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By Lawrence P. Bonicatto

The steel industry's increased demand for higher grade pellets has caused the pellet producers to investigate methods of upgrading their product and the Hanna Mining Co.'s Groveland plant on the Upper Peninsula of Michigan is no exception. The low grade iron deposit is a complex mixture of magnetite and hematite with chert, quartz, jasper and various iron silicates.1 Beneficiation is by Humphrey spirals and anionic flotation of the iron minerals.2 Flotation of the spiral tailings makes up about 75% of the concentrate, while a minor amount of concentrate (less than 3%) is produced in magnetic circuits. The concentrate is pelletized at the rate of 1.6 million tpy. The initial concentrating facilities were constructed in 1958 and the concentrate was marketed as sinter feed until a pelletizing plant was added early in 1963. Grade improvement soon became a high priority research project, and several methods of concentration were investigated.

Jan 3, 1968

When the writer first began his search for the early history of coal he was amazed at the paucity of information in literature about it, and while after six years many of the reasons for such a scarcity are understood, there are still many cases, even within the last two centuries, when one who can appreciate the tremendous part coal has played in the development of modern times, finds it hard to realize how little attention was paid to this material in those early clays. Occasionally a traveller or observer is found who foresaw how valuable coal was to be when industries were developed, but these were few and to most of those recording its occurrence it was just another mineral. George Washington was farsighted in his view of the development of this country and the need for means of transportation across the mountain barrier, but it was at least sixteen years after he must first have known of coal before he made any reference to it in his journals. He did, however, knowingly or not, select some valuable coal properties in the lands lie obtained in the West. This was then almost entirely an agricultural country, and what industries there were found a great abundance of wood fuel within easy access, there were no steam plants, and all iron was made with charcoal; in fact, the "captive mines" of the iron industry then were large timber "plantations," and when these were exhausted the furnace usually was abandoned and another one built elsewhere, as transportation of charcoal was quite expensive. Along the seaboard the cities and industries began to import coal from England and Nova Scotia early in the eighteenth century, but until the war of the Revolution began the total quantity of coal used yearly in this continent did not exceed nine thousand tons. In 1800 only two places, Pittsburgh and Richmond, Virginia, were using coal to any extent for domestic purposes and it was much later. than this that the amount of coal used in Philadelphia, New fork, and Boston exceeded that of wood. Practically all of the early travellers and writers mentioning coal are noted in the following pages. Several Englishmen who were evidently familiar with its use and value at home, mention its presence as being of great future promise to the young nation, but to nearly all it was more or less of a curiosity and the smoke caused by its use an abomination, and it

Jan 1, 1942

By W. A. Ver Wiebe

The year 1940 was singularly unmarked by sensational developments in Kansas. Routine operations were carried on in a systematic, orderly fashion and the efforts of oil producers were concentrated on extending known fields. In Kansas an arbitrary yardstick for wildcats has been set up. A well drilled mile or more from a known pool or well is now considered a wildcat. A "rank wildcat" is one that is drilled at least 2 miles from any known producer. During 1940, rank wildcats resulted in the completion of 116 test wells, among which 16 were successful in finding new oil pools and the remaining I00 were dry holes. The ratio of successful wells to dry holes, therefore, was approximately I:6. During the year, 1890 wells were completed in eastern and western Kansas. This figure is somewhat lower than that given in several trade journals, because it does not include wells that were deepened or wells that were recompleted in a different geological horizon. About three fourths of these (1423) were completed as commercial oil wells (I220 in western and 203 in eastern Kansas). The commercial gas wells completed number 58 of which 10 are in eastern Kansas and 48 in western Kansas. Of the remzining completions 147 are dry holes in eastern and 262 are dry holes in western Kansas. Based on daily potential capacity, the new discoveries of the year account for a cumulative initial production of 46,000 bbl. in eastern and 2,128,000 bbl. in western Kansas. The state of Kansas attained a new peak in production, with the total of 66,245,000 bbl. for the year 1940, the number of contributing wells being 20,779. Thus the increase over 1939, when about 58 million barrels was produced, is considerable. The previous peak occurred in 1937, when 70,761,000 bbl. was marketed. In another still earlier peak, in 1917, slightly more than 45,000,000 bbl. was produced and sold. The production of gas probably reached a new peak also during 1940, with its total of 85 1/2 billion cubic feet. Between the peak of the year 1908, when over 80 billion cubic feet was produced, and that of 1940, the production dropped to a low point of 16 billion cubic feet in the year 1921. The number of test wells drilled was larger than in 1939; that is, 1890 compared with 1458. The first peak was reached in 1904, when 2782 wells were drilled. The number dropped off rapidly, to 368 three years later, but rose to the second and highest peak in 1918, when 4671 test wells were completed. In the period between 1904 and 1912 more gas wells were completed than oil wells. Between the high peak of completions in 1918 and somewhat lower peak of 1937, the low point was reached during 1931, with the completion of only 470 test wells. In the number of new pools discovered, Kansas again ranks high among the states. The exact number depends somewhat upon the interpretation of a "new" area— whether it should be called a new pool or a long extension of an old pool. Unfortunately, the matter of securing the right kind of production allowable also enters into this question. Often the decision regarding a new pool cannot be made until other wells

Jan 1, 1941

By S. Leber, R. F. Hehemann

Diffusion coefficients for the Cb-W system were measured using couples prepared from poly crystalline, commercially pure metals. The diffusion coefficients, measured in the temperature range between 1700° and 2300°C, decreased exponentially as the tungsten concentration was increased from 0 to 50 at. pct, then decreased abruptly at higher concentrations. A decrease of two orders of magnitude was observed over the entin? compositional range. The diffusion coefficients were in the range defined by the self-difiusion coefficients of the individual elements, indicating their general validity. An activation energy of 60,500 cal per mole was measured for the 20 pct W composition. Such low values, when compared with energies over 100,000 cal per mole for the pure constituent elements, indicated that transport mechanisnzs more rapid than volume diffusion were contributing substantially to inter dijfusion. Difference should, therefore, be expected between these data and the intrinsic diffusion coefficients. These differences should be significant in the kinetics of 'transport phenomena in practical systems. CONSIDERABLE attention has been devoted in recent years to the mechanical behavior and other properties of the refractory metals and their alloys. The Cb-W system has been of special interest as a base for the development of more complex compositions of commercial interest. In spite of the importance of mass transport to all aspects of elevated-temperature behavior, and especially to the production of alloys by powder-metallurgy techniques, little attention has been paid to diffusion in the Cb-W system. Results from a previous study of this system1 appeared to be anomalously high. The present investigation is, therefore, an attempt to obtain more accurate diffusion coefficients in this system. Intrinsic diffusion coefficients, of primary importance from the theoretical viewpoint, can only be obtained accurately from studies utilizing compositional gradients approaching zero. However, many practical problems involve diffusion under significant concentration gradients. The diffusion coefficients determined in this investigation were, therefore, obtained from couples prepared from elemental metals. The data obtained should be of value in the analysis of problems such as homogenization during powder-metallurgy alloying or reactions between base and clad in coated structures. In this vein, the investigation was conducted on poly crystalline materials of commercial purity. PROCEDURE Diffusion couples were prepared by sandwiching a columbium sheet between two sheets of tungsten. The composite was welded around all edges, the tungsten forming a protective can for the columbium. The composite was soaked for 4 min at 1600°C in a hydrogen-atmosphere furnace, quickly forged to 40 pct reduction in thickness, and then rapidly cooled to room tempera-

Jan 1, 1967

By W. A. Ver Wiebe

The year 1940 was singularly unmarked by sensational developments in Kansas. Routine operations were carried on in a systematic, orderly fashion and the efforts of oil producers were concentrated on extending known fields. In Kansas an arbitrary yardstick for wildcats has been set up. A well drilled mile or more from a known pool or well is now considered a wildcat. A "rank wildcat" is one that is drilled at least 2 miles from any known producer. During 1940, rank wildcats resulted in the completion of 116 test wells, among which 16 were successful in finding new oil pools and the remaining I00 were dry holes. The ratio of successful wells to dry holes, therefore, was approximately I:6. During the year, 1890 wells were completed in eastern and western Kansas. This figure is somewhat lower than that given in several trade journals, because it does not include wells that were deepened or wells that were recompleted in a different geological horizon. About three fourths of these (1423) were completed as commercial oil wells (I220 in western and 203 in eastern Kansas). The commercial gas wells completed number 58 of which 10 are in eastern Kansas and 48 in western Kansas. Of the remzining completions 147 are dry holes in eastern and 262 are dry holes in western Kansas. Based on daily potential capacity, the new discoveries of the year account for a cumulative initial production of 46,000 bbl. in eastern and 2,128,000 bbl. in western Kansas. The state of Kansas attained a new peak in production, with the total of 66,245,000 bbl. for the year 1940, the number of contributing wells being 20,779. Thus the increase over 1939, when about 58 million barrels was produced, is considerable. The previous peak occurred in 1937, when 70,761,000 bbl. was marketed. In another still earlier peak, in 1917, slightly more than 45,000,000 bbl. was produced and sold. The production of gas probably reached a new peak also during 1940, with its total of 85 1/2 billion cubic feet. Between the peak of the year 1908, when over 80 billion cubic feet was produced, and that of 1940, the production dropped to a low point of 16 billion cubic feet in the year 1921. The number of test wells drilled was larger than in 1939; that is, 1890 compared with 1458. The first peak was reached in 1904, when 2782 wells were drilled. The number dropped off rapidly, to 368 three years later, but rose to the second and highest peak in 1918, when 4671 test wells were completed. In the period between 1904 and 1912 more gas wells were completed than oil wells. Between the high peak of completions in 1918 and somewhat lower peak of 1937, the low point was reached during 1931, with the completion of only 470 test wells. In the number of new pools discovered, Kansas again ranks high among the states. The exact number depends somewhat upon the interpretation of a "new" area— whether it should be called a new pool or a long extension of an old pool. Unfortunately, the matter of securing the right kind of production allowable also enters into this question. Often the decision regarding a new pool cannot be made until other wells

Jan 1, 1941

By R. D. Reiswig, J. M. Dickinson

The 0s-Ir equilibrium diagram was determined. The diagram is of the simple peritectic type, with a peritectic temperature of about 2660°C. The solid miscibility gap is narrower than previously reported, the nearly vertical solvus lines occurring at about 42 and 63 wt pct 0s. Widmanstaetten figures resembling martensite in some of the two-phase alloys account for a previously suspected transformation. In view of the long history of use of such alloys, it is surprising that the 0s-Ir equilibrium diagram has not yet been completely determined. The boundaries of the miscibility gap in this system have been estimated to be between 24 and 39 wt pct 0s and 79 and 100 wt pct OS. It has been predicted3 that alloys of ruthenium, osmium, and rhenium with the fcc platinum metals should solidify peritectically in their two-phase regions. The metallographic examination of natural osmiridium alloys has been said4 to indicate, by the presence of a martensitic structure, the existence of a transformation or a phase separation. On the basis of superconducting transition temperature measurements, a 70 at. pct 0s alloy was found5 to be two-phase prior to annealing. EXPERIMENTAL The elemental components used in this work were obtained from several suppliers as sponge. The purities, stated by each supplier to be in excess of 99.8 pct, were confirmed in each case by a semiquantitative spectrographic analysis. The pure components were premelted in an inert-gas tungsten arc furnace with the evolution of some fume, crushed, and pickled for use as alloy melting stock. Upon arc melting to the final compositions, no fume evolution was observed. Because weight losses of the order of 15 mg or less were observed in preparing alloy buttons weighing 15 g, "synthetic analyses" were used in determining the compositions of the alloys. Alloys used in this investigation contained 15, 20, 33, 40, 42, 43, 45, 50, 55, 60, 63, 64, 66, 70, 79, and 80 wt pct 0s. Heat treatments of the alloy buttons and pieces thereof were performed in a previously described6 tungsten tube furnace under pressures of 105 torr or less. It was found that homogenization treatments on the specimens were essential to remove the severe coring which was present, a 3-hr treatment above 2300°C removing all the metallographi-cally visible evidence of coring. Following the various heat treatments, the specimens were "vacuum-quenched" by melting a tungsten fuse wire and allowing them to drop onto a water-cooled copper plate. In a few instances, specimens were quenched into molten tin for comparison, but no difference was apparent. Vacuum-quenched specimens cooled from 2400°C to below a red heat in less than 60 sec. Typical equilibration times varied from 3 hr above 2300°C to 88 hr near 1100°C. The utilization of successively longer equilibration times and the approach to equilibrium from both directions indicated that the times used were sufficient to give a close approach to true equilibrium. Heat-treatment temperatures were measured with a calibrated Leeds and Northrup optical pyrometer through a 0.120-in. lateral sight hole in the tungsten heater tube. It was known that the assumption of black-body conditions inside the 1-in.-diam by 10-in.-long tube was unwarranted. The empirical results of work with thermocouples and melting

Jan 1, 1964

By Dick Whittington, W. R. Taylor

GENERAL In mid-1974, a representative of ARCO Petroleum Company walked into our Austin offices and asked for a permit for ARCO's first Clay West Mine site. This was the first in situ uranium mining permit issued in the United States. That initial permit, issued in January 1975, was for three acres. The four years since have been characterized by growth and change. Today there are 16 permits approved for approximately 1,540 production acres issued to five companies at eight sites in four counties. There are approximately seven additional permit applications being processed or on the verge of being submitted for an estimated 2,000 additional acres of production. As a rough gauge of the financial scope of this activity, at the typical 40 production wells per acre and an estimated $2,000/well, operators hale installed or committed $122 million for production wells. This does not account for the exploration and development wells installed to delineate the ore or the cost of processing facilities for extracting the uranium. HISTORY OF URANIUM MINING IN TEXAS Information I have concerning early in situ uranium mining activities is "sketchy" but the apparent first on-site test of in situ uranium mining was conducted between 1967 and 1971 at the Dueterstat site, north of Yorktown in Gonzales County, by City Service. Others ran tests at the Bruni site in Webb County and the Burns and Clay West sites in Live Oak County in the mid-70's. During this period, Texas Water Quality Board personnel in the central and district offices maintained a general surveillance of these various test activities. Regulation of in situ uranium mining was formalized with the issuance of a permit in January 1975 with the advent of ARCO's initial production scale (3 acre) effort in the Clay West area at the Moser mine site. Since 1975, the accelerating rate of mining and exploration activity is noticeable. There were 16 exploratory rigs operating early in 1977. This year, the rig count is averaging 46--a 287% increase. HISTORY OF LEGISLATION Paralleling this mining activity was state and federal legislation which subjected in situ mining to environmental regulation. The following is a brief chronology of the legislation that is directly or indirectly related to uranium mining. As most of you know, disposal wells are an integral part of most in situ uranium mines operating in Texas. They are used both during production and during aquifer restoration following production. The wells are regulated by the Texas Injection Well Act, enacted in 1961 by the Texas Legislature. In 1967, the Water Quality Act established the Texas Water Quality Board, and provided for the regulation of water quality by the so-called permit system. In 1969, the Solid Waste Act was enacted by the Texas Legislature. The legislation provides for control of wastes from manufacturing, mining, and agriculture. This Act regulated uranium surface mining activities until 1975 when the Texas Surface and Mining Reclamation Act placed responsibility with the Railroad Commission for uranium open-pit mining and surface mining of coal and lignite. In 1972, the Federal Water Pollution Control Act (Public Law 92-500) was passed. This legislation forms the legal base for the NPDES (National Pollutant Discharge Elimination System) and the subsequent point source effluent guidelines and standards. The November 6, 1975 issue of the Federal Register published interim final rules for Best Practical Treatment levels for effluent discharges from ore mining and dressing operations. Litigation was immediately initiated by eleven companies against these proposed rules, and they are currently being reconsidered for reissuance in 1979. In 1974, the Federal Safe Drinking Water Act (Public Law 93-523) was enacted. A part of this legislation is the Underground Injection Congrol Program. The regulations implementing this program have undergone various public hearings and it is expected that they will be published in the Federal Register before the end of 1978. In 1975, the Texas Surface Mining and Reclamation Act (Senate Bill 55), providing for the Railroad Commission's authority to require reclamation of surface mines, was passed. In 1977, an amendment to Senate Bill 55 was introduced that proposed to place regulation of in situ mining of coal, lignite, and

Jan 1, 1979

By S. A. Mersol, C. T. Lynch, F. W. Vahldiek

The room-temperature Knoop hardness of single -crystal titanium diboride has been determined. Variations in microhardness have been correlated with orientation and structural imperfections in the crystals. Maximum differences in hardness values of 750 kg per sq mm with respect to orientation and 450 kg per sq mm with respect to substructure were found. The effects of etchants, load on indenter, and degvee of cracking of indentation were studied. The average hardness was determined as 2800 kg per sq mm on the as-grown crystals. Annealing increased the average hardness to 3375 kg per sq mm. ThE microhardness of polycrystalline titanium diboride approximating the stoichiometric composition TiB, has been studied by several investigators. The values for the Knoop hardness number range from 2710 kg per sq mm (Khn = 2710 kg per sq mm) to 3400 kg per sq mm.'-4 Samsonov et al.' reported a Vickers hardness number of 3400 kg per sq mm (Vhn = 3400 kg per sq mm) at 120-g loads for a 98 pct Ti + B material of 96 pct theoretical density. Recently Dunegan measured the Vickers hardness and obtained 2060 kg per sq mm with a 10-g load (Vhnlo = 2060 kg per sq mm), 1425 kg per sq mm for Vhnloo, and 1320 kg per sq mm for Vhnlooo. We have obtained a Khnloo = 3000 * 350 kg per sq mm for hot-pressed polycrystalline TiB2 that was 99.1 pct Ti + B and 96.6 pct of theoretical density. The present investigation has been made on single-crystal titanium diboride boules, and is believed to be the first such study on TiB, crystals of known orientation. EXPERIMENTAL The single crystals were prepared by a Verneuil-type process using an electric arc by the Linde Division of Union Carbide Corp. The largest specimens were 6 mm in diameter by 12 mm long. The crystals were of theoretical density (4.50 g per cm3) with a Ti + B content of 99.8 pct. The major impurities present were: 0.03 pct (by weight) 0, 0.06 pct C, 0.01 pct Si, 0.05 pct Fe, 0.01 pct Cr, and 0.01 pct Ni. The crystals were boron-rich, the average boron content being 31.S7 wt pct (stoichiometric value is 31.12 wt pct), and titanium-poor, the average titanium content being 68.2 wt pct (stoichiometric value is 68.88 wt pct). Titanium was determined gravimetrically by cupferron precipitation and boron by titration of H3B03 from a NaOH-fused specimen after removal of titanium with BaC03. The outer edge of the boule accounted for some of the excess boron. An electron-microprobe analysis showed that the titanium content increased from 60.0 wt pct at the edge to 68.5 wt pct at D, ~ 1000 p, where D, = distance from outer edge (see Fig. 5). X-ray measurements indicate that the boules are single crystals with considerable substructure. Upon etching this structure is seen in the form of a Widmanstatten-type rhombohedral line pattern in the basal (c) plane and a parallel "lines" pattern in the prism (a) planes. A typical WidmanstHtten-type pattern is seen in in Fig. 1. Electron microscopy reveals that the lines are less than 1 p across, which does not allow direct electron probe or microfocus X-ray determination of their composition. The identity of the second phase has not been established. It might be a higher boride or a nonstoichiometric TiB2. On annealing above 2200°C the precipitate is dispersed and dissolves in the matrix. The best etchants found were HF/HNO/HO, KF(CN)$NOH/HO (Murakami's Etch), and A large number of other etchants were previously Studied. The acidic etchant produced an acicular or "needles" pattern in the (a) planes which is an etchant effect on the "lines" pattern.

Jan 1, 1965

By R. D. Pehlke, W. M. Small

The effect of added alloying elements on the solubility of nitrogen in a liquid alloy of 74 wt pct Fe. 18 wt pct Cr, and 8 wt pct Ni has been studied. At 1600°C and 1 atm nitrogen pressure, aluminum, chromium, columbium, manganese, molybdenum, tantalum, and vanadium increase the solubility of nitrogen in the liquid 18 Cr-8 Ni alloy, whereas additions of cobalt, copper, nickel, silicon, tin, and tungsten decrease the solubility. Interaction parameters based on a constant ratio of iron, chromium , and nickel have been used to quantitatively define the changes in nitrogen solubility. INVESTIGATIONS on the solubility of nitrogen in liquid iron have usually treated the pure metal, and often the influence of a single added element. Pehlke and Elliott1 carried out a comprehensive study on the influence of alloying elements on nitrogen solubility in liquid iron, and compared their results with previous studies. Turnock and pehlke2 have recently reported a study on the solubility of nitrogen in multicomponent liquid iron alloys. The original interaction parameter proposed by wagner3 was successfully employed in these studies. The need for obtaining information on the gas solubility in more complex alloys is indicated by the increasingly significant role played by dissolved gases in the processing of iron-based materials. The commercial stainless steels, for example, represent an area where data on nitrogen solubilities are required as a function of composition, temperature, and gas pressure. The nitrogen solubility in liquid Fe-Cr-Ni alloys has been studied by Humbert and Elliott.4 Their investigation covered the entire ternary system, and attempted to use data from binary alloys to predict nitrogen contents in liquid ternary alloys. Langenberg,5 using a method developed by Morris and buehl,6 calculated the nitrogen solubilities in multicomponent iron alloys from data available on binary iron alloys at 1600°C. Nelson,7 using a regular-solution model, extended this prediction to include the effect of temperature. Chipman and corrigan8 and Turnock and pehlke2 also employed empirical methods to calculate nitrogen solubilities in liquid multicomponent iron alloys. In order to provide a basis for predicting nitrogen solubility in liquid stainless steels, and to extend the data available for thermochemically modeling systems of this type, the following investigation was carried out. The study involved measupements of nitrogen solubility in a nondilute alloy and examination of the influence of a small addition of an alloying element on the nitrogen solubility. The study was focused on a very narrow range Of composition in the vicinity of 18 wt pct Cr-8 wt pct Ni (herein referred to as 18-8) with special emphasis on the change of.nitrogen solubility with the addition of a fourth metallic element. EXPERIMENTAL PROCEDURE A Sieverts' apparatus, described previously,1,2 was used in this investigation. The charge materials were contained in a recrystallized alumina crucible and inductively melted. Additions were dropped from a glass side-arm. All materials were hydrogen-refined and vacuum-treated to eliminate or minimize the oxygen content. The source and purity of materials is given in Table I. The initial metallic charge was heated to approximately 1000°C and held under vacuum for 30 to 45 min as a means for removing hydrogen and adsorbed gases. Argon was used as the calibrating gas to determine the "hot volume". The average hot volume of the system was approximately 50 cu cm STP and a few experimental runs were made using a reaction bulb with a hot volume of 80 cu cm. The temperature range studied was from 1550° to 1700°C and the temperature was measured optically. THEORETICAL PRINCIPLES General Discussion. Nitrogen dissolves in liquid iron alloys according to the reaction: 1/2N2(g) = N (wt pct in solution) [l] The equilibrium constant, K1, for this reaction is written as:

Jan 1, 1969

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

By Donald A. Brobst

The minerals barite (BaSO4) and witherite (BaCO3) are the chief sources of the element barium and its compounds needed for many industrial processes and products. Barite, the principal ore mineral, is found the world over and is abundant and widely distributed throughout the United States.3 Witherite is much less common than barite, though more desirable in many ways as a raw material for the production of barium chemicals. England is the chief producer of witherite. Witherite is not mined in the United States at the present time, but it has been mined with barite from a deposit at El Portal, California. Barite is also called barytes, tiff, cawk, or heavy spar. Ordinarily it is a heavy mineral that crystallizes in the orthorhombic system. It is colorless, white, or gray, and transparent to opaque. In some deposits barite is black, yellow, brown, red, green, or blue because of included impurities. The streak is white and the luster vitreous to resinous or pearly. The specific gravity of pure barite (65.7 pct BaO and 34.3 pct SO3) is calculated to be 4.5, but inclusions and impurities in natural barite may reduce this value considerably. Well-formed crystals are generally tabular and have three cleavages. The barite of many deposits, however, has an uneven fracture and an apparent cleavage caused by separation along planes between successively deposited layers. The hardness is 2.5 to 3.5 on Mohs' scale. Commercially the terms "hard" and "soft" are used to refer to ease of grinding. Barite is relatively insoluble in water and acid, and thus can be used as a chemically inert material. Witherite, the natural carbonate of barium (77.7 pct BaO and 22.3 pct CO2), crystallizes in the orthorhombic system. The fracture is uneven and the luster is vitreous to resinous. The hardness is 3 to 3.5. The specific gravity of the pure mineral is calculated to be 4.29. It is transparent to opaque. The color is ordinarily white, gray, yellow, brown, or green. Geology and Distribution of Deposits Workable deposits of barite are widely distributed throughout the world in many geologic environments in sedimentary, igneous, and metamorphic rocks. Most deposits can be classified into three main types: (1) vein and cavityfilling deposits; (2) bedded deposits; and (3) residual deposits. 1. Vein and cavity-filling deposits are those in which barite and associated minerals occur along faults, gashes, joints, and bedding planes, and in breccia zones and solution channels. They also occur in various collapse and sink structures in limestone. Sharp contacts of the veins and cavity fillings with wall rocks are common. Barite cements fault and collapse breccia by replacement of the matrix or by filling voids. Large-scale replacement of the wall rocks beyond ore-controlling structures is rare. Barite in vein and cavity filling deposits is generally dense, "hard," and white to gray. Associated minerals are fluorite, calcite, ankerite, dolomite, quartz, and many sulfide minerals, especially pyrite, chalcopyrite, galena, and sphalerite. Gold, silver, and rare earth minerals occur with barite in some deposits in the western United States. Barite is also a gangue mineral in metallic ore deposits but production as a byproduct from such deposits will be affected by many economic factors. The host rocks are igneous, sedimentary, and metamorphic rocks of pre-Cambrian to

Jan 1, 1960

By Erhard Hornbogen

Twins were propagated into large, well-annealed crystals of a, iron-phosphorous and a, iron-molybdenum solid solutions. Strain fields caused by interaction of these twins were made visible by precipitation. These strain fields can be explained by assuming that transmitted and reflected plastic waves are created when a twin strikes an obstacle with high velocity. The twin front itself can be regarded as a shear wave that may be able to develop a one-dimensional shock front. The occurrence of {WO} fracture by the reflected stress is also discussed. The described effects were not found when twins propagated at lout velocity into disturbed crystals, for example, into crystals previously deformed by slip. DEFORMATION twinning leads to shearing of a crystal lattice under external load. The shear appears to be homogeneous over a large number of crystal layers. In a iron, shear occurs on the (112) planes and in the <1ll> directions. The formation of a twin proceeds by the movement of partial dislocations that change the stacking at the twinning plane.l, In the bcc lattice, this partial dislocation can be created by dissociation of a sessile a/2[111] dislocation that lies in the (112) plane: Cottrell and Bilby&apos;s spiral mechanism can explain the homogeneous shear, but has not been proven experimentally. Nevertheless, this mechanism can explain the possible high velocity of formation of a twin. In Cottrell and Bilby&apos;s model, as in other models of twinning or phase transformation, a much higher energy is required to spread the first stacking fault than to add new layers by further movement of the partial dislocations. The dislocations will therefore become accelerated proportional to the difference between the stress, tN, to nucleate and tp to propagate the twin. It has been assumed3,4 that tn is the stress required to make two partial dislocations of apposite sign pass for the first time. After the first layer of new stacking has been formed, the maximum stress is TN=Gb/4pd where G is the shear modulus, b is the Burgers vector of the partial dislocation, and d is their perpendicular spacing so that the amount of shear is S = b/d. From this formula, a value of 25 kg per mm2 has been estimated for twinning in Zn3. The measured values are smaller, but local internal stresses may help to provide the necessary stress. For a iron, a higher value can be expected, mainly due to the higher value of G. That agrees with the observation that "burst" twinning occurs if the yield strength is in-

Jan 1, 1962

By M. J. Spendlove, H. W. St. Clair

An automatic surface-follower mechanism was used to measure the surface temperature and the rate of evaporation of molten zinc while undergoing distillation at low pressure. At pressures of 50 to 100 microns Hg, the rate of evaporation may be 60 to 80 pct of the theoretical maximum corresponding to the measured temperature. The rate decreases rapidly at pressures above 100 microns Hg, to only 7 pct of the theoretical maximum at 2000 microns Hg. Measured temperature gradients at the surface are in agreement with theoretical gradients calculated from the heat of vaporization, rate of evaporation, and thermal conductivity of molten zinc. THIS paper covers a series of careful measurements of the rate of evaporation of molten zinc at low pressures, undertaken as a part of a general investigation on the separation of metals by distillation.&apos; Preliminary results on the rate of evaporation of zinc were described in a previous publication.&apos; The results of the preliminary study are as follows: 1—The observed rates of evaporation of zinc were as high as 0.60 g per sq cm per min, corresponding to 75 pct of the maximum rate as determined by the temperature of the metal. 2—The evaporation rate was decreased from 0.30 g per sq cm per min at a pressure of 25 microns to only 0.09 g per sq cm per min when the pressure was increased to 5 mm. 3—The temperature of the surface during rapid evaporation may be 35" to 100°C less than the main mass of metal. Observed temperature gradients at the surface are consistent with those calculated from the heat of vaporization and the thermal conductivity of liquid zinc. In the preliminary experiments, the rate of evaporation was determined from the loss in weight of the metal in the crucible during the test. This was compared with the weight of the condensate. Obviously, this method was subject to error because of some uncertainty as to the period of evaporation that should correspond to the loss in weight. Furthermore, this method did not permit taking into account probable variations in the rate of evaporation during the test. A more serious shortcoming was that the temperature at the evaporating surface was not known, so the maximum theoretical rate of evaporation could not be calculated accurately. To improve the precision of rate measurements and to allow accurate measurements of the surface temperature, a refined experimental technique was developed whereby the temperature and position of the surface could be measured accurately. This was done by an automatic surface-follower mechanism that gave a continuous record of the surface temperature and the amount of zinc evaporated. These data permitted an instantaneous determination of the actual rate of evaporation and the surface temperature throughout the test. Pure zinc (99.99 pct Zn) was used in all experiments. Description of Distillation Furnace The details of construction of the distillation furnace are shown in Fig. l. The furnace is enclosed in a large quartz tube open at one end. The open end of the quartz tube is sealed by means of a water-cooled head. The entire enclosure is vacuum tight. The connection between the water-cooled head and the quartz tube is sealed by means of a rubber gasket which fits tightly against the smooth end of the tube. The metal is heated by induced current set up in the molten zinc and the walls of the graphite crucible by means of a water-cooled induction coil outside the quartz tube. High frequency current is passed through the induction coil from a 6 kw mer-

Jan 1, 1952

By C. Scala, F. Bernstein

General expressions are derived relating the streaming potential to the electrochemical potential of a permeable junction separating two electrolytic solutions. By the methods of irreversible thermodynamics, these potentials are related to the flux of mobile species arising from differences in pressure and chemical composition. The flux is conveniently expressed as a transference number, the equivalents of a mobile species transferred through the junction per faraday of electricity. At constant pressure, the flux equation gives the electrochemical potential across the permeable junction. The streaming potential across the junction is obtained by imposing the condition of constant chemical composition. The familiar expression for the borehole SP is shown to be a particular solution of the general flux equation. The derived exprersions were verified in experiments with seven shale samples. Both the theory and experimental data provide additional proof of the presence and magniturle of the streaming potential in shales. INTRODUCTION In the interpretation of electric logs, there has been much concern over the correction to be made to the recorded SP for an electrokinetic or streaming potential originating from the difference in pressure between the mud column and the formation. It was long recognized by M. R. J. Wyllie that such an electrokinetic potential source mas in the mud cake opposite permeable sands.&apos; More recently, M. Gondouin and C. Scala2 showed an additional but opposing electrokinetic source of potential to be in shale beds. Their work was supported by the very extensive and excellent work of Hill and Anderson.3 n the present contribution, the general relationships between the electrochemical potential and the corresponding streaming or electrokinetic potential are examined and clarified. A notable advance towards understanding the relation between the various sources of electrical potential in a borehole has been the application of the now common methods of irreversible thermodynamics to describe the passage of ions and water through charged electrolyte junctions such as in shales.&apos; The advantages of these methods are twofold. Unlike classical thermodynamics, they can be applied to non-equilibrium sys- tems, i.e., systems in which flow takes place, provided the flow processes have reached a steady state. They also permit conventional thermodynamic properties to be related to the steady-state dynamic properties. These methods arc used here specifically to derive expressions relating the potential behavior of shales in terms of ion and water transport. Experimental verification of the expression for the shale streaming potential is given which in turn offers theoretical support to the existence of a streaming potential in shales.&apos; Importantly, the relative contribution of transport parameters to the SP is clarified. The theoretical treatment is essentially that of Lori-mer, Boterenbrood and Hermans3 ut has been extended to derive the general expression for the SP.

By J. L. Tokich, A. R. Troiano

INTRODUCTION SINCE 1921, when Hull&apos; discovered that cobalt can exist in the face-centered cubic and hexagonal close-packed modifications, the transitions that occur in cobalt have been extensively studied. It is generally agreed that on heating the hexagonal lattice changes to the cubic structure at temperatures ranging from 400 to 500°C although considerable doubt exists as to the exact temperature. Data concerning the temperature of the transformation on cooling are much less concordant and their interpretation has not been satisfactory. The study is further complicated by the fact that many investigators have reported the existence of a high temperature allotropic change in the range 850 to 1020°C, at which the cubic lattice reverts to the hexagonal modification. The transition on cooling, which has been reported as occurring at various temperatures from approximately 400 to 100°C, is of particular interest. Troiano and Greninger2 have recently suggested and considered the possibility of allotropic transformations occurring in pure metals by a shear-type, diffusionless (martensite) transformation. The case of cobalt was specifically discussed and certain observations of previous investigators evaluated in terms of this type of transformation. Table 1 briefly outlines the methods and results of previous investigators of the transformation temperatures of cobalt. MATERIALS AND METHODS The major portion of this investigation was performed with cobalt sheet containing a total of 0.2 pct impurities with carbon present to the extent of 0.1 pct. After melting in an induction furnace under an atmosphere of hydrogen, the carbon content analyzed 0.03 pct. Some observations were repeated with hydrogen reduced cobalt compresses analyzing 99.9 pct pure. No significant variations in results were observed employing the as-received sheet, the remelted stock, or the cobalt compresses. Filings for X ray diffraction analysis were sealed in evacuated glass ampoules. Pyrex glass tubing was used for temperatures below 600°C and for higher temperatures clear fused quartz was satisfactory. After appropriate heat treatment at various temperatures, the specimen ampoules were furnace cooled, air cooled or quenched by crushing under distilled water. This allowed a range of cooling velocities from less than one degree C per sec to greater than 1,000°C per sec. X ray diffraction patterns were taken with a Debye camera and filtered characteristic cobalt K-alpha radiation. The proportion of the existing phases was roughly approximated by visual examina-

Jan 1, 1948

By Eugene N. Cameron

Graphite is the hexagonal form of crystal-line carbon. It is found in nature locally as tabular crystals but occurs mostly as disseminated flakes, foliated, platy, or fibrous masses, or microcrystalline compact to earthy material. Graphite is characterized by its gray to black color, metallic luster, black streak, perfect basal cleavage, softness (H = 1-2) and unctuous feel. It is sectile and flexible and has a specific gravity of 2.1 to 2.3. It is an excellent conductor of heat and electricity and is inert to ordinary chemical reagents. It melts at a temperature of about 3500°C and vaporizes at a temperature of about 4500°C. In the presence of oxygen it oxidizes to CO2 in the temperature range 600° to 700°C, but it is stable at ordinary temperature and markedly resistant to chemical weathering. Although some natural graphite is nearly 100 pct pure carbon, most contains mechanical impurities of various kinds; quartz, biotite, muscovite, pyrite, iron oxides, and feldspars are the most common. Commercial graphite products have a wide range of graphite content, but the better grades contain 80 pct graphite or more. Both natural and manufactured (artificial) graphite are used in industry. Natural graphite products are divided into two broad categories based on grain size. Graphite composed of visible crystals is called "crystalline" graphite, whereas graphite so fine-grained that it is not visibly crystalline is termed "amorphous." The distinction is arbitrary, for all natural graphite is crystalline, and all gradations between the two commercial categories are known. Within the two categories the terminology used in industry is confusing and not entirely consistent. Crystalline graphite comes from two principal types of sources. The first consists of rocks containing disseminated flakes of graphite. This source yields the "flake graphite" of industry. The second comprises vein deposits of graphite, of which those in Ceylon are the most important and furnish the Ceylon graphite of industry. Amorphous graphite comes from any of a variety of sources, including some of those that yield crystalline graphite. Manufactured graphite is made by electric furnace processes, mostly from petroleum coke. Occurrence and Distribution of Graphite Deposits GENERAL Graphite is widely distributed in nature, occurring in igneous, sedimentary, and metamorphic rocks, and even in nickel-iron meteorites. Graphite deposits of economic interest, however, occur mostly in metamorphic terranes. Five principal geologic types of deposits are recognized: 1. Deposits consisting of flake graphite disseminated in metamorphosed siliceous sediments. 2. Deposits consisting of flake graphite disseminated in marbles. 3. Deposits formed by thermal or dynamothermal metamorphism of coal or other highly carbonaceous sediments. 4. Vein deposits of the Ceylon type. 5. Contact metasomatic or hydrothermal deposits in marble. DEPOSITS IN METAMORPHOSED SILICEOUS SEDIMENTS Deposits consisting of flake graphite disseminated in metamorphosed siliceous sedi-

Jan 1, 1960

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&apos;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&apos; 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 George H. Found

During recent years considerable interest has been focused on the energy-absorption characteristics of metal when it is cyclically stressed in vibration. The most familiar manifestation of this phenomenon, which is called the "damping capacity" or "internal friction" 06 a material, is involved in the dissipation of mechanical energy of vibration, which otherwise would build up to stress levels where the problems of noise and fatigue are involved. In addition to its engineering importance in structures, the damping behavior of metals, particularly at low stress amplitudes, has also been used as a unique metallurgical research tool with which to provide sensitive means for indicating certain structural changes within metals. Important contributions toward understanding the energy-dissipating -mecha-nisms that are responsible for internal friction in metals have been made in the last few years. The information is not yet sufficiently extensive, however, to provide a useful metallurgical concept describing exactly how the structure affects the internal friction, or to encourage more general use of this technique among metallurgists. Three fundamental mechanisms have been proposed, as a result of recent experi- mental investigations, to account for the internal friction in nonferrous metals in low-stress amplitude tests. These include damping due to internal thermal currents that are created and flow in metal because of differential vibratory stress effects,&apos; damping due to localized inelastic stress relaxation at inhomogeneities within the meta1,2,3 and damping related to plastic flow of a localized type for which an explanation has been sought in terms of the dislocation theory.&apos; How each of these mechanisms functions as a result of structural changes in the metal is, in general, not well understood because of insufficient experimental data for which the controlling variables ham been segregated and because of uncertainties in regard to the nature of the structural changes themselves. In several investigations the effects of cold-working on the internal friction of polycrystalline brass and aluminum have been described. As reported by Köster and Rosenthal,5 and by Förster and Breitfield,6 there is an initial large increase in the damping when the metal is worked. The initial high value is not stable, but declines rapidly, at first, in a hyperbolic manner. About Ioo hr. after straining, a stable value is reached of magnitude proportional to the amount of strain.&apos; In Fig. I is shown the relationship found by Zener and his collaborators between the internal friction due to cold-working of alpha brass and the amount of cold-working.8 Several investigators have made internal-friction measurements on worked poly-

Jan 1, 1945

By L. Guttman, C. S. Barrett, J. S. Bowles

THE transformation from the face-centered cubic (Al) to the face-centered tetragonal (A6) structure in certain alloys of the indium-thallium system reported in the preceding paper1 exhibits many interesting crystallographic and metallo-graphic features, most of which presumably are similar to those of other cubic to tetragonal transformation such as, for example, the one which occurs in the chromium-manganese system,2 the one which, judging by microstructures and X-ray pat-terns,3 probably occurs in the copper-manganese system, the ones accompanying ordering in FePt,4 Copt,&apos; and AuCu,5 and the transformation near 115°C in barium titanate.6,7,8 If, as mentioned in ref. 1, the transformation is second order, the phases in equilibrium do not differ in composition, and it is both possible and likely that the mechanism is a diffusionless one. The present paper reports the results of a detailed study of the indium-thallium transformation and presents a theory for the atomic movements of the transformation which accounts for the observations. Experimental Crystallography of Transformation Markings The transformation from cubic to tetragonal in the indium-thallium alloys produces microstruc-tures of the type illustrated in fig. 1. These structures are observable either as relief effects produced on a smooth surface by the transformation, or after polishing and etching. These microstruc-tures are markedly similar to those found in copper-manganese alloys: iron-platinum alloys," and barium titanate,7,8 where it has been demonstrated that the lamellae are parallel to the (101) planes of the original cubic crystal. That the observed lamellae in indium-thallium alloys are also parallel to the (101) planes was proved by the following analyses performed on single grains in polycrystal-line samples containing 20.75 atomic pct T1. A study of the microstructures of a number of specimens revealed the fact that in many specimens the transformation markings continued unchanged in direction across the (111) interfaces of annealing twins. This at once demonstrates that the lamellae are parallel to a plane that is common to both parent and twin orientations, i.e., a plane in the zone <112>. This conclusion is compatible with the lamellae being parallel to (101) planes. To make a more complete determination of the habit plane of the lamellae, two grains were selected in which annealing twins ({Ill) twins) had been present in the high-temperature modification (cubic). The traces of the annealing twins, and of the transformation markings in both parent and twin crystals, were plotted together in stereographic projection, and a parent-twin pair of orientations was found that accounted for all lamellae as (101) planes. The projection of one of these twinned grains is reproduced in fig. 2. In view of these results the probability of there being another solution for the habit plane remote from (101) is very small, but to explore the possibility that the habit plane deviates slightly from (101), a more precise analysis was undertaken. In this, the orientation of a grain in the cubic modification was determined from a Laue back-reflection photograph taken with the sample at 90°C. The traces of the lamellae that formed in this grain on cooling were plotted in the stereographic projection

Jan 1, 1951

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