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By David H. Browne, John F. Thompson

The literature dealing with the physical constants of nickel is so fragmentary and unrelated that a synopsis presents unusual difficulties. It is only within the last few years that investigators have understood the importance of placing on record not only the determinations they have made but also the composition, physical treatment, and past history of the material investigated. For this reason much of the earlier literature is valueless. Determinations have been made of the same physical constants on samples differing widely in origin, composition, and treatment, and the results differ widely among themselves. In the first place nickel is almost as flexible a term as steel. Its physical properties are widely influenced by its composition and treatment. It absorbs large quantities of gases and is exceedingly difficult to prepare in a state of chemical purity comparable to gold, silver, or copper. It is vitally affected by thermal and mechanical treatment. Hence in the following pages the recorded literature, where quoted, must be accepted with a certain reserve and used, as far as possible, as a check on later observations, in which these important factors are noted. In every case where new determinations are given, an attempt has been made to record all available information concerning the composition and treatment of the material used so that the data may serve as stepping-stones toward a wider knowledge of the properties of the metal. As this synopsis is an attempt by men of metallurgical training to do what should long before have been done by physicists, it is to be expected that certain errors may have crept in. Any corrections or suggestions

Jan 1, 1921

By A. D. Mutch

IT has long been known that there are wide variations in the thermo-electric potential of pyrite. In the last few years a study of this variation and other properties of pyrite was carried out at the University of Toronto by F. G. Smith on specimens of pyrite from many localities.1-3 As a result of these studies the pyrite geothermometer was developed by Professor Smith. The calibration of the pyrite geothermometer is based on the assumption that "crystals of any one electronically conducting mineral species deposited at a high temperature have a more positive thermo-electric potential than crystals deposited at a low temperature, and the thermo-electric potential varies continuously between any given limits of the temperature of deposition." The cause of the variation was postulated to be crystal discontinuities, such as lineage boundaries. As yet this postulated relationship has not been established as fact. On theoretical grounds it is indicated that the thermo-electric potential of pyrite or any other partial conductor is dependent upon a number of factors as well as the temperature of formation. For this and other reasons there is ground for doubt as to the validity of the relationship postulated above. To date a large number of readings have been made with the pyrite geothermometer which have been recorded in terms of the calibration of the instrument in degrees centigrade. So far most of the pyrite tested by this technique has been in association with gold ore. The values for the temperature of formation obtained in these tests appear to be reasonable and, in relation to geological problems, to vary in the right sense. Determinations on some specimens not in association with gold ore have given readings that appear to be much too high, taking into account the probable maximum temperature of the host rock. To sum up, although many determinations made with the. pyrite geothermometer appear to give reasonable values for the temperature of formation of the pyrite, there are at the same time other readings which seem anomalous. On the basis of an examination of available results of work with the pyrite geothermometer, two problems must be considered: 1-the validity of the calibration of the pyrite geothermometer; and 2-the nature of the distribution of the thermo-electric potentials of pyrite in relation to the specific problems that have been examined. In this paper the academic problem relating to the validity of the calibration of the pyrite geothermometer will not be discussed. Instead, the variations of thermo-electric potential of pyrite in association with gold veins will be discussed with regard to specific examinations. The first of these two examinations deals with the distribution of thermo-electric potentials of pyrite in association with a gold vein and was carried out in the McIntyre Porcupine Mine, Schumacher, Ont., in the summer of 1949 as part of a study with this technique. The second problem deals with variations of thermo-electric potential of pyrite in gold ore specimens from all over the world. The specimens used in this study were part of the private collection of Frank Ebbutt, geologist for Howe Sound Exploration Co. Results of Detailed and Reconnaissance Studies In discussion of the results of determinations made in these two studies the values of thermo-electric potential in millivolts will be used. It will be noted that in some of the diagrams the determinations are recorded in terms of pyrite geothermometer temperatures. Fig. 1 is a calibration chart relating, pyrite geothermometer temperatures and thermo-electric potentials. A full discussion of the technique is given in the original paper by F. G. Smith.' Briefly, the determinations are made by placing two stainless steel probes, one hot and the other cold, against the surface of the pyrite crystal being tested. The thermo-electric potential that is developed is read with a null-point potentiometer that is calibrated in what

Jan 1, 1952

By Eugene Guccione

Evidence that the United States is gradually converting to the metric system of measurement can be perceived today even by housewives in a supermarket. The question is no longer whether but when the country will have completed the conversion. To the extent that any bickering about metrication still exists, the debate now centers on such issues as finding agreement on details of implementation, and whether federal legislation should speed up the metric-conversion process or allow it to proceed along its present evolutionary and voluntary course. Apparently, the voluntary or "make-haste-slowly" approach is gaining widespread support. According to The Research Institute of America, Inc., if and when federal legislation is enacted it will likely include the following national ground rules: (1) A National Metric Conversion Board will develop and submit to the President and Congress a comprehensive plan to achieve a coordinated, minimum-cost changeover. (2) The change- over will be completed 8 to 10 years after the board's plan goes into effect, and by that time the US will be predominantly, though not exclusively, metric. (3) Costs will "lie where they fall"; subsidies, special tax concessions, and antitrust exemptions will not be authorized by the legislation. (4) The changeover will be voluntary because of the recognition that while some firms can "go metric" in a matter of weeks, others may require 15 years or more, and a few might never convert. (5) In determining whether or not to convert, on an individual company basis, adherence will be to the "rule of reason-that is, ". . . do not convert unless the engineering, economic, or other benefits outweigh any metric-related disadvantages. No one is talking about rip- ping up our railroad tracks or rewiring our homes just to conform to the practice of metric nations in Europe." (6) Government is to be part of the solution, not part of the problem; in effect, says The Research Institute of America, the leverage of federal procurement will not be exerted to force-feed the metric changeover but will be coordinated with the sector-by-sector conversion of the economy.*

Jan 12, 1975

By Howard E. Kremers

Since the discovery of the first-known rare earth elements more than a century ago, these metals have always been of academic interest. It is not so well known, however, that a rather stable, respectably large industry based on rare earths and their related materials has been in operation for more than 60 years. Rare earths, of course, are the elements having atomic numbers 57 through 71--lanthanum through lutetium in the periodic table. The most important commercial members of this group are mixtures of the lower atomic-numbered rare earths, and cerium. Although yttrium is not a rare earth, it occurs with rare earths and its properties are so similar to them that. it must be included in a discussion of these elements. In addition, thorium is important to most producers of rare earths because their ores generally contain this element. Thorium extractive metallurgy and technology is closely related to rare earth chemistry due to the frequent similarity of properties.

Jan 4, 1962

By J. C. McHardy

During 1980-2000, the Florida phosphate industry will deplete its central Florida Polk County reserves. As a result, new mines will be built in the so-called southern Florida reserve areas. These mines will require new mining, beneficiation, and tailings disposal technologies since southern reserves have different characteristics than have been encountered in the central Florida deposits. Furthermore, government regulations will necessitate development of new tailings and clay disposal methods. This paper reviews these challenges for the Phosphate industry and how these opportunities can be expected to effect plant design and plant operating practices.

Jan 1, 1984

Adams, Benjamin C., Jr., Student, Univ. of Oklahoma Norman, Okla. '36 Adams, Ernest C., Student, Univ. of Illinois 908 W. Green St., Urbana, Ill. '35 Adams, George H., Student, Colorado School of Mines Golden, Colo. '36 Adams, Robert Keller Mitchell Hotel, No. 18, Golden, Colo. '35 Afshar, Hadji Khan A., Student Box 63, Univ. Sta., Moscow, Idaho. '36 Ahrenholz, Herman William, Jr., Student, Lehigh Univ Bethlehem, Pa. '35 Alger, Robert P., Student, Missouri School of Mines & Met.Rolla, Mo. '36 Allen, Paul W., Student, Mass. Inst. of Tech Cambridge, Mass. '35 Allen, R. M., Jr., Student, Virginia Polytechnic Inst., "G" Co.Blacksburg, Va. '35 Alley, John Arnold, Student, Montana School of Mines Butte, Mont. '36 Amberger, R. H., Student, Michigan College of Min. & Tech Houghton, Mich. '35 Ambrosiani, F. Peter, Student, Michigan College of Min. & Tech Houghton, Mich. '36 Andersen, Burton Lee, Student, School of Mines, Univ. of Washington Seattle, Wash. '36 Anderson, Carlos, Student, Univ. of Oklahoma Norman, Okla. '36 Anderson, J. Wendell, Student, Pennsylvania State College State College, Pa. '36 Anderson, Joseph S. Cornelia Hotel, Ajo, Ariz. '35 Anderson, R. C., Student, Univ. of Washington Seattle, Wash. '35 Anderson, Roy A., Student, Washington State College Pullman, Wash. '35 Anderson, Willard. Student. Univ. of Oklahoma Norman, Okla. '36

Jan 1, 1936

By Frank Julian

The determination of manganese by precipitation with potassium chlorate from a solution in concentrated nitric acid, filtration through asbestos, and solution in a reducing agent whose excess is estimated, is open to the objections that the filtration and subsequent solution of the binoxide are apt to be very slow, and that the asbestos may (according to Troilius), unless perfectly purified, affect the titration. In the following modification, filtration is avoided. I give the method as I use it for Bessemer steel. In an 8-ounce Griffen beaker dissolve 1 gramme drillings in 15 c.c. nitric acid (1.2 sp. gr.). Evaporate to 5 c.c.; add 20 c.c. concentrated nitric acid and precipitate with chlorate as usual, avoiding a large excess; then add about 60 c.c. warm water, and 10 c.c. of the oxalic solution; stir until of a clear light yellow color, and titrate with permanganate while the solution is at about 80' C. The binoxide should dissolve immediately when the oxalate isadded. The titration is rapid, and the end-reaction, though transient, easily caught after a little practice. The standard solutions used are: 15 grammes crystallized ammonium oxalate to a liter, and 1.6 grarnmes potassium permanganate to a liter. For standardizing the permanganate, to 10 c.c. of the oxalic solution is added 50 c.c. of hot water, and a solution of 1 gratnme of steel in concentrated nitric acid, from which the manganese has been removed by potassium chlorate and filtration through asbestos. I have made a large number of determinations in steel, pig-iron,

Jan 1, 1888

By E. P. Humphrey

The Lehigh Valley Coal Co. finished the rebuilding of its Drifton No. 2 breaker at Drifton, Pa., in the summer of 1917. The new construction comprises an addition and the complete remodeling of the old breaker. It is of interest to note that the old structure was the first iron breaker erected in the anthracite region. The Old Breaker This old breaker was built by the Cross Creek Coal Co., under the direction of the late Eckley B. Coxe, in 1888-89, and was fully described by him in the Transactions1. The columns were cast iron, 8, 10 and 12 in. square. The floors and partitions in pockets were cast-iron ribbed plates. The struts were cast iron of "H" section; the other members were of structural iron either rolled I-beams or built-up sections. The sizes of the rolled beams varied from 6 to 20 in. deep, while the built-up sections, made of plates and angles, varied from 6 to 63 in. in depth, so that there apparently was no rule to determine the type of section used. In the remodeling of the old structure, practically everything was taken down excepting the columns and roof, and such beams as were necessary for temporary construction purposes, and, therefore, a close inspection of the old structural members could be made and the effect of the acid water on them could be noted. The cast-iron members were but slightly attacked by the water, while the wrought-iron beams, in the wet places, were corroded almost to failure. The following are analyses of cast-iron, wrought-iron, and structural-steel samples taken from the old and the new structure.

Jan 1, 1918

Jan 1, 1936

By S. C. Lindsay, D. J. I. Evans

With each year that passes hydrometallurgical processes are being more widely used to recover base metals from ores and concentrates. Generally these processes involve liquid-solid separation of metal-bearing liquors from barren residues. This may be done by countercurrent decantation, thickening and filtration, or filtration or centrifuging only. Choice of method is governed by chemical and physical characteristics of the pulps; cost of labor, power, materials, and waste disposal; and even by the amount of capital available when building plans are under way. Since all these controlling factors change with time and location and with technological advances, the separation method must be re-evaluated when new plants or expansion programs are contemplated. At the Sherritt Gordon refinery in Fort Saskatchewan, Alberta, an ammonia pressure leaching process recovers nickel, copper, and cobalt from the nickel concentrate produced at Lynn Lake, Manitoba.' Pregnant liquors are separated from the barren leach residues in a thickener-filter liquid-solids circuit. The decision to use this type of separation was based on a summation of economic factors during the pilot plant and design stages. Although countercurrent decantation was not incorporated in the refinery flowsheet, the problems solved in thickening the leach residues and the experience gained in operating the commercial plant are pertinent to countercurrent decantation, particularly where it is applied to slow-settling leach slurries or slurries having a relatively high vapor pressure of a valuable, obnoxious, or poisonous vapor.

Jan 1, 1960

• Phelps-Dodge Corp. signed an agreement with the Defense Materials Procurement Agency to increase copper production from the east ore deposit of the company's Copper Queen branch at Bisbee, Ariz. The company agreed to undertake a $25 million expansion program, including construction of a concentrating and leaching plant at the Bisbee mine and enlargement of the Douglas smelter. The Government agreed to buy the first 112,500 tons of the first 150,000 tons produced at 22e per lb if the company could not sell at a higher price. The new facilities will have a yearly capacity of 38,000 tons and should be in production by late 1954 or early 1955. • American Smelting & Refining Co. has started construction of a new building to house the Central Research laboratory at South Plainfield, N. J. It will have approximately 75 individual laboratories and an equal number of offices and shops. Modern apparatus to be installed will include electron microscopes, electric and fuelfired furnaces, miniature copper refineries and zinc plants, wire drawing machinery, and large pilot plant laboratory. In the new building scientists study the base metals, and the development of new uses for a number of Asarco by-products, arsenic, and little

Jan 11, 1951

By A. Aly Selim, Bruce D. Hanson

A computer model capable of simulating the basic production system in a variety of underground mining methods has been developed at the U.S. Bureau of Mines Twin Cities Mining Research Center. The simulation of the basic production system at the working face, which includes drilling, blasting, mucking, and roof bolting, is described in this paper. The model is event-oriented; that is, the status of the system is updated at the occurrence of an event. All event or activity times, including failure and repair of equipment, are treated as stochastic variables. A location dimension, in addition to the time dimension, is used, allowing the simulation of systems with a number of stopes or faces. To aid the user in determining the efficiency of his system, the model provides several reports. An event or activity report gives the frequency of occurrence, total active time, and cumulative delay statistics for each event. An equipment report delineates the availability and utilization of all equipment. A production report provides information on various performance measures such as tons produced and holes drilled. The cost report gives the cost of various elements in the system. Operating data from an actual mining situation were used in validating the model. In addition to the description of the model, examples of simulation experiments which were performed on a room-and-pillar mine system are given. Use of the model to determine methods for improving the efficiency of the system is discussed.

Jan 1, 1976

By Walter R. Hibbard, Walter L. Finlay

INTRODUCTION THE key feature of the lattice coherency theory of precipitation hardening1-6 is the forced coherence between matrix and precipitate which elastically strains both lattices and is believed to be the major source of strengthening in precipitation hardening. In systems exhibiting age hardening, the atom movements leading to precipitation are not at all extensive and are such as to require the minimum amount of energy to produce the interface; that is, the new lattice forms in such a way as to be as nearly as possible a continuation of the old with a matched, coherent plane at the interface at least during the initiation of the precipitation. The crystallographic sequence whereby regions of the matrix change to the precipitate lattice usually can be resolved into a set of shearing operations.5,6 Conversely, the perhaps novel speculation is made that solution of a second phase is accompanied by shearing movements which are possibly the reverse of the precipitation shearing movements. A basic premise of the investigation reported in this paper is that precipitation and solution shearing movements constitute structural weaknesses which might cooperate with applied stresses to facilitate plastic deformation. Another basic premise of the investigation is that the application of hydrostatic pressure to a precipitation hardening system will significantly alter the degree of disregistry across the matrix-precipitate interface and thereby significantly affect the course of age hardening. Two binary precipitation hardening systems were investigated: 12 pct zinc in aluminum which undergoes transformations, both precipitation and solution, by a simple crystallographic mechanism; and 4 pct copper in aluminum which undergoes a complex transformation in precipitating and dissolving a second phase. The effects of the application of uniaxial tensile creep stress during elevated temperature aging of both systems and of hydrostatic pressure during the elevated temperature aging of 12 pct aluminum-zinc were then investigated. Previous Investigations Van Wert in 1935,7 studied the effect of hydrostatic pressure on the room temperature age hardening of a few precipitation hardening systems. The latter were rather unfortunately selected since none is known to exhibit any marked volume change on aging and the majority were complex commercial alloys the precipitation mechanisms of which are not known. Jenkins, Bucknall and Jenkinson,8 in 1944, applied tensile creep stresses to a complex coppernickel-silicon alloy at various temperatures. The complexity of the alloy and the industrial objective of the work did not permit an appreciable addition to the theoretical understanding of either deformation or precipitation hardening.

Jan 1, 1948

By A. E. Bellis

THE CHAIRMAN (ALBERT SAUVEUR, Cambridge, Mass.).-Any information likely to throw light on the constitution and proper treatment of high-speed steel in order to obtain maximum results, should surely he welcomed. All users of high-speed steel, I believe, will agree with the authors that, in order to obtain satisfactory results, it is not sufficient to heat all brands of high-speed steel to one and the same temperature; apparently very slight differences of chemical composition seem to call for marked differences in temperature. I think that all of us agree that a properly treated piece of high-speed steel should have a fine austenitic or polyhedral structure and that an appreciable quantity of free carbide may be present in the case of very high tungsten steels. What we seem to lack is a satisfactory method, quick and reliable, of ascertaining when the proper structure has been obtained. I think Mr. Bellis' paper is a step in the right direction. To the untrained eye, however, it is not an easy matter to select from some of his photomicrographs the one representing the best structure; for instance, in the case of steel A, we wonder why temperatures of 2,250 and 2,300 do not yield the same results, seeing that both structures are apparently alike, and the same might apply to some of the other samples. I have no doubt, however, that the experienced observer is capable of detecting structural differences that are not made plain here and by which he is able to select the proper quenching temperature. COLIN G. FINK, East Orange, N. J.-On page 68 the authors say that the use of a barium chloride bath to eliminate this difficulty has the disadvantage that the surface of the tool becomes decarbonized." I would like to ask whether they actually found that the surface was decarbonized, or whether they base this conclusion on softening alone? A. E. BELLIS, Springfield, Mass.-No, we have never demonstrated that it was a decarbonization, it is just the softening of the steel. The addition of ferrocyanide to the ferrochloride bath has been suggested. I think that is not altogether satisfactory, because the ferrocyanide bath changes composition very rapidly at these high temperatures, and it would be just a question of luck whether or not it had too much or too little ferrocyanide in the bath giving equilibrium with the carbon content.

Jan 4, 1917

Discussion of the paper of Norman B. Braly, presented at the Butte meeting, August, 1913, and printed in Bulletin No. 80, August, 1913, pp. 1881 to 1906. GEORGE A. PACKARD, Butte, Mont.:-I would like to ask Mr. Braly if he has any information as to the relative efficiency of the sinking pump, using it as he refers to it, discharging the exhaust into the water column or otherwise. MR. BRALY :-I have never gathered any information on that point. It is a question of getting the work done. In driving the shaft, using that method, we find it easier on the men and everything else. In the bottom of the shaft, if you exhaust back into your column, it is a quiet. shaft. Another thing is the freezing: if you are sinking with air in your pump, you will find it is liable to freeze, and in that case as the air is still under compression it will not freeze the pump. The difference is very small if there is any. But, as might be expected, the pump is a little less efficient when exhausting the air into the column. MR. PACKARD :-I suppose all of us know what a pump in the bottom of the shaft is. My experience has been, although I have no figures, that the capacity of a pump is quite considerably decreased if you are pumping, say, from a depth of 200 ft. through a No. 7 Knowles pump, when you exhaust the air into a column, but, on the other hand, it is also my impression that we can raise the water to a little greater distance. I would like to get some figures from somebody who has made actual tests.

Jan 11, 1913

Jan 1, 1958

In the special number of the magazine Ocl und Kohle (Oct. 22, 1940) dedicated to the petroleum industry of southeastern Europe, there appeared several articles relating to Yugos1avia.t In the first article the author calls attention to the fact that there are two fields in Yugoslavia that have been explored and exploited by more than 100 wells at variable depths during the last 50 years. These are on the Island of Mura, at the confluence of the Mura and the Drave. Additional exploration drilling in various other parts of the country has been without result, but certain ones of these explorations have revealed the existence of gas horizons that have some value, which are being used for industrial purposes. Table I shows the production of oil and gas between the years 1900 and 1939. TaBle —Production of Oil ad Gas in Yugoslavia . n,i Natural Natural Years oil Years Gas, Cu. Years Gas, Cu. Meters Meters T900-1929 10,000 1923 507,000 1934 1,388,000 1930 277 1924 567,000 1935 1,401,000 1931 202 I92S 691,000 I936 1,483,000 t932 289 19261 1.472,000 1937 1,841,000 1933 629 1927! 1,732,000 193s 2,431,000 1934 324 1928 2,515,000 1939 2,628,000 1935 260 1929 4,700,000 1936 137 I93O 5.345,200 1937 463 1931 6,376,153 1938 1,091 1932 1,661,737 1939 1,114 1933 959,574 The number of wells drilled from 1884 to the present time was in the neighborhood of zoo and the total footage drilled was 65,000 m. up to July I940 They may be divided roughly as follows: 12 wells in the region produce natural gas; 134 wells in the two old fields of the Island of Mura and about zo wells for the exploration of the zone of the Flysch, in Bosnia. The depths of 50 of these wells was roo to 200 m.; the depths of 50 wells oil the Island of Mura ran from zoo to 500 m.; of 2 ; wells, 500 to I000 m.; of ro wells from rooo to 2000 meters. The deepest well drilling in Yugoslavia has reached 2000 in. In the Valley of Morave, in the region of Selnica, I00 km. south of Nish, there have been discovered asphalt-bearing limestones, which contain about 15 per cent asphalt and are associated with bituminous clays. Later, at Paclenica, important deposits of natural gas were found. A zone rich in gas and oil seepages runs through Pracec, Miklenska, Bujavica, etc. The author studied these regions from the point of view of stratigraphy and tectonics. The anticlines and gas-bearing domes are concentrated in two zones: the region of the Drave (Island of Mura) and the region of the Save, southeast of zagreb, which contains the gas field in exploitation in the region of Bujavica. A full description of the productive region of the Island of Mura has been given by Egon Bohm, a geologist, in the second article mentioned. This includes a history of the exploration and exploitation that took place under Hungarian rule in this region. The most important exploration was effected between 1884 and 1885 by Stavenov and Stinger, of Vienna. In 1927 work was done in the same region by Anton Raky, a well-known explorer who makes work of this kind his specialty.

Jan 1, 1941

By F. W. Davis

This paper deals in a general way with certain of the necessary requirements of refractories for the open-hearth furnace. The refractories in common use for the different parts are discussed both as to the service they are giving and their suitability to withstand existing chemical, thermal and physical requirements. The relation between the service and allowable cost of a refractory is discussed and suggestions are requested on these points. The purpose of this paper is not to report, to the Institute, the results so far obtained in the survey, by the Bureau of Mines, of the metallurgical requirements for open-hearth refractories, but to present an outline that we hope will serve as a basis for discussion. The systematic survey that the Bureau proposes to make has not been outlined, although considerable preliminary work has been done in the way of interviewing open-hearth superintendents in several of the larger steel plants from the Chicago district eastward. At the several conferences so many of the opinions were diametrically opposite, when considering the same point, that it was thought that such an opportunity as the Institute offers in the way of a clearing house for moot metallurgical topics should not be overlooked. For this reason, the paper has been prepared as a basis for a discussion which, it is believed, will be of value in outlining the program of the Bureau. D. A. LYON, Assistant Director. THE importance of securing suitable refractories for metallurgical operations is daily becoming more universally recognized; particularly in the manufacture of open-hearth steel, where the life and earning power of the furnace depends largely on the judgment and care exercised in the selection of the correct quality of refractory for each of the parts. Any innovation that would make available to the steel manufacturers refractories with longer life or better suited to their needs than those now employed, and at a cost that would permit of their use, would be of enormous value to the industry at large. It is quite probable that revolutionary changes would not be necessary. Material now used in some parts of

Jan 3, 1924

By William L. Langdon

PRELIMINARY COMMENTS Recent years have been difficult for the mining industry, as reported in the most recently published Minerals Yearbook (Volume III), the estimated value of world crude mineral production has been generally declining since an historical peak in 1979 (16).* The costs of mineral extraction have, however, been rising rapidly. Individual project costs are, in general, exceeding the growth rate of mining companies, while operating and technical risks continue to increase (16). Risks resulting from currency flotation and political actions in the host country are also on the increase. Labor difficulties (such as those experienced by Phelps Dodge) and the Reagan Administration's recent rejection of a proposal by the International Trade Commission for higher tariffs and/or quotas on copper imports have also contributed to the mining industry's difficulties. The net result of these factors has been financial difficulties for mining companies with respect to paying for their current financial obligations as well as trouble finding new financing. It may be that one of the main factors in determining the future of the mining industry will be centered upon capital structure, i.e. how its assets are financed. Historical Perspective on Capital Structure In The Mining Industry As discussed by Isreal Borenstein in (4) and Thomas Navin in (7), mining firms typically have used a financial model based upon high financial leverage, i.e. large amounts of debt relative to equity. This has been especially true for American firms developing orebodies discovered overseas. Problems sometimes occurred for those who were forced to commit themselves to completion guarantees in order to obtain bank loans. Mines under these circumstances must be brought into operation regardless of market conditions. Politicians in overseas countries also may use the high profits required by these high risk ventures to argue for nationalization of mines. Coupled with the frequent use of high leverage, mining companies traditionally have paid out a higher percentage of earnings in the form of dividends than manufacturing firms. This is significant, in that such funds paid out in dividends are not available for other uses. Hence, a greater reliance upon debt and/or additional stock issues than would ordinarily be the case for manufacturing firms. Thomas Navin has stated in (7), that the theory behind the high dividend payout was that, "most mining investors thought of themselves as investing in a wasting asset, one that would gradually deplete over time until it ultimately became valueless." Investors, therefore, required a receipt, in the form of dividends, of a percentage of current earnings and a return on original capital. This view of reality, apparently, has not changed in some quarters, even though modern mine management ordinarily replaces depleted mines with new ones. It may be that this practice of high dividend payout coupled with relatively high financial leverage should be reexamined. Current capital structure theory could prove interesting and useful for those concerned with current conditions. Capital structure patterns and related practices in this industry are not, in many cases, congruent with those thought by some to be theoretically optimal. Prelude to Capital Structure Discussion With a few notable exceptions (such as the Guggenheims and Anaconda's chief operating,. officer in 1971) mining companies' chief executives and boards of directors have not been persons with financial backgrounds. This, one could conjecture, might have accounted for the relatively nonsophisticated nature of capital structures of mining companies. In order to appreciate the possibilities with respect to alternative influence on a firm's performance, one must be acquainted with the basics of financial theory. This paper is an attempt to familiarize the reader with (1) capital structure in general, (2) the usual components of this structure, (3) the general theory behind the use of financial leverage, and

Jan 1, 1985

By Clarence E. Jackson, George G. Luther

THE ever increasing array of information concerning the measurement of the effect of the welding process on the properties of a steel is an indication of the tremendous effort that is being expended in this field. The methods that have been considered may be divided into two groups: first, those that measure directly the effect of welding on the ductility of a steel, and, second, those that observe the change in some property, such as the hardness of the heat-affected zone, and assume a direct correlation between this change and the resultant ductility. The nick-bend test is a direct method designed for studying the effect of welding on the ductility of a steel. The test specimen (Fig. I) consists of a bar cut from a plate with a bead weld on the surface. The specimen is prepared with a saw-notch placed so as to restrict deformation to the heat-affected zone under the bead weld when tested as a static bend. Failure is caused by rupture of the low-ductility metal in the heat-affected zone. The angle at maximum load is used as an index of the effect of the welding process on the material. In the development of the nick-bend test considerable scatter was noted in some of the results, although the agreement of duplicate specimens welded at the same time and tested consecutively was excellent. Upon further investigation it was found that the change in ductility was dependent upon the interval of time between the welding operation and the testing of the specimen. For the six steels of Fig. a, the angle at maximum load in four cases was doubled and in one case was tripled. All steels that have been studied show an improvement in the angle of bend for longer intervals between welding and testing. This same behavior has been found in weldability tests using the Navy T-bend

Jan 1, 1945