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By O. J. Hollister

Jan 1, 1888

By Elizabeth L. Robinson

INTRODUCTION The financial structure of the mining industry has changed strikingly over the last thirty years. The changes that have taken place in the last ten years include both the acceleration of adverse trends in familiar balance sheet numbers and ratios, and the subtle but extensive increase in the complexity and diversity of funding sources, both on and off the balance sheet. The objectives of this paper are: 1. to briefly trace the evolution of trends in the mining industry's financial structure; 2. to focus in more detail on changes in the last decade; and 3. to analyze those trends both within the framework of capital structure theory, and in the context of changes in business and economic conditions. This survey focuses primarily on the mining companies listed on the major U.S. stock exchanges, since financial data for these firms are readily available. The producers of minerals are a diverse lot, however, and the quantitative data on "the mineral industry" as characterized in this survey fails to encompass the financial arrangements for the bulk of production worldwide, whether owned by governments or private-sector enterprises. Even large portions of the U.S. minerals industry - subsidiaries of still larger firms, medium-sized privately-held companies, and the small miners - were not included in the quantitative part of the analysis. THE EVOLUTION OF THE INDUSTRY'S FINANCIAL STRUCTURE In the aftermath of the business failures of the Great Depression, most borrowers and lenders considered minimal debt on the balance sheet the soundest policy. By the 1950's, however, a body of literature was developing which demonstrated that the use of leverage could improve the value of the firm, given a corporate tax structure which allows interest, but not dividends, to be deducted from income. Optimal Capital Structure The objective of undertaking a new project is to improve the wealth of the current owners of the firm. If internally-generated funds are insufficient to allow growth at the desired rate, the company can raise funds either by issuing new equity, or by incurring debt. The most attractive source is the one which will provide the funds for the lowest cost. Both stockholders and lenders expect to receive compensation for use of their funds at a rate which reflects two things: (1) the return they could earn in alternative investments, and (2) the riskiness of the projected return. Factors which increase business risk include the variability of demand, sales prices and input prices, and "operating leverage", or the proportion of fixed to variable costs. In addition, from the investors' point of view, the use of financial leverage concentrates risk onto the shareholders, because lenders enjoy a prior claim in the event of bankruptcy. So although financial leverage can increase a project's expected rate of return, and therefore, presumably, earnings per share, too much debt will be perceived as uncomfortably risky by equity investors, and have a negative effect on stock prices. In theory, then, there should be an optimal level of debt which the firm's managers should seek to obtain in its financial structure. The desirable proportion of debt should in general be lower for a firm with a higher inherent business risk. In addition to their own judgement, financial managers are sensitive to the attitudes of lenders, rating agencies, and investment bankers in setting financial targets (Scott and Johnson). In practice, financial structure will also depend upon the company's growth rate and level of profitability, and conditions in the capital markets at a given time.

Jan 1, 1985

By F. C. NINNIS

AT THE Belmont mill, the pregnant solution is de¬livered to a 30 by 10-ft. tank, from which it is pumped to three Merrill clarifying presses of the sluice-bar type, whence it flows through the meter to the precipitation supply tank. ?The solution for precipitation is pumped by a 10 by 10-in. Aldrich triplex pump and delivered through a 6-in. line to the forty-eight triangular frame Merrill presses at the head of the mill. Zinc dust is fed in at the pump suction and the solution precipitated to 0.01 to 0.02 oz. silver. The solution flowing from the presses is tested at 1-hr. intervals with sodium sulfide. All solution is precipitated to the same value; 4J tons of solution are precipitated for each ton of ore treated and the presses are cleaned every 15 days. The product from the presses' is dumped into steel cars having steam-jacketed bottoms, in which they are dried until the moisture content is between 15 and 17 per cent. when 8. per cent. of soda and .3 per cent. of borax are added and the contents thoroughly mixed. In the case of special clean-ups, the precipitate is tested and the flux is added to meet the requirements.

Jan 1, 1921

By A. E. WALKER

SOME eighty years have elapsed since the discovery of the Clifton magnetite deposit. For a few years about the time of the Civil War it was mined for iron ore. most of which was smelted on the property. Since risen the small exposures of ore in the old cut. test pits, and on the dumps have been examined by various prospectors. The M. A. Hanna Co. first became interested in the possibilities of the deposit when we discovered the large area of strong magnetic anomalies caused by the margnetite bed, indicating a size that would support a commercial operation. In 1940 we made a detailed magnetometer survey of the area. and the deposit was diamond-drilled. The main ore lied was found to be 1500 ft. long, to average 60 ft. thick, and to dip southeast at an angle of about 40 deg. The thickness of the bed is irregular in wavy folds both along the strike. and down the dip. Faults occur at both raids of the main deposit.

Jan 1, 1943

By Raymond Mancha

TO determine the optimum inside dimension of an airshaft, it is necessary to strike the proper balance between the cost of power for air friction and turbulence losses within the airshaft, on the one hand, and the cost of sinking the airshaft, on the other. An airshaft larger than necessary is extravagant because the increased amortization rate exceeds the reduction in power cost. Conversely, an airshaft smaller than is needed wastes more power than can be justified by the corresponding reduction in amortization rate. The airshaft power is a function of the air volume Q cu. ft. per min. and the air-pressure drop p in. water gauge across the airshaft. † The airshaft pressure drop is calculated by the formula: R X l X O X Q2 P= 5-2 X A3 wherein R is the air-friction coefficient for the portion of the airshaft 1 ft. deep, 0 ft. in perimeter and A sq. ft. in area, when passing an air volume of Q cu. ft. per minute. The airpower w kw. dissipated within the airshaft is computed by the formula: w= 0.746Q X P 6345 With a combined over-all unit efficiency of the fan and drive of E per cent, the air-shaft power requirements become W = 100w There are 8760 hours per year, so with energy at I cent per kilowatt-hour the annual cost per kilowatt for continuous operation is $87.60; therefore, with energy at C¢ per kw-hr. the annual airshaft power cost MI dollars per year becomes: M1 = 87.60W X C which, expressed by the component parts, becomes: M1 V 5.2X4' / XQ Z 0.746 X 100 X 87.60 X C V 60 X E ) The amortization rate a dollars per year per dollar invested includes both depreciation and interest on the investment. These in turn involve the expected useful life of the airshaft and available molletary interest rate. For the purpose of this discussion the cost of airshaft sinking is assumed to comprise a fixed move-in charge Y dollars, which covers the cost of transporting, erecting and removing the shaft-sinking equipment and is independent of the air-shaft size. Also, it is assumed that the cost of shaft lining, if any, is fixed at $X per cu. yd. of lining material and that excava-

Jan 1, 1947

By Raymond Mancha

TO determine the optimum inside dimension of an airshaft, it is necessary to strike the proper balance between the cost of power for air friction and turbulence losses within the airshaft, on the one hand, and the cost of sinking the airshaft, on the other. An airshaft larger than necessary is extravagant because the increased amortization rate exceeds the reduction in power cost. Conversely, an airshaft smaller than is needed wastes more power than can be justified by the corresponding reduction in amortization rate. The airshaft power is a function of the air volume Q cu. ft. per min. and the air-pressure drop p in. water gauge across the airshaft. † The airshaft pressure drop is calculated by the formula: R X l X O X Q2 P= 5-2 X A3 wherein R is the air-friction coefficient for the portion of the airshaft 1 ft. deep, 0 ft. in perimeter and A sq. ft. in area, when passing an air volume of Q cu. ft. per minute. The airpower w kw. dissipated within the airshaft is computed by the formula: w= 0.746Q X P 6345 With a combined over-all unit efficiency of the fan and drive of E per cent, the air-shaft power requirements become W = 100w There are 8760 hours per year, so with energy at I cent per kilowatt-hour the annual cost per kilowatt for continuous operation is $87.60; therefore, with energy at C¢ per kw-hr. the annual airshaft power cost MI dollars per year becomes: M1 = 87.60W X C which, expressed by the component parts, becomes: M1 V 5.2X4' / XQ Z 0.746 X 100 X 87.60 X C V 60 X E ) The amortization rate a dollars per year per dollar invested includes both depreciation and interest on the investment. These in turn involve the expected useful life of the airshaft and available molletary interest rate. For the purpose of this discussion the cost of airshaft sinking is assumed to comprise a fixed move-in charge Y dollars, which covers the cost of transporting, erecting and removing the shaft-sinking equipment and is independent of the air-shaft size. Also, it is assumed that the cost of shaft lining, if any, is fixed at $X per cu. yd. of lining material and that excava-

Jan 1, 1947

D EC. 20-The spirit of Christmas and good will toward men has managed a few brief appearances on the front pages, welcome relief from man's usual ill-will toward man. A couple politicos did their best to brighten the scene by well-publicized romances. There was a general exodus to Florida to patch up nervous systems, and even the UNO quieted down as Mr. Vyshinsky departed for home via Eastern Germany. Before going he opened up a preliminary bombardment for the worldwide "communist peace offensive," and it is now the duty of the 600 million (according to the Cominform) ideological converts to press home the attack. In Washington, Mr. Lilienthal resigned as Chairman of the Atomic Energy Commission and demonstrated again the difficulty of government to retain the services of capable men. The President has yet to appoint another victim- possibly someone nicely noncontroversial and timid. So might the critics be appeased, but it would bode ill for the rapid exploitation of peaceful uses of atomic energy, the relaxation of excessive secrecy, wider sharing of developmental work with friendly nations and possible revision of the Acheson-Lilienthal proposals for inter- national control of the atomic bomb.

Jan 1, 1950

By R. H. Sweetser

AT the Buffalo meeting in October, 1898 (Trans., xxviii., 865), our Secretary, Dr. Raymond, in speaking of the obstacles he had encountered in securing contributions to the Transactions from members in practice, said: "It is the disinclination of many members to communicate incomplete or partial or preliminary results. They are going to write, ' some day,' a thorough and monumental paper; and meanwhile they prefer to communicate nothing. . . . It is the difficulty to which I have just referred that I have encountered in a wide correspondence with members, undertaken for the purpose of securing contributions of fact and opinion concerning the special subject of this discussion. . . . Almost none of them seem to recognize the value of preliminary, incomplete and indecisive reports of practice, as laying the foundation for a thorough inquiry." This remark was made in immediate reference to a discussion concerning blast-furnace tuyeres ; but, notwithstanding this appeal from the Secretary, little has been recorded regarding the distribution, the penetration, and the pressure of the blast at the tuyeres and inside the iron blast-furnace. I am therefore encouraged to contribute the following incomplete and crude observations of the blast-pressure inside the hearth. At the suggestion of J. H. Frantz, the General Manager of the Columbus Iron & Steel Co., a test was made at the East furnace of the company to determine whether there was any difference in blast-pressure at the different tuyeres. The apparatus used for this test was not sensitive enough to give accurate results. It consisted of a small pressure-gauge mounted on a 3/8-in. gas-pipe. A hollow plug, fitting into the peep-hole of the tuyere-cap, prevented the blast from blowing-out during the test. The test-pipe was held in place by means of the handle on the outer end.

Mar 1, 1909

By Ray W. Arms

The combination wet and dry coal-cleaning process is not an attempt at a compromise between the wets and the drys nor is its merit confined entirely to the limitation of moisture in the smaller sizes. It is more correctly, and more broadly, an application of the sized-coal cleaning principle adapting itself in an ideal fashion to present day multiple-size preparation practice. The purpose of this paper, therefore, is to call attention to the broader significance of the term "combination wet and dry process" and to mention some of the factors that govern its application. In the narrow sense, when considered apart from the sized-coal cleaning principle, the combination process finds its justification chiefly in the ability to limit the moisture in cleaned coal. Larger sizes of coal offer less superficial area compared with their bulk for the attraction of moisture films. They drain more readily in bins or railroad cars, having more interstitial space for the free flow of water. Therefore, they neither attract nor hold objectionable moisture percentages. In fact, there is so keen a demand for certain washed sizes containing some moisture that hygroscopic salts such as calcium chloride are applied to attract and retain it. When coal deliveries are made on a guaranteed moisture percentage the coarser sizes may be washed and mixed back with the fines without adding greatly to the original moisture but the fines must be dry cleaned or dried to control moisture. Thus in all respects moisture in the coarser sizes is less objectionable than in the fines. The implication of this statement, that moisture is always more or less objectionable, is true. It is safe to say that if dry-cleaning apparatus could be perfected to a point at which its technical results, cost and other aspects would be equal to wet washing, water would no longer be used. As it is, we find that good technical results are more difficult to obtain by dry cleaning than by water. Obviously the use of air tables for coarse coal is not ideal, for it involves the attempt to stratify material in a thin bed on a table surface when the load is only one particle deep. Furthermore, the various air cleaning tables on large sizes require a large volume of air for separation, more power to operate, more dust-collecting apparatus and involve more coal breakage.

Jan 1, 1931

By Kenneth S. Ritchie

THE discovery well of the world's -deepest oil producing structure, University 1-B of Group No. One Oil Corporation, in the Big Lake oil field, Reagan County, Texas, has had a remarkable record. The well is outstanding for the following reasons: (1) It is the world's pioneer well to produce. oil in commercial quantities from a structure 8500 ft. below the earth's . surface; (2) this well was the only. producer from the 8500-ft. pay for a period of 17 months and 24 days; (3) the flow of the discovery well has been free from-the customary changes at the casinghead, with the exception of putting on a back-pressure of 185 lb.; and, (4) the well's daily production of oil and gas increased rather steadily for 17 months and 18 days from an initial of 40 bbl. per day to a maximum of 2926 bbl. per day, and then six months later, after a period of decline and self-readjustment to subsurface changes caused by six more deep producers, the well set its real record for one day's production of oil at 2950 bbl

Jan 1, 1931

By Arthur S. Dwight

THE last decade of the 19th century was a peculiarly interesting one in. the annals of American metallurgy, especially as concerns the lead and copper- smelting industries; and it may be interesting to review briefly one of the outstanding incidents of that period, the development of the mechanical roasting furnace. I shall not pretend, in these reminiscences, to give with absolute accuracy the sequence of events or dates, nor to present a complete history of the period, but shall seek merely to 'sketch a more or less impressionistic picture with some of the underlying facts and causes as the recollection comes back to me and then point out how the present-day practice grew out of those activities. My acquaintance with the developments in Montana was based on occasional visits and general collateral information, but in Colorado I lived through the episode and was of it.

Jan 1, 1921

By B. Egeberg

IN A previous paper1 the authors dealt with the physical properties of cold-rolled and heat-treated Britannia metal of the approximate composition Sn, 91 per cent., Sb, 7 per cent. and Cu, 2 per cent. It was found that cold rolling to more than 50 per cent. reduction produced a continuous softening of the metal when measured by the Brinell machine, whereas the Shore instrument indicated increased hardness; that the strength of the material followed the Brinell hardness and that the metal therefore became weaker the more it was cold-rolled; and further, it was found that hardness and strength could be largely restored to the cold-rolled metal by "baking" for about one hour at any temperature, between 200° and 450° F., the melting point. The higher the baking temperature, the more effective was the heat treatment as far as increased hardness was concerned. It seemed to be of little importance whether the metal was soaked or not at the baking temperature for a great length of time and the rate of cooling seemed to be immaterial. The present paper deals with the same alloy and more particularly with the resistance towards various forms of stress - tensile, bend and deep drawing. The metallography of Britannia metal has in part also been covered and an explanation attempted for the abnormal behavior of this alloy.

Jan 1, 1929

By AIME AIME

YOU can place an exclamation point after the "and How" if you want to, but the way it stands it sum¬marizes the Mining Geology sessions quite nicely; "Why" in the morning, "How" in the afternoon. It is altogether fitting that Prof. McLaughlin and Reno Sales, who have themselves achieved enviable reputations in company work, should have led the program by presenting informally a chapter from the volume dedicated to the beloved dean of all economic geologists, Waldemar Lindgren. In opening the morning session, over which Sydney Ball presided, Donald McLaughlin emphasized the continuous role mining geology should play in operating technique. He pointed out the importance of structural relations in a broad sense, and the preponderant role they play in developing the manner of ore occurrences. He illustrated this by an account of the work at Homestake, using slides to show the stratigraphic sequence, the folding, and the orebodies of that camp. An interesting piece of detail was the distinction they found could be made be¬tween the chlorite near the ore masses, and that in the country rocks. Whether the cummingtonite, characteristic of the rock in which the ore is found, is of regional or of contact metamorphic origin caused some discussion. Dr. Lindgren inclined to the belief that it was contact, but L. C. Graton replied that they had found the weight of evidence was for a hydrothermal origin. D. F. Hewett raised the question as to whether, in the advancing development of the mining industry, there was still a place for the U. S. Survey geologist, and the consensus seemed to be that there should be. His role is changing from that of mapping mining districts in detail, now the task of the companies, towards a more general serving of the industry through the wider perspective his work gives him in contradistinction to the greater detail of knowledge accumulated by the resident geologist.

Jan 1, 1933

By W. L. Zeigler

THE tailing from the gravity concentration plant of the Hecla Mining Co., Gem, Idaho, was former-ly loaded into railroad cars to be used for ballast, highway surfacing material, or concrete work, or dis-posed of by an aerial tramway, which dumped it into another gulch. The tailing averages about 1.2 per cent lead and 0.8 oz. silver to the ton. Further treatment for the recovery of the valuable metals had been investigat-ed several times with results that did not warrant the construction of a retreatment plant; but early in 1925 experimental work was again started with small tests, and later with a 10 tons per day flotation test plant. This showed that the tailing could be ground and treat-ed by flotation at a profit. It was decided to make the new flotation plant an addition to, rather than incor-porate it in the old concentrator, the original capacity of which had been increased many times, the present arrangement being by no means ideal. The old mill buildings were of timber and board contruction, creat-ing more or less fire hazard, so all new construction was made fireproof. Construction work on the new plant was started in the middle of July, 1925, and the plant was placed in operation early in December. The building is of concrete and steel with hollow tile walls, steel sash and corrugated asbestos roofing. The ball-mill floor has for its foundation a cellular reinforced concrete block about 14 ft. deep, extending to cemented river gravel, and the cells filled with tailing to give weight to the block. Overhead, built into the steel frame, is a 5-ton hand-operated traveling crane. With both ball-mills running fully loaded, there is not the slightest trace of vibra-tion in the foundation or building. The flotation floor is of reinforced concrete beam construction and spans Canyon Creek. Adjustable plunger feeders are arranged under the the tailing-bin, which feed by gravity to a 14-in. eleva-tor, discharging to a short 18-in. conveyor. From the conveyor the tailing is discharged into a dividing hop-per, from which point the plant is arranged in three separate units. Each unit consists of a ball-mill in closed circuit with a classifier, and an 8-cell flotation machine and has an approximate capacity of 300 tons per 24 hours.

Jan 8, 1927

By H. O. Hofman

(Canal Zone Meeting, November, 19]0.) THE sudden decease, April 1, 1910, in Chicago, of Dr. Franklin R. Carpenter was a shock to his- many friends. He died in his sixty-second year, of heart paralysis. To most fellow-members of the Institute who have followed the progress of the. last twenty-five years in the mining and treatment of non-ferrous ores, the work of Dr. Carpenter in that line is familiar ; but very few, even of those who knew him well in the later years, are acquainted with his earlier struggles to satisfy an inborn hunger for knowledge. The story of his life resembles that of the pioneer who opens up new country; overcoming hardships with indomitable courage, meeting doubts and difficulties with an alert and open mind, and exercising in the face of reverses an unconquerable perseverance. It seems appropriate to place on record in the Transactions a brief outline of the life and work of this eminent engineer. During the past 15 years of his life Dr. Carpenter was much interested in genealogy. In the pursuit of this study as an avocation, he traced his own ancestry to the time when ?Hugh," called "le Charpentier" on account of the dexterity with which he had swung his battle-axe as a crusader, settled in Sussex on lands received from William the Conqueror. The Carpenters came to this country with William Penn. A prominent member of the family was Joshua Carpenter, the founder of Christ Church, Philadelphia. Dr. Carpenter's branch of -the family moved from Pennsylvania into that part of Virginia which is now West Virginia, where his grandfather settled in Harrison county, while the grand-uncle went further west, and built the first iron-furnace at Hanging Rock, Lawrence county, Ohio. In fact, since early times, the Carpenters appear to have been iron-masters. Franklin R.. Carpenter was born, Nov. 5, 1848, in Parkers-

Aug 1, 1910

By C. M. Young

Bituminous coal piled in heaps or bins frequently undergoes a process of spontaneous heating as the result of the absorption of oxygen. It seems probable that the first absorption of oxygen by coal which has not previously been exposed to the air may occur as a condensation or a combination of oxygen in some form which does not result in the production of carbon dioxide, but slow combustion soon begins. The absorption of oxygen is accompanied by an increase of temperature, and this by an increased rapidity of absorption; hence the dangerous condition proceeds from bad to worse, until the kindling point is reached, unless the process is interrupted. A dangerous rise of temperature can be prevented by excluding oxygen, by increasing the bulk of coal in proportion to its surface exposed, or by circulating enough air to dissipate the heat produced. The storage of coal, in practice, varies from almost complete exclusion of oxygen, by storing under water, to such freedom of access as exists when the coal is stored in open piles. Oxygen available for absorption by coal is supplied by the air in the interstices between lumps and by additional air which may enter the pile through circulation. The size of the coal largely affects both of these supplies; for if the fragments are small the spaces between them constitute a small percentage of the total volume, and little oxygen will be available unless the circulation of air brings in a fresh supply, while with large fragments the percentage is relatively large; circulation also is much easier through a pile of coarse lumps. In the case of lump coal, although a large amount of air may be present, the exposed surface is comparatively small and there is little opportunity for the absorption of oxygen to be so rapid as to cause dangerous heating. Attempts have been made to prevent heating by allowing a sufficient circulation of air to carry off the heat generated; obviously this method cannot be applied to fine sizes nor mixed sizes. When storing coal at the University of Illinois, an attempt has been made to use so much fine coal and to pack it so thoroughly as to prevent circulation of air, while also reducing the original air in the pile so as to prevent heating. This method has been fairly successful, but in some

Jan 1, 1918

By Amitava Gangulee, Michael B. Bever

The order-disorder transition in Ag-Mg alloys in the range 17 to 26 at. pct Mg was investigated and some thermodynamic, electrical and mechanical properties of ordered Ag-Mg alloys were measured. A modification of the phase diagram is proposed on the basis of measured transition temperatures. The stability of the ordered structure is analyzed in terms of the quasichemical theory. Kinetic aspects of the order-disorder transition were also investigated. The energies of ordering at 273°K of Ag-Mg alloys were measured by liquid metal solution calorimetry. The electrical resistivities and the tensile Properties of the ordered alloys were measured. The exothermic energy of ordering increased with magnesium concentration up to the composition Ag3Mg; it is discussed in terms of the quasichemical theory. Pronounced order hardening was observed and can be explained by several strengthening mechanisms, which are particularly effective because of a change in crystal structure associated with the ordering transition. IN silver-rich solid solutions containing approximately 17 to 26 at. pct Mg, long- range ordering may occur during appropriate therma1 treatments. Clare-brough and Nicholas1 first detected such long-range order in the solid solution of composition Ag3Mg and suggested that the unit cell of the superlattice contained 256 atoms. x-ray2 and electron diffraction3 investigations confirmed the occurrence of long-range order, but indicated a shifted Ll2-type structure. On the basis of recent X-ray measurements the crystal structure of ordered Ag3Mg has been confirmed as type D023.4 The present paper is concerned with the order-disorder transition in silver-rich Ag-Mg solid solutions and some thermodynamic, electrical, and mechanical properties of the ordered alloys. The effects of short-range order on the properties of silver-rich solid solutions containing up to 26 at. pct Mg are discussed in a concurrent paper.5 1) EXPERIMENTAL PROCEDURES 1.1) Preparation of Specimens. Specimens of Ag-Mg alloys containing from 18 to 26 at. pct Mg were prepared in the form of 1.0-mm-diam wires as described in Section 1.1 of Ref. 5. Disordered specimens were prepared by annealing at 773°K for 1 hr and quenching into iced brine. Ordered specimens were prepared by annealing at 773°K for 1 hr and slowly cooling to room temperature over a period of 15 days. The specimens were stored at 78°K. 1.2) Resistivity Measurements. Electrical resistivi- ties were measured by a potentiometric method.' Equilibrium values were obtained at several temperatures. The kinetics of ordering were investigated by following the time-dependent changes of the resistivity of initially disordered specimens during annealing. The specimens were enclosed in copper capsules and immersed in salt pots; the heating up was accelerated by injecting preheated helium into the capsules. 1.3) Calorimetry. The energies of ordering of the alloys were measured in a tin solution calorimeter as the difference between the heat effects of additions of completely ordered and disordered specimens of the same composition. The procedure and the method of calculation have been described.6 Magnesium was used for thermal compensation in most calorimetric runs in order to improve the accuracy.677 1.4) Mechanical Tests. Tensile tests were carried out with wire specimens at room temperature as described in Section 1.5 of Ref. 5. Microhardness measurements were also made.? 2) RESULTS AND DISCUSSION The characteristics of the order-disorder transition of silver-rich Ag-Mg solid solutions will be discussed first. Some thermodynamic, electrical, and mechanical properties of the ordered alloys will then be considered and compared with the corresponding properties of dis-disordered alloys. 2.1) The Order-Disorder Transition. 2.1.1) Thermodynamic and Structural Aspects. The transition temperatures Tt were determined from discontinuities in the slope of the equilibrium resistivity vs temperature curves. Normalized curves for three compositions are shown in Fig. 1. The transition temperature increases with the magnesium concentration and reaches a maximum at the stoichiometric composition Ag3Mg. The transition temperature of the alloy Ag3Mg was measured as 665° ± 2°K and compares with published values of 660°,1 663°,8 and 66°k.3 In the slopes of the resistivity vs temperature curves of alloys containing 22.2 and 22.5 at. pct Mg, discontinuities were observed at two temperatures. Such upper and lower discontinuities indicate a two-phase field. A modified form of the published phase diagram9 is shown in Fig. 2. A two-phase field was found only on the low-magnesium side of the composition Ag3Mg. On the high-magnesium side, the existence of a two-phase field could not be established because of insufficient resolution, but such a field must be present. This part of the phase diagram can be made complete by a eutec-toid-type reaction a = (a' + ß). The existence of a boundary between the two-phase fields (a + ß) and (a' + ß) is also in accord with published lattice parameters.3 The crystal structure of ordered Ag3Mg (type Do23)

Jan 1, 1969

By A. W. Gauger

SMELTING of iron ore, manufacture of steel, and the fabrication of ferrous metal products are all processes that require energy. Charcoal was adequate, to supply this energy for the relatively simple processes of the early iron-masters. In the fourth decade of the nineteenth century, anthracite and bituminous coal and later coke supplanted charcoal for the smelting of iron. So far as the chemical phases of the process were concerned, charcoal was an ideal iron-furnace fuel. It had practically no sulphur, and its ash, besides being low in quantity, consisted chiefly of lime and alkalies, thus supplying a part of the flux required for smelting the ore. The ash of coal and coke on the other hand, being largely silica, had itself to be fluxed with bases added to the charge. Physically, however, coke proved to have many advantages over charcoal, which could not be used in the furnaces of today. The chief reason, however, for the change from charcoal to coke was the impossibility of maintaining an adequate wood supply.

Jan 1, 1941

By d&apos, C. Antonio, S. H. Reichman

In the course of our studies of the annealing behavior of vapor-deposited silver films we have determined the electrical resistivity as a function of annealing temperature for films in the thickness range of 630 to 3240A. Fig. 1 shows the resistivity of the silver films vs film thickness in as-deposited and annealed conditions. The films were prepared by depositing 99.999 pct pure silver from molybdenum boats onto Vycor substrates. Deposition was conducted at a residual pressure of 5 x 10"6 Torr at rates of 20 to 408, sec-'. Thicknesses were determined using a multiple-beam interferometer. During annealing, resistance was measured using the four-probe method. Measurements were made every 5°C during two consecutive anneals to 300°C under a continuous vacuum of 2 x X6 Torr. The heating and cooling rates during annealing were approximately l° and 2°C min-', respectively. Typical resistivity vs temperature curves are shown in Figs. 2 through 4. There is an inflection point evident at 120°C on Fig. 2, the first anneal of a 3240A film. This inflection point was found on all films above approximately 1!00A on both first and second anneals. Below 1400A the inflection occurred at approximately 180°C. Figs; 3 and 4 show the first and second anneals of a 1370A film. The inflection point occurs at 180°C on the first anneal and approximately 120°C on the second. Our interpretation of this phenomenon is based on oxygen liberation from the film surface. It is well-documented that the presence of oxygen on silver surfaces causes a reversible increase in resistivity.1"3 The liberation of this oxygen, for example during vacuum annealing, would therefore cause a decrease in resistivity as observed on Figs. 2, 3, and 4 as a change in slope. This is accounted for by the decomposition of Ag20 on the film surface. The free energy of AgzO becomes positive between 125" and 225°C.4 The thickness dependence of the inflection points can be explained as an orientation effect. The films used in this study were preferentially oriented with their (111) planes parallel to the Substrate.''~ In addition it has been sten that the thinner films, below approximately 1500A, possess a decided "hill and valley"

Jan 1, 1969

By John B. Hastings

THE occurrence of such a large amount of gold in the Hartsel granite, even though the surmised existence of similar areas is not new, brings freshly to mind the pegmatite type of magmatic differentiation lately brought again to attention by occurrences at Silver Peak, Nev., described by Spurr; and in Alaska, described by both Spurr and Brooks. In both localities graunitic rocks or dikes are thought to pass into metalliferous quartz-veins. An interesting association in this connection is the occurrence of diamonds in residual pegmatitic clay of San Juao de Chapado, Brazil, described by Derby :1 (P. 142) "Bodies of pegmatite are quite common in the older rocks of Brazil, both in the. diamond regions and elsewhere, occurring not only in the gneiss and granite, but in the schistose series as well. Those that have been examined are dike-like in their mode of occurrence and granitic in composition." (P. 143) "The question of the eruptive or secretionary origin of pegmatites has long been a subject of discussion among geologists. . . . The recent studies . . . seem to have clearly established that most if not all of them are essentially eruptive masses, though possibly modified in some way by aqueous agencies. Even before becoming acquainted with the literature of the subject this view had seemed to me to be the only acceptable one as regards the typical pegmatites of Brazil." What is pegmatite ? J. F. Kemp says ". . . veins or dikes-it is an open question which is the more correct term-are met formed of very coarsely crystalline aggregates of the same minerals that constitute granite. These are called pegmatite and in them is the home of graphic granite, the curious intergrowth of quartz and feldspar, such that a cross fracture of the blades of quartz suggests cuneiform characters. . . . In regard to the larger veins or dikes it seems improbable that true igneous fusion could have afforded such coarsely crystalline aggregates, and so we are forced to assume such abundance of steam and other vapors, i.e, mineralizers, as to almost, if not quite, imply solution."

Jan 5, 1908