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By Norman D. Fitzgerald

The purpose of this paper is to analyze the behavior of oil securities during the six-year period January 1932 through December 1937. This period was selected because of its varied character. It includes the depths of the depression, the broad and spasmodic recovery, and the recession collapse. The first part of the analysis is devoted to the correlation of a number of economic factors with an index of 13 oil stocks. The second part is a comparison of the different,ial behavior of 6 oil stocks. The relationships developed here are only a few of many that might be considered in a complete analysis. The stock market is regarded as a barometer of business confidence and as such exerts an important influence upon corporate policies, particularly upon industrial expansion. The complex and continuously changing nature of its price structure, the ebb and flow of influences and the effects of impacts require dynamic rather than static analysis. When treated in this way, many of the important fluctuations in market prices and changes in the relationships between securities appear quite logical. The market for oil securities has varied widely in recent years. The Standard Statistics index of 13 oil stocks made a bull market peak of 166.7 in September 1929. The collapse of the boom and the ensuing bear market finally carried the index down to a low of 36.4 in June 1932. From this point oil stocks made an irregular recovery; they reached a top at 139.7 in March 1937, and after maintaining this approximate level through August, declined precipitously to 93.3 in December 1937. The prices of these 13 oil stocks have gone up and down under the influence of numberless variables. These variables are of two kinds, those external to the industry, and those that are solely due to its internal condition. The external factors are political, social, and economic, both domestic and foreign. These are the influences that induce the ebb and flow of all prices in general and security prices in particular. Among the internal factors are the regulation of industry, the development of new reserves and processes, and the disequilibrium due to lack of balance between supply and demand. Some of the simpler relationships are examined in this paper.

Jan 1, 1938

By David R. Mitchell

Many of the difficult operating problems of the preparation of coal for market, of sampling coal shipments and in the utilization of coal are caused by segregation in the coal mass. Segregation may be of two kinds: i.e., "size segregation," in which particles of the same size in a mass of coal containing a range of sizes collect together and "density segregation," in which particles of the same density or specific gravity in a mass of particles of varying density gather together. Mechanics of Segregation Size segregation cannot take place with closely sized coal. As the size range increases, the tendency for size segregation increases. Similarly, cleaned coal with particles of approximately the same specific gravity have very little tendency for density segregation. The wider the density range of particles and the more particles of different density, the greater the chances are for density segregation. The following discussion deals primarily with coal of a wide size range as screenings and of wide density differences as uncleaned or run-of-mine screenings. If a mass of coal containing particles of a wide size range is subject to the stream action of a moving current of water, the small particles are transported farther than the coarser. Particles of different density in a stream of moving water are subject to the laws of classification, the heavier settling out first. The familiar sluice box of the gold miner and the action of rivers and other streams in classifying material according to

Jan 1, 1938

By Albert L. Toenges

[During the past few years there has beer trend away from locomotive haulage of coal from the loading point to the preparation plant of bituminous-coal strip, miner to motorized. haulage. The question has arisen whether this is always economical, and the purposes of this investigation is to determine, if possible the economic limit for motorized haulage. The operators of strip coal mines and of open-pit ore mines have shown great interest in this problem, and it is thought that the findings of this investigation will. Provo helpful to them.]

Jan 1, 1938

HONORARY Membership in the Institute is limited to twenty and the roster is now only fifteen, so Dr. Reynders becomes a member of a select circle. All of his life, following graduation from Rensselaer Polytechnic Institute in 1886 at the age of twenty, lie has been connected with the steel industry. For about thirty years he stayed with the same company, the Pennsylvania Steel Co., until it was acquired by the Bethlehem Steel Corp., in 1916. For many years he had been vice-president and general manager. Before he attained that position, Dr. Reynders organized and remained in charge of the bridge-building department of the company, and during his professional life he has directed the construction of many

Jan 1, 1938

By C. F. Smart

SINCE their comparatively recent development, the alloys of cadmium with silver and copper or nickel, and of cadmium with nickel alone, have been used somewhat extensively as liners for connecting rod bearings and main bearings of internal-combustion engines. In applications where, owing to high bearing loads and elevated operating temperatures, the life of bearings made from tin-base or lead-base alloys has been undesirably short, cadmium alloys have demonstrated considerable advantage. In applications where, because of deflection of the crankshaft or bearing supports, copper-lead bearing metals have resulted in scored shafts, cadmium alloys have been operated successfully. The somewhat serious drawback to these alloys in bearing service has been that they, in common with copper-lead and certain lead alloys, are susceptible to corrosion in the presence of lubricants containing organic acids. These acids may be fatty acids (such as oleic acid) derived from animal or vegetable oils that sometimes have been compounded with engine lubricants, or they may be compounds of an acid nature developed by the oxidation of some petroleum oils under operating conditions. The result of such acid attack on bearings is illustrated by the photograph, Fig. 1. The petroleum oils that are most readily oxidized to a corrosive condi-tion, and the operating conditions under which such oxidation most readily occurs, are now rather well known among the technical organiza-tions of both the petroleum and automotive industries. While means have been developed for inhibiting petroleum oils against such acid formation, the knowledge that this condition may be encountered has been a factor in restricting the wider use of cadmium alloys as engine bearings. It has appeared, therefore, that their value and use would be enhanced if they could be made corrosion-resistant to a degree compatible with the most severe operating requirements.

Jan 1, 1938

By M. L. Samuels

In a recent paper the authors1 discussed the reactions to tempering of hypereutectoid steels quenched from 1000' C., as revealed by studies on changes in hardness, electrical resistivity, coercive force and metallo-graphic charaeteristics. The data, which related specifically to tempering temperatures of 550°, 650" and 710" C., for varying periods up to 125 hr., permitted the following important conclusions: 1. The rate of softening of the steels at the temperatures examined differed markedly although the steels were of "similar" general chemical composition. 2. The temperature of maximum softening spread over a range from about 650" C, to the eutectoid inversion. 3. The divergence in behavior was ascribed, at least in part, to a profound difference in tendency to graphitization on annealing at sub-eutectoid temperatures. 4. The mode of spheroidization of the cementite, as revealed by metallographic studies, also varied considerably in the different steels. The purpose of the present investigation is to pursue further the study of the difference in behavior of the steels on tempering over a wider range of temperature. To this end the following features have received particular attention: 1. Comparison of temperatures of maximum softening of the various steels when the quenched samples were tempered for 5 hi. and for 75 hr. followed by furnace cooling and by quenching in water. 2. Deterrnirlation of the effect of quenching temperature, prior to tempering, on the rate of softening. Quenching temperatures of 1000" and 850" C. were used in the investigations. 3. Examination of the microstructures obtained with the various heat-treatments employed.

Jan 1, 1938

By M. L. Fuller

DURING the last several years many papers have appeared dealing with the structure of highly polished metal surfaces The awakening of interest in this subject is due to the applicability of the electron diffraction technique to the study of surfaces The original theory of Beilby1 considered the surface of polished metals as of the nature of a super-cooled liquid or a vitreous, amorphous solid The electron diffraction effects from polished metals have been interpreted by many to be a direct experimental proof of the correctness of the Beilby theory This interpretation has been strongly opposed by others, so that at the present time the subject is in an uncertain and controversial state In the present paper new, and hitherto unpublished, electron diffraction effects from polished zinc are described These observations indicate that the polished surface of zinc is crystalline PUBLISHED WORK Many papers2-10 have interpreted the electron diffraction evidence as proof of the Beilby amorphous theory All investigators agree that highly polished metals give rise to two diffuse diffraction haloes, similar to those obtained by the diffraction of X-rays in liquids and vitreous solids It is this similarity that leads to the amorphous-layer interpretation of polished metals Strangely, the interatomic distances calculated from these haloes are very similar for the various metals investigated, in spite of a rather wide range of such distances in the crystalline and liquid states The calculated atomic sizes are, furthermore, smaller than are experienced in the normal states of the metals In spite of these anomalies, the amorphous-layer interpretation has been adhered to by many One investigator, S Dobmski,11 differs from the others in his experimental results By polishing under benzene in order to avoid the possibility of oxidation, Dobinski obtains diffuse haloes of [radire] different from those previously obtained He thus obtains a more rational quantitative correlation of-the diffuse haloes with the amorphous-layer theory

Jan 1, 1938

Of the world's total production of gold the largest proportion comes from the more regularly consistent ore bodies, but in the aggregate an important part comes from those which are often irregular, uncertain and small. These smaller ore bodies are often high in grade and, as the capital required to work them is not large, they appeal to people seeking a quick and profitable return for a small outlay.These small mining concerns cannot afford detailed geological and petrological investigations and mapping, so they are very often dependent on local knowledge and experience which admittedly may be of really great value.Nevertheless the absence of skilled guidance may not only cause good opportunities for intelligent exploration to be lost, but discourage the seach for other ore bodies.lVIining engineers in the course of their travels in the examination of mines often come across such cases and also others where problems of finding lost ore bodies have been solved by the man on the spot. As records of cases are valuable and useful additions to the knowledge of ore occurrences, the writer now proposes to describe one such case coming under his observation in recent years.It is that of a small mine, known as the Idaho, at the southern end of the famous "Golden Mile" at Kalgoorlie (see Fig. 1). This mine has been a small and very erratic producer ever since it was abandoned by an English company which owned it forty years ago. Except for one period of four years it has always been owned and worked by parties of co-operative miners and during its time has gone through a tortuous career. Although it has often...

Jan 1, 1938

By H. S. Auvil

[Coals of low-volatile rank cannot be coked without admixing large proportions of high-volatile coal in the usual type of byproduct-coke oven, because they expand excessively and exert side thrust, which ruins the oven walls. Some medium-volatile coals also give trouble. Since high-rank coals produce a strong, blocky coke, it is desirable to have the rank as high as practicable, particularly in the manufacture of foundry coke. Accordingly, it has become the practice to mix or blend high-volatile shrinking, coals with as much low-volatile coal as possible and still have a mixture that will not deform the walls or cause difficulty in pushing the coke. Occasionally, the safe limit of low-volatile coal has been exceeded and ovens have been damaged. It is desirable, therefore, to rave a reliable method of determining the expanding tendencies of mixtures before they are charged into the ovens. Furthermore, coal charges somewhat in its properties as mining progresses, and therefore, mixtures found to be safe at one time may cease to be so subsequently, particularly if nearly the maximum allowable percentage of low-volatile coal is being used.]

Jan 1, 1938

By John B. Baker, Bernard B. Betty, H. F. Moore

For several years there has been in progress in the Materials Testing Laboratory of the University of Illinois an investigation of creep and fracture of lead and lead alloys. In the course of this investigation it has been shown that the phenomenon of creep occurs in part at the grain boundaries of lead and lead alloys. To study the occurrence of creep and the development of fracture within crystalline grains, two series of tests of single crystals of lead have been carried out. The first of these, a preliminary series, by Mr. Betty, has been described.l,2 The second, pursued by Mr. Baker for his doctoral dissertation, was carried out under the direction of Professor Moore, with the assistance of Prof. G. L. Clark in the X-ray work, and the cooperation and advice of Mr. Betty. This paper is based on the test data obtained in this second series. Single crystals of a very pure commercial lead have been prepared, some of them tested to measure creep, others tested to fracture under long-continued steady load, and still others tested under cycles of repeated tension. An interpretation of the test data of these single-crystal tests is offered, which is a combination of parts of several well-known theories. Specimens The single-crystal specimens were made from a piece of very pure commercial lead sheathing. A spectroscopic analysis of one of the single crystals showed the presence of 0.005 per cent Bi, 0.0001 per cent Cu and 0.0003 per cent Ag. Preparation.—The Bridgman method of casting single-crystal specimens was used.3 The specimens were cast to the shape and size shown in Fig. 1 (dimensions in Fig. 4c) in a duralumin mold. Molten lead does not stick to duralumin. Fig. 1 shows the mold and the blast flames for heating. After the mold had been heated to the temperature of molten

Jan 1, 1938

By W. P. Sykes

SEVEN years ago, Dr. S. L. Hoyt1 presented a masterful discussion of the hard metal carbides and cemented tungsten carbide. His lecture summarized most of the data then available in the field; many of the details relating to the production, properties and structure of cemented tungsten carbide had never been previously published, for, in fact, this information was only then being acquired. During the intervening years, the cemented carbides have assumed a place of real importance in the commercial field, with an ever widening variety of applications due to constant improvement in the control of production technique and the unremitting search for new compositions that might better the performance of the alloys in one or another type of service. The most recent summary of production methods, properties and guides for the successful application of the cemented carbides appears in the 1936 edition of the Metals Handbook. Of necessity, much detailed information relating to structures and physical properties is not included in such a summary, and it is with such details that the present discussion is concerned. STEPS IN PREPARATION While the past 25 years have contributed a valuable store of working knowledge in the field of powder metallurgy, many of the process controls are derived entirely from experience and are not as yet finally explained by a specific physical or chemical phenomenon. For most of the cemented carbides such difficulties are aggravated by our lack of knowledge not only of the complex alloy systems involved, but also by the possible changes in structure and even in composition which may accompany variations in temperature, heating time, and furnace atmospheres. The principal steps in the preparation of these cemented carbide alloys are fairly well known, but to supply a foundation for discussion these steps are briefly outlined as follows: 1. Formation of the metal carbide in the form of powder by heating a mixture of carbon and the metal powder or oxide for several

Jan 1, 1938

By Alden B. Greninger

In a recent study1 of the deformation of metastable beta copper-zinc and beta copper-tin crystals, it was established that the parallel markings that appear on the surface of these crystals after slight deformation represent lattice transformations. Stereographic analysis showed that in beta copper-tin, the poles of these markings deviated one or two degrees from poles of the form {133}. In beta copper-zinc the plane delineated by the markings corresponded to no one crystallographic plane of the matrix lattice; the marking poles deviated from 5° to 11° from poles of the form (110), and were displaced only a few degrees from (110) zones. Inasmuch as the new transition lattices produced as the result of the deformation are different for each alloy, it was thought at first that the habits of the markings might be the result of a cooperation between matrix lattice and transformed lattice. (Both matrix lattices arc body-centered cubic.) Such a cooperative effect is thought to obtain in the formation of Widmanstätten figures, for it is well known that the matrix lattice alone does not determine the habit assumed by a segregate phase. On the other hand, it is not inconceivable that the dissimilarity in marking habit might be due to differences in deformation characteristics of beta brass and beta bronze. Barrett and co-workers2 have shown that slip-line habits in pure iron are markedly different from those in high-silicon ferrite; and although it has been repeatedly demonstrated that plates of a segregate phase do not necessarily form on the slip planes of the matrix lattice, deformation characteristics may be more intimately allied with plate formation when a transformation is made to occur as a result of plastic deformation. However, there is the fact that the orientation of markings in metastable beta copper-zinc is the same whether the markings be produced by quenching, deformation, or liquid-air cooling; likewise, quenching and deformation markings in metastable beta copper-tin are oriented in the same way with respect to the beta matrix. During the course of the investigation referred to above, samples of 52:48 (stable beta) copper-zinc were deformed and examined micro-

Jan 1, 1938

By D. O. Noel

IT is, of course, expected that manufacture of the various metal powders should involve numerous methods adapted to the specific characteristics of the metals themselves. Several methods for powdering a particular metal may be available, but the physical characteristics of the powder as produced by the several methods may be quite different. In the final analysis, the application of the metal powder dictates the physical properties that the metal powder must possess, and this, to a very large extent, will determine which of several possible methods of manufacture is adopted. Sometimes powder of the same metal is produced by more than one method, each powder having specific characteristics that make it particularly suitable for its application. For purposes of classification, the various methods of powdering metals can be grouped as follows: 1. Machining. 2. Milling (by ball mills, stamps, attrition mills, etc.). 3. Shotting (pouring molten metal into water, air, etc.). 4. Granulation (by stirring molten metal while solidifying). 5. Atomizing (disintegrating by steam, compressed air, etc.). 6. Condensation of metal vapor. 7. Reduction of oxide powders. 8. Chemical precipitation. 9. Electrolytic deposition. 10. Sintering (for producing alloy powders). 11. Formation of an alloy followed by dissolving or otherwise remov-ing one of the alloying constituents.

Jan 1, 1938

The Institute conducts jointly with the American Society of Civil Engineers, American Society of Mechanical Engineers and American Institute of Electrical Engineers, certain activities as listed below, and is joint owner with them of certain properties. United Engineering Trustees, lnc. When Mr. Carnegie made his gift which made possible a home for the engineering societies, a separate corporation was organized to act as a holding company and to manage the common property. This was long known as the United Engineering Society, but the name has now been changed to one which more nearly reflects the real function of the corporation. It holds title to the Engineering Societies Building and to various funds placed in its charge and is managed by a Board of Trustees, of which three are chosen by each of the four societies, American Institute of Mining and Metallurgical Engineers, American Society of Mechanical Engineers, American Institute of Electrical Engineers and American Society of Civil Engineers, which have equal and undivided interests in. the property. The land and building cost two million dollars. During the year 1934, the Constitution and Bylaws

Jan 1, 1938

The Illawarra District, from 50 to 100 miles south of Sydney, is one of the State's important coalfields. It extends from Clifton on the north, to the Shoalhaven river on the south, and from the coast westward beyond the coastal scarp.For descriptive purposes, this area falls naturally into two zones:(a) the coastal belt backed-by the eastern edge of the plateau;(b) the plateau, westerly from the coastal scarp.(a) The Coastal Belt.A triangular shaped area extending from Clifton to the Shoalhaven river, composed for the most part of soft coal measures strata of Permian age, which, on weathering, undermines the massive overlying Mesozoic sandstones and causes the gradual recession of thecliffs.South of Wollongong, upper marine sediments and contemporaneous igneous rocks make their appearance beneath the coal measure beds and occupy the greater portion of the coastal belt.(b) Plateau Area.Extending westerly from the coastal escarpment is a plateau known as the Robertson Tableland, composed of Triassic sandstone and shales dipping gently in a northerly direction, and capped in places by Wianamatta. shales and r.rertiary basalts. This tableland is approximately 2400 feet above sea level in the vicinity of Robertson, and gradually falls to about 750 feet at Waterfall.The plateau area for the most part is highly dissected, rough, steep gorges alternate with sharp ridges.A large part of the northern watershed of the Robertson tableland is a reserve for Sydney water supply, and large dams have been constructed at Cataract, Avon, Burke, and Cordeaux.

Jan 1, 1938

By George H. Ashley

It has been said that the Pittsburgh bed is the most valuable single mineral deposit yet known to man. The figures in Table 1 are presented in substantiation of that claim. Production and Value In order that the figures of Table 1 may have any weight, a statement must be made to show how they were arrived at. Because, to the writer's knowledge, no accurate separate figures ever have been kept of the production and value of the Pittsburgh coal bed, the states will be considered separately. Pennsylvania Accurate figures are obtainable for Pennsylvania for recent years because recent reports of the Pellnsylvania Department of Mines show the production from each mine and the bed worked at each mine. For recent years, therefore, it is only necessary to list the mines working in the Pittsburgh bed and add up their production. The value was obtained by treating each county separately, applying the average price for the county to the production of Pittsburgh coal in that county. Unfortunately for great accuracy, while production figures for individual mines are available for many years, the name of the bed being

Jan 1, 1938

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Jan 1, 1938

By M. L. Samuels

DURING the period from 1910 to 1920, there was a lively interest in the subject of grain growth and many papers were published, followed by interesting discussions. Questions dealing with the fundamentals of grain growth-why and how it occurs-were treated in papers by Howe,1 Jeffries,2 Sauveur,3 Chappell,4 Beilby,5 Mathewson and Phillips,6 McAdam,7 Carpenter and Elam,8 Stead and Carpenter,9 Ruder,10 as well as others. Since that decade, much indeed has been done regarding the practical control of grain size, and it is now possible to order material having a size specified in the American Society for Testing Materials classification. Also, one hears the term "spliced boundaries" used in connection with certain tungsten lamp filaments" wherein it is important to prevent "sagging" between consecutive turns of the helix." This practical use of a certain knowledge as to the things that influence or even control grain growth should not be taken as an indication that the subject has been thoroughly explored and that nothing more can be learned from fundamental studies. It is with this thought in mind that a report of some observations and experiments on abnormal grain growth is believed justified. Abnormal grain growth is met with in heat-treating high-carbon steels in the austenitic range,13 in the hardening treatments of high-speed steels, 14.11 and in the low-temperature annealing of strained low-carbon steels as in sheet and wire material. Entirely aside from these instances of exaggerated grain growth, which some might consider as freakish, it is thought that abnormal growth is simply a case where the growth forces and the forces tending to prevent growth are almost, but not quite, evenly balanced. Information relative to grain-growth characteristics in general may be obtained from a study of abnormal growth conditions, which may be looked upon as vantage points. Reflection will show at once that if growth forces are great in comparison to inertia or resistance to growth, many crystals start to grow and, for that reason, none becomes very large, whereas if inertia is predominant no growth at all takes place. Under conditions in which

Jan 1, 1938

By G. W. H. Norman, A. H. Miller

This survey is one of the more recent tests of geophysical methods of prospecting by the Dominion Observatory and the Geological Survey of Canada, of which the purpose is to find out what application such methods may have to geological problems in Canada. The Malagash salt deposit lies on the north shore of Nova Scotia about 40 miles east of the New Brunswick boundary, arid forms a part of faulted and folded Carboniferous strata. The salt beds are exposed only in the mine workings, which are about 1000 ft. deep and at one place extend for 1000 ft. along the strike. Lack of rock exposures, complicated folds, and faults make it impossible to predict the location of salt away from the mine. A survey of an area in the vicinity of the mine was therefore undertaken to find out whether the salt could be located by the torsion balance and whether its extension from the mine workings could be traced. As the gravitational effects at Malagash may be fairly typical of those at other concealed salt deposits in the Carboniferous rocks of the Maritime Provinces of Canada, the survey has a direct bearing on prospecting for other deposits. The survey was made in 1934 by A. H. Miller in collaboration with Dr. W. A. Bell, of the Geological Survey of Canada. Observations began on June 15 and were completed four months later, on Oct. 15. Definite gravitational effects including a lowering of gravity were observed over the deposit. The survey also disclosed one other area of low gravity cast of the mine hut whether this area is underlain by a large body of salt is not yet established.

Jan 1, 1938

By David Keys

APPLIED geophysics is the youngest child of that old branch of learning, that has been known from Aristotle's time as physics-the constitution and laws of nature. The mother science, with the help of mathematics, has given birth to many children, who, on becoming of age in the scientific sense, wedded more practical applications which later became known as electrical engineering, physical chemistry and acoustical engineering. Some vigorous sons still retain the family name, among which the most recent to take its place as a division of science is geophysics, which deals with the physics of the earth. Geophysics in its broad sense has many departments-meteorology, oceanography and seismology, to mention only three. Within the past 20 years, however, a special interest has arisen in the application of physical principles to, problems in geology, mining and civil engineering, with the consequent rapid growth of what has now been called "applied geophysics." Applied geophysics in this narrower sense is the application of experi-mental and theoretical physics to determine variations: and discontinuities in underground structures that cannot be ascertained from surface inspec-tion. It seems evident, then, that the physics department is the natural place in a university where the principles and methods involved should be taught and developed, for the physicist will also have had the requisite training in mathematics that the proper understanding of many methods now used will require. A knowledge of the procedure and principles, however, is not sufficient for the successful application of geophysical, methods. One may know the dynamics of flight of golf balls and of impact and yet not play a par game of golf ! The proper selection and use of the right club to suit the circumstances of the lay of the ball and an acquaintance with the possibilities and limitations of the strokes as well as the practical execution of the play is essential to a successful game. So, also, in the application of geophysical methods, it is important for the geophysicist to use the best device under the conditions presented, to know the limitations of the conclusions deduced from his physical measurements and to make the proper interpretation of the results. A knowledge of geology will be of great aid in coming to the correct con-

Jan 1, 1938