The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-05-26
The MARKET.
100000 Tons of VermiiiOn Ores
All There is in Sight at Present.

Sales OF iron ore TO GATE are more
than might be inferred from the
general disposition to think or the
ore business as in a state of suspend
ed animation, or from the wretched
condition of lake interests. Apart
from the /, 200, 600 tons of Mesabi ores
the Carnegie Steel Co. will mine, its
purchases Of 100000 tons Of Vermilion
and Gogebic ores are TO be added to a
probable 100,0 tons Of Pewabic.
The Illinois Steel Co.'s engagements
imclude 600,09G tons of MeSabi, nearly
all of which is Fayal, and enough
Chaplin, Cleveland, Lake Superior and
other Menominee and Marquette
raige ores to bring the total close to
1,5O0,000 tons, with what is yet to be
shipped on last years contracts. An
Ohio furnace company has taken lOO,-
900 tons of ore the past week-5O, 900
tons of Mesabi and $4,000 tons of Mar
auette Bessemer. Other sales bring
the total up to between 81 and mil
dion tons, including the Carnegie
Mesabi ores. Add to this ores that
will be taken by furnace and steel
companies having mines or mining
connections, and there is the best au-
thority for saying that 100000 tons
of ore are already placed for 1857
what would have been considered, not
so many years ago, fair years bust
ness. There has been some charter
ing from the head Of the lakes the
past week, 10000 tons of ore having
been placed at 70 cents to Nov. l.,
while 60 cents has been done toSept. l..
The expected has happened to the
beam pool and since the Philadelphia
meeting of last Thursday there has
been an open market No large bust
ness has been done at new figures,
since buyers want to see further
settling before committing them
selves. It appears that 1.25c Pitts
burg is being maintained thus far on
Central Western business, while l.15c
Pittsburg is quoted on Eastern orders,
and on one Eastern contract this
week 11Oc Pittsburg was bid Ex-
pectation of an immediate stimulus
to building may not be realized, for
buyerS have had the benefit of cuts
from the 1.55c Pittsburg basis for
some time, in the nominal figures
made on angles. The latter are now
quite generally quoted at 1c Pitts
burg. As if to keep up the supply Of
pools, the effort made one year ago to
bring the wire rod mills of the coun-
try into an association is being reviv-
ed. The aim is to cut down product
ion to so per cent of present capacity,
which is far beyond any present or
prospective needs of the country.
Last years programme was interrupt
ed by an Eastern concern, when all
Others were agreed. The same OBJ
stacle may be encountered again.
The tonnage basis is now being work
ed There is no serious attempt,
apparently, to revive the wire nail
strict output the way may be paved
for similar steps by producers OF wire
as we'll as wire nails. Even if no
pools are formed ia the latter prod
ucts, curtailment Of wire rod pro-
duction would naturally tend to
stiffen prices of both. In general the
finished material market has not i'm
proved in the past week, and the
number of products now on the basis
of 1c pound or less gives little en-
couragement. A 5,000-tOn lot Of
grooyed steel skelp at .824c, Pittsburg
mill, is an index of the competition
that exists on narrow plates. Yet for
open-hearth plates some Pittsburg
mills are getting Lose, and 1c is the
minimum of others. The meeting of
the Amalgamated Association in De-
troit this week and that of the tin
plate manufacturers appointed for
Friday in Cleveland, give advance
notes of wage contest that may be a
large factor ia the midsummer mar
ket. The talk of SIS pudding by work.
men may not avail this time to secure
the continuance of a $3.50 rate, or 90
cents more than many mills are now
having. The tin plate manufacturers
will have to meet demand for higher
wages, the while they are strongly
opposed at Washington in their
efforts toput the home trade In
position where good wages can be
paid. Developments in pig iron in
the past week give more ground than
has existed at any time in the year
for the belief that prices are at bot