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By J. E. Gosline

IN any theory of a hydrodynamic nature dealing with the vertical flow of gas-liquid mixtures in pipes, the two factors that present the greatest difficulty are the relative motion between the phases and the energy loss resulting from turbulence work. The former has generally been referred to in the literature as "slippage" and the latter as "fric-tion." A third factor of importance is the nature of admixture between liquid and gas for both the relative motion between the phases as well as the turbulence work are functions of the type of mixture. Although much work of a general nature has been performed on the vertical flow problem, there have been very few attempts made to study experimentally the factors involved in the phenomenon individually. Of these, perhaps the most notable is the work of Moore and Wilde1 on slippage. Some writers on the subject have assumed that over a wide range of operating conditions the controlling type of mixture, is one in which gas bubbles of uniform size are distributed throughout the liquid, and that the data obtained from experiments on the motion of single bubbles through various liquids may be used in evaluating the slippage. Ver-sluys2 has further assumed another controlling type of mixture in which the liquid occurs as a dispersed phase within the gas and applies data on the fall of drops of water in air to calculating the relative velocity. It was for the purpose of studying the applicability of data on single bubble motion to the slippage factor and to further observe the nature of mixtures that a research program was conducted at the University of California during 1932 and 1933. These experiments formed a basis for

Jan 1, 1935

By E. T. Dumbles

Prof. Edward Orton, in his Report on the Occurrence of Petroleum, Natural Gas and Asphalt Rock in Western Kentucky, thus clearly states his ideas of the universal dissemination and rare accumulations of the bitumens:I "We need to bear in mind that the various members 'of the bituminous series are abundantly and almost universally distributed among the unaltered sedimentary rocks of the earth's crust. The valuable accumulations of these substances are rare, it is true, but one can scarcely go amiss' of petroleum, asphalt or gas, at least in small quantities, among the stratified rocks that retain their original structure." Speaking of the Ohio valley, he adds: "A fifth of one per cent. of petroleum, if distributed through a thousand feet of rock, would make a total to the acre, or square mile far beyond any production that has ever been realized from the richest oil field, and -percentages of this amount are not only not rare to find, but are even hard to miss." Dr. F. W Clarke in his Data of Geochemistry (Bulletin No. 491, U. S. Geological Survey, 1911), discussing these views of Orton with similar views of T. Sterry Hunt and Szajnocha, says that they "lead to the conviction that the formation of bitumens is a general process and by no means exceptional. Wherever sediments are laid down, inclosing either animal or vegetable matter, there bitumens may be produced." The organic origin of the bitumens, including petroleum, Gas long been an accepted fact with nearly all geologists, but the method, place, and time of the transformation into petroleum or other bitumen is still under 'discussion. Dr. Orton says? "The statements now presented........bring before us two main views as to the origin of petroleum, viz.: " (1) Petroleum is produced by the primary decomposition of organic

Jan 1, 1915

By R. R. Sayers

IT has long been common knowledge that workers in anthracite are prone to develop a disabling disease of the lungs. Some of the earliest scientific contributors dealing with anthracosis were: Pearson1, in his report in 1813, on the coloring matter of the bronchial glands and black spots in the lungs; Stratton2, in 1838, who first termed the condition anthracosis; Greenhow3, who reported to the pathological society in 1865, on the Black Lung of the Collier, and Pick4 in 1870, who reported on the chemical composition of the ash of a collier's lungs. Visconti5, in 1870, is accredited with being the first to use the term "silicosis" to denote the pathological condition of the lungs resulting from the inhalation of silica. Rovida6 confirmed the reports of Pick and Visconti in 1871, in his report on a case of silicosis and chemical examination of the lungs for silica content. The relationship of pulmonary infection, as associated with disabling pneumoconiosis affecting the coal miner, has frequently been discussed. While most reports have emphasized the role of infection, there has been some disagreement regarding the prevalence of tuberculosis among those suffering from anthracosis. The report by Wainwright and Nichols7 in 1905 has frequently been cited to show that the incidence of pulmonary tuberculosis among coal miners was -less than that among the general population. It was their opinion that pulmonary tuberculosis was more prevalent among the miners' families than among the miners themselves.. Collis and Gil-christ8, in 1928 in their study of the Effects of Dust upon Coal Trimmers, concluded that among such workers there was an excess of deaths from bronchitis and pneumonia but not from pulmonary tuberculosis. They

Jan 1, 1935

By M. L. Requa

This paper is abstracted from the report of the Appraisement Committee of the Independent Oil Producers' Agency, of which the writer was Chairman. The other members of the committee were M. V. McQuigg and R. S. Haseltine. To Thomas Cox, engineer in charge of the investigation, and to his efficient staff of assistants, is due the credit for the detail work necessary in carrying out the plan of the Committee. It treats only of the valuation of the lands, wells, and piping, without going into details of equipment and other features. It was recognized, early in the operation, that the value of oil lands was the value of oil to be extracted, and marketed, less the costs attendant thereon. Referring this back to the costs in cents per barrel, it became obvious that surface improvements, absolutely necessary in the production of oil, from wells then drilled; had no separate and independent value aside from the value of the land, but that any excess equipment, not necessary for the production of oil from present wells, such as drilling tools, well casing, etc., should be given a present condition value. In valuing the properties of the Independent Oil Producers' Agency, the Committee has considered the following facts: 1. That from each property there will ultimately be. produced a certain total quantity of oil. 2. That in the production of that oil a certain total quantity of money will be expended. 3. That a certain total amount of money will be received from the oil. 4. That the total net receipts will be the total gross receipts less the cost of development and production. 5. That the present value of the net receipts must be such an amount that when invested by a purchaser it will be returned with 8 per cent. interest additional during the life of the property.

Jan 2, 1918

By J. M. Adams

It is my purpose to give some of the results obtained by an experience of nearly seven years in working ores by the method frequently called the Washoe Process, and in several mills of which I have had charge, but principally in the Owyhee Mill, at Silver City, Idaho, which had twenty 650-pound stamps, and sixteen pans. I shall discuss here merely the mechanical details for working ores generally, subdividing the subject as follows : 1. Preparation of the ore for the stamps; 2. The crushing in the battery; 3. The settling of sand or pulp in vats or tanks; 4. The treatment in the pans; 5. The results obtained in settlers, agitators, and concentrators; 6. The straining of quicksilver, cleaning of amalgam, and retorting; 7. The saving of slimes and their subsequent treatment; 8. The loss of quicksilver. For descriptions of the various kinds of orebreakers, stamps, tanks, pans, settlers, etc., I must refer to the various works on these subjects, prominent among which are the reports of the United States Commissioner of Mining Statistics,and the volume on "Mining Industry," the third volume of the United States Geological Survey on the Line of the Fortieth Parallel through the gold and silver bearing regions of the great West, undertaken under the able guidance of Clarence King, assisted by Mr. James D. Hague and others. In this discussion it will be assumed that the general arrangement of the quartz mill is understood; and the question will be treated how to secure, from such a mill, the greatest economy in working, combined with the largest results. This place seems fittest for a single preliminary suggestion—namely, that there should be double "floors" throughout the mill, so that nothing can sift through and be lost.

By Alden B. Greninger

Twinned metal crystals are usually designated as either deformation twins or annealing twins. If twins are to be classified according to the treatment the metal has undergone just prior to the observation of the twins, there are two other possible groups: (1) solidification twins,† when observed in the as-solidified or as-cast condition, and (2) transformation twins,† when observed in a metal which has been cooled from above an allotropic transformation temperature. McKeehan has demonstrated that ferrite does, occasionally at least, contain twinned structures2. The twins, which he studied by optical methods, were obtained during the preparation of iron single crystals by very slow cooling through A3. He proved that the twin relation was actually that which previous investigators had predicted; namely, twinning along three planes of the form (112). Since McKeehan's discovery, little or no attention has been given to this transformation twinning of alpha iron, or to the possibility that it might occur at all speeds of cooling from above A3 instead of merely during the preparation of single crystals. McKeehan's twins were evidently regarded as interesting only in proving that a body-centered cubic metal could form twinned structures—at least under certain conditions. It is generally believed that iron seldom if ever forms annealing twins. Certainly the straight-line banding which is so abundant in annealed face-centered cubic metals is characteristically absent in iron annealed below A3. However, O'Neil13 has studied "twin-like" crystals in annealed alpha iron and concludes that the specimen he studied actually contailled a few annealing twins. Tamura4 as reported "twin-like" crystals both in wrought iron and mild steel; specimens of the latter were annealed above and below A3 and showed "twin-like" crystals after both kinds of treatments.

Jan 1, 1936

By Alden B. Greninger

Twinned metal crystals are usually designated as either deformation twins or annealing twins. If twins are to be classified according to the treatment the metal has undergone just prior to the observation of the twins, there are two other possible groups: (1) solidification twins,† when observed in the as-solidified or as-cast condition, and (2) transformation twins,† when observed in a metal which has been cooled from above an allotropic transformation temperature. McKeehan has demonstrated that ferrite does, occasionally at least, contain twinned structures2. The twins, which he studied by optical methods, were obtained during the preparation of iron single crystals by very slow cooling through A3. He proved that the twin relation was actually that which previous investigators had predicted; namely, twinning along three planes of the form (112). Since McKeehan's discovery, little or no attention has been given to this transformation twinning of alpha iron, or to the possibility that it might occur at all speeds of cooling from above A3 instead of merely during the preparation of single crystals. McKeehan's twins were evidently regarded as interesting only in proving that a body-centered cubic metal could form twinned structures—at least under certain conditions. It is generally believed that iron seldom if ever forms annealing twins. Certainly the straight-line banding which is so abundant in annealed face-centered cubic metals is characteristically absent in iron annealed below A3. However, O'Neil13 has studied "twin-like" crystals in annealed alpha iron and concludes that the specimen he studied actually contailled a few annealing twins. Tamura4 as reported "twin-like" crystals both in wrought iron and mild steel; specimens of the latter were annealed above and below A3 and showed "twin-like" crystals after both kinds of treatments.

Jan 1, 1936

By Thomas Watson

Introduction THE occurrence of zircon in pegmatites of acidic composition is recorded by many observers both in this country and abroad, and they form one of the most important geologic modes of occurrence of the mineral.' As is well known, commercially the most important American locality for zircon is near Zirconia in Henderson County, North Carolina, where many tons of the mineral have been obtained from a kaolinized pegmatite dike 100 ft. wide and traced for 1 ½ miles along the direction of strike N. 50° E. Zircon may be developed in pegmatites as inclusions in the principal rock-forming minerals, chiefly quartz and feldspar, and as a separate megascopic constituent in the form of grains and crystals not exceeding, as a rule, 2 in. in size, and usually smaller. In the Henderson County, North Carolina, pegmatite, zircon occurs in prismatic crystals with pyramidal terminations measuring up to 30 mm. in diameter, associated chiefly with the feldspar. In some of the apatite veins of Canada, which are closely allied to pegmatite dikes, zircon is reported in crystals upward of 6 in. in length and 2 in. 'and more in thickness. Zircon in large masses occurs in Virginia in the well-known pegmatites near Amelia in Amelia County, and near Gouldin in Hanover County. Both localities are in the middle eastern portion of the Piedmont Plateau province, and are separated by a distance of about 40 miles in a northeast-southwest direction. The rocks of both areas, including the pegmatite bodies, are in an advanced stage of decay, and, the hard and moderately fresh rocks are concealed beneath a cover of variable thickness of rock decay derived by the normal processes of weathering. Exposures, there-

Jan 7, 1916

By Alfred James

Some months since, in the Johannesburg gold-fields of South Africa, the attention of the author was directed to certain statements to the effect that the gold-contents of foul or extremely dilute cyanide-solutions could not be effectively precipitated in practice by the usual zinc-method. Such statements caused all the greater surprise, because it is well known that this difficulty is not encountered in other wellknown districts, as, for example, in New Zealand, where solutions containing less than 0.05 per cent. of KCy are regularly reduced in practice to below 1 grain of gold per ton, while in Mexico and the United States almost equally satisfactory precipitations are not uncommon. As a result of these representations, however, the author visited several plants at work in the Transvaal, and noted that while at some few mines the precipitation was really excellent, at others the effluent, after treatment, was much too high in bullion-contents. An investigation into the causes of these unsatisfactory results disclosed the fact that more attention to the close packing of the zinc-shavings in the extractor-compartments tended to improve the results, even with the most dilute solutions. The function of the zinc being one of surface, it stands to reason that a compartment well filled with zinc would be more effective than a half-filled one. Moreover, the quality of the zinc was inferior. This should be in long, tough, thin, light threads; light enough to ignite readily, and tough enough not to disintegrate easily into a slime. The coarse shavings too frequently employed appear to give the reverse of the best practice ; they are brittle, contain less surface, and take up more room. It is almost impossible to pack a compartment properly

Jan 1, 1898

By Harry V. Warren

During the past few years the author has had an opportunity to examine a number of base-metal mines in the western United States, France and Spain. Nearly all of these mines produced some silver, and laboratory studies of the relationship between the silver and the various base-metal minerals in the ore have given some interesting and, it is to be hoped, enlightening facts. As this work was undertaken primarily to ascertain the amount of silver chemically associated with, not controlled by, the various base-metal minerals, the laborious and not always satisfactory method of picking out "pure" samples of each mineral from many localities was employed. However, the results obtained have justified the time that has been spent. Not only have the conclusions arrived at in different mining areas been in accordance with one another but in many instances they have afforded scientific support or explanations for much of the knowledge that operators in the various camps have acquired by practical experience. Although many of the conclusions are not new, many of the facts are, and the results, if they do nothing else, serve to confirm the findings of some of the other workers in this field, particularly the work of Nissen and Hoyt1 and of F. N. Guild2. Dr. S. G. Lasky3 has suggested a novel method for determining from a series of algebraic equations the amount of silver controlled by each of the base-metal minerals but I doubt very much whether his method can be justified, chiefly because there appear to be more variables to be considered than the few that appear in his equations. Typical Examples of Irregular Silver Distribution Combination Mine, New Mexico, U.S.A.—In this mine an examination of the assay plans either of the mine or of the average mill feed or products

Jan 1, 1935

By Harry V. Warren

During the past few years the author has had an opportunity to examine a number of base-metal mines in the western United States, France and Spain. Nearly all of these mines produced some silver, and laboratory studies of the relationship between the silver and the various base-metal minerals in the ore have given some interesting and, it is to be hoped, enlightening facts. As this work was undertaken primarily to ascertain the amount of silver chemically associated with, not controlled by, the various base-metal minerals, the laborious and not always satisfactory method of picking out "pure" samples of each mineral from many localities was employed. However, the results obtained have justified the time that has been spent. Not only have the conclusions arrived at in different mining areas been in accordance with one another but in many instances they have afforded scientific support or explanations for much of the knowledge that operators in the various camps have acquired by practical experience. Although many of the conclusions are not new, many of the facts are, and the results, if they do nothing else, serve to confirm the findings of some of the other workers in this field, particularly the work of Nissen and Hoyt1 and of F. N. Guild2. Dr. S. G. Lasky3 has suggested a novel method for determining from a series of algebraic equations the amount of silver controlled by each of the base-metal minerals but I doubt very much whether his method can be justified, chiefly because there appear to be more variables to be considered than the few that appear in his equations. Typical Examples of Irregular Silver Distribution Combination Mine, New Mexico, U.S.A.—In this mine an examination of the assay plans either of the mine or of the average mill feed or products

Jan 1, 1935

During the past few years the author has had an opportunity to examine a number of base-metal mines in the western United States, France and Spain. Nearly all of these mines produced some silver, and laboratory studies of the relationship between the silver and the various base-metal minerals in the ore have given some interesting and, it is to be hoped, enlightening facts. As this work was undertaken primarily to ascertain the amount of silver chemically associated with, not controlled by, the various base-metal minerals, the laborious and not always satisfactory method of picking out "pure" samples of each mineral from many localities was employed. However, the results obtained have justified the time that has been spent. Not only have the conclusions arrived at in different mining areas been in accordance with one another but in many instances they have afforded scientific support or explanations for much of the knowledge that operators in the various camps have acquired by practical experience. Although many of the conclusions are not new, many of the facts are, and the results, if they do nothing else, serve to confirm the findings of some of the other workers in this field, particularly the work of Nissen and Hoyt1 and of F. N. Guild2. Dr. S. G. Lasky3 has suggested a novel method for determining from a series of algebraic equations the amount of silver controlled by each of the base-metal minerals but I doubt very much whether his method can be justified, chiefly because there appear to be more variables to be considered than the few that appear in his equations. Typical Examples of Irregular Silver Distribution Combination Mine, New Mexico, U.S.A.—In this mine an examination of the assay plans either of the mine or of the average mill feed or products

Jan 1, 1935

By Robert C. Berggan

The hot-milling process for reconditioning rock-drill bits is not new. It has been employed by a few mines for years and in the past decade it has been widely adopted, as its advantages have become better known. Because of the extensive commercial development in England and Canada of machines to operate on this principle, general acceptance has been largely in the British possessions and until recently has been chiefly in the field of conventional steel. In the past two years there has been a definite trend toward hot-milling of detachable bits in Canada, but only in the past year has any considerable attempt been made to build special machines for this type of work. Generally a machine designed for conventional steel has been used and special holders employed to manipulate the bit. As early as 1934 at least one operator in the United States had adapted hot-milling to conventional steel with a substantial saving in resharpening costs.1 Several other operators have taken it up but there has been no widespread adoption of the method in this country by users of conventional steel. This may be partly explained by the fact that until recently no American manufacturer produced this equipment and operators have been obliged to build their own hot-millers or import them. Several years ago a few machines were built in Seattle, Washington, and operated in some mines in the northwest, but, for reasons not generally known, the effort was abandoned. The Process Hot-milling performs the function of re-dressing the bit at a forging temperature of about 1650°F., by the removal of metal from the flutes with a milling cutter, followed by a similar cut from the bit gauge. Conventional bits are thus treated following the usual forging operation in a sharpener, and usually in the same heat.

Jan 1, 1940

By J. S. Johnson, W. C. McCulloch

ALL phases of plant operation must be synchronized so that the number of interruptions in the flow of material may be reduced to a minimum. In the majority of plants operating under a labor agreement, time lost during the operating shift cannot be made up with overtime. With the work week restricted to 35 hr., the ratio of productive time to total time justifies extra effort in keeping the plant operating at capacity during the productive shift. This does not apply when central plants with adequate storage are operated by multiple shifts. In such installations the problems become similar to those of any factory or mill where added units parallel circuits, or excess capacity serve to maintain the average production during intervals of maintenance shutdown. These plants, by special agreement, may run continuously, barring mechanical interruptions. The control of plant operation is in those procedures that are practiced to obtain from the run-of-mine product a high recovery of clean coal products to meet adopted trade standards and consumer specifications at the lowest possible cost. Correlation of all factors for continuous operation requires more than mechanical perfection in the plant. The run-of-mine coal must be delivered to the preparation plant without delays and the clean coal and refuse products taken away. Power supply and water requirements must be adequate. Signal systems must be established for emergency stops and to facilitate resumption of coal flow. ORGANIZATION Probably the most important item for successful operation of a preparation plant is a capable organization interconnected with the mine organization. A typical organization chart for companies operating in the Pennsylvania anthracite region is shown in Fig. 1. The breaker foreman is in direct contact with the plant preparation operation and reports to the outside foreman, who, in turn, reports to

Jan 1, 1943

By Robert C. Berggan

The hot-milling process for reconditioning rock-drill bits is not new. It has been employed by a few mines for years and in the past decade it has been widely adopted, as its advantages have become better known. Because of the extensive commercial development in England and Canada of machines to operate on this principle, general acceptance has been largely in the British possessions and until recently has been chiefly in the field of conventional steel. In the past two years there has been a definite trend toward hot-milling of detachable bits in Canada, but only in the past year has any considerable attempt been made to build special machines for this type of work. Generally a machine designed for conventional steel has been used and special holders employed to manipulate the bit. As early as 1934 at least one operator in the United States had adapted hot-milling to conventional steel with a substantial saving in resharpening costs.1 Several other operators have taken it up but there has been no widespread adoption of the method in this country by users of conventional steel. This may be partly explained by the fact that until recently no American manufacturer produced this equipment and operators have been obliged to build their own hot-millers or import them. Several years ago a few machines were built in Seattle, Washington, and operated in some mines in the northwest, but, for reasons not generally known, the effort was abandoned. The Process Hot-milling performs the function of re-dressing the bit at a forging temperature of about 1650°F., by the removal of metal from the flutes with a milling cutter, followed by a similar cut from the bit gauge. Conventional bits are thus treated following the usual forging operation in a sharpener, and usually in the same heat.

Jan 1, 1940

By A. J. Weinig

The Liberty Bell cyanide precipitate is unique in that it is apt to vary widely in composition in the course of very short periods of time, and a method of refining and melting that would prove highly satisfactory at one cleanup would yield7almost a hopeless "mess" at a second. Table I gives a general conception of the wide range in grade and composition of those raw precipitates. It is evident that no one standard flux could be expected to produce a high-grade bullion with such a widely variable precipitate, and that any method of treatment with acid requires most careful consideration. Refining by Acids Naturally, our first efforts to improve our precipitates were directed along the lines of acid treatment. Table II embodies the results of careful sampling and analysis of one cleanup at the time when wet refining reached its maximum development at this mill. We have now discarded all methods of wet refining, successfully replacing them by a more scientific method of flux calculation described herein, but it is believed that a general description of this wet refining is warranted as it throws some interesting side lights on acid refining in general. Table I.—Range of Composition of Raw Precipitates Per Cent. Gold and silver.................................... 25.0 to 75 Zinc.............................................. 18.0to 30 Lead............................................. 0.5 to 52 Copper........................................... 0.5 to 20 Silica............................................ 1.0 to 5 Calcium oxide...................................... 4.0 to 8 Sulphur.......................................... 0.5 to 8 Column A gives the analysis of the raw precipitate; column B, that of the precipitate after heating with steam, with frequent addition of hydrochloric acid until a point was reached where the batch had a strong tend-

Jan 1, 1917

By Alden B. Greninger, Alexander R. Troiano

The crystallographic mechanism for the austenite-to-martensite trensformation has been deduced from the results of the following new experimental determinations: (I) the accurate evaluation of the lattice relationship between austenite and individual crystals of martensite—and thus the relationship between the martensite lattice and the martensite plate, and (2) the measurement and analysis of the change in positions that a volume of austenite unclergoes when it transforms into a crystal of martensite. For the latter study, a new tool was developed, the stereographic analysis of shear. Lattice relationship.—Thirty-five separate 50-gram melts of an alloy containing about 22 per cent nickel and 0.8 per cent carbon were prepared in a high-vacuum furnace. This alloy is all-austenite at room temperature; grain size was about I cm. Specimens of the alloy were cooled to about — 70°C. to form a few martensite crystals, and suitable specimens were ground and polished on a surface parallel to a single martensite plate, exposing the martensite crystal for an area of 1 mm. or more. Four martensite cystals from four diffierent ingots were prepared in this manner; the largest crystal of this group is illuslratecl in Fig. I. Back-reflection Laue patterns were obtained from martensite crystals (and the matrix austenite) both before and after tempering. The locations of the basal-plane pole of martensite was checked by means of oscillating crystal X-ray patterns. All four crystals studied yielded the same solution ( ± 0.5°), and these relationships are expressed in gnomonic projection in Fig. 3.* The narrow dark-etching bands often visible in martensite "needles" were found to be parallel to (112) and thus are undoubtedly twin bands in the martensite crystal.

Jan 1, 1941

By Alden B. Greninger, Alexander R. Troiano

The crystallographic mechanism for the austenite-to-martensite trensformation has been deduced from the results of the following new experimental determinations: (I) the accurate evaluation of the lattice relationship between austenite and individual crystals of martensite—and thus the relationship between the martensite lattice and the martensite plate, and (2) the measurement and analysis of the change in positions that a volume of austenite unclergoes when it transforms into a crystal of martensite. For the latter study, a new tool was developed, the stereographic analysis of shear. Lattice relationship.—Thirty-five separate 50-gram melts of an alloy containing about 22 per cent nickel and 0.8 per cent carbon were prepared in a high-vacuum furnace. This alloy is all-austenite at room temperature; grain size was about I cm. Specimens of the alloy were cooled to about — 70°C. to form a few martensite crystals, and suitable specimens were ground and polished on a surface parallel to a single martensite plate, exposing the martensite crystal for an area of 1 mm. or more. Four martensite cystals from four diffierent ingots were prepared in this manner; the largest crystal of this group is illuslratecl in Fig. I. Back-reflection Laue patterns were obtained from martensite crystals (and the matrix austenite) both before and after tempering. The locations of the basal-plane pole of martensite was checked by means of oscillating crystal X-ray patterns. All four crystals studied yielded the same solution ( ± 0.5°), and these relationships are expressed in gnomonic projection in Fig. 3.* The narrow dark-etching bands often visible in martensite "needles" were found to be parallel to (112) and thus are undoubtedly twin bands in the martensite crystal.

Jan 1, 1941

By Harry V. Warren

During the past few years the author has had an opportunity to examine a number of base-metal mines in the western United States, France and Spain. Nearly all of these mines produced some silver, and laboratory studies of the relationship between the silver and the various base-metal minerals in the ore have given some interesting and, it is to be hoped, enlightening facts. As this work was undertaken primarily to ascertain the amount of silver chemically associated with, not controlled by, the various base-metal minerals, the laborious and not always satisfactory method of picking out "pure" samples of each mineral from many localities was employed. However, the results obtained have justified the time that has been spent. Not only have the conclusions arrived at in different mining areas been in accordance with one another but in many instances they have afforded scientific support or explanations for much of the knowledge that operators in the various camps have acquired by practical experience. Although many of the conclusions are not new, many of the facts are, and the results, if they do nothing else, serve to confirm the findings of some of the other workers in this field, particularly the work of Nissen and Hoyt1 and of F. N. Guild2. Dr. S. G. Lasky3 has suggested a novel method for determining from a series of algebraic equations the amount of silver controlled by each of the base-metal minerals but I doubt very much whether his method can be justified, chiefly because there appear to be more variables to be considered than the few that appear in his equations. Typical Examples of Irregular Silver Distribution Combination Mine, New Mexico, U.S.A.—In this mine an examination of the assay plans either of the mine or of the average mill feed or products

Jan 1, 1935

By Breaux B. Castleman

The ultimate test of a business strategy is whether it achieves the owner's objectives. Most shareholders are interested in growth and profits, and share values on stock exchanges are very often closely correlated with profit growth and profitability measured as return on equity (ROE). Strategic management, then, involves managing investments or resource allocations to optimize long-term growth and real return on equity, within reasonable limits of risk. Figure 1 shows a plot of the five year, weighted average ROE of a number of communications companies against their stock market valuations in 1983, measured as a ratio of market value to book value. The principal explanation of the differences in the relative valuations of the individual stocks is historical ROE, weighted toward the most recent years. Further analysis demonstrates the added importance of growth in explaining the differences in stock market to book ratios. [ ] Research conducted by Booz Allen and others in recent years suggests that the relationships between ROE and market to book multiples hold true in industry after industry. Furthermore, we have found that in assessing business strategies for companies in these industries, the analyses should focus on whether proposed strategies are likely to lead to consistent long-term growth in real ROE, without excessive leverage. Our research also reveals, however, that these approaches to strategy assessment are not consistently applicable in the natural resource extractive industries. Figure 2 shows a similar comparison of market to book values against five year average ROE for a group of nine mining companies in 1983. Market value of the shares shows little correlation with ROE. [ ] Analysis of the data for other extractive industries indicates a similar pattern; that is, low correlation between share values and

Jan 1, 1985