The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-02-10
THE SITUATION.
Agreement Between the Lake Superior
Producer to Exist.

Producers Exist
From Iron Trade Review.l
The Indications are, in spite or
current reports to the contrary. that
an agreement of some sort will exist
between the producers Of Lake SUI
perior Bessemer ores in 1897. Though
the Mountain Iron and Oliver proper
Ties on the Mesabi may not be iaclud
Cd, the fact will not change the
situation relative 10 the general
market. since ores from these proper
les can be mined only for the use Of
the lessees. The experience of the
Dast year has indicated some modifica-
tiocs that viii be made in the 1897
agreement. apart from any change in
price Contrary to the experience of
the billet pool, the iron ore association
has had no trouble with violations OF
the letter or the spirit OF the agree
fnent, except in one instance, and
there the remedy was prompt and
effective That the current rate OF
consumption OF Bessemer ore is larger
than in several months Is the only
present encouragement in the situa-
lion But there is no ore-buyinR-
The amount OF steel booked for
delivery in the first half of the year,
and the rate OF current deliveries of
hillets and sheet and tin plate bars
ceatinue TO be the chief facts in the
situation that offer any promise tor
the iron trade The activity OF steel
plants indicates that consumption is
greater than would be inferred from
The present dizziness in all markets
While there is ne profit in the BUSH
ness now in the hands of the mills,
The fact that the incubus OF Bessemer
ore and pig iron is being somewhat
aKhtened is some encouragement.
Wire and nail and sheet and tin plate
mills are making fair outputs, the
former having begun to feel the pre-
earatory demand for the spring trade.
In the case of the tin plate mills, the
'abrogstion OF the agreement on
prices. while it was the result OF slack
business, has apparently saved pro-
ducers from still more distinct cur
1a;fueut of demand In heavier steel
products the situation is unchanged.
Some of the rail mills were occupied
. part OF January, but very few roads
have taken hold. In the structural
-, yI,ar Hri<7Co ,xf,rt t,as hsaor, n rn.a.t,
norrprominent factor than buildings.
Whether 1897 viii bring halt in the
construction OF blocks is still a Ques-
Zion, yet il is fact that practically
nothing has been done as yet toward
see revival of projects started in
early 1896, but pigeon-holed by the
Chicago convention Foundry work
has not braadened in the past two
H0a1hs and the unwillingness OF
neIters OF iron to consider offers OF
shy sort accounts for the apparent
maintenance of market prices on
foundry grades. There has been prac-
ideally no chance TO make concessions.
Pig iron stocks have grown in the
past month aad the number Of fur
saces ia blast has increased slightly.
The present month is expected to
show curtailment of production, az
stocss in some furnace yards are get
ting beyond bounds. The Bessemer
pig iron market has seen the quietest
week since the beginning OF the year;
1l0.65, Pitssburg, il quoted, and
reports of lower prices are no longer
heard. On biilets, $3.50 to SIC, Ptts-
burg, is the range of mill quotations,
with lower effers still made by non
producers. Plates are the best feature
III the finished material market. One
leading mill Is well booked ahead and
10 asking 81 ton more for universal
plates Bars, angles and sheared
plates continue weak, the first two
conspicuously so. The week has wit
messed further progress in the clear
ing away of pool wreckage. The
billet association is iiquidating after
the formality of appointing COM
mittee to have in hand a new start.
il the way should open later. The
nut and bolt pool has dissolved, after
fairly successful career By con-
.erratiye advances, il escaped the
antaxonism provoked against other
agreements, but the scarcity of ton
mage and the anti-pooi current made
dfasx.3ur "a m itavit hla