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By Gerhard Derge, Arthur H. Grobe, Harold Markus

The high corrosion resistance possessed by tin under most circumstances, combined with its generally satisfactory appearance and useful physical properties, has led to many and varied uses for the metal. These uses have been partly limited by the fact that tin is an expensive metal, therefore many applications have been developed in which tin has been employed in combination with lead, either by coating, as in tin-lined collapsible tubes, or by the formation of alloys containing various proportions of tin-rich and lead-rich phases, as tcrne plate. A detailed knowledge of the corrosion characteristics of the tin-lead couple therefore is of general interest and has become specially important at the present time, when every effort is being made to conserve tin as much as possible. The present study has been limited to carbonate solutions with a pH range from 8.4 to 11.2 so that the results may be related to earlier work on the corrosion of tin and its alloys. 1-3,6 In these papers, the effects of a number of anion and cation additions to these solutions have been observed. Apparatus and Method The electrodes for the corrosion cell were cut from rolled sheet about 1/16 in. thick. The length of all specimens was held constant at 7 in., while the width was varied from M to 2 in. These electrodes were fastened to brass electrode supports, which were attached to rubber stoppers fitting into tall-type one-liter Pyrex beakers that contained the electrolyte. The lead electrodes were prepared from Omaha pig* and the tin was rolled from a slab of Chempur.† After cutting to size, the sheets were polished with No. I emery paper and cleaned with carbon tetrachloride. The edges, back and upper parts of the specimen were coated with a synthetic lacquer, which was supplemented with beeswax for the lead electrodes. The binding posts were coated with beeswax after the electrodes had been clamped. The pH of the electrolyte was controlled by adjusting the ratio of carbonate to bicarbonate. Approximately 600 ml. of electrolyte was used in each beaker. The entire assembly was placed in an oil bath thermostatically adjusted to operate at 30°C. + 0.1". Potentials were measured against a saturated calomel electrode connected to the cell by an agar-agar salt bridge. The carbonate solution used in the salt bridge was the same as that used in the corrosion cell. Currents were measured with a milliam-

Jan 1, 1942

By Harold Markus, Arthur H. Grobe, Gerhard Derge

The high corrosion resistance possessed by tin under most circumstances, combined with its generally satisfactory appearance and useful physical properties, has led to many and varied uses for the metal. These uses have been partly limited by the fact that tin is an expensive metal, therefore many applications have been developed in which tin has been employed in combination with lead, either by coating, as in tin-lined collapsible tubes, or by the formation of alloys containing various proportions of tin-rich and lead-rich phases, as tcrne plate. A detailed knowledge of the corrosion characteristics of the tin-lead couple therefore is of general interest and has become specially important at the present time, when every effort is being made to conserve tin as much as possible. The present study has been limited to carbonate solutions with a pH range from 8.4 to 11.2 so that the results may be related to earlier work on the corrosion of tin and its alloys. 1-3,6 In these papers, the effects of a number of anion and cation additions to these solutions have been observed. Apparatus and Method The electrodes for the corrosion cell were cut from rolled sheet about 1/16 in. thick. The length of all specimens was held constant at 7 in., while the width was varied from M to 2 in. These electrodes were fastened to brass electrode supports, which were attached to rubber stoppers fitting into tall-type one-liter Pyrex beakers that contained the electrolyte. The lead electrodes were prepared from Omaha pig* and the tin was rolled from a slab of Chempur.† After cutting to size, the sheets were polished with No. I emery paper and cleaned with carbon tetrachloride. The edges, back and upper parts of the specimen were coated with a synthetic lacquer, which was supplemented with beeswax for the lead electrodes. The binding posts were coated with beeswax after the electrodes had been clamped. The pH of the electrolyte was controlled by adjusting the ratio of carbonate to bicarbonate. Approximately 600 ml. of electrolyte was used in each beaker. The entire assembly was placed in an oil bath thermostatically adjusted to operate at 30°C. + 0.1". Potentials were measured against a saturated calomel electrode connected to the cell by an agar-agar salt bridge. The carbonate solution used in the salt bridge was the same as that used in the corrosion cell. Currents were measured with a milliam-

Jan 1, 1942

By Ralph Arnold

WITHIN the past three weeks the price of crude oil in the Mid-Continent field has been cut 50 .per cent. Similar action has been taken, or probably, shortly will be taken, in most of the other fields of this country. This cut is very drastic. Is it justified? Some of the causes advanced for the cut are: that it is in line with the industrial downward readjustment now taking place throughout the country, and that there is an over-production of oil, which can best be slowed down by lowering the price of crude. In part, these two reasons are logically advanced, but such underlying causes as the great production- in Mexico have not been prominently brought forward nor the fact that it would be advantageous at this time to fill up the empty storage of many of the consuming companies at a low 'price. In order to properly comprehend the situation let us compare for a moment the production- of oil in the United' States and that in Mexico. Oil in the United States occurs in numerous often widely separated pools, varying in individual area, but each usually relatively extensive, compared to the area or gathering ground from which it is ultimately derived: It occurs in mod-erately porous reservoir rocks under such conditions of pressure, mobility and availability as to preclude its withdrawal except over a period of years-varying from 1 to at least 40 (average, say 15 years, depending on-the pool). One well will usually drain a limited area-2 to 10 acres-so that rate of withdrawal of oil under each owner's property is determined by the owner. - The important point to remember is that no matter how intensive the development, the oil reserves of -the United States cannot be materially exhausted' for at least 20 years, and the total available supply, not including shale oil, will probably require 50 to 75 years, or longer, for its withdrawal, the yearly rate of production decreasing slowly from this time on.

Jan 1, 1921

By V. N. Antaki

ELEMENTAL phosphorus (referred to as P,) is a true mineral product that has developed, in the relatively brief span of a century, from a laboratory curiosity to a heavy chemical. Annual production now exceeds 300,000 short tons. Continued rise in production has been predicted, consistent with new applications for P, derivatives and the expected population increase. In itself elemental P, is valuable chiefly as an 'intermediate chemical. The principal end uses at present are in inorganic phosphates, both simple and complex, of sodium and potassium, used in water treatment and detergent compounds, leavening agents, food supplements, and dentifrices. Organic P, compounds are important as plasticizers, oil additives, flotation agents, and more recently as gasoline additives (TCP being the outstanding example). The increasing use of high-analysis water-soluble and liquid solution fertilizers, as well as the direct application of phosphoric acid to the soil, will probably be the most significant factors in P, production growth rate. Coke oven plants now using sulfuric acid to fix byproduct ammonia values will gradually switch to phosphoric acid in order to market a fertilizer with completely available values. Recently sponsored experiments show that phosphoric acid can be directly admixed with cattle and poultry feed to produce rapid growth. Both P, compounds and modifiers for oil well drilling mud show increasingly promising significance.

Jan 3, 1957

By Harold Markus, Gerhard Derge, Arthur Grobe

THE high corrosion resistance possessed by tin under most circumstances, combined with its generally satisfactory appearance and useful physical properties, has led to many and varied uses for the metal. These uses have been partly limited by the fact that tin is an expensive metal, therefore many applications have been developed in which tin has been employed in combination with lead, either by coating, as in tin-lined collapsible tubes, or by the formation of alloys containing various proportions of tin-rich and lead-rich phases, as terne plate. A detailed knowledge of the corrosion characteristics of the tin-lead couple therefore is of general interest and has become specially important at the present time, when every effort is being made to conserve tin as much as possible. The present study has been limited to carbonate solutions with a pH range from 8.4 to 11.2 so that the results may be related to earlier work on the corrosion of tin and its alloys.1-3,6 In these papers, the effects of a number of anion and cation additions to these solutions have been observed. APPARATUS AND METHOD The electrodes for the corrosion cell were cut from rolled sheet about 1/16 in. thick. The length of all specimens was held constant at 7 in., while the width was varied from ½ to 2 in. These electrodes were fastened to brass electrode supports, which were attached to rubber stoppers fitting into tall-type one-liter Pyrex beakers that contained the electrolyte. The lead electrodes were prepared from Omaha pig* and the tin was rolled from a slab of Chempur.† After cutting to size, the sheets were polished with No. I emery paper and cleaned with carbon tetrachloride. The edges, back and upper parts of the specimen were coated with a synthetic lacquer, which was supplemented with beeswax for the lead electrodes. The binding posts were coated with beeswax after the electrodes had been clamped. The pH of the electrolyte was controlled by adjusting the ratio of carbonate to bicarbonate. Approximately 600 ml. of electrolyte was used in each beaker. The entire assembly was placed in an oil bath thermostatically adjusted to operate at 30°C. ± 0.1°. Potentials were measured against a saturated calomel electrode connected to the cell by an agar-agar salt bridge. The carbonate solution used in the salt bridge was the same as that used in the corrosion cell. Currents were measured with a milliam-

Jan 1, 1942

By John H. Hall

The Frémont test for measuring the energy consumed in breaking a notched bar of steel is not so well known in this country as it deserves to be. The test specimen used in this test is about # by 6 by about 16 in., notched with a hack saw on the lower side to cause the piece to break at a fixed point. A weight of 10 kg. falling 4 m., and provided with a knife or chisel which strikes the specimen, breaks the test piece by impact. The residual force in the falling weight after it has broken the specimen is recorded by a suitable device, and the difference between the total energy and the residual energy of the weight (in kilogrammeters) is the force consumed in breaking the specimen. An experience of several years with the Frémont testing machine has shown its great value in readily detecting brittleness not revealed by tensile testing or slow bending testing. In this paper it is proposed to discuss (1) the supersensitiveness of the test as applied to cast steel and (2) its value in revealing the effect of heat treatment under certain conditions. In testing coupons cut from castings heat treated by quenching and annealing, attention was drawn to the wide variations in the value of the Frémont test of specimens cut from different parts of the coupon. The latter was of the form and dimensions shown in Fig. 1, and Fremont test pieces were cut from two parts of this coupon, marked A and B in that figure. The results of the tests are shown below, tests A and B in each instance being from the same coupon: A. B. A. B. Coupon. Kilogram- Kilogram- Coupon. Kilogram- Kilogram- meters. meters. meters. meters. 1,........ 12.0 12.5 9,........ 27.5 32.5 2,........ 11.0 32.5 10,........17.5 31.0 3,........ 11.5 30.0 11,........ 14.5 31.0 4,........ 20.0 33.0 12,........ 15.0 27.5 5,........ 17.5 33.0 13,........ 19.0 30.0 6,........ 17.5 20.0 14,........ 17.5 25.5 7,........ 17.5 13.0 15,........15.0 30.0 8,........ 10.0 30.0

Jan 1, 1914

By Roger L. Beals, George A. Tweedy

The results of the cyanide-operations, given in detail in the following paper, show the progress that is being made at the Minas del Tajo. The old pan-amalgamation process, in operation up to and including 1905, while paying a profit on high-grade ores, was no longer able to treat profitably the ores in sight at that time; hence an alteration in the process was imperative. The success of this alteration is eloquently expressed by the following data : Pan-Amalgamation. Cyanidation. 1905. 1905. " 1908. Tons treated,.... 51,387 58,983 69,200 Value per ton (U. S. currency),. $ 10.78 $8.39 $8.28 Extraction, per cent.,.. 65.00 88.56 87.45 Extraction, per ton,.. $7.00 $7.43 $7.24 Total cost, per ton treated, . 6.50 4.36 4.01 Profit, per ton treated,.. 0.50 3.07 3.23

Jan 1, 1911

By Granville S. Borden

TAXES in general are onerous and are not a pleas- ant subject for discourse. There are, however, some very cogent reasons why we should dedicate a part of our thoughts and services to the solution of our taxation problems: The happiness of every individual in the United States depends on the maintenance of a stable government. The collection of taxes is an indispensable function of a stable government, and the power to collect taxes depends in part on the question whether taxes are fair and equitable. As representatives of the mining industry it is our duty to .protect it from tax burdens that are discriminatory or- unjust, As citizens we find that taxation is incessantly endeavouring to unravel the knots in our purse-strings. Many members of the Institute may be consulted .by clients on taxation problems, especially the phases which re- late to depletion and valuation. It is the hope of the writer that the discussion of some of the current depletion and valuation problems will stimulate interest in the problems, and as a consequence of this new interest facts will be ventilated, opinions rendered and services performed, which will be a means of solving the problems to the satisfaction of all parties interested.

Jan 1, 1929

By Royal Jackman

Two comprehensive papers have appeared regarding the forms of copper that occur in smelter slags, one by Frank E. Lathe1 and the other by C. G. Maier and G. D. Van Arsdale.2 These authors comment on other published results and draw conclusions from their own investiga-tions. The development of X-ray examination of minerals and improve-ment in high-power microscopic methods make it possible today to get additional evidence by means that were not available to earlier investi-gators. The present work was confined to reverberatory slags obtained from five different plants. Some definite conclusions were reached regarding the forms of copper present in these slags. In most cases these agree with some of the findings of Maier and Van Arsdale but new methods of attack were used in the investigation.

Jan 1, 1933

By H. H. Waller, D. L. Monroe, D. P. R. Smyth

ORIGINALLY slusher drift development was conventional, advancing the drift full 10x13-ft size at 6 ft per round. This proved dangerous and costly because the weak fractured rock of the orebody cannot be left raw for any length of time without its reacting with air to cause spalling. With this method of drift development ground conditions were worsened by many blasts and the length of time it was necessary for the drift to remain open. The problem was practically solved by driving 5x7-ft pilot drifts, then enlarging to 10x13-ft raw size by slashing with 50 to 60-ft diamond drill holes. Calculated explosive charges are used to avoid wall and roof shattering. Still more recently jacklegs and sectional steel replaced the diamond drills, resulting in the same work for less than half the cost, see Figs. 1 and 2. Crosscuts at right angles to the main haulage drifts, which cross through the center of the ore-body, divide the ore into 200-ft blocks. Eight slusher drifts on 50-ft centers draw from one block. The slusher floor is 11 ft above the rail, inclined at 1 pct grade, and the top is 18 ft below the undercut. The finished slusher drift is 102.5 or 120 ft long, depending on whether it is north or south of the crosscut. Drawpoints are staggered on each side at 17.5-ft centers. The completed drift is concreted and has an inclined ramp and a vent at the back. When crosscuts and gangways have been excavated and concreted and slusher stations installed, slusher drift development is carried out in 10 clear-cut stages: 1—Pilot drift is driven full length, 5x7 ft. 2—Station is excavated at half-way point in pilot drift. 3—Pilot drift is enlarged to slusher drift size by drilling. 4—Lower part of slash is blasted and mucked for floor concrete. 5—Floor is poured. 6—Inside upper half of slusher drift is blasted, mucked, and concreted. 7—Outside upper half of slusher drift is blasted, mucked, and concreted. 8—Drawpoints are excavated. 9—Drawpoints are concreted. 10—Concrete ramp and sheave protection recess are constructed at back end of slusher drift. A 5x7-ft pilot drift is driven full length on the center line of the proposed slusher drift using a jackleg and detachable bits on 7/8-in. hexagon steel. A 10-hp air-driven slusher and 36-in. scraper pull muck directly into cars in the main haulage crosscut, see Fig. 2. Operations are on a three-shift basis. One man mucks the previous round, drills, and blasts his round in a shift. Average advance is 5 ft per shift. When the pilot drift is completed, 7 ft of drift in the center section is enlarged to full raw slusher drift size of 10x13 ft, for the set-up to drill long slash holes. The pilot drift is slashed to full raw size from this station with jacklegs and tungsten carbide chisel bits on 7/8-in. sectional steel. Crews line the holes without trouble, working from controls established by the engineers, and the pattern of holes for the slash is arranged to give the least shattering effect

Jan 1, 1955

By John Gann

THE following investigation constitutes a brief resume of the more important binary magnesium alloys from the standpoint of metallographic technique, and the effect of heat treatment on structure and properties. The comparative newness of the subject justifies this procedure as a preface to a more detailed study of each individual series of alloys. The work was started with the idea of practical application in the industry rather than as a theoretical investigation. The alloy compositions studied were selected as those most likely to show whether heat treatment would produce beneficial results. Furthermore, it was considered satisfactory to use commercial 99.9 per cent. magnesium, the best commercial grade of alloying ingredients, and to limit the time of heat treatment at the expense of incomplete equilibrium. These facts must be kept in mind when examining the results obtained, and the conclusions drawn.

Jan 1, 1928

By E. M. Wise, T. E. Kihlgren, N. B. Pilling

SYSTEMATIC data are presented on the relation of composition of nickel silvers to color, tarnish resistance, hardness and liquidus temperatures, for alloys containing up to 30 per cent nickel and 50 per cent zinc, further modified at certain nickel and zinc contents by 0 to 8 per cent of tin and 0 to 10 per cent of lead. Attention has also been directed, using a still more limited range of alloys, toward a study of tensile properties and such casting properties and characteristics as fluidity, shrinkage and pressure tightness. In some of these, rather broad ranges of composition are dealt with; in others, it has been expedient to focus attention on the Federal Specification 20 per cent nickel silver casting alloy, WWP-541.

Jan 1, 1935

By I. W. Alcorn

THE cost of drilling in the past few years of proration and ever decreasing allowables has received increasing thought and study. It seems to parallel the strides made with respect to pumping problems in 1932 and 1933. Low profit margins stimulate the search for economies. Any discussion of slim-hole drilling involves a multitude of abstract values, and the problem can be attacked only by a study of records and rational thinking. In a measure, traditional methods must be studied with a questioning attitude. The words "slim hole" may be somewhat misleading, as the term is entirely relative. For that reason I wish to define it as used in this discussion. On the Gulf Coast, I would define a normal hole as one in which 10 3/4-in. surface casing has been set and below which a 9 7/8-in. hole is dug. With this as a datum, holes of larger diameter below surface would be called "large holes," with 12 1/4 in. as the "extra large" class and holes of smaller diameter classed in the slim-hole range, 6 1/4 in. representing about the minimum size. The optimum size has not been definitely determined, but the preference is for a program that would call for setting 8 5/8-in. surface casing and digging a 7 3/4-in. hole. Different sections of the country might very properly deviate from this practice because of differences in depth, formations, regulations, or other factors. This paper will be confined to a discussion of the drilling of exploratory wells, as the drilling of this class of wells is quite a different problem from that of drilling a proven field, although many of the same considerations apply in both cases, as will be apparent. Although for many years shallow slim-hole and core-test holes of small diameter had been dug, it was not, I believe, until the fall of 1937 that serious consideration was given to its application in drilling wells 7000 ft., 8000 ft. and 9000 ft. deep on the Gulf Coast. This does not mean that nearly all such wells drilled on the Gulf Coast now are of the slim-hole variety, but only that efforts have been aimed in that direction with very encouraging results and there has been a very definite trend to reduce the size of holes, a trend that probably will continue. As to exploration policy, there appear to be two distinct and opposite views. The one usually followed in the past was more or less designed to "shoot the works" on one well. Generally on the Gulf Coast, the depth at which production might be obtained is limited by the drilling equipment and economics. With this thought in mind, wildcat wells are often planned with the idea of carrying the depth to 10,000 ft., or even 15,000 ft. All of the possible hazards are anticipated and the general drilling and casing programs are so predicated. Such wells contemplate the drilling of large-diameter holes; the setting of at least one protective string of casing and an extensive coring policy, all of which finally adds up to an expensive well. As opposed to this general policy is the slim hole. This, on the Gulf Coast, recognizes that new discoveries represent gam-

Jan 1, 1941

By R. F. Domagala

SOME of the results of a program designed to study the kinetics of transformation and related mechanical properties of prototype Zr-X binary alloys systematically are presented here. The object of this program was to provide a sound basis for a scientific approach to the realization of optimum properties in binary zirconium alloys. Alloys of Zr-Mo (eutectoid), Zr-Sn (peritectoid), and Zr-Ti (a and ß isomorphous) were prepared and studied. The data herein are confined to a presentation of the results of studying the eutectoid prototype alloys. The Zr-Mo phase diagram has been determined.&apos; A definitive metallographic study of isothermaily annealed samples prepared from high purity elements served to position a sluggish eutectoid reaction, ß?a + ZrMo2, at 780°C. The compositions of the phases involved in this reaction are: ß, 7.5 ±1 pct Mo; a, <0.18 pct Mo; and ZrMo2, 67.8 pct Mo. Inasmuch as a lower purity sponge zirconium was used in this work boundary placements were rein-vestigated with the less pure alloys. Materials and Procedures Hafnium-free sponge zirconium was used to prepare all ingots. The arc melted hardness of a small button of this zirconium was found to be Vpn 168. Chemical analyses conducted at Armour Research Foucdation are shown in Table I, High purity molybdenum sheet was used as the alloy addition. A typical analysis is shown in Table I. Several 200-g Zr-50 pct Mo alloys were made by arc melting. Crushed granules of this material were used to ensure inqot homogeneity Ailoy ingots were prepared by double melting techniques. First, three 5-lb ingots of each alloy composition were are melted in 2 nonconsumable electrode arc furnace. After melting. the ingots were ground to remove surface defects. A subse-

Jan 1, 1958

By Morris Cohen

This paper deals with the calculation of the composition of the infinitesimal trace of alloy that transfers from the liquid to the solid state at each temperature during the equilibrium solidification of a binary solid solution, and which thereby enables the compositions of the coexisting liquid and solid phases to follow along the liquidus and solidus lines respectively during the cooling. A general expression for the composition (S) of the liquid-to-solid transfer at each temperature has been derived S - ZLXL(XL - P) + Zsxs(P - XS) ZL(xL - P) + Zs(P - XS) where ZL and Zs are the slopes of the liquidus and solidus lines at the given temperature, XL and xs are the composi-tions of the stable liquid and solid phases at the same temperature, and P is the composition of the alloy under considera-tion. The S equation is valid for the process of equilibrium heating as well as cooling, and may be applied to vapor-to-liquid, vapor-to-solid, liquid-to-liquid, and solid-to-solid transfers if the corresponding equilibrium diagrams are known.

Jan 1, 1940

By Zay Jeffries

Tungsten has the highest melting point of all the known metals, namely 3350 C.; it is one of the hardest of the metals; it has the highest equiaxing or recrystallization temperature after strain hardening, of any pure metal known. It is particularly distinguished because, when composed of small equiaxed grains, it is extremely brittle and fragile at room temperature, and when possessing a fibrous structure it may be ductile and pliable at room temperature. The common ductile metals act in exactly the opposite manner in this respect. The present paper will include a brief note regarding the manufacture of wrought and ductile tungsten. The metallography of wrought and ductile tungsten in the various stages of manufacture will be considered more or less in detail. The general relationships between the properties of tungsten and other metals will also be considered. A discussion will be given explaining why fibrous tungsten is ductile at room temperature, even though past experience with other metals would indicate that it should be brittle. Finally, a brief note regarding some new fundamental metallographic propositions relating to all metals will be given. Manufacture of Wrought and Ductile Tungsten Up to about 10 years ago, it had not been possible to work tungsten mechanically. About the year 1908, Dr. William D. Coolidge, of the General Electrie Go., produced ductile tungsten from what was then supposed to be an inherently brittle metal and which, in fact, was inherently brittle in its normal state, that is, when composed of equiaxed grains. Since that time many products, chief among which are the filaments for electric incandescent lamps, have been made from wrought and ductile tungsten. Tungsten is produced chiefly from the minerals wolframite and scheelite.1-8 The ores may be reduced in many ways. For example, the ore may be fused with alkali carbonates and the fusion dissolved in water; sodium tungstate is formed, which is soluble in water. This

Jan 1, 1919

By B. L. Averbach, Morris Cohen, S. A. Kulin

The martensitic transformation can be initiated by elastic stresses at temperatures above M. in a steel containing 20 pct Ni and 0.5 pct C. Shear strains and normal tensile strains acting on a potential habit plane promote the transformation but compressive strains oppose it. THE strain sensitivity of the martensitic transformation has long been recognized. It is now well known that martensite formation can be induced by plastic deformation at temperatures below, and not too far above, the M, point.&apos; However, the exact role of elastic vs. plastic strains and of the concomitant stresses has proved to be a very elusive matter. Many investigators2-&apos; of the steel hardening reaction have made use of the stresses resulting from volume changes to account for such observations as the existence of retained austenite and its variation across the section of a bar, the change in the amount of retained austenite with quenching rate, and the self-stopping nature of the transformation when the cooling is stopped. The effect of applied strain as an independent variable has been studied in 70 pct Fe-30 pct Ni alloys by Scheil7 and McReynolds.8 Some data are also available for lithium and Li-Mg alloys,9 Cu-Zn,10 Cu-Sn and Cu-A1 alloys," and aus-tenitic stainless steels."-" It has been found that martensite formation can be induced isothermally, even at temperatures above M,, by mechanical deformation of the parent phase. The competitive nature of plastic yielding by slip and by the martensitic reaction has been depicted by Scheil.7 Basically, Scheil postulated that: 1—at temperatures not too far above M, (where austenite is less stable than martensite), a critical resolved shear stress (within the elastic range) is required to promote the transformation to martensite; 2—at and below M,, the austenite lattice becomes mechanically, as well as thermodynamically, unstable and shears over spontaneously into martensite without the application of external stress; and 3—at temperatures sufficiently far above M8, the critical resolved shear stress for martensite formation increases to a level above that required for slip, and plastic flow then supersedes the transformation when external stress is applied. Scheil&apos;s concepts were tested by McReyno1ds8 ho found no change in the elastic moduli (measured both statically and dynamically) of 71 pct Fe-29 pct Ni alloys in the vicinity of the M, temperature. Since the moduli did not approach zero or become negative on cooling to M,, it was concluded that the austenite lattice does not become mechanically unstable at M2, as postulated by Scheil. McReynolds also reported that M, is not raised by elastic stresses. Accordingly, plastic deformation was considered to stimulate the transformation by generating martensite nuclei in the distorted regions of the parent phase. The above issues with regard to the role of applied stress require clarification, if a basic understanding of the martensitic transformation is to be obtained. For example, in the reaction-path theory,&apos;"," it is postulated that strain embryos exist in the austenite that provide part of the activation energy for the nucleation process. These embryos are visualized to be regions of localized strain in which the atoms in the austenite lattice are displaced part way along the path to their ultimate positions in the martensite. Consequently, it would

Jan 1, 1953

By I. W. Alcorn

The cost of drilling in the past few years of proration and ever decreasing allowables has received increasing thought and study. It seems to parallel the strides made with respect to pumping problems in 1932 and 1933. Low profit margins stimulate the search for economies. Any discussion of slim-hole drilling involves a multitude of abstract values, and the problem can be attacked only by a study of records and rational thinking. In a measure, traditional methods must be studied with a questioning attitude. The words "slim hole" may be somewhat misleading, as the term is entirely relative. For that reason I wish to define it as used in this discussion. On the Gulf Coast, I would define a normal hole as one in which 10 3/4-in. surface casing has been set and below which a 9 7/8-in. hole is dug. With this as a datum, holes of larger diameter below surface would be called "large holes," with 121/4 in. as the "extra large" class and holes of smaller diameter classed in the slim-hole range, 6 1/4 in. representing about the minimum size. The optimum size has not been definitely determined, but the preference is for a program that would call for setting 8 5/8 -in. surface casing and digging a 7 3/4 - in. hole. Different sections of the country might very properly deviate from this practice because of differences in depth, formations, regulations, or other factors. This paper will be confined to a discussion of the drilling of exploratory wells, as the drilling of this class of wells is quite a different problem from that of drilling a proven field, although many of the same considerations apply in both cases, as will be apparent. Although for many years shallow slim-hole and core-test holes of small diameter had been dug, it was not, I believe, until the fall of 1937 that serious consideration was given to its application in drilling wells 7000 ft., 8000 ft. and 9000 ft. deep on the Gulf Coast. This does not mean that nearly all such wells drilled on the Gulf Coast now are of the slim-hole variety, but only that efforts have been aimed in that direction with very encouraging results and there has been a very definite trend to reduce the size of holes, a trend that probably will continue. As to exploration policy, there appear to be two distinct and opposite views. The one usually followed in the past was more or less designed to "shoot the works" on one well. Generally on the Gulf Coast, the depth at which production might be obtained is limited by the drilling equipment and economics. With this thought in mind, wildcat wells are often planned with the idea of carrying the depth to 10,000 It., or even 15,000 ft. All of the possible hazards are anticipated and the general drilling and casing programs are so predicated. Such wells contemplate the drilling of large-diameter holes; the setting of at least one protective string of casing and an extensive coring policy, all of which finally adds up to an expensive well. AS opposed to this general policy is the slim hole. This, on the Gulf Coast, recognizes that new discoveries represent gam-

Jan 1, 1941

By I. W. Alcorn

The cost of drilling in the past few years of proration and ever decreasing allowables has received increasing thought and study. It seems to parallel the strides made with respect to pumping problems in 1932 and 1933. Low profit margins stimulate the search for economies. Any discussion of slim-hole drilling involves a multitude of abstract values, and the problem can be attacked only by a study of records and rational thinking. In a measure, traditional methods must be studied with a questioning attitude. The words "slim hole" may be somewhat misleading, as the term is entirely relative. For that reason I wish to define it as used in this discussion. On the Gulf Coast, I would define a normal hole as one in which 10 3/4-in. surface casing has been set and below which a 9 7/8-in. hole is dug. With this as a datum, holes of larger diameter below surface would be called "large holes," with 121/4 in. as the "extra large" class and holes of smaller diameter classed in the slim-hole range, 6 1/4 in. representing about the minimum size. The optimum size has not been definitely determined, but the preference is for a program that would call for setting 8 5/8 -in. surface casing and digging a 7 3/4 - in. hole. Different sections of the country might very properly deviate from this practice because of differences in depth, formations, regulations, or other factors. This paper will be confined to a discussion of the drilling of exploratory wells, as the drilling of this class of wells is quite a different problem from that of drilling a proven field, although many of the same considerations apply in both cases, as will be apparent. Although for many years shallow slim-hole and core-test holes of small diameter had been dug, it was not, I believe, until the fall of 1937 that serious consideration was given to its application in drilling wells 7000 ft., 8000 ft. and 9000 ft. deep on the Gulf Coast. This does not mean that nearly all such wells drilled on the Gulf Coast now are of the slim-hole variety, but only that efforts have been aimed in that direction with very encouraging results and there has been a very definite trend to reduce the size of holes, a trend that probably will continue. As to exploration policy, there appear to be two distinct and opposite views. The one usually followed in the past was more or less designed to "shoot the works" on one well. Generally on the Gulf Coast, the depth at which production might be obtained is limited by the drilling equipment and economics. With this thought in mind, wildcat wells are often planned with the idea of carrying the depth to 10,000 It., or even 15,000 ft. All of the possible hazards are anticipated and the general drilling and casing programs are so predicated. Such wells contemplate the drilling of large-diameter holes; the setting of at least one protective string of casing and an extensive coring policy, all of which finally adds up to an expensive well. AS opposed to this general policy is the slim hole. This, on the Gulf Coast, recognizes that new discoveries represent gam-

Jan 1, 1941

By Klaus M. Zeitler

INTRODUCTION One cannot discuss the subject of "Raising Capital in the 1990s" without having a crystal ball and a reliable fortune teller. This discusses "Raising Capital for the 1990sW, which is what Metal1 Mining Corporation did in 1987. We raised (3166 million in an IPO (initial public offering) that was originally planned for only some (375 million. Why did we raise this money? How did we do it, and why was this IPO so successful? The answer to the first question requires a description of the promoter and principal shareholder of Metal1 Mining Corporation, Metallgesellschaft AG. This West Germany company was founded over 100 years ago in Frankfurt as a trading house for non-ferrous metals. It has developed into one of the world&apos;s leading firms in the non-ferrous metals industry. The company&apos;s worldwide activities in all areas of that business include mining, smelting and refining, the trading of ore, base and precious metals, the production of semi-fabricated and finished metal products, and the provision of engineering, construction and transportation services. Metallgesellschaft AG has also diversified into many other areas, the most significant of which are manufacturing, the production of chemicals, the development and application of technical and chemical processes, the planning and construction of industrial plants, and activities associated with finance, insurance, shipping and freight forwarding, and the provision of barter and countertrade services. The company maintains a network of more than 100 offices around the world; it employs some 25,000 people in its worldwide activities. [Selected financial data, as of September 30, 1987: (MetaUgesellschafl AG) Working Capital DM 8%.6 million CDNS 672.8 million Long Term Debt DM 568.0 million CDNS 426.2 million Sales DM 14.9 billion CDNS 11.2 billion Net Income DM 87.7 million CDN$ 65.8 million Market Capitalization at April 27, 1987: (Metallgesellschafi AG) Outstanding Shares ~,6oo,o0o DM 1,875 million CDNS 1,407 million] For the fiscal year ended September 30, 1987, Metallgesellschaft AG had, on a consolidated basis, net sales of DM13.3 billion, net income of DM100 million and total assets of about DM7.0 billion. Metallgesellschaft AG established the American Metal Company, a predecessor of AMAX Inc. one of the largest ventures undertaken by Metallgesellschaft AG then was the acquisition, through the American Metal Company, of a majority share in the Mexican Penoles mine, a large lead and silver deposit. METALLGESELLSCHAFT AG Figure 1 depicts an overview of Metallgesellschaft AG before and at the time the initial public offering of Metall Mining Corporation&apos;s shares took place. It shows that mining was far from the centre of Metallgesellschaft&apos;s activities. Therefore, it could not expect to receive an extraordinary amount of board attention. Thus, mining investments not only had to compare well with other mining opportunities, but were in fierce competition with projects from other divisions. In addition, mining was sub-divided into two separate departments -- domestic and international. These two departments had different management styles and diverging interests which resulted in a minimum co-operation between them. The domestic mining department was primarily interested in the survival of the local mines. These mines were characterized by rising operating costs and declining ore grades. It took a special commitment and continued ingenuity to develop and adjust to local conditions, and modern mining and processing technology, in order to remain competitive, or at least survive within the international mining industry. Local management

Jan 1, 1990