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By Joseph A. Holmes, Henry Kreisinger

At the Mining Experiment Station of the U. S. Geological Survey, in Pittsburg, an investigation of the process of combustion is being carried on in a specially-designed furnace having an unusually long combustion-chamber. This work is conducted by a con~mittee consisti~lg of 11. Kreisinger, mechanical engineer; Dr. J. C. W. Frazer, chemist; and Dr..J. K. Clement, physicist. The problem, essentially one of physical chemistry, is estremely interesting to all who are concerned in the burning of coal or the construction of furnaces. The main object of these experiments is to ascertain the relation between the amount of' the volatile combustible driven from the coal and the combustion-spaces necessary to burn it completely. Our best steam-coals vary from 15 to 45 per cent. in volatile matter and from 40 to 75 per cent. of fixed combtistible. The greater part of the latter is burned on the grate: but the volatile combustible leaves the freshly-charsed coal and must be burned in the combustion-space. If this space is not large enough, the volatile combustible mill leave the furnace only partly burnecl, and the result will be a considerable heat-loss and a smoky stack. Strictly speaking, the factor which determines the completeness of combustion of the volatile matter, after it has been mixed with a certain amount of air, is the length of time the mixture is allowed to remain in the combustion-space; but this length of time depends on the extent of the space itself. Let us suppose, for instance, that, when a given coal is burned at a certain standard rate, the volume of the volatile combustible driven oft' per second is 10 cu. ft. Adding, say, 10 cu. ft. of air, the volume of the resulting burning mixture is increased to 20 cu. ft. If the combustion-space is 30 cu. ft., the burning mixture will stay in it,

Jan 1, 1911

By E. A. Beck

For a number of years many attempts have been made to use thermit in order to do away with piping in ingots. Some of these attempts were successful, while others did not give the expected results. Nearly every plant had its own method of using the thermit, and no special care was taken to study the results or to find the causes for lack of success. Formerly the principle of the process was to decrease the piping by introducing a can filled with thermit, attached to an iron rod, into the head of the ingot directly after it had been poured. In this case the thermit reaction took place in the upper part of the ingot, and it was thought that through the heat produced the head would keep liquid longer and piping thus be reduced. In other words, the aim was to keep the head of the ingot open by making use of the heat of the thermit reaction, which would thereby give the gases in the steel sufficient time to escape. This result can be attained by the application of a large enough quantity of thermit, but it would not be economical in general practice, and could only he used for high-grade material. Many steel-makers abroad and in this country have had this experience. The Th. Goldschmidt A. G., Germany, has, therefore, made a special study of this question with the cooperation of a well-known steel company, and has worked out a new method for the application of thermit for this purpose. The results obtained have been most satisfactory and reliable, and this process is now used in Germany on a large scale in many prominent steel-works. The thermit is applied in cans, as in former years, but the principle of the process is entirely different. The object of using the thermit is not to heat the steel and keep it liquid,

Jan 1, 1914

By AIME AIME

IT its annual meeting on Oct. 21 and 22, the Engineers' Council for Professional Development announced the selection of J. P. H. Perry. vice-president of the Turner Construction Co. and prominent civil engineer of New York City as its new Chairman. He succeeds C. F. Scott, who becomes Chairman of its Committee on Professional Recognition. S. L. Tyler, Secretary of the American Institute of Chemical Engineers, succeeds A. B. Parsons as ECPD Secretary. R. E. Doherty is Vice-chairman. C. E. Davies remains as Assistant Secretary, as do R. L. Sackett as Chairman of the Committee on Student Selection and Guidance, O. W. Eshhach as Chairman of the Committee on Engineering Training, and Karl T. Compton as Chairman of the Committee on Engineering Schools.

Jan 1, 1938

By T. E. Brower

SHORTLY after our previous paper on this subject was printed,1 we located a source of uncertainty in the results arising from the unexpected fact that hydrogen slowly reduces silica at 1100° C. in presence of iron, even when the iron nowhere touches the silica, although in absence of iron it does not do so. This difficulty has been completely obviated by the use of a small high-frequency furnace, which enables us to heat the specimen for analysis without raising the temperature of the silica vessel to a point at which any appreciable reduction of the silica glass occurs. We now describe this modification of procedure, and present some typical results obtained with it. For any given specimen of steel, the results are entirely definite and. reproducible, but their precise significance is still open to some question, as indeed is true of all methods of oxygen determination so far developed. Further elucidation of this question is to be expected from the cooperative comparison of the several methods now under way under the auspices of the Bureau of Standards at the instance of the Iron and Steel Division of the A.I.M.E.

Jan 1, 1934

MR. Woo's succinct description of the mining and smelting of silver-lead in Mongolia, with the roasting-and-reduction process and cupellation, has much interest as a picture of methods that not only may have been in use, as he suggests, a thousand years ago, long before the existence of mining schools or chemical laboratories, but probably vary little, if at all, from the practice of prehistoric times, when King Priam's handsome silver vases, cups and bowls were formed. For it is highly improbable that such large objects were made from comparatively rare native silver, and the metal must have been smelted from ore, and most likely in great part from galena,, with cupellation of the lead. Dr. W. A. P. Martin, in his excellent book on the Lore of Cathay, points out that Chinese alchemy is over 2000 years old, antedating the European by at least six centuries; and he infers that the Chinese skill in metallurgy and many branches of practical chemistry owes its origin to " those early devotees of the experimental philosophy who passed their lives among the fumes of the alembic." Those alchemists, however, may have more likely derived some of their leading ideas from the mys terious, and at that time wholly unexplainable results observed in already very ancient metallurgical processes; in which, for example, certain stones were transmuted, as it were, into metals widely divergent in character from their ores, and even silver and gold were obtained from the most unlikely-looking mate rials. It is therefore, in any case, not improbable that the Chinese may have preceded western nations in the discovery of metallurgical methods. At all events, it is now evident that the Japanese acquired these arts from China, the former source of all their higher civilization. My own observation of old-fashioned silver-smelt ing at Hosokura, on the main island of Japan, and about 220

Jan 1, 1903

By Kefton H. Teague

Attempts to locate domestic supplies of sillimanite have been unsuccessful until recently. This paper describes recent discoveries of sil-limonite-bearing schists in the Southeastern States, with emphasis on geology of the deposits, mineral composition, origin, and reserves. Statements concerning possible methods of mining, milling, and utilization of sillimanite are given. Results from refractory tests on a laboratory scale are summarized. SINCE 1917, when synthetic mullite was first used in spark plug porcelains, there has been a continued search for natural sillimanite. During the recent war this search was intensified, not only for sillimanite but also for any materials which could be used satisfactorily as a substitute for the imported kyanite from India. The Indian massive kya-nite does not decrepitate during calcination as does our domestic bladed kyanite, thus a coarse grog can be obtained from it. Some of the most promising domestic materials suited for high temperatures are limited in quantity. Massive topaz from Chesterfield County, S. C., showed promise of possessing desirable refractory properties; but the action of combined fluorine, liberated during calcination, upon equipment and surroundings, as well as a limited supply of ore and the presence of impurities discouraged its use. Residual lumps and boulders of massive kyanite, similar to the material imported from India, occur in Georgia. This material, like the massive topaz, is of limited quantity. Andalusite from California and dumortierite from Nevada are satisfactory high-temperature refractory materials. Their uses have been restricted to specialized products since the location and character of the deposits are such that large production is impractical. Sillimanite, like kyanite and andalusite, has the theoretical chemical composition of Al2SiO5. It has a hardness of 6 to 7; vitreous, silky to subadamantine luster; specific gravity of 3.2 to 3.3; and is gray to bluish gray in color. Under the binocular microscope, the crystals are transparent. The mineral may occur as dense, fibrous mats (fibrolite) composed of fibrous, sometimes radiating hair-like crystals in schist which are associated with igneous intrusions. Deposits of this type have widespread distribution, but none discovered to date appears to have commercial possibilities. Sillimanite also occurs as bundles of crystals disseminated in biotite schist, as noted in the Hart-Elbert-Madison County, Ga., area and in some of the South Carolina and North Carolina deposits. This type of material has been called prismatic sillimanite by the U. S. Bureau of Mines. Deposits of this variety appear to offer commercial possibilities. When heated above 1650°C, sillimanite expands about 6.5 pct and is converted into a mixture of mullite (3Al2O3 . SiO2) and vitreous silica. This is a stable mixture which has a specific gravity of about 3.15. General Geology: Sillimanite (fibrolite) is a mineral common to the pre-Cambrian metasedi-ments of the Southeast. It occurs throughout the crystalline schists which lie between the Fall Line on the southeast and the established Paleozoic rocks on the northwest (fig. 1). In addition to the meta-sediments, this area contains pre-Cambrian igneous

Jan 1, 1951

By Kefton H. Teague

Attempts to locate domestic supplies of sillimanite have been unsuccessful until recently. This paper describes recent discoveries of sil-limonite-bearing schists in the Southeastern States, with emphasis on geology of the deposits, mineral composition, origin, and reserves. Statements concerning possible methods of mining, milling, and utilization of sillimanite are given. Results from refractory tests on a laboratory scale are summarized. SINCE 1917, when synthetic mullite was first used in spark plug porcelains, there has been a continued search for natural sillimanite. During the recent war this search was intensified, not only for sillimanite but also for any materials which could be used satisfactorily as a substitute for the imported kyanite from India. The Indian massive kya-nite does not decrepitate during calcination as does our domestic bladed kyanite, thus a coarse grog can be obtained from it. Some of the most promising domestic materials suited for high temperatures are limited in quantity. Massive topaz from Chesterfield County, S. C., showed promise of possessing desirable refractory properties; but the action of combined fluorine, liberated during calcination, upon equipment and surroundings, as well as a limited supply of ore and the presence of impurities discouraged its use. Residual lumps and boulders of massive kyanite, similar to the material imported from India, occur in Georgia. This material, like the massive topaz, is of limited quantity. Andalusite from California and dumortierite from Nevada are satisfactory high-temperature refractory materials. Their uses have been restricted to specialized products since the location and character of the deposits are such that large production is impractical. Sillimanite, like kyanite and andalusite, has the theoretical chemical composition of Al2SiO5. It has a hardness of 6 to 7; vitreous, silky to subadamantine luster; specific gravity of 3.2 to 3.3; and is gray to bluish gray in color. Under the binocular microscope, the crystals are transparent. The mineral may occur as dense, fibrous mats (fibrolite) composed of fibrous, sometimes radiating hair-like crystals in schist which are associated with igneous intrusions. Deposits of this type have widespread distribution, but none discovered to date appears to have commercial possibilities. Sillimanite also occurs as bundles of crystals disseminated in biotite schist, as noted in the Hart-Elbert-Madison County, Ga., area and in some of the South Carolina and North Carolina deposits. This type of material has been called prismatic sillimanite by the U. S. Bureau of Mines. Deposits of this variety appear to offer commercial possibilities. When heated above 1650°C, sillimanite expands about 6.5 pct and is converted into a mixture of mullite (3Al2O3 . SiO2) and vitreous silica. This is a stable mixture which has a specific gravity of about 3.15. General Geology: Sillimanite (fibrolite) is a mineral common to the pre-Cambrian metasedi-ments of the Southeast. It occurs throughout the crystalline schists which lie between the Fall Line on the southeast and the established Paleozoic rocks on the northwest (fig. 1). In addition to the meta-sediments, this area contains pre-Cambrian igneous

Jan 1, 1951

By Charles Hardy

ACTIVATED alumina is an aluminous material which may be 1 classified chemically as a partially dehydrated aluminum trihydrate having a high porosity and a perma¬nent physical structure. In general, it may be employed effectively and economically for the complete removal of water vapor from gases and vapors; for the selective adsorption of certain as especially those of the higher boiling points, and as a catalyst or catalyst carrier. Other forms of alumna are available and may be employed similarly but not so effectively nor can reactivation be accomplished with uniformity over many cycles without deterioration. The adsorption-reactivation cycle of activated alumina can be repeated many times without any apparent depreciation ill

Jan 1, 1934

By Su Zhen

Based on the technical features of the Feng- huang-shan concentrator, the authors have designed a new scheme for optimal search and self-adaptive control in flotation process, in order to apply computer control to the concentrator. Hence, a plant test of optimal control in bulk flotation of copper and iron sulfides was successfully carried out. The control parameters are xanthate addition, pulp level, and amount of aeration, etc., in flotation cells. Two mathematical models of multiple parameters established by the authors were adapted and flotation efficiency was used as an objective function in the control.

Jan 1, 1984

By Stanley J. Gasior, Albert J. Forney, Joseph H. Field

Most bituminous coal mined near Eastern industrial areas requiring high-Btu pipeline gas is caking and therefore unsuitable for fixed-bed pres- sure gasification by present techniques. If the caking property of such coal can be destroyed, the resulting fuel can be gasified in a fixed bed at pressure with steam and oxygen as a preliminary step in making a high-Btu gas. To find a practical way to convert strongly caking coals of granular or small lump size to noncaking fuel was the object of this study. In previous work, strongly caking coals of 1/8- to 1½ -in. size were converted to a noncaking coal char by treatment in a static bed in about 3 hours1 and coal of 18-100 Tyler mesh in a fluidized bed in about 5 min.2 An inert gas such as steam, nitrogen, carbon dioxide or a mixture of all three with a small amount of oxygen was used in both studies. In our work a strongly caking bituminous coal from the Pittsburgh seam of 4-8 Tyler mesh size was converted to a noncaking form in free-fall in about 2 sec by dropping it through a countercurrent flow of steam containing 4% to 7% oxygen at 1150º-1200°F and 300 psig. This method should also be applicable to smaller-sized material.

Jan 3, 1965

By Georges Fleming

The new burden preparation plant of ARBED Luxembourg, Belval- Works, which comprises 2 large sinter strands, is equipped with a process computer connected to a comprehensive process control system. The main jobs done by the computer are the control of the raw mix composition, and thus the monitoring of the stacking of the piles at the bed-blending plant, and the optimization of the sintering process. Among the optimization criteria, quality is considered as the most important. The sinter quality, characterized by the mechanical strength and the state of oxidation, is controlled automatically. The control system which we have dev loped is highly reliable; as a result, the standard deviation of Fe++, for the control of bivalent iron, has been narrowed to 0,5 % and the standard deviation of the IS0 + 6, 3 mm index, for the control of the mechanical strength, has been kept within 1 %. Thanks to these results, the combined savings in fuel consumption at the sinter plant and at the blast furnaces have covered the total costs of the optimization project in 2 years. By applying automatic control, the optimum driving range of the sinter plant has been defined and these new guidelines are used for monitoring the sinter production.

Jan 1, 1977

By J. C. Mertz, C. H. Mathewson

Accurate knowledge of the solid solubilities of the elements that dissolve in the important base metals is needed for guidance in the preparation and heat-treatment of the alloys derived from these components. While there is still difference of opinion concerning the merits of the X-ray and microscopic methods of determining such solubilities, it is certainly true that the recent extensive use of X-ray diffraction to review the existing constitutional data has revealed many glaring inaccuracies and has brought about a much improved knowledge of phase-boundary locations, which will inevitably come to include all of the important alloy systems. When the work is done with all necessary precautions it appears that in the majority of cases where the solubilities extend beyond a few tenths of a per cent the X-ray back-reflection technique is capable of furnishing the best of information in this field. For the most prolonged and thorough studies it is obviously advisable to combine the results of several methods, in particular, to obtain an agreement between X-ray and microscopic data. This paper reviews the work previously done on the solubilities of phosphorus, arsenic, antimony and bismuth in copper and, in consideration of the uncertainties thus made apparent, presents new X-ray data obtained with the first three members of this group. Copper-phosphorus System Heyn and Baurl found that in slowly cooled alloys phosphorus forms a solid solution with copper up to about 0.175 per cent. Huntington

Jan 1, 1937

By R. J. Marcotte, C. T. Eddy, R. J. Smith

THE objectives of the investigation herein reported were to determine: (I) the S-curves for certain selected cast steels, (2) whether or not the published S-curves for wrought steels are satisfactory for use on cast steels of similar composition, and (3) to prepare hardenability curves of the selected cast steels. In order to make the final comparisons between cast and wrought steel more completely tangible, it was deemed advisable not only to determine S-curves for the steels submitted in the cast condition but also to roll some of the cast-steel test bars and determine comparison S-curves on such wrought material. This procedure eliminates the composition variable and makes it possible to reveal the differences resulting from plastic deformation of the cast structure in addition to providing the comparison with published data on wrought steels. CAST STEELS The cast steels selected for the preparation of S-curves, or time-temperature transformation curves, were similar to S.A.E. series 1030, 2330, 4130 and 4330. Of these the 1030 was supplied by The Crucible Steel Casting Co., Cleveland, Ohio, and the other three by The Sawbrook Steel Castings Co., Lockland, Ohio. The steels were furnished in the as-cast condition. The manufacturers supplied the chemical analyses and the properties that could be obtained in the heat-treated condition-all of which is summarized in Table I. [ ] PROCEDURE The metallographic and dilatometric procedures and equipment were in general standard. The specific technique employed was described in a report of the Steel

Jan 1, 1945

By R. E. Allen, A. C. Jephson

ELECTROLYTIC zinc plants of the American Smelting and Refining Co. are located adjacent to the present city limits of Corpus Christi, Texas. The original plant commenced operations during 1942, and is designed for the production of special high grade zinc from zinc sulfide concentrates.' Subsequent changes include the erection of an additional acid plant during 1950, and additions for increased generating and production capacity during 1951. New Electrolytic Plant—The new electrolytic plant is a separate unit erected for the treatment of densified fume produced at Asarco plants located in El Paso, Texas and Chihuahua, Mexico. Construction was completed and operation commenced during June, 1953. Decision for the erection of a separate plant for the treatment of densified fume is based on several factors. One of the principal reasons is the assurance of continued production rate of the original plant, which might have been jeopardized by combined treatment of calcine and fume. Of equal importance is the advantage of locating a plant on a site with adequate space for eventual expansion. General Description—The new plant for the treatment of densified fume consists of four main buildings for the following operations: storage and grinding of fume, leaching and purification, electrolyzing and casting, and rectifier units. Auxiliary buildings include a baghouse, reagent storage, and a lunch room. Leaching of ground fume with electrolyte from the cells is a batch type operation in tanks equipped with mechanical agitators and weightometers. Completed leaches are pressure filtered, the resultant residue being recovered for shipment to El Paso by conventional use of thickeners, drum type vacuum filters, and a direct-fired dryer. Filtrates from the filter section are purified in mechanically agitated tanks, filtered after completion through plate and frame presses, and then pumped to an evaporative type cooling tower. Solution discharged from the basin of the cooling tower is collected in storage tanks for use in the cells. The cool purified solutions are pumped as required from storage to the solution circuit for circulation of electrolyte through the cells. Except for the addition of purified feed solution and withdrawal of electrolyte for leaching, the circulating system for the cells is essentially a closed continuous circuit that includes the use of evaporative cooling towers for control of solution temperatures. Aluminum cathodes and Ag-Pb anodes are used for electrolysis, which is maintained at a current density of about 82 amp per sq ft. Cathode zinc produced is melted in a gas-fired reverberatory furnace and then cast into slabs on a straight line casting machine. Unloading and Storage—Fume produced by the Chihuahua plant is shipped in box cars, and fume by the El Paso plant in hopper bottom dump cars. Shipments as received are weighed on a 7 5-ton capacity railroad scale, sampled, and then moved over one of the two unloading hoppers with a car puller. The cars are then unloaded with mechanized equipment, a car scoop being used for unloading of box cars and a car shaker for the hopper bottom cars

Jan 1, 1958

By A. B. Kinzel

THE demands of the petroleum and chemical industries for steels to be used in pressure vessels and similar structures at artificially low tempera-tures are continually increasing, and the writing of proper specifications with suitable tests becomes increasingly important. Likewise, the selec-tion of suitable steels for such applications is of increasing concern to the metallurgist. It is generally recognized that highly alloyed steels of the austenitic stainless type retain their properties even at very low tempera-tures and represent the best technological solution of the low-temperature steel problem. However, in many instances less expensive carbon or low-alloy steels suitable for service within limited temperature ranges are available. The problem thus becomes one of defining the various factors involved in the production and fabrication of these less expensive steels and determining the temperature ranges in which their properties justify engineering application. Most of the applications involve welded structures, and the heat effect of welding as well as the nature of the weld metal are matters of prime concern. The first problem that the metallurgist faces is the determination of the type of test to be used as a criterion of the performance of the steel in low-temperature service. It has been generally recognized that the static properties of steel as determined in the ordinary tensile test undergo a gradual and relatively slight change as the temperature of test is lowered in the range of current interest; i.e., from room temperature to minus 120° C. It is further generally recognized that the behavior of steel under impact involving notch sensitivity is definitely affected at the lower temperatures. While the major subject of this paper is the effect of grain-refining deoxidizers, of low-alloy additions and of welding on the low-temperature notched-bar impact properties, an inquiry into the general behavior of steel under low-temperature impact testing is included. This is a pertinent portion of the investigation and the results thereof are

Jan 1, 1937

By K. L. Clark, Nicholas Kowall

MAXIMUM furnace efficiency and close control of final steel composition demand that the steel melter be able to follow closely the variations in the carbon content of the bath. For many years, the fracture test has been used by melters for estimating carbon, because it requires only a very short time to pour a sample into a chill mold, cool it in water, break it with a sledge hammer, and observe the fracture. After long experience gained from the observation of such fractures, most melters are able to estimate the carbon content of steel with amazing accuracy, particularly in the lower carbon ranges. Notwithstanding the utility of the fracture test, there has been widespread interest in other methods for rapid carbon determination to supplement it and to ensure against possible errors in human judgment. Several methods, based upon measurement of magnetic properties as functions of carbon content, have been described in the literature1-6 and have been found to give reasonably reliable results in plant practice when scrap composition is known and controlled. A difficulty encountered in the use of analyzers of the magnetic type is that alloying elements do change the relationship between carbon content and magnetic properties and it becomes necessary to establish calibration curves for all the expected combinations of alloy residuals that are not oxidized in the bath. The work reported here is of an investigation of a method that is independent of alloying elements normally present in constructional steels, being based upon the relatively well-known fact that in plain carbon and low-alloy steels martensitic hardness is a function of carbon content alone. WORK OF OTHER INVESTIGATORS In 1938, Burns, Moore and Archer published a curve7 that showed that the hardness of martensite is a function of carbon from 0.10 to 0.50 per cent and is independent of grain size or alloy content, at least within the range found in constructional S.A.E. compositions. Some of the deeper hardening types investigated, however, contained carbon to a maximum of only 0.20 per cent. Using this principle, Kern8 developed a method of rapid carbon determination for S.A.E. 43xx steels. His procedure consisted of chill-casting a test bar that was large enough to give a surface that could be prepared for Brinell indentations. The test piece was quenched immediately after solidification was complete and hardness readings were taken, so that the carbon content could be read from an experimentally determined curve giving the relationship between as-quenched hardness and carbon. EXPERIMENTAL WORK Although Kern's work had been done with a relatively deep-hardening steel, it

Jan 1, 1944

By R. Schempp

DURING the past few years, general interest in the steel-producing and steel-consuming industries has been centered on the so-called "inherent characteristics" of steels. While often vaguely described, these char-acteristics are known to influence the response to heat-treatment and the hardening characteristics of the material. Although most of the recent papers and discussions have associated the "inherent characteristics" with the austenitic grain size and empha-sized the importance of it, comparatively little is known of the variables that may affect the size of the austenite grain. The work to be described in this paper was carried out during the course of a study on the inherent characteristics of tool steel containing one per cent cart on. The discrepancies encountered in the determination and classification of the austenitic grain size led to in investigation of some of the variants influencing the austenitic grain size as determined by standard methods.

Jan 1, 1937

By AIME AIME

PETROLEUM technology was the sole subject of discussion at the meeting of the Petroleum Division at the Baker Hotel, Dallas, Texas, Oct. 6-7, except for the brief talks by President Becket and Secretary Parsons at the dinner on Friday evening. Even on this occasion, following the scheduled official features, it was in order to talk "shop." W. E. Wrather and E. A. Stephenson, respectively Chairman and Secretary of the Division, had planned for a meeting of this nature and by preference, apparently, the 122 who registered fell in with the scheme wholeheartedly. Not because the competent local committee had not provided for it, but by choice, the members just did not sign up for entertainment or field trips, but did attend largely the three technical sessions and engage in earnest discussion of the approximately dozen excellent papers. In this connection, and without question, the high lights of the meeting were the papers by Morris Muskat and R. D. Wyckoff, and Prof. W. K. Lewis. The former, entitled, "A Theoretical Analysis of Waterflooding Networks," had been entirely demathematized by the authors for presentation at this and the Los Angeles meetings; the author of the latter, which was on the "Physical-chemical Relationships of Hydrocarbon Gas-liquid Mixtures at High Pres¬sures," had airplaned to Dallas in the company of Dr. H. D. Wilde from Chicago in order to present his paper at the final session on Saturday morning.

Jan 1, 1933

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank's role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody's and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950's as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison's Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank's credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

By Bengt Helmerson

A new tankhouse was started in January 1959 at the Copper Refinery of the Boliden Co., Skelleftehamn, Sweden. In early 1961 a semiautomatic machine for looping and straightening of starting sheets was introduced to substitute previous manual operations. The machine as well as consequent, racking and handling is described. Finally, economic benefits achieved and new constructions for the future are discussed. HISTORY Tankhouse operations at the Boliden Co. 's Smelter in Skelleftehamn started in 1932 on a scale that since then has been gradually increasing. In order to rationalize the operations, a new tankhouse was erected. It went into production in January 1959 and was designed for a yearly production of 35,000 metric tons at a current density of 16 amps per sq ft. Already from the beginning, however, the tankhouse has been run with a current density of 21.5 amps per sq ft, corresponding to a maximum capacity of 50,000 tons a year. During the time of planning of the new tankhouse, due consideration was given to the possibilities of mechanizing the operations. New ideas could be and were actually tested on full or pilot plant scale in the old tankhouse. In that way we developed a system for the cathode handling including washing, weighing, and transportation. A system using forklift trucks in combination with trailers and overhead cranes has been developed for transportation and racking of anodes and also for handling of anode scrap. With respect to the electrolyte, circulation and temperature control are partly automatic. Special attention was paid to the production of starting sheets, which operation normally requires a great number of man hours, and it was made the object of a particular survey as to the best ways of straightening starting sheets, attaching loops to the sheets, and so forth. As a result, a machine was designed during 1957-58 and built in our own shops. After a period of tests, the new equipment was put in operation commercially on the 10th of April, 1961. Since this date the machine has produced about 2 million starting sheets without interruption and has been the only source of looped starting sheets for the tankhouse. GENERAL DESCRIPTION Fig. 1 shows all the major parts of the system. These parts are: slitting machine with feeding table (I), standard roller leveler, type Ungerer (2), tilting roller table (3), conveyors for sheets and suspension bars (4, 7), storage of suspension bars (51, punching and stitching machine (6), two lift-turn-tilt tables (8) for discharging the starting sheets, two rack conveyors (9) for sheet assemblies. Included are a hy-daulic pump station and panels for pneumatic and electric controls. SLITTING AND STRAIGHTENING The machine is fed by hand by a man sitting in front of the slitting-machine table, Fig. 2. This operator inserts one sheet at a time into the slitter. After being trimmed, the sheet is automatically conveyed to the following step of handling, straightening. The slitting machine cuts away about 8 mm of the upper and lower parts of the sheet (in relation to its original position in the stripper section) for two reasons. The first one is to give the machine sheets of uniform dimensions; the second one is a matter of quality. Normally the starting sheets as stripped have a thick edge at the bottom end. This part would collect anode slimes and might also cause short circuits when inserted in the cells without trimming. The straightener used is of German construction

Jan 1, 1967