The Rational Valuation And Quality-Efficiency Of Furnace-Stock.

(San Francisco Meeting, October, 1911.) THE value of any particular ore, coke, or limestone, for iron-making, depends upon its effect, first, upon the quality or value of the resultant product; and second, upon the cost of smelting. The factors under the first head are the percentages of phosphorus, manganese, and other elements, which remain in the pig-iron ; while those under the second head are the percentages of iron, carbon, or lime, the slag-forming constituents, which must be fluxed, and any other ingredients which give rise to variations in cost of fuel and flux. The first of these criteria of value is perhaps not capable of being reduced to a general formula embracing all cases, since it must vary to a great extent with market-fluctuations. For example, Bessemer pig is worth sometimes more and sometimes less than foundry-pig ; and the premium paid for high manganese varies within wide limits. The second, or smelting-value, however, can be expressed numerically with a fair degree of accuracy; and it is with this phase of valuation that the present paper is concerned. The utility of a means of comparing numerically the relative smelting-values of different ores, cokes, and limestones, is self-evident, although it may not have importance in Northern practice, where materials are largely standardized. On the other hand, there are, especially in the South, many furnace-managers who must use a great variety of materials of widely varying grade; and it is with special reference to this district, and in connection with the efficiency-methods which I have elsewhere proposed,1 that the methods herein described were devised.