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By E. H. Crabtree

The heavy-media separation plant at the Central mill of the Eagle-Picher Mining and Smelting Co., near Picher, Okla., was started in February 1939. Since that time twenty-four million tons of lead-zinc ore has been treated in the mill, of which approximately 70 pct has been treated by heavy-media separation. Until January 1945, galena concentrate from the flotation plant was used as the sink-float medium. At that time minus 100-mesh ferrosilicon was substituted for the galena, and its use has been continued. The purpose of this paper is to compare the operating results and the costs of operation of the two media. For the purpose of this comparison the period Jan. I, 1943, to Jan. 29, 1945, has been taken to represent the operation using galena medium; the period Jan. 29, 1945, to Sept. I, 1946, to represent the ferrosilicon medium. During the first of these periods about seven and one-half million tons was milled; during the latter, or ferrosilicon period, more than five million tons was milled. It is believed that these tonnages are large enough to give representative data. Flowsheet The Central mill has a capacity of 15,000 tons per day. Briefly, the treatment used consists of crushing the ore through I½- in. and wet-screening out the minus 3/16-in. portion. The minus 136 plus 3/16-in. washed product is treated by the heavy medium; the minus 3/16-in. product is deslimed and jigged. The heavy-media cone tailing is discarded and the cone concentrate is recrushed and jigged for the production of a coarse lead concentrate. The cone concentrate, impoverished of lead, is then ground in ball mills and treated by differential flotation. The minus 3/16-in. jig product is similarly treated. Heavy-media Plant The heavy-media cone plant treating the minus I½ plus 3/16-in. product consists of one open-top cone 20 ft in diameter by 20 ft deep, equipped with a central airlift. Concentrate is discharged from the top of the airlift to a 3 by 14-ft low-head Allis-Chalmers drainage screen. Medium drains back into the cone, from the first half of this screen. The last half of the screen is provided with washing sprays for further removal of medium. Cone tailing is similarly drained and washed. Undersize from the washing screen is thickened and then cleaned in the medium-cleaning plant. When galena was used as a medium, cleaning was done in Fagergren and Denver flotation machines. The ferrosilicon is cleaned in three 36-in. and one 24-in. Crockett magnetic separators. A flowsheet of the cone plant is shown in Fig I.

Jan 1, 1949

By Thomas Henderson

Strategically, intermaterials competition is important to companies involved in raw materials extraction, smelting, refining or other processing, semi-finished and finished goods fabrication, and end-use consumers. In other words, just about every company involved in manufacturing. The array of materials covered by other papers in this session is testimony to the subject's breadth. In trying to provide an over- view of such a broad topic, the purpose has been to relate some of the common characteristics of the markets, economics and technology of raw materials, and to describe some of the ways in which Intermaterials competition impacts the markets, economics and technology of raw materials.

Jan 1, 1982

By Orville R. Lyons

DISCUSSION Judson S. Hubbard (The Humphreys Investment Co., Denver)—In this very interesting paper several brief references are made to the Humphreys spiral, a device used for cleaning fine coal. In Table I, Plants 76 and 77, data are given on spiral performance treating Raton and Trinidad coal. The fine coal, as fed to the spiral in these instances, is actually a table middling, hence the more easily treated material was previously removed and a large number of particles were present which were difficult to clean. Mr. W. M. Bertholf of the Colorado Fuel and Iron Co. presented a paper in February, 1946, Cleaning Table Middlings from a Coal Washery with the Humphreys Spiral Concentrator, from which I quote: "In considering the results of our tests it should be noted that the feed was our table middling, and that any real separation is a 'moral victory' as there is little material that could properly be called coal and practically no heavy rock, the consequences being that previous attempts to clean the middling have not at all been successful." Referring again to Table I, Plants 72, 73, 74, and 75, these data were obtained by Yancey and Geer and others and presented at the February 1950 Meeting, AIME, in a paper entitled Laboratory Performance Tests of the Humphreys Spiral as a Cleaner of Fine Coal. Results shown for those tests involve all particles from 8 mesh through the colloids, which admittedly is not an ideal situation for spiral feed if much refuse is contained in the —80 mesh or —100 mesh size range. As an illustration of the effect of treating too broad a size range, let us consider Plant No. 75, Kentucky No. 9 seam. Spiral feed was 8 mesh x 0. Now had this been 8x100 mesh the percentage of misplaced material would have been 8.0 pct instead of the reported 15.26 pct. Similar comparisons can be made on the other data presented with respect to the spiral. Other types of equipment show a similar trend in that whenever too fine a size is treated in a given unit process the percentage of misplaced material increases. Since the spiral is working near the finer end of the size range, it will sometimes be advantageous to treat the entire range of —8 mesh material rather than to deslime and make a fair showing on, say, the +80 or + I00 mesh. Desliming is subsequently done in any case in the dewatering or thickening operation. Results obtained by spiraling any given coal depend on factors too numerous and complex to discuss here, but there are strong indications that proper preparation of feed to the spiral can improve results obtained on some of the raw coals tested. This is clearly pointed out at the end of the aforementioned paper by Yancey and Geer. "The spiral is an extremely simple device which involves no moving parts and is constructed almost entirely of unmachined castings. Since it is such an uncomplicated mechanism, operation is simple and virtually foolproof. These characteristics, which go far toward insuring low cost operation, are attractive attributes in any coal cleaning unit." Certain equipment used in conjunction with the spiral has resulted in a decrease in the percentage of misplaced material, notably in actual practice the launder screen which is used to remove objectionable high ash fines from a spiral-washed coal product. Private correspondence with the U. S. Bureau of Mines has intimated that an additional yield of coal is possible by flotation of the spiral middling. Possible future improvements and developments may result from other methods now under consideration. Finally, some compromise must be made between the best metallurgical performance and the best practical or economical results. Mr. Lyons emphasizes in his summary this objective of overall economy in selection of equipment. G. B. Walker (American Cyanamid Co., Stamford, Conn.)—I had the pleasure of reviewing the draft of this paper and my curiosity was aroused by the data given for Tromp plants, in that all of the examples shown appeared to be 2-product separations, whereas all the Tromp plants with which I am familiar have been 3-product units. The data given for plants No. 101 and 102 appear to be taken from Tromp's brochure on his process and represent the results obtained at the Dominale plant in Holland which was operated for many years by Mr. Tromp. The plant, which was designed to treat 58 tons per hr, was sampled while treating 35 tons per hr of 3Y4x-in. coal. Example 101 appears to conform to what would result if the middling product were calculated into the refuse product, while Example 102 represents the calculation of the middling into the coal product. It is believed that Examples 103 and 104 represent the operation of the Willem-Sophie Mine in Holland recalculated on the same basis. In checking the English examples given by numbers 14, 15, 16, and 17, the same procedure seems to have been followed. These results have, apparently, been taken from an article in Colliery Engineering in August 1941, describing the initial operation of the Williamthorpe Colliery of the Hardwick Colliery Co. Two vessels are employed in this plant, one to treat soft coal and one to treat hard coal. Example No. 14 presents the results that could be obtained from the soft coal bath if the middling were calculated into the refuse, and Example 15 the results when the middling is calculated into the coal. Examples 16 and 17 represent the same expedient in the case of the hard coal bath. Of interest to this discussion is the fact that during the past year the Simon-Carves Engineering Co. in England has installed in the Williamthorpe plant their new "Sim-Car" medium cleaning system which is based on magnetic extraction and control and which is licensed under the Heavy-Media Separation Processes patents by the American Zinc, Lead and Smelting Co. This system has been described in the December 1951, issue of Colliery Engineering. It is reported that since the Williamthorpe Colliery was changed from the Tromp system of medium cleaning to the Magneto-Motive method of medium control the opera-

Jan 1, 1953

By Orville R. Lyons

DISCUSSION Judson S. Hubbard (The Humphreys Investment Co., Denver)—In this very interesting paper several brief references are made to the Humphreys spiral, a device used for cleaning fine coal. In Table I, Plants 76 and 77, data are given on spiral performance treating Raton and Trinidad coal. The fine coal, as fed to the spiral in these instances, is actually a table middling, hence the more easily treated material was previously removed and a large number of particles were present which were difficult to clean. Mr. W. M. Bertholf of the Colorado Fuel and Iron Co. presented a paper in February, 1946, Cleaning Table Middlings from a Coal Washery with the Humphreys Spiral Concentrator, from which I quote: "In considering the results of our tests it should be noted that the feed was our table middling, and that any real separation is a 'moral victory' as there is little material that could properly be called coal and practically no heavy rock, the consequences being that previous attempts to clean the middling have not at all been successful." Referring again to Table I, Plants 72, 73, 74, and 75, these data were obtained by Yancey and Geer and others and presented at the February 1950 Meeting, AIME, in a paper entitled Laboratory Performance Tests of the Humphreys Spiral as a Cleaner of Fine Coal. Results shown for those tests involve all particles from 8 mesh through the colloids, which admittedly is not an ideal situation for spiral feed if much refuse is contained in the —80 mesh or —100 mesh size range. As an illustration of the effect of treating too broad a size range, let us consider Plant No. 75, Kentucky No. 9 seam. Spiral feed was 8 mesh x 0. Now had this been 8x100 mesh the percentage of misplaced material would have been 8.0 pct instead of the reported 15.26 pct. Similar comparisons can be made on the other data presented with respect to the spiral. Other types of equipment show a similar trend in that whenever too fine a size is treated in a given unit process the percentage of misplaced material increases. Since the spiral is working near the finer end of the size range, it will sometimes be advantageous to treat the entire range of —8 mesh material rather than to deslime and make a fair showing on, say, the +80 or + I00 mesh. Desliming is subsequently done in any case in the dewatering or thickening operation. Results obtained by spiraling any given coal depend on factors too numerous and complex to discuss here, but there are strong indications that proper preparation of feed to the spiral can improve results obtained on some of the raw coals tested. This is clearly pointed out at the end of the aforementioned paper by Yancey and Geer. "The spiral is an extremely simple device which involves no moving parts and is constructed almost entirely of unmachined castings. Since it is such an uncomplicated mechanism, operation is simple and virtually foolproof. These characteristics, which go far toward insuring low cost operation, are attractive attributes in any coal cleaning unit." Certain equipment used in conjunction with the spiral has resulted in a decrease in the percentage of misplaced material, notably in actual practice the launder screen which is used to remove objectionable high ash fines from a spiral-washed coal product. Private correspondence with the U. S. Bureau of Mines has intimated that an additional yield of coal is possible by flotation of the spiral middling. Possible future improvements and developments may result from other methods now under consideration. Finally, some compromise must be made between the best metallurgical performance and the best practical or economical results. Mr. Lyons emphasizes in his summary this objective of overall economy in selection of equipment. G. B. Walker (American Cyanamid Co., Stamford, Conn.)—I had the pleasure of reviewing the draft of this paper and my curiosity was aroused by the data given for Tromp plants, in that all of the examples shown appeared to be 2-product separations, whereas all the Tromp plants with which I am familiar have been 3-product units. The data given for plants No. 101 and 102 appear to be taken from Tromp's brochure on his process and represent the results obtained at the Dominale plant in Holland which was operated for many years by Mr. Tromp. The plant, which was designed to treat 58 tons per hr, was sampled while treating 35 tons per hr of 3Y4x-in. coal. Example 101 appears to conform to what would result if the middling product were calculated into the refuse product, while Example 102 represents the calculation of the middling into the coal product. It is believed that Examples 103 and 104 represent the operation of the Willem-Sophie Mine in Holland recalculated on the same basis. In checking the English examples given by numbers 14, 15, 16, and 17, the same procedure seems to have been followed. These results have, apparently, been taken from an article in Colliery Engineering in August 1941, describing the initial operation of the Williamthorpe Colliery of the Hardwick Colliery Co. Two vessels are employed in this plant, one to treat soft coal and one to treat hard coal. Example No. 14 presents the results that could be obtained from the soft coal bath if the middling were calculated into the refuse, and Example 15 the results when the middling is calculated into the coal. Examples 16 and 17 represent the same expedient in the case of the hard coal bath. Of interest to this discussion is the fact that during the past year the Simon-Carves Engineering Co. in England has installed in the Williamthorpe plant their new "Sim-Car" medium cleaning system which is based on magnetic extraction and control and which is licensed under the Heavy-Media Separation Processes patents by the American Zinc, Lead and Smelting Co. This system has been described in the December 1951, issue of Colliery Engineering. It is reported that since the Williamthorpe Colliery was changed from the Tromp system of medium cleaning to the Magneto-Motive method of medium control the opera-

Jan 1, 1953

By W. C. Ellis, E. S. Greiner, M. E. Fine

C. H. Samans and W. R. Ham (Chicago, Ill., and Dix-field, Maine, respectively)-—For several years we have been studying transitions of this basic type in metals, alloys, glasses, etc. Usually, however, they are not so clearly marked as those which the authors have found, and hence are much more difficult to determine accurately. Since our studies indicate that most of them occur virtually unchanged (as far as temperature is concerned) regardless of the form in which the element appears, we believe that they are a characteristic of the atom. Specifically, we believe that there is an additional rotational degree of freedom possessed by the nucleus which has not been considered heretofore. This nuclear rotation is made up of several components, each related to the several quantum shells of electrons. In chromium there are four of these shells and hence four separate series of characteristic transition temperatures. The lowest temperature at which any transition occurs, based on the present state of our computations, is 125°K, 4° higher than the authors' value of 121°K. A convergence of this series, we believe, shows up at the higher temperature of 2085 °K, surprisingly close to the transformation temperature of 2103°K recently announced by N. J. Grant of M.I.T. for a body-centered to face-centered transformation in chromium. Likewise, our computations indicate a temperature of 311°K for the second transition temperature, reported by the authors as 310 °K. A convergence of this series, we believe, shows up at a higher temperature as the melting point at 2163°K. Although our work on these series must, in a sense, still be regarded as empirical, since we do not understand fully as yet just what the series mean, it is based on a reasonably firm picture. The individual constants, from which the various series are computed for each element, comes directly from the X-ray K absorption limit. Furthermore, the same basic method has accounted for transformation and melting temperatures in about 50 of the chemical elements, which is all we have tried thus far. In many cases the only known transformation is the melting point, but in others the occurrence of transformations or other transitions, equally as well marked as those of the authors, has been pointed out by others. These observations have assisted us greatly. Consequently we were very pleased to see the authors' excellent work in finding these two transitions in chromium. With these confirming data, our picture of this element is clarified considerably, so we expect that at least some of our work can be published in the near future. R. C. Ruder (E. I. du Pont de Nemours & Cu., Wilmington, Del.)—The authors' interpretation of these transitions in terms of 3d to 4s electronic structure transitions is most interesting. It would be interesting to have additional experimental evidence of such transitions from the temperature dependence of the Hall coefficient in the neighborhood of the property changes discussed in this paper. Simple theory15 suggests the Hall coefficient as a measure of the free electron (or s electron) concentration per unit volume. It has been shown that for paramagnetic'" and ferromagnetic1? metals the simple theory is in fact too simple. However, the existence of a discontinuity in the Hall coefficient would provide information which should aid both in our understanding of these transitions and the significance of the Hall coefficient in these metals. It was rather surprising that no significant paramagnetic effects were observed. In this connection the recent work of McGuire and Kriessman18 is cited. They measured the magnetic susceptibility of chromium from 20" to 1460 °C. They also observed no large change in the susceptibility although there might be a change in slope in the vicinity of the 40 °C transition. The existence of these 3d to 4s electronic transitions has been discussed in connection with the paramagnetic susceptibility behavior of nickel and nickel alloys.'"-" Assuming a correspondence principle between classical and quantum mechanical paramagnetic theory and using classical theory to calculate the effective Bohr magneton number from the Curie constant for substances obeying the Curie-Weiss law," it is found that the effective magneton number is a function of temperature. The process of calculation involves the inverse of the differential of the 1/x4 vs. temperature curve so that good and numerous data are necessary to obtain significant results. The data of Fallot23 show a discontinuous increase of about 12 pct in the effective magneton number between 850" and 900 oC, followed by a continuous increase up to the melting point. The data of Sucksmith and Pearce24 show a possible 8 pct increase. The older data of Terry25 and Weiss and Foex26 show a continuous increase. It is possible that small amounts of impurity atoms change these electronic transitions significantly. Fallot's23 data on a nickel alloy with 4.5 atomic pct Fe indicate that the discontinuity occurs around 1300 °C. Systematic investigation of the transition metals for transitions of this nature should provide information which would be very valuable for our understanding of these metals. The absence of antiferromagnetic structures in chromium has been shown by Shull27 using neutron diffraction techniques. M. E. Fine, E. S. Greiner, and W. C. Ellis (authors' reply)—The remarks by Drs. Samans and Ham are certainly very interesting, in particular those pertaining to the close agreement between the theoretically calculated values for transition temperatures in chromium and the experimental values reported by a number of investigators. This is a remarkable achievement and we shall look forward to a more detailed presentation of the method followed in their calculations. We do not believe that the transition in pure chromium near 40 °C remains temperature invariant with alloying, as was reported by Samans and Ham for a number of the substances that they studied. We have not done any work with alloys but base our belief on the results of earlier studies in which less pure chromium was included and considerably lower transition temperatures were observed. The transition tempera-

Jan 1, 1952

Frank H. Probert, A.R.S.M., Morenci, Arizona (communication to the Secretary): The management of mines and the system of bookkeeping employed are subjects of great interest to mine-superintendents, and such papers as that of Mr. Davis callnot fail to attract attention. The Institution of Mining and Metallurgy, London, England, has done much within the last three years to promote discussion on the many systems adopted throughout the mining world; and any papers giving individual experience will benefit that class of men who are charged with the cconomical management of mining properties. It is often said that " a good mine shows a good manager," and more often that mismanagement is the chief cause of poor returns; or, as Mr. A. G. Charleton puts it, in his able paper on " Mining Accounts and Cost-Sheets,"* " accident may, and often

Jan 1, 1902

By Paul Queneau

FROM the first days on the Norman beaches to the last days on the Elbe the Army Engineers of World War II lived off the countryside for the great bulk of the construction supplies needed for the fulfillment of their ultimate mission-to keep the army moving. To accomplish this end, vast tonnages of rock, timber, and steel were required in the construction of roads, railroads, and bridges. Combat Engineer battalions operated quarries under shell fire as a routine matter. An Engineer forestry company was decimated while cutting bridge timber on the Siegfried line. Oneof the more spectacular feats of the Army Engineers in obtaining construction materials was the operation of the Hadir Steel Works during the fall and winter o f 1944.

Jan 1, 1946

By N. A. Zeigler

GRaphitization phenomena occurring in solid cast iron have principally been studied from the angle of the reactions taking place during annealing of white castings in the manufacturing of malleable iron. The selected bibliography at the end of this paper presents the high spots of the published information in this field. Graph-itization of gray iron upon reheating has received much less attention, primarily because only on rare occasions is this material subjected to any kind of industrial heat-treating. Moreovcr, articles made from gray iron are seldom used commercially at temperatures when any graphitization can take place. When used in such conditions, it is assumed that the articles can be replaced at frequent intervals, which can be afforded because of the low cost of gray iron. However, there is at least one commercial process in which articles made from gray iron, during their manufacturing processing, are subjectcd to rather high temperatures; that is, manufacturing of cast-iron enamelware, which is glazed at about 1600° to 1700°F. (870' to 930°C.) From practical experience, it has been found that one of the convenient and economical compositions of gray iron suitable for enameling is, in round figures, as follows: Si, 2.50 per cent; Mn, 0.35; S, 0.07; P, 0.80; T.C., 3.35; C.C., 0.70. Since this iron usually is cast into thin-walled sections, the percentage of com- bined carbon in it is relatively high. Upon heating in the enameling furnaces, this combined carbon graphitizes, which causes permanent dimensional changes of the articles. Obviously, from practical considerations, it is desirable to maintain these dimensional changes as constant as possible. In the course of experimentation with this iron, two series of experimental heats were prepared in which the manganese to sulphur ratio of the standard cupola metal was offset by ladle additions of: (I) progressively larger amounts of sulphur, and (2) progressively larger amounts of manganese. Each one of these ladle charges was cast into experimental plates 8 by 4 in. and about 5/16 in. thick. All told, 13 ladle charges were thus treated. All of them are listed in Table I, together with their chemical analyses. It may be noted that the manganese to sulphur ratio in these samples ranges between 1.2 and 30.2. Every one of these compositions was subjected to thermal allalysis, using an automatic, self-recording differential dila-tometer. The specimens used in this instrument are 50 mm. long and 4 mm. in diameter. During the dilatometer cycle they are kept under a vacuum of about 3 microns. Each one of them was subjected to a thermal cycle by heating it to I830°F. (1000°C.) in 3 hr. and cooling to room temperaturc in 5 hr. Figs. I, 2 and 3 present three automatically recorded dilatometer curves for irons: Serial No. I (normal composition), Serial No. 6 (high sulphur), and Serial No. 13 (high manganese). All three of these figures are

Jan 1, 1945

By Fred J. Miller

FRED J. MILLER was born in Ohio, in 1857. He had a common and high school education, supplemented by personal study and special instruction. After serving a 4-year apprenticeship and working in various capacities in machine shops, he became a contributor to mechanical journals and finally a member of the editorial staff of The American Machinist, where he remained for twenty years, the last ten years as editor-in-chief of the magazine, and vice-president of the publishing company. On retiring from journalism, he was for nine years general manager of a group of typewriter factories, and was then commissioned Major of Ordnance in the U. S. Army, being stationed during most of his service at Rock Island Arsenal, where he organized the Civilian Service Division of the Arsenal. He is now a member of the Technical Advisory Committee of the War Claims Board at Washington. Major Miller became a member of the American Society of Mechanical Engineers in 1890, and has always taken an active interest in its affairs, having served on a number of important committees, and as a member of Council from 1904 to 1907, inclusive. He was elected President in December, 1919.

Jan 1, 1920

By Joseph E. Pogue

THERE are two methods employed in the development of oil pools. The older and dominant method is one in which the primary object is the protection of the underground deposit from drainage through competing wells, and considerations of efficiency of extraction and cost of production are subordinated thereto. The newer and less prevalent method is one in which maximum efficiency and minimum cost are the first objectives and developments to these ends may proceed undisturbed by the exigencies of competitive drainage. The second method has developed mainly in pools under single ownership and the term "unit operation" has come to be applied to this procedure. A single ownership, however, is not essential to the method, for unity of operation may be achieved by agreement under split ownership, or even by a concert of enlightened purpose. There are examples of unit operation where neither the ownership nor the management is a unit, but merely where unity of procedure has been attained, as is the case of the Yates pool. .Throughout this paper unit operation is used in its broad sense without implying sole ownership or single management, although unit operation is more conveniently attained where these conditions are present.

Jan 1, 1930

By Elizabeth L. Robinson

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

Jan 1, 1985

By AIME AIME

No democracy such as ours, can ever be prepared for war, because we could never conceivably be the aggressor. The aggressor prepares in secret, designs his new tactics, and invents and makes new equipment and selects the time to strike. If a democracy prepare done year and the war came later, all that it had one would have to bed one over. All that England has today in the way of effective armament has been invented, designed, made, and the crews trained since the war began, because the totalitarian aggressor introduced new types of equipment and new techniques.

Jan 1, 1941

By T. Seldenrath

In the development of a fluid -operated hammer drill' for accelerated penetration of hard rock formations in oil wells, a research investigation was conducted to evaluate the percussion effects obtained with different design characteristics and to determine the possibilities of percussion in the low frequency range. Tests were conducted on granite blocks and comparable impact forces were measured with a load cell under selected test conditions. These full-scale laboratory tests provided an evaluation of the effectiveness of percussion which was further supported by actual downhole field performance. While much pertinent data have been presented by other investigators the method of evaluation described in this article resulted in good correlation between laboratory and field performance and may be applicable in other low frequency percussion developments. EXPERIMENTAL METHOD For these tests the bit was held stationary and the test block was rotated and forced upward against the bit by a hydraulically-lifted rotary table. "Weight on bit" was calculated from pressure readings on the fluid system of the lifting cylinders—corrected for tare and friction. Percussion was obtained with several tubular hammers of different weights up to 320 lb. These were lifted mechanically and allowed to drop by gravity from various heights onto a slidably-mounted bit sub or "floating anvil" for calibration of the load cell response with known kinetic energy of the hammers. During evaluation of percussion effects, the hammers were hydraulically operated to provide a range of percussion frequencies up to 1,020 blows per minute delivered to the anvil. To obtain comparable test readings, the load cell of the strain gauge type, was attached to the bottom of the anvil or bit sub in place of the bit. The load cell rested on a typical granite test block mounted on the drilling table. The latter was hydraulically supported as in the actual drilling operation. The effect of support resistance was the same for all tools when calibrating. Impact forces so determined werethusdirectly comparable with one another for the purposes of this investigation. When a roller bit was substituted for the load cell for actual drilling, the impact force would probably be reduced due to the resiliency of the bit body, legs. cones and teeth and the penetration of the teeth into the rock. However, since the bits and rock specimens were uniform in these tests, an evaluation of actual tool performance, in terms of parameters previously determined with the load cell at the selected standard conditions of calibration, proved satisfactory. Throughout these tests, 8¾-in. standard tricone, hard rock toothed roller bits and carbide-insert roller bits were used. Rotary speeds were 50 and 100 rpm; static weight on bit was applied up to 40,000 Ib, and percussion frequencies up to 1,020 blows per minute were available. During this investigation it was found that toothed bits on which the teeth had developed flat ends about 3/16 in. wide did not change appreciably for the duration of a test. Hence, all toothed bits used in this study were in this condition. Conventional reference curves obtained in these tests show that increasing weight on hit by 2:1 yielded an increased penetration rate of approximately 2.7:1, while an increase in rotary speed of 2:1 netted an increased penetration rate of roughly 1.7:l. Results are thus of the same order as those reported for hard rock drilling by other investigators." CALIBRATION Under the selected standard test conditions previously described, with the lifting table hydraulically supported, and the anvil interposed between hammer and load cell, the hammers were dropped from known heights. Thus, with the kinetic energy of the hammer known, the corresponding maximum impact force shown by the cell was determined. (It may be of passing interest to note here that special drop tests with the hammers showed that no appreciable reduction in impact force resulted from introduction of the anvil or hit sub.) From these calibrations, it was possible to determine the theoretical kinetic energy available in the hammer from the maximum impact force shown by the load cell while operat-

By R. T. Hukki

THE accepted basis of comparisons between mills of different diameter is the percentage critical speed. If n = actual mill speed, rpm, nc = calculated critical speed, rpm, np = calculated percentage critical speed, and D == inside diameter of the mill in feet, then n, In the following analysis capacity, T, is expressed in short tons per hour, tph, and power consumption, P, in kilowatts, kw. Accordingly power consumption per unit of capacity, P will be expressed in kilowatt hours per short ton, or kw-hr per ton. In all equations D refers to the inside diameter of the mill in feet and v to the peripheral speed of the mill in feet per minute inside the liners. ' Comparison between separate mills must be based on equivalent grinding conditions, i.e., same feed, same size distribution of feed, same size distribution of product, and same percentage of solids. In addition, comparisons between separate rod mills must be based on the same rods, same type of liners, and same percentage rod load. Comparisons between separate ball mills presuppose the same balls, similar liners, and same relative ball load. The practical np-range through which the equations apply varies, being narrower for fine grinding in ball mills and wider for coarse crushing in rod mills. The Relationship between Capacity and Speed It is the general belief that the capacity, T, of a tumbling mill is directly proportional to the speed of the mill, other things remaining constant.' Mathematically this is represented by the equation T - c¹ n tph [4] where c, is a factor related with the grinding characteristics of the ore, method of reduction, and the units chosen. It is proposed here that the general equation relating mill capacity and speed should be of the form T = c¹ nm tph [5] In other words, the capacity should be proportional to the mill speed raised to power m, the numerical value of the exponent being 1 5 m 5 1.5, depending on the circumstances. Eq. 5 can also be written in the following forms: T = c, (np)m tph, and [6] T=Ca vm tph, [71 where v = peripheral speed of the mill in feet per minute. If the observed capacity of a mill at speed n¹ is = T¹ tph, the capacity T² of the same mill at speed n² should be T² = T¹ (n²/n¹)tph [8] The Relationship between Power Consumption, Mill Diameter, and Speed The only well known theoretical deduction relating power consumption, P, and mill diameter appears to be the formula of duPont introduced by Gow, Guggenheim, Campbell, and Coghill.' According to duPont, the power required to operate a mill is a function of the mass of the balls, of the lever arm of the ball mass, and of the speed of the mill. The ball mass per unit of mill length is proportional to the square of the diameter, the lever arm is directly proportional to the diameter, and the critical mill speed or any percentage thereof is inversely proportional to the square root of the mill diameter. Following this reasoning, the original duPont formula is of the form P = c4D² c D • c6D-0.5 = c7D2.5 [9] If the mill speed in the above equation is expressed in terms of Eq. 3, the duPont formula may be written as follows: P=f1(D2) f2(D) f³(—np) or [10] vD P = c np D2.5 kw [11] Eq. 11 may also be derived from the mechanical principle of force, which is equal to mass x acceleration. Power necessary to operate a mill may be considered to be an homogeneous linear function of the force developed. Ball or rod mass per unit of mill length is a function of D2. The acceleration factor of the ball or rod mass is a function of the peripheral speed of the mill. Thus P = f4(F) = /x(D2) f5(v) Indicating that v = nDn, and n = c9 np /vD, the above equation becomes P = f2 (D2) -fa (D ca np/vD

Jan 1, 1955

By Arthur B. Foote

THE ball mill has superseded stamps for the reduction of gold ores in most of the recently designed plants, partly because stamps are not suited to die fine grinding required for flotation, and partly to save space and construction cost. Experience with these new mills seems to confirm the idea that it is more difficult to recover bold from a ball-mill product than it is when stamps are used for crushing. Microscopical examination of particles of gold that have passed through a ball mill show that the gold has been pounded into exceedingly thin flakes coated with a talcy surface, making it more difficult to save by amalgamation, flotation, or concentrating. Bearing in mind that gold is extremely malleable, it seems reasonable that this should be so. Contrast the action in a stamp battery, where the crushing is by impact in the presence of mercury, to the grinding and rolling under pressure in a ball mill. It is well known that a better recovery can be obtained by panning or amalgamation from a sample of ore that has been crushed by mortar and pestle than from one reduced on a bucking board.

Jan 1, 1937

By WALTER B. JONES

PIG iron was first produced in Alabama in 1818 from limonite or brown ore and since then much of this ore has come from the so-called mineral district of northern Alabama, especially along the Cretaceous-Paleozoic contact. For many years the Russellville district in Franklin County, where the first blast furnace was erected, produced more than 100,000 tons of brown ore annually. Limonite has been reported at many places in the Coastal Plain region, where the formations are of Mesozoic and Cenozoic age, but these scattered deposits were never considered to be of much commercial importance. However, in the last three years a considerable quantity of this ore has been scraped up and shipped, particularly from the city of Greenville in Butler County.

Jan 1, 1938

By Bradley Stoughton

A LL over our great country I have been privileged to see, during the last six weeks, the manifestation of a new spirit among engineers. Partly under the inspiration of leaders whose influence has been felt not only nationally, but internationally, - partly through the recognition of the service that engineers have been able to render to the nation during the recent crisis, a new self-consciousness has been acquired by the individuals, and now this self-consciousness seeks expression in opportunities for service and participation in public affairs. The engineer . no longer sees himself a mere reservoir of information to be tapped when some one is in need of cold facts, no. more an administrator of mere material things, but a potential administrator of- public affairs, a citizen and a human being, with the responsibilities, as well as the privileges of citizenship.

Jan 1, 1920

F A. THOMSON, president of the Montana School of Mines, gave an interesting talk on mining schools of the past, present and his ideas of the future before a recent meeting of the Montana Section of the A. I. M. E. He covered the history .of the various mining schools and com- pared the three main types of schools; those attached to or forming part of an endowed college or university such, for example, as' the Columbia School of Mines, the Mining Department of the Massachusetts Institute of Technology and the Mining Department of Stanford University. These resemble in a general way the second class, those attached to the state universities and colleges. The schools of this general type have had varied success.

Jan 1, 1928

By R. L. Rickett, N. C. Fick

Despite the large volume of literature on alloys of iron and silicon,' there is little published information dealing specifically with the constitution, at various temperatures, of the alloys containing less than 0.10 per cent carl~on and from 0.5 to 4.5 per cent silicon that are used extensively in the electrical industry. Because such information was needed by those engaged in the production of these alloys in sheet and strip form, the constitution nas determined of a series of commercial silicon steels containing 0.05 to 0.08 per cent carbon and 0.20 to 4.1 per cent silicon, over the temperature range 1300° to 1500°F. These alloys were all from regular production heats and of commercial quality. The results of the tests are given in Fig. I and for comparison the constitution diagram of iron-silicon alloys with 0.01 to 0.02 per cent carbon, taken from the literature, is also presented Material and Procedure All steels were hot-rolled to a thickness of 0.060 to 0.080 in. and used in this condition. Their chemical compositions, including over-all check analysis, and "center" analysis for carbon and silicon, are given in Table I. The so-called center analysis was determined on samples pickled to remove the outer surface and leave only the center third of the gauge thickness—the portion of the sample on which metallographic ratings were based. In most, but not all, of the alloys, slightly higher carbon was found at the center than when the whole strip was sampled; the two methods of sampling show relatively little difference in silicon. Two of the steels, A and E, contain relatively high phosphorus, while I and K are somewhat higher in manganese than the others. The procedure consisted essentially of heating specimens (about 1/16 by 3/8 by 3/4 in.), protected from oxidation or change in carbon content, at a temperature in the desired range and for a selected period, after which they were quenched in iced brine; the degree of transformation that had then occurred was determined by metallographic examination. The soaking periods were selected after preliminary investigation had shown that a con-

Jan 1, 1947

By N. C. Fick, R. L. Rickett

Despite the large volume of literature on alloys of iron and silicon,' there is little published information dealing specifically with the constitution, at various temperatures, of the alloys containing less than 0.10 per cent carl~on and from 0.5 to 4.5 per cent silicon that are used extensively in the electrical industry. Because such information was needed by those engaged in the production of these alloys in sheet and strip form, the constitution nas determined of a series of commercial silicon steels containing 0.05 to 0.08 per cent carbon and 0.20 to 4.1 per cent silicon, over the temperature range 1300° to 1500°F. These alloys were all from regular production heats and of commercial quality. The results of the tests are given in Fig. I and for comparison the constitution diagram of iron-silicon alloys with 0.01 to 0.02 per cent carbon, taken from the literature, is also presented Material and Procedure All steels were hot-rolled to a thickness of 0.060 to 0.080 in. and used in this condition. Their chemical compositions, including over-all check analysis, and "center" analysis for carbon and silicon, are given in Table I. The so-called center analysis was determined on samples pickled to remove the outer surface and leave only the center third of the gauge thickness—the portion of the sample on which metallographic ratings were based. In most, but not all, of the alloys, slightly higher carbon was found at the center than when the whole strip was sampled; the two methods of sampling show relatively little difference in silicon. Two of the steels, A and E, contain relatively high phosphorus, while I and K are somewhat higher in manganese than the others. The procedure consisted essentially of heating specimens (about 1/16 by 3/8 by 3/4 in.), protected from oxidation or change in carbon content, at a temperature in the desired range and for a selected period, after which they were quenched in iced brine; the degree of transformation that had then occurred was determined by metallographic examination. The soaking periods were selected after preliminary investigation had shown that a con-

Jan 1, 1947