METAL MARKET IN 1884. 



479 



The hearth is covered by an arched roof of 

 brickwork, carrying a hopper closed by a slide, 

 in which the charcoal is charged and dropped 

 into the fire as required, instead of being 

 shoveled as in the old plan through the work- 

 ing door in front. The waste flame, on its way 

 to the chimney, passes over a bed in which the 

 pig-iron for the following charge is brought up 

 to a strong heat before being introduced into 

 the melting-hearth. On a trial of four weeks, 

 one of these hearths produced an average of 366 

 cwt. of blooms per week, with a consumption 

 of 4^ bushels of charcoal per cwt., against 

 265 cwt. of blooms per week, with a consump- 

 tion of 5| bushels of charcoal per cwt. by the 

 ordinary hearth. 



Mr. Forsberg suggests a method for further 

 increasing the production of his furnaces by 

 doing away with the melting of the pig-iron 

 in the refining-hearth. For this purpose the 

 heating-bed for the metal in the flue is to be 

 converted into a melting-bed, which is kept 

 warm by the waste flame during the actual 

 firing period, and receives the heat necessary 

 for melting from a gas-producer, placed at 

 right angles to the working axis of the hearth. 



In a puddling-furnace invented by Mr. B. H. 

 Gates, of Port Clinton, Pa., thepuddling-cham- 

 ber is supported on segmental shoes mounted 

 on rollers, having their bearings on a saddle, 

 and arranged in a curvilinear direction. The 

 metal is forced from end to end, and deflected 

 inwardly at the ends by means of diagonal 

 corner- blocks. In this way it is uniformly 

 directed backward and forward between the 

 corner-blocks. At each opening of the cham- 

 ber is a vertical dividing bridge. As the 

 bridges move with the chamber, the flames 

 from the furnace are deflected by the varying 

 position of the bridges, and their directions 

 constantly change, so that the action of the 

 fire on the metal is uniform. 



METAL MARKET IN 1884. With the excep- 

 tion of lead, metals closed the year 1884 at 

 prices lower than those ruling at its beginning. 

 The general tendency of values during the year 

 was slowly downward, in common with nearly 

 all other 'raw material. This gradual depre- 

 ciation, which has been noticed all over the 

 world, is due less to a falling off in consump- 

 tion than to excessive production. Consump- 

 tion has been all that could be expected, con- 

 sidering the dull times, both in the United 

 States and Europe ; it has even exceeded ex- 

 pectations; but the output has been altogether 

 too heavy. The larger mines and smelting- 

 works, in order to be able to pay dividends in 

 spite of lower prices, have, many of them with 

 increased means of production, and better 

 methods of treatment, been steadily making a 

 large output, while being content with a very 

 moderate profit. "While small and financially 

 not very strong mines and works have been 

 struggling through the year as well as they 

 could, instead of stopping work because un- 

 profitable, the large and rich concerns have 



been producing more than ever, swelling the 

 aggregate amount turned out to an astonishing 

 total. Overproduction having been going on 

 for years, although less strikingly than in 1884, 

 there has been, during the past decade, a de- 

 cline in values of about 50 per cent, in most 

 metals. The rapidity of communications has 

 co-operated in bringing about the lower ruling 

 of values, as there is less necessity for accumu- 

 lating stocks in port to await the demand. If 

 there be requirements anywhere, greater or 

 more urgent than in the normal course of busi- 

 ness, the telegraph is used, and rapid steamers 

 or shortened routes bring the supply in as 

 many weeks as it formerly required months. 

 This possibility of rapid supplies at any season 

 has, on the other hand, discouraged specula- 

 tive holding for a rise, and singularly upset 

 calculations based on current statistics. In a 

 word, the stock in port has lost much of its 

 significance in determining current value. This 

 table shows the course of prices at New York, 

 in cents per pound, gold value : 



Copper. Lake Superior copper opened at 

 New York at 15 cents, and Chili bars in Lon- 

 don at 58, the lowest price during a decade 

 having been 56 15s. in 1883 ; 62 17s. 6d. in 

 1882 ; 57 in 1881 ; 55 in 1880 ; 54 in 1879 ; 

 55 in 1878; 64 in 1877; 71 10s. in 1876; 

 79 10s. in 1875 ; and 74 10s. in 1874. Char- 

 ters on the west coast were: 40,800 tons in 

 1883; 41,900 in 1882; 40,200 in 1881 ; 41,500 

 in 1880; 50,600 in 1879; 48,000 in 1878; and 

 44,000 in 1877. The world's copper produc- 

 tion in five years had been : 



Although it was no secret that the American 

 output was unusually large, and though busi- 

 ness on both sides of the Atlantic was very 

 dull, prices till December gave way but gradu- 

 ally, as the following table shows: 



LOWEST AND HIGHEST PRICE OF LAKE SUPERIOR COPPER 

 AT NEW YORK, IN CENTS PER POUND. 



