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By C. O. Burgess, W. D. Forgeng

The results of an investigation of the ternary system iron-chromium-silicon were reported in 1936 by the present authors.l Partly for the sake of theoretical interest, and partly because of the possible commercial importance of these alloys, the present investigation was undertaken to determine the effect of some of the commoner elements likely to occur, deliberately or otherwise, in such alloys if made on a commercial scale. The elements thus added were carbon, nickel or manganese. The alloys studied were, therefore, parts of quaternary systems. This investigation was concerned primarily with the effect of these additional elements on the alpha-iron phase and the boundary between this phase region and the alpha plus sigma two-phase region. The sigma phase is a ternary solid solution based upon the compound FeCr. The work was performed mainly by X-ray methods, but a number of microscopic examinations were also made and are reported. While isolated alloys in the composition ranges studied may have been discussed in metallurgical publications, no systematic investigation of any assistance to us was found. Of the earlier work, the investigations on the iron-chromium-carbon system and on the chromium carbides by Westgren and his coworkers2'3 enabled us to identify the carbide phase. Several articles appeared after the present experimental work had been completed. Lucas and Wintrup4 determined the solubility of carbon in molten iron-chromium-silicon alloys. Tofaute and his coworkers5'6 have made detailed studies of the iron-chromium-carbon system, which will be referred to later. Materials and Methods Materials.—The iron, chromium and silicon used were essentially the same as those used in the investigation of the ternary system.l The

Jan 1, 1938

By C. O. Burgess, W. D. Forgeng

The results of an investigation of the ternary system iron-chromium-silicon were reported in 1936 by the present authors.l Partly for the sake of theoretical interest, and partly because of the possible commercial importance of these alloys, the present investigation was undertaken to determine the effect of some of the commoner elements likely to occur, deliberately or otherwise, in such alloys if made on a commercial scale. The elements thus added were carbon, nickel or manganese. The alloys studied were, therefore, parts of quaternary systems. This investigation was concerned primarily with the effect of these additional elements on the alpha-iron phase and the boundary between this phase region and the alpha plus sigma two-phase region. The sigma phase is a ternary solid solution based upon the compound FeCr. The work was performed mainly by X-ray methods, but a number of microscopic examinations were also made and are reported. While isolated alloys in the composition ranges studied may have been discussed in metallurgical publications, no systematic investigation of any assistance to us was found. Of the earlier work, the investigations on the iron-chromium-carbon system and on the chromium carbides by Westgren and his coworkers2'3 enabled us to identify the carbide phase. Several articles appeared after the present experimental work had been completed. Lucas and Wintrup4 determined the solubility of carbon in molten iron-chromium-silicon alloys. Tofaute and his coworkers5'6 have made detailed studies of the iron-chromium-carbon system, which will be referred to later. Materials and Methods Materials.—The iron, chromium and silicon used were essentially the same as those used in the investigation of the ternary system.l The

Jan 1, 1938

By L. W. Holm

This study shows that in the presence of foam, gas and liquid flow separately through porous media representative of reservoir rock. These results were obtained by using tracer techniques to measure the flow of the gas and liquid comprising the foam. Foam does not flow through the porous medium as a body even when the liquid and gas are combined outside the system and injected as foam. Instead, the liquid and gas forming the foam separate as the foam films break and then re-form in the porous system. Liquid moves through the porous medium via the film network of the bubbles and gas moves progressively through the system by breaking and re-forming bubbles throughout the length of the flow path. The flow rates of the gas and liquid are a function of the number and strength of the films in the porous medium. There is no free flow of gas; i.e., no continuous gas phase. On the basis of these results, foam can be expected to improve a water flood or gas drive by decreasing the permeability of the reseruoir rock to a displacing liquid or gas. This improves the mobility ratio and thus the conformance of the flood. INTRODUCTION Foam is formed when gas and a solution of a surface active agent are injected into a porous medium either simultaneously or intermittently. During the past few years, several papers have been published on the subject of foam flow in Dorous media. Foam has been used successfully in the removal of capillary water blocks from producing formations.''2 The use of foam in gas storage reservoirs to reduce gas leaks and to increase storage capacity has been considered in recent years. Foam has also been investigated as an oil displacing agent,3-5 and as an agent to improve the mobility ratio in a waterflood.6-10 However, the mechanism by which the gas and liquid phases comprising the foam flow through a porous medium has nor been described adequately. Normally, when two immiscible phases (gas and liquid) flow concurrently through a porous medium, each phase follows separate paths or channels. At given saturations of the two phases, a certain number of channels are available to each phase, and as saturations change, the number and configuration of the channels available for each phase also change. The effective permeability of each phase is a function of the saturation of that phase only, and the flow of each phase can be described by Darcy's law. When foam is present, the effective permeability of the porous medium to each phase is greatly reduced compaced with permeabilities measured in the absence of foam.6,11-13 Based upon the observed flow of surfactant solutions and gas in capillaries, it has been concluded that the gas and liquid may flow separately or they may flow combined as foam. At least four mechanisms have been postulated to explain how fluids flow with foam present: 1. A large portion of the gas is trapped in the porous medium and a small fraction flows as free gas, following Darcy's law.9 2. The foam structure moves as a body; the rate of gas flow is the same as the rate of liquid flow. 6,13 3. Gas flows as a discontinuous phase by breaking and re-forming films. Liquid flows as a free phase.12 4. A portion of the liquid and gas move as a foam body while excess surfactant solution moves as a free phase.14 It also has been suggested that different flow mechanisms exist for high quality (dry) foams made from dilute surfactant solutions and for foams made from more concentrated solutions. Studies conducted on the flow of foam through capillaries have shown that a plug-type flow occurs and that foam flows as a body.6,15 Fried also has described the flow of foam through porous media as

Jan 1, 1969

Occasionally it is interesting, and sometimes useful, to review the past for early references to our industry, and to learn of the trials and travail passed through before it arrived where it now is- and the results of such a review follow. Some time ago one of our modern playwrights and poets, Arthur Guiterman, turned to coal, with the following result: Afar in the Carboniferous time I grew in Paleozoical slime, A lepidodendron with boughs on my stem And lepidostrobuses grew out of them. My roots in the mud of the ages I spread And up to the heavens I vaunted my head, I throve in the heat of tropical sun, And now I am coal at two dollars a ton

Jan 1, 1939

By G. M. Schwarz

There has been considerable controversy regarding the structure and mineral constituents produced when iron ore is sintered. This investigation was undertaken in order to establish the fundamental reactions that take place in the sintering process by determining the nature of the resulting minerals. The writer's immediate interest in the subject arose mainly from the request of E. W. Davis for information based on a microscopic study of sinter submitted by him in May, 1926. In the author's preliminary work, samples of iron-ore sinter were secured from the Minnesota School of Mines Experiment Station and from commercial plants. These were polished by the usual methods for polishing opaque ores. In order to study these surfaces satisfactorily, it is necessary to magnify them rather highly, a range from 100 to 1000 dia. being used. For the higher magnifications oil-immersion lenses and an intense source of light are necessary. After the preliminary study had shown the problems involved, a series of small samples were sintered under carefully controlled conditions and with analyzed materials. Variations in the relative amounts of ore, coal and water were made in order to study the effect of each constituent. The attempt has been to arrive at a clearer understanding of the sintering process and the reactions involved without reference to any preconceived notion as to sinter. It is clear that the study of polished surfaces has yielded results not possible with thin sections alone. The thin sections made in this work were found unsatisfactory at magnification greater than 75, whereas magnifications of 1000 were easily studied with reflected light on carefully polished surfaces. A rather complete statement of observed facts is made so that the reader may form his own conclusions. The writer's interpretations are suggested. It is to be hoped that a more complete understanding of the structure arid composition of iron sinter, as well as the changes which go on during

Jan 1, 1929

By Carl A Zapffe, George A. Moore

In a previous publication from this laboratory1 the conclusion was drawn that the embrittling effect of occluded hydrogen on iron and steel must result from the precipitation of the gas within small openings through the crystal structure. A review of the literature then published indicated the real existence of crystal substructures of the mosaic type and gave presumptive evidence that the "rift openings" associated with hydrogen occlusion are the same as the L'disjunctions" of the mosaic theory. Inasmuch as no clear conception of the actual nature of the crystal fragments and openings inherent in these theories has been established, it was considered desirable to obtain direct micrographic evidence of their true configuration. In this direction the standard methods of metallographic attack have proved useless. Recourse was had, therefore, to the direct examination of the surfaces upon which failure by cleavage had resulted from the presence of hydrogen. It was expected that such a surface, unaffected by chemical attack and undis-torted by polishing, would reveal the fine openings penetrated by the gas and thus indicate the real nature of the substructures. Materials Studied In commercial steels, defects caused by hydrogen take various external forms according to such factors as structure and purity, and to the extent to which hydrogen either occludes or produces chemical changes. The present work relates only to the well-known transcrystalline hydrogen embrittlement—-"pickling brittleness "—in which elemental hydrogen occluded within the grain develops cleavage characteristics. For example, hydrogen embrittlement resulting from hydrogen reaction products is excluded from detailed study. It was also desirable, as far as possible, to have the study uncomplicated by other elements which themselves cause brittleness. Three types of iron were used. These included ingot iron, decarburized free-machining steel, and a specially prepared, aluminum-killed, electrolytic iron. This choice allowed a comprehensive selection of unavoidable minor impurities and inclusions, which could subsequently be shown to have no specific effects on the structures within the grains. Carbon, and any other impurities free to react with hydrogen, were first removed by a preliminary annealing treatment in hydrogen. Subsequent treatment in vacuo extracted much of this hydrogen and its gaseous reaction products. The resultant ductile iron was then embrittled either by a second anneal in hydrogen, followed by rapid cooling, or by cathodic electrolysis. Group 1: Prepared from Armco Ingot Iron As shown in Table 1, the principal impurity in this iron was oxygen, which survived the purifying treatment to a large extent. Two series were prepared. The first (Nos. SIO-24) was purified only one day in hydrogen and dehydrogenized one day in nitrogen. Containing both hydrogen and its

Jan 1, 1943

By L. N. Cosner, C. F. Austin, J. K. Pringle

Shock wave attenuation studies with three igneous rocks are reported: a spessartite elastic to low intensity stress waves, a diorite which is anelastic, and a porous scoria. The level of shock passing through a given thickness of rock has been determined by donor-receptor methods using high speed streak cameras. Test results include shock propagation velocities adjacent to the explosive, the dependence of test results upon test geometry, and the variation in shock wave attenuation in these three common igneous rock fabrics. The utilization of explosives in rock mediums involves a series of interrelated phenomena. These are the detonation process within the explosive, the transfer of energy from the explosion products to the surrounding rock medium in the form of sound or shock waves, and the transmission of the resulting waves through the rock medium to create damage in the rock mass. The subject of this paper is the investigation of the close-in phenomena that occur in the intensely shocked rock immediately adjacent to a detonating explosive charge. The specific aspects studied include propagation velocities, free surface velocities, pulse attenuations and the determination of the equations of state for the test rocks employed. In addition, a series of tests was conducted to indicate the dependence of the test results on the charge diameter utilized. The equations of state for rock materials have been investigated by a number of authors. Lombard, ',' Grine and Fowles,3,4 Zharkov, 5 Hughes and McQueen,6 Chabai,7,8 and Bass9 have published equation of state data on rock materials similar in structure or composition to those investigated in the study. Rinehart10 has prepared a voluminous tabulation of the available equation of state data from these publications and in addition has included data on many other rock and earth materials in his compilation. The reader is referred to the extensive tabulations and bibliography of Rinehart for classical studies involving the equations of state of metals and other solids and liquids. The problems of sympathetic detonation between drill holes in hard rock environments has received the attention of various authors as have the problems of explosive rock coupling close-in stress wave attenuation and explosive diameter effects. 11 to 18 In particular, the don or-receptor geometry of this report is very similar to the geometry of adjacent drill holes in rock. Most published pulse velocity and attenuation work in rock has been devoted to velocities at much lower amplitudes than those associated with close-in explosives phenomena and most attenuation studies involve transmission and attenuation across large spans of material. Excellent work in these areas has been published by the U. S. Bureau of Mines and by many individuals and groups engaged in geophysical research. SELECTION OF TEST MATERIALS A series of rock materials was desired for this test program that would be meaningful industrially, and that would also yield comparative results from a research viewpoint. Based on the availability of a series of related petro-fabrics, for which there is an abundance of physical and shock response data, three igneous rocks were selected as the test series. The applicability of shock wave studies in igneous rocks to industrial problems is readily demonstrated. Hardrock tunneling, quarrying and mining take place in igneous rocks throughout the world. From a research point of view, igneous rocks exhibit a wide variety of grain sizes and considerable diversity in composition, yet the common igneous rocks have a general similarity in their constituent mineral structures and in their grain-to-grain bonding mechanisms. The latter is based on the concept of rock formation through magma cooling and crystallization, though the degree of liquefaction in granitic plutonic masses is indeed a moot question. Three specific types of igneous rock were chosen for study. A coarse-grained granitic textured rock was desired that would serve as a representative of the widely abundant intrusive rocks of the world and

Jan 1, 1967

By L. L. Wyman

IN order to clarify and amplify the existing data concerning the action of the cementing material in cemented tungsten carbide alloys, the authors have initiated this investigation of the entire range of cobalt-tungsten carbide alloys. Inasmuch as the ultimate objective is relative to what actually goes on during the sintering of cemented tungsten carbide materials, this work was necessarily restricted to heat treatments similar to those used in actual production of these materials. In the course of numerous experiments, the authors have noted several conditions that indicated that there was a solubility to be considered. Among these factors are the following: 1. Many of the alloys showed a much larger amount of binding constituent to be present than could possibly be accounted for by the cobalt content. 2. In many areas, grains of the carbide constituent are much larger than the particles of carbide originally added. In addition, these grains are of very regular contour. 2a. In samples of cemented tungsten carbide which had been fused in the atomic hydrogen torch in the presence of excess hinder constituent, immense grains are formed, and their shapes are very regular. This is also true when the cemented tungsten carbide of 13 per cent. Co content is fused alone in the atomic hydrogen torch. Contrary to general expectation, chemical analysis of this material, after fusion in the atomic hydrogen torch, checks the analysis of unfused material. 3. In making the cemented tungsten carbide materials by the process of exerting the pressure at the time of heating a certain portion of the contents squeezed out of the mold. Chemical analysis has shown that this material contains approximately 12 to 20 per cent. of tungsten. The microstructure shows a cored dendritic structure interlaced with eutectic network, and some graphite, as shown in Fig. 1. 4. Thermal analysis of these materials has consistently indicated an arrest point close to 1350° C.

Jan 1, 1930

By Carl A. Zapffe, George A. Moore

In a previous publication from this laboratory1 the conclusion was drawn that the embrittling effect of occluded hydrogen on iron and steel must result from the precipitation of the gas within small openings through the crystal structure. A review of the literature then published indicated the real existence of crystal substructures of the mosaic type and gave presumptive evidence that the "rift openings" associated with hydrogen occlusion are the same as the L'disjunctions" of the mosaic theory. Inasmuch as no clear conception of the actual nature of the crystal fragments and openings inherent in these theories has been established, it was considered desirable to obtain direct micrographic evidence of their true configuration. In this direction the standard methods of metallographic attack have proved useless. Recourse was had, therefore, to the direct examination of the surfaces upon which failure by cleavage had resulted from the presence of hydrogen. It was expected that such a surface, unaffected by chemical attack and undis-torted by polishing, would reveal the fine openings penetrated by the gas and thus indicate the real nature of the substructures. Materials Studied In commercial steels, defects caused by hydrogen take various external forms according to such factors as structure and purity, and to the extent to which hydrogen either occludes or produces chemical changes. The present work relates only to the well-known transcrystalline hydrogen embrittlement—-"pickling brittleness "—in which elemental hydrogen occluded within the grain develops cleavage characteristics. For example, hydrogen embrittlement resulting from hydrogen reaction products is excluded from detailed study. It was also desirable, as far as possible, to have the study uncomplicated by other elements which themselves cause brittleness. Three types of iron were used. These included ingot iron, decarburized free-machining steel, and a specially prepared, aluminum-killed, electrolytic iron. This choice allowed a comprehensive selection of unavoidable minor impurities and inclusions, which could subsequently be shown to have no specific effects on the structures within the grains. Carbon, and any other impurities free to react with hydrogen, were first removed by a preliminary annealing treatment in hydrogen. Subsequent treatment in vacuo extracted much of this hydrogen and its gaseous reaction products. The resultant ductile iron was then embrittled either by a second anneal in hydrogen, followed by rapid cooling, or by cathodic electrolysis. Group 1: Prepared from Armco Ingot Iron As shown in Table 1, the principal impurity in this iron was oxygen, which survived the purifying treatment to a large extent. Two series were prepared. The first (Nos. SIO-24) was purified only one day in hydrogen and dehydrogenized one day in nitrogen. Containing both hydrogen and its

Jan 1, 1943

[Cyanidation: Fresnillo, Mexico. 112. 734, 739. Abs.. YB84. 34 gold ore: before or after amalgamation. respective merita. 118, 538 high residue avoided by milling in water, 118, 542 Homestake mill, 112,607. 614 impoverishing gold ore before cyanidation justified. 118, 539 Kirkland Lake district, 112, 648, 649. Abs., YB84.32 literature prior to 1932. See Source Book. McIntyre Porcupine mines, 118, 638 mercury as an aid to extraction of gold, 118, 53 8]

Jan 1, 1936

By J. G. Thompson

THE methods employed for the determination of oxides and oxygen in ferrous materials may be roughly classed in two groups, "wet" methods and "hot" methods, the first group including the iodine, electrolytic, mercuric chloride, hydrochloric acid, nitric acid, and chlorine methods; the second group including the vacuum-fusion and hydrogen-reduction methods. The wet methods depend upon preferential solubility in a selected medium to separate the metallic portion of the sample from the oxygen-containing constituents. Subsequent analysis of the insoluble residue permits the isolation and separate determination of individual oxides and compounds. The hot methods depend upon the reduction of the oxide constituents of the sample by means of carbon or hydrogen at elevated temperatures. With the exception of the recently developed fractional vacuum-fusion method, the hot methods do not identify individual oxides and compounds but yield only a single value represent-ing the sum of the oxygen contents of several or all of the oxide con-stituents present. With such diversity in the principles and. aims of the different groups, it is not surprising that concordance of results by differ-ent methods has usually been difficult to obtain. The present cooperative attempt to define more rigorously than has been possible heretofore the accuracy and limits of usefulness of the vari-ous methods, originated in correspondence between Dr. John Johnston, Director of Research of the United States Steel Corporation, and other interested metallurgists. The plan was, briefly, to submit identical samples to a number of laboratories for analysis by different methods and to collate the results of these analyses. The project was endorsed by the Iron and Steel Division of the American Institute of Mining and Metal-lurgical Engineers at the annual meeting in February, 1933, and has been conducted under the joint sponsorship of the Iron and Steel Division and the National Bureau of Standards. The latter organization undertook

Jan 1, 1936

By H. H. Kellogg

A model of the slag-fuming process for recovery of zinc oxide fume from lead blast furnace slags, adapted to solution by a digital computer, is presented. The model incorporates the variaticm with time of the following: the fuming of zinc and lead, the change in the ferrous-ferric ratio in the slag, the transfer of sulfur to and from the slag, the temperature of the liquid slag, the temperature of the gases and fume which exit to the flue, the heat losses to the water jackets, and the amount of frozen slag on the water jackets. The assumptions which underlie the model-some of which are but crude approximations—are discussed. Despite some obvious shortcomings, the model simulates faithfully many of the important features of practical slag-fuming operations. The behavior of the model is compared with the operation of the American Smelting and Refining Co. fumzace at El Paso, Tex. The model is used to predict the effects on performance of changes in the coal rate, the temperature of the secondary air, and the composition of the coal. THE fuming of lead blast furnace slag for recovery of zinc oxide is standard practice today, and it has been the subject of several previous attempts at mathematical process analysis.'-' The mathematical process model described in this paper incorporates many of the features from the earlier studies, but it is a far more complete and realistic representation of the commercial process in that the following additional features have been included: the fuming of lead as well as zinc; the transfer of sulfur between slag and gas; the addition of slag feed in batches, over a period of time; tapping of the final slag over a period of time; the change of slag temperature with time. The additional features of the present model add greatly to the mathematical complexity, but this difficulty has been obviated by programming the model for solution by a digital computer. The IBM 7094 computer solves the model for one operating cycle of the fuming furnace in less than 1 min. It is doubtful if the same calculations could be completed with the aid of a desk calculator in less than a month. The computer program, written in the Fortran IV language, is too lengthy for presentation here.* Instead, this paper As shown in the sections which follow, it does simulate with remarkable faithfulness most of the known behavior of the industrial process. On the other hand, the model contains several gross simplifications of both the chemistry and heat balance, necessitated by the lack of more exact knowledge. In addition to these known weaknesses, it is not unlikely that those more intimately acquainted with industrial practice than the author will find other additions to or modifications of the model which will improve its utility and reliability. CHEMISTRY In brief outline, the present model treats the fuming furnace as two units, A and B, in series. In A the batch of slag reacts with the continuous stream of air (primary and secondary) and fuel injected at the tuyeres, to produce a stream of hot, reduced gases containing zinc vapor. The zinc content of both the slag and the product gas changes with time because of the batch nature of the process. Unit A is called the "lower furnace" in this paper; physically, it is considered to be that part of the fuming furnace which lies below the charge port. In B, the "upper furnace", the product gas from A is burned with the stream of "tertiary" air, to produce zinc oxide fume. The performance of B also depends on time because of the time dependence inherited from the product gas of A. The rate behavior in the lower furnace determines the important features of the process—the rate of elimination of zinc and lead from the slag, and the amount of fuel required for this purpose. Bell, Turner, and peters' published the first useful model of the lower furnace. They employed the assumption that, at any instant of time, the slag and reduced gas reach a state of equilibrium, according to the reactions: They cited only indirect evidence in support of their assumption of slag-gas equilibrium, yet several more recent laboratory studies of the activity of zinc oxide in slags4-8 have produced evidence which supports their view. On first acquaintance it seems unlikely that a high-output "rate" process like slag fuming would even approach an equilibrium state. The author, in an earlier study,' established, however, that the gas-slag interface in a fuming furnace was capable of such high mass-transfer rates that a close approach to equilibrium between gas and slag was quite probable. In devising the present model it was decided to assume a state of equilibrium between slag and gas at the outset, and then to modify this assumption as necessary in order to make the model agree with the be -havior of the actual process. Up to this time the assumption remains a part of the model, since no behavior

Jan 1, 1968

By N. A. Ziegler

IN every research it is desirable to eliminate as many variables as possible and to leave only a few to be investigated one at a time. Metallurgical problems are no exception. Some of the variables that are difficult to control are the size, the distribution, and the orientation of the grains in a metallic test piece. It is therefore very desirable to obtain isolated metallic grains (single crystals, as they are commonly called) large enough to enable one to study their mechanical and physical properties. The present investigation is a part of magnetic research work on iron and iron alloys, undertaken to obtain, if possible, the magnetic properties of pure iron (Fe). This paper will deal primarily with the preparation of single crystals of iron and their mechanical properties, while another paper, by T. D. Yensen, now in preparation, will deal specifically with their magnetic properties. The work with "single crystals" is attracting more attention every year among the investigators in metallurgy. Van Liempt1 gives an interesting summary of the work done and the different methods used in the preparation of metallic single crystals. Briefly stated, the four principal methods used are the following: 1. The cooling of a liquid metal in such a way that the crystallization would start at one point only, causing the entire liquid to solidify as one crystalline unit. This method can be successfully applied to the majority of the metals that do not have any allotropic transformations in the solid state. It has been used and described by a number of investigators,2 but it has never been successfully applied to iron on account of allotropic transformations.

Jan 1, 1930

By Dr. O’Neil Thomas J., Donald W. Gentry

"We can easily represent things as we wish them to be..” -Aesop INTRODUCTION The first eight chapters of this book have primarily addressed the concepts and fundamentals associated with project valuation, particularly as they apply to mining-related projects. Specific emphasis was placed on the engineering and economic parameters and estimates necessary for quantifying line items in pro forma income statements and the subsequent calculation of net annual cash flows. Given these estimates of relative benefits, costs, and annual cash flows for a project, it then becomes necessary to convert these estimates into measures of relative desirability or attractiveness. The criteria and techniques typically utilized to determine project acceptability or desirability are, then, the topics of discussion in this chapter. Before proceeding it may be advantageous to put the problem of project evaluation into proper perspective by reiterating some of the fundamental concepts developed in Chapter 1. The basic premise set forth in this book is that the objective of the firm should be to maximize its value to its owners (stockholders' wealth). This value or wealth is represented by the market price of the firm's common stock; consequently, the primary objective of the firm can be restated as one of maximizing the value (price) of the firm's common stock in the marketplace over the long term. This price, in effect, is an indicator or index of the market's perception of the company's progress and a reflection of the investment, financing, and dividend decisions made by corporate management. These three major decisions are inter- related and jointly impact the market price of the firm's stock. Therefore, if the objective of maximizing the value of the firm to its stockholders is to be achieved, an optimal combination of the three decisions will be necessary. It is important to emphasize that maximizing stockholder wealth is not the same as profit maximization or even the maximization of earnings per share. Corporate managers making decisions based on the objectives of maximizing profits and/or earnings per share must recognize that these objectives do not consider: (I) the timing or duration of expected returns, (2) the business and financial risks of the promised earnings, or (3) the dividend policy of the firm. Obviously all of these factors are of concern to the company's stockholders and will have an effect on the market value or price of the firm's common stock. Maximizing market price per share, or wealth maximization, is therefore the appropriate corporate objective and

Jan 1, 1984

By J. C. Jaeger

The study of brittle fracture of rocks has been a much neglected subject until quite recently and now is in a state of transition and rapid development. Historically, three methods of testing were used by engineers: uniaxial tension, bending, and, by far the most common, uniaxial compression of cubes. This latter was probably adequate for engineering requirements, but from the last century onwards there has been a demand from geologists for a study of the properties of materials under conditions comparable with those at depth in the earth's crust. King1 remarked that "in engineering practice a cube of the material is put into a testing machine and the stress required to crush the cube is measured. This gives the limiting stress difference for the material so long as the boundary conditions are similar to those existing during the test . . . this may by no means be the case when the boundary conditions are very different from those existing in the test, for instance, in the case of rupture in the neighbourhood of a cavity. . . ." Despite this very clear statement of principle, many writers until recently (e.g. Jeffreys2 used the uniaxial compressive strength as a measure of the 'strength' of rock. In the last century (Becker 3, it was both conjectured and, for some rocks, known qualitatively, that plastic deformation could occur under confining pres- sure; the demand from geologists has been for the study of flow rather than fracture of rocks.. From the time of von Karman (1911) and Böker5 (1915) onwards, apparatus has been built which could provide confining pressures sufficient to make some rocks plastic. Many experiments tended to be made on rocks such as marble, which readily become plastic, and the general tendency was to make relatively few experiments in the brittle range. This is particularly true of many experiments on combined stresses. As a result of this, there is not sufficient data to provide adequate information

Jan 1, 1967

By L. S. Austin

I. Introduction............ 431 II. Organization............ 432 III. Production............ 434 IV. Transportation............ 435 V. Sampling..........436 VI. Concentration............ 440 VII. Blast-Furnace Plant........... 442 1. Construction........... 442 2. Operation............ 450 VIII. Advantages of Large Furnaces........ 455 1. Saving in Fuel........... 455 2. Saving in Jacket.Water..... 455 3. Quick and Large Discharge of Matte and Slag... 455 4. Decrease of Incrustation... 456 5. Elasticity of Operation..457 6. Large Flow Through Fore.Hearths...4. 57 7. Alterations Without Interruption..458 8. Variations in the Composition of Slag....458 9. Less Labor-Cost.......... 458 10. Less Initial Cost.......... 460 IX. Briquetting.Plant........... 460 X. Roasting-Plant............ 462 1. Kilns............ 462 2. Reverberatory Furnaces...468 XI. Converter-Plant........... 474 1. Construction ..........474 2. Operation.......... 476 XII. Flues and Stacks........... 478 XIII. Arsenic-Plant............ 480 XIV. Coke-Washing Plant.... 452 XV. Slime.Ponds ........... 483 XVI. Brick-Plant............ 484 I. Introduction. The Washoe plant; in Anaconda. Mont., together with the local street-railroad, ranches. a foundry and machine-shop. A

Jan 1, 1907

By Maurice Cook

A procedure of obtaining specimens of lead, tin, and cadmium with a moderately equiaxed structure and a smooth surface suitable for etching without grinding and polishing is described; the advantages of general oblique illumination (as opposed to vertical illumination) in the photomicrography of pure metals .are stated. Using these methods, a statistical study of the changes brought about in deformed lead, on annealing, has been made. The common mode of structural change was found to be recrystallization. Cases of growth of one original grain into another were rare; but if a totally recrystallized specimen was annealed above 200° C., a few large grains appeared and spread over the whole area, except for a certain number of small grains which remain unabsorbed. The temperature needed to produce structural change in lead was found to be lower, the greater the degree of deformation. With tin, an extension of 28 per cent. caused practically no recrystallization at ordinary temperatures, but recrystallization occurred if the specimen was heated to 100° C. In cadmium at low temperatures, the grain size decreased in marked manner as the deformation increased; but at high annealing temperatures, the grain size was comparatively independent of the degree of deformation. THE structural changes in metals brought about by annealing following a deformation at a low temperature has been the subject of many investigations. No less than eleven metals and alloys have been studied in some detail; namely, aluminum,1 tungsten,2 iron,3 copper,4 gold,5

Jan 11, 1924

By F. C. Langenberg

It is the purpose of this paper to present a limited amount of experimental data obtained on the Charpy impact machine. Several concrete examples will be given showing the relation existing between the results obtained upon the Charpy impact machine and the behavior of the parts tested when in service. Although it is pointed out by G. Charpy and A. Cornu-Thenard1 that it is first necessary to determine a satisfactory working process before studying the correlation between the results of these tests and the behavior of the parts tested in service, this ideal course cannot be strictly adhered to. If a certain part repeatedly fails in service and the available tests give no indication of its cause, advantage must be taken of any possible means that will solve the problem; therefore, even though the reliability of the results obtained by the Charpy impact machine have been questioned by many, it was necessary to use this instrument without giving careful consideration to its possible sources of error. It would seem that the conclusions arrived at by Charpy -and Cornu-Thenard justify the assumption that the precision obtained by this machine is comparable to that obtained by the other more common forms of testing. The second general conclusion arrived at by them, namely, that the impact test upon notching does not offer any direct correlation to the ordinary tests, is also borne out by many hundred determinations made in the laboratories at Watertown Arsenal. This statement, however, should be qualified as follows: Other ordinary tests include the static tensile test from bars taken in a longitudinal direction and the Brinell hardness. The author agrees that no law is yet known for the computation of the energy absorbed in the rupture of bars of the same material but of different dimensions. Although Charpy and Cofnu-Thenard do not refer in their valuable article to the use of the Charpy machine in industrial practice, it should be stated that this instrument has been in constant use in the laboratory at Watertown Arsenal for several years, and is now employed for both routine and experimental testing.

Jan 1, 1920

By P. H. Strickland, F. Lawson

It is now well established that in the majority of cementation processes used industrially, the rate of reaction can be described in terms of the mass transport from the bulk of the solution to the deposition sites on the metallic surface. Thus it should be possible to design cementation equipment from a knowledge of the flow situation in the equipment, and of absolute kinetic data. One way of obtaining such absolute data is by the use of the rotating disc geometry; this geometry is particularly suitable for a detailed study of cementation reactions. In spite of the similar mass transfer mechanism, cementation processes differ from other ionic transport processes in at least two respects. The presence of an attached deposit generally has a significant enhancing effect on the reaction rate; and side reactions involving oxygen and/or hydrogen ions can completely change the course of a reaction. Investigation of these peculiarities is necessary for a complete understanding of the process; since they cannot be isolated from the basic mass transport mechanism, close control of experimental conditions is essential. It has been found that the enhancement in deposition rate persists even when the deposit reaches a thickness several times that of the transport boundary layer thickness on the smooth surface. An explanation of the enhancement in reaction rate is proposed.

Jan 1, 1973

It is interesting to note that during the period that has elapsed since the Institute's formation, wood charcoal, anthracite and bituminous coal, as well as beehive and by-product coke, have been used as blast-furnace fuels, that the reign of supremacy of each fuel was associated with specific periods, and that each successive era was marked by a production of pig iron greater in quantity than the one it followed (Fig 1). The transition of the manufacture of blast-furnace iron from charcoal to anthracite and then to beehive coke, and ultimately to by-product coke, is a reflection of the economic limitations of each fuel coupled with availability sufficient to meet the increased demands of each succeeding decade. It is a pattern that has been followed almost without exception in the history of pig iron in every country. CHARCOAL Colonial production of iron relied exclusively on wood char- coal as a fuel, and the iron industry of this count recognizes the important role played by this fuel. Charcoal iron has been available to consumers since the beginning of the organized iron industry in America in 1645, by John Winthrop at Saugus, Mass.,1 and although its greatest use antedates the formation of the Institute, it is still used to some extent. Until about 1840 nearly all of the pig iron manufactured in the United States was made with charcoal, and it continued as a principal smelting fuel until 1855.2 After that time, more pig iron was produced with other fuels, despite the fact that

Jan 1, 1948