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By Ralph Hultgren, Bernard York, David W. Mitchell

It is a well-known fact that magnesium-alloy castings are apt to be coarse grained if the melt is not superheated several hundred degrees above the melting point before casting. (The casting temperature varies according to the shape of the mold. A typical casting temperature is perhaps 1400°F.) British practice is to heat to 900°C. (1650°F.) for 15 min., cool rapidly to casting temperature, and cast.' In Germany superheating is carried out at 850' to 900°C. (1560° to I650°F.) depending on the amount of scrap used. It is stated that further refinement will be obtained by prolonging the period of superheating or by increasing the superheat temperature to 950°C. (I740°F.).2 In the United States superheating is carried out at 1600' to 1700°F. (871' to 927°C.), perhaps even higher in some places. It is stated that superheating effects are found as low as 1500°F. (816°C.), but several hours are required.3 These commercial treatments lead to grain sizes in sand castings that may vary from 4 to 8 grains per sq. mm.! in heavy sections and from 60 to IOO in 1/2-in. sections to perhaps 380 in thin sections. It is also generally known that the refining effect of superheating is lost if the melt is held for some time at lower temperatures before casting. Aside from these very qualitative statements, there is little to be found in the literature as to the effect of temperature and time of superheat on the final grain size. Because of the uncertainty of these factors, the Office of Production Research and Development of the War Production Board placed a research contract with the University of California, supervised by the War Metallurgy Committee. This research, which was done under the "Restricted" Project NRC-550, is the basis of this paper, which has been released for publication by the O.P.R.D. The material studied was an alloy prepared from carbothermic magnesium. The temperatures required for grain refinement proved to be widely different from those used in practice, as described in the statements in the first paragraph. This difference is attributed to the fact that the magnesium in the specimens was of carbothermic origin instead of the electrolytic magnesium in common use. Materials and Methods The magnesium alloy studied was one of the most popular sand-casting alloys, with a nominal composition of 9 Per cent aluminum, 2 per cent zinc, and 0.1 per cent (minimum) manganese and the balance magnesium. This is designated

Jan 1, 1945

By M. J. Pool, P. J. Spencer, R. V. Miner

The partial molar heat of solution of rhodiunz in liquid lin and Rh-Sn alloys has been measured as a function of rhodium concentration at 700" , 725" , 750" , and 775°K. The values at infinite dilution are very exo thermic, ranging from -29,950 to -28,260 cal per g-atom Rh at 700" and 775"K, respectively. At the solubility limit the heat of solution becomes sharply nzore exothermic and has permitted the liquidus boundary to be accurately established at each temperature. From the measurements in the two-phase region of liquid Plus RhSn, the heat of formation of RhSn,has been determined. A large increase in the heat of formation between 725" and 750°K suggests the possibility of a phase transformation in this compound. V ERY few measurements have been made of the heats of solution of transition metals in liquid tin; yet those values that are available are of great interest because of their very large exothermic nature. For example, the heat of solution at infinite dilution of palladium in tin has been measured as about -26,000 cal per g-atom (625" to 800°~),' while the heat of solution at infinite dilution of platinum is even more exothermic at -28,591 cal per g-atom (914°K).' These values are of the same order of magnitude as the heat of formation of many intermetallic compounds and as such clearly indicate that very strong bonding must exist between the solute and tin atoms in the liquid solutions. Rhodium might be expected to display similar solution characteristics in tin in view of its close electronic resemblance to palladium and platinum. Since no thermodynamic data are available for Rh-Sn alloys, rhodium was chosen as an appropriate solute for further investigation of transition-metal systems with highly exothermic heats of solution at infinite dilution. EXPERIMENTAL The heat of solution of rhodium in dilute Rh-Sn liquid solutions was measured as a functlon of rhodium concentration at 700°, 725", 750°, and 775°K. The liquid-metal solution calorimeter used in this work has been fully described elsewhere. At the start of each series of measurements, the solvent bath consisted of about 0.5 g-atoms of 99.9+ pct pure tin. To this was made a number of small rhodium additions, about 0.0005 g-atoms each, and the heat of solution was measured for each. Rhodium of 99.9+ pct purity in powder form was used in order to promote rapid dissolution in the liquid tin. The powder specimens were contained in tin foil stated to be purified (lead-free). This foil was found to have no measurable heat of solution in pure tin so the effect of any impurities could be neglected. The energy equivalent of the calorimeter was experi- mentally determined by dropping tungsten and/or tin specimens at intervals during each series of rhodium drops. The tungsten and tin used were 99.95 and 99.999+ pct pure, respectively. The only heat effect due to a tungsten drop, or a tin drop at low rhodium concentrations in the bath, is the sensible heat of the specimen. The heat content of these materials is well-established and is presented in the compilation of Hultgren et al. 4 As the rhodium concentration in the tin bath increases a small heat effect arises from the reaction: Sn (liquid, T) — & (soln, T) where T is the temperature of the tin bath. Where necessary, this heat of solution of tin was determined by Gibbs-Duhem integration, and corrections were made to the heat effect of the tin calibration specimens and the tin foil containing the rhodium specimens. RESULTS AND DISCUSSION The calculated values of the heat of solution of rhodium in dilute Rh-Sn alloys as a function of composition are shown graphically in Fig. 1. The values have been corrected for the sensible heat of the specimens, initially at 273"K, and apply to the reaction:

Jan 1, 1969

Resistant Tape A new oil-resistant tape for rapid insulation build-up on splices in large power cables has been announced by Minnesota Mining & Mfg. Co. Designated Scotch brand electrical tape No. 25 is made of synthetic rubber providing greater dielectric strength and resistance to high temperatures. The chemical-resistant qualities of the tape make it suitable for use in oil drilling, mining and underground [ ] cable operations, while the 40-mil thickness and extreme stretch (1500 pct breaking point) make possible smooth insulation wraps on irregular surfaces. Dielectric strength is 15,000 v and 10,000 v at 500 pct elongation. It has an electrolytic corrosion factor of 1.0 and an insulation resistance of 100,000 megohms. Circle No. 1 Hydra-Lift The Pitman Mfg. Co. announces that is now has in production a new model of the Pitman hydra-lift, recently-developed crane with hydraulically-powered boom that can be mounted on the frame of any truck, 1 ½ tons or larger. According to the manufacturer, the new model hydralift model B features a variety of improvements over the original production model, introduced late in 1950. Changes incorporated in the new model, according to officials, not only have resulted in improved crane, but also have given the unit a new profile which distinguishes it sharply from the original model. The two chief improvements in the new model are: a big increase in the unit's safety margin and the fact that it is now shipped almost completely preassembled, cutting the time and cost of installation. Rated capacities of the hydra-lift are based on the tipping factor of a 1 1/2 ton truck, with outriggers down, and thus have not been increased. Circle No. 2

Jan 1, 1952

[ PRESIDENTS DAVID THOMAS 1871 'R. W. RAYMOND 1872-1874 'A L. HOLLEY 1875 'ABRAM S. HEWITT 1876 'T. STERRY HUNT 1877 'ECKLEY B. COXE 1878-1879 'WILLIAM P. SHINNY 1880 'WILLIAM METCALF 1881 'RICHARD P. ROTHWELL 1882 'ROBERT W. HUNT 1883 'JAMES C. BAYLES 1884-1885 ROBERT H. RICHARDS 1886 'THOMAS EGLESTON 1887 'WILLIAM B. POTTER 1888 'RICHARD PEARCE 1889 'ABRAM S. HEWITT 1890 'JOHN BIRKINBINE 1891-1892 'H. M. Hows 1893 'JOHN FRITZ 1894 'J. D. WEEKS 1895 'E. G. SPILSBURY 1896 'THOMAS M. DROWN 1897 'CHARLES KIRCHHOFF 1898 'JAMES DOUGLAS 1899-1900 'E. E. OLCOTT 1901-1902 'ALBERT R. LEDOUX 1903 'JAMES GAYLEY 1904-1905 'ROBERT W. HUNT 1906 'JOHN HAYS HAMMOND 1907-1908 'D. W. BRUNTON 1909-1910 'CHARLES KIRCHHOFF 1911]

Jan 1, 1940

By W. M. Brown

SEQUACHEE Valley includes portions of the counties of Marion, Sequachee, Bledsoe and Cumberland. It extends in a general direction parallel with the Great Valley of East Tennessee, some 75 miles northward from the Alabama state line. It is separated from the Valley of East Tennessee by a mountain arm about a dozen miles wide, known as Wallen's or Walden's Ridge. The genesis of the valley, geologically speaking, is simple. It is an erosion-valley along the axis of an anticlinal. The point of the wedge remains in a row of low "saw-tooth" hills, running up the center of the valley. These hills are of Lower Silurian age, and consist of Trenton limestone, covered and protected in some measure by chert. Walls of Carboniferous age form the inclosing mountains on either side; whilst a magnificent arch of Hudson River, Niagara, Hamilton and Subcarboniferous strata closes the valley at the

Jan 1, 1886

By AIME AIME

AT a joint meeting of the Tulsa Geological Society and the Mid-Continent Section of the A; I. M. E., held at Tulsa on March 21, the history of unit development in the Kettle- man Hills field was discussed. Robert C. Patterson? Super- visor for the U. S. Geological Survey at Taft, Calif., was the speaker. An abstract of some of his remarks follows: On July 1, 1923, curtailment agreement for two years was made between the operators of North Dome Kettleman and the U. S. Department of the Interior. In this it was agreed to consider a plan of unit development, or other cooperate method of developing the structure. As a result, Kettleman North Dome Association was incorporated in December, 1930, as a non-profit cooperative corporation under the laws of California. Approved in January, 1931, by California Oil and Gas Supervisor and by Secretary of Interior. On Feb. 10, 1931, it became an active organization through election of executive officers and eleven- directors. General manager chosen. Association started to function April 1, 1931. Assumed control of 10,800 acres of proved and semi-proved land, as shown in Table 1.

Jan 1, 1932

By C. Le Neve Foster

The object of this paper is to offer a few suggestions for improving the mining and mineral statistics presented by the governments of various nations on both sides of the Atlantic. At the present time one may fairly complain of' two evils—lack of uniformity in some cases and want of completeness in others. The consequence is that the statistics are either less plain than they might be, or are useless for comparisons, or fail to present a faithful picture of the state of the mining industries of a country. The principal subjects upon which information is desirable are: the amount and value of the mineral products raised and the number of the mining population. With these data it is possible to form an estimate of the importance of the mining industries of any given

Jan 1, 1894

By W. J. McConnell

OBSERVATIONS on man exposed to unusual temperatures and humidities, and studies conducted under accurately controlled environmental conditions, have supplied information regarding the physiological responses of the human body which may occur incident to such exposure. These investigations also indicate the relative importance of temperature, humidity and air motion-the three physical air factors that affect human comfort. Many and diverse were the conclusions of early investigators who associated the discomfort observed in crowded and ill-ventilated spaces with changes in the chemical constituents of the air resulting from presumably poisonous exhalations from the body. These are of interest today only because, as a recent editorial in the British Medical Journal1 states, there is still an inclination to believe in the old view that there is some injurious quality of the air in ill-ventilated and crowded rooms, quite apart from dust, microbic infection and heat stagnation. There is a tendency to fly to some mysterious unknown agent such as "deionization," which even certain American engineers are now discussing. This editorial denies the existence of the least proof of any subtle poison being exhaled by human beings or of the ionization of the air having any influence in making open-window ventilation better and more stimulating than mechanical methods which propel heated and conditioned air through ducts. Until proof is forthcoming that certain changes, with which we are not now familiar, occur in the transmission of air from the exterior to the interior of enclosures, the responsible known factors which initiate the physiological responses in human beings are limited to the combined conditions of temperature, humidity and velocity of the air. While some mention was made as far back as 1880 that high temperatures and humidities were undesirable, Hermans,2 of Amsterdam, is credited with suggesting in 1883 that the harmful effects noted in ill-ventilated rooms were due to the fact that the increased temperature and moisture of the air prevented the body from maintaining a proper thermal balance.

Jan 1, 1930

By N. A. Gokcen, E. S. Tankins, G. R. Belton

Equilibrium in the reaction H2(g) + O[in liquid iron, cobalt, or nickel] = H2O(g) has been investigated over wide temperature and composition ranges. Oxygen has been found to obey Henry's Law in each of the three metals at 1550°C. The standard free-energy changes for the above reaction are given by: (1550° to 1700°C) ?Foco = -45,360(±290) + 16.16(±0.16)T (1490° to 1700°C) ?Fo Ni = -48,170(±220) + 16.12(±0.12)T (1465° to 1700°C) where the standard state for dissolved oxygen is the I wt pet solution. ThE thermodynamic behavior of dilute solutions of oxygen in molten iron has been the subject of many investigations over the last thirty years,'-'4 the majority of the investigators having utilized the reaction:

Jan 1, 1964

By Guilliaem Aertsen

The derivation of the word tire (or tyre, as it is spelled in England) is obscure. Some dictionaries suggest that it is the aphetic form for "attire, covering," so called as being the outside covering or band of a wheel; also as a corruption of "tier," the band which holds, or "ties," the rest of the wheel together. One dictionary states: "The supposed derivation of the word is that bands were first used on wheels in the City of Tyre, Syria." In the infancy of railroads, the tracks consisted of flat bars of iron, spiked or bolted to the upper surfaces of longitudinal timbers, which, in turn, rested upon masonry foundations. Stone blocks installed for this purpose on the old Germantown & Norristown Railroad, now the Chestnut Hill branch of the Philadelphia & Reading Railway, were to be seen for many years on the right-of-way, north of what is now Wayne Junction, Philadelphia, Pa. The "cornerstone" of the Baltimore & Ohio Railroad was laid Apr. 4, 1828, and the fist locomotive in America was built by Peter Cooper at the St. Clair Works, Baltimore, Md., in 1829 "to demonstrate its adaptability to a curved road." It is believed that the first successful locomotive was built in Philadelphia by Tyler & Baldwin in 1832 for the Germantown & Norristown Railroad. Rufus Tyler and Matthias Baldwin were brothers-in-law; the latter's name will be identified with American locomotives until locomotives are forgotten. The wheels on these first locomotives, designed to run on this primitive rail, mere shod with plain iron bands, bent and welded. The flanges consisted of separate iron bands, bent sidewise,welded, and bolted to the sides of the wooden fellies, or rims. Before many years had elapsed the tires were fabricated of iron bands, rolled in one piece with the flange projection on the side. The tire for each wheel was bent and welded and subsequently attached to the wheel center by shrinkage, bolts, rivets and various mechanical devices. Germany is generally given the credit for first making such tires of

Jan 1, 1917

By Walter Miller

PETROLEUM refining, like other industries in the United States in 1940, focused much attention on its duties and opportunities in the field of national defense. In counter-distinction to the situation during the World War; the industry is well constituted as LO existing equipment, processes, and capacity together with planned additions to handle any demands that may be made upon it by the defense program needs. Evident throughout was the growing sense of ability to manipulate oil molecules for the production of materials not hitherto considered as being available commercially from petroleum The development and application of catalytically-induced reactions on a broad front is one of the distinguishing characteristics of refining progress during the year.

Jan 1, 1941

By Dean Edwin Dallin

A computer system was developed by Texasgulf's Corporate Data Center (at Raleigh, North Carolina) to evaluate the economics of proposed new projects and to determine the incremental expansion effects of existing projects. The Corporate Treasurer, Controller, and Senior Staff Members of the corporate office guided the project with advice from the Chairman's office. After consideration of commercially available programs, the decision was made to develop an in-house investment system. The main specification was that the program must do the accounting calculations on the computer exactly as done by hand in the corporate office. No average "approximations" or values were allowed. Also, the capability to change the calculation procedures quickly was a must. The experience gained in developing a program to evaluate Gulf Coast off-shore oil lease-bids was used to develop an investment system. Several ideas were taken from A Programming Language (APL) concepts. An investment functional language was developed, and computer programs were written to process the functional language. One feature is a print-out of the model in English. The English print- out assists the debugging and documentation of a model. The major expansion at the Kidd Creek mine was the test case for the new system. After the results were approved and accepted for the base case, many sensitivity runs were made. Numerous additional models were developed to reflect the investment opportunities at other sites. An existing edit program was used to build the models and to systematically organize all the data for different projects. Remote input-output capabilities were added to the system, allowing data to be prepared and submitted at one Texasgulf site with the results printed at another location within minutes. The project has been well accepted by Texasgulf's senior management. Growth of the system is now in the areas of (1) merging individual projects into the corporate financial statements, (2) use of classical forecasting to project future costs, and (3) coupling the investment program to mine planning and general ledger systems. Also, the system is now being installed on an interactive computer system to provide faster turn-around time and more flexibility.

Jan 1, 1977

By Henry D. Hibbard

I. INTRODUCTION. THESE impurities are perhaps the most important things in steel-especially steel made by the oxidation processes-the effect of which has not been at least approximately determined. By oxidation processes I mean the Bessemer and Siemens-Martin, during which the metalloids in the charge are removed by oxidation. It has been truly said that it is a clear advantage to have a new name for a new thing. To secure this and to economize space, let us adopt the name sonim (plural sonims) to designate the solid non-metallic impurities existing in steel or other metal. I would define a sonim as a solid non-metallic portion of matter existing as an impurity in metal. A piece of sand, brick, clay, or such material, imbedded in metal, would be considered as a foreign body, not as an impurity, and therefore not a sonim. The studies of sonims of which the results have been published hitherto, have been made chiefly or wholly on finished or at least on cold steel, without much, if any, regard to the specific methods by which the steel was made. While many of the results so obtained are valuable, they give little help in determining the cause, effect, or cure of the disease. It is not enough, in such a study, to know merely the commercial name of the process; for within the field of each process lies a great number of possible variations, each of which will yield a result differing in some respect from all others; and the control of sonims is particularly dependent. on the metallurgical treatment of the metal, because of the inability of analytical chemistry to throw much light on their presence, condition, and effect, as they usually occur in commercial steels. The microscope aids more, perhaps, than chemistry in their study.

Apr 1, 1911

By AIME AIME

WIDESPREAD interest in the better utilization of coal is indicated by the attendance of over seventeen hundred men interested in the pro- cessing and utilization of coal and its by-products, at Pittsburgh, Nov. 15 to 18. The conference was truly international in scope and of a scientific character, and must be considered a real success. There were dele- gates--official and unofficial-from America, Belgium, Canada, Czechoslovakia, France, Germany, Great Britain, Japan, Mexico, and Sweden. Several Federal and 28 State departments had representatives, also many colleges and universities, and many leading industrial and mining corporations throughout the country. A feature of the sessions was that papers were mostly read in full and attentively listened to, although in some cases they were of a technical nature. The proceedings were opened by the president of Carnegie Institute of Technology, Thomas C. Baker, who spoke of the importance of the conference and felt that without foreign cooperation it could not have been held. There was no need to apologize for the movement of Carnegie Institute of Technology in the matter. Coal is commanding attention in every part of the world; so is power; and coal will remain the chief source of power for generations to come. The coal chemist is working with the engineer, and nobody can forecast what developments there will be in fuel technology. This conference may be the turning point of fuel technology in America. The development and application of these new processes may be of great benefit to Pittsburgh.

Jan 1, 1926

By Gerald Edmunds

THE liquidus line on the phase diagram for temperature versus composition of a binary alloy system, representing the boundary between the homogeneous melt and the heterogeneous melt plus solid, besides showing the minimum casting temperature, is useful in determining eutectic compositions and the presence of phase changes such as peritectic transformations and intermetallic compound formation. The liquidus often is determined by the cooling curves of thermal analysis, but supercooling frequently occurs, so that the temperature values are low. An alternative method, the one employed here, consists of determining the com- position of samples of the melts from heterogeneous alloys that are at equilibrium. With meticulous attention to fundamentals, this method is capable of yielding values limited in precision only by the temperature control and measurement and analyses. APPARATUS By starting, on the one hand, with a supersaturated solution and allowing the excess solute to precipitate, and on the other hand with an undersaturated solution and allowing more of the solute to be dissolved, both processes being carried out at the same temperature, equilibrium may be said to have been approached from both directions; that is, from above and from below. If the analyses show the solutions to contain the same fraction of solute when equilibrium has been approached from above and from below, one is assured that equilibrium has been reached in both determinations. In order to carry out such determinations, it is necessary to have equipment for obtaining and maintaining the proper temperatures; for holding the melt, measuring its temperature, and stirring, sampling and analyzing it. The present work required temperatures from 420° to 900°C. The equipment consisted of: A furnace, which was a vertical alundum tube, 1 ¾ in. diameter inside and 18 in. long, wound with Nichrome resistance wire, surrounded by a 3-in. i.d. alundum tube wound for 5 in. of length near each end, for compensation of end losses. This muffle was contained in an iron shell with Transite end plates, the intervening space being packed with Sil-O-Cel. The outside dimensions of the furnace were 12 in. in diameter by 18 ½ in. in height. Heating current was supplied by three independent variable-voltage transformers (Variac), one connected to each end compensator winding and manually controlled, and one connected to the main winding through a series resistance of 5 ohms. This resistance was short-circuited for

Jan 1, 1944

By W. D. Forgeng, P. F. Wieser

MnSi alloys containing from 2 to 24 at. pct Si have been investigated by metallographic and X-ray methods. Contrary to published data, the temperature of the ß-manganese to a-manganese transformation is lowered by the addition of silicon. The existence of two additional intermediate phases E and ( is demonstrated. E, ranging in composition from 12 to 15.5 at. pct Si, forms by a peritectoid reaction between ß manganese and the second new phase, (. The latter phase is homogeneous at silicon contents from 16.2 to 18 at. pct and forms peritectically from the 0 phase and liquid. The eutectic reaction occurs between the ( phase and MnsSi rather than the ß phase and Mn3Si. As a result of this investigation, a modification of the manganese-rich section of the MnSi equilihrium diagram is proposed. The binary diagram of Mn-Si, according to Hansen,' Fig. 1, exhibits in the low-silicon region (below 24 at. pct Si) a peritectic transformation at 900°C of 0 manganese + Mn3Si to a manganese as determined by R. Vogel and H. Bedarff2 as well as a thermal effect at 980°C between 16.2 and 22.6 at. pct Si reported by the same authors. The nature of the latter transformation was unknown. K. Amark, B. Boren, and A. westgren3 reported indications that possibly four more phases existed in the range of 10 to 27 at. pct Si. The present investigation deals with the phase relations in the range of 2.1 to 17.7 at. pct Si. A few spot checks were conducted up to 23.84 at. pct Si. EXPERIMENTAL PROCEDURE Small experimental heats were prepared by induction melting in a vacuum furnace using argon as a protective atmosphere. The crucible was of commercial-quality magnesia. The furnace charge consisted of silicon metal and dehydrogenated electrolytic manganese. The typical analysis for these materials is shown in Table I. The molten alloy was tapped into 2-in.-square, 7-in.-long ingots. After visual inspection, a small quantity of alloy in the middle portion of the ingot was separated for use in this investigation.MnSi alloys containing from 2 to 24 at. pct Si have been investigated by metallographic and X-ray methods. Contrary to published data, the temperature of the ß-manganese to a-manganese transformation is lowered by the addition of silicon. The existence of two additional intermediate phases E and ( is demonstrated. E, ranging in composition from 12 to 15.5 at. pct Si, forms by a peritectoid reaction between ß manganese and the second new phase, (. The latter phase is homogeneous at silicon contents from 16.2 to 18 at. pct and forms peritectically from the 0 phase and liquid. The eutectic reaction occurs between the ( phase and MnsSi rather than the ß phase and Mn3Si. As a result of this investigation, a modification of the manganese-rich section of the MnSi equilihrium diagram is proposed. The binary diagram of Mn-Si, according to Hansen,' Fig. 1, exhibits in the low-silicon region (below 24 at. pct Si) a peritectic transformation at 900°C of 0 manganese + Mn3Si to a manganese as determined by R. Vogel and H. Bedarff2 as well as a thermal effect at 980°C between 16.2 and 22.6 at. pct Si reported by the same authors. The nature of the latter transformation was unknown. K. Amark, B. Boren, and A. westgren3 reported indications that possibly four more phases existed in the range of 10 to 27 at. pct Si. The present investigation deals with the phase relations in the range of 2.1 to 17.7 at. pct Si. A few spot checks were conducted up to 23.84 at. pct Si. EXPERIMENTAL PROCEDURE Small experimental heats were prepared by induction melting in a vacuum furnace using argon as a protective atmosphere. The crucible was of commercial-quality magnesia. The furnace charge consisted of silicon metal and dehydrogenated electrolytic manganese. The typical analysis for these materials is shown in Table I. The molten alloy was tapped into 2-in.-square, 7-in.-long ingots. After visual inspection, a small quantity of alloy in the middle portion of the ingot was separated for use in this investigation.

Jan 1, 1964

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

UNDER the same justification that I spoke to you in the preceding chapter on crystal and some other gems, I can now speak much better and with much greater reason of glass, since it is one of the effects and peculiar fruits of the art of fire. Every product that is found [41v] in the interior of the earth is either stone or metal or one of the semiminerals, and glass, as is seen, resembles them all, although in all respects it is dependent upon art. Therefore it seems to me that before coming to the discussion of the arts themselves, I must treat of this very beautiful composition created by art and number it with the semiminerals. Thus in this chapter I shall speak to you of glass, not as a proper semimineral, nor yet as a metal, but as a fusible material that is almost made mineral by art and by the power and virtue of fire, born from the speculation of good alchemistic savants, through whose efforts it imitates. the metals on one hand and the transparency and splendor of gems. on the other. Certainly it is a very beautiful thing and one that should not be left buried in silence, in consideration first of how great a thing art has been, able to discover, and then because its beauty makes it such a pleasing thing for making drinking. glasses and an infinite number of other ornamental things that satisfy the desires of man. I shall begin, then, by telling you, to the credit of the alchemists, how I believe that this thing was found through their desire to make gems; for when they could not bring them to perfection (as also happened with the metals) they made this beautiful and attractive product, glass. However, Pliny says that it was found by chance in Syria at the mouth of the Belus River by certain merchants who were driven there by the fortunes of the sea and forced to stop and disembark there for a time in order to eat. In cooking the food they saw the rocks of that place converted into a flowing, lustrous material. And as they thought about this, it seemed beautiful to them, and when they went away they carried some stones and plants with them. Thus they gave beginning to glass making. But now leaving this discussion it does not matter how it may have been discovered, whether by merchants or by ingenious alchemists. Art is that which has given it being, through many experiments and by addition

Jan 1, 1942

By W. J. McKenna

The International Smelting Co. concentrator at Tooele, Utah, first operated on a custom basis for the treatment of lead-zinc-iron ores on Nov. 1, 1924, with a capacity of 500 tons per day. On May 1, 1925, the capacity was increased to 1000 tons per day by the addition of another 500-ton section. The concentrator has since operated on the two-section basis, each treating 500 tons per day entirely by flotation. Laboratory and Test Mill In connection with the concentrator, a well-equipped laboratory and small continuous testing plant are maintained. The flotation equipment in the test plant is of both the Callow and Mineral Separations Sub-"A" types, so that actual concentrator conditions may be duplicated as closely as possible. Purchasing of Ore A new shipper usually sends to the plant a 25 to 50-lb. samplc, representative of the ore to be shipped. Batch flotation tests are made on this sample to determine its amenability to the concentrator treatment flowsheet and reagent combinations. The results of these tests, which are accurately correlated with those obtained at the concentrator, both as to grades of products and recoveries, determine the actual value of the ore as submitted in the ore purchasing department's treatment schedule. Hearty cooperation has existed at all times between the ore purchasing and operating departments in the selection of ores as conccntrator feed. Ores Treated The basic tonnages for mixtures on the two sections come from the Park City and Bingham mining districts. The Park City tonnages arc received by rail and consist of crude ores and gravity mill products. Those from the Bingham district arc received by rail and aerial tramway,

Jan 1, 1928

By C. H. Li, S. H. Bendel, J. A. Sartell

Small additions of Mg to a 62 Cu-38 Ni alloy reduce the oxidation yates drastically between 500° and 850°C. Metallographic examination of the oxide scale disclosed a continuous network, identified by X-ray diffraction as (Ni, Mg)O solid solutions, located along the former alloy grain boundaries. This network acts as a barrier to diffusion. It is thought to result from the segregation of mg to the alloy grain boundaries. Oxidation occurs preferentially in these regions because of the presence of this more active element. To substantiate these ideas, homogenized alloys ulere oxidized. No oxide network was produced and oxidation rates were the same as for the parent 62 Cu-38 Ni alloy. An interesting aspect of the oxidation of the 62 Cu-38 Ni alloy previously described by the present authors, is the relationship between oxidation kinetics and changes in the microstructure of the oxide.' The oxide scale on these alloys consists of two layers: a thin layer of CuO outside a much thicker layer of Cu20 in which particles of NiO are dispersed. In addition, immediately beneath the oxide-metal interface there is an internally oxidized zone in which NiO particles are dispersed in a copper-rich alloy matrix. Experimental observations on the growth of the individual layers under isothermal conditions have led to the conclusion that the rate-determining step in the oxidation of this alloy is the diffusion of anions through the Cu20 layer. It has been found that this diffusion rate is increased by the recrystallization of the outer CuO layer. Willardson and Gorton have reported that the addition of magnesium to the 62 Cu-38 Ni alloy causes a decrease in the oxidation rate.2 The present investigation was undertaken in order to determine the mechanism by which magnesium additions improve the oxidation resistance of the 62 Cu-38 Ni alloy. EXPERIMENTAL PROCEDURE Fifty-gram ingots of Cu-Ni alloys were prepared by vacuum melting materials of 99.999+ pct purity. These ingots were then remelted in a He atmos- phere and magnesium added in the form of a previously prepared and analyzed Cu-Mg master alloy. This procedure was necessitated by the high reactivity of pure magnesium at high temperatures. The proportion of the alloying elements was adjusted so as to obtain alloys with the desired magnesium content while maintaining a Cu-Ni ratio of 62 :38 by weight. (All alloy compositions will be given in weight percent.) Since it was considered desirable to study the oxidation of only single-phase, solid-solution alloys, it was necessary first to determine the approximate limit of solid solubility of magnesium in the 62 Cu-38 Ni alloy. A series of melts with various magnesium contents was made, homogenized by annealing for 48 hr at 975OC, then cooled in the furnace. Metallographic samples were prepared, etched in a potassium dichromate solution and examined at XI500 for the presence of a second phase. The alloys were then chemically analyzed and it was found that the approximate limit of solid solubility of magnesium in the 62 Cu-38 Ni alloy was 1 pct Mg. The ingots containing less than 1 pct Mg (0.19, 0.29, 0.58, and 0.87 pct Mg) were cold-rolled down to thicknesses suitable for oxidation experiments and specimens for gravimetric studies were cut to dimensions of 3.0 by 1.5 by 0.05 cm, specimens for inert marker studies, 0.6 by 0.6 by 0.17 cm. These were heat-treated in a protective atmosphere at a temperature (975" C) well above the oxidation temperatures and furnace-cooled to insure structural stability of the alloy during oxidation. Immediately prior to oxidation, the specimens were chemically cleaned by immersion for 1 min in a solution of 2 parts nitric acid, 1 part acetic

Jan 1, 1961