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For the benefit of those of our members who are considerable holders of securities,but owing to their isolated situations are not in close touch with the metropolitan market and current quotations, we are publishing two very interesting graphs, showing the course of the bond and stock markets in New York over a long period. These graphs are furnished through the courtesy of the financial department of the New York Tribune.

Jan 11, 1919

By A. H. Daane, B. J. Beaudry

The Sc-Y and Sc-Zr systems were studied by thermal and X-ray methods. Both systems are characterized by complete solid solubility in the low temperature hexagonal form and in the high temperature bcc form. In the Sc-Y system, there is a minimum in the solidus at 50 at. pct and 1365°C, while the solidus in the Sc-Zr system follows a nearly straight line relationship between the melting point of scandium and zirconium. There is a minimum in the temperature of transition from hexagonal to bcc in the Sc-Y system at 43 at. pct Y and 1175°C; while the temperature of transition is raised in the Sc-Zr system to a maximum of 1415 °C at 30 at. pct Zr. INTEREST in the metals of the first transition series has usually stemmed from their useful properties; however, there is now a great deal of interest in determining the fundamental nature of these metals. Since scandium is the first of these transition metals, a study of the preparation and Properties1 and the alloying behavior of scandium2 was initiated. In a continuing study of the alloying behavior of scandium, the systems of scandium with zirconium and yttrium have been established. Extensive solid solubility in both the Sc-Zr and Sc-Y systems was expected from application of the classical rules of Hume-Rothery. Also, the modified Darken and Gurry plot as suggested by Gschneid-ner3 showed ideal conditions for solubility in the Sc-Zr system with less favorable conditions in the Sc-Y system. The effect of scandium on the transformation temperature of zirconium and yttrium was of interest, since a recent empirical observation by Uly and Burr4 predicted that the solute scandium would raise the transformation temperature of zirconium and lower the yttrium transformation. In addition to noting the validity of the above predictions, the SC-Y and Sc-Zr systems were established. EXPERIMENTAL METHODS Materials. The metals employed in this investigation were crystal bar zirconium, distilled scandium prepared by the method described by Spedding, et al.1 and yttrium prepared by the method described by Carlson, et a1.5 The major impurities present in these metals are listed in Table I in ppm. Alloy Preparation. All the alloys examined were initially formed by comelting the two metals in a nonconsumable electrode arc-melting furnace under an atmosphere of purified helium or argon. The buttons were inverted at least five times and re-melted each time to ensure homogeneity. During preparation of Sc-Zr alloys, approximately 1 wt pct was lost which was attributed entirely to the loss of scandium by distillation. When preparing Sc-Y alloys, approximately 1.5 wt pct was lost, but it was assumed that the intended composition was maintained, since the relative weight lost when arc melting the component metals was nearly the same. Samples weighing 15 to 20 g were prepared for time-temperature thermal analysis, while only 1- to 2-g samples were prepared for the optical pyrometer and X-ray diffraction studies. Thermal Methods. The solidus and the melting points of the metals were determined by an optical pyrometer method described previously.2 The temperatures at which the transformation from hexagonal to bcc occurs were determined by differential thermal analysis. Several points on the solidus and liquidus in the Sc-Y system were also determined by this method and are in good agreement with those obtained by the optical pyrometer method. The procedure followed in the preparation of samples for thermal analysis and the furnace used have been described elsewhere.2'6 Since a limited quantity of scandium was available, most of the alloys were not melted during thermal analysis, thus avoiding contamination by the crucible. The alloy could then be reused and the composition changed by adding the desired quantity of solute to obtain the next alloy. Heat Treatment and X-Ray Methods. In order to ensure homogeneity, the "as arc-melted" alloys Were wrapped in tantalum foil, sealed in quartz capsules and heated at 1100°C for 15 hr and then cooled at a rate of 8 deg per min. Samples for X-ray diffraction were filed from these heat-treated alloys, sealed in 1/8 in. by 1/2 in. tantalum capsules under

Jan 1, 1963

By B. F. Zwick

The entire production of oil in Ecuador so far has come from the Santa Elens Peninsula, Province of Guayas. Both the shallow fields of the northern and the deeper fields of the southern part of the peninsula have been in constant exploitation, though the former are of doubtful economic value. In Table I herewith, which commences with the total amounts produced by the various companies up to 1940, annual company totals are given for the succeeding years. The figures for 1944 have been partly estimated. Table 2 gives figures on casinghead gasoline. Shell Company of Ecuador (formerly known as Anglo-Saxon) has continued active exploration in the Oriente region east of the Andes, and during 1944 the Company's first wildcat well was spudded in. International Ecuadorean Petroleum Co. (formerly International Petroleum Co., Limited) has pursued an active exploration campaign since the latter part of 1939, and a drilling string was placed in operation about a year later. A second string of tools was added during 1943 and a third a few months ago. Ten wildcats, all dry, have been completed in this period, two wells are drilling at the present time and other locations are on the program. Seven of the wells thus far drilled are in the area between Guayaquil and the Santa Elena Peninsula, one up the Daule River beyond Balzar, one on Puna Island in the Guayas Estuary and one in the northern province of Esmeraldas. Both the present drilling wells are in the Guayaquil-Santa Elena zone. The situation in regard to concessions has changed during the past four years because I.E.P.C. has made its selections from the extensive Daule-Guayas Study Concession, as a result of which large tracts were returned to the Government; because of the expropriation of the holdings of the "Ecuapetrol," a German concern whose acreage has passed into other hands; the Peruvian-Ecuadorean boundary settlement, which has reduced Shell's holdings somewhat; and the transfer of most of the holdings of the Cia. Minero-Petrolera del Pacifico to I.E.P,C. The greater part

Jan 1, 1945

Jan 1, 1967

Nominating Committee.-On the recommendation of the President, the Board of Directors, at their meeting on Apr. 25,1913, appointed the following Nominating, Committee to nominate officers and directors for next year: John Hays Hammond (Ex-President), Chairman. Robert H. Richards Chairman of Boston Local Section. Richard S. McCaffery, . . . . Chairman of Spokane Local Section. Chester F. Lee Chairman of Puget Sound Local Section. Frederick G. Cottrell, . . . . San Francisco, Cal. Charles W. Goodale Butte, Mont. James W. Maleolmson, . . . . Kansas City, Mo.

Jan 5, 1913

By E. R. Darby

When bronze is melted in open-flame furnaces a considerable amount of slag is formed during the melting operation. This slag may be incidental to the melting practice or it may be formed intentionally by slag-forming constituents added to the furnace charge to provide a covering for the melted metal When this slag is removed from the furnace, it contains, in addition to the free metal carried with it by the skimming operation, a considerable amount of metal as oxide either combined or mechanically mixed with it. By the usual crushing and washing methods this metallic oxide generally goes to the tailings pile, so diluted by other foundry waste that its recovery is economically impossible. If this furnace slag is not inixed with other foundry waste, practically all of the metal oxide as well as the free metal may be recovered by some form of smelting operation. The first side of the problem to be considered is the amount of slag produced. It may not be true that the majority of foundries have no record of the amount of slag made, but it is certainly true that a very great many either have no record or pay little attention to it. Usually the collection of furnace slag for one normal week's run will be sufficient to determine the advisability of its being handled in a different manner from the crushing and concentrating generally employed. If a large representative sample of the accumulation is crushed and concentrated and the recovery compared with the results of a careful assay, it will be found that a large percentage of the total metal content was lost in the washing process. The percentage of loss will be greater than the metallic oxide content, as some free metal in extremely fine particles always is carried away in grains of slag. From such a comparison, it may be determined whether or not the slag should be melted, sold or treated as before. An example of an actual test of this kind is given below. In a foundry melting 50,000 to 80,000 Ib. of bronze per day, a week's accumulation of furnace slag and ladle skimmings amounted to 16,500 1b.—over three times as much as the foundry superintendent estimated before the accumulation was made. Two tons of this material was taken as representative of the lot. This was ground through a thoroughly cleaned ball-mill and concentrated over a Wilfley table. The

Jan 1, 1969

Jan 1, 1969

Jan 1, 1967

By Herty, C. H.

Three distinct processes take place during the conversion of iron ore to steel. First: the raw ore is reduced to metallic iron in the blast furnace and during this reduction certain constituents are dissolved in the iron, either through the solution of a solid into a liquid phase, as in the case of carbon, or by reduction of an oxide existing in the slag to the metallic element of that oxide, with subsequent solution of the metallic element in the iron. Thus by the process of solution and reduction, a pig iron results which contains about 4 per cent carbon, 1 per cent silicon, 1 to 2 per cent manganese, 0.1 to 0.4 per cent phosphorus, and 0.03 to 0.10 per cent sulfur. To obtain a sufficient yield of iron from the ore it is necessary that the reducing process be carried as far as possible, with the result that the impurities mentioned accompany the reduced iron. Second: to convert this iron into steel it is necessary to oxidize a part of the iron in eliminating the impurities to the extent desired for the particular product being made. In eliminating these impurities by oxidation a certain amount of iron oxide (FeO) dissolves in the steel. This dissolved FeO reacts with the metalloids, except sulfur, and to eliminate them to the desired extent it is necessary to leave a considerable amount of FeO in the metal. The reaction of iron oxide with silicon, manganese, and phosphorus results in the formation of the oxides of these elements. The oxides enter the slag and the extent of elimination of the elements depends on certain equilibria between the slag and the metal. The reaction of FeO with carbon results in the formation of the gases CO and CO, which, after saturating the metal, pass into the furnace gases. Third: after the iron has been purified to the desired extent as far as the elements listed are concerned, it is necessary to deoxidize the bath to remove the FeO, which is the vital factor in gas formation as the steel solidifies.

Jan 1, 1957

Jan 1, 1968

By ROBERT E. HARDWICKE

THE QUESTION of whether the production of oil should be limited to market demand has been constantly discussed during the last two years. Oil men, legislatures and courts have reached highly conflicting conclusions. Opponents of limitation to market demand assert that it is a scheme of the big purchasing companies to fix prices and to create a monopoly. Proponents, on the other hand, declare that such a limitation is necessary to prevent physical waste and that the effect on prices is merely incidental. A brief review of market demand legislation will disclose the confusion existing. The laws of Oklahoma,' prohibiting waste of oil and gas, specifically' authorize limitation to market demand as a method of preventink such waste. These laws and the proration orders based thereon have been upheld by the Supreme Court of Oklahoma, by several three-judge Federal District Courts, and by the Supreme Court of the United States.' Kansas has a similar law3 but no case has been found which discusses its validity. About a year ago the California Legislature passed a comprehensive conservation act, generally known as the Sharkey Bill giving authority to restrict production to an amount representing current requirements for use, taking into consideration oil and products in storage. This may be considered as equivalent to limitation to market demand. The Act was defeated upon referendum vote after a hard fought campaign in which it was charged that the Act would result in destruction of the independent operators.

Jan 1, 1932

By Rudolph G. Wuerker

THE Krupp-Renn Process,[1] has been successfully used to treat low-grade iron ores, laterites, titaniferous sands, and other minerals, and before World War I1 25 units were built by the Krupp-Grusonwerk, Magdeburg, Germany. J. J. Howard[2] has shown theoretical advantages of the pyro-metallurgical treatment over conventional approaches; and the process was described by R. Durrer[3].

Jan 1, 1951

Jan 1, 1970

Jan 1, 1967

Jan 1, 1968

By AIME AIME

WHEN "Chief" Buehler in mid-September set out on his official 10,000 mile swing-around-the-circle visiting Local Sections he decided not to tell his audiences how to organize and operate a state geological survey. As the director for 28 years, of the Missouri Bureau of Geology and Mines (which, he concedes, is the best in existence) lie could have done this to good advantage; but he preferred to discuss affairs of the Institute. In 25 speeches made to member and student groups, he dwelt on sonic or all of the following phases of activities. He stressed the vital importance of the Local Sections in providing the opportunity for members to associate under pleasant auspices with others in their profession. The benefits of Institute membership he classified as tangible and intangible. Of the two lie felt that the latter were more important. A man's progress in his profession depends in large measure upon a broad acquaintance and friendship with others. The Institute is incomparably the best medium for meeting fellow engineers. The primary, function of the new enlarged Membership Committee is to obtain a comprehensive list of engineers eligible to be members, always hearing in mind that the standards of membership must not be lowered in any degree. These men are to be invited by individual letter to apply for membership. Whether they become members or not is of less importance; but it is vital that no qualified man should be outside the fold for the reason that membership had never been suggested to him. Dr. Buehler emphasized repeatedly his feeling that the younger man that had never had Institute membership brought specifically to his attention had been cheated:

Jan 1, 1935

By F. H. McDowell

The increasing interest in the subject of electrical separation warrants the addition to what has already been written of a few lines covering the practical workings of the Tilly Foster mill under the direction of Mr. E. S. Moffat, General Manager. Since my last paper was presented to the Institute, Mr. S. P. Tomkins, the superintendent, has had thrust upon him for solution several problems complicated by the introduction of new conditions. 1. The richer portion of the lean ore dump, and that nearest the railroad track, having been worked up in 1890, the handling of the balance, including a largely increased amount of rock, could only be accomplished at an increased cost. 2. The tailings had accumulated close about the mill to such an extent that arrangements had to be perfected to move them further away.

Jan 1, 1893