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By J. Grosso, D. J. Nagel

In many metallurgical studies, it is necessary to reveal the composition and structural properties of materials. Usually this is done by etching, but some substances do not etch well or easily. Anodizing is known to provide an alternate treatment in many cases. In general, this technique is simple, often more sensitive to composition differences than etching, has excellent resolution, and provides variable contrast in those elements and alloys which anodize. Here we report the use of anodizing in diffusion studies in the TiCb system. Fig. 1 shows a cross section of the diffusion zone in a TiCb couple. The anodizing has clearly revealed both composition and crystallographic features. The maximum bulk penetration of the titanium into the columbium is marked by a sharp line because of the steep concentration gradient. The titanium grain size and orientation differences are also evident. Variation in the grain size reflects the gradually decreasing columbium concentration.

Jan 1, 1967

[Note.—The paper of Mr. Hoffman on " Practical Results in the Magnetic Concentration of Iron-Ore " (page 602); that of Mr. Langdon on "The Use of Magnetic Concentrates in the Port Henry Blast-Furnaaces" (page 599); and those of Mr. Landis on "The Determination of Iron in the Tails from Magnetic Concentration " (page 609) and "Note on Sampling Iron-Ore" (page 611), were all prepared as contributions to this discussion.] The papers of Mr. Langdon and Mr. Hoffman were presented. W. H. Hoffman, Croton Mines, N. Y.: I will add a few remarks, by way of answer to inquiries for further details. The Croton Mines are particularly well located for cheap mining. The ore-bed is very large, and so lies in relation to the railway tracks of the Harlem and other railroads that a very large proportion of our mining for several years to come can be done above these tracks. The concentrating-mill is now 400 feet from where we are working in the quarry. In blasting we never remove less than 2500 tons at a blast,

Jan 1, 1892

By S. S. Clarke

THE opening of sheet-ground mines in which the ore beds are only from 7 to 9 ft. thick led the Commerce Mining and Royalty Co. to con-sider mechanical loading, in order to avoid the high cost of hand shovel-ing in such mines. Scraper loaders were chosen because the capital investment would be comparatively low; because they are small enough to be used in low working faces, and because they can be mounted on a mobile carrier.

Jan 1, 1939

Jan 1, 1954

By Michael Perch, Charles C. Russell

Nearly 95 per cent of the total coke production in the United States in 1940 was consumed in blast furnaces. In 1939 the percentage was 69,9, and in 1938 it was 61.3, To produce a net ton of pig iron 1959 lb. of coke was required in ,1940 and 1760o lb. in 1939. These figures indicate how dependent the production of pig iron is upon the production of coke. The rate of iron production is in some measure influenced by the physical and chemical characteristics of the coke. Blast-furnace operators believe that the physical properties of coke profoundly influence the operation of the furnace. Although it is true that coke of a wide variety of physical properties is used in American blast furnaces, the periodic fluctuation of these properties is one of the causes of irregularity of blast-furnace operation. The purpose of this paper is to present a broad picture of the physical properties of by-product coke that are generally considered to be important by coke-oven and blast-furnace operators. Effects of the kind of coal used, the preparation of the coal, the rate of coking, and other factors will be considered. Of all these variables, the kind of coal used is by far the most important. In this discussion use will be made of the method of coal classification by rank1 standardized by the American Society for Testing Materials. Although this method of classification has been an American standard for several years, it has not been given the attention it deserves, especially in connection with the selection of coal for production of coke. Despite the fact that many producers of blast-furnace coke are limited to some particular source or sources of coal, a good understanding of the principles involved in setting up the standard method of classification may lead to a better appreciation of the causes of changes in coke characteristics. Furthermore, where it is necessary to select new coals as a substitute for the original supply, this method of classification can be of great assistance. The data presented have been gathered from many sources, but no attempt has been made to cover the vast literature. Instead, some of the more important data have been selected to show how coals and their carbonization affect some of the physical properties of coke. It must be emphasized that generalizations concerning the behavior of coking coals are presented and that individual coals may vary widely from the specific behavior depicted. Nevertheless, it is believed that the data illustrate certain typical behaviors. Neither was it possible to cover completely all the factors involved; for example, the macroscopic constituents of coal are believed to have important effects on the physical properties of coke, but since there is little information available for such study, and since vitrain, clarain, and durain are neither

Jan 1, 1942

By A. T. Tye

REGARDING the results of preferential flotation at Cananea, Weinig has stated that "The concentrating mill of the Cananea Consolidated Copper Company at Cananea, Mexico, furnishes an excellent example of modern flotation practice. The complete figures are given because they present so forcibly the advantages of modern selective flotation."' L. 0. Howard notes that "Perhaps the outstanding example so far published of improvements in results through the use of selective flotation is that at Cananea, Mexico."2 The following notes indicate the conditions under which the results were obtained at Cananea; also the effect of preferential flotation at the concentrator and at the smelter. In the majority of cases the full benefit of selective flotation is not fully realized, as the concentrates are shipped from the mill to smelters owned by other companies. The saving made at a certain concentrator by this method of flotation may be well understood but the saving resulting at the smelter from the results of preferential flotation at the mill is not so apparent, as the data are contained in the smelting records of some other company. Even at the smelter the great gains following preferential flotation may not be noted, as a variety of ores and concentrates from various sources are received and the difference from the changed concentrator operations of a certain mill may be obscured. As noted by Professor Weinig and Professor Howard, the results obtained at Cananea brought about a veritable metallurgical revolution at the smelter.

Jan 1, 1927

By H. G. Sell, G. W. King

An investigation was made of the lensile proper-ties of recrystallized high-purity tungsten and a W-1 pel ThO2 dispersed-phase alloy over the temperature region of 800° to 2400°C. The thoria addition resulted in a modest strengthening effect over the entire temperature region. A decrease in ductility of both materials occurred above 0.5 Tm which was caused by void formation. Current theories of IT has long been recognized that a second phase of hard particles has a strengthening effect on a pure metal. At low or intermediate temperatures (<0.5 Tm), the strengthening effect is thought to arise mainly from the interaction of dislocations with dispersed particles. Above 0.5 Tm, dynamic recovery processes greatly alter the deformation mechanisms from those simply involving glide, and grain bound- strengthening by a dispersed second phase do not adequately explain the tensile results. Melallographic examination suggests that the improved strength of tire alloy results from the effect of thoria on the mierostructure. Stress-dependent thermally activated processes were found to occur high temperatures. aries may act as sources of weakness rather than strength because of grain boundary sliding. Grain boundary sliding at high temperatures has been postulated to be the primary factor giving rise to the formation of voids or cavities at grain boundaries1-3 which in turn cause premature failure and poor ductility.4 Voids, once formed, can grow by the condensation of vacancies from the equilibrium concentration&apos; or from the excess vacancies produced by the deformation.4,5 The high-temperature tensile properties of unalloyed tungsten have previously been investigated by Sikora and Ha116 and also by Taylor and Boone.7 The purpose of the present work was to investigate

Jan 1, 1965

E1 Teniente made blockcaving look easy. Ore rolling out the Teniente 5 level has the appearance of nicely screened riprap ready for road dressing. Actually it has been mostly size-reduced by nature abetted along the way by the occasional nudge of a double jack wielded by a buitrero (grizzly-man). It is the famous upside-down mine at Sewell, where the ore flow is down and the people flow is up. Sewell (rhymes with jewel) is the impossible cluster of dwellings clinging to a high Andean spur where 13,000 inhabitants find that staircases must substitute for sidewalks. There is no mining man who is not familiar with the picture of Sewell-by day a pyramid of barracks huddled on the high ground out of harm&apos;s way and by night a surprising Christmas tree against the mountain top. Until April 1967, Kennecott&apos;s Braden Copper Co. rocked along producing a not inconsequential amount of copper, 180,000 tpy (all tonnages cited here are short tons), attributable to its not unspectacular mountaineering and engineering achievements. These latter included expertness in building avalanche-control fencing; operation of a 35,000-tpd concentrator on the Sewell mountain spur; a spectacular aerial tramway to move 1600 tpd of concentrates to the smelter at Caletones, and occasionally to provision Sewell when snow blocks the road; a cliff hanger of a railroad 43 miles down to the rich bottom land at Rancagua; and last but not least, a 40-mile tailing launder that sweeps across deep valleys on trestles that rival those of the Romans.

Jan 11, 1969

By R. S. Handy

DOES hand-sorting of mill feed pay? The fact that the practice is so general would seem to indicate that there must be good reasons for following it; yet, to my mind, the advantage in many cases is doubtful enough to invite a thorough discussion of the subject, in an effort to determine under what conditions hand-sorting does pay. A typical sorting plant in the Coeur d&apos;Alene district handles about 800 tons of mine-run ore per day. The material is run over a grizzly with about 4-in. opening; the oversize is crushed to about 4-in. size and joins the undersize, and the whole product is washed and screened on trommels with about 1 ½ -in. openings. The oversize from these trommels is spread on a belt and the waste and first-class ore are sorted out by hand, the residue being further crushed, and passes, together with the trommel undersize, into the mill feed bins. About 50 tons of shipping ore and 150 tons of waste are sorted out per day, leaving about 600 tons of mill feed. To sort out this material requires 20 ore sorters and five bosses and repairmen. The normal cost of hand-sorting is about 16 c. per ton of run-of-mine ore, or 65 c. per ton of material sorted out. I believe that straight crushing and milling of the run-of-mine ore, in this case, is not only cheaper, but is metallurgically moree canonical and efficient than hand-sorting followed by milling of the residue. At one of the Bunker Hill rock-houses, 1250 tons of run-of-mine ore are reduced to pass 30-mm., or about 1 ¼ -in. opening in six hours, requiring five men. The equipment and the power consumed are not greatly different from that required in a sorting plant of the same capacity, and the normal cost of thus preparing the feed for milling is under 3 c. per ton of mine product. The relative cheapness of this method as against hand-sorting is thus clearly established, the saving being about 13 c. per ton. If there is any virtue in hand-sorting, then, it must lie in the metallurgical results achieved.

Jan 4, 1918

By A. Beeby Thompson

FOR more than 2500 years, natural gas issues in the Surakhany district of the Apsheron peninsula were the object of pilgrimages by fire worshippers and Hindoos from Burma and India. Even as late as 1890, Hindoo priests conducted ceremonies in a temple at Surakhany, which probably replaced a more ancient one; but later, the visits of the pilgrims were prohibited in order to check the spread of Asiatic diseases in that region. For centuries, limited supplies of oil have been abstracted from shallow excavations in the Caspian oil belt and dispatched into the interior of Asia and elsewhere for medicinal and industrial purposes. Statistics show a yield of 37,400 bbl. in 1863, but only since 1869 has there been serious development; in that year the yield was 203,000 bbl. At that time, hand digging was supplanted by drilling, and the enormous wells that resulted from tapping sources hitherto beyond the reach of operators completely demoralized the industry for a time, owing to inadequate outlets for the products. The early activities in this area were greatly hindered by annoying taxation, monopolies, imperial land grants, etc., but when these were revoked or adjusted, in 1877, the industry sprang into prominence and, between 1898 and 1901, the Baku fields produced practically one-half of the world&apos;s supply of oil. Within a few miles of Baku lie the two richest oil fields in the world; viz., the Balakhany-Saboontchy-Romany and the Bibi-Eibat, the latter constituting almost a suburb of the city. For many years the gasoline obtained in the refineries of the Baku area was burned in pits, being considered an undesirable product, and until 1870 the residue also was destroyed, its value as a fuel not being recognized. Kerosene was the main product sought by the refiners. It was shipped across the Caspian Sea and up the Volga to the industrial centers of Russia. Only on the completion of the Baku-Batoum railway did the Baku oil fields secure

Jan 8, 1920

By D. J. Reed

Concord coal mine near Bessemer, Ala., built, owned, and operated by Tennessee Coal & Iron Div., U. S. Steel Corp., produces only a metallurgical grade for use as coke in blast furnaces of the division at the Fairfield and Ensley works. Capacity of the operation is approximately 800 tph, half of which is delivered to the coke and coal chemical plant at Fairfield after beneficiation to metallurgical grade coal. The remaining portion of the mine run is rock and refuse removed during preparation. Concord mine coal is hoisted to the surface coal preparation plant by an underground slope conveyor. The slope conveyor is 2449 ft long and has a lift of 729 ft. At time of installation the Concord mine slope conveyor was the largest single conveyor unit ever made with respect to belt horsepower and total lift. After several years it became necessary to determine the cause of slope conveyor cover wear.

Nov 1, 1956

By J. C. Jaeger, G. A. Wiebols, N. G. W. Cook

It is usual practice in engineering to design a stable structure by ensuring that the stresses in the elements of the structure are always less than their strength, which may be defined as the yield stress, the ultimate stress, or the fatigue stress, according to the type of the load. Such restrictive design is not practical in the design of underground excavations since the rock surrounding such structures is usually failed, but only occasionally does this give rise to instability of the structure. Thus, while the usual criterion for the design of a stable structure is certainly sufficient, it is not necessary for underground excavations. A proper understanding of the conditions necessary for stability is vital to the useful application of rock mechanics knowledge to the design of underground structures. Most tests on the properties and strength of brittle rocks are disrupted at or near maximum load by the rapid release into the specimen of energy stored in the resilience of the testing machine. This is in contrast with a phenomenon, which may be observed frequently, where the rock immediately surrounding an excavation is both failed and subject to stress. By postulating a complete stress-strain curve for rock, it can be shown that failure is unstable or stable, depending upon whether the stress-strain curve of the rock lies inside or outside the stress-strain characteristics of the applied stress. Stability is, therefore, a function of the stiffness of the system applying the stress relative to that of the failing rock. Many workers have established that the strength of rock specimens under a lateral hydrostatic confining stress varies linearly with confining stress, in a way which may be expressed by the equation CT=Co+K[o]3

Jan 1, 1972

By C. G. Palagi, S. S. Stillar

The C. E. Weed concentrator treats 51,000 tons per day of 0.5% to 0.7% copper ore received from the Berkeley Pit, the Continental East Pit and the Butte underground mines. Improved operating techniques and conversion from semi-autogenous secondary grinding to ball milling have increased tonnage from an original design of 42,000 tpd. Separate treatment of sands and slimes, with recovery of soluble copper from the slimes, has increased total copper recovery. Concentrator tailings are pumped 600 vertical feet and 20,000 horizontal feet for disposal.

Jan 1, 1976

By Reinhardt Thiessen

UNDER sulfur in coal, is usually understood that form of sulfur which is combined with iron and known as pyrite. It occurs in the form of halls, lenses, nodules, continuous layers, thin sheets, or flakes, both in horizontal planes and vertical cleavage fissures. But pyrites also occur as very fine microscopic particles, or nodules, disseminated through the compact coal. This form has had but very little consideration. Finally, there is sulfur in coal in an amicroscopic form (not visible with an ordinary microscope), probably combined with the organic matter that exists -in tile coal. This form has had considerable attention from a scientific standpoint, but has probably not been recognized enough on the economic side. One or the other, or both, of these two latter forms may comprise the larger part of the sulfur content of coal, especially after it has been washed or otherwise prepared for use.

Jan 9, 1919

By H. L. Stone, A. O. Garder

A numerical method of solving the partial differential equations which describe the one-dimensional displacement of oil by gas has been presented. Possible extension of the method to treat multidimensional flow is discussed, and the limitations of this extension are indicated. Using this method, it is possible to allow for the existence of a gas cap, the presence of any number of gas-injection or oil-production wells and the evolution of dissolved gas from the oil. It is also possible to allow for variation in the cross-sectional area, elevation, porosity and permeability of the reservoir. The influence of relative permeability and the force of gravity in the direction of flow upon the displacement is considered. The influence of capillary pressure upon the flow and the effect of gravity in the direction perpendicular to flow are neglected. The physical properties 01 the fluids are considered to be Junctions of pressure only, and equilibrium between contiguous phases is assumed. The numerical calculations can be readily carried out by the use of a digital computer. Several example analyses have been performed using the IBM 704 computer, and about one-third of an hour of computing time was required per case. Reservoir behavior predicted by use of this numerical method was compared to data obtained by other methods for three cases — complete pressure maintenance, dissolved-gas drive and gas-cap drive. The independent solutions to these problems were obtained by analytical solution, laboratory experiment and field data, respectively. Agreement of the numerical solution with data from these sources was good; this agreement establishes the convergence and accuracy of the numerical method. INTRODUCTION Most petroleum reservoirs can be produced by any one of several alternative programs. When a reservoir is produced by primary methods, production economics can be influenced by controlling the number and location of wells and the flow rate of each well. An even greater influence may be achieved by augmenting the recovery of oil obtainable by primary methods. This can be accomplished by injection of fluids such as water, natural or enriched gas or a bank of light liquid hydrocarbons. Selection of the most desirable operation requires a means of predicting the reservoir behavior which will result from each of the several alternative programs. The purpose of this paper is to present a mathematical method for predicting the behavior of reservoirs produced by gas-cap drive, dissolved-gas drive or pressure maintenance by gas injection. The method described herein takes cognizance of phase changes caused by a decline or an increase (due to gas injection) in reservoir pressure, of the presence of a gas cap and of the effect of gravity on the flow of gas and oil. Relative permeability relationships are used to define the flow properties of the rock. Allowance is made for variation in cross-sectional area, elevation, permeability and porosity of the reservoir. Both the influence of capillary pressure upon the flow and pressure gradients in the gas cap are neglected. Whenever a liquid phase and a gas phase are in contact, they are assumed to be in equilibrium. The physical properties of the fluids are considered to be functions of pressure only. Therefore, if the method is to be used to predict the effects of a gas-injection program, mixtures of the injected gas and formation crude should-have the same physical properties as mixtures of formation gas and crude. The equations to be presented in this paper apply only to a one-dimensional case; therefore, they neglect the influence of gravity in the direction transverse to the flow. As is well known, this gravitational influence may lead to overriding of oil by gas. Consequently, this procedure as presented is most applicable to long, thin reservoirs for which gravity overriding is not important. On the other hand, the equations presented can be generalized to treat multidimensional flow and, hence, to consider gravity overriding, if desired. A word of caution on two points is advisable here, however. First, the authors have not demonstrated the accuracy of the numerical technique for multidimensional flow. Second, and more important, capillary pressure will often be of importance in multidimensional problems. Obviously, in such cases a generalization of the

By V. R. Garfias

INTRODUCTION FOR a number of years the senior author has been interested in the various geologic and engineering problems involved in the development of the petroliferous districts of northeastern Mexico, having in a previous paper 1 endeavored to present a summarized statement of the information relating to the geology and soil resources of this region. Of the many interesting geologic phenomena, perhaps those which have been the object of more speculation relate to the igneous intrusions which, in places, have a controlling influence on the accumulation of oil in commercial quantities, a relationship which has been tentatively explained by various observers with as many interestingly different views. The authors of the present paper aim to record, in the course of a general discussion of the various viewpoints, some additional data, and present further tentative conclusions with a view to rounding out an up-to-date summary of the subject. The greater part of the area in question lies in the State of Vera Cruz, only a northwest fraction being in the State of San Luis Potosi. Vera Cruz is bounded on the north by the State of Tamaulipas, the northernmost of the Mexican States along the Gulf. The topography of the States of Tamaulipas and Vera Cruz and of Texas and Louisiana to the north, is controlled by the Gulf coastal plain which in northern Vera Cruz has an average width of about 60 miles, the transitional topography between that of the rugged flanks of the Sierra and the lowlands of the coast being made up of a series of terraces and irregular hills and valleys.

Jan 8, 1917

By Paul Billingsley

The term Boulder batholith was first applied in 1897 by W. H. Weed2 to the extensive mass of granite in western Montana within whose borders occur the ore deposits of Butte. In a general way this was known to extend from Helena on the north to the Highland Mountains near Butte on the south, and to be relatively narrow in its east-west diameter. Its intrusive relations to the surrounding sedimentary rocks, and its probable Tertiary age, were described by Weed, but in many ways his statements, based upon incomplete data, have required revision. Most notable of the errors of this description of the batholith were the failure,3 since corrected, to recognize the intrusive contact of the granite with the capping of andesite, and the complete absence of any reference to the many extensions of the granite beyond the somewhat narrow limits of its largest exposure.

Jan 1, 1915

By John Chipman

IN the manufacture of rimming steel-which constitutes the bulk of the world&apos;s production of mild steel-the factors that determine the quality of the product are very closely associated with the pouring and solidification of the steel in the ingot mold. The behavior of the metal in the mold is, on the one hand, the resultant of the complex processes through which the liquid metal has passed, and, on the other, it is an indication of the probable behavior of the ingot during subsequent rolling and finishing operations. A detailed study of the mechanism of solidifica-tion of rimming ingots ought to yield information that will be useful iii controlling the structure of the ingot and the quality of the ultimate product. The first step in such a study is to determine the rate at which the solid shell of the ingot forms from the liquid metal in the mold. A knowledge of the rate of solidification will make it possible to correlate observations of rimming action and gas evolution with studies of the structure, porosity, and segregation within the ingot. Thus, if the metal in the mold is observed to fall, let us say one minute after pouring, the portion of the structure associated with this fall will lie located in the part of the ingot that is solidifying at that particular moment. The knowledge that the ingot solidifies to a depth of ¾ in. in the first minute enables us to locate in the ingot the structural features corresponding to the observed fall. Conversely, the blowhole condition associated with a rising or growing ingot will be found in the part of the ingot that is solidifying at the time the phenomenon occurs. The time required for the complete solidification of an ingot has long been a matter of speculation. It is of considerable practical importance in connection with charging and heating in the soaking pits. Too rapid handling of the ingot through heating and rolling processes has been thought to be associated-with excessive pipe and other internal defects, so that a further object of this investigation was to attempt to estimate the time required for complete solidification, or the minimum practical time within which the subsequent operations can be performed with the minimum hazard.

Jan 1, 1937

Aamot, Olav Crone, (M&apos;29) Chem. Engr., Elektro¬kemisk, Raadhusgt, 23; Oslo, Norway. Abadilla. Quirico A., (M&apos;33) Min. Engr., Dir., Bureau of Mines, Manila, P. I. Abbott, Agatin T., ( J&apos;40) Asst. Geol., Trench Mine, Patagonia, Ariz. Abbott, Clarence E., (M&apos;04) Civil Engr., V.P., Tennessee Coal Iron & R. R. Co.. 159&apos;3 Brown Marx Bldg.. Birmingham, Ala. Abel, Raymond L., (M&apos;28) Chem. Engr., Chief of Inspection Div., Pittsburgh Chem. Warfare Pro¬curement Dist., American Batik Bldg., Pitts¬burgh. Pa. Abel, Walter D., (M&apos;32) Min. Engr.. Div. of Cor¬porations, State of Calif.. 403 California State Bldg., Los Angeles, Calif. Abele. Louis T., (M&apos;31) 4800 Patterson Ave.. Richmond, Va. Abell, Leo M., (M&apos;311 Research Met., Mount Mor¬gan Ltd., Mount Morgan, Queensland, Australia. Abenius, Hakan V., (M&apos;37) c/o Falu Gruva, Falun, Sweden. Abernathy. G. E., (M &apos;33S) Geol., Kansas State Geol. Survey. Pittsburg, Kan. Abernathy, Jack. H.. (M&apos;40) Chief Engr., Sunray Oil Co.. Philtower B1dg., Tulsa. Okla. Ahorn, Robert H., (M&apos;19) Asst. Met., Research Lab., U. S. Steel Corp., Lincoln Highway, Kearny, N. J. Abraham, A. W., (M&apos;30) Petr. Engr., Richfield Oil Corp., 555 S. Flower St., Los Angeles. Calif. Abramowitz, William L., (J&apos;40) Chem., National Oil Products Co., Harrison, N. J. Abrams, Charles Jackson, (M&apos;36) Gen&apos;l Supt., Climax Molybdenum Co.; Climax, Colo. Abstein, Henry T., (M&apos;27) Yellow Pine, Idaho. Ackerman, D. E., (M&apos;35) McKinsey & Co., 2 Wall St., New York, N. Y. Ackerman. E. Dumont, (A&apos;3S) Petr. Geol.. Dist. Geol., Quiriquire&apos; Dist., Standard Oil Co. of Venezuela, Caripito, Venezuela.

Jan 1, 1941

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