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By W. R. Davis

This paper presents a sunimary of the results of a study of the Dornick Hills-Springer sand reservoir of the Velma Pool. Stephens County, Oklahoma. The data are of interest because this type of reservoir is unusual in the mid-continent area. The reservoir is characterized by very steep dips and a relatively thick producing section. Its up-dip productive limit is defined by truncation of the productive sands, and the down-dip limit is defined by deterioration of sand quality rather than by the presence of an oil-water contact. The crude oil is of 29" API gravity, is relatively viscous and was saturated with dissolved gas at the original reservoir pressure. Consideratiqn of the physical characteristics of the reservoir indicates that natural water encroachment will be negligible, and that the producing mechanism will be a dissolved gas drive augmented by gravity drainage. Performance to date tends to confirm this. INTRODUCTION It is the purpose of this paper to present some of the features of the Dor-nick Hills - Springer sand reservoir which are unusual in mid-continent operations. The study was undertaken in an attempt to define the producing mechanism or mechanisms that will control reservoir performance, as an aid in determining well completion and production practices. GEOLOGY The reservoir under consideration is a series of sand bodies of Pennsylva-nian age found in the Lower Dornick Hills and/or Springer formations. For the purpose of this paper, the sand series is referred to as the Dornick Hills-Springer sand. This sand series lies on the northeast flank of the Velma anticline, and dips very sharply to the northeast in TWP 1S-5W, the average dip being about 45º. However, as shown in Fig. 1. the trend of the pool swings eastward in TWP 1S-4W with a coincident de- crease in dip angle. In this portion of the pool the average dip is about 25". Faults in Sections 30-1S-4W and 32-1S-4W are shown in Fig. 1. These faults show only minor displacements for the horizon contoured in Fig. 1, but they do show a pronounced displacement of the immediately overlying beds. Similar faults are thought to exist in TWP 1S-5W; however, since the detailed geological studies necessary to properly define these faults were not available to the author, no attempt to show them in Fig. 1 has been made. The up-dip productive limit throughout the pool is determined by the truncation of the Lower Dornick Hills-Springer sand. The down-dip productive limit does not appear to be defined by edge water, but by a gradual reduction in permeability of the sands. No dry hole has produced a significant volume of water from this sand section. There was a small gas cap in TWP 1S-5W. Most of the wells in TWP 1S-SW encountered an oil sand 70 ft to 150 ft thick, a shale 20 ft to 80 ft thick, and another oil sand 50 ft to 130 ft thick. A few scattered wells in this area encountered other and bodies below these

Jan 1, 1951

By Henry F. Hebley

This paper brings within the compass of one comparatively brief article a general description of the situation concerning the nation's water resources. It touches upon the phenomenal growth in the demand for water supply and emphasizes the problems facing the coal industry both with regard to acid mine water drainage discharged from active and abandoned mines and the suspended solids discharged to the stream system from wet coal preparation plants.

Jan 4, 1953

By Arthur F. Taggart

The quality of aggregate materials is. of major importance in governing durability and permanence of concrete structures. The problem of selecting suitable aggregate materials is two-fold. Geological factors include the type and character of the aggregate source, presence of known or suspected reactive constituents, and presence of thermally incompatible materials. Laboratory investigations include petrographic studies, soundness and reactivity tests, and tests of thermal properties. The importance of each factor in the selection of satisfactory aggregate material is considered in detail.

Jan 1, 1950

By John J. Howard

WE are approaching the depletion of our principal source of iron ore-the Great Lakes deposits, which have provided 85% of the nation's requirements for the past fifty years. This situation presents a threat to our standard of living and our position as a world power. Fortunately, in the Great Lakes region there are still tremendous quantities of potential iron ore in the form of the low iron, high silica rock called taconite. The economical extraction of iron from taconite will insure our future steel supply if no new deposits available to the United States even in time of war are discovered. In the new process presented here, the iron is reduced directly by a simple method and then separated from the silica. The product is "feed," not to the blast furnace, but to the steel plant. This process requires very much less plant, less physical and chemical treatment, and less fuel and auxiliary materials than the conventional ore concentration-blast furnace method. In my opinion, this new, fundamentally different approach offers a better hope for the solution of the iron ore problem.

Jan 5, 1950

US 4,186,083-An improved collector for use In the froth flotation beneficiation of phosphate rock, barite, fluorspar, scheelite or Iron oxide ore comprises 70 to 99.9% by weight of tall oil fatty acid or the like and the remainder a described anionic perfluorosulfonate compound. Reagent consumption is lessened, and high recovery at high grade is effected. S.S. Wang, E.L. Smith, Jr., and E. F Huliganga, assigned to American Cyanamid Co. Jan 29, 1980. 4 pp. (209-166). Filed. 12-21-77 (863,034).

Jan 1, 1982

By Nicholas J. Grant, David S. Bloom

An investigation of the Cr-Ni system has revealed that there exists a eutectoid transformation at about 1180°C. 'The transformation in chromium implied by the eutectoid reaction was detected at about 100°C below its melting point. Associated with the eutectoid transformation, a metastable transition structure has been found. THE Cr-Ni phase diagram is shown in current literature to be a simple eutectic system in which the high chromium end of the diagram is incompletely determined, Fig. 1. The last investigation of this system was undertaken in 1936.' Because of limitations in metal purity, especially of chromium, and temperature measuring techniques, the diagram should be accepted with some reservations, as was indicated by Hansen.V or examwle.-, the wresence of the compound Cr²Ni, with a tetragonal structure," remains unverified and incompatible with the simple eutectic diagram. The work reported here began because of discrepancies that appeared in experimental studies in the binary alloys Cr-Ni and in the ternary system Cr-Mo-Ni. The existing binary Cr-Ni diagram failed to provide a complete explanation of observations made by microscope, X-ray, and thermal analyses. Experimental Methods The materials employed were of a higher degree of purity than were available to previous investigators. The Mond nickel used had a nominal purity of 99.87 pct, while the electrolytic chromium analyzed 99.03 pct with the major impurity being 0.5 to 0.7 pct oxygen with some iron. All alloys were melted in a vacuum furnace to remove dissolved gases, sufficient carbon was added to the charge to combine with all the oxygen as CO. Final analysis determined the carbon as about 0.02 pct and the oxygen around 0.06 pct or slightly more. Stabilized zirconia crucibles and thermocouple protection tips were used throughout and contributed no detectable impurity to the melts, as long as the oxygen in the chromium was kept low. Heats averaged about 250 g, which permitted about 2 in. of the thermocouple protection tips to be submerged. The temperature drop across the thermocouple protection tip was determined to be about 3°C, a minor source of error. The alloys, after removal from the vacuum furnace, were placed in a furnace operating in a purified argon atmosphere for the thermal analyses. An- nealed wolfram-molybdenum thermocouples provided the primary means of temperature determination, though a Pt-Pt-10 pct Rh couple was employed for a check when possible. A sensitive, high-speed Leeds and Northrup Speedomax recording potentiometer indicated the thermocouple output. X-ray diffraction patterns were obtained primarily on a Norelco unit, which permitted diffraction angles only up to 45" (28 = 90"). In general, either rotated or stationary solid samples were used, because it later evolved that many samples were susceptible to transformation resulting from the cold working involved in pulverizing. It was also noted that rotating a sample sometimes suppressed weak lines, so, usually, samples were not rotated. Later a high temperature camera was adapted for use at temperatures up to 1400 °C on the Norelco unit utilizing both solid and powdered samples. Unless otherwise noted, all X-ray patterns were made with a chromium tube and a vanadium filter. Further-

Jan 1, 1952

By Robert C. Weed

Leaching in place at Cananea began in the 1920's on a limited scale. The first plants were small wooden boxes located underground in the Capote and Oversight mines, and output was low. Scrap iron was used as precipitant. Later several other small plants were started up. Leaching was limited entirely to underground areas, and production remained low. The Veta precipitating plant, the first on a larger scale, was put into operation in the late 1920's. After a period of intermittent service it was rebuilt in 1946 and has since been running continuously.

Jul 1, 1956

By J. E. Lawver, J. D. Raulerson, Charles C. Cook

The agriculture industry has made great strides during the past decade to increase agriculture yields through increased use of fertilizers. Increased use of fertilizers may prevent, or at least delay, mass starvation due to the alarming increase in world population. Phosphate was added to soil as a plant nutrient in the form of calcined bones at least 2000 years ago (Anon., 1964), and man has used phosphate minerals as a source of fertilization in one form or another for at least 100 years. During 1977 the world produced about 116 Mt of phosphate rock, with about 86% used for fertilizers and another 4% for animal feed supplements. More than three-fourths of the total production comes from the United States, Morocco, and the Soviet Union. From a mineral beneficiation point of view, the major sources of phosphate rock and the methods of beneficiation can be classified as follows: marine deposits not containing appreciable carbonate minerals, marine deposits requiring a francolite carbonate mineral separation, igneous deposits not containing appreciable carbonate minerals, and igneous deposits requiring apatite carbonate mineral separation. [ ] Guano, mostly from Chile and Peru, accounts for 0.1% of the total world production, and the calcium phosphates from Ocean, Nauru, and Christmas Islands and the aluminum and iron phosphates from Brazil and Aruba account for less than 4% of the world production and are thus not considered in this classification (Lawver, et al.). At present, marine phosphorite deposits account for about 75% of the world's production; the igneous deposits account for 20%. The igneous deposits low in carbonate minerals are easily concentrated by crushing, grinding, and apatite flotation. The most important igneous deposits are those of the Kola Peninsula, USSR (Woodrooffe, 1972). The igneous deposits high in carbonate materials are of corn appreciably more difficult to beneficiate, but they have been concentrated by froth flotation for a number of years. An interesting but rather complicated flowsheet of this type is at Phalabonva, in the Republic of South Africa (Lovell, 1976). The Phalaborwa deposit is an igneous complex of pyroxenite with a central core of carbonatite surrounded by a serpentine- magnetite-apatite rock called phoscorite. The phoscorite containing about 10% P2O5, 35% magnetite, and 35% calcium magnesium carbonate is currently being processed. The process involves comminuting the material for fiberation and subjecting it to a copper float using a potassium amyl xanthate as collector and triethoxybutane as a frother followed by a magnetic separation of the tailings to produce a feed for phosphate flotation. This process produces a phosphate concentrate containing greater than 36% P2O5 at a P2O5 recovery ranging from 75 to 80%. Considerable success has been claimed for recovering apatite from carbonate-bearing ores at the Jacupiranga Mine of Serrana S/A (Silva and Andery, 1972). The carbonatite currently being mined contains an average of only 5% P205 and is concentrated using a unique flotation process (Andery, 1968) to yield 96% P205 concentrates. The ore contains about 12% apatite, 5% magnetite, 80% calcite plus dolomite, and minor amounts of phlogopite, olivine, zircon, ilmenite, and pyrochlore. Feed preparation consists of crushing to -31.75 mm (-1 M in.), rod milling in closed circuit with hydrocyclones to about 92% (-50 mesh), and two-stage cyclone desliming of the -50 mesh sands at 20 m. Weight recovery in the deslimed feed is normally 85 to 88% and the corresponding P2O5 recovery is usually about 90%. The deslimed feed is conditioned at 60 to 70% solids for 15 min at pH = 8-10 with 0.6 kg/t of causticized starch for iron oxide and calcite-dolomite depression. The conditioned slurry is diluted to 20 to 30% solids, about 0.2 kg/t of fatty acid or soap collector is added to the conditioner discharge, and the reagentized ore is subjected to rougher-scavenger flotation with additional fatty acid added to the scavenger float. The scavenger concentrate is returned to rougher circuit distributor, and the rougher concentrate froth is subjected to two stages of cleaner flotation to yield a final apatite concentrate analyzing 36 to 38% P205. Flotation recovery of P205 is, in general, above 90% when treating fresh carbonatite. The high-carbonate flotation tails normally analyze 1 % P2O5 or less and are suitable for portland cement production. The marine deposits. Types 1 and 2 of central Florida are representative of enormous reserves of phosphate rock that will undoubtedly account for much of the world's production in the near future. Until very recently the sedimentary deposits high in carbonate minerals (Type 2) have not been considered reserves due to the difficulty in making a francolite-carbonate separation. Although no commercial plant has yet been built to beneficiate Type 2 ore, laboratory and pilot plant data indicate the process is viable. If so, the reserves of Florida and similar deposits throughout the world will be substantially increased. A discussion of the beneficiation of these two types of sedimentary deposits and the relation of the resulting concentrates to the fertilizer industry of the United States is the subject of this paper.

Jan 1, 1981

By D. A. Stevenson, T. Alden, J. Wulff

A portion of the liquidus curve has been determined for the binary alloy systems Ni-Pb and Cr-Pb. The solubility of nickel is 0.53 atomic pet at 372° and 18.63 atomic pet at 1200°C. Chromium shows low solubility, 0.634 atomic pet at 1210°C. Molybdenum and tungsten were also studied and found insoluble in lead, less than 0.005 atomic pet at 1200°C. INCREASED use of liquid metals of low melting X point for heat transfer, coating, joining, and other purposes has renewed interest in the solubility of structural metals in these liquids. A study of Hansen1 and current literature indicates that few liquidus curves at the low melting end of the binary diagrams have been accurately delineated. This statement applies particularly to the binaries of lead. The present paper is limited to nickel, chromium, tungsten, and molybdenum in lead. In early studies2, 3 of the lead end of the Pb-Ni system, a monotectic at 1340°C was established. Tammann and Oelsen' determined the solid solubility of nickel in lead at 20°C to be 0.023 wt pet. Recently Pelzel5 determined the liquidus curve from the eutectic temperature of 327° up to 727°C using a segregation method. In the present paper this part of the curve has been checked and extended to 1244°C. The Pb-Cr system was first studied by Hindrichs.6 He pointed out the existence of a monotectic at 1470°C and indicated a tentative liquidus. Recent corrosion studies of Fe-Cr alloys in lead suggest that chromium is more soluble than iron in lead.7-8 The solubility of tungsten in lead according to Inouye8 is about 30 wt pet at 1200°C. Appreciable solubility of molybdenum in lead might therefore be expected. Experimental Various experimental techniques have been employed in the determination of solubility in liquid metals. For low solubility, thermal analysis is unsatisfactory. A segregation method was used by Pelzel3 in his study of the Pb-Ni system. In this procedure separation of liquid and solid is possible due to difference in density. In the technique of Kleppa10 a single piece of material is maintained in contact with the liquid metal in evacuated Vycor vials. After equilibration, solid and liquid are separated by tilting. Keck and Broder" measured the weight of a piece of the solid solute before and after immersion in a pure solvent bath; the weight loss was a measure of the solubility. All of the above procedures are time-consuming since they permit only one determination per run. Numerous samples for analysis may be taken from the melt in the method described by Gurinsky and CO-workers.10 The rate of extraction of samples is limited only by the time required for equilibration. In the present work, a modification of this method was employed. A 150-g charge of analytical reagent grade lead and the added metal* were contained in an Alun- dum crucible. It rested on firiely divided silica at the closed end of a 45 mm Vycor tube, 500 mm long. The top of the tube was provided with an inlet and

Jan 1, 1959

By E. C. Wright

The following article is based on observation of college graduates entering the steel industry in technical work made during the Past 25 Years, the first five of which were spent as a college instructor in two engineering schools, and the last 20 in the employ of a large steel company that has hired hundreds of engineering graduates for steel-mill operations. The college graduates encountered during this period have come from many colleges representing schools in Eastern States, Midwestern Universities, many Southern colleges, and many smaller colleges and normal training schools mostly in western Pennsylvania and Ohio. The college training of these students for engineering work naturally has varied widely and the educational qualifications of the entrants have been in many ways different. It was found at an early date that graduates of standard engineering colleges were much more adaptable than graduates in science from nontechnical schools. The engineering students seemed to be more suited to actual work in steel plants and in general were better able to grasp a knowledge of the operations they observed. However, although the graduates of engineering schools have had somewhat better training in physics, mathematics, and engineering, it has been a general and continual observation that most of the students employed have had inadequate training in the fundamental sciences. Since this discussion relates entirely to metallurgical engineers it should be emphasized that students taking metallurgical engineering courses in college seem to be poorly trained in organic chemistry-physics, physical chemistry, thermodynamics, and any higher form of mathematics than simple calculus. It has been noted frequently that young engineers faced with problems in a mill that involve some mathematics generally flounder badly, and that they have little conception of physical chemistry. Another common deficiency lies in the young graduate's lack of knowledge of where to look for the more detailed literature on any subject. He reverts instinctively to some college textbook whose coverage is usually very elementary. It is recommended that such textbooks contain a bibliography of the source literature. and that students be taught to use the original data. Many of the students had had previous courses in college dealing with metallurgical work such as steel melting, metallograhy, etc.r but it was found that their grasp of these subjects was extremely sketchy. It was soon realized that an ordinary engineering graduate could be taught more about steel melting and manufacturing processes in a few weeks in a plant than he could learn in a college course on such subjects. A similar statement may be made regarding the ability of students to conduct laboratory work. Their lack of technique and skill in handling equipment and setting up experiments was soon apparent. It became neces-

Jan 1, 1948

By E. C. Wright

The following article is based on observation of college graduates entering the steel industry in technical work made during the Past 25 Years, the first five of which were spent as a college instructor in two engineering schools, and the last 20 in the employ of a large steel company that has hired hundreds of engineering graduates for steel-mill operations. The college graduates encountered during this period have come from many colleges representing schools in Eastern States, Midwestern Universities, many Southern colleges, and many smaller colleges and normal training schools mostly in western Pennsylvania and Ohio. The college training of these students for engineering work naturally has varied widely and the educational qualifications of the entrants have been in many ways different. It was found at an early date that graduates of standard engineering colleges were much more adaptable than graduates in science from nontechnical schools. The engineering students seemed to be more suited to actual work in steel plants and in general were better able to grasp a knowledge of the operations they observed. However, although the graduates of engineering schools have had somewhat better training in physics, mathematics, and engineering, it has been a general and continual observation that most of the students employed have had inadequate training in the fundamental sciences. Since this discussion relates entirely to metallurgical engineers it should be emphasized that students taking metallurgical engineering courses in college seem to be poorly trained in organic chemistry-physics, physical chemistry, thermodynamics, and any higher form of mathematics than simple calculus. It has been noted frequently that young engineers faced with problems in a mill that involve some mathematics generally flounder badly, and that they have little conception of physical chemistry. Another common deficiency lies in the young graduate's lack of knowledge of where to look for the more detailed literature on any subject. He reverts instinctively to some college textbook whose coverage is usually very elementary. It is recommended that such textbooks contain a bibliography of the source literature. and that students be taught to use the original data. Many of the students had had previous courses in college dealing with metallurgical work such as steel melting, metallograhy, etc.r but it was found that their grasp of these subjects was extremely sketchy. It was soon realized that an ordinary engineering graduate could be taught more about steel melting and manufacturing processes in a few weeks in a plant than he could learn in a college course on such subjects. A similar statement may be made regarding the ability of students to conduct laboratory work. Their lack of technique and skill in handling equipment and setting up experiments was soon apparent. It became neces-

Jan 1, 1948

By Russell Webster

In having maintained production for more than 40 years Arizona's Magma mine is unique in a mineral district that includes several major copper mines. Other past and present producers in this area are Miami and Inspiration at Miami, the Old Dominion in Globe, the Ray mine in Ray, and to the south the new San Manuel mine near Tucson. Magma's production of copper, silver, gold, and some zinc has come from nearly parallel east-west striking mineralized faults, one called the Main or Magma vein and the other the Koerner vein, about 1100 ft to the south. This vein system has been prospected and partially mined for some 9000 ft horizontally and 4800 ft vertically. In ascending order from the deepest exploration level, the Main vein cuts Pre-Cambrian schist, Pre-Cambrian Apache Group, Post-Devonian diabase, and Devonian, Mississippian, and Pennsylvania limestones. Until 1950 very little ore was obtained from replacement mineralization.

Jan 10, 1958

DAVID THOMAS 1871 R. W. RAYMOND 1872-1874 A. L. HOLLEY 1875 ABRAM S. HEWITT 1876 T. STERRY HUNT 1877 ECKLEY B. COXE 1878-1879 WILLIAM P. SHINN 1880 WILLIAM METCALF 1881 RICHARD P. ROTHWELL 1852 ROBERT W. HUNT 1883 JAMES C. BAYLES 1884-1855 ROBERT H. RICHARDS 1886 THOMAS EGLESTON 1887 WILLIAM B. POTTER 1888 RICHARD PEARCE 1889 ABRAM S. HEWITT 1890 JOHN BIRKINBINE 1891-1892 H. D4. HOWE 1893 JOHN FRITZ 1894 J. D. WEEKS 1895 E. O. SPILSBURY 1896 THOMAS M. DROWN 1897 CHARLES KIRCHHOFF 1898

Jan 1, 1943

By M. G. Benz, J. F. Elliott

A new type of solution calorimeter has been constructed to measure heats of mixing, enthalpy increments, and heats of fusion, formation, and reaction at temperatures above 1000°C. With it, measurements hove been made of the partial molar heats of mixing joy tin in the Cu-Sn system from 0 to 13 at. pet Sn at 1127°C and fir nickel in the Cu-Ni system from 0 to 9 at, pet Ni at 1200°C. The integral molar heat of mixing for the Cu-Sn system is strongly negative with a calculated minimum value corresponding to the composition Cu3Sn. The integrnl molar heat of mixing for the Czi-Ni system is slightly positive at these temperatures. These integral molar values have been measured with a probable error less than 30 cal per g-atom at an atom fraction of nickel or tin equal to 0.1. The estimated probable error for the Cu-Sn system is approximately 450 cal for a measured heat of solution of approximately 9000 cal. For the Cu-Ni system it is approximately 700 cal for a measured heat of' solution of approximately 60 cal. A new type of heat of solution calorimeter was designed and constructed to provide a more accurate experimental method for determining heat effects at high temperatures, (T > 1000°C). With it, partial molar heats of mixing, enthalpy increments, heats of fusion, and heats of formation and reaction for metal systems can be measured directly. Previously it has been necessary to rely upon the use of the dropping calorimeter or the van't Hoff equation applied to equilibrium data for this information. For the most part equilibrium data are scarce and difficult to obtain in many cases, and it has been necessary to rely upon the "method of mixtures" for the desired enthalpy measurements. An earlier study1 provides a prototype for this work. The "method of mixtures" as outlined by K. K. kelley,2 "consists of dropping the substance under investigation from a furnace, with controlled and measured temperature, into a calorimeter operating at or near room temperature.'' In this manner the change in the total heat content (enthalpy) of the substance between the temperature of the furnace and that of the calorimeter is determined. In order to determine high-temperature heats of mixing, enthalpy increments, and heats of fusion, formation, and reaction, it is necessary to take the difference between two such measurements, one before and one after the occurrence of the enthalpy change being studied. The desired enthalpy change is then the small difference between two large numbers. Small errors in the large numbers are included as large errors in this small difference. It is this difficulty that must be avoided for accurate measurement of the desired functions. The procedure with the new solution calorimeter consists of dropping the substance under investigation from a furnace, with controlled and measured temperature, into a solution calorimeter operating in the temperature range of 1000o to 1200°C. Measurements in the range of 1200" to 1600°C are planned for the future. By selection of the composition and

Jan 1, 1964

By KING HAMILTON GRAYSON

IRON and steel were the only basic industries in the Soviet Republic in 1928 that lagged behind the pre-war production on a comparative basis. This was due to the almost complete obliteration of all industrial units manufacturing iron and steel products during the Revolution, which resulted in the production of 1921 being only 4 per cent of that of 1913. By the end of 1927 the production of pig iron had reached a point equal to 70.5, per cent of 1913; steel was 84 per cent ; and rolled iron was 78 per cent. According to the. planned program of the Supreme Economic Council, the pre-war level of the iron and steel industry was to have been reached and exceeded during 1929-30. The production of the entire period from 1917 to 1928 in comparison with 1913, is shown in the following table

Jan 1, 1929

DAVID THOMAS 1871 R. W. RAYMOND 1872-1874 A. L. HOLLEY 1875 ABRAM S. HEWITT 1876 T. STERRY HUNT 1877 ECKLEY B. COXE 1878-1879 WILLIAM P. SHINN 1880 WILLIAM METCALF 1881 RICHARD P. ROTHWELL 1852 ROBERT W. HUNT 1883 JAMES C. BAYLES 1884-1855 ROBERT H. RICHARDS 1886 THOMAS EGLESTON 1887 WILLIAM B. POTTER 1888 RICHARD PEARCE 1889 ABRAM S. HEWITT 1890 JOHN BIRKINBINE 1891-1892 H. D4. HOWE 1893 JOHN FRITZ 1894 J. D. WEEKS 1895 E. O. SPILSBURY 1896 THOMAS M. DROWN 1897 CHARLES KIRCHHOFF 1898

Jan 1, 1944

Bailey, Lewis Newton, Master Engineer, Senior Grade, 4th Regiment, U. S. Engineers, Headquarters Company, died of pneumonia at Camp Merritt, N. J., on April 30, 1.918. Baird, Louis, Lieut., Royal Field Artillery, British Army, died on the battlefield in 1915. Cobeldick, William Morley, Royal Engineers, died from gas poisoning on October 7, 1915. Dougall, Ralph, killed in action Evans, Alfred Winter, Lieut.-Col., New Zealand_ Rifle Brigade, D. S. 0., D. C. M., killed in action on October 12, 1917. Hague, William, 1st Lieut., Engineer Officers' Reserve Corps, died in active service.

Jan 8, 1918

Jan 1, 1930

INTRODUCTION The after-tax rate of return that properly discounts future cash flows is usually referred to as the "discounted cash flow-rate of return" (DCF-ROR). The method is also referred to as the internal rate of return, true rate of return, and investor's rate of return in some literature. According to Stermole (1974, p. 188) industry polls indicate that the DCF- ROR method is the number one economic evaluation decision method used by more than 90% of the industrial companies that use for- mal economic evaluation procedures. Other economic evaluation methods that have been used in the past, such as payback period, accounting ROR, etc., have largely given way to DCF-ROR analysis because they fail to account properly for the time value of money. DCF-ROR is generally defined as that rate of return that makes the present worth of future generated cash flow over the life of the project (including after tax salvage value) equal to the present worth of all after-tax investments. The "present worthing" of future cash flow involves discounting future cash flow to a present value according to the mathematics of compound interest at some interest rate. The determination of the interest rate that equates the present worth of future after-tax earnings with the present worth of all after-tax investments necessary to create such earnings is properly called the discounted cash flow rate of return analysis. Although present worth calculations are usually used for determining the DCF-ROR, the same results can be obtained by comparing income and costs of any equivalent point in time, i.e., future worth, etc.

Jan 1, 1980

Jan 1, 1942