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By Wayne A. Greenwalt

A method that determines venture participation when the decision maker's level of risk aversion varies according to venture profitability and risk investment is presented. The decision maker's fundamental aversion to risk is established by the selection of a desired working interest for a venture that anticipates only a discounted payout.

Jan 1, 1982

By L. O. Howard

L. D. RICKETTS, New York, N. Y.-The advance which has been made in Smelting has been in the line of cheaper cost of handling, due to larger units and decrease in losses. At the International smelter, Mr. McGregor designed everything to handle the ore under cover. But we do find an unaccounted for loss of 0.7 per cent. of our copper, which is serious. Mr. Wallace has made a suggestion that I think metallurgists ought to know of and think about. He made it years ago-and that is that one of the chief losses is undoubtedly in the charging and discharging of the calcine cars. His idea is that possibly the dryers and heaters might be put immediately over the reverberatories So that they could discharge in conveyors. They could feed on both sides, and thereby the dust raised by discharging in the cars from the hoppers could be overcome. E. P. MATHEWSON, Anaconda, Mont.-I might Say a few words on the plants we have visited So far. I was particularly struck with the cleanliness of the plants, which is next to Godliness. I noticed also that the skull-cracker arrangement they have for handling their converter slag is very good. And they have paid considerable attention to ventilation, and are taking steps to take care of the health of the men. "Safety first" has been well looked after in all the plants we have visited so far. The steel structures are right up to date, and the buildings are of the most modern type, and everything is conveniently arranged. I think the designers of the plants in the Southwest are to be congratulated on what they have done.

Jan 12, 1916

By James C. Ray

DURING the summer of 1931, I spent four months in a study of the Willow Creek district, Alaska. This work was part of a general investigation of the territory contiguous to the route of the Government- owned Alaska Railroad. It was conducted by the U. S. Geological Survey to determine the real and potential merits of the mineral deposits, to stimulate development of them, and thus to increase the traffic on the Alaska Railroad.

Jan 1, 1932

By AIME

DURING the Revolutionary War an iron mining industry was born in the Adirondack region of New York State. New York State ores provided the iron from which were forged the links of the chain that, strung across the Hudson River, successfully kept British vessels from ascending. The industry flourished for a while and then became dormant. For the successful prosecution of World War II, the magnetite mines were revived and given considerable aid in the form of government financial support. The complete story appeared in a special issue Of MINING AND METALLURGY published in November 1943. Now, almost four years later, it is interesting to see that these "war babies" were not really such but are well-established enterprises with a bright future. A ten-day trip through the Adirondack region and to St. Lawrence County dispelled all thoughts that mining in northern New York State is a transitory industry. In addition to substan-

Jan 1, 1947

By Michael S. Koleda

Less than two years ago, the, Congress, with broad bipartisan support, passed the Energy Security Act of 1980. A decade marked by ten- fold increases in world oil prices and two major interruptions in oil flows from the Middle East had ended. An all-out national commitment to transform America's vast tar sands, oil shale and coal resources into conventional fuels had begun. The national synfuels effort was to be public-private cooperation at a scale unmatched in peace time. Private industry would own and operate the synthetic fuels facilities. Government would reduce market uncertainties to acceptable levels. The potential government commitment was substantial. Up to $88 billion would be available through the Synthetic Fuels Corporation, principally in the form of contingent financing. Billions more would be spent through Department of Energy programs. Additional incentives for alternate energy development were contained in the Energy Tax Act of 1978. The Energy Security Act clearly specified national synthetic fuels production objectives: 500,000 barrels per day by 1987 -- 2 million barrels per day by 1992. Finally, said Congress, Uncle Sam was going to do something about rapidly rising oil prices, uncertainties of energy supply, and the resulting disruption to the U. S. economy. Simply put, the purpose of the Energy Security Act of 1980 was to provide government guarantees sufficient to get synthetic fuels projects off the private sector drawing boards and into commercial production. Because of their huge cost, technological uncertainty, and lengthy pay-out period, these projects were always second place to projects of smaller size, known technology and more rapid pay-out. The Energy Security Act was the legal expression of public policy to bring the free-market synfuels timetable into line with the faster paced political timetable in the interest of national energy security.

Jan 1, 1982

By Frank B. McKune

This is something new in my life. A lot of you men here today I do not know, and some I do know. So if you have any remarks to make, I wish you would give your name and the name of your company. This is the first Acid Meeting which has been held under the auspices of the National Open-Hearth Steel Conference, and I hope it is a success. Whether it is a success or not depends entirely upon the support we get. If it does get good support, I have the idea it will be continued as a regular feature of the National Open-Hearth Steel Conference. We all think we have pretty good practices. But we can all learn and I hope that you, gentlemen, who take issue with the things someone else has said will stand up and give your opinions. Otherwise, the meeting will fall rather flat, and we won't get a great deal out of it; and there will not be enough interest shown by the National Committee to continue to place the meeting on the regular yearly program.

Jan 1, 1940

By R. S. Shoemaker, F. W. McQuiston

CARLIN GOLD MINING COMPANY 1974 Operating Data to October MINE LOCATION: 40 miles from Elko, Nevada ORE DESCRIPTION: Gold with minor amounts of mercury occurring in siltstone and carboniferous limey shales. TYPE OF MINE: Open pit ORE HAULAGE TO MILL: By trucks up to a distance of 12 mi1es MILLING CAPACITY: 2500 tons per day ORE GRADE: 0.20 oz per ton oxide ore 0.25 oz per ton carbon type ore PRODUCTS: Gold bullion 993 fineness, by product quicksilver RECOVERIES: Oxide ore 887'0 Carbon ore 83% POWER FOR GRINDING: 7 Kwh/T POWER, other than grinding: 14 Kwh/T WATER SUPPLY: Pumped from wells 2- 112 miles through 13,000 ft of 8" buried pipe 6 ft underground. Consumption 0.60 tons of new water per ton of mill feed. TAILINGS: By 10" woodstave pipe a distance of 2500 ft to mine waste filled dam. RUNNING TIME: 10 ft x 10 ft mill on oxide ore, 98% 7 ft x 8 ft mill on carbon ore, 937'0 Principal causes of lost time, power outages and problems of feeding gaseous chlorine to carbon ore agitators. LABOR, TONSIMAN SHIFT: See detailed data sheet ILL BUILDING DESCRIPTION: Framed structural steel with sandwich type walls of marine plywood, then packaged pre - fabricated insulation and outer sheeting of galvanized corrugated steel.

Jan 1, 1975

By James L. Poole

INTRODUCTION Companies in the mining industry are subjected at times to currency exchange rate risks and interest rate risks. The former occurs any time a firm deals in more than one currency. The latter occurs anytime a firm is financing itself with borrowings that have a floating interest rate (although a fixed rate can be a problem at times). FOREIGN EXCHANGE RISKS There are two general reasons why exchange rate risks (FX risk) can occur: First, a firm may be building a mine or plant in another country where financing for the plan is denominated in funds other than the country hosting the plant. For example, if a Canadian firm is building a smelter in another country which is being financed with Canadian dollars, the C$100 million for labor, which must be paid in the local currency, has subjected the firm to a C$100 million FX exposure risk. If after the cost estimates were made the local currency appreciates 30% against the Canadian dollar, the cost of labor has increased to C$130 million. (Of course, the local currency could also devalue during this period making the labor cost component less than estimated.) The other reason exchange rate risk arises is due to the fact that the costs of production in one country producing minerals may be incurred in one currency while the production is sold in another currency, such as coal being exported from Canada to Japan under contracts denominated in Yen. In this example, the Canadian firm is exporting coal to Japan and being paid in yen in 30 days at a contract price of 100 Y per ton. Furthermore, assume that the mining firm anticipates a depreciation of the yen against the Canadian dollar of 5% in the next 30 days. Therefore, the mining firm stands to lose 5% of the value of its shipment in a month's time not including carrying costs. In both cases, the mining company risks an adverse change in the exchange rate, that is, the currency the company holds may decrease in value relative to the other currency. There are a number of ways to mitigate the exposure to foreign exchange which can be utilized by the mining company. Optimally, a company should try to match all their inflows and all their outflows in the same currency. For example, if a Canadian firm has mining costs and debt service costs both denominated in Canadian dollars then 100% of their receipts would need to be in Canadian dollars. If a Canadian firm has 70% of its cash outflows in Canadian dollars and 30% of its cash outflow in American dollars in the form of a loan amortization then their receipts would need to be 70% in Canadian dollars and 30% in U.S. dollars. This general principle of matching cash receipts and cash costs in the same currency works fine in a perfect world but what of the real world when these cannot be matched? In actual practice, however, the financial markets have developed a number of ways in which foreign exchange risks can he managed or reduced. FORWARD MARKETS One method is to use the forward markets which are made on a world-wide basis by the commerical banks for foreign exchange. If a firm wanted to lock in the current exchange rate for the receipt of a foreign currency at some point in the future, they could do so by contracting on the forward market with a bank selling that foreign currency at the current rate at the future date. For example, assume that a Canadian firm is exporting coal to Japan which would pay yen in 90 days. If a firm wanted to lock in today's exchange rate they could contract with a bank to sell on the forward market yen in 90 days. When the yen was received the contract would be executed by selling the yen to the bank and receiving the previously agreed upon number of Canadian dollars. Generally speaking, the forward market can be used to sell forward about 12 months. The costs of selling (or buying) forward

Jan 1, 1985

By W. V. Vietti, E. P. Hayes

OpeRations on the Texas Gulf Coast during 1936 increased materially over 1935. A number of new fields were discovered and a few of the older fields were extended, both by the discovery of deeper pay sands and by lateral expansion of the known producing horizons. Twenty-seven new fields have been discovered, of which 25 are oil fields and the others are gas fields that have every indication of becoming oil-producing areas. Amelia, Anahuac, Bay City, North Pettus, Placedo, Pickett Ridge and Tomoconnor have had major extensions. Production for 1936 amounted to 91,224,844 bbl., an increase of 21,627,033 bbl., or 31 per cent, over the 1935 production of 69,597,811 bbl. The number of producing wells at the end of 1936 was 6727, as compared with 4851 at the end of 1935. Proration has continued in force, thus decreasing the rate of depletion and the number of abandonments normally expected. New Fields A brief discussion of the new fields follows, in addition to Tables 1 and 2, which contain the general data on these fields. Aransas (McCampbell).-Buckingham and McCampbell No. 1 McCampbell was drilled to 7501 ft., then plugged back to 6560 ft. and completed in the Marginulina for a 100-bbl. flowing well on July 18. Bee County.—The Voss field, discovered by Swiger and Devonian's No. 1 Voss, and the Holzmark field, discovered by Miller and Donzis on the Holzmark farm, are both of the same type structurally and are caused by folding against a fault, one field being on one side of a fault and the other on the opposite side of the same fault. Brooks County.—-Standard Oil Company of Texas Garcia No. 1, the discovery well in the Alta Mew field, and Dick Young's Singer No. 1, the discovery well of Alta Verde, appear to indicate small fields. Garcia No. 1 was drilled to 8022 ft. and plugged back to 2485 ft., at which depth the well made 189 barrels. Lockridge.—This gas field was discovered by Gulf Production Company's Fairfield No. 1, in Brazoria County. It was originally drilled to

Jan 1, 1937

By W. O. Hotchkiss

RECOVERY and profits in the mining business do not go hand in hand. Some part of an orebody can usually be recovered at a lower cost per ton than the whole orebody or a higher proportion of it. Similarly, the total of the profits that may be made from mining an orebody is in itself not a true measure of the value of the business. The yardstick for money value should be present worth, and this is particularly so for purposes of com-parison. A simple example, well within the bounds of practicability, illustrates these points: Assume a mine to have known ore reserves of 4,000,000 tons. The ore is of uniform grade but is so situated that 1,000,000 tons could be mined more cheaply than the remainder. Present operations are on the basis of complete recovery of the ores. Output is 100,000 tons per year at a profit of $1 per ton. It is estimated that the 1,000,000 tons of readily accessible ore could be mined at the same production rate but at a profit of $2 per ton. For an output of 100,000 tons each year at a profit of $1.00 per ton, the mine will have a life of 40 years; will produce $4,000,000 of total profit, and, at Hoskold rates of 8 and 4 per cent, will have a present value of $1,104,690. If only the easy one-quarter of the ore is considered, with an output of 100,000 tons each year, at a profit of $2.00 per ton, that part of the mine will have a life of 10 years, will produce total profits of $2,000,000, and at rates of 8 and 4 per cent will have a present value of $1,224,800. . Under conditions such as these, then, one-quarter of the reserve ore promptly mined is worth some 10 per cent more than the entire reserve would be on an average basis extending over the longer period. Assume further that one-half, or 2,000,000 tons, of the reserves could be promptly mined at the same yearly rate of 100,000 tons at a profit of $1.50 per ton. Then this part of the mine would have a life of 20 years, would produce total profits of $3,000,000, and would have a present value of $1,320,630; approximately 20 per cent greater than for the whole ore-body on an average basis for the longer period.

Jan 1, 1936

By F. F. Colcord

THE electrolytic separation of silver and gold has been practiced by the refineries in the United States for a good many years; and probably because of frequent visiting between officials of plants and the consequent exchange of views, operations in the various silver and gold refineries are very similar. We find, for instance, they practically all use electrolytes of approximately the same composition, which, no doubt, is more the result of experience than of studies of electrolytes. At the new electrolytic parting plant of the U. S. S. Lead Refinery, Inc., East Chicago, Ind., considerable attention has been given to the, composition of electrolytes, especially to their conductivity and their effect on the character of the silver deposit. We are not aware that anything has been recently published on this subject and are, therefore, presenting such data as we have with the idea that, although it will not be wholly new, it may stimulate interest in the subject. EFFECT OF COPPER CONTENT ON CONDUCTIVITY The first work, was to determine the specific conductivity of silver nitrate and copper nitrate solution. Concentrated solutions of silver nitrate and copper nitrate were prepared by dissolving analyzed chemically-pure salts in distilled water, and determining the silver and copper in each. Definite amounts of the concentrated solutions were taken, mixed and diluted to a definite volume. The silver and the copper were determined in each of these solutions and the conductivity was, then determined. The plotted results are shown in Fig. 1 and 2. The effect of increasing quantities of silver and, copper is readily seen. A comparison of the two sets of curves shows conclusively the benefit of holding the copper content of the electrolyte above 50 g. per liter, as its

Jan 2, 1926

By J. J. Mulligan, F. F. Colcord, E. F. Kern

The electrolytic separation of silver and gold has been practiced by the refineries in the United States for a good many years, and probably because of frequent visiting between officials of plants and the consequent exchange of views, operations in the various silver and gold refineries are very similar. We find, for instance, they practically all use electrolytes of approximately the same composition, which, no doubt, is more the result of experience than of studies of electrolytes. At the new electrolytic parting plant of the U. S. S. Lead Refinery, Inc., East Chicago, Ind., considerable attention has been given to the composition of electrolytes, especially to their conductivity and their effect on the character of the silver deposit. We are not aware that anything has been recently published on this subject and are, therefore, presenting such data as we have with the idea that, although it will not be wholly new, it may stimulate interest in the subject. Effect of Copper Content on Conductivity The first work was to determine the specific conductivity of silver nitrate and copper nitrate solutions. Concentrated solutions of silver nitrate and copper nitrate were prepared by dissolving analyzed chemically-pure salts in distilled water, and determining the silver and copper in each. Definite amounts of the concentrated solutions were taken, mixed and diluted to a definite volume. The silver and the copper were determined in each of these solutions and the conductivity was then determined. The plotted results are shown in Figs. 1 and 2. The effect of increasing quantities of silver and copper is readily seen. A comparison of the two sets of curves shows conclusively the benefit of holding the copper content of the electrolyte above 5C g. per liter, as its effect is to increase greatly the conductivity in an approximate propor-

Jan 1, 1926

W. L. Saunders, New York, N. Y.:—Mr. Parker's paper, though entitled Conservation of Coal, might also be called the Conservation of Life in the Coal-Mines of the United States. No subject is of greater importance to mining-men at the present time than information from experts as to how to save coal and how to save human lives in mines. That the casualties in the coal-mines should exceed 3,000 in the year 1907 is simply appalling, and that 1,000 men should have been killed in a single year through explosions alone, and that so good an authority as Mr. Parker should say that " a prolific cause " is an "improperly-prepared blast" or "the failure on the part of the miner to undercut his coal," points to the importance of activity not only among mining engineers but also, through experts, by the legislatures of the respective States. There is but little doubt that nearly all the serious coal-mine

Jan 1, 1910

By Anthony Anable

THE definite trend to stricter specifications with respect to hydraulic concrete has become increasingly manifest in the last six years or so; but it remained for the vast reclamation projects of the Bureau of Recla-mation of the Department of the Interior of the last few years to focus attention on this trend, and to demonstrate how thousands of tons of concrete-making aggregates can be produced continuously and auto-matically with a control of fineness comparable with that obtained with small samples in well equipped private and governmental laboratories. Pioneer work in this direction was done, to be sure, by private com-panies, notably the Kaiser Paving Co. of San Francisco, prior to the present vast public works program. Then in 1931 came the first great, aggregates-preparation plant of the Six Companies, Inc. to supply construction materials for Boulder Dam' in Nevada, and now, in 1936, the aggregates plant of the Mason-Walsh-Atkinson-Kier Co., general con-tractors on the Grand Coulee dam in Washington. At Boulder dam and to an even greater degree at Grand Coulee dam, sand production is recognized as probably the most important single element affecting the physical characteristics of the concrete. For in the construction of dams accurate grading of the fine aggregate has consider-able bearing on the attainment of a uniform and homogeneous concrete of a high degree of workability and placeability and, at the same time, combining high density and low cement content. Low cement content is of value not only from the standpoint of economy but also because the use of an unnecessarily rich concrete causes certain undesirable characteristics to develop. This paper will relate how at Grand Coulee dam methods that are more advanced than ever before are producing four sizes of gravel and a sand having a fineness modulus of 2.5-3.0. The design capacity is 1000 tons an hour. Significantly, the methods and equipment employed are broadly those that have been used for a generation in metallurgical mills for accurately sizing and grading both precious

Jan 1, 1936

By Thomas Fraser, David R. Mitchell

THE primary purpose of the loading plant is to transfer the finished product from the preparation machines to the railroad car, truck, or barge in which it is to go to market. Secondary purposes of the loading plant are: to prevent excessive degradation of sizes during loading, to reduce segregation as much as possible, and to prevent excessive quantities of very good or off-grade coal from entering any one car. Nonuniformity of consignments is one of the chief sources of com- plaints by consumers and coal merchants. A properly designed loading plant will do much to reduce complaints and ensure uniformity, not only from shipment to shipment but also in each individual consignment along the length of the car and in cross section. DEGRADATION IN STORAGE, LOADING AND SHIPMENT The object in loading is not only to handle the coal without breakage and segregation, but also to produce a well-trimmed load that will ride to its destination without spillage or breakage en route. The small sizes present in a car of prepared coal as received by the purchaser consist-of: missed small sizes not screened out in the preparation plant, breakage during loading, and breakage caused by handling en route. For domestic sizes of anthracite shipped from the Pennsylvania anthracite field to Atlantic coast cities, the dealers' lass because of breakage in loading and shipment amounts to from 2 to 5 per cent and for anthracite shipped to Middle West cities, the loss is 8 to 9 per cent. This difference is in part because dealers in the Middle West rescreen their coal more thoroughly than is usual in the East. One dealer handling Illinois No. 6 coal shipped from southern Illinois mines to Chicago reports an average size loss of 10 per cent when lump coal is unloaded with a fork. This runs as low as 5 per cent for carefully loaded coal and as high as 15 per cent for carelessly loaded coal.

Jan 1, 1943

By Gerhard Derge

THE orientation relationships resulting from allotropic transforma-tions and the formation of segregate structures in metals and alloys have been the subject of the eight earlier papers in this series1. A brief summary of orientation studies has also been given by Sachs2. A survey of these papers discloses that the factors that determine the orientation relationship of a precipitated phase to its parent solid solution, as Well as the outward form and appearance of the new phase, are not completely understood. It is now evident that crystallographically analogous systems, as a rule, exhibit the same type of Widmanstätten figure and orientation relations, so that useful information is not to be expected from examination of a new alloy involving lattice combinations of which the orientation relationships are already known. Therefore, the determina-tion of the relations existing between lattice types that have not already been studied seems to be the most promising mode of attack upon the problem; both of the systems reported in this paper represent new com-binations of lattice types.

Jan 1, 1937

By D. Harker, E. Epremian

The constitution of the nickel-tungsten system has been studied by a number of investigators, the most recent of which are Ellinger and Sykes.1 On the basis of metallography, electrical resistivity and hardness measurements and some X ray diffraction work, they constructed a consitution diagram (Fig 1). Ellinger and Sykes report a0 for the alpha face-centered cubic phase (nickel saturated with tungsten) as 3.66?.‡ The gamma phase (tungsten saturated with nickel) is given as body-centered cubic, but no value of a. is recorded. At 43 pct tungsten by weight (approximately 20 at. pct) a beta phase is reported, but structure and lattice parameter are not known. Primarily on the basis of metallographic evidence, they conclude that beta is a new phase and rule out the possibility of formation of a superlattice since they- observe a new phase in the microstructure. Grube and Schlecht2 report an ordering reaction in a system similar to the Ni-W (Ni-Mo) and Harker3 has shown that NirMo forms a superlattice upon the pre-existing face-centered cubic lattice of the alpha phase. Elliniger arid Sykes observed a change in the diffraction pattern of a 4.3 pct W alloy upon aging and attributed it to the formation of a new phase. Thus, there appears to be some question as to the character of the beta phase reported by Ellinger and Sykes. The purpose of the present work is to determine precisely the structure and nature of the beta phase in the Ni-w system of X ray diffraction methods. Experimental Procedure One inch diameter ingots of 43.66 pct, 40.15 pct and 34.06 pct .tungsten by weight (19.8, 17.6 and 14.1 at. pct respectively) were melted and cast under vacuum from electrolytic nickel and pure wire filament grade tungsten. The ingots were soaked for 16 hr at 1300°C in a hydrogen atmosphere furnace, then swaged at this temperature and finally drawn to 0.020 in. diam wire. Some of the bar stock was retained in 1/2 in. diam rod for hardness and metallographic studies. Wire samples for diffraction work were sealed in evacuated quartz tubes and subjected to the various solution and aging heat treatments in a hydrogen furnace. X ray photograms were taken in a Debeye-Slierrer camera using copper K radiation filtered by nickel foil. Results X RAY DIFFRACTION The lattice parameters of the alpha and gamma phases at saturation were determined by an X ray photogram of the 19.8 at. pct W alloy after solution heat treatment at a temperature well within the alpha-gamma range above the peritectoid temperature (17 hr at 1150°C—oil quenched). The alpha phase was found to be face-centeted cubic with a. of 3.594 ± 0.001?, while the gamma phase was determined as body-centered cubic with a. of 3.158 ± 0.001?. Exactly the same phases and parameters were ohtained with the 17.6 at. pct W alloy for the same solution heat treatment. Thorough analysis was made of an X ray photogram of a 19.8 at. pct alloy sample in the quenched and aged condition (solution treated 1T hr at

Jan 1, 1950

By Moshe Sheinkin, Burke O. Trafton

This paper describes the use of a computer in analyzing the expected return on a mining venture. The computer program is designed to incorporate all aspects of a mining project, including the mine, mill, smelter, and refinery. Data input may consist of the operating variables in each phase such as the mining rate, grades, reserves at the mine, and the technical operating characteristics of the mine, mill, smelter, and refinery. Detailed tax computations are shown for a domestic operating company, for a foreign company and for a foreign subsidiary. In addition, the use of the various options that are available such as expense write-offs or deferments to create tax credits during preproduction years are considered, and its effect on the DCF. The program is also constructed to accommodate changes in metal prices, and escalation of capital requirements and operating costs. Output consists of profit and loss statements for entire projects using different methods of depreciation, cash flows, discounted cash flows, net present value and returns on investment. Returns on investment are computed for equity investment, total investment, and total investment less tax credits. Allowances are made for bank and guaranteed loans. Additional financial statements can be made for the following: a) A mine-mill segment with a concentrate selling schedule b) A mine-mill-smelter complex with a smelter product selling schedule c) Profitability of the smelter separately d) Profitability of the refinery separately

Jan 1, 1969

Jan 1, 1887

By J. W. Cunningham, M. J. Stultzman

THE demand for improved materials for high-temperature service has increased during the last few years. Iron,- nickel,- and cobalt-base alloys have been investigated extensively and many alloys with outs'tanding high-temperature strength have been developed. Considerable research has been directed toward improved methods of processing these alloys. The vacuum furnace as a tool for the purification and improved control of high-temperature alloys has been studied extensively and production units are in operation. The research covered by this paper studied the effects of casting in air, vacuum, or argon upon the elevated-temperature properties of two nickel- and two cobalt-base alloys. The alloys investigated were Stellite 31, He 1049, Udimet 500, and Guy Alloy. MELTING AND CASTING PROCEDURES Two heats of each of the four alloys under investigation were melted and investment cast under the following conditions: 1) Stellite 31 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 2) He 1049 was melted and investment cast in air and in vacuum, with an argon atmosphere for pouring. 3) Udimet 500 was melted and investment cast in vacuum with and without additions of zirconium and boron. 4) Guy Alloy was melted and investment cast in vacuum and in argon. The heats were all melted in induction furnaces equipped with preformed magnesia crucibles of 50-lb capacity. The air-melting furnace was powered by a spark-gap converter of 40 kw capacity. The vacuum-melting furnace was powered by a motor-generator set of 100 kw capacity. The argon heat of Guy alloy was melted in the vacuum melting furnace under an argon atmosphere. Virgin materials were used for preparing all heats except the air heats of Stellite 31 and He 1049. The charge for the air heat of Stellite 31 was a commercial blend of shot. The charge for the air heat of He 1049 was Stellite 6 shot plus those virgin materials necessary to give the desired composition. All of the materials used were of the same grade used com-

Jan 1, 1960