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By A. S. Odeh

The mechanism of two-phase flow in porous media has been a subject of wide controversy. One of the properties essential for understanding the dynamic behavior of two-phase flow is relalive permeability. Relative permeability to a certain phase is defined as the ratio of the effective permeability of that phase to its permeability when it is the only fluid present and powing. In this research, a theoretical analysis was made to determine the effect of viscosity ratio between the non-wetting and the wetting phase on relative permeability. Experimental work was conducted to test the validity of the derived equations. The experiment was conducted on four natural cores. Four oils were used as the non-wetting phases with a viscosity range of 0.42 to 71.30 cp and two wetting phases with a viscosity range of 0.86 to 0.96 cp. Oil and bring were made to flow simultaneously at various ratios, and relative permeability curves were constructed. A total of eight relative pertileability cycles representing eight viscosity ratios were run oil each sample. It was found that relative permeability to the non-~cletting phase varies with viscosity ratio. The relative effect of this variation on relative permeability values was a function of the sample's single-phase permeability, decreasing with its increase. It was concluded that, for .samples of single-phase permeability over I darcy. the effect of viscosity ratio could be disregarded, and relative permeability would be, in effect, a function of satrtration only. INTRODUCTION Two-phase as well as multiphase flow occurs in many fields of science. This type of flow is of particular interest in petroleum production. The knowledge of relative permeability, which describes the dynamic behavior of two-phasc as well as multiphase flow, is essential for solution of problems arising in that field. Thc relative permeability ot a porous medium to a given phase in multiphase flow. is generally considered to be only a function of the saturation of that phase, independent of the properties of fluids involved and ranging in value from zero to unity. Work by Leverett' and Leverett and Lewis' apparently supports this concept. In his experiments Leverett used a clean, packed unconsolidated sand of high permeability (3.2 to 6.2 darcies) with two phases (water and oil) flowing and a viscosity ratio range of 0.057 to 90.0. His results showed that the wide range of viscosity had practically no effect on relative permeability-saturation relationship. Recently accumulated evidence from work performed by several laboratories and a paper by Nowak and Krueger,2 in which relative permeability to oil of a few core samples in the presence of interstitial water was considerably greater than single-phase permeability to water, cast some doubt on the conclusions reached by Leverett' and subscribed to by a large number of individuals in the oil industry. One explanation advanced to explain this behavior states that it is caused by the variable extent of hydra-tion of clay minerals present in the sand. The greater the water saturation, the greater will be the area of contact between water and clay minerals; therefore, the greater will be the extent of swelling with corresponding reduction in permeability. Yuster4 presents another explanation for the recently accumulated evidence. Utilizing Poiseuille's law, he analyzed concentric flow in a single capillary where the non-wetting phase flows in a cylindrical portion of the capillary and concentric with it. The wetting phase flows in the annulus between the non-wetting phase and the capillary wall. The equations obtained indicate that relative permeability to the non-wetting phase is a function of saturation and viscosity ratio. Although Yuster's equations show that fractional rel-ative permeability to oil could be greater than unity, as was indicated by the data of Nowak and Krueger,1 they failed to present an explanation to the experimental data of early investigators such as Leverett.1 Due to the importance of relative permeability in understanding the flow behavior of petroleum reservoir fluids, this work—theoretical as well as experimental —was undertaken to determine whether relative permeability is a function of saturation only as was concluded by Leverett1 or a function of saturation and viscosity ratio as was theorized by Yuster.4 THEORETICAL ANALYSIS An equation will be derived for the rate of oil flow through a porous medium that is initially filled with water. Based on this equation, an analytic expression for relative permeability will be developed. The porous medium will be assumed to consist of .straight circular capillaries of different radii. It will also be assumed that there are no interconnections among the capillaries and no mass transfer across the oil-water interface. Consider a porous sample initially saturated with a wetting phase (water). As a non-wetting phase (oil) is

By A. W. Fahrenwald

PRACTICALLY all fine grinding is done in a ball mill or some modification of a ball mill. Millions of tons of material are ground each year. The cost varies from, say, a minimum of 10 c. to a maximum of 35 c. per ton. It is thus obvious that even small improvements, which may result in increased grinding efficiency, would be welcomed by mill operators. A review of literature shows that various phases of the subject have been studied independently by many investigators. Also, it is now a subject of investigation at various laboratories in the United States and in foreign countries. Notwithstanding this extensive investigation, ball milling still remains a subject of some speculation. This paper presents the results of an experimental study of some of the factors entering into ball mill grinding.

Jan 1, 1931

By Clarence Linville

FULTON1 says: "Speiss is an artificial arsenide of iron containing smaller amounts of other metals. In constitution it is similar to a matte except that arsenic replaces sulfur." For the purposes of this paper it will be necessary to broaden the definition, and I propose the following: Speiss is an artificial mixture of arsenides, of which arsenide of iron may be taken as a type, but iron may be replaced in part or wholly by other metals (such as copper, nickel, cobalt, lead and zinc) and the arsenic may be replaced in part or wholly by antimony. In addition to antimony and arsenic, speisses often contain sulfur. Speisses usually also contain both silver and gold. Table 1 illustrates the variations that may be encountered. TABLE 1.-Speiss Analyses

Jan 5, 1925

By Frank J. Tolonen, Nicholas H. Manderfield, Paul Jasberg

EARLY in the study of the low grade iron formations of Michigan, wide variations in their structure and texture became evident. Because of these variations no simple method of concentration is possible, and those portions of the formations that can be exploited profitably under a given stage of metallurgical progress and existing economic conditions must be searched for carefully. Both structure and texture of the formations have an important bearing on their amenability to bene-ficiation. By structure is meant the banding planes of easy fracture, the porosity, and the degree of leaching. Texture, which includes grain sizes, shapes, and degree of interlocking, determines the amount of grinding necessary to liberate the mineral grains. Structure determines the liberation of portions richer in one mineral. Structure and texture may be termed the gross features of the formation. Earliest surveys of the formations were conducted to outline the parts that could be concentrated at % in. (3 mesh). Operators agreed on this size because anything finer required sintering or other agglomeration processes. At 3 mesh only the structural features, as defined above, would be liberated. With suitable ores concentration was easy, as any of the gravity methods could be used. Sink-and-float gave good results, but with this method only limited portions of the iron formations yielded a desilrable product.1,2 n general, the iroa content could be raised to shipping grade, but the silica content remained too high—sometimes 20 pct—instead of 9 or 10 pct. Grinding did not greatly increase the liberation ofsilica until 2010 mesh or finer was reached. To find the reason fpr this T. M. Broderick began micros~opic examin'ations of the formations in 1933.3 Procedure: The purpose of this discussion is to correlate the appearance of typical portions of the iron formations with their amenability to concentration. As liberation is essential before separation becomes possible, much of the work is based on measuring the liberation achieved by crushing and grinding. Both heavy media and magnetic tube tests were used in this work. On the basis of general structural features such as banding, degree of alteration, and leaching, a specimen was selected from each part of the iron formations studied. The specimen represents the gross features of the formation and not necessarily the particular formation quantitatively. One half of the specimen was polished for macro-study, and the remainder was used for analyses to obtain the grades represented by variations appearing in the macrosection. Specimens for microscopic examination were also prepared for each variation in gross appearance. For correlation of microstructure with liberation, the previous work by sink-and-float methods was supplemented by magnetizing roasting followed by magnetic separation. The results show the liberation of silica to be very important at the sizes used, because any silica particle with iron minerals occluded would be held in the concentrate. A magnetizing roast changes the crushing and grinding character of the sample. For partly leached soft samples the change is slight, but with harder types and those in which there is a considerable change in crystal structure of the minerals, the increase in liberation of the iron minerals may be 30 pct more than that of unroasted samples at the same crusheH size. Gogebic Range Iron Formations: The Gogebic Iron Range is located in the extreme western and southern parts of Michigan's Upper Peninsula, extending westward into Wisconsin. Samples for this study were obtained from the Ironwood formation, comprising three chief members—the Plymouth, Norrie, and Ahvil—with several intermediate slates and thick overlying slates. (The slates are not considered in this discussion because grinding finer than present practice is usually required to liberate the iron minerals.) The predominant iron mineral is hematite, about half of which is hydrated to goe-thite. Limonite occurs in some of the partly leached areas, and siderite in parts of the formation.

Jan 1, 1958

By T. Egleston

The Boston and Colorado Smelting Works are situated in the town of Black Hawk, Gilpin County, Colorado, on the Clear Creek Narrow Gauge Railway, 55 miles from Denver, in the Rocky Mountains, at an altitude of 7800 feet. It was one of the first works erected for the metallurgical treatment of gold ores, and the only one established in Colorado on a large scale which has been uniformly successful. Both gold and silver ores are treated, and gold, silver, and copper produced. The lead is not separated from the ores nor paid for, if it exists, and is entirely lost in the residues. The works were planned and built by Professor Hill, formerly Professor of Chemistry in Brown University, Providence, R. I., and is still managed by him, assisted by Mr. Richard Pearce, formerly professor in the School of Mines at Truro, England. They are very advantageously situated with regard to the ore-producing regions, having Boulder County on the north, which produces, besides ordinary gold ores, a series of tellurium minerals, such as altaite, sylvanite, and hessite, which are very rich in gold and silver. They are associated with copper and iron pyrites, blende, galena, and the carbonate and oxides of iron. Gilpin County itself produces for the most part the pyrites of iron and copper rich in gold, with a small quantity of galena and blende, which is rich in silver. In

By K. S. Lane

The problem of stability of slopes in reservoirs is one of real interest in civil engineering. The problem is whether the valley walls will remain stable or whether they are likely to slide as conditions are changed by storage of water in the reservoir. If major slides are indicated, as on the walls of relatively steep canyons, one must estimate whether they will be so located and of sufficient size as to interfere with operation of the reservoir-as by blocking the outlets, or by displacing sufficient water to over-top the dam in a huge wave. Some cases involve problems in soil mechanics for slides in earth or weaker rock; other locations need the assistance of rock mechanics for slides in harder rock. While this is not a new problem, attention has recently been focused on its importance by the hugh landslide into the Vaiont reservoir in 1963, which claimed the lives of over 2000 people and forced abandonment of the dam and powerhouse. VAIONT RESERVOIR SLIDE Fig. 1 shows Vaiont Dam in Italy which is a double curvature arch, 875 ft high, located on a tributary of the Piave River, north and west of Venice. When completed in 1960 it was the highest arch dam in the world. In 1960 a sizable landslide (some 700,000 cu yd) occurred on the left abutment a short distance above the dam. Following this, the reservoir was held down for construction of a by-pass tunnel through the right valley wall to insure connection with the upper end of the reservoir in event of further slides. In October 1963 a giant landslide occurred on the left valley wall, over a width of some 14 miles (see Fig. 2). Over 300 million cu yd slid into the reservoir, displacing the water and forming a hige wave 700 ft above the top of the dam as it hit the opposite, or right, wall of the valley. The wave then passed some 500 ft over top of the dam, followed down the tortuous winding canyon and debouched into the

Jan 1, 1967

By R. H. Doremus

From measurements of carbide precipitation rates in a iron it was concluded that the carbides nucleated on dislocations in both strained and unstrained samples, except for the latter at lower temperatures and higher carbon concentrations, where there were more muclei than could form on the dislocations. The equation of Cottrell and Bilby for the segregation of atoms to dislocations was found to be inapplicable to this system. No satisfactory theory for the growth process is available. A study of the rate at which a second phase separates from solid solution can frequently reveal much about the mechanism of separation. There are still many features of the precipitation of carbon from a iron that are not understood, although this system has been examined extensively. To provide more insight into the mechanism of carbide precipitation in a iron, rates of this process were measured at different temperatures, carbon concentrations, and densities of dislocations in the iron. The concentra- tion of carbon in solution was followed from the height of the internal-friction peak; this height is directly proportional to the amount of carbon in solution and is not affected by the growing carbide particles. In this paper these rates are compared with those found by earlier investigators, and the mechanism of precipitation is discussed in light of these results as well as two earlier studies1, 2 and the electron microscopic work reported in the preceding paper. EXPERIMENTAL The amount of carbon in solution was followed by

Jan 1, 1961

By J. J. Bodmer

In 1855, Franz Uchatius patented, in England, his process of manufacturing cast steel. The first experiments, on a practical scale, were made at the Ebbw Vale Iron Works, Monmouthshire. The charge consisted of a mixture of cast iron with about 20 per cent. of a pure iron ore, and with or without other ingredients. In order to obtain the cast iron in a subdivided condition, Uchatius granulated molten pig-metal by running it into water, which during the operation was kept well agitated, and found that "the finer the iron is granulated, the softer will be the resulting steel." The writer is not aware that granulated iron has been used practically, otherwise than in the above-named process; and until 1866 no other process of subdividing iron than by granulation was known. In April, 1866, an English patent was obtained by the writer for subdividing blast-furnace and other slags and metals in a molten condition, by passing the same through one or more pairs of rolls. In reference to iron the idea was, in following up the direction pointed out by the Uchatius process, to obtain better results in the puddling process by means of a thorough amalgamation (not simply a mixture) of the iron with the oxides and other ingredients in the charge itself. Experiments were made. A quantity of iron direct from the blastfurnace was subdivided (or laminated) by passing it through a pair of plain rolls. The rolls were hollow, and water was made to pass through them to keep them sufficiently cool. Without giving differential speed to the rolls, sheets were obtained about one-sixteenth inches thick, and from about one hundred square inches surface, downwards. With differential speed, the iron falls from the rolls in

By Donald A. Brobst

The minerals barite (BaSO4) and witherite (BaCO3) are the chief sources of the element barium and its compounds needed for many industrial processes and products. Barite, the principal ore mineral, is found the world over and is abundant and widely distributed throughout the United States.3 Witherite is much less common than barite, though more desirable in many ways as a raw material for the production of barium chemicals. England is the chief producer of witherite. Witherite is not mined in the United States at the present time, but it has been mined with barite from a deposit at El Portal, California. Barite is also called barytes, tiff, cawk, or heavy spar. Ordinarily it is a heavy mineral that crystallizes in the orthorhombic system. It is colorless, white, or gray, and transparent to opaque. In some deposits barite is black, yellow, brown, red, green, or blue because of included impurities. The streak is white and the luster vitreous to resinous or pearly. The specific gravity of pure barite (65.7 pct BaO and 34.3 pct SO3) is calculated to be 4.5, but inclusions and impurities in natural barite may reduce this value considerably. Well-formed crystals are generally tabular and have three cleavages. The barite of many deposits, however, has an uneven fracture and an apparent cleavage caused by separation along planes between successively deposited layers. The hardness is 2.5 to 3.5 on Mohs' scale. Commercially the terms "hard" and "soft" are used to refer to ease of grinding. Barite is relatively insoluble in water and acid, and thus can be used as a chemically inert material. Witherite, the natural carbonate of barium (77.7 pct BaO and 22.3 pct CO2), crystallizes in the orthorhombic system. The fracture is uneven and the luster is vitreous to resinous. The hardness is 3 to 3.5. The specific gravity of the pure mineral is calculated to be 4.29. It is transparent to opaque. The color is ordinarily white, gray, yellow, brown, or green. Geology and Distribution of Deposits Workable deposits of barite are widely distributed throughout the world in many geologic environments in sedimentary, igneous, and metamorphic rocks. Most deposits can be classified into three main types: (1) vein and cavityfilling deposits; (2) bedded deposits; and (3) residual deposits. 1. Vein and cavity-filling deposits are those in which barite and associated minerals occur along faults, gashes, joints, and bedding planes, and in breccia zones and solution channels. They also occur in various collapse and sink structures in limestone. Sharp contacts of the veins and cavity fillings with wall rocks are common. Barite cements fault and collapse breccia by replacement of the matrix or by filling voids. Large-scale replacement of the wall rocks beyond ore-controlling structures is rare. Barite in vein and cavity filling deposits is generally dense, "hard," and white to gray. Associated minerals are fluorite, calcite, ankerite, dolomite, quartz, and many sulfide minerals, especially pyrite, chalcopyrite, galena, and sphalerite. Gold, silver, and rare earth minerals occur with barite in some deposits in the western United States. Barite is also a gangue mineral in metallic ore deposits but production as a byproduct from such deposits will be affected by many economic factors. The host rocks are igneous, sedimentary, and metamorphic rocks of pre-Cambrian to

Jan 1, 1960

Clarence M. Haight, Franklin Furnace, N. J. (communication to the Secretary*).—In that part of Mr. Wilson's paper describing the Gilman cut-and-fill system, a few features do not appear to be fully explained. In what way is the waste used for filling obtained? The text mentions that if waste is encountered when driving the filling raises, these raises are stopped until the fill is needed; that seems to suggest mining the capping for fill, which might make the backs of the stopes bad as the stopes approach the top of the ore. If, on the other hand, the fill is brought to the raises in cars, are the crosscuts that are necessary in ore or waste? Is the cost of this fill included in the stoping costs given? The second, or lower, series of stopes will present a different problem to that which the first series (under the capping) gave. Although no mention is made in the text, it would seem that the second series of stopes will have to be worked on center lines which are offset half the stope width, 20 ft., from the centers of the stopes above, in order to take advantage of the "rafter" effect of the stringers so named. How is the fill to be introduced into the lower stopes? There are no crosscuts mentioned to provide for this; or is it intended to tap the filled stopes above for the fill? In the latter case the method of control of this fill will be of interest. Ore that will admit of a stoping width of 40 ft. with the lengths mentioned in the description is stronger than any with which many mining men are familiar. Has the practice of starting to mine a second stope before the preceding one is filly completed been tried to any extent? If

Jan 1, 1917

By W. T. Bishop, G. A. Crowe

While the literature in the United States on general polarographic technique is extensive, very little appears to be directly applicable to the analysis of flotation tailings. For this reason, it seemed worth while to present a few polarographic methods of ore analysis that have been in constant use in the laboratories of the Hercules Experiment Station for the past few years. At the time of our initial investigation of the polarographic method, there was little or no mention of its specific application to flotation tailings. It was therefore necessary for us to establish suitable conditions for the analysis of our flotation tailings and to consider possible interfering constituents. The polarograph, or dropping mercury electrode, method was discovered in 1925 by J. Heyrovsky and M. Shikata,1 of the Charles University, Prague. This method has since received extensive development and the literature contains many articles on the use of the polarograph for the quantitative determination of metals as well as anions, oxygen in solution, and reducible organic compounds. Kolthoff and Lingane,² by the publication of their book, "Polarography," in 1941 did much to advance the knowledge and use of the polarograph. In chapter 25 of that book, methods for the polarographic analysis of brass, steel and iron products, alloys, and zinc ore are given. Aluminum,³ cadmium,³,4 cobalt,4 cop-per,³-9 gold,10 iron,3,11 lead,³,l2,l³ molybdenum,14 nickel,4,8,9 tin," and zinc³,4,5,7 in ores have been analyzed by the polarograph. However, most of the work on tailing samples has been published in Russian journals and translations are not yet readily available. In this paper we will describe the method that was developed and used in our laboratory for the determination of copper, zinc, and lead in flotation tailings. Principle OF the Method The polarograph is an instrument for applying a potential to a mercury pool and a dropping mercury electrode separated by a solution, and for measuring the resultant electrical current. The procedure is essentially a small-scale electrolysis, in which the voltage required to reduce or oxidize the material identifies it qualitatively and the current measures the concentration quantitatively. Different constituents in a sample may often be determined simultaneously provided they reduce at sufficiently different voltages. An example is the determination of copper and zinc in the same solution. The reduction potentials are quite far apart, as shown in Fig. I. The polarographic method is particularly useful in the range of concentration between those normally determined by spectographic and chemical methods. In

Jan 1, 1947

By G. A. Crowe, W. T. Bishop

While the literature in the United States on general polarographic technique is extensive, very little appears to be directly applicable to the analysis of flotation tailings. For this reason, it seemed worth while to present a few polarographic methods of ore analysis that have been in constant use in the laboratories of the Hercules Experiment Station for the past few years. At the time of our initial investigation of the polarographic method, there was little or no mention of its specific application to flotation tailings. It was therefore necessary for us to establish suitable conditions for the analysis of our flotation tailings and to consider possible interfering constituents. The polarograph, or dropping mercury electrode, method was discovered in 1925 by J. Heyrovsky and M. Shikata,1 of the Charles University, Prague. This method has since received extensive development and the literature contains many articles on the use of the polarograph for the quantitative determination of metals as well as anions, oxygen in solution, and reducible organic compounds. Kolthoff and Lingane,² by the publication of their book, "Polarography," in 1941 did much to advance the knowledge and use of the polarograph. In chapter 25 of that book, methods for the polarographic analysis of brass, steel and iron products, alloys, and zinc ore are given. Aluminum,³ cadmium,³,4 cobalt,4 cop-per,³-9 gold,10 iron,3,11 lead,³,l2,l³ molybdenum,14 nickel,4,8,9 tin," and zinc³,4,5,7 in ores have been analyzed by the polarograph. However, most of the work on tailing samples has been published in Russian journals and translations are not yet readily available. In this paper we will describe the method that was developed and used in our laboratory for the determination of copper, zinc, and lead in flotation tailings. Principle OF the Method The polarograph is an instrument for applying a potential to a mercury pool and a dropping mercury electrode separated by a solution, and for measuring the resultant electrical current. The procedure is essentially a small-scale electrolysis, in which the voltage required to reduce or oxidize the material identifies it qualitatively and the current measures the concentration quantitatively. Different constituents in a sample may often be determined simultaneously provided they reduce at sufficiently different voltages. An example is the determination of copper and zinc in the same solution. The reduction potentials are quite far apart, as shown in Fig. I. The polarographic method is particularly useful in the range of concentration between those normally determined by spectographic and chemical methods. In

Jan 1, 1947

By Charles S. Barrett

This paper is a progress report covering metallographic applications of the electron microscope that have been made during the past year at Carnegie Institute of Technology. An account is presented of the techniques that have been most satisfactory, the difficulties encountered, the resolution obtained, and the peculiarities that have been noted in the microstruc-tures. About 1200 exposures have been made during the year on the instrument, which is an RCA type B2 transmission microscope,' and a number of these have been selected to illustrate the results obtained. prints are also included showing the common types of falsities—to borrow a term from the biological field, the "artifacts." ln brief, the paper is a record of our attempt to determine the value of the electron microscope in the study of the structure of metals and alloys. In addition to comments on techniques and the quality of photomicrographs obtainable with them, the paper discusses the nature of the etch attack on a few metals, and the possible relation between the fine structure revealed by etching and the mosaic block structure of the grains, since numerous papers and reviews are available on the subject of imperfection in crystals, the comments here may be very brief; in fact, are restricted almost entirely to points having to do with recent theories relating the strength of metals to imperfections and to spacings of slip lines. Specimen Preparation and Photographs Mechanical polishing by hand was used throughout this work. Precautions that must be taken in microscopy at high magnification, which have been well explained by Vilella in his book on Metallographic Technique for Steel, are likewise important with the electron microscope. This applies particularly to the need for these polishing and etching (each successive polish becoming less severe and each etch lighter), since the fina1 etch should in general be no heavier than is used for oil-immersion optical microscopy and in many instances should be much lighter (compare Figs. 6a and 7a, 6d and 7b). An extremely light etch, of course, is incapable of cutting through a flowed layer of appreciable thickness. Unquestionably it would be very advantageous in each instance to compare the structures obtained by electrolytic polishing with those obtained by mechanical polishing, but difficulties with the electrolytic method have prevented this in the following collection of prints. The choice of etchant is important, of course; for example, picral proved superior to nital for tempered martensite. With the exception of Figs. Ib and 16, the replicas used were of silica, deposited upon polystyrene and floated from the polystyrene in ethyl bromide according to the method of Heidenreich and Peck.2 The samples were mounted in Bakelite, polished and etched, then the polished Bakelite

Jan 1, 1944

By Charles S. Barrett

This paper is a progress report covering metallographic applications of the electron microscope that have been made during the past year at Carnegie Institute of Technology. An account is presented of the techniques that have been most satisfactory, the difficulties encountered, the resolution obtained, and the peculiarities that have been noted in the microstruc-tures. About 1200 exposures have been made during the year on the instrument, which is an RCA type B2 transmission microscope,' and a number of these have been selected to illustrate the results obtained. prints are also included showing the common types of falsities—to borrow a term from the biological field, the "artifacts." ln brief, the paper is a record of our attempt to determine the value of the electron microscope in the study of the structure of metals and alloys. In addition to comments on techniques and the quality of photomicrographs obtainable with them, the paper discusses the nature of the etch attack on a few metals, and the possible relation between the fine structure revealed by etching and the mosaic block structure of the grains, since numerous papers and reviews are available on the subject of imperfection in crystals, the comments here may be very brief; in fact, are restricted almost entirely to points having to do with recent theories relating the strength of metals to imperfections and to spacings of slip lines. Specimen Preparation and Photographs Mechanical polishing by hand was used throughout this work. Precautions that must be taken in microscopy at high magnification, which have been well explained by Vilella in his book on Metallographic Technique for Steel, are likewise important with the electron microscope. This applies particularly to the need for these polishing and etching (each successive polish becoming less severe and each etch lighter), since the fina1 etch should in general be no heavier than is used for oil-immersion optical microscopy and in many instances should be much lighter (compare Figs. 6a and 7a, 6d and 7b). An extremely light etch, of course, is incapable of cutting through a flowed layer of appreciable thickness. Unquestionably it would be very advantageous in each instance to compare the structures obtained by electrolytic polishing with those obtained by mechanical polishing, but difficulties with the electrolytic method have prevented this in the following collection of prints. The choice of etchant is important, of course; for example, picral proved superior to nital for tempered martensite. With the exception of Figs. Ib and 16, the replicas used were of silica, deposited upon polystyrene and floated from the polystyrene in ethyl bromide according to the method of Heidenreich and Peck.2 The samples were mounted in Bakelite, polished and etched, then the polished Bakelite

Jan 1, 1944

By John B. Dilwoth

This paper treats primarily of the valuation of developed coal properties by the method of capitalizing their estimated average future earnings. However, reference is also made to valuations of undeveloped coal lands and to various methods of appraisal other than by future earnings. Fundamental Valuation Principles Before discussing in detail coal property valuations, a few statements bearing on the general subject will be made to present certain of the writer's views on the question as a whole. 1. A certain property at a given time has but one true value. This is not universally admitted. The appraiser rather frequently finds that a coal owner has in mind three valuations for his holdings; one, the figure at which he feels they should be appraised for taxation purposes; another, the much higher one that should be used if a loan is to be negotiated on the property; and a third, intermediate between the other two, the price for which he would be willing to dispose of his holdings were they for sale. The last is usually nearest to the true value, and because this is so the statement is generally accepted that the fair value of such a property is the price arrived at by negotiation between a willing seller and a willing buyer who are otherwise disinterested. 2. Notwithstanding the foregoing, it is only very generally and approximately true that the proper measure of the value of a given developed' coal acreage is the unit or per-acre price for which one or more bodies of similar coal in the same district have been sold recently. To give a few reasons why such a measure of value can not be strictly applied, it may be noted: a. That sales are often forced by circumstances at times when the coal business is depressed and buyers can be found only for properties that are offered at figures far below their true value. b. That conversely, during periods of unusual prosperity, abnormally high prices are paid. Such conditions obtained several years ago when coal brokers, with very profitable contracts but no sure source of supply, were bidding against inexperienced or shortsighted operators for proper-

Jan 1, 1928

By Dr. O’Neil Thomas J., Donald W. Gentry

Money is like an arm or leg-use it or lose it." -Henry Ford INTRODUCTION If it were not for the existence of interest, the analysis of investment opportunities would be greatly simplified. In the absence of interest, investors would be indifferent as to when cash outlays are made or cash benefits are received. It would, in fact, be irrelevant whether the outlays preceded or followed inflows as long as both amounts are known with certainty. Of course, it does make a considerable difference whether, for example, a firm receives $1 million now or five years from now. The reason is that money does, indeed, have a value which is a function of time. Interest is how this time value is measured. Interest is generally defined as money paid for the use of borrowed money. In other words, interest is the rental charge for using an asset over some specific time period. The rate of interest is the ratio of the interest chargeable at the end of a specific period of time to the money owed, or borrowed, at the beginning of that period. In order to understand why interest exists, it is necessary to take the lender's viewpoint. The lender can justify charging interest for several reasons: 1) Risk: The lender is faced with the possibility that the borrower will be unable to repay the loan. 2) Inflation: Money repaid in the future will be in units of lower value due to inflation. 3) Transactions Cost: There will be expense incurred in preparing the loan agreement, recording payments, collecting the loan, and other administrative tasks. 4) Opportunity Cost: By committing limited funds to one borrower, a lender is unable to take advantage of other available opportunities. 5) Postponement of Pleasure: By lending money, an individual (or organization) is postponing the pleasure which that money could purchase. Each of these is a valid reason for a lender demanding interest from a borrower. The level of interest is, like the price of other assets, determined by supply and demand. Nonetheless, from time to time various analysts have taken a then current average interest rate and broken it down into the components described previously.

Jan 1, 1984

By W. P. Z. German

Some attention should be given to definitions. The term "unit operation " may have at least two meanings. One meaning is the merging of titles and the development and operation of the unitized area, as if it were one tract of land held under a single oil and gas lease, according to a definite program intended to accomplish a maximum recovery from the pool as a whole at a minimum of cost. It is incomplete when the royalty owners do not also merge their titles to their oil and gas rights in the area, and is complete when they do. The other meaning is not accompanied by any merger of titles, but the development and operation of the area is in accordance, as nearly as reasonably practicable, with such a program. This second conception may be nothing more than a cooperative development and operation plan, but in this paper it is regarded as more than that. If there cannot be unit operation without a merger of titles, it would seem that the state cannot require unit operation, for it cannot require a merging of titles; but if it may consist in requiring each and all of the leaseholders to develop and operate or to submit to a development and operation according to some such common plan as is referred to above without at the same time requiring a merger of titles, it would seem that unit operation may be required by the state. Whether the states have this power is the subject to be herein considered. If the state can so bind the several lessees, it also can so bind the several lessors. The writer does not know what would be an ideal plan for the development and operation of a pool; but it takes into account the fact that the accumulation of gas and oil is not uniform throughout the formation; that often free gas, highly compressed, occupies the upper portions of the reservoir, the oil with compressed gas in solution coming next in order; that at places oil is not overlain by free gas, and sometimes there are peaks where free gas is not immediately underlain by any oil; and the fact that these substances are held under a uniformly distributed pressure, generally referred to as "rock pressure." It also recognizes that the most efficient utilization of this naturally existing reservoir pressure in the recovery of the oil requires that there be no operation of wells completed into areas where gas only has accumulated, for this diminishes the

Jan 1, 1931

By Benjamin Miller

FROM earliest recorded times, limestone has been employed in the industrial life of peoples of all sections of the world where it exists. It is widely distributed and therefore has been available in almost every country and has been employed for a variety of purposes. Its earliest use was for buildings, since it is more easily quarried and dressed than most other kinds of rocks and so could be utilized by early inhabitants, poorly equipped with tools. The next use was in the manufacture of lime, which was employed by the ancients in mortar. These two uses of limestone are still all important, but they have been overshadowed in scores of regions by literally hundreds of new applications for raw lime-stone or products made from it. Anyone familiar with modern manufacturing processes can quickly call to mind many industries in which limestones are essential, and new uses are continually coming to notice. Any enumeration would probably be incomplete and soon out of date.

Jan 1, 1935

By Benjamin Miller

FROM earliest recorded times, limestone has been employed in the industrial life of peoples of all sections of the world where it exists. It is widely distributed and therefore has been available in almost every country and has been employed for a variety of purposes. Its earliest use was for buildings, since it is more easily quarried and dressed than most other kinds of rocks and so could be utilized by early inhabitants, poorly equipped, with tools. The next use was in the manufacture of lime, which was employed by the ancients in mortar. These two uses of limestone are still all important, but they have been overshadowed in scores of regions by literally hundreds of new applications for raw lime-stone or products made from it. Anyone familiar with modern manu-facturing processes can quickly call to mind many industries in which limestones are essential, and new uses are continually coming to notice. Any enumeration would probably be incomplete and soon out of date.

Jan 1, 1935

By E. W. Davis

The: mysterious Lake Erie price for iron ore, established each spring, determines the maximum price that will be paid during the following season for ore of Mesabi Non-Bessemer base grade. This price is important to the ore producers, hut since most of the ore in the Lake Superior district is owned or controlled by consuming interests, the really important question to them is not the price of ore but how much it will cost them to mine and transport their season's requirements to their furnace plants. However, a few million tons are actually sold each year, and considerable quantities are traded for mixing purposes, and the negotiations lor these sales and trades usually begin with some reference to the Lake Erie price. There is no difficulty with the Lake Erie price itself or with the manner in which it is established, but the system prescribed for determining the values of ores that are not exactly base grade is incomplete. The Lake Erie price takes into consideration only the iron and phosphorus contained in the ore, but when the ore producer is negotiating a sale or trade, he is confronted by the fact that his ore must he studied and the price adjusted, not only on the basis of the iron and phosphorus analyses, as specified by the Lake Erie price, but also on the basis of silica! alumina, manganese, structure, etc. The vague and unsatisfactory methods used in making these adjustments bear some relation to the manner in which the ore is supposed to act in the blast furnace. The ore producer may not understand all of the idiosyncrasies of the blast furnace, but if the smelting-plant operators have a system more accurate than the Lake Erie price method for determining the relative values of different ores, why not pass this information on to the ore producers, so that they can make use of it and perhaps modify their practice in such a manner as to benefit both themselves and their customers? There is a lack of understanding and appreciation between these two groups that may, to some extent, be unavoidable, but in the interests of efficiency and conservation rules that are more accurate and complete than the Lake Erie price method in use at the present time should be established for the guidance of the ore producers. Recently a paper was read before the Eastern States Blast Furnace and Coke Oven Association, by Mr. G. W. Hewitt, Manager Production, Blast Furnace and Coke Oven Department, Wheeling Steel Corporation, in which he explained how his company determines the relative values of different grades of Non-Bessemer ore. This is a very important paper, perhaps not so much on account of the actual calculation methods described as because of the fact that premiums and penalties are shown on Non-Bessemer ores for silica, alumina, phosphorus, and manganese. As pointed out by Mr. Hewitt, the premium and penalty system described may not apply without adjustments to other smelting plants. However, if the various ore

Jan 1, 1941