The Virginia enterprise. [volume] (Virginia, St. Louis County, Minn.) 1893-19??, 1899-06-16

Mr.. Porter, "iooks forward with
confidence to great and growing
prosperity in the iron and steeI
business of the country. There
are some people whose opinions
are worthy of consideration. who
profess to believe that all of the
good ores have been discovered.
Now, it is very plain that VIC
cannot haye both prosperity in
the iron and steel business and q
limited supply of ore. II the
people that believe all the GOOD
or important quantities have been
found, it is a great misfortune
that there are not more large de,
posits; but l do not agree with
the opinion that all the good ore
has been located. My opinion is
that only a small proportion OF
the good ores have been found.
Many profess to think that I am
wrong, but I am acting ON the
basis that I am right and they
| are wrong. The country will GER
tainly be better off if I am right.
Twill say this, however, that
there will doubtless be more ex
pense attached to exploratory
work for iron ores in future. But
that new important finds Of ore
deposits will be reported in the
future I have no doubt.
Speaking of the iron and steel
situation, Mr.. Porter says:
1T 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 a tonic.
Labor has felt the benefits and
| plants that had long been idle
were encouraged to resume op :
eratioos. The great hope in the
iron industry, with improved ma.
chinery, the discovery of ore beds
and the deepening of harbors
and connecting waters of the
great lakes, thus cheapening the
water transportation while Ieav
ing profit for the vesselmen, is
to be an important and enduring
element in supplying the worlds
markets. TO accomplish this we
have got to be prudent. far see-
ing, and not too enthusiastic on
the value of any one element. If
this ..country, from examination,
shall show a. big quaatityof ORC
in the ground, so that the value
OF ore as ore shall be so cheap
that it can be largely consumed,
leaving a comparatively small
profit to the NINE per ton and at
the same time affording oppor
tuuity to mine many tons, I see
no reason why this prosperity
should not continue indefinitely.
If on tho 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 in
creased, 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 but
loss for them. But if they have
an abundance of ores they will be
able to make finished products
so low that they can supply tho
world. My opinion, as I have
already said, is that the mass Of
ore now known to exist is but i
small part of the ore that actu.
ally exists, and the finding of Il
is essential"
Mr.. Porter is further quoted
as saying that he considers the
manufacture of iron and steel
products at the head of the lakes
on a large scale a long ways off,
for the reason that the tributary
market is limited. He says that
Colorado has the coal and the
iron ore, but no market, but that
if that state were as favorably
situated with reference to a mar
ket as Ohio, neither Chicago no r
Pennsylvania could compete with
it.
ELECT OFFIC ERS.
The annual meanings of tho