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By Jean Howard, E. V. Walker

ManY papers have been published during the last few years on the formation of cube texture in 3 1/4 pct Si-Fe, e.g., those of Assmus, Detert, Dunn, and Walter.1,5 All are concerned with the formation of the texture by a process involving secondary re-crystallization and the relative surface energies of (100) and other planes under certain conditions of annealing. The authors have found that cube texture can also be produced by heavily cold rolling strip in which the cube-on-edge texture has first been formed. Cube texture develops on annealing, but in this case it is not accompanied by secondary recrystallization. The starting material is a sintered compact, the preparation of which has been described elsewhere. Using a conventional processing schedule employed for producing commercial silicon-iron with the cube-on-edge texture, the sintered compact is cold rolled to such a thickness that, after annealing in pure hydrogen for 24 hr at 1350'~ to produce the cube-on-edge texture, the final thickness required can be obtained by giving a further cold reduction of 85 pct. Cube texture is developed by annealing at -900~~ in pure hydrogen: it has been produced in strip up to 0.024 in. thick. The microstructure of the strip consists of a mass of small primary grains within the boundaries of the much larger secondary grains which ex- hibited cube-on-edge texture before the final cold roll. If the strip is annealed at -1000 after the 85pct reduction, secondary recrystallization begins to take place, provided a strong cube texture is present. On raising the temperature more secondaries grow, complete secondary recrystallization being obtained on annealing at -1150'. From this it is concluded that the secondary crystals are produced by the texture inhibition mechanism: they show (110) and (111) planes in the surface of the strip, the former being the more numerous. It has been observed that the more perfect is the (110) [001] texture prior to cold rolling by 85 pct, the further from the ideal is the (100) [oo].] texture. A similar treatment applied to high quality commercial grain-oriented silicon-iron strip failed to produce cube texture. The tilt and rotation of the [loo] from the rolling direction was less than 10deg, but (to within a few degrees) the planes (130), (450) and (210) lay in the surface of the strip. Acknowledgment is made to the Engineer-in-Chief of the British Post Office for permission to use the information contained in this note.

Jan 1, 1962

By F. V. Tideswell

COAL being essentially a complex conglomerate of plant remains that have undergone decay and interaction in varying degree, it is understandable that attack on the problem of its chemical constitution by normal chemical methods should have been attended by but slight success. The obvious method of fractionation by means of selective solvents has yielded a few results of some value. Thus it is known that from many, if not all, bituminous coals organic solvents extract small percentages of oxygenated compounds, which are generally assumed to have been derived from the original plant resins, though a more probable source would appear to be the glycerides and waxes of the plants. Organic solvents also extract small proportions of hydrocarbons, the origin of which is doubtful. Of more importance is the action of such pseudo solvents as pyridine, which, in addition to their specific solvent action, have the power of resolving and simplifying a portion of the coal substance in a manner analogous to that by which water can disperse a hydrogel. Early, work with pyridine indicated that coals are composed of two main classes of compounds: the one soluble in organic solvents, the other capable of being partly dispersed in pyridine. Recent work has shown that the dispersion is colloidal in character and that it may be accomplished by the use of solvents less active than pyridine, such as benzene or chloroform, provided that the temperature of extraction is raised or the coal has been suitably preheated. The action of reagents on coal has proved of little value in the past, but some insight into the constitution of coal has been given by regulated .destructive distillation. Thus, it has been shown that coals behave on distillation as though composed of two main classes of compounds: the one readily decomposable at moderate temperatures (yielding mainly the paraffins), the other undergoing a preliminary early decomposition (with evolution of oxides of carbon and water) and yielding a residue that at higher temperatures breaks down, yielding much hydrogen.

Jan 3, 1925

By George A. Yurko

The Cominco smelter, located at Trail, British Columbia, Canada, produces 180 000 metric tons of lead bullion annually in conventional blast furnaces. The resulting slag from these furnaces, 210 000 metric tons annually, containing 18 per cent zinc and 2.5 per cent lead, is treated directly in the slag fuming plant for the recovery of these metals and other valuable metals present in smaller quantities. Slag fuming is carried out on a 55 metric ton batch process in completely water-jacketed furnaces where the slag is blown with a mixture of powdered coal and air. The coal-to-air ratio is con- trolled to maintain strongly reducing conditions, thus, fuming the metals from the slag. The metal vapours are subsequently re-oxidized with air above the bath. The mixture of oxides is carried from the furnace by the gases through waste heat boilers and cooling flues to a baghouse where they are collected. The slag fuming plant, under normal conditions, will treat 700 metric tons of slag daily. The throughput in the plant is dependent on the fuming rate of zinc, which is a function of the composition of the slag, and on the economics, which dictate the extent to which zinc is fumed from the slag. Zinc and lead collected daily as fume average 113 metric tons and 17 metric tons, respectively, corresponding to recoveries of 89 per cent zinc and 98 per cent lead from the slag. The waste heat boilers produce 61 metric tons steam per hour, which is distributed to other processing plants.

Jan 1, 1970

By C. A. Rowland, M. D. Flavel

There are seven basic comminution circuits that can be used to prepare beneficiation feed from the product of a primary crusher. This paper gives a comparison of these circuits based on average process and economical data. The paper is principally devoted to a discussion of the test work required to obtain the process data needed to evaluate each circuit. The results of the test work in conjunction with geographic and economic factors can be used to narrow down the choice of possible circuits to one, two, or three before making a detailed engineering study.

Jan 1, 1985

1. Healthy and active Local Section organizations are vital factors in promoting the vigor and growth of the Institute. 2. Activity on the part of Local Sections should be recognized and stimulated by appropriation of funds from the Institute's treasury; and these appropriations should be as large as is consistent with the relative needs for other activities. 3. As between different Sections, the amount of such appropriations should be based primarily on the extent of activities as reflected in the number and character of meetings held and the attendance of the members at such meetings. 4. In making a request for funds for any year, the officers of a Local Section should submit a report on the printed form approved by the Directors at their meeting on November 19, 1937. 5. A standing Committee on Local Section Appropriations, consisting of one past Chairman of a Local Section, one member of the Institute's Executive Committee, and one member of the Finance Committee, shall be appointed by the President and shall pass upon requests for appropriations and authorize payments within bounds of the budget. The committee will be guided by the principles herein outlined, always having in mind the vital importance of healthy, active Sections to the welfare of the Institute as a whole. 6: According to Article XI, Section 2 of the Bylaws, requests for appropriations shall be signed by the Chairman, Secretary and Treasurer of the Section. 7. Requests for appropriations must be in the hands of the Secretary of the Institute by February 15 of the year for which they are desired.

Jan 1, 1946

By William P. Blake

The occurrence of enormous masses of pure copper has given the mining district of Lake Superior worldwide reputation. The first masses brought from there excited great attention, and directed the notice of the mining world to the few particular mines from which they were taken. It may not now be generally known that nearly all the veins which are worked, and which cut across the trap ridge, contain mass copper, and that large masses are continually being raised from them. The largest continuous mass which has been taken out was probably that from the Minnesota, in 1857, which is variously stated as weighing 420 tons and 470 tons. Its length was about 45 feet, its breadth or height 22 feet, and its greatest thickness 8 feet. All such masses are very irregular and ragged in their form and thickness, thinning out generally from a foot to a few inches, and straggling through the vein until they connect with other large masses. This was the character of a mass found in the Phœnix Mine, one of the oldest on the lake, which mass altogether weighed some 600 tons. But this was really a series of masses more or less connected by strings of metal, yet no one large part of it weighed, singly, over 200 tons. A similar series of masses, weighing about 600 tons, was extracted from the Miunesota. Some of the Phœnix masses were four to five feet thick of solid copper. The Cliff Mine has yielded masses weighing from 100 to 150 tons in one piece. One of 40 tons was taken out this year, besides numerous blocks weighing from 1 to 8 tons. This mine and the Central are now yielding mass copper in abundance. It is, bf course, impossible to pick, or drill, or to break out such huge masses of solid metal when they are found, by drifting upon the course of the vein. The method of extraction is as follows: The miner picks out or excavates a narrow passage or chamber upon one side of the mass, laying it bare as far as possible over its whole surface. It is usually firmly held by its close union with the veinstuff, or by its irregular projections above, below, and at the end. If it cannot then be dislodged by levers, the excavation of a chamber is commenced behind the mass, and this excavation is made large enough to receive from 5 to 20 or more kegs of powder. In one

By J. S. Kirkaldy, R. J. Brigham

AS part of a program to investigate the diffusive properties of dilute ternary austenites we have made a determination of the effect of chromium on the activity of carbon in ? iron. Samples of pure iron and Fe-Cr alloys were simultaneously equilibrated at 1000°C with atmospheres of controlled CO/CO2 ratio following the procedures of Darken and Gurry 1 and smith.' The 0.020 in. thick samples were analysed for carbon by microcombustion analyses3 to yield a set of isoacti-vity curves. The latter were converted to activity coefficient (standard state at infinite dilution) plots by combination with Smith's data2 for the activity of carbon in pure iron. Table I shows the compositions of the base alloys used while Fig. 1 shows the experimental results superimposed on a set of curves generated by the relation In?C=6.9NC- 10.7 Ne In the notation of wagner4 the interaction parameter is the second coefficient on the right, Sgr = - 10.7 This can be compared with a rather inaccurate value deduced from the transient equilibrium diffusion data of Kirkaldy et al.' as The authors are indebted to the American Iron and Steel Institute for financial support. This material is condensed from a B.Sc. Thesis submitted to Mc-Master University by R.J.B.

Jan 1, 1963

By A. E. Belton

The individual projections for large mines in the Pittsburgh coal seam in northern West Virginia are discussed with emphasis on roof control and ventilation requirements. All four mines use continuous miners with panel belts and rail for main line haulage. Both development and retreat-type mining are covered. There are a variety of mining projections being used currently in northern West Virginia. To discuss each would be impossible, so an arbitrary cross section has been selected in an attempt to indicate a fair degree of representation. Four mines, hereinafter referred to as Mines A, B, C and Dl will be discussed separately. The greater part of northern West Virginia coal production is mined from the Pittsburgh seam. This is the seam worked by all the mines discussed here. Although the coal bed outcrops at the eastern and southernmost points, these mines are all working in a depth ranging from 400 to 1400 ft below the surface. Some steep gracles have been encountered but are only considered local in nature; the overall average dip of the seam is 1 1/2 % northwest. In each of the operations the particular mining scheme used has proved advantageous, since they have been designed to satisfy particular equipment and/or physical condition requirements. So regardless whether such projections utilize a partial or full recovery principle, the productivity performances appear better than average. MINE A Full retreat is the basic mining approach for mine A, although current mining is primarily in the entry-driving stages to expand territory in preparation for pillar work. Only one section unit now on retreat. The average clean coal production at this mine is 7000 tons per day. Initially, a ripper-type miner was used for development at this mine. But with a rather weak roof overlying the coal bed and the greater horizontal span left at the top by a ripper machine, roof control became a critical problem. Even though roof bolts were used concurrently in the mining cycle for initial support, the majority of the roof in these entries

Jan 1, 1962

By Keith Leonard Sutherland

THIS paper is a study of the differential flotation of the sulphide minerals in the presence of salts of silver, lead and zinc. In practice, accidental activation due to these salts is more important than their use as reagents to replace copper sulphate. The general method of investigation has been based upon contact tests, the temperature of 35°C. being chosen in conformity with earlier work. Potassium ethyl xanthate and potassium amyl xanthate were selected as collectors and pure sulphide minerals were used. The experimental procedure has been outlined in earlier papers and all solutions were kept carbonate -free.1,4 Contact, or spreading of an air bubble, at a mineral surface indicates the presence of an adsorbed collector film. PURITY OF REAGENTS The xanthates were purified in the usual manner.1 Neither the cyanide nor the sodium hydroxide solutions contained sufficient carbonate to give a precipitate with barium chloride solution. The silver sulphate was prepared from pure silver nitrate by evaporation with concentrated sulphuric acid until there was no evidence of brown fumes. This solution was diluted and the difficultly soluble sulphate washed with water so that unchanged nitrate was dissolved. The resultant crystalline powder was pure white. The lead and zinc salts were prepared by dissolving especially pure lead and zinc in C.P. nitric and sulphuric acid solution and the crystals drained. The standard solutions were checked by titration. It was felt desirable to use the sulphate radical wherever possible, but since lead sulphate was insufficiently soluble for the purpose of the experiments, it was necessary to use some other lead salt. A.R. copper sulphate was used without further purification. RESULTS The results are presented in the accompanying figures; the areas of noncontact (nonflotation) are shaded in Figs. 8, 9, 10 and 11; in the remainder they lie to the right of the curve. Zinc Sulphate The curves in Fig. I are to be compared with those for Fig. 2, for which zinc sulphate is absent. This comparison shows that the influence of the zinc ion is usually small. Its influence is more marked, however, for chalcopyrite in the absence of cyanide. The influence of zinc sulphate is also marked for copper-activated sphalerite, for which tests were made only in the absence of cyanide. The results are of importance in the separation of pyrite from copper-activated sphalerite when, zinc sulphate is added in the lead flotation section (p. 204 of ref. I). Sphalerite does not adsorb the collector (i.e., become floatable) under the conditions chosen.

Jan 1, 1942

The Cuajone and Toquepala copper projects are located in the extreme southern area of Peru. Since 1960, Southern Peru Copper Company has operated the Toquepala open -pit mine, flotation mill, 110 smelter, townsites, power plants, and railroad. Toquepala and 10, the smelter and port location, are connected by a 110-mile-long (176 lun) railroad. Much of Toquepala's infrastructure has been used for the Cuajone project. Cuajone, at an elevation of 11,400 ft (3475 m), required five standard-guage railroad tunnels with a combined length of 17 miles (27.2 km) to connect with Toquepala so concentrates could be shipped to the no smelter. The total cost of Cuajone is estimated at $726 million for a designed annual capacity of 180,000 tons of copper, equivalent to about $4,000 per ton of installed production capacity. This relatively low cost per ton, by today's standards, has been made possible through the use of the 110-to Toquepala railroad, the ability to expand the 110 copper smelter, and other favorable factors. To mine the 468 million tons of copper sulfide or e at a grade of 1.0% copper, approximately 24 1 million tons of waste were stripped- before mining of ore to supply the new Botiflaca 45, 000 ton per day concentrator. The mining rate must exceed 300,000 tons of waste plus ore per day to maintain the 45, 0 00 tpd sulfide ore milling rate which was to be reached at the end of 1976. Waste stripping is done with 15 cu yd electric shovels and 120 -ton trucks. Ore mining is done with 8 and 9 yd shovels. A railroad connects the pit with the 60 in. by 89 in. Allis-Chalmers gyratory crusher. Side-dump railroad cars of 50.cu yd capacity dump onto a 0 16 ft 9 in. long (5. 1 m) grizzly inclined at 40º with 7 to 8 in. (178 to 203 rnrn) bar spacings. The grizzly is divided into two 22 ft 4 in. (6.8 m) wide sections and two side -dump railroad cars discharge simultaneously into the 150-ton capacity dump pocket. A Barco rock manipulator is used for breaking or removing oversize from the dump pocket. The bin receiving the grizzly undersize has a capacity of 5,000 tons, and the pocket beneath the crusher holds 900 tons. Each is equipped with an 84 in. apron feeder, which feeds a 60 in. (1.52 m) conveyor belt to the 150,000 ton coarse ore stockpile, where the ore is distributed by a 72 in. (1. 83 m) tripper conveyor. The 45, 000 live tons in the coarse ore stockpile are reclaimed by twelve 48 in. (1. 22 m) apron feeders. Maintenance on the crusher eccentric is made easy by an eccentric

Jan 1, 1978

By John Birkinbine

" Whether an iron-ore should be roasted is a question which very seldom arises ; at least, this question seldom ought to arise. With the exception of the red impalpable oxide, the whole series of ironores require roasting—even the specular iron-ore, if it is very compact—but the best oxide, if too compact, works badly in the furnace. All other ores should be subjected to calcination. Some ironmasters are in the habit of using the hydrates raw, but this should riot be done where clay-ores are smelted or where the hydrates contain either chlorides or phosphates. But in the latter case, the pig metal will be cold-short if there is too much phosphorus. Under all circumstances, however, it is best to roast the ores if we expect good metal and well-regulated furnace operations. " The object of roasting ores is to produce higher oxidation and to expel injurious admixtures. In both cases liberal access of atmospheric air is required ; we should, therefore, so arrange our roasting operations as to fulfil these conditions, from which it will appear that different ores require different treatment."* The above may be considered an extreme, and perhaps erroneous view; but there is no question as to the absence of a general appreciation concerning the value of preparing ores of iron for smelting in the blast-furnace.

Jan 1, 1884

By Paul F. Kerr, Raymond F. Robinson

Uranium mineralization occurs in the footwall of the Sunshine vein from the 2900 to the 3700 level. Veinlets of uraninite associated with pyrite and jasper have been so extensively divided and recemented that units more than a few feet in length are seldom observed. The wall rock is St. Regis quartzite of the Belt series. The age of the uraninite, on the basis of isotopic analyses, is 750 * 50, which agrees with geological data suggesting that phases of the Sunshine mineralization are pre Cambrian. THE Sunshine mine in the Coeur d'Alene district, Idaho, is well known for its silver-bearing veins but prior to the summer of 1949 had not been recognized as a possible source of uranium. At that time, during a geiger counter reconnaissance by T. E. Gillingham, R. F. Robinson, and E. E. Thurlow, high radioactivity was noted and radioactive specimens were collected from the footwall of the Sunshine vein.' The detection led to the identification of uraninite-bearing veins, since explored jointly by the Atomic Energy Commission and the Sunshine Mining Co. After the occurrence was noted, the geology of the uranium deposit was studied by the Sunshine staff, and a laboratory examination of the ores was conducted at Columbia University. Several types of laboratory work were undertaken. Differential thermal curves were made of selected siderite samples and results from many more were secured through the work of Mitcham.2 X-ray diffraction and X-ray fluorescence analyses were employed on uraninite, jasper, and siderite. Chemical analyses were made through the cooperation of the Division of Raw Materials of the Atomic Energy Commission. General Geological Features Several silver-bearing veins cut the overturned north limb of the Big Creek anticline as mapped by Shenon and McConne1,³ while the Osburn fault, a long-recognized regional feature about a mile away, marks the north boundary of the Silver Belt. The Sunshine vein, Fig. 1, has a south dip more or less parallel to the 60" axial plane of the fold and cuts rocks of the Belt. Series, starting with the Wallace formation near the surface, continuing downward through the St. Regis formation, and probably extending into the Revett quartzite which lies below the bottom or 3700-ft level. The limb of the anticline is locally modified by secondary folds, one being prominently exposed in the uranian area along the Jewel1 crosscut near the Sunshine vein. Crumpling of the limb resulted from compression which formed the anticline and probably preceded the faults in which the vein deposits accumulated. Evidence of drag along these faults points to reverse movement in the uranium-bearing area and elsewhere. This is true of major faults in the mine workings, and the majority of faults which can be mapped, as pointed out by Robinson.' The St. Regis formation, as measured in the mine, appears to have an initial thickness of some 2000 ft, but the apparent thickness due to thickening during folding is some 3400 ft. Along the Sunshine vein the purple and green rocks characteristic of the Wallace formation in the nearby Military Gulch section p. 37 of ref. 5) have been completely bleached because of introduced sericite. Hydrothermal solutions acting on the wall rock have substituted for the original color a pale greenish cast, although no pronounced mineralogical change has resulted, as Mitcham has observed.' The silver and the uranium depositions appear to belong to distinct epochs resulting from several periods of emplacement. Likewise, multiple periods of deformation account for the faulting. Uraninite is generally associated with silicification, while silver . mineralization accompanies carbonate veins. Rarely, uraninite may be found in a matrix of siderite. Ordinarily uraninite formed prior to ar-gentian tetrahedrite. Where clusters of veins form a stockwork, uraninite-jasper veins often favor one trend while tetrahedrite-siderite veins favor another. During deformation, brecciation of the St. Regis quartzite provided openings between broken rock fragments for precipitation from vein-forming solutions. Fractures due to major breaks were filled during the first stages of vein formation, while later deformation displaced the first veins and provided new channels along which further mineralizing solutions proceeded. The uraninite veins, as the first formed, have suffered fracturing, displacement, and segmentation. Uranian vein segments uncut by faults and more than a few feet in length are rare or nonexistent. Siderite veins are more massive and often extend without a break for tens and even hundreds of feet. In general they show much less segmentation. While the siderite is usually later, there is an overlap in the periods of deposition, some earlier siderite veins being extensively segmented in much the same way uraninite veins have been broken. Vein silica is more extensively distributed than the uranium and iron mineralization it carries. Along the vein course concentrations of uraninite frequently fade away and barren white quartz continues, the transition often occurring within a few feet along strike or down dip. An example appears on the 3700-ft level where a uraninite vein, see Fig. 2a,

Jan 1, 1954

By Frederic E. Carter

THERE have been many attempts to prove that platinum was known to the ancients, but since no traces of the metal have been found in the relics of early times, it must be concluded that it was not known to them. As far as records go, it was actually first discovered in the 16th century in a Spanish mine on the Pinto River in South America; from which source it received its name of Platina del Pinto (little silver from the Pinto). It was more or less of a rarity and was a subject of interest to a few chemists only, until the year 1822 when the metal was first discovered in Russia. In 1819 there were noticed in the washings of the gold sands of the southern part of the Ural Mountains, grains of a heavy white substance, but it was not until three years later that this substance was found to contain platinum. While at first the amounts of platinum brought from the Urals were meager, prospecting soon disclosed rich deposits extending over a considerable area, and nuggets from 10 to 20 lb. were by no means rare. This discovery assured to chemists an ample supply of platinum for their crucibles, etc. The ore is now found in various parts of the world but the richest deposits are still found in the Ural Mountains. The platinum of commerce is obtained entirely from alluvial deposits at depths varying from 6 to 40 ft. The sand and gravel of former river beds are subjected to a series of screenings and washings to effect the separation of the ore. Actually, probably all gold-bearing gravel beds of the world contain platinum, and it is more than likely that large quantities of platinum ore have been thrown away with the black sand washings from gold placer deposits. This is especially true of the alluvial deposits of the Pacific Coast in California and Oregon. Platinum ore is usually found in the form of rounded or flattened grains of "sand," and occasionally in irregular lumps of the size of peas. Large nuggets are very rare. The ore has a metallic luster and is distinguished by its steel gray color, but shows light gray streak when rubbed on a hard white surface; it has a high specific gravity, 16 to 19; is infusible in the hottest blast furnaces, and insoluble in any single acid. Platinum ore is a complex body consisting of the metal in combination with varying proportions of the other members of the platinum group; iridium,

Jan 1, 1928

By Ta M. Li

US mine-related fatalities were reduced by 10.3% at metal and nonmetal operations in 1974, according to a report by the Secretary of the Interior to Congress concerning the administration of Public Law 89-577. While there was no significant change in the overall injury experience, the 157 fatalities were the lowest recorded in the mining industry since federal mine inspections began under the Act in 1970. The report attributes this reduction to the "improvement in the quality and increased size of the inspection force as well as the continuing emphasis on mine safety conditions and practices." The year 1974 represents the first full calendar year in which the Mining Enforcement and Safety Administration (MESA) had responsibility for administration of the Federal Metal and Nonmetallic Mine Safety Act, and the Federal Coal Mine Health and Safety Act of 1969. Prior to MESA's establishment in 1973, these functions were delegated to the US Bureau of Mines. Research activities in health and safety were continued by the Bureau in 1974.

Jan 12, 1975

By Elizabeth L. Robinson

INTRODUCTION The financial structure of the mining industry has changed strikingly over the last thirty years. The changes that have taken place in the last ten years include both the acceleration of adverse trends in familiar balance sheet numbers and ratios, and the subtle but extensive increase in the complexity and diversity of funding sources, both on and off the balance sheet. The objectives of this paper are: 1. to briefly trace the evolution of trends in the mining industry's financial structure; 2. to focus in more detail on changes in the last decade; and 3. to analyze those trends both within the framework of capital structure theory, and in the context of changes in business and economic conditions. This survey focuses primarily on the mining companies listed on the major U.S. stock exchanges, since financial data for these firms are readily available. The producers of minerals are a diverse lot, however, and the quantitative data on "the mineral industry" as characterized in this survey fails to encompass the financial arrangements for the bulk of production worldwide, whether owned by governments or private-sector enterprises. Even large portions of the U.S. minerals industry - subsidiaries of still larger firms, medium-sized privately-held companies, and the small miners - were not included in the quantitative part of the analysis. THE EVOLUTION OF THE INDUSTRY'S FINANCIAL STRUCTURE In the aftermath of the business failures of the Great Depression, most borrowers and lenders considered minimal debt on the balance sheet the soundest policy. By the 1950's, however, a body of literature was developing which demonstrated that the use of leverage could improve the value of the firm, given a corporate tax structure which allows interest, but not dividends, to be deducted from income. Optimal Capital Structure The objective of undertaking a new project is to improve the wealth of the current owners of the firm. If internally-generated funds are insufficient to allow growth at the desired rate, the company can raise funds either by issuing new equity, or by incurring debt. The most attractive source is the one which will provide the funds for the lowest cost. Both stockholders and lenders expect to receive compensation for use of their funds at a rate which reflects two things: (1) the return they could earn in alternative investments, and (2) the riskiness of the projected return. Factors which increase business risk include the variability of demand, sales prices and input prices, and "operating leverage", or the proportion of fixed to variable costs. In addition, from the investors' point of view, the use of financial leverage concentrates risk onto the shareholders, because lenders enjoy a prior claim in the event of bankruptcy. So although financial leverage can increase a project's expected rate of return, and therefore, presumably, earnings per share, too much debt will be perceived as uncomfortably risky by equity investors, and have a negative effect on stock prices. In theory, then, there should be an optimal level of debt which the firm's managers should seek to obtain in its financial structure. The desirable proportion of debt should in general be lower for a firm with a higher inherent business risk. In addition to their own judgement, financial managers are sensitive to the attitudes of lenders, rating agencies, and investment bankers in setting financial targets (Scott and Johnson). In practice, financial structure will also depend upon the company's growth rate and level of profitability, and conditions in the capital markets at a given time.

Jan 1, 1985

By Robert W. Hunt

I have repeatedly said that the mechanical treatment of the metal forming a steel rail, during its manufacture, was comparatively of much greater importance than its chemical composition; and years of observation have confirmed and emphasized this fact. ' The comparison of the wear of the earlier steel rails with that of later ones, and to the great disadvantage of the latter, ia still being constantly made by railway oficials. And while some of us, with experience covering the whole history of the manufacture of steel rails, are aware of the great differences in the conditions governing their production at various periods, I do not think the engineering world generally appreciates the direct and imperative influence which these variations have had, and are having, upon the wearing-quality of the rails. In the earlier days, the steel was poured into ingots which would make but two 30-ft. rails not exceeding a weight of 60 lb. per yard—giving a mass weighing, say about 1,400 lb., and of a section of about 12 in. square. To-day the ingots are about 22 in. square, and weigh more than 4,000 lb. Of course, the interior of the larger ingots must remain hot and liquid longer than that of the smaller ones, and from this condition arises the steel-rail makers béte noire—segregation of the metalloids and piping of the steel. Ingots of the smallest section will pipe, but with the increase of the size, so will follow that of the interior cavity. This well-known tendency demands that special care should be exercised to avoid the evils arising from it.

Jan 1, 1905

By J. F. Wolff

DURING the past 4 or 5 years, much has been added to the detailed geologic knowledge of the Mesabi Range. This has not been in the direction of discovery of any new fundamental facts, but of detailed study, subdivision and correlation of different parts of the whole formation and of individual orebodies. Prior to this time, mining engineers in the district were so engaged with the commercial interests of exploring and developing orebodies that close geologic study and subdivision was done in only a few instances. The demand for refinements of work in this direction has caused caused extensive structural subdivision and correlation to he done in all exploration work during the past 4 years by the engineers of the Oliver Iron Mining Co. Such work has become a commercial necessity rather than a scientific refinement, and at the present time is being extended to all parts of the Range. In the summer of 1914, the author of this paper wrote a series of articles on the orebodies and special features of the Mesabi Range, which was published in the Engineering and Mining Journal, issues of July 17 to Aug. 7, 1915. Since that time studies of subdivision of the iron-formation have been extended considerably. The principle feature of this paper is the presentation of the subdivisions of the iron-formation. To this is added a discussion of the relations of the orebodies to the gentle folding and fracturing of the formation, and special features of the Range. The outline will he as follows: I. General geology. II. Subdivision of Biwabik iron-formation. III. Relation of orebodies to folding and fracturing of the iron-formation. IV. Special features. Acknowledgment is due to W. J. Olcott, President, and John Uno Sebenius, General Mining Engineer, of the Oliver Iron. Mining Co., for permission to use the information presented in this paper.

Jan 10, 1916

[ ]

Jan 1, 1942

By G. R. Leverant, C. P. Sullivan

Re crystallized TD-nickel mi-2Th0,) in both coated und uncoated conditions was fatigued at 1800°F at total strain ranges varying .from 0.2 to 0.75 pct. The fatigue life of uncoated inaferal, Nf, was related to the total strain range, ?eT, by (2Nf/021AeT = 0.014. A duplex Al-Cr pack coating increased the fatigue life by about a factor of two. The cracks that led to failure in both coated and uncoated material were initiated at the outer surface, indicating that the mechanical properties of the surface layers were important in determining fatigue life. Crack propagation and subsurface crack initiation in the TD-nickel occurred preferentially at grain boundaries with cavitation at thoria particle-matrix interfaces an integral part of the grain boundary fracture process. The importance of both the grain morphology developed during thermome chanical processing of TD-nickel and the distribution of thoria particle sizes to fatigue resistance are discussed. THE fatigue properties of only a few dispersion-strengthened metals have been studied at temperatures 0.5 Tm;1,2 among these have been lead and aluminum containing oxide dispersions. TD-nickel is a material of interest for application in aircraft gas turbine engines, but little fundamental information is available on its behavior under cyclic loading conditions. In this study, the low-cycle fatigue properties of TD-nickel were determined at 1800°F with emphasis on the 101-lowing; 1) the relation of the grain morphology produced during thermomechanical processing to crack initiation and propagation; 2) the role of thoria parti-cles in the fracture process; and 3) the effect of an oxidation resistant coating on fatigue life. I) MATERIAL AND EXPERIMENTAL PROCEDURE The TD-nickel was supplied by DuPont as a 5/8-in. thick plate which had been subjected to a proprietary series of thermomechanical treatments with a final anneal at 2000°F for 1 hr in hydrogen. The composition of the material is given in Table I. At the test temperature of 1800°F, the 0.2 pct offset yield stress was 15,000 psi, and the elongation and reduction in area were 4.6 and 3.0 pct, respectively. The microstructure of this material has been previously described.&apos; Briefly, it consists of an array of lath-shaped grains, about 0.15 mm in thickness, with the long dimension of each grain parallel to the primary working direction, Fig. 1(a). The presence of very small annealing twirls, Fig. l(b ), together with the absence of extensive dislocation networks, Fig. L/C), indicated that the material was in the recrystal- Table I. Composition of TD-Nickel ThO2 2.3 vol pct C 0.0073 wt pct lex 0.01 wt pct Cr 0.01 wt pct Cu 0.004 wt pct S 0.001 wt pct Ti <0.001 wt pct Co <0.01 wt pct Ni bal lized condition. Commercial TD-nickel sheet has a similar grain size and shape, but unlike the present material is not recrystallized as evidenced by the absence of annealing twins and the presence of a well-developed dislocation substructure.4 The plate material had Young&apos;s moduli in the rolling direction of 22 x 106 psi and 13 x 106 psi at room temperature and 1800°F, respectively, indicating a texture with a strong {100}<001> component in agreement with previous observations on recrystallized TD-nickel sheet.596 The 2.3 vol pct of thoria particles were uniformly distributed although some clustering and stringering of larger particles was occasionally seen. The average diameter of the particles was 450 and the calculated mean planar center-to-center spacing was 2100Å. Two specimens were coated with a duplex A1-Cr pack coating. The coating was somewhat nonuniform from one position to another along the gage length. An area of the coating after testing is shown in Fig. 2. Electron microprobe analysis revealed the following zones in the various lettered regions indicated in Fig. 2: A) a bcc matrix of B-NiA1 with some chromium in solid solution along with a fine dispersion of a chromium-rich second phase which was probably precipitated during cooling from the test temperature to room temperature; B) fcc y&apos;-Ni,Al with some chromium in solid solution; C) porosity; D) a two-phase mixture of a chromium-rich solid solution containing nickel and aluminum and a small volume fraction of a nickel-rich solid solution having approximately the same composition as the immediately adjacent portion of region E, E) the TD-nickel substrate containing chromium in solid solution to a depth of 5 to 10 mils. As expected from the nature of the diffusion processes involved,7 the thoria particles were present only up to the layer of porosity, region C, Fig. 2. The measured thickness of the coating proper, zones A to D, after testing was 1 to 2 mils. The specimen design and testing techniques have been previously discussed.&apos; Stressing was axial and parallel to the lath-shaped grains (i.e., parallel to the rolling direction). The total strain range was controlled between zero and a maximum tensile strain varying from 0.2 to 0.75 pct. (The test at 0.2 pct total strain range was switched to load control at 1030 cycles at which point the peak tensile and compres-

Jan 1, 1970

By George M. Fowler, R. E. Illidge

Part I. Developing BY GEORGE M. FOWL INTRODUCTION The Tri-State district comprises an area of about 2000 square miles in southwestern Missouri, southeastern Kansas, and north [ ] eastern Oklahoma. The part that is in and contiguous to Missouri is still sometimes designated as the Joplin district (Fig. I). EARLY OPERATIONS Mining operations in what is now the Tri-State district date from about 1848 and have been continuous to the present. Apparently the first discoveries of ore were made about the same time near the present sites of Joplin, Oronogo, and Granby. Lead minerals were found at grass roots, probably in shattered rock in shallow excavations, then these minerals were followed in shear zones to deeper horizons. The mining of zinc followed. Before 1874, zinc ore was worthless and discarded as waste. According to published records, the total production of lead to that date was 49,000 tons of metal from 70,000 tons of concentrates. PRODUCTION The aggregate ore production from the Tri-State district was recorded at interval

Jan 1, 1943