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By M. Kaitz

A continuing discussion in both the petroleum engineering and economic literature is directed to the difficulties encountered in the use of discounted cash flow rate of return (DCF) as a measure of investment worth. Although useful in most Instances, DCF has been criticized because it is time-consuming in its trial-and-error solution, theoretically invalid, not adaptable to cash flow streams yielding multiple return solutions and not entirely reliable in selecting between mutually exclusive investments. The theoretical invalidity of DCF stems from the reinvestment assumption implicit in the calculation that earnings are reinvested at the DCF rate. The emerging consensus of the economic literature is that the net present value or the present worth of the net cash flow stream (discounting at the average opportunity or cost of capital rate) is more correct and reliable. Other criteria proposed have been ratios of net present value divided by initial investment or by present value of all investments in a project. All of these criteria are simple to determine and explicitly assume a reinvestment rate for [he income generated by a project. This paper develops and discusses a theoretically valid profitability criterion which is simple to compute and retains the appeal of a percent return on investment. It is called "percentage gain on investment" or PGI. It measures the gain an investment is expected to realize over like capital invested in the average opportunity and explicitly considers reinvestment potential. Why add another Concept to the large array of investment criteria now available, any one of which, or perhaps a combination of several, appears to embrace the form's (or individuals) objectives? The answer is that not one of the existing criteria provides both a readily comprehensible and theoretically valid measure of risk coverage that has general application. The proposed PGI does fulfill these requirements. INTRODUCTION An ancient expression warns that "one must yield to the times" — there are better ways of doing things. A review of the petroleum engineering and economic literature on one topic alone, measurement of investment worth, certainly is witness to this truth. In use for a number of years, the DCF has recently received attention, directed mainly to its theoretical invalidity. Several alternatives to DCF have been proposed to provide a valid, simply determined criterion to describe investment worth and to overcome the criticisms previously mentioned. This paper introduces another method called percentage gain on investment (PGI) and is proposed as but one of several yardsticks that should be used in making investment decisions. MEASURES OF INVESTMENT WORTH This paper will consider only those criteria which give weight to the time pattern of future earnings. These criteria are usually compared with an average opportunity rate or cost of capital of the firm to judge the relative worth of the investment. For purposes of demonstration, a 9 percent average opportunity rate will be used throughout this paper. Implicit in the DCF calculation is the assumption that earnings are reinvested at the DCF rate. Some argue, though, that there is no reinvestment assumption,' that the DCF rate is simply that maximum rate of interest one can pay on the investment over the life of the project and break even. The determination of DCF is accomplished by discounting the net cash flow stream at that rate (DCF) which will yield zero. The question is: why should reinvestment potential be explicitly considered in calculating return on investment or other criteria measuring economic worth? Perhaps the answer lies in consistent or equal treatment of future cash flow. It appears entirely illogical to give different present worth value to $1 received, say, 10 years from now, which is the circumstance resulting in comparing projects with different DCF returns. In fact, $1 received in 10 years has the same value regardless of which project generated the income. DCF return thus favors investment projects which are expected to provide early income as compared to those providing long-term income. Not surprisingly, the controversy on reinvestment assumption is an old one. Hoskold' discussed this same problem in 1877. He considered the future income from mineral properties as an annuity or a series of fixed future payments. (As will be demonstrated, his equation can be modified for variable income.) Prior to Hoskold, the value or what one could pay for the mine, was determined with the use of standard, single-interest tables. Here is what Hoskold said with regard to these tables. "This table, and others of its kind, to be found in most works on annuities, is constructed correctly according to

By F. H. Wilson, E. W. Palmer

G. L. Bailey (British Non-Ferrous Metals Research Association, London, England)—I was glad to see this further work on the structure and properties of the Cu-Ni-Fe alloys of low nickel content in which we have been so interested in the United Kingdom since before the war." The authors' data on the variation in solubility of iron in both 5 and 10 pct Ni alloys with temperature is based on more detailed observations than we have made but is generally in line with our own work. The difficulty in these matters is in the identification of the structures obtained. The precipitation of the second phase which we presume to be the a' solid solution, richer in nickel and iron, from the a solution with which it is in equilibrium occurs in such a fine state of division that its resolution by ordinary micro-graphic methods is impossible in the early stages. We have published some electron micrographs which illustrate the effects observed more clearly but we agree with the authors when they say that dark staining characteristics when the alloys are subjected to sea-water corrosion are more sensitive in detecting the presence of the a' phase than is the microscope. After taking this point into consideration, however, I confess to some difficulty in understanding Fig. 4. I can only assume that the precipitates visible at such a low magnification as 150 diam in these relatively coarse forms are produced from iron-rich areas of the initial solid solution due to inadequate homogenization. If this is so I find it difficult to accept the authors' contention that such local variations in iron concentration as are capable of giving the heavy precipitates shown in Fig. 4 do not in fact materially affect the solvus surfaces of their equilibrium diagrams. I share the authors' enthusiasm about the resistance to corrosion of these alloys by seawater but I am not fully in agreement with them on the vexing question of the best iron content for these alloys. In Fig. 3 of ref. 8, we give many results showing that the resistance of these alloys to impingement attack in the Jet Test increases as the iron content rises to 2 pct. With higher iron contents pitting at shielded areas is likely to occur. Admittedly the addition of 0.75 pct Fe produces a large improvement in corrosion resistance compared with a pure 90/10 Cu-Ni alloy, but the further improvement on raising the iron to 2 pct is substantial. We recommend from 1.5 to 2 pct Fe as the desirable range from the point of view of corrosion resistance. While it is true that British practice generally uses a hard tube, the corrosion resistance of the 10 pct Ni alloys has in our work been little affected by the structural condition. Although the annealed alloys blacken in seawater, this effect seems to be superficial and not to be accompanied by any real decrease in

Jan 1, 1953

By Thos Gibson

THE object of taxation is the raising of a revenue. Unless a tax accomplishes this, it is a failure. The right to take for public purposes a part of the moneys obtained from the carrying on of private enterprises is an attribute possessed only by a lawful government, and may indeed he called the supreme attribute of government. In free, democratic communities this power must of necessity rest upon the consent of the governed. Power implies obligation, hence it is obviously the duty of a government, in framing a system of taxation, to provide one which, while effective in producing a revenue, is also just and impartial. It will be conceded that mines and mining property ought to bear a fair share of the public expenditure. The question is, upon what basis taxation should proceed. Two separate taxing principles are usually contended for: Taxation should be proportionate to the benefits received by the person or property taxed; taxation should be based on ability to pay. A third is sometimes added, taxation should have reference to the extent and value of the natural resources enjoyed. As applied to mining taxation, it is pointed out by those who support the first mentioned basis that, mines being usually situated in rocky and hence sparsely peopled regions, mining companies are frequently obliged to construct roads, railways, telegraph and telephone lines, schools, water and sewerage systems, and many other amenities and conveniences of civilization, the cost of which in regions better suited for agriculture and consequently more thickly populated, has either been defrayed locally, or can be spread over a sufficiently large taxable group of people to materially lighten the financial burden on the mine. The mining com¬pany, it is argued, having made these outlays, should receive credit for, them and be relieved of taxation to a corresponding extent. There may be some force in this contention, but the situation is capable of relief without attempting to place taxation upon so unworkable a basis as the value of benefits received. Who is to be the judge of these benefits, and how are they to be valued? The very existence of a mining company and its ability to carry on business in peace and security, depend on the prevalence of law and order, which is a result of good government. The state provides protection against violence, and courts of law for

Jan 4, 1919

By Nicholas J. Grant, Noboru Komatsu

Electron-micrographic studies and hardness tests were made of an internally oxidized dispersion-strengthened Cu-12 vol pct SiO2 alloy follozuing longtime annealing at elevated temperatures. The rate of coarsening of SiO2 particles and the relationship between hardness and interpavticle spacing were Dispersion -strengthened alloys exhibit a remarkable stability of structure and properties at elevated temperatures compared with conventional alloys; nevertheless, when they are exposed to high measured. The rate of coarsening of SiO2 particles is controlled by the decomposition of SiO, rather than by the diffusion rates of silicon or oxygen through the copper matrix. The mechanism of coarsening was also studied by using a diffusion-couple technique. temperatures, weakening takes place as a result of coarsening of the dispersed phase. The theoretical treatment of the coarsening of dispersed phases has been treated by Greenwood,1 wagner,, and others3 by considering the interfacial energy of dispersions and the diffusion of solute atoms. Recently, experimental work on the coarsening of relatively insoluble, finely dispersed cobalt particles in copper was reported by Livingston,4 and on aluminum oxide in nickel by Dromsky, Lenel, and Ansell;5 according to these investigations, the rate

Jan 1, 1964

By E. R. Hoskins

Results of a primary stress measurement investigation conducted on the 1100 copper ore body of the Mt. Isa mine, Mt. Isa, Queens., Australia, are presented in this chapter. The investigation started in September 1965, after discussion with the engineering staff at Mt. Isa, and consisted of both underground or in-situ tests at Mt. Isa and laboratory tests on Mt. Isa rocks and stress measurement techniques at the Australian National University in Canberra. Underground stress measurements were made in and adjacent to the 1100 copper ore body. The primary stress measurement site was in J 32 west crosscut on 14 Level. Approximate coordinates on the mine grid are 3000 north, 1650 east. The vertical depth below ground surface at this point is approximately 2180 ft. Some preliminary measurements were made in M 30 west crosscut on 13 Level, coordinates 3000 north, 2000 east, depth beneath the surface approximately 1990 ft. Additional flatjacks were installed on 11 Level in L 30 west crosscut, coordinates 3000 north, 2200 east, and depth beneath the surface approximately 1580 ft. All of the sites were in rock that from a mining engineering viewpoint must be considered extremely sound. The 13 and 14 Level crosscuts were approximately 14 ft on a side and nearly square and the 11 Level crosscut was approximately 10 ft on a side. All of the crosscuts had been standing open for several years and no artificial support of any type was necessary. Extraction openings hundreds of feet on a side have been made in this mine in similar rock and these have remained open also without additional support (see Davies 1 for a recent summary of mining techniques and conditions). The geology of the Mt. Isa mine has been most recently described by Bennett.2 Briefly, Mt. Isa is a silver-lead-zinc and copper mine in a series of Precambrian siltstones, shales, and bedded carbonates that strike north-

Jan 1, 1972

By J. S. Bowles

THE martensite transformation in lithium, dis- covered by Barrett,' has been studied extensively by X-ray techniques by Barrett and Trautz,² and Barrett and Clifton.V he present paper reports the results of an investigation into the metallographic characteristics of lithium martensite. Such an investigation has not been carried out before. The spontaneous transformation in lithium consists of a change from a body-centered cubic to a close-packed hexagonal structure with the hexagonal layers in imperfect stacking sequence." As far as is known at present, this transformation can be regarded as being crystallographically equivalent to the body-centered cubic to close-packed hexagonal transformation that occurs in zirconium,5 although stacking errors have not been reported in zirconium. From a study of the orientation relationships in zirconium, Burgers5 as proposed that the martensite transformation, b.c.c. to c.p.h., occurs by a heterogeneous shear on the system (112) [111]. The crystal-lographic principle underlying this proposal is that the configuration of atoms in the (112) plane of a b.c.c. structure is exactly the same as that in the (1010) plane of a close-packed hexagonal structure based on the same atomic radius. The pattern in 2v2 both these planes is a rectangle d X 2v2d where v3 d is the atomic diameter. Thus a close-packed hexagonal structure can be built up from a body-centered cubic structure by displacing the (112) planes relative to each other.* This mechanism leads to orientations that can be described by the relations: (110)b.c.e. // (0001)c,p.h.; [111]b.c.c. // [1120]c.p.h Observations confirm these relations. In zirconium, Burgers' measurements indicated an angle of 0" to 2" between the close-packed directions, while Barrett's measurements on lithium indicated an angle of 3". According to the Burgers' mechanism, the martensite habit plane for this transformation would be expected to be the (112)b.c.c. plane, for this plane would not be distorted by the transformation. One of the purposes of this investigation was to find out whether the observed lithium habit plane agrees with this prediction of the Burgers' mechanism. Experimental Procedure Materials: The lithium was from the same purified ingot used by Barrett and Trautz.² The Bridgman technique was used to produce single crystals. To maintain a temperature gradient in the melt, during the production of these crystals, it was necessary to use a steel mould with a wall thickness of only 0.015 in. Metallographic Techniques: Lithium specimens could be given an excellent metallographic polish by swabbing them gently with cold methyl or ethyl alcohol.? The best results were obtained with methyl alcohol saturated with the reaction product, lithium alcoholate. With higher alcohols the reaction became progressively slower and the attack became an etch pit attack rather than a polish attack. Butyl and amyl alcohols were used for macroetching. After polishing, it was necessary to remove all traces of alcohol from the specimens; otherwise, on subsequent quenching in liquid nitrogen, the alcohol froze to a glassy film. The alcohol was removed with dry benzene. The benzene in turn had to be removed before quenching, but since it does not react with lithium it could be allowed to evaporate. The specimens could then be quickly quenched before they began to tarnish. This operation could be carried out in air on all but excessively humid days when it was advisable to use an atmosphere of dry nitrogen or argon. For examinations at room temperature, the specimens could be transferred directly from the benzene bath into a bath of mineral oil. In mineral oil the specimens oxidized slowly by the diffusion of oxygen through the oil but the structure remained visible for about an hour. Lithium Martensite: Specimens prepared in the manner described above transformed spontaneously to martensite with an audible click when quenched into liquid nitrogen; i.e., M, was above the boiling point of nitrogen (77°K). The disparity between this result and the M, temperature of 71°K, found by Barrett and Trautz, is probably to be attributed to the large grain size and freedom from mechanical deformation of the specimens used in the present work. The relief effects produced by the transformation did not disappear when specimens were quenched from liquid nitrogen into mineral oil at room temperature. This permitted the microstructures to be studied at room temperature where, of course, the martensitic phase was no longer present. Typical micrographs of lithium "martensite" made at room temperature are reproduced in figs. 1, 2, and 3. As anticipated by Barrett and Trautz, the microstruc-

Jan 1, 1952

INTRODUCTION Great emphasis has been given throughout this text to the necessity of maintaining the integrity of mineralogical populations when operating upon sample data drawn from mixed populations. Mineral deposits rarely are completely homogeneous and often consist of many subsets separated by geological and mineralogical boundaries. Sometimes different mineral populations are difficult to distinguish, and may be inadvertently lumped together-often without serious consequences, but more often with detrimental effects upon analytical results. The geologist must accept the responsibility for recognizing and recording mineral boundaries that may include: changes in mineral suites, lithological horizons, host rock types, faulted and offset segments, zones of enrichment or depletion, and several other geological and mineralogical changes that effect mineralogical structuring and distribution within a deposit. When employing conventional methods for assigning estimated values to irregularly shaped mineral inventory blocks, it was only necessary for the geologist or engineer to con- fine the block limits to the known geologic boundaries. Thus if a fault interrupted the mineral zone, the trace of the fault could be used as a block boundary. Intelligent decisions could always be made as to which blocks to include in each mineral population. However, with the advent of the computer, which per- mits the computation of mineral inventory blocks using better mathematical estimation techniques, there now enters the "boundary problem." Unless the computer can be programmed to recognize population differences and geologic boundaries, greater estimation errors will be found in computer-generated mineral reserves rather than in less sophisticated conventional inventories. Much disillusionment has been expressed over the years by experienced mineral appraisers as a result of their study of computer-generated inventories that failed to account adequately for geologic vagaries. Many, thus disillusioned, have concluded that computer techniques are not satisfactory, or have only limited applications to simple deposits. As with all problems in the mineral industry,

Jan 1, 1980

By Morris Cohen

It has been known for several years that in certain age-hardenable alloys precipitation of finely divided particles occurs simultaneously with the changes in physical properties; while, in other alloys, these changes take place prior to, or without any, precipitation. The silver-copper alloys are generally considered to be the classical example of the first group, and the aluminum-copper alloys (duralumin) are typical of the second group. The two types of aging are explained by the precipilation theory and the knot theory respectively.‡ It is well recognized now that these theories do not conflict with each other; the one used for a given aging system depends upon which way the alloy in question happens to age-harden. However, previous work on the aluminum-copper al1oys1,2 has shown that if the aging temperature is raised sufficiently the hardening will be accompanied by actual precipitation. In fact, it is quite probable that all of the so-called knot-hardening alloys will harden by precipitation at elevated temperatures. Therefore, a combination of the knot and precipitation theories is necessary to give a complete picture of the agehardening of these alloys, and indicates that knot formation and precipitation are not independent processes. To test the generality of this concept, it is necessary to show that the alloys that commonly harden by precipitation will harden prior to precipitation if the aging temperature is sufficiently lowered. For this reason, it would be well to carefully re-examine the aging characteristics of the silver-copper alloys at aging temperatures somewhat below those used by previous investigators. If hardening can be detected prior to precipitation in these alloys, it will lend great weight to the idea that knot forma-

Jan 1, 1937

By Morris Cohen

IT has been known for several years that in certain age-hardenable alloys precipitation of finely divided particles occurs simultaneously with the changes in physical properties; while, in other alloys, these changes take place prior to, or without any, precipitation. . The silver-copper alloys are generally considered to be the classical example of the first group, and the aluminum-copper alloys (duralumin) are typical of the second group. The two types of aging are explained by the precipitation theory and the knot theory respectively. ? It is well recognized now that these theories do not conflict with each other; the one used for a given aging system depends upon which way the alloy in question happens to age-harden. However, previous work on the aluminum-copper alloys1,2 has shown that if the aging temperature is raised sufficiently the hardening will be accompanied by actual precipitation. In fact, it is quite probable that all of the so-called knot-hardening alloys will harden by precipitation at elevated temperatures. Therefore, a combination of the knot and precip-itation theories is necessary to give a complete picture of the age-harden-ing of these alloys, and indicates that knot formation and precipitation are not independent processes. To test the generality of this concept, it is necessary to show that the alloys that commonly harden by precipitation will harden prior to precip¬itation if the aging temperature is sufficiently lowered. For this reason, it would be well to carefully re-examine the aging characteristics of the silver-copper alloys at aging temperatures somewhat below those used by previous investigators. If hardening can be detected prior to precipi¬tation in these alloys, it will lend great weight to the idea that knot forma-

Jan 1, 1936

By M. K. Foster

Ten horizontal retort zinc blocks of a modified Hegeler design are in operation at Nueva Rosita, Coahuila, Mexico, and produce approximately 170 t of spelter daily, or 62 000 t/year. A block consists of two furnaces of 448 retorts each, making 8960 retorts as the plant complement. Each furnace block is fired with natural gas and air maintaining the combustion mixture in the furnace always slightly reducing. No attempt to recover energy through waste heat boilers is made. The spelter moves to market by rail and truck either in palletized bundles weighing approximately 1060 kg, as loose slabs weighing 26.5 kg each, or as 1088 kg ingots. At present 46% of the metal is exported and 54% is consumed domestically in Mexico. The present day trend toward equalized or alloyed spelter, as well as special shaped castings results in sales of 35% of the entire plant's production. Sulfuric acid is also produced by the Contact Process using vanadium pentoxide as the catalyst. The plant is basically a Monsanto contact system, producing approximately 68 t of 100% sulfuric acid daily. Both 98.5% sulfuric acid and 20% oleum are available. All of the acid made is consumed in Mexico. Shipments are made in 26,900 dm3 tank cars.

Jan 1, 1970

By William Ide Pierce

It is often desirable to work an old mine that has not been in operation for some time arid that is filled with water. This is especially true in Nova Scotia, where no great depth has yet been reached in any of the mines. The following is a description of a self-dumping water-tank which was used by me at Tangier, for draining a mine, and which did the work of a large pump, while the original cost is merely nominal, in comparison with the price of a pump. The tank, A, Pig. 1, is 1 1/3 by 3 feet and 4 feet high, inside measurement, made of 2-inch stuff and securely bound with iron. There are two clacks in the bottom which open as the tank is lowered into the water, and which close and hold the water as the tank is raised. B is an iron rod running through the tank, below and back of the center, and projecting beyond the sides of the tank. C is one of two guides, and D, a movable iron rod in each guide. This rod, attached to an upright, E, is moved forward and close up

Jan 1, 1886

By S. O. Reichert

The nuclear industry has made a considerable effort to reduce environmental pollution with the result that knowledge in the field of radioactive waste management is well advanced. An example of the methods used for radioactive waste disposal is provided by the Savannah River Plant (SRP) operated by E. I. du Pont de Nemours & Co. for the AEC. It occupies an area of 320 sq mi along the Savannah River downstream from Augusta Ga., and has production facilities that include a fuel preparation area, three reactor areas, two chemical separation areas (F and H), and a heavy water plant. Gaseous, Liquid and Solid Radioactive Wastes Are Handled During Disposal The primary sources of radioactive waste are the reactor and chemical separation facilities. The reactors are cooled and moderated by heavy water which, in turn, is cooled by river water in heat exchangers. This arrangement prevents irradiation of the river water so that radioactivity is not discharged into the river water except when small quantities of moderator are lost by heat exchanger leaks. Because of the high cost of heavy water, these losses must be kept to a minimum.

Jan 9, 1968

By H. Papazian, Robert A. Lad

SINCE it can be shown both theoretically'' : and experimentally that disordered Cu3Au has a greater internal energy than the ordered alloy, it might be expected that its chemical reactivity would be greater. Experiments were initiated' to test this hypothesis. This note will describe some recent results obtained in the study of the rates of corrosion of ordered and disordered polycrystalline Cu3Au by aqueous FeCl., The work of Robertson' has indicated that the attack by such solutions is intergran-ular and highly orientation dependent. It was of interest to see whether the order-disorder effect was great enough to overcome the variations from specimen to specimen which would arise from this type of attack. The polycrystalline alloy specimens (0.020 in. wire, 1¾ in. long) were preannealed in ½ atm H, at 700°C for 2 hr. The subsequent heat treatments to produce order and disorder were performed in M atm He. Disordered specimens were obtained by heating at 450°C for 2 hr and quenching in water. Ordered specimens were produced by heating for 2 hr at 450°, furnace cooling to 380°, and soaking at 380°C for 80 to 90 hr. Room temperature was reached by cooling to 150" at a rate never exceeding 7" per hr, and water quenching from 150°C. The specimens so produced exhibited electrical resistivities characteristic of the two states; of the order of 11.27x10 ohm-cm for the disordered, and 4.28x10 ohm-cm for the ordered specimens. The corrosion rates were studied at 30°C in ferric chloride solutions of several concentrations (?,¼, 1.5, and 1 molar). The specimens were attached to a stirrer during the tests. Tests were interrupted at intervals, and the specimen weight change was determined after washing and drying. Analysis of the solutions showed that the attack was limited to the copper. The higher corrosion rate for the disordered alloy, as illustrated in Fig. l, is typical of the results obtained. The effect of variation in ferric chloride concentrations is indicated in Table I for typical specimens. The variations in the ratio of reactivity for disordered and ordered specimens at the different concentrations are within experimental error, and the best value is estimated to be near 1.4. The experimental variation was due in part to the mode of attack, as mentioned, and in part to the fact that films were formed on the specimens under some conditions. Electron diffraction patterns of the films were very complex and indicated the presence of metallic iron, as did chemical analysis. In an attempt to eliminate the difficulties arising from the mechanism of attack, single crystal specimens were used. A greater reaction rate was again measured for the disordered specimens, but the reproduci-bility was no better than that for the polycrystalline metal. This would indicate that film formation was primarily responsible. It was concluded that the reaction with aqueous ferric chloride served to demonstrate that the reactivity of disordered Cu3Au is greater than that of the ordered alloy. However, the difficulties with film formation did not permit determinations of a precision great enough to warrant extension of the study to partially ordered alloy systems.

Jan 1, 1957

By A. F. Taggart

THE following notes represent significant excerpts from a mass of records of experimental work done in the ore-dressing laboratory at the Columbia School of Mines during the years 1926 to 1928-inclusive. CLASSIFICATION OF EXPERIMENTAL WORK The experiments performed may be grouped for purposes of description under the following general -headings: I. Collecting agents. a. A method for quantifying collecting effect. b. Coating with undissolved collecting agents (oils) c. Action of dissolved collecting agents. II. Frothing agents. a. A method for quantifying frothing effect. b. Relation between frothing effect and chemical composition. III. Inorganic reagents. a. Methods of studying the effects of these reagents. b. Effect on slime dispersion. c. Effect on sulfides. SUMMARY OF THE ORIGINS OF PRESENT-DAY FLOTATION PRACTICE The first practicable, foolproof method of froth flotation was described in U. S. patent 835120, issued in 1906 to Sulman, Picard and Ballot, and in the equivalent patents in other countries. A number of less simple methods of producing the same result had been described previously in patent publications and otherwise.1 The reagents specified in all of these early patents were "oils" and, in addition, some inorganic substance, usually an acid. The quantities of reagents recommended and added were enormous when' compared with those used today.

Jan 1, 1929

By R. Raring, W. J. Harris, J. A. Rinebolt

The effects of additions of alloying elements on the true-stress, true-strain characteristics of 0.30 pct C, 1.00 pct Mn, 0.30 pct Si pearlitic steel were studied. The alloying elements investigated were C, Mn, Si, P, The alloys are compared on the basis of fracture stress, fracture strain, energy to fracture, rate of strain hardening, strain hardening exponent, height of the flow curve, and lower yield point. IN the past, nearly all studies of the effects of alloying elements on the tensile properties of metals have compared the conventional engineering parameters, namely, tensile strength, yield strength, elongation, and reduction of area. Recently, however, the true-stress, true-strain method of recording results from the tension test has been used; Lacy and Gensamer,' Hollomon," and French and Hibbard- are used this method to study the effects of composition on strength and ductility of metals. In this paper, the effects of certain alloying elements on true-stress, true-strain curves of steels with nearly constant grain size and pearlite spacing are presented. The notation employed in this paper is given in Table I. Since the definitions of stress and strain and the analytical geometry of the stress-strain curve have been explained previously, for example by Gensamer,' they will not be reviewed here. However, the method used for the determination of energy to fracture, E,, requires mention. These energy values were calculated on the assumption that the flow curve followed the idealized equation:' corresponds to the specific energy absorption to that strain value. There is justification for preferring the use of eq 1 for the determination of the energy to a particular strain rather than the area under the experimental stress-strain curve, since Gensamer showed that the use of the Bridgman correctione for stress at the neck of a tensile specimen brought the corrected experimental curve nearer to the idealized power-law curve than to the uncorrected experimental curve. However, it should be noted that the difference between the areas under the idealized curve and the experimental curve is not great for strain of less than 1.0, as can be seen from Fig. 1. In this figure, the true-stress, true-strain curve for a 0.01 pct C, 1.00 pct Mn steel is plotted through the experimental data points. From the value of a,, from this curve and the value of n as determined by the Inm-

Jan 1, 1952

By Foster Fraas

That variations in the humidity of the air and in the moisture content of a mixture of broken solids being separated electrostatically cause trouble is not new.' Much of the reputation for unreliability commonly ascribed to the electrostatic separation processes is probably due to this one factor alone. Some operators dry thoroughly before separating; and while this is good in many instances, there are others in which it is not the remedy for trouble. Some mixtures behave best in very dry air and with the mixtures fed to the separator while hot to reduce the adsorbed water content. On the other hand, an overdried mixture on coming to equilibrium with more humid air, has been known to take up moisture selectively on one family of particles, as of coal in the presence of slate and clay, and give sharper electrostatic separation. From these observations it is concluded that there is a permissible moisture content for a particle and also for the atmosphere surrounding it, if in equilibrium, at which the particle will have a conductivity or cntact potential2-4 that is ideal for electrostatic separation. This permissible moisture content varies between a wide range of limits for the different materials that are are and with the kind of electrostatic separating process used. Water can be present as a result of adsorption and condensation from the atmosphere, as an accumulation before or during mining, or as a residue from a previous process step. The water may exist as a liquid film or as an adsorbed layer of vapor. If the water exceeds permissible limits it must be removed. Its state determines the method. Drying by evaporation is necessary for adsorbed water, for part of the liquid-film water (that is, up to several percent of the dry weight), and for free water in the internal structure. Large water contents may be removed by drainage Or filtration. At just what point mechanical removal should cease and drying by evaporation begin depends upon the method of mechanical removal and its cost. Particles can also be separated according to their differences in dielectric constant when suspended in a liquid of intermediate dielectric constant. Recovery of this liquid presents a a problem' Permissible Moisture The adsorbed moisture on the outer surface of minerals can be quickly removed or replaced. Accordingly, in speaking of adsorbed moisture contents, either that of the solid or that of the surrounding air may be considered, the two values being connected by a distribution coefficient which varies with the temperature. However, such a condition does not necessarily exist in processes where an initially dry material is suddenly introduced into an atmosphere having a partial pressure of water vapor or where a moist material is suddenly introduced into a dry atmosphere. Here the resultant differences in the

Jan 1, 1949

By Oliver B. Hopkins

Peru produced approximately 15,838,610 bbl. of oil during 1938, which was 1,618,406 bbl. below its production during 1937. As in recent years, the entire output of the country came from the La Brea-Parinas, Lobitos-Restin, and Zorritos fields, which are all situated along the northwestern coast. Outside of the proven areas, the drilling of test wells was continued by the Peruvian Government on the reserved zone near Zorritos. Six wells have been completed or are drilling. Of these one is a gas well at 2619 ft. and one is dry at 1415 ft. It is reported that three standard and two rotary rigs are being used. In southern Peru, in the Pirin region north of Lake Titicaca, the Government made a geological study of the National Reserve. In eastern Peru, the Cia. Petrolera El Ganso Azul continued its activities in the montana region, where its first well was reported to have had a show of oil at 1000 feet. There was also renewal of leasing activity in eastern Peru, where approximately 380,000 acres of new leases were filed on near Contamana. La Brea-Parinas Estate.—Production of crude oil on this property of International Petroleum Co. Ltd. amounted to 13,137,988 bbl. which was

Jan 1, 1939

By Oliver B. Hopkins

Peru produced approximately 15,838,610 bbl. of oil during 1938, which was 1,618,406 bbl. below its production during 1937. As in recent years, the entire output of the country came from the La Brea-Parinas, Lobitos-Restin, and Zorritos fields, which are all situated along the northwestern coast. Outside of the proven areas, the drilling of test wells was continued by the Peruvian Government on the reserved zone near Zorritos. Six wells have been completed or are drilling. Of these one is a gas well at 2619 ft. and one is dry at 1415 ft. It is reported that three standard and two rotary rigs are being used. In southern Peru, in the Pirin region north of Lake Titicaca, the Government made a geological study of the National Reserve. In eastern Peru, the Cia. Petrolera El Ganso Azul continued its activities in the montana region, where its first well was reported to have had a show of oil at 1000 feet. There was also renewal of leasing activity in eastern Peru, where approximately 380,000 acres of new leases were filed on near Contamana. La Brea-Parinas Estate.—Production of crude oil on this property of International Petroleum Co. Ltd. amounted to 13,137,988 bbl. which was

Jan 1, 1939

By C. S. Herzig

Some time ago, in Mexico, our signal-bells in a 700-foot shaft caused us considerable annoyance by continually getting out of order, each time so delaying our hoisting operations that we naturally desired to remedy this evil. There were two mays open: either to patch up the old bell, which was of the ordinary pattern, every time it failed to work, or else to devise some new arrangement.. On consultation with our foreman we designed a signal-device which, during the number of months I watched its operation, worked satisfactorily, without once getting out of order. We sought to produce a simple device, in which no greater pull on the lever would be necessary from one level than from another; to counterbalance independently the weight of the pendant bell-rope, so that there would be no direct weight on the working-parts of the bell itself, and likewise to arrange it so as to necessitate only a light pull on the lever in signaling; and, finally, to make some sort of trip-arrangement, so that whenever the signaling-lever underground passed through a certain arc the signal would be given in the engine-room. By this means we wished to obviate the ill effects of sudden heavy pulls and rough usage in general, such as all signaling

Jan 1, 1901

By Charles Clayton

CAST-STEEL runners, while not interesting from a commercial standpoint, furnish valuable material for microscopic study. Foley1 found not only the usual ingot structure, but zones of Widmannstattian structure, which he explains as due to differential crystallization. The writer, in examining nickel-steel runners, found a type of pro-eutectoid ferrite that is unusual and most probably new. The runner in question was 8.75 cm. (3.5 in.) in diameter and analyzed at its center 2.69 per cent, nickel and 0.350 per cent. carbon and at its edge 2.62 per cent. nickel and 0.359 per cent. carbon. The macrostructure, which is the usual type, is shown in Figs. 1 and 2, which are a cross-section and the longitudinal surface, respectively. Slight segregation of ferrite can be seen near the center of the segment and at other points near the edges of polyhedral grains. Stead's reagent brings out the dendritic structure within the grains as shown in Figs. 3 and 4. This texture is what would be expected of such a steel. Figs. 5 to 10 show the peculiar swirls of pro-eutectoid ferrite, the finding of which prompted this paper. These swirls, or eddies, if such a term can be applied, occur in all parts of- the runner and in all parts of the individual grains. I he tipper left-hand figure shows this ferrite at a grain boundary; the middle left-hand figure shows the inner portion of a grain; and the lower left-hand figure shows these swirls at the edge of a grain which is also the outer edge of the runner. Straight-lined ferrite associated with swirls is found in the areas of Figs. 11 and 12. The texture of the carbon-bearing constituent of the runner is shown to- some extent in Fig. 12, the pearlite being very fine or sorbitic. Higher magnification does not bring out any new features either in the peculiar ferrite or in the pearlite. Figs. 13 and 14, at 240 diameters, show the curved and straight-lined ferrite.

Jan 3, 1920