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By Paul L. Burkhart

THOUGH at an earlier period brief studies had been made by the Lehigh Navigation Coal Company Inc., it was not until 1924 that J. B. Warriner, then general manager, called for a comprehensive study of timber treatment, treating solutions, and related operations. Because of the impossibility of procuring accurate costs and other pertinent treating data, the American Wood Preserving Co. agreed to treat a car of mine timber at the Port Reading plant of the Reading Railroad. Fig. I shows the treating data collected at the treating plant on this timber, which was installed in two of the Lehigh mines in 1925. Table i.—Results of Timber Survey in 1925 before Treated Timber Was Introduced Length of tunnels and gangways ft..... 522,987a Length of tunnels and gangways timbered, ft.................................. 224.880 Number of steel mine sets in use......... 2,412 Number of timber sets in use............ 63,834 Number of timber sets with evidence of rot 50: 419 Number of timber sets with evidence of squeeze..... ...................... I3,415 Percentage of all timber sets showing evidence of failure: BY wet rot........................ 6.0 By dry rot........................ 73.0 By squeeze....................... : Average life of wood set in Panther Valley, years............................... 5.3 • 99.05 miles. In the latter part of 1925, a survey of the tunnels and gangways of the company's Panther Valley mines was made to determine the proportion of gangways or tunnels timbered, cause of timber failures, approximate life of the average wood set and the approximate percentage of treated timber that it would be profitable for the company to use. Results of this survey appear in Table I. Because of the high percentage of timber that gave evidence of failure by rot, as noted in Table I, and a further study of the life of the sections where timbering was necessary, it was deemed advisable to fill 25 per cent of the yearly gangway timber requirement with treated timber. Quantities and Treatments OF Treated Timber Purchased In the early days of the program, none of the large treating companies would accept orders for small quantities of treated timber and the company was compelled to state the quantity of timber it would require at each operation in each month of the year. Table 2 is an example of the tabulation given to the various treating companies to assist them in making a yearly bid on the minimum quantity of timber required by the company during the year 1931. A bill of timber was calculated for each car, the weight of which would be between the minimum and maximum weight permitted for railroad-car loading. The treating company was paid for timber upon delivery at the operation specified. As extra cars of timber were required, they were ordered from the treating company, and payment was required On their receipt, on the basis of the piece or tonnage

Jan 1, 1942

By Paul L. Burkhart

THOUGH at an earlier period brief studies had been made by the Lehigh Navigation Coal Company Inc., it was not until 1924 that J. B. Warriner, then general manager, called for a comprehensive study of timber treatment, treating solutions, and related operations. Because of the impossibility of procuring accurate costs and other pertinent treating data, the American Wood Preserving Co. agreed to treat a car of mine timber at the Port Reading plant of the Reading Railroad. Fig. I shows the treating data collected at the treating plant on this timber, which was installed in two of the Lehigh mines in 1925. Table i.—Results of Timber Survey in 1925 before Treated Timber Was Introduced Length of tunnels and gangways ft..... 522,987a Length of tunnels and gangways timbered, ft.................................. 224.880 Number of steel mine sets in use......... 2,412 Number of timber sets in use............ 63,834 Number of timber sets with evidence of rot 50: 419 Number of timber sets with evidence of squeeze..... ...................... I3,415 Percentage of all timber sets showing evidence of failure: BY wet rot........................ 6.0 By dry rot........................ 73.0 By squeeze....................... : Average life of wood set in Panther Valley, years............................... 5.3 • 99.05 miles. In the latter part of 1925, a survey of the tunnels and gangways of the company's Panther Valley mines was made to determine the proportion of gangways or tunnels timbered, cause of timber failures, approximate life of the average wood set and the approximate percentage of treated timber that it would be profitable for the company to use. Results of this survey appear in Table I. Because of the high percentage of timber that gave evidence of failure by rot, as noted in Table I, and a further study of the life of the sections where timbering was necessary, it was deemed advisable to fill 25 per cent of the yearly gangway timber requirement with treated timber. Quantities and Treatments OF Treated Timber Purchased In the early days of the program, none of the large treating companies would accept orders for small quantities of treated timber and the company was compelled to state the quantity of timber it would require at each operation in each month of the year. Table 2 is an example of the tabulation given to the various treating companies to assist them in making a yearly bid on the minimum quantity of timber required by the company during the year 1931. A bill of timber was calculated for each car, the weight of which would be between the minimum and maximum weight permitted for railroad-car loading. The treating company was paid for timber upon delivery at the operation specified. As extra cars of timber were required, they were ordered from the treating company, and payment was required On their receipt, on the basis of the piece or tonnage

Jan 1, 1942

By EL HANAF

The exploratory program initiated in Egypt in 1937 by four major oil companies was well under way early in 1939. Extensive gravity-meter surveys were carried out in the Sinai Peninsula and the Eastern and Western Deserts. Seismic and magnetometer work vas conducted on a restricted scale. The data collected justified wildcat drilling on structures located geophysically and/or geologically.

Jan 1, 1946

By Edwin B. Wilson, Joseph W. Leonard, Richard W. Borio

preparation of specification coals for the utility industry is approached from the standpoint of a cooperative effort with the power company to assure that the shipped product will be a noncorrosive coal. Selective mining, coal preparation, the use of additives, and coal blending are mine-site techniques proposed as means for upgrading corrosion-retarding constituents of utility coals (CaO and MgO) while, at the same time, reducing the concentration of those constituents of coal (Na20 and K,O) which cause corrosion. Data obtained from large-scale boiler testing in combination with bench-scale physical and chemical tests are used as a basis for the formulation of mine-site procedures to improve coal combustion utilization. Electric power generation remains the greatest market for coal in the United States. A major reason for this strong market has been the ability of the coal industry to supply a superior product for combustion while maintaining competitive prices. Now that the coal industry is engaged in intensive competition with nuclear power for future energy demand, it becomes ever more imperative that superior coal products are produced. One important problem when burning some coals is a liquid phase corrosive attack on boiler tube metal in the superheater and reheater areas of the furnace where steam temperatures may exceed 1050°F. In addition to causing power outages and high maintenance costs, corrosion is a continuing barrier to the future development of more efficient steam cycles which permit lower generation costs when using coal. Research methods of the past which have been directed at finding solutions which could be applied at the power plant site have been only partially successful and are generally costly. This paper contains a suggested --method of corrosion control through investigation of the problem at the source of the trouble—the coal supplier facility. It is proposed that mine-site pre-ventative procedures be considered as an effective means of cooperative corrosion control between the power company and the coal supplier. Economic justification must be applied to the individual situation. This paper is based on recent work by Combustion Engineering, Inc. and the Coal Research Bureau of West Virginia University under a contract from the Department of the Interior Office of Coal Research.',' Results which are of importance to this discussion may be summarized as follows: 1) The alkali minerals of coal (Na2O and K2O), as measured by an acid leaching process, can be related to corrosion rate in utility boilers. As these constituents increase in a coal product, its corrosiveness can be expected to worsen. 2) The alkaline-earth minerals contained in coal, reported as total CaO and MgO reduce corrosiveness 2s their concentration increases. 3) Naturally occuring, alkaline-earth-bearing materials, such as limestone and dolomite, may be added to a coal to reduce its corrosiveness. 4) Coals with very low iron contents tend to be less corrosive. These results provide the groundwork for examination of the system of operations which occur at the supplier facility from the seam face where mining is begun to the point of loading for shipment. The Mining System Fig. 1 is a cross section of one of the typical coal seams (designated coal A) that was boiler tested during this research program. This seam is overlain by material which consists primarily of a gray-black shale. In the lower third of this seam, there exists a thin rock parting of less than 4 in. in thickness which is consistent throughout the seam. The floor material is fireclay. In order to examine mineral distribution throughout this particular seam, the Coal Research Bureau collected a

Jan 1, 1971

The Institute maintains a dual relationship with students: (1) an individual relationship with a Student Associate; and (2) a relationship with local organizations of students, known as Affiliated Student Societies or Student Chapters. 1. The conditions of Student Associateship are set forth in Section 9, Article I, of the Bylaws of the Institute (see page 64 and following pages). During 1934, sundry amendments were made for the purpose of improving the student relationship. Postgraduate students are now eligible; and associateship can be maintained, with the payment of the regular dues of $2 per year, for 18 months following graduation in June. With his regular dues, each Student Associate is entitled to receive during the year his choice of MINING AND METALLURGY, METALS TECHNOLOGY, MINING TECHNOLOGY, PETROLEUM TECHNOLOGY, or two "classes" of Technical

Jan 1, 1943

By B. W. Frazier

IN the numbers of the Engineering and Mining Journal of June 27th and July 11th, 1874, there appeared some very complete statistics of the working of some anthracite blast-furnaces belonging to a large establishment in this country, followed by calculations of the heat requirements of the furnaces, similar to those which have been made for European furnaces by Mr. I. Lowthian Bell, Prof. Gruner, Prof. Akerman and others. To the author of these valuable papers, Mr. John A. Church, of New York, the thanks of American iron metallurgists are due for this attempt (the first, to my knowledge at least), to attack systematically and scientifically the problem of economy of fuel in our anthracite blast-furnaces, by applying the formulas obtained from European practice and from the experiments of European metallurgists, to the determination of the amounts and the modes of distribution of the heat production and absorption in our furnaces. In order to facilitate a comparison of the results thus obtained for the anthracite furnaces in question with those obtained for the best types of European coke furnaces, I have reduced to the same standard of heat units (the product of the ton and the degree Centigrade), and placed side by side, the calculations of the heat requirements of one of the furnaces of the Clarence works, as given by Mr. Bell, of a furnace at Pouzin, on the banks of the Rhone, given by Prof. Gruner, and of the anthracite furnaces for 1869-73, as given -by Mr. Church. Table I shows the different conditions of working of the three furnaces, of which Table II gives the respective heat requirements. I have made this latter table in such a manner as to give for each furnace its heat requirements, both according to the views of Mr. Bell and those of Prof. Gruner. Mr. Bell assumes that all the carbonic acid produced by the decomposition of the carbonate of lime of the charge, is reduced to carbonic oxide by contact with solid carbon ; also, that the carbon of the pig iron is a portion of that deposited in the ore in the upper part of the furnace, by the dissociation of carbonic oxide. Prof. Gruner, on the other hand, assumes that all the carbonic acid of the carbonates of the charge escapes unreduced, and that the carbon deposited in the upper part of the furnace, by the dissocia¬tion of carbonic oxide, is again converted into carbonic oxide or

Jan 1, 1875

By B. W. Frazer

In the numbers of the Engineering and Mining Journal of June 27th and July llth, 1874, there appeared some very complete statistics of the working of some anthracite blast-furnaces belonging to a large establishment in this country, followed by calculations of the heat requirements of the furnaces, similar to those which have been made for European furnaces by Mr. I. Lowthian Bell, Prof. Gruner, Prof. Akerman and others. To the author of these valuable papers, Mr. John A. Church, of New York, the thanks of American iron metallurgists are due for this attempt (the first, to my knowledge at least), to attack systematically and scientifically the problem of economy of fuel in our anthracite blast-furnaces, by applying the formulas obtained from European practice and from the experiments of European metallurgists, to the determination of the amounts and the modes of distribution of the heat production and absorption in our furnaces. In order to facilitate a comparison of the results thus obtained for the anthracite furnaces in question with those obtained for the best types of European coke furnaces, I have reduced 60 the same standad of heat units (the product of the ton and the degree Centigrade), and placed side by side, the calculations of the heat requirements of one of the furnaces of the Clarence works, as given by Mr. Bell, of a furnace at Pouzin, on the banks of the Rhone, given by Prof. Gruner, and of the anthracite furnaces for 1869-73, as given by Mr. Church. Table I shows the different conditions of working of the three furnaces, of which Table II gives the respective heat requirements. I have made this latter table in such a manner as to give for each furnace its heat requirements, both according to the views of Mr. Bell and those of Prof. Gruner. Mr. Bell assumes that all the carbonic acid produced by the decomposition of the carbonate of lime of the charge, is reduced to carbonic oxide by contact with solid carbon ; also, that the carbon of t,he pig iron is a portion of that deposited in the ore in the upper part of the furnace, by the dissociation of carbonic oxide. Prof. Gruner, on the other hand, assumes that all the carbonic acid of the carbonates of the charge escapes unreduced, and that the carbon deposited in the upper part. of the furnace, by the dissociation of carbonic oxide, is again converted into carbonic oxide or

By C. P. Watson

It is perhaps significant that a few years ago the sessions held here were chiefly occupied with production. In the last two years these sessions have been concerned with production curtailment, unitization and conservation, notwithstanding that production in the United States in 1929 reached a total in excess of 1,000,000,000 barrels. A study of the leading producing units in the United States shows that Oklahoma, Texas and California in 1929 yielded 84 per cent. of the total production from 33.5 per cent. of the total number of producing wells. Production in the United States in 1929 showed an increase of 107,000,000 bbl. over the 1928 figures. This increase in itself perhaps is not enough to have caused the serious situation that is now confronting the industry. However, taking into account the gradual encroachment on the consumption of fuel oil through the greater utilization of natural gas, probably we have reached the point in the United States where prices will determine to a large extent,' in 1930, the amount that will be produced. In the states of Texas, Oklahoma and California, the most significant developmcnt of 1929 has been the desire of operators to reach some agreement to bring production more or less in control with the estimated demand. In November, production in California, particularly in the Santa Fe Springs field, was drastically cut to meet a certain requirement. Similarly, in Texas, the Yates field has been developed and has been producing under an agreement on the part of the operators; and more recently in Oklahoma City, serious efforts have been made to keep produetion in line with consumption. For the year 1930 we can see nothing in sight except drastic curtailment. This is a matter that I am sure is occupying the attention of all the leaders of the industry.

Jan 1, 1930

By John R. Caldon

INTRODUCTION Leasing has become a major industry in many countries because of the advantages it affords. Whilst the accounting, legal and tax treatment of leasing varies from country to country, there is far more similarity than difference. The general approach to the subject is largely the same. This paper looks to the basic financial considerations in the decision to lease or buy. TYPES OF LEASES Before embarking upon the subject, it would seem appropriate to define a "lease". A lease may be defined as: "an agreement granting one party the right to use, for a specified period of time, property owned by another party in return for a series of payments of rental by the user to the owner''. Ownership, of course, generally entitles the owner to unrestricted use of the asset over its useful life in contrast to a lease which gives the lessee use over a limited period. The distinction between the status of owner and a lessee often is fairly small. In this case we are dealing with what is generally termed a "finance lease". A finance lease is one which substantially transfers the risks and benefits of ownership from the legal owner to the lessee. For example, a finance lease would exist where the lessee enters into a lease of an asset for most of its useful life and has an option to buy the asset at the end of the lease for a price which takes cognisance of the rentals already paid. Where a lease does not substantially transfer the benefits and risks of ownership to the lessee, i.e. those benefits and risks remain with the owner and lessor, the lease is termed an "operating lease" and is an agreement for the renting and usage by the lessee of an asset owned by the lessor for a limited period. An example of an operating lease might be where a tenant leases a building for a defined period say 6 years with the rent and occupancy subject to renegotiation at the end of the lease term. The economic consequences of the distinction between a finance and an operating lease is very important. With a finance lease, the lessee has a de facto economic interest in the asset and the alternative to a finance lease is some form of purchase; with an operating lease, the lessee does not have a basic economic interest in the asset and consequently a comparison with a purchase option involves far more than simply a funding comparison. Some of the principal differences between finance and operating leases can be summarised as follows: (a) finance leases: -the risks and benefits of ownership are substantially transferred to the lessee; -the lessor normally recovers his investment during the term of the lease; -the lessor in entering into the transaction is relying more on the creditworthiness of the lessee than the underlying value of the asset; - the lease is either non-cancellable or a large penalty will apply for unilateral cancellation by the lessee; (b) operating leases -the risks and benefits of ownership remain essentially with the lessor; -the lease rental income would not normally cover the recovery of the lessor's investment; -the lessor evaluates his risk in terms of the underlying value of the assets;

Jan 1, 1985

By R. L. Wilcox, M. L. Fuller

Owing to the nature of the die-casting process, fresllly cast alloys are undoubtedly not at equilibrium from the standpoint of alloy phase relationships. After casting, therefore, they tend to undergo phase changes, with the ultimate effeet of reaching a state of equilibrium at the aging temperature, beyond which no fnrther change takes place. This phase alteration undoubtedly is one of the primary causes of the changes in dimensions and physical properties that zinc-alloy die castings undergo during aging. It is planned to report on this problem in a series of papers of which this is the first. The writers have made a study of commercial zinc die-casting alloys over a period of several years, utilizing the X-ray diffraction technic of determining the phase composition changes in the alloys. Up to the present, two principal phase changes have been observed which are capable of causing dimensional changes: (I) the segregation of secondary constituents from the zinc-base solid solution and (2) the beta aluminum-zinc decomposition. The latter is the subject of the present paper and studies on the former will be reported upon at a future time. Scope of Study In the present investigation a special technic for the study of the beta phase in zinc-alloy die castings has been developed, making possible the determination of the period of existence of the beta phase after casting. The pure beta constituent and its decomposition have been studied in detail. The effect of magnesium and copper on the velocity of the decomposition is reported. The heat of decomposition, the eutectoid temperature arid the accompanying density change have been measured. The density change lias been calculated from data on crystal structure and the result thus obtained has been compared with the actual change.

Jan 1, 1935

By R. L. Wilcox, M. L. Fuller

Owing to the nature of the die-casting process, fresllly cast alloys are undoubtedly not at equilibrium from the standpoint of alloy phase relationships. After casting, therefore, they tend to undergo phase changes, with the ultimate effeet of reaching a state of equilibrium at the aging temperature, beyond which no fnrther change takes place. This phase alteration undoubtedly is one of the primary causes of the changes in dimensions and physical properties that zinc-alloy die castings undergo during aging. It is planned to report on this problem in a series of papers of which this is the first. The writers have made a study of commercial zinc die-casting alloys over a period of several years, utilizing the X-ray diffraction technic of determining the phase composition changes in the alloys. Up to the present, two principal phase changes have been observed which are capable of causing dimensional changes: (I) the segregation of secondary constituents from the zinc-base solid solution and (2) the beta aluminum-zinc decomposition. The latter is the subject of the present paper and studies on the former will be reported upon at a future time. Scope of Study In the present investigation a special technic for the study of the beta phase in zinc-alloy die castings has been developed, making possible the determination of the period of existence of the beta phase after casting. The pure beta constituent and its decomposition have been studied in detail. The effect of magnesium and copper on the velocity of the decomposition is reported. The heat of decomposition, the eutectoid temperature arid the accompanying density change have been measured. The density change lias been calculated from data on crystal structure and the result thus obtained has been compared with the actual change.

Jan 1, 1935

By J. C. Branner

DuriKg the past two or three years I have seen statements regarding the first discovery of fullers' earth in this country that seem to require correction or modification. One appears again in the Mineral Resources of the United States for 1909, part II., p. 738, where it is said that 'fullers' earth was firat discovered in the United States at Quincy, Fla., in 1893." In this connection the following bit of unpublished history concerning fullers' earth in the State of Arkansas is worthy of attention. In April, 1891, when I was State Geologist of Arkansas, a Swede named John Olsen, formerly a copper-miner in Michigan, but then living south of Little Rock, brought me a sample of what he thought mas fullers' earth. He reported that it was from near the town of Alexander, the locality being 1 S. 13 W., section 8, SW. quarter of the SE. quarter. My chemist, Dr. R. N. Brackett, analyzed the material, and reported: Per Cent. Silica,.....SiO2 .... 63.19 Alumina,.... A12O3 .... 18.76 Iron,.....Fe2O3 .... 7.05 Lime,.,...CaO .... 0.78 Magnesia,.... MgO .... 1.68 Potash,.... K2O ,... 0.21 Soda,.....Na2O .... 1.50 Loss on ignition,........7.57 100.74 Water at 110° to 115° C. = 7.84. Another sample from about the same locality, also brought by John Olsen, on analysis by Dr. Brackett gave :

Jan 1, 1913

By Andrew S. McCreath

THE manufacture of pig iron for conversion into steel by the Bessemer and open-hearth processes, is now one of the most important industries of the United States. It is necessary that iron intended for this purpose should be very pure, and especially must it be comparatively free from phosphorus. Great care must therefore he exercised in the selection of proper ores, flux, and fuel. Only such ores as are practically free from phosphorus can be used, and pure fuel is as much a necessity as pure ores; though hitherto iron men have paid comparatively little attention to this point. During the course of my work as chemist for the Second Geological Survey of Pennsylvania, I had occasion to examine some of the bituminous coals of the State for phosphorus, and the results obtained are so interesting that I venture to present them to the notice of the members of the Institute. The coals are arranged in geological order according to the different beds, and the table shows the percentage of phosphorus in the coal and also in the coke. The greatest number of specimens have been selected from the Pittsburgh bed, because it is the principal coal-bed of Southwestern Pennsylvania, and most of the mineral fuel which is mined along the Youghiogheny and Monongahela rivers, to be used in the coke ovens of the Connellsville region and in the blast furnaces and mills of Pittsburgh and its vicinity, and to be shipped to Western and Southern markets, comes from this bed. It will be noticed that many of the specimens examined contain

Jan 1, 1880

By B. A. Stainton, John D. Gill

OUR combined economic activities have as their goal the maximum of individual well-being and national security. In this age of intense international competition the two objectives are closely related. For many decades, the maximum of well-being and ability to maintain national security have moved generally upward. The best single measure-perhaps the only adequate measure -of the level of the rising goal is the per capita real national income (national income corrected for price changes). For centuries before the industrial revolution the income of the world's population changed little from generation to generation. In our country prior to 1800 the growth of national income was hardly measurable from decade to decade. Since 1850, perhaps since the "industrial revolution," the growth of per capita real income has been increasing geometrically. Of major importance is the accelerative growth of the productive ability of our economy. Inadequate consideration of its implications is partly responsible for periodic delays in solving our princi-

Jan 1, 1946

By Kenneth Seaver

Discussion of the paper of KENNETH SEAVER presented at the San Francisco meeting, September, 1915, and printed in Bulletin No. 105, September, 1915, pp. 1913 .to 1927. J. W. RICHARDS, South Bethlehem, Pa.-This paper concerns a very large industry, and an important detail in that industry. Within sight of where I live in Bethlehem, Pa., are coke works in which $2,500,000 was lost by the use of improper bricks in the coke ovens. This was the fundamental reason of the failure of the plant. The old ovens have all been torn out and replaced by new ovens built of proper bricks. This may emphasize the commercial importance of this subject. When speaking about coke-oven brick, the first thing that comes to my mind is how important it would he if it were possible to. get a brick of better heat conductivity. The heat for coking coal has to go through the thickness of the brick. The silica brick used has low heat conductivity as compared with some other refractories; magnesite brick probably has four times its heat conductivity. The coke oven needs bricks of high heat conductivity. Any process which would increase the heat conductivity of silica brick would undoubtedly shorten the coking process.

Jan 12, 1915

By J. Chupak, D. J. Salley, G. L. Simard

Radiotracers were demonstrated to be of considerable value in a study of the interaction of dithiophosphate with galena. The interaction had characteristics of both chemisorption and chemical reaction, being complex because of the nature of the galena surface. Sorption was rapid and markedly reversible, and flotation occurred at relatively small amounts of dithiophosphate sorbed.

Jan 1, 1950

By E. A. Anderson, P. W. Ramsey, E. J. Boyle

Only a few zinc-rich alloys are in commercial use today, and these depend largely upon solid solution effects for their desirable properties. Typical examples are rolled alloys containing about 1 Per cent of copper, with Or without additions of elements such as magnesium, and die-casting alloys containing about 4 Per cent of aluminum with small amounts of magnesium and sometimes copper." A number of elements are capable of forming alloys with zinc, Which do not enter into solid solution except in limited degree. The Present Paper considers One such system, zinc-titanium, in which alloys having potentially useful properties in the rolled form were found. Zinc-titanium System The zinc-rich portion of the zinc-titanium diagram, as determined by standard methods in this laboratory,3 is shown in Fig. I. The portion of the diagram of significance in the present work extends from 0 to about 0.5 per cent titanium. Gebhardt4 places the eutectic at 0.45 per cent, but the evidence in favor 01 the composition given in Fig. I is considerable. The solid solubility of titanium in zinc is very low indeed and possibly places these alloys in a somewhat different category from the commercial alloys previously mentioned. Alloy Preparation All of the alloys used in this work were prepared with titanium metal of 98.9 per cent purity. In most cases high-purity zinc (99.99 per cent) was used but sufficient work was done later to show that zinc of about high-grade composition would yield approximately equal results. Best practice in alloy manufacture seemed to be to prepare a zinc-titanium hardener by adding about 4 per cent of titanium metal to molten zinc and holding under a boric acid cover, with frequent stirrings, at 750°C, until the titanium had dissolved. The desired titanium content could readily be obtained in the final alloy by adding the calculated amount 01 this hardener. The alloys proved to be quite stable in composition, unless overheated, and, with reasonable temperature control, required no cover or flux to prevent loss of titanium content by oxidatioll, Hot-rollig Tests Three alloys containing, by analysis, 0.05, 0.12, and 0.23 per cent titanium were selected for preliminary study. Slab cross sections a a marked grain refinement* (Fig. 2) in the two alloys of highest titanium content. Cast unalloyed zinc has a columnar grain structure similar to that shown for the alloy of lowest titanium content but without the scatter of small equiaxed grains at the center.

Jan 1, 1944

By P. W. Ramsey, E. J. Boyle, E. A. Anderson

Only a few zinc-rich alloys are in commercial use today, and these depend largely upon solid solution effects for their desirable properties. Typical examples are rolled alloys containing about 1 Per cent of copper, with Or without additions of elements such as magnesium, and die-casting alloys containing about 4 Per cent of aluminum with small amounts of magnesium and sometimes copper." A number of elements are capable of forming alloys with zinc, Which do not enter into solid solution except in limited degree. The Present Paper considers One such system, zinc-titanium, in which alloys having potentially useful properties in the rolled form were found. Zinc-titanium System The zinc-rich portion of the zinc-titanium diagram, as determined by standard methods in this laboratory,3 is shown in Fig. I. The portion of the diagram of significance in the present work extends from 0 to about 0.5 per cent titanium. Gebhardt4 places the eutectic at 0.45 per cent, but the evidence in favor 01 the composition given in Fig. I is considerable. The solid solubility of titanium in zinc is very low indeed and possibly places these alloys in a somewhat different category from the commercial alloys previously mentioned. Alloy Preparation All of the alloys used in this work were prepared with titanium metal of 98.9 per cent purity. In most cases high-purity zinc (99.99 per cent) was used but sufficient work was done later to show that zinc of about high-grade composition would yield approximately equal results. Best practice in alloy manufacture seemed to be to prepare a zinc-titanium hardener by adding about 4 per cent of titanium metal to molten zinc and holding under a boric acid cover, with frequent stirrings, at 750°C, until the titanium had dissolved. The desired titanium content could readily be obtained in the final alloy by adding the calculated amount 01 this hardener. The alloys proved to be quite stable in composition, unless overheated, and, with reasonable temperature control, required no cover or flux to prevent loss of titanium content by oxidatioll, Hot-rollig Tests Three alloys containing, by analysis, 0.05, 0.12, and 0.23 per cent titanium were selected for preliminary study. Slab cross sections a a marked grain refinement* (Fig. 2) in the two alloys of highest titanium content. Cast unalloyed zinc has a columnar grain structure similar to that shown for the alloy of lowest titanium content but without the scatter of small equiaxed grains at the center.

Jan 1, 1944

Discussion of the paper of James R. Finlay, presented at the New York meeting, February, 1912, and printed in Bulletin No. 75, March, 1913, pp. 487 to .503. CHAIRMAN JOHN BIRKINBINE :-Having been invited to preside at this session, the Chairman feels that the part he takes in discussions should be limited, although the subject presented is one of much interest to him and there are diverse viewpoints concerning methods of valuing expectancies from what may be considered " ore in sight," a term itself subject to various definitions. Estimates of quantities upon which valuations are made may differ without subjecting the estimators to criticism of unfairness if made by a prospective purchaser or by a seller, or if they are used as the basis for taxation. The hopes of the seller may influence a liberal allowance for estimated reserves, while the expectancies of a willing purchaser are less optimistic, and the tax assessor is expected to limit his consideration to the producing capacity of a mine, with possibly modest allowance for reserves. The knowledge that a property contains or yields mineral or the expectancy that it may be a producer of value adds to the estimate placed upon it by any of the above classes, and a just determination of this value is often a complex problem.

Jan 5, 1913

By Thomas P. Bispham

INTRODUCTION From the lender's point of view, the greatest period of risk in a project financing occurs during the construction phase. Therefore, most projects are supported during this phase by completion guarantees supplied by some credit-worthy entity; for example, the project sponsors in the case of a joint venture, such as that of W.R. Grace, Hanna Mining, and Liberty Capital; or by a strong contract with a utility or foreign importer/investor, such as the way North American Coal Corporation has structured many of its transactions. THE PROJECT LOAN REQUEST A project financing is a more complex form of term loan than one using an ongoing corporation's balance sheet as a credit base and, therefore, a potential lender will subject the loan request to a more rigorous analysis. To support this effort, the financial institution will require a more detailed information memorandum to evaluate the credit and technical risks of a project - especially since much of the necessary information is not otherwise available. (See also Gibbs and Sroka paper above in this Chapter) A well-prepared information memorandum will impress prospective lenders with the planning ability and general competence of management. Also, the process of preparing the memorandum will help management understand the true extent of the opportunities and limitations of its venture. Appendix A outlines the topics which comprise a complete information memorandum for a loan request. Of some interest to those seeking to sell a currently-operating mining venture, a similar information memorandum should be prepared i.e., covering the same topics discussed here, for the investment banker to use with potential purchasers. For that purpose, though, one might not want to prepare quite as much detail as for a lender. Appendix B outlines the elements of a reserve evaluation and feasibility study, often called the "Bankable Document." Usually, these studies are prepared by independent engineering consultants for use by potential borrowers and sellers. (Potential purchasers will often contract for a similar study for their use in evaluating an acquisition.) ELEMENTS OF A LOAN INFORMATION MEMORANDUM 1. Outline: The information memorandum should begin with a one-page outline covering such topics as: a. The borrower's name, address, and phone number. b. Principal contact at the borrower. c. Amount of the proposed financing. d. Desired pricing and structure of the proposed financing. This should include a description of the amount and source of equity in the proposed financing. e. Use of the proceeds and timing. 2. Summary: The most important information contained in the memorandum should be summarized in two pages. Note - If the borrower is a recently-formed single-purpose company, then elements 3, 4, and 5 will apply to the guarantors of completion and to the project sponsors. 3. The Borrower: This section is a brief biography of the borrower including such topics as date and state of incorporation, founder(s), lines of business, etc. 4. Capitalization: The borrower's current debt and equity position, including leases and trade debt, with amounts, terms, names, and addresses enumerated. Equity owners, and percentage ownership, should be identified. 5. Historical Financial Statements: If available, a minimum of five year's worth of complete historical financial statements

Jan 1, 1985