The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-04-14
THE ORE MARKET.
rFrom Iron Trade Review.l

10 DAYS, devoted to the perfecting of
an agreement for 1897, and all details
are now arranged on the basis hereto
fore announced. Norrie ore is to be
S2.o5 on Lake Erie docks, and other
ores take their position in the price
list according as they vary from the
fictitious base ore containing 63 per
cent metallic iron, 10 per cent of
moisture and .045 of phosphorus. a
feature of the schedule is thescientific
exactnesS with which computations
have been made. prices being estab-
lished. even to the half cent, to rep
resent the precise relation Of each ore
TO the base. For example, if i low
phosphorus and high phosphorus ore
should be used in equal proportions,
in the same mixture, the price per
unit of that mixture would figure out
TO fraction Of cent the schedule
price of d third ore whose iron,
moisture and phosphorus Tailed with
those OF the miXture-if such an ore
existed The schedule ranges all the
way from $40 for Chaplin ore tc $40
for a special phosphorus hard ore
OF the Marquette range. The price
of a weIl-known ore that brought
S4.25 last year is 1921: of a Marquette
specular that sold at $3.50 in 1896,
S3.II. and so on. 1t is scarcely neces-
sarY to say that the designation
Gogebic Bessemer Association, in
some publica tiOns, is altogether in
error: equally baseless is the state
ment that the new association is
formed to oppose the Rockefeller
Carnegie companies. Its objects are
announced to be the conserving of the
interests of the old-range producers
of Bessemer ores under the lowest
Drice schedule ever known for those
ores. No sales of association ores
have been made as yet, though it is
reported that some Mesabi BesSemerS
have been sold by one of the leading
companies. Prices of nom Bessemer
ores have not been established by
transactions. but are expected to be
on basis of S225 to s.. so for standard
Negaunee ores.
The second quarter of the year
opens with no indications that it will
bring any distinct change in prices of
iron and steel, though hopes are not
wanting that it will show the much
desired growth ia demand. The over
abundance Of active furnace and mill
capacity has been much commented
on of late 1t is to be noted. too, that
great records of production have been
made yet greater in the past three
months, so that consumption may be
better than it appears. There is
certainly abundant stimulus to large
runs in the low price at which vast
amount of the tonnage of steel mills
was booked The situation as to pig
iron would ordinarily be cause for Il
general blowing out; but the average
furnaceman is 10th to quit, while eX-
pectation of revival grows, even out
OF disappointment at its long delay.
The total of pig iron sales in March
was greater, from all accounts. than
that OF January Or February, due per-
haps to the fact that concessions were
given that had been withheld before.
Eastern business by Southern furnaces
reached IA fair total in March, and
latterly the Chicago district has in
creased its purchases, under sharp
competition between Northern and
Southern grades, that has brought
foundry irons down to the lowest
basis. Bessemer pig iron and steel
biilets in the Pittsburg district have
been at standstill pending the read
iustment in the cost of Bessemer mix
lures. In the absence Of transactions,
SO. 80 to SO. 90, valley furnace, is named
as the range Of offers. Steel billets
can be bought at SIS, Pittsburg, but
makers do not quote SO low. The an
nouncement of Il week ago that the
Bessemer ore producers on the four
old ranges were practically agreed can
be supplemented with the statement
that price schedules have been ar
ranged, lining up from $3.50 for
Norr,e. So far as Mesabi ores are
concerned. there is promise of lively
competition, with a possibility that
rail freights on the new range may
become involved in the struggle be-
tween the big interests. Exports OF
iron would be larger were it not for
the difficulty of getting ocean ton
mage at a rate guaranteeing against
loss. Sales of 1900 tons of bridge
spans and of 1900 tons CT architecture