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By Arthur L. Christenson, Clarence E. Jackson

In the establishment of the relationship between weldability and hardenability, two methods have been employed in correcting for the grain growth produced in the heat-affected zone: first, the hardenability calculated from chemical composition* may be corrected to the grain size observed in an actual weld? or, second, a hardenability test may be made on the steel quenched from a temperature high enough to produce a grain size comparable to that found in the heat-affected zone.8 In order to obtain grain sizes in the end-quench hardenability bar comparable to those resulting in the base metal from the welding cycle, a quenching temperature of 2Ioo°F. has been used. In studies of the end-quench hardenability specimen quenched from 2Ioo°F. instead of from a lower temperature of I7OO°F., it is impor-TaiiT to ascertain The relative cooling rates for various distances along the bar. It is a question as to whether the cooling occurs at the same rate or whether there is any significant difference from the standard cooling-rate curve published by Jominy and confirmed by others.4,5 This paper reports experimental evidence concerning the effect of quenching temperature on the cooling rates in the end-quench hardenability test. The effect of quenching temperatures on cooling rates has been studied by a number of investigators.6'7 French has considered this effect from both theoretical and experimental aspects. In French's studies on complete quenching of spheres and rounds, an increase in the quenching temperature caused an increase in the cooling rate at 720°C. at the center of the specimen. The center cooling velocity also has been shown to be dependent upon the surface per unit volume for the type of specimens studied; the velocity of cooling increases with an increase in the surface per unit volume. Three methods of indicating the rapidity of cooling of a body of metal during a quenching operation have been propped: I. The time it takes for the metal to cool from the quenching temperature to a temperature halfway between the quenching temperature and the temperature of the quenching medium (half-temperature time): Grossmann, Asimow and Urban7 justify the use of this criterion by the fact that the half-temperature time includes the temperature and time of incubation as well as the zone of formation of pearlite and, further, the data so derived accord very closely with experimental values. 2. The time interval the metal remains in a given temperature range; for example,

Jan 1, 1944

NEW MEMBERS The following list comprises the, names of those persons who became members during the period June 10 to July 10, 1914: Members ALDRICH, HAROLD W., Supt. of Leaching Plant, Washoe Red. Wks., Anaconda Copper Co., Anaconda, Mont. AYER, FRANK ASHTON, Mine Foreman.. ..Detroit Copper Co., Morenci, Ariz. BELL, ARTHUR F. L., Chief Engr., Associated Oil Co.., 817 Sharon Bldg., San Francisco, Cal. BERGMAN, JULIUS GUSTAF, Mech. Engr., Chief Draftsman, Arizona Copper Co. Morenci, Ariz. BURT, CURTIS F., Min. Engr., Pittsburg-Dolores Mining Co., Rockland, via Yerington, Nev. CALLAWAY SCOTT DAVID, Chem La Harpe Smelter Co., La Harpe, Kan. CAMPBELL, W. C., Min. Engr 4 Princess St., Roodeport, Transvaal, So. Af. CARROLL, GEORGE A., Genl. Mgr Kildare Min. Co., Manson, B. C., Canada. CARUTHERS, JOHN LYTLE, Min. Engr., Asst. Engr., St. Louis, Rocky Mountain & Pacific Co.. Raton. N. M.

Jan 8, 1914

By Jerry G. Rose, Robert C. Howell

This paper addresses a process by which both the disposal and utilization of preparation plant coal refuse can be simultaneously accomplished with an attendant benefit of significantly increasing the percentage of extractable coal. A laboratory study is described in which coal refuse was successfully utilized as an aggregate in low cost concrete (coal-crete) mixes under simulated mine environments. Coal-crete specimens with compressive strengths of 14 000 kPa (2000 psi) were consistently produced. A construction sequence and mining plans are offered for placing the low-cost coal-crete pillars in accessible areas in room and-pillar mines so that a substantial portion of the remaining coal pillars could be extracted. The method could be applicable in areas where mining procedures do not permit pillar extraction became of possible surface subsidence, roof problems, or other conditions. Possible structural difficulties with the coal- crete pillar support system are discussed. Using a discounted cash flow analysis, the economic feasibility of mining with the coal-crete pillar system is investigated. The cost of the system is compared to the cost of a mining system which would have less coal recovery. The analysis indicates that although at higher coal selling prices the coal-crete mining system may yield an acceptable rate of return, the alternative of leaving the coal pillars is more attractive at the present time.

Jan 3, 1979

Report of the Secretary TO THE BOARD OF DIRECTORS OF THE AMERICAN INSTITUTE OF MINING AND METALLURGICAL ENGINEERS Gentlemen:-To a Board of Directors keeping in as close touch with all of the affairs under their care as do the Board of Directors of the A. I. M. E., through their monthly meetings, a report of the year's progress is almost superfluous. To the members who read the monthly reports of. the Board Meetings and of the various activities of the Institute as published each month, a yearly report cannot carry much fresh information; yet for both it may be well, as is the custom, to glance over the field of our activities during the past year, and to make an estimate for the year to come. The beginning of 1924 was not propitious for the members of the mining profession, though tonnage production for 1923 had been high and the gross value higher than for several years. The margin of profit had been narrow, prospecting and development were limited, and many of our members were unemployed, or were working in other industries. Toward the end of the year, higher metal, prices were in sight. Old-time optimism began to grow, and it now brightens the outlook for 1925. An excellent barometer of the prosperity of the industry, and that of the Institute, for they go hand in hand, is the work of our Employment Bureau. During the past few months, the percentage of our members for whom openings have been found has been increasing to a marked extent, and many members who had fallen in arrears are placing themselves in good standing. The number of new members joining has remained about as it was in 1922 and 1923. The Directors have reason to congratulate themselves on the interest maintained during a dull period, for it is not humanly possible to take a keen interest in the technology of an industry when our hands and minds are not actively engaged in it Now, with a much brighter outlook, we can look forward to a year of increasing prosperity for the industry and for the Institute.

Jan 3, 1925

By Benjamin F. Tillson

The hammer drill rightly receives the credit for having made the one-man drill possible, and so many economies seem possible through the proper application of different types of hammer drills to various mining, quarrying, and excavating operations, that an indication of the 'economies effected by the New Jersey Zinc Co. at its Franklin mines may be of pertinent interest. When this company commenced its trials of hammer drills in 1907, these tools had not been developed to one-fourth the capacity and refinement which they have at present. At that time it was frequently stated that such a small tool, drilling holes of less diameter than the reciprocating rock drill, could not drill enough holes in a shift to permit the placing of sufficient explosive to break a tonnage of ore comparable with that produced by the "rock drills;" that the placing of small holes inclined upward, at angles steeper than 40' above the horizontal, could not be expected to produce results equal to the large flat, wet or dry, holes in the breasted back of an overhand stope, and would only shatter the ground so as to make the back unsafe. In spite of these adverse opinions, the hammer drills first showed their superiority over both heavy and light reciprocating drills in raising and in stoping, and then in drifting and quarry work. As a result, all of the reciprocating drills at the Franklin mines were scrapped three years ago, all of the mining work being accomplished with increased efficiency, as shown in detail in this article. With the advent of the hammer drill in this property, it was considered advisable to make comparative tests of all the tools accessible, and it has since been the policy to investigate the merits of any advance of the drilling art in order to get the maximum amount of work from the tools. The necessity of devising some means of standardizing drill tests, and of measuring the consumption of compressed air as well as the drilling speed, was early realized. The common test was to fill a measured air receiver with compressed air at a certain gauge pressure, run the drill until the pressure had dropped to too low a figure, then compute from the time, drop in pressure, and

Jan 1, 1915

By J. D. Wright

INTRODUCTION The Endako deposit was first explored in 1926, but development waited until the early nineteen sixties. It first came under the control of Placer Development in 1963, and early in 1964 a decision to bring it into production was reached. The deposit is located near the geographic center of British Columbia, and is served by an east-west communication system including a paved highway, mainline railway and good telephone, teletype, and computer facilities. The plant area is shown in Figure 1. The operation is known as the Endako Mines Division of Canex Placer Limited of Vancouver. First production was achieved in June, 1965, at a nominal rate of 10,000 tons per day, but it soon was closer to 15,000 tons per day. In 1967, two new grinding and flotation, sections brought capacity to the present rate of approximately 27,000 tons per day. With mill heads of around 0.15 percent MoS2, production is about 14,000,000 pounds of molybdenum per year. A flowsheet of the operation is given in Figure 2. A legend for this flowsheet is given in Table 1. Published ore reserves are estimated at 214,500,000 tons at an average grade of 0.143 percent MoS2. PRIMARY CRUSHING The 85 or 100-ton haulage trucks dump over a grizzly into a 42 inch x 65 inch C.A.C. (Canadian Allis Chalmers) gyratory crusher. The

Jan 1, 1976

By Dudley Homer

MINAS DE MATAHAMBRE, S.A. is a Cuban mining corporation with mines located in the Matahambre district about 100 miles westerly from Havana in the Province of Pinar del Rio. The port of entry is the subport of Santa Lucia on the north coast of Cuba. The mines are located six miles inland at the town of Minas de Matahambre. Minas de Matahambre and Santa Lucia are connected by a 9-mile automobile road, and a 30,000-ft. Leschen aerial tramway. At the subport of Santa Lucia the company maintains docks, concentrate bins, tugs, lighters, and miscellaneous shipping equipment. The power plant of the company is also located at Santa Lucia. Connection between the power plant and the mine is effected by a 30,000-ft. transmission line. In the town of Minas de Matahambre are located the mines, concentrator, shops, and warehouses. The con-centrates are transported to Santa Lucia by the Leschen aerial tramway. The mines are equipped with three shafts, viz., Nos. 1, 2, and 3. (Fig. 1.) No. 1 Shaft is a three-compartment vertical tim-bered shaft and has reached a depth of 1825 ft. This is the present main hoisting shaft. No. 2 Shaft is a four-compartment vertical shaft lined with steel sets and native hardwood lagging. Certain portions where the ground is heavy have been lined with re-inforced concrete. Practically all production will be hoisted eventually through this shaft. No. 3 Shaft is a three-compartment vertical timbered shaft. It has reached a depth of 1090 ft. Its purpose is for prospecting, ventilation, and handling men and sup-plies through the north section of the mine.

Jan 1, 1933

By Thomas N. Walthier

If current trends continue, the shrunken world of exploration will keep on shrinking and the number of new mines will be insufficient to meet production requirements. Mineral shortages-not natural, but government induced-will then occur.

Jan 5, 1976

Jan 1, 1961

By S. P. Burke

THE presence of gas in coal mines necessitates the use of costly ventila-tion arrangements and the use of expensive mining methods. On the other hand, the gas itself in many instances is of considerable intrinsic value, and its separate recovery might conceivably be a profitable under-taking. This paper is concerned with a study of the movement of gas in coal strata with the object of determining the laws governing gas move-ment and thus making at least a preliminary step toward the solution of the more practical problem of its control or recovery. Naturally, so important a subject has received much attention from scientists and engineers. In most cases, however, the studies have been concerned with the origin1?, the amount2, the composition3 and the method of retention4 of the gas in coal; or, from the more practical side, have been concerned with the phenomena and conditions associated with outbursts5 or explosions and their control. Numerous studies also have been made of the permeability of coal to gas6, of gas pressures measured in coal seams, etc. The authors are unaware, however, of any attempt to present a consistent or complete picture of the laws governing the movement of gas through the coal.

Jan 1, 1935

By Courtenay de Kalb

REVISION of the United States mining law is needed. chiefly because of the following reasons: 1. The conceptions as to the characteristics of orebodies that were held at the time the statute of 1872 was enacted have since proved to be in many respects erroneous. 2. The operation of the existing law has been found to work unnecessary hardship upon many claimants to mineral land. 3. The existing statute fails in large degree to encourage development of mineral resources. 4. The existing law often produces conflict between placer and lode-claim rights, working unnecessary injustice to placer claimants. 5. The methods of establishing the rights of locators on United States mineral land are defective, and are not uniform throughout the States within which such lands exist. LAW OF THE APEX The objections to the so-called "law of the apex" are so well known as to require no detailed statement. It is sufficient to point out that the apex rule was based upon the notion that ore deposits consisted of well-formed veins included between definite walls, like the slice of ham in a sandwich. The fact is that veins conforming to that simple type are rare. Irregularity is the rule, and the chief metal production of the United States comes from masses which bear no resemblance to the tabular form of vein. Manifestly the law of the apex fails completely in such cases. Moreover, the tendency is constantly toward the exploitation of ores of lower grade than could formerly be worked, and such deposits exist mainly in the form of large irregular impregnated zones and masses, so that the future. development of our mineral resources would be continuously embarrassed by shadowy claims to extra-lateral rights by the locators of so-called apexes

Jan 2, 1915

By Owen F. Devereux

Two discrete types of microstructure me seen in cermets formed by the reaction: 4Al (liquid) + 3SiO2 (glass) — 2A12O3(a) + 3Si (solid) Relatively coarse-grained macroscopically isotropic specimens resulted from reaction with aluminum containing appreciable silicon, while macroscopically anisotropic fine-grained specimens were formed by reaction with aluminum low in silicon. Optical microscopy, electron microscopy, and X-ray diffraction suggest that the anisotropic material contains gross areas in which submicroscopic grains of a A12O3 are oriented along radial lines drawn from the specimen surface. These lines are presumed to originate at defects in an otherwise protecting surface layer. A unique cermet is formed by the reduction of high-silica glass by molten aluminum according to the reaction: 4A1 (liquid) + 3SiO2 (glass) — 2A12O3 (a) + 3Si (solid) The free-energy change accompanying this reaction is -150 kcal at 800°C; the volume change (volume of A12O3 and silicon minus volume of SiO2) is +6 pct. The reaction product, however, contains aluminum metal as well as Al2O3 and silicon because some of the product silicon is dissolved in the aluminum bath and is replaced by aluminum in the structure. The product is a hard gray solid that retains the external dimensions of the original silica article. The system has been studied in the past, the investigations culminating in patents to George1, 2 and Saw-chuk., The former emphasize that this reaction is but one of a relatively broad class of such systems, while the latter demonstrates that a marked improvement in the gross physical properties of the cermet can be obtained by dissolving appreciable quantities of silicon in the aluminum reactant. The system has also been studied by workers at Rolls Royce Ltd.,4-6 who have patented the addition of small quantities of arsenic, antimony, bismuth, or phosphorus to the reactant bath to SO impede the reaction that glass fibers may be metal-coated by immersion in molten aluminum.

Jan 1, 1969

By Frank H. Macpherson

Few people realize the tremendously important part that Saline and Pulaski Counties in central Arkansas have played in the winning of the war The present favorable war situation might have been very different if we had not had the bauxite produced during the past two years from these two small areas, a total Of about 15 square miles. As a general statement, it can be said that the Arkansas bauxite deposits are, individually, relatively small, irregular in thickness, somewhat scattered and, therefore, compared with coal or iron-ore or open-pit copper deposits, relatively ill adapted to a rapid and drastic expansion in output. A few years ago it would have seemed an impossibility for these two counties to produce over six million long dry tons of bauxite in one year. However, with the cooperation of the operators, that is what happened in 1943, when the state of Arkansas achieved the seemingly impossible with a production of 6,020,684 1 long tons (dried equivalent) of bauxite ore during the calendar year, compared with an average annual production of 323,7252 tons in the period 1931 to 1941. It became apparent early in the year '94' that the united States soon might be drawn into the war, and, therefore, that an immediate study of the domestic metal situation was necessary. Aluminum is by far the most important metal used in the manufacture of aircraft and many other implements of war and it was evident that there would have to be a tremendous increase in the domestic production of bauxite, which is practically the only present source of this metal. AS more than 95 per cent of the known bauxite reserves of the United states was in Arkansas, careful preliminary studies were made in that state by representatives of the united States Bureau of Mines, the United States Geological survey and the War Production Board in the summer of 1941 Reserves in other states also were studied. The result of these studies was a recommendation by the War Production Board that mining in the bauxite.producing areas of Arkansas be geared for maximum production, in order to supply sufficient ore for this country's war requirements and, if necessary, to supply the war needs of Canada as well. The annual goal of eight million long tons (dry weight) set for Arkansas by the war Production Board was exceeded in 1943, when in August the output reached a rate equivalent to more than 8,300,000 long tons, dry basis. Because of the comparatively small tonnage of bauxite reserves, Congress appropriated funds for an extensive drilling program to be carried out by the Bureau of Mines in cooperation with the Geological Survey. Drilling began in May 1942 but owing to delay in delivery of drills, and trucks upon which the drills were mounted the program did not get into peak operation until early in 1943. By the end of July 1944, the Bureau of Mines records indicated an addition to the Arkansas reserves of 10,000,000 long tons (wet basis) in place,

Jan 1, 1946

By J. B. Fisken

(Butte Meeting, August, 1913.) BEFORE touching upon the immediate subject of this paper a few facts of a historical nature as to the general application of electricity to mining might be of interest. As to what was actually the first application of electricity to mining, opinions will no doubt always differ. My experience does not go back far enough, nor are the records to which I have had access of any value as covering this point. Sydney F. Walker, a man whose pioneer experience in the application of electricity to mining purposes dates back as far as 1876, ,gave an interesting resume of the subject in an address before the South Wales branch of the Association of Mining Electrical Engineers at its 1.913 session, and, unless his statements are shown to be wrong, they should be accepted as facts. According to Mr. Walker, the ignition of charges of blasting powder was the first operation in mining to be accomplished with the aid of electricity. Very frequently this energy was furnished by a static machine and occasionally by a magneto generator. Later, this was followed by the application of electricity to bell signals, and we are told that this application was looked upon skeptically and regarded as an expensive experiment by the mining managers of those early days. At the Paris Exposition of 1878, there was exhibited an electric lamp, which suggested future possibilities to the mining engineers of those days. The first successful application of electric lighting to underground excavations that I have been able to find any record of is that of M. Blavier. In the year 1879' he installed two Serrin lamps and successfully illuminated one of the large underground chambers in the Angers slate quarries. Another early application of electricity to the lighting of mines is that in the large chambers in the salt mines of Maros-Ujvár, in Hungary; these have been regularly and successfully lighted elec-

Jan 6, 1913

By Rodney Lawrence, Tim Hackett

INTRODUCTION The western USA contains significant coal reserves in seams 10 feet or more in thickness which lie too deep for surface mining. As part of a demonstration of the use of two legged shield supports in the United States, Kaiser Steel Corporation, under contract to the US government used the longwall method to mine a ten foot thick coal seam in New Mexico. Caliper type shield supports and double drum shearers were used in three longwall panels. During the test, technical, production, and safety data were collected to objectively evaluate the performance of the shields in mining the thick coal seam. This paper presents discussions of practical operating experience and summary statistics to aid the mining industry in planning longwall mines in similar conditions.

Jan 1, 1981

By R. W. Jenkins, O. J. Neslage

The need for mechanized drilling to decrease mining costs has resulted in the development of the jumbo from column-and-bar drill carriages to hydraulically controlled jib jumbos. Resultant savings from use of improved jumbos have been high enough usually to retire the machinery investment within a year. The jib jumbo unit has been applied successfully to development and preparation programs and flat-bedded stopes, and an even wider field is forecast for its use.

Jan 1, 1950

By Albert Ledoux

SEVERAL years ago my firm was representing the Mt. Lyell Co. of Australia, which was shipping its blister copper to a refining works in the United States. After the contract had been running for many months, the superintendent of these works discovered that if water was poured upon the surface of the bars much of it would disappear into the interior through blow holes. -Some experiments made by him showed that this could be a considerable amount, so that copper which had been rained on before it was weighed, although the surface appeared dry, nevertheless would contain water. It had frequently occurred in our experience-as samp-lers that the drillings from a lot taken by boring would come out quite wet, and in some cases, indeed, water would drip into the sample pan placed below the bars, due to the fact that the drill had penetrated a cavity or cavities containing water, which presumably got into the cavities at the time the copper was water-cooled after casting, there being, perhaps, no outlet to the surface. So far as I know, until this discovery at the refining works, no. one had thought that rain could penetrate into the interior of blister copper; at least in any quantity sufficient to be considered.

Jan 10, 1922

By Kenneth B. Ray, George R. Gardner

The application of wet cleaning processes for the beneficiation of bituminous coal has created in some localities a problem in the recovery and disposal of fine solids in the washery water. The maximum allowable concentration of these solids in the washery circuit that is consistent with satisfactory operation of the cleaning units remains a controversial point. It has, however, been generally recognized for a number of years that some degree of control should be exerted over the concentration of such material. Early methods of control involved intermittent or continuous discharge of a portion of the plant slurry into near-by streams or settling ponds, and this persisted even after the adoption of settling tanks or cones. The practice is not always economical, for two reasons: first, because of the waste of coal, and, second, because it is sometimes difficult and expensive to obtain an adequate supply of water. The latter condition often is aggravated by chemical treatment of the make-up water that is necessary to prevent excessive corrosion of plant equipment. The modern approach to this problem has been the adoption of continuous thickening devices. However, because such equipment occupies considerable plant space and is somewhat expensive to construct, the practice of loading these thickeners beyond their rated capacity is widespread, therefore often the performance of such units is not altogether satisfactory. In recent years, European washeries have increased the rate of settling of the fine coal from the slurry by the addition of specially prepared starch solutions. These reagents cause flocculation of the solid particles and thereby increase the rate of sedimentation. The first important work on the flocculation and clarification of coal slurry was done by Henry, who developed the Henry process and used it successfully in Belgian preparation plants. Soon after the initiation in Belgium, the process was introduced into England, where subsequent investigation developed similar processes, which were successfully used in

Jan 1, 1940

By George R. Gardner, Kenneth B. Ray

The application of wet cleaning processes for the beneficiation of bituminous coal has created in some localities a problem in the recovery and disposal of fine solids in the washery water. The maximum allowable concentration of these solids in the washery circuit that is consistent with satisfactory operation of the cleaning units remains a controversial point. It has, however, been generally recognized for a number of years that some degree of control should be exerted over the concentration of such material. Early methods of control involved intermittent or continuous discharge of a portion of the plant slurry into near-by streams or settling ponds, and this persisted even after the adoption of settling tanks or cones. The practice is not always economical, for two reasons: first, because of the waste of coal, and, second, because it is sometimes difficult and expensive to obtain an adequate supply of water. The latter condition often is aggravated by chemical treatment of the make-up water that is necessary to prevent excessive corrosion of plant equipment. The modern approach to this problem has been the adoption of continuous thickening devices. However, because such equipment occupies considerable plant space and is somewhat expensive to construct, the practice of loading these thickeners beyond their rated capacity is widespread, therefore often the performance of such units is not altogether satisfactory. In recent years, European washeries have increased the rate of settling of the fine coal from the slurry by the addition of specially prepared starch solutions. These reagents cause flocculation of the solid particles and thereby increase the rate of sedimentation. The first important work on the flocculation and clarification of coal slurry was done by Henry, who developed the Henry process and used it successfully in Belgian preparation plants. Soon after the initiation in Belgium, the process was introduced into England, where subsequent investigation developed similar processes, which were successfully used in

Jan 1, 1940

By M. Kaitz

A continuing discussion in both the petroleum engineering and economic literature is directed to the difficulties encountered in the use of discounted cash flow rate of return (DCF) as a measure of investment worth. Although useful in most Instances, DCF has been criticized because it is time-consuming in its trial-and-error solution, theoretically invalid, not adaptable to cash flow streams yielding multiple return solutions and not entirely reliable in selecting between mutually exclusive investments. The theoretical invalidity of DCF stems from the reinvestment assumption implicit in the calculation that earnings are reinvested at the DCF rate. The emerging consensus of the economic literature is that the net present value or the present worth of the net cash flow stream (discounting at the average opportunity or cost of capital rate) is more correct and reliable. Other criteria proposed have been ratios of net present value divided by initial investment or by present value of all investments in a project. All of these criteria are simple to determine and explicitly assume a reinvestment rate for [he income generated by a project. This paper develops and discusses a theoretically valid profitability criterion which is simple to compute and retains the appeal of a percent return on investment. It is called "percentage gain on investment" or PGI. It measures the gain an investment is expected to realize over like capital invested in the average opportunity and explicitly considers reinvestment potential. Why add another Concept to the large array of investment criteria now available, any one of which, or perhaps a combination of several, appears to embrace the form's (or individuals) objectives? The answer is that not one of the existing criteria provides both a readily comprehensible and theoretically valid measure of risk coverage that has general application. The proposed PGI does fulfill these requirements. INTRODUCTION An ancient expression warns that "one must yield to the times" — there are better ways of doing things. A review of the petroleum engineering and economic literature on one topic alone, measurement of investment worth, certainly is witness to this truth. In use for a number of years, the DCF has recently received attention, directed mainly to its theoretical invalidity. Several alternatives to DCF have been proposed to provide a valid, simply determined criterion to describe investment worth and to overcome the criticisms previously mentioned. This paper introduces another method called percentage gain on investment (PGI) and is proposed as but one of several yardsticks that should be used in making investment decisions. MEASURES OF INVESTMENT WORTH This paper will consider only those criteria which give weight to the time pattern of future earnings. These criteria are usually compared with an average opportunity rate or cost of capital of the firm to judge the relative worth of the investment. For purposes of demonstration, a 9 percent average opportunity rate will be used throughout this paper. Implicit in the DCF calculation is the assumption that earnings are reinvested at the DCF rate. Some argue, though, that there is no reinvestment assumption,' that the DCF rate is simply that maximum rate of interest one can pay on the investment over the life of the project and break even. The determination of DCF is accomplished by discounting the net cash flow stream at that rate (DCF) which will yield zero. The question is: why should reinvestment potential be explicitly considered in calculating return on investment or other criteria measuring economic worth? Perhaps the answer lies in consistent or equal treatment of future cash flow. It appears entirely illogical to give different present worth value to $1 received, say, 10 years from now, which is the circumstance resulting in comparing projects with different DCF returns. In fact, $1 received in 10 years has the same value regardless of which project generated the income. DCF return thus favors investment projects which are expected to provide early income as compared to those providing long-term income. Not surprisingly, the controversy on reinvestment assumption is an old one. Hoskold' discussed this same problem in 1877. He considered the future income from mineral properties as an annuity or a series of fixed future payments. (As will be demonstrated, his equation can be modified for variable income.) Prior to Hoskold, the value or what one could pay for the mine, was determined with the use of standard, single-interest tables. Here is what Hoskold said with regard to these tables. "This table, and others of its kind, to be found in most works on annuities, is constructed correctly according to