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By AIME AIME

AT bottom of this page is a photograph recently taken by a student-John E. Stewart-of the most northerly situated college in the world, the Alaska Agricultural College and School of Mines. It is situated at College, near Fairbanks, Alaska, approximately on the 65th parallel of latitude, and therefore just south of the Arctic Circle. It is farther north than Hudson Bay, and in about the same latitude as southern Greenland.

Jan 1, 1932

By Theodore W. Robinson

WHEREVER the amount of work renders it practicable the plan of using permanent standard solutions, in connection with the colorimetric carbon test, affords such manifold advantages that it is to be strongly recommended. That it has not attained a wider and more general application, is mainly due to the fact that, as the method is generally employed, the difficulty attending the production of the colors, and their doubtful stability when produced, have been only too evident to those who have undertaken their composition. The old method of using standard solutions made from sugar, coffee, etc., has always been hampered by the tendency of the colors to change upon exposure to the light, and the consequent liability to serious error, unless they are closely watched. Appreciating these difficulties, while recognizing the desirability of permanent colors, Mr. Magnus Troilius, at the suggestion of Prof. F. L. Erkmann, investigated the properties of cobalt, copper and ferric chlorides, with the view of determining their efficacy in the production of standard solutions. His results, as obtained, seem to have been satisfactory, but his treatment failed to eliminate many of the objections that have rendered the use of organic colors undesirable. The

Jan 1, 1888

By David R. Mitchell, Ernest M. Spokes

INFORMATION on magnetic properties of minerals other than magnetite is scanty and some- times erroneous. Often there is no information at all. W. R. Crane's table of tractive forces published in 1901 is still the best guide in the field, but Crane's data can be used as a guide only, since he ignored such important factors as impurities in the minerals, size, and packing effect. During the 1930's work by the U. S. Bureau of Mines added greatly to knowledge of the behavior of certain minerals in a magnetic field. The USBM bulletin gave for the first time complete magnetic characteristics for magnetite and fragmentary data for a few other minerals. The work reported here covers a study of the magnetic-susceptibility relationships of the wolf-ramite series of minerals and sphalerites as related to their chemical compositions. Theories are proposed to explain divergences found from commonly accepted beliefs.

Jan 3, 1958

Following closely Marcona Corp.'s announcement of its new Marconaflo process for transporting mineral slurries by ship (see pp. 96-97, Sept. 1969 [ ]), Midland-Ross Corp. (M-R) now heralds its metallized iron pellet process which supplements Oregon Steel Mills1 (Oregon Steel) new Portland, Ore., plant. Harry J. Bolwell, president of M-R describes the company's M-R Pellet as "the most exciting advance in steelmaking in a decade, one which will profoundly affect the industry." In fact, other knowledgeable industry spokesmen believe that with these developments the mini-steel plant era is now here and that this technical development along with the Marconaflo process will revolutionize iron ore shipments and steelmaking. The M-R president predicts that electric furnaces can account for 20% of the annual U.S. steel production by 1975, compared with 14% at the present time because of these developments.

Jan 12, 1969

Frank L. Bader has been appointed to the sales staff of Lehigh Navigation Coal Co. in the Philadelphia territory. H. C. Burrell, former coordinator of raw materials, Pittsburgh, Penna., has been made manager of raw materials for Columbia-Geneva Div. of U. S. Steel Co., San Francisco. J. H. Cazier has resigned as general superintendent of Bagdad Copper Corp., Bagdad, Ariz., to devote full time with E. A. Scholz to the operation of the Copper King, Phillips and Black Pearl Mines near Bagdad. They have operated the Copper King zinc mine for more than two years.. Production started from the Black Pearl and Phillips tungsten mines during the past year. Robert T. Chapman has resigned from Reynolds Mining Corp. to join Westmoreland Manganese Corp. as general superintendent. Annan Cook, with Kennecott Copper Corp.'s exploration dept. for the past three years, has been appointed district geologist for the eastern states.

Jan 1, 1952

By John J. Stokes

Literature on the electrolysis of aluminum from cryolite melts and on the structure of these .melts is surveyed critically. Data on density, freezing point, and other properties are reviewed. Theories of the electrolysis are examined in the light of these data. Two theories are presented which account equally well for the observations. In the early days, the process was thought of as a simple one. The actual mechanisms must be tremendously more complex. This paper is devoted to a rather narrow part of the whole subject, namely, what ions are present in the bath, and by what mechanism the current is carried. Using cryoscopic data, Rolin has determined the following composition for molten cryolite. Na2,AlF 3Na + 3F + AlF [1] He postulates the following equation for the ioniza-tion of alumina at low concentrations Al2O3 Al + AlO2 +O. [2] At concentrations above 0.025M he supposes the ionization of alumina to proceed as follows Al2O3 AlO + AlO2. [3] Rolin's mechanism of electrolysis for the more concentrated solution in Eq. 3 is as follows. The AlO' ion migrates to the cathode. where it is dis- charged, giving metallic aluminum and 0' ions which migrate to the anode. The AlO2- ion migrates to the anode, where it is discharged, giving Al ions and oxygen which reacts with carbon to form CO2 In the case of the extremely dilute solution in Eq. 2 the Al ion migrates to the cathode and the AlO2-and 0 migrate to the anode as before. Another possible mechanism for the electrolysis follows. Ionization of Cryolite Na3AlF4 = 2Na + 2F + NaAlF, Na + AlF-AlF+Na + F [4] Addition of Alumina 2Na2AlF+ 2AL2O4 6Na + 3A12O3F4 [5a] Al2O2F 2AlOF2 [5b] Cathode Process AlF, + 3e+ 4F + Al. [6] Anode Process AlOF2 + 2F AlF1 + 1/20, + 2e or A12O2F + 4F-2A1F; + 0, + 4e. [7] Although both Rolin's and the present mechanism of the Hall process may be qualitatively satisfactory, present data are not adequate for quantitative tests of the theories.

Jan 1, 1959

By J. Parke Channing

ALTHOUGH the original thought of investigating waste in industry came from a mining engineer, Herbert Hoover, and although the chairman of that committee was a mining engineer (although the real work was done by the vice-chairman, L. W. Wallace), it is an interesting commentary that when the report first saw light, at St. Louis, on the first of June, 1921, some people most violently went up in the air when it was submitted by the representatives of the mining engineers. At the time they resented most markedly the report of the committee that 50 per cent. of the waste in industry, or as Mr. Ingalls in his paper has properly said, inefficiency in industry, was to be laid upon management. The reason for that seems to have been that, as a whole, the mining industry is pretty well organized and is superior to a large number of manufacturing industries including those studied by the Report. However, this very meeting shows that even the min-ing engineers have finally realized that there is waste or inefficiency in mining and that a large proportion of it can, with propriety, be assessed against management.

Jan 3, 1922

(Members are urged to send in for this column any notes of interest concerning themselves or their fellow-members.) Members who registered at Institute headquarters during July and August : R. H. Sweetser, Columbus, Ohio. C. R. Hill, New York, N. Y. Raymond Brooks, Goldfield, Nev. H. A. Morrison, Candor, N. C. Edward M. Shepard, Springfield, Mo. Frederick J. Patchell, Washington, D. C. Rudolf Gahl, Clifton, Ariz. Walter F. Pyne, New York, N. Y. Edmund von Maltitz, Pittsburg, Pa. Harvey B. Small, Mangangue, Colombia, S. A. M. K. Rodgers, Seattle, Wash. M. B. Cohen, Miami, Ariz. J. F. Erdlets, Jr., New York, N. Y. A. P. Watt, Newark, N. J. D. H. Ladd, Houghton, Mich. H. H. Stoek, Urbana, Ill. Roy F. Cornell, Santa Cruz, Cal. D. W. Brunton, Denver, Colo. W. B. Foote, Geneva, N. Y. C. S. Robinson, Youngstown, O. H. Sjogren, Stockholm, Sweden.

Jan 9, 1913

To the American Institute of Mining Engineers: The committee appointed at the February meeting upon Railway Resistances would respectfully report: That one person has been constantly employed in calculating the results of the data taken prior to March 1st, 1876. Also to complete the data taken upon the Lake Shore and Michigan Southern Railway, a diagram was taken upon a through freight train from Cleveland to Chicago, and one from Chicago to Cleveland. So that now we have diagrams from Buffalo to Chicago and return, which, when fully worked up, will give results of the utmost importance in determining the cost of transportation of freight. These data will be of much importance in determining the proper methods of equating grades and curves, which is so essential in the location of new lines. The calculations show that instead of our attempting to formulate results from data obtained on one road, it will be best for the in¬terests of transportation to enlarge the scope of our inquiries, and to extend the experiments so as to include all of the more probable causes which affect the cost of transportation. Were the details of railway equipment constructed alike, much work, which is now necessary, would be saved. It is not uncommon to find upon the same road 10 to 30 different patterns of something in construction to subserve the same purpose, which more or less modifies the friction of the cars. Take the majority of our trunk lines, with this diversity of construction, together with the varying conditions of track and manner of operating, and it will be at once seen that the labor and time to do the work and arrive at correct conclusions will occupy from two to three years. The results already attained in the short time in which they have been carried on, wholly by private enterprise, simply show what may be expected when the aid necessary is given to render them of the highest value to the great industries of the country. That the information may be general and of the greatest importance to our railway interests, the committee deem it advisable to secure, so * The following report, made at the June meeting of the Institute, is inserted in this place as appropriately supplementing the original communication of Mr. Dudley.

Jan 1, 1876

By W. O. Philbrook, H. E. Burner, F. S. Manning

The equation of continuity for the hydrogen reduction of hematite in a fixed bed of closely-sized particles is solved assuming a flat velocity profile, negligible temperature gradients, md negligible axial diffusion. A kinetic expression from the literature is used which assumes the reduction process is controlled at the oxide-metal interface. The integral fractional conversion is computed, and the importance of particle diameter, flow mte, temperature, bulk axial diffusion, and inter- and intra-particle mass trarnsfer is predicted. Comparison with experimental data suggests one or more additional undefined variable(s) is significant. Equipment modifications are suggested for fidture experimentcll work. WITH the increasing desire to "design" the ore feed of a blast furnace, it has become necessary to define more quantitatively the process variables and to evaluate the extent of their control upon the reduction process. The bulk of the work reported in the literature has centered about the reduction of single particles; however, the blast furnace process more closely resembles reduction of a fixed bed than that of single particles. To simplify this analysis, the isothermal reduction by hydrogen of a natural hematite in a fixed bed of closely-sized particles is examined. With appropriate modifications in the kinetic and flow rate expressions, the approach employed should be extensible to mixtures of carbon monoxide, hydrogen, and inert nitrogen, and to adi-abatic conditions, thus approaching the blast furnace process more closely. The fixed bed variables which are investigated in this study are particle diameter, flow rate, temperature, and bulk axial diffusion, as well as inter-and intra-particle mass transfer. Of particular interest is the effect of particle size upon fractional conversion for a bed operating under constant pressure drop. The constant pressure drop concept bears a close resemblance to the blast furnace process, where regions of larger particles may provide a greater permeability to divert most of the reducing gas flow from the regions of smaller ore particles. Under such conditions one would expect qualitatively that, for sufficiently small particle sizes where the flow rate is small and the total surface area is large, the reduction rate would be limited by the gas flow rate. Initially the gas entering the bed reacts very rapidly and the composition approaches the equilibrium conversion value a short distance from the reactor inlet. This concentration "wave-front" then moves up the bed as the flow of reducing gas is continued, leaving in its wake an ever increasing layer of reduced particles. Providing that the reducing gas leaves the bed at equilibrium concentrations, conversion is expected to increase with an increase in flow rate, and hence with an increase in particle diemater. Conversely, for sufficiently large particles the flow rate will be high but the surface area available for reaction will limit the reduction rate. Since the total surface area decreases with an increase in particle size, conversion, in this case, is expected to decrease as the particle diameter is increased. It is clear then that between these two extremes an optimum particle diameter must exist. THEORETICAL DEVELOPMENT Above the temperature where wiistite is stable (about 560°C) the reduction of hematite proceeds through the series Fe2O3/Fe3O4/FeO/Fe. On the basis of microstructural studies and earlier work, Edström1 has postulated a mechanism for the reduction of an ideal hematite lattice: 1) Iron phase formation at the boundary between wiistite, iron, and gas (for sufficiently porous iron). 2) Diffusion of iron across a wustite layer. 3) Phase boundary reaction of Fe3O4 to FeO. 4) Diffusion across a dense magnetite layer. 5) Phase-boundary reaction of Fe2O3 to Fe3O4. According to the mechanism postulated, gaseous reaction product has to be removed only at the boundaries between wüstite and iron or gas, the only possible exception being enveloped Fe3O4 specks. On this basis McKewan2,3 has proposed that one may consider the hematite reduction process as a simple two-phase system of oxide/metal. If, for FeO and Fe3O4 layers of negligible thickness, the hypothesis is made that the rate of formation of a

Jan 1, 1963

By D. G. Westlake

Alloys of poly crystalline Nb-H have been tensile tested at 77" and 120°K after slow-cooling and after quenching from room temperature. A rationale has been developed to explain the effect of cooling rate on ductility in terms of microstructure. The inferior ductility of the slow-cooled alloys in this temperature range can be attributed to the precipitation of coarse hydride particles that fracture in the early stages of plastic deformation. Quenching Produced much smaller hydride particles and a decreased tendency for initia-tion and popagation of cracks. Prismatic dislocation loops, punched into the matrix of quenched alloys, eliminate the yield point and may Play some role in the low temperature ductility of the quenched alloys. The difference in ductility between quenched and slow-cooled V-H alloys was even greater than that observed in the N b-H alloys. It is well known that the ductility of Nb-H and V-H alloys decreases with increasing hydrogen concentra-tion and with decreasing temperature.1-l1 The follow-ing are some of the numerous mechanisms that have been adopted in attempts to explain these observations: 1) hydrogen-dislocation interarction,4'6 2) lowering of the crack surface energy by adsorbed hydrogen,9'10 3) localized lowering of the niobium bond strength,9 and 4) exertion of pressure inside voids by molecular hydrogen.6 A recent study1' indicates that, in some way, the embrittlement is related to the precipitation of a hydrogen-rich phase, because embrittlement and hydrogen solubility have the same temperature dependence. Most of the investigators observed that at very low temperatures there was a return of the ductility. Thus, hydrogenated niobium and vanadium may be said to exhibit a low temperature ductility minimum."1'8'9 It has been reasoned by most observers that diffusion is required for the embrittlement mechanism to be operative, and that as hydrogen becomes immobile at very low temperatures, the ductility increases. This investigation of the mechanical behavior of Nb-H al-loys under various conditions is an attempt to gain a better understanding of the low temperature ductility minimum. EXPERIMENTAL Tensile specimens, with gage length dimensions 20 by 3 mm, were machined from sheet stock" and both faces were ground on wet 600 grit Sic paper to obtain a final thickness of 0.5 mm. Annealing as described earlier12 resulted in average grain diameters of 0.3 mm. The recrystallized niobium tensile specimens were electropolished in 90 parts H2S04, 10 parts HF (48.9 pct) by volume, at 287°K and 30 v. Hydrogen, which may have been present in the starting material and/or added during specimen preparation, was removed by annealing at 1073°K in a dynamic vacuum of 2 X 10-6 torr. Hydrogenated specimens (1.15 at. pct H) were prepared by reaction with a known quantity of pure hydrogen (obtained by thermal decomposition of UH3) at 1073oK, followed by cooling at the rate of 100" per hr. These were vacuum encapsulated, homogenized at 573°K for 3 to 5 hr, and furnace-cooled. Tensile tests were conducted on an Instron machine at a strain rate of 4 x l0-5 per sec. The gripping device was such that the specimen was positioned below the crosshead. Thus, subambient test temperatures could be obtained by immersion of the device in a cooling bath of either liquid nitrogen or Freon-12. The temperature of the Freon-12 was controlled within ± 0.1°K of the desired temperature by automatically monitoring the flow of liquid nitrogen through a copper coil in the bath. Slow-cooling to 77°K was accomplished as follows. The testing device was surrounded by a rubber jacket, open at the top and with small holes in the bottom. Liquid nitrogen, brought up to the bottom of the jacket, entered the holes and vaporized quickly. The temperature was monitored at the specimen with a copper-constantan thermocouple, and a constant cooling rate of 2 deg per min was easily achieved by controlling the level of the liquid nitrogen outside the jacket. RESULTS AND DISCUSSION Low Temperature Ductility Minimum. Resistometric studies of both Nb-H12 and V-H13 indicated that at tem-peratures less than 150°K, virtually all of the hydrogen

Jan 1, 1970

DAVID THOMAS 1871 R.W. RAYMOND 1872-1874 A.L. HOLLEY 1875 ABRAM S. HEWITT 1876 T. STERRY HUNT 1877 ECKLEY B. COXE 1878-1879 WILLIAM P. SHINN 1880 RICHARD P. ROTHWELL 1881

Jan 1, 1932

By D. W. G. White

The surface tension of zinc has been determined by the sessile-drop method in a progvam emphaszzing detailed experimental care. The surface tension oj. the pure metal was measured over a range of ternperature from the melting point (419.6"C) to 540°C. At the melting point, the suvface tension of zinc was found to be: 1) 99.99+ pct Zn - 757.0 5 dynes per cm 2) 99.999+ pct Zn - 761.0 5 dynes per CI 3) 99.9999 pct Zn - 76'7.5 5 dynes pev cna From experiments carried out in a closed, isothermal cell, the temperatuve coejyicient of the surface tension (6y/6T)p, , of zinc xas found not to be negative but to be postiue. A positive tenzperatre coefficient indicates a greater depee of order in the surface than in the body of the lquid. Houlezer, by delibevately inducing continuous zaporization, a temperature coefficient of su)face tension with a negative slope can be produced. The work reported herein was undertaken as part of a larger program of fundamental research on the properties of molten zinc and zinc alloys. This program grew out of a continuing interest at the Mines Branch in the behavior of liquid metals in the foundry and of a desire on the part of the zinc industry for reliable basic data. The work was originally begun in cooperation with the Consolidated Mining and Smelting Co. Ltd., Trail, B.C., and was subsequently continued from 1960 to date in association with the Canadian Zinc and Lead Research Committee and the International Lead and Zinc Research Organization. Although the surface tension of liquid zinc has of course, been measured before, as Table I and Fig. 1 demonstrate, there is not good agreement among the existing values. Such disparities arise because sources of experimental error are insufficiently controlled. This situation places the reader in doubt. One result may be correct within narrow limits—even fortuitously—yet, because there is not agreement between several values, none can be accepted with conviction and all become suspect. It seemed, therefore, in the circumstances, that there was room for further work embodying considerable emphasis on experimental care in order that, within a small margin of error, an accurate value might be obtained. It was in this spirit that the work was undertaken. METHOD The sessile-drop method -as adopted for this work. In this method, when applied to liquid metals at elevated temperatures, the outline of the meridional section through a drop resting freely on a horizontal surface is recorded photographically. Certain parameters

Jan 1, 1967

By D. W. Philips

THE problem of strata control has of necessity been prominent in mining, and accounts of individual experience and research abound in the literature of most mining countries. Organized research began in Britain by the formation of a committee, upon the recommendation of the Safety in Mines Research Board in 1923, to investigate methods of reducing accidents from falls of roof in coal mines. This committee examined current practice in supporting underground workings in the principal coal fields, and its findings have been published in the Board's publications. Toward the end of these investigations it was suggested by the Chief Inspector of Mines that committees of the several mining institutes be formed to examine the problem in their respective districts. The formation of these committees marked a new phase in research on strata control. The work, though being done in the separate coal fields, followed a scheme outlined by the Chief Mining Engineer of the Research Board, and was coordi¬nated by his office. FACTORS INVOLVED The subject is being considered in Britain from two aspects: I. To provide, by supports, means to prevent falls of fractured ground. 2. To develop methods whereby the strata can be maintained in the least broken condition and thus make falls less likely. The first aspect is the one that will most likely lead to immediate results from the accident standpoint. It depends largely upon the assimilation of already acquired knowledge regarding the proper¬ties of supports and their correct applica¬tion. The second aspect is perhaps more fundamental, and involves also the proper¬ties of the strata and their behavior under the influence of the forces induced by mining. The problem involves many natural factors that cannot be controlled, such as depth, inclination and thickness of seam and nature of the rocks. Other factors, which may be considered to a certain extent controllable, cannot be varied readily and with sufficient fre¬quency to facilitate easy investigation; some of these are: rate of advance of the working face, length of face, direction of the face with regard to cleat and inclination, system and arrangements of rock packing behind longwall faces. In any given case the very many factors present have a mutual influence upon the effects produced in the mine. For example, a study of the effects of rate of advance cannot be done without considering the effects of other factors such as nature of strata, direction of face and quality and arrangement of supports. Conversely, the length and direction of a working face

Jan 1, 1946

By J. H. Wernick, J. E. Kunzler

HIGHLY pure metals are needed for low-temperature electron transport studies in progress. Recent improvements in purification techniques, such as zone refining, have made it possible to obtain metals with improved purity. For some metals, the improvement has been to the extent that ordinary analytical techniques are inadequate and special methods are needed.1 For other metals purification is more difficult, so that simple but rapid analytical methods are desirable as an aid in evaluating the effectiveness of purification procedures. Furthermore, it is desirable to be able to determine the impurity level of the sample or ingot with the minimum of physical disturbance of the material. In order to aid in the preparation of purer metals, techniques involving the measurement of electrical resistance at liquid-helium temperatures have been devised for studying impurity distributions in zone-refined ingots and other bulk samples without destroying the ingot or its geometry. The method yields information on the variations in purity along the length of the ingot or sample and provides a measure of the overall purity of the material. Compared with ordinary analytical methods, the resistivity method is rapid, sensitive, and does not require significant physical disturbance of samples with reasonable shapes. It has the disadvantage that resistance measurements are not specific, i.e., they do not identify the impurity. However, this disadvantage is offset by the advantage of being able to establish a measure of the overall purity so far as electrically active" impurities are concerned. METHOD AND ITS BASIS The method is based on the well-known fact that the resistivity, at Liquid helium temperatures, of a reasonably pure metal containing no regions with additional phases decreases with increasing chemical purity or a decrease in the number of physical defects. It is convenient to separate the total resistivity into three parts: where is the resistivity due to the scattering of the conduction electrons by the lattice vibrations or phonons, p is the contribution due to physical defects, and originates from the effect of chemical impurities in the metal. Insofar as Matthiessen's rule is obeyed,2 pphys and pchem are independent of temperature. Except possiblyin the very purest metals, ptherm is negligible at liquid helium temperatures and For zone-refined metals, which normally are well annealed and consist of large grains, at the chemical purity levels thus far attained the available data indicate that pphys is negligibly small or at least constant throughout the ingot. Assuming that the effect of physical defects is negligible for isotropic metals, This assumption appears consistent with most of

Jan 1, 1959

By Walter H. Munk

Generation of Waves by storms, and the transformation of waves in shallow water by local bottom topography are briefly reviewed. A detailed description of water motion in waves explains the nature and distribution of wave forces. A numerical example dealing with forces and moments against vertical piles summarizes the principles involved. Introduction The oil industry is moving into the open waters of the Gulf of Mexico. The design and construction of offshore drilling rigs present a number of difficult problems, among them problems involving the action of waves on fixed and floating structures. This paper deals with our present knowledge of ocean waves as it pertains to these problems, and the principles involved in computing wave forces against fixed structures. It is hoped that the more difficult case pertaining to floating structures can be discussed at a later time. None of the engincering aspects of the problem are entered upon in this paper, yet an understanding of the principles presented here should be helpful in the solution of practical problems. Waves are capable of exerting almost unbelievable forces. During a gale, waves at the harbor entrance of Amsterdam Canal in Holland lifted a 20-ton concrete block, which was resting on the bottom in 12ft of water, and deposited it on top of a pier which was 5 ft above the high water mark. At Wick Breakwater in Scotland, a mass of large stones in cement and bound together with iron rods, weighing 1350 tons, was broken loose and moved bodily! But one need not go to Holland or Scotland to find evidence of damage that waves are capable of inflicting (Fig I and 2). What is the mechanism by which waves are capable of exerting such enormous forces? To answer this, we must consider briefly the nature of wave motion. When a wind blows over a wheat field, waves appear to travel across the field, whereas the wheat itself remains rooted, slowly swinging back and forth. Similarly, in the case of water waves, the waveform travels swiftly over the water surface, whereas the water particles oscillate back and forth, but scarcely advance. The speed of the wave form is called wave velocity, the speed of the water particles is called orbital velocity. This fundamental difference between wave velocity and orbital velocity was already recognized by Leonardo da Vinci. Orbital velocity is generally much slower than wave velocity except for a breaking wave, a case which is of particular importance in the application to engineering problems. Forces exerted by the waves on obstacles

Jan 1, 1949

By Dr. O’Neil Thomas J., Donald W. Gentry

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

By Walter Kauzmann

All viscous or plastic flow of incompressible matter is the result of shear strain; the changing shape of any body that is being plastically deformed can be completely described in terms of the shear strain occurring at each point in the body.† Furthermore, the relative amounts of shear strain occurring in different parts of a body under stress depend upon the relative rates of shear strain at those different points, so that if the dependence of the shear rate of any material on the temperature, shear stress, previous history, etc., were understood, the principles of plastic deformation would be known, and we could calculate how a body made of a given material, having a given shape, and subject to a specified system of forces, would change its shape with time. It may be said, then, that the problem of plasticity resolves itself into, first, the problem of the rates of pure shear processes, and second, the application of what is known about pure shear to actual cases. It is the purpose of this work to investigate the former problem —i.e., the dependence of shear rates on temperature, stress, etc.—from the standpoint of .recent developments in the field of chemical-rate theory and with particular reference to the phenomena occurring in the creep of metals and in the plastic flow of crystalline solids in general. It is left for the mechanical engineer, and perhaps the expert in hydrodynamics, to deal with the problem of app1ications.l Resolution of Macroscopic Shear into Microscopic Movements; Resemblance to Chemical Reactions Just as any large body is made up of many small units, or atoms, so macro-scopically observable shear is the result of many microscopic unit shear processes; just as the understanding of the behavior of large bodies demands the understanding of the atoms of which it is made, so the understanding of macroscopic shear demands the understanding of these fundamental unit processes. The study of shear from this "atomistic" point of view has made considerable progress. There has been fairly complete understanding of shear processes in gases for a long time, at least for non-turbulent flow, as a chapter on gaseous viscosity in any text on the kinetic theory of gases will prove' In recent years Andrade2 and Eyring3 have presented important theories for the flow of liquids and amorphous solids. Becker14 Orowan,5 Taylor,6 Burgers,7 and Kanter8 have considered the plastic flow of crystalline solids from this

Jan 1, 1941

By Walter Kauzmann

All viscous or plastic flow of incompressible matter is the result of shear strain; the changing shape of any body that is being plastically deformed can be completely described in terms of the shear strain occurring at each point in the body.† Furthermore, the relative amounts of shear strain occurring in different parts of a body under stress depend upon the relative rates of shear strain at those different points, so that if the dependence of the shear rate of any material on the temperature, shear stress, previous history, etc., were understood, the principles of plastic deformation would be known, and we could calculate how a body made of a given material, having a given shape, and subject to a specified system of forces, would change its shape with time. It may be said, then, that the problem of plasticity resolves itself into, first, the problem of the rates of pure shear processes, and second, the application of what is known about pure shear to actual cases. It is the purpose of this work to investigate the former problem —i.e., the dependence of shear rates on temperature, stress, etc.—from the standpoint of .recent developments in the field of chemical-rate theory and with particular reference to the phenomena occurring in the creep of metals and in the plastic flow of crystalline solids in general. It is left for the mechanical engineer, and perhaps the expert in hydrodynamics, to deal with the problem of app1ications.l Resolution of Macroscopic Shear into Microscopic Movements; Resemblance to Chemical Reactions Just as any large body is made up of many small units, or atoms, so macro-scopically observable shear is the result of many microscopic unit shear processes; just as the understanding of the behavior of large bodies demands the understanding of the atoms of which it is made, so the understanding of macroscopic shear demands the understanding of these fundamental unit processes. The study of shear from this "atomistic" point of view has made considerable progress. There has been fairly complete understanding of shear processes in gases for a long time, at least for non-turbulent flow, as a chapter on gaseous viscosity in any text on the kinetic theory of gases will prove' In recent years Andrade2 and Eyring3 have presented important theories for the flow of liquids and amorphous solids. Becker14 Orowan,5 Taylor,6 Burgers,7 and Kanter8 have considered the plastic flow of crystalline solids from this

Jan 1, 1941

By L. A. Willey

Although the interierometric method for the determination of length changes was devised by Fizeau more than three quarters of a century ago, it has not achieved the widespread use in the metallurgical field that its precision and simplicity would seem to warrant. The interferometer and the basic principle are both very simple. When optically plane surfaces held at a very slight angle to each other are illuminated by monochromatic light, rectilinear, equally spaced interference fringes arc formed. Each fringe corresponds to a defiuitc thikness of the wedge formed by the optical flat.;. The difference in wedge thickness between two consecutive fringes is cqual to one half the wave length of the illuminating light. Instruments for vicwing the intertero~ncter have passed through a number of modifications. Outstanding among the improvements were those Abbe. in 1884. His improved instrument permitted micrometric mcasurements to the order of one-hundredth of the width of an interference fringe (i.e., lengths were measured to the order of one two-hulldredth of the mave length of light ). It also permitted the consecutive use of light of several wave lengths. which made possible the determination of the order number of any fringe and therefore the absolute thickness of the wedge at any point. The Abbe dilatometer and methods of measuretment, including corrections to he applied for the change of index of refraction with change in tempcrature and barometric pressure in an air wedge, have been thoroughly described by Pulfrich.' Pulfrich2 made further improvements in the interference measuring apparatus. His instrument embodied all the features of the Abbe dilatometer but was made more versatile by its complete mechanical separation from the interferorneter. The introduction of an Amici prism in the piece permitted the simultaneous observ tion of the whole set of fringe systems developed in the interferometer from the visible light of a geisler tulle. .Also, the introduction of a direct-vision, reflecting prism made it possible to set the fringes parallel to the two vertical fiducial line. of the instrument without the necessity of rotating the interierometcr. Interferometric methods employed ill this country have been developed and dcscribed by Priest, Pelers and Cragoe," Austin,5 Merritt,= Saunders,? and Nix and MaNair. Since none of these authors used the type of instrument that was employed in the present investigation, they Will not be discussed here. This paper will be limited to the description of the interfernmetric apparatus and method used at the Aluminum Research Laboratories and to the presentation of data so obtained. Apparatus and Procedure A general view of the dilatometer, not including equipment for controlling and

Jan 1, 1945