by 1955. The total sulphur equivalent produced in this country in 1950 was 6 million tons. What, then, are the alternatives for the manufacture of the vital chemical, sulphuric acid? Today about 85 pct of this country's sulphur, and nearly 50 pct of the world supply, comes from our Gulf Coast salt domes and is extracted from the earth by Frasch's hot water process. The Gulf Coast salt dome deposits have been the most important known natural deposits in the world, producing 90 million tons of sulphur during the past 50 years. However, at the present rate of extraction these deposits cannot be expected to last indefinitely. Pyrites Pyrites are, and have been for many years, the source of more than 50 pct of the world's sulphur requirements. The principal use, of course, is in the manufacture of sulphuric acid. The use of pyrites in the United States has diminished greatly because of the availability of low cost native sulphur, but pyrites have continued a major source of sulphur in many other countries. The most available pyrites for use in this country are in the form of lump pyritic ore and in mill tailings from flotation of other minerals such as lead, zinc, copper, gold, and silver. An important factor, when the use of pyrites for acid manufacture is being considered, is the disposal of calcine. A ton of sulphuric acid requires approximately ton of high-grade pyrite and results in 1/2 ton of calcine. If the calcine is a fairly pure oxide, free of harmful impurities, it can be used, after sintering, in an iron blast furnace burden. Its value might be as high as 15d per unit of Fe at the blast furnace; or possibly $10.00 per ton of sinter, if it assays 65 pct Fe. This might result in a credit of $4.00 per ton of acid if the sintering plant and blast furnace are both located adjacent to the acid plant. On the other hand, several factors must be considered before this credit can be realized, i.e., freight to blast furnace, availability of sintering facilities, methods of eliminating impurities, and the removal of valuable metal values. In some locations it would be most economical to dump the calcines.

Jan 1, 1953

By N. S. Wagner

The production of lightweight aggregates in Oregon is a new industry, and, like all new enterprises, it is suffering from growing pains characterized by numerous, small operations some of which flourish for a short time and then cease altogether. Normally all industrial mineral products are produced in a highly competitive atmosphere. At the present time this condition does not exist to a very marked degree in the state because as yet producers have not saturated the constantly expanding market. This paper has been prepared with the intention of outlining very briefly the current status of the various products now being used as lightweight aggregates in Oregon. The present picture will surely change, perhaps quite radically within even a short space of time.

Jan 1, 1949

By Carl L. Renzoni

INTRODUCTION This paper defines equity as the issuance of a permanent interest in the business on a broadly distributed basis. As such, it excludes the issuance of equity to either a merchant bank or to another corporation. Nearly twenty years ago the equity markets were very simple: The instruments used were primarily common shares, convertible debentures or convertible preferred shares. Another equity-type option often used, especially by junior companies, was the sale of joint venture interests. Issue sizes were generally in the order of $25 - $100 million and issues were syndicated primarily in North America and Europe by one or two investment dealers. Mining corporations today benefit from a market with much more depth. Issues are syndicated by dealers on a truly international basis, and issue sizes now often range up to $300 million. Moreover, dealers are now willing to take significant risk in buying the issues for redistribution. This discussion of trends in equity markets will encompass: 1) common shares 2) warrants to buy common shares 3) convertible debentures 4) commodity backed instruments A review follows of events that affect the mining industry and investment dealers as they have a bearing on the equity markets for the metal producers. FACTORS AFFECTING THE MINING INDUSTRY The current business cycle, up to October 1987, had been characterised by a buoyant stock market and depressed base metal prices. Mining companies entered this period with weak balance sheets and little prospect of cash flows meeting capital needs. The issuance of equity and the sale of assets were used extensively to reduce debt to manageable levels. During this period, the relative high price for gold, and more important, the very high earnings and cash flow multiples afforded to gold producers, caused companies to target gold as the only game in town. The need for capital to acquire and develop gold properties prompted an unprecedented volume of equity issues. (Burns Fry led or co-managed over $1 billion of mining equity issues per year during this period). This high demand for equity capital by the industry prompted an increase in the use of equity instruments, such as commodity backed instruments. In addition, government tax incentive programs in Canada, such as flow-through shares, allowed smaller companies to raise significantly more equity than would otherwise have been possible. Over $1 billion in flow-through equity was raised in 1987 alone. The abundance of flow-through capital in Canada made it easy to form a new company. One flow-through share fund developed a system of providing the working capital required for a company to be eligible to receive flow-through share capital so that an entrepreneur required only a mining property to get started. Many new companies were formed and several flourished in a buoyant stock market environment to the point that market capitalizations grew to $100 million or more. The current period is in stark contrast to that before October 1987. The equity markets are generally available to the resource industry only on a window basis and only for senior companies and for special situations. The industry is benefitting from buoyant metal prices, and bankers are anxious to provide debt capital. Investment dealers previously processing several equity issues

Jan 1, 1990

The Johns Hopkins Press, Johns Hopkins University, Baltimore, Md The Johns Hopkins Press has issued a number of books as The Johns Hopkins University Studies in Geology Five of the studies are paleontological in character; five are on geology: No. 1, The geology of the Corocoro copper district of Bolivia, by J. T Singewald, Jr and E W. Berry, $1 50, 2, The geology and paleontology of the Huancavehca mercury district, by E W Berry and J T Singewald, Jr $1 50, 6, Contributions to the geology and paleontology of South America, by E W. Berry and F M Swartz, 3175, 7, The geology of the Island of Trinidad, B W I, by G A Waring, with notes on the paleontology by G. D Harris, $1 75, 8, Fifty years' progress in geology, 1876-1926 Papers presented at the Geological Conference during the 50th Anniversary of the Johns Hopkins University, $1 50 An additional publication on geology is. Notes on the minerals occurring in the neighborhood of Baltimore, by G H Williams, 25 cents. In the list of Doctors' Dissertations available from the University are found all theses on geology and mineralogy, about 90 in number, from 1886 on Authors of many of these have since made great names for themselves in the fields of geology and mineralogy. Most of the theses have been published as papers by other agencies and, as such, will be found under other headings in this directory

Jan 1, 1933

By T. H. Aldrich

(Chattanooga Meeting, October, 1908.) Tars paper is intended only to give a preliminary account of experiments made, and conclusions reached, concerning the treatment of certain refractory low-grade gold-ores, the profitable reduction of which may furnish a useful guide to the solution of similar mining and metallurgical problems, not only in the gold-bearing belt of the Southern United States, but perhaps in other regions also. It must be regarded as simply a ?report of progress," preceding a more elaborate and conclusive report of regular practice. The mines of the Hillabee Gold Mining Co. are located upon what is generally known locally as Hog Mountain, on the northern edge of Tallapoosa county, Ala., about 15 miles from Goodwater and 14 miles from Alexander City, stations on the Central of Georgia Railway. Gold has been known since 1839 to exist on this property, where it was discovered in that year by a man named Johnston. The property was worked for placer-gold by the old miners, and there are now the remains of four attempts to operate it by stamp-mill and plate-amalgamation. The present owners purchased it in 1896, and since that time they have experimented at frequent intervals, in order to devise a process that would satisfactorily recover the gold. In 1903 regular operations were begun. Geologically, the mountain consists of an intrusion of what has been pronounced true granite in altered sedimentary slates. The cooling of the granite produced shrinkage-cracks, which have become veins. There is considerable question as to the period of the slate formation; but it is undoubtedly, in my opinion, of Carboniferous age. The veins, about 50 in number, strike N. 60° to 80° E.; dip approximately 65° from the horizontal; vary from a few inches to 25 ft. (being in gen-

Nov 1, 1908

By A. Lawley S. Schuster

The tensile behavior of copper foils prepared from rolled bulk material has been studied over the thickness range 2 to 53 , and for a range of pain sizes. For foils of comparable grain size, having the cube texture and tested along (100), yield strength increases with decreasing foil thickness t below -26p, with a corresponding decrease in ductility. Deformation occurs in the form of localized slip clusters distributed throughout the gage section. To the extent that the tensile strength (10 to 18 kg mm-) is unaffected by foil thickness, and that the foils possess fair ductility, the stress-strain behavior resembles that of bulk material rather than that of whiskers or evaporated films of comparable dimensions. The dependence of yield strength o on foil thickness t below -26p is of the form: oy = oo + kt-1/2. Possible explanations for the stress increase are considered based on 1) the dependence of active dislocation source length on foil dimensions, 2) the locking of surface sources, or the blocking of mobile sources at the surface due to surface film. It is now well-established that filamentary whiskers of many materials show exceptionally high strength compared with bulk crystals.'-11 As the diameter of the whiskers decreases to -1, the observed fracture strength approaches, and in certain cases exceeds, the calculated shear stress for the nucleation of slip in a perfect crystal.' In general, the stress-strain curve is entirely elastic, with strains at fracture approaching 1 pct. Similarly, thin films12-24 of evaporated or electrodeposi-ted material have been shown to possess tensile strengths three to seven times that of bulk material, with total strains at fracture -1 to 2 pct. In the present study, attention has been directed to the room-temperature tensile behavior of thin foils of copper over the thickness range 2 to 53, prepared from rolled bulk material. Yield stress, ultimate tensile strength, elongation to fracture, and work-hardening behavior are measured as a function of grain size and foil thickness. Structurally such foils are superior to either evaporated or electrodeposited films, and in the recrystallized condition exhibit considerable ductility. Apart from preliminary work by Sumino and Yamamoto25 on the work-hardening behavior of rolled and recrystallized copper foils, no systematic tensile studies have been carried out on material of this form. EXPERIMENTAL PROCEDURE Tensile specimens were prepared from 99.995 pct purity rolled copper foils of thickness 2, 6, 12, 26, and 53, obtained from the Hamilton Watch Co., Lancaster, Pa. Irrespective of specimen shape, it is necessary to use tensile foils with edges free from notches or tears. To this end, any form of cutting operation was excluded, and the tensile foils prepared using a photoengraving process, the details of which are described elsewhere.26 Since tensile data are required under conditions of uni-axial stress, the specimen shape is extremely important. Ideally, the foil should be infinitely long, allowing a gradual taper from the grip area to the gage section; however, from a practical standpoint, long foils are easily damaged during testing. A modified tensile specimen was therefore selected having a parallel gage section 1.25 by 0.20 in. with a tapered shoulder section increasing to 0.5 in. at the grips, and an over-all length between grips of 4 in., Fig. 1. In practically all tests, these foils fractured within the parallel gage section. By approximating the foil contour (Fig. 1) to a hyperbola it is possible to analyze the stress distribution in the tensile foil using two-dimensional elasticity

Jan 1, 1964

By Thomas C. Wilder

The concentration and activity of oxygen in liquid copper has been measured by the reversible galvanic cell: at 1100°and 1200°C for the concentration range of oxygen of 3 to 5600 ppm Measurements for approximately thirly alloys at each temperature indicate that the activity of oxygen roughly follows Henry's law, the activity coefficients of oxygen being 0.12 and 0.205 at 1100° and 1200°C, respectively. These results compare javorably with the results of seven other electrochemical and gaseous equilibrium studies on this system, the free energy of the solution reaction 1/2 O2 = O (7 at. pct in Cu, liq) being -18.10 * 0.30 kcal per gfw at 1200°C. Estimates of the standard molar free energy of formation of CupO(S) are also made. Praclicul consideration of this cell as an oxygen sensor for liquid metals is discussed briefly. SOLID mixed-oxide electrolytes which have a defect structure in the anion sublattice have recently become a very popular means by which the chemical potential of oxygen is measured at high temperatures. Since the pioneering work of Kiukkola and Wagner1 such electrolytes have been used in numerous cell studies for determining the thermodynamic properties of metallic oxides and oxy compounds, the partial pressure of oxygen in vacuum systems and other atmospheres, and the properties of oxygen dissolved in metals and alloys. The use of a solid electrolyte in a cell for a fast reliable method of oxygen determination in liquid metals would be a very important tool to the process metallurgist. In copper, for example, the oxygen content of the molten metal in the cathode furnace is a prime factor in determining the "set" or solidification profile of cast wire bars. In this investigation the activity of oxygen in liquid copper was measured by an electrochemical cell employing the electrolyte ZrO2 + 7 1/2 wt pct CaO. The cell used at 1100° and 1200°C was

Jan 1, 1967

By C.F. Pascoe, H.J. Roast

The object of this investigation was to compare the arsenical antimony-lead alloy with some of the regular bearing-metal alloys. With this end in view, the following tests were made: 1. Chemical analyses to show the composition. 2. Thermal analyses. 3. Macroscopic examination of fractures. 4.Microscopic examination. 5. Tensile tests. 6. Crushing tests. 7. Scleroscope tests.' 8. Brinell tests, at temperatures from 80' to 400' F. Tests 3 to 8 were conducted on both sand-cast and chill-cast specimens. For the purposes of this paper the alloys have been numbered from 1 to 6; their composition is as follows: Lead. ' Antimony, Tin, CoppeR ARSEnic, NumBeR PeR CENT. PER CENT. PeR Cent. PeR CeNt. PeR Cent. 1 82.64 12.95 4.40 0.01 none 2 27.54 9.04 59.87 2.65 none I 3 none- 0.13 ------------1.47 4 82.95 16.85 none 0.20 none 5 83.78 15.35 none 0.05 0.82 6 0.15 7.87 . 84.13 7.85 none The analysis, in the case of the antimony, was made by solution in sul-furic acid and titrated with permanganate. For tin, the ferric-chloride method was used; for copper, the alkaline separations, and the thio-cyanate methods; for arsenic, volatilization of arsenic and titration with iodine. The lead, with the exception of alloy 6, was taken by difference. With the exception of No. 5, the alloys were taken as received from the manufacturer. About 40 lb, were melted in a graphite crucible and recast into small ingots to insure uniformity of composition; samples

Jan 1, 1923

By C. F. Pascoe, H. J. Roast

The object of this investigation was to compare the arsenical antimony-lead alloy with some of the regular bearing-metal alloys. With this end in view, the following tests were made: 1. Chemical analyses to show the composition. 2. Thermal analyses. 3. Macroscopic examination of fractures. 4.Microscopic examination. 5. Tensile tests. 6. Crushing tests. 7. Scleroscope tests.' 8. Brinell tests, at temperatures from 80' to 400' F. Tests 3 to 8 were conducted on both sand-cast and chill-cast specimens. For the purposes of this paper the alloys have been numbered from 1 to 6; their composition is as follows: Lead. ' Antimony, Tin, CoppeR ARSEnic, NumBeR PeR CENT. PER CENT. PeR Cent. PeR CeNt. PeR Cent. 1 82.64 12.95 4.40 0.01 none 2 27.54 9.04 59.87 2.65 none I 3 none- 0.13 ------------1.47 4 82.95 16.85 none 0.20 none 5 83.78 15.35 none 0.05 0.82 6 0.15 7.87 . 84.13 7.85 none The analysis, in the case of the antimony, was made by solution in sul-furic acid and titrated with permanganate. For tin, the ferric-chloride method was used; for copper, the alkaline separations, and the thio-cyanate methods; for arsenic, volatilization of arsenic and titration with iodine. The lead, with the exception of alloy 6, was taken by difference. With the exception of No. 5, the alloys were taken as received from the manufacturer. About 40 lb, were melted in a graphite crucible and recast into small ingots to insure uniformity of composition; samples

Jan 1, 1923

By C. F. Lucks, W. D. Wood, H. W. Deem

Electrical ad thermal-conductivity measurements have been made on titanium and 6 titanium alloys. The following expression was derived for calculating thermal conductivity from electrical conductivity: K = 0.626 s T x 10-8 + 0.00497 where K = thermal conductivity, cal sec-1 cm-2 cm0C-1 s = electrical conductivity, ohm-]cm-1 T = temperature, deg Kelvin This expression gives calculated thermal conductivities that are not in error by more than 10 pct from the experimental values for A-55 titanium and the 6 alloys measured; namely, A-110AT, C-110M, C-130AM, Ti-6A1-4V, Ti-140A, and Ti-155A, which are representative of the presently available commercial a and a-ß titanium alloys. THERMAL conduction in a gas, liquid, or amorphous solid is accomplished by energy diffusion from molecule to molecule, a relatively slow process. For this reason, such materials have a low thermal conductivity. When a material is crystalline, there is in addition a heat transfer by a vibratory motion of the crystal lattice. It is the contribution of this lattice conduction that makes a crystal a much better conductor than a gas, liquid, or amorphous solid. Lattice conduction, however, does not account for the relatively enormous thermal conductivity of a metal. This is explained by the freedom of movement of valence electrons. These valence electrons drift in a metal in a direction toward a drop in electrical potential and, to a lesser degree, in the direction of a temperature drop in the metal. Since both the electrical and thermal conductivities of a metal depend upon the presence of free electrons, there should be some relatively simple relation between the two. Wiedemann and Franz in 1653 first discovered an approximate empirical relation between the electrical and thermal conductivities of metals at the same temperature. This ratio varies appreciably with temperature, and Lorenz later showed that by adding a temperature factor to the Wiedemann-Franz ratio the value of K/(s T) is constant, where K is the thermal conductivity, a the electrical conductivity, and T the absolute temperature. This Lorenz constant shows a greater variation for alloys than it does for pure metals, the ratio increasing slightly as the proportion of alloying elements increases. It has been found that a closer correlation between electrical conductivity and thermal conductivity can be obtained by means of an equation of the form K - A s T + B [1] where A and B are constants. In this equation the term AsT is the contribution of electronic conduction and B is the contribution of lattice conduction to the total thermal conductivity. EXPERIMENTAL MEASUREMENTS Electrical-resistivity and thermal-conductivity measurements on titanium and 6 titanium alloys serve as the basis for determining an equation of the K = AsT + B type for titanium alloys. Specimens—Table I shows nominal compositions of the 7 metals on which electrical and thermal conductivities were measured. The electrical and thermal-conductivity specimens for each alloy were taken from stock of the same heat and usually from adjacent sections of the same bar. All of the metals measured were in a mill-annealed condition. Methods—Electrical-resistivity measurements

Jan 1, 1959

By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today's environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By B. J. Harlan

THE trying times experienced by the steel industry during the past four years have emphasized the necessity of producing pig iron at the lowest possible cost. The trend in both design and operation of blast furnaces has been toward this end rather than securing maximum production from a unit or group of units. In the following discussion the trend in design of stacks and auxiliary equipment will be taken up before operation is considered. Although few furnaces have been constructed in the past few years, the trend is definitely toward larger furnaces with a hearth diameter of 24 or 25 ft. Such a furnace is very flexible, being able to produce efficiently any desired daily tonnage between 500 and 1000 or more. The detail of the design of furnace stacks, with the exception of the top, has changed little in recent years.

Jan 1, 1934

By Casper A. Nelson, Wendell M. Whitecotton

A WIDE variety of lead ore is treated by the Midvale Smelter, for it is a custom plant not only treating Company lead concentrate and direct-smelting ores but also custom ores and concentrates, principally from Utah, Idaho, and Nevada, with lesser amounts from Arizona, California, Colorado, Montana, Oregon, and Washington. The principal operating departments of the plant are weighing and sampling, Wedge roaster, D&L sintering, blast furnace and drossing, and baghouse. The lead bullion produced is shipped to a subsidiary, the U.S.S. Lead Refinery, Inc., at East Chicago, while the by-products, such as matte and speiss, are shipped to other smelters or re-treated at the plant.

Jan 1, 1948

By George M. Fowler, J. P. LYDEN

T HE relationship of geological structure to orebodies and to the great masses of chert in the Tri-State mining district is of such significance that it prompts a brief recital of the existing information regarding the various periods of structural deformation. We began to note a relationship between structure and orebodies early in our studies of the field, and further work revealed a like relationship of structure to the great masses of chert so commonly associated with the ore-

Jan 1, 1934

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 C. E. Birchenall, R. H. Condit

THREE surface activity procedures are in com--L mon use for the determination of diffusion coefficients in solids. In the oldest of these' the activity observed at the original surface is compared before and after diffusion, where all the activity is in a thin, plated layer on the surface before diffusion. Partial absorption of the radiations from active atoms which have diffused below the surface reduces the effective activity after diffusion. The formula employed to calculate the diffusion coefficient is where F, is the ratio of final to initial activity at the surface, measured with identical counting geometry; Z=u3Dt, where D is the diffusion coefficient; t is the diffusion time; and u is the absorption coefficient for the radiation in the solid as defined by Lambert's law. This absorption law implies that all the rays are parallel to each other and normal to the specimen surface. This assumption of a collimated beam used by Steigman, Shockley, and Nix has been adopted by all other investigators and, although it gives results which are approximately correct under restricted physical conditions, it does not represent many actual circumstances. It is the purpose of this paper to show the importance of the divergent rays and to indicate a procedure for taking them into account. In the residual activity method the activity is determined on a series of surfaces ground on the specimen at progressively greater depths in the diffusion layer parallel to the initial surface. Gruzin2 has de- rived a formula for this procedure, which may be put in the form where I is the ratio of the activity measured at a newly ground surface at distance k below the initial surface to the activity at the initial surface measured after diffusion, and K= k/2p Dt. A third procedure involves the autoradio-graphic determination of activity on a plane ground at a small angle to the initial interface through the penetration zone. Aut oradiography can be particularly sensitive to the oblique rays. Unlike most counters which detect essentially all ß particles or X-rays which enter the active volume as a single event, the photographic emulsion may be thin enough so that oblique rays with longer path length in the emulsion produce more darkening than rays which move normal to the film plane. Consider a plane containing a source of radiation uniformly spread over a circle and a point counter located on the perpendicular through the center of the circle. As the counter moves along this line, the total angle 6, at the counter subtended by the specimen will vary. For a fixed counter distance, let 6 be angle between the counter axis and the line connecting the counter to a point P on the active plane. If an absorber of thickness X is interposed parallel to the source between counter and source, the ray from point P to the counter will pass through an absorber thickness X secant 6. Exponential absorption is assumed to hold for all rays. If r, is the ratio of intensity at the counter with absorber to the intensity without absorber and a = pX, 1 00 The behavior of this integral, evaluated numerically,

Jan 1, 1957

By C. MeCulloch

A NOVEL practice in the bituminous coal industry is the accelerated method of burning coal to ash used in the laboratory of the Fidelity washery of the United Electric Coal Companies, Du Quoin, Ill. Development of this method has supplanted the tedious float-and-sink process for plant control at this plant. In normal operation the plant operators have available within thirty minutes the accurate ash percentage of the coal loaded in the railroad cars and can therefore make adjustments to maintain a practically uniform quality of washed coal, regardless of the variations in washery feed.

Jan 1, 1937

By John G. Hall

The pumping operations at the Chief mine have been unique in the respect that for many years the entire flow of water into the mine has been disposed of by pumping into natural underground " caverns" or "sinks." Volumes up to 4000 gpm have been pumped into these caverns with no apparent tendency for the caverns to fill with water, and it has never been proven that any of the water returns to the mine workings. Major pumping operations have been carried on during two periods, the first from 1918 to 1927, and the second from 1942 to the present time.

Jan 1, 1949