The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-04-07
THE ORE MARKET.
Old Range Producers Come to an
Agreement.
CFroun Iron Trade Review.l

by representatives of olC-range min
ing companies have resulted in prac-
tically perfecting the details OF an
association of BesSemer ore producers
on the Marquette. MenOminee,
Gogel g. and Vermilion ranges. An
other meeting will probably settle ali
pending questions. The basis of s2.65
for Norrie is expected 10 reduce TO a
minimum the inducement to furnace
men TO use large percentages of
Mesabi ores, since 25-cent differntiai
is the extreme spread that even the
best ciTcumstanced properties on the
new range would want to consider for
ores Of IKE analysis with standard
ores. Another fact that will tend to
reduce the competition of MeSabi il
thai larger proportion than ever OF
properties here, are ia the hands OF
co.'s, .ners a4d their ores Will there
fore aoj be "a the market. All these
coHsa-l arS ~ the same time Will be
bIgers .! oisi-range ores. There is &c
scFaa.ble E1rnacealen for new ores.
Sor.- oilers If Mesabi product are
r. arged 80 40 sales as yet. a large
2 l5slEz, l45 eFs is SAID 10 be in the
marx : Tor l4TG ores. ana has already
beel Supplied with moderate lots
froa = stock piles of one or Two
vale, sGrHacemen. The hardship Of
the o. basis OF ali Bessemer ores viii
% falt il particular BY mines whose
cOst . triie below the level fixed.
bHJ 10 whom shutting down would
peEaa ; a greater loss.
Ua.lhe the breaking of the bile,
anu rail- pools. the announcement that
the iron ore pool. as ii existed in 1896,
would nog continue longer brought no
stimuids to business. One reason is
that there were no old-range Bes-
semer ores Cd offer. in the tendency
Of TIE efforts Of producers to get to-
geJher-eiforts that in the course OF
another DAY viii proba bly, be success
fully oasfsisied.z Undoubtedly the
news OF last week CONCERNING The ore
|. situation caused general hesitation.
Buyers of finished products. quite a
distance down the line from ere, have
gathered frtln the promiscuoIs teie-
grapaed news that Sl.35 has come off
ghe 1896 pTice OF Norfie ore and tIat
therefore lover prices are just 4heaa.
II Is no appreciated ia some quarters
how ci0se tine pig non ana billet
mark u have been for several montns
20 l.ie new ore basis. nor how profit
less the 1891 program. as It is noN
mapped out, Is bound to be 10 mlBIn-e
com ,isies. Nor is il kept clearly an
mind that the poo never nae 20 60
with aon-BeSsener ores. ana there
fore ANY shrinkage there VIII be tha!
furnished 10y lower lake freight rates.
BuL a is natural that The end OF so
important ar agreement should pro-
duce hes tancy anu wall for lower
prices. The cure for this must come
gradually as demand develops Tie
bearsh talk of last week as TO Bes-
sepIer iron continues. and buyers
ideas are now $3.50 to $500 in the
valleys. but furnaces are not Offering
or this basis In spite of the inability
OF ore seller to fl portion of his
orders booked for billets. the market
has not respon ded to the recent effort
20 place this tonnage elsewhere
Some offers OF valley steel are report
ed as low as SIS, Pittsburg. Southern
pig iron is weaker, and quotations at
Birmingham, nominally maintained
for the past three months, are cut
from 10 TO GO cents. Gray forge has
sold en- a basis of Sc and No. soft at
SIS 10. The heavy Accommodations OF
a low level for some months. In the
Chicago district. car building and
other railroad requirements continue
To furnish what life there is. and bar
mills have had share in the business.
but at prices that make the operation
of mills few days each week to en-
ploy the men, the only object TO be
attained in taking tonnage. The
$50 steel cars ordered for the new
..BesseEler" road at Pittsburg in
wolves 5000 tons of material, which is
the largest contribution Of the week
TO the mills. Something more is done
in exports of steel products than in
the few weeks preceding. but possible
labor troubles i'm English shipyards
make buyers cautious. In this
country wage reductions are being
made here and there in ironworkin2
establishments where yearly scales dc
not exist. aud in most cases the cuts