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By Robert Lepsoe

IT is generally realized that in cyaniding the precipitation efficiency of zinc dust is due to the fine division or extended surface of its metallic particles; but frequently it is thought that the presence of other, metals, say 2-3 per cent. lead, is advantageous,. causing more complete precipitation. The results of testing about fifty brands of commercial zinc .dust have led to the conclusion that there is a distinct relation of precipitation efficiency to fineness and that the effect generally can be estimated by examining the size of metallic particles. The presence of lead was not found to be of any importance. SPECIFICATIONS Generally the term "97 percent. to pass a 350-mesh screen, 95-97 per cent. uncombined metallic zinc" is used by the leading European exporters. Among the many methods of determination of metallic zinc, I have found the iodine test (iodine in potassium iodide) very satisfactory and rapid. It has been controlled by the other methods, samples of the same product having been sent to three different analysts: Iodine method 98. 11 per cent. metallic zinc, Volumetric method 97.63 per cent. metallic zinc, Ledoux Co., New York Bichromate method 98.16 per cent. metallic zinc, Watson Gray, Liverpool, England Bichromate method 98.20 per cent. metallic zinc, Norway Inst. of Tech., Trondhjem

Jan 2, 1925

By H. Margolin, E. Ence

In order to understand the effect of zirconium on properties of Ti-Cu-A1 alloys, Ti-Zr alloys were examined for the presence of ordering or compounds at the following compositions in weight percent: 24.1 pct Zr (lZr:GTi), 32.2 pct Zr (lZr:4Ti), 38.8 pct Zr (lZr:3Ti), 49.0 pct Zr(1Zr:ZTi). Alloys were prepared as 15-g buttons by non- consumable arc melting under argon atmosphere from Bureau of Mines titanium (Bhn 63) and Reactor Grade zirconium (Bhn 150). Weight losses during melting did not exceed 1 pct of the initial button weight. Prior to heat treatment, buttons were hot-rolled at 600" to 700°C to rods of about 6 mm diam. Contamination after hot-rolling was found to extend to a depth of less than 0.5 mm. Specimens for heat treatment were wrapped in molybdenum sheet, annealed in argon-filled quartz capsules, and quenched by breaking the capsules under iced brine. Annealing times were as follows: 700°C — 7 days; 600°C— 14 days; 575°C-1 and 2 months; 525°C-2 months; 500°C-2 months. Prior to heat treatment, all Ti-Zr alloys were vacuum annealed at 900°C to remove hydrogen. The reanneal of 575°C specimens for an additional month produced no observable microstructure changes. The results obtained by microstructure and X-ray diffraction are shown in Fig. 1, together with data of Hayes et al.' No other phases than a or P were found. Small amounts of retained P were detected by X-ray in the 49 pct Zr alloy. The data of the present investigation suggests that ß and a transus boundaries are at considerably lower temperatures than those of Hayes et al. The work of Hayes et al. is based on sponge titanium and Bureau of Mines zirconium, both of which contained 0.15 pct 0. Since melting was performed in

Jan 1, 1962

By AIME AIME

AN outstanding session of the Annual February Meeting was one held under the joint auspices of several groups on Tuesday afternoon, Feb. 22, as a symposium on the question of preserving peace in the postwar era through the control of the supply of sundry minerals vital to the Axis nations. D. H. McLaughlin and R. C. Allen were associate chairmen. And C.K. Leith led the discussion.

Jan 1, 1944

By P. I. Brooker

The semi-variogram, the basic tool of geostatistical estimation procedures, must itself be estimated from the available data. From a numerically simulated two-dimensional deposit, with known variability expressed through its semi-variogram, the standard arithmetic mean estimator is used to calculate experimental semi-variograms. These are determined on a series of data sets obtained from the deposit with various sampling grids that cover different areas of the deposit and have a mite range in the number of available data. The orders of discrepancies between estimated and theoretical semi-variograms are determined in this idealized situation; and this provides a basis against which to assess experimental semi-variograms made on field data.

Jan 1, 1984

By P. P. Gregory

The rate of drilling operations in the West Texas district during 1940 was approximately equal to that of 1939. The total number of wells dillled in the area during the year was 1834, of which 1716 were completed as oil producers, 12 were gas wells and 106 were dry holes. The number of wildcat wells drilled during the year was comparatively small. The drilling of inside locations in proven areas and the drilling of wells for the purpose of extending the productive limits in producing fields constituted the bulk of development during 1940. Gaines County led all other counties in the district in the total number of oil-well completions. The oil production totaled 83,345,381 bbl., the highest figure for any year since proration was begun. The 1940 oil production exceeded the 1939 production by approximately four million barrels. Discoveries While comparatively few new oil-producing areas were discovered during 1940, it appears that the oil production found in simpson lime in the Abell field, pecos County, was an outstanding discovery for the year. This was the second Ordovician discovery in Pecos County. Taubert, McKee & Siemoneit located its discovery well, V. W. Crockett No. 1, set. 4 1/2 H. & T. C. R.R, co, survey in the Imperial area of northwestern Pecos County. The top of pay was encountered at 5270 ft., and the well was bottomed at 5357 ft. in simpson lime, on act. 17, I940. The initial production was 928 bbl. of 43" gravity sweet oil in 11 hr. 23 min., flowing naturally through 2-in. tubing with gas-oil ratio of 783 cu. ft. per barrel. Following the completion of the discovery well, large blocks of land were leased in the area, and several locations were made toward the close of the year. There is every indication that the Abell field will become a major producing field in the West Texas district. There was no pipe-line outlet for the field at the end of the year. Shipley-Silurian field, discovered by the Gulf Oil Corporation, appears to be another major addition to the oil reserves in 1940. The discovery well, Wristen Brothers No. 5, is in sec. 18, block 5, H. & T. C. R.R. Co. survey in Ward County. The well was drilled to a total depth of 9187 ft. and was plugged back to 7075 ft. The Silurian lime section was acidized with 3000 gal., from 6993 to 7075 ft., and on Dec. 5, 1940, the well was completed for initial production of 3040 bbl- of 32.2" gravity oil in 24 hr., flowing through tubing. Todd Deep field, Crockett County, was discovered by the Continental Oil Co. et al. The discovery well, J. S. Todd No. 2, set. 29, block WX1 G.C. & S.F. R.R. Co. survey, was completed on April 3, 1940. The top of pay was encountered at 5623 ft., and the well was bottomed at 5691 ft. for initial production of 1613 bbl. of 40.6' gravity oil flowing naturally through 2-in. tubing. The pay section was found in Strawn lime of Pennsylvanian age. There were six producing wells in the field at the end of the year. This appears to be another major discovery in 1940. There was no pipe-line outlet in the field at the end of the

Jan 1, 1941

By P. P. Gregory

The rate of drilling operations in the West Texas district during 1940 was approximately equal to that of 1939. The total number of wells dillled in the area during the year was 1834, of which 1716 were completed as oil producers, 12 were gas wells and 106 were dry holes. The number of wildcat wells drilled during the year was comparatively small. The drilling of inside locations in proven areas and the drilling of wells for the purpose of extending the productive limits in producing fields constituted the bulk of development during 1940. Gaines County led all other counties in the district in the total number of oil-well completions. The oil production totaled 83,345,381 bbl., the highest figure for any year since proration was begun. The 1940 oil production exceeded the 1939 production by approximately four million barrels. Discoveries While comparatively few new oil-producing areas were discovered during 1940, it appears that the oil production found in simpson lime in the Abell field, pecos County, was an outstanding discovery for the year. This was the second Ordovician discovery in Pecos County. Taubert, McKee & Siemoneit located its discovery well, V. W. Crockett No. 1, set. 4 1/2 H. & T. C. R.R, co, survey in the Imperial area of northwestern Pecos County. The top of pay was encountered at 5270 ft., and the well was bottomed at 5357 ft. in simpson lime, on act. 17, I940. The initial production was 928 bbl. of 43" gravity sweet oil in 11 hr. 23 min., flowing naturally through 2-in. tubing with gas-oil ratio of 783 cu. ft. per barrel. Following the completion of the discovery well, large blocks of land were leased in the area, and several locations were made toward the close of the year. There is every indication that the Abell field will become a major producing field in the West Texas district. There was no pipe-line outlet for the field at the end of the year. Shipley-Silurian field, discovered by the Gulf Oil Corporation, appears to be another major addition to the oil reserves in 1940. The discovery well, Wristen Brothers No. 5, is in sec. 18, block 5, H. & T. C. R.R. Co. survey in Ward County. The well was drilled to a total depth of 9187 ft. and was plugged back to 7075 ft. The Silurian lime section was acidized with 3000 gal., from 6993 to 7075 ft., and on Dec. 5, 1940, the well was completed for initial production of 3040 bbl- of 32.2" gravity oil in 24 hr., flowing through tubing. Todd Deep field, Crockett County, was discovered by the Continental Oil Co. et al. The discovery well, J. S. Todd No. 2, set. 29, block WX1 G.C. & S.F. R.R. Co. survey, was completed on April 3, 1940. The top of pay was encountered at 5623 ft., and the well was bottomed at 5691 ft. for initial production of 1613 bbl. of 40.6' gravity oil flowing naturally through 2-in. tubing. The pay section was found in Strawn lime of Pennsylvanian age. There were six producing wells in the field at the end of the year. This appears to be another major discovery in 1940. There was no pipe-line outlet in the field at the end of the

Jan 1, 1941

By Richard R. Zupp, David A. Stevenson

A theoretical treatment of austenitic Fe-C-Z solutions (where Z represents a substitutional solute) was developed by extending a solution model which was previously applied to austenitic Fe-C alloys. The model assumes that each carbon atom in the solution excludes H interstitial sites from occupancy by other carbon atoms rmd thai otherwise the assembly of carbon atoms is equivalent to a modified Langmuir lattice gas. The results of the treatment provide theoretical justification for a phenomenological expression previously developed to represent the influence of substitutional solutes on the thernlodynamics of carbon in austenitic Fe-C-Z alloys. The expression is: where Kz is a parameter which characterizes the Fe-C-Z system at a given temperature and Xz and xj are the concentrations of substitutional solute and interstitial carbon expressed as atom ratios. The parameter, Kz, was associated with the differ- A number of investigators have measured the influence of various substitutional solutes on the carbon activity in austenitic Fe-C-Z alloys, where Z represents any substitutional solute. Experimental information is available for alloys containing the following substitutional solutes: Mn,' Si,' Ni,2-5 CO,'-', Cr,5, 9-11 CU,4 Al,= v,11, 12 and Ti.13 This information is essential for studying many phenomena in Fe-C-Z alloys, particularly diffusion and diffusion-controlled phase transformations For example the pffprts nf various ence between the interaction energies between carbon atorns and host-lattice atoms in the Fe-C-Z solution and the corresponding energies for the Fe-C solution. The carbon activity in a ternary Fe-C-Z alloy, ac, was obtained in terms of the composition of the alloy and the single parameter, Kz: where y° is the Henry's law constant for the binary Fe-C solution. Both y° and H crm be determined from the data for Fe-C solutions, without recourse to any experimental data for Fe-C-Z solutions. The theoretical treatment was extended to alloys containing several substitutional solutes. By neglecting interactions between the substitutional solutes, an expression for the carbon activity in multicomponent alloys was obtained in terms of the Kz values characterizing ternary Fe-C-Z systems. substitutional solutes on the rate of pearlite growth is explained14 on the basis of their effects on carbon diffusion, which result from their influences on the carbon activity in the solid phases. In addition, recent studies have emphasized the dependence of the pro-eutectoid ferrite transformation15 and other diffusional processes in austenite16 on the influence of substitutional solutes on the carbon activity in austenite. They have indicated the need for suitable analytical expressions to represent such influences. The present authors previously developed general phenomenological expressions to represent the equilibrium partitioning of carbon between Fe-C alloys and Fe-C-Z alloys.'2 The expressions are applicable to all the austenitic Fe-C-Z alloys for which experimental data are available, and are sufficiently simple to recommend their general application. For alloys in

Jan 1, 1969

By H. J. Wasson

With the close of 1932 and the third year of the depression, the activity of oil production presents, amidst the general wreckage and chaos of industrial society, a somewhat unique picture of rationalized economic effort. How long it will continue to present such a picture, however, is a subject for conflicting surmises. East Texas still dominates the contemporary horizon, but it has become, at least for the time being, a definitely known factor. With its 9500 wells it is approximately 90 per cent drilled up. So long as production control obtains, it is merely one important factor of the national oil reserve. Domestic Production The notable new discoveries in the United States were less numerous than for several years. Elsewhere in the world the record is much the same. The Conroe field in Montgomery County, Texas, lying in an intermediate zone that might be classified either as Gulf Coast or East Texas, represents perhaps the single example of a truly major discovery during the year. Elsewhere in Texas the new pool discoveries, about a dozen or so in number, were nearly all in the region known as Southwest Texas. Oklahoma contributed seven or eight new pools of the routine "run-of-mine" caliber, and the opening up of a few deeper oil pays also were of some significance. Continued expansion of the proved and semiproved reserves in Kansas added an important increment to the oil resources of that state. In California not a single new field was added to the roster, though deeper pay zones equivalent to or of greater importance than many new fields in other parts of the country were discovered or indicated. The new deep zone in the Belridge field is considered by some to underlie the prolific Temblor and may thus forecast the widespread distribution of a potentinl oil horizon underlying many San Joaquin Valley fields below the depths thus far exploited. Aside from the routine operations in connection with settled production, the Eastern fields were decidedly inactive. Further new develop-

Jan 1, 1933

THE following statement is contained in an article entitled "Mortgaging the Future." by Walter C. Teagle, president of the Standard Oil Co. of New Jer-sey, appearing in the current issue of the Lamp, the official organ of the Standard Oil Co.: "During the last eight months the domestic daily production. of crude oil has risen 300,000 bbl.. which means that no less a volume than 2,500,000 bbl. now are coming to market each day. . . . Every twenty-four hours 250,000 bbl. more than the consumer required are being added to our surplus oil storage. The temporary advantage of cheap petroleum products and the availability of fuel .oil, for a widespread use as a substitute for coal are not being weighed against the time when scarcity may follow on the heels of plenty and the public of tomor-row may have to pay for today's excesses. The over-production of crude and its consequences constitute a problem of national import which far outweighs the temporary advantages either to a part of the industry or to sections of the public.

Jan 8, 1927

By H. M. Chance

Asst. Geologist, Pennsylvania Geological Survey THE following tables have been compiled from the annual reports of the Inspectors of Mines, to determine the percentages of fatal and non-fatal casualties from roof-falls and explosions of fire-damp. As we cannot assume that every accident has been recorded by the inspectors; as many casualties terminating fatally after the lapse of a considerable period, are inevitably recorded as "non-fatal;" and as clerical errors may have crept into the compilation,* the figures of these tables cannot be considered absolutely correct, but the summary is sufficiently reliable to show the features I wish to differentiate. Under the heading a Miscellaneous" are included all accidents not directly attributable to explosions of fire-damp, roof-falls or falls of coal. Prominent among the numerous causes included under this head are premature or delayed explosion of blasts, accidental explosion of powder or cartridges, accidents from mine cars, falls in shafts, machine accidents, sliding of loose coal in pitching breasts, sltffouration by choke-damp, etc., comprising in all 48 per cent of the total number of casualties. * Compiled by Mr. Maxwell Chapman

Jan 1, 1882

By L. E. Tanner

A study was made of the transformation kinetics of the commercial titanium-base alloys, Ti-2.5Al-16V and Ti-4A1-3Mo-1V, using two different heat treatment cycles: 1) step-quenching to aging temperatures from a ß solution anneal and 2) water-quenching from an a+ß solution anneal followed by reheating to aging temperatures. Metallographic examination and hardness testing provided the major portion of the data, while electrical resistivity, dynamic elastic modulus, and X-ray diffraction techniques were also used to obtain critical or confirnzatory data. TTT diagrams were constructed from these results. The sheet alloys, Ti-2.5Al-16V and Ti-4Al-3Mo-lV, are of current interest to the Department of Defense. As an aid to the planning of their respective heat treatments, a program was carried out to determine the transformation kinetics of these alloys using ß and a + ß reference states. This paper presents the TTT diagrams constructed from data obtained by metallographic examination and hardness testing, as well as by X-ray diffraction, electrical resistivity, and dynamic elastic modulus determinations. EXPERIMENTAL PROCEDURE Materials—Sheets of the alloys were obtained from the producers in the "mill anneal'' condition and were tested prior to shipment to assure their meeting mill specifications. Chemical analyses were also supplied and are presented in Table I. Heat Treatment—The majority of the data presented in this study were obtained from hardness testing and metallographic examination. Sample coupons were cut from the alloy sheets and heat treated on a mass scale. The annealing cycles were operated in the following manner: 1) The ß solution anneals were carried out in a horizontal tube furnace with the bare samples protected by a dynamic helium atmosphere. Following this treatment, the samples were quickly transferred to lead, solder, or oil-bath furnaces for aging. After prescribed times at the various reaction temperatures they were water-quenched. 2) The second cycle simulated commercial practice, which requires the alloys be quenched to room temperature following the a + ß sotution anneal. This anneal was carried out in a muffle furnace with a dynamic helium atmosphere. The specimens were then reheated from room temperature to the reaction temperatures in lead, solder, or oil-bath furnaces, followed by water-quenching after prescribed times at these temperatures. Information concerning the critical temperatures of the alloys was obtained from the literature and solution treatments were based on these values. A summary of the solution annealing treatments is found in Tables II and 111. The aging temperatures for the (a - ß alloys ranged in 50°C intervals from 200°C (392oF) to approximately 50°C below the ß/a + ß transus in the first cycle and approximately 50°C below the a + ß solution temperature in the second. The transformations in these alloys were known to be rather rapid, and thus aging times started at 0.5 min and went to a maximum of 7000 min. Hardness Testing and Metallographic Preparation— Heat-treated samples were sheared and mounted in Bakelite with their cut edges exposed. After a flat surface was ground, the hardness was determined in Vpn on an Armstrong-Vickers machine utilizing a 20-kg load. Three to four impressions were made on each specimen. After this procedure, the hardness impressions were removed and the edge surfaces of the specimens were prepared for metallographic examination in the usual manner. The etchant was 20 pct HF and 20 pct HNO3 in glycerine. Electrical Resistivity—It has been shown that the isothermal reactions in titanium-base alloys can be followed by measuring the changes in e1etrical resistivity attending these transformations. As mentioned earlier, the reaction kinetics of a-ß alloys are rather rapid; thus, it would be expected that resistivity data obtained from these alloys would be more significant if measurements were made continuously at the respective aging temperatures. To accomplish this end a special apparatus, based on the current-potential principle, was assembled. Its design was derived from earlier devices constructed by Colner and zmeska1 4 and Levinson.5 The set-up provided for the heat treatment zof machined specimens (approximately 2 x l0-4in. in cross section by 3 in. in length) and the determination of their relative

Jan 1, 1962

By Robert Archer

Two new alloys of the "strong alloy" class having improved fabricating qualities are described; also methods of producing alloys of the duralumin type with greater strength and hardness than previously obtained, are given. IT is about fifteen years since the development in Germany, largely by Alfred Wilm, of the aluminum alloy called duralumin. In this alloy, combining as it does the tensile strength of mild steel with the lightness and corrosion resistance of aluminum, a distinctly new material was presented to the engineering world. Despite the evident usefulness of this material, however, its commercial development has been slow, due in part to the difficulties involved in its fabrication. In view of the potentially great utility of strong aluminum alloys, it seemed desirable to find means of producing such alloys with better fabricating properties, and work was undertaken with this object in the laboratories of the Aluminum Company of America several years ago. This work has resulted in the production of two new types of aluminum alloy of the "strong alloy" class, having distinctly improved fabricating qualities. The knowledge gained has also made it possible to produce alloys of the duralumin type with greater strength and hardness than previously obtained. There have thus been made available some new engineering materials which it is the object of this paper to describe. These alloys, including duralumin, are fundamentally wrought alloys. Castings of the same compositions, heat-treated in the same manner give inferior physical properties, particularly as to ductility. The statements made subsequently concerning properties and heat treatment apply to material that has received sufficient working to thoroughly break down the cast structure. The material referred to has; in general, undergone a reduction in section of at least 80 per cent. by mechanical working. It may be mentioned in passing that other compositions have been found that are suitable for the production of the maximum physical properties in heat-treated castings.

Jan 2, 1925

By A. Totani, S. Nakajima, H. Okazaki

The phase diagram for the SnTe-SnSe system has been studied in the temperature range from 300° to 900°C by differential thermal and quenching techniques. The X-ray measurements were made on quenched specimens. High-temperature diffraction was also made to study the phase transition in SnSe. The system is proved to be of a eutectic type in which no intermetallic compound exists. The eutectic point is at the composition SnTeo.55 Seo.45. the eutectic temperature being 755°C. Solid solubility limits are SnTeo.6Seo.r and SnT eo. 3s Seo.6s at the eutectic temperature, and change almost linearly to SnTeo.aaSeo.lz and SnTeo.18 Seo.az as temperature decreases to 300°C. It was shown that the SnSe phase has a phase transition of the second order at about 540°C and that the transition temperature decreases with increase of the SnTe content. THERMOELECTRIC properties of tin telluride (SnTe) and tin selenide (SnSe) have been studied extensively in recent years. The variation of physical properties with composition could be of interest if these compounds form an appreciable crystalline solution. The purpose of present investigation is to confirm the formation of crystalline solution or intermetallic compound, if any, and to establish the phase diagram for this system. The crystal structure of SnTe is NaCl type with a cubic unit cell1 (a = 6.313A). The crystal of SnSe having an orthorh2mbic unit cellz (a = 11.496, b = 4.1510, and c = 4.4437A) is isomorphous with tin sulfide (SnS) which has a distorted sodium chloride structure. It has been known that SnSe has a phase at at 540°C; the transition has been assumed to be of the second order. As far as we know, only two studies on the SnTe-SnSe pseudobinary system have been reported. The conclusion obtained in these papers is that, in the composition regions near SnTe and SnSe, the system forms a crystalline solution of the SnTe structure and the SnSe structure, respectively, and that, in the intermediate region, both phases coexist. However, neither the variation of the solid solubility vs the temperature nor the liquidus and solidus were investigated. Hence present writers have attempted to determine the phase diagram of the system by differential thermal analysis (D.T.A.) and X-ray diffraction. EXPERIMENTAL Sample Preparation. Starting materials, SnTe and SnSe, were prepared by the direct fusion of commercially available high-purity (99.999 pct) elements. Stoichiometric amounts of each couple Sn-Te or Sn-Se were weighed into a clear fused silica ampule. After evacuation to a pressure below 10-3 mm Hg, the am- pule was sealed, and annealed at 900°C for 5 hr. The melt was quenched in water. X-ray analysis confirmed the formation of a single phase of SnTe or SnSe. The other samples, SnTel-,Sex were synthesized from these SnTe and SnSe by mixing them in the required ratio, followed by annealing at 900°C and quenching. These samples were used directly for D.T.A. For X-ray measurements, samples were annealed at 700°, 600°, or 500°C for 100 hr or at 300°C for 150 hr, and then quenched in water. It was found that the lattice constants of the SnTe phase annealed for 150 hr at temperatures above 500°C did not differ from those annealed for 100 hr at the same temperatures. However the X-ray phase analysis showed that at 300°C the annealing for 150 hr was necessary to attain a true equilibrium state. D.T.A. The solid-liquid equilibrium temperature was determined from D.T.A. measurements. The sample was sealed in an evacuated silica tube and molybdenum powders sealed in an another tube were used as a reference material. The sample and the reference tube were placed in a nickel block and were heated from room temperature to 900°C at a rate of 3°C per min and then cooled down at the same rate to 600°C. Thermocouples for these measurements were Pt-Pt. Rh (10 pct) and the error of temperature measurements was within + l0C. D.T.A. curves were obtained on a two-pen recorder and an automatic controller (PID type) was used for the program of heating and cooling. When temperature reaches the solidus from the low-temperature side, there appears an endothermic peak. The solidus temperature was determined by extrapolation of the straight portion of the starting flank of this peak to the base line. In a similar way, the liquidus temperature was determined from an exothermic peak on D.T.A. cooling curve. In the case of supercooling, if any, its degree can be estimated from the magnitude of the abrupt temperature rise. X-Ray . X-ray powder patterns were taken by a diffractometer using CuK, radiation. Since the SnSe crystal is cleaved easily, the powders become flaky when SnSe-rich samples are ground in an agate

Jan 1, 1969

By Pedro L. Lizaur

INTRODUCTION The degree of success of an association between parties in establishing a new venture ultimately depends on three factors: a. the venture's underlying economic strength, which is based on the complementarity of the comparative advantages brought by each party to the negotiating table; b. the ability to reach an agreement which satisfies each party's objectives and constraints; and, c. the capacity to design and implement a funding structure which is consistent with the project economics. A thorough assessment of the venture's profitability and associated risks under alternative technical and economic scenarios is the basis for a sound "go" or "no go" decision. In-depth evaluation of the risks and rewards to each of the parties involved under alternative legal and financial structure must be the foundation for a long lasting "how to go" decision. The allocation of risks and rewards should be consistent with the objectives and constraints of all parties and the sharing mechanisms, established in the contract, should be flexible to assure the long-term stability of the agreement. Rapidly changing economic conditions during the last decade have had a dramatic impact on the envisaged allocation of risks and rewards between host countries and private investors. The effects of these changes, and the fact that the relative strengths of the parties involved may shift during the life of a project (e.g. before and after major capital investments have been made), have forced the renegotiation of a multitude of contracts. Therefore, the present and future stability of an economic agreement would depend not only on the originally designed provisions, but also on provisions which allow for the automatic adjustment of rewards to project sponsors under a variety of future economic situations. A pre-condition for the allocation and quantification of risks and rewards is the definition of standards of measurement used by each of the parties. This is critical in international negotiations when one of the parties represents the national interests of a country. The understanding and use of different standards for the measurement of rewards for risk taken between a government and private enterprise facilitate the negotiation of a satisfactory agreement. This is possible because certain trade-offs between the negotiating parties may have different relative values. STANDARDS OF MEASUREMENT OF REWARDS FOR RISK TAKEN The negotiating process takes a step forward when the parties are able to focus on their interests, explore different alternative solutions and then base results on a set of objective standards. Unfortunately, the parties frequently put more effort into "staking out" and defending positions, than into understanding their intrinsic interests. Moreover, when one party, such as a governemnt owned corporation, represents a country's national interests, the negotiation process increases in complexity. Private firms focus on commercial profitability, using discounted cash flow techniques such as NPV, IRR, or ROE. In contrast, the government is also concerned with the project's impact on the local socio-economic environment. Without entering into a discussion of alternative economic development theories and approaches, there exist several possible measures that could be pragmatically utilized by each party in evaluating the socio-economic impact of a project. The more complete measure is the National Profitability (NP). The NP is a discounted cash flow procedure similar in structure to IRR or NPV but in which the project's financial cash inflows and outflows and discount rates are adjusted to take into consideration the local conditions. The NP is calculated on an unlevered basis and all taxes and duties are removed from the project

Jan 1, 1985

By C. W. Andrews

The various methods of by-product coke-manufacture have been quite thoroughly discussed in a number of papers recently published, and I think it would possibly be of interest and value to discuss the growth and probable future of the byproduct coke industry, rather than details of manufacture. The first by-product coke-plant in the United States, consisting of 12 ovens, was put in operation at Syracuse in January, 1893. This installation was followed by one at Johnstown, Pa., in 1895; one at Dunbar, in 1896, and one at Glassport, in 1897. The plant at Syracuse was primarily intended to supply the owners with ammonia for their alkali-works. At Glassport, for the first time, gas was sold for illuminating purposes, although it was mixed with water-gas to make it marketable. The New England Coke & Gas Co. started the plant in Boston in 1899, which was destined to change the whole trend of the establishment of by-product plants, since it manufactured for the first time illuminating-gas suitable for sale without enrichment. This was accomplished by dividing the gas on the battery into two portions. One portion, consisting of the richer part of the gas, was saved for sale, while the remaining, or leaner, portion was used in the battery. This idea was originated by Dr. Schniewind, of the United Coke & Gas Co. The coke was used for domestic, industrial, and locomotive fuel, as its sulphur-content was too high to make it suitable for use in the foundry. The successful operation of this plant led to the building of additional plants at points where the production of illuminating-gas could be sold to advantage and where there was a fair market for the coke-output. The following list of illuminating-gas plants in order of construction will give a good idea of the rapid growth of this method of combined gas- and coke-manufacture: Hamilton, Ohio; Detroit, Mich.; Camden, N. J.; Baltimore, Md.; Chester, Pa.; Milwaukee, Wis.; Duluth, Minn.; Geneva, N. Y.; Chicago, Ill.; Indianapolis, Ind. In addition to these there are now under construction plants at Muncie, Ind.; Joliet, Ill., and Waukegan, Ill., all of which will produce illuminating-gas and metallurgical coke.

Jan 1, 1913

By B. O. Pickard

WITH more than a score of shafts and numerous stope openings to the surface, all inter-connected underground; with underground temperatures high, often exceeding 100° wet bulb; with an ore presenting a dust health-hazard; with certain rocks giving off inert gases; with an altitude of 6000 ft. above the sea level and a dry desert climate, the Tonopah mines offered an interesting, problem to the student of metal-mine ventilation. Tonopah is not an old mining district relatively speaking. It was discovered in 1900 and Tonopah soon was a boom camp. By 1910 the mines of this district had paid many millions of dollars in dividends. At the time of the 1921 ventilation study, mining had passed its peak of production and the operators were striving to reduce costs, to discover new ore bodies, and to attract desirable workmen. In 1925, the camp was operating on a still less prosperous basis, but the several managements had not relaxed in their efforts to keep the mines on a paying basis, neither had they lost their faith in the ability of the mines and the price of the silver to "come back." Early in the fall of 1921 the Bureau of Mines was invited by the mine operators at Tonopah, Nevada, to make a detailed study of the under-ground air conditions in the Tonopah silver district. D. Harrington,? who was then directly supervising the ventilation studies of the bureau, detailed district engineer B. 0. Pickard, mining engineer E. D. Gardner, surgeon C. E. Kindall, and petrographer H. Insley to carry on the study. G. S. Rice, as chief mining engineer of the Bureau of Mines, was in general charge of the work. Upon the completion of the study each operator was furnished a report on conditions in his mine.

Jan 2, 1927

By W. F. Domis, F. von Gemmingen, R. W. Whitmore, F. Garofalo

Constant-load creep-rupture tests at 1100°, 1300° and 1500°F were made on a Type-316, 18 Cr-8 Ni-ZMo, austenitic stainless steel to determine the relationship between ruptzire life and other aspects of creep behavior, The test program was designed on a statistical basis to check the variability of various creep properties and to determine emprically the dependence of minimutn creep rate and ruptzire life on initial stress, The dependence of the rupture life, tn, on the initial stress, a,, is found to be related to the stress dependence of the wrinimum creep rate, i,, and secondary creep strain, The instabilities or breaks found in the conventionual log - logt, plots can be traced to either a change in the linear dependence of log i, on log a, or to a change in secondary creep strain. In the alloy tested, rupture is found to be predowmanantly of the inter crystalline type, For this material, the secondary creep strain is -found to depend on the nature of the grain boundary precipitate, which affects grain boundary migration. It has been shown for a variety of metals and al tested at elevated temperatures under creep conditions that the empirical relationship exists between rupture life, tr, and minimum creep rate, i,. This relationship, in which C and a are in some cases independent of stress or temperature, shows in a general way that creep rupture depends on creep behavior prior to tertiary creep stage. To determine more fully the factors which control creep rupture requires, therefore, more knowledge of the relationship between rupture and creep behavior. To obtain such information, constant-load creep-rupture tests have been made on a Type-316, 18 Cr-8 Ni-2 Mo, austenitic stainless steel at 11000, 1300°, and 1500°F. These tests were designed on a statistical basis to determine the variability of the various creep properties measured and to determine empirically the stress dependence of minimum creep rate and rupture life. As a result of this work, various empirical relations have been established defining more closely the factor, C, in the relation between rupture life and minimum creep rate. This factor is found to be proportional to the amount of strain during secondary creep. The variation of secondary creep strain with rupture life and temperature is determined and its effect on rupture behavior discussed. The variability in minimum creep rate and rupture life is also dis- cussed and the dependence of these quantities on initial stress is interpreted. TEST MATERIAL AND TEST PROCEDURES The material tested is an austenitic stainless steel, AISI Type 316, of the following composition: C, 0.07 pct; Mn, 1.94 pct; P, 0.01 pct; S, 0.021 pct; Si, 0.38 pct; Cr, 18 pct; Ni, 11.4 pct; Mo, 2.15 pct; All 0.003 pct and N, 0.043 pct. The material was received as a hot-rolled 0.5-in. diam bar which was sectioned into 3.25 in. long blanks. Each blank was heat treated by holding 1/2 hr at 2000° F followed by water quenching. A 3/8-in. coupon was removed from each heat-treated blank and the microstructure was examined, the grain size determined, and the hardness measured. The microstructure was found to be uniform from blank to blank and the grain size was found to range from 4 to 6 ASTM numbers. Hardness, measured using a 20-kg load, varied between 127 and 148 Vpn. Tensile creep-rupture specimens having a 0.25 in. diam within a 1.5-in. reduced section were machined from the heat-treated blanks. Constant-load tests were made on these specimens at 1100°, 1300°, and 1500 F. Six specimens were tested at each stress level. Three creep-rupture machines were employed for tests at each temperature, two specimens being tested in each machine for each stress level. To minimize any effect due to local inhomogeneities along the length of the as-received bar the specimens were randomized before test. Each specimen was tested to rupture and in most cases an autographic extension-time curve was obtained. For very low stress levels at 1500°F no auto-

Jan 1, 1962

By B. D. Cullity, O. P. Puri

The magnetostrictia of nickel after increasing amounts of plastic elongation was measured at field strengths up to 1500 oe. In addition, the residual stress was measured by means of X-ray line shifts. The observed decrease in magnetostriction following plastic strain is shown to be associated with residual compressive stress. If a metal bar, whose longitudinal axis is taken as the x direction, is plastically elongated in the x direction and then unloaded, X-ray diffraction measurements will indicate the presence of a residual compressive macrostress 0%. However, stress measurement by means of mechanical relaxation does not reveal any macrostress. In a previous paper1 the fictitious macrostress indicated by X-rays was ascribed to a particular distribution of micro-stress, namely, one in which the bulk of the material was stressed more or less uniformly in compression and a very small portion in tension. It was shown that this distribution would account for Neurath's measurements2 of magnetic losses in silicon steel, because of the effect of residual stress on magnetostriction. The present paper is concerned directly with magnetostriction, in nickel, and with the effect on magnetostriction of the residual stress created by plastic elongation. The residual stress was determined by measurements of X-ray line shifts. MATERIAL AND METHODS Commercially pure "A" nickel was investigated. Its nominal composition, in weight percent, is 99.4 Ni + Co, 0.2 Mn, 0.15 Fe, 0.1 Cu, 0.1 C, 0.05 Si, and 0.005 S. Magnetostriction was measured by means of SR-4 electrical-resistance strain gages mounted on specimens 1/4 in. sq and 8 in. long. Magnetic fields up to about 1500 ce were provided by a multilayer, non-cooled solenoid. A considerable amount of heat was developed at the higher field strengths, and, to avoid errors due to changes in the specimen temperature, the following procedure was adopted. Each measurement of the magnetostriction X at a particular field strength H was preceded by demagnetization and an adjustment of the strain indicator to zero; the field H was then quickly switched on and the strain read immediately. Curves of ? vs H were flat for field strengths above about 750 oe for all specimens, and this constant value of X was accordingly taken as the saturation magnetostriction ?s The X-ray measurements of residual stress were made with a Norelco diffractometer on specimens cut from flat bars 1 1/4 in. wide, 1/8 in. thick, and 12 in. long. These measurements were confined to lattice planes parallel to the surface of the specimen. Two reflections were studied: the 311 CrKß line at 28 = 157 deg, and the 420 CuKal line at 28 = 155 deg. The line centers were determined by fitting a parabola to the peak of the line, as suggested by Ogilvie3 and as modified by Koistinen and Marburger.4 The CuKa doublet from the plastically elongated specimens was first resolved by the Rachinger method5. All X-ray measurements were made by counting at fixed angular positions. RESULTS The results of the magnetostriction measurements are shown in Fig. 1 and Table 1. The magnitude of

Jan 1, 1963

By P. B. Baxendell

The appraial of producing properties and profitability ntzalysis of a proposed capital expenditure are based on the same principles. In both problems a projection of future cash income is. cornpared to one or more capital expenditures. Several different methods have been in use either to compute a price to obtain a given earning power on the investment or to compute the earning power which will result from a given capital expenditure. One of these, the "Average Annual Rate of Return" method, computes in a simple manner the ratio of the present value of the future earnings after amortization to the present value of the undepreciated balances of the investment over the life of a project. This method, not well known generally, appears to have some rather unique advantages in reducing the computation work required, eliminating trial-and-error solutions, and providing a more accurate answer when applied to oil industry investments subject to the unit-of-production basis of amortization. Its derivation is given and its versatility demonstrated in the solution of certain everyday investment problems. A number of charts, useful in applying this method to profitability analysis and appraisal work, are provided. The current trend in the market values of producing properties is shown. INTRODUCTION Making sound capital expenditure decisions requires an objective means of measuring the productivity of individual investment proposals. Since the best measure of the economic worth of such proposals is their ability to produce profits, it is common practice to grade proposed capital expenditures according to their annual earning power as a percentage of the outstanding capital. The same principles which govern the determination of the rate of return of proposed capital expenditures also apply generally to the problem of determining the appraisal value or purchase price of income-producing oil and gas properties. Both problems are of prime importance in the producing phase of the oil business, where management is faced daily with decisions to drill or not to drill certain development wells, or with the determination of the appraisal value of producing properties. The common feature in both problems is that a projection of future cash income is compared with a known or estimated capital investment to determine itsiearning power or annual rate of return. In the case of development drilling, the cost of the proposed well can usually be estimated with a fair degree of accuracy and the problem consists of finding the rate of return on the invested capital. In the case of appraising producing properties, on the other hand, the desired rate of return is usually known in advance and the problem consists of determining the purchase price which, for the given income projection, results in the fequired rate of return. Certain accounting procedures common to the oil and gas producing business make these two problems and their solutions somewhat different from corresponding problems in other industries, and, in certain ways, simpler. The main difference is in the amortization policy which, for oil and gas production, is frequently on a unit-of-production basis, compared to the amortization on a time basis used in many other industries. The purpose of this paper is to discuss briefly the various methods currently in use for the measurement of productivity of invested capital in producing properties and, in more detail, the derivation and application of what will be called the "Average Annual Rate of Return Method". This rather interesting and not too well known method has some very definite advantages in the solution of many problems common to the oil industry. For the sake of simplicity, federal income tax considerations have been disregarded in the examples used, since they do not affect the principles involved. The use of the production payment route in the sale or purchase of producing properties, which has been amply covered in many other publications, has also not been included in this analysis. METHODS FOK MEASUKING THE EARNING POWER OF INVESTED CAPITAL, Of the many different methods used to measure the earning power of invested capital, four are applicable to oil or gas production ventures. Depending on whether these four methods utilize one or two interest rates, and whether a fixed amortization pattern is used, they may be classified as follows.

By A. V. UDELL

OF all the metals that have from time to time been called the "Wonder Metal," mercury, often called quicksilver, is probably the most deserving of this designation. A wonder metal it must have been to those workers of an earlier day who named it after that Latin god of commerce and gain, characterized as the fleet messenger of the gods and the conductor of souls to the lower world. The word mercury has been used to indicate a carrier of tidings, a bearer of news, a nimble or clever person, a hawker, and a skillful thief. All of these attributes, and more, are recognizable in this metal, the technical terminology of which is "Hydragyrum," meaning water-silver, and from which the chemical symbol "Hg" is derived. Fickle in its occurrence in nature, simple in its metallurgy, illusive in captivity, it serves man in life or death, in war or peace, in commerce, science and arts, in mining, agriculture, and forestry with a versatility found in no other element.

Jan 1, 1929