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By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

By W. A. Ver Wiebe, E. G. Dahlgren

The year 1937 must be considered the most eventful one ever experienced in the development of oil and gas activity. Out of a total of 57 new pools discovered, 18 are apportioned to eastern Kansas and 39 to western Kansas. (For statistical purposes Kansas is divided along the meridian that separates ranges 3 E. and 4 E.) In addition to numerous longdistance extensions of the large Hugoton gas field of southwestern Kansas, two other gas pools were discovered in the area lying west of range 3 E. The 37 new oil pools in that area are to be found in 13 different counties, among which Rice heads the list with a total of seven oil pools and one gas pool. Ellis and Barton Counties both added six new oil pools, while Russell County follows in fourth place with four. Among eastern counties Butler heads the list with four new pools. Cowley arid Chautauqua each accounted for three new discoveries. The number of wells necessary to accomplish this result totals 2657, of which 1915 are oil wells and 128 gas wells. The initial production of the oil wells amounted to 2½ million barrels. Although most of the wells were drilled in proven territory, there was a good deal of wildcatting. The fact that 614 dry holes were completed emphasizes the ever-present risk attendant upon the efforts of pioneers. Some of the more venturesome spirits reached out to the counties farthest west in the state. An indication of the feverish excitement reached at times is recorded in the fact that no less than 600 drilling operations were in progress during one week in May, or the fact that over 100 new locations were staked during the second week in July. During one week in May, 65 successful oil wells were completed for an initial production of 68,000 barrels. Many drilling obligations came due during the year, and this perhaps accounts for the fact that one company had as many as 59 active operations at one time during September. Another evidence of great interest in oil possibilities in Kansas is furnished by the record of sales of oil properties, which in one case reached the high figure of about $3000 per acre.

Jan 1, 1938

By Daniel N. Beshers, Ralph H. Condit

An expression for the diffusion coefficient of inlerstitial atoms in the bcc lattice is derived which takes account of jumps between tetrahedral and octahedral interstices. The results are applied to the case of carbon diffusion in iron to find values for jump frequencies of the types, octahedral-tetrahedral, tetra-hedral-tetrahedral, and tetrahedral-octahedral. ThERE has been renewed discussion1-5 concerning the mechanism of diffusion of interstitial atoms in the bcc lattice. This lattice has both octahedral and tetrahedral interstices, and it has been pointed out that the interstitial atoms may make jumps of the octahedral-octahedral type, hereafter called o-o, octahedral-tetrahedral, o-t, and tetrahedral-tetrahedral, t-t. Doubt has been cast on the applicability of snoek's8 model for internal friction to some interstitial migrations in bcc lattices wherein he proposed 0-0 jumps as the principal mechanism of migration. Also, the anomalous excess diffusion of carbon in iron at high temperatures4 has been ascribed to t-t jumps,2,3 even though the sites normally occupied are octahedral. In this paper an expression is derived for the diffusion coefficient, taking account of the three types of jump mentioned. The relationship of the coefficient to the corresponding internal friction relaxation time is found for the limiting case corresponding to Snoek's model. These results are applied to the case of carbon in iron. In Fig. 1, the structure is shown with the locations of the interstices. Each o site has four t site neighbors coplanar with it, and each t site lies halfway between two o sites. There are four t site first neighbors of a t site lying at the vertices of a tetrahedron. Let the average fraction of atoms occupying o sites and t sites be No and Nt, respectively. Since there are six o and twelve t interstices per unit cell having a lattice parameter, a, the concentration of interstitial atoms will It will be assumed that three types of jumps may be distinguished, t — t, t — o, o — t,for which the jump

Jan 1, 1968

By W. A. Tiller

SEVERAL authors1-6 have shown that, during solidification from the melt, the direction of formation of substructure boundaries depends upon the direction of heat flow and the rate of solidification of the metal. The most prominent of these observations was that a preferred orientation developed during the solidification of the columnar zone of an ingot which for face-centered-cubic metals was the <100> direction. Previous explanations1-&apos; given to account for this preferred orientation and the other boundary phenomena are all based on the premise that the phenomena are characteristics of the pure element. However, recent experiments by Rosenberg and Tiller7 have demonstrated that the preferred orientation in pure lead is the <111> orientation, and that the heretofore observed <100> orientation is due to the effect of solute on the mode of solidification of the metal. Teghtsoonian and Chalmers,4 studying striation boundaries in tin, and Chalmers and Rutter,5 studying corrugation boundaries in tin, showed that these substructure boundaries were aligned parallel to the axis of heat flow for slow rates of growth, and that the alignment varied from this direction as a function of the rate of growth. to approach the den-drite direction at high rates. Chalmers,6 studying the direction of formation of a grain boundary separating two crystals of different orientation, showed that at slow growth rates the boundary is parallel to the axis of heat flow, while at higher speeds it will deviate from this direction, sloping into the crystal whose dendrite orientation departs the most from the axis of heat flow. It is this phenomenon that allows certain crystallites in the chill zone region of an ingot to encroach on their neighbors and ultimately produce the preferred orientation of the columnar zone of the ingot. Since the previous explanations of this preferred orientation are unable to account for the recent observations,&apos; a new mechanism will be considered. This will lead to an explanation of the other substructure boundary phenomena as well. Investigations by Graf,8 Billig,9 Rsenberg,10 and others have demonstrated in a striking fashion that crystal growth takes place by the deposition of individual layers oriented along the close-packed planes of the material considered. This lamellar or

Jan 1, 1958

By J. Ellzey Hayden

THE Cliffs Shaft mine of the Cleveland Cliffs Iron Co., located in the city of Ishpeming, Mich., is the largest producer of hard hematite ore on the Marquette iron range. The two shafts, A and B, lying 820 ft. (250 m.) apart on the east-west trend of the ore formation, were sunk in the early eighties, and, except for four years, have been steady producers of iron ore. Their location, on a hill overlooking the general offices of the company on the one side and the city of Ishpeming on the other, has made the shaft houses landmarks. In the spring of 1919, as the old wooden shaft houses had become shaky and out of line, and would soon be unsafe, it was necessary to replace them with the least possible delay. Three plans of construction were, therefore, considered: To replace the old shaft houses by somewhat similar structures made of wood; to use steel and radically change the design; or to build reinforced-concrete shaft houses outside of the wooden structures, completely enclosing them. The first plan was disapproved, because it is anticipated that the mine will have a long life and the proximity of other buildings makes the danger from fire rather great. Delay in receiving material, and the necessity for closing the shafts during erection, were other factors in the situation. The second plan was disapproved on account of the high cost of steel, slow delivery, and interference with hoisting during the period of erection. The presence near one of the shafts of a large bed of hard gravel suitable for concrete made, the cost of the third plan considerably less than the second, and little, if any, delay in hoisting was expected. Our expectations in this regard&apos; were fully realized. Furthermore, the work could be done by unskilled labor, which was plentiful, and the erection could be quickly started. When the proposition was submitted to Mr. W. G. Mather, president of the company, he recommended that, on account of the prominence of the buildings due to their location, an effort should be made to combine in the design as far as practicable something of architectural beauty. Following his recommendation, the original plans were submitted to the

Jan 8, 1920

By W. M. Weigal

ECONOMIC deposits of barite occur in Missouri in two main districts. The most important, the Southeastern or Washington County district, is in the southeastern part of the state, mostly in Washington County with a small extension into the northeastern part of St. Francois County. Roughly, it embraces nine townships or about 200,000 acres and accounts for from 80 to 90 per cent. of the state production. The Central district, in the central part of the state, includes most of Morgan and Miller counties, and parts of Camden, Benton, Moniteau and Cole counties. The area embraced is much larger than the Washington County district, but the deposits are more infrequent. The location and general area covered by the two districts is shown in Fig. 1. There is another small area in southern Franklin County but so far its production has been of small consequence. It might be considered as a northward extension of the Washington County field. An area in the central part of Hickory County has also produced a small amount. The outline of the districts as shown indicates the general area in which deposits have been found. The total area covered by deposits of barite is only a small part of this, as, in the Central district especially, there may be miles of supposedly barren areas between ore-bearing areas of an acre or two in extent. The date when barite was first mined in Missouri cannot be definitely stated, but the industry probably dates back to about 1860. The occurrence of barite was known long before this, as it was encountered in the lead mines in Washington County and mentioned by several earlier writers.&apos; Missouri is reported as producing 8000 tons in 1882 so it is evident the industry was well under way in the seventies in order to have arrived at this substantial production. By 1893 Missouri production had increased so that it ranked with that of Virginia, then the largest producer. It increased until in 1914 Missouri accounted for about 65 per cent. of the total United States output. Recent Production of Barite Table 1, compiled from Mineral Resources, published by the United States Geological Survey and Bureau of Mines, gives the production of

Jan 1, 1929

By AIME AIME

GENERAL COMMITTEES. SAN FRANCISCO:-ExECUTIVE, Hon. William C. Ralston, Chairman; RECEPTION, Prow. Samuel B. Christy, Chairman; SESSIONS, Frederic W. Bradley, Chairman; PRESS, H. Foster Bain, Chairman; FINANCE, Mark L. Requa, Chairman; EXCURSIONS AND ENTERTAINMENTS, Edward H. Benjamin, Chairman. Assisted by Harry P. Stow, C. W.Merrill, F. W. Griffin, Gelasio Caetani, Albert Burch, Newton Cleaveland, Corey C. Brayton and R. E. Cranston. Los ANGELES :-EXECUTIVE, Theo. B. Comstock, Chairman; R. W. Hadden, Secretary; H. R. Simpson, Treasurer. Institute Headquarters at Hotel St. Francis. The first and opening session, held Tuesday afternoon, Oct. 10,. in the Reception-Hall of the St. Francis, was called to order by State Senator William C. Ralston, Chairman of the Executive Committee, who in a few well-chosen words welcomed the visiting members and guests of the Institute to San Francisco. He said it was twelve years since the last meeting on the Pacific Coast and that it was here that the greatest feats. of mining had been accomplished in the history of the country. He told of the work that had been done on the continent and of the new methods introduced by the mining engineers for the betterment of the nation. He then introduced Capt. Robert W. Hunt, twice past President of the Institute, and present Acting President for the San Francisco meeting and the subsequent visit to Japan, who responded cordially to Mr. Ralston&apos;s welcoming address. By unanimous vote, the Secretary was instructed to send a telegram to President Charles Kirchhoff expressing regret for his absence, and hoping for a rapid improvement in the health of his mother. The following papers were presented in brief oral abstract by the authors: . * Electrolytic Refining at the U. S. Mint, San Francisco, Cal., by Edward B. Durham, San Francisco, Cal. The Parral Tank System of Agitating Slime-Pulp, by Bernard MacDonald, Guanajuato, Mexico. * The Newport Iron-Mine, Ironwood, Mich., by B. W. Vallat, Ironwood, Mich. (illustrated by lantern-slides). * Distributed in pamphlet worm.

Nov 1, 1911

By H. M. Chance

Adequate treatment of the difficulties surrounding the valuation of mineral lands requires that agreement be first reached defining value as understood for the purpose of appraisal. To define value as the price of a product is not sufficient, and does not assist us in using the factors that cause variations in values and in relative values. The real value of any product depends primarily upon its relation to the necessities, comforts and pleasures of mankind. As the necessities, comforts and pleasures of the civilized races differ from those of more primitive man, the value of products varies with the degree of civilization and the environment of the consumer. Coal has no value to the savages of warm climates, and arrow-head flint none to the residents of New York. It has long been recognized that what has been termed " intrinsic value " must be limited to materials that are essential to existence—air, water, food. But " intriusic value" cannot be measured in monetary terms. The intrinsic value of a bushel of wheat is due to the fact that it will support the life of an individual for a certain definite time, but this fact does not enable us to measure or to express that value in monetary terms. It has often been proposed to adopt as a measure of the value of any product the quantity of labor necessary to produce it, but this method is of limited application, and will not apply to what may be termed " intrinsic values." For many reasons it might be well, while assenting to the fact that any material may be intrinsically valuable, to abandon the use of the term " intrinsic value." One of these reasons is the tendency to confuse the idea of intrinsic value with a value that is conferred by economic conditions, that is purely artificial and that may be permanent or evanescent. Intrinsic value must from its nature be permanent and unchangeable. Possibly for present purposes the value of any material may be considered as having a dual origin: First, that due to economic

Jan 1, 1914

By Frederick C. Hull, Robert F. Mehl, Robert A. Colton

IT is known that pearlite forms from austenite by a process of nucleation and growth, and that the rate of formation of pearlite may be described by a rate of nucleation and a rate of growth 12 The manner in which these two quantities operate to produce the observed isothermal reaction curve has been analyzed in a paper published in 1939 3 Two types of process were described (I) that in which nucleation occurs at the grain boundaries of the parent phase, with the nodules growing toward the centers of the grains, initially as hemispheres and then after impingement as roughly radial-columnar structures, and (2) that in which nucleation occurs generally, with the nodules growing to full spheres until impingement with other growing nodules restricts growth Both cases are met in the formation of pearlite from austenite (Fig 1),2,3 the former, occurring near the knee of the S-curve has been named "grain-boundary transformation," and the latter, occurring at temperatures near AeI, has been named "group-nodule transformation " In developing our knowledge of the factors that determine the rate of formation of pearlite from austenite, it is important&apos;&apos;&apos; to obtain data on the rate of nucleation and the rate of growth of pearlite Such data, when obtained near the knee of the S-curve, will furnish information of use in understanding the actors that affect hardenability, when obtained at higher temperatures, such data will be useful in understanding the behavior of steels that during heat-treatment react to pearlite 2 It is the purpose of this paper to present data on the rate of nucleation and the rate of growth of pearlite in dependence upon composition, grain size, temperature,, and the degree of homogeneity of the parent austenite The studies are restricted chiefly to plain carbon commercial steels PREVIOUS DATA ON RAID OF NUCLEATION AND RATE OF GROWTH Data on the rate of nucleation and the rate of growth of pearlite have been published by Scheil and Lange-Weise,5 by Mirkin and Blanter,6,7 by Mehl,1 and by Dorn, De Garmo and Flanigan22 It is difficult to interpret the data, for in most cases too little information is given on austenitizing temperatures and times, the state of homogeneity of the austenite (presence or absence of carbide, etc ), austenite grain size, and mode of formation of pearlite at the temperatures given

Jan 1, 1942

By Richard Smith

After a brief history of the phosphate industry of Tennessee, the distribution and origin of the phosphate rocks are described. Then the mining and treatment, together with costs of production, and the uses of the rocks are given. THERE are three distinct varieties of phosphate rock, in Tennessee, known commercially as: (a) the "brown" rock, which is the residual product of the weathering and natural concentration of certain phosphatic Ordovician limestones; (b) the "blue" rock, which is an unaltered phosphatic stratum of Mississippian or Devonian age; and (c) the "white" rock, which is the result of chemical replacement and deposition. Before 1894, South Carolina and Florida had supplied most of the phosphate of the United States, South Carolina leading until that date and Florida from then until the present time. In December, 1893, the blue phosphate of Tennessee was discovered almost simultaneously on Swan Creek, in Lewis County, by two independent parties-by one as the result of a careful and systematic search for a workable deposit of the long known kidney phosphate, and by the other through mistaking it for a "bloom" of coal. Leases were taken and, with further prospecting disclosing other deposits in the region, the development progressed as rapidly as could be expected without railroad transportation. In January, 1896, Judge S. Q. Weatherly, who was interested in the development of the blue phosphate, while riding along the road south of Mt. Pleasant, noticed some slabs of a brown rock in place above the limestone. He took samples, and had them analyzed, thus discovering the high-grade brown phosphate of this district. This discovery was kept a secret until July, 1896, when mining was started at the village of Mt.

Jan 9, 1924

By AIME AIME

C. H. BENEDICT, chief metallurgist of the Calumet and Hecla Consolidated Copper Co., has pioneered for nearly half a century. Noted for his ammonia leaching process, lie has Iong been responsible for all Calumet and Hecla mill, concentrator, and reclaination plant flowsheets. His influence has spread far beyond his own organization. lie is dean of Lake Superior metallurgists and has contributed greatly toward raising his specialty-the country over-to an honored profession; not merely an honored profession but a profitable one for industry and the public. The leaching process which he developed in 1912 has, since 1915, produced for Calumet and Hecla 250,000 tons of copper from waste tailings at a cost per pound, in 1929, below five cents. It has yielded profits of $35,000,000. In the war just ended, this process proved the only one adaptable to the recovery of copper from gilding-metal¬clad steel strip, and Calumet and Hecla treated more than 50,000 tons of such scrap for the Government.

Jan 1, 1945

By AIME AIME

BLANDFORD. C. BURGESS, the new Chairman of the Industrial Minerals Division, took the advice of Horace Greeley in reverse-he turned his hack on San Francisco and the Golden Gate, and after a few side excursions toward Alaska and Arizona, hit the trail eastward, not for the lonesome pine, but for Spruce Pine, N. C. Born Aug. 10, 1893, in San Francisco. Burgess found his first job, shortly after finishing high school at 19, as axeman for a surveying party of engineers working for the Southern Pacific Co. in Oregon. Later he moved on up with them into Alaska. He liked the engineering profession, and decided to equip himself further so he entered the University of California in the fall of 1913. and for the next two years devoted himself to acquiring an education in civil engineering.

Jan 1, 1945

By W. S. Row

This mine is operated at 4000 to 4500 tons daily through a single shaft, with one rock hoist and one senice hoist. Latest shaft construction is concrete with wooden dividers. Economics of drifters and air-leg drills are compared, as well as costs of shrinkage and sub-level stoping. Economy of large haulage equipment and underground crushing is shown. THE property of Kerr-Addison Gold Mines is located in the Larder Lake district of Ontario about 3 miles from the Quebec boundary on the highway between Kirkland Lake and Noranda. It is roughly 320 miles due north of Toronto and 365 miles north of Buffalo, N. Y. The property was staked in 1906 and after several development efforts finally came into continuous production at 500 tons per day in 1937. In 1939 the daily tonnage -was increased to 1200 and in 1941 to 2100 tons. At the end of the war, because of the shortage of labor, tonnage was down to 1100 tons per day, rising to 2200 in February 1947. A further plant expansion inaugurated in 1946 was completed by December 1948, bringing the capacity of the mine and mill to a production rate of 4000 tons per day. Current production, with 880 men employed, is 4400 tons per day. Changes in mining methods and equipment, required by the recently completed expansion program, have yielded interesting comparative results, some of which are described in this paper. Hoisting of ore and waste from the mine, as well as all service facilities for handling men and supplies underground, are provided for in a single vertical five-compartment shaft. Ore and waste are hoisted in 12½-ton skips in balance by a 14-ft diam hoist with drums 115 in. wide, grooved for 2?-in. wire ropes. This hoist, with a total rope pull of 85,000 lb, was designed to operate at a speed of 2600 ft per min to a depth of 4000 ft, hoisting 15 tons of ore in each skip. It is amplidyne-controlled and powered with dual drive dc motors of 2250-hp each, through flexible couplings to two pinion shafts, one on each side of the main gear. Each motor has a peak load rating of 4500-hp at point of greatest duty. Direct current power to the hoist motors is supplied from a motor generator set consisting of a 5000-hp synchronous motor driving two 1750-kw dc generators. The loading pockets used so far are at depths of 1500 and 2725 ft respectively. Consequently the present hoisting speed is 2000 ft per min and the skips capacity only 12½ tons. Now that the shaft has been deepened the new pockets at 3934 ft will be increasingly used so that the speed and the skip size will be increased up to original specifications as required. Some difficulty in meeting the required hoisting cycle is expected because of the shape of the skips. As now in use the cross-sectional dimensions of the inside of the skip are 4 ft 6 in. x 3 ft 8 in. To hold 121/2 tons, therefore, they are 14 ft 10 in. deep. Since the skips are the conventional overturning or Kim-berley type, considerable hoisting time is lost in retardation in entering the headframe dump and in acceleration when leaving. It is expected that to obtain the specified tonnage from this hoist when the skip size is increased to 15 tons it may be necessary to resort to bottom dump skips. This type of skip could reduce considerably the present excessive acceleration and retardation times. Analyses of the skip-hoisting operation are made monthly, and every effort is made to reduce controllable delays. For a nine-month period in 1951 such an analysis shows that the hoist was in operation 92.5 pct of the available time, which was allotted as shown in Table I. Overall hoisting costs, cage and skip, for the year 1951, averaged $0.168 per ton of ore milled. The mine is serviced entirely by means of a single cage, capacity 35 men or 15,700 lb, operating in con-

Jan 1, 1954

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&apos; wealth). This value or wealth is represented by the market price of the firm&apos;s common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm&apos;s common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market&apos;s perception of the company&apos;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&apos;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&apos;s stockholders and will have an effect on the market value or price of the firm&apos;s common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

By John Drew Ridge

For the early conservationists before the first decade of the twentieth century, conservation meant largely the planned preservation of water, forest, soil, and wildlife resources-renewable natural resources-through efficient use. Water was primarily thought of as a resource that must be kept available for humans to enjoy in a recreational sense and as a habitat for wild animals, birds, and fish. Little thought was given to conserving water for actual human or industrial needs. If industry entered the picture it was as an actual or potential polluter of water, which was the basic necessity for drinking and bathing and for outdoor recreation. Even the forests were only held worthy of conservation largely because they were areas in which wildlife could, or should, abound and in which human beings might find relief from the cares and problems of everyday life. Finally, the soil was to be preserved in its natural fertility through proper fertilization, cultivation, and crop rotation; in this the conservation program did enter the realm of the practical. For through soil conservation, the world was to be able to raise increasingly large crops of constantly improved organic foods which the steadily growing population of the earth was to need to survive and improve. Relatively little time, however, was spent on considering what profit the farmers of the world were to make from the scientific farming on which they were to embark. In short, the appeal of the early conservationist program was much the same as that of the entire era of Theodore Roosevelt of which it was a part; it was to the heart rather than to the mind; it was to emotion rather than to reason. Because of the way in which the problem was approached, conservation took on the character of a crusade rather than that of a practical plan for the betterment of man through economically sound methods of improving his environment and the uses he makes of it. Conservation had, then, all the advantages of a stirring appeal to the emotions, but it did not have the lasting results that would have been achieved by a program with a sound economic basis.

Jan 1, 1959

By P. Pietrokowsky, T. E. Tietz, J. E. Dorn

The amount of solid solution hardening in aluminum alloys was found to be dictated by two factors: the lattice strain, and the change in the mean number of free electrons per atom of the solid solution. To obtain this correlation it was necessary to assume that aluminum contributes two electrons per atom to the metallic bond. WHEN the modern scientific method of analysis was first being formulated, Francis Bacon recorded in his "Essays" (circa 1600) that "an alloy . . . will make the purer but softer metal capable of longer life." During the intervening centuries voluminous data have been reported which demonstrate that the additions of alloying elements do in fact increase the hardness and strength of the pure metals. Nevertheless, the significant details of this problem on the unique effect of each element toward enhancing the mechanical properties of alloys only recently have been subjected to systematic scientific scrutiny. The major objective of this investigation is to determine how minor additions of alloying elements affect the plastic properties of polycrystalline aluminum alloys. By means of such studies it is hoped to provide not only data on the solution strengthening of aluminum alloys, but also a body of facts which will supplement the knowledge already available on the factors responsible for solution hardening in general. A review1"10 and analysis1&apos; of the existing data on the effect of solute elements on the plastic properties of solid solutions reveal that our current knowledge on solid solution hardening is somewhat meager, inconsistent, and inconclusive. Many of the inconsistencies are undoubtedly attributable to the influence of unsuspected factors, such as purity; or uncontrolled factors, such as grain size, on the plastic properties of alloys. Nevertheless the following conclusions might be tentatively accepted: 1. Addition of solute elements invariably increases the yield strength, tensile strength, and hardness of the host element. 2. The rate of strain hardening, in general, increases with the concentration of the alloying element. 3. The strengthening effect in ternary alloys is the sum of the individual strengthening effects of the two solute elements as measured in their binary alloys. 4. The lattice strain is one factor that affects the strengthening of the alloy but it is not the only factor. 5. A second factor might be the difference in valence between the solute and solvent metals. All of the available evidence is in complete agreement with the first conclusion; the remaining conclusions, however, are not in agreement with all of the published data, but, in each case, the major weight of the existing evidence favors these deductions. Additional investigations will be required before most of these tentative conclusions can be accepted without reservation. In the following report an extensive investigation of the plastic properties of binary aluminum alloys is described. This work was undertaken in an attempt to shed more light on the general problem of solid solution hardening. Materials for Test: Aluminum was selected as the solvent metal for the present investigation on the effect of solute elements on the plastic properties of alloys. This choice was made for several reasons: (1) There appears to be little fundamental data in the published literature on the effect of solute elements on the properties of high-purity aluminum alloys. In view of the ever increasing economic importance of aluminum, such data would be of basic interest to the metallurgists concerned with the development of new aluminum alloys. (2) Aluminum is thought to be only partially ionized in the metallic state1&apos; and consequently it might provide more complex relationships of the mechanical properties with the concentrations of the solute elements than more simple fully ionized solvents would reveal. (3) The data on aluminum alloys will provide a broader basis for correlations between the mechanical properties of metals in general and the concentration and atomic properties of the solute elements than is now available. Some complications, however, attend the selection of aluminum: The solubility of the various elements in the alpha aluminum phase are quite restricted, and not always well known. Consequently, only dilute solid solutions are available for study. This, however, may be somewhat advantageous because the dilute solution laws presumably are simpler than those applying to concentrated solutions. In addition, strain-hardened pure aluminum is known to recover at atmospheric temperatures. Very likely its alloys exhibit slower recovery rates. Thus, the secondary factor of effect of alloying elements on recovery might complicate the data. Such compli-

Jan 1, 1951

By C. H. Wilson, J. W. Daly, J. J. Jakosky

Meteor Crater, Arizona, is a natural wonder which for years has been the subject of considerable discussion and study as to its origin and age (Fig. 1). Of the various theories advanced regarding the origin, two have been considered as most probable by a majority of investigators. The first theory is that the crater was formed by a meteorite or a swarm of meteoric material striking the earth at a high velocity and burying itself. The second theory is that the crater was formed by a "steam explosion" from hot solutions or gases coming from underneath the present sedimentary beds which overlie the area. In order to obtain more detailed information regarding the conditions existing at the crater, the present management decided to have a detailed geophysical examination made. The origin of the crater is of considerable scientific importance and interest. More or less active mining operations have been carried out during the past 20 years by various groups who believed that the crater was of meteoric origin, and who hoped that sufficient quantities of such material had been buried to be commercially valuable. Fragments of meteoric material found on the surface of the ground in the debris around the rim gave analysis of approximately 92 per cent iron and 8 per cent nickel, with some platinum and iridium. The material having a gross value of approximately $50 per ton, mining would be commercially profitable if sufficient quantities of the material existed in condition for mining. In the early work numerous drill holes and shallow shafts were put down, mainly in the northern portion of the crater. Pulverized material and debris caused considerable difficulty, and in an effort to overcome this the present management started a 1500-ft., two-compartment shaft on the south rim of the crater and outside of the fill zone. The intention was to sink the shaft in the solid rock outside of the crater, and then to crosscut toward the crater at a depth of 1500 ft. The work was finally stopped when a depth of 650 ft. was reached, because water poured into the shaft through large cracks and fissures in the rock. The enormous force responsible for the crater had also broken

Jan 1, 1932

By AIME AIME

T HE new Secretary of the Institute has been asked to address the members through the medium of MINING .AND METALLURGY, and it is perhaps well that he should do this at the first opportunity after his election. The duty of the Secretary, as the present incumbent understands it, is that of attempting to carry on the functions of the Institute in a manner that &apos;will tend to make it serve its most useful purpose. What is its most useful purpose or purposes? This was concisely answered by Dr. Joseph W. Richards in the June issue of MINING AND METALLURGY under the title "Why is the Institute?" And yet its most useful purposes are not &apos;fixed ideals or definitely determined things, they vary from year to year, changing with the development of the nation, conforming to needs and anticipating future requirements. Many men of many minds cannot always see eye to eye. The ideas or ideals of one may seem trivial to another, an obvious necessity to one is an entirely useless activity to the minds of others. A number of the activities upon which the Institute is now engaged might have been looked won, a few years since, as uncalled for, unnecessary, and un- desirable. The participation in public affairs was one of these questions. The publication of three volumes in one year may have been a questionable thing to do, but it was an achievement. A monthly magazine that will pay for itself by carrying the Institute&apos;s message to its members has its detractors, and yet to many members it seems one of those things that are quite worthwhile. Fortunately, we have a large membership, and fortunately the majority of an intelligent body of such size is apt to have in common many ideas that are right and proper. If these ideas can be ascertained

Jan 1, 1921

By H. S. Martin

ALTHOUGH it was known some years ago at the- Utah Copper Co. mills that fine grinding improved flotation recoveries, no accurate data were available until recently as to just how far the grinding could be carried economically. In 1923 the ultimate degree of fineness for flotation feed was supposed to be about 10 per cent. on 65 mesh, with approximately 55 per cent. through 200 mesh, which meant that most of the mineral would pass 100 mesh. At this time Garfield and Wilfley tables were used ahead of flotation and a good deal of the coarse mineral removed prior to the ball mill regrind. Shortly afterwards, mill-scale tests developed the fact that on a feed containing not over 10 per cent. +65¬mesh material flotation alone would give a copper recovery equal to that obtained by the combination of tables and flotation, but that on much coarser feed the recovery with flotation alone was lowered. This was at a time when all the sulfide minerals were floated if possible, so that the only requisite was to grind fine enough to free the mineral from gangue. EARLIEST USE op MICROSCOPIC EXAMINATION OF TAILINGS As early as 1921, the writer had attempted to determine by chemical analysis the relative proportions of copper minerals in tailings from an ore that made extremely poor flotation results. Chemical analysis was not satisfactory or conclusive, and samples of these tailings were sent to the U. S. Bureau of Mines Station at the University of Utah for micro-scopic examination. The question at that time was to determine, if possible, which copper minerals had been lost and why, but R. E. Head, in his report, revealed other interesting data. He said in part: Briefly stated, the mineral particles or grains may be classified into separate groups as follows: 1. Free grains of pyrite, chalcopyrite, chalcocite and bornite, respectively, which contain no other included sulfides; 2. Grains in which all three of the copper sulfides are represented (the core may he of chalcopyrite, partially altered to bornite, these two minerals being entirely surrounded by a shell of chalcocite); 3. Grains composed of equal amounts of bornite and chalcocite or chalcopyrite and chalcocite.

Jan 1, 1929