The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-11-10

shipments OF Lake Superior ores for
1897 are still under way, and SIX
,,onths remain before the opening or
The season Of 1898; yet some questions
are already being asked as to the pro-
s,ects of the ore trade for next year.
,rhs outlook for prices and production
and the possibilities OF the conIlhu-
,nce of the Bessemer Ore Association,
are naturally discussed. The buying
Of the two Gogebic properties by the
Carnegie interest Is also factor
whose bearings are being canvassed;
but it is noticeable that this latest
departure, though 1t practically takes
The LARGEST ore buyer out Of the mar
ket. has not caused 1.-THE OF uneasl-
ness produced at the close OF 1896 by
The news of the Mountain Iron pur-
chase.
Those who keep closest track OF the
consurnptlan of Lake Superior orei
ind in the Developments OF 1897
thoueh some of these have been little
appreciated while the trade has been
in the midst of them-compensation
for the less Of the ore producers most
imnortant customer. The ore trade
has been so in the habit OF keeping
its dive shipments and on figures that
relate to the producing side OF tue
business that as rule it has not CIV
en- the statistics Of consumption due
Importance Closest students OF ore
uroblems in all their bearings, whose
.couaintance with the operations OF
consuming interests has made lt pos
slble to gauge closely the use OF Lake
Superior ores, have made some IN
yestigations of late which yield sur
prisjng results. The figuring has
been based on very careful anlysis OF
blast furnace operations, taking FUR
mace by furnace of those supplied
with Lake Superior ores, and setting
down, always on the conservative sloe,
the consumption of Lake Superior ores
since May l, the opening OF the sea-
son of 1897. Allowance was mace lor
periods of inactivity in individual IN
instances and the consumption OF ore
was figured at 1t ton for each ton OF
mig iron, taking into account also the
probable use of cinder and In some
instances of local ores. It appeared
from the calculation that if the fur
naces now in blast continue active to
May /, 1898, when the new ore season
opens-making no estimate Tor pos
able additions-the consumption OF
Lake Superior ores from May to May
will reach total between 100000
$4,000. 600 tons. This is quite beyond
ANYTHING ever attained in a year.
The boom year 1895 was probably
three million tons short OF 1t. Thls
situation as it is to-day becomes more
impressive when it is stated that the
same investigation shows that II the
rate at which Lake Superior eres are
being consumed to-day is kept up for
a wear. the total will be i4,700, 600
TONS
1t would seem that developments
whose measure has not been taken I'M
I'll now have been preparing the trade
an advance for the removal OF big
customer from the market. Similarly
coming in of the Mesabi, which at the
first seemed only an unmiXed evil, has
proved to be only the timely opening
OF great storehouSe on the verge OF
threatened famine.
It might be inferred from the above
that events are paving the way for
higher price for ore in 1898. Natural
Iy such prodigious demand, which
means the rapid exhaustion OF some
OF the choicest ore supplies in the
world would suggest that iron min
ing companies are reaching the point
at which they can reasonably expect a
better return on their heavy invest
ments. For most of them have seen
little profit in IS97-no such profit us
conceded to business involving so
somany risks and uncertainties. An
other valid argument for a higher
price experience has put upon Mesabi
ores as controllers Of the market. The