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By B. G. Reisdorf

This paper describes the microstructural changes that occur when quenched ultrahigh-strength steels containing OA pet C and various amounts of nickel, silicon, and cobalt are tempered. The changes that occur in hardness, yield strength, and martensite diffraction-peak widths when these steels are tempered are related to the precipitation of the carbide phases. An unea$ectedly high silicon content (about 30 pct) was found in the E -carbide phase in a steel containing only 1.5 pct Si. TEMPERED martensitic steels have such wide-spread utility that they have been the subject of numerous investigations, and a sizable amount of literature has developed on this subject.M This investigation, which is a part of a larger program to correlate microstructure with mechanical properties at a variety of strength levels, is limited to the microstructural changes that occur when a quenched 0.40 pct carbon steel (USS Airsteel X-200 steel) is tempered, and to the effects of the alloying elements—nickel, cobalt, and silicon—on these microstructures. Used in this investigation were electron microscopy, electron-diffraction identification of the carbide phases, electron-probe micro-analysis of the carbides, X-ray determinations of retained austenite, and measurements of martensite X-ray diffract ion-peak widths. MATERIALS AND METHODS The chemical analyses of the eight heats examined eats No. 30 through 37) are shown in Table L Heat No. 30 has the chemical com~osition of Airsteel X-200, and the remaining seven heats contain various amounts of nickel, chromium, cobalt, and silicon. The heats were air-melted in an induction furnace and cast into 8 by 8 in. ingots that were subsequently heated to 2300 and rolled to 1-in.-thick plate. Oversize 0.505-in.-diam tensile specimens were rough-machined from the plates and austenitized in air at 1700° F for half an hour and oil-quenched. The specimens were then tempered in air at temperatures of 400° to 1000 for tempering times of 1, 4, and 16 hr, and finish-machined to 0.505-in.-diam tensile specimens. Electron micrographs were prepared from Formvar replicas of the midthickness of tensile-specimen shanks that had been electrolytically polished and etched in nital. Electron-diffraction patterns were obtained from carbon-extraction replicas. The replicas were prepared by etching the sample surface in the same manner as for microscopy, evaporating carbon on the etched surface, and re-etching the sample to free the carbon film and the precipitate particles. Electron-probe microanalysis was performed on some of the extraction replicas. To obtain adequate fluorescent X-ray intensities, several thicknesses of replica were exposed to the electron beam so that the results represent an average composition of the extracted particles rather than an analysis of single precipitate particles. The retained austenite contents of the specimens were determined by an empirical X-ray diffraction

Jan 1, 1963

By Potts N. L., Eilerts C. K., Summer E. F.

The second-order, nonlinear, partial- dillerential equation representing the transient radial flow of gas - condensate fluids in reservoirs has been integmted by using finite -dillerence equations and electronic computers. Effect was given to pressure -dependent permeability, viscosity, and compressibility and to distance-dependent permeability. The influence of a second-degree velocity term in the Darcy equation was investigated. Implicit methods were used and practical, convergent solutions were obtained with material balance to less than 6 x 10-4 for recovery of one- hall the reserve at constant flow rate. Integration results provide the productive period of a reservoir for a given constant rate and the fraction of the fluid initially in place that can be recovered in that period. The properties of a lean and a rich fluid are represented in a set of integrations designed to demonstrate the effect of different constant-recovery rates and significant variables emphasized one at a time. INTRODUCTION A method is needed for computing the availability or reserve of a gas in a formation, making use of all technical and engineering information that is pertinent. As a step in this direction, a program for computing transient linear flow1 was developed that utilizes principles of earlier finite-difference computing for a similar purpose2-4 and gives effect to significant pressure- and distance-dependent properties of reservoirs and their contents. The present paper pertains to transient, radial flow of gas-condensate fluids. In the partial-differential equation of flow, effect is given to the variables viscosity and compressibility,5 and also to permeability. Included in the study is the quadratic form of the Darcy equation of flow that has been the subject of field tests6 and that has been applied to a gas with constant properties in transient flow computing. 7 Inclusion in the differential equation of variable coefficients to represent properties greatly complicates the higher derivatives of the equation. Because it was impractical to make a required improvement in certain of the finite-difference derivatives by Taylor-series expansion, five-term derivatives were used in the implicit computing. Related methods were developed that can improve general facility in manipulating finite-difference equations. BASIC EQUATIONS PARTIAL DIFFERENTIAL EQUATION The basic partial differential equation for transient radial flow in the direction of decreasing radius is l_ a(vpr) _? .......(1) r gr at where r = radius, L v = apparent velocity aIong radius, L/t p = density, M/L3 t = time, t Ø = porosity, dimensionless. In this equation, only the porosity is regarded constant. The density is where p = pressure, m/Lt2 M = molecular weight of fluid, m T = constant temperature of fluid, T z(p) = pressure-dependent compressibility factor, dimensionless R = gas Constant, mL2/t2t. The physical boundary of the reservoir is at re, and the producing boundary is defined to be at tq with rq = re /200. By definition,

Jan 1, 1966

First Session BRASS Wednesday, A.M., Nov. 29 Co-Chairmen: CARTER S. COLE, Staff Engineer, A.S.T.M. E. A. ANDERSON, Chief of Metals Section, Research Div., New Jersey Zinc Co. (of Pa.) Second Session BRASS Wednesday, P.M., Nov. 29 Co-Chairmen: D. K. CRAMPTON, Director of Research, Chase Brass and Copper Co., Inc. A. W. TRACY, Metallurgist, The American Brass Co. Dinner and Technical Session Wednesday Evening, Nov. 29 Toastmaster: N. L. MOCHEL, Manager Metallurgical Engineering, Westinghouse Electric Corp. Talk on "How Do Things Look Today and For the Future" RALPH KELLY, President, Baldwin Locomotive Works Technical Paper on Stress-Corrosion Cracking E. H. Dix, JR., Assistant Director of Research and Chief Metallurgist, Aluminum Company of America Third Session BRASS Thursday, A.M., Nov. 30 Co-Chairmen: W. B. PRICE, Director of Research, Scovill Manufacturing Co. A. L. JAMIESON, Associate Metallurgist, Frankford Arsenal First Session LIGHT METALS Thursday, P.M., Nov. 30 Co-Chairmen: L. L. WYMAN, Metallurgist, General Electric Co. M. A. HUNTER, Professor of Metallurgical Engineering and Head, Dept. of Metallurgical Engineering, Rensselaer Polytechnic Institute Second Session LIGHT METALS Thursday Evening, Nov. 30 Co-Chairmen: R. T. WOOD, Chief Metallurgist, American Magnesium Corp. J. D. HANAWALT, Director, Metallurgical Dept., Dow Chemical Co. First Session STEEL Friday A.M., Dec. I Co-Chairmen: H. S. RAWDON, Chief, Division of Metallurgy, National Bureau of Standards A. L. FEILD, Director of Research, Rustless Iron and Steel Corp. First Session MISCELLANEOUS METALS Friday P.M., Dec. I Co-Chairmen: E. A. ANDERSON, Chief of Metals Section, Research Div., New Jersey Zinc Co. (of Pa.) CARTER S. COLE, Staff Engineer, A.S.T.M.

Jan 1, 1945

COLUMBIA SECTION Holds four sessions during year. Annual meeting in September or October. S. S. FOWLER, Chairman, J. C. HAAS, Vice-Chairman, LYNDON K. ARMSTRONG, Secretary-Treasurer, 720 Peyton Bldg., Spokane, Wash. W. H. LINNEY, J. F. MCCARTHY. A special meeting of the officers of the Columbia Section was held in Spokane, Wash., Jan. 10, 1918, for the purpose of organizing and nominating members to the principal committees of the Section. Present: J. C. Haas, Vice-chairman; W. H. Linney, Past Chairman; and L. K. Armstrong, Secretary. J. F. McCarthy, Wallace, Idaho, was appointed fifth member of the Executive Committee. The following were appointed to the Membership Committee: R. M. Betts; for Oregon; W. J. Hall, for Idaho; J. M. Porter, for Washington. A member for British Columbia will be appointed later. The following were appointed to the Committee on Papers: Prof. F. A. Thomson, Moscow, Idaho; Prof. L. 0. Howard, Pullman, Wash.; H. S. Lee, Rye Valley, Ore. A fourth member, representing British Columbia, is to be appointed later. The following members were appointed representatives on the Executive Committee of the Spokane Engineering and Technical Association: J. C. Haas, W. H. Linney, F. A. Ross, L. K. Armstrong. The Treasurer reported a deficit, resulting from the participation of the Section at the Northwest Mining Convention in 1916. It was recommended that the Institute be petitioned to make good this deficit, in addition to the usual annual allowance. The members of the committee who were present expressed their desire to be of greater service in the present war, and discussed at some length the possible means of carrying out their desires. It was later decided to reopen the subject at a subsequent meeting of the Section, or to present it to the Executive Committee of the Spokane Engineering and Technical Association for discussion and cooperative action. L. K. ARMSTRONG, Secretary.

Jan 3, 1918

For the first time, the attendance at the meetings of the Institute passed the thousand mark; as is shown by the following table: REGIS- AT BANQUET DID TOTAL TERED NOT REGISTER Men :..:... 703 76 806 Women 195 61 256 1062 The names of the members and guests who registered or attended the banquet but did not register are: A A. D. Beers C. A. Adams Hans Behr Thos. J. Adams Edgar G. Bell Lawrence Addicks Donald A. S. Bell H. T. Abrams W. de LeBenedict G. Aertsen G. B. Bertelli M. M. Albertson Charles P. Berkey James Aldrich Clinton Bernard D. C. Alexander, Jr. W. N. Best W. H. Alexander Robert M. Betts A. W. Allen Christopher H. Bierbaum F. D. Aller Paul Billingsley R. H. Allport R. A. Bingham F. C. Alsdorf R. M. Bird Capt. M. Altmayer John L. W. Birkinbine A.' W. Ambrose G. S. Bisey Henry M. Ami Charles W. Boise F. L. Antisell J. J. Blackmore R. S. Archer A. E. Blackwood Paul' Armitage Capt. C. K. Blatchly Andrew B. Armstrong E. L. Blossom Clifton T. Armstrong C. A. Bohn Ralph Arnold James M. Bonsall R. M. Atwater, Jr. E. E. Boon Joseph E. Aue Gail Borden A. M. Austin R. S. Botsford W. S. Ayres John M. Boutwell

Jan 4, 1919

The following is an incomplete list of members and guests who called at Institute headquarters during the period Nov. 10, 1918 to Dec. 10, 1918. Arthur C. Adair, Camp Meade, Md. L. S. Mitchell, Montreal, Canada. Arthur K. Adams, Camp Humphreys, Va. T. E. Mitchell, San Francisco, Cal. Toner Antisell, Chevy Chase, Md. H. Mortimer-Lamb, Montreal, Canada. V. W. Aubel, New Castle, Pa. Edmund Newton, A. C. Black, El Paso, Tex. Paul T. Norton, Jr., Columbus Ohio. 0. F. Brinton, Baxter Spgs., Kans. Elmer W. Pehrson, San José, Cal. C. S. Corbett, Minneapolis, Minn. Joseph E. Pogue, Washington, D. C. W. M. Corse, Mansfield, Ohio. T. C. Roberts, E. Orange, N. J. G. C. Crossley, Toms River, N. J. D. R. Semmes, Richmond, Va. H. S. Emlaw, Grand Haven, Mich. H. L. Slosson, Jr., San Francisco, Cal. Rudolph Emmel, Boston, Mass. W. H. Staver, S. G. Garrett, U. S. N. R. F. A. L. Sweetser, Boston, Mass. Lt. Francis Geib, Denver, Colo. Lt. H. B. Taylor, Kansas City, Mo. Wm. E. Hubbard, Wichita Falls, Tex. Kirby Thomas, New York. Arthur Iddings, Wichita Falls, Tex. Benj. F. Tibby, Salt Lake City, U. Zay Jeffries, Cleveland, Ohio. J. L. Towne, Whitepine, Colo. S. J. Kidder, Mogollon, N. M. Chas. W. Tubby, St. Paul, Minn. Lt.-Col. W. H. Lanagan (Engrs.). A. G. Waite, Brookline, Mass. Major W. F. Lewis (Engrs.). Timothy D. Walsh, Denver, Colo. 0. M. Lewyn, Thomas Warner, Phoenix, Ariz. A. McClintock, DeKalb June., N. Y. J. P. B. Webster, London, England. Major Donald G. Miller, N. M. E. W. Westervelt, Los Angeles, Cal. C. E. LeN. Arnold, formerly with the Inspiration Cons. Copper Co. at Inspiration, Ariz., has accepted a position with the Consolidated Arizona Smelting Co. at Mayer, Ariz.

Jan 1, 1919

By P. H. Scott, Walter Rose

Recent papers by S. T. Yuster have called attention to the largely ignored concept that there will be a transfer of viscous forces across fluid-fluid interfaces during the flow of immiscible fluid phases through porous media. This leads to the implication that the relative permeability us saturation function, as applied to each of the fluid phases of the system, will in some way be dependent on the viscosities of all the other fluid phases which are contiguous to the flowing fluid of interest. In fact, Yuster has selected and analyzed the properties of a capillary-tube model of the reservoir-prototype flow systems and concludes from his studies that relative permeability values will be very markedly influenced by the viscosity ratio in two-phase systems. On the other hand, relative permeability data have been reported in the literature for more than 20 years; and where these data are consistent at all, they consistently how no dependence on viscosity ratio (cf. chapter 7 of Muskat3 for a resume of past experiniental work). This paradoxical situation has prompted us to re-evaluate Yuster's work. The major flaw we find has to do with the properties of the model Yuster employed to give qualitative support to his predictions. This model is defective in that important surface area parameters characteristic of the prototype-reservoir flow system have not been propertly scaled. Fig. 1 shows how we believe Yuster's model should be modified to circumvent this difficulty. It depicts the capillary tube of radius R and length L, comprised of two elements in series. The first part of length, L has the nonwetting phase flowing centrally out to a radius distance r, where an interfacial boundary exists with the wetting phase which flows in the concentric annular pace of the tube. The second part of length, L-L,. has the

Jan 1, 1953

NORTH AMERICA ALASKA Anchorage.-Culver, H. W. Geehan, R. W. Strandberg, H. Chicagof.-Russell, J. C. Tracy, Q. S. College.-Dorsh, J. B. Fox, E. F. Joesting, H. R. Smith, M. C. Wilcox, H. G. Douglas.-Cahill. W. E. Fairbanks.-Adams, J. M. Barber, R. J. Beistline, E. H. Crawford, J. D. Doheny, L. C. Earling. R. B. Greves, J. H. Harris. Q. P., Jr. Henton. H. M. Herbert, C. F. Nester, W. B. Hopkins, J. E. CANADA ALBERTA Calgary.-Allen, R. E. deHart, J. B. Dunn, W. Gray, J. G. Johnson. R. V. Link, T. A. Slipper. S. E. Soul, N. Thorne, B. L. Thorne, H. L. Edmonton.-Ball, M. W. Lilge, E. O. Pitcher, N. C. Nordegg.-Shanks, J. Turner Valley.¬MacKenzie, W. D. C.

Jan 1, 1941

By Leroy Gardner

EVERY reader of this paper is well aware of the fact that the prolonged inhalation of large amounts of free silica dust results in fibrosis of the lungs, and that other inorganic dusts, except those of asbestos and the mineral poisons, are thought to be relatively harmless. But probably few have had opportunity to visualize the effects of silica, asbestos and other minerals upon living tissues. The ideal demonstration would be based upon sections of lungs from human beings that had inhaled com-parable concentrations of different dusts for a unit period of time. Such material is generally difficult to obtain and in some instances is of ques-tionable value because the subject has been exposed to more than one kind of dust. A demonstration could be prepared from the lungs of animals. However, so many months or even years are required to com-plete the exposure to each kind of dust that enough material has not been accumulated. For a general survey of the action of different types of dust, I am therefore compelled to use the tissues of animals that have been injected with suspensions of dust particles. The injection method offers certain advantages. The quantity, the particle size and the state of dispersion can be controlled with sufficient accuracy so that the tissue responses to different minerals can be accu-rately compared. The method insures contact between the tissues and the mineral particles; protective mechanisms, which may prevent the inhalation of certain types of foreign body, never come into play. If the pathway of injection be one that minimizes nonspecific injury, the tissue responses may simulate those produced by inhalation but they develop somewhat more rapidly. It should always be remembered that injection methods merely demonstrate the capacity of various kinds of minerals to provoke reaction in the tissues; whether the same substances are inhaled from atmospheric suspension and accumulate in the lungs in dangerous quantities can be demonstrated only by inhalation.

Jan 1, 1938

By W. S. CAYPLESS, H. O. Hofman, E. E. HARRINGTON

I. INTRODUCTION. LIME-ROASTING is a term proposed by Ingalls 1 for the operation of forcing air under pressure through a mixture of galena and lime at the kindling-temperature with the object of oxidizing lead and sulphur and of fritting or fusing the charge. If, finely-divided galena were treated in this manner without the addition of lime, the heat set free by the oxidation of part of the lead and the sulphur would be sufficiently great to fuse undecomposed sulphide, and thus stop desulphurization. Besides the chemical action that the addition of lime, limestone or gypsum to the charge may have, the admixture has the physical effect that it keeps the particles of galena separated from one another and accessible to the oxidizing effect of the air. At present, three methods of lime-roasting are carried out on a working-scale, the Huntington-Heberlein, the Carmichael-Bradford and the Savelsberg2 processes. In the last, which interests us here, an 8-ton charge is made up of galena, limestone and perhaps some siliceous or ferruginous flux; the whole is crushed to pass a screen with 3-mm. holes and moistened with 5 per cent of water. It is fed gradually into a bowl-shaped converter, 6.56 ft. in diameter, supported by trunnions attached to a truck. On the .bottom the converter has a grate with blast-inlet beneath. In starting, the truck with the converter

Jan 1, 1907

By Roland J. Lapee

A history of the progress made in copper refining in Montana is presented. The casting furnaces and the newly rebuilt electrolytic refinery are descmbed and operating details are given. Experiences with various addition agents, effects of rernoval of chlorine from the electrolyte, and effects of separan on electrolyte and on copper deposit are discussed. Observatzons are made on the effect of various impurities in anode copper and behavior of thezr salts in electrolyte and in slime, on treatment of slime for removal of copper, and on electrolyte puriification problems. The improved method for production of starting sheets is described. Attention is given to new materials for construction and to improvement in matrials handling ad quality control. COPPER refining at Great Falls, Montana, dates back to 1892. The original plant produced 65,000 lb. of cathodes per day at a current density of 16 amp per sq ft. In this plant anodes and cathodes were handled to and from the cells by means of hand-operated chain blocks and were moved about the plant by hand trucks. Cathodes were melted in coal-fired, reverbera-tory furnaces, were charged by hand, and refined copper was dipped by hand and cast in iron molds. In 1916, a new, modern plant with capacity to refine 18 million Ib. copper per month was built. Two refining furnaces were built, and each was provided with a twenty-mold Clark casting wheel. In 1922, the furnaces were converted to the use of pulverized coal: in 1923, to the use of oil; and in 1928, to the use of natural gas. In 1926, the plant was enlarged 50 pct. The use of pulverized coal for refining copper at Great Falls was discussed1 in a paper presented at the Salt Lake City meeting of the Institute in September 1925. Also, a comparison of the use of various fuels in copper refining furnaces was discussed 2 in a paper presented at the New York meeting of the Institute in February 1932. Prior to 1943 the cellroom was operated with twenty-five 720-lb. anodes and 26 cathodes per cell. Four cathodes, each weighing about 165 lb., were produced from an anode. In 1943 the weight of the anode was reduced to 460 lb., and two cathodes, each weighing about 190 lb., were produced from an anode. In 1949, a Billet Casting Wheel for the production of 3 in. diam phosphor deoxidized billets was built. A paper, presented at the New York Meeting of the Institute in February 1956, describes3 this plant and operation. In the electrolytic refinery, production is controlled by variation of the current density. In 1956, germanium rectifiers on a separate electrical circuit were provided for the starting sheet section so that current density could be maintained at any desired figure. Also in 1956, a program of modernization and enlargement of the Electrolytic Copper Refinery was started. This program, when completed, will raise the capacity of the Great Falls Electrolytic Copper Refinery approximately 33 pct, to 33 million lb. of cathodes per month. Furnace capacity for melting cathodes and anode scrap is ample to take care of the increased production from the electrolytic refinery. This fortunate condition came about primarily as the result of the three following changes: 1) The furnaces were lengthened 10 ft in 1922 when the fireboxes were found unnecessary for burning powdered coal. 2) Furnace life, and hence furnace capacity, was increased by the successful efforts of the Copper Refinery staff to develop a method for sanding furnace side walls and roof. 3) The natural gas being used has a very low sulfur content. As a result, it is possible to reduce time spent rabbling and poling and thus greatly increase tons per furnace charge. TANKHOUSE AND TANKS The Great Falls Electrolytic Refinery is 535 ft long by 252 ft wide. The cells are arranged in four crane bays in which are operated seven 10 ton Whiting Cranes. The old cells are in groups of ten, with circulation of electrolyte through five cells in cascade and with aisles between the groups of ten cells. The new cells are nested in groups of sixteen with no aisles, are all on one level, and have individual circulation to each cell. Present plans call for 1792 commercial cells and 128 stripper cells. To reduce confusion during the construction period, and to use the cranes, cars, and other equipment already on hand, the cells in the rebuilt section were designed to have approximately the same inside dimensions as the cells in the old part of the

Jan 1, 1962

By M. Bevis, A. F. Acton, P. C. Rowlands

Defor~nation twinning and transformation twinning modes most likely to be operative in Fe-Ni and Fe-Ni-C martensites have been determined using a new theory of the crystallography of deformation t~inning.~ This analysis shows that potentially important conventional and nonconventional twinning modes1 have been omitted in previous analyses. Discussion is given on the relevance of the predicted twinning modes to the lattice invariant shear associated with the martensite transformation in steels and to anomalous deformation twinning in Fe-Ni-C martensites. THE two most important criteria which appear to govern operative twinning modes in metallic structures1 are that the magnitude of the twinning shear should be small and that the twinning shear should restore the lattice or a multiple lattice in a twin orientation. The latter criterion ensures that the shuffle mechanism required to restore the structure in a twin orientation is simple. These criteria have been adhered to in the prediction of twinning modes2"6 in bcc and bct single-lattice structures with axial ratios in the range y = 1 to 1.09 as, for example, encountered in martensite occurring in steels. Refs. 2 and 3 in particular consider the martensite transformation in steels and the twinning modes in these cases relate to transformation twinning, and hence the lattice invariant shear associated with the martensite transformation. The list of twinning modes which can be compiled from these sources is incomplete and the ranges of magnitude of shear considered could be unrealistically small, particularly in the case of deformation twinning. The latter consideration is supported by the fact that twinning modes with magnitudes of shear large compared with the smallest shear consistent with a simple shuffle mechanism have been established in, for example, the single-lattice structure mercury7 and the multiple-lattice structure zirconium.&apos; In addition the anomalous deformation twins reported by Ftichrnan4 to occur in a range of Fe-Ni-C martensites still remain unexplained. It is clear that a comprehensive analysis of twinning modes likely to be operative in martensite In steels is required. The results of the application of a new theory of the crystallography of deformation twinningg to these structures are presented in this paper. The theory has been used to determine all shears which restore the lattice or a multiple lattice in a new orientation with magnitude of shear up to a required maximum. The orientation relationships between parent and twinned lattices are not restricted to the classical orientation relationships of reflection in the twin plane or a rotation of 180 deg about the shear direction. PREDICTED TWINNING MODES Twinning modes which restore all or one half of lattice points to their correct twin positions will be referred to as m = 1 and m = 2 modes, respectively. These modes are the most likely to describe operative modes in single lattice structures. The bcc m = 1 and m = 2 modes which have magnitudes of shear s in the range s < 2 and s < 1, respectively, have been given10 and are reproduced here in Tables I and 11. Detailed discussion of the crystallography of these modes and cubic modes in general will be discussed elsewhere (~evis and rocker, to be published). The four twinning elements Kl, &,ql,7)2 as well as the magnitude of shear s are given for each twinning mode, and the twinning modes are given in order of increasing shear. Two twinning modes are given in each row of the tables, the twinning mode Kl, Kz, ql, q2 and the reciprocal twinning mode with elements Kl = K,, Ki = Kl, q: = q2, and 17; = ql. The m = 1 and m = 2 twinning modes which describe twinning shears with small magnitudes of shear and simple shuffle mechanisms in bct crystals with -y = 1 to 1.09 are given in Tables I11 and IV, respectively. On increasing the symmetry of the tetragonal lattice to cubic, that is making y = 1, all modes listed in Tables 111 and IV must reduce to crystallographically equivalent variants of the modes given in Tables I and 11, respectively, or become twinning modes with both shear planes as symmetry planes in the cubic lattice and hence not considered in Tables I and 11. With the exception of this last type of mode only those tetragonal twinning modes which reduce to modes 1.1, 1.2, 2.1, and 2.2 of Tables I and I1 are considered in Tables 111 and IV. For values of y in the range -y = 1 to 1.09 the tetragonal modes and the corresponding cubic twinning modes have approximately the same magnitude of shear. The twinning modes listed in Tables 111 and IV are therefore by the criteria given above the most

Jan 1, 1969

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N.Y.

Jan 9, 1917

By Robert Gillham, Victoria Yablonsky, Grover R. Castle

INTRODUCTION The commercial paper market, unique to the United States, is a direct exchange of funds between high-grade borrowers and large lenders; because it eliminates both the bank&apos;s role as middleman and also some significant transaction costs, commercial paper is the lowest cost short term instrument in the world. For this reason, virtually all borrowers would like to enter the market, but only issuers with the highest rating from Moody&apos;s and Standard & Poor can attract purchasers at the best rates. COMMERCIAL PAPER The commercial paper market, in existence for over 100 years, has traditionally been used for short-term financings, with most paper maturing within 30-45 days. Under the U. S. Securities Act of 1933, (section 3(a)3) industrial paper can avoid registration only if it matures within 270 days and is used for current transactions. It was first used to finance the short-term seasonal working capital needs of manufacturing companies. Since World War II, commercial paper use has grown steadily, serving in the 1950&apos;s as the market in which finance companies financed the explosion in consumer credit purchases of heavy consumer durables. LETTER OF CREDIT BACKING As far as is known, the use of letters of credit to support energy-related commercial paper began about 13 years ago with an arrangement to finance the nuclear fuel for Con Edison&apos;s Indian Point 3 Plant. Goldman, Sachs was the architect of this financing and Chemical Bank provided the letter of credit support. After an early burst of interest, this type of financing wobbled severely in the difficult credit markets of the mid-seventies before regaining serious momentum in 1976 and 1977. A mining project would not normally qualify as a borrower in the commercial paper market because of its credit standing and because its large capital needs require long term financing. However, lately, commercial paper has begun to take the place of a bank term loan in limited recourse project financings. L/C backed commercial paper took this new and startling turn in 1982 when it was used as part of the $700 million financing for the development of the Newlands-Collinsville coal mines of Mount Isa Mines Ltd. in Australia. This was the first use of L/C backed commercial paper in a long-term limited recourse project financing. First Boston acted as financial advisor and, again, Chemical Bank provided sole letter of credit support of $155 million. The $785 million BHP financing for the acquisition of the Queensland (Australia) coal assets of Utah International from General Electric Company followed the next year; there we acted with two other Front Banks to provide $270 million of L/C support. These two important transactions indicate that not only has commercial paper become an integral part of a long-term financing package, but also that it is no longer the exclusive domain of the best known U. S. companies. Lesser-rated companies and a multitude of foreign borrowers have gained access to this "exclusive club." How has this become possible? OPERATION OF AN L/C An instrument of the commercial banks, the "direct pay" letter of credit, has enabled lesser-rated companies to issue commercial paper in their own names. The letter of credit allows the issuer to substitute the credit rating of the supporting bank for its own. The L/C in effect allows a lesser-rated company to rent the bank&apos;s credit rating. This upgrading is possible because the bank is unconditionally obliged to pay the note-holders at maturity and then turn to the Issuer for reimbursement. The Issuer commonly "rolls over" a new short-term issue and reimburses the supporting bank from the sale of the new issue until cash flows from the project allow the borrower to reduce the level of paper outstanding. The commitment for an L/C facility, up to 12 years in the case of the Broken Hill transaction, governs the life of the commercial paper tranche of the financing. The term of the L/C commitment thus has the power to extend the ordinary 30-45

Jan 1, 1985

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE, ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS ? NEW YORK, .N: Y L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS . . NEW YORK, N. Y. TREASURER GEORGE C: STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, . . . NEW YORK, N. Y. SECRETARY&apos; BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 6, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE, ST. Louis, Mo. PAST &apos;PRESIDENTS WILLIAM L. SAUNDERS NEW YORK,. N. Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, _ NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 11, 1917

PRESIDENT L. D. RICKETTS,1 NEW YORK, N. Y. PAST PRESIDENTS BENJAMIN B. THAYER,1 NEW YORK, N, Y. WILLIAM L. SAUNDERS,2 NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS,1 NEW YORK, N. Y. TREASURER GEORGE C. STONE,1 NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W.. RAYMOND NEW YORK, N. Y SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 6, 1916

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. LOUIS, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS NEW YORK, N. Y. L. D. RICKETTS NEW YORE, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS, NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 8, 1917

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE, ST. LOUIS, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS, NEW YORK, N. Y. L. D. RICKETTS, NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 2, 1918

For the year ending February, 1918 PRESIDENT PHILIP N. MOORE ST. Louis, Mo. PAST PRESIDENTS WILLIAM L. SAUNDERS, NEW YORK, N: Y. L. D. RICKETTS NEW YORK, N. Y. FIRST VICE-PRESIDENT SIDNEY J. JENNINGS NEW YORK, N. Y. TREASURER GEORGE C. STONE, NEW YORK, N. Y. SECRETARY EMERITUS ROSSITER W. RAYMOND, NEW YORK, N. Y. SECRETARY BRADLEY STOUGHTON NEW YORK, N. Y.

Jan 1, 1918