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By Frances Jane Cromwell, D. J. McAdam, G. W. Geil

In a series of papers, the authors and their associates have shown that the technical cohesion limit is affected by the same four factors that affect the flow stress, namely, the stress system, plastic deformation, temperature, and the strain rate.16-28 Moreover, each of these factors affects the technical cohesion limit in the same way that it affects the flow stress,t The influence of any one of these factors may be represented by a curve of cohesion limits, although only one point on the curve may represent actual fracture. As the term ilfracture stress' has come into use with the same significance as 'ctechnical cohesion limit," the authors are here using the shorter term with the understanding that it does not always refer to actual fracture. This paper presents the results of an investigation of the flow of notched and unnotched specimens betqrcen yield and fracture, A study has thus been made of the flow and fracture of metals as affected by the stress system, and of the ductility of metals as affected by the stress system throughout plastic deformation. Since two of the principal stresses were equal (S2 = S3), the stress systems can be represented in terms of the radial stress ratio, the ratio of the transverse radial stress s3 to the longitudinal stress S1.* The results of the experiments are represented by a series of their flow-stress curves for each Of the metals investigated, and these diagrams have been used for the development Of Other diagrams Of various types. Ludwik was the first to suggest that fracture occurs when the flow stress becomes equal to a technical cohesion limit. Although Ludwik was incorrect in his view that the technical cohesion limit depends only on the amount of plastic deformation and not On the stress system, he was 'Orrect in his view that the flow-stress curve for any stress system terminates at a point representing a technical cohesion limit. The authors have seen some recent references to assertions by other investigators that a point representing the fracture stress need not be on the flow-stress curve. The Ludwik principle, however, "auld Seem to be axiomatic, provided that the flow Stress and fracture stress are properly defined and that the fracture stress is properly determined. Disregard Of this principle has led to some untenable theories Of criteria for fracture. When a metal is very ductile, the conventional method of determining the ductility and fracture stress by dividing the breaking load by the sectional area after fracture, generally gives values that are much too high. With some metals and in some conditions, the fracture stress thus determined may be two or more times the

Jan 1, 1949

By Daniel J. Martin, James L. Martin

The dendritic pattern of steels shown by deep etching is used extensively as a guide in the inspection and control of the great majority of steels used in ordnance construction and for many applications in industry. The value of macroexamination lies in the fact that it enables a qualified observer to make deductions concerning the general quality of relatively large pieces of metal. Not the least of these general characteristics is the nature and extent of the dendritic segregation in the steel, either in the cast condition or after mechanical or thermal treatments. Previous Work Detailed methods for macroetching were outlined by Yatsevitchl and have been standardized by the American Society for Testing Materials. A comprehensive study of the occurrence, origin, and the chemical and crystalline nature of the dendritic structure was given by Keshiam2 The marked persistence of dendritic segregation in nickel steels is fully recognized and has been discussed by Sauveur and Reed3 and by others. Very little, however, has been written on the effect of the various elements on the macrostructure of steels, and the purpose of this report is to submit evidence concerning the influence of chromium, nickel and molybdenum on the macrostructure of some 4 by 4-in. ingots cast and treated under closely controlled conditions. Methods and Results The ingots to be described were made in a 60-lb. high-frequency induction furnace at the Watertown Arsenal. Heats were made from a single lot of materials; were molten for the same length of time; tapped at approximately the same temperature into a standard mold preheated in each case to 150º ± 10º C.; and stripped and buried in ashes after 10 min. in the mold. Transverse disks were taken from the same location in

Jan 1, 1939

By James L. Martin, Daniel J. Martin

The dendritic pattern of steels shown by deep etching is used extensively as a guide in the inspection and control of the great majority of steels used in ordnance construction and for many applications in industry. The value of macroexamination lies in the fact that it enables a qualified observer to make deductions concerning the general quality of relatively large pieces of metal. Not the least of these general characteristics is the nature and extent of the dendritic segregation in the steel, either in the cast condition or after mechanical or thermal treatments. Previous Work Detailed methods for macroetching were outlined by Yatsevitchl and have been standardized by the American Society for Testing Materials. A comprehensive study of the occurrence, origin, and the chemical and crystalline nature of the dendritic structure was given by Keshiam2 The marked persistence of dendritic segregation in nickel steels is fully recognized and has been discussed by Sauveur and Reed3 and by others. Very little, however, has been written on the effect of the various elements on the macrostructure of steels, and the purpose of this report is to submit evidence concerning the influence of chromium, nickel and molybdenum on the macrostructure of some 4 by 4-in. ingots cast and treated under closely controlled conditions. Methods and Results The ingots to be described were made in a 60-lb. high-frequency induction furnace at the Watertown Arsenal. Heats were made from a single lot of materials; were molten for the same length of time; tapped at approximately the same temperature into a standard mold preheated in each case to 150º ± 10º C.; and stripped and buried in ashes after 10 min. in the mold. Transverse disks were taken from the same location in

Jan 1, 1939

By Welton Crook

UNLESS present in considerable proportion, metals of the precious-metal group-other than gold and silver-are not readily detected by the methods of fire assaying usually applied to ores and metallurgical products. Platinum, when present in small quantity, will ordinarily be reported as silver unless special methods of parting are used. Other elements occurring in the gold itself are all fluxed and slagged in the assay operation and if analyses are made on bullions the melting and slagging operations to which the bullion has been subjected may eliminate most of the associated elements. On the other hand, the analysis of precipi-tate from the cyanide treatment of gold ores may reveal the presence of many unexpected elements, such as tungsten and molybdenum. It is uncertain, however, whether many of the elements present in the pre-cipitate are derived from the ore gangue or from the gold itself. No very general survey of the distribution of metallic elements in gold seems to have been made. Rose and Newman,1 in connection with the composition of native gold, say in part as follows: Gold is occasionally found alloyed with copper and sometimes also with iron, bis-muth, lead, mercury, tin, antimony, palladium or rhodium. Rhodium gold from Mexico was found to be of the specific gravity 15.5 to 16.8 and contained 34 to 43 per cent of rhodium. The native alloy of palladium, gold, and silver from Porpez con-tains 85.98 per cent of gold, 9.85 per cent palladium and 4.17 per cent silver. Mal-donite, from Victoria, contains gold 64.5 per cent, bismuth 35.5 per cent (Louis). Dana' says that native gold is usually alloyed with silver in varying amounts, and that sometimes it also contains traces of copper and iron. Rare varieties contain palladium, rhodium and bismuth. Other authors, for instance Zeigler3 and Clark,4 give similar information. Most refer-ences on the subject agree that ordinary native golds contain, in common, the elements silver, copper and iron. After completion of the work of which this paper is a record, the conclusion is reached that all ordinary native gold probably does contain these elements and, although in certain cases other elements may be found to be present, that it is difficult to

Jan 1, 1939

By JAMES J. DOUGHERTY

THIS paper is a general discussion of developments in our reverberatory smelting practice during the past five years. It deals briefly kith changes in furnace types ; changes in furnace feed ; de- crease in the amount of slag produced; relation of slag assays to copper loss in the slag; increase in the grade of matte and furnace capacities. The reverberatory is but one unit in the copper plant ancl 'any discussion of it must be considered with reference to the other units and to the plant as a whole. A change in the grade of concentrates at the concentrator puts an entirely new aspect on reverberatory smelting and, likewise, a change in the grade of matte at the reverberatory affects the rate and cost of converting. The introduction of differential flotation in 1927 had a very marked influence on all smelting operations and its effect will be noted

Jan 1, 1930

By Warnie Flint

PERSONAL INJURY ACCIDENTS According to statistics compiled by the National Safety Council, US Bureau of Mines, American Medical Association, and other agencies, accidental injuries cause more deaths than all the leading diseases. NO one is immune to an accident. Probably the best way to describe an accident is to say that it is an unexpected happening. The automobile driver is not expecting a terrifying crash, the electrician does not expect to be electrocuted, nor is the coal miner expecting the roof to fall on him. All personal injuries will not result in death. There is a multitude of victims who are living proof of what accidents can mean to an individual-victims who are blind, paralytic, missing arms, legs, etc. In most instances the earning power of these individuals is gone, and they are utterly dependent upon family or welfare. For many years there seemed to be an attitude that prevailed in industrial America that accidents were inevitable, and that so many fatalities and injuries should be expected. This, of course, was utter nonsense. Since the birth of such organizations as The National Safety Council, American Society of Safety Engineers, and the US Bureau of Mines, much progress has been made in reducing accidents. The enactment of compensation laws greatly contributed to the progress that has been made. Does this mean that all accidents can be prevented? Unfortunately, it does not. Human psychology indicates that men will work unsafely or perform unsafe acts for the following reasons : 1) Lack of knowledge or skill. 2) Conflicting motivations, such as: (a) to be more comfortable, (b) to save time or effort, (c) to be accepted by a group. 3) Physical or mental condition. Nearly everyone desires his own safety, but not all individuals are willing to do what they know to do to insure their own safety.

Jan 1, 1981

By M. H. Merriss

IN THE last few years, there have been developed at the plant of the Nichols Copper Co., Laurel Hill, Borough of Queens, New York City, improvements in electrolytic copper refining by the series system that have materially increased the flexibility and economy of that system. The purpose of this paper is to discuss, as of interest to refiners and to those who have copper to refine, as well as to the engineering profession in general, the changes that have taken place resulting in wider application and increased efficiency of the series system. Copper is electrolytically refined in two ways, which are spoken of as the "multiple system" and the "series system." In both systems, the electrolytic tanks are in series electrically. In the multiple system the electrodes in a single tank are in multiple or in parallel, thus: In the series system, the electrodes in a single tank are in series, thus: There are two important adaptations of the series process, one represented by the series electrolytic tank room at the Baltimore Copper, Smelting & Rolling Co., Baltimore, Md., and the other by that of the Nichols Copper Co.'s plant. At Baltimore, the anode is rolled to perfect

Jan 6, 1925

By G. R. Speich, D. J. Mack

The transformation of was studied by isothermal methods. At all temperatures, the ß transforms quickly to fine grained ß" which develops silver-rich striations. At higher temperatures the striations disappear, the final structure being Widmanstatten a in ß'. At lower temperatures, the striated ß" is consumed by pearlite nodules of a + ß' which in turn form the Widmanstatten a in ß'. The transformation is unlike any previously reported for a eutectoid. AS part of a general program of study on the eutectoid reaction, the Ag-Cd eutectoid seemed particularly attractive because the ß phase which undergoes the reaction is another of the typical "electron compounds," AgCd, having the disordered body-centered cubic structure. This work deals with the eutectoid which occurs at 50.5 wt pct Ag, and not with the eutectoid which has been reported at 42.9 pct Ag.' There has been no work reported specifically on the Ag-Cd eutectoid which was studied. The only information available on this eutectoid is that work done in the determination of the phase diagram. For the most part, the terminal portions of the diagram, Fig. 1, are well established; however, the region from 40 to 60 pct Cd is still somewhat in doubt. The X-ray evidence'..' in this region is in conflict with the results of thermal analysis. X-ray analysis3 does not show a polymorphic transformation at about 240°C as indicated by thermal analysis.1,5 Even the X-ray evidence, within itself, is confusing in this region of the diagram. One investigator2 reports the ß phase as hexagonal close-packed and has found three phases in the one-phase ß field. Other X-ray investigators"' ' report the ß phase as body-centered cubic. The authors believe that much of the confusion resulted from incomplete homogenization of the alloys. It was found that it takes almost a week to produce a completely homogeneous two-phase structure at 370°C. Another possible source of error is the volatilization of cadmium from the surface and cracks of the specimen during annealing with the possible formation of a cadmium-poor phase. The only metallographic data available on this eutectoid alloy are those of Durrant1 and Fraenkel and Wolff.5 his information is very limited. The phase diagram chosen as most nearly correct is that in the Metals Handbook," which is almost identical with the phase diagram suggested by Durrant.1 Materials and Procedure The alloy was prepared from high purity silver (999.5 plus fine) and high purity cadmium (0.02 Pb, 0.005 Cu, trace Fe). The metals were melted in carbon under a nitrogen atmosphere. Some cadmium was lost by volatilization but by remelting several times and adding cadmium a 200 g ingot of approximately eutectoid composition was obtained. Because the CdO fumes are quite toxic, the exit gas from the furnace was led through a water trap to condense the CdO. The ingot was homogenized at 650°C for 24 hr, no attempt was made to prevent decadmiumization. This resulted in a narrow decadmiumized rim on the ingot which was removed. Filings for analysis were obtained from cross sections of the ingot. Silver was determined by the Volhard thiocyanate method,? cadmium by difference. The ingot analyzed 50.8 pct Ag at the top of the ingot and 50.7 pct at the middle and at the bottom of the ingot. This alloy was only slightly hypo-eutectoid compared to the accepted value of 50.5 pct Ag and was used for the isothermal studies. It was felt that further attempts to adjust the composition might be futile because of the volatility of the cadmium. The ingot was sectioned to specimens approximately 3/4 x 3/4 x 1/8 in. These specimens were "austeni-tized" for 3 hr in air at 650°C to yield homogeneous ß and then quenched into a salt bath held at constant subeutectoid temperatures where the transformation

Jan 1, 1954

By Rossiter W. Raymond

The extent to which the divining-rod is still used in this country for the detection of hidden treasure, mineral veins, or springs, is ' much greater than educated persons would be likely to suppose. For many years wells have frequently been located by its aid in New England, where the belief is widely extended among the farmers that in the hands of peculiarly gifted persons this instrument possesses special virtue. Large numbers of the oil wells of Pennsylvania

Jan 1, 1883

By George W. Sargent

For the experiments here described a rod was used, 0.75 in. in diameter, and rolled from one ingot. Analyses of the ingot and rod showed them to have the following composition respectively: C. Mu. Si. P. 8. Percent. Percent. Percent. Percent. Percent. Ingot,. .. 1.150 0.328 0.223 0.020 0.016 Rod,. .. 1.033 0.327 0.223 0.020 0.016 Pieces 4 in. long were heated to various temperatures in a closed porcelain tube, within a gas furnace, and allowed to cool with the same; they were then turned, threaded, and subjected to physical tests in a Riehlé testing-machine. The elastic limit was determined by the drop of the beam. The elongation was measured in two inches. From the threaded ends of the testrpieces, disks were cut, and prepared by combined polishing and etching, using parchment stretched over a wooden block and moistened with a 2-per cent. solution of ammonium nitrate. The structure, as thus developed, and the fractures, were magnified and photographed. A cooling-curve was constructed, and the critical point was located at 675º-680º C. A thermo-electric pyrometer was used to make the measurements of temperature. The micro-constituents of steel have been so frequently and thoroughly described by others that I need only say here that the theoretical micro-structural constituents of this steel were : pearlite, 95 ; ferrite, 0 ; cementite, 5 per cent. The quenched metal would be expected to consist almost entirely of martensite—provided, however, the quenching be done at or near the proper temperature. Rapid quenching from a high temperature would give rise to austenite.

Jan 1, 1902

By R. P. Corbett

Since the beginning of operations at the Kelley mine in 1952, Anaconda has emplaced more than 150,000 cu yd of concrete underground. Concreting practices have changed over the years but the net result is still the same- lower costs along the line and more versatility.

Jan 7, 1961

By J. P. Lesley

The Pittsburgh coal-region, if we regard the greatness of its extent, the picturesque beauty of its scenery, the salubrity of its climate, its relative situation on the Continent, the fertility of its soil, its unrivalled mineral wealth, and its magnificent system of natural transportation, is, perhaps, the most valuable spot on the surface of the planet. Unlike the mythical Paradise inhabited by one man and one woman, it swarms with an abounding population, not living on the free gifts of nature without care and without toil, hut expending its energies in unremitting labor, reinforced by the most elaborate machinery, in the production of everything which mankinds needs or desires; and unlilte the Paradise of story from which flowed the four great rivers of the world in opposite directions, its own four rivers How from the surrounding world into it, to constitute by their union the great highway water-course which divides the Northern from the Southern States. These rivers are the Monongahela, coming from the south, the Yonghiogheny from the southeast, the Kiskiminetas from the east, and the Allegheny from the north. Uniting at the great city of pittsburgh, they constitnte the Ohio, which flows northwest and west, and then south and southwest, toward the Mississippi. The Monongahela has been made navigable by a system of dams and pools the Allegheny was navigable in its natural condition; the KisKiminetas was made navigable by a State canal which has been vacated ; and the Youghiogheny remains unnavigable. Railroads supplement the deficiencies of the rivers, follow their hanks, and share in the transportation for which the waters are not sufficient. Railroads and rivers concentrate at Pittsburgh; other railroads cross the highlands to the east and west; and branch roads ascend the side-valleys and ravines to the mines on the uplands. The whole region is a scene of life; towns and villages dot its surface in all directions ; hundreds of gangways open upon the sides of all the valleys, and deliver coal to trains of cars which move beneath them at water-level; furnaces and rolling-mills abound; hundreds of oil-wells furnish a flood of liquid fuel to pipe-lines

Jan 1, 1886

By Henry M. Howe

The striking features of American Bessemer practice aré its large output and its low initial silicon and initial temperature. These are interdependent. Large outputs implies short blows and short intervals between blows. Short blows imply low silicon and fast blowing. Low silicon implies short intervals and fast blowing. Our blows are short because we have little silicon to remove, and because we remove it fast by supplying blast rapidly. We get enough heat even with little silicon, because our blows and the intervals between them are so short that relatively little heat escapes from our vessels. Were we to lengthen our intervals, or to blow more slowly, we would have to meet the increased loss of heat from our vessels, either by using more silicon, or by melting hotter, i.e., by burning more coke, in the blast-furnace or in the cupola. Finally, our short intervals imply powerful machinery, efficient organization, and extreme specialization and subdivision of labor, which can be profitable only when the output is large. Let, us now take these points up in more detail, first glancing at some examples of our large outputs, given in Table I., and of the composition of our iron. Output.—On presenting such results to some foreign metallurgists, I have been told, " Oh yes, we quite understand that. You really turn out no more steel than we do. As a matter of personal pride, your manager gets up a tremendous spurt for a day, or even a week, crowds on men wastefully, rushes through great quantities of metal, and then for months afterwards has to recuperate. The machinery has been strained ; the owner's money has been wasted ; the men have been prostrated—all to gratify the manager's vanity. Your average output is no larger than ours." Personal pride has, doubtless, played its part; without it we would still be savages, or apes, or mollusks, if you prefer. These baser motives are the mudsills of progress, the soiled roots of that growth of which civilization is the flower. Great outputs were made

Jan 1, 1891

By W. R. Shimer

IN his valuable report on Finishing Temperatures and Properties of Rails, I Dr. G. K. Burgess, Chief of the Division of Metallurgy, U. S. Bureau of Standards, has begun a line of investigation which should be continued by those interested in the subject, and who have proper facilities for carrying put the work. For the past year or more the Bethlehem Steel Co. has been conducting experiments to learn the effect of rail finishing temperatures on their physical properties and microstructure and the results are here given for the consideration of those interested in the rail situation. . Considerable differences of opinion have been expressed by various authorities, in the past, as to the effect of large or small grain size and high or low finishing temperatures of steel rails on their physical properties and wearing qualities. Low finishing temperatures and, therefore, low shrinkage, have been advocated on the theory that the wearing qualities would be improved. Others have recommended high finishing temperatures. The generally accepted cause for rail failures, due to the development ,of transverse fissures, is excessive wheel pressure on hard rails. One of the causes advanced for hard rails has been that they contain too high per centages of carbon and manganese; another that the rails were finished at too low a temperature, i.e., at or near the critical point. In the experiments herein described the rails were rolled from reheated blooms. All the rail blooms were charged hot in a reheating furnace and brought up to about the original ingot-rolling temperature before rolling into rails. These rails gave better results in deflection, withstood a greater number of drops before breaking, and showed greater ductility, than. rails of identically the same composition and section which were rolled, direct from the ingot. Rails rolled from reheated blooms, finished at somewhat higher temperatures than when rolled direct from the ingot, have a different microstructure, which the writer does not believe is due so much to the difference in finishing temperatures, as to the difference in

Jan 3, 1915

By James V. Thompson

SINCE it was introduced in 1943 to recover chromite from Oregon beach sands, the Humphreys spiral concentrator has proved successful in several fields of wet mineral beneficiation. By the end of 1957, 9390 Humphreys spirals had been manufactured. Most of these are still in service. The spiral does not offer a panacea for all mineral dressing problems. Its proper application can best be determined by test work. Spirals present a unique advantage for the metallurgist to make tests in a full-size machine rather than a miniature model, without the risk involved in scaling up results. With only 10 to 40 lb of sample, the operator of a closed circuit test unit employing a full-size Humphreys spiral can conduct preliminary tests with full-scale loadings of 0.5 to 2.5 tph. With larger samples, from 300 to 500 lb, he can run longer multi-stage tests to obtain reliable data for the next step-pilot plant design. The manufacturer of the Humphreys spiral concentrator maintains a fully equipped ore dressing laboratory and by insisting on test work prior to sales has largely prevented misapplication of the spiral.

Jan 1, 1958

NEW YORK MEETING PAGE Winchell, H. V.-Geology of Pachuca and El Oro, Mexico. Discussed by Frederick MacCoy, Robert Hawxhurst, Jr 2 WILKES-BARRE MEETING Kynor, Herbert D.-Mechanical Mining of Anthracite. Discussed by C. Evans, Jr., S. J. Jennings, W. J. Richards, Geo. S. Rice, and the author 3 Stein, C. H.-Ashley Planes for Handling Freight Traffic. Discussed by Graham Bright, Douglas Bunting, S. J. Jennings, R. V. Norris, C. H. Strange, Edwin Ludlow, W. J. Richards, and the author 3 Markle, Donald.-Anthracoal: A New Domestic and Metallurgical Fuel. Discussed by William Griffith, Edwin Ludlow, E. M. Chance, Charles Dorrance, E. W. Parker, G. H. Ashley, C. A. Burdick, Geo. S. Rice, and the author :.. 7 Griffen, John.-Slush Problem in Anthracite Preparation. Discussed by Henry Flood, Jr 11 Eavenson, H. N.-Lynch Plant of United States Coal and Coke Co. Discussed by E. V. d'Invilliers, C. Evans, Jr., Graham Bright, Geo. S. Rice, Geo. Otis Smith, A. M. Rodgers, C. T. Starr, C. A. Burdick, and the author 15 Bunting, Douglas.-Mine Fires Extinguished by Sealing. Discussed by Geo. S. Rice, J. B. Warriner, H. H. Otto, Edwin Ludlow, E. M. Chance, F. B. Nold, H. M. Chance, W. L. Jacobus, J. A. S. Ritson, R. D. Hall, Geo. S. Rice, and the author 18 Bright, Graham.-Determination of Electrical Equipment for a Mine Hoist. Discussed by F. L. Stone, Geo. S. Rice, L. F. Mitten, and the author 34

Jan 12, 1921

By W. J. Uren, Charles R. Kuzell

The industries engaged in winning minerals from the earth, because of their widespread dissemination, are faced with perhaps as wide a variety of labor-management problems as may be found in any other broad sphere of productive activity. Those problems are continually increasing in volume and complexity, and management has become aware of their growing importance. For the past quarter century at least, labor-management problems have largely been union-management problems. During this period tremendous assistance has been given labor unions through legislation and administrative and political action. In the United States, legislation favorable to unions has come about in the form of the now defunct National Industrial Recovery Act; the Wagner Act, most of which has been carried forward in the Taft-Hartley Act; the Norris-La Guardia Act; the Wage and Hour Law; the Walsh-Healey Act; and others. The result has been to transfer from the hands of management to those who direct the affairs of the unions a large share of control over the industry and to hamper in many ways the remaining control left to management. In the United States there are many examples of the power of unions to injure whole industries seriously with- out regard to the interests of management, the employes, or the public. This chapter deals with the various phases of labor-management relations as they affect the principal segments of the mineral industry in North America. To the greatest extent possible available data is presented pertaining to the unions involved, their relative strengths, labor law, compensation and fringe benefits of employes, working conditions, and related matters. As background, the historical development of union-management relations in the respective segments is included where possible. The section dealing with the United States has been divided into separate

Jan 1, 1959

Alfred Stansfield, Montreal, Canada:—In Professor Howe's paper on the position of Ae3, he shows its industrial importance in determining the temperature to which steel should be heated for " grain refining." Several years ago I carried out a research on the " burning " of steel and found that while hypo-eutectoid steel should be heated to Ae3, hyper-eutectoid steel that has been very much overheated must be reheated to the curve Sa on the carbon-iron diagram, in order to redissolve the pro-eutectoid cementite and thus to obtain recrystallization and grain-refining. This treatment was necessarily only partly successful, and I should like to ask whether the conditions of heat treatment for refining overheated high-carbon steels have been ascertained. Speaking of the &'Persistence of Solidificational Segregation " Professor Howe quotes an experiment made by Mr. Stead in which a bar of 1.2 per cent. carbon steel was immersed in a large mass of molten blast-furnace slag and allowed to cool with it. The steel was heated ; above the solidus (curve An on the carbon-iron diagram), but below the liquidus (curve AB). A drop of eutectic carbon-iron alloy, rich in carbon, had liquated out and hung below the bar. This agrees exactly with my own observations on the burning of steel, but my interpretation differs somewhat from that of Professor Howe. Professor Howe considers that the fusion of a part of the metal (rich in carbon) shows that the solidificational irregularities of composition had persisted through the rolling and heat treatment of the steel, as otherwise no part of the steel would have been sufficiently fusible to melt. It does not appear to me that such an explanation is necessary. A piece of steel represented in temperature and composition by any point within the area ABa will ultimately resolve itself into a solid phase and a liquid phase in equilibrium with each other. It may appear that if the steel were absolutely uniform no fusion could take place, but, the smallest nucleus of high-carbon, fusible alloy would ultimately bring about this separation into liquid and solid phases, by diffusion of the carbon from the solid to the liquid areas. A nucleus sufficient for the purpose might be provided by an area of pro-eutectoid cementite which had not become diffused during the

Jan 1, 1914

By Franklin R. Carpenter

In area, the Black Hills are about equal to the State of Connecticut. As the accompanying geological map indicates, they exhibit in the main a simple structure, presenting a central mass of granite and Archæan rocks, on all sides of which the later sedimentary rocks dip

Jan 1, 1889

By L. D. Clark

Pay-out, the ratio of capital expenditure to annual cash return can be very revealing when employed to gage the merits of a proposed mining venture. It is a quantity, numerically but not physically equal to a factor, by which cash return may be discounted to equal required investment. The fewer the pay-out years, the greater the average annual earning power of the project. Considerable material has been written in the past about the most important and difficult problem mining management faces in evaluation of a property: the optimum production rate for the venture. What daily capacity should be adopted for the proposed operation that it may be the most rewarding to those underwriting it? H.C. Hoover has said, "The most important objective is the least cost per ton mined; and minimum working costs can only be gained by the most intensive production." Theoretically and practically, the quicker the ore is removed, the more profitable should be the venture because of the saving in fixed charges, the consequent lower unit costs and the interest unearned by the profit from the unmined ore. Yet, such performance will be tempered by policy and a restraint imposed by the ratio of capital expenditure to annual cash return. * The 'Annual net profit after taxes but including depreciation and depletion allowances. former will be based upon an analysis of the economic climate anticipated, with its many ramifications including the demand for the product, prices, tax laws, the conduct of labor and related wage scales. The variables and intangibles involved in estimating the optimum production rate for a mine do not readily lend themselves to mathematical relationships or equations and the problem can become complex indeed. The more readily applicable and relatively faster appraisal method will be used which, in addition to being reasonably adequate in most cases, will serve as a guide, should a more expanded and detailed estimate be desired. The first question is what is company policy with respect to the rate of investment return? This will depend on that significant period of time referred to as the pay-out, which can be defined as the estimated interval during which capital investment is returned through application of annual cash return to its recovery. Expressed another way, it is the ratio of capital expenditure to the annual cash return. For example, if the capital investment is $C and the annual cash return is $A (after Federal tax), then $C/$A = the pay-out period in years. That is to say, if $C = $1,500,000 and $A = $214,000, then which is the mathematical expression for the period of time it takes to recover the funds originally invested in a mining enterprise. The relationship yp = $C/$A can be useful — an expression which requires only the significant tern yp to be fixed; in other words, the long range investment policy. For what is the pay-out period but an expression of that policy in terms of the speed, within practical limits, with which an individual or company may want to recover capital expenditure? A policy by which pay-out will be fixed is imperative. This ratio must lie within relatively narrow limits governed by what is economically feasible. It cannot be too low, rendering the ratio impractical or absurd, nor too great, delaying the return of capital for reinvestment beyond a commensurate interval. What pay-out will govern this policy? Federal corporate taxes would seem to present the best measure. Consider mining in Canada where new mines are exempt from Federal income tax for 3½ yr from date of first production. This exemption expressly allows The Act states: "A corporation . . . i s not required to include the profits . . . for the period of 36 months commencing with the day on which the mine came into production in reasonable commercial quantites." a company to recover capital expenditure during the early stages of production. With such an incentive, it is logical to strive for as much capital redemption as possible during this period. Thus, 3½ yr would be a major contribution to the pay-out in Canada. Furthermore, it generally takes from 1½ to 3 yr to develop

Jan 1, 1963