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NEW YORK SECTION J. E. JOHNSON, JR., Chairman EDGAR RICKARD, Vice Chairman D. M. LIDDELL, Secretary, 7 Wall St., New York, N. Y. C. A. BOHN, Treasurer JOHN V. N. DORR LEWIS W.. FRANCIS The following minute was unanimously passed at a meeting of the NEW YORK SECTION AMERICAN INSTITUTE OF MINING ENGINEERS held on the evening of June 6, 1917, two regular meetings having been adjourned by unanimous consent until this date out of respect to the memory of the late Chairman of the Section. Minute The death of our beloved fellow member DR. DAVID H. BROWNE one of the foremost metallurgists and one of the most brilliant and original thinkers in the profession of mining engineers, the chairman for the past two years of this section, has caused throughout a wide circle of

Jan 9, 1917

By P. E. Baker

An experimental study of heat flow in steam flooding was carried out with steam displacing water in a plane-radial fluid-flow model. Temperature distributions in the model reservoir, overburden, and substratum were measured at frequent intervals during flooding by means of a fixed array of thermocouples. Heat losses to overburden and substratum and the division of heat between the steam and hot-water zones in the reservoir were calculated from the temperature data by performing numerical integrations over the appropriate volumes. Temperature profiles and heat distribution results are presented. Some results were (1) the fraction of injected heat that is lost to overburden and substratum, when expressed as a function of time, did not depend on injection rate; (2) a significant portion of the injected heat was contained in the hot-water zone ahead of and underlying the steam front in the reservoir. The division of heat between the steam and hot-water zones did depend on injection rate; and (3) considerable gravity override was observed. The experimental results are compared with those of several published theoretical studies of heat transfer in hot-fluid injection; approximate agreement on heat losses is found with some of the most idealized theories. A valid comparison cannot be made in regard to steam us hot-water zone; basic interpretation of the hot-water zone, in terms of a vertical steam front, is clouded by gravity override in the experiments. INTRODUCTION The experimental study reported here primarily concerns two problems of heat transfer in steam flooding that have economic and engineering importance. These are (1) the fraction of injected heat lost to the overburden and substratum, and (2) the division of the remaining heat between a zone containing steam and a zone of hot water at lower-than-boiling temperature. The volume of the steamed region, which has a direct effect on oil recovery, can be calculated readily from these results. Several valuable theoretical studies have been published on this problem, but no experimental tests of the theories have previously appeared. Tests were needed because the effects of the necessary simplifications in the theories could not be determined otherwise. The basic, untested theoretical problem is the effect of "decoupling" heat and mass transfer, and the resulting inability to include the effects of heat transfer and condensation on fluid flow. The theoretical problem solved so far has been a heat transfer problem in which fluid is present as a heat carrier and flows in a stipulated manner, either linear or plane-radial. The simplifications that have sometimes been made in regard to thermal conductivity by, for example, Marx and Langenheim,l Lauwerier2 and Thomas3 apparently do not have an important effect on heat loss calculations, although the results of the different methods disagree to a certain extent, as shown by Spillette4 and by Ramey.5 A recent paper by the author6 compared the results of experiments in hot-water flooding with several theoretical results and showed a rather poor agreement. It will be seen that the experimental heat loss results for steam flooding, however, show acceptable agreement. These comparisons are discussed in a later section. EXPERIMENTAL APPARATUS AND PROCEDURE The system studied was one in which a sand pack, initially water saturated and at a uniform temperature, was flooded with steam at a constant rate and temperature. The temperature distribution in the "reservoir" and adjacent "strata" was measured with an array of thermocouples, and heat losses were determined from these measurements. The sand pack contained no oil because the only concern of the experiments was heat flow, and it was important to have the flow pattern as simple

Jan 1, 1970

By Herbert Kynor

BY THE term mechanical mining is meant that operation, or series of operations, that replace the hand methods of mining. The first undercutting machine to operate in anthracite was placed in the Butler mine of the Hillside Coal & Iron Co., Dec. 23, 1910, by the Sullivan Machinery Co. The first Jackhamer used in the anthracite field was installed at the Wadesville colliery of the Philadelphia & Reading Coal & Iron Co. in Oct., 1912, by the Ingersoll-Rand Co. The first longwall conveyor was installed at the Dodge mines of the Delaware, Lackawanna, & Western Coal Co. in March, 1912. The first mechanical scraper equipment was installed in the Seneca mines of the Lehigh Valley Coal Co. in January, 1914. The amount of anthracite mechanically mined since the first mining machine was installed in 1910a is as follows: PENNA. COAL Co. D. L. & W., SCRANTON TEMPLE HUDSON YEAR AND HILL- TONS COAL Co., COAL CO., COAL CO., TOTAL. SIDE COAL TONS TONS TONS TONS AND IRON, TONS 1920 372,737b 367,000d 322,892 74,127 371,878 1,508,634 1919 950,786 no record 306,616 81,575 319,356 1,658,333c 1918 917,778 744,966 24,880 44,756 288,781 2,021,161 1917 757,940 838,800 5,050 57,279 164,180 1,823,249 1916 286,780 860,663 13,960 114,173 101,475 1,377,051 1915 428,819 592,169 8,253 1,029,241 1914 219,188 153,896 373,084 1913 171,505 171,505 1912 124,267 124,267 1911 40,319 40,319 1910 1,184 1,184 a. A slightly greater production than shown was obtained as the tonnage from individual operations is not shown. b. Decrease due to strike conditions in 1920. c. Does not include tonnage of D., L., & W. d. D., L., & W. decrease in 1920 due to having less mining machines in operation. There are about 150 undercutters in use in the anthracite region, 80 mechanical loaders, and 10 longwall conveyors.

Jan 9, 1921

By Brahm Prakash, R. Schuhmann

Chemical conditions for flotation and nonflotation of quartz with oleic acid as collector and barium, calcium, aluminum, iron, and tin as activators were studied using a simple vacuum-flotation technique in glass-stoppered graduates. The detailed study of barium activation led to an interpretation based on ideal Langmuirian chemisorption.

Jan 1, 1950

By B. S. Norris, Charles R. Austin

The stresses which initiate deformation processes in metals are fundamentally important in the study of the mechanical properties of metals. A point of inflection in the load-elongation curves obtained for single crystals' has been rather too readily interpreted as a true yield point, and the critical resolved shearing stress on the plane of slip taken as a material constant. Even early work showed that the stress at this point varies with rate of loading, but it has not been generally appreciated that creep tests under static loads alone are suited for determining the existence or nonexistence of a yield point.* It has now been shown by Miller that single crystals of zinc3 when loaded statically begin to yield at loads too small to measure; as a result there is no case now known, apart from that cited in the present paper, in which a true critical stress for yielding has been demonstrated for single crystals of metals. The case of iron has especial interest: the existence of an upper and lower yield point and of an elongation at the yield point in ordinary iron and steel marks this substance as unusual, though the effects have been found to a very minor degree in other metals and alloys. $ Most alloys do not show such marked phenomena when appreciable yielding begins, and accordingly modern practice is to speak of the yield strength of such materials, a stress read from the load-elongation curve after elongation has begun, rather than yield point. The special behavior of iron suggests that it is more likely that single crystals of iron should have a true yield point than other metals. The study of the mechanical properties of metals and alloys requires a determination of the crystallographic mechanism of deformation, wlletller deformation proceeds by slip, twinning, or cleavage, or a combination of these, and a determination of the stresses that induce these modes of deformation. With this information, a study of the rates of work-

Jan 1, 1938

By B. S. Norris, Charles R. Austin

The stresses which initiate deformation processes in metals are fundamentally important in the study of the mechanical properties of metals. A point of inflection in the load-elongation curves obtained for single crystals' has been rather too readily interpreted as a true yield point, and the critical resolved shearing stress on the plane of slip taken as a material constant. Even early work showed that the stress at this point varies with rate of loading, but it has not been generally appreciated that creep tests under static loads alone are suited for determining the existence or nonexistence of a yield point.* It has now been shown by Miller that single crystals of zinc3 when loaded statically begin to yield at loads too small to measure; as a result there is no case now known, apart from that cited in the present paper, in which a true critical stress for yielding has been demonstrated for single crystals of metals. The case of iron has especial interest: the existence of an upper and lower yield point and of an elongation at the yield point in ordinary iron and steel marks this substance as unusual, though the effects have been found to a very minor degree in other metals and alloys. $ Most alloys do not show such marked phenomena when appreciable yielding begins, and accordingly modern practice is to speak of the yield strength of such materials, a stress read from the load-elongation curve after elongation has begun, rather than yield point. The special behavior of iron suggests that it is more likely that single crystals of iron should have a true yield point than other metals. The study of the mechanical properties of metals and alloys requires a determination of the crystallographic mechanism of deformation, wlletller deformation proceeds by slip, twinning, or cleavage, or a combination of these, and a determination of the stresses that induce these modes of deformation. With this information, a study of the rates of work-

Jan 1, 1938

By J. B. Morrow

WITH numerous plans under consideration for coal classification, and with the advent of the Bituminous Coal Code, the intelligent sam-pling of coal has become increasingly important. To us it is rather significant that there have been very few fundamental studies of coal sampling in American technical literature since those of E. G. Bailey, which appeared in the Journal of Industrial and Engineering Chemistry in March, 1909. He covered the subject up to that time so thoroughly and in such an excellent manner that perhaps many other later students have felt that they could add very little to his findings. The recent studies of the British Engineering Standards Association have indicated the possibility of a somewhat different interpretation of Bailey's results, permitting the taking of smaller samples, and perhaps it will now be helpful to reopen this question. C. W. H. Holmes, in an informative series of articles on coal sampling recently published in Colliery Engineering, makes two rather interesting statements, as follows: It is scarcely surprising to find a lack of interest and knowledge regarding the sampling of coal not only in the mining industry itself but also among consumers of industrial fuel: at its best coal sampling is a dirty business, regarded as a nuisance and an expense by the commercial man, and usually as a nuisance and nothing else by the chemist. The writer can conceive only two classes of people who have never experienced any difficulty in obtaining representative samples of coal from wagons; those who have never tried to, and those who have never had the necessity or desire to check the accuracy of their work. The primary purpose of this paper is to present some tabulated data of the more significant results of a sampling investigation undertaken during the last four years to obtain certain fundamental data on the variables connected with coal sampling and to point out that often assumptions have been made that are not in accordance with the facts. One of the standard sampling methods states:

Jan 1, 1935

By P. W. Neurath

IN recent years the domain theory of ferromag-netism has been put on a sound experimental and theoretical basis. But its application to one of the most widely used high quality magnetic materials, the cold-rolled grain-oriented 3 pct Si-Fe used in transformer cores, has been rather difficult because of the complexity of the domain structure of the poly crystalline sheet material. This paper presents some experimental data for this material, showing the relation between plastic and elastic stresses, 60-cycle watt losses, and the domain structure as observed visually. Only a very tentative qualitative explanation of the effects will be attempted. Some initial results were reported earlier.'

Jan 1, 1957

THE education of adolescents to perform the duties and assume the responsibilities of maturity has been a characteristic of human society since the dawn of history. In the beginning the members of the immediate family performed this function, and in modern life they still have an important part in it. Possibly religion was the first field in which education began to be functional; young people were sent for instruction to a teacher who had a broader and deeper knowledge of the subject than was possessed by the family. It does not seem necessary for our purpose to attempt to determine how, when, or where instruction in the practical arts first began to become functional, and the brief outline which follows must suffice. The discovery and utilization of mineral substances to improve and maintain the conditions of human living is a practical art, which must have had an almost accidental origin and have been developed by empirical experiments. We do not know, nor would it be useful to try to fancy, how men first learned that they could make use of mineral substances to their benefit, but however that knowledge was initially gained it was certainly trans- mitted through instruction in the family. At fist such activities must have been merely a minor part of the making of a living, bit in time those who excelled found it better to devote them-

Jan 1, 1941

By J. P. Murphy, T. E. Leontis

DURING the last few years, the trend in the aircraft and automotive industries has been toward higher and higher operating engine temperatures. This has created considerable interest in the effect of temperature on the properties of alloys. In the magnesium field, it has been recognized for many years that the addition of cerium imparts high strength and good resistance to creep at elevated temperatures. Beck,1 in his treatise on-magnesium, has summarized the work of German investigators. This includes the unpublished data of Menking, showing the increase in strength and hardness of extruded alloys containing 2 to 20 per cent Ce at temperatures from 200 to 300°C. (68° to 572°F.) and the results of Vosskühler, who demonstrated the improved resistance to creep of alloys containing 6 per cent Ce plus 2 per cent Mn and 0.5 per cent Ce plus 2 per cent Mn at 150°C. (302°F.). Wellinger and Keil2 have also reported the creep properties of a forged magnesium-cerium-manganese alloy at 200° and 250°C. (392° and 482°F.). Haughton and Prytherch have determined the tensile properties of various forged magnesium alloys containing cerium, cerium plus manganese, cerium plus calcium, cerium plus nickel, cerium plus nickel plus manganese, and cerium plus cobalt plus manganese at temperatures up to 290°C. (554°F.). Magnesium-cerium alloys have been used in some commercial applications. It is reported that an alloy containing 3 per cent Ce plus 0.5 per cent Mn plus 0.5 per cent Ca is being used on a forged impeller in Great Britain. Two forged parts made from an alloy with a nominal composition of 5 per cent Ce and 2 percent Mn have been found on the German .BMW-801D aircraft engine. These two forgings consist of a supercharger impeller and a rear cam-follower guide. In this country, several types of pistons have been made experimentally in both .the cast and the forged conditions from an alloy containing 6 per cent Ce plus 2 per, cent Mn and in the cast condition from an alloy of magnesium plus 10 per cent Ce. The cast pistons have been tested in various types of internal-combustion engines, with promising results. This paper presents the results of an extensive investigation on the properties of various cerium-containing magnesium alloys in both the cast and the forged conditions. Data are presented to show the beneficial effects of increasing amounts of cerium on the mechanical properties of magnesium at elevated temperatures. The effects of heat-treatment on the properties of these alloys and the attendant changes in the microstructure are discussed. The

Jan 1, 1946

By H. Biloni, G. F. Bolling

The microsegregation in tin specimens containing 0.2, 0.5. or 1 wt pct Pb has been studied m detail. The specimens were grown from the melt in a controlled fashion and exhibited a well-developed cellular substructure. In general, a severe microsegre-gation can be observed in all the photomicrographs presented. Some observations of special interest are: the distribution of a second phase, the presence of a eutectic in several forms, the evidence for dif- THE Smialowski or cellular substructure which forms during solidification has been extensively studied during the past decade.'* Many of the im- *Most references to the cellular substructure except for the last 2 years are reviewed by Winegard.' portant characteristics of this substructure, such as its occurrence and variability with growth conditions, its association with the phenomenon of constitutional supercooling, and its effect on dislocation production and mobility, have received quantitative fusion of solute in the solid, and the enhancement of segregation at a dislocation subboundary network ("striations"). On the basis of the metallographic observations, it can be deduced that the segregation observed is representative of the solute segregation produced during crystal growth. Some deductions are also made about the interplay of the two substructures, cells and striations, and about the mode of cellular growth. investigation both experimentally and theoretically. However, the concentration profile of the solute segregated during crystal growth has not been examined in detail. Tin crystals grown from melts containing various concentrations of lead have been most extensively studied. In a recent investigation of Sn-Pb alloys, Kramer et a1.2 were able to measure the effective solute distribution coefficient, k,, at the most advanced points of the solid-liquid interface, over a large range of growth conditions, finding it to approach the value of k,, the equilibrium distribution coefficient. As will be shown, this must lead to drastic segregation. Another recent study of several Sn-Pb alloys was made by Plaskett and winegard3 who investigated the variation of growth conditions

Jan 1, 1963

By T. L. Fritzlen

EXTRUSION of aluminum alloys in this country is performed mainly by direct extrusion, therefore this paper is confined only to factors affecting the rate of extrusion by this method. Many factors affect the rate of extrusion of aluminum alloys. It is the purpose of this paper to present a discussion on the factors that are subject to technical control. Most of them are closely related, so that a clear-cut distinction between them is rather difficult. However, an attempt will be made to evaluate the effect of each factor separately, as far as possible. The most important factors only will be considered, and these will be discussed in detail under three general headings: (I) characteristics of the equipment, (2) size and structure of the ingot, and (3) temperature of ingot, cylinder, and other parts. It is a well established fact' that the pressure and the speed of extrusion are related and are exponential functions of one another. Therefore, whenever a certain condition tends, for instance, to increase the pressure required for extrusion, it will reduce the extrusion speed if the pressure is maintained constant. For this reason, in this paper the effect of various conditions is expressed either in regard to their effect on the pressure required or the extrusion speed. Another established fact is the relationship between the temperature of the material being extruded and the pressure required to extrude. According to Schishokin,2 this relationship is of the exponential type, and as the temperature is increased the pressure required is decreased. It would seem from the preceding that the greatest rates of extrusion can be obtained by the use of higher temperatures. However, as is well known, other factors intervene to limit the rate of extrusion of aluminum alloys when increasing the temperature. These factors will be discussed in detail later. CHARACTERISTICS OF THE EQUIPMENT The capacity of the press determines the maximum unitary pressure that can be applied for any given cylinder diameter. Pressures used for extrusion of aluminum alloys range from approximately 50,000 lb. per sq. in. to 150,000 lb. per sq. in., dependent upon the alloy and the size of the shape extruded. Higher pressures could be used to advantage, but existing steels limit pressures employed in the production of extrusions. Numerous mechanical characteristics of the extrusion press affect extrusion rate. The most important characteristics of the press itself are: (I) sensitivity of the main pressure valve and accuracy of pressure gauges, (2) accuracy of equipment to heat the cylinder uniformly and to control cylinder temperature, and (3) accuracy of means of measuring the speed of extrusion. The variables subject to control during the extrusion operation are pressure, temperature, and speed, and it is evident that the preceding characteristics

Jan 1, 1945

Note Any member who desires to be designated as being "Available for Consulting Work" can arrange it simply by sending a written request to the office of the Secretary of the Institute The following list of members is primarily arranged geographically, with secondary consideration to political subdivisions arranged alphabetically First, the states of the United States , then other North America, in order Alaska, Canada, Mexico, the West Indies, and Central America Then cones South America, Europe, Africa, and Asia, each including the near by islands associated with those continents Australia, the islands to the north, and the Pacific islands except Japan are grouped together under Oceania The various countries are indexed on the preceding page NORTH AMERICA UNITED STATES ALABAMA America -Dyar, G C Anniston -DePriest, S H Klugh, B G Lefforge, J W Auburn Poor, R S Bankhead -Armstrong, W D Bessemer -Beck, A IV, Jr Carnes, D Chabot, L S , Jr Creveling, J C

Jan 1, 1952

By T. S. Spicer

The relationship of coal characteristics to the principal types of firing equipment has been known to the coal combustion engineer, but is not as familiar a subject for purchasing agents, salesmen, consumers, and executives of coal-producing and consuming companies. This general survey of characteristics determined by standard laboratory tests, of major types of combustion techniques, and of the relationships between the two is directed toward the latter audience. It will also serve as a review for those actively engaged in the combustion of coal. Although the relationship of coal characteristics to the principal types of firing equipment is well known to the experienced coal combustion engineer, apparently there is need for a summary article on this subject. The author has received numerous requests for such a paper from purchasing agents, coal salesmen, coal customers and executives of coal-producing and consuming companies. Consequently, the scope of this paper will be directed to this audience, with the hope that it may serve also as a review to others actively engaged in the combustion of coal. The magnitude of this subject is so great that only a brief general treatise is possible. The author realizes that because there are so many special cases and exceptions to the generalities which follow, he is in jeopardy of contradicting himself. It is the hope, however, that the many references cited will prove valuable to those who wish to study the details excluded by necessity, due to space and time limitations. Hence, the characteristics of coals as determined by standard laboratory tests will be discussed; the major types of combustion techniques reviewed; and then the characteristics and firing will be related. CHARACTERISTICS OF UNITED STATES COALS The coals of the United States range from lignite to anthracite and each has its own general characteristics. The extensive coal fields of the U. S. are shown in Fig. 1 and the estimated reserve according to rank for each state is illustrated in Fig. 2. Coals may be classified according to rank as shown by Table I from the ASTM Standards on Coal and Coke, D-338-38.1 The basis of this classification is ac- cording to fixed carbon and heating value (Btu per pound) calculated to a mineral-matter-free basis. The high-rank coals are classified according to fixed carbon on the dry basis; and the low-rank coals according to Btu on the moist basis. Agglomerating and slacking (weathering) indices are used to differentiate between certain adjacent groups. While rank is not itself a characteristic it does signify certain characteristics that accompany a class of fuel. Anthracite, for example, immediately implies a hard, free-burning, smokeless coal of low volatile matter, usually having an ash of high fusibility. Coals may also be classified according to grade as described by ASTM Designation D-398-37.1 This quality classification is determined by size, calorific value, ash, ash-softening temperature, and sulfur. This type of classification is not used as extensively by the industry as the rank classification. Fig. 3 shows the heat value of different ranks compared to proximate analyses. Coals may also be classified by sizes, as shown in Tables IIA and IIB, and sizes can be on both top and bottom limits. If this is done, then the coal is called double screened; otherwise, either top or bottom sizes can be specified as a limit. Bituminous coal sizing varies from field to field and depends upon the market demand. The common sizes and their main uses are outlined in Table IIA. Anthracite is usually available in many sizes at the colliery, and Table IIB summarizes standard sizes and names. Although rank, grade, and size designations help identify and describe a coal in question, there still remain other characteristics such as indicated by moisture, free swelling index, grindability tests, etc. A bituminous coal information chart Table III) suggested for use in studying the available coals in a region, lists origin and chemical and physical characteristics. Even this more comprehensive list does not completely spell out all the characteristics of a heterogenous material like coal. For example,

Jan 1, 1961

By R. E. Boni, G. Derge

SURFACE tensions of molten silicates are of metallurgical importance for many reasons. From a knowledge of their values, an insight into the problem of liquid slag structure can be gained. Also, such problems as separation of slag from metal, slag penetration of refractories, spreading of enamel coats on metals, bonding of cutting wheels, adsorption of gases, frothing of slags, and homogen-ization of slags are related to the surface tensions of the silicates. Because of the absence of a correlated review of the work that has been conducted in this field, the following survey is presented. It is not a complete summary of all the surface tension studies of silicates but only a review of the literature which is pertinent to metallurgical applications and research. Liquid Surface Tension The surface of a liquid differs from the interior in that its particles (ions, atoms, or molecules) are not

Jan 1, 1957

By Arthur S. Huey

AS the end of the collegiate year approaches, the problem of student employment again becomes acute. This subject divides itself into two phases: (1) employment prior to graduation and (2) employment following graduation. "Experience is the best teacher," according to the old adage, and the student needs all that he can get. He is afforded every opportunity to reap from his books the theories and principles of scientific and engineering practice, and occasionally he is privileged to make field trips to observe the practical side of the subject. But it is not enough for one to know the theory and to observe its application; it is also desirable for the student to get the feel of the tools during his training Such opportunities can only be afforded the student if the major companies cooperate with the universities in giving the student part-time and vacation work.

Jan 1, 1932

By F. W. Jessen

The Mechanism of solution of salt and mixed halites of sodium and potassium is reviewed. The variation in the rate of salt removal under both laminar and turbulent flow conditions is discussed. Many changes are possible in the development of solution cavities whether used for production of salts or for storage of hydrocarbons. The parameters influencing the type and shape of cavity formed with single well or multiple well systems are examined and information presented regarding field application of techniques developed and the means of controlling overall configuration of solution cavities.

Jan 1, 1972

By Walter P. Jenney

An investigation, conducted by the author, was begun in September, 1889, by the United States Geological Survey, having for its object the study of the questions bearing upon the occurrence and manner of formation of the deposits of lead- and zinc-ores in Missouri and the adjoining States. The field-work was completed in December, 1891. During the first season the State Geological Survey of Missouri furnished an assistant, and in other ways co-operated in the research within the boundaries of that State. In order that the ore-deposits of the southwest might be compared with those of other sections of the Mississippi valley, an examination was made of the lead- and zinc-mining area of Wisconsin-Iowa, and of the argentiferous lead-mines of the region extending westward from Hot Springs, Arkansas, to Indian Territory. In the discussion of the general geology, and in comparisons between the ore-deposits of the Mississippi valley and those of the Rocky Mountains, the writer has drawn largely from his personal experience, having been engaged for many years in professional work as a geologist and mining engineer in that region. The Director of the U. S. Geological Survey and the Scate Geologist of Missouri have kindly consented to the publication of the present paper. While giving the more important economic results, an endeavor has been made to set forth the unity of plan which appears in the formation of the deposits of lead and zinc of the Mississippi basin, and to show their relation to the argentiferous ores of the Rocky Mountains—that the ores of gold, silver, and mercury, and also of copper, antimony, zinc, and lead, have a universal common origin, irrespective of the geological formations in which they occur.

Jan 1, 1894

By Archer E. Wheeler, Milo W. Krejci

The Boston & Montana Reduction Works at Great Falls, Mont., was formerly the reduction works of the Boston & Montana Consolidated Copper & Silver Mining Co., and continued as the reduction plant for the independent company until June 1, 1910, when the consolidation of a large number of the operating companies of Butte was effected. It then became merged in the Anaconda Copper Mining Co. as the Boston & Montana Reduction Department of the Anaconda Copper Mining Co. The history of copper converting at this plant, while not covering the entire period of the commercial use of the process in this country, does cover by far the larger part of it, and as the operation of and appliances for the process have undergone many changes during the time, it may, perhaps, be of some interest to put the record of these changes into permanent form. The plan followed in the preparation of this paper has been to give first a brief chronological record of the principal events and changes and then, even at the risk of some repetitions, to give more detaild accounts of some of these changes under separate headings. The headings for the complete paper are as follows: 1. General. Chronological Review. 10. Development of Different Classes 2. Mechanical Manipulation. of Converters After Class I. 3. Casting of Finished Copper. 11. Basic Lining. 4. Tamping of Linings. 12. Number and Size of Tuyeres. 5. Early Acid Linings. 13. Cast Copper Tuyeres. 6. Acid Linings With the Use of Ore. 14. Efficiency of Air. 7. Introduction of Flux Through the 15. Size of Converter Mouth. Tuyeres. 16. Height of Converter. 8. Bottom Blast. 17. Summary. 9. Disposal of Converter Slag, General Chronological Review. Ground was broken for the general concentrating and smelting plant in the spring of 1,891. The first departments to start operations were the concentrator in March, 1892, and the Brückner roasting and reverbera-tory smelting departments in April, 1892. The converter department

Jan 1, 1914

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