[kbrede]

The negative certainly doesn't look underexposed. It looks fairly dense and contrasty. I'll have to read your post again, but I'm not clear on the specifics of this speed test methodology or the procedure you used for a maximum black time. I am also puzzled by what seems (to me) to be a very short "maximum black" time.

I'll try to summarize the method.

Taking the exposures:

A. Find a subject rich in detailed shadows (Zone III) and has some shadow tonality (Zone II).

B. Set light meter ISO to box speed.

C. Stop lens down 4 stops from wide open, f/8. Take an incident reading, finding the shutter speed using this aperture. Keep the exposure time within ⅛ to 1/250 or modify the aperture for the duration of the test.

D. Take the following exposures:

1. Use settings from step C.
2. Open ⅓ stop.
3. Open ⅓ stop.
4. Open ⅓ stop.
5. Open ⅓ stop.
6. Open ⅓ stop.
7. Use settings from step C.
8. Use settings from step C.
9. Take a blank negative. (lens cap on)
10. Use settings from step C.

E. Develop the film for 15% less time than normal.

* I used 1/2 stops, instead of 1/3 stops. My scene was wife wearing dark blue sweater, white shirt and holding gray card.

To find paper black:

• Use blank negative from step 9 above. Scratch in order to have something to focus on.
• Set enlarger to make 8x10 print.
• Insert #2 filter.
• Focus negative
• Stop lens down 3 stops.
• Make a test strip.
• Process normally and dry.
• In normal light, make sure there are at least two but not more than five exposures, which are so dark they hardly differ.
• Pic out the first two steps that barely differ from one another and select the lighter of the two..
• This is your paper black settings.

** I think I made a mistake in picking my max black. It should have been 10 seconds at f/32 and not 8 seconds at f/32.

Find effective film speed:

Make prints of the first 6 exposures taken in step "D" and dry.
The exposure settings that result in the first print with good shadow detail, is your EI.