Rfa.rj.ua" -A: ur.fi RUKARD HURD LIBRARY OF THE UNIVERSITY. OF CALIFORNIA. Class HURD'S IRON ORE MANUAL Hurd's Iron Ore Manual A General Reference, Guide, Hand Book OF THE Lake Superior District WITH Values Based on 1911 Prices and Guarantees at Lake Erie Method of Determination OF Prices, Premiums and Penalties Tables of Values AND Statistical Data BY RUKARD HURD, C. E. Secretary Minnesota Tax Commission _ ^ Of THE UNIVERSITY ^ ^ OF Price, $7.50 F. M. CATLIN, SALES AGENT 51O CAPITAL BANK BLOG. ST. PAUL, MINN. I til _' BXCt ' COPYRIGHT 1911 BY RUKARD HURD SYNDICATE PRINTING COMPANY MINNEAPOLIS, MINN. THIS WORK IS DEDICATED TO MY DEAR WIFE KATHERINE HATFIELD HURD 212350 TABLE OF CONTENTS Page Frontispiece Map of Iron Ranges of Lake Superior Region Introduction Governing Factors 1 Iron Unit 1 Iron Unit Value 1 Base Unit Value 2 Basic Percentages, Prices and Base Unit Values 2 Determination of Natural and Dried Percentages 2 Lake Erie Prices 3 Valley Prices 3 Determination of Base Unit Values for 1911 3 Determination of 1911 Prices, Premiums and Penalties 3 (a) Prices for Standard Ores 3 (b) Prices for Over-Standard Ores Premium 4 (c) Prices for Sub-Standard Ores Penalty 4 Phosphorus Premium and Penalty 5 Additional Premiums or Penalty by Private Contract 5 Mathematical and Trade Calculating Decimals 5 Base Unit Value for Change in Price 5 Base Unit Value for Change in Price and of Natural Iron Base 5 Defination of Bessemer Ore 6 Decimal Multiple of 1911 for Determining New Prices 6 Old Range- Vermilion Bessemer Illustrative Schedule No. 1 8 Price Schedule No. 1 9 Mesaba Bessemer Illustrative Schedule No. 2 10 Price Schedule No. 2 11 Old Range- Vermilion Non-Bessemer Illustrative Schedule No. 3 12 Price Schedule No. 3 13 Mesaba Non-Bessemer Illustrative Schedule No. 4 14 Price Schedule No. 4 15 Phosphorus Value Table 16 Permanent Base Unit Value Schedule and Determining Decimal 17 Moisture Tables 18 Minnesota Tax Commission's Valuation of Iron Ore 20 Net Values, Cost of Production *nd Delivery 25 Present Value of Iron Ore Royalties on Mineral Leases 29 Newly Created Wealth Through Mineral Value 29 Extent of Capital and Diversity of Ownership 29 Mineral Leases 29 Determining Valuation Factors 30 Present Value of Iron Ore Royalties on Mineral Leases Continued Page Rule for Determining Present Royalty Value 30 Total Royalty 30 Life of the Mine 30 Present Value of the Royalty 30 Illustrations 31 Determining Interest Rate and Factors 31 Table of Present Values, Quarterly 33 Table of Present Values, Annual 34 Prospecting, Mining and Ore Estimating 35 Prospecting for Iron Ore 35 Mining Methods 36 Open Pit 37 Milling 38 Underground 38 Ore Estimates 39 Mesaba Range 39 Western Mesaba Range, Special Report 40 Cuyuna Range, Special Report 41 Shipments by Mines 1910, Prior and Total Marquette Range 43 Menominee Range and Baraboo District 44 Gogebic Range 46 Mesaba Range 47 Vermilion Range 50 Shipments by Ranges 1855-1910 51 Prices of Iron Ore, Production and Prices of Pig Iron .... 1855-1910 52 Rail Freights, Mines to Upper Lake Ports 1855-1910 53 Vessel Freights to Lower Lake Ports 1855-1910 54 Shipments and Receipts by Ports 1905-1910 55 Lake Erie Stock Piles 1905-1910 56 Production of Iron Ore in United States 1907-1908 57 Imports of Iron Ore 1880-1910 57 Apparent Annual Consumption of Iron Ore in U. S 1889-1910 58 Production of Steel in United States 1860-1910 59 Production of Finished Steel and Iron in the U. S 1887-1909 60 Production of Coke in the U. S. and Rail Freight 1907-1908 61 Shipments and Prices of Connellsville Coke 1889-1909 61 Rail Freight on Iron Ore from Lower Lake Ports 1890-1910 62 Production and Price of Limestone for Furnace Flux and Rail Freight. . . 63 Charts of Pittsburgh Prices of Ore, Pig and Steel 1890-1910 64 Average Yearly Prices of Iron Ore at Various Points 66 Geology and Mineralogy Lake Superior Iron District with Map 67 Publications on Lake Superior Iron District 83 Iron Ore Reserves of United States 85 Tables of Iron Ore Values for 1911 at Lake Erie Old Range- Vermilion Bessemer 45%-61% inclusive 89 Mesaba Bessemer 45%-61 % inclusive 109 Old Range Vermilion Non-Bessemer . . . 45%-60% inclusive 129 Mesaba Non-Bessemer 45%-60% inclusive 147 Introduction Mining engineering, exploration and drilling, outlining of ore bodies, horizontal and vertical sectioning and cross-sectioning of the ore bodies and of the intermediate layers of other material, showing results of innumerable chemical analyses, have reached a high degree of efficiency. Many operators, especially on the Mesaba Range, know in advance for years to come, the exact grades of ores they can mine and ship, what tonnages to group and how to raise to standard sub-grade ore. Chemical analyses are so important that everywhere is found the ore sampler at drills for every five feet of drilling, in test pits, in open pits, underground, at mine stock pile, in cars at mine, in cars at upper dock, in vessel at upper dock, in vessel at lower dock, at lower dock stock pile, in cars a.t lower dock, in cars at furnace, in stock pile at furnace so vital is it for the mine and furnace operators to have the most accurate information of the ores to be reduced to metal. What is Iron- ore worth? How is its value determined? The ores of the Lake Superior District, Bessemer and non-Bessemer, of the *Old Range, Vermilion and the Mesaba, while varying in some re- spects, are generally similar as to contents, physical characteristics and struc- ture. These conditions made it possible for producing and consuming inter- ests** to agree and to establish on these ores a standardization of grades and prices and providing premiums for over-standard and penalties for sub-stand- ard ores, based upon metallurgical principles. A great economic achievement was thereby realized. Mining and ore reduction could then proceed along lines of business order, stability and permanency. The system as a whole has given satisfaction to all concerned. Any defects appearing in the calcu- lations, for the extremes of sub-standard values, and for over-standard values made by using arbitrary premiums instead of units or parts of units, can by agreement be corrected, To make the "basic system" consistent throughout a re-classification of grades and prices is evidently necessary, as will ap- pear from a study of net values herein considered. The law of supply and demand fixes the price for standard ores of basic values and the uniformity of the "basic system" places each furnace on an equality in having to pay the same price for such standard ores. This equal- ity should extend to the sub-standard ores. While the reduction of ores is not a fixed science, and the cost varies according to furnace location, conditions and management, there should be established a closely approximated uni- form reduction cost and a scientific penalization that wiir give an actual commercial value and a fair profit to present non-marketable ores. In the absence of published explanation, the "basic system" has seemed very intricate, confusing and mysterious to mining men generally, and all along the line from mine to furnace, time and labor are consumed and wasted in miscalculating values and misapplying premiums and penalties. Even ore "The Marquette, Menominee and Gogebic iron ranges as a group have the trade name, Old Range. **The Lake Superior Ore Association organized January 14, 1905. experts do not agree in their interpretations of the system, and many tables in use show discrepancies. It has therefore been difficult to reconcile and harmonize these differences. Simple mathematical calculations can remove the confusion and make the subject comprehensible. Nontechnical language has been used to explain the various steps followed in formulating (1) A method for the determination of prices, premiums and penalties; (2) a series of illustrative mathematical schedules; (3) reference tables of iron ore values at Lake Erie, for each percentage and fraction thereof covering all grades of stan- dard iron ores of the Lake Superior district. The owner and lessee of developed iron ores of known analyses may see at a glance what his ore is worth and how to determine its possible increase or decrease in value. The furnace man is able to know in like manner what he will have to pay for ore under a wide range of prices and of base unit values. Time, weight, distance, measure, money, interest, discount, have all been determined and reference tables constructed for use in calculations. It is hoped that the tables here presented will prove valuable when iron ore values are considered. During the study of the iron ore situation considerable data had to be prepared and many sources were consulted. The information was widely scattered. Everything of known possible technical or historical worth has been assembled, consolidated and incorporated in, or written for, this Iron Ore Manual of the Lake Superior District. The general statistics are introduced to show the connection and relation between the raw and finished products. The desire is to furnish those interested, especially heads of departments in general offices, mines and furnaces, a ready general refer- ence, guide, hand-book on iron ore. The iron ore districts of New York, New Jersey, Alabama, Tennessee and Colorado, on account of their limited extent and production, ownership by consuming interests and without a basic system of valuation of ores, are not now considered. Herein are given: Values and their determining method, Minnesota taxation and its methods, shipments, prices, transportation, net values with cost of production and delivery, rule for determining present values of iron ore royalties, prices and production of pig iron, geology and mineralogy, latest special reports, publications, concluding with the iron ore reserves of tfie United States. The information credited to the Iron Trade Review, Marine Review, Iron Age, American Iron and Steel Association, United States Geological Survey Reports and Congressional Reports and that found in the Engineer- ing and Mining Journal, has been of great service and statistical value. Suggestions and criticisms for use in future editions are invited. State Capitol, St. Paul, Minnesota. April 21, 1911. Method and Determination OF 1911 Prices, Premiums and Penalties at Lake Erie OF Natural Iron Ores OF THE Lake Superior District Governed by 1911 Basic Guarantees WITH Illustrative Schedules AND Tables of Iron Ore Values By RUKARD KURD, C. E. GOVERNING FACTORS To determine the furnace value of natural iron ore, as mined, many fac- tors must be considered, such as: Percentages of content, physical charac- teristics and structure, lump value, density, porosity and availability. The percentage of natural iron content is the governing factor in all ore con- tracts. THE IRON UNIT The primary determinant for calculating values of natural iron ore is the "Iron Unit" of one (1) per cent of a long ton, such ton containing one hun- dred (100) units of one (1) per cent each. THE IRON UNIT VALUE The percentage of natural iron, that is, the number of determining "Iron Units" contained therein, is found by expelling the moisture, always present in natural iron ore, by drying the sample at 212 degrees F., and analyzing the dried sample. Deducting the percentage of moisture found in the nat- ural iron sample from one hundred, and multiplying the remainder, expressed decimally, by the percentage of iron found in the dried sample the result is the percentage of natural iron, the iron unit value. See table, page 18. -i BASE UNIT VALUE In order to obtain the market value of iron ore of any grade, it is necessary to establish a standard or "base unit value" for each grade. This is theoretically determined by dividing the price per ton by the percentage of natural iron, but, practically, having as standards an agreed trade base price per ton, with a guaranteed percentage of natural iron units (and agreed precentages of moisture, and of phosphorus, if Bessemer) in the ton, a base unit of value is established. This base unit when multiplied by the percentage of natural iron determines the price for standard ore. When the product is increased by certain agreed premiums the result is the price for over-standard ore, and when, beginning with the price of 50 per cent ore of any class, certain agreed penalties are decTuctetl the result is the price for sub-standard ore. THE 1911 BASIC GUARANTEES, PRICES AND BASE UNIT VALUES FOR STANDARD IRON ORES LAKE SUPERIOR DISTRICT The following standards established the 1911 base percentages and prices for Lake Superior ores, and determined their base unit values from which are calculated prices, premiums and penalties of all classes: *BASE PERCENTAGES PRICES Standard Grade Natural Iron Phos. Moist Iron Dried Lake Erie Val- ley Base Unit Value Old Range- Vermilion Bessemer . . Mesaba Bessemer 55.00 55.00 .045 045 10 10 61.12 61.12 $4.50 4.25 $5.10 4 85 $0.0927273 0.0881818 Old Range- Vermilion Non-Besse- mer ' Mesaba Non-Bessemer 51.50 51.50 12 12 58.52 58.52 3.70 3.50 4.30 4.10 0.0834951 0.0796116 DETERMINATION OF NATURAL AND DRIED IRON PERCENTAGES Having a given percentage of standard Bessemer natural iron, divide by .9, or of non-Bessemer natural iron, divide by .88 to obtain percentage of iron dried. Having a given percentage of standard Bessemer iron dried, multi- ply by .9, or of non-Bessemer iron dried, multiply by .88 to obtain percentage of natural iron. This applies to ores having moisture percentages as above. See moisture table on page 18. The base unit value for each grade is obtained by adding an arbitrary 60 cents per ton, rail freight, to the Lake Erie base price, making the Valley base price, and dividing this Valley base price by the base percentage of natural iron. The Valley base price therefore establishes the base unit value and de- termines the premium and penalty. Base percentages established in 1907. For 1905-6 the natural iron base per- centages were: Old Range, Vermilion and Mesaba, Bessemer 56.70%; non-Besse- mer 52.80%, except Mesaba non-Bessemer, 53%. fOre prices announced April 21, 1911 2 LAKE ERIE PRICES As all ore is sold delivered at Lower Lake ports, the accompanying tables of iron ore values give Lake Erie base prices which are used in mar- ket quotations and govern ore contracts. VALLEY PRICES Valley base prices are therefore an arbitrary sixty (60) cents, rail freight, more per ton than the calculated Lake Erie base price of the tables. DETERMINATION OF 1911 BASE UNIT VALUES 1. For Old Range-Vermilion Bessemer, the Valley base price, $5.10, divided by the base 55 per cent natural iron, determines the base unit value, $0.0927273. 2. For Mesaba Bessemer, the Valley base price, $4.85, divided by the base 55 per cent natural iron, determines the base unit value, $0.0881818. 3. For Old Range-Vermillion non-Bessemer, the Valley base price, $4.30, divided by the base 51.50 per cent natural iron, determines the base unit value, $0.0834951. 4. For Mesaba non-Bessemer, the Valley base price, $4.10, divided by the base 51.50 per cent natural iron, determines the base unit value, $0.0796116. DETERMINATION OF 1911 PRICES, PREMIUMS AND PENALTIES (A) LAKE ERIE PRICES FOR STANDARD GRADES 1. Lake Erie prices for Old Range- Vermilion Bessemer ore of the fol- lowing percentages (or fraction thereof) of natural iron: 50, 51, 52, 53, 54 and 55 are determined by multiplying each percentage by the base unit value of $0,0927272 and deducting sixty (60) cents per ton. See Schedule 1, on page 8. 2. Lake Erie prices for Mesaba Bessemer ore of the following per- centages (or fraction thereof) of natural iron: 50, 51, 52, 53, 54 and 55, are determined by multiplying each percentage by the base unit value of $0.0881818 and deducting sixty (60) cents per ton. See Schedule No. 2, on page 10. 3. Lake Erie prices for Old Range-Vermillion non-Bessemer ore of the following percentages (or fraction thereof) of natural iron: 50, 51, 52 and 53, are determined by multiplying each percentage by the base unit value of $0.0834951 and deducting sixty (60) cents per ton. See Schedule INo. 3, on page 12. 4. Lake Erie prices for Mesaba non-Bessemer ore of the following per- centages (or fraction thereof) of natural iron: 50, 51, 52 and 53, are deter- mined by multiplying each percentage by the base unit value of $0.0796116 and deducting sixty (60) cents per ton. See Schedule No. 4, on page 14. It will be specially noted that the base unit value determines the price of the above classes and percentages of standard ores. Their value below the base price is simply an automatic reduction. It is in no sense a penalty. The same results for Lake Erie prices may also be obtained by a process of addition. Beginning with the 50 per cent base price, add thereto the base unit value of the proper class; the sum is the 51 per cent price. Add to that amount the same base unit value; the total is the 52 per cent price; and so on for each, per cent, the cumulative premium applying at the proper place. See Constructive Schedules 1, 2, 3 and 4 on pages 8, 10, 12 and 14. (B) LAKE ERIE PRICES FOR OVER-STANDARD GRADES PREMIUMS Lake Erie prices of all grades of standard Bessemer ore, Old Range- Vermilion and Mesaba of the following percentages (or fraction thereof) of natural iron: above 55, 56, 57, 58, 59 and 60, and of all grades of standard non-Bessemer ore, Old Range-Vermilion and Mesaba of the following per- centages of natural iron: above 53, 54, 55, 56, 57 and 58, are determined by multiplying the percentage of natural iron by the base unit value of the proper class as shown above, and deducting sixty (60) cents per ton, and then, within the limits specified and beginning with the 55.01 per cent Besse- mer and the 53.01 per cent non-Bessemer, adding thereto a premium of one (1) cent, cumulative, per unit. The premium never exceeds 15 cents per ton per iron unit, and beyond the percentages named the calculations for succeeding prices revert to the use of the original base unit values, each percentage, however, receiving the premium of 15 cents per ton. See Schedules 1, 2, 3 and 4, on pages 8, 10, 12 and 14. (C) LAKE ERIE PRICES FOR SUB-STANDARD GRADES PENALTIES For Bessemer ore, deduct from the 50 per cent Lake Erie base price 1^ base units of the proper class; the result is the 49 per cent price; deduct from that amount 2 base units, the result is the 48 per cent price; deduct 2 base units from each succeeding result, and each result will give Lake Erie price for 47, 46, 45, 44, 43, 42, 41 and 40 per cent. The 1911 penalty for each unit below 49 per cent is: for Old Range- Ver- milion $0.1854546; for Mesaba $0.1763636. For non-Bessemer ore, deduct from the 50 per cent Lake Erie base price l 1 ^ base units of the proper class; the result is the 49 per cent price; deduct from that amount and from each succeeding result 2 base units, and each result will give Lake Erie price for 48, 47, 46, 45, 44, 43, 42, 41 and 40 per cent. The 1911 penalty for each unit below 49 per cent is: for Old Range-Ver- milion $0.1669902; for Mesaba $0.1592232; although for below 49 per cent trade ore tables carry the $0.1592232 as an arbitrary 18 cents. TABULAR PRICES FOR ESTIMATING The prices for 45, 46 and 47 percentages of natural iron in the tables of values, and the prices for 40 to 45 percentages found in the Illustrative Schedules are given as of service for estimating probable future value of sub-grade reserve ores. PHOSPHORUS PREMIUM AND PENALTY Should there be a phosphorus premium or penalty the amount to foe added or deducted will be found in the standard table of phosphorus values, on page 16. ADDITIONAL PREMIUM OR PENALTY BY PRIVATE CONTRACT Any further premium for such as lump value is added to and any further penalty for such as silica, manganese and sulphur, is deducted from the standard prices for standard ores, by private contract at an arbitrary amount per ton. MATHEMATICAL AND TRADE CALCULATING DECIMALS To secure mathematical accuracy seven (7) decimals are used in< calcu- lating units of value and prices, and are given in the illustrative schedules. For trade purposes five (5) decimals in the price are sufficient, and are so used in the tables of iron ore values. Any tonnage multiplied by the tabular price of the proper percentage of any given grade, will result in the value of that tonnage at Lake Erie. BASE UNIT VALUE FOR CHANGE IN PRICE Should the present natural iron base standards continue, but the price of ere be raised or lowered from 1911 prices, the base unit values to correspond with such new prices within the limits named, will be found in the schedule of permanent base unit values. A new table of ore values would be con- structed by the method herein described in "Determination of 1911 Prices, Premiums and Penalties," using any other consideration named in the new ore contracts. See Schedule on page 17. BASE UNIT VALUE FOR CHANGES IN PRICE AND OF NATURAL IRON BASE Where both base price and natural iron base standards change, add to the new Lake Erie base price, 60 cents, making the Valley base price; and divide this Valley base price by the new base percentage of natural iron, thereby establishing the new base unit value, and proceed as described in "Determination of 1911 Prices, Premiums and Penalties." In the event of a change in base price, but no change in the 1911 base natural iron percentages, new values may be quickly determined, as follows: To any given 1911 Lake Erie price, of any percentage, or fraction, of any grade, add 60 cents (for Valley price, which determines the base unit value) and multiply the total by the decimal multiple corresponding with the new base price; deduct from that amount (the Valley price) 60 cents, and the result is the new Lake Erie price. For decimal multiple, see schedule on page 17. A DEFINITION OF BESSEMER ORE Bessemer ore dried at 212 W F. has a typical analysis of 61.55 per cent iron, 0.47 per cent phosphorus, 4.6 per cent silica and 1.5 per cent manganese. With a generally accepted moisture of 10 per cent this is equivalent to 55.39 per cent natural iron. The per cent of iron may be diminished provided there is a diminution of phosphorus equal to .0075 for each per cent of iron loss. ABNORMAL CONDITIONS The work cannot enter into abnormal conditions. Until mine and fur- nace operators agree upon and establish tables, of premiums for lump ore, and of penalty for excess of silica, manganese, sulphur, etc., settlements for such contents must of necessity remain a matter for private adjustment. They cannot now be tabulated. Even though furnaces may be able to buy sub-grades ores at their own terms and for less than the tabular price, the price determined from base values are given to govern theoretically until sub-grade values are established that will be accepted and adhered to by buyer and seller. Illustrative Schedules and Abridged Tables of Values 1911 COMPILED BY RUKARD KURD ILLUSTRATIVE SCHEDULE No. 1 OLD RANGE-VERMILION BESSEMER Constructive Mathematical Table of Lake Erie Prices by Subtraction of l^fand 2 Base Units, as indicated, by Addition of the Base Unit and the Premium, and by Multiplication of the Base Units with added Premium BY SUBTRACTION Natural Iron Per Cent Net Lake Erie Price Total Penalty 50 1* 49 2* 48 47 46 45 44 43 42 41 40 $4.0363650 . 1390909 $0.1390909 .3245455 .5100001 .6954547 .8809093 1.0663639 1.2518185 1.4372731 1 . 6227277 1.8081823 $3.8972741 . 1854546 $3.7118195 . 1854546 $3.5263649 . 1854546 $3.3409103 . 1854546 $3.1554557 . 1854546 $2.9700011 .1854546 $2.7845465 . 1854546 $2 . 5990919 . 1854546 $2.4136373 . 1854546 BY MULTIPLICATION $2.2281827 Natural Iron Per Cent Base Unit *Lake Erie Price ,-j BY ADDITION 60 51 52 53 54 55 56 57 58 59 60 61 $4.0363650 .0927273 Premium $0.01 .03 .06 .10 .15 .15 50 x $0.0927273 51 x .0927273 52 x .0927273 53 x .0927273 54 x .0927273 55 x .0927273 Premium 56 x .0927273+ Ic 57 x .0927273+ 3c 58 x .0927273+ 6c 59 x . 0927273 + lOc 60 x . 0927273 +15c 61 x .0927273+15c $4.0363650 4.1290923 4.2218196 4.3145469 4.4072742 4.5000015 4.6027288 4.7154561 4.S381834 4.9709107 5.1136380 5 . 2063653 $4.1290923 .0927273 $4. 2218196 .0927273 $4 3145469 .0927273 $4.4072742 .0927273 $4.5000015 . 1027273 $4.6027288 .1127273 $4.7154561 . 1227273 $4.8381834 . 1327273 $4.9709107 . 1427273 $5.1136380 .0927273 $5.2063653 L* H Base Units. 2* 2 Base Units. Every price includes a deduction of 60 cents per ton. SCHEDULE No. 1 OF PRICES OLD RANGE-VERMILION BESSEMER Base Natural Iron 55%, Base Valley Price $5.10, Base Unit Value $0.0927273 Base Lake Erie Price $4.50 *ABRIDGED TABLE CLASS Natural Iron Per Cent Net Lake Erie Price Penalty 40 $2.2281827 $1.8081823 41 2.4136373 1.6227277 42 2.5990919 1.4372731 43 2 . 7845465 1.2518185 Sub-Standard 44 2.9700011 1.0663639 45 3.1554557 .8809093 46 3.3409103 .6954547 47 3.5263649 .5100001 48 3.7118195 .3245455 49 3.8972741 . 1390909 Base Unit Value f 50 $4.0363650 $0.0927273 51 4.1290923 .0927273 Standard. . . 52 4.2218196 .0927273 53 4.3145469 .0927273 54 4.4072742 .0927273 55 4.5000015 .0927273 Premium 56 $4 . 6027288 $0.1027273 57 4.7154561 .2154546 Over Standard. . . 58 4.8381834 .3381819 59 4.9709107 .4709092 60 5.1136380 .6136365 I 61 5.2063653 .7063638 Special Note: "Complete tables are placed at the end of the Manual for convenient reference. The Penalty ending with 49.99% is deducted pro rata from prices. The Premium beginning with 55.01% is added pro rata to prices. ILLUSTRATIVE SCHEDULE No. 2 MESABA BESSEMER Constructive Mathematical Table of Lake Erie prices by Subtraction of 1} and 2 Base Units, as indicated, by Addition of the Base Unit and the Premium, and by Multiplication of the Base Unit with added Premium BY SUBTRACTION Natural Iron Per Cent Lake Erie Price Total Penalty 60 1* 49 2* 48 47 46 45 44 43 42 41 40 $3.8090900 . 1322727 $0.1322727 .3086363 .4849999 .6613635 .8377271 1.0140907 1.1904543 1.3668179 1.5431815 1.7195451 $3.6768173 . 1763636 $3 . 5004537 . 1763636 $3.3240901 . 1763636 $3.1477265 . 1763636 $2.9713629 .1763636 $2.7949993 .1763636 $2.6186357 . 1763636 $2.4422721 .1763636 $2.2659085 . 1763636 BY MULITPLICATION $2.0895449 Natural Iron Per Cent Base Unit *Lake Erie Price BY ADDITION 50 x $0.0881818 51 x .0881818 52 x .0881818 53 x .0881818 54 x .0881818 55 x .0881818 (To adjust) Premium 56 x .0881818+ Ic 57 x .0881818+ 3c 58 x .0881818+ 6c 59 x .0881818+ lOc 60 x .0881818+ loc 61 x . 0881818+ 15c $3.8090900 3.8972718 3 . 9854536 4.0736354 4.1618172 4.2499990 .0000010 50 51 52 53 54 55 56 57 58 59 60 61 $3.8090900 .0881818 Premium $0.01 .03 .06 .10 .15 .15 $3.8972718 .0881818 $3 . 9854536 .0881818 $4.0736354 .0881818 $4.1618172 .0881818 $4 . 2499990 (to adjust) 10 $4.2500000 (to adjust) 10 $4.2500000 4.3481808 4.4563626 4.5745444 4.7027262 4.8409080 4.9290898 $4.2499990 .0981818 4.3481808 .1081818 $4.4563626 .1181818 $4 . 5745444 .1281818 $4.7027262 .1381818 $4.8409080 .0881818 $4 . 9290898 1* H Base Units. 2* 2Base Units. *Every price includes a deduction of 60 cents per ton. 10 SCHEDULE No. 2 OF PRICES MESABA BESSEMER Base Natural Iron 55%, Base Valley Price $4.85, Base Unit Value $0.0881818 Base Lake Erie Price $4.25 *ABRIDGED TABLE CLASS Natural Iron Per Cent Net Lake Erie Price Penalty 40 $2.0895449 $1.7195451 41 2.2659085 1.5431815 42 2.4422721 1.3668179 43 2.6186357 1 . 1904543 Sub-Standard 44 2 . 7949993 1.0140907 j ^rm 45 2.9713629 .8377271 46 3.1477265 .6613635 47 3.3240901 .4849999 48 3 . 5004537 .3086363 49 3.6768173 .1322727 Base Unit Value f 50 $3.8090900 $0.0881818 51 3.8972718 .0881818 Standard 52 3.9854536 .0881818 j \jt* 53 4.0736354 .0881818 54 4.1618172 .0881818 ( 55 4 . 2500000 .0881818 Premium 56 $4.3181808 $0.0981818 57 4.4563626 .2063636 Over-Standard 58 4 . 5745444 . 3245454 ) *w 59 4.7027262 .4527272 60 4 . 8409080 . 5909090 I 61 4.9290898 . 6790908 Special Note : ''Complete tables are placed at the end of the Manual for convenient reference. The Penalty ending with 49.99% is deducted pro rata from prices. The Premium beginning with 55.01% is added pro rata to prices. 11 ILLUSTRATIVE SCHEDULE No. 3 OLD RANGE-VERMILION NON-BESSEMER Constructive Mathematical Table of Lake Erie prices by Subtraction of 1$ and 2 Base Units, as indicated, by Addition of the Base Unit and the Premium, and by Multiplication of the Base Unit with added Premium BY SUBTRACTION Natural Iron Per Ceut liike Erie Price Total Penalty 50 i 49 I 48 47 46 45 44 43 42 41 40 $3 . 5747550 .1252426 $0.1252426 .2922328 . 4592230 .6262132 . 7932034 .9601936 1.1271838 1.2941740 1.4611642 1.6281544 $3.4495124 . 1669902 $3.2825222 . 1669902 $3.1155320 .1669902 $2 . 9485418 .1669902 $2.7815516 .1669902 $2.6145614 . 1669902 $2.4475712 .1669902 $2.2805810 . 1669902 $2.1135908 .1669902 BY MULTIPLICATION $1.9466006 Natural Iron Per Cent Base Unit *Lake Erie Price BY ADDITION 50 51 52 53 54 55 56 57 58 59 60 $3 . 5747550 .0834951 Premium $0.01 .03 .06 .10 .15 .15 .15 50 x $0.0834951 51 x .0834951 52 x .0834951 53 x .0834951 Premium 54 x . 083495 1-f Ic 55 x .0834951+ 3c 56 x .0834951+ 6c 57 x . 0834951 + lOc 58 x . 0834951 +15c 59 x . 0834951 +15c 60 x . 0834951 +15c $3 . 5747550 3.6582501 3.7417452 3.8252403 3.9187354 4.0222305 4 . 1357256 4.2592207 4.3927158 4.4762109 4 . 5597060 $3.6582501 .0834951 $3.7417452 .0834951 $3 . 8252403 .0934951 $3.9187354 . 1034951 $4.0222305 .1134951 $4.1357256 . 1234951 $4.2592207 .1334951 $4.3927158 .0834951 $4.4762109 .0834951 $4 . 5597060 1* 11 Base Units. 2* 2 Base Units. * Every price includes a deduction of 60 cents per ton. 12 SCHEDULE No. 3 OF PRICES OLD RANGE- VERMILION NON-BESSEMER Base Natural Iron 51.50%, Base Valley Price $4.30, Base Unit Value $0.0834951 Base Lake Erie Price $3.70 *ABRIDGED TABLE CLASS Natural Iron Per Cent Net Lake Erie Price Penalty f 40 SI. 9466006 $1.6281544 41 2.1135908 1.4611642 42 2.2805810 1.2941740 43 2.4475712 1.1271838 Sub-Standard 44 2.6145614 .9601936 : 45 2.7815516 .7932034 46 2.9485418 .6262132 47 3.1155320 .4592230 48 3.2825222 . 2922328 49 3.4495124 . 1252426 Base Unit Value f 50 $3.5747550 $0.0834951 Standard j 51 3.6582501 .0834951 / 1 52 3.7417452 .0834951 [ 53 3.8252403 .0834951 Premium f 54 $3.9187354 $0.0934951 55 4.0222305 . 1969902 56 4.1357256 .3104853 Over-Standard <} 57 4 . 2592207 . 4339804 1 58 4.3927158 . 5674755 59 4.4762109 . 6509706 60 4.5597060 . 7344657 Special Note: -Complete tables are placed at the end of the Manual for convenient reference. The Penalty ending with 49.99% is deducted pro rata from prices. The Premium beginning with 53.01% is added pro rata to prices. 13 ILLUSTRATIVE SCHEDULE No. 4 MESABA NON-BESSEMER Constructive Mathematical Table of Lake Erie prices by Subtraction of 1A and 2 Base Units, as indicated, by Addition of the Base Unit and the Premium, and by Multiplication of the Base Unit with added Premium BY SUBTRACTION Natural Iron Per Cent Lake Erie Price Total Penalty 50 1* 49 2* 48 47 46 45 44 43 42 41 40 $3.3805800 .1194174 $0.1194174 .2786406 .4378638 .5970870 .7563102 .9155334 1.0747566 1.2339798 1.3932030 1 . 5524262 $3.2611626 . 1592232 $3.1019394 . 1592232 $2.9427162 .1592232 $2.7834930 . 1592232 $2 . 6242698 . 1592232 $2.4650466 .1592232 $2 . 3058234 .1592232 $2 . 1466002 . 1592232 $1 . 9873770 .1592232 BY MULTIPLICATION $1.8281538 Natural Iron Per Cent Base Unit *Lake Erie Price BY ADDITION 50 51 52 53 54 55 56 57 58 59 $3.3805800 .0796116 Premium $0.01 .03 .06 .10 .15 .15 .15 50 x $0.07961 16 51 x .0796116 52 x .0796116 53 x .0796116 Premium 54 x .0796116+ Ic 55 x .0796116+ 3c 56 x .0796116+ 6c 57 x . 0796116+ lOc 58 x . 0796116+ 15c 59 x . 0796116+ 15c 60 x . 0796116+ 15c $3.3805800 3.4601916 3 . 5398032 3.6194148 3.7090264 3.8086380 3.9182496 4.0378612 4.1674728 4.2470844 4.3266960 $3.4601916 .0796116 $3.5398032 .0796116 $3.6194148 .0896116 $3.7090264 .0996116 $3 . 8086380 .1096116 $3.9182496 .1196116 $4.0378612 .1296116 $4.1674728 .0796116 $4.2470844 .0796116 $4.3266960 1* 1 Base Units. 2* 2 units used instead of the arbitrary 18 cents. *Every price includes a deduction of 60 cents per ton. 14 SCHEDULE No. 4 OF PRICES MESABA NON-BESSEMER Base Natural Iron 51.50%, Base Valley Price $4.10, Base Unit Value $0.0796116 Base Lake Erie Price $3.50 *ABRIDGED;TABLE CLASS Natural Iron Per Cent Net Lake Erie Price Penalty 40 $1.8281538 $1.5524262 41 1.9873770 1.3932030 42 2.1466002 1.2339798 43 2.3058234 1.0747566 Sub-Standard. 44 2.4650466 .9155334 : 45 2.6242698 .7563102 46 2.7834930 . 5970870 47 2.9427162 .4378638 48 3.1019394 . 2786406 49 3.2611626 .1194174 Base Unit Value f 50 $3.3805800 $0.0796116 Standard 51 3.4601916 .0796116 J "* } 52 3.5398032 .0796116 [ 53 3.6194148 .0796116 Premium 54 $3.7090264 $0.0896116 55 3.8086380 .1892232 56 3.9182496 .2988348 Over-Standard 57 4.0378612 .4184464 58 4.1674728 .5480580 59 4 . 2470844 .6276696 60 4.3266960 .7072812 Special Note: "Complete tables are placed at the end of the Manual for convenient reference. The Penalty ending with 49.99% is deducted pro rata from prices. The Premium beginning with 53.019o is added pro rata to prices. 15 STANDARD TABLE OF PHOSPHORUS VALUES PENALTY PREMIUM Phosphorus Phosphorus Per cent Penalty Cents Progression Per Unit Per cent Premium Cents Progression Per Unit Cents Cents .045 .0000 .0000 .045 .0000 .0000 .046 .0080 .0080 .044 .0080 .0080 .047 .0165 .0085 043 .0165 .0085 .048 .0255 .0090 .042 .0255 .0090 .049 .0350 .0095 .041 .0350 .0095 .050 .0450 .0100 .040 .0450 .0100 .051 .0555 .0105 .039 .0555 .0105 .052 .0665 .0110 .038 .0665 .0110 .053 .0780 .0115 .037 .0780 .0115 .054 .0900 .0120 .036 .0900 .0120 .055 .1025 .0125 .035 .1025 .0125 .056 .1155 .0130 .034 .1155 .0130 .057 .1290 .0135 .033 .1290 .0135 .058 .1430 .0140 .032 .1430 .0140 .059 .1575 .0145 .031 .1575 .0145 .060 .1725 .0150 .030 .1725 .0150 .061 .1880 .0155 .029 .1880 .0155 .062 .2040 .0160 .028 .2040 .0160 .063 .2205 .0165 .027 .2205 .0165 .064 .2375 .0170 .026 .2375 .0170 .065 .2550 .0175 .025 .2550 .0175 .066 .2730 .0180 .024 .2730 .0180 .067 .2915 .0185 .023 .2915 .0185 .068 .3105 .0190 .022 .3105 .0190 .069 .3300 .0195 .021 .3300 .0195 .070 .3500 .0200 .020 .3500 .0200 .019 .3705 .0205 | " .018 .3915 .0210 .017 .4130 .0215 ) ' .016 .4350 .0220 .015 .4575 .0225 '. '. '. * [ \ .014 .4805 .0230 .013 .5040 .0235 ! '. '. .012 .5280 .0240 .011 .5525 .0245 '. '. '. | \- .010 .5775 .0250 .009 .6030 .0255 '. '. '. .008 .6290 .0260 .007 .6555 .0265 '. '. '. .006 .6825 .0270 .... .005 .7100 .0275 16 SCHEDULE OF PERMANENT BASE UNIT VALUES FOR DETERMINING FROM ANY BASE PRICE VALLEY PRICES, PREMIUMS AND PENALTIES BASE NATURAL IRON, BESSEMER 55% NON BESSMER 51.50% And the Corresponding Decimal Multiple to apply to Rule on Page 6 Deduct from all calculations 60 cents to obtain Lake Erie prices Specially Compiled by Rukard Hurd for this Manual Old Range-Vermilion Bessemer 1911 Base Standard 55% $5.10 $0.0927273 Lake Erie Price $4.50 Mesaba Bessemer 1911 Base Standard 55% $4.85 $0.0881818 Lake Erie Price $4.25 Valley Base Valley Base Unit 1911 Decimal Valley Base Valley Base Unit 1911 Decimal Price Value Multiple Price Value Multiple $4.85 $0.0881818 .95098 $4.60 $0.0836364 .94845 4.90 .0890909 .96078 4.65 .0845454 .95876 4.95 .0900000 .97059 4.70 .0854545 .96907 5.00 .0909091 .98039 4.75 .0863636 .97938 5.05 .0918182 .99020 4.80 .0872727 . 98969 5.10 .0927273 1 . 00000 4.85 .0881818 .00000 5.15 .0936364 1.00980 4.90 .0890909 .01031 5.20 .0945454 1.01961 4.95 .0900000 . 02062 5.25 .0954545 .02491 5.00 .0909091 .03093 5.30 .0963636 .03921 5.05 .0918182 .04124 5.35 .0972727 .04902 5.10 .0927273 .05155 5.40 .0981818 1.05882 5.15 .0936364 .06186 5.45 . 0990909 1.06863 5.20 . 0945454 .07216 5.50 . 1000000 1.07843 5.25 .0954545 .08247 5.55 . 1009091 1.08823 5.30 .0963636 .09278 5.60 .1018182 1.09804 5.35 .0972727 . 10309 5.65 .1027273 1.10784 5.40 .0981818 .11340 5.70 .1036364 1.11765 5.45 .0990909 .12371 5.75 . 1045454 1.12745 5.50 . 1000000 .13402 5.80 . 1054545 1.13725 5.55 .1009091 .14433 5.85 . 1063636 1.14706 5.60 .1018182 .15464 Old Range- Vermilion Non-Bessemer Mesaba Non-Bessemer 1911 Base Standard 1911 Base Standard 51.50% $4.30 $0.0834951 51.50% $4.10 $0.0796116 Lake Erie Price $3.70 Lake Erie Price $3.50 $4.05 $0 . 0786408 .94186 $3 . 85 $0.0747573 .93902 4.10 .0796116 .95349 3.90 .0757281 .95122 4.15 .0805825 .96512 3 . 95 .0766990 .96341 4.20 .0815534 .97674 4.00 .0776699 .97561 4.25 .0825243 .98837 4.05 .0786408 .98780 4.30 .0834951 1.00000 4.10 .0796116 1.00000 4.35 .0844660 1.01163 4.15 .0805825 1.01219 4.40 .0854369 1.02326 4.20 .0815534 1.02439 4.45 . 0864078 1.03488 4.25 .0825243 1.03659 4.50 .0873786 1.04651 4.30 .0834951 1.04878 4.55 . 0883495 1.05814 4.35 .0844660 1 . 06097 4.60 .0893204 1.06977 4.40 .0854369 1.07317 4.65 .0902913 1.08139 4.45 .0864079 . 08536 4.70 .0912621 1.09302 4.50 .0873786 .09756 4.75 .0922330 1 . 10465 4.55 .0883495 .10976 4.80 .0932039 1.11628 4.60 .0893204 .12195 4.85 .0941748 1.12791 4.65 .0902913 .13415 4.90 .0951456 1.13953 4.70 .0912621 . 14634 4.95 .0961165 1.15116 4.75 .0922330 .15854 5.00 .0970874 1.16279 4.80 .0932039 .17073 5.05 .0980582 1.17442 4.85 .0941748 .18293 -17 MOISTURE TABLE MOISTURE RANGING FROM 1% TO 10%, INCLUSIVE Showing by the Per Cent of Moisture Found in Iron Dried at 212* F. The Per Cent of Natural Iron Specially Compiled by Rukard Hurd for this Manual Per Cent 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Iron Dried Natural Natural Natural Natural Natural Natural Natural Natural Natural Natural Iron Iron Iron Iron Iron Iron Iron Iron Iron Iron 35.00 34.65 34.30 33.95 33.60 33.25 32.90 32.55 32.20 31.85 31.50 36.00 35.64 35.28 34.92 34.56 34.20 33.84 33.48 33.12 32.76 32.40 37.00 36.63 36.26 35.89 35.52 35.15 34.78 34.41 34.04 33.67 33.30 38.00 37.62 37.24 36.86 36.48 36.10 35.72 35.34 34.96 34.58 34.20 39.00 38.61 38.22 37.83 37.44 37.05 36.66 36.27 35.88 35.49 35.10 40.00 39.60 39.20 38.80 38.40 38.00 37.60 37.20 36.80 36.40 36.90 41.00 40.59 40.18 39.77 39.36 38.95 38.54 38.13 37.72 37.31 37.80 42.00 41.58 41.16 40.74 40.32 39.90 39.48 39.06 38.64 38.22 38.70 43.00 42.57 42.14 41.71 41.28 40.85 40.42 39.99 39.56 39.13 39.60 44.00 43.56 43.12 42.68 42.24 41.80 41.36 40.92 40.48 40.04 40.50 45.00 44.55 44.10 43.65 43.20 42.75 42.30 41.85 41.40 40.95 40.50 46.00 45.54 45.08 44.62 44.16 43.70 43.24 42.78 42.32 41.86 41.40 47.00 46.53 46.06 45.59 45.12 44.65 44.18 43.71 43.24 42.77 42.30 48.00 47.52 47.04 46.56 46.08 45.16 45.12 44.64 44.16 43.68 43.20 49.00 48.51 48.02 47.53 47.04 46.55 46.06 45.57 45.08 44.59 44.10 50.00 49.50 49.00 48.50 48.00 47.50 47.00 46.50 46.00 45.50 45.00 51.00 50.49 49.98 49.47 48.96 48.45 47.94 47.43 46.92 46.41 45.90 52.00 51.48 50.96 50.44 49.92 49.40 48.88 48.36 47.84 47.32 46.80 53.00 52.47 51.94 51.41 50.88 50.35 49.82 49.29 48.76 48.23 47.70 54.00 53.46 52.92 52.38 51.84 51.30 50.76 50.22 49.68 49.14 48.60 55.00 54.45 53.90 53.35 52.80 52.25 51.70 51.15 50.60 50.05 49.50 56.00 55.44 54.88 54.32 53.76 53.20 52.64 52.08 51.52 50.96 50.40 57.00 56.43 55.86 55.29 54.72 54.15 53.58 53.01 52.44 51.87 51.30 58.00 57.42 56.84 56.26 55.68 55.10 54.52 53.94 53.36 52.78 52.20 59.00 58.41 57.82 57.23 56.64 56.05 55.46 54.87 54.28 53.69 53.10 60.00 59.40 58.80 58.20 57.60 57.00 56.40 55.80 55.20 54.60 54.00 61.00 60.39 59.78 59.17 58.56 57.95 57.34 56.73 56.12 55.51 54.90 62.00 61.38 60.76 60.14 59.52 58.90 58.28 57.66 57.04 56.42 55.80 63.00 62.37 61.74 61.11 60.48 59.85 59.22 58.59 57.96 57.33 56.70 64.00 63.36 62.72 62.08 61.44 60.80 60.16 59.52 58.88 58.24 57.60 65.00 64.35 63.70 63.05 62.40 61.75 61.10 60.45 59.80 59.15 58.50 66.00 65.34 64.68 64.02 63.36 62.70 62.04 61.38 60.72 60.06 59.40 67.00 66.33 65.66 64.99 64.32 63.65 62.98 62.31 61.64 60.97 60.30 68.00 67.32 66.64 65.96 65.28 64.60 63.92 63.24 62.56 61.88 61.20 Factor. . . .99 .98 .97 .96 .95 .94 .93 .92 .91 .90 Multiply the per cent of Iron dried at 212 F. by the factor corresponding to the per cent of moisture found therein. The result is the per cent of Natural Iron. The above is an abridged table and applies only to the even percentages of moisture and of Iron dried as stated. To obtain any per cent or fraction thereof: Deduct from 100 the per cent of moisture found in Natural Iron dried at 212 F. and multiply the remainder, expressed decimally, by the per cent of Iron dried. The result is the per cent of Natural Iron. 18 MOISTURE TABLE MOISTURE RANGING FROM 11% TO 20%, INCLUSIVE Showing by the Per Cent of Moisture Found in Iron Dried at 212 F. The Per Cent of Natural Iron Specially Compiled by Rukard Hurd for this Manual Per Cent Iron Dried 11% 12% 13% 14% 15% 16% *17% 18% 19% 20% Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron Natural Iron 35.00 36.00 37.00 38.00 39.00 31.15 32.04 32.93 33.82 34.71 30.80 31.68 32.56 33.44 34.32 30.45 31.32 32.19 33.06 33.93 30.10 30.96 31.82 32.68 33.54 29.75 30.60 31.45 32.30 33.15 29.40 30.24 31.08 31.92 32.76 29.05 29.88 30.71 31.54 32.37 28.70 29.52 30.34 31.16 31.98 28.35 29.16 29.97 30.78 31.59 28.00 28.80 29.60 30.40 31.20 40.00 41.00 42.00 43.00 44.00 35.60 36.49 37.38 38.27 39.16 35.20 36.08 36.96 37.84 38.72 34.80 35.67 36.54 37.41 38.28 34.40 35.26 36.12 36.98 37.84 34.00 34.85 35.70 36.55 37.40 33.60 34.44 35.28 36.12 36.96 33.20 34.03 34.86 35.69 36 . 52 32.80 33.62 34.44 35.26 36.08 32.40 33.21 34.02 34.83 35.64 32.00 32.80 33.60 34.40 35.20 45.00 46.00 47.00 48.00 49.00 40.05 40.94 41.83 42.72 43.61 39.60 40.48 41.36 42.24 43.12 39.15 40.02 40.89 41.76 42.63 38.70 39.56 40.42 41.28 42.14 T38.25 ;39.10 ,39.95 40.80 41.65 37.30 38.64 39.48 40.32 41.16 37.35 38.18 39.01 39.84 40.67 36.90 37.72 38.54 39.36 40.18 36.45 37.26 38.07 38.88 39.69 36.00 36.80 37.60 38.40 39.20 50.00 51.00 52.00 53.00 54.00 44.50 45.39 46.28 47.17 48.06 44.00 44.88 45.76 46.64 47.52 43.50 44.37 45.24 46.11 46.98 43.00 43.86 44.72 45.58 46.44 42.50 43.35 44.20 45.05 45.90 42.00 42.84 43.68 44.52 45.36 41.50 42.33 43.16 43.99 44.82 41.00 41.82 42.64 43.46 44.28 40.50 41.31 42.12 42.93 43.74 40.00 40.80 41.60 42.40 43.20 55.00 56.00 57.00 58.00 59.00 48.95 49.84 50.73 51.62 52.51 48.40 49.28 50.16 51.04 51.92 47.85 48.72 49.59 50.46 51.33 47.30 48.16 49.02 49.88 50.74 46.75 47.60 48.45 49.30 50.15 46.20 47.04 47.88 48.72 49.56 45.65 46.48 47.31 48.14 48.97 45.10 45.92 46.74 47.56 48.38 44.55 45.36 46.17 46.98 47.79 44.00 44.80 45.60 46.40 47.20 60.00 61.00 62.00 63.00 64.00 53.40 54.29 55.18 56.07 56.96 52.80 53.68 54.56 55.44 56.32 52.20 53.07 53.94 54.81 55.68 51.60 52.46 53.32 54.18 55.04 51.00 51.85 52.70 53.55 54.40 50.40 51.24 52.08 52.92 53.76 49.80 50.63 51.46 52.29 53.12 49.20 50.02 50.80 51.66 52.48 48.60 49.41 50.22 51.03 51.84 48.00 48.80 49.60 50.40 51.20 65.00 66.00 67.00 68.00 57.85 58.74 59.63 60.52 57.20 58.08 58. 9B 59.84 56.55 57.42 58.29 59.16 55.90 56.76 57.62 58.48 55.25 56.10 56.95 57.80 54.60 55.44 56.28 57.12 53.95 54.78 55.61 56.44 53.30 54.12 54.94 55.76 52.65 53.46 54.27 55.08 52.00 52.80 53.60 54.40 Factor . . . .89 .88 .87 .86 .85 .84 .83 .82 .81 .80 Multiply the per cent of Iron dried at 212 F. by the factor corresponding to the per cent of moisture found therein. The result is the per cent of Natural Iron. The above is an abridged table and applies only to the even percentages of moisture and of Iron dried as stated. To obtain any per cent or fraction thereof: Deduct from 100 the per cent of moisture found in Natural Iron dried at 212 F. and multiply the remainder, expressed decimally, by the per cent of Iron dried. The result is the per cent of Natural Iron. 19 The Minnesota Tax Commission and Its Valuation of Iron Ore By Rukard Hurd The history of the Lake Superior Iron District would not be complete without referring to the Minnesota Tax Commission, and the manner in which it has accomplished the arduous work of valuing for taxation purposes the greatest known iron ore deposit in the world, of the Vermilion and Mesaba Ranges, contained within the State of Minnesota and in the counties of St. Louis and Itasca. The Minnesota Tax Commission was created by an act of the legislature approved April 23, 1907. On April 27, 1907, the three commissioners were ap- pointed by the governor to serve for two, four amd six year terms respectively, and on that date qualified, organized, elected a secretary and were then ready for business. It is a permanent commission, in continuous session, has been granted very broad powers, is maintained by an annual appropriation of $30,- 000, and obtains such additional extra appropriation upon request as it finds necessary to facilitate its work. The commission is in sole charge of taxation matters and of tax officials. The commission is practically a court on taxation, and establishes its own procedure; it orders and grants hearings; considers and decides upon all applications for reduction or abatement of taxes; prescribes and publishes taxation blanks and forms; orders re-assessments both on its own volition or upon certified official requests, appointing its own special assessors; has authority to call for persons and papers. Finally, the commission is the State Board of Equalization. Among the many matters taken under immediate consideration were: 1st, The determination of the relation of the true to the assessed value of realty prevailing throughout the state by the sales method, which resulted in obtaining for the years 1902-1907 inclusive, a record of 53,010 real estate sales amounting to $98,647,719, the assessed valuation of which for year of transfer was $42,892,017; and 2d: The placing of an ad valorem value on the realty contained within the so-called ore belts of the Vermilion Range in St. Louis County, and the Mesaba Range in St. Louis and Itasca Counties.* The Mesaba Range, after hasty and often unreliable and incomplete ex- ploration, had only been opened and shipping since 1892 For a number of years the value of its grade of iron ore had not been fully commercially de- termined. The total tonnage was not known and explorations were mainly incomplete and unreliable. *From 1881 to 1897 there was a tax of one cent per ton on shipments. 20 No previous attempt had been made to locate and assess tonnage. Crude methods and arbitrary values were used, based upon previous output, or ex- pected shipments and such fragmentary information as was available. The 1906 realty assessment on the mines amounted to a total of $64,486,409. The Tax Commission decided to avoid arbitrary methods and to obtain, if possible, the necessary information on which to base an intelligent, just and equitable assessment of the mineral properties. On June 18, 1907, by circular letter, the commission requested all owners and operators of iron ore properties to furnish by July 15, 1907, full informa- tion concerning their holdings tonnages with average analyses, character and structure of the ore, date and term of mining leases and amount of roy- alty, mining and other cost, average price of their ore for a term of years at Lower Lake ports, etc., etc. The commission, with its secretary and the state inspector of mines, then proceeded upon a thorough investigation and inspection of the under- ground and open pit mines, of prospects and of mineral lands on the ranges. It became apparent that many mines were operating under the most favor- able conditions and shipping high grade ore at low cost, while many other mines had a higher cost and lower grade of ore, and many others were min- ing under adverse conditions, with excessive rock, water, quicksand and a low grade of ore. Many mines had ore beginning at the surface; others would have 50 to 100 feet of overburden containing many millions of cubic yards that must be removed at great cost prior to open pit mining; while others, on account of overburden could be operated only as underground mines. The commission grasped the situation and evolved the unprecedented plan of placing an ad valorem value on and taxing iron ore in the ground and by the ton. Taking the Hull-Rust and the Mahoning mines as models, or standards for the highest type of mining of high grade ore under the most favorable conditions and at the minimum cost, by a process of comparison, elimination and adjustment, there were created 6 groups or classes of active shipping mines, with differentials to cover the varying adverse conditions of each class. The reserves, part of active mines, or independent tonnages, were placed in 3 groups or classes, according to their availability as future active mines. The prospects were assessed as near as their value could be approxi- mated according to their surrounding conditions and speculative value, on ac- count of proximity to or possibly being part of known ore bodies, until devel- opment should make a reclassification necessary. The mineral lands within the known ore belt were similarly treated, their values being gradually increased as they approached to what seemed good prospects. Within 90 days after receipt of the tax commission's circular letter, mining companies and mineral owners generally complied with the request, 21 furnishing data as to mining cost, analyses, prices, etc., and complete inven- tories of 258 mines and reserves, containing a total of 1,192,509,757 tons of merchantable iron ore. The next step was the classification of this great tonnage into the 6 groups of active mines and the 3 groups of reserves. Then was considered the average price of iron ore for a term of years at Lower Lake ports, and the costs of production and delivery, the difference being the full value in Minnesota of ore ready for shipment. Then followed considerations of the term of the lease, the average life of the mine and the present or discounted value of all the ore in the mine or reserve on a 4 per cent annuity basis. Then came an investigation through every known source: sales of realty, U. S. census, state auditor and state board of equalization reports, etc., of the average per cent prevailing throughout the state of true to assessed value on all realty, and the application of that ratio to this min- eral realty. Proceeding in the above outlined manner, the Tax Commission denned its classification and based the taxable value per ton of ore in the ground as follows : CLASSIFICATION FOR 1907 ACTIVE MINES Class 1 : Inexpensive mining and high grade ore 32 cents Class 2: Comparatively inexpensive mining and lower grade ore.. 30 cents Class 3: Higher mining cost and mixed grade ore 27 cents Class 4 : Underground, low mining cost and high grade ore 23 cents Class 5: Underground, higher mining cost and medium grade ore. .19 cents Class 6: Underground, high mining cost, excess rock and water. . .14 cents RESERVES Class 1: Partially developed and stripped, about ready for ship- ping 15 cents Class 2 : Not stripped and not fully developed 10 cents Class 3 : Not stripped and only partially developed 8 cents Prospects, unexplored but located near to developed tonnages to be assessed at from $2,000 to $20,000 per 40-acre tracts. Mineral lands unexplored, but in ore belt, to be assessed at from $3.00 to $50.00 per acre. After due notice and a public hearing, the Tax Commission placed a total assessed valuation of $186,720,026.00 on a total of 1,192,509,757 tons. In addi- tion, the assessed valuation on 1858 prospects and parcels of mineral lands, was raised to $4,986,656. The personality of the mining companies was assessed and the total was $4,334,490. The 1908 grand total assessment made by the Tax Commission, after due notice and a public hearing, was $174,273,632 on a total of 1,193,728,959 tons, a decrease from 1907 value of $12,446,394. This decrease was caused by de- ductions for shipments, stock piles (assessed as personal property) correc- tions of tonnage estimates hastily prepared for the commission in 1907, and by revisions of classifications. 22 In 1909, there was a further re-classification and the establishment of rates for active mines, their reserves and sub-reserves, to use in determining the assessed valuation per ton of iron ore in the ground, as follows: CLASSIFICATION FOR 1909 Class Active Mines Reserves Sub-Reserves Cents Cents Cents 1 33 21 15 2 30 18 15 3 27 15 10 4 23 11 5 19 10 6 14 8 And the total assessment made by the Tax Commissioii, after due notice and a public hearing was $199,008,838 on 1,310,190,194 tons. In 1910 the Tax Commission made the customary yearly adjustments; of deductions for shipments and stock piles, of additions for new tonnages and re^classifications of certain reserves into rates for active mines and the Com- mission then ordered a general raise of five (5) per cent on all realty in the townships, villages and cities (except the Village of Gilbert which had no ore) contained withim the known ore belts of the Vermilion and Mesaba ranges. This action of the Tax Commission resulted in a total assessed value of $220,423,038 for 1910 upon a total of 1,347,596,291 tons. This general raise established new rates for determining the assessed valuation per ton of iron ore in the ground, for the active mines, reserves and sub-reserves. The 33-cent class changed to .3465 cents, the 30-oent class to .3150 cents, etc. The new rates are as follows: CLASSIFICATION FOR 1910 Class Active Mines Reserves Sub-Reserves Cents Cents Cents 1 .3465 .2205 .1575 2 .3150 .1890 .1575 3 .2835 .1575 .1050 4 .2415 .1155 5 .1995 .1050 6 1470 0840 Re-classification and adjustments are necessarily made every year. From the remaining tonnage of the previous year must be deducted over-estimates (subject to verification by the mining engineer to the Tax Commission), ship- ments and stock piles. New developed tonnage and increases in estimates must be added and rates must be increased as properties pass from reserves to active mines. Since 1908, there has been a yearly increase in tonnage notwithstanding decreases by revised estimates and shipments, and there has been a largely increased yearly assessed value. 23 The summary of the work of the Tax Commission in assessing the min- eral properties of the state in 1907-8-9 and 10, the state board assessment of 1906, and the shipments of those years are as follows: Remaining Tonnage May 1st Assessed Value Minnesota Shipmenta 1906 $ 64 486 409 25 611 384 *1907 1 192 509 757 186 720 026 29 180 975 *1908. . 1 193 78 959 174 273 632 18 098 894 *1909 1 310 190 194 199 008 838 29*284*496 *1910 1 347 596 9 91 220 423 038 30 317 583 * Assessed value 9! the remaining tonnage only; the assessment of Personalty, Prospects and Mineral Lands is not included. The following is a comparative statement of realty assessments on ton- nages, prospects and mineral lands in towns, villages and cities in the ore belts of St. Louis and Itasca counties: State Board of Equalization 1906 $64,486.409 Minnesota Tax Commission 1907 191,706,682 Minnesota Tax Commission 1908 180,210,693 Minnesota Tax Commission 1909 204,526,139 Minnesota Tax Commission 1910 224,669,845 This great work has been accomplished by the Tax Commission without the slightest friction, without drastic measures of any kind and apparently with, the feeling among the operators that they were being fairly treated, and that they had every opportunity of presenting proof and of being heard at all times on points or questions at issue. The estimates of the official mining engineer to the Tax Commission, the School of Mines of the University of Minnesota, and of its representative, Edward P. JMcCarty, E. M., Professor of Mining, in verifying tonnage esti- mates, are accepted cheerfully and practically without question. They in- spire confidence and insure satisfaction to the operators and Tax Commis- sion. In fact, some operators know through this source for me first time the actual facts regarding their property. The Cuyuna Range is still in its infancy. Exploration work on a large scale has just begun. There may be hundreds of millions of tons of iron ore waiting development only the expenditure of millions of dollars can deter- mine this. See special Cuyuna Range report in this manual. The Vermilion Range also may have a new life awaiting it from the tonnages yet undiscovered. The Minnesota Tax Commission has brought to light vast tonnages and values. It has assessed every tonnage property on its own merits regardless of ownership and by a method that is fair to all concerned 24 Net Values of Iron Ores Average Costs of Production, Administration and Transportation By Rukard Hurd As the Valley furnace price establishes the base unit value and determines the premium and penalty on iron ores, it will be of interest to know how these factors affect the net value of iron ore, and if the ratio of fair, remunerative profit is equitably apportioned between mine and furnace. To produce one ton of pig iron at Pittsburg, and worth there in 1910 an average of $17.19 for Bessemer, required about 4,000 Ibs. of 55% ore (or 4,200 Ibs. of 51.50% ore), 2,200 Ibs. of coke and 1,200 Ibs. of limestone, approximate cost of these items is distributed as follows: Ore 4,000 Ibs. at $5.00 per ton $8.93 Freight ($1.73 Total $10.66 Ore 4,200 Ibs at 4.00 per .ton 7.50 Freight 1.73 Total 9.23 Coke 2,200 Ibs. at 2.10 per ton 2.31 Freight .83 Total 3.14 Lime 1,200 Ibs. at .53 per ton .28 Freight .35 Total .63 Total cost using $5.00 ore $14.43 Total cost using 4.00 ore 13.00 The net values per ton are $2.76 and $4.19, according to the grade of the ore used, and they are subject to a deduction for furnace operation and administration. The approximate cost of the items named at the Valley furnace is distributed as follows: Ore 4,000 Ibs. at $5.00 (per tons $8.93 Freight $1.14 Total $10.07 Ore 4,200 Ibs. at 4.00 per ton 7.50 Freight 1.14 Total 8.64 Coke 2,200 Ibs. at 2.10 per ton 2.31 Freight 1.19 Total 3.80 Lime 1,200 Ibs at .44 per ton .24 Freight .19 Total .43 Total cost using $5.00 ore .$14.30 Total cost using 4.00 ore 12.87 pnd the net values would be in proportion as named from Pittsburg. In considering the average net values of iron ores a general average of all producing mines has been taken. Net values here presented may 'be subjected to further revision for carrying charges classified as follows: 1. Diversified tonnages needed for mixing and grading 2. Non-profitable, low-grade ore wnich must be mined and shipped as encountered 3. Reserve ores for distant future use 4. Protracted non-working periods 5. Profit and loss items: (a) Excessive water (b) Strikes (c) Fires (d) Accidents (e) Other contingencies (f) Negative explorations Both gross and net average values have been figured for the year 1910, and for the 19-year period, 1892-1910, inclusive. That is from the open- ing of the Mesaba Range in 1892 when all iron ranges were in operation. As values were more or less unstable during the first half of the above mentioned period, and as Mesaba values had hardly been determined at that time, another comparative period of 10 years (1901-1910) is given. 25 The general average shipments from Minnesota for 1910 approxi- mates 58.50% iron dried and 11.96% moisture, or 51.55% natural iron, and indicates the general lowering of grades. Values based on 55 per cent Bessemer and 51.50 per cent non-Bessemer are taken instead of on general average cargo analyses. The latter could be used if the individual shipments of mine groups and trade ore blends were separately reported. Gross Value The 1910 value per ton of ore at lower lake ports is taken as follows: Bessemer, Old Range Vermilion $5.00 Bessemer, Mesa'ba 4.75 Non-Bessemer, Old Range Vermilion 4.20 Non-Bessemer, Mesaba 4.00 Cost Group The following grouping has been adopted as a basis for general average estimate of production and delivery at lower lake ports : 1. Production: (a) Mining Cost (b) Development (c) Exploration (d) Depreciation (e) Supplies and Repairs 2. Royalty 3. Administration: (a) General Office (b) Profit and Loss (c) Commissions (d) Insurance (e) Taxes (f) Miscellaneous 4. Transportation: (a) Rail (b) Vessel Item 1. Each mine has its own special problem; extremes are often encountered. While open pit mining is comparatively inexpensive, its cost for preparatory stripping may largely counterbalance underground mining costs. Taking into consideration these and other conditions, $1.40 for the Old Range, $1.25 for the Vermilion and 70 cents for the Mesaba, are adopted as conservative average estimates for total production costs. Item 2. Royalty is paid by the operator and depends upon the terms of the lease; there is a wide range in rates. The average estimate of Old Range royalties is 38 cents, although many old leases fall as low as 10 and 15 cents. The Vermilion royalties are based on old leases and are estimated at 33 cents. Old leases on the Mesaba Range call for 15 to 25 cents, but the newer leases with very largely increased royalties, and a tendency to excess, raise the present average estimate to 50 cents. Item 3. An average estimate of 20 cents on all ranges is made for administration costs. Item 4. Transportation rates are public and fixed. For the Old Range and the Vermilion they are here averaged. 26 These items when assembled present the following table: GENERAL AVERAGE ESTIMATE COST TABLE Item Average Costs Old Range Vermilion Mesaba 1 Production $1.40 $1.25 $0.70 2 Royalty .38 .33 .50 3 Administration .20 .20 .20 4 Transportation : Rail .37* .97* .80 Vessel .60* .70 .70 Total cost $2.95 $3.45 $2.90 * Averaged. The following tables show 1910 gross and net values per ton at Lake Erie for Bessemer and non-Bessemer Ores, containing 55 per cent and 51.50 per cent natural iron: (a) VALUES OF ORE CONTAINING 55 PER CENT NATURAL IRON 1910 Estimated Estimated Lake Erie Range Grade Average 1910 Gross Values Cost Lake Erie Net Values $5 000 Old Range Bessemer $2.95 $2.050 5 000 Vermilion Bessemer 3.45 1.550 4 756 Mesaba Bessemer 2.90 1.856 4.556 Old Range Non-Bessemer . . . 2.95 1.606 4.556 Vermilion Non-Bessemer . . . 3.45 1.106 4 342 Mesaba Non-Bessemer . . . 2.90 1.442 (b) VALUES OF ORE CONTAINING 51.50 PER CENT NATURAL IRON 1910 Lake Erie Gross Values Range Grade Estimated Average Cost Estimated 1910 Lake Erie Net Values $4 643 Old Range Bessemer $2.95 $1.693 4 643 Vermilion Bessemer 3.45 1.193 4 409 Mesaba . Bessemer 2.90 1.509 4 200 Old Range Non-Bessemer . . . 2.95 1.250 4.200 Vermilion Non-Bessemer . . . 3.45 .750 4.000 Mesaba Non-Bessemer . . . 2.90 1.100 The 1910 values are given to illustrate how the 1911 lowering of prices 50 cents per ton on all grades affects profits or net values. 27 Referring to the Table of Pri-ces or Ore from 1855 to 1910, on page 52, assuming that such prices are equivalent to prices on present (base grades, deducting the foregoing total average costs from the gross value per ton from each range we have Table No. 1: COMPARATIVE TABLE NO. 1. General Average Gross Values Range Grade General Average Net Values 1910 10 Year Period 19 Year Period 1910 10 Year Period 19 Year Period $5.00 5.00 4.75 4.20 4.20 4.00 $4.32 4.32 3.90 3.53 3.53 3.27 $3.95 3.95 3.39 3.16 3.16 2.75 Old Range.. Vermilion Mesaba Old Range.. Vermilion Mesaba Bessemer Bessemer Bessemer $2.05 1.55 1.85 1.25 .75 1.10 $ 1.37 .87 1.00 .58 .08 .37 $1.00 .50 .49 .21 .29 .15 Non-Bessemer Non-Bessemer Non-Bessemer It may be claimed that the total costs for each range shown in the General Average Cost Table are excessive by 50 cents per ton for the 19 year period and by 25 cents for the 10 year period, and that production and royalty costs have largely increased only during recent years. If so, such conditions are covered in Table No. 2: COMPARATIVE TABLE NO. 2. General Average General Average Gross Values Net Values Range Grade 10 Year 19 Year 10 Year 19 Year 1910 Period Period 1910 Period Period $5.00 $4.32 $3.95 Old Range.. Bessemer $2.05 $1.62 $1.50 5.00 4.32 3.95 Vermilion.. . Bessemer . . 1.55 1.12 1.00 4.75 3.90 3.39 Mesaba Bessemer 1.85 1.25 .99 4.20 3.53 3.16 Old Range.. Non-Bessemer 1.25 .83 .71 4.20 3.53 3.16 Vermilion.. . Non-Bessemer .75 .33 .21 4.00 3.27 2.75 Mesaba Non-Bessemer 1.10 .62 .35 It can be readily seen from these fixed cost charges and fluctuations that lowering prices, bad management, great disaster, financial distress or general adverse conditions may destroy profit and create loss. The need of a re-classification of certain grades and prices is apparent. Normal conditions should prevail between ore and iron, mine and furnace, and prices should move in harmony and practically along parallel lines. 28 Present Value of Iron Ore Royalties Of Mineral Leases Containing Merchantable Tonnage By Rukard Hurd Newly Created Wealth Through Mineral Value The recent development of vast tonnages of iron ore in what has been considered a wilderness of rock and swamp, without timber and useless for agriculture and known as "mineral lands" or "wild lands," having previously only a nominal, speculative or prospective value, has brought to life practi- cally a new form of value: that of the present worth to the fee owner of the loyalty on the ore therein covered by a mineral lease. More and more must this element of value be reckoned with; by the state in the enforcement of the inheritance taxes, by probate courts in the admin- istration of estates, and by other courts in adjudication and in> proceed- ings of receiverships, trusts, bankruptcy, etc., where mineral rights are involved. Newly developed wealth usually entails litigation as to ownership and value. Extent of Capital and Diversity of Ownership To respond to furnace demands for tonnages of every possible grade, physical characteristics and structure, and to obtain even a reasonable profit, mining operations must be conducted on a very extensive scale, Operation, equipment, supplies, wages, carrying charges, etc., require an enormous working capital. Therefore very few active mines or reserves containing de- veloped tonnages of iron ore are owned in fee by the operating company. This would require an investment of capital as vast in proportion as is the developed tonnage, and in amount almost beyond comprehension. The Vermilion and Mesaba Ranges alone have a total of nearly 1,400,000,000 tons of merchan- table iron ore assessed at $225,000,000, the full value of which approximates $562,000,000. These mines and reserves have a very large, widely scattered ownership, resident and non-resident. The known tonnage on the Mesaba Range is contained within some 35,000 acres. There is an equal or perhaps larger acreage within the so-called Mesaba "ore belt" either unexplored, or explored and found barren of iron ore, or located as to almost certainly con- tain no ore. Mineral Leases From the diversified fee ownerships the mine operators have from time to time secured, ordinarily upon a small payment, what is known as a "mining option" or the right to explore, and to obtain a lease with the privilege of mining the ore. These leases are made for a period usually of fifty (50) years, and the amount of royalty to be paid the fee owner for each ton of ore mined and shipped is stated therein. The lease also provides for an annual minimum payment in quarterly installments, being advance payments on account, and a charge against the maximum royalty on the ore as mined. Such minimum payment is made quarterly to the fee owner whether ore is mined or not. It is practically a guaranteed annual income, rental or annuity. As a rule these leases are executed when the explorations and drillings seem to demonstrate that a sufficient tonnage will be developed to justify 29 an agreed minimum payment based upon an estimate of expected minimum shipments. Complete explorations follow in due time and the full extent, quantity and quality of the ore body is determined. The fee owner receives regular reports of the explorations and mining. Occasionally leases may contain modifications, such as a sliding scale of royalty or an increased royalty for increase in metallic content. All leases may be surrendered by the lessee upon giving stipulated notice, usually ninety (90) days, in which event he loses all advance made on account of annual minimum payments. Under all mineral leases the operating company pays all taxes and assessments. Valuation of Developed Leases The minimum annual payment is a purely estimated, arbitrary amount and regular royalties range from ten cents (lOc) to one dollar and ten cents ($1.10), and even more, per ton. There is no uniformity in rates. Each lease must be valued according to its terms and own merits. On mines or reserves that have been thoroughly explored and where thp tonnage is developed and the amount and grade of merchantable ore is known, a simple but accurate method of determining the present or dis- counted value of the total royalty of a mineral lease is herewith presented. The Determining Valuation Factors 1. Unexpired period of the lease 2. Amount of merchantable tonnage subject to royalty 3. Total value of the same calculated by the royalty rate per ton 4. Amount of the annual minimum payment or annuity, on esti- mated tonnage 5. Amount of an annual minimum payment or annuity on actual tonnage 6. "Life of mine," the term required to mine out the total tonnage 7. Present value of one dollar, per annum, payable quarterly RULE FOR DETERMINATION OF PRESENT VALUE OF ROYALTIES Total Royalty Multiply the tonnage (reduced by the equivalent due by reason of any overpayment of annual minimum advanced) by the amount of royalty per ton. The result is the total royalty which the fee owner will ultimately re- ceive, and it will be paid in, approximately, quarterly installments. Life of the Mine Divide the total royalty, as ascertained, by the amount of the annual minimum payment. The result is the "life of the mine;" that is, the annuity paying period, or the number of years required to exhaust the ore. Provided, however, that if this period as calculated extends beyond the lease, then the tin-expired term oTthe lease should be arbitrarily considered as the "life cf the mine." It is safe to assume that the operator will exhaust the ore during the life of the lease. Present Value of the Royalty A Where total royalty does not exceed total of guaranteed annual minimum payments Multiply the annual minimum payment, payable quarterly, by the present value of one dollar per annum, payable quarterly, at the assumed rate of interest and for the number of years determined as the life of the mine. The result is the present royalty value of the lease. 30 ' B Where total royalty exceeds total of guaranteed annual minimum pay- ments Divide the total royalty by the unexpired term of the lease. The amount is the adjusted approximate annual minimum which will he paid. Multiply this annual minimum payment by the present value of one dollar per annum, payable quarterly, at the assumed rate of interest and for the number of years of the unexpired term of the lease. The result is the present royalty value of the lease. This method is a practical approximation for finding the true present value of the excess of developed tonnage over the assumed minimum. It will be specially noted that no general rule can be laid down when determin- ing factors have yearly variations. Attention is again called to the assumption that the ore will be ex- hausted before the expiration of the lease. Illustration for A Term of lease 50 years Unexpired term of lease 30 years Royalty per ton 25 cents Complete explorations develop as remaining 2,000,000 tons Total royalty at 25c per ton, = $500,000 Life of the mine, $500,000 -f- $20,000 25 years Guaranteed annual minimum payments $20,000 x 25 = $500,000. [At 7%) f $239. 104 Present Value At 8% $20,000 per year, payable quarterly, J 219.796 Present Value < At g% for 2 5 Years 1 202.962 (At 10% j i 188.210 Illustration for B Term of lease 50 years Unexpired term of lease 30 years Royalty per ton 25 cents Complete explorations develop as remaining 4,000,000 tons Total royalty at 25c per ton, = $1,000,000 Life of the mine, the unexpired term of the lease = 30 years Guaranteed annual minimum payments $20,000 x 30 z= $600,000 Excess of total royalty over annual minimum value $1,000,000 $600,000 = $400,000 Adjusted approximate annual minimum payment, $1,000,000-^-30 = $33,333 fAt 7%1 f $424. 332 Present Value At 8% $33 ' 333 P er vear > Payable quarterly J 386.329 rrebent value ^ At g% f for 30 years. 1353.803 [At 10%J I 325.773 DETERMINING INTEREST RATE AND FACTORS While under the conditions named the security of the investment is unquestioned, for calculating present value the determining interest rate depends upon a number of factors, such as: 1. Average worth of money at the given time and interest rate ex- pected for a long time investment. 31 2. Fluctuating yearly income as the property passes back and forth from shipping and non-shipping stages, from large royalty income on ship- ments one year to minimum annual payments when not operating. 3. Quality of the ore and availability for furnace demands. 4. Amount of the tonnage and the time required under normal mining conditions to exhaust the ore. 5. Character and standing of the lessee, and his ability to meet the terms of the lease. 6. Possibility of a surrender of the lease, depending upon whether the ore is good or lean, monetary situation and the financial condition of the lessee. Under all these conditions such an investment demands and is en- titled to a high rate of interest, even greater than a highest grade pre- ferred stock or bond security would yield. Capitalists would not entertain the purchase of such a proposition at ordinary rates of 5, 6 or even 7%. While 10% seems to be the customary prevailing interest rate, it would appear that 8% to 10% should be now used in calculating the present value of iron ore royalties, that is, the investment required to purchase the royalty rights of a mineral lease containing known, developed tonnage of merchantable iron ore. Royalty only Basis of Value It will be observed that the assessed or full value or market price of the tonnage is not and should not be considered. That concerns only the operating company and the tax officials. That value has gone beyond the control of the fee owner with the lease; his value is in the royalty alone. Valuation of Undeveloped Leases On leases of properties not developed, or only partially developed, or containing present non-merchantable ore, or where in underground mines an estimate of total tonnage is impossible, any appraisement of royalty value ibecomes a matter of judgment of experts familiar with mining and geological conditions. Accuracy of Information As has been previously stated in this manual, the exploration is now so thorough that the outlining of the ore bodies and the securing of accurate Information to obtain correct estimates of the amount of tonnage and its grade especially on the Mesaba Range, is now practically a known quantity. To a certain extent this holds true of many underground mines on other ranges. Where formeily their ore bodies could be followed, blocked out and their tonnages known for only a year or two ahead, modern drilling methods now disclose the geological formation and determine the character and extent of the ore body. Tables of Present Values For convenient reference in connection with this subject standard tables of present values, quarterly and annual, are embodied with and follow this article. 32 Of THE UNIVERSITY OF PRESENT VALUE OF ONE DOLLAR PER ANNUM PAYABLE QUARTERLY At the End of Each Quarter Due in any Number of Years from 1 to 50, inclusive Specially Compiled by Rukard Hurd for this Manual Years 5 per cent 6 per cent 7 per cent 8 per cent 9 per cent 10 per cent 1 0.9701 0.9643 .9587 .9532 .9478 .9425 2 1.8939 1.8740 1.8547 1.8359 1.8174 1.7992 3 2.7738 2.7322 2.6922 2.6531 2.6151 2.5782 4 3.6119 3.5419 3.4748 3.4098 3.3470 3.2863 5 4.4099 4.3057 4.2063 4.1105 4.0186 3.9301 6 5.1700 5.0262 4.8898 4.7593 4.6345 4.5153 7 5.8939 5.7061 5.5287 5.3600 5.1998 5.0473 8 6.5834 6.3474 6.1258 5.9162 5.7182 5.5309 9 7.2398 6.9524 6.6838 6.4312 6.1938 5.9706 10 7.8652 7.5231 7.2053 6-9081 6.6304 6.3704 11 8.4607 8.0616 7.6927 7.3497 7.0307 6.7338 12 9,0280 8.5695 8.1482 7.7585 7.3980 7.0641 13 9.5682 9.0488 8.5740 8.1370 7.7350 7.3644 14 10.0825 9.5009 8.9718 8.4875 8.0442 7.6374 15 10.5725 9.9273 9.3436 8.8121 8.3278 7.8856 16 11.0391 10.3298 9.6910 9.1126 8.5881 8.1112 17 11.4836 10.7094 10.0158 9.3908 8.8267 8.3164 18 11.9068 11.0675 10.3194 9.6485 9.0457 8.5028 19 12.3098 11.4053 10.6031 9.8870 9.2467 8.6723 20 12.6937 11.7240 10.8681 10.1078 9.4310 8.8264 21 13.0594 12.0247 11.1159 10.3124 9.6001 8.9665 22 13.4075 12.3084 11.3474 10.5082 9.7553 9.0938 23 13.7382 125.760 11.5639 10.6772 9.8977 9.2096 24 14.0550 12.8284 11.7661 10.8395 10.0283 9.3148 25 14.3557 13.0666 11.9552 10.9898 10.1481 9.4105 26 14.6423 13.2913 12.1318 11.1290 10.2580 9.4975 27 14.9150 13.5031 12.2969 11.2579 10.3589 9.5766 28 15.1749 13.7032 12.4512 11.3772 10.4513 9.6486 29 15.4224 13.8918 12.5954 11.4877 10.5363 9.7139 30 15.6581 14.0697 12.7301 11.5900 10.6142 9.7733 31 15.8825 14.2377 12.8561 11.6848 10.6855 9.8273 32 16.0963 14.3960 12.9739 11.7725 10.7510 9.8765 33 16.2998 14.5454 13.0838 11.8537 10.8112 9.9210 34 16.4937 14.6864 13.1866 11.9288 10.8663 9.9617 35 16.6784 14.8194 13.2828 11.9985 10.9170 9.9986 36 16.8543 14.9449 13.3725 12.0630 10.9635 10.0321 37 17.0218 15.0633 13.4564 12.1227 11.0060 10.0626 38 17.1813 15.1749 13.5349 12.1780 11.0451 10.0903 39 17.3332 15.2803 13.6082 12.2292 11.0809 10.1155 40 17.4779 15.3796 13.6767 12.2765 11.1139 10.1384 41 17.6157 15.4733 13.7407 12.3204 11.1441 10.1592 42 17.7469 15.5618 13.8005 12.3610 11.1717 10.1781 43 17.8719 15.6453 13.8565 12.3986 11.1972 10.1954 44 17.9909 15.7240 13.9088 12.4335 11.2204 10.2110 45 18.1043 15.7982 13.9576 12.4657 11.2418 10.2252 46 47 18.2123 15.8683 14.0032 12.4956 11.2614 10.2382 48 18.3141 15.9343 14.0459 12.5233 11.2794 10.2499 49 18.4131 15.9967 14.0858 12.5488 11.2959 10.2606 50 18.5062 16.0556 14.1231 12.5726 11.3110 10.2703 18.5951 16.1111 14.1578 12.5945 11.3250 10.2791 33 PRESENT VALUE OF ONE DOLLAR PER ANNUM. PAYABLE ANNUALLY At the End of Each Year Due in any Number of Years from 1 to 50, inclusive Years 5 per cent 6 per cent 7 per cent 8 per cent 9 per cent 10 per.cent 1 0.9524 0.9434 .9346 .9259 .9174 .9091 2 1.8594 1.8334 1.8080 1.7833 1.7591 1.7355 3 2.7232 2.6730 2.6243 2.5771 2.5313 2.4869 4 3.5460 3.4651 3.3872 3.3121 3.2397 3.1699 5 4.3295 4.2124 4.1002 3.9927 3.8897 3.7908 6 5.0757 4.9173 4.7665 4.6229 4.4859 4.3553 7 5.7864 5.5824 5.3893 5.2064 5.0330 4.8684 8 6.4632 6.2098 5.9713 5.7466 5.5348 5.3349 9 7.1078 6.8017 6.5152 6.2469 5.9952 5.7590 10 7.7217 7.3601 7.0236 6.7101 6.4177 6.1446 11 8.3064 7.8869 7.4987 7.1390 6.8052 6.4951 12 8,8633 8.3838 7.9427 7.5361 7.1607 6.8137 13 9.3936 8.8527 8.3577 7.9038 7.4869 7.1034 14 9.8986 9.2950 8.7455 8.2442 7.7862 7.3667 15 10.3797 9.7122 9.1079 8.5595 8.0607 7.6061 16 10.8378 10.1059 9.4466 8.8514 8.3126 7.8237 17 11.2741 10.4773 9.7632 9.1216 8.5436 8.0216 18 11.6896 10.8276 10.0591 9.3719 8.7556 8.2014 19 12.0853 11.1581 10.3356 9.6036 8.9501 8.3649 20 12'.4622 11.4699 10.5940 9.8181 9.1285 8.5136 21 12.8212 11.7641 10.8355 10.0168 9.2922 8.6487 22 13.1630 12.0416 11.0612 10.2007 9.4424 8.7715 23 13.4886 12.3034 11.2722 10.3711 9.5802 8.8832 24 13.7986 12.5504 11.4693 10.5288 9.7066 8.9847 25 14.0939 12.7834 11.6536 10.6748 9.8226 9.0770 26 14.3752 13.0032 11.8258 10.8100 9.9200 9.1609 27 14.6430 13.2105 11.9867 10.9352 10.0266 9.2372 28 14.8981 13.4062 12.1371 11.0511 10.1161 9.3066 29 . 15.1411 13.5907 12.2777 11.1584 10.1983 9.3696 30 15.3725 13.7648 12.4090 11.2578 10.2737 9.4269 31 15.5928 13.9291 12.5318 11.3498 10.3498 9.4790 32 15.8027 14.0840 12.6466 11.4350 10.4062 9.5264 33 16.0025 14.2302 12.7538 11.5139 10.4644 9.5694 34 16.1929 14.3681 12.8540 11.5869 10.5178 9.6086 35 16.3742 14.4982 12.9477 11.6546 10.5668 9.6442 36 16.5469 14.6210 13.0352 11.7172 10.6118 9.6765 37 16.7113 14.7368 13.1170 11.7752 10.6530 9.7059 38 16.8679 14.8460 13.1935 11.8289 10.6908 9.7327 39 17.0170 14.9491 13.2649 11.8786 10.7255 9.7570 40 17.1591 15.0463 13.3317 11.9246 10.7574 9.7791 41 17.2944 15.1380 13.3941 11.9672 10.7866 9.7991 42 17.4232 15.2245 13.4524 12.0067 10.8134 9.8174 43 17.5459 15.3062 13.5070 12.0432 10.8380 9.8340 44 17.6628 15.3832 13.5579 12.0771 10.8605 9.8491 45 17.7741 15.4558 13.6055 12.1084 10.8812 9.8628 46 17.8801 15.5244 13.6500 12.1374 10.9002 9.8753 47 17.9801 15.5890 13.6916 12.1643 10.9176 9.8866 48 18.0772 15.6500 13.7305 12.1891 10.9336 9.8969 49 18.1687 15.7076 13.7668 12.2122 10.9482 9.9063 50 18.2559 15.7619 13.8007 12.2335 10.9617 9.9148 34- Prospecting, Mining and Ore Estimating Methods in Minnesota With Special Reports on the Western Mesaba and Cuyuna Ranges A Reprint from the Second Biennial Report, 1910, of the Minnesota Tax Commission PROSPECTING FOR IRON ORE In metal mine prospecting the percussion drill is largely used for iron, zinc, lead, gypsum and coal worK. The churn drill or form of percussion drill as used on the Mesaba Iron Range consists of a chisel drill on an extensible hollow rod. This rod is attached by a flexible coupling to a pump which forces a stream of water into the hole and out of perforations near the attachment to the bit. This water returns inside the casing, which is an ordinary pipe, 3 inches in diameter when in surface material and 2 inches in rock and ore. The drill is manipulated by a rope passing several times over a drum driven by a 6 to 8 horsepower oscillating engine, and the "jerk" is given by a man tightening or slacking the rope coil. The drill is rotated by hand, the driller standing on a platform built in the tripod. When boulders are encountered they are blasted out with dyanmite. A churn drill outfit, boiler and all, costs from $1,000 to $2,000. When taconite or hard slate is struck the churn drill has to be aban- doned and the diamond drill is used until it passes through the taconite into the ore. It is customary to blast out the hole and force the casing down and then resume drilling with the churn drill. This blasting is done by suspending in the hole two or more sticks of dynamite and firing them with a battery. The casing, which had been partly pulled out, is then forced down with a drive weight, and the churn drill inside chops out the hole until the casing can follow to the bottom of the hole. A churn drill will make from 5 to 25 feet a day in a formation in which it can be used at all. Three men are required to run it. Wood and water hauling may run up expenses sometimes requiring a team for each. The surface indications of iron are meager and not very reliable. Some of the explorations have taken into account the topographical features of the district, and the theoretical geological conditions, but generally a tract located on or in the vicinity of the ranges is selected and drilled without regard to indications on the surface. The unit of explorations is forty acres, and this is called locally a "forty." The federal mining laws do not apply in Minnesota so the property is included in the vertical boundaries of the tract. The usual test for a forty-acre tract is to put five holes one in the center and four 300 feet toward the center from each corner. However, drilling five holes is not considered a final test. In proving up an ore body or testing completely, the practice is to divide the property into squares of 300 feet each, commencing 100 feet inside of 35 the forty line, and drilling on the intersections. The Oliver Iron Mining Company ignores the survey lines, which are very irregular; they tie the tract to some surveyed property and lay it off in squares of 100 feet each. Drill holes are then sunk on each second and third intersection accord- ing to the purposes of the test and the intersections are taken alternately so as to leave the smallest possible radius of undrilled land. Sometimes, in drilling for development, it is necessary to put holes in at closer intervals; especially where the work is along the edge of an irregular deposit. The ore bodies do not always taper out. Most of the drilling is done by contract. The usual contract price is $3.00 per foot for churn drill and $6.00 per foot for diamond drill work. In some cases the diamond drill work costs more. Considerable test pitting is done ?.t the surface at a cost of $1.60 to $2.00 per foot, a ten cent increase for each 10 feet after the first 20 feet being customary. Daily reports of the work are made to the contractor and frequent reports to the parties interested. Samples are taken every 5 feet, and wherever the formation changes, these samples are usually analyzed for iron, phosphorus, mangan- ese and silica. The drill results are platted showing the location and the record of the holes. These reports are signed and dated and are considered reliable data as to the property. The contractors are well known and responsible, and misleading or false reports are rare. The drill holes vary much in depth in different districts; near Hibbing one hole is over 350 feet in ore. It is a rule when ore is found to go through it. If quartzite is found this is taken as final, but most of the ore bodies are bottomed in taconite and sometimes the drill will go through a bed of ore into a taconite layer and then again into ore. It is generally believed that much ore exists below the present bottom. The old rule was to stop when taconite was found, but some of the best ore bodies are found to be below the taconite. Usually these are the extensions of ore bodies which outcrop to the north. In some parts of the range the finding of taconite under the surface is considered a good indication of an ore body beneath. In seme of the mines jumper drills worked by man power are used to check the grade of the ore or do surface work. The Mahoning mine sunk numerous test pits in the ore body to determine the character and grade in advance of mining. Much test pitting and drilling is now done before any property is considered sufficiently well known to permit planning its mining. The cost of the diamond drill outfits in use is from $2,500 to $4,000; the shallow nature of the work permitting a comparatively cheap equip- ment. Prospecting on the Vermilion range is generally done with a diamond drill, followed up by the sinking of shafts and the driving of drifts after the ledge has been struck. On the Cuyuna range churn and diamond drills are used. The holes are much deeper as a rule than on the Mesaba and in case of the diamond drill work frequently driven on an angle. The con- tract price on the Cuyuna is $2.00 per foot for churn drilling and $4.00 per foot for diamond drilling. MINING METHODS On the Vermilion range the mining is confined to underground work and this will be the method employed upon the Cuyuna range. On the Mesaba range conditions are such that a large part of the mining may be 36 done by open pit work. The ore ledges on the Vermilion stand at angles approaching 80 degrees and in some cases are vertical. The ore is hard so hard that the ordinary air drill makes very slow progress through it and the expensive diamond drill must be largely used, both for mining and ex- ploring the formation. A large amount of explosives is required to break the ore into small enough pieces to permit loading. The Cuyuna range ore, while not as hard as Vermilion ore, nevertheless will be more expensive to mine than that of the Mesaba range. Open Pit Mining The Mesaba ore is soft. It lies near the surface in an almost horizontal plane, with a covering of 20 feet or more of glacial drift composed of sand and clay in which there are many huge boulders. The ore bodies vary in size but are fairly uniform in most respects. They may be a mile or more m length, though this is unusual. The width of the body sometimes reaches a half mile, with a thickness running from 50 to 300 feet. The open pit method is much used, both for stripping over burden and mining ore. There are, however, many deposits where open pit mining cannot be employed. Its application is determined by the thickness and extent of the ore body relative to the overburden; the character of the ore; the distance of haul to the dump, etc. The increasing efficiency of the steam shovel, the greater cost of timbering and the lack of skilled miners necessary for underground mining, all have contributed toward extending open pit mining. In open pit mining the ore body is reached by removing the overburden with a steam shovel, not unlike that used in railroad excavation work. Many million cubic yards have been stripped to lay bare the ore bodies and recently a stripping depth of 150 feet, involving seven million cubic yards of stripping, was undertaken. The steam shovel has removed more material on the Mesaba range than the total excavation required for the Panama canal. A shovel crew consists of an engineer, a crane man, and four pit men to prepare the road bed and lay the track upon which the steam shovel stands. A "spotter" keeps the stripping train which stands on a parallel track moving as the successive cars are filled. The shovel lifts four or five tons at a time from the bank and dumps its load into cars. In many cases it is necessary to shake up the earth by the use of powder. Charges are placed in drill holes a short distance back from the edge of the bank, and on exploding the charge, which is done by means of the ordinary fuse and cap, the bank is loosened up to permit easy working for the shovel. The large boulders require breaking up by the use of dynamite. The dump cars loaded by the steam shovel are hauled to the dump by a "dinky" engine or by engines weighing as much as 60 tons. In this way the ore is cleaned off and made ready for mining, the final cleaning up of the top of the ore being done by men with shovels and wheelbarrows. The ore is so soft that the shovel frequently digs it with- out .blasting, though in general black powder is used to shake up the mass. It is the universal practice to load the ore direct from the pit into railroad cars which are drawn out three to ten at a time by a standard gauge loco- motive. In this way the deposit is worked down bench by bench, until a little of the rim only is left. The grades become too heavy for the loco- motive or the deposit too thin and underground mining finishes the work. The ore is generally carried in steel cars which have a nominal capacity 37 of 50 tons each, actual capacity 46 tons. A standard shovel weighs 90 tons, and one crew can load up to 8,000 tons of ore per ten-hour day, with 4,000 or 5,000 as an average day's work. Both stripping and ore handling are done on a two-shift basis of ten hours each. Work is suspended on Sunday except that of repairing the shovels. Milling System The milling system is a combination of open pit and underground min- ing. The ore is stripped as in open pit mining. A shaft is sunk near the edge of the ore body and drifts are run into the ore, say 60 feet below its top. Raises are made from the drift to the surface and through these the ore is "milled" down into chutes, loaded into cars and hauled by mules or electric power to the shaft where it is hoisted to the surface and dumped into railroad cars. When the ore is very soft it may be "milled" into the raises by use of the pick alone In other cases blasting must be resorted to. In some cases the steam shovel is used to throw the ore into the "mill." As the "mill" becomes larger it finally becomes too dangerous for the miner on account of the steepness of the sides and underground mining methods must be used. A relatively small amount of ore has been won on the Mesaba by "milling." UNDERGROUND MINING Only a few deposits permit the removal of all the ore without resorting to underground mining and many mines may be worked only by under- ground methods. Formerly the square set system, much used in metal mining elsewhere, was the accepted method on the Mesaba. While satis- ractory in the main and still employed to a limited extent in a few places this method has given way to the "slicing and caving" system which is effective and economical. Nearly all the ore is recovered. The method consists in beginning at the top of the ore and working out a slice, dropping the surface as the work goes on. The caving of the surface is necessary on account of the character of the roof, which is generally sand or a gravel. A shaft is sunk as in the milling system and a drift is run into the ore. Sub-levels are then driven at distances from 8 to 14 feet high and raises are run to the top of the ore. The ore is sliced out just wide enough to carry the roof while working. The ore is shoveled into the raises, at the bottom of which a chute is set from which the ore is drawn direct into mine cars. As each slice is taken out the overburden is caved either of its own weight or is blasted down. This overburden packs so as to hold up laterally with a little temporary timbering and lagging. Slice after slice is taken until the whole top of the ore body has been drawn into the raises, when the same process is gone through on the nexi sub-level. The floors of the slices are covered with plank or boards so as to keep the sand from mixing with the ore and to make a roof for the next slice below. This floor under the sand follows the ore down with each slice. This general system has a number of modifications, permitting it to be used on the other ranges. It calls for the use of a small amount of timber and is comparatively free from accident to miners. Regarding the three methods of mining in vogue it may be said in gen- eral that underground mining is increasing while open pit work has reached Its maximum service. 38 ORE ESTIMATES Mesaba Range To make an "ore estimate" certain recognized principles must be adapted to the particular case in hand, for each property presents an indi- vidual problem. In general, it may be said that a total tonnage estimate is the one first made. This will suffice in case of reserve ore bodies, and needs but little adjustment, provided the ore body has been thoroughly drilled. Where the drill data is incomplete, it will be necessary from time to time to revise the ore estimate. As to the method it may be briefly stated as follows: The outline of the ore body is established from the drill holes. The ore lying without the outer rim of holes is elliptical in outline and triangular in cross section. Inside this outer limit of the ore body is drawn a line connecting the cen- ters of the bases of all these triangles. This line should Be midway between the crest and toe of the slope of the ore bank. The area inclosed, multiplied by the average depth of ore in all holes within the area, is the total volume of ore. The number of cubic feet per ton for various grades of ore has been established by experience dealing with every part of the ranges and it varies from 13 cubic feet for 62 per cent iron to 17 cubic feet for 49 per cent iron. All analyses are based on the dried samples. The ore is carefully graded into: (a) bessemer, (b) non-bessemer, and in some cases, into (c) ore material. The limiting analyses are about as follows: Iron per cent Phos- phorus per cent Silica per cent Mangan- ese per cent 61.55 .047 4.6 1.0 ^on Bessemer 57 20 099 7 2 1.5 All ore above 49 per cent is considered merchantable. The ore material class is made up of the ore lying between 40 per cent and 49 per cent. It may or may not have commercial value, depending upon whether it can be washed or concentrated. Furthermore, from the drill records and the locations of drill holes, cross sections of the ore body may be made. The sections may be made by passing vertical planes through adjoining holes; then all the planes (in practically the same plane) joined together, constitute a section. By many engineers a plane is passed which cuts as many of the holes in one directioa as possible, and those holes not on the section are projected upon it. This second method is simple and can be used in making esti- mates without a correction for the length of section due to the broken planes. If inaccuracy occurs in that the hole is off the section and it does not show the true depth of ore at the place indicated, interpolation may be used to correct this depth from adjoining holes by a section at right angles to the one in question. 39 The ore sometimes ends abruptly against rock and then again will run out in long lenses. In general it may be stated that the edge of the ore body is placed at a distance outside the outer rim holes equal to the depth of ore in the hole. An examination of the sections will show the different grades of ore more or less continuous in layers. From these sections carefully drawn to scale their areas may be measured and by the method cf "average end areas" the total volume of the body obtained and the num- Der of tons computed. This cross section method usually checks closely the first method described. As the shipments are made from each property the number of tons shipped is annually deducted so that the ore remaining in the mine is checked up each year. Where doubtful drill records, irregular, or large rock intrusions render the above described methods unsatisfactory, it becomes necessary to make a "pillar estimate" in order to ascertain the tonnage in the mine. This con- sists in measuring up the ore pillars from the underground maps, giving due consideration to "probable ore," thus determining the ore tonnage. Vermilion Range Estimates are made for this range by measuring up the pillars of ore from the underground maps. WESTER'N MESABA RANGE ESTIMATES Special Report The distinguishing feature of the Western Mesaba ore formation is the incompleteness and irregularity of the alteration as compared with Eastern Mesaba. The ore bodies show all gradations from ferruginous chert to completely oxidized iron ore almost free from silica and alumina. The ore may be generally characterized as silicious, carrying from 30% to slightly over 60% iron; the phosphorus compared with Eastern Mesaba ores is notably low, rarely a'bove 0.05% and frequently as low as 0.01%; the percentage of silica varies from 25% to 75% 35% being perhaps a normal silica percentage. This silica or "sand" is not water-worn, it con- sists of small sharp fragments derived from the disintegration of the fer- ruginous chert, the so-called "iron-bearing taconite." Experiments in concentration indicate that, while much of the silica is so combined with iron as to be wholly unsusceptible of concentration, the probabilities are decidedly in- favor of concentration or more correctly speaking, washing being developed to a commercial success. The softness of the ore formation practically limits drill prospecting to churn drilling. Since much of the ore is largely composed of the sharp "sand" just referred to it is difficult if not impossible to judge from an examination of the drillings (which consist wholly of sharp fragments) whether the stratum passed through is taconite or paint-rock, or whether it is material that can be commercially washed. Recent development by test pits and raises has disclosed large quantities of "paint-rock." One of the distinguishing features of paint-rock on Eastern Mesaba is the presence of comparatively large percentages of alumina and phosphorus which are readily determined by analysis. On the Western Mesaba the paint-rock contains so little alumina and phosphorus that de- pendence cannot be placed upon the chemical analysis of drill samples to distinguish between paint-rock and ore. Until quite recently ore esti- 40 mates in the Western Mesaba district were based wholly upon chemical analysis. Three grades were established: First, a non-Bessemer shipping ore containing 57% iron and 0.04% phosphorus of which quite a little tonnage was developed. Second, a first-class silicious ore averaging 49% iron and 0.04% phosphorus. Third, a second-class silicious ore averaging 40% iron and 0.04% phosphorus. It was assumed that the bulk of the silicious ore could be successfully raised to merchantable grade by washing. The sink- ing of test pits quickly showed a wide variation in chemical analysis of churn-drill samples and test pit samples from the same stratum. This variation was caused by a washing away of silica and alumina and concen- tration of iron due to the churning action in the drill hole. The alumina !n some cases was reduced from 17% to 0.2%, while the iron was correspond- ingly increased, in some instances sufficiently to make drill samples run 7% higher than test-pit samples. This selective or concentration action within the drill hole might readily make a poor class of paint-rock appear to be a good grade of non-Bessemer ore; it might readily show a large tonnage of washable ore in ground which really averaged as low as 30% iron. A number of comparisons between drill hoJe and test-pit data show that a concentration of iron in the drill hole is inevitable. The degree of concentration varies greatly but would seem to average about 4%. There- fore in grading this 4% reduction has been adopted. The impracticability of using the chemical analysis as a basis for the classification of the ore as "washable" and "non-washable" led to the adop- tion of a classification of test-pit and drill samples, according to physical characteristics into "ore" "sand and ore" "paint-rock" and "taconite." A number of estimates were made on this plan by a leading mining company but its engineers have now abandoned the method as unsatisfactory. It would be impossible for two men, however expert and conscientious, to check within reasonable limits on an ore estimate based purely on the physical characteristics of drill samples. Therefore estimates are based on the chemical analysis. As a matter of fact, present day estimates in the Western Mesaba district are largely speculative and will so remain until the washing plant now in construction at Coleraine has thoroughly tested out the various ore bodies, determining the ratio of washable to non-washable ore and the ratio of concentration. CUYUNA RANGE ESTIMATES Special Report The deposits are irregular in shape. The drilling shows them in the form of lenses which are commonly narrow and may be single or double; when double they are parallel and are separated by lean material. There are no outcrops and no topographic features to indicate the presence of an ore deposit. The iron-bearing formation continues for miles though the bodies of ore are small and in general end abruptly; the greatest length is approximately 2,000 feet. Two hundred (200) feet is probably close to the average width for the north part of the range, while the width is considerably less on the south end. 41 The greatest depth shown to date is 850 feet. Greater depths are ob- tained on the north than on the south range. Four hundred and fifty (450) feet is in all probability a fair average depth. These lenses of ore are pitched at a high angle in many cases nearly vertical. Samples taken* from the Kennedy mine, situated in the N 1 /^ of the of Section 30-47-28, averaged 57.06 per cent iron, .119 per cent phosphorus, .61 per cent manganese, 11.10 per cent silica with a moisture of approximate- ly 10 per cent. This is typical of the ore as it is found on the north end of the range. The percentage of iron is lower on the south end. Cuyuna ores are hydrous and silicious limonites, usually red or brown in color, intermixed with paint-rock. Some hematites are found. From present indi- cations the percentage of iron is higher near the top of the ore body and decreases with depth. Over the range in general the phosphorus is higher than that just shown in the Kennedy mine. Bessemer ore seems to exist only in very small quantities. Manganese will run about as shown in the Kennedy. Silica is high and usually increases as the iron decreases until the ore becomes too lean to be merchantable. Moisture is as yet largely undetermined, but it may in some cases reach 14 per cent. The texture of the ore runs from soft, slaty to a dense, hard, silicious ore. The ore will probably be rated only as of medium grade. Its physical characteristics make it a desirable furnace material, while low iron and high silica detract from its value. Mining must be done entirely iby underground methods no stripping being possible. At present the Kennedy mine owned by Rogers, Brown & Company is the only one hoisting ore. Two levels are opened up on this property and a stock pile has accumulated awaiting the completion of the railroad and ore docks. The season of 1911 should see a fair production from this mine. The Meacham shaft of Rogers, Brown & Company in the NE 1 ^ of the NE*4 of Section 11-46-29 is made of concrete and has been sunk 78 feet to the ledge and will be continued to 400 feet in depth. Railroad tracks have been provided for this shaft and the property should be a producer in 1911. At Ironton a location is now building and a shaft just begun in the SE^ of the NE%, Section 10-46-29. Tracks and yards are already in place. This property also belongs to Rogers, Brown & Company. There are no other active mines at present on the Cuyuna range. 42 IRON MINES OF THE MARQUETTE RANGE With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Shipments 1910 Prior Total American (Sterling) 163,290 240,339 403,629 Austin 188,588 433,037 621,625 Beaufort (Ohio) 23,427 566,705 590,132 Bessie 59,097 59,097 Breitung Hematite 114,202 301,583 415,785 Cambria 150,422 2,037,727 2,188,149 Champion 18,746 4 394 385 4,413,131 *Cleveland-Cliffs Group 955 374 21 449 896 22,405,270 East New York 327,604 327,604 Empire 53,687 203,095 256,782 Foxdale 31,447 31,447 Hartford 183,471 1,766,951 1,950,422 Imperial 83,404 376,691 460,095 Jackson 40,320 3,885,213 3,925,533 Lake Angeline 244 923 8 285 460 8 530 383 Lake Superior 271 445 14 961 563 15,233,008 Lillie 10,121 1 748 490 1,758,611 Lucy (McComber) . ... 11,257 519 031 530,288 Maas 208,103 220 611 428,714 Magnetic (stock pile) 292 292 Mary Charlotte 197,522 1,057,184 1,254,706 Mitchell 23,428 29,319 52,747 Moore 68 131 68,131 Negaunee 348 818 3 662 127 4 010 945 New York (York) 1 123 071 1,123,071 Palmer ... . 14 172 14,172 Portland 49,584 79 652 129,236 Princeton (Swanzey) 89,441 1 271 761 1,361,202 Queen (Blue) 230,119 5 992 421 6,222,540 Republic 150,732 6,193,471 6,344,203 Richmond 95 772 688 455 784,227 Rolling Mill 115,193 578,916 694,109 Star West (Wheat) 204 649 204,649 Stegmiller 48,842 39869 88,711 Stephenson 225,726 122 968 348,694 Volunteer 1,419,197 1,419,197 Washington 96 769 65 341 162,110 Webster 34 905 34,905 Winthrop (Marquette) 1 912 022 1,912,022 Miscellaneous 5 537,143 5,537,143 Total 4 392 726 91 903 991 96,296,717 "Cliffs, Lake, Moro and Salisbury Mines. IRON MINES OF THE MENOMINEE RANGE With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1910 Prior Total Alpha 1 370 1 370 Antoine . . 1 353 792 1 353 792 Aragon 241 046 5 836 281 6 077 327 Armenia 65 473 311 608 377 081 Baker ... . 39 417 45 003 84 420 Baltic ... . 171 930 1 168 663 1 340 593 Berkshire 97 999 37 735 135 734 Breen . . . 75 425 75 425 Bristol (Claire) 270 742 2 185 367 2 456 109 Calumet 121 354 121 354 Caspian .... 171 334 527 971 699 305 Chapin (Ludington) 465 543 17 183 934 17 649 477 Chatham . . . 51,988 129 439 181 427 Clifford . . . 91,081 103 626 194 707 Columbia 942 703 942 703 Commonwealth 89,116 2 511 784 2 600 900 Crystal Falls 1 735 251 1 735 251 Cuff 58 419 58 419 Cundy (Quinnesec) 1 344 645 721 321 Dober (Riverton) 84,269 2 110 877 2,195 146 Dunn 136,144 1 521 871 1 658 015 Eleanor (Appleton) . 18 719 18 719 Fairbanks (P't R.) . 379 789 379 789 Florence 239,161 2 718 019 2 957,180 Fogartv . 51,071 117,865 168,936 Forest 11 988 11,988 Genesee (Ethel) 66,185 471,439 537,624 Gibson 45,202 57,151 102,353 Great Western . ... 80,709 1,872,228 1,952,937 Groveland .......' 26,462 74,092 100,554 Hemlock 115,407 1,589,818 1,705,225 Hiawatha 128,884 485,612 614,496 Hilltop 20,229 20,229 Hollister 49,434 46,982 96,416 Hope 28,530 28,530 James 78,388 152,971 231,359 Keel Ridge 93 101 93 101 Kimball 16,224 16,224 Lamont (Monitor) 3,183 555 341 558,524 Lincoln ... 241 627 241,627 44 IRON MINES OF THE MENOMINEE RANGE Concluded AND BARABOO DISTRICT With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Shipments 1910 Prior Total Loretto 116,048 1,195,020 1,311,068 Mansfield 114,357 1,102,998 1,217,355 McDonald . . . 6,022 1,144 7,166 Michigan ... 17,922 153,797 171,719 Millie (Hewitt) 368,267 368,267 Monongahela 9,310 9,310 Munroe 20,022 278,556 298,578 Nanaimo 373,765 373,765 Northwestern 35,810 35,810 Penn Iron Mining Company 344,760 8,500,375 8,845,135 Pewabic .... 380,376 6,936,789 7,317,165 Quinnesec . . 744 3,147 627,215 Saginaw (Perkins) 502,985 502,985 Sheridan 116,299 116,299 Tobin 235,812 1,394,737 1,630,549 Tully 2,726 2,726 Verona 130,975 130,975 Vivian 14,827 405,412 420,239 Youncs 98,399 375,385 473,784 Zimmerman 25,555 12,135 37,690 Miscellaneous 1,057,306 1,057,306 Total 4,237,738 71,213,055 75,450,793 BARABOO DISTRICT (In Wisconsin) Illinois 309,741 309,741 Iron Ridge 14,487 158,994 173,481 Mayville 77,195 411,892 489,087 Total 91,682 880,627 972,309 45 IRON MINES OF THE GOGEBIC RANGE With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1910 Prior Total Anvil 7 235 766 962 774 197 Ashland 231 506 5 386 884 5 618 390 Atlantic 79 847 1 547 123 1 626 970 Brotherton 102 626 1 752 498 1 855 124 Gary (and Superior) . 205 674 2 540 147 2 745 821 Castile 20,197 35 247 55 444 Chicago 68 727 68 727 Colby 194,754 2 450 347 2 645 101 Davis (Wisconsin) 103 961 103 961 Eureka 41,611 462 134 503 745 Geneva 7 108 7 108 Harmony (Germania) . . 20,080 422 239 442 319 Hennepin ... 259 733 259 733 Iron Belt 66,627 1 185 502 1 252 129 Ironton . . . 109,925 848 985 958 910 Jack Pot 99 090 99 090 Meteor (Comet) 216 367 216 367 Mikado . . . 52,715 997 085 1 049 800 Montreal 187,325 2 804 485 2 991 810 Newport 1,182,324 5 845 039 7 027 363 *Norrie Group 1,333,006 24 052 924 25 385 930 Ottawa (Odanah) ... 83,389 481 359 564 748 Palms 1 284 489 1 284 489 Pence 8,954 40 566 49 520 Pike 3,324 98 732 102 056 Puritan (Ruby) 50,019 109 572 159 591 Shores 55 808 55 808 Sunday Lake 115,486 1 306 975 1 422 461 Tilden 99,937 5 088 635 5,188 572 Upson 11 375 11,375 Winona 10,500 10 500 Yale (West Colby) 108,253 373 173 481,426 Miscellaneous 117,232 117,232 Total 4,315,314 60,820,503 65,135,817 *Norrie, N. Norrie, E. Norrie, Aurora, Pabst and Vaughn Mines. IRON MINES OF THE MESABA RANGE With 1910, Prior and Total Shipments from Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1910 Prior Total Adams 1,258,295 135,685 152,834 12,585,828 288,927 923,881 207,650 1,731,036 82,175 231,699 2,143,028 13,844,123 424,612 1,076,715 207,650 1,998,619 107,579 233,351 2,143,028 17,673 874,026 9,665,922 123,303 379,814 8,892,513 1,198,879 713,048 241,343 2,581^229 152,075 3,471,597 16,987 2,543,402 913,713 837,761 1,147,391 1,380,267 319,453 171 1,794,472 1,855,846 7,214 135*636 19,617,649 248,540 360,057 1,743,622 145,069 3,268,586 1,331,576 2,203,461 462,275 546,882 27,711 Adriatic Asjnew Ajax (Kanawha) Albany 267,583 25,404 1,652 Alberta Alexander Auburn ... . Bansror 17,673 117,173 544,353 57,789 110,630 1,032,815 1,105,160 Bessemer 756,853 9,121,569 65,514 269,184 7,859,698 93,719 713,048 241,343 1,946,993 152,075 2,942,375 16,987 2,201,854 636,176 678,192 1,075,759 1,278,034 319,453 171 1,737,233 1,668,853 Biwabik Brav Brunt Burt Canisteo Canton Cass Chisholm 634,236 Cincinnati Clark 529,222 Columbia Commodore 341,548 277,537 159,569 71,632 102,233 Corsica Crosby Croxton Cyprus . . Day Diamond Duluth 57,239 186,993 7,214 53,009 1,485,099 8,264 204,640 31,614 Elba Elizabeth Euclid 82,627 18,132,550 240,276 155,417 1,712,008 145,069 2,985,287 1,220,788 1,917,410 164,514 238,873 Fayal Forest Fowler Franklin Frantz Genoa 283,299 110,788 286,051 297,761 308,009 27.711 Gilbert Glen Grant . . Hanna Harold.. 47 IRON MINES OF THE MESABA RANGE Continued With 1910, Prior and Total Shipments from Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1 1910 Prior Total Hartley 113,512 224,406 82,393 151,854 801,088 390,108 1,545,523 418,336 1,111,146 503,620 1,769,929 500,729 1,263,000 801,088 8,314 270,864 814,780 168,553 15,580,481 33,575 1,109,609 213,317 945,644 339,695 1,197,269 58,406 493,017 4,962,469 116,422 1,406,403 958,016 2,877,892 1,846,005 2,463,165 121,391 109,086 15,267 83,922 14,046,855 1,116,360 131,318 220,765 4,392 1,349,747 17,486 966,974 36,581 680,495 77,117 628,899 8,681,082 279,296 17,198,817 Hawkins Hector (Hale) Higgins No. 2 Hill Hobart 8,314 270,864 400,907 Holland Holman 413,873 168,553 3,189,975 f 8,227 231,842 Hudson Hull-Rust 12,390,506 25,348 877,767 213,317 925,330 196,789 795,349 7,464 472,668 4,962,469 94,722 1,277,745 768,970 2,262,496 858,095 2,144,253 121,391 109,086 Humphrey Iroquois ... Jennings Jordan 20,314 142,906 401,920 50,942 20,349 Kellogg it. s Ivinney ... . ........ Knox La Belle *Lake Superior Group Larkin (Tesora) 21,700 128,658 189,046 615,396 987,910 318,912 La Rue Laura Leetonia Leonard Lincoln Longyear McKinley Mace 15,267 83,922 1,515,723 72,035 23,265 Maderia Mahoning . . 12,531,132 1,044,325 108,053 220,765 "i,133',484" 16,523 900,463 557,315 7,614 628,899 7,316,409 279,296 17,198,871 Malta Mariska Mayas Meadow 4,392 216,263 963 66,511 36,581 123,180 69,503 Miller Miniiewas Minorca Mississippi Mohawk Monica Monroe Morris 1,364,673 Morrow Mountain Iron (Aetna) *Burt, Hull and Hull-Rust Mines. fA Trespass. IRON MINES OF THE MESABA RANGE Concluded With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1910 Prior Total Myers . . 131,440 914,736 1,046,176 Nassau 39 31,112 31,151 Onandaga . . . 61,935 90,797 152,732 Pearce 60,411 242,830 303,241 Pearson 78 133 68,683 146,816 Penobscot 706 071 706 071 Perkins 80,622 59,029 139,651 Pettit 62,456 496,830 559,286 Pillsbury 1,640.265 1,640,265 Roberts 26,915 190,154 217,069 Sauntry-Alpena 242,373 700,140 942,513 Scranton 1 168 1.168 Sellers 954,042 2,870,890 3,824,932 Seville 2,677 23,585 26,262 Schley 13,369 13,369 Sharon 329,535 329,535 Shenango 965,148 2,303,257 3,268,405 Silverton . . 13,740 13,740 Sliver 358,432 305,364 663,796 Sparta . 1,244,197 1,244,197 Spring 31,909 35,773 67,682 Spruce (Cloquet) 613,947 5,166,199 5,780,146 St. Clair .... 94,688 94,688 St Paul 137 430 137,430 Stephens 454 819 454,819 Stevenson 953,079 9,984,191 10,937,270 Susquehanna 176,869 583,592 760,461 Sweeney 769 7,579 8,348 Syracuse 2,363 5,509 7,872 Tener 853 765 853,765 Troy. . 104,057 489,824 593,881 Union 399,877 399,877 Uno 341,939 341,939 Utica 232,582 1,303,649 1,536,231 Victoria . 27,592 289,525 317,117 *Virerinia Group 992,389 8,218,097 9,210,486 . AA,1*11U> V>HWU^. Virginia JMme 299,046 299,046 Wacoutah 35,498 226,424 261,922 Webb 46,384 369,783 416,167 Williams (N Cincinnati) 97,842 97,842 Wills 26,712 20,148 46,860 Winnifred (Day) 67,686 365,102 432,788 Yates 679,038 679,038 Yawkey 30,439 145,689 176,128 Total 29,201,760 195,703,424 224,905,184 *Lone Jack, Missabe Mountain, Norman and Ohio Mines. IRON MINES OF THE VERMILION RANGE* With 1910, Prior and Total Shipments From Each Mine Reprinted from the Iron Trade Review Name of Mine Shipments 1910 Prior Total Chandler 9,537,378 6,991,297 1,359,611 9,537,378 7,517,732 1,419,486 51,650 1,558,961 8,357,363 1,885,992 Pioneer . 526,435 59,875 51,650 206,386 75,511 283,320 Savoy. . . Section 30 Sibley. . . . ...... 1,352,575 8,281,852 1,602,672 Soudan (Minnesota) . Zenith . ... . Total 1,203.177 29,125,385 30,328,562 GRAND SUMMARY OF SHIPMENTS Range 1910 Prior Total Marquette 4,392,726 91,903,991 96,296,717 Menominee 4,237,738 71,213,055 75,450,793 Gogebic 4,315,314 60,820,503 65,135,817 Baraboo 91,682 880,627 972,309 Mesaba 29,201,760 195,703,424 224,905,184 Vermilion 1,203,177 29,125,385 30,328,562 Grand Total 43,442,397 449,646,985 493,089,382 50 YEARLY TONNAGE SHIPMENTS OF IRON ORE FROM EACH RANGE OF THE LAKE SUPERIOR DISTRICT Since the Opening of the Lock and Canal at Sault Ste. Marie in 1855 Reprinted from the Iron Trade Review Year Marquette Menomiuee Gogebic Vermilion Mesaba Grand Total 1855 1 449 1 449 1856 36 343 36343 1857 25 646 25 646 1858 . 15,876 15 876 1859 68 832 68 832 1860 . . . . 114,401 114,401 1861 49 909 49 909 1862 124 169 124 169 1863 203,055 203,055 1864 243 127 243 127 1865 . . . 236,208 236 208 1866 278 796 278 796 1867 473 567 473 567 1868 . 491,449 491 449 1869 617 444 617 444 1870 830,940 830 940 1871 779 607 779 607 1872 900,901 900,901 1873 1,162,458 1,162,458 1874 919,557 919,557 1875 . . . 891,257 891 257 1876 992 764 992 764 1877 1,010,494 4,593 1,015087 1878 1 033 082 78028 1 111 110 1879 1,130,019 245,672 1,375.691 1880 1 384 010 524 735 1 908 745 1881 1,579,834 727,171 2,307,005 1882 1,829,394 1,136018 2 965 412 1883 1 305 425 1 047 415 2 352 840 1884 . 1,548,034 895,634 1 022 62,124 2,506 814 1885 1 480 422 690 435 119 860 225 484 2 516201 1886 1,627,383 880,006 747,589 304,396 3,559 374 1887 1 851 414 1 193 343 1 303 267 394 252 4 742 276 1888 1889 1,918,750 2 634 816 1,191,101 1,796 755 1,424,699 2 016391 511,953 844 682 5,046,503 7 292 644 1890 2,993,664 2,282,237 2,847,786 880,114 9,003,801 1891 2,512 242 1,824 619 1,839,574 894 618 7 071 053 1892 1893 1894 2,665,169 1,835,893 2 060 260 2,261,499 1,466,197 1 137 949 2,971,991 1,329,385 1 809 468 1,167,650 820,621 948 513 4,245 613,620 1 793 052 9,070^554 6,065,716 7 749 242 1895 1896 1897 1898 1899 2,097,838 2,604,221 2,715,035 3,125,039 3,757,010 1,923,798 1,560,467 1,937,013 2,522,265 3,301,052 2,547,976 1,799,971 2,258,236 2,498,461 2,795,856 1,077,838 1,088,090 1,278,481 1,265,142 1,771,502 2,781,587 2,882,079 4,275,809 4,613,766 6,626,384 10,429 037 9,934,828 12,464,574 14,024,673 18,251,804 1900 1901 3,457,522 3 245 346 3,261,221 3 619 053 2,875,295 2 938 155 1,655,820 1 786 063 7,809,535 9 004 890 19,059,393 20 593 507 1902 1903 1904 1905 1906 1907 1908 1909 1910 3,868,025 3,040,245 2,843,703 4,215,572 4,057,187 4,388,073 2,414,632 4.256,172 4,392,726 4,612,509 3,749,567 3,074,848 4,495,451 5,109,088 4,964,728 2,679,156 4,875,385 4,237,738 3,654,929 2,912,708 2,398,287 3,705,207 3,643,514 3,637,102 2,699,856 4,088,057 4,315,314 2,084,263 1,676,699 1,282,513 1,677,186 1,792,355 1,685,267 841,544 1,108,215 1,203,177 13,342,840 12,892,542 12,156,008 20,158,699 23,819,029 27,495,708 17,257,350 28,176,281 29,201,760 27,562,566 24,271,761 21,755,359 34,252,115 38,421,173 42,170,878 25,892,538 42,504.110 43,350,715 Total.. To Adjust. 96,336,406 39 689 75,306,746 + 144 047 65,179,956 44 139 30,328,562 224,905,184 492,056,854 + 60,219 Baraboo 972 309 Total... 96,296,717 75,450,793 65,135,817 30,328,562 224,905,184 493,089,382 Author's note; There should be added to the above grand total 1,032,528 tons of which 972,309 tons are ship- ments from the Baraboo district in Wisconsin, and 60,219, tons are to correct miscellaneous shipment records prior to 1891 from the Marquette, Menominee and Gogebic ranges. The correct grand total of shipments is 493, 089,382 tons, as shown in preceding lists of individual mine ship- ments. PRICES OF IRON ORE AT LOWER PORTS FOR EACH RANGE SINCE OPENING PRICES OF PIG IRON AND PRODUCTION Reprinted from the Iron Trade Review Year Old Range- Vermilion Mesaba Year Price Long Tons Bessemer Non- Bessemer Besse- mer Non- Besse- mer 1855. . 1856. . 1857.. 1858. . 1859. . I860.. 1861.. 1862.. 1863. . 1864.. 1865. . 1866. . 1867.. 1868. . 1869. . 1870. . 1871.. 1872.. 1873. . 1874. . 1875. . 1876. . 1877. . 1878. . 1879. . 1880.. 1881.. 1882.. 1883. . *1884.. 1885. . 1886. . 1887.. 1888. . 1889. . 1890.. 1891.. 1892 . . 1893.. 1894. . 1895. . 1896. . 1897.. 1898. . 1899. . 1900.. 1901.. 1902.. 1903.. 1904.. 1905.. 1906.. 1907.. 1908. 1909.. 1910. . 1911.. $10.00 8.00 8.00 6.50 6.00 5.25 5.25 5.25 7.50 8.50 7.50 9.50 10.50 8.25 8.25 8.50 8.00 9.00 1200 9.00 7.00 6.75 6.50 5.50 6.25 9.25 9.00 9.00 6.00 *5.25 4.75 5.25 6.00 4.75 4.50 5.50 4.50 4.50 3.85 2.75 2.90 4.00 2,60 2.75 3.00 5.50 4.25 4.25 4.50 3.25 3.75 4.25 5.00 4.50 4.50 5.00 4.50 $10.00 8.00 8.00 6.50 6.00 5.50 5.00 5.37 7.50 8.50 7.50 9.50 8.00 8.25 9.50 8.50 8.00 7.50 9.00 7.00 4.50 5.50 4.25 4.25 4.75 8.00 7.00 6.25 4.75 4.50 4.00 4.50 5.00 4.00 4.50 5.25 4.25 3.65 3.20 2.50 2.25 2.70 2,15 1.85 2.15 4.25 3.00 3.25 3.60 2.75 3.20 3.70 4.20 3.70 3.70 4.20 3.70 1855. . 1856. . 1857.. 1858. . 1859. 1860. 1861. 1862. 1863. 1864. 1865. 1866. 1867. 1868. 1869. 1870. 1871.. 1872. . 1873.. 1874. . 1875. . 1876. . 1877.. 1878. . 1879. . 1880. . 1881 . . t!882.. 1883.. 1884. . 1885. . 1886. . 1887. . 1888.. 1889. . 1890. . 1891.. 1892. . 1893.. 1894. . 1895.. 1896. . 1897 1898. . 1899. . 1900. . 1901.. 1902. . 1903.. 1904.. 1905.. 1906.. 1907.. 1908.. 1909.. 1910. . $2775 27.12 26.37 22.25 23.37 22.75 2025 23.87 35.25 59.25 46.12 46.87 44.12 39.25 40.62 33.25 35.12 48.87 42.75 30.25 25.50 22.25 18.87 17.62 21.50 28.50 25.12 21.85 19.04 17.18 15.27 18.96 21.37 17.38 18.00 22.15 15.15 15.00 12.65 9.65 9.40 12.40 8.35 9.55 10.30 24.15 16.15 15.90 21.50 13.35 15.50 17.25 21.50 16.00 14.75 19.00 700.159 788,515 712,640 629,548 750,560 821,223 653,164 703,270 846,075 1,014,282 831,770 1,205,663 1,305.023 1,431,250 1,711,287 1,665,179 1,706,793 2,548,718 2,560,963 2,401,262 2,023,733 1,868,961 2,066,594 2,301,215 2,741,853 3,835,191 4,144,254 4,623,323 4,595,510 4,097,868 4,044,526 5,683.329 6,417,148 6,489,738 7,603,642 9,202,703 8,279.870 9,157,000 7,124,502 6,657,388 9,446,308 8,623,127 9,652,680 11,773,934 13,620,703 13,789,242 15,878,354 17,821,307 18,009,252 16,497,033 22,992,380 25,307,191 25,781,361 15,936,018 25,795,471 27,298i545 $3.00 ' 2.35 2.15 3.50 2.25 2.25 2.40 4.50 3.25 3.25 4.00 3.00 3.50 4.00 475 4.25 4.25 4.75 4.25 $1.90 ' 2.25 1.90 1.75 2.00 4.00 2.75 2.75 3.20 2.50 3.00 3.50 4.00 3.50 3.50 4.00 3.50 *The Vermilion and Gogebic Ranges opened in 1884. tPrior to 1882 prices are for No. 1 Anthracite Foundry Pig iron at Philadelphia, prices are for Bessemer Pig Iron in the Valley at the||time ore prices were fixed. Succeeding RAIL FREIGHTS ON IRON ORE TO UPPER LAKE PORTS Reprinted from The Marine Review Year Marquette Range tfenominee Range Gogebic Range Mesaba Range Vermilion Range Marquette Escanaba Escanaba Ashland Duluth Superior Two Harbors Two Harbors From Ely Tower 1855 S3 00 1.27 1.27 .87 .87 1.09 1.09 1.09 1.09 1.09 1.10 1.10 1.10 1.10 1.10 1.10 .95 .84 .84 .84 .65 .55 .55 .55 .55 .55 .55 .55 .55 .40 .45 .55 .55 .45 .45 .45 .45 .40 .40 .32 .32 ,32 .32 .32 .25 .25 .25 .25 .25 .25 .32 .32 .32 .32 .32 .32 .32 1856 1857 1858 1859 1860 1861 1862 1863 1864 1865 1866 1867 1868 1869 1870 1871 1872 1873 1874 1875 1876 1877 1878 1879 1880 1881 $1.55 180 1.80 1.85 1.85 1.70 1.70 2.00 2.00 1.25 1.15 1.15 1.15 1.15 1.25 1.25 1.25 1.10 .80 .80 .80 .80 .70 .70 .70 .70 .65 .65 .52 .52 .52 .52 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 1882 1883 1884 1885 $0.85 .75 .75 1886 1887 1888 1889 1890 1891 1892 1893 1894 1895 " $0.80 .70 .70 .70 .70 .70 .70 .52 .52 .52 .45 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .65 .65 .65 .65 .52 .52 .52 .45 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 .40 " $0.80 .80 .80 .80 .80 .80 .80 .80 .80 .80 .80 .80* .80 .80 .80 .80 .80 .80 .80 .80 ii.oo .00 .00 .00 .00 .00 .00 .00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 $6.90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 .90 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 . . 1908 1909 1910 1911 53 VESSEL FREIGHTS ON IRON ORE TO LOWER LAKE PORTS Reprinted from The Marine Review Year Marquettc Escanaba Duluth Superior Ashland Two Harbors 1855 . $3.00 1856 3.00 1857 .... 2.67 1858 2 09 1859 2.00 1860 2 00 1861 . 2.21 1862 2.89 1863 . .... 3.19 1864 3.37 1865 . 3.23 1866 4.17 $3.77 1867 2.98 3.28 1868 3.11 2.44 1869 3.21 2.43 1870 3.06 2 40 1871 2.83 207 1872 3.59 2.50 1873 3.44 274 1874 3.84 * 1875 2.87 * 1876 2.54 * 1877 1.40 * 1878 1.26 .85 1879 1.61 1.07 1880 2.50 1 77 1881 2.25 1.55 1882 1.50 1.22 1883 1.30 1.11 1884 1.21 98 1885 101 .84 $1.20 1886 135 1.16 1.49 1887 175 1.49 2.11 1888 1.22 .97 1.34 1889 1.14 1.00 1.29 1890 1.16 .99 1.26 1891 .96 .74 1.05 1892 1.06 .87 1.20 1893 .85 .70 .88 1894 .70 .53 .79 1895 .83 .64 .96 1896 .80 .61 .91 1897 .60 .45 .63 1898 .60 .48 .61 1899 .84 .72 .95 1900 .94 .85 1.05 1901 .74 .62 .84 1902 .68 .59 .76 1903 .73 .63 .83 1904 .61 .54 .70 1905 .70 .60 .76 1906 .70 .60 .76 1907 . . .70 .60 .76 1908 .60 .50 .65 1909 .60 .50 .65 1910 . . .65 .55 .70 1911 .55 .45 .60 *No shipment. Freight rates are averaged. 54 Shipments and Receipts of Iron Ore Shipments by Ranges, Ports and Rail and Receipts at Lake Erie Ports Reprinted from the Iron Trade Review SHIPMENTS BY RANGES, GROSS TONS Range 1910 1909 1908 1907 1906 1905 Marquette 4,392,726 4,256,172 2,414,632 4,388,073 4,057,187 4,215,572 Menominee 4 237 738 4 875,385 2,679,156 4,964,728 5,109,088 4,495,451 Gogebic 4,315,314 4,088,057 2,699,856 3,637,102 3,643,514 3,705,207 Vermilion. 1,203,177 1,108,215 841,544 1,685,267 1,792,355 1,677,186 Mesaba 29 201 760 28 176 281 17 257 350 27 495 708 23 819029 20 158 699 Baraboo 91,682 ' 82,759 122,449 95,790 144,589 132,001 Total 43,442,397 42,586,869 26,014,987 42,266,668 38,565,762 34,384,116 SHIPMENTS BY PORTS AND ALL-RAIL, GROSS TONS Port 1910 1909 1908 1907 1906 1905 Escanaba 4,959,726 5,747,801 3,351,502 5,761,988 5,851,050 5,307,938 Marquette Ashland Two Harbors 3,248,516 4,094,374 8271,177 2,909,451 3,834,207 9,181,132 1,487,487 2,513,670 5 702,237 3,013,826 3,436,867 8,188,906 2,791,033 3,388,106 8 180,125 2,977,828 3,485,344 7,779,850 Superior 8,414,799 6,540505 3,564,030 7,440,386 6,083,057 5,118,385 Duluth 13,640,166 13,470,503 8,808,168 13,448,736 11,220,218 8,807,559 Total by lake... Total by rail 42,628,758 813,639 41,683,599 903,270 25,427,094 587,893 41,288,755 975,959 37,513,589 1,052,173 33,475,904 907,212 Total 43 442 397 42 586 869 26 014,987 42 266 668 38,565,762 34,384,116 IRON ORE RECEIPTS AT LAKE ERIE PORTS, GROSS TONS Port 1910 1909 1908 1907 1906 1905 Toledo .... 1,225,202 1,374,224 680,553 1,314,140 1,423,741 1,006,855 11,088 83,043 35,847 51,202 Huron Lorain ... Cleveland 197,951 2,884,738 6,344,943 243,082 2,796,856 6,051,342 213,377 2,286,388 4,240,815 971,430 2,621,025 6,495,998 778,453 2,191,965 6,604,661 825,278 1,605,823 5,854,745 Fairport Ashtabula Conneaut Erie 1,516,434 9,620,638 6,309,548 942 592 1,734,277 8,056,941 7,007,834 1,235,057 1,518,961 3,012,064 4,798,631 828,602 2,437,649 7,521,859 5,875,937 2,294,239 1,861,498 6,833,352 5,432,370 1,986,539 2,008,621 6,373,779 5,327,552 2,112,476 Buffalo 4,704,439 5,002,235 2,835,099 5,580,438 4,928,331 3,774,928 Detroit 296 412 159 889 Total 34,042,897 33,672,825 20,414,491 35,195,758 32,076,757 28,941,259 55 Lake Erie Stock Piles Iron Ore on Lake Erie Docks Dec. 1 and May 1 1905-1910 Reprinted from the Iron Trade Review IRON ORE ON LAKE ERIE DOCKS, DEC. 1, GROSS TONS Port 1910 1909 1908 1907 1906 1905 Toledo 433,215 332,456 590,925 518 645 281 000 368 024 Sandusky Huron 17,728 375,118 39,557 477,333 36,079 458 158 44,546 415 730 17/167 245 499 52,977 208 023 Lorain 259 448 407 129 496 274 366 271 336321 271 695 Cleveland Fairport Ashtabula 1,638,795 839,970 3 287,816 1,547,142 867,640 2,594 359 1,458,392 835,821 2 293 531 1,281,335 523,981 2 056 820 1,224,606 590,783 1 631 312 1,330,619 759,961 1 589 951 Conneaut. . 1,329,997 1,411,002 1,296,675 1 ,000,774 1,057,424 976 976 Erie 792 Oil 788 046 730 530 652 219 552 631 564 961 Buffalo 452,783 501,125 315,148 435,407 315,412 315 780 Total 9,426,681 8,965,789 8,441,533 7,385,728 6,252,455 6,438,967 IRON ORE ON LAKE ERIE DOCKS, MAY 1, GROSS TONS Port 1910 1909 1908 1907 1906 1905 Toledo 366 63 1 380,675 217,788 147,397 52,550 71 642 Sandusky Huron 22,468 336,693 31,528 379,364 42,256 392,731 5,439 98,106 29,320 80 738 44,444 68 100 Lorain 205 445 362 096 327 052 176 300 140 452 165 586 Cleveland Fairport 985,725 541 299 1,018,055 562 679 1,029,198 225 328 447',573 154 246 350,382 266 162 513,559 390 869 Ashtabula 1,609931 1,392,430 1,799,454 568,485 462 564 623 451 Conneaut Erie Buffalo 461,365 550,187 364 336 497,203 557,029 189 209 462,392 595,660 388 441 139,853 189,276 50 313 148,528 169,488 90 906 96,295 236,414 61 271 Total 5 444 080 5 370 268 5 480 300 1 976 988 1 791 090 2 271 631 56 Production of Iron Ore in the United States In 1907 and 1908 Reprinted from "The Production of Iron Ores, Pig Iron, and Steel in 1908," United States Geological Survey, 1909. By E. C. Harder States Gross Tons 1907 1908 States Gross Tons 1907 1908 Minnesota Michigan 28,969,658 11,830342 18,652,220 8,839,199 Pennsylvania Tennessee 837,287 813 690 443,161 635 343 Alabama 4,039,453 3,734,438 New Jersey 549,760 394,767 New York Mont., Nev., N. Mex , 1,375,020 697,473 Georgia Mo. and Iowa 444,114 111,768 321,060 98,414 Utah, Wy., Tex., Ark., [ 949,925 584,591 North Carolina 50,439 48 522 Col Cal and Wash Conn and Mass 37 166 28 112 Virginia . 786,856 692,223 Ohio 23,589 26,585 WVa Kv .nH MH o SOS CO OOC Wisconsin 838,744 733,993 Total 51,720,619 35,983,336 Imports of Iron Ore By Countries, In 1907, 1908 and 1909 1< K)7 1< K)8 1< X)9 Gross Tons Tons Values Tons Values Tons Values Cuba . . ... 657 133 $2 522 710 579 668 $1 756 091 927 774 $2 681 028 Spain 296,318 760,801 126,074 331,070 291,547 664,460 Greece 23 800 42,927 4 580 5311 19080 21,782 89 685 97 735 48285 48 285 224 395 330 056 United Kingdom . . . 5,765 16,491 2,028 32,027 869 12,846 Germany Canada 273 26,878 125 2,096 51,328 1 102 602 5,013 1 4,052 16,321 28 3 27,155 3 100 84,613 179 Russia in Europe 54,995 161,697 5,750 15,220 32,010 62,418 French Africa 65 940 252 897 37,208 67,515 Other countries 8,256 27,699 4,627 15,843 134,913 654,081 Total 1,229,168 $3,937,483 776,898 $2,224,248 1,694,957 $4,579,078 Imports of Iron Ore For Twenty Years Totals for 1881-1910 Years Gross Tons Years Gross Tons Years Gross Tons 1881 782 887 1891 912,856 1901.. 966,950 1882 589 655 1892 806 585 1902 1,165,470 1883 490 875 1893 526 951 1903 980 440 1884 487*820 1894 168 541 1904 487,613 1885 390 786 1895 524 153 1905 845,651 1886 1 039 433 1896 682 806 1906 1 060 390 1887 1 194 301 1897 489 970 1907 1,229,168 1888 587 470 1898 187 093 1908 776,898 1889 853 573 1899 674 082 1909 1,694,957 1890 1 246 830 1900 897 831 1910 2.591.C31 Note For many years Cuba has annually shipped more than one-half of the imported iron ore. The above tables are credited to the Bureau of Statistics of the U. S. Department of Com- merce and Labor. 57-- Apparent Annual Iron Ore Consumption In the United States 1889-1910, Gross Tons Compiled from the American Iron and Steel Association Statistics and 1910 Report and "The Production of Iron Ores, Pig Iron and Steel in 1908," United States Geological Survey, 1909. By E. C. Harder Year Domestic Iron Ore Produced Stocks of Ore at Mines Imports Exports Stocks of Great Lower Lake Ports Dec. 1 Zinc Resid. Apparent Consump- tion Pig Iron Produced 1889. 14,518,041 2,256,973 853,573 2,607,106 43,648 14,366,562 7,603,642 1890. 16,036,043 2,000,000 1,246,830 3,893,487 48,560 16,302,025 9,202,703 1891. 14,591,178 2,450,279 912,864 3,508,489 38,228 15,476,989 8,279,870 1892. 16,296,666 2,911,740 806,585 4,149,451 31,859 16,032,687 9,157,000 1893. 1894. . 1895. . 11,587,629 11,879,679 15,957,614 3,526,161 3,236,198 2,976,494 526,951 167,307 524,153 4,070,710 4,834,247 4,415,712 37,512 26,981 43,249 11,616,412 11,600,393 17,203,255 7,124,502 6,657,388 9,446,308 1896. . 16,005,449 3,405,302 682,806 4,954,984 44,953 15,765,128 8,623,127 1897. . 17,518,046 3,098,287 489,970 5,923,755 33,924 17,380,184 9,652,680 1898. . 19,433,716 2,846,457 187,208 5,136,407 48,502 20,708,604 11,773,934 1899. . 24,683,173 2,320,278 674,082 40,665 5,530,283 65,010 25,513,903 13,620,703 1900.. 27,553,161 3,709,950 897,831 51,460 5,904,670 87,110 26,722,583 13,789,242 1901.. 28,887,479 4,239,823 966,950 64,703 5,859,663 52,311 29,357,171 15,878,354 1902.. 35,554,135 3,834,717 1,165,470 88,445 7,074,254 65,246 35,886,921 17,821,307 1903.. 35,019,308 6,297,888 980,440 80,611 6,371,085 73,264 34,232,399 18,009,252 1904. . 27,644,330 4,666,931 487,613 213,865 5,763,399 68,189 30,224,910 16,497,033 1905. . 42,526,133 3,812,281 845,651 208,017 6,438,967 90,289 43,433,138 22,992,380 1906.. 47,749,728 3,281,789 1,060,390 265,240 6,252,455 93,461 49,355,343 25,307,191 1907.. 51,720,619 3,033,110 1,229,168 278,208 7,385,728 93,413 51,880,398 25,781,361 1908.. 35,983,336 6,065,397 776,898 309,099 8,441,533 110,225 32,473,268 15,936,018 1909.. 1910.. 51,294.271 6,135.271 1,694,957 2,591.031 455,934 644,875 8,965,789 9,426,681 141,264 52,080,428 25,795,471 27,298,545 The above table includes data on certain factors from which an approxi- mate estimate of the annual consumption of iron ore in the United States is deduced. The result is of course merely an approximation, for no data are available on certain factors which should enter into the final result. The elements accounted for in the table and estimate are (1) domestic iron- ore production; (2) stock of ore at mines; (3) imports of ore; (4) exports of ore; (5) stocks of ore at lake ports; (6) zinc residuum production." 58 Production of Steel In the United States 1860-1910, Gross Tons Compiled from the American Iron and Steel Association Statistics and 1910 Report and "The Production of Iron Ores, Pig Iron and Steel in 1908," United States Geological Survey, 1909. By E. C. Harder Year Bessemer Open-Hearth Crucible Other Steel Total 1860 . * 11,838 11 838 1863 8075 8075 1864 9258 9 258 1865 13 627 13 627 1866 16 940 16 940 1867 2 679 16 964 19 643 1868 7,589 19,197 26 786 1869 10 714 893 19 643 31 250 1870 37,500 1,339 29,911 68 750 1871 40 179 1 785 31 250 73 214 1872 107 239 2 679 26 125 6 911 142 954 1873 152 368 3 125 31 059 12 244 198 796 1874 171 369 6250 32 436 5 672 215 727 1875 335 283 8080 35 180 11 256 389 799 1876 469 639 19,187 35 163 9202 533 191 1877 500,524 22,349 36098 10 647 569 618 1878 653 773 32,255 38309 7 640 731 977 1879 829,439 50,259 50 696 4 879 935 273 1880 . . 1 074 262 100 851 64 664 7 558 1 247 335 1881 1 374 247 131 202 80 145 2 720 1 588 314 1882 1 514 687 143 341 75 973 2 691 1 736 692 1883 1 477 345 119356 71*835 4*999 1 673 535 1884 1 375 531 117 515 53 270 4 563 1 550 879 1885 1 519430 133 376 57 599 1 515 1*711*920 1886 2 269 190 218 973 71 973 2 367 2 562 503 1887 2 936 033 322 069 75 375 5 594 3 339 071 1888 2,511,161 314,318 70 279 3 682 2,899 440 1889 2 930 204 374 543 75 865 5 120 3 385 732 1890 , 3 688,871 513,232 71 175 3 793 4 277,071 1891 3 247 417 579 753 72 586 4 484 3 904 240 1892 4 168 435 669 889 84 709 4 548 4 927 581 1893 3 215 686 737 890 63 613 2 806 4019 995 1894 3 571 313 784 936 51 702 4081 4 412 032 1895 4 909 128 1 137 182 67 666 858 6 114 834 1896 3 919 906 1 298,700 60 689 2 394 5281,689 1897... 5,475,315 1,608,671 69 959 3012 7,156,957 1898 6 609017 2 230 292 89747 3 801 8 932 857 1899 7 586 354 2 947 316 101 213 4 974 10 639 857 1900 .... 6 684 770 3 398 135 100 562 4 862 10 188 329 1901 8 713 302 4 656 309 98 513 5 471 13 473 595 1902 9 138 363 5 687 729 112 772 8 386 14 947 250 1903 8 592 829 5 829 911 102 434 9,804 14,534,978 1904 7 859 140 5 908 166 83 391 9 190 13 859 887 1905 10 941 375 8 971 376 102 233 8 963 20 023 947 1906 12 275 830 10 980 413 127 513 14 380 23 398,136 1907... 11 667 549 1 1 549 736 131 234 14,075 23,362,594 1908 6 116 755 7 836 729 63 631 6 132 14 0232 47 1909 9 330 783 14 493 936 107 355 22 947 23 955 021 1910 9,4 12*722 16*504*509 122*303 55,365 26,094,919 *Part of the 1860-1871 Crucible Steel Production should be credited to "Other Steel." "The first steel produced in this country was probably made in Connecticut in 1728 by Samuel Higley and Joseph Dewey. Crucible steel was first successfully produced in the United States in 1832 at the works of William and John H. Garrard, at Cincinati, Ohio. Bessemer steel was first made in thia country in September 1864, by William F. Durfee at an experimental plant at Wyandotte, Mich., and open-hearth steel in 1864 by the New Jersey Steel and Iron Company at Trenton, N. J." 59 Production of Finished Rolled Steel and Iron In the United States 1887-1909 Reprinted from American Iron and Steel Association Report 1910 Years Iron and Steel Rails Gross Tons Plates and Sheets, Ex- cept Nail Plate Wire Rods Gross Tons Structural Shapes, Not Including Plates Nail Plate Gross Tons Bars, Hoops, and all Other Forms Total Gross Tons 1887 . . 2,139,640 603,355 308,432 2,184,279 |*H 5,235,706 1888 1 403 700 609 827 279 769 289 891 2 034 162 4 617 349 1889 1,522,204 716,496 363,851 259,409 2,374,968 5,236,928 1890 1 885 307 809 981 457 099 251 828 2,618 660 6 022 875 1891 1,307,176 678,927 536,607 223,312 2,644,941 5,390,963 1892 1 551 844 751 460 627 829 453 957 201 242 2 579 482 6 165 814 1893... 1,136,458 674 345 537,272 387,307 136,113 2,104,190 4,975,685 1894 1 021 772 682 900 673 402 360 305 108 262 1,795,570 4,642 211 1895. . 1,306 135 991 459 791,130 517,920 95,085 2,487,845 6,189,574 1896 1 122 010 965 776 623 986 495 571 72 137 2 236 361 5 515841 1897 1 647 892 1 207 286 970 736 583,790 94,054 2,497,970 7,001,728 1898 1,981,241 1,448,301 1,071,683 702,197 70,188 3,239,760 8,513,370 1899 2,272 700 1 903 505 1 036 398 850,376 85,015 4,146,425 10,294,419 1900 2,385,682 1,794,528 846,291 815,161 70,245 3,575,536 9,487,443 1901 2,874 639 2 254 425 1 365 934 1,013,150 68,850 4,772,329 12,349,327 1902 2,947,933 2,665,409 1,574,293 1,300,326 72,936 5,383,219 13,944,116 1903 2,992 477 2 599 665 1 503 455 1,095,813 64,102 4,952,185 13,207,697 1904 2,284,711 2,421,398 1,699,028 949,146 61,601 4,597,497 12,013,381 1905 3 375 929 3 532 230 1 808 688 1,660,519 64,542 6,398,107 16,840,015 1906 3,977,887 4,182,156 1,871,614 2,118,772 54,211 7,383,828 19,588,468 1907 3 633 654 4 248 832 2 017,583 1,940,352 52,027 7,972,374 ] 9,864,822 1908 1909 1,921,015 3 023 845 2 1649,693 4 234 346 1,816,949 2 335,685 1,083,181 2,275,562 45,747 63,746 4,311,608 7,711,506 11,828,193 19,644,690 Rolled forging blooms and forging billets are included from 1905. shapes were included with bars, hoops, etc. Prior to 1892 structural 60 Production of Coke In the United States 1907-1908 Reprinted from American Iron and Steel Association Report 1910 States Net Tons 1907 1908 Pennsylvania West Virginia 26,513,214 4,112,896 15,511,634 2,637,123 Alabama 3 021 794 2 362 666 Indiana, Kentucky, Maryland, Massachusetts, Michigan, Minnesota, Montana, New Jersey, New York, Oklahoma, and Wisconsin Virginia 2,655,610 1,545 280 2,286,092 1 162 051 Colorado and Utah . 1,421,579 982 291 Illinois 372,697 362 182 New Mexico 265,125 274 565 Tennessee Ohio 467,499 270,634 214,528 159,578 Georgia 74,934 39,422 Washington 52,028 38,889 Kansas 6 274 2 497 Total . 40.779.564 26.033.518 Shipments and Prices of Connellsville Coke 1881-1910 Reprinted from American Iron and Steel Association Report 1910 Calendar Years Total Ovens Shipments Net Tons Aver- age Price Calendar Years Total Ovens Shipments Net Tons Aver- age Price 1881.. 1882 8,208 9,283 2,639,002 3,043,394 $1.63 1 47 1896.. 1897 18,351 18 628 5,411,602 6 915 052 1.90 1 65 1883. 10,176 3,552,402 .14 1898 18 643 8 460 112 1 55 1884 1885 1886 1887 1-0,543 10,471 10,952 11,923 3,192,105 3,096,012 4,180,521 4,146,989 .13 .22 .36 .79 1899.. .. 1900.. .. 1901 1902.. . 19,689 20,954 21,575 26,329 10,129,764 10,166,234 12,609,949 14,138,740 2.00 2.70 1.95 2 37 1888 1889 1890 1891. . . . 13,975 14,458 16,020 17,204 4,955,553 5,930,428 6,464,156 4,760,665 1.19 1.34 1.94 1 87 1903 1904 1905.. . . 1906 28,092 29,119 30,842 34 059 13,345,230 12,427,468 17,896,526 19 999 326 3.00 1.75 2.26 2 75 1892 1893 1894 1895 17,256 17,513 17,834 17,947 6,329,452 4,805,623 5,454,451 8,244,438 1.83 1.49 1.00 1.23 1907.. .. 1908.. .. 1909.. .. 1910.... 35,697 37,842 39,158 39,137 19,029,058 10,700,022 17,785,832 18,689,722 2.90 1.80 2.00 2.10 Freight Rates per Net Ton for 1911 on Furnace Coke Connellsville Field to Pittsburgh $0.75 Youngstown 1.35 Cleveland 1.65 Buffalo.., . 1.85 Philadelphia an df nn Schuylkill Valley t $2 - Chicago 2.35 61 Rail Freights on Iron Ore 1890-1910 Rate per Gross Ton from Lake Erie Docks Specially compiled by Rukard Hurd for this Manual. Year Cleveland, Fairport, Lorain and Ashtabula Buffalo and Erie To Philadelphia and Schuylkill Valley To Youngstown To Pittsburgh 1890. . $0.625 .625 .625 .675 .675 .675 .625 .625 .59 .59 .69 .69 .69 .69 .69 .69 .69 .69 .69 .64 .64 $1.05 1.05 1.05 1.15 1.15 1.15 1.05 1.05 .98 .98 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.18 1.04 1.04 $1.36 1.36 1.36 1.46 1.46 .46 .46 .28 .33 .33 .43 .43 .43 .43 .43 1.43 1.43 1.53 1.53 1.53 1.53 1891 1892 1893 1894 1895 1896 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 1907 1908 1909 1910 Note For direct load, vessel to car, the above rates are 8 cents per ton less. 62 UNIVERSITY Of Production and Price of Limestone for Furnace Flux 1906-1909, Gross Tons WITH 1911 RAIL FREIGHTS From United States Geological Survey Report and other Sources Compiled by Rukard Hurd for this Manual STATES 1906 1907 Quantity Gross Tons Value Value per ton Cents Quantity Gross Tons Value Value per ton Cents Pennsylvania 6,396,765 909,375 500,702 3,098,346 43,574 513,452 803,643 1,019,931 552,651 467,341 $3,168,186 384,282 210,124 1,013,497 28,381 294,659 473,062 513,413 301,913 219,707 .49 .42 .42 .33 .65 .57 .59 .50 .55 .47 7,178,508 970,158 577,052 2,497,616 55,371 584,964 939,437 1,063,772 672,801 541,610 $3,829,967 423,315 279,838 1,134,793 43,612 343,866 604,654 528,587 397,244 275,517 .53 .44 .48 .45 .79 .59 .64 .50 .59 .51 Illinois Indiana Ohio Missouri New York Alabama West Virginia .... Colorado Virginia Total All others Grand total & av.. 14,305,780 $6,607,224 .46 15,081,289 $7,861,393 .52 1,771,422 $1,005,468 .57 2,038,008 $1,283,096 .63 16,077,202 $7,612,692 1908 .47 17,119,297 $9,144,489 1909 .53 Pennsylvania Illinois 4,350,381 1,209,326 272,505 1,444,412 18,524 357,194 582,958 666,087 441,490 289,369 $2,324,173 540,718 139,703 635,354 14,678 205,758 386,874 337,742 276,146 169,847 .53 .45 .51 .44 .79 .58 .66 .51 .62 .59 4,593,822 1,820,590 369,938 2,161,681 43,909 580,802 974,650 900,993 462,291 388,746 $3,165,872 714,631 190,809 1,130,082 31,075 343,891 512,585 492,497 267,806 213,444 .48 .39 .51 .52 .70 .59 .52 .54 .58 .55 Indiana Ohio Missouri New York Alabama . . . West Virginia .... Colorado Virginia Total 9,632,246 $5,030,993 .52 14,297,422 $7,062,692 .49 All others 1,459,196 874,248 .60 1,475,441 859,115 .58 Grand total & av.. 11,091,442 $5,905,241 .53 15,772,863 $7,921,807 .50 1911 Freight Rates on Limestone per Gross Ton from Adjacent Quarries To Pittsburg, Youngstown, Cleveland, Buffalo, 65 cents 35 " 50 " 35+ " To Chicago, Philadelphia, Schuylkill Valley, 20+ cents 80 65 63 Average Annual Prices at Pittsburgh 1891-1900 Bessemer Iron Ore Bessemer Pig Iron and Bessemer Steel Billets From Statistics of the American Iron and Steel Association and The Iron Trade Review Compiled by Rukard Hurd 64 Average Annual Prices at Pittsburgh 1901-1910 Bessemer Iron Ore Bessemer Pig Iron and Bessemer Steel Billets From Statistics of the American Iron and Steel Association and The Iron Trade Review Compiled by Rukard Hurd 65 Average Yearly Prices at Pittsburgh 1890-1910 Bessemer Iron Ore, Bessemer Pig Iron, Bessemer Steel Billets Average Yearly Price Bessemer Ore at Cleveland, Youngstown, Pittsburgh, Philadelphia and Schuylkill Valley Points From American Iron and Steel Association records for prices on Pig Iron and Steel Billets, and the Iron Trade Review for Ore Prices Specially compiled by Rukard Hurd for this Manual Average Price Bessemer Ore Average Pittsburgh With Freight Added JT rices Year Cleveland and all Philadel- Lower Lake Ports phia and Schuylkill Youngs- town Pittsburgh Bessemer Pig Bessemer Steel Valley Iron Billets 1890.. $5.50 $6.86 $6.125 $6.55 $18.87 $ 1891.... 4.50 5.86 5.125 5.55 15.95 25.33 1892.... 4.50 5.86 5.125 5.55 14.37 23.63 1893.... 3.85 5.31 4.525 5.00 12.87 20.44 1894.... 2.75 4.21 3.425 3.90 11.38 16.58 1895.... 2.90 4.36 3.575 4.05 12.72 18.48 1896.... 4.00 5.28 4.625 5.05 12.14 18.83 1897 ... 2.60 3.93 3.225 3.65 10.13 15.08 1898.... 2.75 3.93 3.34 3.73 10.33 15.31 1899 ... 3.00 4.43 3.59 3.98 19.03 31.12 1900.... 5.50 6.93 6.19 6.68 19.43 25.06 1901.... 4.25 5.68 4.94 5.43 15.93 24.13 1902.... 4.25 5.68 4.94 5.43 20.67 30.57 1903.... 4.50 5.93 5.19 5.68 18.98 27.91 1904.... 3.25 4.68 3.94 4.43 13.76 22.18 1905.... 3.75 5.18 4.44 4.93 16.36 24 . 03 1906.... 4.25 5.68 4.94 5.43 19.54 27.45 1907.... 5.00 6.53 5.74 6.14 22.84 29.25 1908.... 4.50 6.03 5.24 5.64 17.07 26.31 1909.... 4.50 6.03 5.14 5.54 17.41 24.62 1910.... 5.00 6.53 5.64 6.04 17.19 25.38 66 Geological Map Lake Superior Pre-Cambrian Iron Bearing Districts Furnished by The Iron Age* ! From issue of March 9, 1911 67 Geology and Mineralogy FOREWORD This Article Should be used in Connection with the Following Reprint on "The Geology and Mineralogy of the Lake Superior District" In Monograph 52 of the U. S. Geological Survey just issued from the press, C. R. Van Hise and C. K. Leith summarize the geology of the Lake Superior region and its ore deposits. This is the first comprehensive at- tempt to consider the geology of the region as a whole in any of the U. S. Geological Survey reports. The monograph is accompanied by revised geological maps of all the iron ranges and a general geological map of the entire region. In connection with the present report, we are interested principally in the treatment of the iron formations and the iron ores. It is shown that the iron formations of the region belong to three geological periods, and that the last of these periods, the upper Huronian (which in- cludes the Mesaba and Cuyuna districts of Minnesota) contains over 75% of the known ore of Lake Superior. The total area of the iron formations of the Lake Superior region is 227 square miles, but the iron ores occupy only a small fraction of this area. The ores are concentrated in the upper parts of the iron formation. The concentration is mainly accomplished by percolating waters taking out the silica, usually leaving the ores very porous; but sometimes this action is followed by slumping of the ore or by crushing during the folding with the result that pore space is eliminated. The concentration takes place where the percolating waters are able to flow freely. These places are determined by a great variety of conditions, such as folds, impervious base- ments, bedding, etc. Other things being equal, it is obvious that the iron formations with the largest area of exposure at the rock surface is the one which would have the most chance of being entered by concentrating waters from the surface. A comparison of the ore reserves of different areas shows that they are roughly proportional to the area of exposure. For instance, the Mesaba iron formation, with a flat dip and a correspondingly wide area of exposure, shows a high reserve, while the equally thick Gogebic formation, standing steeply and therefore with smaller exposure, has a much smaller reserve. The ores are fully described with reference to chemical, mineralogical and physical characteristics, with the aid of many tables of quantitative determinations and graphic diagrams, prepared with the co-operation of Mr. W. J. Mead. Some of the quantitative data for the first time presented, cover the average chemical and mineralogical composition for each district and for the region as a whole, the porosity, the density, the cubic contents per ton, phosphorus distribution, etc. The phosphorus tables show clearly that the phosphorus is associated with the iron rather than silica, and by taking out silica in the concentration of the ores, whether in nature or artifically by washing, as in the western Mesaba, phosphorus is increased. Of especial note is a new conception of the ultimate source of the iron formations. They are sediments thought to be derived from basic volcanic rocks which were abundantly extruded over this area both before and during the deposition of the sediments. Some of these volcanic rocks were sub- marine extrusives, which may have contributed hot iron-bearing solutions directly to the sea in which the iron-bearing sediments were being deposited. The Geology and Mineralogy of the Lake Superior Iron Districts Occurrence of Iron Ores in the Lake Superior Districts of the United States Reprint from "The Production of Iron Ores, Pig Iron, and Steel in 1908," published by the United States Geological Survey, 1909. By E. C. Harder Iron minerals are classified as sulphides, oxides, carbonates, silicates, etc., of which only the oxides and carbonates are used in the steel industry. The ores of iron are generally classed under four heads: 1. Hematite: Including all the anhydrous sesquioxides (Pe 2 O 3 theoret- ical percentage of iron, 70). This is known locally as red hema- tite, specular ore, gray ore, fossil ore, oolitic ore etc. 2. Brown ore: Including hydrated sesquioxides, such as limonite, goth- ite, and turgite (Fe 2 O 3 nH 2 O -theoretical percentage of iron, 59.8- 66). This is known locally as brown iron ore, brown hematite, bog ore, limonite, etc. 3. Magnetite: Including magnetic oxides (pe 3 O 4 theoretical percent- age of iron, 72.4). Magnetite is known generally as magnetic iron ore. 4. Iron carbonate: Including carbonates of various types (Fe CO 3 theoretical percentage of iron, 48.2). Iron carbonate is known lo- cally as spathic iron ore, kidney ore, black band ore, siderite, etc. 69 Hematite has always been predominant as an ore of iron, and at present constitutes almost nine-tenths of the iron ores produced. Brown ore and magnetite are far below it in importance, each furnishing at present about one-twentieth of the total iron-ore production. The production of iron car- bonate is insignificant in comparison with that of the other ores, constituting only about one-twentieth of 1 per cent of the total. For purposes of description, the iron-ore deposits of the United States may be conveniently grouped into three districts the eastern district, the central district, and the western district. The eastern district includes the northeastern and southeastern commercial districts, the central district in- cludes the Mississippi Valley and Lake Superior districts, and the western district includes the Rocky Mountain and Pacific Slope districts. The following descriptions are partly the result of personal observation and partly summarized from various reports. A bibliography of the prin- cipal articles on iron ores of the United States is given at the end of this report. Some of the descriptions of the western deposits were taken from unpublished notes kindly furnished the survey by Mr. R. C. Hills and Mr. O. A. Hershey. Central District The iron ores of the central district may be classified as follows. Hematite: Soft, hard, and specular hematite associated with the pre-Cambrian iron formations of the Marquette, Menominee, Penokee-Gogebic, Mesabi, Vermilion, Cuyuna, and Baraboo ranges, Lake Superior district. Clinton hematite in east-central Wisconsin and in Missouri. ************* Brown Ore. Bog ore in central and northwestern Wisconsin. 70 Magnetite: Magnetite formed by regional and contact metamorpbism of the pre- Cambrian hematite deposits in the Marquette, Mesabi, and Gunflint ranges, Lake Superior district. Titaniferous magnetite in gabbro in northern Minnesota. Iron carbonate: Iron carbonate and silicate composing the unaltered iron formation in the Lake Superior district. HEMATITE Lake Superior Hematite. The Lake Superior hematite deposits consti- tute by far the most important type of iron ore in the United States and yield about four-fifths of the total annual product. They are grouped into seven minor districts or ranges, viz: The (a) Vermilion, (b) Mesabi, and (c) Cuyuna ranges of northern Minnesota; the (d) Penokee-Gogebic, (e) Mar- quette (including the Republic and Swanzy areas), and (f) Menominee (in- cluding the Crystal Falls, Iron River, Metropolitan and Florence areas) ranges of northern Michigan and Wisconsin, and the (g) Baraboo range of southern Wisconsin. Other districts with similar ore occur in Ontario and north and northeast of Lake Superior. The rocks of the Lake Superior district range in age from Archean to Cambrian with the following succession: Succession of Rocks in Lake Superior Iron-ore District Cambrian: Potsdam sandstone. Algonkian: Keweenawan series (sediments, trap, gabbro, etc.). Huronian series: Upper Huronian quartzite, iron formation, and slate. Middle Huronian quartzite, iron formation, and slate. Lower Huronian quartzite, conglomerate, dolomite, slate, iron forma- tion and instrusives. Archean: Laurentian series (granite, gneiss, and porphyry). Keewatin series (greenstone, basic schists, and iron formation). Of these rocks only the upper and middle Huronian and the Keewatin contain productive iron-ore deposits. (*) Iron ores occur in the upper Huron- ian, in the Mesaba, Cuyuna, Penokee-Gogebic, and Menominee districts; in ttie middle Huronian, in the Baraboo district; in both the upper and the middle Huronian, in the Marquette district; and in the Keewatin, in the Vermilion district. *Leith, C. K., a summary of Lake Superior geology with special reference t<? recent studies of the iron-bearing series. Bimo. Bull. Am. Inst. Min. Eng. No. 3, 1905, p. 453. 71 The iron ores are contmed to the iron formations, in which they occur as local concentration deposits, resulting largely from the leaching out of silica from the iron formation, though partly from additional precipitation of iron oxide. The iron formations are bedded deposits consisting chiefly of a mixture of chert or quartz and ferric oxide segregated in Dands or mingled irregularly. Banded iron formation which has become highly crystalline through metamorphism and in which the bands are bright red is known as jasper. The ordinary reddish-gray iron formation consisting of banded or irregularly intermingled chert and iron oxide is known as ferruginous chert; on the Mesabi range the local name "taconite" is appiled to it. There are many other subordinate phases of the iron formations resulting from meta- morphism or from an admixture with other sediments. Locally, masses of cherty iron carbonate and hydrous ferrous silicate (greenaiitej occur, which are supposed to be remnants of the original form in which the iron forma- tions were deposited. Greenalite is characteristic of the Mesabi district, and cherty iron carbonate occurs in all the other districts. The ferruginous chert was formed by the weathering of the iron carbonate and greenalite. Where the cherty iron carbonate has been altered by contact or regional metamorphism, local areas of amphibole-magnetite rocks occur. Where the ferruginous chert was metamorphosed, jasper is found. Frequently layers and lenses of slate are found interbedded with the iron formation, and these show all gradations to ferruginous chert. Paint rock, a decomposed slate deeply stained and impregnated with ferric oxide, is characteristic of many of the iron-ore deposits. It forms from slate lenses at tue same time that the alteration of the surrounding iron formation to iron ore and ferruginous chert is taking place. The last and most important phase of the iron forma- tion is the iron ore itself, which occurs locally along the outcrop of the iron formation where meteoric waters have had a chance to operate and where favorable conditions for concentration prevail. The rocks have suffered folding, faulting, and metamorphism to varying degrees in the different ranges and these have influenced the form and char- acter of the ore deposits, so that there is considerable valuation in different districts and different parts of the same district. Vermilion Range (a) The Vermilion range is in northern Minnesota in the northern part of St. Louis and Lake counties. The principal ore deposits are in the vicinity of Tower and Ely, and occur in iron formation of Keewatin age. The rocks are intricately folded and intensely metamorphosed, so that the iron forma- tion is largely altered to jasper. The country rock is for the most part green- stone in which the jasper is infolded in local syn clinical basins or trough, so that areally it occurs in small patches surrounded by greenstone. The ores are associated with the jasper in these troughs and generally have a foot wall of greenstone. They consist of dense, hard, blue or red hematite, often brecciated but rarely specular. Mesabi Range (b) The Mesabi range is in central St. Louis and southeastern Itasca counties, Minn. The principal ore deposits are in the vicinity of Mesaba, Colby, Biwabik, McKinley, Sparta, Eveleth, Virginia, Mountain Iron, Buhl, Chisholm, Hibbing, Stevenson, and Nashwauk. The rocks of this region have suffered less folding and metamorphism than those of tne other ranges. They dip slightly to the southeast, so that the iron formation outcrops In a 72 general northeast-southwest belt. There are minor transverse folds. Above the iron formation and to the south is a thick slate; underneath it is a thin quartzite underlain by granite or graywacke and slate of lower-middle Huron- ian age, the former composing the Giants range north of the district. The iron formation is largely ferruginous chert, but at the eastern end of the range a heavy gabbro formation has metamorphosed it to amphibole-magnet- ite rock. The iron ores cover large areas along the outcrop of the iron formation and are irregular in their occurrence, though in general they are best developed and most abundant at the minor transverse folds. The deposits are very irregular in shape, frequently having big arms extending from the main de- posits, and these in places connect with other deposits. They are of great horizontal extent as compared with their vertical extent, being usually not more than 200 feet in depth, while they may extend continuously in a hori- zontal direction for a mile or more. Mining is carried on largely in large, shallow, open pits, the ore being loaded with steam shovels directly on rail- way cars and shipped without concentration. There are a few underground mines, and here the mining is carried on either by milling or by the regular underground methods. The ore is a soft porous brown, red, or blue hematite of high grade. It shows the layering of the original iron formation, and in places the ore layers can be traced directly into the iron formation bounding the deposit. The ore layers generally show a slumping near the contact, showing that material has been leached from the iron formation during the process of ore concen- tration. In many instances ore bodies are bounded by joint planes. The fol- lowing description of the factors controlling the ore deposition on the Mesabi range is given by Leith:* The agent of the alteration is water, coming more or less directly from the surface, carrying oxygen and carbon dioxide. The concentration of the ores has been found to occur where such waters have been converged. Vari- ous factors have determined this convergence fracturing and brecciation of the iron formation, existence of impervious layers in such attitudes as either to converge waters coming from above or to impound the waters" and deflect their course between two layers. * * * The iron formation and its asso- ciated rocks lie in beds on the south slope of the Giants range, and dip off gently to the south at angles averaging from 8 degrees to 10 degrees. In addition to the general southward tilting of the beds, they are gently flexed into folds with axes transverse to the trend of the range. Waters falling on the south slope of the Giants range, and flowing to the south, enter the eroded edges of the iron formation and continue their way down along its layers, some of which are pervious and some of which are slaty and comparatively impervious to water. The flow thus tends to become concentrated along the axes of the synclines which pitch gently to the southward. Such synclines are not necessarily surface troughs. They are evidenced by the attitude of the layers of the iron formation, and may not be apparent in the unequally eroded rock surface or at the surface of the irregular covering of glacial drift. * * * Further study shows that other factors modify the circulation of water and the localization of the ore, and that these secondary factors may be locally dominant. The most important of these modifying factors is the fracturing of the iron formation which has furnished numerous trunk channels for the circula- *Leith. C. K., a summary of Lake Superior geology with special reference to recent studies of the iron-bearing series: Bimo. Bull. Am. Inst. Min. Eng., No. 3, 1905, pp. 485, 488, 489. 73 tion of underground waters. The water has been confined to narrow, irregu- lar, and most devious trunk channels formed by the fracturing of the iron formation, and while it has probably followed the fracture openings along synclines to a greater extent than along anticlines, it has not filled the entire syncline formed by the folding of the iron formation. The result is that the ores have developed along limited and irregular areas within the synclines. They may occupy a considerable part of the syncline, in which case the syn- clinal structure of the iron formation may be observed in the layers of wall rock adjacent to the ores. In other cases they occupy so small a proportion of the syncline that the layers of the iron formation in the adjacent wall rock give no indication of synclinal dips. Not infrequently several more or less independent deposits may have developed in the same general syncline, as, for instance, in the aera adjacent to the town of Virginia. To put it briefly, the ores show such a position, irregularity, extent, and relations to wall rocks as to make applicable the expression sometimes heard in the district that the ores have developed through the "rotting" of the iron formation along fractures, usually, but not always, in broad synclinal areas. Other factors modifying the general underground flow of water in the Mesabi iron formation are the numerous impervious slaty layers within the iron formation, and the Virginia slate capping the iron formation of the south; all of which have considerable effect in directing water circulation. So far as the water is free to flow southward through the iron formation, the impervious layers serve only to limit the flow below. But the continuous south dip of the impervious strata carries the waters down to a point where the ground is saturated and the waters are ponded between impervious layers above and below. That ponding actually occurs is shown by the fact that drill holes penetrating the slates and entering the iron formation frequently meet water under pressure, indicating artesian conditions. When ponded, the water seeks the lowest point of escape, which is likely to be found near the north margin of the slate layers. The movement of the water toward the lowest point of escape causes a considerable lateral movement in the cir- culation, and this lateral movement has probably, at least in part, controlled the shape of certain deposits on the range which have their longer dimen- sions parallel to the strike of the layers of the iron formation. The ponding of the water and consequent overflow has still another effect. Where ponded the flow is governed by the point of lowest escape rather than by the shape of the impervious basement. When water is drawn off at the edge of a basin, the flow is greatest near the point of escape and diminishes in all directions away from that point. This statement is true where the bottom of the basin is flat or fluted; hence, in the Mesabi iron formation, where the water is ponded, the flow is concentrated near the point of lowest escape regardless of whether this be over a syncline or anti- cline so far as both are below water level. The lowest point of escape is likely to be over syn'dines, but the surface erosion, both by glacial and me- teoric agencies, has been such that this is not always the case. For this reason it is not certain that iron-ore deposits near the edge of the Virginia slate or near the edge of the interstratafied slate layers may not have devel- oped along arches as well as in synclines of the iron formation. The above facts are intimately related to the problem of finding ore under the solid black Virginia slate. The question is frequently asked, Is there any reason why ore shall not be found under the black slate? The absence of ore under the slate has not been demonstrated by actual drilling; only a comparatively few holes have penetrated any considerable thickness of the Virginia slate and entered the iron formation below. Yet such holes as have been put down have revealed ore only near the slate margin and frequently of low grade. In several cases the iron formation beneath the slate has been shown to be of a green, unaltered variety, indicating that the alteration necessary for the development of ore deposits has not gone far. If the development of the ore is dependent upon a vigorous circulation and this vigorous circulation is lacking under the Virginia slate because of the ponding, we have here an adequate cause for the non-existence of ore deposits under the black slate. Yet further work may show that other factors have entered, and, considering the extent and value of the new iron-bearing terri- tory which would be thrown open were ore found under the Virginia slate, more actual drilling seems advisable to settle the question. Cuyuna Range (c) The Cuyuna district extends in a northeast-southwest direction along the Northern Pacific Railway in the vicinity of Aitkln, Deerwood, and Brainerd, in Crow Wing, Aitkin and Morrison counties, central Minnesota. Geologically the district is situated along a series of minor northeast-south- west anticlines in the broad synclinal basin, on the northern limb of which is the Mesabi district and on the southern limb the Penokee-Gogebic district. The first ore was discovered here in 1904 by drilling along a line of magnetic attraction near Deerwood. No ore has been shipped from this district. Leith gives the following description of the geology and structure of the dis- trict:* From the information so far available, consisting largely of drill samples, the succession of rocks for the Cuyuna district, from the base upward, is as follows: Quartzite and its altered equivalents, quartzose, micaceous and horn- blende schists. Iron formation, consisting principally of iron carbonate where un- altered, but largely altered to amphibole-magnetite rock, ferruginous slates, and iron ore. The ores thus far found are soft, reddish, slightly hydrated hematite, reddish slaty hematite, and hard blue, banded, sili- ceous magnetite and hematite. Chloritic and carbonaceous slate, interbedded in its lower part with "" iron formation. Intrusive granite and diorite, principally the latter. Cretaceous sediments. Glacial drift, 80 to 350 feet. It is possible that some of the igneous rock is really older than the sedi- mentary series, and lies unconformably beneath it, but no evidence of this has yet been found and the structural relations do not favor thts view. So far as the sedimentary rocks go, the emphasis should be placed on the altered phases, for they have all been much metamorphosed. Failure to recognize the schists as parts of the sedimentary series has caused confusion in the local interpretation of drill records. The changes in the quartzite and slate to schists are the typical anamorphic changes of the zone of rock flowage. When subsequently exposed at the surface, there has been a leach- ing out of all of the basic constituents, leaving light-colored, soft, kaolinic and quartzose schists. This action is most conspicuous in their upper 15 or 20 feet. The iron formation, originally mainly iron carbonate, has also undergone anamorphism, resulting in the development of amphibole magnetite *T,eith, C. K., The geology of the Cuyuna iron range, Minnesota: Econ. Geol- ogy, vol. 2, p. 145. 75 rocks essentially similar to amphibole magnetite rocks wherever they are found in other parts of the Lake Superior region. This action, however, was not sufficiently effective to destroy a large part of the iron carbonate con- stituting the original mass of the formation. When exposed to weathering, the amphibole-magnetite rocks have remained substantially as they were, being very resistant, although becoming somewhat softer. The iron car- bonate has been altered to iron ore. The gradation phases between the iron carbonate and slate have become ferruginous slates. The anamorphism of the Cuyuna series is probably to be explained in large part by the existence of intrusives in the area itself and to the west and south of it. The sedimentary series has been folded into a series of repeated folds, as shown by drilling and magnetic work, and erosion has cut off the top of the anticlines, exposing the iron formation in a number of oelts, in general parallel, but presumably coming together at the ends of the folds. The dips are thus for the most part high, in the neighborhood of 80 degrees, although near the crests of the folds they are less. The folding has been accompanied by the development of cleavage in the softer layers, especially in the softer slates. Where the cleavage can be definitely distinguished from the bed- ding, there is usually a slight angle between them, and the cleavage has the steeper dip. The iron formation itself is less affected by the cleavage than the slate. The ores constitute the altered and concentrated upper parts of the steeply dipping iron formation strata exposed by the erosion of the anticlines. The hanging wall is commonly chloritic slate and iron* carbonate in varying proportions and degrees of alteration; the foot wall is either a quartz schist or amphibole-magnetite schist. Intrusives complicate these relations in many deposits, suggesting that the presence of these rocks has favored the development of the ore deposits. This is yet to be proved. The ore bodies thus far found seem to be in the form of lenses 1 to 250 feet in thickness, with their longer dimensions parallel to the highly tilted bedding of the series. It is probable that also several parallel or overlapping lenses may be present, judging from analogy with the lower part of the Ani- mikie series elsewhere in the Lake Superior region, as in the Paint River, Crystal Falls, and western Menominee country. Along the strike these lenses pinch out or widen, the change often being accompanied by a change in grade of the ore. It is difficult to tell from the present state of exploration just how far the parallel lenses are independent lenses in the same general formation and how far they may be the result of duplication by folding. The broader features of distribution are undoubtedly to be explained by folding. There is a narrow zone of iron formation extending from east of Aitkin southwest past Deerwood and Brainerd and for some distance west of the Mississippi river, as shown by magnetic attractions and by drilling. This is made up of a large number of short parallel and overlapping belts. Whether these minor belts are repeated by folding or whether they are parallel, inde- pendent lenses is not known. Six miles to the north, howe/er, in the vicinity of Rabbit Lake, there is again a belt of iron formation which is undoubtedly brought up here by folding, for if it were an independent belt in a mono- clinal succession it would imply too great a thickness of intervening strata. Still farther to the northwest between Rabbit Lake and Mississippi river are at least two more belts of iron formation repeated by folding. Whether the folds reappear again elsewhere, prospectors are now trying to determine. The rock surface beneath the drift shows local variations of 100 feet or 76 more, and between widely separated points, because of the general slope of the surface, may show a difference of elevation of as much as 250 feet. Frequently the soft hanging-wall slates are found to be at lower elevations, because of erosion, than the harder iron formation or the foot-wall quartzite adjacent, as, for instance, near Pickands, Mather & Co.'s shaft in sec. 8, 45-29. Notwithstanding these local irregularities of the surface, it is, in a broad way, relatively flat. At many places in the district and in adjacent parts of Minnesota cretaceous deposits are found just above the rock surface and beneath the drift, suggesting that this flat surface may be part of a pre-Creta- ceous base level or peneplain. The Cuyuna district contrasts in topography of the rock surface with the producing ranges of the Lake Superior region, where there is usually a marked ridge or range giving a head to the per- colating surface waters of from 200 to 500 feet and making it possible for the waters to circulate vigorously and accomplish ore concentration to con- siderable depths where structural conditions allow. This suggests the in- ference that in the Cuyuna district vigorously circulating ore-concentrating waters may not have been effective to so great a depth as in other Lake Su- perior iron ranges. On the other hand, if the ores were developed before the base level and before reaching the present base levei, there may have been greater topographic relief, which would have aided the alteration of the rocks and concentration of the ore to a greater depth than would the present relief. The existence of the heavy mantle of weathered material over the area may represent a remnant of the weathered material which in the other dis- tricts has been removed by glacial erosion. It is obvious that the Cuyuna dis- trict has been one in which glacial deposition has predominated over glacial erosion. When it is remembered that in the other Lake Superior districts glacial erosion has probably removed large amounts of iron ore, the lack of glacial erosion in the Cuyuna district may not be an unfavorable indication. Gogebic Range (d) The Penokee-Gogebic range is in northern Michigan and Wisconsin, crossing the boundary in a northeast-southwest direction at'Ironwood. The principal mines are at Hurley, Wis., and at Ironwood, Wakefield, and Besse- mer, Mich. The ores occur in iron formation of upper Huronian age which is over- lain by slate and underlain by quartzite and black slate. Above the upper slate is a heavy gabbro of Keweenawan age, which in a few localities has come into contact with the iron formation and has metamorphosed it to jasper and amphibole-magnetite rock. For the most part, however, the iron formation is ferruginous chert. The sedimentary rocks dip steeply to the northwest. They are cut by dikes of basic igneous rocks of probable Keweenawan age, which cross them at varying angles to the bedding. The ores are concen- trated in large irregular bodies in the angles between the foot-wall quartzite or black slate and the igneous dikes. These two formations make an imper- vious trough toward which underground channels for meteoric waters con- verge and in which the waters are ponded and precipitate their load. The deposits are of a different form and character from those of the Mesabi range. Most of them reach depths of a thousand feet and upward, but their horizontal extent is very much smaller than that of the deposits of the Mesabi range. The ore is for the most part soft hydrated hematite, but hard slaty ore is abundant, and more rarely needle ore is found. In a few deposits local pockets of manganese oxide occur. Mining is carried on by underground methods entirely. Marquette Range (e) The Marquette range, including the Republic and Swanzy areas, occupies a large east and west elongated area west and southwest of Mar- 77 quette, Mich. The principal mines are in the vicinity of Michigamme, Negau- nee, Ishpeming, Swanzy, and Republic. Iron formations occur in both the upper and middle Huronian, the latter containing the principal ores. The iron formation of the upper Huronian is underlain by quartzite and overlain by slate. Ores occur locally as concentration deposits in the lower part of the iron formation and in other places as detrital deposits at the base of the quartzite underlying it. The latter type of ore is derived from deposits in the underlying iron formation occurring at the top of the middle Huronian. The middle Huronian iron formation (Negaunee) is underlain by slate, which in turn is underlain by quartzite. The sedimentary rocks are abundantly in- truded by dikes, bosses, and stocks of basic igneous rock of probable Keween- awan age. The sediments are folded into a great east-west synclinal basin com- posed of a number of minor synclines and anticlines. Ores occur on both limbs .of the basin, but are most abundant on the north limb. The deposits near Ishpeming and Negaunee occur in a part of the basin where the upper Huronian rocks have been eroded away and the middle Huronian iron forma- tion is exposed over the entire width of the basin. The deposits near Repub- lic are in a minor syncline branching southeastward from the western part of the main basin. The Swanzy area is southeast of the main basin. The ores of the middle Huronian and the detrital ores at the base of the upper Huronian occur at nearly the same geologic horizon, and the latter are derived from the former. The ores may be divided into three classes* (1) Ores at the base oi the iron-bearing Negaunee (middle Huronian) formation; (2) ores within the Negaunee formation; and (3) detrital ores at the base of the Goodrich (upper Huronian) quartzite. (1) The ores of this class occur only at the base of the Negaunee forma- tion, and, therefore, at the outskirts of the iron formation areas. They occur at places where the underlying slate has been Folded so as to form pitching synclinal basins. In these impervious troughs the ore deposits have devel- oped. In many places basic dikes have cut the rocks, and the ore has devel- oped between the dikes and the slate, thus presenting a similarity to the de- posits of the Penokee-Gogebic district. (2) The ores of the second class are developed at the contact of the iron formation with basic intrusions. They occur either in local irregular- ities (basins) on the surface of the intrusive masses or in pitching troughs formed between igneous masses and dikes branching out from them. The sur- faces of the igneous masses are very much altered, leached out, and impreg- nated with iron oxide, being changed largely to sbapstone and paint rock. Many of the dikes are entirely altered. (3) The detiital ores were formed by the breaking up of the deposits of types (1) and (2) during the erosional period intervening between the deposition of the middle and upper Huronian. These deposits are also localized by pitching troughs in the basic intrusions, between dikes and intrusive masses or slate layers, as are the lower ores. They may rest on a basement of soapstone (altered igneous rock), iron formation, or slate. The ore of classes (1) and (2) are chiefly soft hydrated hematite; those of class (3) are hard, specular ores with some magnetite. The meta- morphism of class (3) is apparently due to greater movement along the contact of the middle and upper Huronian during the folding than within these rocks themselves. With the hard ore are developed jasper and am- phibole-magnetite rock. *Van Hise, C. R., The iron-ore deposits of the Lake Superior region: Twenty- first Ann. Kept. U. S. Geoi. Survey, pt. 3, 1901, p. 305. 78 Menominee Range (f) The Menominee range, including the Crystal Falls, Iron River, Metropolitan, and Florence areas, is in Dickinson and Iron counties, Mich., and extends across the boundary into Florence county, Wis. The principal mines occur at Iron Mountain, Norway, Metropolitan, Crystal Falls, Amasa, and Iron River, Mich., and at Florence, Wis. Iron formations are found in both the upper and middle Huronian, but only the former carry iron ores of commercial importance. The middle Huronian iron formation is found only in the northern part of the district, while the upper Huronian iron formation occurs in the southern part of the district. Thus the productive areas are confined to the southern part The upper Huronian iron formation is known as the Vulcan formation in the Menominee district proper. The rocks are intricately folded so that the structure of the range is very complicated. The ores of the different areas occur in separate local basins or structural units. The Vulcan formation in the Menominee district proper is divided into three members, viz: The Curry iron-bearing member, the Brier slate mem- ber, and the Traders iron-bearing member. It is overlain by upper Huronian (Hanbury) slate and underlain by lower Huronian (Randville) dolomite. Iron ores may occur at any horizon within the ore-bearing members, but are more prevalent at the top or bottom. The deposits Are of large size and occur on relatively impervious formations which are usually folded into pitching troughs at the places where the ores are found. Pitching troughs may be formed (1) by the dolomite underlying the Traders member, (2) by a slate layer constituting the lower part of the Traders member and (3) by the Brier slate underlying the Curry member. The sedimentary formations are folded into two major anticlines trending a little north of west so that the iron formation is distributed in several belts, along which ore deposits occur locally. Minor folds are superimposed on the major folds. The sediments are bounded on the north by Archean granite and on the south by Archean (Quinnesec) schist. The iron ores are principally gray, finely banded hematite with subor- dinate amounts of flinty block hematite locally banded. The iron-bearing formation in the outlying areas consists mainly of fer- ruginous slates and cherts with some cherty iron carbonate. The former are generally carbonaceous immediately above and below the ore-bearing beds. The formation is underlain by slate, which is in turn underlain by lower Huronian formations. Above the iron formation is the Michigamme slate. In some of the outlying areas the iron formation and the underlying slate have not been separated from the Michigamme slate. In general the ores occur in pitching synclinal basins bottomed and capped by slate layers. They are largely soft red hematite, considerably hydrated in places. Baraboo Range (g) The Baraboo range is located in southern Wisconsin in the central part of Sauk county. The principal deposits occur near the town of North Freedom. 79 The Huronian rocks are in the form of an east and west elongated syncline surrounded by Cambrian sandstone and containing a considerable thickness of Cambrian sandstone within it. Thus only the rim of the syn- cline consisting of heavy bedded quartzite is exposed. This quartzite forms the base of the series and rests on Archean rock. Abo\e it is the Seeley slate and above this the iron formation which carries the ores of the dis- trict. The iron formation is overlain by the Freedom dolomite. The rocks of the iron formation immediately associated with the ores are ferruginous dolomite, ferruginous chert, and ferruginous slate. The principal workable deposits have been found in the southwestern portion of the syncline. The deposits are stratified and are conformable with the beds above and below. They have the same dip and strike as the associated rocks and are found dipping at angles varying from nearly ver- tical to nearly horizontal. The ore of the Baraboo range is of lower grade than the average ore of the other Lake Superior ranges, generally containing less than 55 per cent of iron. It is soft hydrated hematite, in many places containing so much water as to be limonitic in character. The iron ores of the Lake Superior district in general consist of high ( grade hematite, ranging from hard, dense, blue, specular nonhydrated ore to soft, blue, red, or brown hydrated varieties. The upper portions of the deposits in general are more hydrated than the lower portions and in places contain sufficient water to form a brown ore. The ores are uniformly high in iron and low in phosphorus, so that the great bulk is or Bessemer grade. The soft ores, especially those of the Mesabi range, are frequently trouble- some during smelting operations, but when they are mixed with hard ore this trouble is remedied. The following tables show the average composition of the iron ores which are now mined and shipped in the Lake Superior district : Average Analysis of Iron Ore Mined in the Lake Superior District During 1905 Fe . . 59.6 i P 067 SiO 2 7.5 i S 019 Range in Composition of Iron Ore Mined in the Lake Superior District Dur- ing 1906 and 1907 1906 1907 Fe 38.00-65.00 39.00-67.00 SiO 2 2.00-40.00 1.00-43.00 P .008-85 .01-1.00 s 006- 13 005- 14 Mn .04-7.4 .03-8.7 ********* * * * * Clinton hematite. Deposits of Clinton hematite occur in eastern Wis- consin and in Missouri. Those of Wisconsin are of considerable importance 80 and have been mined for many years. Those of Missouri, according to H. A. Buehler, have only been discovered recently by drilling ana occur at such depths as not to be at present workable. Iron Ridge Range In Wisconsin, the principal Clinton ores occur near Iron Ridge and Mayville, in eastern Dodge county, outcropping for several miles in a north and south direction. The entire Clinton formation is represented by iron ore which occurs in the form of a lens-shaped bed at the base of the Niagaran limestone and overlying the Cincinnatian shale. Small deposits of no com- mercial importance occur at the same horizon near Hartford, Washington county; near De Pere, Brown county; and west of Sturgeon Bay, Door county. The bed in Dodge county varies in thickness from 15 to 25 feet and is nearly horizontal, the overlying Niagaran limestone forming a westward facing escarpment above it. The ore bed is made up of numerous horizontal layers 3 to 14 inches in thickness. The ore consists chiefly of small lenticular concretions. The prevailing color is dark reddish-brown, though locally it becomes purple. It is gen- erally soft and friable, containing just enough cement to keep the concre- tions together. The top layer varying from 3 to 8 inches in thickness dif- fers from the rest in being hard and compact and of a deep purple color with bright scarlet streaks. It contains very few oolites and breaks with con- choidal fracture. Clay is intermingled with ore in the lower layers. The ore is of about the same grade as the soft Clinton ores of the eastern district. It is smelted chiefly in local furnaces, though occasionally shipments are made to Milwaukee. BROWN ORE. Bog ore. Bog iron ores are found in small deposits throughout the Mis- sissippi Valley, but only at a few localities have they been mined, the most Important of which are in Wisconsin. They are usually in the form of superficial blanket deposits mixed with more or less clay and earthy mat- ter. Bog deposits are for the most part too small and isolated to pay for the expense of mining and transportation. Occasionally, however, deposits of such size are found as to permit the erection of a local furnace. Such de- posits occur at Spring Valley and vicinity, Pierce county, Wis. Limonite gossan. Limonite gossan ore occurs in the upper part of the lead and zinc deposits in the upper Mississippi Valley. It results from the alteration of the iron sulphides, pyrite, and marcasite, which are associated with lead and zinc sulphides in the deeper parts of the veins. The gossan deposits of the Mississippi Valley are too small to be of commercial im- portance. MAGNETITE Lake Superior magnetite. Magnetite deposits worthy of notice are found in the Marquette, Mesabi, and Gunflint ranges of the Lake Superior district. They are related to the Lake Superior hematite deposits, being 81 formed from the cherty iron carbonate or from the hematite deposits by igneous intrusives or by regional metamorphism. In the Marquette range magnetite is formed" by both of these processes; in the other ranges it is formed by contact metamorphism by the great gabbro mass of northern Minnesota. This gabbro extends across the eastern pa/t of , the Mesabi range and has altered the iron formation along the contact to amphibole- magnetite rock and local magnetite deposits. Although considerable ex- ploration has been done in this area, deposits of great importance have not been found. In the Gunflint district in northern Minnesota near the Canadian bound- ary, the upper Huronian iron formations reappear from underneath the gabbro and extend northeastward into the Animikie district, Ontario. Near the gabbro contact the iron formation is altered to a coarsely crystalline green quartzite, with beds and lenses of magnetite associated with various ferrous silicates. The iron formation rests in Keewatin greenstone and dips away from it at steep angles. The magnetite lenses are most abundant near the contact with the greenstone. Local occurrences of magnetite are also found at both ends of the Penokee-Gogebic range where the gabbro has come into contact with the iron formations. Titaniferous magnetite. Titaniferous magnetite in large bodies is re- ported to occur locally in the great gabbro mass of northern Minnesota. The most important of these deposits are located a short distance south of the Gunflint district. Little has been done with them in the way of exploration and they are practically unknown. IRON CARBONATE Iron carbonate. Iron carbonate and silicate originally composed the Lake Superior iron formation and are still found in scattered masses where they have been protected from weathering processes. They are described in connection with the Lake Superior hematite. 82 Bibliography of Publications on Lake Superior Iron Ores ABBOTT, C. E. Iron ore deposits of the Ely trough, Vermilion range, Minne- sota: Trans. Lake Sup. Min. Inst., vol. 12, p. 116. ADAMS, FRANCIS S. The Cuyuna Range. Econ. Geol. Vol. 5, 1910, pp. 729-740; Vol. 6, 1911, pp. 60-70; (to be continued). ANON. Mining methods on the Gogebic range: Eng. and Min. Jour., vol. 84, p. 245. ANON. Swanzy iron-ore district: Iron Trade Rev., January, 1909. BACON, D. H. The development of Lake Superior iron ores: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 341-344. BAILEY, C. E. Mining methods on the Mesabi Range: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 529-536. BAYLEY, W. S. The Menominee iron-bearing district of Michigan: Mon. U. S. Geol. Survey, vol. 42, 1904. , BAYLEY, W. S., and SMYTH, H. L. Preliminary report on the Mar- quette iron-bearing district of Michigan: Fifteenth Ann. Rept. U. S. Geol. Survey, 1894, pp. 477-650. Also same with atlas: Mon. U. S. Geol. Survey, vol. 28, 1897. BOSS, C. M. Some dike features of the Gogebic iron range: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 556-563. BRINSMADE. H. B. The great iron fields of the Lake Superior district: Min. Sci., November 26, December 3, December 10, December 17, December 24, and December 31, 1908, and January 7, 1909. CARLYLE, E. J. The Pioneer iron mine, Ely, Minnesota: Jour. Can. Min. Inst., vol. 7, p. 335. CHAMBERLIN, T. C. Clinton iron-ore deposits: Geology of Wisconsin, 1873 to 1877, vol. 2, p. 327, and atlas. CLEMENTS. J. M. The Vermilion iron-bearing district of Minnesota: Mon. U. S. Geol. Survey, vol. 45, 1903. Clements, J. M. and Smith, H. L. The Crystal Falls iron-bearing district of Michigan. Mon. 36. U. S. Geol. Surv. 1899. DENTON, F. W. Methods of iron mining in northern Minnesota: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 344-390. ELFTMAN, A. H. The Highland range in Minnesota: Eng. and Min. Jour., vol. 75, p. 447. KURD, RUKARD Iron ore manual of the Lake Superior district, and 1911 values, with method for determining prices, premiums and penalties, illustrative schedules, tables of values and statistical data, 1911. IRVING, J. D. and VAN HISE, C. R. The Penokee iron-bearing series of Michigan and Wisconsin: Tenth Ann. Rept. U. S. Geol. Survey, pt. 1, 1889, pp. 341-507. IRVING, R. D. and VAN HISE, C. R. The Penokee iron-bearing series of Michigan and Wisconsin: Mon. U. S. Geol. Survey, vol. 19, 1892. JOPLING, J. E. The Marquette Range Its discovery, development, and re- sources: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 541-555. 83 LEITH, C. K. The Mesabi iron-bearing district of Minnesota: Mon. U. S Geol. Survey, vol. 43, 1903. . A summary of Lake Superior geology with special reference to re- cent studies of the iron j bearing series: Trans. Am. Inst Min Eng , vol 35, 1904, pp. 454-507. . The geology of the Cuyuna iron range, Minnesota: Econ. Geology, vol. 2, pp. 145-152. 1907. . Comparison of Mesaba and Gogabic ranges. Trans. Lake Sup. Min Inst. Vol. 8, pp. 75-81. LONGYEAR, E. J. Explorations on the Mesabi Range: Trans. Am. Inst. Min. Eng., vol. 27, 1897, pp. 537-541. MEEKS, R. The iron ore mines of the Mesabi range: Eng. and Min Jour, vol. 84, p. 143. SMYTH, H. L. and FINLAY, J. R. The geological structure of the western part of the Vermilion Range, Minnesota: Trans. Am. Inst. Min. Eng., vol. 25, 1895, pp. 595-645. , SMYTH, H. L., BAYLEY, W. S., and VAN HISE, C. R. The Crystal Falls iron-bearing district of Michigan: Nineteenth Ann. Rept. U. S. Geol. Survey, pt. 3, 1898, pp. 1-157; also Mon. U. S. Geol. Survey, vol. 36, 1899. SPURR, J. E. The iron ores of the Mesabi range: Eng. and Min. Jour., vol. 57, p. 583. THOMAS, KIRBY Mesabi iron range: Mines and minerals, vol. 23, p. 566. Vermilion iron bearing district of Minnesota: Mines and minerals, vol. 24, p. 546. VAN HISE, C. R. The iron-ore deposits of the Lake Superior region: Twen- ty-first Ann. Rept., U. S. Geol. Survey, pt. 3, 1901, pp. 305-434. Van Hise, C. R. and Bayley, W. S. The Marquette iron-bearing district of Michigan. Mon. 28. U. S. Geol. Survery, 1895. . Van Hise, C. R. and C. K. Leith. Geology of the Lake Superior region. Mon. 52. U. S. Geol. Survey 1911. WEIDMANIN', S. The Baraboo iron-bearing district of Wisconsin: Bull. Wis- consin Geol. and Nat. Hist. Survey No. 13, 1904. WINCHELL, H. V. The iron ranges of Minnesota: Trans. Lake Sup. Min. Inst., vol. 3, p. 15. WINCHELL, N. H. Structures of the Mesabi iron- ore: Proc. Lake Sup. Min. Inst., June, 1908. . The Mesabi iron range: Trans. Amer. Inst. Min. Eng., vol. 21, p. 644. WOODBRIDGE, D. E. Iron ore in Crow Wing county, Minnesota: Eng. and Min. Jour., vol. 84, p. 775. . Iron ore mining on the Mesabi range: Eng. and Min. Jour., vol 56, p. 163. . The Mesabi iron-ore range: Eng. and Min. Jour., vol. 79, pp. 74, 122, 170, 266, 319, 365, 466, 557, 892. . Notes on recent work on the Mesabi range: Eng. and Min. Jour., vol. 76, p. 201. . The Vermilion iron range in Minnesota: Eng. and Min. Jour., vol. 75, p. 261 ZAPFFE, CARL Geology of the Cuyuna iron ore district. Mining World, April, 1911. 84 Addenda IRON ORE RESERVES OF THE UNITED STATES. Report of John Birkinbine Resume of the Report of John Birkinbine on the Iron Ore Reserves of the United States marked Appendix A to Supplemental Report of Joseph G. Butler, Jr., Filed with the Senate Finance Committee, June 15, 1909. The foregoing will indicate that the reserves of iron ore in the Lake Superior region, of material such as is now shipped, exceed 1,600,000,000 tons, and that this amount may be greatly augmented by the utilization of some ore not now classed as desirable. That in the Adirondack District of New York the ore reserves amount to 125,000,000 tons, which may be supplemented by 25,000,000 tons of other New York ores and the possibility of large future additions from the deposits of Clinton ores in the center of the state. That New Jersey has over 35,000,000 tons of available ore, and in addi- tion 100,000,000 tons of concentrating ore can be obtained. That Pennsylvania has reserves amounting to 45,000,000 tons, which may be increased by liberal exploitations of Clinton and carbonate ores. That the Southern States may be counted on for a supply exceeding 1,200,000,000 tons, and possibly a much larger amount. The reserves in the Rocky Mountain region and west of this, tentatively estimated as 100,000,000 tons, cover but a small part of the producing ter- ritory. The grand total is 3,230,000,000 tons. That the new England and other Atlantic states and the Central states, including Indiana, Illinois, Iowa, Mississippi, Missouri, Arkansas and Texas, will further add to the reserves. ABSTRACT OF REPORT FOR THE CONSERVATION COMMISSION By Mr. C. Willard Hayes, Chief Geologist, United States Geological Sur- vey, Marked Appendix C to Supplemental Report of Joseph G. Butler, Jr. Filed with the Senate Finance Committee, June 15, 1909. Available Not Available Gross Tons Gross Ton* Northeastern States 298000,000 1,095,000,000 Vermont Massachusetts Connecticut New York Maryland New Jersey Pennsylvania Ohio 538440000 1,276,500,000 South Carolina West Virginia Eastern Kentucky North Carolina Lake Superior States. Georgia Alabama East Tennessee 3,510,000,000 72,030,000,000 Michigan Minnesota Mississippi Valley States Wisconsin 315,000,000 570,000,000 Northwest Alabama West Tennessee West Kentucky Rocky Mountain States . . . Iowa, Missouri Arkansas East Texas 57,760.000 120,665.000 Montana Idaho Wyoming, Colorado Arizona Pacific Slope States .... Utah Nevada New Mexico West Texas 68,950.000 23,905,000 Washington California Oregon Total . 4,788,150,000 75,116,070,000 The total supplies are divided into two classes, "available" and "not available." "Available." This class includes those Ores which can be worked at a profit under the con- ditions at present existing in the Iron and Steel industry in the United States. "Not Available." This class includes all Ores which cannot be worked at a profit under existing conditions in the Iron and Steel industry. 85 UNITED STATES STEEL CORPORATION ESTIMATED rRON ORE RESERVES Marked Appendix F to Supplemental Report of Joseph G. Butler, Jr.. Filed with the Senate Finance Committee June 15, 1909 GROSS TONS Ores of Present Standard Commercially Silicious and Other Low Grade Ores Total Northern Ores Total Southern Ores Total Red and Brown 1,258,289,000 459,300,000 365,845,000 239,000,000 1,624,134,000 698,300,000 Total 1,717,589000 604 843,000 2,322,434,000 THE CONCLUSIONS OF JOSEPH G. BUTLER, JR. And His Estimates on the Iron Ore Reserves of the United States Made in a Supplemental Report Filed With the Senate Finance. Committee, June 15, 1909. Lake Superior 1,618,000,000 tons New York 750,000,000 tons New Jersey 135,000,000 tons Pennsylvania 45,000,000 tons South 1,814,940,000 tons Rocky Mountain District 100,000,000 tons Total 4,462,940,000 tons "Taking the figures of the United States Steel Corporation of the 'avail- able ores, to-wit: 1,717,589,000 tons, it would appear that the corporation owns 38^ per cent of the available, desirable ores." SUMMARY OF THE ESTIMATES OF AVAILABLE IRON ORE RESERVES OF THE UNITED STATES Joseph G. Butler, Jr 4,462,940,000 tons C. Willard Hayes 4,788,150,000 tons John Birkinbine 3,230,000,000 tons U. S. Steel Corporation 1,717,589,000 to-is 86 OLD RANGE- VERMILION BESSEMER NATURAL IRON ORE LAKE ERIE PRICES 1911 17 TABLES 45 PER CENT TO 61 PER CENT INCLUSIVE COMPILED BY RUKARD KURD OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 45.00 $3.15545 45.50 $3.24818 .01 3.15731 .51 3.25003 .02 3.15916 .52 3.25189 .03 3.16101 .53 3.25374 .04 3.16287 .54 3.25560 .05 3.16472 .55 3.25745 .06 3.16658 .56 3.25931 .07 3.16843 .57 3.26116 .08 3.17029 .58 3.26301 .09 3.17214 .59 3.26487 45.10 3.17400 45.60 3.26672 .11 3.17585 .61 3.26858 .12 3.17771 .62 3.27043 .13 3.17956 .63 3.27229 .14 3.18141 .64 3.27414 .15 3.18327 .65 3.27600 .16 3.18512 .66 3.27785 .17 3.18698 .67 3.27971 .18 3 . 18883 .68 3.28156 .19 3 . 19069 .69 3.28341 45.20 3.19254 45.70 3.28527 .21 3 . 19440 .71 3.28712 .22 3.19625 72 3.28898 .23 3.19811 .73 3.29083 .24 3.19996 .74 3.29269 .25 3.20181 .75 3.29454 .26 3 . 20367 .76 3.29640 .27 3 . 20552 .77 3.29825 .28 3.20738 .78 3.30011 .29 3.20923 .79 3.30196 45.30 3.21109 45.80 3.30381 .31 3.21294 .81 3.30567 .32 3.21480 .82 3.30752 .33 3.21665 .83 3.30938 .34 3.21851 .84 3.31123 .35 3 . 22036 .85 3.31309 .36 3.22221 .86 3.31494 .37 3.22407 87 3.31680 .38 3.22592 .88 3.31865 .39 3.22778 .89 3.32051 45.40 3.22963 45.90 3.32236 .41 3.23149 .91 3.32421 .42 3.23334 .92 3.32607 .43 3.23520 .93 3 . 32792 .44 3.23705 .94 3.32978 .45 3.23891 .95 3.33163 .46 3.24076 .96 3 . 33349 .47 3.24261 .97 3.33534 .48 3 . 24447 .98 3.33720 .49 3.24632 .99 3.33905 89 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 46.00 $3.34091 46.50 $3.43363 .01 3.34276 .51 3 . 43549 .02 3.34461 .52 3.43734 .03 3.34647 .53 3.43920 .04 3 . 34832 .54 3.44105 .05 3.35018 .55 3.44291 .06 3.35203 .56 3.44476 .07 3.35389 .57 3.44661 .08 3.35574 .58 3.44847 .09 3.35760 .59 3.45032 46.10 3.35945 46.60 3.45218 .11 3.36131 .61 3 . 45403 .12 3.36316 .62 3.45589 .13 3.36501 .63 3.45774 .14 3 . 36687 .64 3.45960 .15 3 . 36872 .65 3.46145 .16 3.37058 .66 3.46331 .17 3.37243 .67 3.46516 .18 3 . 37429 .68 3.46701 .19 3.37614 .69 3.46887 46.20 3 . 37800 46.70 3.47072 .21 3 . 37985 .71 3.47258 .22 3.38171 .72 3.47443 .23 3.38356 .73 3.47629 .24 3.38541 .74 3.47814 .25 3.38727 .75 3.48000 .26 3.38912 .76 3.48185 .27 3 . 39098 .77 3.48371 .28 3.39283 .78 3.48556 .29 3.39469 .79 3.48741 46.30 3.39654 46.80 3.48927 .31 3.39840 .81 3.49112 .32 3.40025 .82 3.49298 .33 3.40211 .83 3.49483 .34 3.40396 .84 3.49669 .35 3.40581 .85 3.49854 .36 3.40767 .86 3 . 50040 .37 3 . 40952 .87 3.50225 .38 3.41138 .88 3.50411 .39 3.41323 .89 3.50596 46.40 3.41509 46.90 3.50781 .41 3.41694 .91 3.50967 .42 3.41880 .92 3.51152 .43 3.42065 .93 3.51338 .44 3.42251 .94 3.51523 .45 3.42436 .95 3.51709 .46 3.42621 .96 3.51894 .47 3.42807 .97 3 . 52080 .48 3.42992 .98 3 . 52265 .49 3.43178 .99 3.52451 90 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 47.00 $3.52636 47.50 $3.61909 .01 3.52821 .51 3 . 62094 .02 3.53007 .52 3 . 62280 .03 3.53192 .53 3 . 62465 .04 3.53378 .54 3.62651 .05 3 . 53563 .55 3.62836 .06 3.53749 .56 3.63021 .07 3.53934 .57 3.63207 .08 3.54120 .58 3.63392 .09 3.54305 .59 3.63578 47.10 3.54491 47.60 3 . 63763 .11 3.54676 .61 3 . 63949 .12 3.54861 .62 3.64134 .13 3 . 55047 .63 3 . 64320 .14 3.55232 .64 3.64505 .15 3.55418 .65 3.64691 .16 3 . 55603 .66 3.64876 ill 3.55789 3.55974 .67 .68 3.65061 3.65247 .19 3.56160 .69 3.65432 47.20 3.56345 47.70 3.65618 .21 3.56531 .71 3 . 65803 .22 3.56716 .72 3 . 65989 .23 3.56901 .73 3.66174 .24 3 . 57087 .74 3 . 66360 .25 3.57272 .75 3 . 66545 .26 3.57458 .76 3.66731 .27 3.57643 .77 3.66916 .28 3 . 57829 .78 3.67101 .29 3.58014 .79 3.67287 47.30 3.58200 47.80 3.67472 .31 3.58385 .81 3.67658 .32 3.58571 .82 3 . 67843 .33 3.58756 .83 3 . 68029 .34 3.58941 .84 3.68214 .35 3.59127 .85 3.68400 .36 3.59312 .86 3.68585 .37 3 . 59498 .87 3.68771 .38 3 . 59683 .88 3.68956 .39 3 . 59869 .89 3.69141 47.40 3.60054 47.90 3.69327 .41 3.60240 .91 3.69512 .42 3.60425 .92 3.69698 .43 3.60611 .93 3.69883 .44 3.60796 .94 3 . 70069 .45 3 . 60981 .95 3 . 70254 .46 3.61167 .96 3 . 70440 .47 3.61352 .97 3.70625 .48 3.61538 .98 3.70811 .49 3.61723 .99 3.70996 91 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 48.00 $3.71181 48.50 $3 . 80454 .01 3.71367 .51 3 . 80640 .02 3.71552 .52 3 . 80825 .03 3.71738 .53 3.81011 .04 3.71923 .54 3.81196 .05 3.72109 .55 3.81381 .06 3.72294 .56 3.81567 .07 3.72480 .57 3.81752 .08 3 . 72665 .58 3.81938 .09 3 . 72851 .59 3.82123 48.10 3 . 73036 48.60 3.82309 .11 3.73221 .61 3.82494 .12 3.73407 .62 3.82680 .13 3.73592 .63 3.82865 .14 3.73778 .64 3.83051 .15 3 . 73963 65 3.83236 .16 3 74149 .66 3.83421 .17 3.74334 .67 3 . 83607 .18 3.74520 .68 3 - 83792 .19 3 . 74705 .69 3.83978 48.20 3.74891 48.70 3.84163 .21 3.75076 .71 3 . 84349 .22 3.75261 .72 3.84534 .23 3 . 75447 .73 3 . 84720 .24 3.75632 .74 3.84905 .25 3.75818 .75 3.85091 .26 3 . 76003 .76 3 . 85276 .27 3.76189 .77 3 . 85461 .28 3.76374 .78 3 . 85647 .29 3 . 76560 .79 3 . 85832 48.30 3.76745 48.80 3.86018 .31 3.76931 .81 3 . 86203 .32 3.77116 .82 3 . 86389 .33 3.77301 .83 3 . 86574 .34 3 . 77487 .84 3.86760 .35 3.77672 .85 3 . 86945 .36 3.77858 .86 3.87131 .37 3.78043 .87 3.87316 .38 3.78229 .88 3.87501 .39 3.78414 .89 3 . 87687 48.40 3 . 78600 48.90 3.87872 .41 3 . 78785 .91 3 . 88058 .42 3.78971 .92 3 . 88243 .43 3.79156 .93 3 . 88429 .44 3.79341 .94 3.88614 .45 3.79527 .95 3.88800 .46 3.79712 .96 3.88985 .47 3.79898 .97 3.89171 .48 3.80083 .98 3.89356 .49 3.80269 .99 3.89541 92 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron nPr Lake Erie Price 49.00 $3.89727 49.50 $3.96681 .01 3 . 89866 .51 3.96821 .02 3 . 90005 .52 3 . 96960 .03 3.90144 .53 3.97099 .04 3 . 90283 .54 3 . 97238 .05 3 . 90422 .55 3.97377 .06 3.90561 .56 3.97516 .07 3.90701 .57 3 . 97655 .08 3.90840 .58 3.97794 .09 3.90979 .59 3.97933 49.10 3.91118 49.60 3.98072 .11 3.91257 .61 3.98211 .12 3.91396 .62 3.98351 .13 3.91535 .63 3 . 98490 .14 3.91674 .64 3.98629 .15 3.91813 .65 3.98768 .16 3.91952 .66 3.98907 .17> 3.92091 .67 3.99046 .18 3.92231 .68 3.99185 .19 3.92370 .69 3.99324 49.20 3.92509 49.70 3 . 99463 .21 3 . 92648 .71 3.99602 .22 3 . 92787 .72 3.99741 .23 3.92926 .73 3.99881 .24 3.93065 .74 4.00020 .25 3.93204 .75 4.00159 .26 3.93343 .76 4.00298 .27 3.93482 .77 4.00437 .28 3.93621 .78 4.00576 .29 3.93761 .79 4.00715 49 . 30 3.93900 49.80 4.00854 .31 3.94039 .81 4.00993 .32 3.94178 .82 4.01132 .33 3.94317 .83 4.01271 .34 3.94456 .84 4.01411 .35 3.94595 .85 4.01550 .36 3.94734 .86 4.01689 .37 3.94873 .87 4.01828 .38 3.95012 .88 4.01967 .39 3.95151 .89 4.02106 49.40 3.95291 49.90 4.02245 .41 3 . 95430 .91 4.02384 .42 3.95569 .92 4.02523 .43 3.95708 .93 4.02662 .44 3.95847 .94 4.02801 .45 3 . 95986 .95 4.02941 .46 3.96125 .96 4 . 03080 .47 3.96264 .97 4.03219 .48 3.96403 .98 4.03358 .49 3.96542 .99 4.03497 93 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 50.00 $4.03636 50.50 $4.08272 .01 4.03729 .51 4.08365 .02 4.03821 .52 4.08458 .03 4.03914 .53 4.08551 .04 4.04007 .54 4.08643 .05 4.04100 .55 4.08736 .06 4.04192 .56 4.08829 .07 4.04285 .57 4.08921 .08 4.04378 .58 4.09014 .09 4.04471 .59 4.09107 50.10 4 . 04563 50.60 4.09200 .11 4.04656 .61 4.09292 .12 4.04749 .62 4.09385 .13 4.04841 .63 4.09478 .14 4.04934 .64 4.09571 .15 4.05027 .65 4.09663 .16 4.05120 .66 4.09756 .17 4.05212 .67 4.09849 .18 4.05305 .68 4.09941 .19 4.05398 .69 4.10034 50.20 4.05491 50.70 4.10127 .21 4.05583 .71 4.10220 .22 4.05676 .72 4.10312 .23 4.05769 .73 4.10405 .24 4.05861 .74 4.10498 .25 4.05954 .75 4.10591 .26 4.06047 .76 4.10683 .27 4.06140 . 77 4.10776 .28 4.06232 .78 4.10869 .29 4.06325 .79 4.10961 50.30 4.06418 50.80 4.11054 .31 4.06511 .81 4.11147 .32 4.06603 . .82 4.11240 .33 4.06696 .83 4.11332 .34 4.06789 .84 4.11425 .35 4.06881 .85 4.11518 .36 4.06974 .86 4.11611 .37 4.07067 .87 4.11703 .38 4.07160 .88 4.11796 .39 4.07252 .89 4.11889 50.40 4.07345 50.90 4.11981 .41 4.07438 .91 4.12074 .42 4.07531 .92 4.12167 .43 4.07623 .93 4.12260 .44 4.07716 .94 4.12352 .45 4.07809 .95 4.12445 .46 4.07901 .96 4.12538 .47 4.07994 .97 4.12631 .48 4 . 08087 .98 4.12723 .49 4.08180 .99 4.12816 94 OF THE UNIVERSITY OF OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 51.00 $4.12909 51.50 $4.17545 .01 4.13001 .51 4.17638 .02 4.13094 .52 4.17731 .03 4.13187 .53 4.17823 .04 4.13280 .54 4.17916 .05 4.13372 .55 4.18009 .06 4.13465 .56 4.18101 .07 4.13558 .57 4.18194 .08 4.13651 .58 4.18287 .09 4.13743 .59 4.18380 51.10 4.13836 51.60 4.18472 .11 4.13929 .61 4.18565 .12 4.14021 .62 4.18658 .13 4.14114 .63 4.18751 .14 4.14207 .64 4.18843 .15 4.14300 .65 4.18936 .16 4.14392 .66 4.19029 .17 4.14485 .67 4.19121 .18 4.14578 .68 4.19214 .19 4.14671 .69 4.19307 51.20 4.14763 51.70 4.19400 .21 4.14856 .71 4.19492 .22 4.14949 .72 4.19585 .23 4.15041 .73 4.19678 .24 4.15134 .74 4.19771 .25 4.15227 .75 4.19863 .26 4.15320 .76 4.19956 .27 4.15412 .77 4.20049 .28 4.15505 .78 4.20141 .29 4.15598 .79 4.20234 51.30 4.15691 51.80 4.20327 .31 4.15783 .81 4 . 20420 .32 4.15876 .82 4.20512 .33 4.15969 .83 4 . 20605 .34 4.16061 .84 4 . 20698 .35 4.16154 .85 4.20791 .36 4.16247 .86 4.20883 .37 4.16340 .87 4.20976 .38 4.16432 .88 4.21069 .39 4.16525 .89 4.21161 51.40 4.16618 51.90 4.21254 .41 4.16711 .91 4.21347 .42 4.16803 .92 4.21440 .43 4.16896 .93 4.21532 .44 4.16989 .94 4.21625 .45 4.17081 .95 4.21718 .46 4.17174 .96 4.21811 .47 4.17267 .97 4.21903 .48 4.17360 .98 4.21996 ^.49 4.17452 .99 4.220S9 95 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 52.00 $4.22181 52.50 $4.26818 .01 4.22274 .51 4.26911 .02 4.22367 .52 4 . 27003 .03 4.22460 . .53 4.27096 .04 4.22552 .54 4.27189 .05 4.22645 .55 4.27281 .06 4.22738 .56 4.27374 .07 4.22831 .57 4.27467 .08 4.22923 .58 4.27560 .09 4.23016 .59 4.27652 52.10 4.23109 52.60 4.27745 .11 4.23201 .61 4.27838 .12 4.23294 .62 4.27931 .13 4.23387 .63 4 . 28023 .14 4.23480 .64 4.28116 .15 4.23572 .65 4.28209 .16 4.23665 .66 4.28301 .17 4.23758 .67 4.28394 .18 4.23851 .68 4.28487 .19 4.23943 .69 4.28580 52.20 4.24036 52.70 4 . 28672 .21 4.24129 .71 4.28765 .22 4.24221 .72 4.28858 .23 4.24314 .73 4.28951 .24 4 . 24407 .74 4 . 29043 .25 4 . 24500 .75 4.29136 .26 4.24592 .76 4.29229 .27 4.24685 .77 4.29321 .28 4.24778 .78 4.29414 .29 4.24871 .79 4.29507 52.30 4.24963 52.80 4.29600 .31 4.25056 .81 4.29692 .32 4.25149 .82 4.29785 .33 4.25241 .83 4.29878 .34 4.25334 .84 4.29971 .35 4.25427 .85 4.30063 .36 4.25520 .86 4.30156 .37 4.25612 .87 4.30249 .38 4.25705 .88 4.30341 .39 4.25798 .89 4 . 30434 52.40 4.25891 52.90 4.30527 .41 4.25983 .91 4 . 30620 .42 4.26076 .92 4.30712 .43 4.26169 .93 4 . 30805 .44 4.26261 .94 4.30898 .45 4 . 26354 .95 4.30991 .46 4.26447 .96 4.31083 .47 4.26540 .97 4.31176 .48 4.26632 .98 4.31269 .49 4.26725 .99 4.31361 96 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 53.00 $4.31454 53.50 $4.36091 .01 4.31547 .51 4.36183 .02 4.31640 .52 4.36276 .03 4.31732 .53 4.36369 .04 4.31825 .54 4.36461 .05 4.31918 .55 4.36554 .06 4.32011 .56 4.36647 .07 4.32103 .57 4.36740 .08 4.32196 .58 4.36832 .09 4.32289 .59 4.36925 53.10 4.32381 53.60 4.37018 .11 4.32474 .61 4.37111 .12 4.32567 .62 4.37203 .13 4.32660 .63 4.37296 .14 4.32752 .64 4.37389 .15 4.32845 .65 4.37481 .16 4.32938 .66 4.37574 .17 4.33031 .67 4.37667 .18 4.33123 .68 4.37760 .19 4.33216 .69 4.37852 53.20 4.33309 53.70 4.37945 .21 4.33401 .71 4.38038 .22 4.33494 .72 4.38131 .23 4.33587 .73 4.38223 .24 4.33680 .74 4.38316 .25 4.33772 .75 4.38409 .26 4.33865 .76 4.38501 .27 4.33958 .77 4.38594 .28 4.34051 .78 4.38687 .29 4.34143 .79 4.38780 53.30 4.34236 53.80 4.38872 .31 4.34329 .81 4 . 38965 .32 4.34421 .82 4.39058 .33 4.34514 .83 4.39151 .34 4.34607 .84 4.39243 .35 4.34700 .85 4.39336 .36 4.34792 .86 4.39429 .37 4.34885 .87 4.39521 .38 4.34978 .88 4.39614 .39 4.35071 .89 4.39707 53 . 40 4.35163 53 . 90 4.39800 .41 4.35256 .91 4.39892 .42 4.35349 .92 4.39985 .43 4.35441 .93 4.40078 .44 4 . 35534 .94 4.40171 .45 4.35627 .95 4.40263 .46 4.35720 .96 4.40356 .47 4 . 3581 2 .97 4.40449 .48 4 . 35905 .98 4.40541 .49 4 . 35998 .99 4 . 40634 97 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 54.00 $4.40727 54.50 $4.45363 .01 4.40820 .51 4.45456 .02 4.40912 .52 4 . 45549 .03 4.41005 .53 4.45641 .04 4.41098 .54 4.45734 .05 4.41191 .55 4.45827 .06 4.41283 .56 4.45920 .07 4.41376 .57 4.46012 .08 4.41469 .58 4.46105 .09 4.41561 .59 4.46198 54.10 4.41654 54.60 4.46291 .11 4.41747 .61 4.46383 .12 4.41840 .62 4.46476 .13 4.41932 .63 4 . 46569 .14 4.42025 .64 4.46661 .15 4.42118 .65 4.46754 .16 4.42211 .66 4.46847 .17 4.42303 .67 4.46940 .18 4.42396 .68 4.47032 .19 4 . 42489 .69 4.47125 54.20 4.42581 54.70 4.47218 .21 4.42674 .71 4.47311 .22 4.42767 .72 4.47403 .23 4 . 42860 .73 4.47496 .24 4.42952 .74 4.47589 .25 4.43045 .75 4.47681 .26 4.43138 .76 4.47774 .27 4.43231 .77 4.47867 .28 4 . 43323 .78 4.47960 .29 4.43416 .79 4.48052 54 . 30 4 . 43509 54.80 4.48145 .31 4.43601 .81 4.48238 .32 4.43694 .82 4.48331 .33 4.43787 .83 4.48423 .34 4.43880 .84 4.48516 .35 4.43972 .85 4.48609 .36 4.44065 .86 4.48701 .37 4.44158 .87 4.48794 .38 4.44251 .88 4.48887 .39 4.44343 .89 4.48980 54.40 4.44436 54.90 4.49072 .41 4.44529 .91 4.49165 .42 4.44621 .92 4.49258 .43 4.44714 .93 4.49351 .44 4 . 44807 .94 4 . 49443 .45 4 . 44900 .95 4.49536 .46 4.44992 .96 4.49629 .47 4.45085 .97 4.49721 .48 4.45178 .98 4.49814 .49 4.45271 .99 4.49907 98 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 55.00 $4 . 50000 55.50 $4.55136 .01 4.50102 .51 4.55239 .02 4.50205 .52 4.55341 .03 4.50308 .53 4.55444 .04 4.50411 .54 4.55547 .05 4.50513 .55 4 . 55650 .06 4.50616 .56 4.55752 .07 4.50719 .57 4.55855 .08 4.50821 .58 4.55958 .09 4 . 50924 .59 4.56061 55.10 4.51027 55.60 4.56163 .11 4.51130 .61 4.56266 .12 4.51232 .62 4.56369 .13 4.51335 .63 4.56471 .14 4.51438 .64 4 . 56574 .15 4.51541 .65 4.56677 .16 4.51643 .66 4 . 56780 .17 4.51746 .67 4 . 56882 .18 4.51849 .68 4.56985 .19 4.51951 .69 4.57088 55.20 4 . 52054 55.70 4.57191 .21 4.52157 .71 4.57293 .22 4.52260 .72 4.57396 .23 4.52362 .73 4.57499 .24 4.52465 .74 4.57601 .25 4 . 52568 .75 4.57704 .26 4.52671 .76 4.57807 .27 4.52773 .77 4.57910 .28 4.52876 .78 4.58012 .29 4.52979 .79 4.58115 55.30 4.53081 55.80 4.58218 .31 4.53184 .81 4.58321 .32 4.53287 .82 4 . 58423 .33 4.53390 .83 4.58526 .34 4 . 53492 .84 4.58629 .35 4.53595 .85 4.58731 .36 4.53698 .86 4.58834 .37 4.53801 .87 4.58937 .38 4 . 53903 .88 4 . 59040 .39 4 . 54006 .89 4.59142 55.40 4.54109 55.90 4.59245 .41 4.54211 .91 4.59348 .42 4.54314 .92 4.59451 .43 4.54417 .93 4.59553 .44 4.54520 .94 4 . 59656 .45 4.54622 .95 4 . 59759 .46 4.54725 .96 4.59861 .47 4 . 54828 .97 4 . 59964 .48 4.54931 .98 4r. 60067 .49 4.55033 .99 4.60170 99 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 56.00 $4.60272 56.50 $4.65909 .01 4.60385 .51 4.66021 .02 4.60498 .52 4.66134 .03 4.60611 .53 4.66247 .04 4.60723 .54 4.66360 .05 4.60836 .55 4.66472 .06 4.60949 .56 4.66585 .07 4.61061 .57 4.66698 .08 4.61174 .58 4.66811 .09 4.61287 .59 4.66923 56.10 4.61400 56.60 4.67036 .11 4.61512 .61 4.67149 .12 4.61625 .62 4.67261 .13 4.61738 .63 4.67374 .14 4.61851 .64 4.67487 .15 4.61963 .65 4.67600 .16 4.62076 .66 4.67712 .17 4.62189 .67 4.67825 .18 4.62301 .48 4.67938 .19 4.62414 .69 4.68051 56.20 4.62527 56.70 4.68163 .21 4.62640 .71 4.68276 .22 4.62752 .72 4.68389 .23 4.62865 .73 4.68501 .24 4.62978 .74 4.68614 .25 4.63091 .75 4.68727 .26 4.63203 .76 4.68840 .27 4.63316 .77 4.68952 .28 4.63429 .78 4.69065 .29 4.63541 .79 4.69178 56.30 4.63654 56.80 4.69291 .31 4.63767 .81 4 . 69403 .32 4.63880 .82 4.69516 .33 4.63992 .83 4.69629 .34 4.64105 .84 4.69741 .35 4.64218 .85 4.69854 .36 4.64331 .86 4.69967 .37 4 . 64443 .87 4 . 70080 .38 4.64556 .88 4.70192 .39 4 . 64669 .89 4.70305 56.40 4.64781 56.90 4.70418 .41 4.64894 .91 4.70531 .42 4 . 65007 .92 4.70643 .43 4.65120 .93 4.70756 .44 4.65232 .94 4.70869 .45 4.65345 .95 4.70981 .46 4.65458 .96 4.71094 .47 4.65571 .97 4.71207 .48 4.65683 .98 4.71320 .49 4 . 65796 .99 4.71432 100 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 57.00 $4.71545 57.50 $4.77681 .01 4.71668 .51 4.77804 .02 4.71791 .52 4.77927 .03 4.71913 .53 4 . 78050 .04 4.72036 .54 4.78172 .05 4.72159 .55 4.78295 .06 4.72281 .56 4.78418 .07 4.72404 .57 4.78541 .08 4.72527 .58 4 . 78663 .09 4.72650 .59 4.78786 57.10 4.72772 57.60 4 . 78909 .11 4.72895 .61 4.79031 .12 4.73018 .62 4.79154 .13 4.73141 .63 4.79277 .14 4 . 73263 .64 4.79400 .15 4 . 73386 .65 4.79522 .16 4.73509 .66 4.79645 .17 4.73631 .67 4.79768 .18 4.73754 .68 4.79891 .19 4.73877 .69 4.80013 57.20 4 . 74000 57.70 4.80136 .21 4.74122 .71 4 . 80259 .22 4.74245 .72 4.80381 .23 4.74368 .73 4 . 80504 .24 4.74491 .74 4 . 80627 .25 4.74613 .75 4.80750 .26 4.74736 .76 4 . 80872 .27 4.74859 .77 4 . 80995 .28 4.74981 .78 4.81118 .29 4.75104 .79 4.81241 57.30 4.75227 57.80 4.81363- .31 4.75350 .81 4.81486 .32 4.75472 .82 4.81609 .33 4.75595 .83 4.81731 .34 4.75718 .84 4.81854 .35 4.75841 .85 4.81977 .36 4.75963 .86 4.82100 .37 4.76086 .87 4.82222 .38 4.76209 .88 4 . 82345 .39 4.76331 .89 4.82468 57.40 4 . 76454 57 . 90 4.82591 .41 4.76577 .91 4.82713 .42 4.76700 .92 4.82836 .43 4.76822 .93 4.82959 .44 4.76945 .94 4.83081 .45 4.77068 .95 4 . 83204 .46 4.77191 .96 4 . 83327 .47 4.77313 .97 4.83450 .48 4.77436 .98 4.83572 .49 4.77559 .99 4.83695 101 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 58.00 $4.83818 58.50 $4.90454 .01 4.83951 .51 4.90587 .02 4.84083 .52 4.90720 .03 4.84216 .53 4.90852 .04 4.84349 .54 4.90985 .05 4.84481 .55 4.91118 .06 4.84614 .56 4.91251 .07 4.84747 .57 4.91383 .08 4.84880 .58 4.91516 .09 4.85012 .59 4.91649 58.10 4.85145 58.60 4.91781 .11 4 . 85278 .61 4.91914 .12 4.85411 .62 4 . 92047 .13 4.85543 .63 4.92180 .14 4 . 85676 .64 4.92312 .15 4.85809 .65 4.92445 .16 4.85941 .66 4.92578 .17 4.86074 .67 4.92711 .18 4.86207 .68 4.92843 .19 4.86340 .69 4.92976 58.20 4.86472 58.70 4.93109 .21 4 . 86605 .71 4.93241 .22 4 . 86738 .72 4.93374 .23 4.86871 .73 4.93507 .24 4.87003 .74 4.93640 .25 4.87136 .75 4.93772 .26 4.87269 .76 4.93905 .27 4.87401 .77 4 . 94038 .28 4.87534 .78 4.94171 .29 4.87667 .79 4.94303 58.30 4.87800 58.80 4.94436 .31 4 . 87932 .81 4.94569 .32 4 . 88065 .82 4.94701 .33 4.88198 .83 4.94834 .34 4.88331 .84 4.94967 .35 4 . 88463 .85 4.95100 .36 4 . 88596 .86 4.95232 .37 4.88729 .87 4.95365 .38 4 . 88861 .88 4.95498 .39 4 . 88994 .89 4.95631 58.40 4.89127 58.90 4.95763 .41 4 . 89260 .91 4.95896 .42 4.89392 .92 4.96029 .43 4.89525 .93 4.96161 .44 4.89658 .94 4.96294 .45 4.89791 .95 4.96427 .46 4.89923 .96 4.96560 .47 4.90056 .97 4.96692 .48 4.90189 .98 4.96825 .49 4.90321 .99 4 . 96958 102 OLD RANGE-VERMILION BESSEMER Per Cent Lake Erie Price Per Cent Lake Erie Price Natural Iron Natural Iron 59.00 $4.97091 59.50 $5.04227 .01 4.97233 .51 5.04370 .02 4.97376 .52 5.04512 .03 4.97519 .53 5.04655 .04 4.97661 .54 5.04798 .05 4.97804 .55 5.04941 .06 4.97947 .56 5.05083 .07 4.98090 .57 5.05226 .08 4.98232 .58 5.05369 .09 4.98375 .59 5.05511 59.10 4.98518 59.60 5.05654 .11 4.98661 .61 5.05797 .12 4.98803 .62 5.05940 .13 4.98946 .63 5.06082 .14 4.99089 .64 5.06225 .15 4.99231 .65 5.06368 .16 4.99374 .66 5.06511 .17 4.99517 .67 5.06653 .18 4.99660 .68 5.06796 .19 4.99802 .69 5.06939 59.20 4.99945 59.70 5.07081 .21 5.00088 .71 5.07224 .22 5.00231 .72 5.07367 .23, 5.00373 .73 5.07510 .24 5.00516 .74 5.07652 .25 5.00659 .75 5.07795 .26 5.00801 .76 5.07938 .27 5.00944 .77 5.08081 .28 5.01087 .78 5.08223 .29 5.01230 .79 5.08366 59.30 5.01372 59.80 5.08509 .31 5.01515 .81 5.08651 .32 5.01658 .82 5.08794 .33 5.01801 .83 5.08937 .34 5.01943 .84 5 . 09080 .35 5.02086 .85 5.09222 .36 5.02229 .86 5.09365 .37 5.02371 .87 5.09508 .38 5.02514 .88 5.09651 .39 5.02657 .89 5.09793 59.40 5.02800 59.90 5.09936 .41 5.02942 .91 5.10079 .42 5.03085 .92 5.10221 .43 5.03228 .93 5.10364 .44 5.03371 .94 5.10507 .45 5.03513 .95 5.10650 .46 5.03656 .96 5.10792 .47 5.03799 .97 5.10935 .48 5.03941 .98 5.11078 .49 5.04084 .99 5.11221 103 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 60.00 $5.11363 60.50 $5.16000 .01 5.11456 .51 5.16092 .02 5.11549 .52 5.16185 .03 5.11641 .53 5.16278 .04 5.11734 .54 5.16371 .05 5.11827 .55 5.16463 .06 5.11920 .56 5.16556 .07 5.12012 .57 5.16649 .08 5.12105 .58 5.16741 .09 5.12198 .59 5.16834 60.10 5.12291 60.60 5.16927 .11 5.12383 .61 5.17020 .12 . 5.12476 .62 5.17112 .13 5.12569 .63 5.17205 .14 5.12661 .64 5.17298 .15 5.12754 .65 5.17391 .16 5.12847 .66 5.17483 .17 5.12940 .67 5.17576 .18 5.13032 .68 5.17669 .19 5.13125 .69 5.17761 60.20 5.13218 60.70 5.17854 .21 5.13311 .71 5.17947 .22 5.13403 .72 5.18040 .23 5.13496 .73 5*18132 .24 5.13589 .74 5.18225 .25 5.13681 .75 5.18318 .26 5.13774 .76 5.18411 .27 5.13867 .77 5.18503 .28 5.13960 .78 5.18596 .29 5.14052 .79 5.18689 60.30 5.14145 60.80 5.18781 .31 5.14238 .81 5.18874 .32 5.14331 .82 5.18967 .33 5.14423 .83 5.19060 .34 5.14516 .84 5.19152 .35 5.14609 .85 5.19245 .36 5.14701 .86 5.19338 .37 5.14794 .87 5.19431 .38 5.14887 .88 5.19523 .39 5.14980 .89 5.19616 60.40 5.15072 60.90 5.19709 .41 5.15165 .91 5.19801 .42 5.15258 .92 5.19894 .43 5.15351 .93 5.19987 .44 5.15443 .94 5.20080 .45 5.15536 .95 5.20172 .46 5.15629 .96 5.20265 .47 5.15721 .97 5 . 20358 .48 5.15814 .98 5.20451 .49 5.15907 .99 5.20543 104 OLD RANGE-VERMILION BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 61.00 $5.20636 61.50 $5.25272 .01 5.20729 .51 5.25365 .02 5.20821 .52 5 . 25458 .03 5.20914 .53 5.25551 .04 5.21007 .54 5.25643 .05 5.21100 .55 5.25736 .06 5.21192 .56 5.25829 .07 5.21285 .57 5.25921 .08 5.21378 .58 5.26014 .09 5.21471 .59- 5.26107 61.10 5.21563 61.60 5.26200 .11 5.21656 .61 5.26292 .12 5.21749 .62 5.26385 .13 5.21841 .63 5.26478 .14 5.21934 .64 5.26571 .15 5.22027 .65 5.26663 .16 5.22120 .66 5.26756 .17 5.22212 .67 5.26849 .18 5.22305 .68 5.26941 .19 5.22398 .69 5.27034 61.20 5.22491 61.70 5.27127 .21 5.22583 .71 5.27220 .22 5.22676 .72 5.27312 .23 5.22769 .73 5.27405 .24 5.22861 .74 5 . 27498 .25 5 . 22954 .75 5.27591 .26 5 . 23047 .76 5.27683 .27 5.23140 .77 5.27776 .28 5.23232 .78 5.27869 .29 5.23325 .79 5.27961 61.30 5.23418 61.80 5.28054 .31 5.23511 .81 5.28147 .32 5.23603 .82 5.28240 .33 5.23696 .83 5.28332 .34 5.23789 .84 5.28425 .35 5.23881 .85 5.28518 .36 5.23974 .86 5.286U .37 5.24067 .87 5.28703 .38 5.24160 .88 5.28796 .39 5 . 24252 .89 5.28889 61.40 5.24345 61.90 5.28981 .41 5.24438 .91 5.29074 .42 5.24531 .92 5.29167 .43 5 . 24623 .93 5.29260 .44 5.24716 .94 5.29352 .45 5.24809 .95 5.29445 .46 5.24901 .96 5.29538 .47 5.24994 .97 5.29631 .48 5 . 25087 .98 5.29723 .49 5.25180 .99 5.29816 -105 MESABA BESSEMER NATURAL IRON ORE LAKE ERIE PRICES 1911 17 TABLES 45 PER CENT TO 61 PER CENT INCLUSIVE COMPILED BY RUKARD KURD MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 45.00 $2.97136 45.50 $3.05954 .01 2.97312 .51 3.06130 .02 2.97489 .52 3.06307 .03 2.97665 .53 3.06483 .04 2.97841 .54 3.06659 .05 2.98018 .55 3.06836 06 2.98194 .56 3.07012 .07 2.98370 .57 3.07189 .08 2.98547 .58 3.07365 .09 2 . 98723 .59 3.07541 45.10 2.98899 45.60 3.07718 .11 2.99076 .61 3.07894 .12 2.99252 .62 3.08070 .13 2 . 99429 .63 3.08247 .14 2.99605 .64 3.08423 .15 2.99781 .65 3.08599 .16 2.99958 .66 3.08776 .17 3.00134 .67 3.08952 .18 3.00310 .68 3.09129 .19 3.00487 .69 3.09305 45.20 3.00663 45.70 3.09481 .21 3.00839 .71 3.09658 .22 3.01016 .72 3.09834 .23 3.01192 .73 3.10010 .24 3.01369 .74 3.10187 .25 3.01545 .75 3.10363 .26 3.01721 .76 3.10539 .27 3.01898 .77 3.10716 .28 3 . 02074 .78 3 . 10892 .29 3.02250 .79 3.11069 45.30 3.02427 45.80 3.11245 .31 3.02603 .81 3.11421 .32 3.02779 .82 3.11598 .33 3.02956 .83 3.11774 .34 3.03132 .84 3.11950 .35 3.03309 .85 3.12127 .36 3.03485 .86 3.12303 .37 3.03661 .87 3.12479 .38 3.03838 .88 3.12656 .39 3.04014 .89 3.12832 45.40 3.04190 45.90 3.13009 .41 3.04367 .91 3.13185 .42 3.04543 .92 3.13361 .43 3.04719 .93 3.13538 .44 3.04896 .94 3.13714 .45 3.05072 .95 3.13890 .46 3.05249 .96 3.14067 .47 3.05425 .97 3.14243 .48 3.05601 .98 3.14419 .49 3.05778 .99 3.14596 109 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 46.00 $3.14772 46.50 $3.23590 .01 3.14949 .51 3.23767 .02 3.15125 .52 3.23943 .03 3.15301 .53 3.24119 .04 3.15478 .54 3.24296 .05 3.15654 .55 3.24472 .06 3.15830 .56 3.24649 .07 3.16007 .57 3.24825 .08 3.16183 .58 3.25001 .09 3.16359 .59 3.25178 46.10 3.16536 46.60 3.25354 .11 3.16712 .61 3.25530 .12 3.16889 .62 3.25707 .13 3.17065 .63 3.25883 .14 3.17241 .64 3 . 26059 .15 3.17418 .65 3.26236 .16 3.17594 .66 3.26412 .17 3.17770 .67 3.26589 .18 3.17947 .68 3.26765 .19 3.18123 .69 3.26941 46.20 3.18299 46.70 3.27118 .21 3.18476 .71 3.27294 .22 3.18652 .72 3.27470 .23 3.18829 .73 3.27647 .24 3.19005 .74 3.27823 .25 3.19181 .75 3.27999 .26 3.19358 .76 3.28176 .27 3.19534 .77 3.28352 .28 3.19710 .78 3.28529 .29 3.19887 .79 3.28705 46.30 3.20063 46.80 3.28881 .31 3.20239 .81 3 . 29058 .32 3.20416 .82 3.29234 .33 3.20592 .83 3.29410 .34 3.20769 .84 3.29587 .35 3 . 20945 .85 3.29763 .36 3.21121 .86 3.29939 .37 3.21298 .87 3.30116 .38 3.21474 .88 3.30292 .39 3.21650 .89 3 . 30469 46.40 3.21827 46.90 3 . 30645 .41 3.22003 .91 3.30821 .42 3.22179 .92 3.30998 .43 3.22356 .93 3.31174 .44 3.22532 .94 3.31350 .45 3.22709 .95 3.31527 .46 3.22885 .96 3.31703 .47 3.23061 .97 3.31879 .48 3.23238 .98 3.32056 .49 3.23414 .99 3.32232 110 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 47.00 $3 . 32409 47.50 $3.41227 .01 3.32585 .51 3.41403 .02 3.32761 .52 3.41579 .03 3.32938 .53 3.41756 .04 3.33114 .54 3.41932 .05 3.33290 .55 3.42109 .06 3.33467 .56 3 . 42285 .07 3.33643 .57 3.42461 .08 3.33819 .58 3.42638 .09 3.33996 .59 3.42814 47.10 3.34172 47.60 3.42990 .11 3.34349 .61 3.43167 .12 3.34525 .62 3.43343 .13 3.34701 .63 3.43519 .14 3.34878 .64 3.43696 .15 3.35054 .65 3.43872 .16 3.35230 .66 3.44049 .17 3 . 35407 .67 3.44225 .18 3.35583 .68 3.44401 - .19 3.35759 .69 3.44578 47.20 3.35936 47.70 3 . 44754 .21 3.36112 .71 3.44930 .22 3.36289 .72 3.45107 .23 3.36465 .73 3.45283 .24 3.36641 .74 3.45459 .25 3.36818 .75 3.45636 .26 3.36994 .76 3.45812 .27 3.37170 .77 3.45989 .28 3.37347 .78 3.46165 .29 3.37523 .79 3.46341 47.30 3.37699 47.80 3.46518 .31 3.37876 .81 3.46694 .32 3 . 38052 .82 3.46870 .33 3.38229 .83 3.47047 .34 3 . 38405 .84 3.47223 .35 3.38581 .85 3.47399 .36 3.38758 .86 3.47576 .37 3.38934 .87 3.47752 .38 3.39110 .88 3.47929 .39 3.39287 .89 3.48105 47.40 3.39463 47.90 3.48281 .41 3.39639 .91 3.48458 .42 3.39816 .92 3.48634 .43 3.39992 .93 3.48810 .44 3.40169 .94 3.48987 .45 3.40345 .95 3.49163 .46 3.40521 .96 3.49339 .47 3.40698 .97 3.49516 .48 3 . 40874 .98 3.49692 .49 3.41050 .99 3.49869 111 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 48 . 00 $3 . 50045 48.50 $3 . 58863 .01 3.50221 .51 3 . 59039 .02 3 . 50398 .52 3.59216 .03 3 . 50574 .53 3 . 59392 .04 3.50750 .54 3 . 59569 .05 3 . 50927 .55 3.59745 .06 3.51103 .56 3.59921 .07 3.51279 .57 3 . 60098 .08 3.51456 .58 3 . 60274 .09 3.51632 .59 3.60450 48.10 3.51809 48.60 3 . 60627 .11 3.51985 .61 3 . 60803 .12 3.52161 .62 3 . 60979 .13 3.52338 .63 3.61156 .14 3.52514 .64 3.61332 .15 3.52690 .65 3.61509 .16 3.52867 .66 3.61685 .17 3.53043 .67 3.61861 .18 3.53219 .68 3 . 62038 .19 3 . 53396 .69 3.62214 48.20 3.53572 48.70 3.62390 .21 3.53749 .71 3 . 62567 .22 3.53925 .72 3.62743 .23 3.54101 .73 3.62919 .24 3.54278 .74 3 . 63096 .25 3 . 54454 .75 3.63272 .26 3 . 54630 .76 3.63449 .27 3.54807 . 77 3.63625 .28 3 . 54983 .78 3.63801 .29 3.55159 .79 3.63978 48.30 3 . 55336 48.80 3.64154 .31 3.55512 .81 3.64330 .32 3.55689 .82 3.64507 .33 3 . 55865 .83 3.64683 .34 3.56041 .84 3.64859 .35 3.56218 .85 3.65036 .36 3.56394 .86 3.65212 .37 3.56570 .87 3 . 65389 .38 3.56747 .88 3.65565 .39 3.56923 .89 3.65741 48.40 3 . 57099 48.90 3.65918 .41 3 . 57276 .91 3.66094 .42 3 . 57452 .92 3 . 66270 .43 3.57629 .93 3 . 66447 .44 ,3 . 57805 .94 3 . 66623 .45 3.57981 .95 3 . 66799 .46 3.58158 .96 3 . 66976 .47 3 . 58334 .97 3.67152 .48 3.58510 .98 3.67329 .49 3.58687 .99 3.67505 -112 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 49 . 00 $3.67681 49.50 $3.74295 .01 3.67814 .51 3.74427 .02 3.67946 .52 3.74559 .03 3 . 68078 .53 3.74692 .04 3.68210 .54 3.74824 .05 3 . 68343 .55 3.74956 .06 3 . 68475 .56 3.75089 .07 3.68607 .57 3.75221 .08 3.68739 .58 3.75353 .09 3.68872 .59 ' 3.75485 49.10 3 . 69004 49.60 3.75618 .11 3.69136 .61 3.75750 .12 3.69269 .62 3.75882 .13 3.69401 .63 3.76014 .14 3.69533 .64 3.76147 .15 3.69665 .65 3.76279 .16 3.69798 .66 3.76411 .17 3 . 69930 .67 3.76544 .18 3.70062 .68 3.76676 .19 3.70194 .69 3.76808 49.20 3.70327 49.70 3.76940 .21 3.70459 .71 3.77073 .22 3.70591 .72 3 . 77205 .23 3.70724 .73 3.77337 .24 3.70856 .74 3.77469 .25 3 . 70988 .75 3 . 77602 .26 3.71120 .76 3.77734 .27 3.71253 .77 3.77866 .28 3.71385 .78 3.77999 .29 3.71517 .79 3.78131 49.30 3.71649 49.80 3.78263 .31 3.71782 .81 3.78395 .32 3.71914 .82 3.78528 .33 3.72046 .83 3 . 78660 .34 3.72179 .84 3.78792 .35 3.72311 .85 3.78924 .36 3 . 72443 .86 3.79057 .37 3.72575 .87 3.79189 .38 3.72708 .88 3.79321 .39 3.72840 .89 3.79454 49 . 40 3.72972 49.90 3.79586 .41 3.73104 .91 3.79718 .42 3 . 73237 .92 3 . 79850 .43 3.73369 .93 3.79983 .44 3.73501 .94 3.80115 .45 3.73634 .95 3.80247 .46 3.73766 .96 3 . 80379 .47 3.73898 .97 3.80512 .48 3 . 74030 .98 3 . 80644 .49 3.74163 .99 3.80776 113 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 50.00 $3.80909 50.50 $3.85318 .01 3 . 80997 .51 3.85406 .02 3.81085 .52 3.85494 .03 3.81173 .53 3.85582 .04 3.81261 .54 3 . 85670 .05 3.81349 .55 3.85758 .06 3.81438 .56 3 . 85847 .07 3.81526 .57 3 . 85935 .08 3.81614 .58 3.86023 .09 3.81702 .59 3.86111 50.10 3.81790 50.60 3.86199 .11 3.81878 .61 3.86288 .12 3.81967 .62 3.86376 .13 3.82055 .63 3 . 86464 .14 3.82143 .64 3 . 86552 .15 3.82231 .65 3 . 86640 .16 3.82319 .66 3.86728 .17 3.82408 .67 3.86817 .18 3.82496 .68 3.86905 .19 3.82584 .69 3 . 86993 50.20 3 . 82672 50.70 3.87081 .21 3.82760 .71 3.87169 .22 3.82848 .72 3.87258 .23 3.82937 .73 3.87346 .24 3.83025 .74 3.87434 .25 3.83113 .75 3.87522 .26 3.83201 .76 3.87610 .27 3.83289 .77 3.87698 .28 3.83378 .78 3.87787 .29 3.83466 .79 3.87875 50.30 3.83554 50 . 80 3 . 87963 .31 3.83642 .81 3.88051 .32 3.83730 .82 3.88139 .33 3.83818 .83 3.88228 .34 3.83907 .84 3.88316 .35 3.83995 .85 3.88404 .36 3.84083 .86 3.88492 .37 3.84171 .87 3.88580 .38 3 . 84259 .88 3 . 88668 .39 3 . 84348 .89 3 . 88757 50.40 3 . 84436 50.90 3 . 88845 .41 3 . 84524 .91 3 . 88933 .42 3.84612 .92 3.89021 .43 3 . 84700 .93 3.89109 .44 3.84788 .94 3.89198 .45 3.84877 .95 3.89286 .46 3.84965 .96 3.89374 .47 3 . 85053 .97 3.89462 .48 3.85141 .98 3.89550 .49 3.85229 .99 3.89638 -114- Of THE UNIVERSITY OF ILjFORHV! MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent- Natural Iron Lake Erie Price 51.00 $3.89727 51.50 $3.94136 .01 3.89815 .51 3.94224 .02 3 . 89903 .52 3.94312 .03 3.89991 .53 3 . 94400 .04 3 . 90079 .54 :'. . 04488 .05 3.90168 .55 3.94577 .06 3.90256 .56 3.94665 .07 3.90344 .57 3.94753 .08 3.90432 .58 3.94841 .09 3.90520 .59 . 3.94929 51.10 3 . 90608 51.60 3.95018 .11 3 . 90697 .61 3.95106 .12 3.90785 .62 3.95194 .13 3.90873 .63 3 . 95282 .14 3.90961 .64 3.95370 .15 3.91049 .65 3.95458 .16 3.91138 .66 3.95547 .17 3.91226 .67 3.95635 .18 3.91314 .68 3.95723 .19 3.91402 .69 3.95811 51.20 3.91490 51.70 3.95899 .21 3.91578 .71 3 . 95988 .22 3.91667 .72 3 . 96076 .23 3.91755 .73 3.96164 .24 3.91843 .74 3.96252 .25 3.91931 .75 3 . 96340 .26 3.92019 .76 3 . 96428 .27 3.92108 .77 3.96517 .28 3.92196 .78 3.96605 .29 3.92284 .79 3 . 96693 51.30 3.92372 51.80 3.96781 .31 3 . 92460 .81 3.96869 .32 3.92548 .82 3.96958 .33 3.92637 .83 3.9J046 .34 3.92725 .84 3.97134 .35 3.92813 .85 3.97222 .36 3.92901 .86 3.97310 .37 3.92989 .87 3.97398 .38 3 . 93078 .88 3 . 97487 .39 3.93166 .89 3.97575 51 . 40 3.93254 51.90 3.97663 .41 3 . 93342 .91 3.97751 .42 3.93430 .92 3.97839 .43 3.93518 .93 3.97928 .44 3.93607 .94 3.98016 .45 3.93695 .95 3.98104 .46 3.93783 .96 3.98192 .47 3.93871 .97 3 . 98280 .48 3 . 93959 .98 3 . 98368 .49 3.94048 .99 3.98457 115 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 52.00 $3 . 98545 52.50 $4 . 02954 .01 3 . 98633 .51 4.03042 .02 3.98721 .52 4.03130 .03 3 . 98809 .53 4.03218 .04 3.98898 .54 4 . 03307 .05 3.98986 .55 4.03395 .06 3.99074 .56 4.03483 .07 3.99162 .57 4.03571 .08 3.99250 .58 4.03659 .09 3.99338 .59 4.03748 52.10 3.99427 52.60 4 . 03836 .11 3.99515 .61 4.03924 .12 3 . 99603 .62 4.04012 .13 3.99691 .63 4.04100 .14 3.99779 .64 4.04188 .15 3.99868 .65 4.04277 .16 3.99956 .66 4 . 04365 .17 4 . 00044 .67 4.04453 .18 4.00132 .68 4.04541 .19 4.00220 .69 4.04629 52.20 4 . 00308 52.70 4.04718 .21 4 . 00397 .71 4 . 04806 .22 4.00485 .72 4.04894 .23 4.00573 .73 4 . 04982 .24 4.00661 .74 4.05070 .25 4.00749 .75 4.05158 .26 4.00838 .76 4.05247 .27 4.00926 .77 4.05335 .28 4.01014 .78 4.05423 .29 4.01102 .79 4.05511 52 . 30 4.01190 52.80 4.05599 .31 4.01278 .81 4.05688 .32 4.01367 .82 4.05776 .33 4.01455 .83 4.05864 .34 4.01543 .84 4.05952 .35 4.01631 .85 4 . 06040 .36 4.01719 .86 4.06128 .37 4.01808 .87 4.06217 .38 4.01896 .88 4.06305 .39 4.01984 .89 4 . 06393 52.40 4.02072 52.90 4.06481 .41 4.02160 .91 4.06569 .42 4.02248 .92 4 . 06658 .43 4.02337 .93 4.06746 .44 4.02425 .94 4 . 06834 .45 4.02513 .95 4.06922 .46 4.02601 .96 4.07010 .47 4.02689 .97 4.07098 .48 4.02778 .98 4.07187 .49 4.02866 .99 4.07275 116 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 53.00 $4.07363 53.50 $4.11772 .01 4.07451 .51 4.11860 .02 4.07539 .52 4.11948 .03 4.07628 .53 4.12037 .04 4.07716 .54 4.12125 .05 4.07804 .55 4.12213 .00 4.07892 .56 4.12301 .07 4.07980 .57 4.12389 .08 4 . 08068 .58 4.12478 .09 4.08157 .59 * 4.12566 53 . 10 4.08245 53 . 60 4.12654 .11 4.08333 .61 4.12742 .12 4.08421 .62 4.12830 .13 4.08509 .63 4.12918 .14 4.08598 .64 4.13007 .15 4.08686 .65 4.13095 .16 4.08774 .66 4.13183 .17 4.08862 .67 4.13271 .18 4 . 08950 .68 4.13359 .19 4.09038 .69 4.13448 53 . 20 4.09127 53 . 70 4.13536 .21 4.09215 .71 4.13624 .22 4.09303 .72 4.13712 .23 4.09391 .73 4.13800 .24 4.09479 .74 4.13888 .25 4.09568 .75 4.13977 .26 4.09656 .76 4.14065 .27 4.09744 .77 4.14153 .28 4.09832 .78 4.14241 .29 4.09920 .79 4.14329 53 . 30 4.10008 53.80 4.14418 .31 4.10097 .81 4.14506 .32 4.10185 .82 4.14594 .33 4.10273 .83 4.14682 .34 4.10361 .84 4.14770 .35 4.10449 .85 4.14858 .36 4.10538 .86 4.14947 .37 4.10626 .87 4.15035 .38 4.10714 .88 4.15123 .39 4.10802 .89 4.15211 53.40 4.10890 53 . 90 4.15299 .41 4.10978 .91 4.15388 .42 4.11067 .92 4.15476 .43 4.11155 .93 4.15564 .44 4.11243 .94 4.15652 .45 4.11331 .95 4.15740 .46 4.11419 .96 4.15828 .47 4.11508 .97 4.15917 .48 4.11596 .98 4.16005 .49 4.11684 .99 4.16093 117 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 54.00 $4.16181 54.50 $4.20590 .01 4.16269 .51 4.20678 .02 4.16358 .52 4.20767 .03 4.16446 .53 4 . 20855 .04 4.16534 .54 4.20943 .05 4.16622 .55 4.21031 .06 4.16710 .56 4.21119 .07 4.16798 .57 4.21208 .08 4.16887 .58 4.21296 .09 4.16975 .59 4.21384 54.10 4.17063 54.60 4.21472 .11 4.17151 .61 4.21560 .12 4.17239 .62 4.21648 .13 4.17328 .63 4.21737 .14 4.17416 .64 4.21825 .15 4.17504 .65 4.21913 .16 4.17592 .66 4.22001 .17 4.17680 .67 4.22089 .18 4.17768 .68 4.22178 .19 4.17857 .69 4.22266 54.20 4.17945 54.70 4.22354 .21 4.18033 . 71 4.22442 .22 4.18121 .72 4.22530 .23 4.18209 .73 4.22618 ,24 4.18298 .74 4.22707 .25 4.18386 .75 4.22795 .26 4.18474 .76 4.22883 .27 4.18562 .77 4.22971 .28 4.18650 .78 4.23059 .29 4.18738 .79 4.23148 54.30 4.18827 54.80 4 . 23236 .31 4.18915 .81 4.23324 .32 4.19003 .82 4.23412 .33 4.19091 .83 4.23500 .34 4.19179 .84 4 . 23588 .35 4.19268 .85 4.23677 .36 4.19356 .86 4.23765 .37 4.19444 .87 4 . 23853 .38 4.19532 .88 4.23941 .39 4.19620 .89 4.24029 54.40 4.19708 54.90 4.24118 .41 4.19797 .91 4.24206 .42 4.19885 .92 4.24294 .43 4.19973 .93 4.24382 .44 4.20061 .94 4.24470 .45 4.20149 .95 4.24558 .46 4.20238 .96 4.24647 .47 4.20326 .97 4.24735 .48 4.20414 .98 4.24823 .49 4.20502 .99 4.24911 118 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 55.00 $4.24999 55.50 $4.29908 .01 4.25098 .51 4.30007 .02 4.25196 .52 4.30105 .03 4.25294 .53 4.30203 .04 4.25392 .54 4.30301 .05 4.25490 .55 4.30399 .06 4.25588 .56 4.30498 .07 4.25687 .57 4 . 30596 .08 4.25785 .58 4.30694 .09 4.25883 .59 4.30792 55.10 4.25981 55.60 4.30890 .11 4.26079 .61 4.30988 .12 4.26178 .62 4.31087 .13 4.26276 .63 4.31185 .14 4.26374 .64 4.31283 .15 4.26472 .65 4.31381 .16 4.26570 .66 4.31479 .17 4.26668 .67 4.31578 .18 4.26767 .68 4.31676 .19 4.26865 .69 4.31774 55.20 4.26963 55.70 4.31872 .21 4.27061 .71 4.31970 .22 4.27159 .72 4.32068 .23 4.27258 .73 4.32167 .24 4.27356 .74 4.32265 .25 4.27454 .75 4.32363 .26 4.27552 .76 4.32461 .27 4.27650 .77 4.32559 .28 4.27748 .78 4.32658 .29 4.27847 .79 4.32756 55.30 4.27945 55.80 4.32854 .31 4.28043 .81 4.32952 .32 4.28141 .82 4.33050 .33 4.28239 .83 4.33148 .34 4.28338 .84 4 . 33247 .35 4.28436 .85 4.33345 .36 4.28534 .86 4.33443 .37 4.28632 .87 4.33541 .38 4.28730 .88 4.33639 .39 4.28828 .89 4.33738 55.40 4.28927 55.90 4.33836 .41 4.29025 .91 4.33934 .42 4.29123 .92 4.34032 .43 4.29221 .93 4.34130 .44 4.29319 .94 4.34228 .45 4.29418 .95 4.34327 .46 4.29516 .96 4.34425 .47 4.29614 .97 4.34523 .48 4.29712 .98 4.34621 .49 4.29810 .99 4.34719 119 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 56.00 $4.34818 56.50 $4.40227 .01 4.34926 .51 4.40335 .02 4.35034 .52 4 . 40443 .03 4.35142 .53 4.40551 .04 4.35250 .54 4.40659 .05 4.35358 .55 4.40768 .06 4.35467 .56 4.40876 .07 4.35575 .57 4.40984 .08 4.35683 .58 4.41092 .09 4.35791 .59 4.41200 56.10 4.35899 56.60 4.41308 .11 4.36008 .61 4.41417 .12 4.36116 .62 4.41525 .13 4.36224 .63 4.41633 .14 4.36332 .64 4.41741 .15 4.36440 .65 4.41849 .16 4.36548 .66 4.41958 .17 4.36657 .67 4.42066 .18 4.36765 .68 4.42174 .19 4.36873 .69 4 . 42282 56.20 4.36981 56.70 4 . 42390 .21 4.37089 .71 4.42498 .22 4.37198 .72 4.42607 .23 4.37306 .73 4.42715 .24 4.37414 .74 4 . 42823 .25 4.37522 .75 4.42931 .26 4.37630 .76 4.43039 .27 4.37738 . 77 4.43148 .28 4.37847 .78 4.43256 .29 4.37955 .79 4.43364 56.30 4.38063 56.80 4.43472 .31 4.38171 .81 4.43580 .32 4.38279 .82 4.43688 .33 4.38388 .83 4.43797 .34 4 . 38496 .84 4.43905 .35 4.38604 .85 4.44013 .36 4.38712 .86 4.44121 .37 4.38820 .87 4.44229 .38 4.38928 .88 4.44338 .39 4.39037 .89 4 . 44446 56.40 4.39145 56.90 4.44554 .41 4.39253 .91 4.44662 .42 4.39361 .92 4.44770 .43 4.39469 .93 4.44878 .44 4.39578 .94 4.44987 .45 4.39686 .95 4.45095 .46 4.39794 .96 4.45203 .47 4.39902 .97 4.45311 .48 4.40010 .98 4.45419 .49 4.40118 .99 4.45528 120 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 57.00 $4.45636 57.50 $4.51545 .01 4.45754 .51 4.51663 .02 4.45872 .52 4.51781 .03 4.45990 .53 4.51899 .04 4.46108 .54 4.52018 .05 4.46227 .55 4.52136 .06 4 . 46345 .56 4.52254 .07 4 . 46463 .57 4.52372 .08 4.46581 .58 4 . 52490 .09 4 . 46699 .59 . 4 . 52608 57.10 4.46818 57 . 60 4.52727 .11 4.46936 .61 4.52845 .12 4 . 47054 .62 4.52963 .13 4.47172 .63 FT 4.53081 .14 4.47290 .64 ' 4.53199 .15 4.47408 .65 4.53318 .16 4.47527 .66 4.53436 .17 4.47645 .67 4.53554 .18 4.47763 .68 4.53672 .19 4.47881 .69 4 . 53790 57 . 20 4.47999 57.70 4.53908 .21 4.48118 .71 4.54027 .22 4 . 48236 .72 4.54145 .23 4.48354 .73 4.54263 .24 4.48472 .74 4.54381 .25 4 . 48590 .75 4 . 54499 .26 4 . 48708 .76 4.54618 .27 4.48827 .77 4 . 54736 .28 4 . 48945 .78 4 . 54854 .29 4.49063 .79 4.54972 57.30 4.49181 57.80 4.55090 .31 4.49299 .81 4.55208 .32 4.49418 .82 4.55327 .33 4 . 49536 .83 4.55445 .34 4 . 49654 .84 4.55563 .35 4.49772 .85 4.55681 .36 4 . 49890 .86 4.55799 .37 4 . 50008 .87 4.55918 .38 4.50127 .88 4.56036 .39 4.50245 .89 4.56154 57.40 4 . 50363 57.90 4 . 56272 .41 4.50481 .91 4 . 56390 .42 4 . 50599 .92 4.56508 .43 4.50718 .93 4.56627 .44 4 . 50836 .94 4.56745 .45 4.50954 .95 4.56863 .46 4.51072 .96 4.56981 .47 4.51190 .97 4.57099 .48 4.51308 .98 4.57218 .49 4.51427 .99 4.57336 121 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 58.00 $4 . 57454 58.50 $4.63863 .01 4.57582 .51 4.63991 .02 4.57710 .52 4.64119 .03 4.57838 .53 4.64248 .04 4.57967 .54 4.64376 .05 4.58095 .55 4.64504 .06 4.58223 .56 4.64632 .07 4.58351 .57 4.64760 .08 4.58479 .58 4.64888 .09 4.58608 .59 4.65017 58.10 4.58736 58.60 4.65145 .11 4 . 58864 .61 4.65273 .12 4.58992 .62 4.65401 .13 4.59120 .63 4.65529 .14 4.59248 .64 4.65658 .15 4.59377 .65 4.65786 .16 4.59505 .66 4.65914 .17 4.59633 .67 4 . 66042 .18 4.59761 .68 4.66170 .19 4.59889 .69 4.66298 58.20 4.60018 58.70 4.66427 .21 4.60146 .71 4.66555 .22 4.60274 .72 4.66683 .23 4 . 60402 .73 4.66811 .24 4.60530 .74 4.66939 .25 4.60658 .75 4.67068 .26 4.60787 .76 4.67196 .27 4.60915 .77 4.67324 .28 4.61043 .78 4.67452 .29 4.61171 .79 4.67580 58.30 4.61299 58.80 4.67708 .31 4.61428 .81 4.67837 .32 4.61556 .82 4.67965 .33 4.61684 .83 4 . 68093 .34 4.61812 .84 4.68221 .35 4.61940 .85 4.68349 .36 4.62068 .86 4.68478 .37 4.62197 .87 4.68606 .38 4.62325 .88 4.68734 .39 4.62453 .89 4.68862 58.40 4.62581 58.90 4.68990 .41 4.62709 .91 4.69118 .42 4.62838 .92 4.69247 .43 4.62966 .93 4.69375 .44 4.63094 .94 4.69503 .45 4.63222 .95 4.69631 .46 4.63350 .96 4.69759 .47 4.63478 .97 4.69888 .48 4.63607 .98 4.70016 .49 4.63735 .99 4.70144 122 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 59.00 $4.70272 59.50 $4.77181 .01 4.70410 .51 4.77319 .02 4.70548 .52 4.77458 .03 4 . 70687 .53 4.77596 .04 4.70825 .54 4.77734 .05 4.70963 .55 4.77872 .06 4.71101 .56 4.78010 .07 4.71239 .57 4.78148 .08 4.71378 .58 4.78287 .09 4.71516 .59 4.78425 59.10 4.71654 59.60 4.78563 .11 4.71792 .61 4.78701 .12 4.71930 .62 4.78839 .13 4.72068 .63 4.78978 .14 4.72207 .64 4.79116 .15 4.72345 .65 4.79254 .16 4.72483 .66 4.79392 .17 4.72621 .67 4.79530 .18 4.72759 .68 4.79668 .19 4.72898 .69 4.79807 59.20 4.73036 59.70 4.79945 .21 4.73174 .71 4.80083 .22 4.73312 .72 4.80221 .23 4.73450 .73 4.80359 .24 4 . 73588 .74 4 . 80498 .25 4.73727 .75 4 . 80636 .26 4.73865 .76 4.80774 .27 4.74003 .77 4.80912 .28 4.74141 .78 4.81050 .29 4.74279 .79 4.81188 59.30 4.74418 59.80 4.81327 .31 4.74556 .81 4.81465 .32 4 . 74694 .82 4.81603 .33 4.74832 .83 4.81741 .34 4.74970 .84 4.81879 .35 4.75108 .85 4.82018 .36 4.75247 .86 4.82156 .37 4.75385 .87 4.82294 .38 4.75523 .88 4.82432 .39 4.75661 .89 4.82570 59.40 4 . 75799 59.90 4.82708 .41 4.75938 .91 4.82847 .42 4.76076 .92 4.82985 .43 4.76214 .93 4.83123 .44 4.76352 .94 4.83261 .45 4.76490 .95 4.83399 .46 4.76628 .96 4 . 83538 .47 4.76767 .97 4.83676 .48 4.76905 .98 4.83814 .49 4.77043 .99 4 . 83952 123 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 60.00 $4 . 84090 60.50 $4 . 88499 .01 4.84178 .51 4.88588 .02 4 . 84267 .52 4 . 88676 .03 4 . 84355 .53 4.88764 .04 4 . 84443 .54 4.88852 .05 4.84531 . 55 4 . 88940 .06 4.84619 .56 4 . 89028 .07 4.84708 .57 4.89117 .08 4.84796 .58 4 . 89205 .09 4 . 84884 .59 4 . 89293 60.10 4.84972 60.60 4.89381 .11 4 . 85060 .61 4 . 89469 .12 4.85148 .62 4.89558 .13 4.85237 .63 4.89646 .14 4 . 85325 .64 4.89734 .15 4.85413 .65 4.89822 .16 4.85501 .66 4.89910 .17 4 . 85589 .67 4.89998 .18 4.85678 .68 4 . 90087 .19 4 . 85766 .69 4.90175 60.20 4 . 85854 60.70 4.90263 .21 4 . 85942 .71 4.90351 .22 4 . 86030 .72 4.90439 .23 4.86118 .73 4.90528 .24 4 . 86207 .74 4.90616 .25 4.86295 .75 4.90704 .26 4 . 86383 .76 4.90792 .27 4.86471 .77 4 . 90880 .28 4.86559 .78 4 . 90968 .29 4 . 86648 .79 4.91057 60.30 4.86736 60.80 4.91145 .31 4.86824 .81 4.91233 .32 4.86912 .82 4.91321 .33 4.87000 .83 4.91409 .34 4.87088 .84 4.91498 .35 4.87177 .85 4.91586 .36 4.87265 .86 4.91674 .37 4.87353 .87 4.91762 .38 4.87441 .88 4.91850 .39 4.87529 .89 4.91938 60.40 4.87618 60.90 4 . 92027 .41 4 . 87706 .91 4.92115 .42 4.87794 .92 4 . 92203 .43 4 . 87882 .93 4.92291 .44 4 . 87970 .94 4 . 92379 .45 4 . 88058 .95 4 . 92468 .46 4.88147 .96 4 . 92556 .47 4.88235 .97 4.92644 .48 4.88323 .98 4.92732 .49 4.88411 .99 4.92820 MESABA BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 01.00 $4. 92908 61.50 $4.97318 .01 4.92997 .51 4.97406 .02 4.93085 .52 4.97494 .03 4.93173 .53 4.97582 .04 4.93261 .54 4.97670 .05 4 . 93349 .55 4.97758 .06 4.93438 .56 4.97847 .07 4.93526 .57 4.97935 .08 4.93614 .58 4.98023 .09 4.93702 .59 , 4.98111 61.10 4.93790 61 . 60 4.98199 .11 4.93878 .61 4 . 98288 .12 4.93967 .62 4.98376 .13 4 . 94055 .63 4.98464 .14 4.94143 .64 4.98552 .15 4.94231 .65 4 . 98640 .16 4.94319 .66 4.98728 .17 4 . 94408 .67 4.98817 .18 4.94496 .68 4.98905 .19 4.94584 .69 4.98993 61.20 4.94672 61.70 4.99081 .21 4.94760 .71 4.99169 .22 4.94848 .72 4.99258 .23 4.94937 .73 4.99346 .24 4.95025 .74 4.99434 .25 4.95113 .75 4 . 99522 .26 4.95201 .76 4.99610 .27 4.95289 .77 4.99698 .28 4.95378 .78 4.99787 .29 4 . 95466 .79 4 . 99875 61.30 4.95554 61.80 4.99963 .31 4.95642 .81 5.00051 .32 4.95730 .82 5.00139 .33 4.95818 .83 5.00228 .34 4.95907 .84 5.00316 .35 4.95995 .85 5.00404 .36 4.96083 .86 5 . 00492 .37 4.96171 .87 5.00580 .38 4 . 96259 .88 5 . 00668 .39 4.96348 .89 5.00757 61.40 4.96436 61 . 90 5.00845 .41 4.96524 .91 5.00933 .42 4.96612 .92 5.01021 .43 4.96700 .93 5.01109 .44 4 . 96788 .94 5.01198 .45 4.96877 .95 5.01286 .46 4.96965 .96 5.01374 - .47 4.97053 .97 5.01462 .48 4.97141 .98 5.01550 .49 4.97229 .99 5.01638 125 OLD RANGE-VERMILION NON-BESSEMER NATURAL IRON ORE LAKE ERIE PRICES 1911 16 TABLES 45 PER CENT TO 60 PER CENT INCLUSIVE COMPILED BY RUKARD KURD OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 45.00 $2.78155 45.50 $2 . 86504 .01 2.78322 .51 2.86671 .02 2.78489 .52 2.86838 .03 2.78656 .53 2.87005 .04 2.78823 .54 2.87172 .05 2.78990 .55 2.87339 .06 2.79157 .56 2.87506 .07 2.79324 .57 2.87673 .08 2.79491 .58 2 . 87840 .09 2.79658 .59 2.88007 45.10 2.79825 -45.60 2.88174 .11 2.79992 .61 2.88341 .12 2.80159 .62 2.88508 .13 2 . 80326 .63 2.88675 .14 2 . 80493 .64 2.88842 .15 2.80660 .65 2 . 89009 .16 2.80827 .66 2.89176 .17 2.80993 .67 2.89343 .18 2.81160 .68 2.89510 .19 2.81327 .69 2.89677 45.20 2.81494 45.70 2.89844 .21 2.81661 .71 2.90011 .22 2.81828 .72 2.90178 .23 2.81995 .73 2.90345 .24 2.82162 .74 2.90512 .25 2.82329 .75 2.90679 .26 2 . 82496 .76 2.90846 .27 2.82663 .77 2.91013 .28 2.82830 .78 2.91180 .29 2.82997 .79 2.91347 45.30 2.83164 45.80 2.91514 .31 2.83331 .81 2.91681 .32 2 . 83498 .82 2.91848 .33 2.83665 .83 2.92015 .34 2 . 83832 .84 2.92182 .35 2.83999 .85 2.92349 .36 2.84166 .86 2.92516 .37 2 . 84333 .87 2.92683 .38 2.84500 .88 2.92850 .39 2.84667 .89 2.93017 45.40 2.84834 45.90 2.93184 .41 2.85001 .91 2.93351 .42 2.85168 .92 2.93518 .43 2 . 85335 .93 2 . 93685 .44 2 . 85502 .94 2.93852 .45 2 . 85669 .95 2.94019 .46 2 . 85836 .96 2.94186 .47 2.86003 .97 2.94353 .48 2.86170 .98 2.94520 .49 2.86337 .99 2.94687 129 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 46.00 $2.94854 46.50 $3.03203 .01 2.95021 .51 3.03370 .02 2.95188 .52 3.03537 .03 2.95355 .53 3.03704 .04 2.95522 .54 3.03871 .05 2.95689 .55 3.04038 .06 2.95856 .56 3.04205 .07 2.96023 .57 3.04372 .08 2.96190 .58 3.04539 .09 2.96357 .59 3.04706 46.10 2.96524 46.60 3.04873 .11 2.96691 .61 3.05040 .12 2.96858 .62 3.05207 .13 2.97025 .63 3.05374 .14 2.97192 .64 3.05541 .15 2.97359 .65 3.05708 .16 2.97526 .66 3.05875 .17 2.97693 .67 3.06042 .18 2.97860 .68 3.06209 .19 2.98026 .69 3.06376 46.20 2.98193 46.70 3.06543 .21 2.98360 .71 3.06710 .22 2.98527 .72 3.06877 .23 2.98694 .73 3.07044 .24 2.98861 .74 3.07211 .25 2.99028 .75 3.07378 .26 2.99195 .76 3.07545 .27 2.99362 .77 3.07712 .28 2.99529 .78 3.07879 .29 2.99696 .79 3.08046 46.30 2.99863 46.80 3.08213 .31 3 . 00030 .81 3.08380 .32 3.00197 .82 3.08547 .33 3.00364 .83 3.08714 .34 3.00531 .84 3.08881 .35 3.00698 .85 3.09048 .36 3.00865 .86 3.09215 .37 3.01032 .87 3.09382 .38 3.01199 .88 3.09549 .39 3.01366 .89 3.09716 46.40 3.01533 46.90 3.09883 .41 3.01700 .91 3.10050 .42 3.01867 .92 3.10217 .43 3.02034 .93 3.10384 .44 3.02201 .94 3.10551 .45 3.02368 .95 3.10718 .46 3.02535 .96 3.10885 .47 3.02702 .97 3.11052 .48 3.02869 .98 3.11219 .49 3.03036 .99 3.11386 130 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 47.00 $3.11553 47.50 S3. 19902 .01 3.11720 .51 3 . 20069 .02 3.11887 .52 3.20236 .03 3.12054 .53 3 . 20403 .04 3.12221 .54 3.20570 .05 3.12388 .55 3.20737 .06 3.12555 .56 3.20904 .07 3.12722 .57 3.21071 .08 3 . 12889 .58 3.21238 .09 3.13056 . .59 3.21405 47.10 3.13223 47.60 3.21572 .11 3.13390 .61 3.21739 .12 3.13557 .62 3.21906 .13 3.13724 .63 3.22073 .14 3.13891 .64 3.22240 .15 3.14058 .65 3.22407 .16 3.14225 .66 3.22574 .17 3.14392 .67 3.22741 .18 3.14559 .68 3.22908 .19 3.14726 .69 3.23075 47.20 3.14893 47.70 3 . 23242 .21 3.15059 .71 3.23409 .22 3.15226 .72 3.23576 .23 3.15393 .73 3.23743 .24 3.15560 .74 3.23910 .25 3.15727 .75 3.24077 .26 3.15894 .76 3.24244 .27 3.16061 .77 3.24411 .28 3.16228 .78 3.24578 .29 3.16395 .79 3.24745 47.30 3.16562 47.80 3.24912 .31 3.16729 .81 3.25079 .32 3.16896 .82 3.25246 .33 3.17063 .83 3.25413 .34 3.17230 .84 3.25580 .35 3.17397 .85 3.25747 .36 3.17564 .86 3.25914 .37 3.17731 .87 3.26081 .38 3.17898 .88 3.26248 .39 3.18065 .89 3.26415 47.40 3.18232 47.90 3.26582 .41 3.18399 .91 3.26749 .42 3.18566 .92 3.26916 .43 3.18733 .93 3 . 27083 .44 3.18900 .94 3.27250 .45 3.19067 .95 3.27417 .46 3.19234 .96 3.27584 .47 3.19401 .97 3.27751 .48 3.19568 .98 3.27918 .49 3.19735 .99 3.28085 131 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 48.00 S3 . 28252 48.50 $3.36601 .01 3.28419 .51 3.36768 .02 3 . 28586 .52 3.36935 .03 3.28753 .53 3.37102 .04 3.28920 .54 3.37269 .05 3 . 29087 .55 3.37436 .06 3.29254 .56 3.37603 .07 3.29421 .57 3.37770 .08 3.29588 .58 3.37937 .09 3.29755 .59 3.38104 48.10 3.29922 48.60 3.38271 .11 3 . 30089 .61 3 . 38438 .12 3.30256 .62 3.38605 .13 3 . 30423 .63 3.38772 .14 3 . 30590 .64 3 . 38939 .15 3.30757 .65 3.39106 .16 3.30924 .66 3.39273 .17 3.31091 .67 3 . 39440 .18 3.31258 .68 3.39607 .19 3.31425 .69 3.39774 48.20 3.31592 48.70 3.39941 .21 3.31759 .71 3.40108 .22 3.31926 .72 3.40275 .23 3.32092 .73 3.40442 .24 3.32259 .74 3.40609 .25 3.32426 .75 3.40776 .26 3 . 32593 .76 3.40943 .27 3.32760 .77 3.41110 .28 3 . 32927 .78 3.41277 .29 3 . 33094 .79 3.41444 48.30 3.33261 48.80 3.41611 .31 3 . 33428 .81 3.41778 .32 3.33595 .82 3.41945 .33 3 . 33762 .83 3.42112 .34 3 . 33929 .84 3.42279 .35 3.34096 .85 3.42446 .36 3 . 34263 .86 3.42613 .37 3 . 34430 .87 3.42780 .38 3.34597 .88 3.42947 .39 3 . 34764 .89 3.43114 48 . 40 3.34931 48.90 3.43281 .41 3 . 35098 .91 3.43448 .42 3.35265 .92 3.43615 .43 3 . 35432 .93 3.43782 .44 3 . 35599 .94 3.43949 .45 3.35766 .95 3.44116 .46 3.35933 .96 3.44283 .47 3.36100 .97 3 . 44450 .48 3.36267 .98 3.44617 .49 3.36434 .99 3 . 44784 IS 2 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 49.00 $3 . 44951 49.50 $3.51213 .01 3.45076 .51 3.51338 .02 3.45201 .52 3.51463 .03 3.45326 .53 3.51589 .04 3.45452 .54 3.51714 .05 3 . 45577 .55 3.51839 .06 3.45702 .56 3.51964 .07 3.45827 .57 3.52090 .08 3.45953 .58 3.52215 .09 3.46078 -.59 3 . 52340 49.10 3 . 46203 49.60 3.52465 .11 3.46328 .61 3.52591 .12 3.46454 .62 3.52716 .13 3.46579 .63 3.52841 .14 3 . 46704 .64 3 . 52966 .15 3.46829 .65 3.53092 .16 3.46955 .66 3.53217 .17 3.47080 .67 3.53342 .18 3.47205 .68 3.53467 .19 3.47330 .69 3.53592 49.20 3.47456 49.70 3.53718 .21 3.47581 .71 3 . 53843 .22 3.47706 .72 3 . 53968 .23 3.47831 .73 3 . 54093 .24 3.47957 .74 3.54219 .25 3.48082 .75 3 . 54344 .26 3.48207 .76 3.54469 .27 3 . 48332 .77 3.54594 .28 3.48458 .78 3.54720 .29 3.48583 .79 3.54845 49.30 3.48708 49.80 3 . 54970 .31 3.48833 .81 3 . 55095 .32 3 . 48959 .82 3.55221 .33 3.49084 .83 3 . 55346 .34 3.49209 .84 3.55471 .35 3.49334 .85 3 . 55596 .36 3.49459 .86 3 . 55722 .37 3.49585 .87 3.55847 .38 3.49710 .88 3.55972 .39 3.49835 .89 3.56097 49.40 3 . 49960 49.90 3.56223 .41 3.50086 .91 3.56348 .42 3.50211 .92 3.56473 .43 3.50336 .93 3 . 56598 .44 3.50461 .94 3 . 56724 .45 3 . 50587 .95 3 . 56849 .46 3.50712 .96 3.56974 .47 3 . 50837 .97 3 . 57099 .48 3 . 50962 .98 3 . 57225 .49 3.51088 .99 3.57350 133- OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 50.00 $3.57475 50.50 S3. 61650 .01 3.57558 .51 3.61733 .02 3 . 57642 .52 3.61817 .03 3.57725 .53 3.61900 .04 3 . 57809 .54 3.61984 .05 3.57892 .55 3 . 62067 .06 3.57976 .56 3.62151 .07 3 . 58059 .57 3 . 62234 .08 3.58143 .58 3.62318 .09 3.58226 .59 3.62401 50.10 3.58310 50.60 3.62485 .11 3 . 58393 .61 3 . 62568 .12 3.58477 .62 3.62652 .13 3.58560 .63 3.62735 .14 3 . 58644 .64 3.62819 .15 3.58727 .65 3 . 62902 .16 3.58811 .66 3.62986 .17 3.58894 .67 3 . 63069 .18 3.58978 .68 3.63153 .19 3.59061 .69 3.63236 50.20 3.59145 50.70 3.63320 .21 3 . 59228 .71 3 . 63403 .22 3.59312 .72 3 . 63487 .23 3.59395 .73 3.63570 .24 3.59479 .74 3.63654 .25 3.59562 .75 3.63737 .26 3.59646 .76 3.63821 .27 3.59729 .77 3.63904 .28 3.59813 .78 3 . 63988 .29 3 . 59896 .79 3.64071 50.30 3 . 59980 50.80 3.64155 .31 3 . 60063 .81 3.64238 .32 3.60147 .82 3.64322 .33 3 . 60230 .83 3.64405 .34 3.60314 .84 3 . 64489 .35 3 . 60397 .85 3.64572 .36 3.60481 .86 3.64656 .37 3.60564 .87 3.64739 .38 3 . 60648 .88 3 . 64823 .39 3.60731 .89 3 . 64906 50.40 3.60815 50.90 3 . 64990 .41 3 . 60898 .91 3.65073 .42 3 . 60982 .92 3.65157 .43 3.61065 .93 3.65240 .44 3.61149 .94 3.65324 .45 3.61232 .95 3.65407 .46 3.61316 .96 3.65491 .47 3.61399 .97 3.65574 .48 3.61483 .98 3.65658 .49 3.61566 .99 3.65741 134 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 51.00 $3.65825 51.50 S3. 69999 .01 3.65908 .51 3 . 70083 .02 3.65992 .52 3.70166 .03 3.66075 .53 3.70250 .04 3.66158 .54 3.70333 .05 3.66242 .55 3.70417 .06 3.66325 .56 3.70500 .07 3 . 66409 .57 3.70584 .08 3.66492 .58 3.70667 .09 3.66576 .-59 3.70751 51.10 3.66659 51.60 3.70834 .11 3.66743 .61 3.70918 .12 3.66826 .62 3.71001 .13 3.66910 .63 3.71085 .14 3.66993 .64 3.71168 .15 3.67077 .65 3.71252 .16 3.67160 .66 3.71335 .17 3.67244 .67 3.71419 .18 3.67327 .68 3.71502 .19 3.67411 .69 3.71586 51.20 3.67494 51.70 3.71669 .21 3.67578 .71 3.71753 .22 3.67661 .72 3.71836 .23 3.67745 .73 3.71920 .24 3.67828 .74 3.72003 .25 3.67912 .75 3.72087 .26 3.67995 .76 3.72170 .27 3 . 68079 .77 3.72254 .28 3.68162 .78 3.72337 .29 3.68246 .79 3.72421 51.30 3.68329 51.80 3.72504 .31 3.68413 .81 3.72588 .32 3.68496 .82 3.72671 .33 3.68580 .83 3.72755 .34 3.68663 .84 3.72838 .35 3.68747 .85 3.72922 .36 3.68830 .86 3 . 73005 .37 3.68914 .87 3.73089 .38 3.68997 .88 3.73172 .39 3.69081 .89 3.73256 51.40 3.69164 51.90 3.73339 .41 3.69248 .91 3.73423 .42 3.69331 .92 3.73506 .43 3.69415 .93 3.73590 .44 3 . 69498 .94 3.73673 .45 3.69582 .95 3.73757 .46 3 . 69665 .96 3.73840 .47 3.69749 .97 3.73924 .48 3.69832 .98 3.74007 .49 3.69916 .99 3.74091 135 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 52.00 $3.74174 52.50 $3 . 78349 .01 3.74258 .51 3 . 78432 .02 3.74341 .52 3.78516 .03 3.74425 .53 3.78599 .04 3.74508 .54 3 . 78683 .05 3.74591 .55 3.78766 .06 3.74675 .56 3.78850 .07 3.74758 .57 3.78933 .08 3.74842 .58 3.79017 .09 3.74925 .59 3.79100 52.10 3 . 75009 52.60 3.79184 .11 3 . 75092 .61 3.79267 .12 3.75176 .62 3.79351 .13 3.75259 .63 3.79434 .14 3.75343 .64 3.79518 .15 3.75426 .65 3.79601 .16 3.75510 .66 3 . 79685 .17 3.75593 .67 3.79768 .18 3.75677 .68 3 . 79852 .19 3.75760 .69 3.79935 52.20 3 . 75844 52.70 3.80019 .21 3.75927 .71 3.80102 .22 3.76011 .72 3.80186 .23 3.76094 .73 3.80269 .24 3.76178 .74 3 . 80353 .25 3.76261 .75 3 . 80436 .26 3 . 76345 .76 3 . 80520 .27 3.76428 .77 3 . 80603 .28 3.76512 .78 3 . 80687 .29 3.76595 .79 3.80770 52.30 3.76679 52.80 3 . 80854 .31 3.76762 .81 3 . 80937 .32 3 . 76846 .82 3.81021 .33 3.76929 .83 3.81104 .34 3.77013 .84 3.81188 .35 3 . 77096 .85 3.81271 .36 3.77180 .86 3.81355 .37 3.77263 .87 3.81438 .38 3 . 77347 .88 3.81522 .39 3.77430 .89 3.81605 52.40 3.77514 52.90 3.81689 .41 3.77597 .91 3.81772 .42 3.77681 .92 3.81856 .43 3.77764 .93 3.81939 .44 3.77848 .94 3.82023 .45 3.77931 .95 3.82106 .46 3.78015 .96 3.82190 .47 3.78098 .97 3.82273 .48 3.78182 .98 3.82357 .49 3.78265 .99 3.82440 136 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 53.00 $3.82524 53.50 $3.87198 .01 3.82617 .51 3 . 87292 .02 3.82711 .52 3.87385 .03 3 . 82804 .53 3.87479 .04 3 . 82898 .54 3.87572 .05 3.82991 .55 3.87666 .06 3.83085 .56 3.87759 .07 3.83178 .57 3.87853 .08 3.83271 ,58 3.87946 .09 3.83365 .59 3.88040 53.10 3.83458 53.60 3.88133 .11 3.83552 .61 3 . 88227 .12 3 . 83645 .62 3 . 88320 .13 3.83739 .63 3.88414 .14 3.83832 .64 3 . 88507 .15 3 . 83926 .65 3.88601 .16 3.84019 .66 3.88694 .17 3.84113 .67 3.88788 .18 3.84206 .68 3.88881 .19 3.84300 .69 3.88975 53.20 3.84393 53.70 3.89068 .21 3.84487 .71 3.89162 .22 3 . 84580 .72 3.89255 .23 3.84674 .73 3.89349 .24 3.84767 .74 3 . 89442 .25 3.84861 .75 3.89536 .26 3.84954 .76 3.89629 .27 3 . 85048 . 77 3 . 89723 .28 3.85141 .78 3.89816 .29 3 . 85235 .79 3.89910 53.30 3.85328 53.80 3.90003 .31 3.85422 .81 3.90097 .32 3.85515 .82 3.90190 .33 3.85609 .83 3.90284 .34 3.85702 .84 3.90377 .35 3.85796 .85 3.90471 .36 3.85889 .86 3.90564 .37 3.85983 .87 3 . 90658 .38 3.86076 .88 3.90751 .39 3.86170 .89 3 . 90845 53.40 3 . 86263 53.90 3.90938 .41 3.86357 .91 3.91032 .42 3 . 86450 .92 3.91125 .43 3 . 86544 .93 3.91219 .44 3.86637 .94 3.91312 .45 3.86731 .95 3.91406 .46 3.86824 .96 3.91499 .47 3.86918 .97 3.91593 .48 3.87011 .98 3.91686 .49 3.87105 .99 3.91780 137 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 54.00 $3.91873 54.50 $3.97048 .01 3.91977 .51 3.97151 .02 3.92080 .52 3.97255 .03 3.92184 .53 3.97358 .04 3.92287 .54 3.97462 .05 3.92391 .55 3.97565 .06 3 . 92494 .56 3.97669 .07 3.92598 .57 3.97772 .08 3.92701 .58 3.97876 .09 3 . 92804 .59 3.97979 54.10 3.92908 54.60 3.98083 .11 3.93011 .61 3.98186 .12 3.93115 .62 3.98290 .13 3.93218 .63 3.98393 .14 3.93322 .64 3.98497 .15 3.93425 .65 3 . 98600 .16 3.93529 .66 3.98704 .17 3.93632 .67 3.98807 .18 3.93736 .68 3.98911 .19 3.93839 .69 3.99014 54.20 3.93943 54.70 3.99118 .21 3 . 94046 .71 3.99221 .22 3.94150 .72 3.99325 .23 3.94253 .73 3.99428 .24 3.94357 .74 3.99532 .25 3.94460 .75 3.99635 .26 3.94564 .76 3 . 99739 .27 3.94667 .77 3.99842 .28 3.94771 .78 3.99946 .29 3.94874 .79 4 . 00049 54.30 3.94978 54.80 4.00153 .31 3.95081 .81 4.00256 .32 3.95185 .82 4.00360 .33 3.95288 .83 4.00463 .34 3.95392 .84 4.00567 .35 3.95495 .85 4.00670 .36 3.95599 .86 4.00774 .37 3 . 95702 .87 4.00877 .38 3.95806 .88 4.00981 .39 3.95909 .89 4.01084 54.40 3.96013 54.90 4.01188 .41 3.96116 .91 4.01291 .42 3.96220 .92 4.01395 .43 3.96323 .93 4.01498 .44 3.96427 .94 4.01602 .45 3.96530 .95 4.01705 .46 3.96634 .96 4.01809 .47 3.96737 .97 4.01912 .48 3.96841 .98 4.02016 .49 3.96944 .99 4.02119 138 UNIVERSITY OF OLD RANGE-VER] ON NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 55.00 $4.02223 55.50 $4.07897 .01 4.02336 .51 4.08011 .02 4 . 02450 .52 4.08124 .03 4.02563 .53 4.08238 .04 4.02677 .54 4.08351 .05 4.02790 .55 4.08465 .06 4.02904 .56 4.08578 .07 4.03017 .57 4.08692 .08 4.03131 ,58 4.08805 .09 4.03244 .59 4.08919 55.10 4.03358 55.60 4.09032 .11 4.03471 .61 4.09146 .12 4.03584 .62 4.09259 .13 4.03698 .63 4.09373 .14 4.03811 .64 4.09486 .15 4.03925 .65 4.09600 .16 4.04038 .66 4.09713 .17 4.04152 .67 4.09827 .18 4.04265 .68 4.09940 .19 4.04379 .69 4.10054 55.20 4.04492 55.70 4.10167 .21 4.04606 .71 4.10281 .22 4.04719 .72 4.10394 .23 4.04833 .73 4.10508 .24 4.04946 .74 4.10621 .25 4.05060 .75 4.10735 .26 4.05173 .76 4.10848 .27 4.05287 .77 4.10962 .28 4.05400 .78 4.11075 .29 4.05514 .79 4.11189 55.30 4.05627 55.80 4.11302 .31 4.05741 .81 4.11416 .32 4.05854 .82 4.11529 .33 4.05968 .83 4.11643 .34 4.06081 .84 4.11756 .35 4.06195 .85 4.11870 .36 4.06308 .86 4.11983 .37 4.06422 .87 4.12097 .38 4.06535 .88 4.12210 .39 4.06649 .89 4.12324 55.40 4.06762 55.90 4.12437 .41 4.06876 .91 4.12551 .42 4.06989 .92 4.12664 .43 4.07103 .93 4.12778 .44 4.07216 .94 4.12891 .45 4.07330 .95 4.13005 .46 4.07443 .96 4.13118 .47 4.07557 .97 4.13232 .48 4.07670 .98 4.13345 .49 4.07784 .99 4.13459 139 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 56.00 $4.13572 56.50 $4.19747 .01 4.13696 .51 4.19870 .02 4.13819 .52 4.19994 .03 4.13943 .53 4.20117 .04 4.14066 .54 4.20241 .05 4.14190 .55 4 . 20364 .06 4.14313 .56 4 . 20488 .07 4.14437 .57 4.20611 .08 4.14560 .58 4.20735 .09 4.14684 .59 4 . 20858 56.10 4.14807 56 . 60 4 . 20982 .11 4.14931 .61 4.21105 .12 4.15054 .62 4.21229 .13 4.15177 .63 4.21352 .14 4.15301 .64 4.21476 .15 4.15424 .65 4.21599 .16 4.15548 .66 4.21723 .17 4.15671 .07 4.21846 .18 4.15795 .68 4.21970 .19 4.15918 .69 4 . 22093 56.20 4.16042 56.70 4.22217 .21 4.16165 .71 4 . 22340 .22 4.16289 .72 4 . 22464 .23 4.16412 .73 4.22587 .24 4.16536 .74 4.22711 .25 4.16659 .75 4.22834 .26 4.16783 .76 4.22958 .27 4.16906 .77 4.23081 .28 4.17030 .78 4.23205 .29 4.17153 .79 4 . 23328 56.30 4.17277 56.80 4.23452 .31 4.17400 .81 4.23575 .32 4.17524 .82 4.23699 .33 4.17647 .83 4.23822 .34 4.17771 .84 4.23946 .35 4.17894 .85 4 . 24069 .36 4.1S018 .86 4.24193 .37 4.18141 .87 4.24316 .38 4.18265 .88 4.24440 .39 4.18388 .89 4.24563 56.40 4.18512 56.90 4.24687 .41 4.18635 .91 4.24810 .42 4.18759 .92 4.24934 .43 4.18882 .93 4 . 25057 .44 4.19006 .94 4.25181 .45 4.19129 .95 4.25304 .46 4.19253 .96 4.25428 .47 4.19376 .97 4.25551 .48 4.19500 .98 4.25675 .49 4.19623 .99 4.25798 140 OLD RANGE-VERMILION NON-BESSEMER Per Cent Lake Erie Price Per Cent Lake Erie Price Natural Iron Natural Iron 57.00 $4.25922 57.50 $4.32596 .01 4.26055 .51 4.32730 .02 4.26189 .52 4.32863 .03 4.26322 .53 4.32997 .04 4 . 26456 .54 4.33130 .05 4.26589 .55 4.33264 .06 4.26723 .56 4.33397 .07 4.26856 .57 4.33531 .08 4.26990 . .58 4.33664 .09 4.27123 .59 4.33798 57.10 4.27257 57.60 4.33931 .11 4.27390 .61 4 . 34065 .12 4 . 27524 .62 4.34198 .13 4.27657 .63 4.34332 .14 4.27791 .64 4.34465 .15 4.27924 .65 4.34599 .16 4.28057 .66 4.34732 .17 4.28191 .67 4.34866 .18 4.28324 .68 4.34999 .19 4 . 28458 .69 4.35133 57.20 4.28591 57 . 70 4 . 35266 .21 4.28725 .71 4.35400 .22 4.28858 .72 4.35533 .23 4.28992 .73 4.35667 .24 4.29125 .74 4 . 35800 .25 4.29259 .75 4 . 35934 .26 4.29392 .76 4.36067 .27 4.29526 .77 4.36201 .28 4.29659 .78 4.36334 .29 4.29793 .79 4.36468 57.30 4.29926 57.80 4.36601 .31 4 . 30060 .81 4.36735 .32 4.30193 .82 4 . 36868 .33 4.30327 .83 4 . 37002 .34 4.30460 .84 4.37135 .35 4.30594 .85 4.37269 .36 4.30727 .86 4.37402 .37 4.30861 .87 4.37536 .38 4.30994 .88 4.37669 .39 4.31128 .89 4.37803 57.40 4.31261 57.90 4.37936 .41 4.31395 .91 4.38070 .42 4.31528 .92 4.38203 .43 4.31662 .93 4.38337 .44 4.31795 .94 4.38470 .45 4.31929 .95 4.38604 .46 4.32062 .96 4.38737 .47 4.32196 .97 4.38871 .48 4.32329 .98 4.39004 .49 4.32463 .99 4.39138 141 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 58.00 $4.39271 58.50 $4 . 43446 .01 4.39355 .51 4.43529 .02 4.39438 .52 4.43613 .03 4.39522 .53 4.43696 .04 4.39605 .54 4 . 43780 .05 4.39689 .55 4.43863 .06 4.39772 .56 4.43947 .07 4.39856 .57 4.44030 .08 4.39939 .57 4.44114 .09 4.40023 .59 4.44197 58.10 4.40106 58.60 4.44281 .11 4.40190 .61 4.44364 .12 4.40273 .62 4.44448 .13 4.40357 .63 4.44531 .14 4 . 40440 .64 4.44615 .15 4.40524 .65 4.44698 .16 4.40607 .66 4.44782 .17 4.40690 .67 4.44865 .18 4.40774 .68 4.44949 .19 4.40857 .69 4.45032 58.20 4.40941 58.70 4.45116 .21 4.41024 .71 4.45199 .22 4.41108 .72 4 . 45283 .23 4.41191 .73 4.45366 .24 4.41275 .74 4.45450 .25 4.41358 .75 4.45533 .26 4.41442 .76 4.45617 .27 4.41525 .77 4.45700 .28 4.41609 .78 4.45784 .29 4.41692 .79 4.45867 58.30 4.41776 58.80 4.45951 .31 4.41859 .81 4.46034 .32 4.41943 .82 4.46118 .33 4.42026 .83 4.46201 .34 4.42110 .84 4.46285 .35 4.42193 .85 4.46368 .36 4.42277 .86 4.46452 .37 4.42360 .87 4.46535 .38 4 . 42444 .88 4.46619 .39 4.42527 .89 4.46702 58.40 4.42611 58.90 4.46786 .41 4.42694 .91 4.46869 .42 4.42778 .92 4.46953 .43 4.42861 .93 4.47036 .44 4.42945 .94 4.47120 .45 4.43028 .95 4.47203 .46 4.43112 .96 4.47287 .47 4.43195 .97 4.47370 .48 4.43279 .98 4.47454 .49 4.43362 .99 4.47537 142 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 59.00 $4.47621 59.50 $4.51795 .01 4.47704 .51 4.51879 .02 4.47788 .52 4.51962 .03 4.47871 .53 4.52046 .04 4.47955 .54 4.52129 .05 4.48038 .55 4.52213 .06 4.48122 .56 4.52296 .07 4.48205 .57 4.52380 .08 4 . 48289 .58 4.52463 .09 4.48372 .59 4.52547 59.10 4.48456 59.60 4.52630 .11 4.48539 .61 4.52714 .12 4.48623 .62 4.52797 .13 4.48706 .63 4.52881 .14 4.48790 .64 4.52964 .15 4.48873 .65 4.53048 .16 4.48957 .66 4.53131 .17 4.49040 .67 4.53215 .18 4.49124 .68 4.53298 .19 4.49207 .69 4.53382 59.20 4.49290 59.70 4.53465 .21 4.49374 .71 4.53549 .22 4.49457 .72 4.53632 .23 4.49541 .73 4.53716 .24 4.49624 .74 4.53799 .25 4.49708 .75 4.53883 .26 4.49791 .76 4 . 53966 .27 4.49875 .77 4.54050 .28 4.49958 .78 4.54133 .29 4 . 50042 .79 4.54217 59.30 4.50125 59.80 4.54300 .31 4.50209 .81 4.54384 .32 4.50292 .82 4.54467 .33 4.50376 .83 4.54551 .34 4.50459 .84 4 . 54634 .35 4.50543 .85 4.54718 .36 4.50626 .86 4.54801 .37 4.50710 .87 4.54885 .38 4.50793 .88 4.54968 .39 4.50877 .89 4.55052 59.40 4.50960 59.90 4.55135 .41 4.51044 .91 4.55219 .42 4.51127 .92 4 . 55302 .43 4.51211 .93 4.55386 .44 4.51294 .94 4 . 55469 .45 4.51378 .95 4 . 55553 .46 4.51461 .96 4.55636 .47 4.51545 .97 4.55720 .48 4.51628 .98 4 . 55803 .49 4.51712 .99 4 . 55887 143 OLD RANGE-VERMILION NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 60.00 $4.55970 60.50 $4.60145 .01 4.56054 .51 4 . 60228 .02 4.56137 .52 4.60312 .03 4.56221 .53 4 . 60395 .04 4.56304 .54 4 . 60479 .05 4.56388 .55 4 . 60562 .06 4.56471 .56 4 . 60646 .07 4.56555 .57 4.60729 .08 4.56638 .58 4.60813 .09 4.56722 .59 4.60896 60.10 4.56805 60.60 4 . 60980 .11 4 . 56889 .61 4.61063 .12 4.56972 .62 4.61147 .13 4.57056 .63 4.61230 .14 4.57139 .64 4.61314 .15 4.57223 .65 4.61397 .16 4.57306 .66 4.61481 .17 4.57390 .67 4.61564 .18 4.57473 .68 4.61648 .19 4.57557 .69 4.61731 60.20 4.57640 60.70 4.61815 .21 4.57723 .71 4.61898 .22 4 . 57807 .72 4.61982 .23 4.57890 .73 4.62065 .24 4.57974 .74 4.62149 .25 4.58057 .75 4 . 62232 .26 4.58141 .76 4.62316 .27 4.58224 .77 4 . 62399 .28 4 . 58308 .78 4.62483 .29 4.58391 .79 4.62566 60.30 4.58475 60.80 4.62650 .31 4.58558 .81 4.62733 .32 4.58642 .82 4.62817 .33 4.58725 .83 4 . 62900 .34 4.58809 .84 4.62984 .35 4.58892 .85 4.63067 .36 4.58976 .86 4.63151 .37 4 . 59059 .87 4.63234 .38 4.59143 .88 4.63318 .39 4.59226 .89 4.63401 60.40 4.59310 60.90 4 . 63485 .41 4.59393 .91 4 . 63568 .42 4.59477 .92 4 . 63652 .43 4 . 59560 .93 4.63735 .44 4 . 59644 .94 4.63819 .45 4.59727 .95 4.63902 .46 4.59811 .96 4 . 63986 .47 4.59894 .97 4 . 64069 .48 4.59978 .98 4.64153 .49 4.60061 .99 4.64236 144 MESABA NON-BESSEMER NATURAL IRON ORE LAKE ERIE PRICES 1911 16 TABLES 45 PER CENT TO 60 PER CENT INCLUSIVE COMPILED BY RUKARD HURD MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 45.00 $2 . 62426 45.50 $2.70388 .01 2.62586 .51 2.70547 .02 2.62745 .52 2 . 70706 .03 2.62904 .53 2.70865 .04 2.63063 .54 2.71025 .05 2.63223 .55 2.71184 .06 2.63382 .56 2.71343 .07 2.63541 .57 2.71502 .08 2.36700 .58 2.71661 .09 2.36859 .59 2.71821 45.10 2.64019 45.60 2.71980 .11 2.64178 .61 2.72139 .12 2.64337 .62 2.72298 .13 2.64496 .63 2.72458 .14 2 . 64656 .64 2.72617 .15 2.64815 .65 2.72776 .16 2.64974 .66 2.72935 .17 2.65133 .67 2.73094 .18 2 . 65292 .68 2.73254 .19 2.65452 .69 2.73413 45.20 2.65611 45.70 2.73572 .21 2.65770 .71 2.73731 .22 2.65929 .72 2.73891 .23 2.66089 .73 2.74050 .24 2.66248 .74 2.74209 .25 2.66407 .75 2.74368 .26 2.66566 .76 2.74527 .27 2.66726 .77 2.74687 .28 2.66885 .78 2.74846 .29 2.67044 .79 2 . 75005 45.30 2 . 67203 45.80 2.75164 .31 2 . 67362 .81 2 . 75324 .32 2.67522 .82 2.75483 .33 2.67681 .83 2.75642 .34 2.67840 .84 2.75801 .35 2.67999 .85 2.75960 .36 2.68159 .86 2.76120 .37 2.68318 .87 2.76279 .38 2.68477 .88 2.76438 .39 2.68636 .89 2.76597 45.40 2.68795 45.90 2.76757 .41 2.68955 .91 2.76916 .42 2.69114 .92 2.77075 .43 2.69273 .93 2.77234 .44 2.69432 .94 2 . 77393 .45 2.69592 .95 2.77553 .46 2.69751 .96 2.77712 .47 2.69910 .97 2.77871 .48 2.70069 .98 2.78030 .49 2.70228 .99 2.78190 -147 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 46.00 $2.78349 46.50 $2. 86310 .01 2.78508 .51 2 . 86469 .02 2.78667 .52 2.86628 .03 2.78826 .53 2.86788 .04 2.78986 .54 2 . 86947 .05 2.79145 .55 2.87106 .06 2 . 79304 .56 2.87265 .07 2.79463 .57 2.87425 .08 2 . 79623 .58 2.87584 .09 2.79782 .59 2.87743 46.10 2.79941 46 . 60 2 . 87902 .11 2.80100 .61 2.88061 .12 2 . 80259 .62 2.88221 .13 2.80419 .63 2.88380 .14 2.80578 .64 2.88539 .15 2.80737 .65 2.88698 .16 2 . 80896 .66 2.88858 .17 2.81056 .67 2.89017 .18 2.81215 .68 2.89176 .19 2.81374 .69 2.89335 46.20 2.81533 46.70 2 . 89494 .21 2.81692 .71 2 . 89654 .22 2.81852 .72 2.89813 .23 2.82011 .73 2.89972 .24 2.82170 .74 2.90131 .25 2.82329 .75 2.90291 .26 2.82489 .76 2.90450 .27 2 . 82648 .77 2 . 90609 .28 2 . 82807 .78 2.90768 .29 2.82966 .79 2.90927 46.30 2.83125 46.80 2.91087 .31 2.83285 .81 2.91246 .32 2 . 83444 .82 2.91405 .33 2 . 83603 .83 2.91564 .34 2.83762 .84 2.91724 .35 2.83922 .85 2.91883 .36 2.84081 .86 2.92042 .37 2.84240 .87 2.92201 .38 2.84399 .88 2 . 92360 .39 2.84559 .89 2.92520 46.40 2.84718 46.90 2.92679 .41 2.84877 .91 2.92838 .42 2.85036 .92 2.92997 .43 2.85195 .93 2.93157 .44 2.85355 .94 2.93316 .45 2.85514 .95 2.93475 .46 2.85673 .96 2.93634 .47 2.85832 .97 2 . 93793 .48 2.85992 .98 2 . 93953 .49 2.86151 .99 2.94112 148 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 47.00 $2.94271 47.50 $3 . 02232 .01 2.94430 .51 3.02392 .02 2 . 94590 .52 3.02551 .03 2.94749 .53 3.02710 .04 2.94908 .54 3.02869 .05 2.95067 .55 3.03028 .06 2.95226 .56 3.03188 .07 2.95386 .57 3.03347 .08 2.95545 .58 3.03506 .09 2.95704 .59 3.03665 47.10 2 . 95863 47.60 3.03825 .11 2 . 96023 .61 3.03984 .12 2.96182 .62 3.04143 .13 2.96341 .63 3 . 04302 .14 2 . 96500 .64 3.04461 .15 2.96659 .65 3.04621 .16 2.96819 .66 3.04780 .17 2.96978 .67 3.04939 .18 2.97137 .68 3.05098 .19 2.97296 .69 3.05258 47.20 2.97456 47 . 70 3.05417 .21 2.97615 .71 3.05576 .22 2.97774 .72 3.05735 .23 2.97933 .73 3.05894 .24 2.98092 .74 3.06054 .25 2.98252 .75 3.06213 .26 2.98411 .76 3.06372 .27 2.98570 .77 3.06531 .28 2.98729 .78 3.06691 .29 2 . 98889 .79 3.06850 47.30 2.99048 47.80 3.07009 .31 2.99207 .81 3.07168 .32 2 . 99366 .82 3.07327 .33 2.99525 .83 3.07487 .34 2.99685 .84 3.07646 .35 2.99844 .85 3.07805 .36 3.00003 .86 3.07964 .37 3.00162 .87 3.08124 .38 3.00322 .88 3.08283 .39 3.00481 .89 3.08442 47.40 3.00640 47.90 3.08601 .41 3.00799 .91 3. 087 60 .42 3.00958 .92 3.08920 .43 3.01118 .93 3.09079 .44 3.01277 .94 3.09238 .45 3.01436 .95 3.09397 .46 3.01595 .96 3'. 09557 .47 3.01755 .97 3.09716 .48 3.01914 .98 3 . 09875 .49 3.02073 .99 3 . 10034 149 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 48.00 $3.10193 48.50 $3.18155 .01 3.10353 .51 3.18314 .02 3.10512 .52 3.18473 .03 3.10671 .53 3.18632 .04 3.10830 .54 3.18791 .05 3 . 10990 .55 3.18951 .06 3.11149 .56 3.19110 .07 3.11308 .57 3.19269 .08 3.11467 .58 3.19428 .09 3.11626 .59 3.19588 48.10 3.11786 48.60 3.19747 .11 3.11945 .61 3.19906 .12 3.12104 .62 3.20065 .13 3.12263 .63 3 . 20225 .14 3.12423 .64 3.20384 .15 3.12582 .65 3.20543 .16 3.12741 .66 3.20702 .17 3.12900 .67 3.20861 .18 3.13059 .68 3.21021 .19 3.13219 .69 3.21180 48.20 3.13378 48.70 3.21339 .21 3.13537 .71 3.21498 .22 3.13696 .72 3.21658 .23 3.13856 .73 3.21817 .24 3.14015 .74 3.21976 .25 3.14174 .75 3.22135 .26 3.14333 .76 3.22294 .27 3.14492 .77 3 . 22454 .28 3.14652 .78 3.22613 .29 3.14811 .79 3.22772 48.30 3.14970 48.80 3.22931 .31 3.15129 .81 3.23091 .32 3.15289 .82 3.23250 .33 3.15448 .83 3 . 23409 .34 3.15607 .84 3 . 23568 .35 3.15766 .85 3.23727 .36 3.15925 .86 3.23887 .37 3.16085 .87 3 . 24046 .38 3.16244 .88 3.24205 .39 3.16403 .89 3.24364 48.40 3.16562 48.90 3.24524 .41 3.16722 .91 3.24683 .42 3.16881 .92 3.24842 .43 3.17040 .93 3.25001 .44 3.17199 .94 3.25160 .45 3.17358 .95 3.25320 .46 ' 3.17518 .96 3.25479 .47 3.17677 .97 3.25638 .48 3.17836 .98 3.25797 .49 3.17995 .99 3 . 25957 -150 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 49.00 S3. 26116 49.50 S3. 32087 .01 3.26235 .51 3.32206 .02 3.26355 .52 3.32325 .03 3.26474 .53 3.32445 .04 3 . 26593 .54 3.32564 .05 3.26713 .55 3.32684 .06 3.26832 .56 3.32803 .07 3.26952 .57 3 . 32923 .08 3.27071 .58 3.33042 .09 3.27191 .59 3.33161 49.10 3.27310 49.60 3.33281 .11 3.27429 .61 3 . 33400 .12 3.27549 .62 3.33520 .13 3.27668 .63 3.33639 .14 3.27788 .64 3.33758 .15 3.27907 .65 3.33878 .16 3.28026 .66 3.33997 .17 3.28146 .67 3.34117 .18 3.28265 .68 3.34236 .19 3.28385 .69 3.34356 49.20 3.28504 49.70 3.34475 .21 3.28624 .71 3.34594 .22 3.28743 .72 3.34714 .23 3.28862 .73 3.34833 .24 3.28982 .74 3.34953 .25 3.29101 .75 3.35072 .26 3.29221 .76 3.35191 .27 3.29340 .77 3.35311 .28 3.29459 .78 3 . 35430 .29 3.29579 .79 3.35550 49.30 3.29698 49.80 3.35669 .31 3.29818 .81 3.35789 .32 3.29937 .82 3.35908 .33 3.30057 .83 3.36027 .34 3.30176 .84 3.36147 .35 3.30295 .85 3.36266 .36 3.30415 .86 3.36386 .37 3 . 30534 .87 3 . 36505 .38 3 . 30654 .88 3.36624 .39 3.30773 .89 3.36744 49.40 3.30892 49.90 3.36863 .41 3.31012 .91 3 . 36983 .42 3.31131 .92 3.37102 .43 3.31251 .93 3.37222 .44 3.31370 .94 3.37341 .45 3.31490 .95 3.37460 .46 3.31609 .96 3.37580 .47 3.31728 .97 3.37699 .48 3.31848 .98 3.37819 .49 3.31967 .99 3.37938 -151 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 50.00 $3.38058 50.50 $3.42038 .01 3.38137 .51 3.42118 .02 3.38217 .52 3.42197 .03 3.38296 .53 3 . 42277 .04 3.38376 .54 3.42357 .05 3.38456 .55 3.42436 .06 3.38535 .56 3.42516 .07 3.38615 .57 3.42595 .08 3 . 38694 .58 3.42675 .09 3.38774 .59 3.42755 50.10 3.38854 50.60 3.42834 .11 3 . 38933 .61 3.42914 .12 3.39013 .62 3 . 42993 .13 3.39092 .63 3 . 43073 .14 3.39172 .64 3.43153 .15 3.39252 .65 3.43232 .16 3.39331 .66 3.43312 .17 3.39411 .67 3.43391 .18 3.39491 .68 3.43471 .19 3.39570 .69 3.43551 50.20 3.39650 50.70 3. 43630 * .21 3.39729 .71 3.43710 .22 3 . 39809 .72 3.43790 .23 3 . 39889 .73 3.43869 .24 3.39968 .74 3.43949 .25 3.40048 .75 3.44028 .26 3.40127 .76 3.44108 .27 3 . 40207 .77 3.44188 .28 3.40287 .78 3.44267 .29 3.40366 .79 3.44347 50.30 3.40446 50.80 3.44426 .31 3.40525 .81 3.44506 .32 3.40605 .82 3.44586 .33 3.40685 .83 3.44665 .34 3.40764 .84 3.44745 .35 3 . 40844 .85 3.44824 .36 3.40924 .86 3.44904 .37 3.41003 .87 3.44984 .38 3.41083 .88 3 . 45063 .39 3.41162 .89 3.45143 50.40 3.41242 50.90 3 . 45223 .41 3.41322 .91 3.45302 .42 3.41401 .92 3.45382 .43 3.41481 .93 3.45461 .44 3.41560 .94 3.45541 .45 3.41640 .95 3.45621 .46 3.41720 .96 3.45700 .47 3.41799 .97 3.45780 .48 3.41879 .98 3 . 45859 .49 3.41958 .99 3.45939 -152 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 51.00 $3.46019 51.50 $3.49999 .01 3 . 46098 .51 3 . 50079 .02 3.46178 .52 3.50158 .03 3 . 46257 .53 3 . 50238 .04 3 . 46337 .54 3.50318 .05 3.46417 .55 3 . 50397 .06 3.46496 .56 3.50477 .07 3.46576 .57 3.50557 .08 3.46656 .58 3 . 50636 .09 3.46735 .59 3.50716 51.10 3.46815 51.60 3.50795 .11 3.46894 .61 3 . 50875 .12 3.46974 .62 3 . 50955 .13 3 . 47054 .63 3.51034 .14 3.47133 .64 3.51114 .15 3.47213 .()--> 3.51193 .16 3.47292 .66 3.51273 .17 3.47372 .67 3.51353 .18 3.47452 .68 3.51432 .19 3.47531 .69 3.51512 51 . 20 3.47611 51.70 3.51591 .21 3.47691 .71 3.51671 .22 3.47770 .72 3.51751 .23 3 . 47850 .73 3.51830 .24 3.47929 .74 3.51910 .25 3.48009 .75 3.51990 .26 3.48089 .76 3.52069 .27 3.48168 .77 3.52149 .28 3 . 48248 .78 3.52228 .29 3.48327 .79 3 . 52308 51 . 30 3 . 48407 51.80 3 . 52388 .31 3.48487 .81 3.52467 .32 3.48566 .82 3.52547 .33 3.48646 .83 3 . 52626 .34 3.48725 .84 3.52706 .35 3.48805 .85 3 . 52786 .36 3.48885 .86 3.52865 .37 3.48964 .87 3.52945 .38 3.49044 .88 3.53024 .39 3.49124 .89 3.53104 51.40 3 . 49203 51.90 3.53184 .41 3.49283 .91 3 . 53263 .42 3 . 49362 .92 3.53343 .43 3.49442 .93 3.53423 .44 3 . 49522 .94 3 . 53502 .45 3.49601 .95 3.53582 .46 3.49681 .96 3 . 53661 .47 3.49760 .97 3.53741 .48 3 . 49840 .98 3.53821 .49 3.49920 .99 3.53900 153 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 52.00 $3.53980 52.50 $3.57960 .01 3 . 54059 .51 3 . 58040 .02 3.54139 .52 3.58120 .03 3.54219 .53 3.58199 .04 3 . 54298 .54 3.58279 .05 3.54378 .55 3 . 58358 .06 3 . 54457 .56 3.58438 .07 3.54537 .57 3.58518 .08 3.54617 .58 3 . 58597 .09 3.54696 .59 3 . 58677 52.10 3.54776 52.60 3 . 58757 .11 3.54856 .61 3 . 58836 .12 3 . 54935 .62 3.58916 .13 3.55015 .63 3 . 58995 .14 3 . 55094 .64 3 . 59075 .15 3.55174 .65 3.59155 .16 3 . 55254 .66 3.59234 .17 3.55333 .67 3.59314 .18 3.55413 .68 3.59393 .19 3 . 55492 .69 3.59473 52.20 3.55572 52.70 3.59553 .21 3 . 55652 .71 3 . 59632 .22 3.55731 .72 3.59712 .23 3.55811 .73 3.59791 .24 3 . 55890 .74 3.59871 .25 3.55970 .75 3.59951 .26 3 . 56050 .76 3.60030 .27 3.56129 .77 3.60110 .28 3 . 56209 .78 3.60190 .29 3 . 56289 .79 3.60269 52.30 3.56368 52.80 3.60349 .31 3 . 56448 .81 3.60428 .32 3.56527 .82 3.60508 .33 3 . 56607 .83 3.60588 .34 3 . 56687 .84 3.60667 .35 3.56766 .85 3.60747 .36 3.56846 .86 3.60826 .37 3 . 56925 .87 3.60906 .38 3 . 57005 .88 3.60986 .39 3.57085 .89 3.61065 52.40 3.57164 52.90 3.61145 .41 3 . 57244 .91 3.61224 .42 3.57324 .92 3.61304 .43 3 . 57403 .93 3.61384 .44 3 . 57483 .94 3.61463 .45 3.57562 .95 3.61543 .46 3.57642 .96 3.61623 .47 3.57722 .97 3.61702 .48 3.57801 .98 3.61782 .49 3.57881 .99 3.61861 -154 MESABA NON-BESSEMER Per Cent Lake Erie Price Per Cent Lake Erie Price Natural Iron Natural Iron 53.00 $3.61941 53.50 $3 . 66422 .01 3.62031 .51 3.66511 .02 3.62120 .52 3.66601 .03 3.62210 .53 3.66690 .04 3.62299 .54 3.66780 .05 3.62389 .55 3.66870 .06 3.62479 .56 3 . 66959 .07 3.62568 .57 3.67049 .08 3.62658 .58 3.67138 .09 3 . 62747 .59 3.67228 53.10 3.62837 53.60 3.67318 .11 3.62927 .61 3.67407 .12 3.63016 .62 3.67497 .13 3.63106 .63 3.67587 .14 3.63196 .64 3.67676 .15 3.63285 .65 3 . 67766 .16 3.63375 .66 3.67855 .17 3 . 63464 .67 3.67945 .18 3.63554 .68 3 . 68035 .19 3 . 63644 .69 3.68124 53.20 3.63733 53.70 3.68214 .21 3.63823 .71 3.68303 .22 3.63912 .72 3.68393 .23 3 . 64002 .73 3.68483 .24 3 . 64092 .74 3.68572 .25 3.64181 .75 3.68662 .26 3.64271 .76 3.68751 .27 3.64360 .77 3 . 68841 .28 3 . 64450 .78 3.68931 .29 3 . 64540 .79 3 . 69020 53.30 3.64629 53.80 3.69110 .31 3.64719 .81 3.69200 .32 3.64809 .82 3.69289 .33 3.64898 .83 3.69379 .34 3.64988 .84 3.69468 .35 3.65077 .85 3.69558 .36 3.65167 .86 3 . 69648 .37 3.65257 .87 3.69737 .38 3.65346 .88 3 . 69827 .39 3.65436 .89 3.69916 53.40 3.65525 53.90 3.70006 .41 3.65615 .91 3.70096 .42 3.65705 .92 3.70185 .43 3 . 65794 .93 3.70275 .44 3 . 65884 .94 3 . 70364 .45 3.65974 .95 3 . 70454 .46 3.66063 .96 3 . 70544 .47 3.66153 .97 3.70633 .48 3.66242 .98 3 . 70723 .49 3.66332 .99 3.70813 155 MESA3A NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 54.00 $3.70902 54.50 $3.75883 .01 3.71002 .51 3.75982 .02 3.71101 52 3.76082 .03 3.71201 isa 3.76182 .04 3.71301 .54 3.76281 .05 3.71400 .55 3.76381 .06 3.71500 .56 3 . 76480 .07 3.71599 .57 3 . 76580 .08 3.71699 .58 3.76680 .09 3.71799 .59 3 . 76779 54.10 3.71898 54 . 60 3 . 76879 .11 3.71998 .61 3.76978 .12 3 . 72097 .62 3 . "7078 .13 3.72197 .63 3. "7178 .14 3 . 72297 .64 3. "7277 .15 3 . 72396 .65 3 . "7377 .16 3 . 72496 .66 3.77477 .17 3 . 72596 .67 3 . "7576 .18 3.72695 .68 3 . "7676 .19 3 . 72795 .69 3.77775 54.20 3.72894 54.70 3 . 77875 .21 3.72994 .71 3.77975 .22 3.73094 .74 3.78074 .23 3.73193 .73 3.78174 .24 3.73293 .74 3.78273 .25 3.73392 .75 3 . 78373 .26 3.73492 .76 3 . 78473 .27 3 . 73592 .77 3 . 78572 .28 3.73691 .78 3.78672 .29 3.73791 .79 v 3.78771 54.30 3 . 73890 54.80 3.78871 .31 3 . 73990 .81 3.78971 .32 3 . 74090 .82 3.79070 .33 3.74189 .83 3.79170 .34 3 . 74289 .84 3 . 79270 .35 3.74389 .85 3.79369 .36 3 . 74488 .86 3.97469 .37 3 . 74588 .87 3 . 79568 .38 3.74687 .88 3 . 79668 .39 3.74787 .89 3.79768 54.40 3.74887 54.90 3.79867 .41 3.74986 .91 3 . 79967 .42 3 . 75086 .92 3 . 80066 .43 3.75185 .93 3.80166 .44 3.75285 .94 3 . 80266 .45 3.75385 .95 3 . 80365 .46 3 . 75484 .96 3 . 80465 .47 3 . 75584 .97 3 . 80564 .48 3 . 75683 .98 3 . 80664 .49 3.75783 .99 3.80764 156 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 55.00 $3 . 80863 55.50 $3.86344 .01 3.80973 .51 3 . 86453 .02 3.81083 .52 3 . 86563 .03 3.81192 .53 3.86673 .04 3.81302 .54 3.86782 .05 3.81411 .55 3.86892 .06 3.81521 .56 3.87002 .07 3.81631 .57 3.87111 .08 3.81740 .58 3.87221 .09 3.81850 .59 3.87330 55.10 3.81959 55.60 3 . 87440 .11 3.82069 .61 3 . 87550 .12 3.82179 .62 3.87659 .13 3.82288 .63 3.87769 .14 3 . 82398 .64 3.87878 .15 3 . 82507 .65 3.87988 .16 3.82617 .66 3.88098 .17 3.82727 .67 3.88207 .18 3.82836 .68 3.88317 .19 3 . 82946 .69 3.88427 55.20 3 . 83056 55.70 3 . 88536 .21 3.83165 .71 3 . 88646 .22 3.83275 .72 3.88755 .23 3.83384 .73 3 . 88865 .24 3.83494 .74 3.88975 .25 3.83604 .75 3 . 89084 .26 3.83713 .76 3.89194 .27 3.83823 .77 3.89303 .28 3.83932 .78 3.89413 .29 3 . 84042 .79 3.89523 55.30 3.84152 55.80 3.89632 .31 3.84261 .81 3 . 89742 .32 3.84371 .82 3.89851 .33 3 . 84480 .83 3 . 89961 .34 3.84590 .84 3.90071 .35 3.84700 .85 3.90180 .36 3.84809 .86 3 . 90290 .37 3.84919 .87 3 . 90400 .38 3 . 85029 .88 3.90509 .39 3.85138 .89 3.90619 55.40 3.85248 55 . 90 3.90728 .41 3.85357 .91 3 . 90838 .42 3 . 85467 .92 3 . 90948 .43 3.85577 .93 3.91057 .44 3.85686 .94 3.91167 .45 3.85796 .95 3.91276 .46 3 . 85905 .96 3.91386 .47 3.86015 .97 3.91496 .48 3.86125 .98 3.91605 .49 3 . 86234 .99 3.91715 157 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 56.00 $3.91824 56.50 $3.97805 .01 3.91944 .51 3.97925 .02 3.92064 .52 3.98044 .03 3.92183 .53 3.98164 .04 3.92303 .54 3 . 98283 .05 3.92423 .55 3.98403 .06 3.92542 .56 3.98523 .07 3.92662 .57 3.98642 .08 3.92781 .58 3.98762 .09 3.92901 .59 3.98882 56.10 3.93021 56.60 3.99001 .11 3.93140 .61 3.99121 .12 3.93260 .62 3.99240 .13 3.93379 .63 3.99360 .14 3.93499 .64 3 . 99480 .15 3.93619 .65 3.99599 .16 3.93738 .66 3.99719 .17 3.93858 .67 3.99838 .18" 3.93977 .68 3 . 99958 .19 3.94097 .69 4.00078 56.20 3.94217 56.70 4.00197 .21 3.94336 .71 4.00317 .22 3 . 94456 .72 4.00436 .23 3.94576 .73 4.00556 .24 3.94695 .74 4.00676 .25 3.94815 .75 4.00795 .26 3.94934 .76 4.00915 .27 3 . 95054 .77 4.01035 .28 3.95174 .78 4.01154 .29 3.95293 .79 4.01274 56 . 30 3.95413 56.80 4.01393 .31 3.95532 .81 4.01513 .32 3.95652 .82 4.01633 .33 3 . 95772 .83 4.01752 .34 3.95891 .84 4.01872 .35 3.96011 .85 4.01991 .36 3.96130 .86 4.02111 .37 3.96250 .87 4.02231 .38 3.96370 .88 4.02350 .39 3.96489 .89 4 . 02470 56.40 3.96609 56.90 4.02590 .41 3.96729 .91 4.02709 .42 3.96848 .92 4.02829 .43 3.96968 .93 4.02948 .44 3.97087 .94 4.03068 .45 3.97207 .95 4.03188 .46 3.97327 .96 4.03307 .47 3.97446 .97 4.03427 .48 3.97566 .98 4.03546 .49 3.97685 .99 4.03666 -158 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 57.00 $4.03786 57.50 $4.10266 .01 4.03915 .51 4.10396 .02 4.04045 .52 4.10525 .03 4.04174 .53 4.10655 .04 4.04304 .54 4.10785 .05 4.04434 .55 4.10914 .06 4.04563 .56 4.11044 .07 4.04693 .57 4.11173 .08 4.04823 .58 4.11303 .09 4.04952 .59 4.11433 57.10 4 . 05082 57.60 4.11562 .11 4.05211 .61 4.11692 .12 4.05341 .62 4.11822 .13 4.05471 .63 4.11951 .14 4.05600 .64 4.12081 .15 4.05730 .65 4.12210 .16 4.05859 .66 4.12340 .17 4.05989 .67 4.12470 .18 4.06119 .68 4.12599 .19 4.06248 .69 4.12729 57.20 4.06378 57.70 4.12858 .21 4.06507 .71 4.12988 .22 4.06637 .72 4.13118 .23 4.06767 .73 4.13247 .24 4.06896 .74 4.13377 .25 4.07026 .75 4.13506 .26 4.07156 .76 4.13636 .27 4.07285 .77 4.13766 .28 4.07415 .78 4.13895 .29 4.07544 .79 4.14025 57.30 4.07674 57.80 4.14155 .31 4.07804 .81 4.14284 .32 4.07933 .82 4.14414 .33 4.08063 .83 4.14543 .34 4.08192 .84 4.14673 .35 4.08322 .85 4.14803 .36 4.08452 .86 4.14932 .37 4.08581 .87 4.15062 .38 4.08711 .88 4.15191 .39 4.08840 .89 4.15321 57.40 4.08970 57.90 4.15451 .41 4.09100 .91 4.15580 .42 4.09229 .92 4.15710 .43 4.09359 .93 4.15839 .44 4 . 09489 .94 4.15969 .45 4.09618 .95 4.16099 .46 4.09748 .96 4.16228 .47 4.09877 .97 4.16358 .48 4.10007 .98 4.16488 .49 4.10137 .99 4.16617 159 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price ^58.00 $4.16747 58.50 $4.20727 .01 4.16826 .51 4 . 20807 .02 4.16906 .52 4 . 20887 .03 4.16986 .53 4.20966 .04 4.17065 .54 4.21046 .05 4.17145 .55 4.21125 .06 4.17224 .56 4.21205 .07 4.17304 .57 4.21285 .08 4.17384 .58 4.21364 .09 4.17463 .59 4.21444 58.10 4.17543 58.60 4.21523 .11 4.17623 .61 4.21603 .12 4.17702 .62 4.21683 .13 4.17782 .63 4.21762 .14 4.17861 .64 4.21842 .15 4.17941 .65 4.21922 .16 4.18021 .66 4.22001 .17 4.18100 .67 4.22081 .18 4.18180 .68 4.22160 .19 4.18259 .69 4.22240 58.20 4.18339 58.70 4.22320 .21 4.18419 .71 4 . 22399 .22 4.18498 .72 4.22479 .23 4.18578 .73 4.2255S .24 4.18657 .74 4.22638 .25 4.18737 .75 4.22718 .26 4.18817 .76 4.22797 .27 4.18896 .77 4.22877 .28 4.18976 .78 4.22956 .29 4.19056 .79 4.23036 58.30 4.19135 58.80 4.23116 .31 4.19215 .81 4.23195 .32 4.19294 .82 4.23275 .33 4.19374 .83 4.23355 .34 4.19454 .84 4 . 23434 .35 4.19533 .85 4.23514 .36 4.19613 .86 4.23593 .37 4.19692 .87 4.23673 .38 4.19772 .88 4.23753 .39 4.19852 .89 4.23832 58.40 4.19931 58.90 4.23912 .41 4.20011 .91 4.23991 .42 4 . 20090 .92 4.24071 .43 4.20170 .93 4.24151 .44 4 . 20250 .94 4 . 24230 .45 4.20329 .95 4.24310 .46 4 . 20409 .96 4.24389 .47 4.20489 .97 4 . 24469 .48 4.20568 .98 4 . 24549 .49 4 . 20648 .99 4.24628 160 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 59.00 $4.24708 59.50 $4.28689 .01 4.24788 .51 4.28768 .02 4.24867 .52 4 . 28848 .03 4 . 24947 .53 4.28927 .04 4.25026 .54 4 . 29007 .05 4.25106 .55 4 . 29087 .06 4.25186 .56 4.29166 .07 4.25265 .57 4.29246 .08 4.25345 .58 4.29325 .09 4.25424 .59 4.29405 59.10 4.25504 59.60 4.29485 .11 4.25584 .61 4.29564 .12 4.25663 .62 4.29644 .13 4.25743 .63 4.29723 .14 4.25823 .64 4.29803 .15 4 . 25902 .65 4.29883 .16 4.25982 .66 4.29962 .17 4.26061 .67 4.30042 .18 4.26141 .68 4.30122 .19 4.26221 .69 4.30201 59.20 4.26300 59.70 4.30281 .21 4.26380 .71 4.30360 .22 4.26459 .72 4.30440 .23 4.26539 .73 4 . 30520 .24 4.26619 .74 4 . 30599 .25 4.26698 .75 4.30679 .26 4.26778 .76 4.30758 .27 4.26857 .77 4.30838 .28 4.26937 .78 4.30918 .29 4.27017 .79 4.30997 59.30 4.27096 59.80 4.31077 .31 4.27176 .81 4.31156 .32 4.27256 .82 4.31236 .33 4.27335 .83 4.31316 .34 4.27415 .84 4.31395 .35 4.27494 .85 4.31475 .36 4.27574 .86 4.31555 .37 4.27654 .87 4.31634 .38 4.27733 .88 4.31714 .39 4.27813 .89 4.31793 59.40 4 . 27892 59.90 4.31873 .41 4.27972 .91 4.31953 .42 4.28052 .92 4.32032 .43 4.28131 .93 4.32112 .44 4.28211 .94 4.32191 .45 4.28290 .95 4.32271 .46 4.28370 .96 4.32351 .47 4 . 28450 .97 4 . 32430 .48 4.28529 .98 4.32510 .49 4.28609 .99 4 . 32589 161 MESABA NON-BESSEMER Per Cent Natural Iron Lake Erie Price Per Cent Natural Iron Lake Erie Price 60.00 $4.32669 60.50 $4.36650 .01 4.32749 .51 4.36729 .02 4.32828 .52 4.36809 .03 4.32908 .53 4.36889 .04 4.32988 .54 4.36968 .05 4.33067 .55 4.37048 .06 4.33147 .56 4.37127 .07 4.33226 .57 4.37207 .08 4.33306 .58 4.37287 .09 4.33386 .59 4.37366 60.10 4.33465 60.60 4.37446 .11 4.33545 .61 4.37525 .12 4.33624 .62 4.37605 .13 4.33704 .63 4.37685 .14 4.33784 .64 4.37764 .15 4.33863 .65 4.37844 .16 4.33943 .66 4.37923 .17 4.34022 .67 4.38003 .18 4.34102 .68 4.38083 .19 4.34182 .69 4.38162 60.20 4.34261 60.70 4.38242 .21 4.34341 .71 4.38322 .22 4.34421 .72 4.38401 .23 4.34500 .73 4.38481 .24 4.34580 .74 4 . 38560 .25 4.34659 .75 4 . 38640 .26 4.34739 .76 4 . 38720 .27 4.34819 .77 4 . 38799 .28 4.34898 .78 4.38879 .29 4.34978 .79 4.38958 60.30 4.35057 60.80 4 . 39038 .31 4.35137 .81 4.39118 .32 4.35217 .82 4.39197 .33 4.35296 .83 4.39277 .34 4.35376 .84 4.39356 .35 4.35456 .85 4.39436 .36 4.35535 .86 4.39516 .37 4.35615 .87 4 . 39595 .38 4.35694 .88 4.39675 .39 4.35774 .89 4.39755 60.40 4.35854 60.90 4.39834 .41 4.35933 .91 4.39914 .42 4.36013 .92 4.39993 .43 4.36092 .93 4.40073 .44 4.36172 .94 4.40153 .45 4.36252 .95 4.40232 .46 4.36331 .96 4.40312 .47 4.36411 .97 4.40391 .48 4.36490 .98 4.40471 .49 4.36570 .99 4.40551 UNIVERSITY OF CAMFOHNI* FOR^A NO. DD6 YC 19163 LIBRARIES