Search Documents

I-Institute of Metals Division* PAUL D MERICA, Chairman ZAY JEFFRIRS, Vice-chairman W M CORSE, Secretary Executive Committee T R FREEMAN JR, Local Section S SKOWRONSKI, Papers Committee R S ARCHER Non-ferrous Data Sheets H C JENNISON, Membership Committee C BAIN, Journal Committee L W SPRING Local Section Committee J R FREEMAN, JR, Chairman R J ANDERSON Cincinnati R L DOWDELL Minneapolis R S WILLIAMS, Boston H CLAMER, Philadelphia W A SCHEUCH, Chicago R F WOOD, New York Papers Committee S SKOWRONSKI, Chairman H S ARCHER-Aluminum W K FRANK-BRONZE F W HARRIS-Copper H BASSETT-BRASS G O HIERS-Lead Alloys M CORSE-White Nickel Base Alloys PAUL D MERICA-Nickel

Jan 1, 1923

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members and guests who registered at Institute headquarters during the period May 10 to June 10: Rene de Sallier, New York, N. Y. Karl Koelle, San Luis Potosi, Mexico. H. S. Chamberlain, Chattanooga, Tenn. W. A. Wilson, Salt Lake City, Utah. F. R. Pretyman, Oyster Bay, N. Y. P. E. Barbour, Candor, N. C. R. Eustice, South Australia. R. C. Blanchard, London, England. F. C. Darby, South Australia. S. K. Tong, Shanghai, China. Grant H. Tod, Livermore, Cal. W. T. Burns, Great Falls, Mont. J. Murray Clark, Toronto, Canada. F. W. Bacorn, Butte, Mont. J. H. Adams, Birmingham, Ala. H. B. Pulsifer, Chicago, 111. A. Faison Dixon, Encontrador, Venezuela. Dwight E. Woodbridge, Duluth, Minn. C. W. Merrill, San Francisco, Cal. Heinrich Ries, Ithaca, N. Y. Francis Church Lincoln, Boston, Mass. H. L. Slosson, San Francisco, Cal. Frank R. Corwin has severed his connection with the Arizona Copper Co., Clifton, Ariz., and is now shift superintendent at the smelting plant of the Copper Queen Consolidated Mining Co.. Douglas. Ariz.

Jan 7, 1914

By Gerhard Derge

THE orientation relationships resulting from allotropic transforma-tions and the formation of segregate structures in metals and alloys have been the subject of the eight earlier papers in this series1. A brief summary of orientation studies has also been given by Sachs2. A survey of these papers discloses that the factors that determine the orientation relationship of a precipitated phase to its parent solid solution, as Well as the outward form and appearance of the new phase, are not completely understood. It is now evident that crystallographically analogous systems, as a rule, exhibit the same type of Widmanstätten figure and orientation relations, so that useful information is not to be expected from examination of a new alloy involving lattice combinations of which the orientation relationships are already known. Therefore, the determina-tion of the relations existing between lattice types that have not already been studied seems to be the most promising mode of attack upon the problem; both of the systems reported in this paper represent new com-binations of lattice types.

Jan 1, 1937

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-Chairman. A. D. BEERS, Secretary, 55 Wall St., New York, N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday of each winter month. W. E. C. EUSTIS, Chairman. R. L. AGASSIZ, Vice-Chairman. E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston, Mass. ALBERT SAUVEUR, H. L. SMYTH. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, Chairman. FREDERIC KEFFER. Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. D. C. LIVINGSTON. FRANK A. ROSS.

Jan 10, 1916

New York Meets first Wednesday after first Tuesday of each month. DAVID 11. BROWNE, Chairman. JOHN H. JANEWAY, Vice-Chairman. F. E. PIERCE, Secretary, 35 Nassau St., New York, N. Y. P. A. MOSMAN, Treasurer. LEWIS W. FRANCIS. BENJAMIN B. LAWRENCE. Boston Meets first Monday of each winter month. HENRY L. SMYTH, Chairman. ALFRED C. LANE, Vice-Chairman. HENRY A. WENTWORTH, Secretary-Treasurer, 60 India St., Boston, Mass. A. H. EUSTIS, F. G. STANTIAL. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, Chairman. FREDERIC KEFFER, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane. Wash. D. C. LIVINGSTON. FRANK A. ROSS.

Jan 4, 1916

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-chairman. A. D. BEERS, Secretary. 55 Wall St. New York, N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday of each winter month. W. E. C. EUSTIS. Chairman. R. L. AGASSIZ, Vice-chairman. E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston Mass ALBERT SAUVEUR, H. L. SMYTH Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON Chairman. FREDERIC KEFFER, Vice-chairman: LYNDON K. ARMSTRONG, Secretary-Treasurer, P. 0. Drawer 2154, Spokane. Wash. D. C. LIVINGSTON, FRANK A. ROSS.

Jan 8, 1916

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-Chairman. A. D. BEERS. Secretary, 55 Wall St., New York. N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday of each winter month. C. C. EUSTIS, Chairman. R. L. AGASSIZ, Vice-Chairman. E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston, Mass. ALBERT SAUVEUR, H. L. SMYTH. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, Chairman. FREDERIC KEFFER, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2164, Spokane, Wash. C. LIVINGSTON. FRANK A. ROSS.

Jan 6, 1916

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-Chairman. A. D. BEERS, Secretary. 55 Wall St., New York, N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday, of each winter month. W. E. C. EUSTIS, Chairman. R. L. AGASSIZ, Vice-Chairman. E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston, Mass. ALBERT SAUVEUR, H. L. SMYTH. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, Chairman. FREDERIC KEFFER, Vice-Chairman. LYNDON K. ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. D. C. LIVINGSTON, FRANK A. ROSS.

Jan 9, 1916

New York Meets first Wednesday after first Tuesday of each month. DAVID H. BROWNE, Chairman. PERCY E. BARBOUR, Vice-Chairman A. D. BEERS, Secretary, 55 Wall St., New York, N. Y. C. A. BOHN, Treasurer. Boston Meets first Monday of each winter month. W. E. C. EUSTIS, Chairman. R. L. AGASSIZ, Vice-Chairman. E. E. BUGBEE, Secretary-Treasurer, Mass. Inst. of Technology, Boston, Mass. ALBERT SAUVEUR, H. L. SMYTH. Columbia Holds four sessions during year. Annual meeting in September or October. STANLY A. EASTON, -Chairman. FREDERIC KEFFER, Vice-Chairman. LYNDON K: ARMSTRONG, Secretary-Treasurer, P. O. Drawer 2154, Spokane, Wash. D. C. LIVINGSTON, FRANK A. ROSS.

Jan 7, 1916

New Mexico School of Mmes, and State Bureau of Mmes and Mineral Resources, Socorro, N. M E. H Wells, President and Director Available publications of the State Bureau of Mines and Mineral Resources of the New Mexico School of Mines are: Bulletin 4, Fluorspar in New Mexico (1928), 60 cents; 5, Geologic

Jan 1, 1933

By R. C. Thompson

THE lead-zinc mill of Phelps Dodge Corporation, Copper Queen Branch, Mines Division, Bisbee, Arizona, is about 3 miles from the main hoisting shafts of the Junction and Campbell mines at Lowell. All the ore treated in the mill is obtained from these two mines. The mill was designed for an all-flotation treatment of 450 tons of lead-zinc ore per day, and has been operated at that capacity since the start of milling operations on Nov. 17, 1945. An expansion program is underway whereby the mill capacity will be doubled, but this article describes only the original program and presents results of the 45o-ton operation. GENERAL DESCRIPTION The milling plant consists of an ore-receiving bin and three steel-constructed buildings housing, respectively, the primary crushing equipment, the secondary crushing equipment, and the ore-storage bins, grinding, flotation, and filtering equipment. The mill site is the one that was used for a previous copper-concentrating plant, which was operated over a period of years and then dismantled. There remained from this operation some milling equipment, a reservoir for mill-water supply, railroad tracks, tailings-disposal ponds, and a steel-constructed building, all of which were incorporated in the design of the present lead-zinc mill. The location plan of the plant layout is shown in Fig I. The flowsheet of the mill is based on the conventional scheme for lead-zinc treatment, however, several innovations were made necessary in order to utilize the existing building. Placing of equipment also was governed by the design of the building; thus making the mill unique in many respects. The following brief description of the mill building as adapted to the flowsheet points out the compactness of the installation and some of its unusual features. The first floor (Fig 2) houses the grinding equipment, with connecting conveyors for ore feeding, also an air compressor, two vacuum pumps, bins for lead and zinc concentrate storage with individual conveying systems for loading the two kinds of concentrates. Filtering of concentrates is done on the second floor, the concentrates discharging directly into the concentrate-storage bins. On this floor are the lead and zinc filters, two diaphragm pumps, sample-filtering equipment, sample-preparation room and a change room for the mill employees. The flotation machines are on the third floor, at elevations allowing a gravity flow of the lead and zinc concentrates to the thickeners. The annex to the building contains a freight elevator and provides space for all reagent mixing and feeding, also storage of reagents and grinding balls. All the water used for milling purposes is pumped from the Junction mine and

Jan 1, 1947

The Engineers Society of Western Pennsylvania, William Penn Hotel, Pittsburgh, Pa. K. F. Treschow, Secretary Since 1880 this society has been publishing Proceedings containing papers on a wide variety of engineering and related subjects The Proceedings are issued monthly throughout the year (except for the months of August and September each year) and the monthly Proceedings from February of one year to and including January of the next are also collected in volumes The latest is vol 47, for 1931 The rate of subscription for the monthly Proceedings is $5 per year throughout the Postal Union, single copies (monthly), 50 cents each The price of the yearly volumes from vol 17 to date is $5 each, unbound. The Secretary will quote prices for

Jan 1, 1933

By G. G. Brown

Enthalpy-entropy diagrams are presented for natural gases of 0.6, 0.7, 0.8, 0.9, and 1.0 gravity over the pressure range of 5 to 10,000 Ib. per sq. in. and temperature range of 32º to 700°F. The charts indicate directly the work requirement and temperature rise for adiabatic compression or temperature change for free emansion of natural eases. Computation and Uses of Charts The Mollier diagram (Fig. 4), in which the enthalpy (heat content) is plotted against the entropy with lines of constant temperature, pressure,, and in some cases volume, has been found most convenient when dealing with the compression, expansion, and flow of fluids. In dealing with the flow of fluids, the sum of the increase in the enthalpy, AH, plus the increase in kinetic energy, AM —, plus the increase in potential energy, ?MZ, representing the total increase in energy of the fluid in flow, is equal to the sum of the heat q, and work added, —w, to the fluid while flowing between the entrance and exit of the flow system. AH + AM— + ?MZ = q-w [1] In cases where there is no significant change in potential energy or in kinetic energy (velocity), it follows that the increase in enthalpy is equal to the total energy supplied to the fluid. Under such conditions' the changes in the property of the fluid as it flows through a throttling valve, choke, or any other similar arrangement, may be read directly from the enthalpy-entropy diagram by following a horizolltal line between the known pressures' When compressing Or expanding a gas by means of a Or or engine in which no heat is added to or subtracted from the gas, but only work done, the changes in the properties of the gas may be determined along a vertical line of constant entropy between the entering and exit pressures. The power required for the compression of the gas may be readily determined by converting the increase in enthalpy into the desired units. The enthalpy-entropy diagram for natural gases is to the gas engineer what the steam diagram is to the steam-power engineer. For this reason it would be extremely convenient if a reasonably satisfactory enthalpy-entropy diagram could be prepared as a function of the gravity of the gas. A careful study of the known properties of natural gas indicate that this is possible. The effect of temperature upon the enthalpy at constant pressure is expressed as the "heat capacity" or "specific heat" of the gas. The best available data for natural and petroleum refinery gases indicates the relationship shown in Fig. I. From this it is clear that the specific heat of natural gases is a function only of the gas gravity and the temperature at atmospheric pressure. The effect of pressure on the enthalpy of natural gases is dependent upon the pressure-volume-temperature relationships,

Jan 1, 1945

Jan 1, 1931

By S. W. Nabbs, W. D. Bachman, A. W. Last

A study has been made of wet, autogenous grinding of disseminated copper ores, including testing of a large number of samples from. Kennecott Copper Corp.'s Chino mine. The grindability of the various samples was found to vary over an extremely wide range, even among samples taken from diflerent locations within the same ore body. These variations in grindability can be qualitatively correlated with the composition of the rock and the fracturing and alteration that had occurred. Because of the large-scale nonhomogeneity of disseminated copper ore bodies, extensive and careful testing of autogenous grinding is needed. An accurate correlation of the grinding data from various samples with the geology of the ore body and with mining plans will indicate if variations in grinding mill throughput can be avoided in practice by mixing or blending of mill feed and if, therefore, autogenous grinding can be applied successfully. In the past 15 years, comminution by primary autogenous grinding has been investigated and applied economically in the minerals industry, particularly in iron-ore processing. Successful application of primary grinding is described by A. A. Dor,l.' P. B. Dettmer,334 R. R. Turner, and W. F. McDermott." other authors describing the advantages of primary grinding include H. Hardinge,' R. T. Hukki,' D. S. Coyle" and F. C. Bond,"," to mention only a few. For the past several years, Kennecott Copper Corp.'s Metal Mining Div. Research Center has been investigating primary grinding of disseminated copper ores. Both fully autogenous and semi-autogenous grinding has been explored. Ores from three of Kennecott's western operating properties and from several development properties have been tested. Host rocks include diabase, schist, silicated and argillaceous limestones, shale, granite porphyry, quartzite, and granodiorite. The object of this paper is to supplement the general knowledge in the field of primary grinding by presenting information gained from the studies with the various disseminated copper ores. Data are presented which show that carefully considered test programs are required to determine the practicality of applying autogenous grinding to a specific mining-beneficiation operation. Particularly this is so if more than one rock type occurs within an ore body or if there are wide variations in the degree of rock alteration within a deposit. Extensive sampling and subsequent testing of the ores within a mine are required if serious pitfalls are to be avoided and good engineering data acquired. We hope that this presentation will stimulate studies to increase the understanding of the fracturing process applicable to large pieces of rock, a factor which is important in autogenous grinding. Test Facilities and Procedures Both pilot-scale and full-scale test facilities were used to investigate primary grinding characteristics of the disseminated copper ores. A 6-ft Hardinge Cascade mill, a 24-ft Hardinge Cascade mill, and a 5-ft Aerofall mill were used in the studies. The Cascade mills were operated wet, while the Aerofall mill was operated both wet and dry. The Cascade mills were operated both for fully autogenous and for semi-autogenous grinding; the Aerofall mill was operated only semi-autogenously. Fully autogenous grinding, as the term is used in this presentation, is defined as the direct grinding of coarsely crushed rock by the action of the rock mass. Semi-autogenous grinding is defined as the grinding of coarsely crushed rock with the rock mass supplemented by a steel ball charge. Most of the test work was done using the 6-ft Cascade mill, operated under fully autogenous grinding conditions. Only limited testing was conducted with the 5-ft Aerofall mill and only one ore was tested using the 24-ft Cascade mill. This presentation is concerned, therefore, primarily with fully autogenous, pilot-scale grinding in the Cascade mill. Fig. 1 presents a diagram of the test facilities used with the 6-ft Cascade mill. Principal test equipment consists of a 6-ft Cascade mill, an 18-in. spiral classifier, an elevator, a 2 x 9-ft belt feeder, a conventional integrating kilowatt-hour meter, and a recording wattmeter. In testing, feed charges, adjusted as to weight, were deposited as evenly as possible on the belt feeder every 15 min. The weight of each charge was adjusted to maintain a mill charge of 27 to 30% of mill volume. The classifier was adjusted to obtain the desired size-consist of the final product, generally at 20% + 100 mesh. After equilibrium was established in the circuit, the feed, mill discharge, classifier sand, and classifier overflow were sampled and their size distributions determined. During the sampling periods, the power drawn by the mill was measured to determine the energy consumed in the reduction of the size consist of the ore solids. Fully Autogenous Pilot Grinding Tests on Various Kennecott Ores Typical test results obtained in the 6-ft Cascade mill with samples from Kennecott's Ray Mines Div., Chino Mines Div., Utah Copper Div., and a development property designated as Mine A are presented in Table 1. As shown, the ores that were ground most easily in the pilot-scale mill were composite mine samples obtained

Jan 1, 1971

By AIME AIME

AN ENGINEER with as varied geographical experience as H. J. Brown does not often specialize on one particular thing all of his professional life. For forty years he has been engaged in gypsum mining, manufacturing, plant design, construction, and operation. Not only is it his work, but he says it is his hobby as well, though membership in three yacht clubs might belie that statement. New England's new representative on the A.I.M.E. Directorate, who was born in New York, Dec. 20, 1879, went to the Lawrence Scientific School at Harvard at the turn of the century. He tried journalism for a year, with the Boston News Bureau and associated financial

Jan 1, 1940

By P. R. Sahm, T. V. Pruss

Mixtures of fine GaSb and Gds as well as preal-loyed GaSbl,As, powders were hot-pressed at 690°C and 25,000 psi. Dense alloys with compositional gradients of less than 5 pct were obtained from mixtures containing about 20 mol pct GaAs. For x < 0.2, there were increasing compositional gradients, and for x > 0.2 a GaAs-rich second phase appeared in the microstructure. Densification as well as alloying wlechanisms were enhanced by dissociation and, possibly, oxidation reactions of the powders. Densification of coarse prealloyed material, however, primarily depended on plastic flow phenomena and required temperatures just below solidus and pressures of 50,000 psi Thermal and electrical properties were measured. Although in no case was the figure of merit of melt growth materials approached closer than to within 25 pct, the better overall thermoelectric properties were found in coarse-grained, prealloyed materzals which had been compacted to near theoretical density and where grain regrowth had been induced. Similar results are believed to hold in other binary 111-V compound systems if processed under similar conditions. The densification of unalloyed GaSb powders during pressure sintering (= hot pressing) was shown to depend strongly on powder particle size.&apos; Fine powders displayed a "liquid skin effect" that enhanced compaction through the presence of liquid gallium, whereas coarse powders compacted predominantly by plastic flow. The liquid skin effect, in particular, appeared attractive for alloying GaSb with other, higher-melting, III-V compounds, and to densify these in a one-step operation. This is of special interest in the case of III-V compound alloys as the conventional techniques of melt growth or long-time annealing of powders2 is very time-consuming, especially in cases where a large separation of liquidus and solidus can be expected, such as in GaSbl alloys.2 It was felt that experimentation with this system, a particularly unfavorable example, would allow us to extrapolate to several other, more favorable, cases. Uses of Ill-V alloys are most evident in thermoelectric energy conversion devices.&apos; For this reason certain thermal and electrical properties were measured and compared to those of melt-grown material and to hot-pressed prealloyed powders. EXPERIMENTAL PROCEDURE The pressure-sintering apparatus has been previously described.&apos; Using this equipment, both powder mixtures of GaSb with GaAs and prealloyed GaSbl-,As, powders were hot-pressed. The mixtures were pre- pared from cast GaSb and melt-grown GaAs. The prealloyed material was obtained from stoichiometric melts, initially heated to 1200°C in an evacuated quartz ampoule, and then annealed in the solidus-liquidus interval. A typical annealing cycle consisted of a heating to 850°C (1 hr), extended successive annealing at 750°C (65 hr), and slow stepwise cooling (25 hr) to below solidus. The GaSb, GaAs, and GaSbl-,As, materials were ground in a vibrational mill to particle sizes below 500 . A jet mill reduced these further where necessary. Fine powders were analyzed by Coulter counting for their size distribution. Average sizes by volume were calculated from the data. Mixing of the powders, where necessary, was carried out through rapid vibrational motion. The hot-pressing operation consisted of a degassing period of 15 hr, in most cases at 690°C, followed by several hours of compression, normally 25,000 psi at 690°C for powder mixtures and 50,000 psi at 710°C for prealloyed powders. The chemical compositions were confirmed by X-ray fluorescence analysis. To estimate the degree of solid solution achieved, lattice parameters were determined and interpreted according to Vegard&apos;s rule. In addition, optical microscopy helped to correlate the relative amounts of the phases present as well as the degree of porosity to the measured density. To reveal grain boundaries, polished surfaces were etched4 with H 2 O:H 2 O:HCl = 2:l:l. In several cases microscopic concentration gradients were monitored by electron-probe analysis-. RESULTS AND DISCUSSION Alloying and Densification of GaSn-GaAs Powder Mixtures. After preliminary experiments showed that no appreciable alloying took place in mixtures of coarse GaSb (22.5 p) and fine GaAs (2.5 p) powders, hot pressing of mixtures was confined to fine powders only (3.1 and 2.4 p, respectively). Alloying and densification apparently occurred simultaneously with a grain regrowth mechanism which depended on the presence of a liquid phase.&apos; The liquid phase was provided by the dissociation of GasbS particles into liquid gallium and antimony above 555°C. This not only enhanced grain regrowth and densification, as in unalloyed GaSb,&apos; but took on additional importance here for the alloying process. Alloying was speeded up by the resulting liquid-solid interaction as compared to the very slow solid-state diffusion process normally expected at these temperatures.&apos; The results obtained with a series of powder mixtures have been compiled in Table I. It is seen that for mixtures with less than 20 mol pct GaAs, x < 0.2, the compositional ranges increased and for x > 0.2 a GaAs-rich phase and free antimony appeared in the microstructure in sizable amounts.

Jan 1, 1968

By P. W. George

THE rapid increase in cost of discovering new orebodies by churn drilling in the Tri-State district has led to some attempts to lessen the expense by using geophysical methods. Electrical prospecting was tried three or four years ago, but no successful results were recorded. In 1926, the Federal Mining and Smelting Co. engaged the North American Exploration Co., of Houston, Texas, to make some tests with the torsion, balance. At first, it was thought that the most favorable conditions for discovery of ore deposits with the torsion balance would be in locations where the ore was known to occur at rather shallow depths, FIG. 1.-CROSS-SECTION OF DUENWEG LEASE. therefore the first trial was made at Duenweg, east of Joplin, where some zinc ore had been developed at a depth of 130 ft. The gravity gradients at 61 stations on a tract of about seventeen acres indicated plainly one large zone of maximum gravity and a smaller narrow zone of minimum gravity. Fourteen churn-drill holes, half of which struck .ore, show that all the ore found was located outside the zones of maximum and minimum gravity. In the zone of maximum, gravity the limestone beds were closest to the surface, and the first chert beds encountered were at the greatest depth. The results (shown in Table 1) indicated that the gravity of the limestone was greater than the gravity of the fractured chert together with its orebodies, and probably also greater than the bouldery soil and clay on top of the limestone. A cross-section of the Duenweg lease is shown in Fig. 1.

Jan 1, 1928

By Barnabas Bryan

During the boom period of 1928 and 1929, several oil companies took advantage of high security prices to sell stocks, thereby securing money for the company very cheaply. Few if any of those companies realized that the money received was not at all cheap in view of the fact that it was for investment in fixed assets at inflated prices. Suppose a company borrowed twenty millions of dollars to expand its marketing facilities during the boom. It diluted its capital and acquired fixed property which could not earn its interest requirements during the following deflation and therefore consumed income from other company activities. The company also had to stand the deflation in the capital value of all the property it bought. Since the mistaken expansion during the boom accelerated the decline in net income during deflation, the financial position of the company was harmed in proportion to the amount of that expansion. Thus the company was unable to get money to buy fixed assets in the depression when all property is cheap. The same condition holds for the company that sold common stock for the purpose of developing potential production in a newly discovered oil field. Regardless of what the ultimate value of the new field may be, potential production does not increase the net income of the company. The difficulty of meeting the enlarged dividend requirements due to the increased number of shares outstanding impairs the financial position of the company during deflation in some relation to the probability of decreased dividends. This company also is not in a position to expand during the depression when properties and companies can be bought for a fraction of their real value. Expansion of fixed assets during boom times has been the ruin of many otherwise good companies. Some of those which most extensively bought property during the post-war boom have not yet recovered. A number of cases could be cited in sugar, leather, fertilizer and wool. This does not seem to be governed by the quality of the property bought, for examination shows the assets to have been of individual high quality in many cases. When recovery is long deferred it is likely to be true, as in sugar or textiles, that the industry has a large "potential" capacity for overproduction.

Jan 1, 1931

By Thomas Robins

About six years ago the writer had occasion to visit a large magnetic iron-ore concentrating-plant, and then saw for the first time rubber belts employed for conveying-purposes. These belts were from 20 inches to 30 inches in width, and some of them were as long as 500 feet between centers. When I spoke of the enormous amount of material they handled with a small expenditure of power, the superintendent assented, but at the same time complained that although he bought the best quality of belts, the abrasion of the ore wore them out very rapidly, causing continually very large bills for repairs and renewals. On close examination several interesting points were discovered :

Jan 1, 1897