The Iron Age 1929-05-30: Vol 123 Iss 22

THE ESTABLISHED 1855 New York, May 30, 1929 AGE VOL. 123, No. Will High Money Rates Bring Business Reaction? NDER present condi- tions there rea- son why the high rates for security loans that have prevailed the market during the past year should themselves cause business recession, and unlikely that they will. drop business activity may take place before the end this year, but money rates will relatively unimport- ant and only indirect factor it. Unfavorable agricul- tural conditions, the reaction from excessive rate auto- mobile output, and other such factors the actual business situation are likely more influential. Money rates, combination with tariff revi- sion, will probably affect our export more than our domestic trade. watching the effect must remembered that the high rates for call loans are not indicative general credit conditions. true that se- curity loans are now the domi- nant factor the whole cred- structure and probably ex- ceed the aggregate the VIRGIL JORDAN Money rates are longer significant factor general business activity. Business has become much less depen- dent ordinary bank accommodations. * * Cash and securities leading corpo- rations total billion and half dollars— considerably more than the resources the country’s largest bank. * * Federal Reserve aim has been isolate the security market from the general credit reservoir. Federal Reserve System will ultimately succeed its purposes, despite the misun- derstanding and sabotage which has been subjected. * * Absence commodity inflation and con- trol credit resources Reserve System are best safeguards against disturbance industry through deflation security prices. ~ * * The clearest feature the situation that any mechanical forecast the outcome questionable. the security market from the general credit reservoir preserve ample supply funds for business. this had not been done, high money rates affected business long before now and more drastically. The fact that the Reserve banks threaten raise their rediscount rate per cent indicates, perhaps, that they have had increasing difficulty carrying out this policy; but the chief effect this rise, felt our export trade for reasons mentioned below. The fundamental and indispensable function the Reserve Sys- tem safeguard the credit resources the country for the protection business. has had difficulty doing this because the development new investment and other con- ditions the money market; but its powers are still large and will ultimately succeed its purposes, despite the misunderstanding tage which has been sub- jected. Besides the Federal Reserve policies other factors the total commercial loans made our banking system; but there plenty credit available for pur- poses, and with rediscount rates still below the call mar- ket rate there little danger that regular bank customers will find hard get accommodations. The high level call money rates chiefly indica- tion the relatively great demand for this type credit relation the supply and does not indicate that there any real shortage credit for ordinary business purposes. The policy the Federal Reserve System essentially has been directed toward maintain- ing this situation, restricting far could the supply credit for security loan purposes and isolating 1471 situation provide further safeguard against the adverse effect high money rates business. Curiously enough some these factors are the very ones that have added the difficulties the Federal Reserve System. the first place, there reason believe that the level money rates longer significant factor general business activity used be. Business this country operating much smaller degree under the commercial credit system than did before the war and less dependent ordinary bank accommodations. The total volume so-called “all other loans” our Reserve banking system—which includes large propor- tion real estate loans and instalment finance paper— has shown relatively little growth recent years, and the real estate loans were taken out this total, probable that ordinary commercial credit would show decline. This due the fact that the larger corpora- tions have increasingly financed their current operations, well their extensions and improvements, out stock issues and besides have built large cash reserves, which they have kept part the time the call market and which all times have freed them from the need direct bank borrowing for construction work, equipment and other improvements. The recent increase profits the larger and strong- corporations has added the cash reserves and likely continue swell them, thus further fortifying industry against credit stringency. good indication the degree which the larger business concerns have be- come independent bank credit afforded recent compilation, which showed that leading American corporations the end last year held cash and se- curities totaling nearly billion and half sources considerably greater than those the largest bank the United States. Building Unaffected Money Rates This one the reasons why high money rates have not far seriously affected building construction and are not likely affect for some time. Industrial and commercial construction has been sustained despite high money rates, because these types construction have been dependent upon direct borrowing upon the flotation bonds. Smaller residential construction like- wise has been sustained the enormous resources the building and loan associations and the savings banks. Public works and utilities construction has been some- what hampered the slump the bond market due high rates, and large scale speculative residential building projects the larger centers have likewise been ham- pered some extent, although even here the expected slump has not materialized. The actual conditions supply and demand for construction, dential accommodation, are likely the dominant factor the outlook for building. Another important consideration the fact that the larger companies many lines are not moving their goods the basis the older forms commercial credit but instalment finance paper. Although good deal this paper carried banks directly indirectly, much sustained outside financial resources. any case, there evidence that higher money rates have yet had any effect upon distribution this basis, since the cost instalment buying such small part the cost the goods, for example the case automobiles, that one per cent rise money rates would make little difference. Stringency Collections regards the smaller companies and retail and whole- sale traders, operating cash ordinary commercial credit basis, the situation not quite clear. There appears evidence any general stringency collections ordinary trade channels, and there reason believe that there any stringency funds available through the Federal Reserve System for crop movements, although some the smaller banks the agricultural sections have doubtless impaired their ability take care local needs putting their funds too largely the call money market. Whatever tightness credit may have developed ordinary trade channels, clear that greatly offset the fact that inventories generally are low. fact the tendency toward hand-to-mouth buying the regular trade has advanced far that there are complaints that retail trade has been suffering from insufficiency 1472—May 30, 1929, The Iron Age stocks. Although some lines manufacturers have had hold the bag the form larger stocks, for the most part the complaint based the increased cost busi- ness that must done small-lot orders for prompt delivery. Under these conditions the dependence trade upon credit greatly diminished and the high money rates minimized. Commodity Inflation The best evidence that high money rates hold danger for trade under present conditions lies the fact that our high level business activity recent years has been accompanied stable even declining price level, without sign commodity price inflation. this point most forecasts, own included, have gone wrong. prices had risen, expected them to, speculative market commodities would probably have developed rapidly, with forward buying and inventory accumulation, and such situation high money rates would certainly present menace business today. But things stand difficult see how the prevailing level money rates any prospective increase could precipitate the kind liquidation commodity markets that marked the abundance credit both within and outside our banking system for speculative purposes, and despite the favorable conditions created the establishment new commodity exchanges and marketing pools like the Copper Export Association, efforts start sustained bull movement basic commodities have far failed. Even face the exceptionally prolonged high level demand for iron and steel products there has been little evidence upward movement prices. Whether this means that the commodity markets have been ruled underlying fear business recession following slump the securities, whether implies realization that bull movement commodities could not sustained the face our enormous reserve pro- ductive capacity, open question. any case, the situation unquestionable safeguard for business against the possible effects high money rates. Most people who admit these things insist, neverthe- less, that long continued period high money rates holds menace for business because the threat collapse the securities market which implies. Here there more ground for argument, but think the long run will prove true that fundamental business conditions will rule the market rather than the reverse. That there marked degree inflation the security market cannot questioned, nor can the fact that the course this inflation will determined credit con- ditions and money rates for speculative purposes. The securities market many ways seriously out line with the present business situation and with the immediate prospects. has discounted the future long way ahead. The “new era” psychology has taken very widespread hold upon the popular mind. have had new eras before and the case the last preceding one, during the eight years from 1899 1907, the rise stock prices and the expansion bank credit have run considerably ahead the gain volume production and trade. During the past eight years, however, this discrepancy has been more marked than ever before our history. Despite the enormous advances have made, there has been such growth general business, such in- crease general prosperity and such gain efficiency production and distribution implied the un- precedented bull market have witnessed. During 1928, for instance, the actual increase the aggregate productive and trade activity the country was consid- erably less than the normal per cent increase that has characterized our development for the past if J years. Yet the scramble for stake the future growth business has been enormous and widespread that has made great drain upon our credit resources, and the high level money rates direct reflection this apparently inexhaustible demand for loans discount the future immediately. Federal Reserve Has Securities Speculation Hand Nevertheless there has been much misunderstanding and exaggeration both sides this question. be- lieve the Federal Reserve System has the situation well hand and will steadily increase its control, has the moral support the business community that trying protect. particularly important for busi- ness realize what the Federal Reserve System try- ing for the protection American business its efforts control the international movements funds. IRGIL JORDAN has been chief econ- omist the National Board, New York, for the past eight and one- articles current eco- nomic questions mag- azines His analysis this coun- try’s position cred- itor nation, with partic- relation the future course world ey trade, was brilliant contribution the an- nual meeting the Can- ference Board. =i. serious mistake believe that the United States now permanent and mature creditor nation with enormous reserves credit which can constantly support large volume export trade. The fact that the past years, despite the enormous flotation foreign securities here, have received, especially late, more funds from abroad than have sent out. These funds have come payment interest, divi- dends and principal our outstanding loans and short-time funds for temporary investment the New York money market. Our excess exports has been paid for actually part gold and larger part the services have bought from other countries. This close and uncertain balance our international financial relations has been, and is, the greatest im- portance for domestic business. High money rates here and the attractive speculative market have been attract- ing funds here large volume, and probable that there between three and five billion dollars foreign money here present. Aside from the danger that these funds might withdrawn large part notice and create temporary credit stringency here, our in- ternational financial position today not very favorable for the support our export trade, which now vital factor domestic business. Already the stability the foreign exchanges and the banking position some foreign countries has been endangered the security market situation the United States. The Reserve au- thorities are bound keep eye these developments they are protect American business. Stock Market Deflation Not Serious Business Menace There reason, however, why readjustment security prices should have serious long continued reaction upon business. American industry and trade have grown with remarkable steadiness for years almost uniform rate through the widest changes security prices due changing credit conditions. Mar- ket slumps have rarely been accompanied any propor- tionate change industrial activity for any length time. Today the absence any sign commodity inflation, and the control credit resources afforded the Federal Reserve System are the best safeguards against dis- turbance industry through deflation security prices. The one doubtful element the situation, how- ever, the widespread participation the public stock speculation. Insofar much larger proportion the working population than ever before has taken hand the bull market and mortgaged its current in- come buy stocks margin the hope quick and easy serious drop prices would doubtless impair the current buying power the consumer larger ex- tent than could have been true any other time our history. This the more serious because the addi- tional factor the spread instalment selling; but one can measure the danger here involved. The clearest feature the situation whole that any mechanical forecast the outcome the basis traditional rules questionable. not necessary join with the new era enthusiasts believing that all rules are off and that the past throws light the present the future all, realize that there are new factors the situation which must taken account arrive sane judgment. The power the Federal System, well the development new res- ervoirs credit outside the banking system itself, and the unquestionable revolution the organization, methods and financial policies industry and commerce, all indi- that are facing conditions that are many im- portant respects entirely novel. Some them may ag- gravate the dangers involved while others minimize them. The most hopeful feature the situation today undoubtedly the fact that much larger proportion the business community better informed and more keenly aware the importance banking and credit conditions our modern business structure and the dangers that lie serious disturbance them. There also evi- dence throughout industry and trade spirit con- servatism business, not financial matters, that provides safeguard stability. Loosening Hot Bolts Builders high temperature equipment, like high pressure steam boilers and chemical converters, look upon steels behaving like very viscous fluids, said Guy, speaking before the British Institution Mechanical En- gineers Jan. 31. They are found extend continuously under comparatively low stresses and approximately constant rate depending the stress and the temperature. The “limiting creep stress” that below which this phe- nomenon not noticed, least less than 0.001 in. per inch 100 hr. Experiments the National Physical Laboratory show that this limiting creep stress for commercial steels (car- bons ranging from 0.17 0.51 per cent) only per cent much 900 deg. Fahr. 700 deg. Fahr. Or, put another way, the load required cause creep 0.001 in. per inch 100 hr. 900 deg. Fahr. about per cent that 700 deg. Fahr. (for steels from 0.23 0.33 per cent carbon). Mr. Guy said that experiments creep should much more precise; for instance, creep only one-tenth the above (i. e., 0.001 in. per inch 1000 hr., which might expected mild 900 deg. Fahr. loaded 6000 per sq. in.) would cause tube cylinder increase diameter the rate 5/32 in. per year. The Iron Age, May 30, 1929—1473 = 4 = " Making Forgings Machinery Several Steps From Bar Finished Piece—Trimming Often Separate Operation— Upsetting Bulldozer HOLLOWAY KILBORN* AKING the forgings requires selection the proper size hammer. Board hammers have falling ram weight few hundred several thousand pounds, while steam hammers vary from few hundred pounds several tons. The proper size bar must chosen, which general may round, square flat. Sometimes the best size and shape bar can determined only trial. The operation forging consists heating the end the bar, placing the lower die and allowing the upper die fall repeatedly upon it. The bars are gen- erally heated oil-fired furnaces and strict attention must given the temperature and also the charac- ter the flame. After being struck the finishing impression the forging cut off the bar and falls behind the machine. The bar then put back into the furnace for reheating. One operator (with without one more helpers) has several bars, which uses rotation. stream *Treasurer, Kilborn Bishop Co., New Haven, Conn This is t last of three articles on forging and the equipment there- for. The others appeared our issues April 11, page 1003, and April 25, page 1151. 1474—May 30, 1929, The Iron Age compressed air generally directed toward the bottom die, blow out any scale which might collect the impression. Several Steps Usually Required There are generally several steps, stages, impres- sions forging die. Fig. shows the dies, outside trimmer and inside punch used producing the arch punch shown several stages production Fig. The two die blocks Fig. fit face face, that when use the left edge the die the left strikes against the right edge the die the right, and vice versa. Considering the die the right, the lower left corner the “fuller,” the right edge the “edger,” the left impres- sion the the right impression the “fin- isher,” and the upper left corner the “cut-off.” Around the edge the finisher slight depression called the where the excess metal flows. This metal, called the “flash” “fin,” removed the outside trimming tools, which consist block steel through which there hole the exact contour the piece trimmed, and punch for pushing the piece through the hole. The punch made fit the piece Fig. 8—A Pair Forging Dies (Top) with the Outside Trimmers (Lower Left) and the In- side Punch (Lower Right) i | 4 F } 4 f and also the hole, and the flash cut off the shearing action between the punch and the trimmer die. The trimmer die made two parts, allow for shimming grinding the forging die wears. Manner Which the Work Progresses Fig. from left right (a) the bar steel used, (b) after fullering, (c) after being “rolled” the Fig. 9—Successive Stages Producing the Forging for Arch Punch (Above), Explained the Text edger, (d) after one blow the blanker, (e) after blank- ing, (f) after finishing (wording and final detail are the finishing impression only), (g) after trimming, (h) the flash, (i) after inside punching with the inside punching tools shown Fig. and (j) after all subse- quent operations, showing the arch punch ready for sale. The cut-off operation comes after (f), the piece that point being the end bar few feet long, the same section (a). The operations from (a) (f) are performed one heating, the piece being then cooling for trimming and punching. Trimming and Finishing Forging Most forgings are trimmed cold, but sometimes for the necessary exactness, account the hardness the material for other reasons, the piece may while still hot from the forging heat. For hot trimming the forging dies are the same for cold trimming, but the trimming dies have gate the end, that the flash not completely trimmed off, but leaves “tang” “sprue” which the piece may handled. See Fig. 10. Fig. 11—Stages Production (Below) for Hot-Trimmed Forging Fig. shows the stages production trimmed forging: (a) the steel bar used, (b) after fuller- ing the tang, (c) after fullering the center, (d) after rolling the edger, (e) after two blows the impres- sion, (f) after finishing, (g) after hot trimming, (h) showing the flash removed. There blanking impression but only finishing impression this pair dies. The number impres- sions largely determined the quantity forgings The Iron Age, May 30, Fig. 10—Forging Dies (Left) and Trimming Tools, the Latter for Hot Trimming, with the Gate Showing Upper End made. There may three, “rough blanking impres- sion” being used before the leaving the finish- ing impression very little work, hold its exact shape and size. After the flash removed, the piece the finishing impression and re- peated again necessary. The piece then cut off and allowed cool, and the tang cut off, leaving the forging shown (i), ready for subsequent operations. Cold Striking for Exact Contour Another method obtaining exactness size cold striking. This consists taking the pieces after they have been cold trimmed and striking them again an- other pair dies, called cold-striking dies. These are made exact size the finished forging wanted, the cold-striking dies being made without any allowance for shrinkage. slight flash may here produced, which trimmed off. Although the variation size forgings the three methods varies with different trimming method may ducing forgings uniform thickness over range 0.020 in., while cold striking pieces, reduces this range 0.006 in. and hot trimming lies be- tween. The width forging determined the trim- ming dies wherever they cut the flash, and the width other points the finishing impression, although both hot-trimming and cold-strik- ing methods further impres- sions may the dies, for striking the forgings when turned some other angle than that which they were originally struck. After forgings are generally given treatment remove the scale which forms during the forging heat. This may tumbling rolling, pick- ling dilute solution acid (for steel), 1476—May 30, 1929, The Iron Age Fig. 12—Horizontal Forging Machine Bulldozer, Made the National Machin- ery Co., Ohio sand blasting. They may also given heat treat- ment called “normalizing,” which produces, does also annealing, uniformity hardness and relieving all unequal strains which may the metal. ‘The advisability operation after trimming depends entirely the use which the forging put, the operation trimming being the last one necessarily The operation forging, and more especially machine forging, greatly improves the quality the metal because the severity the blows permeates the entire piece. hand forging there will many dif- ferent temperatures and weights blows different parts the same forging, resulting widely different physical properties. machine forging the treatment thorough and uniform. very small allowance for subsequent machining sufficient, and parts which not require machining need only polished, such finish desired. All forgings are superior castings their lack possible blow holes and their greater strength, due their fibrous structure, in- stead crystalline structure castings. Rolled bars from which forgings are generally made are fi- brous and the blows forging greatly refine and improve this condition. Forging Operation PSETTING may done drop hammer bottom die bar longer than the depth the hole, and al- lowing the upper strike it. This would mush- room the end and give shape the nature gasoline engine poppet valve, pencil barely protrud- ing through hole coin. When desired have upset other than that the end the bar, the lower die may designed two halves, that one may re- 7 moved and the forging then can out. the movable half the lower die were operated automatically and the whole drop hammer were laid its side and the ram operated crank motion instead gravity, there would then present the essential elements the modern upsetter. (Fig. 12). Other names are bulldozer and forging machine. the operation such machine heated bar placed the opening between the two halves pair gripping dies, one which may fixed both may movable. foot treadle releases the mechanism. The first movement that the two halves the die come together tightly, gripping the bar, and then the ram forced against the end, upsetting and also forcing the metal fill any shaped impression which may the gripping dies. The ram then returns and the grip- ping dies open for the operator remove the piece. One Stroke Time Upsetters through this cycle and stop, and require second action the releasing treadle for second stroke. The gripping dies may have several impressions, one above the other, with corresponding number impressions the ram die, that moving the bar from one impression another successive operations may carried out with one heating and handling. The adaptability this type forging machine very great. making rings bar used which slightly smaller than the diameter the hole the ring. upset made which forms the ring (without its hole) the end the bar. the last stage impression the ram die consists plunger which punches the hole the ring, pushing the whole bar back, leaving the complete ring with waste metal flash all. Press Forgings RESS forgings are made toggle joint hydraulic presses using dies the same general manner the drop hammer method, the difference being that slow push used instead the quick, heavy blow drop. One particular feature this method that can make use combination forging and metal ex- trusion. The lower die may have hole any shape the bottom its impression, and greater depth than would possible drop hammer work, the hole may completely through the die. block cylinder metal placed the impression and, the press squeezes the metal, not only fills the impression but also fills the hole and may some distance beyond the bottom surface the bottom die, forming extruded portion the same cross section the hole the die. Presses are used also for sizing forgings, taking the place cold striking drop hammer. Rolling Mill Troubles Spain plants the Altos Hornos Co. Bilbao, Spain, are little more than mile apart. Each plant has blast furnaces and coke ovens; one has old open-hearth department and the other Bessemer works. Both have rolling mills, one having tin mills. Operation the plants was described Estep Perin Marshall, New York, recent meeting Pittsburgh before the Asso- ciation Iron and Steel Electrical Engineers. new open-hearth plant including three 75-ton fur- naces has been located between these two works, which are called Baracaldo and Sestao. appears diffi- cult serve this new open-hearth department with ma- terials and get its ingots the new blooming mill, which was installed something over year ago. The distance not great, but they are different sides street and are lined practically right angles each other. The blooming mill, which has rolls in. diameter, driven German motor with maximum capacity 18,100 hp., operating 700 volts. The maximum torque 1,590,000 ft. Handling Facilities Generally Inadequate new 34%-in. two-high reversing combination rail and structural mill was rolling Bessemer rails from the original heat. Because trouble getting steel prompt- the mill, the rate was only 36% tons hour. The mill capable least tons, but handling facilities will not permit that speed. Inadequate soaking pits form another handicap. One difficulty experienced the finishing mills lies the large extent which they are operated hand. The speaker saw channels in. being rolled the Sestao plant, taking great deal power and using large roll diameters speed which too high for such section. There are roller tables these mills. Handling troubles were feature noted also motor-driven mill rolling sheet bars from ingots in. square. The work was done use large number men and the motor was insufficient capacity for the last few passes. The author counted men this mill, outside the furnace men, and not including those bringing ingots from the furnaces. Restriction Tin Plate Output There are two tin plate plants Spain. One the Sestao works and the other owned the Basconia Steel Co. They operate under the same system Wales, rolling widths maximum about in. Labor conditions form limitation here, man will not beyond certain pack weight. This figures out about in. wide and eight sheets No. gage some in. long. The pack made from single sheet bar in. thick with beveled edges. Spain found impossible get man make more day’s work than the equivalent base boxes for each mill shift. they can make that amount five hours, they shut down the mill and home, letting the next crew warm the mill again. This compares with boxes the same material made Wales hr. the same method operation. The manage- ment has tried induce the men, increasing the scale, make more boxes. They simply will not it. Something contrast the above conditions found the mill Sagunto (described AGE, Feb. and and March 10, 1927, pages 494, 571 and 716). The plant includes two blast furnaces, six open-hearth furnaces, blooming mill, combination rail and structural mill, plate mill and one merchant mill. well laid out and the only plant Spain which can extended for increased production low operating cost without lot trouble. Only the plate mill this plant unsatisfactory. was bought second-hand and has not been used much be- cause its product was not good. This company making good rails, but having trouble straightening them. The rails are very crooked coming off the cooling bed and the cost gagging them and getting them straight said high. The Iron Age, May 30, 1929—1477 4 > Alloys Chromium and Iron Plea for Nomenclature—Definitions Types Being Used and Why—Effect Variations Chromium HOLLAND NELSON* societies and steel manufacturers have not yet got sufficiently close together agree standard terms with regard “stainless iron” and “stainless steel” they are known the trade. Discussion the Nomenclature quite familiar with the materials will often answer follows: iron 0.10 0.12 per cent carbon over 0.10 0.12 per cent carbon making reference whatever the chromium content. This unfortunate because chromium plays equally, not more important, part certain ranges than does the carbon. Before discussing analyses let consider why the term iron felt warranted all conjunction with these alloys. because certain them not harden (appreciably), and further because they ductile and capable general though with modifications, the manner wrought iron mild steel can worked. Therefore the physical characteristics which are responsible for the terms “stainless iron” and not their chemical analysis. building chemical equipment, such ammonia oxidation equipment and absorption towers, was essen- tial have material malleable possible, and one which would not harden when heat was applied local areas. The author has found that under 0.10 0.12 per cent carbon desirable, but more particularly well over per cent Silicon and other ele- ments may may not very valuable additions accord- ing varying circumstances, all which require careful consideration. However, not wish complicate this article involving other phases. Material close per cent chromium can rather dangerous. this particular point, very slight varia- tion might throw the material into either the hardening the non-hardening group. happened lucky *Consulting metallurgist, Widener Building, Philadelphia. This is the second article in a series, the first having been on “Heat and Corrosion-Resistant Alloys,” April 25, page 1139 30, 1929, The Iron Age enough obtain heat right the dividing line which, will seen, still material which more symbolic steel than iron. (See Table I.) The series tests Table show that this material still has tendency harden heat treatment. There- fore trouble might experienced when hot working was involved and where ultimately heat treatment for release this hardness was impracticable. For instance, rivets driven the shell tower could hardly heat treated afterwards with any degree uniformity. Further, the hot work done within the tempering range, below the critical, the maximum corrosion resistance not obtainable. tower could not heat Tubing Made Stainless Chrome Iron, Showing Ductility (left). stainless iron riveted to- Iron, Two plates gether and then forced apart treated its entirety without distortion, and ap- plication torch, rivets would produce Table and Properties Low-Carbon Per Cent Chromium Composition Check 15.97% 16.04% Bar, In. Round.—Water Quenched from 1800 Deg. Fahr. and Tempered Detailed Below Ult. Red. Elastic Tensile Elonga- Treatment Limit Strength tion Area Impact Brin. rolled 102,000 119,000 18.0 42.0 250 Water quenched and tempered, deg. Fahr. 500 132,400 165,200 17.5 39.7 600 130,400 160,700 18.5 45.9 340 700 33,900 164,700 16.0 52.8 n 5 32 800 34,900 167,100 19.5 54.5 4 5 330 900 135.900 168,100 19.0 51.6 5 4 332 1000 125,800 155,000 19.5 58.3 1050 110,000 130,400 22.0 64.0 262 1100 96,510 115,700 24.0 65.5 253 1150 92,000 110,200 24.0 65.5 228 1200 108,000 25.5 65.2 235 1250 81,510 107,500 26.0 66.4 228 1300 78,300 100,600 27.0 66.6 106 207 350 73,500 99,140 28.5 67.9 101 207 1400 71,760 102,600 28.0 68.9 104 187 1450 66,700 95,500 30.0 70.0 117 114 179 1500 59,100 31.0 70.9 108 163 would seem that this material close per cent chromium that, being also the low margin with regard silicon and manganese, still remains capable heat treatment. extremely irregular results and tend loosen and distort the entire structure. Type Chrome Iron Used Extensively TYPICAL analysis and the physical properties “stainless iron” such produced the United States and used practically all the acid installa- tions built during the last four years, given Table is, however, interesting note that the physical tests show marked change between 900 deg. Fahr. and 1,050 deg. Fahr. and again 1,800 deg. Fahr. The lower temperature changes are particularly interesting view the trouble experienced with chrome-iron tubes oil still work. For this range that prolonged heating temperature induces serious brittleness chromium-iron materials. Further, this particular phe- nomenon not pronounced, though may may not Table and Properties “Stainless Iron” Used Extensively Nitric Acid Installations Range Actual Analysis Analysis, Per Cent Per Cent Size Bar—1 In. Round: Red. Elastic Tensile Treatment Limit Strength tion As rolled, avers . 54,000 77,300 36.0 71.4 156 rolled, reheated 55,000 77,000 33.0 69.3 149 and water quenched 58,300 81,000 28.0 63.6 156 deg. 53,300 76,000 35.0 72.5 149 Fahr. 56,300 79,300 29.0 63.6 156 55,000 78,500 31.0 74.8 156 Tempered cated for min. deg. Fahr. 100 58,300 81,300 28.5 62.4 156 200 80,000 63.6 149 300 57,300 29.0 400 55,000 77,300 37.0 65.9 149 500 54,000 77,300 35.0 70.4 156 600 54,300 78,300 33.0 67.0 156 700 56,000 83,000 29.5 68.2 156 800 55,600 78,800 35.0 71.1 159 900 67,300 31.5 70.4 183* 1000 56,300 79,000 29.0 68.2 146 1050 56,000 79,000 31.5 67.0 187° 1100 60,000 $3,300 30.0 52.4 149 1150 52,300 76,300 6.5 69.3 156 1200 50,000 76,000 37.0 70.4 149 125 51,000 74,300 37.0 69.3 149 1300 55,000 78,300 32.5 65.9 143 1350 55,000 77,300 68.2 143 1400 54,300 78,300 28.5 149 1450 53,300 69.3 143 1500 51,000 75,000 84.5 69.3 143 1550 49,300 75,000 36.5 70.4 143 1600 51,000 76,000 38.0 71.4 143 1650 51,000 74,000 37.5 70.4 143 1790 51,000 74,000 37.0 71.4 143 1750 56,000 79,300 25.5 61.0 163 1800 63,300 90,000 8.5 68.5 170 *This latter series tests shows metal which behaves sub- stantially like iron. ROBABLY Largest Plate Stain- less, Iron, Rolled Date. Its length 314 in., width 134 in. and Chrome, thickness in. exist, over longer time periods and different tempera- ture ranges the low-carbon, per cent per cent chrome steel. Definitions Suggested. Before leaving this subject, therefore, may say that definitions would be: Stainless material containing under per cent chromium, which will harden quenching and which further attains hardness relative its carbon and chromium content, that capable Some 10-Ft., and Smaller, Flanged and Dished Heads Made Stainless Iron attaining Brinell hardness 250 more heat treatment. Stainless material containing over per cent chromium with less than 0.10 0.12 per cent carbon which, quenching, does not harden appreciably, and which will not attain hardness over 200 heat treatment. From this material there difficulty obtaining plates, flanged and dished heads, angles, channels, etc. Higher Chromium Alloys HEN still have left these straight series material containing per cent chromium, usually per cent, with carbon usually the range 0.15 0.30 per cent. This material does not harden quenching appreciably. However, the manufacture and working this material such The Iron Age, May 30, ‘ ag 7 | Part Chrome-Iron Installation Ready for Shipment forms .as plates, rivets, acquires substantial mechanical hardness which not easily released treatment and, general fabrication, “stiffer” handling proposition altogether. Moreover some com- plicated shapes not obtainable. However, the corrosion resistance this alloy extremely high and there are instances where far superior other alloys. classify this alloy difficult. one accepted the carbon basis, would “steel,” yet has more the general characteristics iron, and opinion should remain the iron class (with due qualifications). can stretch the term iron material with tensile 75,000 Ib. per in., can also stretch 90,000 the characteristics are similar. Bearing mind the foregoing facts, not difficult, looking back, see why material the low-carbon, in- termediate chromium range was adopted for much the construction work the chemical field: had the necessary corrosion resistance. was obtainable all forms required the fabri- cator the fabricator’s hands, without undue complications elaborate equipment, the material could formed, worked, riveted and assembled (with some modifica- tions) substantially the manner which was accustomed. this should not inferred that fabrication this alloy was simple. The increased physical properties themselves called for heavier equipment and consider- able care. The tendency for chrome-iron temperatures over 1,500 deg. Fahr. grain growth necessitated all hot work operations kept within this range and instal- lation pyrometric equipment was necessary. Chemist and Engineer Should Collaborate Much unnecessary labor and expense could saved the chemist usually engaged testing corrosion resis- tant materials were given broader view the situation. During the author’s past experience this field, many cases have arisen wherein the chemist, working out contact with the engineer, has approved the use series materials, all which, far was con- cerned, would satisfactorily resist corrosion. Many times has been necessary, and not always without being suspected having ulterior motive, point out that, while certain material might have withstood the cor- One Whole Installation, Which the Above Photograph Represents Part, Was Built Entirely from Per Cent Straight Chromium Iron 1480—May 30, 1929, The Iron Age > « : 5 por — rosive conditions superior any others, was not pos- sible obtain all the shapes and sections that the installation called for. is, for instance, well-known fact that some the high-silicon cast irons still stand out alone their general resistance corrosion, but obvious that such material, not being malleable, impossible obtain the forms necessary build absorption towers, storage tanks tank cars. word advice therefore any value, suggestion would that all such cases, save the chemist unnecessary prolonged tests materials that may ultimately have entirely dis- carded because they are not available, would seem advisable that preparing the designs for corrosion resistance installations, the chemist and the designing engineer should close cooperation. many instances have known list containing, say, different materials which were satisfactory the chemist, which ultimately dwindled down two three which was possible obtain all the neces- sary parts desired. Further, sometimes disconcert- ing and appears show lack due appreciation for careful investigations, when one has down list and mercilessly eliminate materials which are ideal far corrosion resistance concerned. Before passing from this subject, therefore, would perhaps well the general statements that: The higher the chromium content, the greater the cor- rosion resistance (where satisfactory The most mobile material, the light present iron-chromium alloys edge, obtain substantial corrosion resistance with sufficient malleability obtain all structural shapes, the range carbon under 0.12 per cent and chromium between and per cent. (Note: Nickel- chrome alloys will dealt with separately.) Where high physical properties are required with substantial corrosion resistance, other words, material capable heat treatment (hardening and tempering), alloys containing carbon and chromium ratio the physical properties desired, but under per cent chromium, and such mentioned vious article, will found applicable. pre- Type Structures will noticed from the illustrations that practi- cally all the structures referred are rivetted design, due the peculiarities the material itself. have had the opportunity inspecting periodically many the installations built, and find the rivetted structure with- standing corrosive conditions exceptionally well, and can therefore confidently recommend such work. far, however, chrome iron concerned, not hesitate give frank opinion, and few reasons, why feel Forged Turbine Blades, Made from High Chrome- Silicon Iron, Treated and Bent Cold Show Ductility the rivetted structure theoretically, well prac- tically, the best design. fairness however, should like the reader understand that these remarks apply only the chromium-iron alloys not containing nickel. The nickel-chromium alloys weld much more readily and satisfactorily, and will dealt with separate article. Use Acid Pipe Line, Made Iron HROME, Stainless, Annealing Boxes. While cost high, the in- life and superior work show creased economy from their use — far chromium iron concerned, welding has been almost entirely abandoned, though many desperate efforts were made steel manufacturers and fabricators alike overcome the difficulties encountered its pro- duction, such for special coated rod and certain types arc flame. Investigation the prob- The Iron Age, May 30, > la > As q | | lem, however, will show how little these items bear upon the real trovble. For the moment let glance the difficulties sur- rounding the welding chrome-iron. the first place, this material when raised temperatures excess 1,500 deg. Fahr., will begin develop extremely large grain size. This grain growth always accompanied brittleness the material. With this thought mind, not all difficult understand that welding, essential the area the weld raise the tempera- ture that liquid metal, approximately 2,700 deg. Fahr. Physical Structure Welded Chromium Iron just easily understood that this high tem- perature large grains, the size those found the original cast structure, would developed. Further, inasmuch not possible raise immediate area this temperature without the adjacent area also be- coming heated graduated basis, can readily understood that there would around the area the weld, material possessing varying grain size gradu- ated scale according the temperature had reached, that physically the area welded chrome-iron would weak. Many efforts have been made control this feature without definite success. Certain heat treatments have been devised that would impart some degree toughness the point that one might have felt reasonably safe using certain structures built this method fabri- Unfortunately, however, the physical weakness the welded area not the only deciding factor against welded chrome-irons. Oxides and blowholes form very readily and practically impossible weld any extended area material without including, some form other, either oxide the metal some slight non-metallic (slag) inclusions such would picked from the coating welding rod. Such inclusions, together with the actual difference the physical structure the area, comparison with the surrounding mass, have led two serious causes attack. Oxides the metal often dissolve out such points causing or, not together with non-metallic impurities such inclusions will set electrolytic action between themselves and the surrounding metal, and have been known cause deep pitting and even perforation this manner. This equally true some cases piece material which, one area, had large grain size adjacent area having structure. For the various reasons mentioned above, welded structure chromium-iron have far met with com- paratively little success. the author has far attained his object, the reader will now have general idea the chemical analysis, physical properties and some uses and fields for stainless iron and stainless the field corrosion resistance;—how the chemical analysis not only affects physical properties, but also resistance attack; and, further, how necessary some cases concede physical properties the one hand for resistance attack the other vice versa. next article will deal with materials, which, although they made their appearance experimentally almost simultaneously with stainless steel, were not perhaps quite fully understood, and have only comparatively recently come the forefront, far real tonnage concerned, this country. Measuring Creep loaded steel high temperatures—are matters have attracted much attention recent years. Glen Bagley, research engineer, Union Carbide Car- bon Research Long Island City, Y., speaking before the Rochester meeting the American Society Mechanical Engineers, May 13, described equip- ment which capable applying any steady load 75,000 per sq. in. 0.505-in. specimen heated con- which changes length can determined within 0.005 in. per inch without applying measuring devices within the furnace. clear idea the equipment given the accom- panying cut. The furnace attached the upper uni- versal joint, there air circulation through the hot One electrical control sufficient for battery six furnaces; regulation made from thermocouple the winding the master furnace, which about 150 deg. hotter than the specimen. Temperatures the other fur- naces are adjusted equal the master furnace series resistances. multiple point recorder shows the temperature each specimen. Length-measuring devices inside the furnace are elim- inated making large part the heated specimen sufficient size that its elastic limit could not ex- ceeded with the load the reduced section can support. Lo- calizing all the creep the 2-in. reduced section, the actual change length related the amount turn the hand wheel necessary bring the primary lever its original position (as noted electric contact). which Laboratories, tube. 1482—May 30, 1929, The Iron Age Hot Steel Under Load Through One Elements --" with the Furnace men Thermocouple Contact spirit Knife | > “Keep Prosperity” Keynote Leaders American Iron and Steel Institute Urge Restraint Selling and Judgment Plant Gary Medal Bestowed Farrell chief concern the iron and steel industry longer how create prosperity, but how keep it. The unprecedented rate plant activity was major topic both private and public comment the thirty-fifth general meeting the American Iron and Steel Institute, held Hotel Commodore, New York, May 24. Discussion the business situation the plat- form was marked its unusual candor. Favorable and unfavorable factors were given equal attention; yet not one the industrial leaders who spoke voiced any ap- prehension regarding current high money rates. Foresees Good Business for Rest Year addressing the general meeting Friday morning, James Farrell, president the United States Steel Corporation, said: “As the immediate future the steel industry, believe that are going have very good business all this year.” Charles Schwab, president the institute; Samuel Mather, Pickands, Mather Co., Cleveland, and John Topping, chairman, Republic Iron Steel Co., were also optimistic regarding the outlook. Mr. Mather said that business good that has even reached down iron ore moderate way and that, bituminous coal could also get little stimulus, those who handle primary mate- rials would have remaining cause for complaint. Sober judgment governed all that was said about the present state business, and there was mention the credit stringency, was not because any effort gloss over hide conditions that threaten upset pros- perity. the contrary, institute members were warned against the risks false feeling security. “It peculiar quirk human nature that business men seem more cautious their steps times depression than times prosperity,” said President Schwab, opening the general meeting. “Yet seems that time like this the golden opportunity for industry general, and for our own industry particu- lar, weigh and determine our future course. Certainly should have the intelligence and the ability, well the practical experience, maintain only those practices and policies that will assure our continuous progress. “The prosperous condition our industry must not blind the fact that can led astray quicker through p