B727-232 EXPERIENCES AN ENG FAILURE ON TKOF. ENG SIMPLY SPOOLED DOWN DURING INITIAL TKOF ACCELERATION. TKOF ABORTED.

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ON TKOF ROLL -- JUST AS THRUST LEVERS BEING 'FINE TUNED' TO TKOF PWR; SPD APPROX 55 KTS; #1 ENG'S EPR DROPPED TO 'THE BOTTOM OF THE GAUGE;' WITH OTHER GAUGES REACTING ACCORDINGLY. AS DESIGNED; 'AUTO PACK TRIP' SYS ILLUMINATED 'ENG FAIL' LIGHTS. THRUST LEVERS RETARDED -- FO ADVISED TWR OF ABORT AND SO (WHO WAS ON INITIAL NEW HIRE IOE) ADVISED PAX OF SIT TO KEEP THEM ADVISED AND PREVENT UNCOMMANDED EVAC; ETC. (HE DID A GREAT JOB!) NO VIBRATIONS; COMPRESSOR STALLS; NOISES; ETC; -- ENG JUST QUIT. DUE TO SLOW SPD; COASTED TO RWY TURNOFF; ACCOMPLISHED 'ENG FAILURE CHKLIST' INCLUDING FIRE HANDLE PULLED AS A PRECAUTION. REVIEWED BRAKE ENERGY SIT. RETURNED TO GATE; FLT EVENTUALLY CANCELED. UNCERTAIN OF PROB AS CREW REROUTED BEFORE MAINT FOUND PROB. FILLING OUT RPT TO 'COVER WITH PAPERWORK;' BUT WILL ADD; HAD BRIEFED ABORT PROCS AT TRIPS BEGINNING AND SPECIAL SALT LAKE ENG FAIL PROCS DUE TO TERRAIN; BEFORE TKOF. GLAD TO KNOW WE WERE 'TOGETHER' AS WE WEIGHED 178500 LBS AND HAD THIS OCCURRED AT ROTATION; ETC; SIT WOULD HAVE BEEN MUCH BUSIER!