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By Grover R. Castle

INTRODUCTION "Project Financing" or "Project Loans" have become increasingly popular in recent years, and commercial banks are being asked to consider more and more of such financing. However, the analysis of this type of loan is quite different from the analysis of a loan to a financially sound corporation based on the company's balance sheet. For this reason Chemical Bank did a study of project loans in an attempt to be more sophisticated in our approach to them. As part of this study, we examined 29 project financings for which information was available. In this article I shall describe project loans and set forth the guidelines we developed, as an aid to credit officers who might have occasion to analyse this type of financing. DEFINITION OF "PROJECT FINANCING" OR "PROJECT LOAN" The terms "project financing" and "project loan" commonly describe the various methods that banks and institutional lenders use to finance the construction of new projects on a basis whereby payout is anticipated from the revenue stream generated by the project. A project financing often involves a loan to a new entity formed specifically to own the project. The analysis of a project loan proposal is quite different from the analysis of other term-loan proposals since it involves a credit decision based on the review of a projection or forecast rather than of historical earnings and/or it involves the reliance on contractual obligations of third parties. Lenders are asked to assume the added risks associated with project loans because: 1. Project financing may permit a company to obtain additional leverage. It is possible for companies to arrange financing on a project basis that could not be arranged as a direct borrowing. For example, a company may not be permitted to borrow more money directly, due to a limitation in a bond indenture. However, a project financing can sometimes be negotiated on a basis not prohibited by the indenture. 2. Often the sponsors of, or the stockholders in, the project are seeking an off-balance-sheet financing. For example, 11 of the 29 projects in our study were arranged on an off-balance-sheet basis and one showed on the balance sheet as a deferred income item. An off-balance-sheet financing, for the purpose of this article, is a financing which does not show as a direct liability on the balance sheet of the sponsors of or stockholders in a project. 3. Projects are often located in a foreign country. The financing is arranged so that the lenders assume the political risk on the loan because many companies rightly believe that this arrangement affords a degree of insulation from political risk not otherwise obtainable. 4. Many projects are jointly owned by several sponsors. This form of financing lends itself well to a situation where a new entity is formed to own a project and do the borrowing. Project loans can be used to finance a variety of activities including development of iron-ore deposits and associated pelletizing plants; development of coal reserves; construction of pipelines, alumina plants, fertilizer plants and refineries; etc. The specific areas of analysis can be quite different, depending upon the type of project being financed. It is important, therefore, to classify the proposal according to the type of project, and also by the nature of the financing - nonrecourse financing, financing covered by a guarantee of completion and financing supported by an undertaking lasting for the life of the financing. I will discuss each of these types in more detail later, but first, I should like to make some

Jan 1, 1985

TITANIUM is one of the most abundant elements in the minerals that make up the earth's crust but its use in industry is only a generation old; yet probably no other important commercial mineral raw material (except possibly magnesium) has undergone more changes and developments in sources of supply, in processing techniques, in uses and applications, in the past 10 years, or stands on' such a threshold of still more advances. Its outstanding use today is as the oxide, and because of its extreme whiteness, high refractive index, chemical stability, and relative cheapness, it has become the white pigment used in the largest volume. New developments in the uses of titanium metal, potential and actual, may surpass the pigment use of the oxide before many years. TITANIUM-BEARING MINERALS Although a number of minerals contain titanium as the principal metal, only a few are of commercial importance. These are arizonite, ilmenite, and rutile. The other oxides, brookite, pseudobrookite, and anatase, occur in a few deposits, one at least of minor importance. The silicate titanite, and the double oxide of calcium and titanium, perovskite, occur in a few deposits in quantities sufficient to be considered as potential ores were not richer deposits of the oxides available elsewhere. Arizonite is a name given by Palmer46a to a mineral found some years ago in minute quantities in Arizona, which has the formula Fe203.3Ti02. Unexpectedly, it was found that the black titaniferous iron oxide found in large quantities on the beaches of many continental land masses corresponds in chemical composition to this formula (although ferrous oxide is always present). No one has yet been able to prove that the commercial mineral on the beaches is truly arizonite, or an allotropic modification of it, since X-ray investigations by Howard Carl and A. F. Gabriel, of the U. S. Bureau of Mines, and by the X-ray laboratory of the Chemical Department at the Experimental Station of the du Pont company, have shown only that the sand mineral gives just a jumble of lines, rather than an identifiable pattern. Lack of a better name,

Jan 1, 1949

By John Wulff, H. H. Uhlig

Since its first mention in the literature in the eighteenth century12 the phenomenon of passivity in metals has stimulated much speculation and attendant controversy as to its nature and cause. No one of the numerous theories so far proposed has been generally accepted. ‡ Faraday,' in 1836, associated the passivity of iron with a protective film over the surface of the metal, which materially prevents or slows down reaction with corrosive environments. His theory was that oxidizing acids like nitric acid form an unstable oxygen or oxide layer over the iron surface, which protects the underlying metal from further attack. This concept was simple yet plausible, and without alteration has frequently been assigned in present-day discussions as explanation of the passivity of many metals. With the advent in recent times of stainless steels, it is not surprising that this oxide film theory of passivity proposed by Faraday has been used to explain the phenomenal corrosion resistance of stainless steels and other passive alloys. The passive alloys, such as the chrome-iron alloys, are supposedly covered with a protective oxide film, which forms on exposure of the alloy to air, is extremely stable and self-healing, and accounts for the remarkable resistance of these alloys to corrosion. Within the past few years, several investigators, following the theory of film protection, have attempted to gauge the resistance of the supposed film on steels. Brennert8 and Donker and Dengg9 determined the potential at which a negative ion (e.g., C1-) moving in an electric field reacted with the metal anode, as detected by increased current flow or change in potential of the steel electrode in an electrolytic cell. The potential corresponding to reaction Brennert called the film break-through potential.

Jan 1, 1939

By E. A. Gulbransen, W. S. Wysong

THE behavior of tungsten and its surface oxides in oxidizing and reducing atmospheres and in high vacua at elevated temperatures is a question of considerable technical importance. The use of tungsten as a metal or as an important component in alloys in high temperature oxidizing atmospheres has been limited because of the unprotective nature of its oxide film and the volatility of its oxide. This paper will present results of a microbalance study1,2 of the following problems: (I) the oxidation behavior in the temperature range of 25 to 550°C (2) the reduction with pure hydrogen of thin oxide films formed on tungsten, and (3) the volatility of thin oxide films on tungsten. Tungsten is an interesting metal to study for the following reasons: (1) although the oxide to metal volume ratio is greater than one, the oxide is not considered protective, (2) the metal readily oxidizes at temperatures from 300° to 550°C (3) the oxides W02 and WO3 are reduced at temperatures as low as 500°C. by hydrogen, and (4) the oxide W02 is volatile at temperatures from 800 to 1100°C. LITERATURE The oxidation of tungsten in its thin film range has not been studied critically. In the thick film range Dunn3 has made the only systematic study. He found the oxidation rate to obey the parabolic rate law in the temperature range of 700 to 900°C. The temperature variation of the oxidation rate constant was found to follow an exponential law of the Arrhenius type. An inflection was noticed in the temperature plot of the rate law constant at 850 to 900°C. This was attributed to a phase change in the oxides. Scheil4 has studied the oxidation rate at 500 and 700°C over long periods of time and found a linear rate law. This result was interpreted as evidence for the presence of a nonprotective film. Pilling and Bedworth5 analyses of the oxide volume to metal volume ratio would indicate that a compact protective film should form. McAdam and Geil6 have studied the oxidation of tungsten in the thin film range using the interference color method. A parabolic rate law was found. Their curves showed that tungsten oxidizes faster than nickel but more slowly than iron. The lattice structures found in the oxidation of tungsten surfaces have been studied by Hickman and Gulbransen.7 They have reported that W03 is the stable oxide in contact with the metallic substrate up to approximately 600°C while W02 forms first at 700°C. Hägg and Magneli8 have recently reported a study of the lattice structures observed in the tungsten oxides using the X-ray diffraction method. In addition to an a-phase W03 and a d-phase W02, they reported the existence of two new phases. A ß' phase, homogeneous between

Jan 1, 1947

By L. A. Roe, E. A. Elevatorski

Wollastonite, named after William H. Wollaston, an English chemist, is a calcium metasilicate, CaSiO3; CaO: 48.30%, SiO2: 51.70%. It has a short history as an industrial mineral. The earliest production of wollastonite is reported to be from a deposit near Code Siding, located north of Randsburg, CA. At this locality small tonnages of wollastonite were quarried during 1933-34 and 1938-41, and processed into mineral wool. This operation was largely experimental and virtually no United States production was again reported until the 1950s when a large deposit near Willsboro, NY, was developed by the Cabot Corp. A processing plant was placed onstream in 1953, with nearly continuous production to date. It is currently operated by NYCO, a division of Processed Minerals, Inc. Since 1958, wollastonite deposits in the Little and Big Maria Mountains of Riverside County, and in the Panamint Range of Inyo County, both in California, have operated intermittently for production of both ornamental and commercial wollastonite. During 1980, the United States was the major producing country, furnishing about 75% of the world's output. Current production comes from Finland, Mexico, India, and Kenya. Small amounts have been shipped intermittently from the USSR, New Zealand, Republic of the Sudan, Republic of South Africa, and Namibia (South-West Africa). The principal use of wollastonite is in the manufacture of plastics. Other uses are for paints, ceramics, adhesives, fluxes, glazes, thermal insulation board, and refractory products. Mineralogy Pure wollastonite, CaSiO3, has the composition of 48.3% CaO and 51.7% SiO2. However, it is seldom found in the pure state due to the ease with which it takes into solution the metasilicates of manganese, magnesium, iron, and strontium. Predominantly, wollastonite occurs as a contact metamorphic deposit forming between limestones and igneous rocks. Commonly associated minerals are garnet, diopside, epidote, calcite, and quartz. It has a specific gravity of 2.8 to 3.0, and hardness of 4.5 to 5 on Mohs' scale. When pure, it has a brilliant white color, but with impurities it may be grayish or brownish. Luster is vitreous to pearly. Melting point of wollastonite is about 1540ºC. Wollastonite occurs in coarse-bladed masses, rarely showing good crystal form. It is usually acicular or fibrous, even in the smallest of particles. The most unique property of crushed and ground wollastonite is its cleavage. Fragments of crushed wollastonite tend to be needle-shaped, imparting a high strength, and this property is the basis for many of its uses. The fiber lengths are commonly in the ratio of 7 or 8 to 1, length to diameter. The average diameter of wollastonite is 3.5 µm. Some crystals of wollastonite fluoresce under short-wave or longwave ultraviolet light, or both, with colors ranging from yellow-orange to pink-orange. Specimens may also show phosphorescence. The acicularity of wollastonite is a property of considerable importance to the marketplace. The plastics industry makes utilization of high aspect ratio grades of wollastonite (20:1) for reinforcing thermoplastics and thermoset polymer compounds. The naturally high pH of 9.9 (10% water slurry) is a prime property to the coatings industry. The coatings industry uses milled grades of wollastonite as a pH stabilizer in interior and exterior PVA and acrylic latex systems. Processed wollastonite can have a G.E. brightness of 90 to 93. Chemically, wollastonite is inert and this property makes it useful as a filler and reinforcing agent. There are two polymorphs of calcium silicates: wollastonite, a low temperature form, and pseudowollastonite, a high temperature

Jan 1, 1983

By J. P. Pritchard, J. T. Pierce, O. G. Slay

This paper discusses the results of a technology-evaluation program to ascertain the feasibility of a piotornask-photoresist technology developed for fabrication of multiple-layer thin-film superconductive circuitry. The uehicle selected for this evaluation was a 120-bil associative data processor requiring a set of nine photomasks to define a similar number of patterned material layers of lead, tin, and polymer insulation. A total circuit area of 4 sq in. involved 2500 actitle and 12,000 passive crossings. Several short-free, electrically continuous specimens were satisfactorily completed under this program. Problems encountered in the preparation and use of the requi-ed set of Photomasks are discussed, as also are the problets of providing suitable external connections. A major retarding factor in the development of the superconducting thin-film cryotron technology for many years was the absence of batch fabrication means yielding necessary device density and count per substrate for practical applications. Early workers in the field desired only limited numbers of devices to permit careful study of discrete devices and representative circuitry integrating logic and memory capabilities. For these purposes mask stencils could be formed to selectively control the placement of materials, sequentially vapor-deposited in vacuum, to form the multilayer structure. In general a distinct pattern was required for each material layer; therefore, mechanical provisions were required to change not only the material source, but the patterning mask as well, before each deposition. All deposition steps were preferably performed in a single evacuation of the deposition chamber. Thus the means for storing, transporting, and registering masks and sources with respect to the substrate existed and were operated within the vacuum environment. In the authors' experience, the approach was and remains serviceable for preliminary device study, but was not extensible to an economical manufacturing method by virtue of the difficulties inherent in mask stencil preparation and use, and the capital investment implicit in the mechanization requirements. Since the commercial attraction of the cryotron technology stems principally from its potential for economical batch fabrication, the authors' program has placed major emphasis on fabrication methods. A highly useful method has evolved through adaptation

Jan 1, 1967

By William F. Butler, Mo-Hung Che

DEVELOPMENT OF MONEY AND MONEY STANDARDS This chapter is concerned with the rise, and then the decline and fall, of gold and silver as monetary metals. As a first step in tracing the history of this process, it is necessary to consider the nature of money, and the manner in which different forms of money have developed over the centuries. The origins of money go back into deepest antiquity. Once men ceased to be pure nomads and entered into even a rudimentary form of society such as clans or tribes, money had to be invented The first step was barter as farmers or hunters swapped their surplus products for things produced by artisans such as shoes, clothing, and simple tools. But such barter trading is inconvenient even in primative societies It is difficult to match up buyer and seller at any point in time There are problems in arriving at viable and acceptable terms of exchange. The accumulation of savings-wealth-is complicated. No one can be sure that a pile of furs, or wheat, or certainly fish or game can be used in the future to trade for other goods or services. So even prehistoric man saw the need for money. There was a need first for something to serve as a medium of exchange This was an essential first step in the process of specialization-or the division of labor. A farmer, a hunter, or a shoemaker could only devote his full efforts to his trade if he could be sure that he could exchange his surplus production for the other things he needed for existence. This required a medium of exchange-a form of money which would be broadly acceptable. Money was needed for two other reasons Some system of market prices was essential to facilitate the exchange of goods and services. This required some form of common denominator-some standard of value-to govern the exchange process. And there was also need for something to serve as a store of value, a place to put any excess production (savings) with the assurance that it can be used in the future to acquire a general range of goods and services. As a result, money, in one form or another, developed at a very early state in civilization. Yet the centuries have been marked by a search for a form of money which will possess in full measure all of the attributes in money-a reliable and universally acceptable medium of exchange, standard of value, and store of value. -A wide variety of things have been used as money at one time or another: shells, beads, stones, feather, metals, and even the teeth of sharks and dogs. Some of these things were obviously of little or no practical value. They were used because people had confidence in their continued acceptance as a medium of exchange. As the world evolved and as trading ex-

Jan 1, 1976

By Charles Austin

IN an earlier series of studies on 18-8 stainless steel at 600°, 700°, and 800°C.1 one pretreatment was used throughout; viz., 15 min. in hydrogen at 950°C., followed by an air quench. Several manufacturers of this alloy since have expressed doubt as to the suitability of the temperature employed, recommending instead the more customary Strauss treatment as promising superior results. In this subsequent investigation on the effects of the temperature of pretreatment several interesting points have arisen, which are described in this paper. Previous work on our equipment had shown a marked difference between alloys of "similar chemical composition" that had been manu-factured by different companies. Accordingly, one mill-bar length was selected from which to prepare all specimens. It could then be assumed that any marked differences in creep characteristics would be due to effects resulting from variations in the pretreatment of the alloy. The material was furnished by the Allegheny-Ludlum Steel Co. in the form of 5/16-in, dia. rod, finished by air cooling from a mill anneal at 1950°F. (1066°C.). It was analyzed only for the elements shown: carbon, 0,07 per cent; chromium, 18.73; nickel, 9.46; manganese, 0.40. Three pretreating temperatures were chosen, the specimens being held for 15 min. in hydrogen at either: (1) 1150°C., to conform to the recom-mended Strauss treatment; (2) 950°C., to compare with the results of previous tests; or (3) 750°C., to initiate precipitation of carbides in the material before testing. As the test cross sections were only 1/8 -in. dia., air cooling followed the annealing treatment. These treatments per-mitted two direct comparisons: (1) between the 1150° and 950°C. treat-ments to indicate the effect of grain size when all carbides were probably in solution at the start of the test; and (2) between the 950° and 750°C. treatments to indicate the effect of carbide "nucleation" for similar grain sizes.

Jan 1, 1940

By Homer Turner

THE nature and comparative features of anthracite and bituminous coals have been discussed by the writer in two previous papers.1 Although this paper is offered as a further contribution to the subject, it seems desirable at the outset to repeat some of the descriptive matter of the early works in order to show the actual connection between various constituents of both coals and the new photomicrographs and other physical and chemical properties.

Jan 1, 1929

By W. E. D. Jr. Stokes

THE application of aviation to mining and petroleum operations, on the basis of economy and attainment, has become a demonstrated fact. According to Dominion Government records, 30. Canadian companies engaged in air transportation with northland mining camps, carried 13,000 tons of freight in 1935, and in 1936 carried 16,000 tons. In addition, many mining companies used planes to transport prospectors with canoes, outboard motors, gasoline drums and supplies to remote locations, and one company maintained a plane to take radium-bearing ore from its mine on Great Bear Lake nearly 1000 miles south to the rail-way at Waterways, Alberta. Heavy pieces of mining machinery weighing 2 tons are being carried by Ford trimotor planes over the Andes, at an altitude of not less than 15,000 feet. At Bulolo, New Guinea, 17,500 tons of disassembled gold-dredging equipment has been flown over inaccessible terrain, while supplies and building materials for a, community of 1000 whites have been transported by airplane. A 3 1/2-ton shaft was carried on one notable trip, while at another time an automobile, 2 tons of rice and a large safe went over the mountains in one plane. Fig. 1 shows an electric generator that was carried by plane to Bulolo.

Jan 1, 1937

By Milton H. Fies

Although pig iron from iron ore and red cedar charcoal preceded the mining of coal by many years, for tradition says that Alabama iron was used to shoe the horses of Andrew Jackson's soldiers, coal was not produced until 1830. In that year, coal was mined in Tuscaloosa County, in the vicinity of what is now the University of Alabama, and shipped on flat boats (obviously during the wet season, for there were many shoals) down the Warrior River to Mobile. About that time, the first railroad, the Decatur & Tecumseh, was being constructed in northern Alabama to overcome the obstructions to freight traffic caused by the now well-known Muscle Shoals in the Tennessee River. This railroad was patterned after a railroad at Mauch Chunk, Pa., which was used for hauling anthracite from the Panther Creek valley. The Alabama railroad, which required about four years to complete, was 46 miles long and was used solely for the transportation of cotton. Although it was a failure, it demonstrated the practicability of the undertaking, and the succeeding railroads, which were begun in 1834, 1848, 1852, and 1853, added immeasurably to the development of the coal resources of the state. Between the years 1830 and 1860, practically all the coal mined in the state was dug from the outcrop near the river or from the river beds, and shipped by boat to Mobile. Transporting coal down the Warrior River was an undertaking of great risk, required much skill, and frequently had heavy losses. It is recorded that this coal was sold to the gas company in Mobile in 1844; it was most likely mined from the Black Creek Seam. In 1914, on the completion of Lock 17, the Warrior River became a navigable stream from 9 miles above Cordova, Ala., to Mobile and offers a great opportunity for the future development of the coal resources of the state. Coke for foundry use was first made in Alabama in 1855. It was 21 years later, however, in 1876, that pig iron was made from Alabama ore with Alabama coal.

Jan 1, 1925

By Ancel St. John

Defects in the interior of metal objects are troublesome to both manufacturer and user. For the former, they frequently increase manufacturing cost through the rejection of material when defects appear after considerable work has been done. For the latter, they often cause damage to equipment, personal injury, or loss of life when a part, which has passed all inspections and has been put in service, gives way because of a hidden flaw. Methods of testing that locate such flaws without subjecting the specimen to possible, if not actual, destl-uction are few; x-ray examination, whether fluoroscopic or radiographic, is one. Hitherto, however, x-ray examination has been restricted to objects of nearly uniform thickness and regular outline; the inspection of such articles as those shown in Fig. 1 has been inconvenient and unsatisfactory. This figure represents a group of 5/16-in. hexagonal-head machine bolts,

Jan 1, 1923

By Robert F. Mehl, Gerhard Derge

The gamma-alpha transformation in iron and iron-rich alloys is of such practical and theoretical importance that many papers have been published upon the subject relating to critical temperatures, transformation rates and accompanying property changes. Although crystallo-graphic studies are of less immediate practical usefulness, the opportunities which these offer to furnish data on the basic atomic movements which characterize the transformation are not to be neglected1. The early work on the crystallography of this transformation has been reviewed in the fourth paper of this series2; since then several important papers have appeared. Our present knowledge may be briefly summarized as follows. Kurdjumow and Sachs, working with a 1.4 per cent carbon steel3, established the orientation relationships subsisting between the face-centered gamma and the metastable tetragonal lattices in freshly quenched martensite, and between the face-centered gamma and the body-centered alpha lattices in tempered martensite. The orientation relationship observed in the latter case may be stated in terms of planes and directions observed to lie parallel in the two lattices: {111} ?//{110}a [110] ?// [111]a (This notation is used throughout as the most descriptive means of expressing the fact that any (111) plane of the gamma phase may be parallel to any (110) plane of the alpha phase, and that a [110] direction in a particular (111)? plane is parallel to a [Ill] direction in the corresponding (110)a plane.) From these relationships the atomic movements that transform the gamma lattice into the alpha may be inferred. In the present experiment these may be considered as consisting primarily in a shear of the atoms parallel to the {111} planes in [110]? Directions

Jan 1, 1937

By M. Baeyertz

SINCE 1915 many papers and books have covered industrial applications of X-rays from various angles. Two of the more recent are a paper by Fink and Archer1, which describes in detail the technique of radiography, and a paper by Clark2, which embraces the whole field of X-ray metallography. This paper, therefore, is confined to work of the X-ray Laboratory of the Western Electric Co., which naturally divides into two categories: radiography and diffraction patterns of various types.

Jan 1, 1930

By Paul M. Tyler

The term "milling" as applied to nonmetallic minerals often refers merely to pulverizing without preliminary beneficiation. As applied to dimension stone, it embraces all the gteps involved in shaping and giving the desired finish to blocks. Processes such as sawing, planing, rubbing and polishing seem far removed from milling as the term is used in ore dressing, nevertheless they involve the element of concentration, for only 25 to 50 per cent of the gross quarry output may leave the mill as finished products after imperfect stone has been culled and the rough blocks trimmed. On the other hand, numerous nonmetallic minerals have to be concentrated in much the same manner as low-grade ores. Engineers and machinery manufacturers have begun to recognize more clearly the opportunities awaiting them in the nonmetallic field and have brought with them the methods and equipment developed in metal-mining camps, occasionally with little modification. General Economic Considerations Approximately one-half of the total value of the mineral production of the United States represents mineral fuels, and the other half is about equally divided between metals and nonmetals, the nonmetals recently having become relatively more important. In terms of volume the domestic output of nonmetallic minerals other than fuels is more than 10 times the annual output of metals. Considered on the basis of industrial utility and general commercial and military significance, moreover, the flow of nonmetallic mineral products is quite as needful to our national integrity and well-being as is that of metals, fuels, or other basic materials. Despite their importance individually and as a group, the nonmetallic mineral industries differ so widely in essential characters and economic environment that producers thereof have been slow to develop a community of interest among themselves or with the metal-mining fraternity. A spirit of change is in the air, rule-of-thumb methods soon may be relegated to limbo, and new methods—especially time-tested ideas borrowed from ore-dressing practice—are being introduced. A faithful record of plant practice in certain of these fields, however, must register

Jan 1, 1935

By Otto H. Henry, J. J. Cordiano

THOUGH powder metallurgy is one of the oldest of metallurgical processes, it is in its infancy as a branch of the modern field of metallurgy. As early as 3000 B.C., the ancients produced implements and weapons of iron by reducing iron ore in a charcoal fire and forging the resultant sponge while still hot into the desired shape. Melting and casting soon superseded the powder metallurgy practice, and it was not until the turn of the twentieth century that powder metallurgy was applied to the commercial manufacture of tungsten lamp filaments. From this beginning, the use of the powder metallurgy process spread to the manufacture of porous oil-impregnated bearings, cemented carbide tools, contact points, diamond grinding wheels, clutch facings, starter brushes, resin-bonded radio cores, magnets, metallic filters, and other parts. More recently, and particularly during the present war, there has been a definite trend toward the manufacture of machine parts by this process in competition with the more conventional fabricating methods. Notwithstanding these many developments, scientific progress has been slow. While many articles on powder metallurgy have appeared in the press and various publications, there have been too few contributions to our technical societies, with the result that there is a dearth of the type of information necessary for the full development of this science. It is of primary importance that the results of research and development be freely disseminated if powder metallurgy is to realize its fullest potentialities. PURPOSE OF INVESTIGATION Excluding the refractory metal field, all commercial powder metallurgical products made by a cold compressing and sintering operation contain voids. These voids can be substantially eliminated by subsequent severe working and heat-treatment, but such practice has not proved economical in most applications. By applying heat during the compressing operation, plastic deformation of the powder particles is substantially increased, and the resultant compact or briquette is practically free of voids. However, hot-pressing has many attendant problems, which at present preclude its use in the manufacture of precision parts. The more important of these are to devise: I. A die steel capable of withstanding high pressures at elevated temperatures. 2. A high-temperature lubricant capable of preventing excessive die wear and welding of the compact to the die walls. 3. A method of retaining a neutral or reducing atmosphere in the compacting zone of the die assembly. 4. A means of ejecting the hot-pressed specimen into a neutral atmosphere until reasonably cold.

Jan 1, 1945

By Ancel St. John

Defects in the interior of metal objects are troublesome to both manufacturer and user. For the former, they frequently increase manufacturing cost through the rejection of material when defects appear after considerable work has been done. For the latter, they often cause damage to equipment, personal injury, or loss of life when a part, which has passed all inspections and has been put in service, gives way because of a hidden flaw. Methods of testing that locate such flaws without subjecting the specimen to possible, if not actual, destl-uction are few; x-ray examination, whether fluoroscopic or radiographic, is one. Hitherto, however, x-ray examination has been restricted to objects of nearly uniform thickness and regular outline; the inspection of such articles as those shown in Fig. 1 has been inconvenient and unsatisfactory. This figure represents a group of 5/16-in. hexagonal-head machine bolts,

Jan 1, 1923

By M. C. Dow

INTRODUCTION BELT conveyors generally are conceded to be the most economical method yet devised for the transportation of large quantities of bulk materials within plants. Belts are coming into greater use for transportation over long distances and are replacing other forms of long-haul conveyance. It is not the intent of the writer to comment on the design of belt conveyors, but to offer some suggestions for improvement in the operation of conveying belts, based on many years experience with belts in several stonecrushing plants. It is the contention of this writer that opportunities for improvement not fully realized by most operators exist in many plants and that a study of the individual conveyors can result in lower unit belt costs. GENERAL RELIABILITY It is the fool-proof nature and general reliability of the belt conveyor that is responsible for its neglect. Even when abused, a belt will carry large tonnages and last a long time, often outlasting the personnel responsible for its care. Some operators look upon the purchase of a new belt as an expensive outlay every so many years, rather than a constant and steady cost amounting in belt wear alone to several dollars every operating day. This belt wear for all conveyors in one stone-crushing plant known by the writer costs 1 1/2 cents per ton or $12 to $15 per hour, based on the present cost of belt replacements. The fact that these replacement costs are double those of prewar quality emphasizes the necessity of improving the conditions that make belts wear out. Some of those conditions are the responsibility of the conveyor designer, and if a serious original error has been made, this handicap cannot be overcome by the operator. If the belt is too narrow, too steep, or too fast for good loading, the operator finds that he has an inherently expensive belt. The other factors that decrease the life of a belt are more or less under his control. The two factors of most importance are the loading conditions and the alignment. Most of the cover wear and carcass cutting occurs at the loading point and if the alignment is not good under all conditions, edge wear or damage may result, Fig I. LOADING THE BELT It is difficult to load a belt in an ideal manner; that is, to flow the material on the moving belt at a steady rate, without impact, without turbulence, and with a velocity equal to and in the same direction as the belt. An inclined belt is especially difficult to load and particularly when its speed is over 300 or 350 fpm. Inclined conveyors require longer skirt plates to prevent spillage until the load settles. It does not seem reasonable to expect an inclined conveyor to carry the same load as a horizontal belt of the same width and speed, because of the difficulty in loading

Jan 1, 1947

By Cyril Wells, Robert F. Mehl

The purpose of this investigation was to prepare high-purity iron-carbon alloys, to determine as precisely as possible the A3(GOS), the Acm(SE), and the A1(PSK) transformation temperatures in the meta-stable iron-iron carbide system (up to 1.4 per cent C), and to study the influence of carefully controlled and constant rates of heating and cooling (1/8 to 2o C. per minute) upon the transformation temperature and upon the resulting microstructure. Apart from the general metallurgical importance attending the completion of such a task, it will be noted that highly precise transformation temperatures are of interest and importance in the thermodynamic study of this system1. Several determinations of the iron-iron carbide diagram have been made2. These suffer generally from the low purity of the alloys used, and from the application of methods of investigation of low sensitivity. Attempts to compare and weight the many data available in an effort to construct as accurate a diagram as possible have, in the main, been unsuccessful. In general, the wide differences in the results of different workers, the lack of complete analytical data, the omission of important details relating to the heat-treatment of the alloys, and the meager description of the methods of investigation applied, render such a process of averaging nearly meaningless. It may be seen from the summaries by Epstein2 and Körber and Oelsenl that variations as great as 30' C. exist in the reported data on the A3 temperatures in iron-carbon alloys. Fortunately, the Aa temperature in pure iron is now known to be 910" C. ± 1° C.3 The best recent work on iron-carbon alloys is that of Esser4 on hypoeutectoid steels and that of Sato5 on both hypoeutectoid and hyper-eutectoid steels. Esser made a dilatometric and magnetic study of iron and iron-carbon alloys containing 0.06 to 0.86 per cent C, for which a high purity is claimed. Presumably the electrolytic iron was reasonably pure, but the alloys contained considerable impurities, on the average totaling 0.35 per

Jan 1, 1937

By B. M. Larsen

Jan 1, 1965