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By Sherwin F. Kelly

THAT gold ores occur in Georgia is a fact apparently not widely known outside of that state, yet in the last hundred years nearly $18,000,000 worth of gold has been mined there. The discovery of gold-hearing quartz was made in 1823 on the "Forty Acre Lot" (which now belongs to the Columbia Mining Co.), in McDuffie County, and about seven years later the first stamp mill on record was erected near there. In recent years Georgia's gold production has dwindled to an insignificant figure. However, with the increase in gold price, interest in this district has been revived, so an electrical geophysical survey was undertaken to aid in discovering new quartz veins, on a part of the Forty Acre Lot, the adjoining Hamilton mine, and the nearby Woodall property.

Jan 1, 1934

By R. L. Braun, D. L. Leach

Laboratory experiments simulating in-situ copper recovery from primary sulfide ores in sulfuric acid systems pressurized with oxygen are reported. Copper extraction and acid consumption data are correlated with temperature in the range 50 to 150°C and quenched pH in the range 0.25 to 2. Adverse changes in the chemical composition of the leach solution and the formation of gangue-mineral alteration products and secondary sulfides can severely limit the extraction of copper above 90°C. Keeping the pH below the self-buffered value of about 2 and the temperature below about 110°C produces the maximum extraction rates. Forcing the pH too low not only results in excessively high acid consumption but may also limit the extraction of copper at temperatures above 100°C.

Jan 1, 1977

By Richard A. Hawkins

O the American coal man, Australian coal mining most appear to have little, if any, influence on American coal-mining practice and to bear little relation to it. Actually, the relationship has been close, for Australian operators have carefully studied American practice by reading American technical publications, by consulting American engineers, and by visits to Ameriean operations. They have leaned heavily on America for their supply of mechanization equipment and many American mining-machinery manufacturers are active in that country, supplying its needs and furnishing technical assistance. Australia's influence on American coal mining has been obscure and probably negligible. However, it seems reasonable to assume that this influence will increase. The wartime development of air transportation will inevitably bring these two countries into much more intimate contact than existed in recent years. American servicemen. many of them former miners and coal-mining technicians, have visited Australian operation, while stationed in that country, have talked with operators and men over there, and undoubt-

Jan 1, 1945

By Herbert Hoover

This paper is in the nature of a rough preliminary report on the progress that has been made in the application of the mass spectrometer to various problems arising in the petroleum industry. A few years ago the authors considered a number of the problems that were arising in the qualitative and quantitative measurement of small amounts of hydrocarbons. The methods available of making analyses by chemical techniques appeared to leave much room for improvement. Without going into the reasons at this point, attention was turned to the possibility of employing physical instead of chemical methods of accomplish-ing the desired results. A preliminary investigation disclosed that the mass spectrometer presented a possibility of solving many problems which could not easily be accomplished by other methods. Work was begun in developing the necessary apparatus and technique. A great deal of encouragement and many valuable suggestions were received from Dr. Robert A. Millikan, Dr. W. R. Smythe, and Dr. W. N. Lacey, of the California Institute of Technology, and from Dr. E. 0. Lawrence, who recently received the Nobel Prize, of the University of California. The authors particularly wish to acknowl-edge the very great willingness of these out-standing scientists to be helpful in solving many of the problems that were involved. So far as the authors are aware, this was the first application of the mass spectrometer to commercial work. The results were considerably better than had at first been anticipated. Briefly, it is pos-sible to run a qualitative and quantitative analysis of an unknown mixture of hydro-carbon gases, with an accuracy of better than plus or minus 5 per cent of each of the various constituents. An exceedingly high degree of sensitivity has been obtained, and a relatively short time is required to com-plete an analysis. Furthermore, it is un-necessary to separate a mixture of gases into its various components in order to complete the analysis.

Jan 1, 1940

By Louis D. Huntoon

(New Haven Meeting, February, 1909.) THE Hammond Mining and Metallurgical Laboratory is the gift of Prof. John Hays Hammond to the Sheffield Scientific School of Yale University. Professor Hammond was graduated from this school in the class of 1876, and has always shown great interest in its welfare and progress. In 1903, he offered to build and equip for it a mining and metallurgical laboratory. This offer was gratefully accepted by the trustees; and in October of the same year the architect, W. Gedney Beatty, and the writer were employed to draw up plans for the building, which is the largest of its kind in this country. The Treasurer's report shows the total gift of Professor Hammond, including land, building, and equipment, to have been $128,741.53. This does not include $5,000 given by Professor Hammond to defray incidental expenses. The detailed cost of the machinery and installation, included in the above sum, is as follows: Machinery, $9,846.00 Pipe and fittings, 925.05 Hangers, shafting, pulleys, belts, etc., . 357.83 Steel-work, tanks, launders, etc., . 272.19 Screens for sizing ore, 411.37 Lumber, 1,896.36 General Supplies Hardware, . $135.96 Tools, 263.66 Paints, . 04.63 Electric and incidental, . 439.57 - 1,043.82 Machine-shop material, 259.44 Labor, 722.29 - 981.73

Mar 1, 1909

By L. J. Howell, R. C. Sommer, H. H. Kellogg

WORK described herein was undertaken with the aim of determining some of the physical-chemical properties of electrolytes suitable for the electrodeposition of pure zirconium metal. In this paper the phase diagram, vapor pressure, and activities in the melt are considered. In a companion paper,' the electrolytic conductivity of some of these melts is reported. The melts studied were mixtures of NaCl and/or KC1 with ZrC1,. Chloride melts were chosen for study because 1) if the electrolyte is to be useful for industrial electrodeposition of zirconium, the chlorides will be preferred to the relatively costly bromides and iodides; 2) fluoride melts were being studied in another laboratory (Horizons Inc., Cleveland); and 3) melts containing oxygen, in any form, are unsuitable for preparation of pure zirconium, because of the great affinity of this metal for oxygen. Unlike electrodeposition from aqueous solution, the fundamental behavior of fused-salt electrolysis is poorly understood. In most cases, such basic electrochemical information as the phase diagram of the melt system, activities in the melt, conductivity, the nature of the current-carrying ions, the equilibrium electrode potentials, and the overvoltage behavior of the electrodes is unknown to the researcher who would develop a new electrodeposition process employing a fused salt. This research project was designed to supply information about some of these basic physical-chemical properties so that an intelligent choice of electrolyte for electrodeposition studies could be made. Experimental The experimental difficulties-encountered in this work result from the properties of zirconium metal and ZrC1,. ZrC1, is a solid which sublimes at 334°C. It is rapidly hydrolyzed by moist air to HC1, ZrOCl,, and ZrO,. Unusual precautions were exercised in this work to prevent hydrolysis of ZrC1, and rigidly to exclude oxygen, nitrogen, hydrogen, and carbon from the melts under study. These elements are known to react with and contaminate zirconium metal. All melts were studied in vacuum systems, i.e., in the presence of ZrC1, vapor only. Transfer of ZrC1, to or from the melts was accomplished entirely by vacuum sublimation. In this way, neither the melts nor the ingredients thereof were permitted to

Jan 1, 1958

By Yoginder P. Chugh

Elastic and viscoelastic behavior of three rocks-Tennessee sandstone, Barre granite, and Indiana limestone-was studied experimentally under uniaxial tensile stress. Cylindrical specimens of these rocks, about 1.0 in. diam and 2.0 in. long, were subjected to incremental constant stress history under uniaxial tension. The stress was held constant for a period of 40 min at each stress level. During this period, longitudinal and transverse strains on specimens were continuously monitored. The straintime history at each stress level was analyzed for elastic and viscoelastic parameters of a generalized Burger model. The viscoelastic parameters under uniaxial tensile stress were compared with those under uniaxial compressive stress. The experimental setup, experimental procedure, analysis techniques, and more significant results are described. This limited research effort clearly indicates the importance of the mechanical behavior of geologic material under tensile stresses.

Jan 1, 1975

By S. W. Zanolli

The history of labor relations in the coal industry of the United States is a study of its collective bargaining. This study of collective bargaining is largely the history of the United Mine Workers of America and its contractual relations with the various coal mining employers who have produced this country's coal over the years under a free enterprise system. There have been other unions in the picture from time to time and some coal miners have mined coal without representation by any union. Even today some 25% of the nation's coal is produced outside of the collective bargaining relationship with the UMWA. However, more than 100,000 coal mine wage employees - well over 75% of the total in the industry - are covered by labor agreements negotiated for them by the UMWA. Practically all of these work in bituminous mines.

Jan 12, 1972

By A. G. Metcalfe, A. Siede

The hardening of annealed copper during fatigue testing appears to be independent of the applied stress and to occur largely within the first 4000 cycles. Copper hardened by fatigue is more resistant to annealing than copper hardened by static means, and softens by a multistage process. Creep studies at 300°C show that copper hardened by fatigue also has greater resistance to creep than statically hardened copper. Some theoretical explanations are discussed. RECENT interest in the behavior of metals subjected to fatigue stems from observations of phenomena which could not be explained by current theories of the structure of metals. In 1953 Bullen et al.l showed that the hardening caused by fatigue at low stresses did not cause severe bending of the lattice as did hardening by static methods. This was later confirmed by Wood, 'and Broom and Ham.3 Clarebrough et al4 showed that as the stress level used in fatigue hardening was increased, bending of the lattice was introduced, eventually approaching that of metals deformed by conventional cold-working methods. The type of hardening introduced by fatigue has other interesting characteristics. Kemsley5 showed that copper fractured by fatigue at low stresses resisted annealing as compared to copper hardened an equal amount by static means. The work of Clarebrough etal, shows that the manner of energy release during annealing differs for fatigue-hardened and statically hardened metal in both magnitude and temperature range of release. In addition to hardening of the lattice, fatigue has been shown to cause softening in materials previously hardened by static methods,5 and also in age-hardened alloys.7 The superposition of a small fatigue stress on the static loading of high-temperature alloys has been shown to increase their resistance to creep.' The present work was an attempt to determine the relationship between fatigue hardening, resistance to annealing, and the creep properties of pure copper. EXPERIMENTAL PROGRAM The program described here was designed to answer three questions: 1) Can stress-cycle combinations well below the failure values give significant increases in hardness? 2) Does hardening, under different stress-cycle combinations, give increase resistance to annealing? And if so— 3) Does superior resistance to annealing confer superior creep properties over statically hardened material? Three-quarter hard OFHC copper was annealed in vacuo at 550°C for 1 hr to produce a strain-free material having a fine grain size and uniform hardness. (The standard deviation of the mean hardness of the annealed samples was less than + 1.9 Dpn). Annealing was performed after machining the fatigue specimens so as to avoid work-hardened surfaces. Jigs were used to avoid distortion. The fatigue properties of the annealed copper were determined using an accurately aligned Baldwin-Sonntag SF1-U machine operating at 1800 cycles per min. This limited the minimum number of cycles which could be examined to about 4000 stress reversals. Since failure resulted in specimen damage, hardness increase with number of cycles was measured by testing specimens fatigued to different fractions of the failure values. The results are shown in Fig. 1, and are superimposed on the S-N curve of the copper in Fig. 2. The resistance to annealing of fatigue-hardened material was compared to that of material hardened by uniaxial tensile straining. Specimens hardened to equal values by both methods were progressively annealed for 1 hr at temperature in vacuo. After each annealing treatment the hardness was measured using a Leitz Durimet hardness tester with a 500-g load. At least five tests were made for each hardness determination. The standard deviation for individual specimens varied from 0.26 to 1.48 hardness points. The results are shown in Figs. 3 to 5. The discontinuous nature of the annealing process has been brought out by drawing idealized curves through the data points. This can be justified by the consistency of the results as well as by general agreement with results of Kemsley.5 The creep resistance of fatigue-hardened and

Jan 1, 1960

By B. G. Klugh

(New York Meeting, February, 1912). IN a paper before the Institute at Wilkes-Barre, Pa., June 1911,1 Mr. James Gayley discussed the application of this process to iron-bearing materials. The same author2 described the results of operations at the plant at Birdsboro, Pa. The purpose of the present paper is to present further discussion of some technical details involved in the operation of this plant, and of the theoretical and practical relations of this product to blast-furnace practice. Since Oct. 1, 1911, the Birdsboro plant has been in operation at the blast-furnace of the E. & G. Brooke Iron Co. The results have been highly satisfactory, although the material treated, being chiefly the flue-dust currently made by the furnace or taken from the accumulated stock-pile, was excessively high, and yet not uniform, in carbon, so that the desirable control or regularity of the amount of fuel in the mixture treated could not be maintained. Nothing could more forcibly demonstrate the flexibility of the process than the fact that, under these conditions, the sinter produced was, in all cases, of excellent quality. The Dwight & Lloyd process, as such, and its present highly-developed mechanical appliances were described by Mr. Gayley in the paper above mentioned. While the repetition of some particulars will be unavoidable in this paper, it will be confined to features bearing upon the metallurgical principles involved. According to the principle of the process, the finely-divided iron-bearing material to be sintered is intimately mixed with

May 1, 1912

By Michael Tenenbaum

A REVIEW of process metallurgy of iron and steel during 1944 in many ways reflects the political and military developments of the year. Early in 1944 the tremendous wartime emergency expansion program was virtually completed and the industry directed its efforts to maintaining maximum production wherever needed. The vigorous production programs inaugurated to support the Normandy invasions did not persist as Allied armies approached Germany. General public apathy which developed with the prospect of an early ending of the European fighting was reflected in a general relaxation in armament programs. Toward the end of the year, as the prospect of a prolonged war became real, the entire program revived considerably and the need for steel became acute. Between January 1940 and October 1944 more than 12,400,000 tons had been added to the nation's steelmaking capacities, and over 12,700,000 tons added to the blast-furnace facilities. The total cost of this enormous program was more than two billion dollars. By July 1, 1944, total steelmaking capacity had exceeded 94,000,000 tons, with blast-furnace capacity rated at 68,400,000. Annual steel production, which was 88,900,000 tons in 1943, increased slightly during the past year and was estimated at 89,500,000. Production of pig iron also increased somewhat from 61,800,000 tons in 1943 to an estimated output of 62,500,000 in 1944. This review deals with a few of the numerous factors involved in maintaining the wartime iron and steel program at the level necessary to accomplish this enormous output.

Jan 1, 1945

By John J. Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 ¼ ¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 12¢ per pound, and since the turn of the present year has reached 17¢. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By John J. Croston

In the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 91/4c, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and preparations for rearmament in Europe and Asia acted as a further stimulus to purchasing. By midsummer the situation had so improved and stocks had been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the production quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining continuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 126 per pound, and since the turn of the present year has reached 17c. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By John Croston

IN the closing months of 1936 the copper industry gave every evidence that it was at last on the threshold of an improved era. At the beginning of the year prices stood at 9 1/4¢, which in itself was a great improvement over prices prevailing for the three previous years. Industry generally was showing signs of moving forward in this country, and business was definitely good in certain foreign quarters. The threat of war and prep-arations for rearmament in Europe and Asia acted as a further stimulus purchasing. By midsummer the situation had so improved and stocks to been so reduced that the cartel of foreign producers (including American producers with foreign mines) decided to increase the produc-tion quota to 75 per cent on Aug. 1. Large-scale buying gave continued strength to the price and by Oct. 1 the quota was increased to 80 per cent, and again on Oct. 15, to 85 per cent. Notwithstanding this the price of copper continued its advance and on Nov. 1, with stocks declining con-tinuously, the cartel increased operations to 95 per cent, then to 105 per cent on Nov. 5. In the meantime the domestic producers, because of the great increase in home consumption, had increased their production by nearly one-half. At the close of the year copper sold at 120 per pound, and since the turn of the present year has reached 170. This rapid increase has not been wholly justified. Much of the increase was due to the legitimate demands of recovering industry, but rearmament orders plus accumulation of reserve stocks in case of war, purchases in anticipation of labor strikes and purely speculative activities on the London Metal Exchange accounted for the balance. Certainly in view of the state of industry and the general world price level, it appears unnecessarily high. Talk of a copper shortage is sheer nonsense, the recent condition in the market being created by overbuying, leaving but a small volume for speculative supplies. It takes some months for an increase in mine output to reach the market, but production is again overtaking apparent consumption, stocks have begun to increase, and this, together with the reopening of many small

Jan 1, 1937

By C. D. King

A QUARTER century ago this country was producing an extraordinary quantity of iron and steel, with a decisive influence on the outcome of the first World War. Today this country is again demonstrating its industrial capacity with telling results. If this lapse of time has confirmed the opinion that man learns little from experience with respect to human relationships, at least we can derive some consolation from the knowledge that in the same period we have made huge strides industrially, and particularly in the steel industry. The differences represented by 25 years are striking, and have resulted from a multitude of changes that have contributed to the present-day high state of our pig iron and steel manufacture.

Jan 1, 1944

By D. R. Walker, M. C. Shaw

Dimitri Kececioglu (Allis-Chalmers Manufacturing Co., Milwaukee)—The idea of applying metal cutting theory to comminution and vice versa is very impressive. Among others, the demarcation of wheel-grinding data into two regions, namely Kick's and Rittinger's, draws attention here. A study of Figs. 6 to 9 shows the following: In Fig. 6, 1 point out of 8; in Fig. 7, 4 points out of 26; in Fig. 8 only 1 point out of 13; and in Fig. 9 practically none out of 13 points fall out of curve No. 2. Also when grinding particles smaller than 5x10." in. it is difficult to measure very accurately the grinding forces, chip geometry, and particle size. In view of the above it would be difficult to make a positive and distinct demarcation of the Wheel-grinding data into two regions, namely, Kick's and Rittinger's. The idea of using machine grinding to determine the comminution properties of materials is indeed unique. The following cautions come to mind, however, regarding applicability of machine grinding data to comminution: 1—Grinding gives uniform particle size, whereas comminution gives a variety of particle sizes in the same process. The fact that grinding gives uniform particle size is not necessarily an advantage because in comminution the overall energy under actual comminution is desired and comminution invariably results in the production of a variety of particle sizes. 2—In grinding, a small particle is ground off a comparatively large surface. In comminution small bodies are broken down to smaller bodies. This makes it difficult to establish a concept of reduction ratio in machine grinding. 3—The mechanics of machine grinding involve direct shearing action under very high strain and comparatively high compression at the shear zone, whereas: comminution involves direct dynamic compression and surface friction with comparatively little strain and shear. Consequently the mechanics of machine grinding appear to be different from those involved in comminution. Hence one might arrive at erroneous con- clusions when comminution characteristics are eval-uated from machine grinding results. It is noticed also that functions other 'than Eq. 16 which do not involve the concept of direct proportionality of useful energy input to new surface area created (Eq. 2 and particularly Eq. 12) may be derived to fit the, data of curve No. 2. One such relationship may be u = ct-", where c is a positive constant and n is a positive constant less than unity. This, of course, is made possible because data of a very small range. of particle size are being fitted by the curves of No. 2 and the hereby suggested relationship. A sound comminution theory should be applicable to a relatively large range of particle size. George B. Clark (Department of Mining Engineering, University of Illinois)—While the experimental work of Walker and Shawin this article is of intrinsic value in revealing certain fundamental aspects of machine grinding, milling, and related processes and in adding to the store of information concerning the comminution of solid materials by this particular process, it appears doubtful that the results of their research can be employed to verify either Kick's or Rittinger's theories. Both these laws were originally developed and proposed on the basis of very simple, idealized hypotheses. The creation of parallel idealized physical laboratory conditions which would be required for either their proof or disproof appear to be well beyond the scope of human ingenuity, at least at present. One great weakness of the imputed verification is that the spread of the points plotted on the graphs is not sufficient to permit accurate 'curve fitting. The range of particle sizes included in the belt and wheel grinding is not extensive enough to show any general trends, particularly for the horizontal portion of the curves, said to represent Kick's laws. That the milling; grinding, and turning data obtained by Walker and Shaw for both metals and minerals happen to comply with. certain interpretations of these two theories under certain specialized conditions

Jan 1, 1955

By A. W. Gray

Page CRUSHING STRENGTH...................... 659 The Black Dynamometer....................659 A Standardized Procedure for Crushing Strength Tests...... 660 Influence of Height of Test-piece upon Apparent Strength ..... 662 Influence of Packing Pressure and of Packing Time........ 662 Application of the Logarithmic Law...............665 Influence of Amalgamation Variables.............. 665 Influence of Temperature................... 669 The Transition Region Near 70" C............... 671 Influence of Packing Pressure at Various Temperatures ...... 673 Influence of Age upon Alloy and Amalgam........... 676 DIMENSIONAL CHANGES DURING THE HARDENING OF AN AMALGAM .......................... 678 The Black Amalgam Micrometer............... 678 Thermostated Dilatometer Designed by the Author........ 681 Graphical Representation of Reaction Expansions......... 683 The Typical Reaction Expansion Curve ............. 684 Influence of Packing Pressure................. 686 Influence of Trituration Time................. 687 Influence of Temperature................... 688 Influence of Mercury-alloy Ratio................ 689 Influence of Packing Time................... 689 Influence of Annealing the Alloy................ 691 Influence of Size of Alloy Particles...............691 Extension of the Typical Expansion Curve........... 693 Influence of Thermal Softening and of Reamalgamating a Hardened Amalgam.......................... 634 Curves Obtained with a Variety of Dental Alloys ........ 694 Copper Amalgam ...................... 694 PRACTICAL APPLICATIONS OF THE RESULTS.......... 695 Phenomena which reveal chemical and physical processes that probably go on in many alloys at temperatures not far removed from their melting ranges are observable in dental amalgams. These amalgams should. therefore. be of even more interest to the metallographer, the metallurgistl the chemist. and the physicist than to the dentist who uses them for saving decaying teeth. For this reason I am here de-

Jan 1, 1919

By Charles White Merrill

Money is one of the most .pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common denominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the in- numerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1959

By Charles White Merrill

Money is one of the most pervasive elements in human life. The compensation for a workman's daily efforts is expressed as a wage and is measured in money. What an individual may consume depends largely on his income which also is expressed in terms of money. If he would start an enterprise its size would be determined in large part by the amount of money available for capitalization and its success would be measured in net income expressed in money. In short, the most widely used common de- nominator for comparing merchandise, real property, jobs, enterprises, gross national product, or personal success is money. Despite this use of money by almost everyone past infancy to express his appraisal of the innumerable values he sees around himself, the complexity of the device called money makes its nature and workings a mystery to most users. Some of the difficulty in understanding money results from the fact that it has three distinct but interrelated functions: (1) a medium of exchange, (2) a unit of account, and (3) a store of value. In many statements about money the discussion moves from one function of money to another without the speaker or the listener recognizing the changes. For example, the housewife says "We took the money we had saved up to make the down payment and after twelve monthly payments the television will be ours." When this housewife spoke of "saving up the down payment" she referred to money in its function as a store of value; when she spoke of "the down payment" she was using money as a medium of exchange; and when she referred to the "monthly payments" she spoke of money as a unit of account. Another cause of confusion in understanding money is its paradoxical nature in that it represents both the power to produce and the power to consume. For example, when the rich uncle dies one nephew may regard his inheritance as an opportunity to buy a farm and leave the ranks of the wage earners to become an independent producer, whereas the other nephew may regard his portion as the means of living in complete leisure as a pure consumer.

Jan 1, 1964

By W. C. Meyer

In an effort to conserve and extend oil resources, the use of powdered coal-in-oil mixtures (COM) as an alternate fuel in oil-fired boilers is receiving increasing attention. For the approach to be successful, some degree of stability of the suspension against settling is needed. The variety of means available to achieve stability of this nonaqueous slurry is reviewed along with some of the physical and chemical concepts which underlie each method.

Jan 1, 1983