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By AIME AIME

THE statements quoted below range widely over the field of contact between education and industry. 'Their sources are as indicated. True Education "Education must escape from its traditional warped and narrow views as to what constitutes life and preparation for life. It must train young men and women for vigorous, wholesome development of every important element of personality. It must build physical and mental health. For each student it must inform and discipline thinking in literature, in physical, bio- logical and social sciences, and in philosophy. It must awaken appreciation of beauty.

Jan 1, 1929

By Jan H. Hommen

TRENDS IN MINE FINANCE Reviewing historical trends may help in dealing with future funding strategies. The first trend is the increase in the use of debt to fund corporate America. Surprisingly, when comparing that with other corporates in the global marketplace, the U.S. does not look too poorly. Japanese, in particular, but also German companies, are much more leveraged than their U.S. counterparts. Note that in Japan and Germany the government and the consumer have shown substantial restraints when it comes to credit. Not so in the U.S. where the savings rate (4%) is much lower than that in Japan (20%) and in Germany (14%). As a result, the cost of leverage is substantially lower in Japan and in Germany than in the U.S. Lower debt costs in these countries allows one to obtain more of it for the same price. The close relationships between financial institutions, corporations and governments in Japan and Germany also make the risk of leverage more bearable and understandable. Also note that interest rate volatility in these countries is more subdued. The investor base in common stock is also changing. Private pension funds have been net sellers of equities during the last few years while public pension funds have been net buyers. Individuals are basically out of the market. It is estimated that over $330 billion of equity was retired in the U.S. through 1986-1988. The reasons are well known: restructurings, buy-backs, takeovers, mergers, and buy-outs. This de-equitization is likely to continue as the cost of equity capital is higher than the cost of debt capital, even on a before-tax basis. Because there has been no market for equity since October 19, 1987, junk bonds have replaced equity capital in the corporate finance structure. The non-investor-grade borrower has access to the public markets through high-yielding debt securities that often look like senior equity. Deregulation has also provided 24-hour markets; securitization can now liquify assets that before were rusting on balance sheets; information processing and communication tools give facts that are instantaneously available, creating the need for products to cover risk and exposures unknown before the start of the information and technology explosion. Thus we now have swaps, options, futures, options on futures, caps, as well as program trading, portfolio insurance, index funds, etc. Globalization will be unstoppable. Today's environment demands it. Corporations are now global competitors, even though they may have never shipped a product off-shore. Boundaries are disappearing and impediments have been removed. Stocks can be issued in a global offering with distribution in all major financial centers of the world. The high leverage of Japanese companies has made common stocks very scarce, which with the high savings rate, makes equity capital inexpensive in Japan. If markets were perfect everyone would issue stock in Tokyo and buy it back in New York. This would certainly stop the bleeding on the balance of payments. With the deficit balance of payments in America, it is no surprise that the cost of money is expensive here. The risk-return relationship on U.S. equity is not favorable enough to appeal to Japanese equity investors. The Tokyo-market, helped by a stronger yen, surpassed New York as the most important equity market in the world. The question is, will the Tokyo market hold up when Japanese domestic consumption increases at the expense of savings? In the U.S. debt markets, the plain vanilla debenture is making a comeback after a period of absence. Commercial paper has replaced short term bank borrowings for working capital funding by larger corporations. The banks have made an interesting comeback with loan sale programs that will continue to attract borrowers. There will be a continuing

Jan 1, 1990

By Nicholas J. Grant, Italo S. Servi

Extensive data of minimum creep rates and rupture times for high purity and commercial aluminum confirm the existence of a transition range from the low temperature-type to the high temperature-type behavior. The data are analyzed in line with the suggested theories of deformation of metals. CONSIDERABLY more work has been done on the rupture and creep behavior of commercial alloys than on the less complex, high purity metals. As a result, certain fundamental behaviors are overlooked. One of the lesser known variables affecting the high temperature behavior of metals is the impurity content (or alloy content). Impurities are known to affect strongly the recrystallization temperature, electrical resistivity, and other properties of metals, but the effect on creep and other high temperature mechanical properties has been determined for very few materials. In view of these facts aluminum appears to be a fairly ideal metal, since it is available in a wide range of purity contents from 99.995+ down through the 2s (99.0 + Al) and 3s (1.2 Mn) grades in small steps. It is highly resistant to oxidation and other surface instabilities, leaving recrystallization and grain growth as virtually the only instabilities. Control of grain size is also well standardized. Limited data on the creep of aluminum have been obtained by Dushman et a1.l for high purity aluminum; by Sherby2 on 2s aluminum of variable grain size; and by Dorn and Tietz³ on cold-worked 3s aluminum. Experimental Procedure The apparatus consisted of a constant stress, creep testing unit similar to the type described by Hop-kin.' The specimens were held at temperature for 30 min before loading. The loading time was less than 2 min. Factors affecting the accuracy of the data were: 1-—the temperature gradient and control, ± 3°F; 2-the stress determinations, ± 1.5 pct; and 3—elongation measurements (1 in. gage), ? 0.001 in. Three grades of aluminum were tested: 1— high purity (99.995 pct Al), 2—2s (99.3 pct Al), and 3—3s (98.2 pct Al). The spectrographic analyses of these materials are reported in Table I. The specimens were annealed then electropolished in a perchloric-acetic mixture before testing. Data on heat treatments and grain size obtained appear in Table 11. The entire creep curve was determined for almost all of the tests. A few tests were interrupted after the beginning of the third stage of creep, and in these cases the rupture time was estimated. Experimental Results Constant stress creep-rupture testing gives a much longer, more accurately measurable second stage of creep than constant load testing. This behavior is in agreement with the results obtained by Andrade for lead (see Fig. 1). If the test is run to completion, the third stage of creep appears as soon as stress intensification occurs. In the case of specimens which fail in a ductile manner, the stress intensification begins when the sample starts "necking". This differs from the "high temperature brittle" specimens in which the stress intensification is caused by intercrystalline cracking. These specimens

Jan 1, 1952

By H. D. Merchant

NUMEROUS publications have examined hot hardness of metals and alloys. Some have studied creep in long-time hardness tests, few of which, however, were tested under a spherical indentor. 1-3 The results of Mulhearn and Tabor' indicate a parabolic-type creep for indium and lead, whereas Moore and Tabor2 how a logarithmic-type creep for indium. Similar semilog relationships between hardness and time have been found by Goffard and wheeler3 for magnesium, aluminum, and their alloys. In this note, the elevated-temperature hardness of some complex alloys, shown in Table I, was examined to discover whether any basic information about the deformation behavior of the alloys could be obtained. One of the alloys, H-13 alloy steel, was tested for short-time creep tests to examine the hardness-time relationship at various temperatures. A standard Brinell Hardness Tester, mounted with an appropriate furnace and 99 pct A12O3 poly-crystalline indentor, was employed for the purpose. The alloys were tested at temperatures from room to 1400°F for 30 sec under 1500-kg load. The creep studies were conducted for about 8500 sec at 7l°, 500°, 1000°, and 1200°F. For constants A and B, a relationship of the type H = Aexp(-BT) [ll was obtained for all alloys between hardness, H, and temperature, T. In the semilogarithmic plot, the data points for each alloy were arranged into two groups, each group on a straight line with a specific set of A and B values. These results are in agreement with many such observations on hot hardness, notably those of Westbrook for pure metals,4 The thermal softening coefficient, B, and transition temperature, Tt, for various alloys are shown in Table I. The change in slope around the transition temperature suggests an apparent change in the mechanism of deformation, probably from the shear (below Tt) to the diffusion type of mechanism. At the temperatures above Tt, for constants A' and B, a relationship of the type was obtained between H and T, Fig. 1. The nature of the equation, where R is gas constant, suggests the possibility of a thermally activated mechanism of deformation above Tt. The constant B' may hence be defined as the apparent activation energy of indentation. The B' values of various alloys are shown in Table I. A plot of B vs B' gives a curvilinear relation shown in Fig. 2. The indentation-creep data for H-13 alloy steel is shown in Fig. 3. At 71" and 500°F, the creep initially follows the logarithmic time law. However, the indentation size stabilizes after 7 sec at 71°F, and after 10 sec at 500°F. Further increase in loading time has no effect on indentation size. The creep of 1000° and 1200°F follows the logarithmic time law for the first 1000 sec, after which the

Jan 1, 1964

By Robert E. Green, T. Hinton

The velocities of the three possible modes of elastic-wave Propagation have been calculated for single-crystal aluminum at 1-deg intervals throughout the standard steveographic triangle. The results are presented as isospeed contours. The deviations between the direction of maximum energy propagation and specirzen axes are presented as arrows drawn within the standard triangle. The orientation factors associated with dislocation nzotion on the primary slip system only and also on all twelve slip systenzs have been calculated for all three elastic waves. The orientation factors associated with a longitudinal standing--7aue resonant specivnen hazle also been calculated. The relevance of these results to ultrasonic attenuation measurements is discussed. DUE to the widespread use of ultrasonics in the investigation of the properties of solids a number of authors15 have discussed in detail the theory of elastic-wave propagation in solids. In this paper the modes of wave propagation are evaluated according to the procedure suggested by reeen' for the case of single-crystal aluminum at 1-deg intervals throughout the standard stereographic triangle. The wave speeds are presented in the form of contour diagrams within the standard triangle. The deviations between the direction of maximum energy propagation and the normals to the wave fronts are presented as arrows drawn within the standard triangle. The orientation-de pendent factors (orientation factors) associated with dislocation damping as derived in the preceding paper6 have been calculated for the case of aluminum at 1-deg intervals throughout the standard triangle. The orientation factors for dislocation motion on the primary slip system only and on all twelve slip systems are presented in the form of contour diagrams, for both the traveling- and the standing-wave conditions. The relevance of these results to ultrasonic attenuation measurements is discussed. ELASTIC-WAVE PROPAGATION Three waves can be propagated in a linear elastic homogeneous anisotropic medium. The velocity of propagation v of each of these waves in a medium of density p can be obtained from the determination of the eigenvalues and eigenvectors of the matrix equa- The A's are a series of moduli which are functions of the elastic constants cij and the direction cosines 1, m, and n of the specimen axis. In the case of cubic single crystals where there are only three nonzero elastic constants cll, c12, and C, the A's are, The solution of Eq. [I] will give the wave speeds (eigenvalues) and the direction cosines a, 0, and y of the particle displacements (eigenvectors). To obtain the direction of maximum energy flux requires the calculation of the energy-flux vector ET with com- w is the angular frequency, A, the amplitude, and v the velocity of the wave. The direction cosines a, b, and c of the energy flux vector are then given by

Jan 1, 1967

By Herbert Hoover

THERE is one problem of the new administration that has received the attention and thought of the organized engineers of America for many years past. This is the problem of the reorganization of the Federal Government. The, inadequacy, the wastefulness, and the inefficiency of our federal organization was evident, enough under pre-war conditions. These inadequacies, these inefficiencies, these wastes were exhibited to the country during the war at the cost of millions. Congress has placed the problem in the hands of a very able Congressional Joint Committee, but if this Joint Committee succeeds in securing the imminently necessary results it will only be by full insistent support to it by public opinion. Many attempts have been made at reorganization before but all, of them have gone to the same crematory-the interminable differences in opinion among the executive and legislative officials over details.

Jan 1, 1921

TO metallurgists generally, Arthur S. Dwight is no stranger even to those who do not know him personally. He is one of those contributors to technical progress whose names will go down to posterity because of their being attached to a successful machine or process, such as Dorr, Hardinge, or Marcy, or Wedge, MacDougall, or Herreshoff. The roasting and sintering method and equipment developed by Colonel Dwight and his associate, the late Richard L. Lloyd, may be found in lead smelters throughout the world, and also in many metallurgical works dealing with other ores, including those of iron. It is ordinarily used to desulphurize and agglomerate fine ores for subsequent smelting. Colonel Dwight's citation as James Douglas Medalist reads: "For his contributions to the art of smelting nonferrous ores; and particularly for his pioneer work in developing equipment and technique for sintering such ores and metallurgical products." The medal was awarded at the last Annual Meeting of the A.I.M.E. but unfortunately the medalist was unable to leave Florida at the time to receive it in person.

Jan 1, 1942

By W. C. MENDENHALL

THE problem of maintaining the mining industry is two-fold; finding new supplies in the face of increasing difficulties, and making such advances in the arts of extraction and preparation as to use supplies of lower grade. Progress in mining and reduction methods and in transportation makes ore today of that which was waste yesterday. These are the fields of the metallurgists and the transportation engineers. The geologists and mining engineers must work together on the problem of ore finding. As the old prospector fades from the scene, men with equal hardihood and patience and equal power to meet the physical obstacles which confront the seeker after ore, must take his place, armed with all that has been learned from human experience about the causes, the controlling conditions, the indications, and hiding places of the metals. Such a seeker is dealing with some of the most complex and obscure of natural phenomena. In nature's laboratory, tremendous forces are at work. Tempera-

Jan 1, 1926

By Hans Lundberg, Basil T. Wilson, H. Steuart Scott

FOR the benefit of those readers who may not be in close touch with present practices in the geophysical prospecting for ore, brief reference will fiat be made to the advantages and shortcomings of the methods to be discussed. Magnetic and electric methods are generally accepted as the most useful for ore prospecting. By magnetic methods, magnetic intensities that are not normal may be recorded and outlined. From these can he located concentrations of such highly magnetic minerals as magnetite or pyrrhotite, which sometimes occur in such large masses that they are of economic value in themselves. More often. however, these magnetic min¬erals are associated with others, such as copper, zinc, lead, gold, and silver, which, if existing in sufficient concentration and quantity, may constitute valuable ore bodies. It is therefore only when pyrrhotite and magnetite are present in these bodies that the magnetic method can be used to indicate their presence.

Jan 1, 1945

By ROBERT H. BOOTH

THE happy intra-plant relationships of the Bridgeport Brass Co. are largely attributable to the interest of the management in this important business factor. In furtherance of this development Carl F. Dietz, President of the Company and a member of the Institute, has contributed the novel plan for the objective presentation of business economics, described herein. All of the officers of the corporation are active in its management and they together with many other workers filling both executive and subordinate positions have a substantial financial interest in the enterprise. The viewpoint of this organization is fairly reflected by the following quotation from Roosevelt's "The Foes of Our Own Household."

Jan 1, 1924

By George A. Miller

THE outstanding characteristic of the American business man is that he likes to run his own business his own way, without any interference from his wife, his friends, his bankers, and least of all from his government. The oil man, like the miner, is an American business man in which this special characteristic is even more pronounced. It may be because he has been an explorer and is more nearly like those pioneering Americans who explored, developed, and built these United States.

Jan 1, 1944

By MORTON WEBB

Discussion of the paper of Max Boehmer, presented at the Pittsburg meeting, March, 1910, and printed in Bulletin. No. 38, February, 1910, pp. 119 to 122. W. MORTON WEBB, Germiston, Transvaal, South Africa (communication to the Secretary*):-The experience of Mr. Boehmer in the Leadville district and his reputation as an engineer assure the interest of anything he may write on the ore-bodies of that district; and all engineers who have operated in Leadville will agree that the theory of the origin of the Leadville deposits, as given by Mr. Emmons in his famous monograph, does not adequately explain the genesis of all the deposits. The solution of the problem does not, however, appear to be quite so simple as Mr. Boehmer would make it; and the advance pamphlet issued by the U. S. Geological Survey, pending the completion of the main report, shows that there is still much ground for controversy. No doubt the later eruptives had a greater influence on the deposition of the ore-bodies than was thought at the time of the first investigation by the Survey; but it has always appeared to me that the influence exerted by these dikes was more in the nature of a physical than a chemical one. The weight of evidence in recent years is mostly in the direction of ascension rather than lateral secretion; and one of the strongest evidences is the fact that most of the ore-bodies lie under one of the comparatively impervious layers which help to make up the structure of these hills. On Iron hill I have found a very persistent white porphyry sheet, split off from the overlying porphyry and lying from 30 to 60 ft. below the main white porphyry and blue limestone contact. This sheet varies from a few to 50 ft. in thickness, and where found adds another "contact" to that region ; some of the largest ore-bodies on Iron hill lie immediately under this sheet. Above this is the main white porphyry and * Received Mar. 3, 1910.

Feb 1, 1911

By James W. Wade

THIS discussion of the future supply of lead refers only to the next ten-year period. Beyond that no prediction can be made that would be of sufficient accuracy to serve any purpose. When any commodity is by an unsatisfied demand forced to a higher price level, and the profits of those who are able to produce the commodity are greatly increased, there is awakened a new interest in the commodity on the part of both producer and consumer. The consumer attempts to reduce his costs by developing substitutes or assisting in the development of new sources of supply. Lead is now going through this stage. The lead producer is increasing development expenditure and searching for new mines. The consumer is developing substitutes as illustrated by the increasing use of zinc oxide as a pigment, and the use of dry batteries in radio sets. The search of the Ford interests for lead, by prospecting in Missouri and Idaho, is induced by the effort to develop a new source of supply. Considering the index figures of the Department of' Commerce, it is evident that lead is on a substantially higher price level. For February, 1926, the index figure of lead is 209, while the general commodity price index is only 156, 100 being taken as the base for 1913.

Jan 1, 1926

By Michel David

One of the most important questions that arises in ore estimation can be stated as follows: What is the error when one extends the grade of a sample to a certain volume? The theory of regionalized variables, with the concept of extension variance, provides a response to that crucial question for any kind of sample extended to any volume. For the usual "extensions" encountered in current mining practice, some simple results can be derived from that theory which was initiated by Dr. G. Matheron. These results have been applied to a stratiform lead-zinc deposit for which several estimations of grade, tonnage and related precision have been made for a series of grid sizes such as might be used in a progressive exploration program.

Jan 1, 1969

By R. G. Knickerbocker

A STURDY and consistent expansion of the metal industry occurred in 1947 exemplified by an increase of approximately 30 per cent in steel consumption over 1946. For this major reason, ferroalloy metals have seen their most useful and important peace-time year. The current domestic rate of consumption of high-grade ferroalloy ores, together with added consumption of new foreign producers as well as for eign nationals' restrictions on high-grade exports, makes very evident the increasing difficulties of obtaining sufficient high-grade ores. This accentuates the need for new and less expensive methods of production of ferro-alloy metals of higher purity from lower-grade domestic resources. As an important factor in preparedness, procurement of these high-grade, -critical ferroalloy minerals and metals for our nation's stock piles is a most important task. Also, this stock-piling can be the means of supplying incentive for the industrial development of the new metallurgical processes and plants necessary for the recovery of ferroalloy metals from our domestic low-grade deposits.

Jan 1, 1948

By D. W. Fuerstenau, D. A. Sullevan

In the experimental work for this comparison of wet and dry grinding, it was found that the size distributions for wet grinding operations are characterized by a constant value of the distribution modulus, (a; whereas, for dry grinding the distribution modulus decreases slightly with increased size reduction. Wet grindability seems independent of the weight of material in the mill while dry grindability depends on weight. Experimental data and eqmtions for each process are presented for noncleavable isotropic material, for cleavable or material in which there is some form of internal stress, and for energy consumption. The equation ED/EW=BK-? (where ED and Ew are, respectively, energy for wet and dry grinding, k is the size modulus, and B and ? are constants) was found to give the ratio of energy. Dry grinding is generally considered to require more energy than wet grinding. Taggart' states that power consumption in wet grinding ranges from 60 to 90 pct of that required for dry grinding. Bond' states that dry grinding requires one third more power than wet grinding. It is interesting that Rose and Sullivan' note this same difference in power required for wet and dry grinding, but they state that on purely mechanical grounds it is difficult to see any great difference in fundamental principles between wet and dry milling, since dry milling may be regarded as wet milling with a fluid of low viscosity (i.e., air vs water). Yet it must be the viscosity of the fluid that is responsible for the differences between wet and dry grinding. Probably the most comprehensive investigation comparing wet and dry grinding has been that made by Coghill and Devaney. They compared the grind-ability of both chert and dolomite in a 19x36-in. batch ball mill under both wet and dry conditions. In these tests the weight of ore in the mill was varied from 35 to 200 lb and each grinding test was carried out for such period of time that the amount of -200-mesh material in the product was essentially the same for each test with a given material. Cog-hill and DeVaney's data for the grindability of dolomite, which are reproduced in Fig. 1, show that a comparison between wet and dry grinding is com- plex. The comminution of a material by a wet grinding method is characterized by a constant grindability over a wide range of mill loadings. Since grindability is the weight of material comminuted per unit of energy expended, it is equivalent to (w)/ (p)(t), where W is the weight of material being ground, P is the power, and t is the grinding time. In the case of wet grinding, the grindability of dolomite in the Coghill and DeVaney experiments was 0.546 * 0.009 ton per hp-hr when the load of dolomite in the mill ranged from 50 to 200 lb. On the other hand, for dry grinding no such simple relationship was found to exist between power, time, and weight of material in the mill. Dry grinding efficiency appears to depend greatly upon the amount of material within the mill. When the mill contained

Jan 1, 1961

By Hans Lundberg

IN last year's report on the progress of geophysics, the airborne magnetometer was the featured new development. At that time only a relatively small number of surveys had been made. During 1947, the airborne magnetometer was used in making many surveys and is again one of the high lights of the year in geophysics. This report is mainly concerned with geophysics as applied to the search for minerals exclusive of petroleum. In 194,5 and 1946, the use of the magnetic method reached a peak, partly because of an active period of prospecting brought on by an active mining market, particularly in Canada.

Jan 1, 1948

By William R. Rumbold

THE Kinta valley in the State of Perak, one of the largest of the Federated Malay States, is probably at the present time the richest alluvial tin-district in the world, Perak producing from 20,000 to 25,000 tons of tin annually, and the Kiuta valley being the chief producer. The valley runs approximately north and south, and is 30 miles long by 12 wide. It is very flat, the mountain-ranges on either side rising abruptly from the plain, that on the east being the great Central range of the peninsula, and that on the west a subsidiary range marked " Kledang " on the map, Fig. 1. The valley is drained by the Kinta river, which rises in the eastern mountain range and flows south to join the Perak river, being joined by numerous streams from both mountain-ranges. The rain-fall is heavy, averaging annually about 90 in. The whole country is covered with dense jungle, except where it has been cleared for mining-operations and a small amount of cultivation. Mining villages are scattered throughout the valley, the chief towns being Kampar, Batu Gajah, Lahat and Ipoh, the latter being the center of the mining-operations. An ideal section of the main geological features of the Kinta valley is given in Fig. 2. The valley is composed of a highly crystalline limestone, usually white in color, sometimes gray; in fact, it may be called marble. It is always highly inclined and often contorted, and in some places is interbedded with shale. On the east side of the valley, near its contact with the granite, it forms a remarkable series of limestone cliffs, which rise in some cases as high as 2,000 ft. above the level of the limestone in the valley. It is non-fossiliferous, and its geo-

Sep 1, 1906

By W. T. Isbell

Although the pressure to meet the heavy demand for lead still took precedence over new metallurgical developments in the field of roasting, smelting, and refining of lead in 1948 there nevertheless has been considerable activity in the experimental development of new processes and improvements as well as plans for the modernization of many plants both here and abroad. Increasing labor and material costs have stimulated the trend to greater mechanization, revamping of flow sheets, and construction of larger units wherever possible. Although there have been many serious labor stoppages in the United States, Mexico, and Europe, labor supply has improved in most plants even if it has fallen off in efficiency.

Jan 1, 1949

By G. D. TRANT

HOT metal is commonly transported from the blast furnace to the open hearth by one or the other of two general methods: (1) by hot-metal ladles, usually in conjunction with a stationary mixer, or; (2) by means of mixer-type ladle cars, taking the place of both the hot-metal ladles and the stationary mixer. In both cases, the use of transfer ladles for charging the metal into the open-hearth furnaces is necessary. The American Rolling Mill Co. at its Middletown division, adopted hot metal practice on. June 2, 1928. The pig iron is produced' in a .blast furnace about 11 miles from the open-hearth furnaces, and is trans- ported in Pugh-type mixer cars having a capacity of 150 gross tons each. Three cars are in service and handle the delivery of hot metal to the pig machine and the open-hearth furnaces. The capacity of the blast furnace is 550 tons and casts are made every four hours.

Jan 1, 1929