The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1899-06-14
NOT YET FOUND.
Manager OF the Federal Steel Company
Believes there are Many Unbound
Ore Deposits.

Ore Deposits.
II. Fl. Porter Of Chicago. chairman
OF the executive committee Of the
Federal Steel and Minnesota Iron
companies, and one OF the most astute
and far seeing men Of the day in the
iron industry, does not subscribe to
the theory advanced by some other
well known men connected with the
business. that all of the good iron ore
beds have been discovered, and that
as result limit to production for
the future may be figured out. Mr..
Porter was in Ely Friday with the
Federal company.
THE American public" said Mr..
Porter, Clocks forward with confidence
TO great and growing prosperity in
the iron and steel business Of this
country. There are some people
whose opinions are well worthy of
consideration. who profess to believe
that all of the good ores have been
discovered. Now, it Is very plain
JudD VIC IdliuOO hdSC UOOh
in the iron aud steel business and a
limited supply of ore. Ii the people
that believe all the good ores Of i'm
portant quantities have been found
it is a great misfortune that there
are not more large deposits. but l do
not agree with the opinion that all
the good ore has been located. My
opinion is that only small proper
tion of the good ore has been located.
My opinion is that only small pro-
portion of the good ores have been
found. Many profess TO think that l
am wrong, but am acting on the
basis that am right aud they are
wrong. The country will certainly
be better off if am right. will say
this, however, that there will doubt
less be more expense attached to ex-
ploratory work for iron ores in future
But that new important finds Of ore
deposits will be reported in the future
/ have no doubt"
Speaking of the iron and steel situa-
tion. Mr.. Porter said:
ut Is an old saying that iron is
either king or a pauper. With the
return Of prosperity there has been a
great demand on the United States
for iron and steel products and the
entire country has been stimulated in
consequence as with tonic. Labor
has felt the benefits and plants that
had long been idle were encouraged
to resume operations. The great
hope in the iron industry. with i'm
proved machinery, the discovery of
ore beds and the deepening OF the
harbers and connecting waters Of the
great lakes, thus cheapening water
transportation while leaving a profit
for the vesselman, is TO be an import
ant and enduring element in supply
ing the worlds markets. To accom-
plish this we have got TO be prudent,
far seeing, and not too enthusiastic
on the value of any one element. If
this country. from examination, shall
show big quantity of ore in the
ground, so that the value of ore as
ore shall be so cheap that it can be
largely consumed, leaving a compare
lively small profit to the mine per
ton and at the same time affording
opportunity to mine many tons, ]
can see no reason why this prosperity
cannot continue indefinitely. If, on
the other hand the supply of ore
should prove to be limited SO that the
value of ore as ore in the ground
should be largely increased, then we
have now more manufacturing plants
than are required to supply the wants
of this country and manufacturing
will necessarily be overdone and prices
again leave nothing except loss for
them. But if they have an abund-
ance of ores they will be able to make
finished products so low that they
can supply the world. My opinion, as
l have already said, is that the mass
of ore now known to exist is but a
small part of the ore that actually
exists. and the finding of it is essen
tial."
Mr.. Porter says that the manufac-
ture of iron and steel products at the
head of the lakes, on large scale at
least is a great way of for the reason
that the market tributary to this
point is limited. He says that Colo
RADIO has the coal and the iron ore but
no market, but that if that state was
as favorably situated with reference
To a market as Ohio neither Chicago
nor PENNSYLVANIA could cOmnete with