The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-03-03
TRADE OUTLOOK.
Meeting of Ore Association--The Marke
at Large.
from Iron Trade Review.l


Tuesday. Apart from the Oliver and
Mountain Iron mines, which have not
been considered at any time in con-
nection with an agreement for 1897,
there was a general representation of
Lake Superior Bessemer properties.
A long and thorough discussion Of
the problems involved ended in ad-
1ournment to Monday, March l. The
meeting confirmed the statement pre-
yiously made in this column that
whether MeSabi mines are or are not
included, the probabilities favor an
agreement as to tonnage and price
among the Bessemer ore producers on
other ranges. The disposition is gen.
erai. moreover, to make prices for
1897 conform to the new conditions.
1t is likely that the differentiai be
tween Mesabi BesSemerS and those OF
ether ranges will be smaller than.
heretofore. This approximation of
prices would have direct relation to
percentage of MeSabi ores used by
I'll naceS having no interest in that
range. Ii the Mesabi mines enter
tie market for next season, with no
restriction as TO output or price, the
yeir's operations would give better
DEMONSTRATION than has yet been had,
of the standing of these ores with
tereSt there is found to bea sentiment
in favor of an ore agreement 1T prices
in harmony with the new basis for
pig iron and steel. A stable price
the season through would be guaran-
teed and the furnaces could make up
their mixtures for a year with the
assurance that no advantage would
come to those who might hold off for
a fall. Naturally leading consider
ation in connection with any pro-
posa. to include Mesabi mines, out
side of the Carnegie-Oliver properties.
is the rivalry Of the two railroads on
the Mesabr range. The large tonnage
that the Carnegie mines will bring to
the one, in addition TO what the
Rockefeller and Independent mines
would furnish. tends to enlarge the
demands of the Minnesota interest
for its mines. The Norrie's situation
is another problem. but the indica-
tions are that this will be satisfact-
orily solved. The fact that the Con-
soiidated mines are represented in the
conferences and that that interest is
Favorable TO All agreement dispOses of
the talk that Rockefeller would work
the ore pools undoing. The Mesabi
situation may not work out, but
nevertheless an agreement on basis
approximating 1895 prices for old
range ores is quite probable.
Every portion of the iron trade has
been touched by the wave of expecta-
tion started by the railroads two
weeks ago. Bessemer pig iron and
steel bi. lets, the two products natural
ly first to be affected, have shown new
activity since the sales of rails, but
thus far no other market results are
observed, so far as buying is con-
cerned. As actual track-replacing
operations begin. contracts for splice
bars, track bolts and other requisites
will increase: already there is Begin
ming in this direction Inquiry for
rails has not ceased. however, not
withstanding the well-booked condi-
tion of leading mills. and there are
not lacking predictions that the
years business, with the good promise
OF exports that already appears, will
come well up to the 1000, 0OO-ton
mark. 1t is the probability of con-
OF nearly 2.000,OO0 tons of
Lake Superior ores alone, in excess of
the average amount that has gone
into rails in the past four years, that
is giving hope to the great basal
industry. A few weeks ago iron ore
had little outlook either for tonnage
or price, in 1897; to-day the chances
for tonnage, at least, are far from
disheartening. One of the first fruits
of the breaking of the rail agreement,
the reductions in wages at various
mills, has an unfavorable look on the
surface. But the fact that the buy
ing capacity of the workmen affected
will be greater this year than in any
year since 1892, because of their steady
employment, is the thing to empha-
size There is agreement in the
belief that values will range low in
all iron and steel lines in 1897, but
buyers are waiting for the ore interest
to give some definite sign as to what
the absolute low is to be. The vast
amount of cheap-iron talk set loose In