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By Walter Bonsack

THE CHAIRMAN.-This is the third and last session of the Institute of Metals Division's Symposium on Secondary Metals, and certainly the best of those that I have attended in the last few years. I would say that the increase in interest in secondary metals is quite noticeable by the steadily increasing attendance at these meetings. We have heard about the necessity of utilizing salvaged materials, but we still speak about them as low-grade, or down-graded materials. We still have the wrong perspective. We must willingly admit that these materials are valuable; we cannot go on using the choicest primary metals as morsels for our economic diet in a war of such unbelievable dimensions. This brings up the question-why are we so selective. The answer certainly is not that we know nothing else will do, but rather that we do not know what else will do. To be honest, we should admit our lack of knowledge concerning our complex alloys. Compared to the organic chemists, we metallurgists are very conservative, and the sooner we realize this and start to overcome it the better, because if we do not eliminate this difference, many customers of the metals business will go over to the plastics. If we take for example the development of aluminum alloys, you will see what I mean. From the binary aluminum alloys of 1920, we have progressed to ternary and quarternary alloys in the 1930's. We are only now beginning to use more complex alloys as we are forced to learn more about the effect of various elements on existing alloys. The effects of these elements should be studied now. They can be studied by two methods of approach. The usual method is to start from the base alloy and add various elements one by one in increasing amounts and study the resultant changes in properties. This is a tedious, long way. The other method which the smelters frequently use is to take the off-grade heats and study their characteristics. While the producer of primary alloys often has difficulties in alloying certain elements with the alloy under investigation, the smelter often finds them well alloyed in his raw materials and has no difficulties at all. Elements such as lead are difficult to alloy with aluminum and they tend to segregate severely. However, the amount which will remain alloyed in the metal is usually found in some "secondary" aluminum alloys. If one considers such concentration as the saturation, then by dilution with the same type of alloy, but free of such element, one can produce numerous intermediary alloys for investigation. In this fashion one is fairly certain to get uniformly spaced concentrations of the element under investigation. Similar cases probably exist with other metals. Nevertheless, the amount of work necessary to study all possible combinations is still tremendous. Necessity forces us now to utilize alloys which contain more elements than we are accustomed to. It is, therefore, necessary to study carefully the more complicated alloys. In secondary aluminum we are working and using the alloys which contain as many as 6 to 10 elements and we have learned over a period of several decades to balance

Jan 1, 1943

By M. M. Slotnick

IT was once aptly said that a sign of approaching senility is ceasing work on a subject and beginning to talk about it. Perhaps that explains why, after many years in which part of my duties has been the training of college men in various branches of petroleum exploration geophysics, I have now begun to talk about it. In making an outline of what I believe ought to be discussed under the general heading of the title, I found it almost impossible to subdivide the ideas into an ordered set of discrete subjects. Rather, the pertinent remarks seemed to interlock almost everywhere. The consequence is that it will be necessary to start with the conclusions and then try to justify them by jumping back and forth. However, based on the types of men with whom I have had to deal, the subject naturally divides itself into two parts. In the first part, I should like to deal with the case of those undergraduates whose natural bent is toward the physical sciences and who may decide to enter the geophysical fold as a career. The other part will deal with those many men, geologists and engineers for the most part, who have drifted into exploration geophysics by one means or another, and whom it is necessary to train for geophysical work while they are occupied in their routine jobs. Here it may be in point to remark that most men in exploration geophysics at present have been developed from precisely the latter group, and that the problem of training here is of great importance even though, in this paper, it will perforce occupy the secondary place. TRAINING OF A GEOPHYSICIST The outstanding reason for the perplexing problem on the training of a geophysicist is that ideas differ on the answer to the question: "What is a geophysicist?" In any of the scientific "specialties," like physics, for example, it is relatively simple to pigeonhole a man as being qualified to call himself a physicist. That appellation applied to an individual does not mean that he has mastered only the branches of intellectual endeavor usually associated under the broad name of "physics." We expect him also to have a more than mere acquaintance with mathematics and chemistry and some understanding of most of the other sciences. But note this important point-we expect our physicist, whom we have chosen as an example, to be intelligently trained so that, if necessary, he can and will know how and where he can get the proper information on a subject in which he is not a specialist; he will know how to absorb that information and turn it to his uses. It seems to me that this is the outstanding characteristic of a man who can truly call himself a scientist: that he is a specialist in one of the broad branches of science and that he has enough training and discipline in the scientific approach so that, when called upon to do so, he can intelligently absorb knowledge from another bordering science (and all sciences not only border upon one another to some extent, but more often, overlap one another), and

Jan 1, 1941

By G. A. Vissac

In the presentation which follows, wash-ability curves, such as are commonly used in making studies preliminary to the cleaning of any coal or to the concentration of any mineral, have been reduced in each instance to a single straight line; thus all the most important characteristics of the coal or mineral are represented in a form more advantageous than that in which such data usually are shown. To obtain consistent results, float-and-sink data must be based on a single definite narrow size range, which may be designated "a coal unit." It will be shown that such units, each embodying a different size range, can be grouped to form what may be termed "a composite coal." A three-dimensional presentation will emerge, which will closely identify the coal, illustrate its characteristics in a new manner and explain many obscure facts. Float-and-sink Tests For the preliminary study of any cleaning or concentration problem, or in the control of any operation, float-and-sink tests must be made. The results of these tests are grouped in tabular form and then illustrated in various systems of curves; but if such a graphic representation is to have the utmost practical value, it must offer at least the following advantages: (I) It must be easier to read than the tabular results, and (2) it must be easy to plot, check and interpolate. The first requirement will be attained by reducing the number of curves to a minimum, and the second by some system of representation that will use only straight lines. Of the many washing curves now in use, only the "recovery curve," often known as the "composite curve"—a somewhat misleading term—will be considered; Any point on the recovery curve will show what percentage of weight of clean coal can be recovered when the mineral is washed at a certain specific gravity. As an example, the tests listed below Fig. I are illustrated in the drawing by a curve obtained by plotting (I) as abscissas the ash content of the coal recovered and (2) as ordinates the corresponding percentage of refuse discarded; but, in general practice, instead of writing down that weight, it is customary to set down its complement, which is the corresponding weight of coal recovered. From this curve can be deduced the information necessary for the solution of most practical problems. New Form of Graphic Presentation The resemblance of the recovery curve ill Fig. 1, or, for that matter, the recovery curve obtained in common practice! to a Power curve is apparent. The general equation of such a curve is Y = axn, where n is negative. Taking logarithms: log y = a + n log x. Using a logarithmic scale, the equation of the recovery curve will be Y = A + bX. On this logarithmic basis! the recovery graph will be a straight line, using the same variables as in Fig. I; namely, the ash con-

Jan 1, 1942

By G. A. Vissac

IN the presentation which follows, washability curves, such as are commonly used in making studies preliminary to the cleaning of any coal or to the concentration of any mineral, have been reduced in each instance to a single straight line; thus all the most important characteristics of the coal or mineral are represented in a form more advantageous than that in which such data usually are shown. To obtain consistent results, float-and-sink data must be based on a single definite narrow size range, which may be designated "a coal unit." It will be shown that such units, each embodying a different size range, can be grouped to form what may be termed "a composite coal." A three-dimensional presentation will emerge, which will closely identify the coal, illustrate its characteristics in a new manner and explain many obscure facts. FLOAT-AND-SINK TESTS For the preliminary study of any cleaning or concentration problem, or in the control of any operation, float-and-sink tests must be made. The results of these tests are grouped in tabular form and then illustrated in various systems of curves; but if such a graphic representation is to have the utmost practical value, it must offer at least the following advantages: (I) It must be easier to read than the tabular results, and (2) it must be easy to plot, check and interpolate. The first requirement will be attained by reducing the number of curves to a minimum, and the second by some system of representation that will use only straight lines. Of the many washing curves now in use, only the "recovery curve," often known as the "composite curve "-a somewhat misleading term-will be considered. Any point on the recovery curve will show what percentage of weight of clean coal can be recovered when the mineral is washed at a certain specific gravity. As an example, the tests listed below Fig. I are illustrated in the drawing by a curve obtained by plotting (I) as abscissas the ash content of the coal recovered and (2) as ordinates the corresponding percentage of refuse discarded; but, in general practice, instead of writing down that weight, it is customary to set down its complement, which is the corresponding weight of coal recovered. From this curve can be deduced the information necessary for the solution of most practical problems. NEW FORM OF GRAPHIC PRESENTATION The resemblance of the recovery curve in Fig. I, or, for that matter, the recovery curve obtained in common practice, to a power curve is apparent. The general equation of such a curve is y = axn where n is negative. Taking logarithms: log y = a + n log x. Using a logarithmic scale, the equation of the recovery curve will be Y = A + bX. On this logarithmic basis, the recovery graph will be a straight line, using the same variables as in Fig. I ; namely, the ash con-

Jan 1, 1942

By G. A. Vissac

In the presentation which follows, wash-ability curves, such as are commonly used in making studies preliminary to the cleaning of any coal or to the concentration of any mineral, have been reduced in each instance to a single straight line; thus all the most important characteristics of the coal or mineral are represented in a form more advantageous than that in which such data usually are shown. To obtain consistent results, float-and-sink data must be based on a single definite narrow size range, which may be designated "a coal unit." It will be shown that such units, each embodying a different size range, can be grouped to form what may be termed "a composite coal." A three-dimensional presentation will emerge, which will closely identify the coal, illustrate its characteristics in a new manner and explain many obscure facts. Float-and-sink Tests For the preliminary study of any cleaning or concentration problem, or in the control of any operation, float-and-sink tests must be made. The results of these tests are grouped in tabular form and then illustrated in various systems of curves; but if such a graphic representation is to have the utmost practical value, it must offer at least the following advantages: (I) It must be easier to read than the tabular results, and (2) it must be easy to plot, check and interpolate. The first requirement will be attained by reducing the number of curves to a minimum, and the second by some system of representation that will use only straight lines. Of the many washing curves now in use, only the "recovery curve," often known as the "composite curve"—a somewhat misleading term—will be considered; Any point on the recovery curve will show what percentage of weight of clean coal can be recovered when the mineral is washed at a certain specific gravity. As an example, the tests listed below Fig. I are illustrated in the drawing by a curve obtained by plotting (I) as abscissas the ash content of the coal recovered and (2) as ordinates the corresponding percentage of refuse discarded; but, in general practice, instead of writing down that weight, it is customary to set down its complement, which is the corresponding weight of coal recovered. From this curve can be deduced the information necessary for the solution of most practical problems. New Form of Graphic Presentation The resemblance of the recovery curve ill Fig. 1, or, for that matter, the recovery curve obtained in common practice! to a Power curve is apparent. The general equation of such a curve is Y = axn, where n is negative. Taking logarithms: log y = a + n log x. Using a logarithmic scale, the equation of the recovery curve will be Y = A + bX. On this logarithmic basis! the recovery graph will be a straight line, using the same variables as in Fig. I; namely, the ash con-

Jan 1, 1942

By J. E. Hilliard

It is proposed that shape anisotropy in the internal structure of materials be defined by distribution functions which specify what fraction of the total line length or boundary area lies in a given direction. Methods are descriibed for determinirg these distribution functions from measurements on sections through an opaque material. New derivations, that have certain advanifages over those given previously, are Provided for well-known expressions used in estinzating the total density of lineal or areal features. INCREASING attention is being given to the quantitative description of imicrostructures in metals and other materials. This interest stems from the recognition that the structure often provides a convenient half-way point between the properties on the one hand and the processing variables on the other. Such cross correlations become increasingly desirable as materials become more complex and the demands on them more stringent. One of the principal aims in structure analysis is therefore to find parameters that are readily measurable and specific enough to be correlated with other properties of the material. Certain properties, such as magnetic and mechani cal behavior, are strongly influenced by structural anisotropies; in order to relate such properties to the structure it is obviously necessary to have means of specifying and measuring the type and degree of anisotropy. For the determination of preferred orientations in crystal structure, X-ray diffraction methods are available and are widely used, but scant attention has been given to the estimation of anisotropy in the shape of grains and particles. It is the latter problem that will be considered in this paper. It is evident that shape anisotropy can be describe in terms of preferred orientations of lineal and area elements of the structure. It will be shown that these preferred orientations can, in turn, be specified by distribution functions that define what fraction of the total line length or boundary area lies in a given direction. Methods will be given for determining the distribution functions from measurements on sections through the structure. Even when the orientation distributions are of no interest per se, they still have an important bearing on the measurement of the total line length or boundary area by means of an intercept analysis. The treatment in terms of orientation distribution functions leads to new derivations, that have certain advantages of those given previously, for the well-known expressions used in estimating the total density of lineal or areal features. The treatment is divided into two main sections. The first deals with the orientation distribution of a two-dimensional array of lineal features such as occurs in the projected image of dislocations in electron transmission microscopy. The other section treats the estimation of the distribution of lineal and areal features dispersed in three dimensions.

Jan 1, 1962

The annual report of the Secretary of the Southern California Local Section for the year ending May, 1919, says that the Section was called upon to give all the assistance possible for the different Liberty Loan drives, for the Red Cross drives and not only in the canvass of our membership, but the canvass of all of the mining companies represented in this city. The committee on the Red Cross drive on which we were represented raised a larger proportion of the total amount than any other in the city. The subscriptions for Liberty Bonds from the members of our' Section that were credited to the Committee of the Joint Technical Societies exceeded in amount the subscription from the members of all the other technical societies combined. Members of our Section slid splendid and efficient work throughout the first half of the year at the Red Cross headquarters in this city, and under the leadership of A. B. W. Hodges and F. B. Close, systematized the work of handling the enormous quantity of material that passed through that organization. Mr. E. A. Montgomery directed the canvass of the mining companies of this city in the bond drives, and the Executive Committee did its part in solicitation among the mining engineers. The Section, together with the local sections of the American Chemical Society, American Institute of Architect, American Institute of Electrical Engineers, American Society of Civil Engineers, American Society of Mechanical Engineers, and the local Engineers and Architects Association, forms what is called the Joint Committee of the Technical Societies. of Los Angeles. The honor of having the first president of this combined organization of engineers was given to us with, the election of Mr. Seeley W. Mudd. Upon Mr. Mudd's entering the service, Mr. George A. Daman of the Electrical Engineers was elected to the position and served splendidly during the latter part of the year. It devolves upon this Section to be represented upon this Joint Committee by three members, and it is our duty to supply a speaker once in six weeks to address the engineers in attendance at the weekly luncheon. During the year not a few of the most prominent men of the engineering professions have spoken upon subjects of the greatest interest to us all. Had it not been for the organized team work in the engineering profession available through this Joint Committee, there would have undoubtedly been passed in the recent session of the legislature of this state a bill for licensing and registering all professional engineers in this state, which, in the opinion of your Executive Committee and a large proportion of the membership of this Section, would have fallen far short of either protecting the engineer or protecting the public from impostors. That the public is awakening to the importance of what our National Society represents in the profession of mining engineering can be well inferred from the increasing number of inquiries your Secretary receives regarding the reputation of mining engineers. The necessary qualifications which a membership in the Institute requires and the membership of an engineer in this National Organization is more and more a criterion as to the ability of an engineer who represents himself as such, to the general public.

Jan 9, 1919

By J. A. B. Forster

W. G. WOOLF*—The paper has a wealth of data that take careful, detailed study. As has been indicated the highlights can be only touched in the paper. The design and the arrangement of the rabble teeth as well as some of the other details of operation show a very careful study and a scientific approach to the problem which in most plants using hearth roasters are matters of trial and error with empirical conclusions and, perhaps too often, just arbitrary supervisory preferences which may be erroneous. Here the problem has been approached from a scientific angle which think well merits careful study. The ability to treat the tonnages they get through these furnaces think is made easier by reason of the high sulphide sulphur in the resulting calcines which the balance of the plant—the leaching and so on—can cope with. As indicated by Mr. Weldon in his dis- cussion earlier this morning, in most zinc plants an attempt is made to have as low a sulphide sulphur content in the roaster calcine as possible. But in the operation of the Risdon plants, they are able to cope with sulphide sulphur content up to 5 pct which is far beyond the amount of sulphide sulphur that can be handled elsewhere. I think the autogenous roasting is made easier because driving out the last percentages of sulphide sulphur brings on the necessity for extraneous heat, and that is further exemplified because even at Risdon the author shows the desirability of using some oil to better the operation, particularly for uniformity of roasting results and to obtain more regularity of furnace operation. A. A. CENTER*—Regarding the hard crusts in the beds of the furnace and autogenous roasting, the paper speaks of the former being due, at least to a considerable extent, to lead sulphide in the crusts. I wonder if the author has considered the hard crusts as being due in large part to zinc sulphate. While I was developing large zinc operations we ran into hard crusts which had to be dug up. I took several lumps which were so hard they showed the marks of the rabble teeth very plainly and kept them in my office for some weeks. A visitor came along one day, and as he was having similar troubles, I told him what we were doing about ours. I started to pick up one of these lumps and to my amazement the thing crumbled in my hands whereas originally it had been so hard it wore the rabbles down very rapidly in the furnace. I sent the sample to the laboratory and found that it analyzed very high in water-soluble zinc and sulphate-sulphur. The crumbling of the lumps was evidently due to the anhydrous zinc sulphate gradually taking on moisture from the air and forming crystalline zinc sulphate seven parts water. The increase in volume would, of course, result in disintegration of the lumps. As to getting a high tonnage in the autogenous roast, that is partly because of finishing at about 5 pct sulphide sulphur. It is a real job to get down to, say, ½ pct sulphide sulphur, which is what is usually desired, and still put through a good tonnage.

Jan 1, 1950

By John T. Galey

The outstanding developments of the year in southwestern Pennsylvania were the establishment of the Summit Fayette County gas pool and the gas pool in Nicholson township, Fayette County, and Monongahela township, Greene County, as major producing areas, and the indication of four new shallow gas pools. Curtailment of drilling for shallow gas is expected to follow order M68 of the Office of Production Management. Gas completions were approximately 70 per cent higher, oil completions nearly 25 per cent lower, dry holes were unchanged and drilling wells as of Dec. 31, 1941, nearly loo per cent higher than last year. Shallow Development Oil.—Outside Butler County, only 11 producers were drilled, with a total initial of 221 bbl. The best of these was in a portion of Gilmore township, Greene County, which ordinarily produces gas. This well flowed 77 bbl. in 11 hr., along with about one million cubic feet of gas from the Fourth (U.Dev.) sand. Washington County had a 10.20 and a 25-bbl. well in Morris township and a 20-bbl. well in South Franklin township. These were all in the Fifth Sand. The price of oil to Jan. 27 was $1.80 per barrel, when a 15¢ increase was made. This was followed by a raise of 20¢ on Apr. 23, 15¢ on May 21, 20¢ on June 18 and 25¢ on Aug. 14. The last increase was canceled on Aug. 23 by the Office of Price Administration, which pegged southwestern Pennsylvania crude at $2.40 per barrel. Gas.—An almost doubled initial production of natural gas is the result of the large increase in number of wells drilled. The outstanding discovery of the year was in the vicinity of Armbrust, Hempfield township, Westmoreland County, where a well drilled to what at first was considered the Bayard sand, but what is now known to be the Fifth (U.Dev.) sand, at 2100 ft. found nearly 5 million cu. ft. of gas. Since this completion 14 wells have been finished, only one of which was dry, giving a combined total open flow of approximately 15 million cu. ft. The sand is 35 to 40 ft. thick and the saturation extends through most of that thickness. Rock pressure, which is 1040 lb. per sq. in., is abnormally high. An area of only about one square mile has been proven but some of the 24 new wells drilling as of Dec. 31 will no doubt extend it considerably. This development has taken place in an area heretofore considered to have had little prospect. There were three good wells in other parts of Westmoreland County. One well in Franklin township, which had 12 million cu. ft, of gas in the Fifth sand, was entirely surrounded by dry holes but is still pro- . ducing at a high rate. In Bell township a 1.6 million cu. ft. well was found in the Speechley (U.Dev.) sand and in Washington township the same sand produced 2.7 million cu. ft. with shut-in pressure of 970 Ib. at 2820 ft. This well is offset by two dry holes and one well with a capacity of only 10 M cubic feet.

Jan 1, 1942

By M. M. Slotnick

It was once aptly said that a sign of approaching senility is ceasing work on a subject and beginning to talk about it. Perhaps that explains why, after many Years in which Part of my duties has been the training of college men in various branches of petroleum exploration geophysics, I have now begun to talk about it. In making an outline of what I believe ought to be discussed under the general heading of the title, I found it almost impossible to subdivide the ideas into an ordered set of discrete subjects. Rather, the pertinent remarks seemed to interlock almost everywhere. The consequence is that it will be necessary to start with the conclusions and then try to justify them by jumping back and forth. However, based on the types of men with whom I have had to deal, the subject naturally divides itself into two parts. In the first part, I should like to deal with the case of those undergraduates whose natural bent is toward the physical sciences and who may decide to enter the geophysical fold as a career. The other part will deal with those many men, geologists and engineers for the most part, who have drifted into exploration geophysics by one means or another, and whom it is necessary to train for geophysical work while they are occupied in their routine jobs. Here it may be in point to remark that most men in exploration geophysics at Present have been developed from precisely the latter group, and that the problem of training here is of great importance even though, in this paper, it will perforce occupy the secondary place. Training oF a Geophysicist The outstanding reason for the perplexing problem on the training of a geophysi-cist is that ideas differ on the answer to the question: "what is a geophysicistp" ln any of the scientific "specialties," like physics, for example, it is relatively simple to pigeonhole a man as being qualified to call himself a physicist. That appellation applied to an individual does not mean that he has mastered only the branches of intellectual endeavor usually associated under the broad name of "physics." we expect him also to have a more than mere acquaintance with mathematics and chemist~ and some understanding of most of the other sciences. But note this important point—we expect our physicist, whom we have chosen as an example, to be intelligently trained so that, if necessary, he can and will know how and where he can get the proper information on a subject in which he is not a specialist; he will know how to absorb that information and turn it to his uses. It seems to me that this is the outstanding characteristic of a man who can truly call himself a scientist: that he is a specialist in one of the broad branches of science in that he has enough training and discipline in the scientific approach so that, when called upon to do so, he can inteugently absorb knowledge from another bordering science (and all sciences not only border upon one another to some extent, but more often, overlap One another), and

Jan 1, 1946

By M. M. Slotnick

It was once aptly said that a sign of approaching senility is ceasing work on a subject and beginning to talk about it. Perhaps that explains why, after many Years in which Part of my duties has been the training of college men in various branches of petroleum exploration geophysics, I have now begun to talk about it. In making an outline of what I believe ought to be discussed under the general heading of the title, I found it almost impossible to subdivide the ideas into an ordered set of discrete subjects. Rather, the pertinent remarks seemed to interlock almost everywhere. The consequence is that it will be necessary to start with the conclusions and then try to justify them by jumping back and forth. However, based on the types of men with whom I have had to deal, the subject naturally divides itself into two parts. In the first part, I should like to deal with the case of those undergraduates whose natural bent is toward the physical sciences and who may decide to enter the geophysical fold as a career. The other part will deal with those many men, geologists and engineers for the most part, who have drifted into exploration geophysics by one means or another, and whom it is necessary to train for geophysical work while they are occupied in their routine jobs. Here it may be in point to remark that most men in exploration geophysics at Present have been developed from precisely the latter group, and that the problem of training here is of great importance even though, in this paper, it will perforce occupy the secondary place. Training oF a Geophysicist The outstanding reason for the perplexing problem on the training of a geophysi-cist is that ideas differ on the answer to the question: "what is a geophysicistp" ln any of the scientific "specialties," like physics, for example, it is relatively simple to pigeonhole a man as being qualified to call himself a physicist. That appellation applied to an individual does not mean that he has mastered only the branches of intellectual endeavor usually associated under the broad name of "physics." we expect him also to have a more than mere acquaintance with mathematics and chemist~ and some understanding of most of the other sciences. But note this important point—we expect our physicist, whom we have chosen as an example, to be intelligently trained so that, if necessary, he can and will know how and where he can get the proper information on a subject in which he is not a specialist; he will know how to absorb that information and turn it to his uses. It seems to me that this is the outstanding characteristic of a man who can truly call himself a scientist: that he is a specialist in one of the broad branches of science in that he has enough training and discipline in the scientific approach so that, when called upon to do so, he can inteugently absorb knowledge from another bordering science (and all sciences not only border upon one another to some extent, but more often, overlap One another), and

Jan 1, 1946

By Michael Bradbury

INTRODUCTION A major change in financing exports in recent years has been the decreased importance of subsidized export credits, following the commitment of the OECD countries to eliminate the subsidy element. Subsidized export credit rates are now often more expensive than market rates as the financing for exporters has decreased in volume and importance. The forfait market, in recognition of this decreasing importance, provides a rapidly expanding source of nonrecource finance for exporters. The following is a step by step guide to what it is, how it works, its benefits and problems. WHAT IS FORFAITING? Forfaiting is not new. It has been used in Europe for about 25 years to provide export finance for both capital goods and commodities without recourse to the exporter. Although long the preserve of exporters in Germany, and more lately Italy, forfaiting is now used increasingly by exporters in Great Britain, the United States, Canada and Scandinavia. It is a fairly simple operation with easy straight-forward documentation. The transaction involves the purchase by the forfaiting bank of a bill of exchange or a series of bills without recourse to the exporter. These bills will have been drawn by the exporter, accepted by the importer, and will usually bear the unconditional guarantee of the importer's bank. They are normally drawn payable at intervals during the credit period agreed between importer and exporter and are purchased at a discount by the forfaiter. The exporter thus obtains his cash payment and the importer receives his credit period. The forfaiter collects the amount of the bills as they mature directly from the importer. Credit periods vary, depending upon the type of goods and the country and commercial risk of the importer. The period is generally between one and five years with six monthly maturities. The usual forfait currencies are US dollars. Deutschmarks and Swiss francs and others, such as sterling, French francs, and the Scandinavian currencies are being used more frequently. CHOOSING FORFAITING Most types of financing require the continued involvement of the exporter in the financial side of the transaction during the credit period. Forfaiting has certain comparative advantages. In particular, it is possible to forfait 100 percent of the risk without recourse to the exporter, unlike government sponsored export finance schemes, where some retention of the risk by the exporter is required. In addition, exports from country sources do not present problems and forfaiting can also cover trade within the EEC. Other benefits for the exporter are: (a) The exporter's balance sheet is improved; debts are turned into cash thus improving the liquidity of the company and enhancing its cash flow. And there are no contingent liabilities for bills of exchange. (b) If the sales contract is in a foreign currency forfaiting removes the risk to the exporter of adverse movements in foreign exchange during the credit period. (c) Fluctuations in interest rates during the credit period can be ignored since in forfaiting the transaction is usually done on fixed interest rate terms on a discount basis. (d) The political and transfer risks are taken by the forfaiter. (e) The commercial risk is taken by the forfaiter. (f) The costs of administration and collection etc. during the credit period are removed.

Jan 1, 1985

By John T. Galey

The outstanding developments of the year in southwestern Pennsylvania were the establishment of the Summit Fayette County gas pool and the gas pool in Nicholson township, Fayette County, and Monongahela township, Greene County, as major producing areas, and the indication of four new shallow gas pools. Curtailment of drilling for shallow gas is expected to follow order M68 of the Office of Production Management. Gas completions were approximately 70 per cent higher, oil completions nearly 25 per cent lower, dry holes were unchanged and drilling wells as of Dec. 31, 1941, nearly loo per cent higher than last year. Shallow Development Oil.—Outside Butler County, only 11 producers were drilled, with a total initial of 221 bbl. The best of these was in a portion of Gilmore township, Greene County, which ordinarily produces gas. This well flowed 77 bbl. in 11 hr., along with about one million cubic feet of gas from the Fourth (U.Dev.) sand. Washington County had a 10.20 and a 25-bbl. well in Morris township and a 20-bbl. well in South Franklin township. These were all in the Fifth Sand. The price of oil to Jan. 27 was $1.80 per barrel, when a 15¢ increase was made. This was followed by a raise of 20¢ on Apr. 23, 15¢ on May 21, 20¢ on June 18 and 25¢ on Aug. 14. The last increase was canceled on Aug. 23 by the Office of Price Administration, which pegged southwestern Pennsylvania crude at $2.40 per barrel. Gas.—An almost doubled initial production of natural gas is the result of the large increase in number of wells drilled. The outstanding discovery of the year was in the vicinity of Armbrust, Hempfield township, Westmoreland County, where a well drilled to what at first was considered the Bayard sand, but what is now known to be the Fifth (U.Dev.) sand, at 2100 ft. found nearly 5 million cu. ft. of gas. Since this completion 14 wells have been finished, only one of which was dry, giving a combined total open flow of approximately 15 million cu. ft. The sand is 35 to 40 ft. thick and the saturation extends through most of that thickness. Rock pressure, which is 1040 lb. per sq. in., is abnormally high. An area of only about one square mile has been proven but some of the 24 new wells drilling as of Dec. 31 will no doubt extend it considerably. This development has taken place in an area heretofore considered to have had little prospect. There were three good wells in other parts of Westmoreland County. One well in Franklin township, which had 12 million cu. ft, of gas in the Fifth sand, was entirely surrounded by dry holes but is still pro- . ducing at a high rate. In Bell township a 1.6 million cu. ft. well was found in the Speechley (U.Dev.) sand and in Washington township the same sand produced 2.7 million cu. ft. with shut-in pressure of 970 Ib. at 2820 ft. This well is offset by two dry holes and one well with a capacity of only 10 M cubic feet.

Jan 1, 1942

THE discussion of this topic at the Open-hearth Conference at Detroit on Nov. 3, 1927, was opened by statements of the general principles involved, made by manufacturers of molds. Because of their general interest they are printed below. WILLIAM HAIL RAMAGE,* Hubbard, Ohio.-I did not come prepared to read a paper, thinking. the most I would be called upon to do would be to make a few, remarks by way of discussion. A number of our friends have pre-viously asked questions. similar to this which really does not permit a direct "yes" or "no" answer. If I may he pardoned for so doing, I believe it advisable to discuss rather what we consider the principal factors which in-fluence mold life. I think possibly a little undue weight has been given to the subject of the analysis of the metal. For the last eight years we have spent a lot of time, effort, and money investigating this very problem from a chemical, physical and microscopic standpoint. We have had the benefit of complete records and history of over 100,000 molds in service at a variety of plants and over long periods of time. Obviously, I cannot be so specific that I should divulge information that is really a trade secret. In our opinion the principal factors influencing mold life are: (1) design of the mold; (2) process of manu-facture, including workmanship; (3) care in the steel plant or what might be termed "the use or abuse" in the steel plant; (4) the analysis of the iron and the physical con-dition of it. Under normal conditions these factors are of importance in the order named, although in specific cases they might be rearranged in any order you choose. For instance, the best mold made can be destroyed in one or two pours by subjecting it to certain conditions which are occasion-ally met in steel plant practice. Obviously, in that case, nothing else matters but that one item. On the other hand, I have seen molds made of such a terrible design that it was a foregone conclusion it would have to be broken after the second pour of the ingot to get it out. In that case, nothing but design mattered. As to the effect of process of manufacture, let me cite a case. Some years ago there were two batches of molds sent to a certain company. They were the same sized molds, used under the same conditions and in the same kind of service. There were, 20 molds in each batch. The second batch sent gave ten times the life of the first batch. It is true that the design was changed a little, but not very much, and it was not. a bad mold to begin with. It is possible that the iron may have been better in the second consignment but not very much. In my opinion, it is con-servative to say that of the 900 per cent improvement in life, 5 per cent was probably due to better iron, 25 per cent to better design and the remaining 870 per cent to process of manufacture and workmanship.

Jan 2, 1928

By A. W. Gauger

IT is with some trepidation that I approach my subject, for I know that I shall at once incur the suspicion of the mechanical engineer, with his concern for boiler tests and efficiencies; of the mining engineer, with his mechanization problems; and of the chemical engineer with his unit processes. Nevertheless, it must be recognized that the technology of fuels, the systematic body of knowledge relating to the production, processing and utilization of mineral fuels, has grown to such proportions and involves so many widely diverse applications of fundamental science and engineering that it behooves us to stop and consider just what its status is in relation to other technologies, as well as in relation to the present and future needs of the social order. The time has come when technologists, applied scientists and engineers must consider the possible effects that their achievements may have 0n Society. The development of a machine to replace several hundred men is a fine achievement when considered solely from the point of view of creative endeavor. But what of the men who are displaced by the machine! Does not the responsibility for the development of this machine embrace as well the consequences of obsolescence and technological unemployment resulting from such development? I believe that it does and that we must recognize this fact in our practice of engineering and technology as well as in the training of future engineers and technologists. MAGNITUDE OF THE FUELS INDUSTRY Fuel technology is the body of knowledge that relates to the mineral fuels. The fuels industry is by far the most important of all our mineral industries. The chart in Fig. I, reprinted from U. S. Bureau of Mines Information Circular No. 6643, indicates the comparative values of metals, fuels and other nonmetallic minerals for the year 1929. Of the grand total of 13 1/4 billions of dollars in value of minerals at the mines, the mineral fuels contributed 48 per cent. Coal, with 34.4 per cent, exceeded the value of any other single mineral. In fact, the value of the production of the Pennsylvania anthracite mines alone annually exceeds the value of the gold production of the entire world. Petroleum and natural gas in 1020 contributed 14.3 per cent and 3.3 per cent, respectively, of the total value of world mineral production. So much for the world picture; let us now look at the situation in the United States. Over the 60-year period 1880 to 1939, $46,409,727,000 of metallic products, S80,788,852,000 of fuels (coal, petroleum, natural gas, natural gasoline) and $27,871,000,000 of nonmetallic minerals other than fuels were produced. The mineral fuels have contributed 52.7 per cent of the entire mineral wealth produced over this period that has seen such tremendous industrial development in our country. As a matter of fact, our present industrial civilization has been made possible through the use of the

Jan 1, 1942

W. H. Blauvelt, New York, N. Y.—One thought lias been running through my mind during the wholc of this meeting and that is that the scientific and the practical men must recognize very clearly their interdependence. The value of scientific classification of coal is going to be of the very greatest importance to the users, the practical men. Is not the scientific investigation and the great amount of work that is being done in a measure at least lost to the world? Therefore the scientific investigations and the practical needs of the users should bo brought as close together, and the work should be done as closely together, as possible; that is, the scientific man should know what the practical man needs, and the practical man should not feel that the scientific man is merely a theorist. Scientific investigation is going to have a great effeet and be of great valuc to the practical man who is trying to solve his problems. In the subject which I discussed' for instance, we must look to the scientific man to tell us why coal cokes in one way and not In another and why certain coals will do certain things and others, which appear on the surfacc to be generally similar, do not act in the same way. Need or Physical Data on Coal H. J. Rose, Pittsburgh, Pa.—There is a subject which is a sort of hobby of mine; that is, the need for what might be called critical tables of constants for coal. The chemist has big volumes giving constants, such as the density, solubility, specific heat, thermal conductivity and all other physical and chemical data that have been determined for chemical compounds. Data arc also available on many common materials, for example, the density, hardness, modulus of rupture or maximum crushing strength of swamp white oak as compared with some other wood. In fact, physical data for practically cvery hype of wood commercially produced in the world can he found. In the same way the metallurgical man has handbooks giving the properties of alloys, etc., but we havc very little tabulated information about coal. Our principal reference works are the volumes published by the U. S. Bureau of Mines on the proximatc and ultimate analysis and calorific values of coals of the United States. That is 3 pioncer work of enormous value, but we have reached the point where we need more diversified information. Mr. Fulweiler raised the question of the relative strength of the different coals and cokes. Dr. Campbell and Dr. Ashley wanted to have some information on the resistance of coal to air slacking. It was brought out in the discussion that we want to know something about the coking properties of coal. There are any number of physical tests that we need, such as the thermal conductivity of certain coals, the coefficient of expansion, or the coefficient of friction; or other constants. A smattering of such information is scattered through the literature; for instance, a research worker in Wales will report a coefficient of expansion on Wclsh coals and one in South Africa will report something else for one or two kinds of African coals, hut it is difficult to find the information that is needed on our own coals. Would it not be worth while to consider collecting reliable critical

Jan 1, 1930

By Charles Jones

Discussion of the paper of CHARLES COLCOCK JONES, presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 105, September, 1915, pp. 1887 to 1898. D. A. LYON, Salt Lake City, Utah.-For some years I have been interested in the iron-ore deposits of the Pacific Coast, and I feel very much indebted to Mr. Jones for the information he has given us on this subject. I think that we are also very much indebted to him for having presented this paper, as he has given us reliable data in shape of facts and figures, which is just what we need in considering whether or not it would be commercially feasible to attempt to establish an iron and steel industry on the Pacific Coast. Personally, due to lack of market, I do not think it is a commercially feasible proposition at the present time. Mr. Jones states that pig iron can be produced on this coast as cheaply as it can be produced in Pittsburgh. Even. so, what can be done, with it after it is produced? To begin with, iron produced on the. Pacific Coast has to compete with iron produced in China. Last year I had occasion to investigate the subject of the market for iron and, steel on the Pacific slope, and found that it was possible for the producers of Chinese iron to sell it for much less than the price for which iron can be produced in the West, and also for less than eastern pig iron is now sold for, even when shipped through the Panama Canal. I was informed that the agents for Chinese iron had instructions to sell it for $1 or $2 less per ton than that asked for other irons on the market. Of course, I realize that the competition of Chinese iron may not be important, but even if it is not, and even though pig iron ,can be produced at the cost given by Mr. Jones in his paper, I do not see any immediate chance of its being so produced, due to lack of market. C. C. JONES, Los Angeles, Cal.-Mr. Lyon is right. It is a fact that Chinese pig is being sold in San Francisco on some large contracts at $18.50 a ton, while $19 is the usual price. We ought to produce iron. on this coast at $14. Personally I do not think Chinese iron is ever going to be an important factor. It is a bugbear out here now. You are not going to have much Chinese pig iron in .this country. Our little friend Japan is going to absorb everything it can. The price of Chinese pig iron at $18 is about as low as it will ever get. If we can show you that we can produce this iron here at the same price as at Pittsburgh, I. think you will have a good opportunity to compete with anything China or India can ever do. Costs there are very low now. They are going to come up by leaps and bounds in the next few years. The labor cost over there may be very low now, but I. have seen some men from there quite recently

Jan 12, 1915

By A. M. Rowe

A considerable quantity of experimental hydrocarbon K-factor data has been correlated as a function of component identity, temperature, pressure and convergence pressure. To utilize these correlations effectively, convergence pressure must be determined accurately, particularly for volatile mixtures near their critical states. This paper presents phase diagrams that illustrate physically the meaning of convergence pressure. A new method, referred to hereafter as the "critical composition method", will be outlined for calculating convergence pressure. An example calculation has been included to illustrate how to use this new technique. INTRODUCTION The principle of hydrocarbon phase composition calculations as applied to such diverse problems as optimizing separator performance or predicting fluid compositions at various stages of reservoir depletion is the same. Usually, temperature, pressure and the numbers of moles of the various components of the fluid contained in a given volume are known. Questions answered by the phase calculation are what fraction of the total mass of fluid exists in each of the equilibrium phases, and what are the mole fractions of the various components in the two phases? To answer these questions the Natural Gasoline Supplymen's Assoc. (NGSMA) has correlated a considerable quantity of K-factor data as a function of temperature, pressure, component identity and convergence pressure.l To use these correlations to obtain the best answers possible, one must be able to calculate the convergence pressure. This is particularly true for over-all fluid compositions in the neighborhood of the critical state. STATEMENT OF THEORY Use of convergence pressure as a correlating parameter is based on a postulate similar to the law of corresponding states used in correlating PVT data of hydrocarbon gases. This postulate, which proposes convergence pressure as a correlating parameter, has been stated as follows: "The equilibrium vaporization constant for one component in a complex system is the same as the equilibrium constant at the same temperature and pressure for the same number or kind of components, providing only that the convergence pressures of the two systems are exactly the same at the same temperature and that the components are of the same homologous series".2 This law, as with all laws of physics, cannot be proven theoretically. It can only be justified by experimental data supporting its premises. Arguments have been made that this law violates Gibb's phase rule. For example, consider a four-component system. By Gibb's phase rule, which is thermodynamically rigorous, f = c — P + 2 =4, for a four-component, two-phase system. Thus, four independent intensive variables must be specified to establish completely all the intensive variables of the equilibrium phases. On the other hand, according to convergence pressure theory, only three variables need be specified for any mixture containing four different components. These variables are temperature, pressure and convergence pressure. Thus, the two laws appear to be in conflict. However, the convergence pressure postulate is more restrictive than Gibb's phase rule. It applies only to mixtures of the same homologous series. Hence, these two concepts are not in disagreement. PHASE DIAGRAMS DESCRIBING CONVERGENCE PRESSURE This paper presents phase diagrams grading from the simple two-component system to the more complex four-component system to illustrate convergence pressure. A less abstract definition of convergence pressure will be stated that is

By Mark E. Emerson

INTRODUCTION A long time has passed since geologists encountered encouraging mineralization in their regional exploration program for base metals deposits. Detailed drilling during the following two field seasons served to delineate the configuration of the deposit. Various statistical techniques were employed to provide confidence levels regarding the extent of the reserves and to categorize them according to whether proved, indicated or inferred. At this juncture, it appears that the company has an orebody. Time elapsed? - three years; money spent? - $2.5 million. Much remains to be done before the orebody becomes a mine. The company urgently needs to develop new orebodies to replace its existing mines which are being depleted. It therefore has expended sizable amounts in exploration, the life blood of the company. A staff of specialists is maintained to evaluate new projects and to conduct feasibility studies. The scale of new mining projects today is beyond the resources of most mining companies. Bank financing, therefore, is often vital if the company is to survive. The following scenario describes how a company goes about evaluating mine projects and what is needed to meet lender's criteria in securing the needed financing. MINE PLANNING Now that the company engineers have taken over the project, their concern is no longer with finding ore but in developing it. An exploration shaft has been put down and a tunnel driven into the orebody to verify, on a large scale, what has been seen so far only in pencil- like drill cores. A large tonnage bulk sample is mined and shipped off to an independent metallurgical process laboratory for beneficiation testing. The budget is expended to cover engineering studies. Preliminary capical and operating costs are developed in- house and profitability studies are made based or1 assumptions concerning the markets for the main product and the indicated gold, silver, and other by-products. Time elapsed? - four years; cost to date? - $3.5-$4.5 million. The staff prepares its own pre-feasibility study. After review, the Executive Committee authorizes management to proceed with full-scale studies. The task is to make preliminary designs and to develop definitive capital and operating cost estimates. Specialized consultants will be engaged to study slope stability for the open pit and rock strength if underground recovery proves more feasible. If it is near the sea, an oceanographic report might be commissioned to see if the tailings can be disposed of off shore. Environmental impact studies are commissioned from a firm familiar with government requirements and regulations in this important area. The company subscribes for an expensive multi-client study of the supply- demand-price outlook for the product to support its own long-range price forecast. Now all the numbers are available to make a definitive appraisal of the value of the project. Cash flow analyses and sensitivity studies follow. Reams of computer printouts are generated. Time elapsed: five years. Amount spent? - up to $9 million, depending on the size, complexity and attractiveness of the project. Marginal projects always take longer. Finally, an engineering and construction (E&C) company is given the task of integrating and compiling all the data into a feasibility study. The results of dozens of reports, memoranda, computer printouts, and charts are boiled down to one final summary report of a few hundred pages together with conclusions and recommendations. After thoughtful review at a board meeting, the directors authorize management to proceed with detailed engineering work - provided that

Jan 1, 1985

By Bernard Greifer, Walter Rose

The purpose of this note is to call attention to a source of difficulty which can be responsible for inaccurate estimates of wetting liquid pressure gradients in mixture flow experiments of the Hassler1 type. It has been our experience occasionally to observe what were indicated to be negative pressure gradients, and these were regarded as anomalous in the sense that physically they seemed to contradict the requirement that the flux be in the direction of the potential field. At first it was thought that our scheme of assembling barriers and core sample led to such asymmetry in the distribution of isobars that the manometric leads at each end of the core were responding to internal pressures (within the core sample) which could be either positive or negative with respect to each other, and which in fact might tend to reflect on different effective core lengths in an unpredictable fashion as the wetting liquid saturation was changed. However, no compelling evidence of this possibility has been established. In addition, we were cognizant of the requirements to be satisfied in selecting manometric instrumentation to minimize the delay in response of the manometer to the differential pressures being measured, and were thus assured that our observations of anomalous pressure gradients could not be explained by faulty instrumentation. What we suggest is that if a leak sink occurs in the fluid lines connecting the core to either side of the differential manometer, errors exceeding 100 per cent may result in the estimation of wetting liquid pressure gradient, even though the leak is of such small magnitude that its existence would tend to be obscured by evaporation effects. This is because in a system with leaks at the specified places, the manometer rec- ords at steady state the pressure drop across the manometer barrier elements in addition to the pressure drop across the core sample. This possibility will be illustrated below analytically and by numerical example for the special case where the leak occurs on the high presure side of the core, since we are especially desirous to explain the significance of our observations of the so-called negative pressure gradients. It will be indicated, however, that leak sinks on the low pressure side of the core can account for observations of anomalously high values of pressure gradient, and that multiple leaks on both sides of the core can provide for some compensation so that the errors in pressure estimation are reduced. However, the major point to be emphasized is the fact that the impractical-ity of detecting the small leak sinks which give rise to the difficulties makes it a complicated task for the experimenter in a particular case to know with certainty that his estimation of pressure gradient lies within the limits of error which can be tolerated. Fig. 1 shows the electrical analog of the flow system we have employed in our studies. The inflow and outflow barriers. Rbl and Rb2, the manometer barriers, Rm1, and Rm2, and the core sample, Rc— for a particular fluid saturation and distribution— are all designated as resistance elements; the flowmeter is designated by an ammeter, A; the pressure source is designated by E; and the manometric device is designated by the voltmeter, V. Included in the circuit are the variable resistances, Rx and Ry, which may be regarded as the leak sinks, and which, in general, can vary in magnitude from zero (i.e., a large hole or shunt in the system) to infinity (i.e., no

Jan 1, 1950