[43] These percentages are on the supposition that the ores are chemically pure; the percentage of metal actually obtained is somewhat less.
[44] These percentages are on the supposition that the ores are chemically pure; the percentage of metal actually obtained is somewhat less.
[45] These percentages are on the supposition that the ores are chemically pure; the percentage of metal actually obtained is somewhat less.
[46] The limestone has no essential part in the smelting of the ore except to produce an easily-flowing, liquid slag; hence it is called a flux. Some ores smelt and flow so easily that a flux is not required.
[47] Under ordinary circumstances about two tons of coal, or three-quarters of a ton of coke, are required to produce a ton of pig-iron.
[48] Terne plate is sheet-iron coated with an alloy of lead and tin.
[49] Heredity is likewise a factor. The seeds of knotty, scraggly trees are very apt to produce trees of their own kind and vice versa.
[50] This sum represents more than ten times the amount of gold coin now in existence. Less than five per cent. of the business of the great industrial centres is a cash business. Even if the money existed, the transfer of such immense sums would greatly retard commerce. In order to effect a speedy settlement of payments, clearing-houses are established. At the clearing-house the representatives of the various banks meet daily and liquidate the checks drawn against one another; and although the total yearly volume of payment aggregates the sum mentioned above, the balances for a year are but little more than two billion dollars. Even this does not always represent cash payment, for a bank that is a debtor to another at the close of one day may be a creditor for an equal sum on the next.
[51] These roads are financed by the Northern Securities Company and form a link in the Hill-Morgan lines. Their intercontinental traffic is large.
[52] Their dividing line is the centre of a street.