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By E. C. Wright

The following article is based on observation of college graduates entering the steel industry in technical work made during the Past 25 Years, the first five of which were spent as a college instructor in two engineering schools, and the last 20 in the employ of a large steel company that has hired hundreds of engineering graduates for steel-mill operations. The college graduates encountered during this period have come from many colleges representing schools in Eastern States, Midwestern Universities, many Southern colleges, and many smaller colleges and normal training schools mostly in western Pennsylvania and Ohio. The college training of these students for engineering work naturally has varied widely and the educational qualifications of the entrants have been in many ways different. It was found at an early date that graduates of standard engineering colleges were much more adaptable than graduates in science from nontechnical schools. The engineering students seemed to be more suited to actual work in steel plants and in general were better able to grasp a knowledge of the operations they observed. However, although the graduates of engineering schools have had somewhat better training in physics, mathematics, and engineering, it has been a general and continual observation that most of the students employed have had inadequate training in the fundamental sciences. Since this discussion relates entirely to metallurgical engineers it should be emphasized that students taking metallurgical engineering courses in college seem to be poorly trained in organic chemistry-physics, physical chemistry, thermodynamics, and any higher form of mathematics than simple calculus. It has been noted frequently that young engineers faced with problems in a mill that involve some mathematics generally flounder badly, and that they have little conception of physical chemistry. Another common deficiency lies in the young graduate's lack of knowledge of where to look for the more detailed literature on any subject. He reverts instinctively to some college textbook whose coverage is usually very elementary. It is recommended that such textbooks contain a bibliography of the source literature. and that students be taught to use the original data. Many of the students had had previous courses in college dealing with metallurgical work such as steel melting, metallograhy, etc.r but it was found that their grasp of these subjects was extremely sketchy. It was soon realized that an ordinary engineering graduate could be taught more about steel melting and manufacturing processes in a few weeks in a plant than he could learn in a college course on such subjects. A similar statement may be made regarding the ability of students to conduct laboratory work. Their lack of technique and skill in handling equipment and setting up experiments was soon apparent. It became neces-

Jan 1, 1948

By H. Shaw

IT is now generally recognized that the gravitational method of geophysical surveying is a valuable aid in elucidating the geological structure of the subsoil and enables the practical geologist to deduce the presence of useful deposits. The particular suitability of the torsion balance to the location of large and important subterranean structures has given rise to a wide. application of this method by many of the important oil companies in their search for future supplies, and so intense have been these efforts that little has been heard of the method in other connections, with the exception of occasional references to its application in the location of hidden deposits of metallic ores, salt and lignite, and a number of accounts of its use in the elucidation of geological structures. Its success in the location of salt domes is well known, and. establishes it as one of the most important of the geophysical methods, especially for the indirect location of oil. In the British Isles, however, no large occurrence of oil is likely to be revealed, and here the practical application of the gravitational method has been restricted almost entirely to the search for ores. This type of survey possesses well marked characteristics, and presents a gravitational problem that has necessitated the development of a special and probably unusual plan of campaign, full details of which it is hoped will shortly be published. The problems and difficulties encountered in this work are of necessity fundamentally related to those met with in the search for oil by means of the torsion balance, but they also possess several special and distinctive features which undoubtedly differentiate them from the obstacles confronting the oil prospector, and which call for special consideration and treatment.

Jan 1, 1928

By Boyd Dudley

The material presented in this paper is an abstract of a thesis submitted by the writer to the faculty of the Massachusetts Institute of Technology, as part requirement for the degree of Master of Science. The investigation was undertaken at the suggestion of Prof. H. 0. Hofman, and it was conducted, under his direction, in the laboratories of the Mining Department of the Institute. The purpose of the work was, first, to study some of the reactions that have been considered as a part of the mechanism of the chloridiz-ing roast, and second, to study the conditions under which nickel oxide and copper oxide may be chloridized. While the production of chlorine gas by various reactions during the chloridizing roast may not be primarily useful in the chloridation of metal oxides and compounds, it nevertheless serves a useful purpose in preventing the dissociation and decomposition of chlorides once they have been formed; for example, the dissociation of cupric chloride into cuprous chloride and chlorine. Therefore it was thought that a study of some chlorine-producing reactions would prove of interest, and the first series of experiments dealt with this phase of the subject. he object of the latter part of the work was to show the possibility of treating heavy sulphide ores, such as those of Sudbury, Ontario, containing much iron and small amounts of copper and nickel, by chloridizing and removing the copper, leaving an iron-nickel oxide product suitable for smelting in the blast furnace for nickel-bearing pig iron. The chloridizing of the copper would, of course, be preceded by a roast for the removal of sulphur, the sulphur oxides being available for the manufacture of sulphuric acid, if under the local conditions this product would be of commercial value. Reactions of the Chloridizing Roast Reaction of Sodium Chloride, Sulphur Trioxide, and Oxygen.—The first reaction studied was that involving the production of chlorine

Jan 1, 1915

By A. C. Boyle

PaGE I. Introduction.........68 II. Location of the District,....... • 70 .. III. Stratigraphy...........73 Description of the Rocks.......73 Triassic Eruptives (Andesite Flows and Tuffs) ....73 Triassic Sediments (Shales and Slates)..75 Areal Geology ............75 Structure...-.......76 Folds............. 76 Faults..........79 Shear ...........80 Intrusives..........81 Alaskite Dike.........81 Andesitic Intrusion.......82 IV. PetrogRaphy of thE Rock Types......83 Andesite Flows.........84 Tuff 8...........84 Andesite Tuff........84 Rhyolite Tuff.....-.......85 Alaskite-Porphyry.......89 Andesite Dike........91 V. Description of the Mines......92 VI. Metalliferous Deposits ........ 95 Character of the Ores...........97 Mineralogy of the Ores.......97 Metallic Minerals.......97 Microscopic Character of the Ores...98 Secondary Enrichment....... 103 Genesis of the Ores ...........104 VII. The Sulphate Deposits.......109 Gypsum ..... HO Anhydrite......... ,... 110 Barite............ 110 Origin. with special reference to Gypsum....111 VIII. Summary.............. 113 IX. BIblYogRaphY.............114

Jan 1, 1915

By Alfred R. Powell

LATE in 1944 a group of petroleum and coal technologists was organized in Wash¬ington under the sponsorship of the Petroleum Administration for War and the U. S. Bureau of Mines. This group, known as the Technical Oil Mission, was placed under the authority of the Technical Industrial Intelligence Committee of the Joint Chiefs of Staff, which was then promoting the organization of other missions to be sent to Germany to obtain technical information regarding various industries in that country. The objective of the Technical Oil Mission was to obtain technical data on German production of synthetic oil from coal and all other commercial practices and research projects connected with the oil industry. The primary purpose was to obtain such data as were immediately essential to assist the war against Germany and Japan, with secondary emphasis on technical information that would assist American industry after the end of the war. Since oil-production facilities in Ger¬many and the occupied countries con¬trolled by Germany were the top targets for strategic bombing, the Technical Oil Mission was the first group under the Technical Industrial Intelligence Com¬mittee to enter Germany. A few members of the group flew to London in February 1945 and the majority of the remainder followed in March. In London they were joined by an equal number of British investigators and the combined, mission was then sent into Germany under the authority of the Combined Intelligence Objectives Subcommittee (CIOS). A sum¬mary of the more important information gained by this combined British and American mission is presented below. GERMAN OIL PRODUCTION The oil available to Germany, both natural and synthetic, and including pro¬duction from occupied countries, reached a peak in late 1943 and early 1944. Pro¬duction at this time was at the rate of 1,200,000 metric tons per month, equiva¬lent to i00,000,000 bbl. per year, or about 7 per cent of the wartime production in the United States. Of this production, 50 per cent was crude oil from Romania and Hungary, 12 per cent was crude oil from Germany itself, including Austria, 9 per cent com¬prised coal-carbonization products, that is, tar and light oil, and only the remaining 29 per cent was synthetic liquid fuel made from coal or tar. Synthetic liquid fuel made in Germany was equivalent therefore to less than 2 per cent of war¬time production of crude oil in the United States. The success of the strategic bombing campaign against German oil-production facilities is demonstrated by the fact that by September 1944 the Ploesti fields of Romania and much of the syn¬thetic oil production had been eliminated, so that the amount of oil available to the German war machine was only 25 per cent of the peak quantity mentioned above. By early 1945, when the combined British and American oil mission was entering

Jan 1, 1946

By A. W. Ashbrook

There are essentially three main classifications for extractants: acidic, basic, and neutral. The acidic and basic are also referred to as cationic and anionic, respectively. Some extractants are shown in Table 11-1. Acidic Extractants Acidic extractants which are of use, because of cost and/or insolubility in water, are alkylphosphoric, sulphonic, aliphatic monocarboxylic acids and naphthalene derivatives.

Jan 1, 1978

C. W. WASHBURNE; New York; N. Y. (communication to the Secretary *).-It has long been known that sulphur and oxygen react upon crude oils, removing hydrogen and thereby creating unsaturated hydrocarbons which unite with each other, producing heavier forms. Dr. Rogers now finds that the percentage of sulphur in the oils of several fields in California is roughly proportional to the specific gravity of the oil. This additional proof is most welcome. It is rather surprising, , in that the impression had prevailed that practically all the reacting sulphur escaped from the oil as hydrogen sulphide, and did not remain in combination with the oil. It would be interesting to know what part of the sulphur-plotted by Dr. Rogers is in solution as free sulphur and hydrogen sulphide, and what part is, in more complex compounds, such as thiophanes, etc.

Jan 10, 1917

Herbert Moore Harbach was born in Lebanon, Pa., Apr. 4, 1891, graduated from the Lebanon High School in 1911, and entered State College, from which he received his degree of Bachelor of Science in Metallurgical Engineering in 1915. He was employed by the Lackawanna Iron Co., at Buffalo, N. Y., and was later transferred 'to their Lebanon plant to start up the newly erected benzol plant. He was later made foreman of the coke ovens, which position he held after it was bought by the Bethlehem Steel Co., and until he enlisted in the service of his country in September, 1917. He was stationed at Camp Meade, Md., until the spring of 1918, when he was transferred to the C. W. S., at Niagara Falls, as an expert chemist. There he was engaged in perfecting the various kinds of gases,

Jan 2, 1919

By George A. Guess

THE increasing demand for greater speed and more accuracy, in making daily assays of ores and products from mills treating material containing but very small quantities of lead and copper, has caused the older analytical methods to be supplanted by new ones devised to meet the needs of modern work. For " control " work in copper analyses, I had, previous to the present equipment, introduced in my laboratory the ordinary electrolytic method, using hollow cylindrical electrodes, and with these I began a series of experiments in determining the lead-content of daily mill-samples and controls. The results, proving accurate and satisfactory, I then devised, with Mr. H. E. T. Haultain, a cheaper electrode than the ordinary jacket electrode, which costs from $15 to $20,-the expense of the older form making the installation of many units very costly. The form of cathode finally adopted as the most satisfactory, shown in Fig. 1, is cut from 0.001-in. platinum foil. It is 12.5 cm. long, and is divided into a blade 4 cm. wide and 6.25 cm. long, and a tongue 0.7 cm. wide and 6.25 long, the immersion area being 50 sq. cm. and weight 1.5 grams. The blade is first sand-blasted and then corrugated lengthwise, in order to impart the necessary rigidity. Strips of platinum foil 0.001 in. thick, 12.5 cm. long and 0.5 cm. wide, having a median corrugation, form the anodes. Three electrodes are used in each cell, one anode in the middle and one cathode oil each side of the anode. These electrodes are connected to slotted alumi¬num terminals, in which they are held by contact pressure. The terminals are -in. rods, projecting 2 in. horizontally in front of the wall of the cabinet.; at the back the middle electrode (anode) is connected with one pole of the current, and the two outer ones (cathodes) with the other pole.

Nov 1, 1905

By T. K. Perkins, L. R. Kern

A study of fluid mechanics, rupture of brittle materials and the theory of elastic deformation of rocks shows that, for a given formation, crack width is essentially controlled by fluid pressure drop in the fracture. Operating conditions which cause high pressure drop along the crack (such as high injection rate and viscous fluids) will result in relatively wide cracks. Conversely, operating conditions which cause low pressure drop (low injection rates and thin fluids) will result in relatively narrow cracks. Charts and equations have been derived which permit the estimation of fracture widths for a variety of flow conditions and for both horizontal and vertical fractures. INTRODUCTION There has been considerable speculation concerning the geometry of hydraulically created fractures in the earth's crust. One of the questions of practical importance is the width of fractures under dynamic conditions, i.e., while the fracture is being created and extended. Such width information could be used, for instance, to help estimate the area of a fracture generated under various conditions. Also, there has been a recent trend toward the use of large propping partiles.13, 15 Therefore is is desirable to know what factors can be varied in order to assure entry of the large particles into the fracture. There has been some work on fracture widths reported in the literature. In particular, there have been several Russian publications dealing with this sub-jeCt.1.31,3 These papers have dealt principally with the elastic theory and the application of this theory to hydraulic fractures. These studies have not led to an engineering method for estimating fracture widths under dynamic conditions. A recent paper3 has reviewed and summarized the Russian concepts. An earlier paper- from our laboratories also discussed the application of the elastic theory to hydraulic fractures. This first approach, based largely on photoelastic studies, has proved to be too simplified to accurately describe the fracturing process. However, these early thoughts have served as a guide during the development of more exact concepts. We would like to present in this paper our current concepts regarding fracture widths and some estimates of hydraulic fracture widths for several conditions. We believe that it is now possible to predict with fair accuracy the factors influencing fracture widths. Furthermore, the method of prediction has been reduced to a simple and convenient graphical or numerical calculation. CRACKS IN A BRITTLE, ELASTIC MATERIAL Many investigators2, 4, 30 have shown that competent rocks behave elastically over some range of stresses. Of course, if the tensile stress imposed upon a rock exceeds some limiting value, then the rock will fail in tension. In similar manner, there are some limiting shear stresses that can be imposed upon rocks. Hubbert and Willis11 have discussed the shear conditions which will lead to failure. Under moderate stress conditions (such as those likely to be encountered when hydraulically fracturing) and when stresses are rapidly applied, relatively, most rocks will fail in a brittle manner. Hence, for this discussion of hydraulic fractures in the earth's crust, we assume the rocks behave as brittle, elastic materials. Let us develop the discussion in the following way. (The following thoughts are applicable only to brittle materials.) 1. First we consider a brittle, elastic system. An energy balance will show the minimum pressure necessary to fracture rock, and from this pressure we calculate the minimum crack width resulting from extension of a hydraulic fracture. 2. Then we will show that, under ordinary fracturing conditions, fracture widths are appreciably greater than the minimum widths of extending fractures. In fact, we will find that crack width is controlled by fluid pressure drop in the fracture. 3. We will discuss pressure drops in fractures and resulting crack widths for various operating conditions and both vertical and horizontal fractures. 4. Finally, we will discuss the significance of these concepts, their relationship to fracturing pressures, etc. First, consider minimum fracture extension pressures. We can shed some light on this question by considering the theory proposed by Griffith7, 8 Yo explain the rupture of brittle, elastic materials. Griffith recognized that solid materials exhibit a surface energy8 (similar to surface tension in a liquid). The fundamental concept of the Griffith theory is that, when cracks spread without the application of external work (in the interior of an elastic medium which is stressed

By George Krauss, Seth R. Thomas

One complete cycle, allstenite to martensite to aus-tenite, of Martensitic transformation was induced in a commercial 18 Cr-8 Ni stainless steel. Transmission electron microscopy showed that the reverse transfarmation, martensite to austenite, perpetuated the dense defect substructure of the martensite produced by the direct transformation, austenite to 'martensite, and reproduced the retained austenite matrix orientation. A general precipitation of lathlike M,,C, particles was noted to be present in, and is suggested as cause for, regions of martensite that Izad formed after a complete cycle of transformation. The habit plane of the precipitate particles was found to be within 5 a plane previously established as the habit of nitride precipitates of similar morphology in bcc iron. The direct transformation of austenite (y) to martensite (a) in metastable 300 series stainless steels has received considerable attention in the past,'-8 and the martensite product given special emphasis in recent years,9"*u but little information has been published about the reverse martensitic transformation during which bcc a martensite is converted to fcc y austenite."-" The reversal mechanism and the resulting crystallographic relationship between parent and product austenite are of fundamental concern. The reversal product, fully austenitic, and hereafter referred to as reversed austenite, exhibits a defect structure far different from its virgin counterpart. Some studies have been reported in which the structure of reversed austenite in iron nickel alloys is compared to annealed austenite with respect to austenite strengtheningM and Stabilization.' The martensite in these Fe-Ni alloys, however, shows a basic difference from that produced in stainless steels. Structurally, the Fe-Ni martensite is profusely twinned," while the (low-carbon) Fe-Cr-Ni martensite contains a high density of tangled dislocations and is apparently twin-free.I0 reediis" has recently shown in an Fe-16 Cr-12 Ni stainless alloy that this typical martensitic defect structure and the reverse transformation directly influence the structure of the reversal product. He found that much of the reversed austenite had returned to the orientation of the virgin austenite and that fine twins were formed in the austenite after the reverse transformation. This investigation was undertaken in order to describe as completely as possible the structural changes produced by a cycle of transformation in a typical 18-8 stainless steel. EXPERIMENTAL PROCEDURE The 301 stainless steel under investigation (17.44 Cr, 7.75 Ni, 0.80 Mn, 0.60 Si, 0.40 Mo, 0.40 Cu, 0.08 C, 0.03 N, bal Fe)was received as 0.060-in.-thick

Jan 1, 1968

By C. T. Eddy, R. W. Drier

The conductivity of copper wire is of prime importance to the electrical industry and consequently to the copper refiner and wire manufacturer. Annealed copper wire has a higher conductivity than hard-drawn wire, but, on the other hand, its tensile strength is lower. In an attempt to explain the reasons for these changes in properry. or at least to study the conditions existing in these two types of copper wire, the experiments described here were carried on in the Department of Metallurgy of the Michigan College of Mining and Technology This is only a partial and preliminary report on some of the work done to date on a research program of which the object is an intensive study of copper. It is offered with the hope that, though it is not an exposition of the most rigorous of conclusions, the general trend of inferences which may be drawn will be of value and interest. Effect of Direction of Drawing In 1928 some work was done on hard-drawn copper wires to determine whether wire drawn in a continuous machine (that is, all in one direction) would have a different structure from wire that had a reversal in direction at some stage of the drawing process. The diffraction spectra obtained indicated that as the position of the wire rayed approached the core, a preferential crystal orientation existed, and that the closer to the core the more preferred was the orientation. The data obtained partly corroborated the work done by Schmidt and Wassermanl and by Clark.2 Samples Used in Following Investigation The samples selected for use in both the diffraction work and the resistivity measurements were taken from Nos. 6, 8, 10 and 12 gage

Jan 1, 1930

"The reduction works of the Boston & Montana Reduction department, near the north end of this dam is one of the reduction plants belonging to the Anaconda Copper Mining Company, the other being at Anaconda. These works employ about 1,100 men and have a capacity of about 3,800 tons of crude ore per day. This plant is now being remodeled to embody results of experiments and investigations which have been made with a view to more economic.al treatment of ores. A brief description of the plant as it will be after the remodelling is as follows:Concentrator Department: Consists of six units or sections, each section treating from 550 to 600 tons of crude ore per day. This department is not being. remodelled at the present time. A concentrating process, however, has been developed and partially installed in the old mill, and an experimental section embodying this concentration process has also been installed at the concentrator at Anaconda."

Jan 1, 1913

By FORTUNATO PEREIRA

(San Francisco Meeting, October, 1911.) I. GENERAL DESCRIPTION. The Department of Narino (formerly included in the Department of Cauca) is a narrow band about 170 km. (100 miles) wide in the southern part of the Republic of Colombia, FIG. 1.-SKETCH-MAP OF THE SOUTHWESTERN PART OF COLOMBIA. near the boundary of Ecuador, as shown in the sketch-map, Fig. 1. Its capital is Pasto, a small city of 25,000 inhabitants; the principal towns are Túquerres, Cumbal, Ypiales, Barbacoas, and Tumaco. The port on the Pacific ocean is Tumaco, and traffic in the interior is carried partly on the Patia river (steam navigation to the fluvial port of Barbacoas), and afterwards overland over poor roads by human bearers or on mule-back.

Aug 1, 1912

By S. H. Williston

IT is not often that bore hole surveys can be checked by actual civil engineering methods. A recent Arizona survey was checked by normal surveying methods and the comparison of the results should be of value to both oil and mining men. During the summer of 1948 the Phelps-Dodge Corporation, at its Copper Queen property near Bisbee, Ariz., drilled a 1245 ft, 8 in. diam, churn drill- hole in a mineralized area and cased part of it, intending to use it to transfer mill tailings for stope fill. The hole, as frequently occurs, was not straight, and, in endeavoring to locate the bottom in- the underground workings, they found no evidence of the hole at the underground coordinates directly below the surface location. The noise of the drilling tools was reasonably clear, but the direction of sound was uncertain. Preliminary tests with available equipment were not successful in locating the bottom of the hole. Be- cause of the mineralized character of the area and the fact there was some casing in the hole, any magnetic method of well surveying would give results ' of doubtful value.

Jan 1, 1950

In high-volume mining operations, preventive maintenance programs that include standardized replacement wear parts can boost equipment availability and lower unit costs. Meeting the daily production targets depends heavily on keeping equipment working as close to full time as possible. This is the case at one medium-sized western surface coal operation producing approximately 2.7 million t/y (3 million stpy). The mine, located in western Wyoming, removes in excess of 8 million m3 (10.5 million cu yd) of highly abrasive overburden each year. According to the mine superintendent, "Abrasion at this mine is some of the worst I've ever seen. Shovel points can wear out in little more than one shift. Dozer blades some- times last two weeks, but can wear out sooner. And ripper points really take a beating. If we can replace this fast-wearing iron with small pieces that go on quickly, we think that's the way to go."

Jan 3, 1978

By M. Hansen, C. C. Wang

THE 6 phase of the Cu-Sn system (Cu,Sn, = 32.53 pct Sn) was considered to be stable down to room temperature until Owen and Iball showed by X-ray analysis that it undergoes a eutectoid decomposition into the a and e phases at a temperature near 300°C. Their findings have been confirmed by other investigators,2-5 a11 of whom used X-ray diffraction studies of powdered specimens. The transformation temperature has been reported by various authors as lying between 300" and 380°C. To our knowledge, no microscopic evidence of the eutectoid reaction has been published, as yet. It was in connection with other work that longtime annealings at 300°C were conducted with alloys containing 22, 32.6, and 35 pct Sn (nominal compositions) prepared from electrolytic copper and electrolytic tin and cast in a small iron mold. The specimens were first annealed at 700°C for 5½ hr and quenched from 400 °C after cooling to, and annealing at, that temperature for 9½ hr. After this treatment the sample with 22 pct Sn was cold worked for 15 pct reduction in thickness; the 32.6 and 35 pct alloys were too brittle to be cold worked. The final anneal at 300°C was done in a sealed pyrex glass bulb for 63 days. Fig. 1 represents the microstructure of the annealed alloy with 22 pct Sn. It shows primary a solid-solution crystals in a matrix of the (a + 8)-eutectoid formed at 520 °C. The a crystals contain 8 inclusions which precipitated from a due to the decrease in the solubility of tin in copper with fall in temperature. The decomposition of the 8 phase into a (light) and E (dark) can clearly be seen in some areas of the (a + 8)-eutectoid matrix. However, the decomposition is far from being completed, even after the long-time anneal used. Figs. 2 and 3 depict the microstructures of the annealed 32.6 pct alloy, which was intended to consist entirely of 6 phase. Due to some loss in copper on melting, the composition is slightly higher in tin. Accordingly, the sample after quenching from 400 "C consisted of grains of the 8 phase with the e phase arranged along the grain boundaries and as a Wid-manstatten precipitate within the 6 grains. After an annealing time of 63 days, the eutectoid decomposition, 6 + a + e, is still in its early, initial state. The pearlitic type of eutectoid is nucleated at the c crystals, preferably those surrounding the grain boundaries of the 8 phase. The appearance of the (a + €)-eutectoid in the 35 pct Sn alloy was very similar to that shown in Figs. 2 and 3. Again, the eutectoid decomposition nucleated at the 6 phase and proceeded from there into the 8 areas. As is evident from Fig. 2, the rate of decomposition of the 6 phase at 300°C is extremely sluggish: In the representative area shown only about 5 pct of the 8 phase has undergone the eutectoid trans- formation after annealing for 63 days. On the other hand, Owen and Williams2 have reported that X-ray photographs of powdered samples with between 17.5 and 34 pct Sn did not show 8 lines after annealing for only five to seven days at 300°C. This is in accordance with the fact that the rate of reaction in powdered samples is higher than in massive specimens, as a result of the excess free energy of the powder (due to its greater surface area). The authors wish to express their thanks to C. A. Johnson for preparation of the micrographs.

Jan 1, 1952

By Breaux B. Castleman

The ultimate test of a business strategy is whether it achieves the owner's objectives. Most shareholders are interested in growth and profits, and share values on stock exchanges are very often closely correlated with profit growth and profitability measured as return on equity (ROE). Strategic management, then, involves managing investments or resource allocations to optimize long-term growth and real return on equity, within reasonable limits of risk. Figure 1 shows a plot of the five year, weighted average ROE of a number of communications companies against their stock market valuations in 1983, measured as a ratio of market value to book value. The principal explanation of the differences in the relative valuations of the individual stocks is historical ROE, weighted toward the most recent years. Further analysis demonstrates the added importance of growth in explaining the differences in stock market to book ratios. [ ] Research conducted by Booz Allen and others in recent years suggests that the relationships between ROE and market to book multiples hold true in industry after industry. Furthermore, we have found that in assessing business strategies for companies in these industries, the analyses should focus on whether proposed strategies are likely to lead to consistent long-term growth in real ROE, without excessive leverage. Our research also reveals, however, that these approaches to strategy assessment are not consistently applicable in the natural resource extractive industries. Figure 2 shows a similar comparison of market to book values against five year average ROE for a group of nine mining companies in 1983. Market value of the shares shows little correlation with ROE. [ ] Analysis of the data for other extractive industries indicates a similar pattern; that is, low correlation between share values and

Jan 1, 1985

By C. A. Heiland

MEASUREMENTS of gravity with gravimeters have come into increased use in this country and abroad in the past five years. Probably 100 to 125 gravimeter parties are working in the United States alone. In oil exploration, gravimeter methods have relegated the gravity pendulum definitely to second place, if not third, and now closely rival and possibly surpass the torsion balance in many applications. Gravimeters have lately been applied in mining, although it is doubtful whether they will ever replace electrical or magnetic methods in this work. Notwithstanding the widespread application of gravimeters, there has been no article covering the entire field in the domestic or foreign literature. The purpose of this paper is to meet the demand for com-prehensive engineering information on the subject. The working principles of a number of gravimeters will be, illustrated and treated in relation to the action of corresponding seismometers and astatization methods. The mathematical discussion of theory has been confined to the most necessary fundamentals and been given in as ele-mentary form as possible. A description of calibration methods con-stitutes the last part of the paper. The symbols shown at the top of page 2 will be used in equations throughout the paper.

Jan 1, 1939

By Philip Davidson, Wm. B. Price

The object of this paper is to present, a survey of some of the physical properties of sheet nickel silver when subjected to cold rolling and when annealed at temperatures extending from 350" C. throughout the coininercial annealing range.. A number of alloys were taken from stock and analyzed. Four of these, representing low nickel and high nickel both with and without lead, were chosen for the tests. The analyses were as follows: Alloy Copper, Lead. Iron. Nickel, ManGanese, Zinc, PeR Cent. Per Cent. Per Cent. Per Cent. Per Cent. PEr Cent. A................ 64.68 Trace 0.194 6.73 0.06 remainder B................ 65.82 1.27 0.227 6.17 0.06 remainder C................ 65.44 Trace 0.345 17.83 0.08 remainder D................ 65.60 1.08 0.238 17.77 0.06 remainder These alloys were lolled in accordance with regular mill practice to approximately No. 6 R. & 6. gage. The bars (which were then coiled) were annealed together in a mill muffle and afterwards pickled in a 10 per cent. sulfuric-acid solution and cold rolled in stages of approximately one number (B. & S.) at a time to No. 18 B. & S. gage. After each stage, suitable samples were set aside for physical tests. Additional samples were chosen for tests after the bars were rolled to Nos. 8, 10, 12, and 14 gage. These samples were annealed together in the mill muffle and, after pickling, were finished on 0.050-in. gage, yielding a series of specimens 2, 4, 6, and 8 numbers hard for the subsequent annealing tests. Tensile test pieces 9 by 1 in. (22.9 by 2.5 cm.) were cut from both lots and the central portion was milled to give a test section 2 1/2 in. long by 1/2 in. wide. A distance of 2 in. was marked off on the edge of each specimen with light punch marks. In the case of the annealed alloys, Erichsen test pieces 4 by 235 in. were also taken.

Jan 1, 1921